# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001104659-25-066144
**Filing Date:** 2025-7
**Character Count:** 1482898
**Document Hash:** 7c06e67e29e879adcc16c42a4a3e95c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-066144.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001104659-25-066144

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22132
- **FILM NUMBER:** 251108553

**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           |

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

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

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

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

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

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

### abrdn Infrastructure Debt Fund (Series ID: S000025401)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000075913 | Institutional Class         | AGCIX           |
| C000076084 | Class A                     | CUGAX           |
| C000076087 | Institutional Service Class | CGFIX           |

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

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

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

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

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

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

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

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

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

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

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

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

### abrdn Real Estate Fund (Series ID: S000061521)

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

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

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

### abrdn Focused Emerging Markets ex-China Fund (Series ID: S000072754)

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

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

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

### abrdn EM SMA Completion Fund (Series ID: S000076281)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000235898 | Institutional Class | ASEMX           |

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

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

### abrdn Focused U.S. Small Cap Active ETF (Series ID: S000088604)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000254924 | abrdn Focused U.S. Small Cap Active ETF |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-22132 |
| Exact name of registrant as specified in charter: | abrdn Funds |
| Address of principal executive offices: | 1900 Market Street, Suite 200 |
|  | Philadelphia, PA 19103 |
| Name and address of agent for service: | Michael Marsico |
|  | abrdn Inc. |
|  | 1900 Market Street, Suite 200 |
|  | Philadelphia, PA 19103 |
| Registrant's telephone number, including area code: | 866-667-9231 |
| Date of fiscal year end: | October 31 |
| Date of reporting period: | April 30, 2025 |

---

**Item 1. Reports to Shareholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company
Act of 1940 (the "1940 Act") is filed herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [abrdn China A Share Equity Fund](#classnameb1d4a1b6-a743-4725-a85b-f0a891d089b8)<br> **[Class A - GOPAX](#classnameb1d4a1b6-a743-4725-a85b-f0a891d089b8)**  |
|  [abrdn China A Share Equity Fund](#classnamebfe9af3a-41fc-4390-a6c7-370e6abfb92b)<br> **[Class C - GOPCX](#classnamebfe9af3a-41fc-4390-a6c7-370e6abfb92b)**  |
|  [abrdn China A Share Equity Fund](#classname649abec6-e6bd-4100-93dc-bd893bd4039f)<br> **[Class R - GOPRX](#classname649abec6-e6bd-4100-93dc-bd893bd4039f)**  |
|  [abrdn China A Share Equity Fund](#classname260577eb-da7d-45c5-b892-253b8020c004)<br> **[Institutional Class - GOPIX](#classname260577eb-da7d-45c5-b892-253b8020c004)**  |
|  [abrdn Emerging Markets Dividend Active ETF](#classname46a0e09b-15ea-498b-85f9-e7dad3cc390c)<br> **[AGEM](#classname46a0e09b-15ea-498b-85f9-e7dad3cc390c)**  |
|  [abrdn Focused U.S. Small Cap Active ETF](#classnamed2bc2972-274a-447d-bc2a-675c9f44028a)<br> **[AFSC](#classnamed2bc2972-274a-447d-bc2a-675c9f44028a)**  |
|  [abrdn High Income Opportunities Fund](#classnamedcb0f4e0-994b-4974-8e72-7ac4fcb22153)<br> **[Class A - BJBHX](#classnamedcb0f4e0-994b-4974-8e72-7ac4fcb22153)**  |
|  [abrdn High Income Opportunities Fund](#classnamea325c350-345d-4570-9d3d-a71cab92c5c4)<br> **[Institutional Class - JHYIX](#classnamea325c350-345d-4570-9d3d-a71cab92c5c4)**  |
|  [abrdn Intermediate Municipal Income Fund](#classnamebcfbd039-08bf-4b20-a268-a4590b05e0c0)<br> **[Class A - NTFAX](#classnamebcfbd039-08bf-4b20-a268-a4590b05e0c0)**  |
|  [abrdn Intermediate Municipal Income Fund](#classnamec7c60d6a-d68e-4d18-ab04-7d9650a59837)<br> **[Institutional Class - ABEIX](#classnamec7c60d6a-d68e-4d18-ab04-7d9650a59837)**  |
|  [abrdn Intermediate Municipal Income Fund](#classnameaafeb273-e3ac-43c9-b3dd-395f2a1d506e)<br> **[Institutional Service Class - ABESX](#classnameaafeb273-e3ac-43c9-b3dd-395f2a1d506e)**  |
|  [abrdn Real Estate Fund](#classname7051a687-157f-4658-8f9c-6affb2b648a8)<br> **[Class A - AIAGX](#classname7051a687-157f-4658-8f9c-6affb2b648a8)**  |
|  [abrdn Real Estate Fund](#classnamea9ab6361-0b38-48f1-b6d0-fc7fd39cf312)<br> **[Institutional Class - AIGYX](#classnamea9ab6361-0b38-48f1-b6d0-fc7fd39cf312)**  |
|  [abrdn Short Duration High Yield Municipal Fund](#classname028ef919-11d9-471e-b4f3-f673fa6dbf0f)<br> **[Class A - AAHMX](#classname028ef919-11d9-471e-b4f3-f673fa6dbf0f)**  |
|  [abrdn Short Duration High Yield Municipal Fund](#classname4480f448-d07f-40f5-bffc-9f39a713d6e4)<br> **[Class C - ACHMX](#classname4480f448-d07f-40f5-bffc-9f39a713d6e4)**  |
|  [abrdn Short Duration High Yield Municipal Fund](#classnamecd41bb15-cd77-40be-95e2-0379efa76848)<br> **[Institutional Class - AHYMX](#classnamecd41bb15-cd77-40be-95e2-0379efa76848)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classnamead68bd0e-3340-4527-a758-cf98dc741dd7)<br> **[Class A - GSXAX](#classnamead68bd0e-3340-4527-a758-cf98dc741dd7)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classname93bcde1f-ca9b-42a2-ba8d-7fec8d9b62a0)<br> **[Class C - GSXCX](#classname93bcde1f-ca9b-42a2-ba8d-7fec8d9b62a0)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classname545fc384-99ab-4e88-ad08-e05561443509)<br> **[Class R - GNSRX](#classname545fc384-99ab-4e88-ad08-e05561443509)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classnamebc6799d4-e119-42ec-bc0f-49e86d32eb6d)<br> **[Institutional Class - GSCIX](#classnamebc6799d4-e119-42ec-bc0f-49e86d32eb6d)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classname58612112-396a-4252-97d4-596ff02ec91f)<br> **[Institutional Service Class - GSXIX](#classname58612112-396a-4252-97d4-596ff02ec91f)**  |
|  [abrdn U.S. Sustainable Leaders Fund](#classname8b72c86e-c392-4c6b-9326-68556c72db34)<br> **[Class A - GXXAX](#classname8b72c86e-c392-4c6b-9326-68556c72db34)**  |
|  [abrdn U.S. Sustainable Leaders Fund](#classnamee80ec98c-d2bc-4029-96f5-475c4861dd6d)<br> **[Institutional Class - GGLIX](#classnamee80ec98c-d2bc-4029-96f5-475c4861dd6d)**  |
|  [abrdn U.S. Sustainable Leaders Fund](#classnamed970ac01-dfd7-41db-b269-a7cf4154c1f8)<br> **[Institutional Service Class - GXXIX](#classnamed970ac01-dfd7-41db-b269-a7cf4154c1f8)**  |
|  [abrdn Ultra Short Municipal Income Fund](#classname24d12fc7-cb64-4fd0-9e10-e43f47b26926)<br> **[Class A - ATOAX](#classname24d12fc7-cb64-4fd0-9e10-e43f47b26926)**  |
|  [abrdn Ultra Short Municipal Income Fund](#classname74417f7d-2915-49e2-8dd8-7ccb2c82839a)<br> **[Class A1 - ATOBX](#classname74417f7d-2915-49e2-8dd8-7ccb2c82839a)**  |
|  [abrdn Ultra Short Municipal Income Fund](#classname6c6df032-e8d6-41cd-8f3d-4a46084cfcd9)<br> **[Institutional Class - ATOIX](#classname6c6df032-e8d6-41cd-8f3d-4a46084cfcd9)**  |
|  [abrdn Dynamic Dividend Fund](#classname205404f8-46f8-4307-b1a3-f8855caea52d)<br> **[Class A - ADAVX](#classname205404f8-46f8-4307-b1a3-f8855caea52d)**  |
|  [abrdn Dynamic Dividend Fund](#classname0d1b40ad-55f1-4217-97a9-acb7725c8818)<br> **[Institutional Class - ADVDX](#classname0d1b40ad-55f1-4217-97a9-acb7725c8818)**  |
|  [abrdn EM SMA Completion Fund](#classname6fa7695c-5c3d-47b2-b302-1d79a53a8a50)<br> **[Institutional Class - ASEMX](#classname6fa7695c-5c3d-47b2-b302-1d79a53a8a50)**  |
|  [abrdn Emerging Markets ex-China Fund](#classnamecc91fdad-9edf-43da-adc1-9091359fc48d)<br> **[Class A - GLLAX](#classnamecc91fdad-9edf-43da-adc1-9091359fc48d)**  |
|  [abrdn Emerging Markets ex-China Fund](#classnamedd4a4dee-9791-4400-b306-87303067c3f7)<br> **[Class C - GLLCX](#classnamedd4a4dee-9791-4400-b306-87303067c3f7)**  |
|  [abrdn Emerging Markets ex-China Fund](#classname7f925795-6d4f-480f-8195-77db5dcc60b6)<br> **[Class R - GWLRX](#classname7f925795-6d4f-480f-8195-77db5dcc60b6)**  |
|  [abrdn Emerging Markets ex-China Fund](#classname1570d344-eb00-425f-ac70-5be12dd7558a)<br> **[Institutional Class - GWLIX](#classname1570d344-eb00-425f-ac70-5be12dd7558a)**  |
|  [abrdn Emerging Markets ex-China Fund](#classname124e371d-3709-498c-a43b-3b104ed9b2ca)<br> **[Institutional Service Class - GLLSX](#classname124e371d-3709-498c-a43b-3b104ed9b2ca)**  |
|  [abrdn Emerging Markets Fund](#classnamed7b46890-e7e8-4dd1-b382-853b2a78fadb)<br> **[Class A - GEGAX](#classnamed7b46890-e7e8-4dd1-b382-853b2a78fadb)**  |
|  [abrdn Emerging Markets Fund](#classname41cf5c77-6ed8-468b-adcb-c6d5bcb01712)<br> **[Class C - GEGCX](#classname41cf5c77-6ed8-468b-adcb-c6d5bcb01712)**  |
|  [abrdn Emerging Markets Fund](#classnameef0913bc-4466-4feb-a8fd-13d322770ff3)<br> **[Class R - GEMRX](#classnameef0913bc-4466-4feb-a8fd-13d322770ff3)**  |
|  [abrdn Emerging Markets Fund](#classnameae3d12b9-0505-4b80-a8ef-a0a3926e40d8)<br> **[Institutional Class - ABEMX](#classnameae3d12b9-0505-4b80-a8ef-a0a3926e40d8)**  |
|  [abrdn Emerging Markets Fund](#classnamec149b8e7-8c6b-45d1-9039-38a7d8624a62)<br> **[Institutional Service Class - AEMSX](#classnamec149b8e7-8c6b-45d1-9039-38a7d8624a62)**  |
|  [abrdn Focused Emerging Markets ex-China Fund](#classname05ad5a2a-481e-42ed-a629-1b6e900eac5f)<br> **[Class A - JETAX](#classname05ad5a2a-481e-42ed-a629-1b6e900eac5f)**  |
|  [abrdn Focused Emerging Markets ex-China Fund](#classnameccef30d2-cf8f-426b-a41e-37fbcdcd6438)<br> **[Institutional Class - JETIX](#classnameccef30d2-cf8f-426b-a41e-37fbcdcd6438)**  |
|  [abrdn Global Infrastructure Fund](#classname67e57534-c51f-4acb-bcce-364a0a9b4c83)<br> **[Class A - AIAFX](#classname67e57534-c51f-4acb-bcce-364a0a9b4c83)**  |
|  [abrdn Global Infrastructure Fund](#classname925cb4d1-8426-4bd2-bafd-4d23ea5ff9fe)<br> **[Institutional Class - AIFRX](#classname925cb4d1-8426-4bd2-bafd-4d23ea5ff9fe)**  |
|  [abrdn Infrastructure Debt Fund](#classname96e9d0d3-7c40-4761-b84f-94f75dc5ccae)<br> **[Class A - CUGAX](#classname96e9d0d3-7c40-4761-b84f-94f75dc5ccae)**  |
|  [abrdn Infrastructure Debt Fund](#classnamed85230b2-1ab4-4909-a0ea-4ff12ad59b0d)<br> **[Institutional Class - AGCIX](#classnamed85230b2-1ab4-4909-a0ea-4ff12ad59b0d)**  |
|  [abrdn Infrastructure Debt Fund](#classnamea5ff8857-ac13-4d00-8587-ed172bd86776)<br> **[Institutional Service Class - CGFIX](#classnamea5ff8857-ac13-4d00-8587-ed172bd86776)**  |
|  [abrdn International Small Cap Fund](#classnamebfd9969a-6609-4eb1-a66b-0df234aa76e2)<br> **[Class A - WVCCX](#classnamebfd9969a-6609-4eb1-a66b-0df234aa76e2)**  |
|  [abrdn International Small Cap Fund](#classname009b0ed6-a637-4c60-94e5-fd8e92064b67)<br> **[Class C - CPVCX](#classname009b0ed6-a637-4c60-94e5-fd8e92064b67)**  |
|  [abrdn International Small Cap Fund](#classname6f1b6ac2-b212-4b06-91a8-21f43bf43dfe)<br> **[Class R - WPVAX](#classname6f1b6ac2-b212-4b06-91a8-21f43bf43dfe)**  |
|  [abrdn International Small Cap Fund](#classname92145516-d575-40a9-a3ee-06f545837a14)<br> **[Institutional Class - ABNIX](#classname92145516-d575-40a9-a3ee-06f545837a14)**  |

---

# abrdn China A Share Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### GOPAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn China A Share Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $66 | 1.36% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $15884434 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 23% |

---

# abrdn China A Share Equity Fund
(GOPAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Financials | 19.3% |
| Consumer Discretionary | 15.5% |
| Consumer Staples | 12.7% |
| Information Technology | 10.5% |
| Health Care | 6.7% |
| Exchange-Traded Funds | 3.6% |
| Utilities | 2.3% |
| Materials | 1.6% |
| Energy | 0.0% |
| Other | 3.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Kweichow Moutai Co. Ltd., Class A | 6.7% |
| Contemporary Amperex Technology Co. Ltd., Class A | 6.6% |
| China Merchants Bank Co. Ltd., Class A | 4.7% |
| BYD Co. Ltd., Class A | 4.4% |
| Midea Group Co. Ltd., Class A | 4.1% |
| Fuyao Glass Industry Group Co. Ltd., Class A | 3.8% |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 3.6% |
| NAURA Technology Group Co. Ltd., Class A | 3.2% |
| Ping An Insurance Group Co. of China Ltd., Class A | 3.1% |
| Yutong Bus Co. Ltd., Class A | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn China A Share Equity Fund
(GOPAX)

# Class A

# abrdn China A Share Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class C

#### GOPCX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn China A Share Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| C | $97 | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $15884434 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 23% |

---

# abrdn China A Share Equity Fund
(GOPCX)

# Class C

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Financials | 19.3% |
| Consumer Discretionary | 15.5% |
| Consumer Staples | 12.7% |
| Information Technology | 10.5% |
| Health Care | 6.7% |
| Exchange-Traded Funds | 3.6% |
| Utilities | 2.3% |
| Materials | 1.6% |
| Energy | 0.0% |
| Other | 3.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Kweichow Moutai Co. Ltd., Class A | 6.7% |
| Contemporary Amperex Technology Co. Ltd., Class A | 6.6% |
| China Merchants Bank Co. Ltd., Class A | 4.7% |
| BYD Co. Ltd., Class A | 4.4% |
| Midea Group Co. Ltd., Class A | 4.1% |
| Fuyao Glass Industry Group Co. Ltd., Class A | 3.8% |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 3.6% |
| NAURA Technology Group Co. Ltd., Class A | 3.2% |
| Ping An Insurance Group Co. of China Ltd., Class A | 3.1% |
| Yutong Bus Co. Ltd., Class A | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn China A Share Equity Fund
(GOPCX)

# Class C

# abrdn China A Share Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class R

#### GOPRX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn China A Share Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| R | $81 | 1.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $15884434 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 23% |

---

# abrdn China A Share Equity Fund
(GOPRX)

# Class R

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Financials | 19.3% |
| Consumer Discretionary | 15.5% |
| Consumer Staples | 12.7% |
| Information Technology | 10.5% |
| Health Care | 6.7% |
| Exchange-Traded Funds | 3.6% |
| Utilities | 2.3% |
| Materials | 1.6% |
| Energy | 0.0% |
| Other | 3.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Kweichow Moutai Co. Ltd., Class A | 6.7% |
| Contemporary Amperex Technology Co. Ltd., Class A | 6.6% |
| China Merchants Bank Co. Ltd., Class A | 4.7% |
| BYD Co. Ltd., Class A | 4.4% |
| Midea Group Co. Ltd., Class A | 4.1% |
| Fuyao Glass Industry Group Co. Ltd., Class A | 3.8% |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 3.6% |
| NAURA Technology Group Co. Ltd., Class A | 3.2% |
| Ping An Insurance Group Co. of China Ltd., Class A | 3.1% |
| Yutong Bus Co. Ltd., Class A | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn China A Share Equity Fund
(GOPRX)

# Class R

# abrdn China A Share Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### GOPIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn China A Share Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $48 | 0.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $15884434 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 23% |

---

# abrdn China A Share Equity Fund
(GOPIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Financials | 19.3% |
| Consumer Discretionary | 15.5% |
| Consumer Staples | 12.7% |
| Information Technology | 10.5% |
| Health Care | 6.7% |
| Exchange-Traded Funds | 3.6% |
| Utilities | 2.3% |
| Materials | 1.6% |
| Energy | 0.0% |
| Other | 3.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Kweichow Moutai Co. Ltd., Class A | 6.7% |
| Contemporary Amperex Technology Co. Ltd., Class A | 6.6% |
| China Merchants Bank Co. Ltd., Class A | 4.7% |
| BYD Co. Ltd., Class A | 4.4% |
| Midea Group Co. Ltd., Class A | 4.1% |
| Fuyao Glass Industry Group Co. Ltd., Class A | 3.8% |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 3.6% |
| NAURA Technology Group Co. Ltd., Class A | 3.2% |
| Ping An Insurance Group Co. of China Ltd., Class A | 3.1% |
| Yutong Bus Co. Ltd., Class A | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn China A Share Equity Fund
(GOPIX)

# Institutional Class

# abrdn Emerging Markets Dividend Active ETF (AGEM)
![Image](tm2517610d1_ncsrsimg002.jpg)

## Principal Listing Exchange: NASDAQ
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets Dividend Active ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 844-383-7289.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| abrdn Emerging Markets Dividend Active ETF | $40 | 0.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $70864934 |
| Total Number of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 22% |

---

# abrdn Emerging Markets Dividend Active ETF (AGEM)

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| China | 25.3% |
| Taiwan | 15.7% |
| India | 11.7% |
| South Korea | 9.5% |
| Mexico | 7.2% |
| Brazil | 4.7% |
| Indonesia | 4.6% |
| United States | 3.7% |
| Hong Kong | 2.5% |
| Other | 15.1% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.8% |
| Tencent Holdings Ltd. | 6.9% |
| HDFC Bank Ltd. | 5.8% |
| Samsung Electronics Co. Ltd. | 5.3% |
| iShares MSCI India ETF | 3.7% |
| Grupo Mexico SAB de CV | 3.2% |
| MediaTek, Inc. | 3.1% |
| ICICI Bank Ltd. | 3.0% |
| Alibaba Group Holding Ltd. | 3.0% |
| NetEase, Inc. | 2.4% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 844-383-7289.

Emerging Markets Dividend Active ETF acquired all the assets and liabilities of the abrdn Emerging Markets Dividend Fund (the "Predecessor Fund") pursuant to an Agreement and Plan of Reorganization and Liquidation as of the close of business on February 14, 2025 (the "Reorganization"). Prior to February 14, 2025, the financial statements of the Emerging Markets Dividend Active ETF reflect the historical results of the Predecessor Fund. All information and references to periods prior to the close of business on February 14, 2025, refer to the Predecessor Fund. Following the Reorganization, the Predecessor Fund's performance and financial history were adopted by Emerging Markets Dividend Active ETF.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 844-383-7289. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg004.jpg)

ALPS Distributors, Inc. ("ALPS") is the distributor for the active ETFs Series of abrdn Funds. ALPS is not affiliated with Aberdeen.

# abrdn Emerging Markets Dividend Active ETF (AGEM)

# abrdn Focused U.S. Small Cap Active ETF (AFSC)
![Image](tm2517610d1_ncsrsimg002.jpg)

## Principal Listing Exchange: NASDAQ
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Focused U.S. Small Cap Active ETF (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 844-383-7289.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| abrdn Focused U.S. Small Cap Active ETF | $36 | 0.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $99975755 |
| Total Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 36% |

---

# abrdn Focused U.S. Small Cap Active ETF (AFSC)

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Financials | 20.5% |
| Health Care | 15.8% |
| Industrials | 15.3% |
| Information Technology | 12.8% |
| Consumer Discretionary | 12.6% |
| Materials | 7.5% |
| Utilities | 3.9% |
| Real Estate | 3.7% |
| Energy | 3.3% |
| Consumer Staples | 2.5% |
| Communication Services | 1.1% |
| Other | 1.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| ONE Gas, Inc. | 3.9% |
| Stride, Inc. | 3.4% |
| Wintrust Financial Corp. | 3.2% |
| Q2 Holdings, Inc. | 3.2% |
| REV Group, Inc. | 3.2% |
| Casella Waste Systems, Inc., Class A | 3.2% |
| WSFS Financial Corp. | 3.0% |
| Vertex, Inc., Class A | 3.0% |
| Knife River Corp. | 3.0% |
| ANI Pharmaceuticals, Inc. | 3.0% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 844-383-7289.

Focused U.S. Small Cap Active ETF acquired all the assets and liabilities of the abrdn Focused U.S. Small Cap Equity Fund (the "Predecessor Fund") pursuant to an Agreement and Plan of Reorganization and Liquidation as of the close of business on February 14, 2025 (the "Reorganization"). Prior to February 14, 2025, the financial statements of the Focused U.S. Small Cap Active ETF reflect the historical results of the Predecessor Fund. All information and references to periods prior to the close of business on February 14, 2025, refer to the Predecessor Fund. Following the Reorganization, the Predecessor Fund's performance and financial history were adopted by Focused U.S. Small Cap Active ETF.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 844-383-7289. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg004.jpg)

ALPS Distributors, Inc. ("ALPS") is the distributor for the active ETFs Series of abrdn Funds. ALPS is not affiliated with Aberdeen.

# abrdn Focused U.S. Small Cap Active ETF (AFSC)

# abrdn High Income Opportunities Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### BJBHX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn High Income Opportunities Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $47 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $76998041 |
| Total Number of Portfolio Holdings | 176 |
| Portfolio Turnover Rate | 44% |

---

# abrdn High Income Opportunities Fund
(BJBHX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AA | 0.5% |
| BBB | 3.5% |
| BB | 37.0% |
| B | 42.1% |
| CCC | 7.9% |
| CC | 0.5% |
| Non rated | 8.5% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| iShares Broad USD High Yield Corporate Bond ETF | 3.6% |
| Petroleos Mexicanos, 3.750%, due 11/16/25 | 2.0% |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.000%, due 09/15/29 | 1.9% |
| Affinity Interactive, 6.875%, due 12/15/27 | 1.5% |
| Rogers Communications, Inc., 7.000%, due 02/14/30 | 1.5% |
| Cimpress PLC, 7.375%, due 09/15/32 | 1.3% |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, due 03/15/29 | 1.3% |
| Venture Global LNG, Inc., 9.875%, due 02/01/32 | 1.3% |
| Owens-Brockway Glass Container, Inc., 7.250%, due 05/15/31 | 1.2% |
| MajorDrive Holdings IV LLC, 6.375%, due 06/01/29 | 1.2% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn High Income Opportunities Fund
(BJBHX)

# Class A

# abrdn High Income Opportunities Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### JHYIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn High Income Opportunities Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $35 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $76998041 |
| Total Number of Portfolio Holdings | 176 |
| Portfolio Turnover Rate | 44% |

---

# abrdn High Income Opportunities Fund
(JHYIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AA | 0.5% |
| BBB | 3.5% |
| BB | 37.0% |
| B | 42.1% |
| CCC | 7.9% |
| CC | 0.5% |
| Non rated | 8.5% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| iShares Broad USD High Yield Corporate Bond ETF | 3.6% |
| Petroleos Mexicanos, 3.750%, due 11/16/25 | 2.0% |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.000%, due 09/15/29 | 1.9% |
| Affinity Interactive, 6.875%, due 12/15/27 | 1.5% |
| Rogers Communications, Inc., 7.000%, due 02/14/30 | 1.5% |
| Cimpress PLC, 7.375%, due 09/15/32 | 1.3% |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, due 03/15/29 | 1.3% |
| Venture Global LNG, Inc., 9.875%, due 02/01/32 | 1.3% |
| Owens-Brockway Glass Container, Inc., 7.250%, due 05/15/31 | 1.2% |
| MajorDrive Holdings IV LLC, 6.375%, due 06/01/29 | 1.2% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn High Income Opportunities Fund
(JHYIX)

# Institutional Class

# abrdn Intermediate Municipal Income Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### NTFAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Intermediate Municipal Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $39 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $42105280 |
| Total Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 37% |

---

# abrdn Intermediate Municipal Income Fund
(NTFAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 2.1% |
| AA | 19.4% |
| A | 21.4% |
| BBB | 39.5% |
| BB | 4.8% |
| N/R | 12.8% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.750%, due 11/01/32 | 4.3% |
| New Jersey Transportation Trust Fund Authority, 5.000%, due 12/15/34 | 2.8% |
| Connecticut State Health & Educational Facilities Authority, 5.000%, due 07/01/27 | 2.7% |
| Harris County Cultural Education Facilities Finance Corp., 4.000%, due 12/01/45 | 2.7% |
| California Community Choice Financing Authority, 5.250%, due 01/01/54 | 2.5% |
| Indiana Finance Authority, 5.125%, due 06/01/58 | 2.5% |
| Public Finance Authority, 5.000%, due 07/01/38 | 2.4% |
| Nassau County Local Economic Assistance Corp., 5.000%, due 07/01/30 | 2.4% |
| Metropolitan Nashville Airport Authority, 5.000%, due 07/01/40 | 2.4% |
| New York Transportation Development Corp., 5.250%, due 01/01/50 | 2.4% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Intermediate Municipal Income Fund
(NTFAX)

# Class A

# abrdn Intermediate Municipal Income Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### ABEIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Intermediate Municipal Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $25 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $42105280 |
| Total Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 37% |

---

# abrdn Intermediate Municipal Income Fund
(ABEIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 2.1% |
| AA | 19.4% |
| A | 21.4% |
| BBB | 39.5% |
| BB | 4.8% |
| N/R | 12.8% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.750%, due 11/01/32 | 4.3% |
| New Jersey Transportation Trust Fund Authority, 5.000%, due 12/15/34 | 2.8% |
| Connecticut State Health & Educational Facilities Authority, 5.000%, due 07/01/27 | 2.7% |
| Harris County Cultural Education Facilities Finance Corp., 4.000%, due 12/01/45 | 2.7% |
| California Community Choice Financing Authority, 5.250%, due 01/01/54 | 2.5% |
| Indiana Finance Authority, 5.125%, due 06/01/58 | 2.5% |
| Public Finance Authority, 5.000%, due 07/01/38 | 2.4% |
| Nassau County Local Economic Assistance Corp., 5.000%, due 07/01/30 | 2.4% |
| Metropolitan Nashville Airport Authority, 5.000%, due 07/01/40 | 2.4% |
| New York Transportation Development Corp., 5.250%, due 01/01/50 | 2.4% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Intermediate Municipal Income Fund
(ABEIX)

# Institutional Class

# abrdn Intermediate Municipal Income Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Service Class

#### ABESX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Intermediate Municipal Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Service | $25 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $42105280 |
| Total Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 37% |

---

# abrdn Intermediate Municipal Income Fund
(ABESX)

# Institutional Service Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 2.1% |
| AA | 19.4% |
| A | 21.4% |
| BBB | 39.5% |
| BB | 4.8% |
| N/R | 12.8% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.750%, due 11/01/32 | 4.3% |
| New Jersey Transportation Trust Fund Authority, 5.000%, due 12/15/34 | 2.8% |
| Connecticut State Health & Educational Facilities Authority, 5.000%, due 07/01/27 | 2.7% |
| Harris County Cultural Education Facilities Finance Corp., 4.000%, due 12/01/45 | 2.7% |
| California Community Choice Financing Authority, 5.250%, due 01/01/54 | 2.5% |
| Indiana Finance Authority, 5.125%, due 06/01/58 | 2.5% |
| Public Finance Authority, 5.000%, due 07/01/38 | 2.4% |
| Nassau County Local Economic Assistance Corp., 5.000%, due 07/01/30 | 2.4% |
| Metropolitan Nashville Airport Authority, 5.000%, due 07/01/40 | 2.4% |
| New York Transportation Development Corp., 5.250%, due 01/01/50 | 2.4% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Intermediate Municipal Income Fund
(ABESX)

# Institutional Service Class

# abrdn Real Estate Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### AIAGX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Real Estate Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $60 | 1.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $36134493 |
| Total Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 28% |

---

# abrdn Real Estate Fund
(AIAGX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Industry Allocation (% of total net assets)

---

| | |
|:---|:---|
| Health Care REITs | 23.7% |
| Retail REITs | 20.3% |
| Multi-Family Residential REITs | 14.6% |
| Data Center REITs | 13.6% |
| Industrial REITs | 7.7% |
| Single-Family Residential REITs | 7.5% |
| Self Storage Reits | 6.4% |
| Other Specialized REITs | 2.0% |
| Office REITs | 1.7% |
| Short-Term Investments | 1.5% |
| Other | 1.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Welltower, Inc. | 11.8% |
| Equinix, Inc. | 8.3% |
| Prologis, Inc. | 7.7% |
| Ventas, Inc. | 6.3% |
| Simon Property Group, Inc. | 6.0% |
| Digital Realty Trust, Inc. | 5.3% |
| Realty Income Corp. | 5.0% |
| Public Storage | 4.7% |
| Invitation Homes, Inc. | 4.3% |
| AvalonBay Communities, Inc. | 4.0% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025 the Fund changed its name from abrdn Realty Income & Growth Fund to abrdn Real Estate Fund.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Real Estate Fund
(AIAGX)

# Class A

# abrdn Real Estate Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### AIGYX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Real Estate Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $48 | 0.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $36134493 |
| Total Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 28% |

---

# abrdn Real Estate Fund
(AIGYX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Industry Allocation (% of total net assets)

---

| | |
|:---|:---|
| Health Care REITs | 23.7% |
| Retail REITs | 20.3% |
| Multi-Family Residential REITs | 14.6% |
| Data Center REITs | 13.6% |
| Industrial REITs | 7.7% |
| Single-Family Residential REITs | 7.5% |
| Self Storage Reits | 6.4% |
| Other Specialized REITs | 2.0% |
| Office REITs | 1.7% |
| Short-Term Investments | 1.5% |
| Other | 1.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Welltower, Inc. | 11.8% |
| Equinix, Inc. | 8.3% |
| Prologis, Inc. | 7.7% |
| Ventas, Inc. | 6.3% |
| Simon Property Group, Inc. | 6.0% |
| Digital Realty Trust, Inc. | 5.3% |
| Realty Income Corp. | 5.0% |
| Public Storage | 4.7% |
| Invitation Homes, Inc. | 4.3% |
| AvalonBay Communities, Inc. | 4.0% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025 the Fund changed its name from abrdn Realty Income & Growth Fund to abrdn Real Estate Fund.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Real Estate Fund
(AIGYX)

# Institutional Class

# abrdn Short Duration High Yield Municipal Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### AAHMX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Short Duration High Yield Municipal Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $46 | 0.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $76735230 |
| Total Number of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 41% |

---

# abrdn Short Duration High Yield Municipal Fund
(AAHMX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AA | 9.8% |
| A | 6.9% |
| BBB | 21.9% |
| BB | 18.3% |
| B | 4.8% |
| N/R | 38.4% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Madison County Capital Resource Corp., 5.500%, due 09/01/22 | 4.4% |
| California Public Finance Authority, 3.125%, due 05/15/29 | 3.8% |
| Palomar Health, 5.000%, due 11/01/30 | 3.7% |
| Bartow County Development Authority, 2.700%, due 11/01/62 | 3.6% |
| Colorado Health Facilities Authority, 3.500%, due 05/15/30 | 3.6% |
| Kansas Independent College Finance Authority, 8.500%, due 05/01/25 | 3.6% |
| Washington State Housing Finance Commission, 2.500%, due 07/01/28 | 3.4% |
| Capital Trust Agency, Inc., 6.000%, due 05/01/43 | 2.6% |
| Utah Charter School Finance Authority, 5.625%, due 10/15/48 | 2.5% |
| Public Finance Authority, 5.375%, due 12/15/32 | 2.5% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Short Duration High Yield Municipal Fund
(AAHMX)

# Class A

# abrdn Short Duration High Yield Municipal Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class C

#### ACHMX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Short Duration High Yield Municipal Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| C | $83 | 1.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $76735230 |
| Total Number of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 41% |

---

# abrdn Short Duration High Yield Municipal Fund
(ACHMX)

# Class C

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AA | 9.8% |
| A | 6.9% |
| BBB | 21.9% |
| BB | 18.3% |
| B | 4.8% |
| N/R | 38.4% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Madison County Capital Resource Corp., 5.500%, due 09/01/22 | 4.4% |
| California Public Finance Authority, 3.125%, due 05/15/29 | 3.8% |
| Palomar Health, 5.000%, due 11/01/30 | 3.7% |
| Bartow County Development Authority, 2.700%, due 11/01/62 | 3.6% |
| Colorado Health Facilities Authority, 3.500%, due 05/15/30 | 3.6% |
| Kansas Independent College Finance Authority, 8.500%, due 05/01/25 | 3.6% |
| Washington State Housing Finance Commission, 2.500%, due 07/01/28 | 3.4% |
| Capital Trust Agency, Inc., 6.000%, due 05/01/43 | 2.6% |
| Utah Charter School Finance Authority, 5.625%, due 10/15/48 | 2.5% |
| Public Finance Authority, 5.375%, due 12/15/32 | 2.5% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Short Duration High Yield Municipal Fund
(ACHMX)

# Class C

# abrdn Short Duration High Yield Municipal Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### AHYMX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Short Duration High Yield Municipal Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $33 | 0.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $76735230 |
| Total Number of Portfolio Holdings | 110 |
| Portfolio Turnover Rate | 41% |

---

# abrdn Short Duration High Yield Municipal Fund
(AHYMX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AA | 9.8% |
| A | 6.9% |
| BBB | 21.9% |
| BB | 18.3% |
| B | 4.8% |
| N/R | 38.4% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Madison County Capital Resource Corp., 5.500%, due 09/01/22 | 4.4% |
| California Public Finance Authority, 3.125%, due 05/15/29 | 3.8% |
| Palomar Health, 5.000%, due 11/01/30 | 3.7% |
| Bartow County Development Authority, 2.700%, due 11/01/62 | 3.6% |
| Colorado Health Facilities Authority, 3.500%, due 05/15/30 | 3.6% |
| Kansas Independent College Finance Authority, 8.500%, due 05/01/25 | 3.6% |
| Washington State Housing Finance Commission, 2.500%, due 07/01/28 | 3.4% |
| Capital Trust Agency, Inc., 6.000%, due 05/01/43 | 2.6% |
| Utah Charter School Finance Authority, 5.625%, due 10/15/48 | 2.5% |
| Public Finance Authority, 5.375%, due 12/15/32 | 2.5% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Short Duration High Yield Municipal Fund
(AHYMX)

# Institutional Class

# abrdn U.S. Small Cap Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### GSXAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn U.S. Small Cap Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $68 | 1.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $307598937 |
| Total Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 20% |

---

# abrdn U.S. Small Cap Equity Fund
(GSXAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Financials | 19.8% |
| Industrials | 16.6% |
| Health Care | 16.3% |
| Information Technology | 11.5% |
| Consumer Discretionary | 11.5% |
| Materials | 7.2% |
| Utilities | 3.9% |
| Energy | 3.5% |
| Consumer Staples | 3.5% |
| Real Estate | 3.2% |
| Communication Services | 1.4% |
| Other | 1.6% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| ONE Gas, Inc. | 3.9% |
| ANI Pharmaceuticals, Inc. | 3.0% |
| Stride, Inc. | 2.9% |
| Wintrust Financial Corp. | 2.8% |
| Knife River Corp. | 2.8% |
| Casella Waste Systems, Inc., Class A | 2.7% |
| Q2 Holdings, Inc. | 2.7% |
| REV Group, Inc. | 2.7% |
| WSFS Financial Corp. | 2.6% |
| Enpro, Inc. | 2.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.95%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn U.S. Small Cap Equity Fund
(GSXAX)

# Class A

# abrdn U.S. Small Cap Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class C

#### GSXCX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn U.S. Small Cap Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| C | $98 | 1.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $307598937 |
| Total Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 20% |

---

# abrdn U.S. Small Cap Equity Fund
(GSXCX)

# Class C

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Financials | 19.8% |
| Industrials | 16.6% |
| Health Care | 16.3% |
| Information Technology | 11.5% |
| Consumer Discretionary | 11.5% |
| Materials | 7.2% |
| Utilities | 3.9% |
| Energy | 3.5% |
| Consumer Staples | 3.5% |
| Real Estate | 3.2% |
| Communication Services | 1.4% |
| Other | 1.6% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| ONE Gas, Inc. | 3.9% |
| ANI Pharmaceuticals, Inc. | 3.0% |
| Stride, Inc. | 2.9% |
| Wintrust Financial Corp. | 2.8% |
| Knife River Corp. | 2.8% |
| Casella Waste Systems, Inc., Class A | 2.7% |
| Q2 Holdings, Inc. | 2.7% |
| REV Group, Inc. | 2.7% |
| WSFS Financial Corp. | 2.6% |
| Enpro, Inc. | 2.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.95%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn U.S. Small Cap Equity Fund
(GSXCX)

# Class C

# abrdn U.S. Small Cap Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class R

#### GNSRX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn U.S. Small Cap Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| R | $82 | 1.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $307598937 |
| Total Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 20% |

---

# abrdn U.S. Small Cap Equity Fund
(GNSRX)

# Class R

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Financials | 19.8% |
| Industrials | 16.6% |
| Health Care | 16.3% |
| Information Technology | 11.5% |
| Consumer Discretionary | 11.5% |
| Materials | 7.2% |
| Utilities | 3.9% |
| Energy | 3.5% |
| Consumer Staples | 3.5% |
| Real Estate | 3.2% |
| Communication Services | 1.4% |
| Other | 1.6% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| ONE Gas, Inc. | 3.9% |
| ANI Pharmaceuticals, Inc. | 3.0% |
| Stride, Inc. | 2.9% |
| Wintrust Financial Corp. | 2.8% |
| Knife River Corp. | 2.8% |
| Casella Waste Systems, Inc., Class A | 2.7% |
| Q2 Holdings, Inc. | 2.7% |
| REV Group, Inc. | 2.7% |
| WSFS Financial Corp. | 2.6% |
| Enpro, Inc. | 2.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.95%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn U.S. Small Cap Equity Fund
(GNSRX)

# Class R

# abrdn U.S. Small Cap Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### GSCIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn U.S. Small Cap Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $49 | 0.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $307598937 |
| Total Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 20% |

---

# abrdn U.S. Small Cap Equity Fund
(GSCIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Financials | 19.8% |
| Industrials | 16.6% |
| Health Care | 16.3% |
| Information Technology | 11.5% |
| Consumer Discretionary | 11.5% |
| Materials | 7.2% |
| Utilities | 3.9% |
| Energy | 3.5% |
| Consumer Staples | 3.5% |
| Real Estate | 3.2% |
| Communication Services | 1.4% |
| Other | 1.6% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| ONE Gas, Inc. | 3.9% |
| ANI Pharmaceuticals, Inc. | 3.0% |
| Stride, Inc. | 2.9% |
| Wintrust Financial Corp. | 2.8% |
| Knife River Corp. | 2.8% |
| Casella Waste Systems, Inc., Class A | 2.7% |
| Q2 Holdings, Inc. | 2.7% |
| REV Group, Inc. | 2.7% |
| WSFS Financial Corp. | 2.6% |
| Enpro, Inc. | 2.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.95%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn U.S. Small Cap Equity Fund
(GSCIX)

# Institutional Class

# abrdn U.S. Small Cap Equity Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Service Class

#### GSXIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn U.S. Small Cap Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Service | $56 | 1.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $307598937 |
| Total Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 20% |

---

# abrdn U.S. Small Cap Equity Fund
(GSXIX)

# Institutional Service Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Financials | 19.8% |
| Industrials | 16.6% |
| Health Care | 16.3% |
| Information Technology | 11.5% |
| Consumer Discretionary | 11.5% |
| Materials | 7.2% |
| Utilities | 3.9% |
| Energy | 3.5% |
| Consumer Staples | 3.5% |
| Real Estate | 3.2% |
| Communication Services | 1.4% |
| Other | 1.6% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| ONE Gas, Inc. | 3.9% |
| ANI Pharmaceuticals, Inc. | 3.0% |
| Stride, Inc. | 2.9% |
| Wintrust Financial Corp. | 2.8% |
| Knife River Corp. | 2.8% |
| Casella Waste Systems, Inc., Class A | 2.7% |
| Q2 Holdings, Inc. | 2.7% |
| REV Group, Inc. | 2.7% |
| WSFS Financial Corp. | 2.6% |
| Enpro, Inc. | 2.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.95%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn U.S. Small Cap Equity Fund
(GSXIX)

# Institutional Service Class

# abrdn U.S. Sustainable Leaders Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### GXXAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn U.S. Sustainable Leaders Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $58 | 1.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $312868446 |
| Total Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 16% |

---

# abrdn U.S. Sustainable Leaders Fund
(GXXAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Information Technology | 29.9% |
| Health Care | 19.1% |
| Financials | 15.4% |
| Industrials | 13.3% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 3.6% |
| Utilities | 2.6% |
| Materials | 2.6% |
| Communication Services | 2.0% |
| Energy | 1.7% |
| Other | 3.8% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 11.3% |
| Mastercard, Inc., Class A | 7.5% |
| Eli Lilly & Co. | 4.2% |
| TJX Cos., Inc. | 3.9% |
| NVIDIA Corp. | 3.7% |
| Procter & Gamble Co. | 3.6% |
| American Express Co. | 3.5% |
| Hubbell, Inc. | 3.2% |
| Waste Management, Inc. | 3.0% |
| Cadence Design Systems, Inc. | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn U.S. Sustainable Leaders Fund
(GXXAX)

# Class A

# abrdn U.S. Sustainable Leaders Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### GGLIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn U.S. Sustainable Leaders Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $44 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $312868446 |
| Total Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 16% |

---

# abrdn U.S. Sustainable Leaders Fund
(GGLIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Information Technology | 29.9% |
| Health Care | 19.1% |
| Financials | 15.4% |
| Industrials | 13.3% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 3.6% |
| Utilities | 2.6% |
| Materials | 2.6% |
| Communication Services | 2.0% |
| Energy | 1.7% |
| Other | 3.8% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 11.3% |
| Mastercard, Inc., Class A | 7.5% |
| Eli Lilly & Co. | 4.2% |
| TJX Cos., Inc. | 3.9% |
| NVIDIA Corp. | 3.7% |
| Procter & Gamble Co. | 3.6% |
| American Express Co. | 3.5% |
| Hubbell, Inc. | 3.2% |
| Waste Management, Inc. | 3.0% |
| Cadence Design Systems, Inc. | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn U.S. Sustainable Leaders Fund
(GGLIX)

# Institutional Class

# abrdn U.S. Sustainable Leaders Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Service Class

#### GXXIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn U.S. Sustainable Leaders Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Service | $47 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $312868446 |
| Total Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 16% |

---

# abrdn U.S. Sustainable Leaders Fund
(GXXIX)

# Institutional Service Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Information Technology | 29.9% |
| Health Care | 19.1% |
| Financials | 15.4% |
| Industrials | 13.3% |
| Consumer Discretionary | 6.0% |
| Consumer Staples | 3.6% |
| Utilities | 2.6% |
| Materials | 2.6% |
| Communication Services | 2.0% |
| Energy | 1.7% |
| Other | 3.8% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 11.3% |
| Mastercard, Inc., Class A | 7.5% |
| Eli Lilly & Co. | 4.2% |
| TJX Cos., Inc. | 3.9% |
| NVIDIA Corp. | 3.7% |
| Procter & Gamble Co. | 3.6% |
| American Express Co. | 3.5% |
| Hubbell, Inc. | 3.2% |
| Waste Management, Inc. | 3.0% |
| Cadence Design Systems, Inc. | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn U.S. Sustainable Leaders Fund
(GXXIX)

# Institutional Service Class

# abrdn Ultra Short Municipal Income Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### ATOAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Ultra Short Municipal Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $35 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $937103573 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 86% |

---

# abrdn Ultra Short Municipal Income Fund
(ATOAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 1.6% |
| AA | 21.9% |
| A | 42.8% |
| BBB | 27.6% |
| N/R | 6.2% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.750%, due 11/01/32 | 6.2% |
| Maryland Industrial Development Financing Authority, 4.750%, due 03/01/30 | 5.3% |
| Harris County Cultural Education Facilities Finance Corp., 4.120%, due 11/15/46 | 3.2% |
| JPMorgan Chase Putters/Drivers Trust, 2.850%, due 03/20/27 | 3.1% |
| Public Building Authority of Sevier County, 3.950%, due 06/01/29 | 3.0% |
| West Virginia Hospital Finance Authority, 4.230%, due 06/01/33 | 2.9% |
| Pennsylvania Higher Educational Facilities Authority, 4.420%, due 09/01/45 | 2.8% |
| California Statewide Communities Development Authority, 6.000%, due 07/01/40 | 2.8% |
| Health Care Authority for Baptist Health, 5.040%, due 11/01/42 | 2.7% |
| Arkansas Development Finance Authority, 5.060%, due 09/01/44 | 2.7% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Ultra Short Municipal Income Fund
(ATOAX)

# Class A

# abrdn Ultra Short Municipal Income Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A1

#### ATOBX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Ultra Short Municipal Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A1 | $35 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $937103573 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 86% |

---

# abrdn Ultra Short Municipal Income Fund
(ATOBX)

# Class A1

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 1.6% |
| AA | 21.9% |
| A | 42.8% |
| BBB | 27.6% |
| N/R | 6.2% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.750%, due 11/01/32 | 6.2% |
| Maryland Industrial Development Financing Authority, 4.750%, due 03/01/30 | 5.3% |
| Harris County Cultural Education Facilities Finance Corp., 4.120%, due 11/15/46 | 3.2% |
| JPMorgan Chase Putters/Drivers Trust, 2.850%, due 03/20/27 | 3.1% |
| Public Building Authority of Sevier County, 3.950%, due 06/01/29 | 3.0% |
| West Virginia Hospital Finance Authority, 4.230%, due 06/01/33 | 2.9% |
| Pennsylvania Higher Educational Facilities Authority, 4.420%, due 09/01/45 | 2.8% |
| California Statewide Communities Development Authority, 6.000%, due 07/01/40 | 2.8% |
| Health Care Authority for Baptist Health, 5.040%, due 11/01/42 | 2.7% |
| Arkansas Development Finance Authority, 5.060%, due 09/01/44 | 2.7% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Ultra Short Municipal Income Fund
(ATOBX)

# Class A1

# abrdn Ultra Short Municipal Income Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### ATOIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Ultra Short Municipal Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $23 | 0.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $937103573 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 86% |

---

# abrdn Ultra Short Municipal Income Fund
(ATOIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 1.6% |
| AA | 21.9% |
| A | 42.8% |
| BBB | 27.6% |
| N/R | 6.2% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.750%, due 11/01/32 | 6.2% |
| Maryland Industrial Development Financing Authority, 4.750%, due 03/01/30 | 5.3% |
| Harris County Cultural Education Facilities Finance Corp., 4.120%, due 11/15/46 | 3.2% |
| JPMorgan Chase Putters/Drivers Trust, 2.850%, due 03/20/27 | 3.1% |
| Public Building Authority of Sevier County, 3.950%, due 06/01/29 | 3.0% |
| West Virginia Hospital Finance Authority, 4.230%, due 06/01/33 | 2.9% |
| Pennsylvania Higher Educational Facilities Authority, 4.420%, due 09/01/45 | 2.8% |
| California Statewide Communities Development Authority, 6.000%, due 07/01/40 | 2.8% |
| Health Care Authority for Baptist Health, 5.040%, due 11/01/42 | 2.7% |
| Arkansas Development Finance Authority, 5.060%, due 09/01/44 | 2.7% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Ultra Short Municipal Income Fund
(ATOIX)

# Institutional Class

# abrdn Dynamic Dividend Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### ADAVX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Dynamic Dividend Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $75 | 1.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $89507382 |
| Total Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 16% |

---

# abrdn Dynamic Dividend Fund
(ADAVX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Information Technology | 19.6% |
| Financials | 18.6% |
| Health Care | 11.7% |
| Consumer Discretionary | 10.0% |
| Industrials | 9.7% |
| Consumer Staples | 8.8% |
| Utilities | 5.7% |
| Communication Services | 5.0% |
| Energy | 4.8% |
| Materials | 3.2% |
| Real Estate | 2.8% |
| Other | 0.1% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 3.4% |
| Apple, Inc. | 3.3% |
| Broadcom, Inc. | 2.9% |
| Alphabet, Inc., Class C | 2.9% |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.4% |
| JPMorgan Chase & Co. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| TJX Cos., Inc. | 1.6% |
| Goldman Sachs Group, Inc. | 1.5% |
| AbbVie, Inc. | 1.4% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Dynamic Dividend Fund
(ADAVX)

# Class A

# abrdn Dynamic Dividend Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### ADVDX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Dynamic Dividend Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $63 | 1.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $89507382 |
| Total Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 16% |

---

# abrdn Dynamic Dividend Fund
(ADVDX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Sector Allocation (% of total net assets)

---

| | |
|:---|:---|
| Information Technology | 19.6% |
| Financials | 18.6% |
| Health Care | 11.7% |
| Consumer Discretionary | 10.0% |
| Industrials | 9.7% |
| Consumer Staples | 8.8% |
| Utilities | 5.7% |
| Communication Services | 5.0% |
| Energy | 4.8% |
| Materials | 3.2% |
| Real Estate | 2.8% |
| Other | 0.1% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 3.4% |
| Apple, Inc. | 3.3% |
| Broadcom, Inc. | 2.9% |
| Alphabet, Inc., Class C | 2.9% |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2.4% |
| JPMorgan Chase & Co. | 1.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8% |
| TJX Cos., Inc. | 1.6% |
| Goldman Sachs Group, Inc. | 1.5% |
| AbbVie, Inc. | 1.4% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Dynamic Dividend Fund
(ADVDX)

# Institutional Class

# abrdn EM SMA Completion Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### ASEMX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn EM SMA Completion Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $0 | 0.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $322227 |
| Total Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 20% |

---

# abrdn EM SMA Completion Fund
(ASEMX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| South Korea | 23.0% |
| India | 20.1% |
| China | 19.1% |
| Brazil | 8.1% |
| United Arab Emirates | 7.7% |
| Taiwan | 7.5% |
| Saudi Arabia | 6.4% |
| Indonesia | 3.6% |
| Mexico | 3.0% |
| Greece | 2.7% |
| Poland | 2.3% |
| Other | (3.5%) |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 10.4% |
| Mahindra & Mahindra Ltd. | 7.2% |
| Al Rajhi Bank | 6.4% |
| UltraTech Cement Ltd. | 4.9% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 4.9% |
| Contemporary Amperex Technology Co. Ltd., Class A | 4.7% |
| Larsen & Toubro Ltd. | 4.6% |
| MediaTek, Inc. | 4.2% |
| SK Hynix, Inc. | 3.9% |
| Abu Dhabi Islamic Bank PJSC | 3.9% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn EM SMA Completion Fund
(ASEMX)

# Institutional Class

# abrdn Emerging Markets ex-China Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### GLLAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $66 | 1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $143463143 |
| Total Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 11% |

---

# abrdn Emerging Markets ex-China Fund
(GLLAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| India | 29.4% |
| Taiwan | 21.1% |
| South Korea | 13.2% |
| Brazil | 8.5% |
| Saudi Arabia | 5.8% |
| United Arab Emirates | 4.9% |
| Mexico | 4.7% |
| Indonesia | 2.8% |
| Kazakhstan | 2.7% |
| Other | 6.9% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Samsung Electronics Co. Ltd. | 4.9% |
| ICICI Bank Ltd. | 3.8% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2.5% |
| Al Rajhi Bank | 2.4% |
| HDFC Bank Ltd. | 2.3% |
| ITC Ltd. | 2.3% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Chroma ATE, Inc. | 2.0% |
| SBI Life Insurance Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's management fee changed from 0.80% on assets up to $500 million, 0.75% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more to 0.75% on assets up to $500 million, 0.73% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more. Additionally, effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.90%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets ex-China Fund
(GLLAX)

# Class A

# abrdn Emerging Markets ex-China Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class C

#### GLLCX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| C | $96 | 1.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $143463143 |
| Total Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 11% |

---

# abrdn Emerging Markets ex-China Fund
(GLLCX)

# Class C

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| India | 29.4% |
| Taiwan | 21.1% |
| South Korea | 13.2% |
| Brazil | 8.5% |
| Saudi Arabia | 5.8% |
| United Arab Emirates | 4.9% |
| Mexico | 4.7% |
| Indonesia | 2.8% |
| Kazakhstan | 2.7% |
| Other | 6.9% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Samsung Electronics Co. Ltd. | 4.9% |
| ICICI Bank Ltd. | 3.8% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2.5% |
| Al Rajhi Bank | 2.4% |
| HDFC Bank Ltd. | 2.3% |
| ITC Ltd. | 2.3% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Chroma ATE, Inc. | 2.0% |
| SBI Life Insurance Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's management fee changed from 0.80% on assets up to $500 million, 0.75% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more to 0.75% on assets up to $500 million, 0.73% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more. Additionally, effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.90%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets ex-China Fund
(GLLCX)

# Class C

# abrdn Emerging Markets ex-China Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class R

#### GWLRX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| R | $82 | 1.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $143463143 |
| Total Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 11% |

---

# abrdn Emerging Markets ex-China Fund
(GWLRX)

# Class R

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| India | 29.4% |
| Taiwan | 21.1% |
| South Korea | 13.2% |
| Brazil | 8.5% |
| Saudi Arabia | 5.8% |
| United Arab Emirates | 4.9% |
| Mexico | 4.7% |
| Indonesia | 2.8% |
| Kazakhstan | 2.7% |
| Other | 6.9% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Samsung Electronics Co. Ltd. | 4.9% |
| ICICI Bank Ltd. | 3.8% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2.5% |
| Al Rajhi Bank | 2.4% |
| HDFC Bank Ltd. | 2.3% |
| ITC Ltd. | 2.3% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Chroma ATE, Inc. | 2.0% |
| SBI Life Insurance Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's management fee changed from 0.80% on assets up to $500 million, 0.75% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more to 0.75% on assets up to $500 million, 0.73% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more. Additionally, effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.90%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets ex-China Fund
(GWLRX)

# Class R

# abrdn Emerging Markets ex-China Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### GWLIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $48 | 0.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $143463143 |
| Total Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 11% |

---

# abrdn Emerging Markets ex-China Fund
(GWLIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| India | 29.4% |
| Taiwan | 21.1% |
| South Korea | 13.2% |
| Brazil | 8.5% |
| Saudi Arabia | 5.8% |
| United Arab Emirates | 4.9% |
| Mexico | 4.7% |
| Indonesia | 2.8% |
| Kazakhstan | 2.7% |
| Other | 6.9% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Samsung Electronics Co. Ltd. | 4.9% |
| ICICI Bank Ltd. | 3.8% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2.5% |
| Al Rajhi Bank | 2.4% |
| HDFC Bank Ltd. | 2.3% |
| ITC Ltd. | 2.3% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Chroma ATE, Inc. | 2.0% |
| SBI Life Insurance Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's management fee changed from 0.80% on assets up to $500 million, 0.75% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more to 0.75% on assets up to $500 million, 0.73% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more. Additionally, effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.90%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets ex-China Fund
(GWLIX)

# Institutional Class

# abrdn Emerging Markets ex-China Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Service Class

#### GLLSX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Service | $51 | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $143463143 |
| Total Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 11% |

---

# abrdn Emerging Markets ex-China Fund
(GLLSX)

# Institutional Service Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| India | 29.4% |
| Taiwan | 21.1% |
| South Korea | 13.2% |
| Brazil | 8.5% |
| Saudi Arabia | 5.8% |
| United Arab Emirates | 4.9% |
| Mexico | 4.7% |
| Indonesia | 2.8% |
| Kazakhstan | 2.7% |
| Other | 6.9% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Samsung Electronics Co. Ltd. | 4.9% |
| ICICI Bank Ltd. | 3.8% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2.5% |
| Al Rajhi Bank | 2.4% |
| HDFC Bank Ltd. | 2.3% |
| ITC Ltd. | 2.3% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Chroma ATE, Inc. | 2.0% |
| SBI Life Insurance Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

Effective February 28, 2025, the Fund's management fee changed from 0.80% on assets up to $500 million, 0.75% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more to 0.75% on assets up to $500 million, 0.73% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more. Additionally, effective February 28, 2025, the Fund's expense limitation changed from 0.99% to 0.90%.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets ex-China Fund
(GLLSX)

# Institutional Service Class

# abrdn Emerging Markets Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### GEGAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $69 | 1.41% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $960588487 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 15% |

---

# abrdn Emerging Markets Fund
(GEGAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| China | 28.7% |
| India | 20.8% |
| Taiwan | 15.1% |
| South Korea | 8.5% |
| Mexico | 5.3% |
| Brazil | 5.2% |
| United Arab Emirates | 3.3% |
| Indonesia | 2.8% |
| Saudi Arabia | 2.1% |
| Other | 8.2% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.1% |
| Tencent Holdings Ltd. | 8.0% |
| Alibaba Group Holding Ltd. | 4.5% |
| Samsung Electronics Co. Ltd. | 3.7% |
| HDFC Bank Ltd. | 2.9% |
| ICICI Bank Ltd. | 2.4% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Southern Copper Corp. | 2.2% |
| Al Rajhi Bank | 2.1% |
| MediaTek, Inc. | 2.1% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets Fund
(GEGAX)

# Class A

# abrdn Emerging Markets Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class C

#### GEGCX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| C | $103 | 2.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $960588487 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 15% |

---

# abrdn Emerging Markets Fund
(GEGCX)

# Class C

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| China | 28.7% |
| India | 20.8% |
| Taiwan | 15.1% |
| South Korea | 8.5% |
| Mexico | 5.3% |
| Brazil | 5.2% |
| United Arab Emirates | 3.3% |
| Indonesia | 2.8% |
| Saudi Arabia | 2.1% |
| Other | 8.2% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.1% |
| Tencent Holdings Ltd. | 8.0% |
| Alibaba Group Holding Ltd. | 4.5% |
| Samsung Electronics Co. Ltd. | 3.7% |
| HDFC Bank Ltd. | 2.9% |
| ICICI Bank Ltd. | 2.4% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Southern Copper Corp. | 2.2% |
| Al Rajhi Bank | 2.1% |
| MediaTek, Inc. | 2.1% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets Fund
(GEGCX)

# Class C

# abrdn Emerging Markets Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class R

#### GEMRX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| R | $89 | 1.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $960588487 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 15% |

---

# abrdn Emerging Markets Fund
(GEMRX)

# Class R

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| China | 28.7% |
| India | 20.8% |
| Taiwan | 15.1% |
| South Korea | 8.5% |
| Mexico | 5.3% |
| Brazil | 5.2% |
| United Arab Emirates | 3.3% |
| Indonesia | 2.8% |
| Saudi Arabia | 2.1% |
| Other | 8.2% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.1% |
| Tencent Holdings Ltd. | 8.0% |
| Alibaba Group Holding Ltd. | 4.5% |
| Samsung Electronics Co. Ltd. | 3.7% |
| HDFC Bank Ltd. | 2.9% |
| ICICI Bank Ltd. | 2.4% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Southern Copper Corp. | 2.2% |
| Al Rajhi Bank | 2.1% |
| MediaTek, Inc. | 2.1% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets Fund
(GEMRX)

# Class R

# abrdn Emerging Markets Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### ABEMX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $54 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $960588487 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 15% |

---

# abrdn Emerging Markets Fund
(ABEMX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| China | 28.7% |
| India | 20.8% |
| Taiwan | 15.1% |
| South Korea | 8.5% |
| Mexico | 5.3% |
| Brazil | 5.2% |
| United Arab Emirates | 3.3% |
| Indonesia | 2.8% |
| Saudi Arabia | 2.1% |
| Other | 8.2% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.1% |
| Tencent Holdings Ltd. | 8.0% |
| Alibaba Group Holding Ltd. | 4.5% |
| Samsung Electronics Co. Ltd. | 3.7% |
| HDFC Bank Ltd. | 2.9% |
| ICICI Bank Ltd. | 2.4% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Southern Copper Corp. | 2.2% |
| Al Rajhi Bank | 2.1% |
| MediaTek, Inc. | 2.1% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets Fund
(ABEMX)

# Institutional Class

# abrdn Emerging Markets Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Service Class

#### AEMSX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Service | $62 | 1.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $960588487 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 15% |

---

# abrdn Emerging Markets Fund
(AEMSX)

# Institutional Service Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| China | 28.7% |
| India | 20.8% |
| Taiwan | 15.1% |
| South Korea | 8.5% |
| Mexico | 5.3% |
| Brazil | 5.2% |
| United Arab Emirates | 3.3% |
| Indonesia | 2.8% |
| Saudi Arabia | 2.1% |
| Other | 8.2% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.1% |
| Tencent Holdings Ltd. | 8.0% |
| Alibaba Group Holding Ltd. | 4.5% |
| Samsung Electronics Co. Ltd. | 3.7% |
| HDFC Bank Ltd. | 2.9% |
| ICICI Bank Ltd. | 2.4% |
| Power Grid Corp. of India Ltd. | 2.3% |
| Southern Copper Corp. | 2.2% |
| Al Rajhi Bank | 2.1% |
| MediaTek, Inc. | 2.1% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Emerging Markets Fund
(AEMSX)

# Institutional Service Class

# abrdn Focused Emerging Markets ex-China Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### JETAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Focused Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $56 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $39036643 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 106% |

---

# abrdn Focused Emerging Markets ex-China Fund
(JETAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| Taiwan | 20.9% |
| United States | 15.1% |
| India | 15.0% |
| South Korea | 12.6% |
| Brazil | 7.9% |
| Mexico | 5.8% |
| United Arab Emirates | 5.4% |
| Saudi Arabia | 4.5% |
| Indonesia | 4.0% |
| Other | 8.8% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.2% |
| iShares MSCI India ETF | 10.5% |
| ICICI Bank Ltd. | 4.8% |
| Samsung Electronics Co. Ltd. | 4.6% |
| iShares MSCI India Small-Cap ETF | 3.9% |
| Al Rajhi Bank | 3.0% |
| Mahindra & Mahindra Ltd. | 2.8% |
| Larsen & Toubro Ltd. | 2.7% |
| Infosys Ltd. | 2.6% |
| Itau Unibanco Holding SA | 2.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

The Fund changed its investment strategy effective February 28, 2025 from a global equity strategy to a focused emerging markets excluding China strategy.

In connection with the change in investment strategy, the Fund changed its name from abrdn Global Equity Impact Fund to abrdn Focused Emerging Markets ex-China Fund.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Focused Emerging Markets ex-China Fund
(JETAX)

# Class A

# abrdn Focused Emerging Markets ex-China Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### JETIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Focused Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

**This report describes material changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $44 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $39036643 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 106% |

---

# abrdn Focused Emerging Markets ex-China Fund
(JETIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| Taiwan | 20.9% |
| United States | 15.1% |
| India | 15.0% |
| South Korea | 12.6% |
| Brazil | 7.9% |
| Mexico | 5.8% |
| United Arab Emirates | 5.4% |
| Saudi Arabia | 4.5% |
| Indonesia | 4.0% |
| Other | 8.8% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.2% |
| iShares MSCI India ETF | 10.5% |
| ICICI Bank Ltd. | 4.8% |
| Samsung Electronics Co. Ltd. | 4.6% |
| iShares MSCI India Small-Cap ETF | 3.9% |
| Al Rajhi Bank | 3.0% |
| Mahindra & Mahindra Ltd. | 2.8% |
| Larsen & Toubro Ltd. | 2.7% |
| Infosys Ltd. | 2.6% |
| Itau Unibanco Holding SA | 2.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more information, you may refer to the Fund's current or next prospectus, which we expect to be available by February 28, 2026 at aberdeeninvestments.com/us/literature or upon request at 866-667-9231.

The Fund changed its investment strategy effective February 28, 2025 from a global equity strategy to a focused emerging markets excluding China strategy.

In connection with the change in investment strategy, the Fund changed its name from abrdn Global Equity Impact Fund to abrdn Focused Emerging Markets ex-China Fund.

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Focused Emerging Markets ex-China Fund
(JETIX)

# Institutional Class

# abrdn Global Infrastructure Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### AIAFX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Global Infrastructure Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $65 | 1.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $43271270 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 10% |

---

# abrdn Global Infrastructure Fund
(AIAFX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| United States | 42.9% |
| France | 11.7% |
| Spain | 7.7% |
| Canada | 5.4% |
| Brazil | 4.5% |
| United Kingdom | 3.5% |
| Mexico | 3.1% |
| Italy | 2.9% |
| Germany | 2.8% |
| Tanzania | 2.3% |
| Other | 13.2% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Enbridge, Inc. | 3.3% |
| Williams Cos., Inc. | 3.0% |
| Ferrovial SE | 2.9% |
| Kinder Morgan, Inc. | 2.9% |
| Cheniere Energy, Inc. | 2.9% |
| RWE AG | 2.9% |
| American Tower Corp. | 2.8% |
| Aena SME SA | 2.8% |
| PPL Corp. | 2.8% |
| Cellnex Telecom SA | 2.7% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Global Infrastructure Fund
(AIAFX)

# Class A

# abrdn Global Infrastructure Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### AIFRX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Global Infrastructure Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $52 | 0.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $43271270 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 10% |

---

# abrdn Global Infrastructure Fund
(AIFRX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| United States | 42.9% |
| France | 11.7% |
| Spain | 7.7% |
| Canada | 5.4% |
| Brazil | 4.5% |
| United Kingdom | 3.5% |
| Mexico | 3.1% |
| Italy | 2.9% |
| Germany | 2.8% |
| Tanzania | 2.3% |
| Other | 13.2% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Enbridge, Inc. | 3.3% |
| Williams Cos., Inc. | 3.0% |
| Ferrovial SE | 2.9% |
| Kinder Morgan, Inc. | 2.9% |
| Cheniere Energy, Inc. | 2.9% |
| RWE AG | 2.9% |
| American Tower Corp. | 2.8% |
| Aena SME SA | 2.8% |
| PPL Corp. | 2.8% |
| Cellnex Telecom SA | 2.7% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Global Infrastructure Fund
(AIFRX)

# Institutional Class

# abrdn Infrastructure Debt Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### CUGAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Infrastructure Debt Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $52 | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $23272216 |
| Total Number of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 8% |

---

# abrdn Infrastructure Debt Fund
(CUGAX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 1.8% |
| AA | 16.2% |
| A | 11.7% |
| BBB | 19.6% |
| BB | 33.1% |
| B | 7.3% |
| Below B | 1.5% |
| N/R | 8.7% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Port of Beaumont Navigation District, 10.000%, due 07/01/26 | 4.4% |
| Massachusetts Development Finance Agency, 8.500%, due 10/01/26 | 4.3% |
| Gabon Blue Bond Master Trust, 6.097%, due 08/01/38 | 4.3% |
| Dutchess County Local Development Corp., 5.918%, due 07/01/39 | 4.1% |
| Toledo Hospital, 6.015%, due 11/15/48 | 3.8% |
| Illinois Municipal Electric Agency, 7.288%, due 02/01/35 | 3.7% |
| New York Transportation Development Corp., 6.971%, due 06/30/51 | 3.4% |
| Low Income Investment Fund, 3.386%, due 07/01/26 | 3.4% |
| California Statewide Communities Development Authority, 7.140%, due 08/15/47 | 3.4% |
| LBJ Infrastructure Group LLC, 3.797%, due 12/31/57 | 2.9% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Infrastructure Debt Fund
(CUGAX)

# Class A

# abrdn Infrastructure Debt Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### AGCIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Infrastructure Debt Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $33 | 0.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $23272216 |
| Total Number of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 8% |

---

# abrdn Infrastructure Debt Fund
(AGCIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 1.8% |
| AA | 16.2% |
| A | 11.7% |
| BBB | 19.6% |
| BB | 33.1% |
| B | 7.3% |
| Below B | 1.5% |
| N/R | 8.7% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Port of Beaumont Navigation District, 10.000%, due 07/01/26 | 4.4% |
| Massachusetts Development Finance Agency, 8.500%, due 10/01/26 | 4.3% |
| Gabon Blue Bond Master Trust, 6.097%, due 08/01/38 | 4.3% |
| Dutchess County Local Development Corp., 5.918%, due 07/01/39 | 4.1% |
| Toledo Hospital, 6.015%, due 11/15/48 | 3.8% |
| Illinois Municipal Electric Agency, 7.288%, due 02/01/35 | 3.7% |
| New York Transportation Development Corp., 6.971%, due 06/30/51 | 3.4% |
| Low Income Investment Fund, 3.386%, due 07/01/26 | 3.4% |
| California Statewide Communities Development Authority, 7.140%, due 08/15/47 | 3.4% |
| LBJ Infrastructure Group LLC, 3.797%, due 12/31/57 | 2.9% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Infrastructure Debt Fund
(AGCIX)

# Institutional Class

# abrdn Infrastructure Debt Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Service Class

#### CGFIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn Infrastructure Debt Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Service | $39 | 0.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $23272216 |
| Total Number of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 8% |

---

# abrdn Infrastructure Debt Fund
(CGFIX)

# Institutional Service Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Credit Quality Allocation (% of total net assets)

---

| | |
|:---|:---|
| AAA | 1.8% |
| AA | 16.2% |
| A | 11.7% |
| BBB | 19.6% |
| BB | 33.1% |
| B | 7.3% |
| Below B | 1.5% |
| N/R | 8.7% |

---

Ratings and portfolio credit quality will vary over time. Credit quality ratings on the underlying securities of the Fund are received from S&P, Moody's and Fitch and are an indication of the issuer's creditworthiness. The chart reflects the highest security rating provided by one or more of these rating agencies.

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| Port of Beaumont Navigation District, 10.000%, due 07/01/26 | 4.4% |
| Massachusetts Development Finance Agency, 8.500%, due 10/01/26 | 4.3% |
| Gabon Blue Bond Master Trust, 6.097%, due 08/01/38 | 4.3% |
| Dutchess County Local Development Corp., 5.918%, due 07/01/39 | 4.1% |
| Toledo Hospital, 6.015%, due 11/15/48 | 3.8% |
| Illinois Municipal Electric Agency, 7.288%, due 02/01/35 | 3.7% |
| New York Transportation Development Corp., 6.971%, due 06/30/51 | 3.4% |
| Low Income Investment Fund, 3.386%, due 07/01/26 | 3.4% |
| California Statewide Communities Development Authority, 7.140%, due 08/15/47 | 3.4% |
| LBJ Infrastructure Group LLC, 3.797%, due 12/31/57 | 2.9% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn Infrastructure Debt Fund
(CGFIX)

# Institutional Service Class

# abrdn International Small Cap Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class A

#### WVCCX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn International Small Cap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| A | $68 | 1.34% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $115144761 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 7% |

---

# abrdn International Small Cap Fund
(WVCCX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| Japan | 19.4% |
| United Kingdom | 17.5% |
| Germany | 8.5% |
| France | 7.4% |
| Taiwan | 6.8% |
| India | 6.7% |
| Australia | 5.0% |
| Poland | 4.4% |
| Israel | 4.1% |
| Italy | 3.7% |
| Sweden | 3.4% |
| Vietnam | 2.1% |
| Mexico | 2.0% |
| Other | 9.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| CTS Eventim AG & Co. KGaA | 4.8% |
| Gaztransport Et Technigaz SA | 4.7% |
| Dino Polska SA | 4.4% |
| Japan Elevator Service Holdings Co. Ltd. | 4.4% |
| Poly Medicure Ltd. | 4.1% |
| Games Workshop Group PLC | 4.0% |
| Asics Corp. | 3.3% |
| Gamma Communications PLC | 3.1% |
| BayCurrent, Inc. | 3.1% |
| Sanwa Holdings Corp. | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn International Small Cap Fund
(WVCCX)

# Class A

# abrdn International Small Cap Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class C

#### CPVCX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn International Small Cap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| C | $101 | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $115144761 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 7% |

---

# abrdn International Small Cap Fund
(CPVCX)

# Class C

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| Japan | 19.4% |
| United Kingdom | 17.5% |
| Germany | 8.5% |
| France | 7.4% |
| Taiwan | 6.8% |
| India | 6.7% |
| Australia | 5.0% |
| Poland | 4.4% |
| Israel | 4.1% |
| Italy | 3.7% |
| Sweden | 3.4% |
| Vietnam | 2.1% |
| Mexico | 2.0% |
| Other | 9.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| CTS Eventim AG & Co. KGaA | 4.8% |
| Gaztransport Et Technigaz SA | 4.7% |
| Dino Polska SA | 4.4% |
| Japan Elevator Service Holdings Co. Ltd. | 4.4% |
| Poly Medicure Ltd. | 4.1% |
| Games Workshop Group PLC | 4.0% |
| Asics Corp. | 3.3% |
| Gamma Communications PLC | 3.1% |
| BayCurrent, Inc. | 3.1% |
| Sanwa Holdings Corp. | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn International Small Cap Fund
(CPVCX)

# Class C

# abrdn International Small Cap Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Class R

#### WPVAX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn International Small Cap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| R | $85 | 1.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $115144761 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 7% |

---

# abrdn International Small Cap Fund
(WPVAX)

# Class R

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| Japan | 19.4% |
| United Kingdom | 17.5% |
| Germany | 8.5% |
| France | 7.4% |
| Taiwan | 6.8% |
| India | 6.7% |
| Australia | 5.0% |
| Poland | 4.4% |
| Israel | 4.1% |
| Italy | 3.7% |
| Sweden | 3.4% |
| Vietnam | 2.1% |
| Mexico | 2.0% |
| Other | 9.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| CTS Eventim AG & Co. KGaA | 4.8% |
| Gaztransport Et Technigaz SA | 4.7% |
| Dino Polska SA | 4.4% |
| Japan Elevator Service Holdings Co. Ltd. | 4.4% |
| Poly Medicure Ltd. | 4.1% |
| Games Workshop Group PLC | 4.0% |
| Asics Corp. | 3.3% |
| Gamma Communications PLC | 3.1% |
| BayCurrent, Inc. | 3.1% |
| Sanwa Holdings Corp. | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn International Small Cap Fund
(WPVAX)

# Class R

# abrdn International Small Cap Fund
![Image](tm2517610d1_ncsrsimg001.jpg)

#### Institutional Class

#### ABNIX
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the abrdn International Small Cap Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 866-667-9231.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional | $50 | 0.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Fund Statistics as of April 30, 2025

---

| | |
|:---|:---|
| Total Net Assets | $115144761 |
| Total Number of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 7% |

---

# abrdn International Small Cap Fund
(ABNIX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of April 30, 2025.

#### Geographic Allocation (% of total net assets)

---

| | |
|:---|:---|
| Japan | 19.4% |
| United Kingdom | 17.5% |
| Germany | 8.5% |
| France | 7.4% |
| Taiwan | 6.8% |
| India | 6.7% |
| Australia | 5.0% |
| Poland | 4.4% |
| Israel | 4.1% |
| Italy | 3.7% |
| Sweden | 3.4% |
| Vietnam | 2.1% |
| Mexico | 2.0% |
| Other | 9.0% |

---

#### Ten Largest Holdings (% of total net assets)

---

| | |
|:---|:---|
| CTS Eventim AG & Co. KGaA | 4.8% |
| Gaztransport Et Technigaz SA | 4.7% |
| Dino Polska SA | 4.4% |
| Japan Elevator Service Holdings Co. Ltd. | 4.4% |
| Poly Medicure Ltd. | 4.1% |
| Games Workshop Group PLC | 4.0% |
| Asics Corp. | 3.3% |
| Gamma Communications PLC | 3.1% |
| BayCurrent, Inc. | 3.1% |
| Sanwa Holdings Corp. | 3.0% |

---

## Availability of Additional Information
You can find additional information, including the Fund's prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or call 866-667-9231. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2517610d1_ncsrsimg003.jpg)

# abrdn International Small Cap Fund
(ABNIX)

# Institutional Class
&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable – for annual reports only.

 ****

**Item 3. Audit Committee Financial Expert.**

Not applicable – for annual reports only.

**Item 4. Principal Accountant Fees and Services.**

Not applicable – for annual reports only.

 **Item 5. Audit Committee of Listed Registrants.**

Not applicable – for annual reports only.

 **Item 6. Investments.**

(a) Included as part of the Reports to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

(a) ## abrdn Funds Equity Series
Financial Statements and Other Information

April 30, 2025

#### abrdn China A Share Equity Fund
Class A - GOPAX ■ Class C - GOPCX■ Class R - GOPRX■ Institutional Class - GOPIX

#### abrdn Dynamic Dividend Fund
Class A - ADAVX ■ Institutional Class - ADVDX

#### abrdn EM SMA Completion Fund
Institutional Class - ASEMX

#### abrdn Emerging Markets ex-China Fund
Class A - GLLAX ■ Class C - GLLCX■ Class R - GWLRX■ Institutional Class - GWLIX■ Institutional Service Class - GLLSX

#### abrdn Emerging Markets Fund
Class A - GEGAX ■ Class C - GEGCX■ Class R - GEMRX■ Institutional Class - ABEMX■ Institutional Service Class - AEMSX

#### abrdn Focused Emerging Markets ex-China Fund (formerly, abrdn Global Equity Impact Fund)
Class A - JETAX ■ Institutional Class - JETIX

#### abrdn Global Infrastructure Fund
Class A - AIAFX ■ Institutional Class - AIFRX

#### abrdn International Small Cap Fund
Class A - WVCCX ■ Class C - CPVCX■ Class R - WPVAX■ Institutional Class - ABNIX

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

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

#### abrdn U.S. Sustainable Leaders Fund
Class A - GXXAX ■ Institutional Class - GGLIX■ Institutional Service Class - GXXIX

![](tm2517610d1equityrepi001.jpg)

------

**Table of Contents**

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements and Financial Highlights for Open-End Management Investment Companies (Item 7):](#xx_968bde7e-6e37-4b06-a94d-6a6e6fbb96b9_1tm2517610d1_equityrep)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Statements of Investments](#xx_968bde7e-6e37-4b06-a94d-6a6e6fbb96b9_1tm2517610d1_equityrep) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn China A Share Equity Fund](#xx_968bde7e-6e37-4b06-a94d-6a6e6fbb96b9_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Dynamic Dividend Fund](#xx_d4162936-bb5e-4a47-b185-a990a15d33ba_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn EM SMA Completion Fund](#xx_e0c69330-85e0-4242-8ad9-b28d6526ca5a_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Emerging Markets ex-China Fund](#xx_7e3a78fd-de62-4109-98bb-25297b9ad733_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Emerging Markets Fund](#xx_5b33b2f4-6af5-4a6f-b843-6bb52878878e_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Focused Emerging Markets ex-China Fund](#xx_fe89e655-3961-45f0-89ba-fbb251e652f8_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Global Infrastructure Fund](#xx_b0d4398a-0320-4b67-bc47-e0aad398a1e9_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn International Small Cap Fund](#xx_4296f0e3-e3cf-41d5-a72b-541c26e3c31c_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Real Estate Fund](#xx_3e800500-1356-4a2c-a80e-01a27734dfa9_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn U.S. Small Cap Equity Fund](#xx_4654a25e-13e2-43d5-9e93-bba72cbbe89c_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn U.S. Sustainable Leaders Fund](#xx_dd2299b5-e234-4244-b413-992ae1928338_1tm2517610d1_equityrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements](#xx_c3278423-db07-4cba-9795-aba1e22f4945_1tm2517610d1_equityrep) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Notes to Financial Statements](#xx_a8479e3f-f03e-47bf-8d14-d9e4060df89b_1tm2517610d1_equityrep) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Changes in and Disagreement with Accountants for Open-End Management Investment Companies (Item 8)](#xx_da7131eb-4a58-4ff1-aeab-8d7db8bbc8a3_1tm2517610d1_equityrep) <br>**  | &nbsp;&nbsp;Page 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Proxy Disclosures for Open-End Management Investment Companies (Item 9)](#xx_083f6345-c908-467d-a9dc-bdde5c1a0569_1tm2517610d1_equityrep) <br>**  | &nbsp;&nbsp;Page 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Remuneration paid to Trustees, Officers and Others (Item 10)](#xx_46952b2c-ee8b-469b-bfc4-2193d94cfad4_1tm2517610d1_equityrep) <br>**  | &nbsp;&nbsp;Page 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Statement Regarding Basis For Approval of Investment Advisory Contract (Item 11)](#xx_2845e4f2-0c1e-4756-80c7-48894f2f750c_1tm2517610d1_equityrep) <br>**  | &nbsp;&nbsp;Page 92 |

---

------

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

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

The equity series of abrdn Funds are distributed by **Aberdeen Fund Distributors LLC**, Member FINRA, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

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

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

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

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

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Statement of Investments

April 30, 2025 (Unaudited)

abrdn China A Share Equity Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—93.4%** | &nbsp;&nbsp;**COMMON STOCKS—93.4%** |  |
| &nbsp;&nbsp;**CHINA—93.4%** | &nbsp;&nbsp;**CHINA—93.4%** | &nbsp;&nbsp;**CHINA—93.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—15.5%** |  |  |
| &nbsp;&nbsp;BYD Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 14400 | &nbsp;&nbsp;$700234 |
| &nbsp;&nbsp;BYD Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71244 |
| &nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 75138 | &nbsp;&nbsp;&nbsp;&nbsp; 600641 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 64242 | &nbsp;&nbsp;&nbsp;&nbsp; 650773 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares<sup>(b)</sup> | 15200 | &nbsp;&nbsp;&nbsp;&nbsp; 143473 |
| &nbsp;&nbsp;Zhejiang Shuanghuan Driveline Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 63700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462139 |
| &nbsp;&nbsp;**Consumer Staples—12.7%** |  |  |
| &nbsp;&nbsp;Foshan Haitian Flavouring & Food Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 18571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107134 |
| &nbsp;&nbsp;Inner Mongolia Yili Industrial Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 76900 | &nbsp;&nbsp;&nbsp;&nbsp; 314834 |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4963 | &nbsp;&nbsp;&nbsp;&nbsp; 1056474 |
| &nbsp;&nbsp;Yantai China Pet Foods Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 39900 | &nbsp;&nbsp;&nbsp;&nbsp; 309903 |
| &nbsp;&nbsp;Yifeng Pharmacy Chain Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 56220 | &nbsp;&nbsp;&nbsp;&nbsp; 219039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007384 |
| &nbsp;&nbsp;**Energy —0.0%** |  |  |
| &nbsp;&nbsp;G3 Exploration Ltd.<sup>(b)(c)(d)(e)</sup> | &nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—19.3%** |  |  |
| &nbsp;&nbsp;Bank of Ningbo Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;94616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311352 |
| &nbsp;&nbsp;China Construction Bank Corp., A Shares (Stock Connect)<sup>(a)</sup> | 147900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184251 |
| &nbsp;&nbsp;China Construction Bank Corp., H Shares | 403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331035 |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 133432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748263 |
| &nbsp;&nbsp;CITIC Securities Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334045 |
| &nbsp;&nbsp;CITIC Securities Co. Ltd., H Shares | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252096 |
| &nbsp;&nbsp;Jiangsu Changshu Rural Commercial Bank Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | 131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130964 |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;69837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487576 |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., H Shares | &nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069856 |
| &nbsp;&nbsp;**Health Care—6.7%** |  |  |
| &nbsp;&nbsp;Aier Eye Hospital Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;87527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156444 |
| &nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;27680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156645 |
| &nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;25267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155362 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 39255 | &nbsp;&nbsp;$275629 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 10610 | &nbsp;&nbsp;&nbsp;&nbsp; 320616 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064696 |
| &nbsp;&nbsp;**Industrials—24.8%** |  |  |  |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 128488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197359 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 32702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044716 |
| &nbsp;&nbsp;Jiangsu Hengli Hydraulic Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 25800 | &nbsp;&nbsp;&nbsp;&nbsp; 265449 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 156962 | &nbsp;&nbsp;&nbsp;&nbsp; 478503 |
| &nbsp;&nbsp;Ningbo Orient Wires & Cables Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 48700 | &nbsp;&nbsp;&nbsp;&nbsp; 338692 |
| &nbsp;&nbsp;Shenzhen Envicool Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 71400 | &nbsp;&nbsp;&nbsp;&nbsp; 312656 |
| &nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 37489 | &nbsp;&nbsp;&nbsp;&nbsp; 368702 |
| &nbsp;&nbsp;Sieyuan Electric Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 42939 | &nbsp;&nbsp;&nbsp;&nbsp; 425572 |
| &nbsp;&nbsp;Yutong Bus Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 130700 | &nbsp;&nbsp;&nbsp;&nbsp; 482589 |
| &nbsp;&nbsp;Zhejiang Weixing New Building Materials Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 18100 | &nbsp;&nbsp;&nbsp;&nbsp; 29366 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3943604 |
| &nbsp;&nbsp;**Information Technology—10.5%** |  |  |  |
| &nbsp;&nbsp;Foxconn Industrial Internet Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;90800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228688 |
| &nbsp;&nbsp;Hundsun Technologies, Inc., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;56395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202035 |
| &nbsp;&nbsp;Luxshare Precision Industry Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 108770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462594 |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503287 |
| &nbsp;&nbsp;SG Micro Corp., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;19013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661604 |
| &nbsp;&nbsp;**Materials—1.6%** |  |  |  |
| &nbsp;&nbsp;Satellite Chemical Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 102800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256784 |
| &nbsp;&nbsp;**Utilities—2.3%** |  |  |  |
| &nbsp;&nbsp;China Yangtze Power Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;90100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365562 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**14831629** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**14831629** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.6%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.6%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.6%** |  |
| &nbsp;&nbsp;KraneShares Bosera MSCI China A 50 Connect Index ETF |  | &nbsp;&nbsp;25027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573368 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**573368** |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>1</sub>

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn China A Share Equity Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &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, 4.29%<sup>(f)</sup> |  | 469000 | &nbsp;&nbsp;$469000 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**469000** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $16,834,512)<sup>(g)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $16,834,512)<sup>(g)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $16,834,512)<sup>(g)</sup>—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**15873997** |
| &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;10437 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$15884434** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(a)</sup> | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note 2(a) of the accompanying Notes to Financial Statements for inputs used. |
| <sup>(d)</sup> | The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.0% of net assets as of April 30, 2025. |
| <sup>(e)</sup> | Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements. |
| <sup>(f)</sup> | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025. |
| <sup>(g)</sup> | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
| | Amounts listed as "–" are $0 or round to $0. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

ETF Exchange-Traded Fund

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **2** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Dynamic Dividend Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.6%** | &nbsp;&nbsp;**COMMON STOCKS—98.6%** | &nbsp;&nbsp;**COMMON STOCKS—98.6%** |  |
| &nbsp;&nbsp;**AUSTRALIA—0.7%** | &nbsp;&nbsp;**AUSTRALIA—0.7%** | &nbsp;&nbsp;**AUSTRALIA—0.7%** | &nbsp;&nbsp;**AUSTRALIA—0.7%** |
| &nbsp;&nbsp;**Materials—0.7%** |  |  |  |
| &nbsp;&nbsp;Rio Tinto PLC, ADR |  | 11400 | &nbsp;&nbsp;$677160 |
| &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;CCR SA |  | 381300 | &nbsp;&nbsp;&nbsp;&nbsp; 903674 |
| &nbsp;&nbsp;**Materials—0.5%** |  |  |  |
| &nbsp;&nbsp;Vale SA, ADR |  | 45400 | &nbsp;&nbsp;&nbsp;&nbsp; 422674 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1326348** |
| &nbsp;&nbsp;**CANADA—1.3%** | &nbsp;&nbsp;**CANADA—1.3%** | &nbsp;&nbsp;**CANADA—1.3%** | &nbsp;&nbsp;**CANADA—1.3%** |
| &nbsp;&nbsp;**Energy—1.3%** |  |  |  |
| &nbsp;&nbsp;Enbridge, Inc. |  | 24100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125229 |
| &nbsp;&nbsp;**CHINA—1.5%** | &nbsp;&nbsp;**CHINA—1.5%** | &nbsp;&nbsp;**CHINA—1.5%** | &nbsp;&nbsp;**CHINA—1.5%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 900389 |
| &nbsp;&nbsp;**Industrials—0.5%** |  |  |  |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 415657 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1316046** |
| &nbsp;&nbsp;**DENMARK—2.8%** | &nbsp;&nbsp;**DENMARK—2.8%** | &nbsp;&nbsp;**DENMARK—2.8%** | &nbsp;&nbsp;**DENMARK—2.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.7%** |  |  |  |
| &nbsp;&nbsp;Pandora AS |  | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640110 |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Tryg AS |  | &nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951932 |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Novo Nordisk AS, Class B |  | &nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956120 |
| &nbsp;&nbsp;**Total Denmark** | &nbsp;&nbsp;**Total Denmark** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2548162** |
| &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** | &nbsp;&nbsp;**FRANCE—5.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.8%** |  |  |  |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670255 |
| &nbsp;&nbsp;**Consumer Staples—2.2%** |  |  |  |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187440 |
| &nbsp;&nbsp;Pernod Ricard SA |  | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769608 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957048 |
| &nbsp;&nbsp;**Energy—0.9%** |  |  |  |
| &nbsp;&nbsp;TotalEnergies SE, ADR |  | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795900 |
| &nbsp;&nbsp;**Industrials—0.7%** |  |  |  |
| &nbsp;&nbsp;Teleperformance SE |  | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657930 |
| &nbsp;&nbsp;**Utilities—1.3%** |  |  |  |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;&nbsp;57700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192563 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5273696** |
| &nbsp;&nbsp;**GERMANY—5.7%** | &nbsp;&nbsp;**GERMANY—5.7%** | &nbsp;&nbsp;**GERMANY—5.7%** | &nbsp;&nbsp;**GERMANY—5.7%** |
| &nbsp;&nbsp;**Communication Services—1.2%** |  |  |  |
| &nbsp;&nbsp;Deutsche Telekom AG |  | &nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055976 |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** |  |  |  |
| &nbsp;&nbsp;Mercedes-Benz Group AG |  | &nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843022 |
| &nbsp;&nbsp;**Financials—2.4%** |  |  |  |
| &nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122289 |
| &nbsp;&nbsp;**Utilities—1.2%** |  |  |  |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102890 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5124177** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | 21800 | &nbsp;&nbsp;$952435 |
| &nbsp;&nbsp;**IRELAND—0.8%** | &nbsp;&nbsp;**IRELAND—0.8%** | &nbsp;&nbsp;**IRELAND—0.8%** | &nbsp;&nbsp;**IRELAND—0.8%** |
| &nbsp;&nbsp;**Information Technology—0.8%** |  |  |  |
| &nbsp;&nbsp;Accenture PLC, Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 688045 |
| &nbsp;&nbsp;**ISRAEL—0.7%** | &nbsp;&nbsp;**ISRAEL—0.7%** | &nbsp;&nbsp;**ISRAEL—0.7%** | &nbsp;&nbsp;**ISRAEL—0.7%** |
| &nbsp;&nbsp;**Energy—0.7%** |  |  |  |
| &nbsp;&nbsp;Energean PLC |  | 56600 | &nbsp;&nbsp;&nbsp;&nbsp; 670521 |
| &nbsp;&nbsp;**JAPAN—1.4%** | &nbsp;&nbsp;**JAPAN—1.4%** | &nbsp;&nbsp;**JAPAN—1.4%** | &nbsp;&nbsp;**JAPAN—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  | 97700 | &nbsp;&nbsp;&nbsp;&nbsp; 1230934 |
| &nbsp;&nbsp;**NETHERLANDS—3.6%** | &nbsp;&nbsp;**NETHERLANDS—3.6%** | &nbsp;&nbsp;**NETHERLANDS—3.6%** | &nbsp;&nbsp;**NETHERLANDS—3.6%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;ING Groep NV |  | 63700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1237011 |
| &nbsp;&nbsp;**Information Technology—2.2%** |  |  |  |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937218 |
| &nbsp;&nbsp;BE Semiconductor Industries NV |  | &nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018055 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955273 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3192284** |
| &nbsp;&nbsp;**SINGAPORE—1.3%** | &nbsp;&nbsp;**SINGAPORE—1.3%** | &nbsp;&nbsp;**SINGAPORE—1.3%** | &nbsp;&nbsp;**SINGAPORE—1.3%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. |  | &nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168272 |
| &nbsp;&nbsp;**SPAIN—0.9%** | &nbsp;&nbsp;**SPAIN—0.9%** | &nbsp;&nbsp;**SPAIN—0.9%** | &nbsp;&nbsp;**SPAIN—0.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** |  |  |  |
| &nbsp;&nbsp;Amadeus IT Group SA |  | &nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771387 |
| &nbsp;&nbsp;**TAIWAN—1.7%** | &nbsp;&nbsp;**TAIWAN—1.7%** | &nbsp;&nbsp;**TAIWAN—1.7%** | &nbsp;&nbsp;**TAIWAN—1.7%** |
| &nbsp;&nbsp;**Information Technology—1.7%** |  |  |  |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566886 |
| &nbsp;&nbsp;**UNITED KINGDOM—7.2%** | &nbsp;&nbsp;**UNITED KINGDOM—7.2%** | &nbsp;&nbsp;**UNITED KINGDOM—7.2%** | &nbsp;&nbsp;**UNITED KINGDOM—7.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.5%** |  |  |  |
| &nbsp;&nbsp;Playtech PLC<sup>(b)</sup> |  | 124400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259988 |
| &nbsp;&nbsp;Taylor Wimpey PLC |  | 632300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993538 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253526 |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;London Stock Exchange Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043267 |
| &nbsp;&nbsp;**Health Care—1.3%** |  |  |  |
| &nbsp;&nbsp;AstraZeneca PLC, ADR |  | &nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162998 |
| &nbsp;&nbsp;**Industrials—1.4%** |  |  |  |
| &nbsp;&nbsp;BAE Systems PLC |  | &nbsp;&nbsp;52700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221725 |
| &nbsp;&nbsp;**Real Estate—0.8%** |  |  |  |
| &nbsp;&nbsp;UNITE Group PLC, REIT |  | &nbsp;&nbsp;66600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765169 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6446685** |
| &nbsp;&nbsp;**UNITED STATES—60.5%** | &nbsp;&nbsp;**UNITED STATES—60.5%** | &nbsp;&nbsp;**UNITED STATES—60.5%** | &nbsp;&nbsp;**UNITED STATES—60.5%** |
| &nbsp;&nbsp;**Communication Services—2.9%** |  |  |  |
| &nbsp;&nbsp;Alphabet, Inc., Class C |  | &nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558151 |
| &nbsp;&nbsp;**Consumer Discretionary—4.3%** |  |  |  |
| &nbsp;&nbsp;Lowe's Cos., Inc. |  | &nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095444 |
| &nbsp;&nbsp;NIKE, Inc., Class B |  | &nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575280 |
| &nbsp;&nbsp;TJX Cos., Inc. |  | &nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389744 |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. |  | &nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750640 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811108 |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>3</sub>

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (continued)

April 30, 2025 (Unaudited)

abrdn Dynamic Dividend Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Consumer Staples—6.6%** |  |  |
| &nbsp;&nbsp;Coca-Cola Co. | 15300 | &nbsp;&nbsp;$1110015 |
| &nbsp;&nbsp;Keurig Dr. Pepper, Inc. | 30627 | &nbsp;&nbsp;&nbsp;&nbsp; 1059388 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | 13294 | &nbsp;&nbsp;&nbsp;&nbsp; 905720 |
| &nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000511 |
| &nbsp;&nbsp;Pilgrim's Pride Corp. | 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 873280 |
| &nbsp;&nbsp;Target Corp. | 10100 | &nbsp;&nbsp;&nbsp;&nbsp; 976670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925584 |
| &nbsp;&nbsp;**Energy—1.9%** |  |  |
| &nbsp;&nbsp;Schlumberger NV | 16300 | &nbsp;&nbsp;&nbsp;&nbsp; 541975 |
| &nbsp;&nbsp;Williams Cos., Inc. | 19300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672376 |
| &nbsp;&nbsp;**Financials—8.8%** |  |  |
| &nbsp;&nbsp;Bank of America Corp. | 26200 | &nbsp;&nbsp;&nbsp;&nbsp; 1044856 |
| &nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 750747 |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108320 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049104 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368875 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590030 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7914353 |
| &nbsp;&nbsp;**Health Care—9.3%** |  |  |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268150 |
| &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828360 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720468 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609609 |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898456 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937200 |
| &nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046356 |
| &nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181432 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312911 |
| &nbsp;&nbsp;**Industrials—6.1%** |  |  |
| &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652023 |
| &nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063459 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905150 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985820 |
| &nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911218 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474446 |
| &nbsp;&nbsp;**Information Technology—13.6%** |  |  |
| &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;10657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943997 |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779680 |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932500 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598345 |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125735 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083028 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12180957 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Materials—1.9%** |  |  |  |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;$1228545 |
| &nbsp;&nbsp;Newmont Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 500460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729005 |
| &nbsp;&nbsp;**Real Estate—1.9%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp;&nbsp; 879325 |
| &nbsp;&nbsp;Gaming & Leisure Properties, Inc., REIT |  | 17800 | &nbsp;&nbsp;&nbsp;&nbsp; 851908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731233 |
| &nbsp;&nbsp;**Utilities—3.2%** |  |  |  |
| &nbsp;&nbsp;CMS Energy Corp. |  | 13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016370 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | 21800 | &nbsp;&nbsp;&nbsp;&nbsp; 934784 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | 13300 | &nbsp;&nbsp;&nbsp;&nbsp; 889504 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840658 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**54150782** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**88229049** |
| &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;36100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191684 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1191684** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.4%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(c)</sup> |  | 329815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329815 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**329815** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $66,894,439)<sup>(d)</sup>—100.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $66,894,439)<sup>(d)</sup>—100.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $66,894,439)<sup>(d)</sup>—100.3%** | &nbsp;&nbsp;&nbsp;&nbsp;**89750548** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.3%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.3%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243166) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$89507382** |

---

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

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

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **4** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Dynamic Dividend Fund

------

As of April 30, 2025, the Fund held the following forward foreign currency contracts:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1822206 | &nbsp;&nbsp;$1820001 | &nbsp;&nbsp;$(2205) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;8910631 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;8000000 | $9100006 | &nbsp;&nbsp;$(189375) |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>5</sub>

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn EM SMA Completion Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—89.2%** | &nbsp;&nbsp;**COMMON STOCKS—89.2%** | &nbsp;&nbsp;**COMMON STOCKS—89.2%** |  |
| &nbsp;&nbsp;**BRAZIL—4.2%** | &nbsp;&nbsp;**BRAZIL—4.2%** | &nbsp;&nbsp;**BRAZIL—4.2%** | &nbsp;&nbsp;**BRAZIL—4.2%** |
| &nbsp;&nbsp;**Consumer Staples—2.5%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | 2258 | &nbsp;&nbsp;$7894 |
| &nbsp;&nbsp;**Energy—1.6%** |  |  |  |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp; 5298 |
| &nbsp;&nbsp;**Financials—0.1%** |  |  |  |
| &nbsp;&nbsp;Itausa SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**13339** |
| &nbsp;&nbsp;**CHINA—19.1%** | &nbsp;&nbsp;**CHINA—19.1%** | &nbsp;&nbsp;**CHINA—19.1%** | &nbsp;&nbsp;**CHINA—19.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.8%** |  |  |  |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares<sup>(a)</sup> |  | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12271 |
| &nbsp;&nbsp;**Health Care—4.0%** |  |  |  |
| &nbsp;&nbsp;Aier Eye Hospital Group Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 8587 |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 4385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12972 |
| &nbsp;&nbsp;**Industrials—9.6%** |  |  |  |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15187 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12449 |
| &nbsp;&nbsp;Shenzhen Envicool Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30704 |
| &nbsp;&nbsp;**Real Estate—1.7%** |  |  |  |
| &nbsp;&nbsp;China Resources Land Ltd. |  | &nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**61431** |
| &nbsp;&nbsp;**GREECE—2.7%** | &nbsp;&nbsp;**GREECE—2.7%** | &nbsp;&nbsp;**GREECE—2.7%** | &nbsp;&nbsp;**GREECE—2.7%** |
| &nbsp;&nbsp;**Financials—2.7%** |  |  |  |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799 |
| &nbsp;&nbsp;**INDIA—20.1%** | &nbsp;&nbsp;**INDIA—20.1%** | &nbsp;&nbsp;**INDIA—20.1%** | &nbsp;&nbsp;**INDIA—20.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—7.2%** |  |  |  |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23152 |
| &nbsp;&nbsp;**Consumer Staples—3.4%** |  |  |  |
| &nbsp;&nbsp;ITC Ltd., GDR<sup>(d)</sup> |  | &nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11138 |
| &nbsp;&nbsp;**Industrials—4.6%** |  |  |  |
| &nbsp;&nbsp;Larsen & Toubro Ltd., GDR<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14857 |
| &nbsp;&nbsp;**Materials—4.9%** |  |  |  |
| &nbsp;&nbsp;UltraTech Cement Ltd., GDR<sup>(b)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15708 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**64855** |
| &nbsp;&nbsp;**INDONESIA—3.6%** | &nbsp;&nbsp;**INDONESIA—3.6%** | &nbsp;&nbsp;**INDONESIA—3.6%** | &nbsp;&nbsp;**INDONESIA—3.6%** |
| &nbsp;&nbsp;**Communication Services—3.6%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 73100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11522 |
| &nbsp;&nbsp;**MEXICO—3.0%** | &nbsp;&nbsp;**MEXICO—3.0%** | &nbsp;&nbsp;**MEXICO—3.0%** | &nbsp;&nbsp;**MEXICO—3.0%** |
| &nbsp;&nbsp;**Materials—3.0%** |  |  |  |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9698 |
| &nbsp;&nbsp;**POLAND—2.3%** | &nbsp;&nbsp;**POLAND—2.3%** | &nbsp;&nbsp;**POLAND—2.3%** | &nbsp;&nbsp;**POLAND—2.3%** |
| &nbsp;&nbsp;**Industrials—2.3%** |  |  |  |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7432 |
| &nbsp;&nbsp;**SAUDI ARABIA—6.4%** | &nbsp;&nbsp;**SAUDI ARABIA—6.4%** | &nbsp;&nbsp;**SAUDI ARABIA—6.4%** | &nbsp;&nbsp;**SAUDI ARABIA—6.4%** |
| &nbsp;&nbsp;**Financials—6.4%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20626 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SOUTH KOREA—12.6%** | &nbsp;&nbsp;**SOUTH KOREA—12.6%** | &nbsp;&nbsp;**SOUTH KOREA—12.6%** | &nbsp;&nbsp;**SOUTH KOREA—12.6%** |
| &nbsp;&nbsp;**Industrials—8.6%** |  |  |  |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;$15686 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 5680 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp; 6504 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27870 |
| &nbsp;&nbsp;**Information Technology—4.0%** |  |  |  |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 12727 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**40597** |
| &nbsp;&nbsp;**TAIWAN—7.5%** | &nbsp;&nbsp;**TAIWAN—7.5%** | &nbsp;&nbsp;**TAIWAN—7.5%** | &nbsp;&nbsp;**TAIWAN—7.5%** |
| &nbsp;&nbsp;**Information Technology—7.5%** |  |  |  |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 5402 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 5457 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 13428 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24287 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—7.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—7.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—7.7%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—7.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** |  |  |  |
| &nbsp;&nbsp;Talabat Holding PLC<sup>(a)</sup> |  | &nbsp;&nbsp;8059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105 |
| &nbsp;&nbsp;**Financials—3.9%** |  |  |  |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;2541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12651 |
| &nbsp;&nbsp;**Real Estate—2.8%** |  |  |  |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9026 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24782** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**287368** |
| &nbsp;&nbsp;**PREFERRED STOCKS—14.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—14.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—14.3%** |  |
| &nbsp;&nbsp;**BRAZIL—3.9%** | &nbsp;&nbsp;**BRAZIL—3.9%** | &nbsp;&nbsp;**BRAZIL—3.9%** | &nbsp;&nbsp;**BRAZIL—3.9%** |
| &nbsp;&nbsp;**Financials—3.9%** |  |  |  |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;6668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12572 |
| &nbsp;&nbsp;**SOUTH KOREA—10.4%** | &nbsp;&nbsp;**SOUTH KOREA—10.4%** | &nbsp;&nbsp;**SOUTH KOREA—10.4%** | &nbsp;&nbsp;**SOUTH KOREA—10.4%** |
| &nbsp;&nbsp;**Information Technology—10.4%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33671 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**46243** |
| &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, 4.29%<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5751** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $346,079)<sup>(f)</sup>—105.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $346,079)<sup>(f)</sup>—105.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $346,079)<sup>(f)</sup>—105.3%** | &nbsp;&nbsp;&nbsp;&nbsp;**339362** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(5.3%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(5.3%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(5.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17135) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$322227** |

---

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

<sup>(b)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 4.9% of net assets as of April 30, 2025.

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

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

<sup>(e)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **6** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn EM SMA Completion Fund

------

GDR Global Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>7</sub>

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—93.3%** | &nbsp;&nbsp;**COMMON STOCKS—93.3%** | &nbsp;&nbsp;**COMMON STOCKS—93.3%** |  |
| &nbsp;&nbsp;**BRAZIL—6.8%** | &nbsp;&nbsp;**BRAZIL—6.8%** | &nbsp;&nbsp;**BRAZIL—6.8%** | &nbsp;&nbsp;**BRAZIL—6.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.3%** |  |  |  |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;$1904304 |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;554130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1937207 |
| &nbsp;&nbsp;**Energy—1.5%** |  |  |  |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;351327 | &nbsp;&nbsp;&nbsp;&nbsp; 2086858 |
| &nbsp;&nbsp;**Financials—1.6%** |  |  |  |
| &nbsp;&nbsp;Itausa SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15878 | &nbsp;&nbsp;&nbsp;&nbsp; 29881 |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;177859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2210787 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240668 |
| &nbsp;&nbsp;**Industrials—1.1%** |  |  |  |
| &nbsp;&nbsp;Localiza Rent a Car SA |  | &nbsp;&nbsp;&nbsp;&nbsp;217384 | &nbsp;&nbsp;&nbsp;&nbsp; 1645563 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9814600** |
| &nbsp;&nbsp;**CANADA—0.5%** | &nbsp;&nbsp;**CANADA—0.5%** | &nbsp;&nbsp;**CANADA—0.5%** | &nbsp;&nbsp;**CANADA—0.5%** |
| &nbsp;&nbsp;**Materials—0.5%** |  |  |  |
| &nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;132601 | &nbsp;&nbsp;&nbsp;&nbsp; 638670 |
| &nbsp;&nbsp;**CHILE—0.5%** | &nbsp;&nbsp;**CHILE—0.5%** | &nbsp;&nbsp;**CHILE—0.5%** | &nbsp;&nbsp;**CHILE—0.5%** |
| &nbsp;&nbsp;**Materials—0.5%** |  |  |  |
| &nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773570 |
| &nbsp;&nbsp;**GREECE—1.1%** | &nbsp;&nbsp;**GREECE—1.1%** | &nbsp;&nbsp;**GREECE—1.1%** | &nbsp;&nbsp;**GREECE—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;142735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514913 |
| &nbsp;&nbsp;**INDIA—29.4%** | &nbsp;&nbsp;**INDIA—29.4%** | &nbsp;&nbsp;**INDIA—29.4%** | &nbsp;&nbsp;**INDIA—29.4%** |
| &nbsp;&nbsp;**Communication Services—2.3%** |  |  |  |
| &nbsp;&nbsp;Bharti Airtel Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052790 |
| &nbsp;&nbsp;Info Edge India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183050 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235840 |
| &nbsp;&nbsp;**Consumer Discretionary—3.1%** |  |  |  |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;213987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989286 |
| &nbsp;&nbsp;ITC Hotels Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152274 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271372 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412932 |
| &nbsp;&nbsp;**Consumer Staples—2.9%** |  |  |  |
| &nbsp;&nbsp;Hindustan Unilever Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790343 |
| &nbsp;&nbsp;ITC Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;662244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328132 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118475 |
| &nbsp;&nbsp;**Financials—10.8%** |  |  |  |
| &nbsp;&nbsp;360 ONE WAM Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808864 |
| &nbsp;&nbsp;Cholamandalam Financial Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122562 |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;112638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989464 |
| &nbsp;&nbsp;HDFC Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;147915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351181 |
| &nbsp;&nbsp;ICICI Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;326913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484773 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;133533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785603 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15542447 |
| &nbsp;&nbsp;**Health Care—1.5%** |  |  |  |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747354 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454233 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201587 |
| &nbsp;&nbsp;**Industrials—2.6%** |  |  |  |
| &nbsp;&nbsp;Havells India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459858 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;KEI Industries Ltd. |  | &nbsp;&nbsp; 17421 | &nbsp;&nbsp;$628006 |
| &nbsp;&nbsp;Larsen & Toubro Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1717713 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805577 |
| &nbsp;&nbsp;**Information Technology—1.7%** |  |  |  |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60558 | &nbsp;&nbsp;&nbsp;&nbsp; 2456295 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10186 | &nbsp;&nbsp;&nbsp;&nbsp; 1402933 |
| &nbsp;&nbsp;**Real Estate—1.2%** |  |  |  |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67201 | &nbsp;&nbsp;&nbsp;&nbsp; 1699228 |
| &nbsp;&nbsp;**Utilities—2.3%** |  |  |  |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;915890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3302112 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**42177426** |
| &nbsp;&nbsp;**INDONESIA—2.8%** | &nbsp;&nbsp;**INDONESIA—2.8%** | &nbsp;&nbsp;**INDONESIA—2.8%** | &nbsp;&nbsp;**INDONESIA—2.8%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 9020800 | &nbsp;&nbsp;&nbsp;&nbsp; 1421846 |
| &nbsp;&nbsp;**Financials—1.8%** |  |  |  |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 10543800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657028 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4078874** |
| &nbsp;&nbsp;**KAZAKHSTAN—2.7%** | &nbsp;&nbsp;**KAZAKHSTAN—2.7%** | &nbsp;&nbsp;**KAZAKHSTAN—2.7%** | &nbsp;&nbsp;**KAZAKHSTAN—2.7%** |
| &nbsp;&nbsp;**Energy—1.4%** |  |  |  |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922209 |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Kaspi.KZ JSC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008493 |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910629 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919122 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3841331** |
| &nbsp;&nbsp;**MEXICO—4.7%** | &nbsp;&nbsp;**MEXICO—4.7%** | &nbsp;&nbsp;**MEXICO—4.7%** | &nbsp;&nbsp;**MEXICO—4.7%** |
| &nbsp;&nbsp;**Consumer Staples—0.8%** |  |  |  |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199797 |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781357 |
| &nbsp;&nbsp;**Materials—2.7%** |  |  |  |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;328138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702727 |
| &nbsp;&nbsp;Southern Copper Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106495 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809222 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6790376** |
| &nbsp;&nbsp;**NETHERLANDS—0.7%** | &nbsp;&nbsp;**NETHERLANDS—0.7%** | &nbsp;&nbsp;**NETHERLANDS—0.7%** | &nbsp;&nbsp;**NETHERLANDS—0.7%** |
| &nbsp;&nbsp;**Information Technology—0.7%** |  |  |  |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061065 |
| &nbsp;&nbsp;**PERU—0.6%** | &nbsp;&nbsp;**PERU—0.6%** | &nbsp;&nbsp;**PERU—0.6%** | &nbsp;&nbsp;**PERU—0.6%** |
| &nbsp;&nbsp;**Financials—0.6%** |  |  |  |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868608 |
| &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** | &nbsp;&nbsp;**POLAND—1.4%** |
| &nbsp;&nbsp;**Industrials—1.4%** |  |  |  |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;119401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016908 |
| &nbsp;&nbsp;**SAUDI ARABIA—5.8%** | &nbsp;&nbsp;**SAUDI ARABIA—5.8%** | &nbsp;&nbsp;**SAUDI ARABIA—5.8%** | &nbsp;&nbsp;**SAUDI ARABIA—5.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** |  |  |  |
| &nbsp;&nbsp;Leejam Sports Co. JSC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593295 |
| &nbsp;&nbsp;**Energy—1.0%** |  |  |  |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;210643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424157 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**SAUDI ARABIA (continued)** | &nbsp;&nbsp;**SAUDI ARABIA (continued)** | &nbsp;&nbsp;**SAUDI ARABIA (continued)** | &nbsp;&nbsp;**SAUDI ARABIA (continued)** |
| &nbsp;&nbsp;**Financials—3.4%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp; 135161 | &nbsp;&nbsp;$3511205 |
| &nbsp;&nbsp;Saudi Tadawul Group Holding Co.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27323 | &nbsp;&nbsp;&nbsp;&nbsp; 1338469 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849674 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Riyadh Cables Group Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420712 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8287838** |
| &nbsp;&nbsp;**SOUTH AFRICA—0.7%** | &nbsp;&nbsp;**SOUTH AFRICA—0.7%** | &nbsp;&nbsp;**SOUTH AFRICA—0.7%** | &nbsp;&nbsp;**SOUTH AFRICA—0.7%** |
| &nbsp;&nbsp;**Financials—0.7%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;212297 | &nbsp;&nbsp;&nbsp;&nbsp; 966598 |
| &nbsp;&nbsp;**SOUTH KOREA—8.3%** | &nbsp;&nbsp;**SOUTH KOREA—8.3%** | &nbsp;&nbsp;**SOUTH KOREA—8.3%** | &nbsp;&nbsp;**SOUTH KOREA—8.3%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53643 | &nbsp;&nbsp;&nbsp;&nbsp; 1938656 |
| &nbsp;&nbsp;**Health Care—0.8%** |  |  |  |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101222 |
| &nbsp;&nbsp;**Industrials—4.8%** |  |  |  |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650323 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766713 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;106060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434075 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851111 |
| &nbsp;&nbsp;**Information Technology—1.4%** |  |  |  |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053141 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11944130** |
| &nbsp;&nbsp;**TAIWAN—21.1%** | &nbsp;&nbsp;**TAIWAN—21.1%** | &nbsp;&nbsp;**TAIWAN—21.1%** | &nbsp;&nbsp;**TAIWAN—21.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** |  |  |  |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;146880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306894 |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963802 |
| &nbsp;&nbsp;**Information Technology—19.7%** |  |  |  |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396974 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916056 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561251 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167146 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20287538 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28328965 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**30292767** |
| &nbsp;&nbsp;**TURKEY—0.5%** | &nbsp;&nbsp;**TURKEY—0.5%** | &nbsp;&nbsp;**TURKEY—0.5%** | &nbsp;&nbsp;**TURKEY—0.5%** |
| &nbsp;&nbsp;**Consumer Staples—0.5%** |  |  |  |
| &nbsp;&nbsp;Coca-Cola Icecek AS |  | &nbsp;&nbsp;&nbsp;&nbsp;484601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657598 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.9%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.9%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.9%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—4.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.7%** |  |  |  |
| &nbsp;&nbsp;Talabat Holding PLC<sup>(a)</sup> |  | &nbsp;&nbsp;2804423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080515 |
| &nbsp;&nbsp;**Financials—1.9%** |  |  |  |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;537544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676307 |
| &nbsp;&nbsp;**Real Estate—1.3%** |  |  |  |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;810912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826136 |
| &nbsp;&nbsp;**Utilities—1.0%** |  |  |  |
| &nbsp;&nbsp;Emirates Central Cooling Systems Corp. |  | &nbsp;&nbsp;&nbsp;3198012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401778 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6984736** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**UNITED STATES—0.8%** | &nbsp;&nbsp;**UNITED STATES—0.8%** | &nbsp;&nbsp;**UNITED STATES—0.8%** | &nbsp;&nbsp;**UNITED STATES—0.8%** |
| &nbsp;&nbsp;**Information Technology—0.8%** |  |  |  |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9631 | &nbsp;&nbsp;$1132317 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**133842325** |
| &nbsp;&nbsp;**PREFERRED STOCKS—6.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—6.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—6.6%** |  |
| &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Itausa SA |  | 1294100 | &nbsp;&nbsp;&nbsp;&nbsp; 2439913 |
| &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;**Information Technology—4.9%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;210908 | &nbsp;&nbsp;&nbsp;&nbsp; 6962209 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9402122** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29301 | &nbsp;&nbsp;&nbsp;&nbsp; 29301 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29301** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $141,907,260)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $141,907,260)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $141,907,260)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**143273748** |
| &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;189395 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$143463143** |

---

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

<sup>(b)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 2.1% of net assets as of April 30, 2025.

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

<sup>(d)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>9</sub>

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—91.4%** | &nbsp;&nbsp;**COMMON STOCKS—91.4%** | &nbsp;&nbsp;**COMMON STOCKS—91.4%** |  |
| &nbsp;&nbsp;**BRAZIL—3.5%** | &nbsp;&nbsp;**BRAZIL—3.5%** | &nbsp;&nbsp;**BRAZIL—3.5%** | &nbsp;&nbsp;**BRAZIL—3.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** |  |  |  |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;$8309480 |
| &nbsp;&nbsp;**Consumer Staples—0.9%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | 2359115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8247331 |
| &nbsp;&nbsp;**Energy—0.6%** |  |  |  |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> |  | 1048597 | &nbsp;&nbsp;&nbsp;&nbsp; 6228595 |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;Itausa SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163149 |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;841631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10461473 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10624622 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**33410028** |
| &nbsp;&nbsp;**CHINA—28.7%** | &nbsp;&nbsp;**CHINA—28.7%** | &nbsp;&nbsp;**CHINA—28.7%** | &nbsp;&nbsp;**CHINA—28.7%** |
| &nbsp;&nbsp;**Communication Services—7.9%** |  |  |  |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | 1248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76441176 |
| &nbsp;&nbsp;**Consumer Discretionary—12.1%** |  |  |  |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. |  | 2910400 | &nbsp;&nbsp;&nbsp;&nbsp; 43452350 |
| &nbsp;&nbsp;ANTA Sports Products Ltd. |  | &nbsp;&nbsp;1314400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15530710 |
| &nbsp;&nbsp;Li Auto, Inc., A Shares (Stock Connect)<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;680300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8289231 |
| &nbsp;&nbsp;Meituan, B Shares<sup>(a)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;906900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15015940 |
| &nbsp;&nbsp;Midea Group Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;786911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978171 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares<sup>(a)</sup> |  | &nbsp;&nbsp;1266500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11954496 |
| &nbsp;&nbsp;Trip.com Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;234750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14141525 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116362423 |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Kweichow Moutai Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12358197 |
| &nbsp;&nbsp;**Financials—2.6%** |  |  |  |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares |  | &nbsp;&nbsp;2169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11831116 |
| &nbsp;&nbsp;PICC Property & Casualty Co. Ltd., H Shares |  | &nbsp;&nbsp;7355900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13545444 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25376560 |
| &nbsp;&nbsp;**Health Care—0.5%** |  |  |  |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;149297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515324 |
| &nbsp;&nbsp;**Industrials—3.5%** |  |  |  |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;613581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19618396 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;3470679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10589418 |
| &nbsp;&nbsp;Shenzhen Envicool Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;729100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195381 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33403195 |
| &nbsp;&nbsp;**Real Estate—0.8%** |  |  |  |
| &nbsp;&nbsp;China Resources Land Ltd. |  | &nbsp;&nbsp;2229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7499709 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**275956584** |
| &nbsp;&nbsp;**GREECE—1.0%** | &nbsp;&nbsp;**GREECE—1.0%** | &nbsp;&nbsp;**GREECE—1.0%** | &nbsp;&nbsp;**GREECE—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;916321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725344 |
| &nbsp;&nbsp;**HONG KONG—1.4%** | &nbsp;&nbsp;**HONG KONG—1.4%** | &nbsp;&nbsp;**HONG KONG—1.4%** | &nbsp;&nbsp;**HONG KONG—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;1814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13592142 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**INDIA—20.8%** | &nbsp;&nbsp;**INDIA—20.8%** | &nbsp;&nbsp;**INDIA—20.8%** | &nbsp;&nbsp;**INDIA—20.8%** |
| &nbsp;&nbsp;**Communication Services—1.4%** |  |  |  |
| &nbsp;&nbsp;Bharti Airtel Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;615324 | &nbsp;&nbsp;$13502347 |
| &nbsp;&nbsp;**Consumer Discretionary—2.8%** |  |  |  |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. |  | 1286263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11957480 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;422065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14576933 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26534413 |
| &nbsp;&nbsp;**Consumer Staples—0.6%** |  |  |  |
| &nbsp;&nbsp;Hindustan Unilever Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;226821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6279472 |
| &nbsp;&nbsp;**Financials—8.0%** |  |  |  |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;596714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10539435 |
| &nbsp;&nbsp;HDFC Bank Ltd. |  | 1210274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27420124 |
| &nbsp;&nbsp;ICICI Bank Ltd. |  | &nbsp;&nbsp; 1377138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23104890 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;735928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15352035 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76416484 |
| &nbsp;&nbsp;**Health Care—1.7%** |  |  |  |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;259099 | &nbsp;&nbsp;&nbsp;&nbsp; 4943295 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;299135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11779366 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16722661 |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;Havells India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;472079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939211 |
| &nbsp;&nbsp;**Information Technology—1.4%** |  |  |  |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;340766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13821822 |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10296804 |
| &nbsp;&nbsp;**Real Estate—0.6%** |  |  |  |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;225784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709120 |
| &nbsp;&nbsp;**Utilities—2.3%** |  |  |  |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;6076980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21909689 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;**200132023** |
| &nbsp;&nbsp;**INDONESIA—2.8%** | &nbsp;&nbsp;**INDONESIA—2.8%** | &nbsp;&nbsp;**INDONESIA—2.8%** | &nbsp;&nbsp;**INDONESIA—2.8%** |
| &nbsp;&nbsp;**Communication Services—1.1%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 68428100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10785545 |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 62555300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15763880 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26549425** |
| &nbsp;&nbsp;**KAZAKHSTAN—0.6%** | &nbsp;&nbsp;**KAZAKHSTAN—0.6%** | &nbsp;&nbsp;**KAZAKHSTAN—0.6%** | &nbsp;&nbsp;**KAZAKHSTAN—0.6%** |
| &nbsp;&nbsp;**Financials—0.6%** |  |  |  |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6077506 |
| &nbsp;&nbsp;**MEXICO—5.3%** | &nbsp;&nbsp;**MEXICO—5.3%** | &nbsp;&nbsp;**MEXICO—5.3%** | &nbsp;&nbsp;**MEXICO—5.3%** |
| &nbsp;&nbsp;**Consumer Staples—1.2%** |  |  |  |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;108725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11449830 |
| &nbsp;&nbsp;**Industrials—0.9%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;262896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8301859 |
| &nbsp;&nbsp;**Materials—3.2%** |  |  |  |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;1767705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9172721 |
| &nbsp;&nbsp;Southern Copper Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;239321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21424016 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30596737 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**50348426** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **10** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**POLAND—0.7%** | &nbsp;&nbsp;**POLAND—0.7%** | &nbsp;&nbsp;**POLAND—0.7%** | &nbsp;&nbsp;**POLAND—0.7%** |
| &nbsp;&nbsp;**Industrials—0.7%** |  |  |  |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;401006 | &nbsp;&nbsp;$6773746 |
| &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)(b)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;625991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;Novatek PJSC<sup>(b)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;267284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—0.0%** |  |  |  |
| &nbsp;&nbsp;Sberbank of Russia PJSC<sup>(b)(e)</sup> |  | 6211074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;**Total Russia** | &nbsp;&nbsp;**Total Russia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**–** |
| &nbsp;&nbsp;**SAUDI ARABIA—2.1%** | &nbsp;&nbsp;**SAUDI ARABIA—2.1%** | &nbsp;&nbsp;**SAUDI ARABIA—2.1%** | &nbsp;&nbsp;**SAUDI ARABIA—2.1%** |
| &nbsp;&nbsp;**Financials—2.1%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;772560 | &nbsp;&nbsp;&nbsp;&nbsp; 20069522 |
| &nbsp;&nbsp;**SOUTH AFRICA—0.8%** | &nbsp;&nbsp;**SOUTH AFRICA—0.8%** | &nbsp;&nbsp;**SOUTH AFRICA—0.8%** | &nbsp;&nbsp;**SOUTH AFRICA—0.8%** |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | 1653518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7528541 |
| &nbsp;&nbsp;**SOUTH KOREA—4.8%** | &nbsp;&nbsp;**SOUTH KOREA—4.8%** | &nbsp;&nbsp;**SOUTH KOREA—4.8%** | &nbsp;&nbsp;**SOUTH KOREA—4.8%** |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;221816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016423 |
| &nbsp;&nbsp;**Industrials—2.7%** |  |  |  |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12048246 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565222 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;472875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393911 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26007379 |
| &nbsp;&nbsp;**Information Technology—1.3%** |  |  |  |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12027126 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**46050928** |
| &nbsp;&nbsp;**TAIWAN—15.1%** | &nbsp;&nbsp;**TAIWAN—15.1%** | &nbsp;&nbsp;**TAIWAN—15.1%** | &nbsp;&nbsp;**TAIWAN—15.1%** |
| &nbsp;&nbsp;**Information Technology—15.1%** |  |  |  |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;512000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536675 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854076 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19631798 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;3763017 | &nbsp;&nbsp;&nbsp;&nbsp;106623398 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;144645947 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.3%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—3.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.8%** |  |  |  |
| &nbsp;&nbsp;Talabat Holding PLC<sup>(a)</sup> |  | 20502682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7899470 |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;2677417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13330237 |
| &nbsp;&nbsp;**Real Estate—1.1%** |  |  |  |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;4552126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10251178 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**31480885** |
| &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;43890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160147 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**877501194** |
| &nbsp;&nbsp;**PREFERRED STOCKS—5.4%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.4%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.4%** |  |
| &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** | &nbsp;&nbsp;**BRAZIL—1.7%** |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;8535466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16092876 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SOUTH KOREA—3.7%** | &nbsp;&nbsp;**SOUTH KOREA—3.7%** | &nbsp;&nbsp;**SOUTH KOREA—3.7%** | &nbsp;&nbsp;**SOUTH KOREA—3.7%** |
| &nbsp;&nbsp;**Information Technology—3.7%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | 1083164 | &nbsp;&nbsp;$35755942 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**51848818** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.7%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(f)</sup> |  | 35670482 | &nbsp;&nbsp;&nbsp;&nbsp; 35670482 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**35670482** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $909,147,278)<sup>(g)</sup>—100.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $909,147,278)<sup>(g)</sup>—100.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $909,147,278)<sup>(g)</sup>—100.5%** | &nbsp;&nbsp;&nbsp;&nbsp;**965020494** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.5%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.5%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.5%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4432007) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$960588487** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.0% of net assets as of April 30, 2025. |
| <sup>(c)</sup> | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
| <sup>(d)</sup> | Denotes a security issued under Regulation S or Rule 144A. |
| <sup>(e)</sup> | Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements. |
| <sup>(f)</sup> | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025. |
| <sup>(g)</sup> | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
| | Amounts listed as "–" are $0 or round to $0. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>11</sub>

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Focused Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—80.4%** | &nbsp;&nbsp;**COMMON STOCKS—80.4%** | &nbsp;&nbsp;**COMMON STOCKS—80.4%** |  |
| &nbsp;&nbsp;**BRAZIL—7.9%** | &nbsp;&nbsp;**BRAZIL—7.9%** | &nbsp;&nbsp;**BRAZIL—7.9%** | &nbsp;&nbsp;**BRAZIL—7.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** |  |  |  |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;$552411 |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;145054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507101 |
| &nbsp;&nbsp;**Energy—0.9%** |  |  |  |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;59686 | &nbsp;&nbsp;&nbsp;&nbsp; 354531 |
| &nbsp;&nbsp;**Financials—4.3%** |  |  |  |
| &nbsp;&nbsp;Itau Unibanco Holding SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;156264 | &nbsp;&nbsp;&nbsp;&nbsp; 986026 |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;54538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677907 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663933 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3077976** |
| &nbsp;&nbsp;**CANADA—0.4%** | &nbsp;&nbsp;**CANADA—0.4%** | &nbsp;&nbsp;**CANADA—0.4%** | &nbsp;&nbsp;**CANADA—0.4%** |
| &nbsp;&nbsp;**Materials—0.4%** |  |  |  |
| &nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35234 | &nbsp;&nbsp;&nbsp;&nbsp; 169704 |
| &nbsp;&nbsp;**INDIA—15.0%** | &nbsp;&nbsp;**INDIA—15.0%** | &nbsp;&nbsp;**INDIA—15.0%** | &nbsp;&nbsp;**INDIA—15.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.8%** |  |  |  |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;31602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083948 |
| &nbsp;&nbsp;**Financials—4.8%** |  |  |  |
| &nbsp;&nbsp;ICICI Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;56061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881407 |
| &nbsp;&nbsp;**Industrials—2.7%** |  |  |  |
| &nbsp;&nbsp;Larsen & Toubro Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;26985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057812 |
| &nbsp;&nbsp;**Information Technology—2.7%** |  |  |  |
| &nbsp;&nbsp;Infosys Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;58320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026432 |
| &nbsp;&nbsp;**Materials—2.0%** |  |  |  |
| &nbsp;&nbsp;UltraTech Cement Ltd., GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790776 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5840375** |
| &nbsp;&nbsp;**INDONESIA—4.0%** | &nbsp;&nbsp;**INDONESIA—4.0%** | &nbsp;&nbsp;**INDONESIA—4.0%** | &nbsp;&nbsp;**INDONESIA—4.0%** |
| &nbsp;&nbsp;**Communication Services—1.7%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 4283900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675222 |
| &nbsp;&nbsp;**Financials—2.3%** |  |  |  |
| &nbsp;&nbsp;Bank Central Asia Tbk. PT, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;65140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881996 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1557218** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.8%** | &nbsp;&nbsp;**KAZAKHSTAN—1.8%** | &nbsp;&nbsp;**KAZAKHSTAN—1.8%** | &nbsp;&nbsp;**KAZAKHSTAN—1.8%** |
| &nbsp;&nbsp;**Energy—1.0%** |  |  |  |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;11041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367665 |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327918 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**695583** |
| &nbsp;&nbsp;**MEXICO—5.8%** | &nbsp;&nbsp;**MEXICO—5.8%** | &nbsp;&nbsp;**MEXICO—5.8%** | &nbsp;&nbsp;**MEXICO—5.8%** |
| &nbsp;&nbsp;**Consumer Staples—1.9%** |  |  |  |
| &nbsp;&nbsp;Fomento Economico Mexicano SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743173 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388354 |
| &nbsp;&nbsp;**Materials—2.9%** |  |  |  |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;76065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394705 |
| &nbsp;&nbsp;Southern Copper Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736123 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130828 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2262355** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**NETHERLANDS—0.9%** | &nbsp;&nbsp;**NETHERLANDS—0.9%** | &nbsp;&nbsp;**NETHERLANDS—0.9%** | &nbsp;&nbsp;**NETHERLANDS—0.9%** |
| &nbsp;&nbsp;**Information Technology—0.9%** |  |  |  |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;$370116 |
| &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;&nbsp;&nbsp;1944 | &nbsp;&nbsp;&nbsp;&nbsp; 393057 |
| &nbsp;&nbsp;**POLAND—2.0%** | &nbsp;&nbsp;**POLAND—2.0%** | &nbsp;&nbsp;**POLAND—2.0%** | &nbsp;&nbsp;**POLAND—2.0%** |
| &nbsp;&nbsp;**Industrials—2.0%** |  |  |  |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;45307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765321 |
| &nbsp;&nbsp;**SAUDI ARABIA—4.5%** | &nbsp;&nbsp;**SAUDI ARABIA—4.5%** | &nbsp;&nbsp;**SAUDI ARABIA—4.5%** | &nbsp;&nbsp;**SAUDI ARABIA—4.5%** |
| &nbsp;&nbsp;**Financials—3.0%** |  |  |  |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;44509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156253 |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Riyadh Cables Group Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;17624 | &nbsp;&nbsp;&nbsp;&nbsp; 597966 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1754219** |
| &nbsp;&nbsp;**SOUTH AFRICA—1.9%** | &nbsp;&nbsp;**SOUTH AFRICA—1.9%** | &nbsp;&nbsp;**SOUTH AFRICA—1.9%** | &nbsp;&nbsp;**SOUTH AFRICA—1.9%** |
| &nbsp;&nbsp;**Financials—1.9%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;83338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759209 |
| &nbsp;&nbsp;**SOUTH KOREA—8.1%** | &nbsp;&nbsp;**SOUTH KOREA—8.1%** | &nbsp;&nbsp;**SOUTH KOREA—8.1%** | &nbsp;&nbsp;**SOUTH KOREA—8.1%** |
| &nbsp;&nbsp;**Financials—2.1%** |  |  |  |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;22468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808399 |
| &nbsp;&nbsp;**Health Care—1.5%** |  |  |  |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568372 |
| &nbsp;&nbsp;**Industrials—4.5%** |  |  |  |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877669 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485891 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;30207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408440 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772000 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3148771** |
| &nbsp;&nbsp;**TAIWAN—20.9%** | &nbsp;&nbsp;**TAIWAN—20.9%** | &nbsp;&nbsp;**TAIWAN—20.9%** | &nbsp;&nbsp;**TAIWAN—20.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** |  |  |  |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364805 |
| &nbsp;&nbsp;**Information Technology—20.0%** |  |  |  |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428405 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694734 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408650 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722382 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;22943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824369 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728408 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806948 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8171753** |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.4%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.7%** |  |  |  |
| &nbsp;&nbsp;Talabat Holding PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;732865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282365 |
| &nbsp;&nbsp;**Financials—1.8%** |  |  |  |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;143550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714702 |
| &nbsp;&nbsp;**Real Estate—1.4%** |  |  |  |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;241126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543005 |
| &nbsp;&nbsp;**Utilities—1.5%** |  |  |  |
| &nbsp;&nbsp;Emirates Central Cooling Systems Corp. |  | &nbsp;&nbsp;1297143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568574 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2108646** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **12** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Focused Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES—0.8%** | &nbsp;&nbsp;**UNITED STATES—0.8%** | &nbsp;&nbsp;**UNITED STATES—0.8%** | &nbsp;&nbsp;**UNITED STATES—0.8%** |
| &nbsp;&nbsp;**Information Technology—0.8%** |  |  |  |
| &nbsp;&nbsp;Globant SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;$295101 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**31369404** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—14.3%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—14.3%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—14.3%** |  |
| &nbsp;&nbsp;iShares MSCI India ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;76459 | &nbsp;&nbsp;&nbsp;&nbsp; 4095909 |
| &nbsp;&nbsp;iShares MSCI India Small-Cap ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;21700 | &nbsp;&nbsp;&nbsp;&nbsp; 1508801 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5604710** |
| &nbsp;&nbsp;**PREFERRED STOCKS—4.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—4.6%** | &nbsp;&nbsp;**PREFERRED STOCKS—4.6%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—4.6%** | &nbsp;&nbsp;**SOUTH KOREA—4.6%** | &nbsp;&nbsp;**SOUTH KOREA—4.6%** | &nbsp;&nbsp;**SOUTH KOREA—4.6%** |
| &nbsp;&nbsp;**Information Technology—4.6%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;53999 | &nbsp;&nbsp;&nbsp;&nbsp; 1782542 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1782542** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.4%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;557826 | &nbsp;&nbsp;&nbsp;&nbsp; 557826 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**557826** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $38,338,115)<sup>(e)</sup>—100.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $38,338,115)<sup>(e)</sup>—100.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $38,338,115)<sup>(e)</sup>—100.7%** | &nbsp;&nbsp;&nbsp;&nbsp;**39314482** |
| &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;(277839) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$39036643** |

---

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

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

<sup>(c)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 3.0% of net assets as of April 30, 2025.

<sup>(d)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>13</sub>

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Global Infrastructure 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;**ARGENTINA—1.9%** | &nbsp;&nbsp;**ARGENTINA—1.9%** | &nbsp;&nbsp;**ARGENTINA—1.9%** | &nbsp;&nbsp;**ARGENTINA—1.9%** |
| &nbsp;&nbsp;**Industrials—0.8%** |  |  |  |
| &nbsp;&nbsp;Corp. America Airports SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;$346210 |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;Loma Negra Cia Industrial Argentina SA, ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp; 465920 |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**Total Argentina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**812130** |
| &nbsp;&nbsp;**AUSTRALIA—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** |
| &nbsp;&nbsp;**Industrials—0.8%** |  |  |  |
| &nbsp;&nbsp;Aurizon Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;185300 | &nbsp;&nbsp;&nbsp;&nbsp; 362764 |
| &nbsp;&nbsp;**BRAZIL—4.5%** | &nbsp;&nbsp;**BRAZIL—4.5%** | &nbsp;&nbsp;**BRAZIL—4.5%** | &nbsp;&nbsp;**BRAZIL—4.5%** |
| &nbsp;&nbsp;**Industrials—3.5%** |  |  |  |
| &nbsp;&nbsp;CCR SA |  | &nbsp;&nbsp;&nbsp;&nbsp;307400 | &nbsp;&nbsp;&nbsp;&nbsp; 728532 |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;232100 | &nbsp;&nbsp;&nbsp;&nbsp; 793414 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521946 |
| &nbsp;&nbsp;**Utilities—1.0%** |  |  |  |
| &nbsp;&nbsp;Serena Energia SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;239907 | &nbsp;&nbsp;&nbsp;&nbsp; 414278 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1936224** |
| &nbsp;&nbsp;**CANADA—5.4%** | &nbsp;&nbsp;**CANADA—5.4%** | &nbsp;&nbsp;**CANADA—5.4%** | &nbsp;&nbsp;**CANADA—5.4%** |
| &nbsp;&nbsp;**Energy—3.3%** |  |  |  |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440357 |
| &nbsp;&nbsp;**Industrials—2.1%** |  |  |  |
| &nbsp;&nbsp;Canadian Pacific Kansas City Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913122 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2353479** |
| &nbsp;&nbsp;**CHINA—0.7%** | &nbsp;&nbsp;**CHINA—0.7%** | &nbsp;&nbsp;**CHINA—0.7%** | &nbsp;&nbsp;**CHINA—0.7%** |
| &nbsp;&nbsp;**Information Technology—0.7%** |  |  |  |
| &nbsp;&nbsp;GDS Holdings Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;11258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283814 |
| &nbsp;&nbsp;**FRANCE—11.7%** | &nbsp;&nbsp;**FRANCE—11.7%** | &nbsp;&nbsp;**FRANCE—11.7%** | &nbsp;&nbsp;**FRANCE—11.7%** |
| &nbsp;&nbsp;**Industrials—7.5%** |  |  |  |
| &nbsp;&nbsp;Eiffage SA |  | &nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129404 |
| &nbsp;&nbsp;Getlink SE |  | &nbsp;&nbsp;&nbsp;&nbsp;51600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979792 |
| &nbsp;&nbsp;Vinci SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137785 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246981 |
| &nbsp;&nbsp;**Utilities—4.2%** |  |  |  |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785397 |
| &nbsp;&nbsp;Veolia Environnement SA |  | &nbsp;&nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026326 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811723 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5058704** |
| &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** | &nbsp;&nbsp;**GERMANY—2.9%** |
| &nbsp;&nbsp;**Utilities—2.9%** |  |  |  |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;31767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233644 |
| &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** | &nbsp;&nbsp;**HONG KONG—1.1%** |
| &nbsp;&nbsp;**Utilities—1.1%** |  |  |  |
| &nbsp;&nbsp;CLP Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;55300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471523 |
| &nbsp;&nbsp;**INDONESIA—0.6%** | &nbsp;&nbsp;**INDONESIA—0.6%** | &nbsp;&nbsp;**INDONESIA—0.6%** | &nbsp;&nbsp;**INDONESIA—0.6%** |
| &nbsp;&nbsp;**Communication Services—0.6%** |  |  |  |
| &nbsp;&nbsp;Sarana Menara Nusantara Tbk. PT |  | 7313200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250999 |
| &nbsp;&nbsp;**ITALY—2.9%** | &nbsp;&nbsp;**ITALY—2.9%** | &nbsp;&nbsp;**ITALY—2.9%** | &nbsp;&nbsp;**ITALY—2.9%** |
| &nbsp;&nbsp;**Communication Services—1.6%** |  |  |  |
| &nbsp;&nbsp;Infrastrutture Wireless Italiane SpA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684285 |
| &nbsp;&nbsp;**Utilities—1.3%** |  |  |  |
| &nbsp;&nbsp;Enel SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;64180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556374 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1240659** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** | &nbsp;&nbsp;**JAPAN—1.8%** |
| &nbsp;&nbsp;**Industrials—1.8%** |  |  |  |
| &nbsp;&nbsp;Japan Airport Terminal Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;$759342 |
| &nbsp;&nbsp;**MEXICO—3.1%** | &nbsp;&nbsp;**MEXICO—3.1%** | &nbsp;&nbsp;**MEXICO—3.1%** | &nbsp;&nbsp;**MEXICO—3.1%** |
| &nbsp;&nbsp;**Industrials—3.1%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;71400 | &nbsp;&nbsp;&nbsp;&nbsp; 785671 |
| &nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575136 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360807 |
| &nbsp;&nbsp;**NIGERIA—1.2%** | &nbsp;&nbsp;**NIGERIA—1.2%** | &nbsp;&nbsp;**NIGERIA—1.2%** | &nbsp;&nbsp;**NIGERIA—1.2%** |
| &nbsp;&nbsp;**Communication Services—1.2%** |  |  |  |
| &nbsp;&nbsp;IHS Holding Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;107226 | &nbsp;&nbsp;&nbsp;&nbsp; 525407 |
| &nbsp;&nbsp;**PHILIPPINES—1.8%** | &nbsp;&nbsp;**PHILIPPINES—1.8%** | &nbsp;&nbsp;**PHILIPPINES—1.8%** | &nbsp;&nbsp;**PHILIPPINES—1.8%** |
| &nbsp;&nbsp;**Industrials—1.8%** |  |  |  |
| &nbsp;&nbsp;International Container Terminal Services, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;127810 | &nbsp;&nbsp;&nbsp;&nbsp; 781709 |
| &nbsp;&nbsp;**SPAIN—7.7%** | &nbsp;&nbsp;**SPAIN—7.7%** | &nbsp;&nbsp;**SPAIN—7.7%** | &nbsp;&nbsp;**SPAIN—7.7%** |
| &nbsp;&nbsp;**Communication Services—2.7%** |  |  |  |
| &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;29062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176120 |
| &nbsp;&nbsp;**Industrials—3.8%** |  |  |  |
| &nbsp;&nbsp;Aena SME SA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215634 |
| &nbsp;&nbsp;Sacyr SA |  | &nbsp;&nbsp;120400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441643 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657277 |
| &nbsp;&nbsp;**Utilities—1.2%** |  |  |  |
| &nbsp;&nbsp;EDP Renovaveis SA |  | &nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511316 |
| &nbsp;&nbsp;**Total Spain** | &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3344713** |
| &nbsp;&nbsp;**TANZANIA—2.3%** | &nbsp;&nbsp;**TANZANIA—2.3%** | &nbsp;&nbsp;**TANZANIA—2.3%** | &nbsp;&nbsp;**TANZANIA—2.3%** |
| &nbsp;&nbsp;**Communication Services—2.3%** |  |  |  |
| &nbsp;&nbsp;Helios Towers PLC<sup>(a)</sup> |  | &nbsp;&nbsp;704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012817 |
| &nbsp;&nbsp;**UNITED KINGDOM—3.4%** | &nbsp;&nbsp;**UNITED KINGDOM—3.4%** | &nbsp;&nbsp;**UNITED KINGDOM—3.4%** | &nbsp;&nbsp;**UNITED KINGDOM—3.4%** |
| &nbsp;&nbsp;**Industrials—0.5%** |  |  |  |
| &nbsp;&nbsp;Mobico Group PLC<sup>(a)</sup> |  | &nbsp;&nbsp;495300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205668 |
| &nbsp;&nbsp;**Utilities—2.9%** |  |  |  |
| &nbsp;&nbsp;National Grid PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551004 |
| &nbsp;&nbsp;SSE PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;31977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720956 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271960 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1477628** |
| &nbsp;&nbsp;**UNITED STATES—42.9%** | &nbsp;&nbsp;**UNITED STATES—42.9%** | &nbsp;&nbsp;**UNITED STATES—42.9%** | &nbsp;&nbsp;**UNITED STATES—42.9%** |
| &nbsp;&nbsp;**Energy—8.8%** |  |  |  |
| &nbsp;&nbsp;Cheniere Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247994 |
| &nbsp;&nbsp;Kinder Morgan, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270290 |
| &nbsp;&nbsp;Williams Cos., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;22157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297735 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816019 |
| &nbsp;&nbsp;**Industrials—10.1%** |  |  |  |
| &nbsp;&nbsp;CoreCivic, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384880 |
| &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385365 |
| &nbsp;&nbsp;Ferrovial SE |  | &nbsp;&nbsp;&nbsp;&nbsp;26113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273857 |
| &nbsp;&nbsp;Norfolk Southern Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165060 |
| &nbsp;&nbsp;Union Pacific Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668546 |
| &nbsp;&nbsp;Waste Management, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513392 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391100 |
| &nbsp;&nbsp;**Real Estate—4.4%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217214 |
| &nbsp;&nbsp;Crown Castle, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687440 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904654 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Global Infrastructure Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Utilities—19.6%** |  |  |  |
| &nbsp;&nbsp;American Electric Power Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 | &nbsp;&nbsp;$640614 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;29321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137068 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 768708 |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp; 935355 |
| &nbsp;&nbsp;Duke Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp; 468313 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;19486 | &nbsp;&nbsp;&nbsp;&nbsp; 835560 |
| &nbsp;&nbsp;IDACORP, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 | &nbsp;&nbsp;&nbsp;&nbsp; 326283 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;15878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061921 |
| &nbsp;&nbsp;PPL Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197200 |
| &nbsp;&nbsp;TXNM Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 888440 |
| &nbsp;&nbsp;XPLR Infrastructure LP |  | &nbsp;&nbsp;&nbsp;&nbsp;25300 | &nbsp;&nbsp;&nbsp;&nbsp; 208472 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8467934 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**18579707** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**41846070** |
| &nbsp;&nbsp;**RIGHTS—0.0%** | &nbsp;&nbsp;**RIGHTS—0.0%** | &nbsp;&nbsp;**RIGHTS—0.0%** |  |
| &nbsp;&nbsp;EDP Renovaveis SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 |
| &nbsp;&nbsp;**Total Rights** | &nbsp;&nbsp;**Total Rights** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5567** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(c)</sup> |  | 1303917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303917 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1303917** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $33,343,654)<sup>(d)</sup>—99.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $33,343,654)<sup>(d)</sup>—99.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $33,343,654)<sup>(d)</sup>—99.7%** | &nbsp;&nbsp;&nbsp;&nbsp;**43155554** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.3% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.3% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115716 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$43271270** |

---

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

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

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **15** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn International Small Cap Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—93.4%** | &nbsp;&nbsp;**COMMON STOCKS—93.4%** | &nbsp;&nbsp;**COMMON STOCKS—93.4%** |  |
| &nbsp;&nbsp;**AUSTRALIA—5.0%** | &nbsp;&nbsp;**AUSTRALIA—5.0%** | &nbsp;&nbsp;**AUSTRALIA—5.0%** | &nbsp;&nbsp;**AUSTRALIA—5.0%** |
| &nbsp;&nbsp;**Financials—2.1%** |  |  |  |
| &nbsp;&nbsp;Steadfast Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;647634 | &nbsp;&nbsp;$2433720 |
| &nbsp;&nbsp;**Industrials—2.9%** |  |  |  |
| &nbsp;&nbsp;ALS Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;241970 | &nbsp;&nbsp;&nbsp;&nbsp; 2655007 |
| &nbsp;&nbsp;Johns Lyng Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;443013 | &nbsp;&nbsp;&nbsp;&nbsp; 630037 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285044 |
| &nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;**Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5718764** |
| &nbsp;&nbsp;**FRANCE—7.4%** | &nbsp;&nbsp;**FRANCE—7.4%** | &nbsp;&nbsp;**FRANCE—7.4%** | &nbsp;&nbsp;**FRANCE—7.4%** |
| &nbsp;&nbsp;**Consumer Staples—2.7%** |  |  |  |
| &nbsp;&nbsp;Interparfums SA |  | &nbsp;&nbsp; 77618 | &nbsp;&nbsp;&nbsp;&nbsp; 3076530 |
| &nbsp;&nbsp;**Energy—4.7%** |  |  |  |
| &nbsp;&nbsp;Gaztransport Et Technigaz SA |  | &nbsp;&nbsp;&nbsp;&nbsp;33413 | &nbsp;&nbsp;&nbsp;&nbsp; 5446412 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8522942** |
| &nbsp;&nbsp;**GERMANY—6.0%** | &nbsp;&nbsp;**GERMANY—6.0%** | &nbsp;&nbsp;**GERMANY—6.0%** | &nbsp;&nbsp;**GERMANY—6.0%** |
| &nbsp;&nbsp;**Communication Services—4.8%** |  |  |  |
| &nbsp;&nbsp;CTS Eventim AG & Co. KGaA |  | &nbsp;&nbsp;&nbsp;&nbsp;46923 | &nbsp;&nbsp;&nbsp;&nbsp; 5559764 |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;Rational AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362558 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6922322** |
| &nbsp;&nbsp;**INDIA—6.7%** | &nbsp;&nbsp;**INDIA—6.7%** | &nbsp;&nbsp;**INDIA—6.7%** | &nbsp;&nbsp;**INDIA—6.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.8%** |  |  |  |
| &nbsp;&nbsp;UNO Minda Ltd. |  | &nbsp;&nbsp;&nbsp;201622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114244 |
| &nbsp;&nbsp;**Health Care—4.1%** |  |  |  |
| &nbsp;&nbsp;Poly Medicure Ltd. |  | &nbsp;&nbsp;&nbsp;153848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696633 |
| &nbsp;&nbsp;**Information Technology—0.8%** |  |  |  |
| &nbsp;&nbsp;Newgen Software Technologies Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;78739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918920 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7729797** |
| &nbsp;&nbsp;**ISRAEL—4.1%** | &nbsp;&nbsp;**ISRAEL—4.1%** | &nbsp;&nbsp;**ISRAEL—4.1%** | &nbsp;&nbsp;**ISRAEL—4.1%** |
| &nbsp;&nbsp;**Information Technology—4.1%** |  |  |  |
| &nbsp;&nbsp;CyberArk Software Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963778 |
| &nbsp;&nbsp;Nova Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750586 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714364 |
| &nbsp;&nbsp;**ITALY—3.7%** | &nbsp;&nbsp;**ITALY—3.7%** | &nbsp;&nbsp;**ITALY—3.7%** | &nbsp;&nbsp;**ITALY—3.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.6%** |  |  |  |
| &nbsp;&nbsp;Brunello Cucinelli SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;15701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772638 |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;FinecoBank Banca Fineco SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;63383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268352 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Interpump Group SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;34844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195072 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4236062** |
| &nbsp;&nbsp;**JAPAN—19.4%** | &nbsp;&nbsp;**JAPAN—19.4%** | &nbsp;&nbsp;**JAPAN—19.4%** | &nbsp;&nbsp;**JAPAN—19.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.3%** |  |  |  |
| &nbsp;&nbsp;Asics Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;177800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821641 |
| &nbsp;&nbsp;**Financials—1.7%** |  |  |  |
| &nbsp;&nbsp;Nihon M&A Center Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;212700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867547 |
| &nbsp;&nbsp;Zenkoku Hosho Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;52100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130365 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997912 |
| &nbsp;&nbsp;**Industrials—14.4%** |  |  |  |
| &nbsp;&nbsp;BayCurrent, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;66900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604811 |
| &nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;234500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069694 |
| &nbsp;&nbsp;Open Up Group, Inc. |  | &nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635935 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Sanwa Holdings Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;103700 | &nbsp;&nbsp;$3403712 |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;79400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2850173 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16564325 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22383878** |
| &nbsp;&nbsp;**MEXICO—2.0%** | &nbsp;&nbsp;**MEXICO—2.0%** | &nbsp;&nbsp;**MEXICO—2.0%** | &nbsp;&nbsp;**MEXICO—2.0%** |
| &nbsp;&nbsp;**Financials—2.0%** |  |  |  |
| &nbsp;&nbsp;Regional SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;333265 | &nbsp;&nbsp;&nbsp;&nbsp; 2343502 |
| &nbsp;&nbsp;**NORWAY—1.5%** | &nbsp;&nbsp;**NORWAY—1.5%** | &nbsp;&nbsp;**NORWAY—1.5%** | &nbsp;&nbsp;**NORWAY—1.5%** |
| &nbsp;&nbsp;**Materials—1.5%** |  |  |  |
| &nbsp;&nbsp;Borregaard ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;96921 | &nbsp;&nbsp;&nbsp;&nbsp; 1662024 |
| &nbsp;&nbsp;**POLAND—4.4%** | &nbsp;&nbsp;**POLAND—4.4%** | &nbsp;&nbsp;**POLAND—4.4%** | &nbsp;&nbsp;**POLAND—4.4%** |
| &nbsp;&nbsp;**Consumer Staples—4.4%** |  |  |  |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;36452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5110110 |
| &nbsp;&nbsp;**SPAIN—1.9%** | &nbsp;&nbsp;**SPAIN—1.9%** | &nbsp;&nbsp;**SPAIN—1.9%** | &nbsp;&nbsp;**SPAIN—1.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.9%** |  |  |  |
| &nbsp;&nbsp;CIE Automotive SA |  | &nbsp;&nbsp;&nbsp;&nbsp;83906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2218114 |
| &nbsp;&nbsp;**SWEDEN—3.4%** | &nbsp;&nbsp;**SWEDEN—3.4%** | &nbsp;&nbsp;**SWEDEN—3.4%** | &nbsp;&nbsp;**SWEDEN—3.4%** |
| &nbsp;&nbsp;**Industrials—3.4%** |  |  |  |
| &nbsp;&nbsp;AddTech AB, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;82582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778260 |
| &nbsp;&nbsp;Sweco AB, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;62528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099989 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878249 |
| &nbsp;&nbsp;**TAIWAN—6.8%** | &nbsp;&nbsp;**TAIWAN—6.8%** | &nbsp;&nbsp;**TAIWAN—6.8%** | &nbsp;&nbsp;**TAIWAN—6.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.8%** |  |  |  |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;226720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017287 |
| &nbsp;&nbsp;**Industrials—1.6%** |  |  |  |
| &nbsp;&nbsp;Voltronic Power Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899095 |
| &nbsp;&nbsp;**Information Technology—3.4%** |  |  |  |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005536 |
| &nbsp;&nbsp;Elite Material Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148626 |
| &nbsp;&nbsp;Sinbon Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762717 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916879 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7833261** |
| &nbsp;&nbsp;**THAILAND—1.5%** | &nbsp;&nbsp;**THAILAND—1.5%** | &nbsp;&nbsp;**THAILAND—1.5%** | &nbsp;&nbsp;**THAILAND—1.5%** |
| &nbsp;&nbsp;**Information Technology—1.5%** |  |  |  |
| &nbsp;&nbsp;Fabrinet<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739319 |
| &nbsp;&nbsp;**UNITED KINGDOM—17.5%** | &nbsp;&nbsp;**UNITED KINGDOM—17.5%** | &nbsp;&nbsp;**UNITED KINGDOM—17.5%** | &nbsp;&nbsp;**UNITED KINGDOM—17.5%** |
| &nbsp;&nbsp;**Communication Services—4.3%** |  |  |  |
| &nbsp;&nbsp;4imprint Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;29897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369394 |
| &nbsp;&nbsp;Gamma Communications PLC |  | &nbsp;&nbsp;&nbsp;203594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619541 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988935 |
| &nbsp;&nbsp;**Consumer Discretionary—4.0%** |  |  |  |
| &nbsp;&nbsp;Games Workshop Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;22291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590661 |
| &nbsp;&nbsp;**Financials—4.8%** |  |  |  |
| &nbsp;&nbsp;Alpha Group International PLC<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;68856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520724 |
| &nbsp;&nbsp;Intermediate Capital Group PLC |  | &nbsp;&nbsp;&nbsp;120583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033142 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553866 |
| &nbsp;&nbsp;**Industrials—3.0%** |  |  |  |
| &nbsp;&nbsp;Diploma PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;63706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380340 |
| &nbsp;&nbsp;**Materials—1.4%** |  |  |  |
| &nbsp;&nbsp;Hill & Smith PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;66702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603532 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20117334** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **16** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments (concluded)

April 30, 2025 (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;**VIETNAM—2.1%** | &nbsp;&nbsp;**VIETNAM—2.1%** | &nbsp;&nbsp;**VIETNAM—2.1%** | &nbsp;&nbsp;**VIETNAM—2.1%** |
| &nbsp;&nbsp;**Information Technology—2.1%** |  |  |  |
| &nbsp;&nbsp;FPT Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;573658 | &nbsp;&nbsp;$2426279 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**107556321** |
| &nbsp;&nbsp;**PREFERRED STOCKS—2.5%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.5%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.5%** |  |
| &nbsp;&nbsp;**GERMANY—2.5%** | &nbsp;&nbsp;**GERMANY—2.5%** | &nbsp;&nbsp;**GERMANY—2.5%** | &nbsp;&nbsp;**GERMANY—2.5%** |
| &nbsp;&nbsp;**Industrials—2.5%** |  |  |  |
| &nbsp;&nbsp;Jungheinrich AG |  | &nbsp;&nbsp;&nbsp;&nbsp;79720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2897247 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2897247** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.4%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(c)</sup> |  | 5086869 | &nbsp;&nbsp;&nbsp;&nbsp; 5086869 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5086869** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $97,953,418)<sup>(d)</sup>—100.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $97,953,418)<sup>(d)</sup>—100.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $97,953,418)<sup>(d)</sup>—100.3%** | &nbsp;&nbsp;&nbsp;&nbsp;**115540437** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.3%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.3%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.3%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395676) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$115144761** |

---

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

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

<sup>(c)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

PLC Public Limited Company

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **17** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Real Estate Fund

------

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.5%** | &nbsp;&nbsp;**COMMON STOCKS—98.5%** |  |
| &nbsp;&nbsp;**UNITED STATES—98.5%** | &nbsp;&nbsp;**UNITED STATES—98.5%** | &nbsp;&nbsp;**UNITED STATES—98.5%** |
| &nbsp;&nbsp;**Data Center REITs—13.6%** |  |  |
| &nbsp;&nbsp;Digital Realty Trust, Inc., REIT | 11845 | &nbsp;&nbsp;$1901596 |
| &nbsp;&nbsp;Equinix, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;3493 | &nbsp;&nbsp;&nbsp;&nbsp; 3006600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908196 |
| &nbsp;&nbsp;**Health Care REITs—23.7%** |  |  |
| &nbsp;&nbsp;American Healthcare REIT, Inc. | 32798 | &nbsp;&nbsp;&nbsp;&nbsp; 1058720 |
| &nbsp;&nbsp;Omega Healthcare Investors, Inc., REIT | 25061 | &nbsp;&nbsp;&nbsp;&nbsp; 978632 |
| &nbsp;&nbsp;Ventas, Inc., REIT | 32652 | &nbsp;&nbsp;&nbsp;&nbsp; 2288252 |
| &nbsp;&nbsp;Welltower, Inc., REIT | 27841 | &nbsp;&nbsp;&nbsp;&nbsp; 4248258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8573862 |
| &nbsp;&nbsp;**Hotel & Resort REITs—1.0%** |  |  |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc., REIT | 25519 | &nbsp;&nbsp;&nbsp;&nbsp; 360328 |
| &nbsp;&nbsp;**Industrial REITs—7.7%** |  |  |
| &nbsp;&nbsp;Prologis, Inc., REIT | 27339 | &nbsp;&nbsp;&nbsp;&nbsp; 2794046 |
| &nbsp;&nbsp;**Multi-Family Residential REITs—14.6%** |  |  |
| &nbsp;&nbsp;AvalonBay Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;6862 | &nbsp;&nbsp;&nbsp;&nbsp; 1440883 |
| &nbsp;&nbsp;Camden Property Trust, REIT | &nbsp;&nbsp;&nbsp;9842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120020 |
| &nbsp;&nbsp;Essex Property Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;4644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296372 |
| &nbsp;&nbsp;Mid-America Apartment Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;8917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280874 |
| &nbsp;&nbsp;**Office REITs—1.7%** |  |  |
| &nbsp;&nbsp;Cousins Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268956 |
| &nbsp;&nbsp;Vornado Realty Trust, REIT | &nbsp;&nbsp;&nbsp;10261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630964 |
| &nbsp;&nbsp;**Other Specialized REITs—2.0%** |  |  |
| &nbsp;&nbsp;EPR Properties, REIT | &nbsp;&nbsp;14330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709192 |
| &nbsp;&nbsp;**Retail REITs—20.3%** |  |  |
| &nbsp;&nbsp;Brixmor Property Group, Inc., REIT | &nbsp;&nbsp;24709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615501 |
| &nbsp;&nbsp;Curbline Properties Corp., REIT | &nbsp;&nbsp;30727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703341 |
| &nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;19527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802755 |
| &nbsp;&nbsp;Realty Income Corp., REIT | &nbsp;&nbsp;&nbsp;31154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802571 |
| &nbsp;&nbsp;Regency Centers Corp., REIT | &nbsp;&nbsp;&nbsp;17339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251529 |
| &nbsp;&nbsp;Simon Property Group, Inc., REIT | &nbsp;&nbsp;13748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7339357 |
| &nbsp;&nbsp;**Self Storage REITs—6.4%** |  |  |
| &nbsp;&nbsp;Public Storage, REIT | &nbsp;&nbsp;&nbsp;&nbsp;5713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716356 |
| &nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317250 |
| &nbsp;&nbsp;**Single-Family Residential REITs—7.5%** |  |  |
| &nbsp;&nbsp;Invitation Homes, Inc., REIT | &nbsp;&nbsp;45721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563201 |
| &nbsp;&nbsp;Sun Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;9082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693274 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**35607343** |
| &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**35607343** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.5%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29<sup>(a)</sup> | 543715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543715 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**543715** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $29,777,024)<sup>(b)</sup>—100.0%** |  | &nbsp;&nbsp;&nbsp;**36151058** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.0%) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16565) |
| &nbsp;&nbsp;**Net Assets—100.0%** |  | **$36134493** |

---

<sup>(a)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025. <br> <sup>(b)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

&nbsp;&nbsp;&nbsp;&nbsp;

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **18** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn U.S. Small Cap Equity Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.4%** | &nbsp;&nbsp;**COMMON STOCKS—98.4%** | &nbsp;&nbsp;**COMMON STOCKS—98.4%** |  |
| &nbsp;&nbsp;**CANADA—5.6%** | &nbsp;&nbsp;**CANADA—5.6%** | &nbsp;&nbsp;**CANADA—5.6%** | &nbsp;&nbsp;**CANADA—5.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.4%** |  |  |  |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;207370 | &nbsp;&nbsp;$7293901 |
| &nbsp;&nbsp;**Financials—2.2%** |  |  |  |
| &nbsp;&nbsp;TMX Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;170871 | &nbsp;&nbsp;&nbsp;&nbsp; 6924824 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;119845 | &nbsp;&nbsp;&nbsp;&nbsp; 3020031 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**17238756** |
| &nbsp;&nbsp;**INDIA—1.4%** | &nbsp;&nbsp;**INDIA—1.4%** | &nbsp;&nbsp;**INDIA—1.4%** | &nbsp;&nbsp;**INDIA—1.4%** |
| &nbsp;&nbsp;**Industrials—1.4%** |  |  |  |
| &nbsp;&nbsp;WNS Holdings Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;74055 | &nbsp;&nbsp;&nbsp;&nbsp; 4481809 |
| &nbsp;&nbsp;**ISRAEL—1.1%** | &nbsp;&nbsp;**ISRAEL—1.1%** | &nbsp;&nbsp;**ISRAEL—1.1%** | &nbsp;&nbsp;**ISRAEL—1.1%** |
| &nbsp;&nbsp;**Information Technology—1.1%** |  |  |  |
| &nbsp;&nbsp;Camtek Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;51954 | &nbsp;&nbsp;&nbsp;&nbsp; 3394674 |
| &nbsp;&nbsp;**UNITED STATES—90.3%** | &nbsp;&nbsp;**UNITED STATES—90.3%** | &nbsp;&nbsp;**UNITED STATES—90.3%** | &nbsp;&nbsp;**UNITED STATES—90.3%** |
| &nbsp;&nbsp;**Communication Services—1.4%** |  |  |  |
| &nbsp;&nbsp;Integral Ad Science Holding Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;630067 | &nbsp;&nbsp;&nbsp;&nbsp; 4454574 |
| &nbsp;&nbsp;**Consumer Discretionary—9.1%** |  |  |  |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;60672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330517 |
| &nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;52448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7043766 |
| &nbsp;&nbsp;La-Z-Boy, Inc. |  | &nbsp;&nbsp;&nbsp;138244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460638 |
| &nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;63377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9015378 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27850299 |
| &nbsp;&nbsp;**Consumer Staples—3.5%** |  |  |  |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;53834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330710 |
| &nbsp;&nbsp;Vita Coco Co., Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;224899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7432912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10763622 |
| &nbsp;&nbsp;**Energy—3.5%** |  |  |  |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;191156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924433 |
| &nbsp;&nbsp;Northern Oil & Gas, Inc. |  | &nbsp;&nbsp;&nbsp;145568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537303 |
| &nbsp;&nbsp;SM Energy Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;139751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184925 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10646661 |
| &nbsp;&nbsp;**Financials—17.6%** |  |  |  |
| &nbsp;&nbsp;Banner Corp. |  | &nbsp;&nbsp;&nbsp;121962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7456757 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;129717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252359 |
| &nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;158053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716777 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;34181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843790 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida |  | &nbsp;&nbsp;305028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232214 |
| &nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;116845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203301 |
| &nbsp;&nbsp;Wintrust Financial Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;76349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8487718 |
| &nbsp;&nbsp;WSFS Financial Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;157259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8106701 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54299617 |
| &nbsp;&nbsp;**Health Care—16.3%** |  |  |  |
| &nbsp;&nbsp;Alphatec Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;389987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282057 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;131184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9290451 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;259605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305806 |
| &nbsp;&nbsp;CONMED Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;52428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574739 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;82245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911771 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276845 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;66214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274270 |
| &nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;75023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7085922 |
| &nbsp;&nbsp;OmniAb, Inc. 12.5 Earnout<sup>(a)(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;58211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;OmniAb, Inc. 15.0 Earnout<sup>(a)(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;58211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50001861 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Industrials—14.2%** |  |  |  |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;216027 | &nbsp;&nbsp;$7489656 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;70624 | &nbsp;&nbsp;&nbsp;&nbsp; 8294789 |
| &nbsp;&nbsp;Enpro, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;52270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7809138 |
| &nbsp;&nbsp;Griffon Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;79825 | &nbsp;&nbsp;&nbsp;&nbsp; 5436881 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;250480 | &nbsp;&nbsp;&nbsp;&nbsp; 6572595 |
| &nbsp;&nbsp;REV Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;249532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8159696 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43762755 |
| &nbsp;&nbsp;**Information Technology—10.4%** |  |  |  |
| &nbsp;&nbsp;Five9, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;107389 | &nbsp;&nbsp;&nbsp;&nbsp; 2699760 |
| &nbsp;&nbsp;JFrog Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;229456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7748729 |
| &nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;104187 | &nbsp;&nbsp;&nbsp;&nbsp; 8256820 |
| &nbsp;&nbsp;Vertex, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;188110 | &nbsp;&nbsp;&nbsp;&nbsp; 7530043 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;77231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5813177 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32048529 |
| &nbsp;&nbsp;**Materials—7.2%** |  |  |  |
| &nbsp;&nbsp;Graphic Packaging Holding Co. |  | &nbsp;&nbsp;283303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7170399 |
| &nbsp;&nbsp;Knife River Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;90588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8459107 |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;76874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6381311 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010817 |
| &nbsp;&nbsp;**Real Estate—3.2%** |  |  |  |
| &nbsp;&nbsp;American Healthcare REIT, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;96974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130321 |
| &nbsp;&nbsp;Terreno Realty Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;117501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6618831 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9749152 |
| &nbsp;&nbsp;**Utilities—3.9%** |  |  |  |
| &nbsp;&nbsp;ONE Gas, Inc. |  | &nbsp;&nbsp;&nbsp;154334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12116762 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**277704649** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**302819888** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.7%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(d)</sup> |  | 5225551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225551 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5225551** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $279,571,061)<sup>(e)</sup>—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $279,571,061)<sup>(e)</sup>—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $279,571,061)<sup>(e)</sup>—100.1%** | &nbsp;&nbsp;&nbsp;**308045439** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446502) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$307598937** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.0% of net assets as of April 30, 2025.

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

<sup>(d)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **19** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn U.S. Sustainable Leaders Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—96.2%** | &nbsp;&nbsp;**COMMON STOCKS—96.2%** |  |
| &nbsp;&nbsp;**IRELAND—2.5%** | &nbsp;&nbsp;**IRELAND—2.5%** | &nbsp;&nbsp;**IRELAND—2.5%** |
| &nbsp;&nbsp;**Information Technology—2.5%** |  |  |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25518 | &nbsp;&nbsp;$7633710 |
| &nbsp;&nbsp;**ISRAEL—1.0%** | &nbsp;&nbsp;**ISRAEL—1.0%** | &nbsp;&nbsp;**ISRAEL—1.0%** |
| &nbsp;&nbsp;**Information Technology—1.0%** |  |  |
| &nbsp;&nbsp;Nice Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128321 |
| &nbsp;&nbsp;**UNITED STATES—92.7%** | &nbsp;&nbsp;**UNITED STATES—92.7%** | &nbsp;&nbsp;**UNITED STATES—92.7%** |
| &nbsp;&nbsp;**Communication Services—2.0%** |  |  |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6297717 |
| &nbsp;&nbsp;**Consumer Discretionary—6.0%** |  |  |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516 | &nbsp;&nbsp;&nbsp;&nbsp; 6391043 |
| &nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12316478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18707521 |
| &nbsp;&nbsp;**Consumer Staples—3.6%** |  |  |
| &nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11347386 |
| &nbsp;&nbsp;**Energy—1.7%** |  |  |
| &nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;152882 | &nbsp;&nbsp;&nbsp;&nbsp; 5412023 |
| &nbsp;&nbsp;**Financials—15.4%** |  |  |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800794 |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029001 |
| &nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23562744 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48262826 |
| &nbsp;&nbsp;**Health Care—19.1%** |  |  |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8792402 |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234882 |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13068935 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293021 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182964 |
| &nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260105 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7702157 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59676450 |
| &nbsp;&nbsp;**Industrials—13.3%** |  |  |
| &nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619586 |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9984544 |
| &nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898809 |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387039 |
| &nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404303 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9436145 |
| &nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41634775 |
| &nbsp;&nbsp;**Information Technology—26.4%** |  |  |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6497653 |
| &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168268 |
| &nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9369580 |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6331511 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35427549 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11458166 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7247571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82500298 |
| &nbsp;&nbsp;**Materials—2.6%** |  |  |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058883 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Utilities—2.6%** |  |  |  |
| &nbsp;&nbsp;American Water Works Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56070 | &nbsp;&nbsp;$8242851 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**290140730** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**300902761** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.9%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(b)</sup> |  | 12153066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12153066 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12153066** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $252,019,974)<sup>(c)</sup>—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $252,019,974)<sup>(c)</sup>—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $252,019,974)<sup>(c)</sup>—100.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**313055827** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187381) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$312868446** |

---

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

<sup>(b)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **20** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Assets and Liabilities (unaudited)

April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> China<br> A Share<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> EM SMA<br> Completion<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> ex-China<br> Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$15404997 | &nbsp;&nbsp;&nbsp;$89420733 | &nbsp;&nbsp;&nbsp;$333611 | &nbsp;&nbsp;&nbsp;$143244447 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29301 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383275 |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153242 |
| &nbsp;&nbsp;Receivable for capital shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21574 |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54307 |
| &nbsp;&nbsp;Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156494 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15936942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90726465 | &nbsp;&nbsp;&nbsp;&nbsp;350882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145084913 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17984 |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102628 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30492 |
| &nbsp;&nbsp;Payable to IRS on behalf of shareholders related to Article 63 EU Tax Reclaims (see Note 2(i)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46595 |
| &nbsp;&nbsp;Accrued foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585630 |
| &nbsp;&nbsp;Line of credit payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 |
| &nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on line of credit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621770 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$15884434** | &nbsp;&nbsp;&nbsp;**$89507382** | &nbsp;&nbsp;&nbsp;**$322227** | &nbsp;&nbsp;&nbsp;**$143463143** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16365512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66564624 | &nbsp;&nbsp;&nbsp;&nbsp;340328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141877959 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29301 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Represented by:** |  |  |  |  |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;$47013183 | &nbsp;&nbsp;&nbsp;$67993114 | &nbsp;&nbsp;&nbsp;$369227 | &nbsp;&nbsp;&nbsp;$190389684 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31128749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21514268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46926541) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$15884434** | &nbsp;&nbsp;&nbsp;**$89507382** | &nbsp;&nbsp;&nbsp;**$322227** | &nbsp;&nbsp;&nbsp;**$143463143** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$6023204 | &nbsp;&nbsp;&nbsp;$3627886 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$28752808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42511355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85879496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69699153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$15884434 | &nbsp;&nbsp;&nbsp;$89507382 | &nbsp;&nbsp;&nbsp;$322227 | &nbsp;&nbsp;&nbsp;$143,463,143<br>Amounts listed as "–" are $0 or round to $0.<br>See accompanying Notes to Financial Statements. |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **21** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Assets and Liabilities (unaudited) (continued)

April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> China<br> A Share<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> EM SMA<br> Completion<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> ex-China<br> Fund** |
| &nbsp;&nbsp;**Shares Outstanding (unlimited number of shares authorized):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$279301 | &nbsp;&nbsp;&nbsp;$849645 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$2440121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20104320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5847819 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**735455** | &nbsp;&nbsp;&nbsp;&nbsp;**20953965** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37885** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12038160** |
| &nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$21.57 | &nbsp;&nbsp;&nbsp;$4.27 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$11.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.92 |
| &nbsp;&nbsp;**Maximum Offering Price Per Share (100%/(100% - maximum sales charge) of net asset value adjusted to the nearest cent):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$22.89 | &nbsp;&nbsp;&nbsp;$4.53 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$12.50 |
| &nbsp;&nbsp;**Maximum Sales Charge:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **22** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Assets and Liabilities (unaudited) (continued)

April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Focused<br> Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$929350012 | &nbsp;&nbsp;&nbsp;$38756656 | &nbsp;&nbsp;&nbsp;$41851637 | &nbsp;&nbsp;&nbsp;$110453568 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35670482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086869 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91334 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3991838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570361 |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188012 |
| &nbsp;&nbsp;Receivable for capital shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27326 |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29917 |
| &nbsp;&nbsp;Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77603 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970924489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39589448 | &nbsp;&nbsp;&nbsp;&nbsp;43345301 | &nbsp;&nbsp;&nbsp;&nbsp;116550784 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123931 |
| &nbsp;&nbsp;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35171 |
| &nbsp;&nbsp;Payable to IRS on behalf of shareholders related to Article 63 EU Tax Reclaims (see Note 2(i)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Accrued foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81659 |
| &nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406023 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$960588487** | &nbsp;&nbsp;&nbsp;**$39036643** | &nbsp;&nbsp;&nbsp;**$43271270** | &nbsp;&nbsp;&nbsp;**$115144761** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873476796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37780289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32039737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92866549 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35670482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086869 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91790 |
| &nbsp;&nbsp;**Represented by:** |  |  |  |  |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;$986376473 | &nbsp;&nbsp;&nbsp;$44305013 | &nbsp;&nbsp;&nbsp;$31326383 | &nbsp;&nbsp;&nbsp;$139413344 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25787986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5268370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11944887 | &nbsp;&nbsp;&nbsp;&nbsp;(24268583) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$960588487** | &nbsp;&nbsp;&nbsp;**$39036643** | &nbsp;&nbsp;&nbsp;**$43271270** | &nbsp;&nbsp;&nbsp;**$115144761** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$33474290 | &nbsp;&nbsp;&nbsp;$21850533 | &nbsp;&nbsp;&nbsp;$10770579 | &nbsp;&nbsp;&nbsp;$55628026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93533496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370687554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461804321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17186110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57567295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$960588487 | &nbsp;&nbsp;&nbsp;$39036643 | &nbsp;&nbsp;&nbsp;$43271270 | &nbsp;&nbsp;&nbsp;$115144761 |
| &nbsp;&nbsp;**Shares Outstanding (unlimited number of shares authorized):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6987493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27179818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33592896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821770 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70295621** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2670696** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1752627** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3,677,631<br>Amounts listed as "–" are $0 or round to $0.<br>See accompanying Notes to Financial Statements.** |

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **23** |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Assets and Liabilities (unaudited) (continued)

April 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Focused<br> Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Fund** |
| &nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$13.64 | &nbsp;&nbsp;&nbsp;$14.60 | &nbsp;&nbsp;&nbsp;$24.63 | &nbsp;&nbsp;&nbsp;$31.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.60 |
| &nbsp;&nbsp;**Maximum Offering Price Per Share (100%/(100% - maximum sales charge) of net asset value adjusted to the nearest cent):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$14.47 | &nbsp;&nbsp;&nbsp;$15.49 | &nbsp;&nbsp;&nbsp;$26.13 | &nbsp;&nbsp;&nbsp;$33.02 |
| &nbsp;&nbsp;**Maximum Sales Charge:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |

---

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

See accompanying Notes to Financial Statements.

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| | |
|:---|:---|
| **24** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Assets and Liabilities (unaudited) (continued)

April 30, 2025

------

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Real Estate<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$35607343 | &nbsp;&nbsp;&nbsp;$302819888 | &nbsp;&nbsp;&nbsp;$300902761 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12153066 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248261 |
| &nbsp;&nbsp;Receivable for capital shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407 |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23976 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36202631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308317964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313360286 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |
| &nbsp;&nbsp;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187564 |
| &nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491840 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$36134493** | &nbsp;&nbsp;&nbsp;**$307598937** | &nbsp;&nbsp;&nbsp;**$312868446** |
| &nbsp;&nbsp;**Cost:** |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29233309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274345510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239866908 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12153066 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;**Represented by:** |  |  |  |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;$28475048 | &nbsp;&nbsp;&nbsp;$306183630 | &nbsp;&nbsp;&nbsp;$263173566 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7659445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49694880 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$36134493** | &nbsp;&nbsp;&nbsp;**$307598937** | &nbsp;&nbsp;&nbsp;**$312868446** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$442098 | &nbsp;&nbsp;&nbsp;$92788038 | &nbsp;&nbsp;&nbsp;$204218523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30576852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100728830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35692395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172916961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$36134493 | &nbsp;&nbsp;&nbsp;$307598937 | &nbsp;&nbsp;&nbsp;$312868446 |
| &nbsp;&nbsp;**Shares Outstanding (unlimited number of shares authorized):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18081436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7887592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614156 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3413850** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8531589** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26583184** |
| &nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$10.50 | &nbsp;&nbsp;&nbsp;$33.80 | &nbsp;&nbsp;&nbsp;$11.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.90<br>Amounts listed as "–" are $0 or round to $0.<br>See accompanying Notes to Financial Statements. |

---

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **25** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement of Assets and Liabilities (unaudited) (concluded)

April 30, 2025

------

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Real Estate<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Fund** |
| &nbsp;&nbsp;**Maximum Offering Price Per Share (100%/(100% - maximum sales charge) of net asset value adjusted to the nearest cent):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$11.14 | &nbsp;&nbsp;&nbsp;$35.86 | &nbsp;&nbsp;&nbsp;$11.98 |
| &nbsp;&nbsp;**Maximum Sales Charge:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **26** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Operations (unaudited)

For the Six-Month Period Ended April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> China<br> A Share<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> EM SMA<br> Completion<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets<br> ex-China<br> Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;$102000 | &nbsp;&nbsp;&nbsp;$1959750 | &nbsp;&nbsp;&nbsp;$4662 | &nbsp;&nbsp;&nbsp;$2144063 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38928 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275225) |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907766 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600381 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11912 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71076 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17638 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23389 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20009 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84691 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58607 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37481 |
| &nbsp;&nbsp;Distribution fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 |
| &nbsp;&nbsp;Distribution fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37813 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18527 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168 |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40497 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092793 |
| &nbsp;&nbsp;Expenses reimbursed Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72886) | &nbsp;&nbsp;&nbsp;&nbsp;(49924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149334) |
| &nbsp;&nbsp;Expenses reimbursed Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44061) |
| &nbsp;&nbsp;Expenses reimbursed Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693) |
| &nbsp;&nbsp;Expenses reimbursed Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3428) |
| &nbsp;&nbsp;Expenses reimbursed Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829856 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4256)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1233174** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4423** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1077910** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799015) |
| &nbsp;&nbsp;Realized gain/(loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46643) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(951623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845658) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions (including $0, $0, $0 and $245,289 change in deferred capital gains tax, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307846 | &nbsp;&nbsp;&nbsp;&nbsp;(3652469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6398231) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13188 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3964111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4113) | &nbsp;&nbsp;&nbsp;&nbsp;(6385043) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7230701) |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$(648034)** | &nbsp;&nbsp;&nbsp;**$656580** | &nbsp;&nbsp;&nbsp;**$(2639)** | &nbsp;&nbsp;&nbsp;**$(6152791)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **27** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Operations (unaudited) (continued)

For the Six-Month Period Ended April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Focused<br> Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;$11013297 | &nbsp;&nbsp;&nbsp;$359352 | &nbsp;&nbsp;&nbsp;$666372 | &nbsp;&nbsp;&nbsp;$993722 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52539 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1756686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96081) |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9912898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950180 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485411 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9180 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46488 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13605 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12833 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34601 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35766 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68006 |
| &nbsp;&nbsp;Distribution fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 |
| &nbsp;&nbsp;Distribution fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28148 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27202 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28118 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853769 |
| &nbsp;&nbsp;Expenses reimbursed Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102927) |
| &nbsp;&nbsp;Expenses reimbursed Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68346) |
| &nbsp;&nbsp;Expenses reimbursed Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597) |
| &nbsp;&nbsp;Expenses reimbursed Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2074) |
| &nbsp;&nbsp;Expenses reimbursed Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6596986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679825 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3315912** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**131679** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**424799** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**270355** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68934050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011606 |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66056) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68364210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945550 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions (including $2,970,457, $0, $0 and $471,561 change in deferred capital gains tax, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(90328033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3122104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486256 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21101 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;(90247843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3100891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507357 |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;(21883633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1371799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452907 |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$(18567721)** | &nbsp;&nbsp;&nbsp;**$(1240120)** | &nbsp;&nbsp;&nbsp;**$3893467** | &nbsp;&nbsp;&nbsp;**$4723262** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **28** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Operations (unaudited) (concluded)

For the Six-Month Period Ended April 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Real Estate<br> Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> U.S. Sustainable<br> Leaders Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;$700326 | &nbsp;&nbsp;&nbsp;$1624009 | &nbsp;&nbsp;&nbsp;$1539064 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171785 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4154) |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706695 |
| &nbsp;&nbsp;**Expenses** |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150595 | &nbsp;&nbsp;&nbsp;&nbsp;1458548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182552 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26545 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135149 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39347 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25048 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78472 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275422 |
| &nbsp;&nbsp;Distribution fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 |
| &nbsp;&nbsp;Distribution fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44068 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32925 |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6757 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27914 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256108 | &nbsp;&nbsp;&nbsp;&nbsp;2274536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256547 | &nbsp;&nbsp;&nbsp;&nbsp;2274536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949150 |
| &nbsp;&nbsp;Expenses reimbursed Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4552) |
| &nbsp;&nbsp;Expenses reimbursed Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47612) |
| &nbsp;&nbsp;Expenses reimbursed Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |
| &nbsp;&nbsp;Expenses reimbursed Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Expenses reimbursed Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873394 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**517753** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(266732)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(166699)** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116789 | &nbsp;&nbsp;&nbsp;&nbsp;7535450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15881667 |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7535924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15882039 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3497641) | &nbsp;&nbsp;&nbsp;&nbsp;(6773741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29982155) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3497641) | &nbsp;&nbsp;&nbsp;&nbsp;(6773741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29982155) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2380852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14100116) |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$(1863099)** | &nbsp;&nbsp;&nbsp;**$495451** | &nbsp;&nbsp;&nbsp;**$(14266815)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **29** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn EM<br> SMA Completion Fund** | &nbsp;&nbsp;&nbsp;**abrdn EM<br> SMA Completion Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<sup>(a)</sup><br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$(4256) | &nbsp;&nbsp;&nbsp;$193948 | &nbsp;&nbsp;&nbsp;$1233174 | &nbsp;&nbsp;&nbsp;$4811150 | &nbsp;&nbsp;&nbsp;$4423 | &nbsp;&nbsp;&nbsp;$9268 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(951623) | &nbsp;&nbsp;&nbsp;&nbsp;(9890496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1002209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37164) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3964111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15946678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45381 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(648034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19755619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17485 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2491561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4798817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3317) |
| &nbsp;&nbsp;Tax return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2589904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5594906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3317) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2790074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4630913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6058049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8209902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59721 |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3618303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4584205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7991373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73889 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19502737 | &nbsp;&nbsp;&nbsp;&nbsp;24086942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97498755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91547944 | &nbsp;&nbsp;&nbsp;&nbsp;341440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267551 |
| &nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;$**15884434** | &nbsp;&nbsp;&nbsp;$**19502737** | &nbsp;&nbsp;&nbsp;$**89507382** | &nbsp;&nbsp;&nbsp;$**97498755** | &nbsp;&nbsp;&nbsp;$**322227** | &nbsp;&nbsp;&nbsp;$**341440** |

---

(a) Effective February 26, 2025, all Institutional Service Class shares converted to Institutional Class shares.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **30** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn EM<br> SMA Completion Fund** | &nbsp;&nbsp;&nbsp;**abrdn EM<br> SMA Completion Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025(a)<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$2255680 | &nbsp;&nbsp;&nbsp;$4503737 | &nbsp;&nbsp;&nbsp;$65847 | &nbsp;&nbsp;&nbsp;$377863 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3579764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4758297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(884122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1269711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1060773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;61404 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2333788) | &nbsp;&nbsp;&nbsp;&nbsp;(11385795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8699425) | &nbsp;&nbsp;&nbsp;&nbsp;(14875914) | &nbsp;&nbsp;&nbsp;&nbsp;(25574) | &nbsp;&nbsp;&nbsp;&nbsp;(5000) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(963329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3752066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5933117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7878376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14166) | &nbsp;&nbsp;&nbsp;&nbsp;59721 |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(2790074)** | &nbsp;&nbsp;&nbsp;$**(4630913)** | &nbsp;&nbsp;&nbsp;$**(6058049)** | &nbsp;&nbsp;&nbsp;$**(8209902)** | &nbsp;&nbsp;&nbsp;$**(14166)** | &nbsp;&nbsp;&nbsp;$**59721** |

---

(a) Effective February 26, 2025, all Institutional Service Class shares converted to Institutional Class shares.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **31** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn China A<br> Share Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn Dynamic<br> Dividend Fund** | &nbsp;&nbsp;&nbsp;**abrdn EM<br> SMA Completion Fund** | &nbsp;&nbsp;&nbsp;**abrdn EM<br> SMA Completion Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<sup>(a)</sup><br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;101671 | &nbsp;&nbsp;&nbsp;&nbsp;204241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(165103) | &nbsp;&nbsp;&nbsp;(234235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;(60923) | &nbsp;&nbsp;&nbsp;&nbsp;(28883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(14902) | &nbsp;&nbsp;&nbsp;&nbsp;(53261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6407) | &nbsp;&nbsp;&nbsp;&nbsp;(16543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(15440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57265 | &nbsp;&nbsp;&nbsp;&nbsp;339675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547038 | &nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp;6914 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502312 | &nbsp;&nbsp;&nbsp;&nbsp;1095283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(106083) | &nbsp;&nbsp;&nbsp;(530257) | &nbsp;&nbsp;&nbsp;&nbsp;(2021225) | &nbsp;&nbsp;&nbsp;(3479935) | &nbsp;&nbsp;&nbsp;&nbsp;(3139) | &nbsp;&nbsp;&nbsp;&nbsp;(554) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(44987) | &nbsp;&nbsp;&nbsp;&nbsp;(186749) | &nbsp;&nbsp;&nbsp;&nbsp;(1379950) | &nbsp;&nbsp;&nbsp;&nbsp;(1837614) | &nbsp;&nbsp;&nbsp;&nbsp;(1792) | &nbsp;&nbsp;&nbsp;&nbsp;6730 |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(131725)** | &nbsp;&nbsp;&nbsp;**(250174)** | &nbsp;&nbsp;&nbsp;**(1409737)** | &nbsp;&nbsp;&nbsp;**(1918595)** | &nbsp;&nbsp;&nbsp;**(1792)** | &nbsp;&nbsp;&nbsp;**6730** |

---

(a) Effective February 26, 2025, all Institutional Service Class shares converted to Institutional Class shares.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **32** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Focused<br> Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Focused<br> Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$1077910 | &nbsp;&nbsp;&nbsp;$854439 | &nbsp;&nbsp;&nbsp;$3315912 | &nbsp;&nbsp;&nbsp;$20658695 | &nbsp;&nbsp;&nbsp;$131679 | &nbsp;&nbsp;&nbsp;$146927 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68364210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31718641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031627 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6385043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90247843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295591747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3100891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5181866 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6152791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8309129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18567721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284531801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1240120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360420 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4018120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7007136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5680010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16530067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251255) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10598582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24870666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514951) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11166532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112791076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251034216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795632978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2665605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7651088) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18349456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120799753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280200519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535971843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3936629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194381 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161812599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41012846 | &nbsp;&nbsp;&nbsp;&nbsp;1240789006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776760849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42973272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42778891 |
| &nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;$**143463143** | &nbsp;&nbsp;&nbsp;$**161812599** | &nbsp;&nbsp;&nbsp;$**960588487** | &nbsp;&nbsp;&nbsp;$**1240789006** | &nbsp;&nbsp;&nbsp;$**39036643** | &nbsp;&nbsp;&nbsp;$**42973272** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **33** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Focused<br> Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Focused<br> Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$640542 | &nbsp;&nbsp;&nbsp;$2334901 | &nbsp;&nbsp;&nbsp;$2482698 | &nbsp;&nbsp;&nbsp;$6375968 | &nbsp;&nbsp;&nbsp;$186073 | &nbsp;&nbsp;&nbsp;$534632 |
| &nbsp;&nbsp;Proceeds from shares issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10051470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249520 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3276611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3804305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5321027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19329237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1751600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6738797) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2507486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2460785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12606015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1565527) | &nbsp;&nbsp;&nbsp;&nbsp;(5954645) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Proceeds from shares issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(571457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Proceeds from shares issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7921877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13212841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5949666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8728717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5614355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Proceeds from shares issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51591402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7005231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4285206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3206743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79013884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112874655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3583472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48697277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70480365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100255069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12074897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59473208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15399792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101436121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439403 |
| &nbsp;&nbsp;Proceeds from shares issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6826009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12439531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222829 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17477367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13143768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190505851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787191146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1273481) | &nbsp;&nbsp;&nbsp;&nbsp;(2358675) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4867562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53340907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171582068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673315494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100078) | &nbsp;&nbsp;&nbsp;&nbsp;(1696443) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(11166532)** | &nbsp;&nbsp;&nbsp;$**112791076** | &nbsp;&nbsp;&nbsp;$**(251034216)** | &nbsp;&nbsp;&nbsp;$**(795632978)** | &nbsp;&nbsp;&nbsp;$**(2665605)** | &nbsp;&nbsp;&nbsp;$**(7651088)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **34** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Focused<br> Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Focused<br> Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36572 |
| &nbsp;&nbsp;Issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17621 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(276036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1459224) | &nbsp;&nbsp;&nbsp;&nbsp;(120845) | &nbsp;&nbsp;&nbsp;&nbsp;(470985) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(952366) | &nbsp;&nbsp;&nbsp;&nbsp;(107952) | &nbsp;&nbsp;&nbsp;&nbsp;(416792) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(999490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(646582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;4027935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(353234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5757540) | &nbsp;&nbsp;&nbsp;&nbsp;(8641068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(295555) | &nbsp;&nbsp;&nbsp;&nbsp;3808273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5117569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7673138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999945 | &nbsp;&nbsp;&nbsp;&nbsp;4851457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7681917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29832 |
| &nbsp;&nbsp;Issued from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15726 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(1478365) | &nbsp;&nbsp;&nbsp;(1065460) | &nbsp;&nbsp;&nbsp;&nbsp;(13885164) | &nbsp;&nbsp;&nbsp;&nbsp;(58922757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87566) | &nbsp;&nbsp;&nbsp;&nbsp;(163157) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(434140) | &nbsp;&nbsp;&nbsp;&nbsp;4342521 | &nbsp;&nbsp;&nbsp;&nbsp;(12507709) | &nbsp;&nbsp;&nbsp;&nbsp;(50273536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75715) | &nbsp;&nbsp;&nbsp;&nbsp;(117599) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;&nbsp;**(961067)** | &nbsp;&nbsp;&nbsp;&nbsp;**9026561** | &nbsp;&nbsp;&nbsp;**(18289399)** | &nbsp;&nbsp;&nbsp;**(59601012)** | &nbsp;&nbsp;&nbsp;**(183667)** | &nbsp;&nbsp;&nbsp;**(534391)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **35** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$424799 | &nbsp;&nbsp;&nbsp;$745698 | &nbsp;&nbsp;&nbsp;$270355 | &nbsp;&nbsp;&nbsp;$867738 | &nbsp;&nbsp;&nbsp;$517753 | &nbsp;&nbsp;&nbsp;$368188 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325037 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31123539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3497641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6398213 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9377375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4723262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36715822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1863099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11091438 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1202140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1820421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1481635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(702261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3782505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1490512) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2448444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1466715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2723039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1078998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3831290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1504795) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5642490) | &nbsp;&nbsp;&nbsp;&nbsp;(10423323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40355177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3496710) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8423100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4718353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4572178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089933 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42754281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40486111 | &nbsp;&nbsp;&nbsp;&nbsp;123567861 | &nbsp;&nbsp;&nbsp;&nbsp;128286214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40706671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34616738 |
| &nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;$**43271270** | &nbsp;&nbsp;&nbsp;$**42754281** | &nbsp;&nbsp;&nbsp;$**115144761** | &nbsp;&nbsp;&nbsp;$**123567861** | &nbsp;&nbsp;&nbsp;$**36134493** | &nbsp;&nbsp;&nbsp;$**40706671** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **36** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$458080 | &nbsp;&nbsp;&nbsp;$349577 | &nbsp;&nbsp;&nbsp;$681125 | &nbsp;&nbsp;&nbsp;$938194 | &nbsp;&nbsp;&nbsp;$22558 | &nbsp;&nbsp;&nbsp;$199267 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10547 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1645369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1557288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3619211) | &nbsp;&nbsp;&nbsp;&nbsp;(10409490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45390) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1790841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9116486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164424 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316408 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446878 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2873343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9309226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13897451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37779704) | &nbsp;&nbsp;&nbsp;&nbsp;(3003981) | &nbsp;&nbsp;&nbsp;&nbsp;(5424420) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4726913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8548385) | &nbsp;&nbsp;&nbsp;&nbsp;(30838938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3661134) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(928034)** | &nbsp;&nbsp;&nbsp;$**(5642490)** | &nbsp;&nbsp;&nbsp;$**(10423323)** | &nbsp;&nbsp;&nbsp;$**(40355177)** | &nbsp;&nbsp;&nbsp;$**1122211** | &nbsp;&nbsp;&nbsp;$**(3496710)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **37** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18208 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(71681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67441) | &nbsp;&nbsp;&nbsp;&nbsp;(120198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4310) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;(29091) | &nbsp;&nbsp;&nbsp;&nbsp;(39683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14849 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37394 | &nbsp;&nbsp;&nbsp;&nbsp;147692 | &nbsp;&nbsp;&nbsp;&nbsp;126433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28833 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;80580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25477 | &nbsp;&nbsp;&nbsp;&nbsp;345592 | &nbsp;&nbsp;&nbsp;&nbsp;130235 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(125054) | &nbsp;&nbsp;&nbsp;(405458) | &nbsp;&nbsp;&nbsp;&nbsp;(458362) | &nbsp;&nbsp;&nbsp;&nbsp;(1312676) | &nbsp;&nbsp;&nbsp;(269252) | &nbsp;&nbsp;&nbsp;(488100) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7080) | &nbsp;&nbsp;&nbsp;&nbsp;(211114) | &nbsp;&nbsp;&nbsp;&nbsp;(282081) | &nbsp;&nbsp;&nbsp;&nbsp;(1071730) | &nbsp;&nbsp;&nbsp;&nbsp;116817 | &nbsp;&nbsp;&nbsp;(329032) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;&nbsp;**(36171)** | &nbsp;&nbsp;&nbsp;**(250797)** | &nbsp;&nbsp;&nbsp;**(343740)** | &nbsp;&nbsp;&nbsp;**(1406547)** | &nbsp;&nbsp;&nbsp;&nbsp;**116153** | &nbsp;&nbsp;&nbsp;**(314183)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **38** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<sup>(a)</sup><br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;$(266732) | &nbsp;&nbsp;&nbsp;$(859201) | &nbsp;&nbsp;&nbsp;$(166699) | &nbsp;&nbsp;&nbsp;$(171994) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7535924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33623598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15882039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088325 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6773741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74680350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29982155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67089539 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107444747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14266815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72005870 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23249) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587436) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37604958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127766617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21956825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39835154) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37109507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20321870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36223640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31583280 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;344708444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365030314 | &nbsp;&nbsp;&nbsp;&nbsp;349092086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317508806 |
| &nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;$**307598937** | &nbsp;&nbsp;&nbsp;$**344708444** | &nbsp;&nbsp;&nbsp;$**312868446** | &nbsp;&nbsp;&nbsp;$**349092086** |

---

(a) Effective February 26, 2025, all Class C shares converted to Class A shares.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **39** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025(a)<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$7068350 | &nbsp;&nbsp;&nbsp;$12704578 | &nbsp;&nbsp;&nbsp;$660878 | &nbsp;&nbsp;&nbsp;$820318 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214930 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13330180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23073308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15366750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27813631) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6261830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10368730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14705872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26778383) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53100 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4789164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9014073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144626) |
| &nbsp;&nbsp;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4406614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8647421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91526) |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333524 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315660 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8546024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7670618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7550106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12245689) |
| &nbsp;&nbsp;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6395216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7394890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11596505) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9819501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27115806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484717 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22193 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(30604406) | &nbsp;&nbsp;&nbsp;&nbsp;(134973793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2875650) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20784905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107857987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1368740) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(37604958)** | &nbsp;&nbsp;&nbsp;$**(127766617)** | &nbsp;&nbsp;&nbsp;$**(21956825)** | &nbsp;&nbsp;&nbsp;$**(39835154)** |

---

(a) Effective February 26, 2025, all Class C shares converted to Class A shares.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **40** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statements of Changes in Net Assets (concluded)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Small Cap<br> Equity Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** | &nbsp;&nbsp;&nbsp;**abrdn U.S. Sustainable<br> Leaders Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<sup>(a)</sup><br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72213 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19754 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739006) | &nbsp;&nbsp;&nbsp;&nbsp;(1290972) | &nbsp;&nbsp;&nbsp;&nbsp;(2431774) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334663) | &nbsp;&nbsp;&nbsp;(1233852) | &nbsp;&nbsp;&nbsp;&nbsp;(2339807) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18717) |
| &nbsp;&nbsp;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11871) |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25821 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25726 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216362) | &nbsp;&nbsp;&nbsp;&nbsp;(563482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945631) |
| &nbsp;&nbsp;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894084) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112324 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(764291) | &nbsp;&nbsp;&nbsp;&nbsp;(3812302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219402) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522833) | &nbsp;&nbsp;&nbsp;&nbsp;(3036321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105285) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(1016429)** | &nbsp;&nbsp;&nbsp;**(3773026)** | &nbsp;&nbsp;&nbsp;**(1791702)** | &nbsp;&nbsp;&nbsp;**(3351047)** |

---

(a) Effective February 26, 2025, all Class C shares converted to Class A shares.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **41** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn China A Share Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$22.44 | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.64) | &nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$21.57 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;21.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;22.44 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;22.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;21.48 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;37.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(14.09) | &nbsp;&nbsp;&nbsp;&nbsp;(14.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;22.74 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;33.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;37.76 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(i) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;33.90 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;20.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;20.06 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;19.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;20.79 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;19.95 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;35.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(13.17) | &nbsp;&nbsp;&nbsp;&nbsp;(13.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;21.25 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;32.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;35.58 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;24.52 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;32.18 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;21.70 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;20.87 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;20.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;21.70 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;22.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;20.75 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;36.71 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(13.68) | &nbsp;&nbsp;&nbsp;&nbsp;(13.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;22.03 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;33.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;36.71 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;33.07 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;22.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;21.95 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;21.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;22.87 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;23.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;21.90 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;38.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(14.23) | &nbsp;&nbsp;&nbsp;&nbsp;(14.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;23.10 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;34.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;38.24 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;34.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to 0.03% for the year ended October 31, 2023. Includes interest expense that amounts to less than 0.01% for the six months ended April 30, 2025 and the years ended October 31, 2022, October 31, 2021 and October 31, 2020, respectively.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(i) Less than $0.005 per share.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **42** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn China A Share Equity Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(2.95%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6023 | &nbsp;&nbsp;&nbsp;&nbsp;1.36%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.61%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7635 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%(g) | &nbsp;&nbsp;&nbsp;2.48%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;61% |
| &nbsp;&nbsp;&nbsp;&nbsp;(5.54%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7929 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.79%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;(38.20%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9609 | &nbsp;&nbsp;&nbsp;&nbsp;1.33%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.78%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.98%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18476 | &nbsp;&nbsp;&nbsp;&nbsp;1.32%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.58%(g) | &nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;45% |
| &nbsp;&nbsp;&nbsp;38.06%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10888 | &nbsp;&nbsp;&nbsp;&nbsp;1.32%(g) | &nbsp;&nbsp;&nbsp;2.55%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;3.35%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81%) | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;2.00%(g) | &nbsp;&nbsp;&nbsp;&nbsp;3.16%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;61% |
| &nbsp;&nbsp;&nbsp;&nbsp;(6.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;2.02%(g) | &nbsp;&nbsp;&nbsp;2.49%(g) | &nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(38.62%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.51%(g) | &nbsp;&nbsp;&nbsp;(0.76%) | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;2.33%(g) | &nbsp;&nbsp;&nbsp;(0.86%) | &nbsp;&nbsp;&nbsp;45% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;3.37%(g) | &nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.10%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917 | &nbsp;&nbsp;&nbsp;&nbsp;1.66%(g) | &nbsp;&nbsp;&nbsp;2.90%(g) | &nbsp;&nbsp;&nbsp;(0.46%) | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.74%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;61% |
| &nbsp;&nbsp;&nbsp;&nbsp;(5.81%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;1.67%(g) | &nbsp;&nbsp;&nbsp;2.08%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(38.37%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;1.61%(g) | &nbsp;&nbsp;&nbsp;2.06%(g) | &nbsp;&nbsp;&nbsp;(0.22%) | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.63%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.90%(g) | &nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;45% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.63%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp;1.62%(g) | &nbsp;&nbsp;&nbsp;2.85%(g) | &nbsp;&nbsp;&nbsp;(0.23%) | &nbsp;&nbsp;&nbsp;56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(2.79%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;2.33%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;5.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8720 | &nbsp;&nbsp;&nbsp;1.00%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.14%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;61% |
| &nbsp;&nbsp;&nbsp;&nbsp;(5.19%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12440 | &nbsp;&nbsp;&nbsp;&nbsp;1.03%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.49%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(37.99%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16915 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.51%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60300 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.33%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;45% |
| &nbsp;&nbsp;&nbsp;&nbsp;38.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;2.34%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;56% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **43** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Dynamic Dividend Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Tax<br> Return<br> of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$4.36 | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.11) |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20(i) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21(i) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to 0.01% for Class A and Institutional Class for the six months ended April 30, 2025. Includes interest expense that amounts to less than 0.01% for Class A and Institutional Class for the years ended October 31, 2024 and October 31, 2023.

(h) Less than $0.005 per share.

(i) Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets reflects the effects of a liability accrued on February 28, 2022 relating to withholding tax refunds that the Fund previously received and recorded which are being contested by the local tax authority. The accrued liability resulted in a decrease in net assets of approximately 0.87% as of October 31, 2022. (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class A Shares would have been $0.24, (15.67%), and 5.49%, respectively. For Institutional Class Shares, these amounts would have been $0.24, (15.45%), and 5.67%, respectively.

(j) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **44** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Dynamic Dividend Fund (concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;$4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3628 | &nbsp;&nbsp;&nbsp;&nbsp;1.51%(g) | &nbsp;&nbsp;&nbsp;1.68%(g) | &nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;22.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832 | &nbsp;&nbsp;&nbsp;1.50%(g) | &nbsp;&nbsp;&nbsp;1.69%(g) | &nbsp;&nbsp;&nbsp;&nbsp;4.61% | &nbsp;&nbsp;&nbsp;75% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619 | &nbsp;&nbsp;&nbsp;1.56%(g) | &nbsp;&nbsp;&nbsp;1.69%(g) | &nbsp;&nbsp;&nbsp;&nbsp;5.16% | &nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;(16.34%)(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;4.62%(i) | &nbsp;&nbsp;&nbsp;79% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;35.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;5.03% | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;(2.04%)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;5.20% | &nbsp;&nbsp;&nbsp;85% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85879 | &nbsp;&nbsp;&nbsp;1.26%(g) | &nbsp;&nbsp;&nbsp;1.42%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;22.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93666 | &nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;1.43%(g) | &nbsp;&nbsp;&nbsp;4.84% | &nbsp;&nbsp;&nbsp;75% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87929 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(g) | &nbsp;&nbsp;&nbsp;1.42%(g) | &nbsp;&nbsp;&nbsp;5.42% | &nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;(16.12%)(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96362 | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;4.81%(i) | &nbsp;&nbsp;&nbsp;79% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;35.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123166 | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;5.26% | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;(1.77%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100350 | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;5.37% | &nbsp;&nbsp;&nbsp;85% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **45** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn EM SMA Completion Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$8.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19% |
| &nbsp;&nbsp;Period Ended October 31, 2023(h) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;(18.80%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Amounts listed as "–" are 0% or round to 0%

(h) For the period from January 27, 2023 (commencement of operations) through October 31, 2023.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **46** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn EM SMA Completion Fund (concluded)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** |
| &nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;$322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;30.15% | &nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;25.44% | &nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;27.99% | &nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;30% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **47** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets ex-China Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$12.30 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$11.78 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;12.30 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;10.28 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;18.17 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;13.21 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.38 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10.84 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;(2.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(3.57) | &nbsp;&nbsp;&nbsp;&nbsp;(3.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;11.24 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;16.77 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;12.27 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;10.83 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;11.32 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(3.68) | &nbsp;&nbsp;&nbsp;&nbsp;(3.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;11.59 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;12.54 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;12.08 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;12.63 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;(4.00) | &nbsp;&nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;12.66 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;18.49 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;13.41 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;12.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;11.92 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;12.45 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;&nbsp;(2.98) | &nbsp;&nbsp;&nbsp;&nbsp;10.40 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(3.91) | &nbsp;&nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;12.50 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;18.27 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;13.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(i) Less than $0.005 per share.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **48** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets ex-China Fund (concluded)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28753 | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;11% |
| &nbsp;&nbsp;&nbsp;&nbsp;20.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32614 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.77%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20114 | &nbsp;&nbsp;&nbsp;&nbsp;1.46%(g) | &nbsp;&nbsp;&nbsp;2.36%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;(23.84%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19947 | &nbsp;&nbsp;&nbsp;&nbsp;1.48%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.17%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;129% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27814 | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;5.93%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22455 | &nbsp;&nbsp;&nbsp;&nbsp;1.53%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.17%(g) | &nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;(4.09%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;1.98%(g) | &nbsp;&nbsp;&nbsp;2.40%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;11% |
| &nbsp;&nbsp;&nbsp;&nbsp;19.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;2.01%(g) | &nbsp;&nbsp;&nbsp;2.52%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;2.11%(g) | &nbsp;&nbsp;&nbsp;&nbsp;3.17%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(24.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;2.14%(g) | &nbsp;&nbsp;&nbsp;3.05%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;129% |
| &nbsp;&nbsp;&nbsp;&nbsp;36.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;(1.01%) | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;2.19%(g) | &nbsp;&nbsp;&nbsp;3.04%(g) | &nbsp;&nbsp;&nbsp;(0.68%) | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.93%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199 | &nbsp;&nbsp;&nbsp;&nbsp;1.69%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.98%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;11% |
| &nbsp;&nbsp;&nbsp;&nbsp;19.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(g) | &nbsp;&nbsp;&nbsp;2.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp;1.80%(g) | &nbsp;&nbsp;&nbsp;2.70%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(24.12%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.57%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;129% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;(0.69%) | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;5.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;1.91%(g) | &nbsp;&nbsp;&nbsp;2.55%(g) | &nbsp;&nbsp;&nbsp;(0.42%) | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42511 | &nbsp;&nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.33%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;11% |
| &nbsp;&nbsp;&nbsp;&nbsp;20.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48158 | &nbsp;&nbsp;&nbsp;&nbsp;1.05%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.47%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;1.20%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(23.62%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;1.23%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.92%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;129% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;1.29%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.93%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;(3.58%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69699 | &nbsp;&nbsp;&nbsp;0.98%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.37%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;11% |
| &nbsp;&nbsp;&nbsp;&nbsp;20.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78206 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.50%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20168 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.13%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(23.57%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.88%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;129% |
| &nbsp;&nbsp;&nbsp;&nbsp;37.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.88%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **49** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$14.01 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.21) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$13.64 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;14.01 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;11.91 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(6.98) | &nbsp;&nbsp;&nbsp;&nbsp;(6.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;11.29 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;20.15 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;16.79 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;13.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;13.54 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(i) | &nbsp;&nbsp;&nbsp;&nbsp;13.80 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;11.74 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(6.88) | &nbsp;&nbsp;&nbsp;&nbsp;(6.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;11.09 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;19.90 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;16.68 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;13.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;13.39 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;13.69 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(6.90) | &nbsp;&nbsp;&nbsp;&nbsp;(6.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(i) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;19.89 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;16.60 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;13.64 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;13.97 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;11.95 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;(7.01) | &nbsp;&nbsp;&nbsp;&nbsp;(6.90) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;11.34 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;20.26 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;16.85 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;14.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;13.75 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;14.08 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;11.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;12.03 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;20.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;(6.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;11.40 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;20.34 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;16.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(i) Less than $0.005 per share.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **50** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33474 | &nbsp;&nbsp;&nbsp;&nbsp;1.41%(g) | &nbsp;&nbsp;&nbsp;1.49%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;18.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36921 | &nbsp;&nbsp;&nbsp;1.09%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.12%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.93%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42710 | &nbsp;&nbsp;&nbsp;1.60%(g) | &nbsp;&nbsp;&nbsp;1.60%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;(37.56%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63232 | &nbsp;&nbsp;&nbsp;1.60%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.63%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;20.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116268 | &nbsp;&nbsp;&nbsp;1.56%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.56%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107572 | &nbsp;&nbsp;&nbsp;1.59%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.59%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;26% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.88%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(g) | &nbsp;&nbsp;&nbsp;2.30%(g) | &nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(g) | &nbsp;&nbsp;&nbsp;2.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(g) | &nbsp;&nbsp;&nbsp;2.20%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;(37.87%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.21%(g) | &nbsp;&nbsp;&nbsp;(0.09%) | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;20.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10662 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.13%(g) | &nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11786 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.19%(g) | &nbsp;&nbsp;&nbsp;(0.40%) | &nbsp;&nbsp;&nbsp;26% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.70%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93533 | &nbsp;&nbsp;&nbsp;1.80%(g) | &nbsp;&nbsp;&nbsp;1.88%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101750 | &nbsp;&nbsp;&nbsp;&nbsp;1.74%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.77%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94625 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;(37.71%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92428 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.78%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;20.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133696 | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113707 | &nbsp;&nbsp;&nbsp;1.73%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.73%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;26% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.44%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370688 | &nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.33%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;18.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451337 | &nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.28%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477809 | &nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;(37.37%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494873 | &nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.28%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;21.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476046 | &nbsp;&nbsp;&nbsp;&nbsp;1.21%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.21%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.64%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362229 | &nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;26% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461804 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.23%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;15% |
| &nbsp;&nbsp;&nbsp;&nbsp;18.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649098 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.22%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;7.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159535 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;(37.26%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606819 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.22%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;21.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184781 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.14%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414059 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.18%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;26% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **51** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Focused Emerging Markets ex-China Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$15.04 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$14.60 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;15.04 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;13.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;12.61 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39(h) | &nbsp;&nbsp;&nbsp;&nbsp;(5.77) | &nbsp;&nbsp;&nbsp;&nbsp;(5.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(i) | &nbsp;&nbsp;&nbsp;&nbsp;13.07 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;18.45 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.14 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;14.64 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;15.08 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;12.65 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41(h) | &nbsp;&nbsp;&nbsp;&nbsp;(5.77) | &nbsp;&nbsp;&nbsp;&nbsp;(5.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;13.12 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;18.49 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;13.18 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Not Annualized for periods less than one year.

(c) Beginning with the year ended October 31, 2022, income taxes on recovered refunds were included in foreign tax withholding on the Statement of Operations and, as such, are not included within the ratios of expenses to average net assets. Income taxes on recovered refunds for years prior to October 31, 2022 were reflected as expenses on the Statement of Operations and included within the ratios of expenses to average net assets.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

(h) Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for Class A shares would have been $0.07, (30.98%) and 0.47%, respectively. For Institutional Class shares, these amounts would have been $0.07, (30.83%) and 0.49%, respectively.

(i) Less than $0.005 per share.

(j) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(k) Included within Total Return is the effect of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Total Return for Class A Shares would have been 15.82%. For Institutional Class Shares, this amount would have been 16.12%.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **52** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Focused Emerging Markets ex-China Fund (concluded)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers Excluding<br> Accruals for Estimated<br> Tax Due on Foreign Tax<br> Refund Recoveries)<br> to Average<br> Net Assets<br> (c)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (c)(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (b)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(2.93%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21851 | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.15%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(g) | &nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;106% |
| &nbsp;&nbsp;&nbsp;20.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24124 | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.29%(g) | &nbsp;&nbsp;&nbsp;1.79%(g) | &nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25480 | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| &nbsp;&nbsp;&nbsp;(29.14%)(h)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26986 | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;2.59%(h) | &nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;40.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43059 | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.93%(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32180 | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;(2.75%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17186 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;0.90%(g) | &nbsp;&nbsp;&nbsp;1.48%(g) | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;106% |
| &nbsp;&nbsp;&nbsp;&nbsp;20.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18849 | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.51%(g) | &nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17299 | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| &nbsp;&nbsp;(28.99%)(h)(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19384 | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;2.71%(h) | &nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32312 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &nbsp;&nbsp;&nbsp;&nbsp;16.30%(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27839 | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **53** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Infrastructure Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Tax<br> Return<br> of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$23.86 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$1.95 | &nbsp;&nbsp;$2.17 | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(1.22) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(1.40) | &nbsp;&nbsp;$24.63 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;19.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;23.86 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;20.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;19.81 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;20.62 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;19.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;24.18 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;21.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;19.03 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;23.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;24.71 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;23.92 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;19.86 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;(3.01) | &nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;20.66 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;19.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;24.22 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;19.05 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **54** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Infrastructure Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;9.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10771 | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;1.62%(g) | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;10% |
| &nbsp;&nbsp;&nbsp;24.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11127 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;1.62%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;14% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10028 | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;1.58%(g) | &nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;(11.04%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11350 | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;31.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13227 | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9206 | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32501 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;1.36%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;10% |
| &nbsp;&nbsp;&nbsp;24.66%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31627 | &nbsp;&nbsp;&nbsp;1.00%(g) | &nbsp;&nbsp;&nbsp;1.36%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;14% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.80%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30458 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;1.33%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;(10.82%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35645 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;31.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45076 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32640 | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;2.90% | &nbsp;&nbsp;&nbsp;24% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **55** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn International Small Cap Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$30.52 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$1.22 | &nbsp;&nbsp;$1.26 | &nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;$31.12 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;23.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;30.52 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;23.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;23.46 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;42.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(16.37) | &nbsp;&nbsp;&nbsp;&nbsp;(16.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;23.78 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;30.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;42.73 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;28.11 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;30.18 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;26.87 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;27.46 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;26.87 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;20.94 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;20.66 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;38.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(14.50) | &nbsp;&nbsp;&nbsp;&nbsp;(14.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;20.94 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;38.21 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;25.43 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.16 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;28.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;28.76 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;21.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;28.22 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;22.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;21.71 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;39.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;(15.26) | &nbsp;&nbsp;&nbsp;&nbsp;(15.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;22.06 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;28.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;39.97 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;26.46 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;28.31 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;31.60 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;23.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;31.00 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;24.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;23.81 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;43.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;(16.61) | &nbsp;&nbsp;&nbsp;&nbsp;(16.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;24.12 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;30.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;12.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;43.15 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;28.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;30.37 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **56** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn International Small Cap Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55628 | &nbsp;&nbsp;&nbsp;&nbsp;1.34%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.59%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;&nbsp;30.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56342 | &nbsp;&nbsp;&nbsp;&nbsp;1.34%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.55%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50828 | &nbsp;&nbsp;&nbsp;&nbsp;1.34%(g) | &nbsp;&nbsp;&nbsp;1.49%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(40.18%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58262 | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(g) | &nbsp;&nbsp;&nbsp;1.43%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.58%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112408 | &nbsp;&nbsp;&nbsp;&nbsp;1.34%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.42%(g) | &nbsp;&nbsp;&nbsp;(0.54%) | &nbsp;&nbsp;&nbsp;43% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90560 | &nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;(0.33%) | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;2.38%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;&nbsp;30.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;2.32%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.44%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;2.32%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14%) | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(40.56%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;2.23%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;40.68%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.18%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(1.15%) | &nbsp;&nbsp;&nbsp;43% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;(1.02%) | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1.67%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.92%(g) | &nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;&nbsp;30.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;1.63%(g) | &nbsp;&nbsp;&nbsp;1.84%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546 | &nbsp;&nbsp;&nbsp;&nbsp;1.60%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;(40.36%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp;1.62%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.70%(g) | &nbsp;&nbsp;&nbsp;(0.80%) | &nbsp;&nbsp;&nbsp;43% |
| &nbsp;&nbsp;&nbsp;&nbsp;12.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;(0.61%) | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57567 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.33%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;&nbsp;31.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65229 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.28%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75604 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;(39.96%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117960 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.18%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;42.08%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191244 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.15%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;43% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46330 | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;30% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **57** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Real Estate Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$12.27 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(1.10) | &nbsp;&nbsp;$(1.18) | &nbsp;&nbsp;$10.50 | &nbsp;&nbsp;&nbsp;&nbsp;(4.80%) |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;12.27 | &nbsp;&nbsp;&nbsp;33.65% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;(3.88%) |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;15.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;(19.45%) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;15.68 | &nbsp;&nbsp;&nbsp;44.07% |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;17.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;(18.12%) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;(4.62%) |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;33.92% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;(3.67%) |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;(2.30) | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp;(19.24%) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;44.41% |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;18.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;(17.85%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01% for Class A and Institutional Class for the six-months ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023 and October 31, 2022. Includes interest expense that amounts to 0.01% and 0.05% for Class A and Institutional Class for the years ended October 31, 2021 and October 31, 2020, respectively.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **58** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Real Estate Fund (concluded)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** |
| &nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;$442 | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;1.62%(g) | &nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;1.66%(g) | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;1.26%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(g) | &nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(g) | &nbsp;&nbsp;&nbsp;1.67%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;1.26%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(g) | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.71%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;35692 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;1.36%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;28% |
| &nbsp;&nbsp;&nbsp;&nbsp;40182 | &nbsp;&nbsp;&nbsp;1.00%(g) | &nbsp;&nbsp;&nbsp;1.39%(g) | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;45% |
| &nbsp;&nbsp;&nbsp;&nbsp;34351 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(g) | &nbsp;&nbsp;&nbsp;1.47%(g) | &nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;41592 | &nbsp;&nbsp;&nbsp;1.00%(g) | &nbsp;&nbsp;&nbsp;1.42%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;56593 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(g) | &nbsp;&nbsp;&nbsp;1.47%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;46235 | &nbsp;&nbsp;&nbsp;&nbsp;1.05%(g) | &nbsp;&nbsp;&nbsp;1.48%(g) | &nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;23% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **59** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Small Cap Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$33.97 | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$33.80 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;25.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;33.97 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;30.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;25.78 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;49.57 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.58) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;30.19 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;33.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;18.64 | &nbsp;&nbsp;&nbsp;&nbsp;18.40 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;49.57 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;33.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;33.55 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;24.61 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;24.41 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;18.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;24.61 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;22.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;18.78 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;39.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.40) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;22.59 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;27.48 | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;39.79 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;27.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;27.48 |
| &nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;28.73 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;28.55 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;21.86 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;28.73 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;25.92 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;21.86 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;44.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.35) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;25.92 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;30.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;44.07 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;30.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;30.12 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;37.99 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;37.84 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;28.74 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;37.99 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;33.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;28.74 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;53.65 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(10.28) | &nbsp;&nbsp;&nbsp;&nbsp;(10.47) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;33.38 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;36.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.97 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;53.65 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;35.41 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;36.06 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;38.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;38.10 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;28.89 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.34 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;38.23 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;33.50 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;28.89 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;53.75 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(10.30) | &nbsp;&nbsp;&nbsp;&nbsp;(10.45) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;(9.80) | &nbsp;&nbsp;&nbsp;&nbsp;33.50 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;36.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.14 | &nbsp;&nbsp;&nbsp;&nbsp;20.04 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;53.75 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;35.40 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;36.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

(h) Less than $0.005 per share.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **60** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Small Cap Equity Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92788 | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;31.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99116 | &nbsp;&nbsp;&nbsp;&nbsp;1.40%(g) | &nbsp;&nbsp;&nbsp;1.48%(g) | &nbsp;&nbsp;&nbsp;(0.48%) | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.50%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83828 | &nbsp;&nbsp;&nbsp;&nbsp;1.39%(g) | &nbsp;&nbsp;&nbsp;1.43%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57%) | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;(23.82%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108078 | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74%) | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;56.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172963 | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;(0.56%) | &nbsp;&nbsp;&nbsp;78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124673 | &nbsp;&nbsp;&nbsp;&nbsp;1.40%(g) | &nbsp;&nbsp;&nbsp;1.40%(g) | &nbsp;&nbsp;&nbsp;(0.62%) | &nbsp;&nbsp;&nbsp;&nbsp;61% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.77%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352 | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;(0.97%) | &nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;31.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11559 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.19%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06%) | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;(10.08%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16007 | &nbsp;&nbsp;&nbsp;2.00%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.15%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(1.17%) | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;(24.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25068 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%(g) | &nbsp;&nbsp;&nbsp;2.06%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(1.38%) | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;55.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44295 | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | &nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;(1.20%) | &nbsp;&nbsp;&nbsp;78% |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36621 | &nbsp;&nbsp;&nbsp;2.05%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(1.26%) | &nbsp;&nbsp;&nbsp;&nbsp;61% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.63%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;(0.66%) | &nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;31.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(g) | &nbsp;&nbsp;&nbsp;(0.73%) | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.73%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(g) | &nbsp;&nbsp;&nbsp;1.68%(g) | &nbsp;&nbsp;&nbsp;(0.82%) | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;(24.04%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.65%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03%) | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;56.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;(0.84%) | &nbsp;&nbsp;&nbsp;78% |
| &nbsp;&nbsp;&nbsp;&nbsp;8.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(g) | &nbsp;&nbsp;&nbsp;(0.96%) | &nbsp;&nbsp;&nbsp;&nbsp;61% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30577 | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;32.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36819 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.18%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19%) | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.27%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28529 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.17%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;(23.64%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31893 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(g) | &nbsp;&nbsp;&nbsp;(0.50%) | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;57.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41568 | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;78% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31548 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(g) | &nbsp;&nbsp;&nbsp;(0.35%) | &nbsp;&nbsp;&nbsp;&nbsp;61% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172917 | &nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;32.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193456 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.14%(g) | &nbsp;&nbsp;&nbsp;(0.06%) | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.14%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233893 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.14%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16%) | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;(23.54%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559518 | &nbsp;&nbsp;&nbsp;0.99%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.07%(g) | &nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;57.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931614 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;(0.21%) | &nbsp;&nbsp;&nbsp;78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536973 | &nbsp;&nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27%) | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **61** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Sustainable Leaders Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$11.82 | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$11.29 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;11.82 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(3.52) | &nbsp;&nbsp;&nbsp;&nbsp;(3.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;17.32 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;13.79 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;12.77 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;13.35 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;10.86 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;(3.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;18.91 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(h) | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;14.89 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;12.90 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;13.48 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;10.96 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(3.99) | &nbsp;&nbsp;&nbsp;&nbsp;(4.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;10.65 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;19.03 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;14.96 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

(h) Less than $0.005 per share.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **62** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Financial Highlights (concluded)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn U.S. Sustainable Leaders Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;(4.48%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$204219 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;(0.18%) | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;23.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228270 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;(0.13%) | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208286 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.27%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;(27.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222190 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(g) | &nbsp;&nbsp;&nbsp;1.24%(g) | &nbsp;&nbsp;&nbsp;(0.43%) | &nbsp;&nbsp;&nbsp;&nbsp;44% |
| &nbsp;&nbsp;&nbsp;41.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345638 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;(0.33%) | &nbsp;&nbsp;&nbsp;111% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264977 | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;(0.24%) | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| &nbsp;&nbsp;&nbsp;&nbsp;(4.34%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100729 | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;23.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112647 | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101341 | &nbsp;&nbsp;&nbsp;0.96%(g) | &nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;(27.32%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106068 | &nbsp;&nbsp;&nbsp;0.97%(g) | &nbsp;&nbsp;&nbsp;1.02%(g) | &nbsp;&nbsp;&nbsp;(0.20%) | &nbsp;&nbsp;&nbsp;&nbsp;44% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158581 | &nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;(0.11%) | &nbsp;&nbsp;&nbsp;111% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121611 | &nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;(0.01%) | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| &nbsp;&nbsp;&nbsp;&nbsp;(4.30%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| &nbsp;&nbsp;&nbsp;23.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;18% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555 | &nbsp;&nbsp;&nbsp;0.90%(g) | &nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;(27.29%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8644 | &nbsp;&nbsp;&nbsp;0.90%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(g) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14%) | &nbsp;&nbsp;&nbsp;&nbsp;44% |
| &nbsp;&nbsp;&nbsp;&nbsp;41.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14953 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;111% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10982 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **63** |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited)

April 30, 2025

------

1. Organization

abrdn Funds (the "Trust") was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of April 30, 2025, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of April 30, 2025, the Trust operated eighteen (18) separate series, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the eleven (11) funds listed below (each, a "Fund"; collectively, the "Funds"):

• abrdn China A Share Equity Fund ("China A Share Equity Fund")

• abrdn Dynamic Dividend Fund ("Dynamic Dividend Fund")

• abrdn EM SMA Completion Fund\* ("EM SMA Completion Fund")

• abrdn Emerging Markets ex-China Fund ("Emerging Markets ex-China Fund")

• abrdn Emerging Markets Fund ("Emerging Markets Fund")

• abrdn Focused Emerging Markets ex-China Fund (formerly, abrdn Global Equity Impact Fund) ("Focused Emerging Markets ex-China Fund")

• abrdn Global Infrastructure Fund ("Global Infrastructure Fund")

• abrdn International Small Cap Fund (formerly, ("International Small Cap Fund")

• abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund) ("Real Estate Fund")

• abrdn U.S. Small Cap Equity Fund ("U.S. Small Cap Equity Fund")

• abrdn U.S. Sustainable Leaders Fund ("U.S. Sustainable Leaders Fund")

**\*Not available to the General Public. Shares of the Fund may be purchased only by or on behalf of separately managed account clients where abrdn Inc. ("Aberdeen" or the "Adviser"), the Fund's Adviser or an affiliate of the Adviser has an agreement with the managed account program sponsor (the"Program Sponsor"), or directly with the client, to provide management or advisory services to the managed account or to the Program Sponsor for its use in managing such account. The Fund is a "completion fund," meaning that it is intended to be used as part of a broader investment program by certain separately managed account clients.**

2. Summary of Significant Accounting Policies

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles ("U.S. GAAP") in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Funds are maintained in U.S. Dollars.

---

| | |
|:---|:---|
| **a.**  | **Security Valuation:** |
|  | The Funds value their securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable. |
|  | Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. |
|  | In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Funds disclose the fair value of their investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the |

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| | |
|:---|:---|
| **64** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| |
|:---|
| risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. |
| Open-end mutual funds are valued at the respective NAV as reported by such company. The prospectuses for the registered open-end management investment companies in which a Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined above). A security using any of these pricing methodologies is generally determined to be a Level 1 investment. |
| Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment. |
| Long-term debt and other fixed income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size, and the strategies employed by the Adviser as Valuation Designee generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller, "odd lot" sizes. Odd lots may trade at lower or occasionally higher prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments. |
| Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments. |
| Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). |
| In the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the NYSE (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs. |
| The three-level hierarchy of inputs is summarized below: |

---

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

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

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

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **65** |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

A summary of standard inputs is listed below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Standard Inputs** |
| &nbsp;&nbsp;Debt and other fixed-income securities | &nbsp;&nbsp;Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. |
| &nbsp;&nbsp;Foreign equities utilizing a fair value factor | &nbsp;&nbsp;Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. |
| &nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;Forward exchange rate quotations. |
| &nbsp;&nbsp;Swap agreements | &nbsp;&nbsp;Market information pertaining to the underlying reference assets, i.e., credit spreads, credit event probabilities, fair values, forward rates, and volatility measures. |

---

The following is a summary of the inputs used as of April 30, 2025 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Statements of Investments for a detailed breakout of the security types:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**China A Share Equity Fund** | &nbsp;&nbsp;**China A Share Equity Fund** | &nbsp;&nbsp;**China A Share Equity Fund** | &nbsp;&nbsp;**China A Share Equity Fund** | &nbsp;&nbsp;**China A Share Equity Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$14831629 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$14831629 |
| &nbsp;&nbsp;Exchange-Traded Funds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573368 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469000 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$1042368** | &nbsp;&nbsp;**$14831629** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$15873997** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$1042368** | &nbsp;&nbsp;**$14831629** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$15873997** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$57273747 | &nbsp;&nbsp;$30955302 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$88229049 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191684 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191684 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329815 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$57603562** | &nbsp;&nbsp;**$32146986** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$89750548** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$57603562** | &nbsp;&nbsp;**$32146986** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$89750548** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$(191580) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(191580) |
| &nbsp;&nbsp;**Total Investment Liabilities <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(191580)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(191580)** |
| &nbsp;&nbsp;**EM SMA Completion Fund** | &nbsp;&nbsp;**EM SMA Completion Fund** | &nbsp;&nbsp;**EM SMA Completion Fund** | &nbsp;&nbsp;**EM SMA Completion Fund** | &nbsp;&nbsp;**EM SMA Completion Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$87892 | &nbsp;&nbsp;$199476 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$287368 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33671 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46243 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$106215** | &nbsp;&nbsp;**$233147** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$339362** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$106215** | &nbsp;&nbsp;**$233147** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$339362** |

---

---

| | |
|:---|:---|
| **66** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Emerging Markets ex-China Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$24405031 | &nbsp;&nbsp;$109437294 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$133842325 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6962209 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9402122 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29301 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$26874245** | &nbsp;&nbsp;**$116399503** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$143273748** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$26874245** | &nbsp;&nbsp;**$116399503** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$143273748** |
| &nbsp;&nbsp;**Emerging Markets Fund** | &nbsp;&nbsp;**Emerging Markets Fund** | &nbsp;&nbsp;**Emerging Markets Fund** | &nbsp;&nbsp;**Emerging Markets Fund** | &nbsp;&nbsp;**Emerging Markets Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$94996107 | &nbsp;&nbsp;$782505087 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$877501194 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16092876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35755942 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51848818 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35670482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35670482 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$146759465** | &nbsp;&nbsp;**$818261029** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$965020494** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$146759465** | &nbsp;&nbsp;**$818261029** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$965020494** |
| &nbsp;&nbsp;**Focused Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Focused Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Focused Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Focused Emerging Markets ex-China Fund** | &nbsp;&nbsp;**Focused Emerging Markets ex-China Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$19946814 | &nbsp;&nbsp;$11422590 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$31369404 |
| &nbsp;&nbsp;Exchange-Traded Funds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5604710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5604710 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782542 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782542 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557826 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$26109350** | &nbsp;&nbsp;**$13205132** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$39314482** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$26109350** | &nbsp;&nbsp;**$13205132** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$39314482** |
| &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** | &nbsp;&nbsp;**Global Infrastructure Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$25128715 | &nbsp;&nbsp;$16717355 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$41846070 |
| &nbsp;&nbsp;Rights <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303917 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$26438199** | &nbsp;&nbsp;**$16717355** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$43155554** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$26438199** | &nbsp;&nbsp;**$16717355** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$43155554** |
| &nbsp;&nbsp;**International Small Cap Fund** | &nbsp;&nbsp;**International Small Cap Fund** | &nbsp;&nbsp;**International Small Cap Fund** | &nbsp;&nbsp;**International Small Cap Fund** | &nbsp;&nbsp;**International Small Cap Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$14078750 | &nbsp;&nbsp;$93477571 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$107556321 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897247 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897247 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086869 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$19165619** | &nbsp;&nbsp;**$96374818** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$115540437** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$19165619** | &nbsp;&nbsp;**$96374818** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$115540437** |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **67** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$35607343 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$35607343 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543715 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$36151058** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$36151058** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$36151058** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$36151058** |
| &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | &nbsp;&nbsp;**U.S. Small Cap Equity Fund** | &nbsp;&nbsp;**U.S. Small Cap Equity Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$302819888 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$302819888 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225551 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$308045439** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$308045439** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$308045439** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$308045439** |
| &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** | &nbsp;&nbsp;**U.S. Sustainable Leaders Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$300902761 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$300902761 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12153066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12153066 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$313055827** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$313055827** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$313055827** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$313055827** |

---

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

For the six-month period ended April 30, 2025, there were no significant changes to the fair valuation methodologies.

Level 3 investments held during and at the end of the six-month period ended April 30, 2025 in relation to net assets, of the China A Share Equity Fund and of the Emerging Markets Fund were not significant (0.0% of total net assets) and accordingly, a reconciliation of Level 3 assets for the six-month period ended April 30, 2025 is not presented. The valuation technique used at April 30, 2025 was fair valuation at zero pursuant to procedures approved by the Board.

---

| | |
|:---|:---|
| **b.**  | **Restricted Securities:** |
|  | Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances. |

---

---

| | |
|:---|:---|
| **c.**  | **Foreign Currency Translation:** |
|  | Foreign securities, currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies within the Statements of Operations. |

---

---

| | |
|:---|:---|
| **68** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | |
|:---|:---|
| **d.**  | **Rights Issues and Warrants:** |
|  | Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company's discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded. |

---

---

| | |
|:---|:---|
| **e.**  | **Derivative Financial Instruments:** |
|  | Certain Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. |
|  | **Forward Foreign Currency Exchange Contracts:** |
|  | A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts allows for the separation of investment decision-making between foreign exchange holdings and their currencies. |
|  | The forward contract is marked-to-market daily and the change in market value is recorded by a Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. |
|  | During the six-month period ended April 30, 2025, the Funds used forward contracts for the purposes of efficient portfolio management and managing active currency risk relative to the benchmark. |
|  | While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund's portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss. |
|  | Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default. |

---

---

| |
|:---|
| **Summary of Derivative Instruments** |
| Certain Funds may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2025: |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **69** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$191580 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$191580 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$191580** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$191580** |

---

**Certain funds have transactions that may be subject to enforceable master netting arrangements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of April 30, 2025 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Gross Amounts<br> of Assets<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Received** | &nbsp;&nbsp;**Net<br> Amount** | &nbsp;&nbsp;**Gross Amounts<br> of Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Pledged** | &nbsp;&nbsp;**Net<br> Amount** |
| <br>&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$189375 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$189375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 |

---

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

The following is a summary of the location of realized gain/(loss) and net change in unrealized appreciation/(depreciation) on derivatives in the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$33297 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$33297 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$33297** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$33297** |

---

---

| | |
|:---|:---|
| **70** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(326542) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(326542) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(326542)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(326542)** |

---

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

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the six-month period ended April 30, 2025. The table below summarizes the weighted average values of derivatives holdings by the Funds during the six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative** | &nbsp;&nbsp;**Average<br> Notional Value** |
| &nbsp;&nbsp;**Dynamic Dividend Fund** | &nbsp;&nbsp;**Dynamic Dividend Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;$1822206 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$8627390 |

---

---

| | |
|:---|:---|
| **f.**  | **Security Transactions, Investment Income and Expenses:** |
|  | Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions. |
|  | Interest income and expenses are recorded on an accrual basis. The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of month-end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is based on the average net asset value of that class' shares in proportion to the average net assets of the relevant Fund when incurred. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class. |

---

---

| | |
|:---|:---|
| **g.**  | **Distributions:** |
|  | Distributions from net investment income, if any, are declared and paid annually for all Funds except the Dynamic Dividend Fund, which declares and pays monthly, and the Global Infrastructure Fund and Real Estate Fund, which declare and pay quarterly. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatment for foreign currencies and loss deferrals. |

---

---

| | |
|:---|:---|
| **h.**  | **Federal Income Taxes:** |
|  | Each Fund intends to continue to qualify as a "regulated investment company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the"Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required. Management of the Funds has concluded that there are no significant uncertain tax positions that would |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **71** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| |
|:---|
| require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2024 are subject to such review. |
| Each Fund recognizes interest and penalties related to tax items, including uncertain tax positions, within interest expense and other expenses respectively. No interest expense or penalties related to taxation have been recognized as of and for the six-month period ended April 30, 2025. |

---

---

| | |
|:---|:---|
| **i.**  | **Foreign Withholding Tax:** |
|  | Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes and are recorded on the Statement of Operations. The Funds file for tax reclaims for the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statement of Assets and Liabilities. Foreign tax authorities can examine previously filed withholding tax reclaims for various periods of time, depending on the statute of limitations in each foreign jurisdiction. In some cases, amounts that have been refunded by foreign tax authorities and received by the Funds are still subject to such review. |
|  | In addition, when the Funds sell securities within certain countries in which they invest, the capital gains realized may be subject to tax. Based on these market requirements and as required under U.S. GAAP, the Funds accrue deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments. |
|  | ***abrdn Focused Emerging Markets ex-China Fund*** |
|  | Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, the Fund recognizes Article 63 EU Tax Reclaims when it is more likely than not that the Fund will sustain its position that it is due. |
|  | As of April 30, 2025, the Fund has remaining Article 63 EU Tax Reclaims, primarily related to Germany and Spain. Certain of the outstanding Article 63 EU Tax Reclaims related to Germany and Spain are not deemed to meet the recognition criteria under U.S. GAAP as of April 30, 2025, and have not been recorded in the Fund's respective net asset value. As of April 30, 2025, the total amount of outstanding reclaims (before the impact of interest, tax or additional costs incurred in the pursuit of such reclaims) filed with Germany and Spain represent approximately $1,751,631. The amount net of estimated taxes represent $1,007,188. Recognition by the Fund of these amounts would have a positive impact on the Fund's performance. |

|  | As of April 30, 2025, an estimated tax amount has been accrued of $282,539 related to the reclaims received during the period from France. This amount is reflected as Payable to IRS on behalf of shareholders related to Article 63 EU Tax reclaims on the accompanying Statements of Assets and Liabilities. |
|  | ***abrdn Emerging Markets ex-China Fund*** |
|  | abrdn Emerging Markets ex-China Fund (inherited claims filed by the abrdn Emerging Markets Sustainable Leaders Fund) filed for Article 63 EU Tax Reclaims in France and Germany. During the period, the Emerging Markets ex-China Fund received a French EU reclaim payment for $192,570 related to claim years 2010-2011. The Fund accrued a net IRS tax liability of $9,827 at the time of recognition. |
|  | As of April 30, 2025, the abrdn Emerging Markets ex-China Fund has remaining Article 63 EU Tax Reclaims, primarily related to Germany and France. Certain of the outstanding Article 63 EU Tax Reclaims related to Germany and France are not deemed to meet the recognition criteria under U.S. GAAP as of April 30, 2025, and have not been recorded in the Fund's net asset value. Recognition by the abrdn Emerging Markets ex-China Fund of these amounts would have a positive impact on the Fund's performance. |

---

---

| | |
|:---|:---|
| **j.**  | **Securities Lending:** |
|  | Through an agreement with Securities Finance Trust Company as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian) ("State Street"), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require |

---

---

| | |
|:---|:---|
| **72** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| |
|:---|
| the borrower to mark to market such collateral on a daily basis so that the fair value of such collateral does not fall below 100% of the fair value of the portfolio securities so loaned. |
| Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent. |
| The Funds continue to own the loaned securities and continue to recognize unrealized gains and losses on the securities on loan. However, securities lending involves certain risks including the event of default or insolvency of the borrower and possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and, therefore, this amount is not presented on the Funds' Statements of Investments. |
| For the six-month period ended April 30, 2025, no lending activity took place. |

---

3. Agreements and Transactions with Affiliates

---

| | |
|:---|:---|
| **a.**  | **Investment Adviser:** |
|  | Under the Investment Advisory Agreement with the Trust, Aberdeen manages the Funds in accordance with the policies and procedures established by the Board. |
|  | For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule: |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Fee Schedule** | |
| &nbsp;&nbsp;China A Share Equity Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
|  | On $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000% |
|  | On $250 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| On all assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-<sup>1</sup> |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.730% |
|  | On $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| &nbsp;&nbsp;Emerging Markets Fund <br>| On all assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900% |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| $0 up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.730% |
|  | $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
|  | $250 million up to $750 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
|  | $750 million to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% |
|  | On $1 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| &nbsp;&nbsp;International Small Cap Fund <br>| Up to $100 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850% |
|  | On $100 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| &nbsp;&nbsp;Real Estate Fund <br>| On all assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| Up to $100 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950% |
|  | On $100 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
|  | $500 million up to $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% |
|  | On $2 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.600% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **73** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

1 None of abrdn Inc. (the "Adviser"), abrdn Asia Limited ("aAL") or abrdn Investments Limited ("aIL" and collectively with aAL, the "Sub-advisers") charges a management fee or sub-advisory fee to the Fund.

The Adviser has engaged the services of affiliates abrdn Asia Limited and abrdn Investments Limited as subadvisers (the "Subadvisers") pursuant to subadvisory agreements. The Subadvisers manage a portion of certain Funds' investments and have the responsibility for making all investment decisions for the portion of a Fund's assets they manage. Pursuant to the subadvisory agreements, the Adviser pays fees to the Subadvisers.

The Trust and Aberdeen have entered into written contracts ("Expense Limitation Agreements") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the tables below. For each Fund, this contractual limitation may not be terminated before February 28, 2026 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For each Fund except the Dynamic Dividend Fund, Focused Emerging Markets ex-China Fund, Global Infrastructure Fund and Real Estate Fund, this limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, acquired fund fees and expenses, Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares, and Institutional Service Class shares and extraordinary expenses. The Expense Limitation Agreement with respect to the Dynamic Dividend Fund, Global Infrastructure Fund and Real State Fund excludes certain expenses, including any interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses. The Expense Limitation Agreement with respect to the Focused Emerging Markets ex-China Fund excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, acquired fund fees and expenses and Rule 12b-1 fees for Class A shares and extraordinary expenses.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Limit** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;0.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Class A<br> Limit** | &nbsp;&nbsp;&nbsp;**Institutional<br> Class Limit** |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;0.99% |

---

Reimbursements, if any, are settled with the Adviser monthly. Aberdeen may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreements as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause a class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by abrdn is not permitted.

As of April 30, 2025, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to Aberdeen for each Fund, based on expenses reimbursed by Aberdeen, including adjustments described above, would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Amount<br> Fiscal Year<br> 2022<br> (Expires 10/31/25)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2023<br> (Expires 10/31/26)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2024<br> (Expires 10/31/27)** | &nbsp;&nbsp;&nbsp;**Amount<br> Six Months Ended<br> April 30, 2025<br> (Expires 4/30/28)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| $299918 | &nbsp;&nbsp;&nbsp;$158769 | &nbsp;&nbsp;&nbsp;$212288 | &nbsp;&nbsp;&nbsp;$109548 | &nbsp;&nbsp;&nbsp;$780523 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;104327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480335 |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189734 |

---

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| | |
|:---|:---|
| **74** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Amount<br> Fiscal Year<br> 2022<br> (Expires 10/31/25)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2023<br> (Expires 10/31/26)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2024<br> (Expires 10/31/27)** | &nbsp;&nbsp;&nbsp;**Amount<br> Six Months Ended<br> April 30, 2025<br> (Expires 4/30/28)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| $183875 | &nbsp;&nbsp;&nbsp;$296060 | &nbsp;&nbsp;&nbsp;$440057 | &nbsp;&nbsp;&nbsp;$262937 | &nbsp;&nbsp;&nbsp;$1182929 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;3610371 | &nbsp;&nbsp;&nbsp;&nbsp;1294758 | &nbsp;&nbsp;&nbsp;&nbsp;1295131 | &nbsp;&nbsp;&nbsp;&nbsp;565710 | &nbsp;&nbsp;&nbsp;&nbsp;6765970 |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;300400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216075 | &nbsp;&nbsp;&nbsp;&nbsp;116566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835071 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;181503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581406 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;386527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343100 | &nbsp;&nbsp;&nbsp;&nbsp;173944 | &nbsp;&nbsp;&nbsp;&nbsp;1264963 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;214703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620478 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;573835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674100 | &nbsp;&nbsp;&nbsp;&nbsp;496861 | &nbsp;&nbsp;&nbsp;&nbsp;289398 | &nbsp;&nbsp;&nbsp;&nbsp;2034194 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;209581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760674 |

---

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

\* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

---

| | |
|:---|:---|
| **b.**  | **Fund Administration:** |
|  | Under the terms of the Fund Administration Agreement, Aberdeen provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays Aberdeen an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with Aberdeen, State Street provides sub-administration services with respect to the Funds. Aberdeen pays State Street for providing such services. |

---

---

| | |
|:---|:---|
| **c.**  | **Distributor and Shareholder Servicing:** |
|  | The Trust and Aberdeen Fund Distributors, LLC (the "Distributor") are parties to the current Underwriting Agreement (the "Underwriting Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares. |
|  | The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate the Distributor, for expenses associated with the distribution-related and/or shareholder services provided by such entities. These fees are paid to the Distributor and are either kept or paid to shareholders' financial advisors or other intermediaries for distribution and shareholder services. Although actual distribution expenses may be more or less, under the Plan, the Funds pay the Distributor an annual fee of the following amounts, based on the total net assets of each, respective class: |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A<br> Shares** | &nbsp;&nbsp;&nbsp;**Class C<br> Shares(a)** | &nbsp;&nbsp;&nbsp;**Class R<br> Shares(a)** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Emerging Markets Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;International Small Cap Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Real Estate Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **75** |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

(a) 0.25% of which is service fees.

The Adviser or an affiliate of the Adviser may pay additional amounts from its own resources to dealers or other financial intermediaries, for aid in distribution or for aid in providing administrative services to shareholders.

Pursuant to the current Underwriting Agreement, the Distributor will also receive the proceeds of contingent deferred sales charges ("CDSCs") of 1.00% imposed on certain redemptions of Class C (and up to 1.00% for certain Class A) shares.

In addition, the Distributor will re-allow to dealers 5.00% of sales charges on Class A shares of the Funds, which have a maximum front-end sales charge of 5.75% and the Distributor or the Adviser may compensate broker dealers or financial intermediaries from its own resources at the rate of 1.00% on sales of Class C shares of the Funds, which have a maximum CDSC of 1.00% (the CDSC assessed on sales within one year of purchase). The amount the Distributor retained for commissions from front-end sales charges and CDSC fees for the six-month period ended April 30, 2025 was as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Commissions Retained<br> from Front-End Sales<br> Charges of Class A<br> Shares** | &nbsp;&nbsp;&nbsp;**Commissions Retained<br> from CDSC Fees of<br> Class C (Certain Class A) Shares** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| $2588 | &nbsp;&nbsp;&nbsp;$66 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;13797 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Retained** | **$26486** | &nbsp;&nbsp;&nbsp;**$368** |

---

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

---

| | |
|:---|:---|
| **d.**  | **Administrative Services Fees/Transfer Agent Out-of-Pocket Expenses:** |
|  | The Funds may pay and/or reimburse administrative services fees/sub-transfer agent expenses to certain broker-dealers and financial intermediaries who provide administrative support services to beneficial shareholders on behalf of the Funds (sometimes referred to as "sub-transfer agency fees"), subject to certain limitations approved by the Board. These fees may be in addition to Rule 12b-1 fees. Sub-transfer agency fees generally include, but are not limited to, costs associated with recordkeeping, networking, sub-transfer agency or other administrative or shareholder services. |
|  | Class A, Class R and Institutional Service Class shares of the Funds pay for such services pursuant to an Administrative Services Plan adopted by the Board. Under the Administrative Services Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual administrative services fee of 0.25% for Class A, Class R and Institutional Service Class shares. Under an amendment to the Administrative Services Plan that is in effect until at least February 28, 2026, the administrative service fee for a Fund is limited to a maximum of 0.15% for contracts with fees that are calculated as a percentage of Fund assets and a maximum of $16 per account for contracts with fees that are calculated on a dollar per account basis; however, many intermediaries do not charge the maximum permitted fee or even a portion thereof. Class C and Institutional Class shares may also pay for the services described above directly, as these classes are not subject to an Administrative Services Plan. |
|  | The aggregate amount of sub-transfer agent and administrative service fees paid during the six-month period ended April 30, 2025 was as follows: |

---

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| | |
|:---|:---|
| **76** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Institutional<br> Service** | &nbsp;&nbsp;&nbsp;**Institutional** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| $3872 | &nbsp;&nbsp;&nbsp;$361 | &nbsp;&nbsp;&nbsp;$1685 | &nbsp;&nbsp;&nbsp;$110 | &nbsp;&nbsp;&nbsp;$3780 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27555 |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;18527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37813 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;10719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp;97814 | &nbsp;&nbsp;&nbsp;&nbsp;302481 | &nbsp;&nbsp;&nbsp;&nbsp;156935 |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;14525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9958 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11701 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;27202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28148 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13222 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;74859 | &nbsp;&nbsp;&nbsp;&nbsp;6396 | &nbsp;&nbsp;&nbsp;&nbsp;3463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94274 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;44068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706 |

---

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| | |
|:---|:---|
| **e.**  | **Purchase/Sale Transactions Between Affiliates** |
|  | The Funds are permitted to buy or sell securities with funds that have a common investment adviser (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the Investment Company Act of 1940 ("Rule 17a-7"). During the six-month period ended April 30, 2025, the Funds did not engage in any of these trades. |

---

4. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six-month period ended April 30, 2025, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| $3910907 | &nbsp;&nbsp;&nbsp;$6716408 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;15041645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22207543 |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67042 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;16336987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26509795 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;162508893 | &nbsp;&nbsp;&nbsp;&nbsp;424492438 |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42282173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44949164 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8256411 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22223118 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10487810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13115406 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;68713633 | &nbsp;&nbsp;&nbsp;&nbsp;102529572 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;53625588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79163286 |

---

5. Portfolio Investment Risks

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

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---

| | |
|:---|:---|
| **b.**  | **Concentration Risk** |
|  | The Global Infrastructure Fund and Real Estate Fund are subject to concentration risk. Each Fund's strategy of concentrating in companies in a specific industry means that its performance will be closely tied to the performance of a particular market segment. Each Fund's |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **77** |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on each Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.

---

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

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---

| | |
|:---|:---|
| **d.**  | **Dividend Strategy Risk** |
|  | The Dynamic Dividend Fund and Real Estate Fund are subject to dividend strategy risk. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. The Fund's emphasis on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. |

---

---

| | |
|:---|:---|
| **e.**  | **Emerging Markets Risk** |
|  | Emerging markets are countries generally considered to be relatively less developed or industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets (see "Foreign Securities Risk" below). |
|  | *China Risk. Exposure to China and Hong Kong securities subjects the China A Shares Equity Fund to additional risks, and may make it significantly more volatile than more geographically diverse mutual funds. Additional risks associated with investments in China and Hong Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund's investments.* |
|  | *China A Shares Risk. Trading in China A Shares through Stock Connect and the QFII Programs involves additional risks. Stock Connect is subject to a daily quota (the "Daily Quota"), which limits the maximum net purchases under Stock Connect each day and, as such, buy orders for China A Shares would be rejected once the Daily Quota is exceeded (although the Fund will be permitted to sell China A Shares regardless of the Daily Quota balance). Further, Stock Connect, which relies on the connectivity of the Shanghai or Shenzhen markets with Hong Kong, is subject to operational risk, regulations that are relatively untested and are subject to change, and extended market closures for holidays or otherwise. During an extended market closure, the Fund's ability to trade in China A Shares will be impacted which may affect the Fund's performance. The QFII Programs are subject to the risk that the Adviser may have its QFII Programs license revoked or restricted with respect to the Fund or the Fund may be impacted by the rules, restrictions and quota limitations connected to reliance on a QFII Programs license.* |
|  | *India Risk. The value of a Fund's assets may be adversely affected by political, economic, social and religious factors, changes in Indian law or regulations and the status of India's relations with other countries. In addition, the economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy, which could affect private sector companies and a Fund, market conditions, and prices and yields of securities in a Fund's portfolio. Economic growth in India is constrained by inadequate infrastructure, a cumbersome bureaucracy, corruption, labor market rigidities, regulatory and foreign investment controls, the "reservation" of key products for small-scale industries and high fiscal deficits. Changes in economic policies, or lack of movement toward economic liberalization, could negatively affect the general business and economic conditions in India, which could in turn affect a Fund's investments. The securities market in India is substantially smaller, less liquid and significantly more volatile than the securities market in the United States. The relatively small market* |

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| | |
|:---|:---|
| **78** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| |
|:---|
| capitalizations of, and trading values on, Indian stock exchanges may cause a Fund's investments in securities listed on these exchanges to be comparatively less liquid and subject to greater price volatility than comparable U.S. investments. |
| *Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Risk. Investing in China A shares through Stock Connect involves various considerations and risks, including, but not limited to, illiquidity risk; currency risk; greater price volatility; legal and regulatory uncertainty risk; execution risk; operational risk; tax risk; credit risk; and economic, social and political instability of the stock market in the People's Republic of China.* |
| *Taiwan Risk. Including risks associated with investing in emerging markets, a Fund's investment in or exposure to Taiwan is also subject to risks associated with, among other things, currency fluctuations, commodity shortages, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of Taiwan. In addition, investments in Taiwan could be adversely affected by political and economic relationship with China.* |

---

---

| | |
|:---|:---|
| **f.**  | **Equity Linked Notes** |
|  | The China A Share Equity Fund may invest in equity-linked notes, which are generally subject to the same risks as the foreign equity securities or the basket of foreign securities they are linked to. If the linked security(ies) declines in value, the note may return a lower amount at maturity. The trading price of an equity-linked note also depends on the value of the linked security(ies). |

---

---

| | |
|:---|:---|
| **g.**  | **ESG Integration Risk** |
|  | To the extent ESG (Environmental, Social and Governance) factors are used to evaluate investments, the consideration of such factors may adversely affect a Fund's performance. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which a Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in a Fund performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or consider different ESG factors. |

---

---

| | |
|:---|:---|
| **h.**  | **Equity Securities Risk** |
|  | The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline). |

---

---

| | |
|:---|:---|
| **i.**  | **Exchange-Traded Fund Risk** |
|  | To the extent that each of the China A Share Equity Fund and Focused Emerging Markets ex-China Fund invests in ETFs, each Fund may be subject to, among other risks, tracking error risk and passive and, in some cases, active management investment risk. An active secondary market in ETF shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions or other reasons. There can be no assurance that an ETF's shares will continue to be listed on an active exchange. In addition, Fund shareholders bear both their proportionate share of the Fund's expenses and similar expenses incurred through the Fund's ownership of the ETF. |

---

---

| | |
|:---|:---|
| **j.**  | **Focus Risk** |
|  | Funds that invest a greater proportion of their assets in the securities of a smaller number of issuers will be subject to greater volatility with respect to their investments than funds that invest in a larger number of securities. |

---

---

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

---

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **79** |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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| | |
|:---|:---|
| **l.**  | **Foreign Securities Risk** |
|  | Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund. |
|  | *Japan Risk. The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the International Small Cap Fund. The Japanese yen has fluctuated widely during recent periods and may be affected by currency volatility elsewhere in Asia, especially Southeast Asia. In addition, the yen has had a history of unpredictable and volatile movements against the U.S. dollar. The performance of the global economy could have a major impact upon equity returns in Japan. Since the mid-2000s, Japan's economic growth has remained relatively low. Any economic recession may be likely compounded by an unstable financial sector, low domestic consumption, and certain corporate structural weaknesses, which remain some of the major issues facing the Japanese economy. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which could negatively affect the International Small Cap Fund.* |
|  | *United Kingdom Risk. The United Kingdom (the "U.K.") economy is heavily dependent on the services industries. Activity in the services industry is relatively stable, but decreases in new work available and inflation impact the services industry and economy as a whole. This is accompanied by difficulties in the European financial markets, governments, and central banks that may negatively impact the U.K. economy. Additionally, the U.K. economy may still be impacted by a process referred to as "Brexit," which describes when the U.K. left the EU on January 31, 2020. On December 24, 2020, negotiators representing the U.K. and the EU came to a preliminary trade agreement, the EU-UK Trade and Cooperating Agreement ("TCA"), which is an agreement on the terms governing certain aspects of the EU's and U.K,'s relationship. Despite the existence of the TCA, Certain aspects of the relationship between the U.K. and EU remain unresolved and subject to further negotiation and agreement. As such, there remains uncertainty as to the scope, nature and terms of the relationship between the U.K. and the EU and the long-term effect and implications of Brexit.* |

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| | |
|:---|:---|
| **m.**  | **Illiquid Securities Risk** |
|  | Illiquid securities are assets that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the fair value of the asset. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value. |
|  | The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of a Fund's portfolio holdings. These procedures and tests take into account a Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during both normal and reasonably foreseeable stressed conditions, relevant market, trading and other factors, and monitor whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to assist a Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures and tests will enable a Fund to ensure that it has sufficient liquidity to meet redemption requests. |

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| | |
|:---|:---|
| **n.**  | **Impact of Large Redemptions and Purchases of Fund Shares** |
|  | Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause a Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of a Fund and result in credit line borrowing fees and/or overdraft charges to a Fund until the sales of portfolio securities necessary to cover the redemption request settle. |

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| | |
|:---|:---|
| **o.**  | **Infrastructure-Related Investment Risk** |
|  | Because the Global Infrastructure Fund concentrates its investments in infrastructure-related entities, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Infrastructure related entities are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation by various governmental |

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| | |
|:---|:---|
| **80** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.

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| | |
|:---|:---|
| **p.**  | **Issuer Risk** |
|  | The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. |

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| | |
|:---|:---|
| **q.**  | **Market Risk** |
|  | Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in that market. Developments in a particular class of bonds or the stock market could also adversely affect a Fund by reducing the relative attractiveness of bonds or stocks as an investment. Also, to the extent that a Fund emphasizes bonds or stocks from any given industry, it could be hurt if that industry does not do well. Additionally, a Fund could lose value if the individual stocks in which it maintains long positions and/or the overall stock markets on which the stocks trade decline in price. In addition, a Fund that engages in short sales could lose value if the individual stocks which they sell short increase in price. Stocks and stock markets may experience short-term volatility (price fluctuation) as well as extended periods of price decline or increase. Individual stocks are affected by many factors, including: |

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• corporate earnings;

• production;

• management;

• sales; and

• market trends, including investor demand for a particular type of stock, such as growth or value stocks, small or large stocks, or stocks within a particular industry.

Stock markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the world economy, which in turn could adversely affect the Fund's investments.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and interest rate hikes or reductions. The impact of these policies and legislative changes on the markets, and the practical implications for market participants, may not be fully known for some time. A reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely impact a Fund's investments. The current market environment could make identifying investment risks and opportunities especially difficult for the Adviser.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events.

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

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| | |
|:---|:---|
| **s.**  | **Non-Diversified Fund Risk** |
|  | The EM SMA Completion Fund and the Real Estate Fund's performance may be more volatile than a diversified fund because these Funds may invest a greater percentage of their total assets in the securities of a single issuer. |

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| | |
|:---|:---|
| **t.**  | **Non-U.S. Taxation Risk** |
|  | Income, proceeds and gains received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes. |

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **81** |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

If, at the close of its taxable year, more than 50% of the value of a Fund's total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If a Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Even if a Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction.

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| | |
|:---|:---|
| **u.**  | **Portfolio Turnover Risk** |
|  | The Dynamic Dividend Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to shareholders of gains or losses as compared to a Fund with less active trading, which may include short-term gains taxable at ordinary income tax rates. |

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| | |
|:---|:---|
| **v.**  | **Qualified Dividend Income Tax Risk** |
|  | With respect to the Dynamic Dividend Fund, no assurance can be given as to what percentage of the distributions paid on shares, if any, will consist of tax-advantaged qualified dividend income or long-term capital gains or what the tax rates on various types of income will be in future years. The favorable U.S. federal tax treatment may be adversely affected, changed or repealed by future changes in tax laws at any time. In addition, it may be difficult to obtain information regarding whether distributions by non-U.S. entities in which a Fund invests should be regarded as qualified dividend income. Furthermore, to receive qualified dividend income treatment, a Fund must meet holding period and other requirements with respect to the dividend paying securities in its portfolio, and the shareholder must meet holding period and other requirements with respect to the common shares of a Fund. |

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---

| | |
|:---|:---|
| **w.**  | **REIT and Real Estate Risk** |
|  | Investment in real estate investment trusts ("REITs") and real estate involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include: declines in the value of real estate; risks related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income, neighborhood values or the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions. REITs' share prices may decline because of adverse developments affecting the real estate industry including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases risk. Certain REITs charge management fees, which may result in layering the management fee paid by the Fund. |

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---

| | |
|:---|:---|
| **x.**  | **Sector Risk** |
|  | To the extent that a Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. |
|  | *Financials Sector Risk. To the extent that the financials sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, decreased liquidity in credit markets as well as cyber-attacks.* |
|  | *Healthcare Sector Risk. To the extent that the healthcare sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Healthcare-related companies may be smaller and less seasoned than companies in other sectors, and performance of companies in the healthcare sector may be adversely impacted by many factors, including, among others, government regulation. restrictions on government reimbursement for medical expenses, changes to the costs of medical products and services, pricing pressure, increased emphasis on outpatient services, a limited number of* |

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| | |
|:---|:---|
| **82** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

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| |
|:---|
| products, industry innovation, changes in technologies, and other market developments. Many healthcare-related companies are dependent on patent protection, and, therefore, the expiration of patents may adversely affect the profitability of healthcare-related companies. |
| *Industrials Sector Risk. To the extent that the industrial sector represents a significant portion of a Fund's holdings, the Fund will be sensitive to changes in, and its performance may be adversely impacted by issues impacting this sector. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.* |
| *Information Technology Sector Risk. To the extent that the information technology sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.* |
| *Utilities Sector Risk. To the extent that the utilities sector represents a significant portion of the Fund's portfolio, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the utilities sector may be adversely impacted by many factors, including, among others, general economic conditions, supply and demand, financing and operating costs, rate caps, interest rates, liabilities arising from governmental or civil actions, consumer confidence and spending, competition, resource conservation and depletion, man-made or natural disasters, geopolitical events, and environmental, and other government regulations.* |

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---

| | |
|:---|:---|
| **y.**  | **Small-Cap Securities Risk** |
|  | Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk. |

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---

| | |
|:---|:---|
| **z.**  | **Sustainable Investing Risk** |
|  | In implementing the U.S. Sustainable Leaders Fund's "Sustainable Leaders" investment strategy, the Adviser may select or exclude securities of issuers in certain industries, sectors, regions or countries for reasons other than the issuer's investment performance. For this reason, the Fund's Sustainable Leaders strategy could cause it to perform differently compared to funds that do not have such strategy. Sustainable Leaders investing is qualitative and subjective by nature. In addition, the Fund may be required to sell a security when it might otherwise be disadvantageous for it to do so. In evaluating an issuer, the Adviser utilizes, in part, information and data obtained through voluntary or third-party reporting that may be incomplete, inaccurate or unavailable, which could cause the Adviser to incorrectly assess an issuer's business practices with respect to the environment, social responsibility and corporate governance. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions and may be linked to long-term rather than short-term returns. In addition, there is a risk that the companies identified as sustainable leaders by the Adviser do not operate as expected when addressing ESG issues. There is no guarantee that the Adviser's definition of security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. |

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

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **83** |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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Please read the Funds' prospectuses for more detailed information regarding these and other risks.

6. Contingencies

In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds, and therefore, cannot be estimated; however, the Funds expect the risk of loss from such claims to be remote.

7. Tax Information

As of April 30, 2025, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Tax Cost of<br> Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp; China A Share Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$18828071 | &nbsp;&nbsp;&nbsp;&nbsp;$995541 | &nbsp;&nbsp;&nbsp;&nbsp;$(3949615) | &nbsp;&nbsp;&nbsp;&nbsp;$(2954074) |
| &nbsp;&nbsp; Dynamic Dividend Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67518899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27191338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5151269) | &nbsp;&nbsp;&nbsp;&nbsp;22040069 |
| &nbsp;&nbsp; EM SMA Completion Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7426) |
| &nbsp;&nbsp; Emerging Markets ex-China Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143018180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13341266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13085698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255568 |
| &nbsp;&nbsp; Emerging Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;954053759 | &nbsp;&nbsp;&nbsp;&nbsp;169405042 | &nbsp;&nbsp;&nbsp;&nbsp;(158438307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10966735 |
| &nbsp;&nbsp; Focused Emerging Markets ex-China Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38014678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299804 |
| &nbsp;&nbsp; Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32855565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12272508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1972519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10299989 |
| &nbsp;&nbsp; International Small Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99746108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25325291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9530962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15794329 |
| &nbsp;&nbsp; Real Estate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29535807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6615251 |
| &nbsp;&nbsp; U.S. Small Cap Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283122807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50596465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25673833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24922632 |
| &nbsp;&nbsp; U.S. Sustainable Leaders Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252033219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70828919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9806311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61022608 |

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The tax character of distributions during the fiscal year ended October 31, 2024 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Net Long Term<br> Capital Gains** | &nbsp;&nbsp;**Total<br> Taxable<br> Distributions** | &nbsp;&nbsp;**Tax Exempt<br> Distributions** | &nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;$107895 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$107895 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$107895 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;4984574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;4984574 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;610332 | &nbsp;&nbsp;&nbsp;&nbsp;5594906 |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300452 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300452 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;24870666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;24870666 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;24870666 |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514951 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514951 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078132 | &nbsp;&nbsp;&nbsp;388583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466715 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466715 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078998 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078998 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933192 | &nbsp;&nbsp;&nbsp;&nbsp;571603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504795 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504795 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587436 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587436 |

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

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|:---|:---|
| **84** | 2025 Semi-Annual Report |

---

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

As of October 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Undistributed<br> Tax Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital<br> Gains** | **Accumulated<br> Earnings** | **Distributions<br> Payable** | **Late Year<br> Ordinary and<br> Post-October<br> Capital Loss<br> Deferrals** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other<br> Losses** | **Total<br> Accumulated<br> Earnings/<br> (Deficit)** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| $– | $180189 | $– | $– | $– | $– | $(3261921) | $(27218788) | $(30300520) |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;25395924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1948332) | &nbsp;&nbsp;&nbsp;&nbsp;23447592 |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41953) |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685114 | &nbsp;&nbsp;&nbsp;&nbsp;216218 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;6049768 | &nbsp;&nbsp;&nbsp;&nbsp;(46694717) | &nbsp;&nbsp;&nbsp;&nbsp;(39743617) |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;10260752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;93919849 | &nbsp;&nbsp;&nbsp;(100802284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378317 |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(135256) | &nbsp;&nbsp;&nbsp;&nbsp;4762627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8624717) | &nbsp;&nbsp;&nbsp;&nbsp;(3997346) |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1979625 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;8520239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10499864 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2723028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;15209726 | &nbsp;&nbsp;&nbsp;&nbsp;(44201560) | &nbsp;&nbsp;&nbsp;(26268806) |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161165 | &nbsp;&nbsp;&nbsp;3544230 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;9648439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;13353834 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(869330) | &nbsp;&nbsp;&nbsp;31697936 | &nbsp;&nbsp;&nbsp;&nbsp;(29908750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919856 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(218528) | &nbsp;&nbsp;&nbsp;91004763 | &nbsp;&nbsp;&nbsp;&nbsp;(26824540) | &nbsp;&nbsp;&nbsp;&nbsp;63961695 |

---

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

As of October 31, 2024, for federal income tax purposes, capital loss carryforwards, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of each respective Fund with no expiration.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$2259940 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24958848 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948332 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31399 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031350 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38663367 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37468381 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63333903 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128114 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496603 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28720538 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15481022 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13570356 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16338394 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764975 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22059565 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **85** |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

8. Significant Shareholders

As of April 30, 2025, the Funds had shareholders with the percentage ownership indicated, which are considered significant shareholders (holdings greater than 5.0%) for financial reporting purposes:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Record<br> Ownership %** | &nbsp;&nbsp;&nbsp;**Number of<br> Account Owners** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;48.3% | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;43.3 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;EM SMA Completion Fund<sup>1</sup> <br>| 100.0 | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;44.3 | &nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;79.7 | &nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;46.1 | &nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;59.2 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;60.1 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;58.2 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;37.3 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;13.2 | &nbsp;&nbsp;&nbsp;1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | New funds or classes may be seeded with related party capital. As of year end, this fund is wholly owned by a related party based on its recent formation. |

---

9. Line of Credit

The Trust, on behalf of each of the open-end mutual funds of the Trust (including the Funds) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street Bank and Trust Company (the "Bank"), subject to annual renewal. As of April 30, 2025, the Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.

As of April 30, 2025, the Emerging Markets ex-China Fund had $625,000 repayable to State Street.

Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to (a) 10 basis points + (b) the higher of (i) the Federal Funds Rate on such date (not less than zero) plus one and one quarter of one percent (1.25%) or (ii) the Overnight Bank Funding Rate on such date plus one and one quarter of one percent (1.25%). In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. For each Fund that borrowed under the Credit Facility during the six-month period ended April 30, 2025, the following table shows the average outstanding daily balance of the days the Fund utilized the Credit Facility and the average weighted interest rate paid by the Fund during the six-month period ended April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Average Outstanding<br> Daily Balance** | &nbsp;&nbsp;&nbsp;**Average Weighted<br> Interest Rate** | &nbsp;&nbsp;&nbsp;**Days<br> Utilized** |
| &nbsp;&nbsp;China A Share Equity Fund <br>| $197056 | &nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382375 | &nbsp;&nbsp;&nbsp;5.71% | &nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791233 | &nbsp;&nbsp;&nbsp;5.83% | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;4275000 | &nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571269 | &nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66066 | &nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;International Small Cap Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491604 | &nbsp;&nbsp;&nbsp;5.93% | &nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212893 | &nbsp;&nbsp;&nbsp;5.71% | &nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |

---

---

| | |
|:---|:---|
| **86** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Average Outstanding<br> Daily Balance** | &nbsp;&nbsp;&nbsp;**Average Weighted<br> Interest Rate** | &nbsp;&nbsp;&nbsp;**Days<br> Utilized** |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |

---

10. Fund Reorganization

Effective June 21, 2024, the abrdn Emerging Markets ex-China Fund (the "Acquiring Fund") acquired all of the assets and assumed all of the liabilities of the abrdn Emerging Markets Sustainable Leaders Fund (the "Acquired Fund") pursuant to a plan of reorganization approved by the Board of Trustees on March 13, 2024.

The acquisition was accomplished by a tax-free exchange as follows:

6,229,012 shares of the Acquired Fund, fair valued at $70,710,559, were exchanged for 5,568,395 shares of the Acquiring Fund.

The investment portfolio and cash of the Acquired Fund, with a fair value of $70,515,326 and identified cost of $68,266,807, were the principal assets acquired by the Acquiring Fund. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Acquiring Fund acquired capital loss carryovers of $44,284,297 which is subject to loss limitations from the Acquired Fund. Immediately prior to the Reorganization, the investment portfolio and cash of the Acquiring Fund was $89,594,936.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Before Reorganization** | &nbsp;&nbsp;**Before Reorganization** | |
| | &nbsp;&nbsp;**abrdn Emerging Markets<br> Sustainable Leaders Fund** | &nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;**After Reorganization** <br>&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |
| &nbsp;&nbsp;Class A Shares <br>| &nbsp;&nbsp;$10051470 | &nbsp;&nbsp;$24333406 | &nbsp;&nbsp;$34384876 |
| &nbsp;&nbsp;Class C Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320244 |
| &nbsp;&nbsp;Class R Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812383 |
| &nbsp;&nbsp;Institutional Service Class Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;51591402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136241 | &nbsp;&nbsp;&nbsp;&nbsp;51727643 |
| &nbsp;&nbsp;Institutional Class Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6826009 | &nbsp;&nbsp;&nbsp;64008924 | &nbsp;&nbsp;&nbsp;&nbsp;70834933 |
| &nbsp;&nbsp;**Shares Outstanding:** |  |  |  |
| &nbsp;&nbsp;Class A Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753253 |
| &nbsp;&nbsp;Class C Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29029 |
| &nbsp;&nbsp;Class R Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244470 |
| &nbsp;&nbsp;Institutional Service Class Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038572 |
| &nbsp;&nbsp;Institutional Class Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610927 |
| &nbsp;&nbsp;**Net Asset Value per Share:** |  |  |  |
| &nbsp;&nbsp;Class A Shares <br>| &nbsp;&nbsp;$11.09 | &nbsp;&nbsp;$12.49 | &nbsp;&nbsp;$12.49 |
| &nbsp;&nbsp;Class C Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 |
| &nbsp;&nbsp;Class R Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50 |
| &nbsp;&nbsp;Institutional Service Class Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.81 |
| &nbsp;&nbsp;Institutional Class Shares <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.62 |
| &nbsp;&nbsp;Net unrealized appreciation/(depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308139 | &nbsp;&nbsp;&nbsp;&nbsp;10556658 |
| &nbsp;&nbsp;Accumulated net realized gain/(loss) <br>| &nbsp;&nbsp;&nbsp;(44320926) | &nbsp;&nbsp;&nbsp;&nbsp;(3991335) | &nbsp;&nbsp;&nbsp;(48312261) |

---

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

11. Segment Reporting

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity's chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. The Chief

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **87** |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Notes to Financial Statements (unaudited) (concluded)

April 30, 2025

------

Financial Officer of the Funds act as the Fund's CODM. The CODM monitors the operating results of the Funds as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Funds operate as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

12. Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2025, other than as noted below.

At a meeting held on June 11, 2025 (the "Meeting"), the Board approved, on behalf of the abrdn International Small Cap Fund, the conversion of the Fund to an ETF (the "Conversion"), which will continue to be managed by abrdn Inc., the investment adviser for the Fund, and abrdn Investments Limited, the sub-adviser for the Fund. The Board, including all of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust, determined that participation in the Conversion is in the best interests of the Fund and that the interests of existing shareholders of the Funds will not be diluted as a result of the Conversion.

The abrdn International Small Cap Fund will be converted to abrdn International Small Cap Active ETF, which is expected to occur on or around October 17, 2025.

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| | |
|:---|:---|
| **88** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Changes in and Disagreement with Accountants for Open-End Management Investment Companies

------

Not applicable.

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **89** |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Proxy Disclosures for Open-End Management Investment Companies

------

Not applicable.

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| | |
|:---|:---|
| **90** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies

------

Remuneration paid to trustees, officers and others is included in the Statement of Operations under the line items "Trustee Fees" and "Investment Advisory Fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **91** |

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[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

Statement Regarding Basis For Approval of Investment Advisory Contract

------

Not Applicable.

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| | |
|:---|:---|
| **92** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_3ed1577b-38c6-4d46-8513-82423b240455_TOCtm2517610d1_equityrep)

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abrdn Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

https://www.aberdeeninvestments.com/en-us

## abrdn Funds Fixed Income Series
Financial Statements and Other Information

April 30, 2025

#### abrdn High Income Opportunities Fund
Class A- BJBHX ■ Institutional Class - JHYIX■

#### abrdn Infrastructure Debt Fund
Class A- CUGAX ■ Institutional Class - AGCIX■ Institutional Service Class - CGFIX■

#### abrdn Intermediate Municipal Income Fund
Class A - NTFAX ■ Institutional Class - ABEIX■ Institutional Service Class - ABESX■

#### abrdn Short Duration High Yield Municipal Fund
Class A - AAHMX ■ Class C - ACHMX■ Institutional Class - AHYMX■

#### abrdn Ultra Short Municipal Income Fund
Class A - ATOAX ■ Class A1 - ATOBX■ Institutional Class - ATOIX■

![](tm2517610d1fixincrepi001.jpg)

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**Table of Contents**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements and Financial Highlights for Open-End Management Investment Companies (Item 7):](#xx_732fbb91-67e9-4034-9911-d4392fd89eb5_1tm2517610d1_fixincrep)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Statements of Investments](#xx_732fbb91-67e9-4034-9911-d4392fd89eb5_1tm2517610d1_fixincrep) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn High Income Opportunities Fund](#xx_732fbb91-67e9-4034-9911-d4392fd89eb5_1tm2517610d1_fixincrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Infrastructure Debt Fund](#xx_f874b1b0-5585-48fa-979f-ebd834de0154_1tm2517610d1_fixincrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Intermediate Municipal Income Fund](#xx_83d8a97f-8eff-4272-b759-1af16d81c65d_1tm2517610d1_fixincrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Short Duration High Yield Municipal Fund](#xx_861c1c8e-3e17-47b2-b1a7-b9919aad9a46_1tm2517610d1_fixincrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Ultra Short Municipal Income Fund](#xx_e1d1ba58-6b2f-4be2-9329-9b23bcd885f7_1tm2517610d1_fixincrep)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements](#xx_59d649d0-8f2e-4dbc-9b4d-3a956d8e4720_1tm2517610d1_fixincrep) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Notes to Financial Statements](#xx_1b5d194e-bb7e-44e0-8419-eb85633f4fc4_1tm2517610d1_fixincrep) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Changes in and Disagreement with Accountants for Open-End Management Investment Companies (Item 8)](#xx_0fadeaa6-85d0-45c1-b4a3-b2dfc7cf261b_1tm2517610d1_fixincrep) <br>**  | &nbsp;&nbsp;Page 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Proxy Disclosures for Open-End Management Investment Companies (Item 9)](#xx_d7bffd0b-ad0c-4427-9a69-13bf9cf707b4_1tm2517610d1_fixincrep) <br>**  | &nbsp;&nbsp;Page 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Remuneration paid to Trustees, Officers and Others (Item 10)](#xx_bb9ef609-94b3-4dcd-9df6-ce88aa387f7d_1tm2517610d1_fixincrep) <br>**  | &nbsp;&nbsp;Page 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Statement Regarding Basis For Approval of Investment Advisory Contract (Item 11)](#xx_e00b8b11-a089-4b20-a6f7-430f67101c1d_1tm2517610d1_fixincrep) <br>**  | &nbsp;&nbsp;Page 64 |

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

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

The fixed income series of abrdn Funds are distributed by **Aberdeen Fund Distributors LLC**, Member FINRA, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

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

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

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

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

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Statement of Investments

April 30, 2025 (Unaudited)

abrdn High Income Opportunities Fund

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**BANK LOANS—1.1%** | &nbsp;&nbsp;**BANK LOANS—1.1%** |  |
| &nbsp;&nbsp;CD&R Firefly Bidco Ltd., 2024 GBP Term Loan B5<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;$846765 |
| &nbsp;&nbsp;**Total Bank Loans** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**846765** |
| &nbsp;&nbsp;**CORPORATE BONDS—87.5%** | &nbsp;&nbsp;**CORPORATE BONDS—87.5%** |  |
| &nbsp;&nbsp;**ANGOLA—0.2%** | &nbsp;&nbsp;**ANGOLA—0.2%** | &nbsp;&nbsp;**ANGOLA—0.2%** |
| &nbsp;&nbsp;**Oil & Gas—0.2%** |  |  |
| &nbsp;&nbsp;Azule Energy Finance PLC, 8.13%, 01/23/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 192800 |
| &nbsp;&nbsp;**BELGIUM—0.6%** | &nbsp;&nbsp;**BELGIUM—0.6%** | &nbsp;&nbsp;**BELGIUM—0.6%** |
| &nbsp;&nbsp;**Commercial Banks—0.6%** |  |  |
| &nbsp;&nbsp;Belfius Bank SA, (fixed rate to 05/06/2031, variable rate thereafter), VRN, 6.13%, 05/06/2031<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 446343 |
| &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** |
| &nbsp;&nbsp;**Chemicals—0.4%** |  |  |
| &nbsp;&nbsp;Braskem Netherlands Finance BV, 8.00%, 10/15/2034<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp; 280166 |
| &nbsp;&nbsp;**Food Products—0.8%** |  |  |
| &nbsp;&nbsp;Minerva Luxembourg SA, 8.88%, 09/13/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 640007 |
| &nbsp;&nbsp;**Oil & Gas Services—0.3%** |  |  |
| &nbsp;&nbsp;Guara Norte SARL, 5.20%, 06/15/2034<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;232407 | &nbsp;&nbsp;&nbsp;&nbsp; 215328 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1135501** |
| &nbsp;&nbsp;**CANADA—3.2%** | &nbsp;&nbsp;**CANADA—3.2%** | &nbsp;&nbsp;**CANADA—3.2%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.5%** |  |  |
| &nbsp;&nbsp;Rogers Communications, Inc., (fixed rate to 02/14/2030, variable rate thereafter), VRN, 7.00%, 02/14/2030 | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148511 |
| &nbsp;&nbsp;**Oil & Gas—0.5%** |  |  |
| &nbsp;&nbsp;Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(b)(d)</sup> | &nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406869 |
| &nbsp;&nbsp;**Oil & Gas Services—0.5%** |  |  |
| &nbsp;&nbsp;Enerflex Ltd., 9.00%, 10/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387632 |
| &nbsp;&nbsp;**Retail—0.7%** |  |  |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc., 5.63%, 09/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503329 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2446341** |
| &nbsp;&nbsp;**CHILE—0.6%** | &nbsp;&nbsp;**CHILE—0.6%** | &nbsp;&nbsp;**CHILE—0.6%** |
| &nbsp;&nbsp;**Airlines—0.6%** |  |  |
| &nbsp;&nbsp;Latam Airlines Group SA, 7.88%, 04/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462949 |
| &nbsp;&nbsp;**CHINA—0.1%** | &nbsp;&nbsp;**CHINA—0.1%** | &nbsp;&nbsp;**CHINA—0.1%** |
| &nbsp;&nbsp;**Real Estate—0.1%** |  |  |
| &nbsp;&nbsp;Country Garden Holdings Co. Ltd., 3.13%, 10/22/2025<sup>(b)(e)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16224 |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;9.75%, 09/28/2023<sup>(b)(e)</sup> | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;9.38%, 06/30/2024<sup>(b)(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;$21038 |
| &nbsp;&nbsp;Zhenro Properties Group Ltd. |  |  |
| &nbsp;&nbsp;7.88%, 04/14/2024<sup>(b)(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;7.10%, 09/10/2024<sup>(b)(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47801 |
| &nbsp;&nbsp;**COLOMBIA—0.9%** | &nbsp;&nbsp;**COLOMBIA—0.9%** | &nbsp;&nbsp;**COLOMBIA—0.9%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.9%** |  |  |
| &nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;6.88%, 04/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp; 298844 |
| &nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp; 386604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685448 |
| &nbsp;&nbsp;**FRANCE—5.0%** | &nbsp;&nbsp;**FRANCE—5.0%** | &nbsp;&nbsp;**FRANCE—5.0%** |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.8%** |  |  |
| &nbsp;&nbsp;Forvia SE, 8.00%, 06/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;622000 | &nbsp;&nbsp;&nbsp;&nbsp; 619250 |
| &nbsp;&nbsp;**Commercial Banks—1.0%** |  |  |
| &nbsp;&nbsp;Societe Generale SA, (fixed rate to 05/26/2026, variable rate thereafter), VRN, 4.75%, 05/26/2026<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp; 780034 |
| &nbsp;&nbsp;**Cosmetics/Personal Care—0.5%** |  |  |
| &nbsp;&nbsp;Opal Bidco SAS, 5.50%, 03/31/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404989 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.8%** |  |  |
| &nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;4.00%, 07/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101412 |
| &nbsp;&nbsp;4.25%, 10/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107910 |
| &nbsp;&nbsp;Iliad Holding SASU, 8.50%, 04/15/2031<sup>(b)</sup> | $&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631255 |
| &nbsp;&nbsp;**Entertainment—0.8%** |  |  |
| &nbsp;&nbsp;Banijay Entertainment SAS, 8.13%, 05/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565692 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.6%** |  |  |
| &nbsp;&nbsp;Laboratoire Eimer Selas, 5.00%, 02/01/2029<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410364 |
| &nbsp;&nbsp;**Machinery-Diversified—0.5%** |  |  |
| &nbsp;&nbsp;Nova Alexandre III SAS, FRN, 7.53%, 07/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403663 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3815247** |
| &nbsp;&nbsp;**GERMANY—1.4%** | &nbsp;&nbsp;**GERMANY—1.4%** | &nbsp;&nbsp;**GERMANY—1.4%** |
| &nbsp;&nbsp;**Commercial Banks—1.4%** |  |  |
| &nbsp;&nbsp;Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), VRN, 7.13%, 04/30/2026<sup>(b)(c)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390814 |
| &nbsp;&nbsp;Landesbank Baden-Wuerttemberg, (fixed rate to 10/15/2030, variable rate thereafter), VRN, 6.75%, 10/15/2030<sup>(b)(c)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049260 |
| &nbsp;&nbsp;**HONG KONG—0.9%** | &nbsp;&nbsp;**HONG KONG—0.9%** | &nbsp;&nbsp;**HONG KONG—0.9%** |
| &nbsp;&nbsp;**Lodging—0.9%** |  |  |
| &nbsp;&nbsp;Melco Resorts Finance Ltd. |  |  |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>1</sub>

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (continued)

April 30, 2025 (Unaudited)

abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**HONG KONG (continued)** | &nbsp;&nbsp;**HONG KONG (continued)** | &nbsp;&nbsp;**HONG KONG (continued)** |
| &nbsp;&nbsp;5.75%, 07/21/2028<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;534000 | &nbsp;&nbsp;$503638 |
| &nbsp;&nbsp;5.38%, 12/04/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684113 |
| &nbsp;&nbsp;**IRELAND—2.8%** | &nbsp;&nbsp;**IRELAND—2.8%** | &nbsp;&nbsp;**IRELAND—2.8%** |
| &nbsp;&nbsp;**Commercial Services & Supplies—1.3%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.38%, 09/15/2032<sup>(b)</sup> | 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 989982 |
| &nbsp;&nbsp;**Diversified Financial Services—1.5%** |  |  |
| &nbsp;&nbsp;GGAM Finance Ltd., 6.88%, 04/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;452000 | &nbsp;&nbsp;&nbsp;&nbsp; 461585 |
| &nbsp;&nbsp;TrueNoord Capital DAC, 8.75%, 03/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;701000 | &nbsp;&nbsp;&nbsp;&nbsp; 716058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177643 |
| &nbsp;&nbsp;**Total Ireland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2167625** |
| &nbsp;&nbsp;**ISRAEL—0.8%** | &nbsp;&nbsp;**ISRAEL—0.8%** | &nbsp;&nbsp;**ISRAEL—0.8%** |
| &nbsp;&nbsp;**Pharmaceutical—0.8%** |  |  |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV, 8.13%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;591000 | &nbsp;&nbsp;&nbsp;&nbsp; 650683 |
| &nbsp;&nbsp;**ITALY—1.0%** | &nbsp;&nbsp;**ITALY—1.0%** | &nbsp;&nbsp;**ITALY—1.0%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.0%** |  |  |
| &nbsp;&nbsp;Fibercop SpA, Series 2033, 6.38%, 11/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326353 |
| &nbsp;&nbsp;Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;6.38%, 11/15/2033 | &nbsp;&nbsp;&nbsp;258000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257775 |
| &nbsp;&nbsp;7.20%, 07/18/2036 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788887 |
| &nbsp;&nbsp;**JERSEY—1.0%** | &nbsp;&nbsp;**JERSEY—1.0%** | &nbsp;&nbsp;**JERSEY—1.0%** |
| &nbsp;&nbsp;**Auto Manufacturers—0.4%** |  |  |
| &nbsp;&nbsp;Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330787 |
| &nbsp;&nbsp;**Retail—0.6%** |  |  |
| &nbsp;&nbsp;Waga Bondco Ltd., 8.50%, 06/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421885 |
| &nbsp;&nbsp;**Total Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**752672** |
| &nbsp;&nbsp;**LUXEMBOURG—1.0%** | &nbsp;&nbsp;**LUXEMBOURG—1.0%** | &nbsp;&nbsp;**LUXEMBOURG—1.0%** |
| &nbsp;&nbsp;**Chemicals—1.0%** |  |  |
| &nbsp;&nbsp;INEOS Finance PLC, 7.50%, 04/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413280 |
| &nbsp;&nbsp;Monitchem HoldCo 3 SA, 8.75%, 05/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782381 |
| &nbsp;&nbsp;**Entertainment—0.0%** |  |  |
| &nbsp;&nbsp;LHMC Finco 2 SARL, 7.250% Cash or 8.000% PIK, 10/02/2025<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8336 |
| &nbsp;&nbsp;**Machinery-Diversified—0.0%** |  |  |
| &nbsp;&nbsp;Galapagos SA, 5.38%, 06/15/2021<sup>(b)(e)(f)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**790717** |
| &nbsp;&nbsp;**MEXICO—3.2%** | &nbsp;&nbsp;**MEXICO—3.2%** | &nbsp;&nbsp;**MEXICO—3.2%** |
| &nbsp;&nbsp;**Building Materials—0.4%** |  |  |
| &nbsp;&nbsp;Cemex SAB de CV, (fixed rate to 06/08/2026, variable rate thereafter), VRN, 5.13%, 06/08/2026<sup>(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314219 |
| &nbsp;&nbsp;**Electric Utilities—0.8%** |  |  |
| &nbsp;&nbsp;Saavi Energia SARL, 8.88%, 02/10/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562800 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—2.0%** |  |  |
| &nbsp;&nbsp;Petroleos Mexicanos, 3.75%, 11/16/2025<sup>(b)</sup> | 1192000 | &nbsp;&nbsp;$1551139 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2428158** |
| &nbsp;&nbsp;**NETHERLANDS—1.1%** | &nbsp;&nbsp;**NETHERLANDS—1.1%** | &nbsp;&nbsp;**NETHERLANDS—1.1%** |
| &nbsp;&nbsp;**Food Products—0.9%** |  |  |
| &nbsp;&nbsp;Flora Food Management BV, 6.88%, 07/02/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 467422 |
| &nbsp;&nbsp;Sigma Holdco BV, 7.88%, 05/15/2026<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665433 |
| &nbsp;&nbsp;**Media—0.2%** |  |  |
| &nbsp;&nbsp;Ziggo Bond Co. BV, 5.13%, 02/28/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177233 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**842666** |
| &nbsp;&nbsp;**NIGERIA—0.7%** | &nbsp;&nbsp;**NIGERIA—0.7%** | &nbsp;&nbsp;**NIGERIA—0.7%** |
| &nbsp;&nbsp;**Engineering & Construction—0.7%** |  |  |
| &nbsp;&nbsp;IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;7.88%, 05/29/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp; 255464 |
| &nbsp;&nbsp;8.25%, 11/29/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 289020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544484 |
| &nbsp;&nbsp;**SPAIN—0.3%** | &nbsp;&nbsp;**SPAIN—0.3%** | &nbsp;&nbsp;**SPAIN—0.3%** |
| &nbsp;&nbsp;**Commercial Banks—0.3%** |  |  |
| &nbsp;&nbsp;Abanca Corp. Bancaria SA, (fixed rate to 07/14/2028, variable rate thereafter), VRN, 10.63%, 07/14/2028<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259423 |
| &nbsp;&nbsp;**SWITZERLAND—0.9%** | &nbsp;&nbsp;**SWITZERLAND—0.9%** | &nbsp;&nbsp;**SWITZERLAND—0.9%** |
| &nbsp;&nbsp;**Chemicals—0.9%** |  |  |
| &nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;6.50%, 05/15/2026<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144589 |
| &nbsp;&nbsp;5.63%, 10/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204677 |
| &nbsp;&nbsp;12.00%, 02/15/2031<sup>(b)</sup> | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691827 |
| &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** |
| &nbsp;&nbsp;**Metals & Mining—0.3%** |  |  |
| &nbsp;&nbsp;WE Soda Investments Holding PLC, 9.50%, 10/06/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217846 |
| &nbsp;&nbsp;**UNITED KINGDOM—5.6%** | &nbsp;&nbsp;**UNITED KINGDOM—5.6%** | &nbsp;&nbsp;**UNITED KINGDOM—5.6%** |
| &nbsp;&nbsp;**Building Materials—0.6%** |  |  |
| &nbsp;&nbsp;Project Grand U.K. PLC, 9.00%, 06/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479501 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.9%** |  |  |
| &nbsp;&nbsp;BCP V Modular Services Finance PLC, 6.75%, 11/30/2029<sup>(b)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406809 |
| &nbsp;&nbsp;Belron U.K. Finance PLC, 5.75%, 10/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706427 |
| &nbsp;&nbsp;**Diversified Financial Services—1.0%** |  |  |
| &nbsp;&nbsp;Jerrold Finco PLC, 7.88%, 04/15/2030<sup>(b)</sup> | &nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542483 |
| &nbsp;&nbsp;Sherwood Financing PLC, 9.63%, 12/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770603 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.9%** |  |  |
| &nbsp;&nbsp;Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029<sup>(b)</sup> | $1591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488330 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **2** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (continued)

April 30, 2025 (Unaudited)

abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** | &nbsp;&nbsp;**UNITED KINGDOM (continued)** |
| &nbsp;&nbsp;**Entertainment—0.3%** |  |  |
| &nbsp;&nbsp;888 Acquisitions Ltd., 7.56%, 07/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$226321 |
| &nbsp;&nbsp;**Food Products—0.5%** |  |  |
| &nbsp;&nbsp;Bellis Acquisition Co. PLC, 8.13%, 05/14/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373251 |
| &nbsp;&nbsp;**Media—0.4%** |  |  |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp; 305506 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4349939** |
| &nbsp;&nbsp;**UNITED STATES—52.6%** | &nbsp;&nbsp;**UNITED STATES—52.6%** | &nbsp;&nbsp;**UNITED STATES—52.6%** |
| &nbsp;&nbsp;**Agriculture—0.5%** |  |  |
| &nbsp;&nbsp;Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp; 408391 |
| &nbsp;&nbsp;**Auto Manufacturers—0.8%** |  |  |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC, 6.53%, 03/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp; 623430 |
| &nbsp;&nbsp;**Auto Parts & Equipment—1.3%** |  |  |
| &nbsp;&nbsp;Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;554000 | &nbsp;&nbsp;&nbsp;&nbsp; 524958 |
| &nbsp;&nbsp;Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| &nbsp;&nbsp;6.75%, 05/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157421 |
| &nbsp;&nbsp;6.75%, 02/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84436 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;5.00%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76093 |
| &nbsp;&nbsp;5.63%, 04/30/2033 | &nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011959 |
| &nbsp;&nbsp;**Building Materials—3.1%** |  |  |
| &nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279242 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc. |  |  |
| &nbsp;&nbsp;6.13%, 01/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498380 |
| &nbsp;&nbsp;9.50%, 08/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229684 |
| &nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310223 |
| &nbsp;&nbsp;MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305497 |
| &nbsp;&nbsp;New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387959 |
| &nbsp;&nbsp;**Chemicals—1.9%** |  |  |
| &nbsp;&nbsp;Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;6.58%, 07/15/2029 | &nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868336 |
| &nbsp;&nbsp;6.80%, 11/15/2030 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149948 |
| &nbsp;&nbsp;Olin Corp., 6.63%, 04/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;458000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452858 |
| &nbsp;&nbsp;**Coal—0.6%** |  |  |
| &nbsp;&nbsp;SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;492000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451986 |
| &nbsp;&nbsp;**Commercial Services & Supplies—1.7%** |  |  |
| &nbsp;&nbsp;Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697709 |
| &nbsp;&nbsp;Neptune Bidco U.S., Inc., 9.29%, 04/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314479 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Diversified Financial Services—1.7%** |  |  |
| &nbsp;&nbsp;Azorra Finance Ltd., 7.75%, 04/15/2030<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;$732302 |
| &nbsp;&nbsp;PennyMac Financial Services, Inc., 6.88%, 02/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311493 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.1%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC, 6.00%, 01/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417474 |
| &nbsp;&nbsp;U.S. Cellular Corp., 6.70%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;397000 | &nbsp;&nbsp;&nbsp;&nbsp; 429758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847232 |
| &nbsp;&nbsp;**Electric Utilities—1.6%** |  |  |
| &nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;6.00%, 02/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp; 190975 |
| &nbsp;&nbsp;7.00%, 03/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp; 434203 |
| &nbsp;&nbsp;6.25%, 11/01/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp; 368433 |
| &nbsp;&nbsp;PG&E Corp., (fixed rate to 12/15/2029, variable rate thereafter), VRN, 7.38%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp; 233960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227571 |
| &nbsp;&nbsp;**Electrical Components &<br> Equipment—0.8%** |  |  |
| &nbsp;&nbsp;EnerSys, 6.63%, 01/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644236 |
| &nbsp;&nbsp;**Energy Equipment & Services—2.6%** |  |  |
| &nbsp;&nbsp;Hess Midstream Operations LP, 4.25%, 02/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262835 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;793000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724056 |
| &nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;957000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958594 |
| &nbsp;&nbsp;**Entertainment—2.6%** |  |  |
| &nbsp;&nbsp;Affinity Interactive, 6.88%, 12/15/2027<sup>(b)</sup> | 1631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169378 |
| &nbsp;&nbsp;CCM Merger, Inc., 6.38%, 05/01/2026<sup>(b)</sup> | &nbsp;&nbsp;843000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013362 |
| &nbsp;&nbsp;**Food Products—1.8%** |  |  |
| &nbsp;&nbsp;Fiesta Purchaser, Inc. |  |  |
| &nbsp;&nbsp;7.88%, 03/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385502 |
| &nbsp;&nbsp;9.63%, 09/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;592000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619014 |
| &nbsp;&nbsp;U.S. Foods, Inc., 5.75%, 04/15/2033<sup>(b)</sup> | &nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380647 |
| &nbsp;&nbsp;**Gas Utilities—0.6%** |  |  |
| &nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;7.50%, 05/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229803 |
| &nbsp;&nbsp;7.75%, 05/01/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459828 |
| &nbsp;&nbsp;**Healthcare Providers & Services—1.4%** |  |  |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;8.00%, 12/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168084 |
| &nbsp;&nbsp;6.13%, 04/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75690 |
| &nbsp;&nbsp;5.25%, 05/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354058 |
| &nbsp;&nbsp;10.88%, 01/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100664 |
| &nbsp;&nbsp;**Home Furnishings—0.8%** |  |  |
| &nbsp;&nbsp;Somnigroup International, Inc., 3.88%, 10/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645188 |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>3</sub>

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (continued)

April 30, 2025 (Unaudited)

abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Housewares—0.5%** |  |  |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;$410209 |
| &nbsp;&nbsp;**Insurance—0.5%** |  |  |
| &nbsp;&nbsp;Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp; 401602 |
| &nbsp;&nbsp;**Internet—0.5%** |  |  |
| &nbsp;&nbsp;Cogent Communications Group, Inc./Cogent Communications Finance, Inc., 7.00%, 06/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp; 383208 |
| &nbsp;&nbsp;**Iron/Steel—0.9%** |  |  |
| &nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;7.00%, 03/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;609000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572147 |
| &nbsp;&nbsp;7.38%, 05/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683074 |
| &nbsp;&nbsp;**Leisure Time—1.6%** |  |  |
| &nbsp;&nbsp;Acushnet Co., 7.38%, 10/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301122 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(b)</sup> | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 960017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261139 |
| &nbsp;&nbsp;**Lodging—0.8%** |  |  |
| &nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;592000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591604 |
| &nbsp;&nbsp;**Machinery-Diversified—0.5%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc., 7.50%, 01/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406695 |
| &nbsp;&nbsp;**Media—4.4%** |  |  |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;4.25%, 02/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512298 |
| &nbsp;&nbsp;4.75%, 02/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;897000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811749 |
| &nbsp;&nbsp;4.25%, 01/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165108 |
| &nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;11.75%, 01/31/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247700 |
| &nbsp;&nbsp;6.50%, 02/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247805 |
| &nbsp;&nbsp;5.75%, 01/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132908 |
| &nbsp;&nbsp;4.13%, 12/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189847 |
| &nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;8.00%, 08/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184556 |
| &nbsp;&nbsp;8.50%, 07/31/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362594 |
| &nbsp;&nbsp;**Oil & Gas—1.4%** |  |  |
| &nbsp;&nbsp;Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307237 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.88%, 05/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356069 |
| &nbsp;&nbsp;Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;601000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070927 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.6%** |  |  |
| &nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;9.75%, 10/15/2030 | &nbsp;&nbsp;388000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328702 |
| &nbsp;&nbsp;7.88%, 04/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433582 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Packaging & Containers—2.1%** |  |  |
| &nbsp;&nbsp;Graphic Packaging International LLC, 6.38%, 07/15/2032<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;608000 | &nbsp;&nbsp;$610992 |
| &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 960276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571268 |
| &nbsp;&nbsp;**Paper & Forest Products—1.2%** |  |  |
| &nbsp;&nbsp;Magnera Corp., 7.25%, 11/15/2031<sup>(b)</sup> | 1001000 | &nbsp;&nbsp;&nbsp;&nbsp; 946576 |
| &nbsp;&nbsp;**Pharmaceutical—3.8%** |  |  |
| &nbsp;&nbsp;1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 391670 |
| &nbsp;&nbsp;Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;4.88%, 06/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp; 329733 |
| &nbsp;&nbsp;5.00%, 02/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131658 |
| &nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| &nbsp;&nbsp;5.13%, 04/30/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp; 354206 |
| &nbsp;&nbsp;6.75%, 05/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;606000 | &nbsp;&nbsp;&nbsp;&nbsp; 571423 |
| &nbsp;&nbsp;7.88%, 05/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196177 |
| &nbsp;&nbsp;Owens & Minor, Inc., 10.00%, 04/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;438000 | &nbsp;&nbsp;&nbsp;&nbsp; 452067 |
| &nbsp;&nbsp;Perrigo Finance Unlimited Co., 4.90%, 06/15/2030 | &nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901822 |
| &nbsp;&nbsp;**Pipelines—3.4%** |  |  |
| &nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;953000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978314 |
| &nbsp;&nbsp;Hess Midstream Operations LP, 6.50%, 06/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448882 |
| &nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;(fixed rate to 09/30/2029, variable rate thereafter), VRN, 9.00%, 09/30/2029<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;993000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853518 |
| &nbsp;&nbsp;8.38%, 06/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649083 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—0.4%** |  |  |
| &nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263323 |
| &nbsp;&nbsp;**Retail—3.5%** |  |  |
| &nbsp;&nbsp;Academy Ltd., 6.00%, 11/15/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476138 |
| &nbsp;&nbsp;Macy's Retail Holdings LLC, 5.88%, 03/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310120 |
| &nbsp;&nbsp;Staples, Inc., 10.75%, 09/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618620 |
| &nbsp;&nbsp;Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;3.45%, 06/01/2026 | &nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339118 |
| &nbsp;&nbsp;8.13%, 08/15/2029 | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701209 |
| &nbsp;&nbsp;**Software—1.6%** |  |  |
| &nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;9.00%, 09/30/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331444 |
| &nbsp;&nbsp;8.25%, 06/30/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301461 |
| &nbsp;&nbsp;Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 7.88%, 05/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;507000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205710 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**40483502** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **4** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (continued)

April 30, 2025 (Unaudited)

abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**ZAMBIA—1.8%** | &nbsp;&nbsp;**ZAMBIA—1.8%** | &nbsp;&nbsp;**ZAMBIA—1.8%** |
| &nbsp;&nbsp;**Metals & Mining—1.8%** |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;6.88%, 10/15/2027<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;848000 | &nbsp;&nbsp;$837595 |
| &nbsp;&nbsp;8.63%, 06/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp; 386164 |
| &nbsp;&nbsp;8.00%, 03/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421635 |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;**67355867** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.6%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.6%** |  |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;76440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2797704 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2797704** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—0.9%** | &nbsp;&nbsp;**GOVERNMENT BONDS—0.9%** |  |
| &nbsp;&nbsp;**COLOMBIA—0.9%** | &nbsp;&nbsp;**COLOMBIA—0.9%** | &nbsp;&nbsp;**COLOMBIA—0.9%** |
| &nbsp;&nbsp;Colombia Government International Bonds, 8.38%, 11/07/2054 | &nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;&nbsp;&nbsp; 707005 |
| &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**707005** |
| &nbsp;&nbsp;**U.S. TREASURIES—0.5%** | &nbsp;&nbsp;**U.S. TREASURIES—0.5%** |  |
| &nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;376700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377150 |
| &nbsp;&nbsp;**Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**377150** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—5.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—5.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(i)</sup> | 3809174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809174 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3809174** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $78,853,813)<sup>(j)</sup>—98.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $78,853,813)<sup>(j)</sup>—98.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**75893665** |
| &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;1104376 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$76998041** |

---

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

<sup>(a)</sup> Variable or Floating Rate security. Rate disclosed is as of April 30, 2025.

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

<sup>(c)</sup> Perpetual maturity. Maturity date presented represents the next call date.

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

<sup>(e)</sup> Security is in default.

<sup>(f)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.0% of net assets as of April 30, 2025.

<sup>(g)</sup> Payment-in-kind security for which part of the income earned may be paid as additional principal.

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

<sup>(i)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 |
| VRN | Variable Rate Note |

---

As of April 30, 2025, the Fund held the following forward foreign currency contracts:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;64146 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;82018 | &nbsp;&nbsp;$85510 | &nbsp;&nbsp;$3492 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;GBP | &nbsp;&nbsp;655361 | &nbsp;&nbsp;USD | &nbsp;&nbsp;871830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;GBP | &nbsp;&nbsp;256953 | &nbsp;&nbsp;USD | &nbsp;&nbsp;327052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342533 | &nbsp;&nbsp;&nbsp;&nbsp;15481 |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;468341 | &nbsp;&nbsp;USD | &nbsp;&nbsp;535241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532738 | &nbsp;&nbsp;&nbsp;&nbsp;(2503) |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;52277 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;58004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;150209 | &nbsp;&nbsp;USD | &nbsp;&nbsp;165409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;162262 | &nbsp;&nbsp;USD | &nbsp;&nbsp;185321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(748) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$2249314** | &nbsp;&nbsp;**$24439** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>5</sub>

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn High Income Opportunities Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61903 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;46470 | &nbsp;&nbsp;$61947 | &nbsp;&nbsp;$(44) |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;5940115 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;4507676 | &nbsp;&nbsp;&nbsp;&nbsp;6008980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68865) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;404730 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;353166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;82443 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;72086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;5752454 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5167397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5877917 | &nbsp;&nbsp;&nbsp;&nbsp;(125463) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$12432569** | &nbsp;&nbsp;**$(190924)** |
| &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;**$31138** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(197623)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **6** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Infrastructure Debt Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—55.3%** | &nbsp;&nbsp;**CORPORATE BONDS—55.3%** |  |
| &nbsp;&nbsp;**CANADA—1.7%** | &nbsp;&nbsp;**CANADA—1.7%** | &nbsp;&nbsp;**CANADA—1.7%** |
| &nbsp;&nbsp;**Electric Utilities—1.0%** |  |  |
| &nbsp;&nbsp;TransAlta Corp., 7.75%, 11/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;$233299 |
| &nbsp;&nbsp;**Oil & Gas Services—0.7%** |  |  |
| &nbsp;&nbsp;Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp; 160576 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**393875** |
| &nbsp;&nbsp;**GEORGIA—1.3%** | &nbsp;&nbsp;**GEORGIA—1.3%** | &nbsp;&nbsp;**GEORGIA—1.3%** |
| &nbsp;&nbsp;**Transportation—1.3%** |  |  |
| &nbsp;&nbsp;Georgian Railway JSC, 4.00%, 06/17/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297293 |
| &nbsp;&nbsp;**GUATEMALA—1.8%** | &nbsp;&nbsp;**GUATEMALA—1.8%** | &nbsp;&nbsp;**GUATEMALA—1.8%** |
| &nbsp;&nbsp;**Electric Utilities—1.8%** |  |  |
| &nbsp;&nbsp;Investment Energy Resources Ltd., 6.25%, 04/26/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp; 430188 |
| &nbsp;&nbsp;**IRELAND—0.3%** | &nbsp;&nbsp;**IRELAND—0.3%** | &nbsp;&nbsp;**IRELAND—0.3%** |
| &nbsp;&nbsp;**Diversified Financial Services—0.3%** |  |  |
| &nbsp;&nbsp;TrueNoord Capital DAC, 8.75%, 03/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61289 |
| &nbsp;&nbsp;**NETHERLANDS—2.3%** | &nbsp;&nbsp;**NETHERLANDS—2.3%** | &nbsp;&nbsp;**NETHERLANDS—2.3%** |
| &nbsp;&nbsp;**Media—2.3%** |  |  |
| &nbsp;&nbsp;VZ Vendor Financing II BV, 2.88%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530619 |
| &nbsp;&nbsp;**PERU—1.3%** | &nbsp;&nbsp;**PERU—1.3%** | &nbsp;&nbsp;**PERU—1.3%** |
| &nbsp;&nbsp;**Electric Utilities—1.3%** |  |  |
| &nbsp;&nbsp;Consorcio Transmantaro SA, 4.70%, 04/16/2034<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301346 |
| &nbsp;&nbsp;**UNITED KINGDOM—2.8%** | &nbsp;&nbsp;**UNITED KINGDOM—2.8%** | &nbsp;&nbsp;**UNITED KINGDOM—2.8%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—2.8%** |  |  |
| &nbsp;&nbsp;Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187093 |
| &nbsp;&nbsp;Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649643 |
| &nbsp;&nbsp;**UNITED STATES—43.8%** | &nbsp;&nbsp;**UNITED STATES—43.8%** | &nbsp;&nbsp;**UNITED STATES—43.8%** |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.5%** |  |  |
| &nbsp;&nbsp;Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111814 |
| &nbsp;&nbsp;**Building Materials—0.9%** |  |  |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 9.50%, 08/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204454 |
| &nbsp;&nbsp;**Chemicals—0.6%** |  |  |
| &nbsp;&nbsp;Olin Corp., 6.63%, 04/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129993 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.7%** |  |  |
| &nbsp;&nbsp;Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167674 |
| &nbsp;&nbsp;**Diversified Financial Services—8.7%** |  |  |
| &nbsp;&nbsp;Azorra Finance Ltd., 7.75%, 04/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;227000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225248 |
| &nbsp;&nbsp;Gabon Blue Bond Master Trust, Series 2, 6.10%, 08/01/2038<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006695 |
| &nbsp;&nbsp;Low Income Investment Fund, Series 2019, 3.39%, 07/01/2026 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016844 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—2.3%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC, 8.63%, 03/15/2031<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;$292701 |
| &nbsp;&nbsp;U.S. Cellular Corp., 6.70%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp; 238153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530854 |
| &nbsp;&nbsp;**Electric Utilities—6.2%** |  |  |
| &nbsp;&nbsp;Clearway Energy Operating LLC, 3.75%, 01/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp; 235882 |
| &nbsp;&nbsp;NRG Energy, Inc., 7.00%, 03/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp; 132523 |
| &nbsp;&nbsp;Talen Energy Supply LLC, 8.63%, 06/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;409000 | &nbsp;&nbsp;&nbsp;&nbsp; 436798 |
| &nbsp;&nbsp;Vistra Corp., (fixed rate to 12/15/2026, variable rate thereafter), VRN, 7.00%, 12/15/2026<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp; 641284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446487 |
| &nbsp;&nbsp;**Electrical Components &<br> Equipment—1.9%** |  |  |
| &nbsp;&nbsp;EnerSys, 6.63%, 01/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp; 448208 |
| &nbsp;&nbsp;**Energy Equipment & Services—2.1%** |  |  |
| &nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp; 494482 |
| &nbsp;&nbsp;**Engineering & Construction—2.9%** |  |  |
| &nbsp;&nbsp;LBJ Infrastructure Group LLC, 3.80%, 12/31/2057<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 675018 |
| &nbsp;&nbsp;**Healthcare Providers & Services—6.2%** |  |  |
| &nbsp;&nbsp;CommonSpirit Health, 3.91%, 10/01/2050 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574277 |
| &nbsp;&nbsp;Toledo Hospital, 6.02%, 11/15/2048 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447297 |
| &nbsp;&nbsp;**Internet—0.8%** |  |  |
| &nbsp;&nbsp;Cogent Communications Group, Inc./Cogent Communications Finance, Inc., 7.00%, 06/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180569 |
| &nbsp;&nbsp;**Iron/Steel—0.1%** |  |  |
| &nbsp;&nbsp;Cleveland-Cliffs, Inc., 7.38%, 05/01/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34782 |
| &nbsp;&nbsp;**Machinery-Diversified—1.9%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc., 9.50%, 01/01/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433721 |
| &nbsp;&nbsp;**Media—3.5%** |  |  |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482688 |
| &nbsp;&nbsp;Univision Communications, Inc., 7.38%, 06/30/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826077 |
| &nbsp;&nbsp;**Packaging & Containers—1.5%** |  |  |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/2029<sup>(a)</sup> | &nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342955 |
| &nbsp;&nbsp;**Pipelines—1.5%** |  |  |
| &nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(a)</sup> | $&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352111 |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>7</sub>

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (continued)

April 30, 2025 (Unaudited)

abrdn Infrastructure Debt Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |
| &nbsp;&nbsp;**Retail—1.5%** |  |  |  |
| &nbsp;&nbsp;Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;$361036 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**10204376** |
| &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;**12868629** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —41.5%** | &nbsp;&nbsp;**MUNICIPAL BONDS —41.5%** | &nbsp;&nbsp;**MUNICIPAL BONDS —41.5%** |  |
| &nbsp;&nbsp;**CALIFORNIA—8.6%** | &nbsp;&nbsp;**CALIFORNIA—8.6%** | &nbsp;&nbsp;**CALIFORNIA—8.6%** | &nbsp;&nbsp;**CALIFORNIA—8.6%** |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 10/01/2049 |  | &nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 9.50%, 01/01/2065<sup>(a)(d)</sup> |  | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154432 |
| &nbsp;&nbsp;California Statewide Communities Development Authority, (AGM), Series B, 7.14%, 08/15/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782212 |
| &nbsp;&nbsp;City & County of San Francisco Community Facilities District No., Series B, 6.33%, 09/01/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 401574 |
| &nbsp;&nbsp;**Total California** | &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2009744** |
| &nbsp;&nbsp;**FLORIDA—0.9%** | &nbsp;&nbsp;**FLORIDA—0.9%** | &nbsp;&nbsp;**FLORIDA—0.9%** | &nbsp;&nbsp;**FLORIDA—0.9%** |
| &nbsp;&nbsp;County of Miami-Dade Seaport Department, 6.22%, 11/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 208824 |
| &nbsp;&nbsp;**ILLINOIS—3.7%** | &nbsp;&nbsp;**ILLINOIS—3.7%** | &nbsp;&nbsp;**ILLINOIS—3.7%** | &nbsp;&nbsp;**ILLINOIS—3.7%** |
| &nbsp;&nbsp;Illinois Municipal Electric Agency, 7.29%, 02/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 866746 |
| &nbsp;&nbsp;**MARYLAND—4.2%** | &nbsp;&nbsp;**MARYLAND—4.2%** | &nbsp;&nbsp;**MARYLAND—4.2%** | &nbsp;&nbsp;**MARYLAND—4.2%** |
| &nbsp;&nbsp;Maryland Economic Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 05/31/2057 |  | &nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 7.13%, 06/01/2025 |  | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500505 |
| &nbsp;&nbsp;**Total Maryland** | &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**970238** |
| &nbsp;&nbsp;**MASSACHUSETTS—4.3%** | &nbsp;&nbsp;**MASSACHUSETTS—4.3%** | &nbsp;&nbsp;**MASSACHUSETTS—4.3%** | &nbsp;&nbsp;**MASSACHUSETTS—4.3%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency, Series E, 8.50%, 10/01/2026 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008528 |
| &nbsp;&nbsp;**NEVADA—1.7%** | &nbsp;&nbsp;**NEVADA—1.7%** | &nbsp;&nbsp;**NEVADA—1.7%** | &nbsp;&nbsp;**NEVADA—1.7%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(a)(d)</sup> |  | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385100 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.7%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority, 3.25%, 04/01/2028 |  | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403137 |
| &nbsp;&nbsp;**NEW YORK—7.5%** | &nbsp;&nbsp;**NEW YORK—7.5%** | &nbsp;&nbsp;**NEW YORK—7.5%** | &nbsp;&nbsp;**NEW YORK—7.5%** |
| &nbsp;&nbsp;Dutchess County Local Development Corp., Series B, 5.92%, 07/01/2039 |  | &nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951812 |
| &nbsp;&nbsp;New York Transportation Development Corp., Series B, 6.97%, 06/30/2051 |  | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796811 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1748623** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**TEXAS—4.4%** | &nbsp;&nbsp;**TEXAS—4.4%** | &nbsp;&nbsp;**TEXAS—4.4%** |
| &nbsp;&nbsp;Port of Beaumont Navigation District, Series B, 10.00%, 07/01/2026<sup>(a)</sup> | $1000000 | &nbsp;&nbsp;$1027193 |
| &nbsp;&nbsp;**WISCONSIN—4.5%** | &nbsp;&nbsp;**WISCONSIN—4.5%** | &nbsp;&nbsp;**WISCONSIN—4.5%** |
| &nbsp;&nbsp;County of Fond Du Lac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 6.18%, 11/01/2042<sup>(a)</sup> | &nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 6.20%, 05/01/2054<sup>(a)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391816 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1042824** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9670957** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.6%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;361768 | &nbsp;&nbsp;&nbsp;&nbsp; 361768 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**361768** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $22,895,160)<sup>(f)</sup>—98.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $22,895,160)<sup>(f)</sup>—98.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**22901354** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.6% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370862 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$23272216** |

---

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

<sup>(b)</sup> Sinkable security.

<sup>(c)</sup> Perpetual maturity. Maturity date presented represents the next call date.

<sup>(d)</sup> Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

<sup>(e)</sup> Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Infrastructure Debt Fund

------

As of April 30, 2025, the Fund held the following forward foreign currency contracts:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;8173 | &nbsp;&nbsp;USD | &nbsp;&nbsp;10473 | &nbsp;&nbsp;$10895 | &nbsp;&nbsp;$422 |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;19963 | &nbsp;&nbsp;USD | &nbsp;&nbsp;22196 | &nbsp;&nbsp;&nbsp;&nbsp;22708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;30471 | &nbsp;&nbsp;USD | &nbsp;&nbsp;33557 | &nbsp;&nbsp;&nbsp;&nbsp;34661 | &nbsp;&nbsp;&nbsp;&nbsp;1104 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$68264** | &nbsp;&nbsp;**$2038** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151 | &nbsp;&nbsp;$6866 | &nbsp;&nbsp;$(49) |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;453538 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;344835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6138) |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;12724 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;864346 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;776126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882832 | &nbsp;&nbsp;&nbsp;&nbsp;(18486) |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;10951 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;9607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9512 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;10055 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;9052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;16376 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;14318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;21764 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;19054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$1430969** | &nbsp;&nbsp;**$(24886)** |
| &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;**$2276** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(25124)** |

---

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

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>9</sub>

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Intermediate Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —98.3%** | &nbsp;&nbsp;**MUNICIPAL BONDS —98.3%** |  |
| &nbsp;&nbsp;**ALABAMA—4.5%** | &nbsp;&nbsp;**ALABAMA—4.5%** | &nbsp;&nbsp;**ALABAMA—4.5%** |
| &nbsp;&nbsp;Black Belt Energy Gas District, VRDN, Series D-1, 5.50%, 06/01/2049<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;$151646 |
| &nbsp;&nbsp;Mobile County Industrial Development Authority, Series A, 5.00%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 568936 |
| &nbsp;&nbsp;Southeast Energy Authority A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2032 | &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2035 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772047 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1897589** |
| &nbsp;&nbsp;**ARIZONA—0.2%** | &nbsp;&nbsp;**ARIZONA—0.2%** | &nbsp;&nbsp;**ARIZONA—0.2%** |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority, Series B, 5.00%, 07/01/2049<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94191 |
| &nbsp;&nbsp;**CALIFORNIA—5.7%** | &nbsp;&nbsp;**CALIFORNIA—5.7%** | &nbsp;&nbsp;**CALIFORNIA—5.7%** |
| &nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign, (AGM), Series B, 4.38%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92236 |
| &nbsp;&nbsp;California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038934 |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank, VRDN, Series A, 9.50%, 01/01/2065<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193040 |
| &nbsp;&nbsp;California School Finance Authority, 5.50%, 08/01/2047<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101863 |
| &nbsp;&nbsp;M-S-R Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.50%, 11/01/2039 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 6.13%, 11/01/2029 | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387465 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2407133** |
| &nbsp;&nbsp;**CONNECTICUT—3.7%** | &nbsp;&nbsp;**CONNECTICUT—3.7%** | &nbsp;&nbsp;**CONNECTICUT—3.7%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority, Series F, 5.00%, 07/01/2027 | 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138372 |
| &nbsp;&nbsp;State of Connecticut, Series B, 3.00%, 06/01/2040 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411034 |
| &nbsp;&nbsp;**Total Connecticut** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1549406** |
| &nbsp;&nbsp;**FLORIDA—6.5%** | &nbsp;&nbsp;**FLORIDA—6.5%** | &nbsp;&nbsp;**FLORIDA—6.5%** |
| &nbsp;&nbsp;Capital Projects Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.25%, 06/01/2044<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/01/2048 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295364 |
| &nbsp;&nbsp;Capital Trust Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 4.75%, 06/15/2040<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.13%, 06/15/2060<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198217 |
| &nbsp;&nbsp;City of Venice, Series B-3, 4.25%, 01/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222815 |
| &nbsp;&nbsp;Florida Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 07/01/2044 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.25%, 07/01/2053 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2039<sup>(b)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2056<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562534 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2747266** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**GEORGIA—1.2%** | &nbsp;&nbsp;**GEORGIA—1.2%** | &nbsp;&nbsp;**GEORGIA—1.2%** |
| &nbsp;&nbsp;Main Street Natural Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 05/15/2035 | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$260712 |
| &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;253408 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**514120** |
| &nbsp;&nbsp;**ILLINOIS—0.5%** | &nbsp;&nbsp;**ILLINOIS—0.5%** | &nbsp;&nbsp;**ILLINOIS—0.5%** |
| &nbsp;&nbsp;St. Clair County Community Unit School District No. 187 Cahokia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series A, 5.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series A, 5.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102060 |
| &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**209899** |
| &nbsp;&nbsp;**INDIANA—4.4%** | &nbsp;&nbsp;**INDIANA—4.4%** | &nbsp;&nbsp;**INDIANA—4.4%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2049 | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2053 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2054 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 06/01/2058 | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034775 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1840098** |
| &nbsp;&nbsp;**IOWA—1.3%** | &nbsp;&nbsp;**IOWA—1.3%** | &nbsp;&nbsp;**IOWA—1.3%** |
| &nbsp;&nbsp;Iowa Finance Authority, Series A, 5.13%, 05/15/2059 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566831 |
| &nbsp;&nbsp;**LOUISIANA—0.0%** | &nbsp;&nbsp;**LOUISIANA—0.0%** | &nbsp;&nbsp;**LOUISIANA—0.0%** |
| &nbsp;&nbsp;Louisiana Public Facilities Authority, (Pre-refunded @ $100.000000, 05/15/2026), 3.00%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9978 |
| &nbsp;&nbsp;**MARYLAND—0.8%** | &nbsp;&nbsp;**MARYLAND—0.8%** | &nbsp;&nbsp;**MARYLAND—0.8%** |
| &nbsp;&nbsp;Maryland Economic Development Corp., Series A-1, 5.00%, 06/01/2026 | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349552 |
| &nbsp;&nbsp;**MISSISSIPPI—4.3%** | &nbsp;&nbsp;**MISSISSIPPI—4.3%** | &nbsp;&nbsp;**MISSISSIPPI—4.3%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp., VRDN, Series A, 4.75%, 11/01/2032<sup>(a)</sup> | 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825000 |
| &nbsp;&nbsp;**NEVADA—1.1%** | &nbsp;&nbsp;**NEVADA—1.1%** | &nbsp;&nbsp;**NEVADA—1.1%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(a)(b)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481375 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—4.0%** | &nbsp;&nbsp;**NEW HAMPSHIRE—4.0%** | &nbsp;&nbsp;**NEW HAMPSHIRE—4.0%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN (HUD), Series 1-A, 4.15%, 10/20/2040<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 4.25%, 07/20/2041 | &nbsp;&nbsp;&nbsp;705621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2048 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251814 |
| &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/01/2035 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254548 |
| &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;248809 |
| &nbsp;&nbsp;**Total New Hampshire** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1662536** |
| &nbsp;&nbsp;**NEW JERSEY—6.2%** | &nbsp;&nbsp;**NEW JERSEY—6.2%** | &nbsp;&nbsp;**NEW JERSEY—6.2%** |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A, 5.00%, 12/15/2034 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188489 |
| &nbsp;&nbsp;New Jersey Turnpike Authority, Series B, 4.13%, 01/01/2054 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924769 |
| &nbsp;&nbsp;Newark Housing Authority, 4.00%, 01/01/2037 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481069 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2594327** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **10** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (continued)

April 30, 2025 (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;**NEW YORK—11.7%** | &nbsp;&nbsp;**NEW YORK—11.7%** | &nbsp;&nbsp;**NEW YORK—11.7%** |
| &nbsp;&nbsp;Build NYC Resource Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2052 | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;$100618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.75%, 06/15/2053 | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777996 |
| &nbsp;&nbsp;City of Elmira City |  |  |
| &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;85133 |
| &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;637567 |
| &nbsp;&nbsp;Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 4.00%, 11/15/2048 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706349 |
| &nbsp;&nbsp;Nassau County Local Economic Assistance Corp., 5.00%, 07/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000353 |
| &nbsp;&nbsp;New York State Dormitory Authority, (AGC), 5.50%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 89620 |
| &nbsp;&nbsp;New York Transportation Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, 4.00%, 10/31/2034 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-P3, 5.25%, 01/01/2050 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990373 |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Co., 5.00%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102221 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;**4920945** |
| &nbsp;&nbsp;**NORTH CAROLINA—0.5%** | &nbsp;&nbsp;**NORTH CAROLINA—0.5%** | &nbsp;&nbsp;**NORTH CAROLINA—0.5%** |
| &nbsp;&nbsp;North Carolina Medical Care Commission, Series A, 5.13%, 10/01/2054 | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208281 |
| &nbsp;&nbsp;**OHIO—5.4%** | &nbsp;&nbsp;**OHIO—5.4%** | &nbsp;&nbsp;**OHIO—5.4%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00%, 06/01/2055 | 1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964191 |
| &nbsp;&nbsp;Ohio Higher Educational Facility Commission, Series B, 4.00%, 07/01/2046 | 1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916912 |
| &nbsp;&nbsp;State of Ohio, VRDN, Series C, 3.80%, 01/15/2045<sup>(a)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2281103** |
| &nbsp;&nbsp;**PENNSYLVANIA—2.2%** | &nbsp;&nbsp;**PENNSYLVANIA—2.2%** | &nbsp;&nbsp;**PENNSYLVANIA—2.2%** |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission Registration Fee Revenue, (AGM), Series A, 5.25%, 07/15/2029 | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917381 |
| &nbsp;&nbsp;**PUERTO RICO—0.2%** | &nbsp;&nbsp;**PUERTO RICO—0.2%** | &nbsp;&nbsp;**PUERTO RICO—0.2%** |
| &nbsp;&nbsp;Puerto Rico Electric Power Authority, (NPFG), Series V, 5.25%, 07/01/2026 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99129 |
| &nbsp;&nbsp;**SOUTH CAROLINA—2.6%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.6%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.6%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2044 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/01/2039<sup>(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936860 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1103093** |
| &nbsp;&nbsp;**TENNESSEE—2.9%** | &nbsp;&nbsp;**TENNESSEE—2.9%** | &nbsp;&nbsp;**TENNESSEE—2.9%** |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board, (BAM), Series A-1, 5.00%, 07/01/2064 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104151 |
| &nbsp;&nbsp;Metropolitan Nashville Airport Authority, Series B, 5.00%, 07/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000110 |
| &nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1, 5.25%, 06/01/2056<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119912 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1224173** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**TEXAS—16.4%** | &nbsp;&nbsp;**TEXAS—16.4%** | &nbsp;&nbsp;**TEXAS—16.4%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PSF-GTD), 4.00%, 08/15/2050 | $1000000 | &nbsp;&nbsp;$887606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.88%, 06/15/2056<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189883 |
| &nbsp;&nbsp;City of Houston Airport System Revenue, Series B, 5.25%, 07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506610 |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.25%, 06/15/2053<sup>(b)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47130 |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., 4.00%, 12/01/2045 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131048 |
| &nbsp;&nbsp;Harris County Health Facilities Development Corp., Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp; 937848 |
| &nbsp;&nbsp;Harris County Industrial Development Corp., VRDN, 4.05%, 11/01/2050<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 493542 |
| &nbsp;&nbsp;Matagorda County Navigation District No. 1, Series B-1, 4.00%, 06/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 987996 |
| &nbsp;&nbsp;Port of Beaumont Navigation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 01/01/2039<sup>(b)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 01/01/2050<sup>(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792357 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;**6883395** |
| &nbsp;&nbsp;**UTAH—1.6%** | &nbsp;&nbsp;**UTAH—1.6%** | &nbsp;&nbsp;**UTAH—1.6%** |
| &nbsp;&nbsp;City of Salt Lake City Airport Revenue, Series B, 5.00%, 07/01/2042 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100922 |
| &nbsp;&nbsp;Utah Charter School Finance Authority, VRDN, Series A, 5.88%, 04/15/2048<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559389 |
| &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**660311** |
| &nbsp;&nbsp;**WASHINGTON—0.6%** | &nbsp;&nbsp;**WASHINGTON—0.6%** | &nbsp;&nbsp;**WASHINGTON—0.6%** |
| &nbsp;&nbsp;Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230614 |
| &nbsp;&nbsp;**WEST VIRGINIA—0.4%** | &nbsp;&nbsp;**WEST VIRGINIA—0.4%** | &nbsp;&nbsp;**WEST VIRGINIA—0.4%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority, VRDN, 5.45%, 01/01/2055<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153504 |
| &nbsp;&nbsp;**WISCONSIN—9.4%** | &nbsp;&nbsp;**WISCONSIN—9.4%** | &nbsp;&nbsp;**WISCONSIN—9.4%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;549753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2039<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2044 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2055 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2065 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/15/2065 | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.25%, 06/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2044 | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/15/2044 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2044<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2054<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45728 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority, Series A, 5.00%, 04/01/2035 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254942 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3956873** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**41388103** |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>11</sub>

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (concluded)

April 30, 2025 (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;**SHORT-TERM INVESTMENT—0.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.2%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;&nbsp;&nbsp;65225 | &nbsp;&nbsp;$65231 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65231** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $42,385,469)<sup>(c)</sup>—98.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $42,385,469)<sup>(c)</sup>—98.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $42,385,469)<sup>(c)</sup>—98.5%** | &nbsp;&nbsp;&nbsp;**41453334** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.5% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.5% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651946 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$42105280** |

---

<sup>(a)</sup> Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **12** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—0.3%** | &nbsp;&nbsp;**CORPORATE BONDS—0.3%** |  |
| &nbsp;&nbsp;**UNITED STATES—0.3%** | &nbsp;&nbsp;**UNITED STATES—0.3%** | &nbsp;&nbsp;**UNITED STATES—0.3%** |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.3%** |  |  |
| &nbsp;&nbsp;Sunland Medical Foundation, 12.00%, 01/01/2050<sup>(a)(b)(c)</sup> | $4100000 | &nbsp;&nbsp;$280030 |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**280030** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —98.0%** | &nbsp;&nbsp;**MUNICIPAL BONDS —98.0%** |  |
| &nbsp;&nbsp;**ALABAMA—1.4%** | &nbsp;&nbsp;**ALABAMA—1.4%** | &nbsp;&nbsp;**ALABAMA—1.4%** |
| &nbsp;&nbsp;Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 5.25%, 05/01/2055<sup>(d)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D-1, 5.50%, 06/01/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298063 |
| &nbsp;&nbsp;Mobile County Industrial Development Authority, Series A, 5.00%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379291 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1101289** |
| &nbsp;&nbsp;**ARIZONA—5.1%** | &nbsp;&nbsp;**ARIZONA—5.1%** | &nbsp;&nbsp;**ARIZONA—5.1%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2036<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2037<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/15/2040<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2041<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 0.00%01/01/2059<sup>(f)</sup> | &nbsp;&nbsp;1647156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895042 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2026<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 07/01/2049<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598112 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3917005** |
| &nbsp;&nbsp;**ARKANSAS—1.1%** | &nbsp;&nbsp;**ARKANSAS—1.1%** | &nbsp;&nbsp;**ARKANSAS—1.1%** |
| &nbsp;&nbsp;City of Osceola, VRDN, 5.50%, 04/01/2036<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834852 |
| &nbsp;&nbsp;**CALIFORNIA—9.8%** | &nbsp;&nbsp;**CALIFORNIA—9.8%** | &nbsp;&nbsp;**CALIFORNIA—9.8%** |
| &nbsp;&nbsp;California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054<sup>(d)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038933 |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank, VRDN, Series A, 9.50%, 01/01/2065<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574295 |
| &nbsp;&nbsp;California Municipal Finance Authority, Series A, 5.00%, 10/01/2026<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19963 |
| &nbsp;&nbsp;California Public Finance Authority, Series B-1, 3.13%, 05/15/2029<sup>(e)</sup> | 3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950920 |
| &nbsp;&nbsp;California School Finance Authority, 5.50%, 08/01/2043<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102529 |
| &nbsp;&nbsp;Palomar Health, 5.00%, 11/01/2030 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830516 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7517156** |
| &nbsp;&nbsp;**COLORADO—5.7%** | &nbsp;&nbsp;**COLORADO—5.7%** | &nbsp;&nbsp;**COLORADO—5.7%** |
| &nbsp;&nbsp;Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 3.50%, 05/15/2030 | 2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 2.63%, 05/15/2029 | 1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618846 |
| &nbsp;&nbsp;**Total Colorado** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4391275** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**FLORIDA—12.1%** | &nbsp;&nbsp;**FLORIDA—12.1%** | &nbsp;&nbsp;**FLORIDA—12.1%** |
| &nbsp;&nbsp;Capital Projects Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.25%, 06/01/2044<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$249652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.00%, 06/01/2049<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/01/2048 | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642299 |
| &nbsp;&nbsp;Capital Trust Agency, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 12/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 05/01/2043<sup>(e)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.50%, 01/01/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284352 |
| &nbsp;&nbsp;Capital Trust Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 4.75%, 06/15/2040<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.63%, 06/15/2044<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213283 |
| &nbsp;&nbsp;City of Venice |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 4.50%, 01/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 4.25%, 01/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668444 |
| &nbsp;&nbsp;Florida Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 6.13%, 07/01/2032<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 07/01/2044 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2039<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.38%, 10/01/2054<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00%, 06/01/2044<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240146 |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority, 5.25%, 09/15/2044 | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830931 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9313244** |
| &nbsp;&nbsp;**GEORGIA—3.6%** | &nbsp;&nbsp;**GEORGIA—3.6%** | &nbsp;&nbsp;**GEORGIA—3.6%** |
| &nbsp;&nbsp;Bartow County Development Authority, VRDN, 2.70%, 11/01/2062<sup>(d)</sup> | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 |
| &nbsp;&nbsp;**ILLINOIS—2.6%** | &nbsp;&nbsp;**ILLINOIS—2.6%** | &nbsp;&nbsp;**ILLINOIS—2.6%** |
| &nbsp;&nbsp;Cook County School District No. 144 Prairie Hills, (BAM), Series A, 4.00%, 12/01/2033 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586665 |
| &nbsp;&nbsp;St. Clair County Community Unit School District No. 187 Cahokia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series A, 5.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series A, 5.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306179 |
| &nbsp;&nbsp;Village of Matteson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/01/2027 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 5.00%, 12/01/2028 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365592 |
| &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1983733** |
| &nbsp;&nbsp;**INDIANA—1.8%** | &nbsp;&nbsp;**INDIANA—1.8%** | &nbsp;&nbsp;**INDIANA—1.8%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2049 | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2053 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2054 | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323662 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1380166** |
| &nbsp;&nbsp;**IOWA—1.3%** | &nbsp;&nbsp;**IOWA—1.3%** | &nbsp;&nbsp;**IOWA—1.3%** |
| &nbsp;&nbsp;Iowa Finance Authority, Series A, 5.13%, 05/15/2059 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039190 |
| &nbsp;&nbsp;**KANSAS—3.6%** | &nbsp;&nbsp;**KANSAS—3.6%** | &nbsp;&nbsp;**KANSAS—3.6%** |
| &nbsp;&nbsp;Kansas Independent College Finance Authority, Series B, 8.50%, 05/01/2025 | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>13</sub>

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (continued)

April 30, 2025 (Unaudited)

abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**LOUISIANA—0.1%** | &nbsp;&nbsp;**LOUISIANA—0.1%** | &nbsp;&nbsp;**LOUISIANA—0.1%** |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority, Series A, 5.50%, 11/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;$99783 |
| &nbsp;&nbsp;**MARYLAND—0.7%** | &nbsp;&nbsp;**MARYLAND—0.7%** | &nbsp;&nbsp;**MARYLAND—0.7%** |
| &nbsp;&nbsp;Maryland Economic Development Corp., Series A-1, 5.00%, 06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515579 |
| &nbsp;&nbsp;**MINNESOTA—0.3%** | &nbsp;&nbsp;**MINNESOTA—0.3%** | &nbsp;&nbsp;**MINNESOTA—0.3%** |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, VRDN, 2.85%, 03/20/2027<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;**NEVADA—2.1%** | &nbsp;&nbsp;**NEVADA—2.1%** | &nbsp;&nbsp;**NEVADA—2.1%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(d)(e)</sup> | 1645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583724 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—1.8%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.8%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.8%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN (HUD), Series 1-A, 4.15%, 10/20/2040<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706199 |
| &nbsp;&nbsp;**Total New Hampshire** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1364318** |
| &nbsp;&nbsp;**NEW YORK—10.9%** | &nbsp;&nbsp;**NEW YORK—10.9%** | &nbsp;&nbsp;**NEW YORK—10.9%** |
| &nbsp;&nbsp;Build NYC Resource Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2025<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2026<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2027<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.50%, 06/15/2043 | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640604 |
| &nbsp;&nbsp;Madison County Capital Resource Corp., Series A, 5.50%, 09/01/2022<sup>(b)(g)</sup> | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380000 |
| &nbsp;&nbsp;New York State Dormitory Authority, 5.25%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55543 |
| &nbsp;&nbsp;New York Transportation Development Corp., 5.50%, 06/30/2054 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521847 |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2034 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2053 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306457 |
| &nbsp;&nbsp;Western Regional Off-Track Betting Corp., 3.00%, 12/01/2026<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517147 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8360723** |
| &nbsp;&nbsp;**OHIO—0.7%** | &nbsp;&nbsp;**OHIO—0.7%** | &nbsp;&nbsp;**OHIO—0.7%** |
| &nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority, 5.00%, 12/01/2028 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126614 |
| &nbsp;&nbsp;State of Ohio, VRDN, Series B, 3.85%, 01/15/2049<sup>(d)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**526614** |
| &nbsp;&nbsp;**PENNSYLVANIA—1.3%** | &nbsp;&nbsp;**PENNSYLVANIA—1.3%** | &nbsp;&nbsp;**PENNSYLVANIA—1.3%** |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, VRDN, Series B, 5.25%, 12/01/2038<sup>(d)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001161 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SOUTH CAROLINA—3.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.2%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.2%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2027<sup>(b)(e)(g)(h)</sup> | $1060000 | &nbsp;&nbsp;$53000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2039 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2044 | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/01/2029<sup>(e)</sup> | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/01/2039<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744804 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2434309** |
| &nbsp;&nbsp;**TENNESSEE—0.9%** | &nbsp;&nbsp;**TENNESSEE—0.9%** | &nbsp;&nbsp;**TENNESSEE—0.9%** |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board, (BAM), Series A-1, 5.00%, 07/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193422 |
| &nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1, 5.00%, 06/01/2044<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 481452 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**674874** |
| &nbsp;&nbsp;**TEXAS—10.2%** | &nbsp;&nbsp;**TEXAS—10.2%** | &nbsp;&nbsp;**TEXAS—10.2%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.88%, 06/15/2056<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559654 |
| &nbsp;&nbsp;City of Houston Airport System Revenue, Series B, 5.25%, 07/15/2033 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519829 |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2048<sup>(e)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.25%, 06/15/2053<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188520 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.75%, 07/01/2051 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 0.00%, 11/15/2061<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;737149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265835 |
| &nbsp;&nbsp;Port of Beaumont Navigation District, Series A, 5.00%, 01/01/2039<sup>(e)</sup> | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790133 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/2043 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/2058 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776357 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7855360** |
| &nbsp;&nbsp;**UTAH—3.2%** | &nbsp;&nbsp;**UTAH—3.2%** | &nbsp;&nbsp;**UTAH—3.2%** |
| &nbsp;&nbsp;Utah Charter School Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.50%, 10/15/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 5.63%, 10/15/2048<sup>(d)(e)</sup> | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949893 |
| &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2437592** |
| &nbsp;&nbsp;**WASHINGTON—3.9%** | &nbsp;&nbsp;**WASHINGTON—3.9%** | &nbsp;&nbsp;**WASHINGTON—3.9%** |
| &nbsp;&nbsp;Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384357 |
| &nbsp;&nbsp;Washington State Housing Finance Commission, Series B1, 2.50%, 07/01/2028<sup>(e)</sup> | 2775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600157 |
| &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2984514** |
| &nbsp;&nbsp;**WEST VIRGINIA—0.8%** | &nbsp;&nbsp;**WEST VIRGINIA—0.8%** | &nbsp;&nbsp;**WEST VIRGINIA—0.8%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority, VRDN, 5.45%, 01/01/2055<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609064 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**WISCONSIN—9.8%** | &nbsp;&nbsp;**WISCONSIN—9.8%** | &nbsp;&nbsp;**WISCONSIN—9.8%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2028 | $&nbsp;&nbsp;&nbsp;979000 | &nbsp;&nbsp;$980468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2032<sup>(e)</sup> | 1922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2039<sup>(e)</sup> | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2064 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 09/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 07/15/2037<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2044 | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/15/2044 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2044<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.38%, 07/15/2047<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356676 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7499325** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**75174850** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp;34687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34690 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34690** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $81,793,334)<sup>(i)</sup>—98.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $81,793,334)<sup>(i)</sup>—98.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**75489570** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.6% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245660 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$76735230** |

---

<sup>(a)</sup> Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note 2(a) of the accompanying Notes to Financial Statements for inputs used.

<sup>(b)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 4.8% of net assets as of April 30, 2025.

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

<sup>(d)</sup> Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

<sup>(f)</sup> Step bond. Rate disclosed is as of April 30, 2025.

<sup>(g)</sup> Security is in default.

<sup>(h)</sup> Security is in forbearance as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

AGM Assured Guaranty Municipal Corp. <br> BAM Build America Mutual Assurance Company <br> VRDN Variable Rate Demand Note

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **15** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments

April 30, 2025 (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—7.7%** | &nbsp;&nbsp;**ALABAMA—7.7%** | &nbsp;&nbsp;**ALABAMA—7.7%** |
| &nbsp;&nbsp;Black Belt Energy Gas District, VRDN, Series C-1, 4.00%, 10/01/2052<sup>(a)</sup> | $10000000 | &nbsp;&nbsp;$9981892 |
| &nbsp;&nbsp;Health Care Authority for Baptist Health, VRDN, Series B, 5.04%, 11/01/2042<sup>(a)</sup> | 25657000 | &nbsp;&nbsp;&nbsp;&nbsp; 25657000 |
| &nbsp;&nbsp;Lower Alabama Gas District, VRDN, 4.00%, 12/01/2050<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10004301 |
| &nbsp;&nbsp;Walker County Economic & Industrial Development Authority, VRDN, 2.70%, 08/01/2063<sup>(a)</sup> | 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 |
| &nbsp;&nbsp;West Jefferson Industrial Development Board, VRDN, 3.10%, 12/01/2038<sup>(a)</sup> | 19300000 | &nbsp;&nbsp;&nbsp;&nbsp; 19300000 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;**72243193** |
| &nbsp;&nbsp;**ARIZONA—1.2%** | &nbsp;&nbsp;**ARIZONA—1.2%** | &nbsp;&nbsp;**ARIZONA—1.2%** |
| &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix Arizona, AMT, VRDN, Series D, 3.70%, 12/01/2035<sup>(a)</sup> | 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 |
| &nbsp;&nbsp;**ARKANSAS—2.7%** | &nbsp;&nbsp;**ARKANSAS—2.7%** | &nbsp;&nbsp;**ARKANSAS—2.7%** |
| &nbsp;&nbsp;Arkansas Development Finance Authority, VRDN, Series B-4, 5.06%, 09/01/2044<sup>(a)</sup> | 25462000 | &nbsp;&nbsp;&nbsp;&nbsp; 25462000 |
| &nbsp;&nbsp;**CALIFORNIA—4.2%** | &nbsp;&nbsp;**CALIFORNIA—4.2%** | &nbsp;&nbsp;**CALIFORNIA—4.2%** |
| &nbsp;&nbsp;California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.75%, 10/01/2045<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.75%, 07/01/2041<sup>(a)</sup> | &nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.25%, 12/01/2044<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.75%, 11/01/2046<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999675 |
| &nbsp;&nbsp;California Pollution Control Financing Authority, VRDN, 3.70%, 07/01/2043<sup>(a)(b)</sup> | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737113 |
| &nbsp;&nbsp;California Statewide Communities Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series D, 6.00%, 07/01/2041<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series E, 6.00%, 07/01/2040<sup>(a)</sup> | 26025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26025000 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**39076025** |
| &nbsp;&nbsp;**FLORIDA—2.8%** | &nbsp;&nbsp;**FLORIDA—2.8%** | &nbsp;&nbsp;**FLORIDA—2.8%** |
| &nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency, Inc., VRDN, Series A-2, 4.37%, 09/01/2032<sup>(a)</sup> | 25250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25250000 |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority, VRDN, 4.25%, 11/01/2041<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998509 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26248509** |
| &nbsp;&nbsp;**GEORGIA—3.5%** | &nbsp;&nbsp;**GEORGIA—3.5%** | &nbsp;&nbsp;**GEORGIA—3.5%** |
| &nbsp;&nbsp;Bartow County Development Authority, VRDN, 2.70%, 11/01/2062<sup>(a)</sup> | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 |
| &nbsp;&nbsp;Bartow-Cartersville Joint Development Authority, VRDN, Series A, 3.95%, 08/01/2033<sup>(a)(b)</sup> | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 |
| &nbsp;&nbsp;Development Authority of Appling County, VRDN, 2.75%, 09/01/2041<sup>(a)</sup> | &nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700000 |
| &nbsp;&nbsp;Development Authority of Burke County, VRDN, 2.70%, 11/01/2052<sup>(a)</sup> | &nbsp;&nbsp;6220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6220000 |
| &nbsp;&nbsp;Development Authority of Heard County, VRDN, 2.80%, 12/01/2037<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;**32420000** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**ILLINOIS—0.2%** | &nbsp;&nbsp;**ILLINOIS—0.2%** | &nbsp;&nbsp;**ILLINOIS—0.2%** |
| &nbsp;&nbsp;Illinois Development Finance Authority, VRDN, Series A, 4.25%, 11/01/2044<sup>(a)</sup> | $2000000 | &nbsp;&nbsp;$1997018 |
| &nbsp;&nbsp;**INDIANA—2.4%** | &nbsp;&nbsp;**INDIANA—2.4%** | &nbsp;&nbsp;**INDIANA—2.4%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.18%, 08/01/2030<sup>(a)</sup> | 19900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.85%, 05/01/2028<sup>(a)</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498444 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;**22398444** |
| &nbsp;&nbsp;**IOWA—3.7%** | &nbsp;&nbsp;**IOWA—3.7%** | &nbsp;&nbsp;**IOWA—3.7%** |
| &nbsp;&nbsp;Crawford County Memorial Hospital, Inc., 5.00%, 06/15/2027 | 2515000 | &nbsp;&nbsp;&nbsp;&nbsp; 2534213 |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.43%, 07/01/2038<sup>(a)</sup> | &nbsp;&nbsp;6630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.43%, 12/01/2046<sup>(a)</sup> | 25400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400000 |
| &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;**34564213** |
| &nbsp;&nbsp;**KANSAS—0.7%** | &nbsp;&nbsp;**KANSAS—0.7%** | &nbsp;&nbsp;**KANSAS—0.7%** |
| &nbsp;&nbsp;City of Dodge City, VRDN, 4.02%, 03/01/2027<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;City of Liberal, VRDN, 4.02%, 02/01/2029<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;City of Seneca, 5.00%, 09/01/2025 | 4330000 | &nbsp;&nbsp;&nbsp;&nbsp; 4330220 |
| &nbsp;&nbsp;**Total Kansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6330220** |
| &nbsp;&nbsp;**KENTUCKY—2.8%** | &nbsp;&nbsp;**KENTUCKY—2.8%** | &nbsp;&nbsp;**KENTUCKY—2.8%** |
| &nbsp;&nbsp;County of Meade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series A-1, 3.10%, 08/01/2061<sup>(a)</sup> | 24800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series B-1, 3.00%, 08/01/2061<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| &nbsp;&nbsp;Kentucky Public Energy Authority, Series C-1, 4.00%, 12/01/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135399 |
| &nbsp;&nbsp;Louisville Regional Airport Authority, VRDN, Series B, 2.55%, 01/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 |
| &nbsp;&nbsp;**Total Kentucky** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26735399** |
| &nbsp;&nbsp;**LOUISIANA—0.9%** | &nbsp;&nbsp;**LOUISIANA—0.9%** | &nbsp;&nbsp;**LOUISIANA—0.9%** |
| &nbsp;&nbsp;Calcasieu Parish Industrial Development Board, Inc., VRDN, 3.05%, 06/01/2025<sup>(a)</sup> | &nbsp;&nbsp;8900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900000 |
| &nbsp;&nbsp;**MARYLAND—5.6%** | &nbsp;&nbsp;**MARYLAND—5.6%** | &nbsp;&nbsp;**MARYLAND—5.6%** |
| &nbsp;&nbsp;Maryland Economic Development Corp., Series A-1, 5.00%, 06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235077 |
| &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority, VRDN, Series 2025C-1, 3.60%, 07/01/2055<sup>(a)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority, VRDN, 4.75%, 03/01/2030<sup>(a)</sup> | 49905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49905000 |
| &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**52140077** |
| &nbsp;&nbsp;**MINNESOTA—3.1%** | &nbsp;&nbsp;**MINNESOTA—3.1%** | &nbsp;&nbsp;**MINNESOTA—3.1%** |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, VRDN, 2.85%, 03/20/2027<sup>(a)(b)</sup> | 28850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28850000 |
| &nbsp;&nbsp;**MISSISSIPPI—7.0%** | &nbsp;&nbsp;**MISSISSIPPI—7.0%** | &nbsp;&nbsp;**MISSISSIPPI—7.0%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.05%, 12/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 1, 3.30%, 11/01/2052<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.75%, 11/01/2032<sup>(a)</sup> | 58370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58370000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.50%, 05/01/2037<sup>(a)</sup> | &nbsp;&nbsp;5723000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723000 |
| &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;**65193000** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **16** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (continued)

April 30, 2025 (Unaudited)

abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**MISSOURI—1.0%** | &nbsp;&nbsp;**MISSOURI—1.0%** | &nbsp;&nbsp;**MISSOURI—1.0%** |
| &nbsp;&nbsp;Citizens Memorial Hospital District, Series A, 5.00%, 12/01/2026 | $9000000 | &nbsp;&nbsp;$9011662 |
| &nbsp;&nbsp;**NEVADA—0.1%** | &nbsp;&nbsp;**NEVADA—0.1%** | &nbsp;&nbsp;**NEVADA—0.1%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2001-REMK, 4.13%, 12/01/2026<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999694 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—2.1%** | &nbsp;&nbsp;**NEW HAMPSHIRE—2.1%** | &nbsp;&nbsp;**NEW HAMPSHIRE—2.1%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority, VRDN, Series A, 4.50%, 10/01/2033<sup>(a)</sup> | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20002562 |
| &nbsp;&nbsp;**NEW JERSEY—2.7%** | &nbsp;&nbsp;**NEW JERSEY—2.7%** | &nbsp;&nbsp;**NEW JERSEY—2.7%** |
| &nbsp;&nbsp;City of Newark, Series B, 4.50%, 05/07/2026 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3024848 |
| &nbsp;&nbsp;City of Trenton, 4.50%, 05/29/2025 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6998222 |
| &nbsp;&nbsp;New Jersey Economic Development Authority, Series GGG, 5.25%, 09/01/2025<sup>(b)</sup> | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8041695 |
| &nbsp;&nbsp;Township of Weehawken, 4.50%, 07/03/2025 | &nbsp;&nbsp; 7181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7180995 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;**25245760** |
| &nbsp;&nbsp;**NEW YORK—8.5%** | &nbsp;&nbsp;**NEW YORK—8.5%** | &nbsp;&nbsp;**NEW YORK—8.5%** |
| &nbsp;&nbsp;City of Cortland, 4.50%, 05/16/2025 | 20033000 | &nbsp;&nbsp;&nbsp;&nbsp; 20032830 |
| &nbsp;&nbsp;City of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 3, 2.55%, 04/01/2042<sup>(a)</sup> | 11900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series G-2, 2.80%, 02/01/2055<sup>(a)</sup> | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series G-3, 2.50%, 02/01/2055<sup>(a)</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| &nbsp;&nbsp;City of Poughkeepsie, 4.75%, 04/24/2026 | &nbsp;&nbsp;&nbsp;6051378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072280 |
| &nbsp;&nbsp;City of Utica, 4.00%, 08/29/2025 | 10374350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10369105 |
| &nbsp;&nbsp;Mizuho Floater/Residual Trust, VRDN, Series 2025-MIZ9208, 3.90%, 08/10/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 |
| &nbsp;&nbsp;New York State Dormitory Authority, VRDN, Series C, 4.42%, 05/01/2044<sup>(a)</sup> | &nbsp;&nbsp;9800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800000 |
| &nbsp;&nbsp;New York State Housing Finance Agency, VRDN, Series A, 2.88%, 11/01/2039<sup>(a)</sup> | &nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**79974215** |
| &nbsp;&nbsp;**NORTH CAROLINA—0.4%** | &nbsp;&nbsp;**NORTH CAROLINA—0.4%** | &nbsp;&nbsp;**NORTH CAROLINA—0.4%** |
| &nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority, VRDN, 3.75%, 12/01/2027<sup>(a)</sup> | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200728 |
| &nbsp;&nbsp;Fayetteville State University, (AGM), 5.00%, 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476313 |
| &nbsp;&nbsp;**Total North Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3677041** |
| &nbsp;&nbsp;**OHIO—1.0%** | &nbsp;&nbsp;**OHIO—1.0%** | &nbsp;&nbsp;**OHIO—1.0%** |
| &nbsp;&nbsp;State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.85%, 01/15/2049<sup>(a)</sup> | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.80%, 01/15/2045<sup>(a)</sup> | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400000 |
| &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9100000** |
| &nbsp;&nbsp;**OKLAHOMA—1.2%** | &nbsp;&nbsp;**OKLAHOMA—1.2%** | &nbsp;&nbsp;**OKLAHOMA—1.2%** |
| &nbsp;&nbsp;Oklahoma Development Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 4.26%, 08/15/2031<sup>(a)</sup> | &nbsp;&nbsp;8770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8770000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 4.00%, 08/15/2031<sup>(a)</sup> | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 |
| &nbsp;&nbsp;**Total Oklahoma** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11670000** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**PENNSYLVANIA—9.2%** | &nbsp;&nbsp;**PENNSYLVANIA—9.2%** | &nbsp;&nbsp;**PENNSYLVANIA—9.2%** |
| &nbsp;&nbsp;Central Bradford Progress Authority, VRDN, Series D, 4.26%, 12/01/2041<sup>(a)</sup> | $22225000 | &nbsp;&nbsp;$22225000 |
| &nbsp;&nbsp;Montgomery County Higher Education & Health Authority, VRDN, Series D, 4.42%, 09/01/2050<sup>(a)</sup> | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.70%, 08/01/2045<sup>(a)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.25%, 08/01/2037<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9994602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B-1, 4.25%, 04/01/2049<sup>(a)</sup> | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11002971 |
| &nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, VRDN, Series B, 4.42%, 09/01/2045<sup>(a)</sup> | 26575000 | &nbsp;&nbsp;&nbsp;&nbsp; 26575000 |
| &nbsp;&nbsp;Philadelphia Authority for Industrial Development, VRDN, Series B, 4.42%, 09/01/2050<sup>(a)</sup> | 7200000 | &nbsp;&nbsp;&nbsp;&nbsp; 7200000 |
| &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**85997573** |
| &nbsp;&nbsp;**SOUTH CAROLINA—2.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—2.0%** |
| &nbsp;&nbsp;County of Berkeley, VRDN, Series A, 3.10%, 03/01/2029<sup>(a)</sup> | 4105000 | &nbsp;&nbsp;&nbsp;&nbsp; 4105000 |
| &nbsp;&nbsp;South Carolina Public Service Authority, VRDN, Series A, 2.85%, 01/01/2036<sup>(a)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19105000** |
| &nbsp;&nbsp;**TENNESSEE—5.3%** | &nbsp;&nbsp;**TENNESSEE—5.3%** | &nbsp;&nbsp;**TENNESSEE—5.3%** |
| &nbsp;&nbsp;Public Building Authority of Blount County Tennessee, VRDN, (CNTY GTD), Series C-1-A, 3.95%, 06/01/2029<sup>(a)</sup> | 21710000 | &nbsp;&nbsp;&nbsp;&nbsp; 21710000 |
| &nbsp;&nbsp;Public Building Authority of Sevier County, VRDN, (CNTY GTD), Series 6-A1, 3.95%, 06/01/2029<sup>(a)</sup> | 27735000 | &nbsp;&nbsp;&nbsp;&nbsp; 27735000 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;**49445000** |
| &nbsp;&nbsp;**TEXAS—12.4%** | &nbsp;&nbsp;**TEXAS—12.4%** | &nbsp;&nbsp;**TEXAS—12.4%** |
| &nbsp;&nbsp;City of Houston Hotel Occupancy Tax & Special Revenue, 4.00%, 09/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425838 |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., VRDN, Series B, 4.12%, 11/15/2046<sup>(a)</sup> | 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 |
| &nbsp;&nbsp;Las Varas Public Facility Corp., 3.75%, 11/01/2025 | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700307 |
| &nbsp;&nbsp;Mission Economic Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.70%, 01/01/2026<sup>(a)</sup> | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.75%, 05/01/2046<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.75%, 07/01/2040<sup>(a)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999675 |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.25%, 01/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.15%, 07/01/2029<sup>(a)(b)</sup> | 18200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200000 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.65%, 04/01/2040<sup>(a)</sup> | &nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 2.65%, 04/01/2040<sup>(a)</sup> | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D, 3.20%, 11/01/2040<sup>(a)</sup> | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series E, 3.38%, 11/01/2040<sup>(a)</sup> | 15450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15450000 |
| &nbsp;&nbsp;State of Texas, VRDN, Series B, 3.32%, 04/01/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;7700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700000 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **17** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Ultra Short Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** | &nbsp;&nbsp;**TEXAS (continued)** |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series 2021-MS0002, 2.20%, 06/15/2056<sup>(a)(b)</sup> | &nbsp;&nbsp;$| 7000000 | &nbsp;&nbsp;$7000000 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III, 5.00%, 12/15/2025 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1507689 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**116183184** |
| &nbsp;&nbsp;**WEST VIRGINIA—3.6%** | &nbsp;&nbsp;**WEST VIRGINIA—3.6%** | &nbsp;&nbsp;**WEST VIRGINIA—3.6%** | &nbsp;&nbsp;**WEST VIRGINIA—3.6%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority, VRDN, Series A, 3.71%, 02/01/2036<sup>(a)</sup> |  | 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 |
| &nbsp;&nbsp;West Virginia Hospital Finance Authority, VRDN, Series E, 4.23%, 06/01/2033<sup>(a)</sup> |  | 26895000 | &nbsp;&nbsp;&nbsp;&nbsp; 26895000 |
| &nbsp;&nbsp;**Total West Virginia** | &nbsp;&nbsp;**Total West Virginia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**34195000** |
| &nbsp;&nbsp;**WISCONSIN—1.5%** | &nbsp;&nbsp;**WISCONSIN—1.5%** | &nbsp;&nbsp;**WISCONSIN—1.5%** | &nbsp;&nbsp;**WISCONSIN—1.5%** |
| &nbsp;&nbsp;Public Finance Authority, VRDN, Series A-2, 3.70%, 10/01/2025<sup>(a)</sup> |  | 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 |
| &nbsp;&nbsp;Town of Red Cedar, AMT, VRDN, 3.70%, 09/01/2027<sup>(a)</sup> |  | 8575000 | &nbsp;&nbsp;&nbsp;&nbsp; 8575000 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**13825000** |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**932489789** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—1.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—1.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—1.1%** |  |
| &nbsp;&nbsp;**COMMERCIAL PAPER—0.5%** | &nbsp;&nbsp;**COMMERCIAL PAPER—0.5%** | &nbsp;&nbsp;**COMMERCIAL PAPER—0.5%** |  |
| &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;Lower Colorado River Authority, 3.43%, 05/22/2025 |  | 5190000 | &nbsp;&nbsp;&nbsp;&nbsp; 5190000 |
| &nbsp;&nbsp;**Total Commercial Paper** | &nbsp;&nbsp;**Total Commercial Paper** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5190000** |
| &nbsp;&nbsp;**MONEY MARKET FUNDS—0.6%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—0.6%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—0.6%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;&nbsp;5218306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218827 |
| &nbsp;&nbsp;**Total Money Market Funds** | &nbsp;&nbsp;**Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5218827** |
| &nbsp;&nbsp;**Total Short-Term Investments** | &nbsp;&nbsp;**Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10408827** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $943,041,430)<sup>(c)</sup>—100.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $943,041,430)<sup>(c)</sup>—100.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $943,041,430)<sup>(c)</sup>—100.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**942898616** |
| &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;(5795043) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$937103573** |

---

<sup>(a)</sup> Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;

AGM Assured Guaranty Municipal Corp. <br> AMT Alternative Minimum Tax <br> VRDN Variable Rate Demand Note

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **18** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Assets and Liabilities (unaudited)

April 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Intermediate<br> Municipal<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Short Duration<br> High Yield<br> Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$72084491 | &nbsp;&nbsp;&nbsp;$22539586 | &nbsp;&nbsp;&nbsp;$41388103 | &nbsp;&nbsp;&nbsp;$75454880 | &nbsp;&nbsp;&nbsp;$932489789 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408827 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541173 |
| &nbsp;&nbsp;Receivable for capital shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9706956 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151301 |
| &nbsp;&nbsp;Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77300812 | &nbsp;&nbsp;&nbsp;&nbsp;23356816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42166540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76886883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958405515 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190260 |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13491370 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82750 |
| &nbsp;&nbsp;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991736 |
| &nbsp;&nbsp;Accrued expenses and other payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21301942 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$76998041** | &nbsp;&nbsp;&nbsp;**$23272216** | &nbsp;&nbsp;&nbsp;**$42105280** | &nbsp;&nbsp;&nbsp;**$76735230** | &nbsp;&nbsp;&nbsp;**$937103573** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75044639 | &nbsp;&nbsp;&nbsp;&nbsp;22533392 | &nbsp;&nbsp;&nbsp;&nbsp;42320238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81758644 | &nbsp;&nbsp;&nbsp;&nbsp;932632603 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408827 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Represented by:** |  |  |  |  |  |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;$329116297 | &nbsp;&nbsp;&nbsp;$31162799 | &nbsp;&nbsp;&nbsp;$45008672 | &nbsp;&nbsp;&nbsp;$120092528 | &nbsp;&nbsp;&nbsp;$938653689 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(252118256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7890583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2903392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43357298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1550116) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$76998041** | &nbsp;&nbsp;&nbsp;**$23272216** | &nbsp;&nbsp;&nbsp;**$42105280** | &nbsp;&nbsp;&nbsp;**$76735230** | &nbsp;&nbsp;&nbsp;**$937103573** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$50366134 | &nbsp;&nbsp;&nbsp;$7872488 | &nbsp;&nbsp;&nbsp;$3659947 | &nbsp;&nbsp;&nbsp;$5550312 | &nbsp;&nbsp;&nbsp;$281610765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26631907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193426 | &nbsp;&nbsp;&nbsp;&nbsp;38433098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71175236 | &nbsp;&nbsp;&nbsp;&nbsp;655208608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$76998041 | &nbsp;&nbsp;&nbsp;$23272216 | &nbsp;&nbsp;&nbsp;$42105280 | &nbsp;&nbsp;&nbsp;$76735230 | &nbsp;&nbsp;&nbsp;$937,103,573<br>Amounts listed as "–" are $0 or round to $0.<br>See accompanying Notes to Financial Statements. |

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **19** |

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[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement of Assets and Liabilities (unaudited) (concluded)

April 30, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Intermediate<br> Municipal<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Short Duration<br> High Yield<br> Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income Fund** |
| &nbsp;&nbsp;**Shares Outstanding (unlimited number of shares authorized):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$6667660 | &nbsp;&nbsp;&nbsp;$938760 | &nbsp;&nbsp;&nbsp;$422659 | &nbsp;&nbsp;&nbsp;$616403 | &nbsp;&nbsp;&nbsp;$27923348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65332252 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10606905** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2737781** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4858533** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8520996** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93283760** |
| &nbsp;&nbsp;**Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$7.55 | &nbsp;&nbsp;&nbsp;$8.39 | &nbsp;&nbsp;&nbsp;$8.66 | &nbsp;&nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;$10.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| &nbsp;&nbsp;**Maximum Offering Price Per Share (100%/(100% - maximum sales charge) of net asset value adjusted to the nearest cent):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;$7.78 | &nbsp;&nbsp;&nbsp;$8.65 | &nbsp;&nbsp;&nbsp;$8.88 | &nbsp;&nbsp;&nbsp;$9.23 | &nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 |
| &nbsp;&nbsp;**Maximum Sales Charge:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00<sup>(a)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00<sup>(a)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50<sup>(b)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50<sup>(b)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50<sup>(c)</sup>% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.75% will be charged on Class A shares redeemed within 12 months
of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.

(c) Unless you are otherwise eligible to purchase Class A1 shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.25% will be charged on Class A1 shares
redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **20** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statements of Operations (unaudited)

For the Six-Month Period Ended April 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Intermediate<br> Municipal<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Short Duration<br> High Yield<br> Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;$27786 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15453783 |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15453783 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628503 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56955 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325701 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84222 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22546 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20068 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31513 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257612 |
| &nbsp;&nbsp;Distribution fees Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
| &nbsp;&nbsp;Distribution fees Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253099 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105503 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16285 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44550 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940287 |
| &nbsp;&nbsp;Expenses reimbursed Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617975) |
| &nbsp;&nbsp;Expenses reimbursed Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231242) |
| &nbsp;&nbsp;Expenses reimbursed Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |
| &nbsp;&nbsp;Expenses reimbursed Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Expenses reimbursed Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090895 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**2695568** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**733612** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**869835** | &nbsp;&nbsp;&nbsp;&nbsp;**1875647** | &nbsp;&nbsp;&nbsp;&nbsp;**13362888** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186452) | &nbsp;&nbsp;&nbsp;&nbsp;(1484037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;Realized gain/(loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186452) | &nbsp;&nbsp;&nbsp;&nbsp;(1484037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;(2043572) | &nbsp;&nbsp;&nbsp;&nbsp;(495675) | &nbsp;&nbsp;&nbsp;&nbsp;(1084420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109909) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<br>Amounts listed as "–" are $0 or round to $0.<br>See accompanying Notes to Financial Statements. |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **21** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statements of Operations (unaudited) (concluded)

For the Six-Month Period Ended April 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Intermediate<br> Municipal<br> Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Short Duration<br> High Yield<br> Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income Fund** |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;$22011 | &nbsp;&nbsp;&nbsp;$896 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;(2490938) | &nbsp;&nbsp;&nbsp;&nbsp;(546140) | &nbsp;&nbsp;&nbsp;&nbsp;(1084420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109909) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2049144) | &nbsp;&nbsp;&nbsp;&nbsp;(457507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1270872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1674762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109543) |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$646424** | &nbsp;&nbsp;&nbsp;**$276105** | &nbsp;&nbsp;&nbsp;**$(401037)** | &nbsp;&nbsp;&nbsp;**$200885** | &nbsp;&nbsp;&nbsp;**$13253345** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **22** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statements of Changes in Net Assets

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$2695568 | &nbsp;&nbsp;&nbsp;$5696158 | &nbsp;&nbsp;&nbsp;$733612 | &nbsp;&nbsp;&nbsp;$1416136 | &nbsp;&nbsp;&nbsp;$869835 | &nbsp;&nbsp;&nbsp;$1734318 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1432801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558690) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency exchange contracts and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2490938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8256658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(546140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1084420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812662 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12520015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988290 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1689052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3215969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1959940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(709164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1583070) |
| &nbsp;&nbsp;Tax return of capital |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2719307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5429504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1502037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1734305) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2370139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8232057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485638) | &nbsp;&nbsp;&nbsp;&nbsp;(3829092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1912607) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4443022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1141546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1959119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1924826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341378 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81441063 | &nbsp;&nbsp;&nbsp;&nbsp;82582609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24219713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26178832 | &nbsp;&nbsp;&nbsp;&nbsp;44030106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42688728 |
| &nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;$**76998041** | &nbsp;&nbsp;&nbsp;$**81441063** | &nbsp;&nbsp;&nbsp;$**23272216** | &nbsp;&nbsp;&nbsp;$**24219713** | &nbsp;&nbsp;&nbsp;$**42105280** | &nbsp;&nbsp;&nbsp;$**44030106** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **23** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$5453234 | &nbsp;&nbsp;&nbsp;$8370839 | &nbsp;&nbsp;&nbsp;$295191 | &nbsp;&nbsp;&nbsp;$286498 | &nbsp;&nbsp;&nbsp;$12034 | &nbsp;&nbsp;&nbsp;$160276 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142513 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9161185) | &nbsp;&nbsp;&nbsp;&nbsp;(17842257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(959716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1997489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818289) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2176365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6410875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1201208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515500) |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7962) |
| &nbsp;&nbsp;Total Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7273) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693977 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478197 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1448988) | &nbsp;&nbsp;&nbsp;&nbsp;(8288460) | &nbsp;&nbsp;&nbsp;&nbsp;(1785890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4587444) | &nbsp;&nbsp;&nbsp;&nbsp;(3412681) | &nbsp;&nbsp;&nbsp;&nbsp;(3562008) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1821182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2201956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608166) | &nbsp;&nbsp;&nbsp;&nbsp;(1389834) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(2370139)** | &nbsp;&nbsp;&nbsp;$**(8232057)** | &nbsp;&nbsp;&nbsp;$**(485638)** | &nbsp;&nbsp;&nbsp;$**(3829092)** | &nbsp;&nbsp;&nbsp;$**(653868)** | &nbsp;&nbsp;&nbsp;$**(1912607)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **24** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Intermediate<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17970 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16043 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(1197344) | &nbsp;&nbsp;&nbsp;(2339803) | &nbsp;&nbsp;&nbsp;&nbsp;(112724) | &nbsp;&nbsp;&nbsp;&nbsp;(233392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91801) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;(283298) | &nbsp;&nbsp;&nbsp;&nbsp;(836898) | &nbsp;&nbsp;&nbsp;&nbsp;(49854) | &nbsp;&nbsp;&nbsp;&nbsp;(140119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57788) |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(29075) | &nbsp;&nbsp;&nbsp;&nbsp;(119733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(884) |
| &nbsp;&nbsp;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806) |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660269 | &nbsp;&nbsp;&nbsp;&nbsp;134724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77838 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166197 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(208438) | &nbsp;&nbsp;&nbsp;(1208983) | &nbsp;&nbsp;&nbsp;(205705) | &nbsp;&nbsp;&nbsp;&nbsp;(527831) | &nbsp;&nbsp;&nbsp;(385008) | &nbsp;&nbsp;&nbsp;&nbsp;(401023) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270157) | &nbsp;&nbsp;&nbsp;&nbsp;(30648) | &nbsp;&nbsp;&nbsp;&nbsp;(256986) | &nbsp;&nbsp;&nbsp;&nbsp;(68893) | &nbsp;&nbsp;&nbsp;&nbsp;(156988) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(309995)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1107055)** | &nbsp;&nbsp;&nbsp;&nbsp;**(55426)** | &nbsp;&nbsp;&nbsp;**(446358)** | &nbsp;&nbsp;&nbsp;&nbsp;**(74027)** | &nbsp;&nbsp;&nbsp;**(215582)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **25** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$1875647 | &nbsp;&nbsp;&nbsp;$3696282 | &nbsp;&nbsp;&nbsp;$13362888 | &nbsp;&nbsp;&nbsp;$25197526 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1484037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6405280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85885 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10836761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741074 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8127763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13253345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26024485 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3222826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4664103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1756948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3419367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10128493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20542581) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1871653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3659908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13355630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25216452) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22513838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17868469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213977346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99358624 |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24184606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13400614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213875061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100166657 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;100919836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114320450 | &nbsp;&nbsp;&nbsp;&nbsp;723228512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623061855 |
| &nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;$**76735230** | &nbsp;&nbsp;&nbsp;$**100919836** | &nbsp;&nbsp;&nbsp;$**937103573** | &nbsp;&nbsp;&nbsp;$**723228512** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **26** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statements of Changes in Net Assets (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;$308279 | &nbsp;&nbsp;&nbsp;$579637 | &nbsp;&nbsp;&nbsp;$217067503 | &nbsp;&nbsp;&nbsp;$138413228 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563657 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1504146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2233726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93251424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93271190) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1083712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1423040) | &nbsp;&nbsp;&nbsp;&nbsp;126965399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49705695 |
| &nbsp;&nbsp;**Class A1 Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9768 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9768 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11682451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43369108 | &nbsp;&nbsp;&nbsp;&nbsp;350399054 | &nbsp;&nbsp;&nbsp;&nbsp;469850377 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17810743 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34869671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62470072) | &nbsp;&nbsp;&nbsp;&nbsp;(272122982) | &nbsp;&nbsp;&nbsp;&nbsp;(438017959) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21430272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16430231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87007636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49643161 |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(22513838)** | &nbsp;&nbsp;&nbsp;$**(17868469)** | &nbsp;&nbsp;&nbsp;$**213977346** | &nbsp;&nbsp;&nbsp;$**99358624** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **27** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statements of Changes in Net Assets (concluded)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Short Duration<br> High Yield Municipal Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income Fund** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63898 | &nbsp;&nbsp;&nbsp;&nbsp;21517477 | &nbsp;&nbsp;&nbsp;&nbsp;13727777 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452572 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246394) | &nbsp;&nbsp;&nbsp;&nbsp;(9243821) | &nbsp;&nbsp;&nbsp;&nbsp;(9249632) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157160) | &nbsp;&nbsp;&nbsp;&nbsp;12585856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930717 |
| &nbsp;&nbsp;**Class A1 Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class A1 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269751 | &nbsp;&nbsp;&nbsp;&nbsp;4768921 | &nbsp;&nbsp;&nbsp;34935099 | &nbsp;&nbsp;&nbsp;46849889 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775896 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(3794366) | &nbsp;&nbsp;&nbsp;&nbsp;(6892568) | &nbsp;&nbsp;&nbsp;(27130905) | &nbsp;&nbsp;&nbsp;(43675572) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(2332886) | &nbsp;&nbsp;&nbsp;&nbsp;(1831360) | &nbsp;&nbsp;&nbsp;&nbsp;8674739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950213 |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(2451849)** | &nbsp;&nbsp;&nbsp;**(1990203)** | &nbsp;&nbsp;&nbsp;**21261022** | &nbsp;&nbsp;&nbsp;&nbsp;**9881898** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **28** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn High Income Opportunities Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Tax<br> Return<br> of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$7.55 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;7.74 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;8.84 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;8.45 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;6.76 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;6.96 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;6.57 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;8.13 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;7.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income is based on average shares outstanding during the period.

(b) Not Annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(f) Includes interest expense that amounts to less than 0.01%.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **30** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn High Income Opportunities Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (c)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)(d)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (c)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (b)(e)** |
| &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50366 | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;6.73% | &nbsp;&nbsp;&nbsp;&nbsp;44% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53828 | &nbsp;&nbsp;&nbsp;0.95%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.30%(f) | &nbsp;&nbsp;&nbsp;6.63% | &nbsp;&nbsp;&nbsp;112% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55312 | &nbsp;&nbsp;&nbsp;1.00%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.34%(f) | &nbsp;&nbsp;&nbsp;5.64% | &nbsp;&nbsp;&nbsp;&nbsp;75% |
| &nbsp;&nbsp;(14.49%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61410 | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;97% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81980 | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;4.41% | &nbsp;&nbsp;&nbsp;&nbsp;98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87358 | &nbsp;&nbsp;&nbsp;1.00%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.45%(f) | &nbsp;&nbsp;&nbsp;4.76% | &nbsp;&nbsp;&nbsp;&nbsp;99% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26632 | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;6.97% | &nbsp;&nbsp;&nbsp;&nbsp;44% |
| &nbsp;&nbsp;&nbsp;&nbsp;16.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27613 | &nbsp;&nbsp;&nbsp;0.70%(f) | &nbsp;&nbsp;&nbsp;0.98%(f) | &nbsp;&nbsp;&nbsp;6.89% | &nbsp;&nbsp;&nbsp;112% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27270 | &nbsp;&nbsp;&nbsp;0.75%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.05%(f) | &nbsp;&nbsp;&nbsp;5.87% | &nbsp;&nbsp;&nbsp;&nbsp;75% |
| &nbsp;&nbsp;&nbsp;(14.20%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40298 | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;4.94% | &nbsp;&nbsp;&nbsp;&nbsp;97% |
| &nbsp;&nbsp;&nbsp;&nbsp;9.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55335 | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;98% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58237 | &nbsp;&nbsp;&nbsp;0.75%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(f) | &nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;99% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **31** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Infrastructure Debt Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$8.56 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$8.39 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.56 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(j) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;10.29 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.48 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.65 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.59 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.76 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(j) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;10.44 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;10.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to 0.03% for the six-month period ended April 30, 2024.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(i) Includes interest expense that amounts to less than 0.01%.

(j) Less than $0.005 per share.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **32** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Infrastructure Debt Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7872 | &nbsp;&nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.77%(g) | &nbsp;&nbsp;&nbsp;&nbsp;6.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8464 | &nbsp;&nbsp;&nbsp;&nbsp;1.04%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.77%(g) | &nbsp;&nbsp;&nbsp;&nbsp;5.52% | &nbsp;&nbsp;&nbsp;&nbsp;57% |
| &nbsp;&nbsp;&nbsp;&nbsp;(8.71%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017 | &nbsp;&nbsp;&nbsp;&nbsp;1.05%(i) | &nbsp;&nbsp;&nbsp;1.58%(i) | &nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;141% |
| &nbsp;&nbsp;&nbsp;(10.81%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13569 | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;(0.05%) | &nbsp;&nbsp;&nbsp;&nbsp;181% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22522 | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;&nbsp;425% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;0.97%(i) | &nbsp;&nbsp;&nbsp;2.52%(i) | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;238% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206 | &nbsp;&nbsp;&nbsp;0.78%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.51%(g) | &nbsp;&nbsp;&nbsp;&nbsp;6.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;14.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076 | &nbsp;&nbsp;&nbsp;0.79%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.52%(g) | &nbsp;&nbsp;&nbsp;&nbsp;5.77% | &nbsp;&nbsp;&nbsp;&nbsp;57% |
| &nbsp;&nbsp;&nbsp;&nbsp;(8.41%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;0.78%(i) | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(i) | &nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;141% |
| &nbsp;&nbsp;&nbsp;(10.62%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5153 | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;181% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.33%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929 | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;(0.20%) | &nbsp;&nbsp;&nbsp;425% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.45%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8148 | &nbsp;&nbsp;&nbsp;0.80%(i) | &nbsp;&nbsp;&nbsp;2.35%(i) | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;238% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193 | &nbsp;&nbsp;&nbsp;0.66%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.51%(g) | &nbsp;&nbsp;&nbsp;&nbsp;6.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;14.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11680 | &nbsp;&nbsp;&nbsp;0.67%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.53%(g) | &nbsp;&nbsp;&nbsp;&nbsp;5.89% | &nbsp;&nbsp;&nbsp;&nbsp;57% |
| &nbsp;&nbsp;&nbsp;&nbsp;(8.35%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12964 | &nbsp;&nbsp;&nbsp;0.66%(i) | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(i) | &nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;141% |
| &nbsp;&nbsp;(10.42%)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22843 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;181% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62007 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;(0.04%) | &nbsp;&nbsp;&nbsp;425% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.34%(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11885 | &nbsp;&nbsp;&nbsp;0.66%(i) | &nbsp;&nbsp;&nbsp;2.24%(i) | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;238% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **33** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Intermediate Municipal Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$8.92 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$8.66 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;8.92 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;8.29 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;8.50 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;9.83 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;9.73 |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;8.67 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;8.93 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;8.29 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;8.51 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.74 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;8.67 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;8.93 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;8.29 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;8.51 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;9.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **34** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Intermediate Municipal Income Fund (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(1.07%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3660 | &nbsp;&nbsp;&nbsp;0.79%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.23%(g) | &nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816 | &nbsp;&nbsp;&nbsp;0.79%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.20%(g) | &nbsp;&nbsp;&nbsp;3.60% | &nbsp;&nbsp;&nbsp;&nbsp;71% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;0.80%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.23%(g) | &nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;(11.24%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4919 | &nbsp;&nbsp;&nbsp;&nbsp;0.76%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.13%(g) | &nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;21% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028 | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;54% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;0.76%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.09%(g) | &nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;0.50%(g) | &nbsp;&nbsp;&nbsp;0.94%(g) | &nbsp;&nbsp;&nbsp;4.08% | &nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;0.50%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.91%(g) | &nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;71% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;0.51%(g) | &nbsp;&nbsp;&nbsp;0.94%(g) | &nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;(10.98%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;0.50%(g) | &nbsp;&nbsp;&nbsp;0.87%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;21% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;54% |
| &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;0.50%(g) | &nbsp;&nbsp;&nbsp;0.83%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;56% |
| &nbsp;&nbsp;&nbsp;&nbsp;(0.93%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38433 | &nbsp;&nbsp;&nbsp;0.50%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.97%(g) | &nbsp;&nbsp;&nbsp;4.09% | &nbsp;&nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40202 | &nbsp;&nbsp;&nbsp;0.50%(g) | &nbsp;&nbsp;&nbsp;0.95%(g) | &nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;71% |
| &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38647 | &nbsp;&nbsp;&nbsp;&nbsp;0.51%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.97%(g) | &nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;(10.99%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41587 | &nbsp;&nbsp;&nbsp;0.50%(g) | &nbsp;&nbsp;&nbsp;0.88%(g) | &nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;21% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54707 | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58015 | &nbsp;&nbsp;&nbsp;0.50%(g) | &nbsp;&nbsp;&nbsp;0.84%(g) | &nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;56% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **35** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Short Duration High Yield Municipal Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$9.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.33%) |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.82% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;(9.71%) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.70%) |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.99% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;(0.63%)(i) |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;(10.47%)(i) |
| &nbsp;&nbsp;Year Ended October 31, 2021(j) | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10%) |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.09% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;(9.48%) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to 0.02% for the six month period ended April 30, 2025. Includes interest expense that amounts to 0.03% for the year ended October 31, 2024 and for the year ended October 31, 2022. Includes interest expense that amounts to 0.05% for the year ended October 31, 2023. Includes interest expense that amounts to less than 0.01% for the year ended October 31, 2020.

(h) Amount is less than 0.005%.

(i) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(j) For the period from December 21, 2020 (commencement of operations) through October 31, 2021.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **36** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Short Duration High Yield Municipal Fund (concluded)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** |
| &nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;$5550 | &nbsp;&nbsp;&nbsp;0.92%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.23%(g) | &nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6763 | &nbsp;&nbsp;&nbsp;0.93%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.23%(g) | &nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;105% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871 | &nbsp;&nbsp;&nbsp;0.95%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.26%(g) | &nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14399 | &nbsp;&nbsp;&nbsp;0.93%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.17%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21907 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22417 | &nbsp;&nbsp;&nbsp;0.90%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.12%(g) | &nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;149% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;1.67%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.88%(g) | &nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;&nbsp;41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;1.68%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.94%(g) | &nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;105% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.01%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;1.68%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.87%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71175 | &nbsp;&nbsp;&nbsp;0.67%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.97%(g) | &nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94147 | &nbsp;&nbsp;&nbsp;0.68%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.97%(g) | &nbsp;&nbsp;&nbsp;3.60% | &nbsp;&nbsp;&nbsp;105% |
| &nbsp;&nbsp;&nbsp;&nbsp;106425 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(g) | &nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;180805 | &nbsp;&nbsp;&nbsp;0.68%(g) | &nbsp;&nbsp;&nbsp;0.90%(g) | &nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;424689 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;270153 | &nbsp;&nbsp;&nbsp;0.65%(g) | &nbsp;&nbsp;&nbsp;0.87%(g) | &nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;149% |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **37** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Ultra Short Municipal Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;**Total<br> Return<br> (b)(c)** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;$10.09 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$10.09 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;**Class A1 Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(h) | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Six-Month Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;0.21% |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;0.94% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) Not Annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g) Includes interest expense that amounts to less than 0.01%.

(h) Less than $0.005 per share.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **38** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Financial Highlights (concluded)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Ultra Short Municipal Income Fund (concluded)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** |
| &nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets<br> (d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)(f)** |
| &nbsp;&nbsp;$281611 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;0.92%(g) | &nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;86% |
| &nbsp;&nbsp;&nbsp;&nbsp;154686 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;0.95%(g) | &nbsp;&nbsp;&nbsp;3.55% | &nbsp;&nbsp;&nbsp;226% |
| &nbsp;&nbsp;&nbsp;&nbsp;104837 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;0.98%(g) | &nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;231% |
| &nbsp;&nbsp;&nbsp;&nbsp;123920 | &nbsp;&nbsp;&nbsp;0.60%(g) | &nbsp;&nbsp;&nbsp;0.95%(g) | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;321% |
| &nbsp;&nbsp;&nbsp;&nbsp;161362 | &nbsp;&nbsp;&nbsp;0.54%(g) | &nbsp;&nbsp;&nbsp;0.96%(g) | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;261% |
| &nbsp;&nbsp;&nbsp;&nbsp;263068 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;0.94%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;299% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;0.83%(g) | &nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;0.87%(g) | &nbsp;&nbsp;&nbsp;3.55% | &nbsp;&nbsp;&nbsp;226% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;0.92%(g) | &nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;231% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;0.60%(g) | &nbsp;&nbsp;&nbsp;0.89%(g) | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;321% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;0.54%(g) | &nbsp;&nbsp;&nbsp;0.89%(g) | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;261% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;0.70%(g) | &nbsp;&nbsp;&nbsp;0.90%(g) | &nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;299% |
| &nbsp;&nbsp;&nbsp;&nbsp;655209 | &nbsp;&nbsp;&nbsp;0.45%(g) | &nbsp;&nbsp;&nbsp;0.65%(g) | &nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;86% |
| &nbsp;&nbsp;&nbsp;&nbsp;568263 | &nbsp;&nbsp;&nbsp;0.45%(g) | &nbsp;&nbsp;&nbsp;0.69%(g) | &nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;226% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517955 | &nbsp;&nbsp;&nbsp;0.45%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.74%(g) | &nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;231% |
| &nbsp;&nbsp;&nbsp;&nbsp;561780 | &nbsp;&nbsp;&nbsp;0.44%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;321% |
| &nbsp;&nbsp;&nbsp;&nbsp;793264 | &nbsp;&nbsp;&nbsp;0.45%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;261% |
| &nbsp;&nbsp;&nbsp;&nbsp;928424 | &nbsp;&nbsp;&nbsp;0.45%(g) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(g) | &nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;299% |

---

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **39** |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited)

April 30, 2025

------

1. Organization

abrdn Funds (the "Trust") was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of April 30, 2025, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of April 30, 2025, the Trust operated eighteen (18) separate series, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the five (5) funds listed below (each a "Fund"; collectively, the "Funds"):

• abrdn High Income Opportunities Fund ("High Income Opportunities Fund")

• abrdn Infrastructure Debt Fund ("Infrastructure Debt Fund")

• abrdn Intermediate Municipal Income Fund ("Intermediate Municipal Income Fund")

• abrdn Short Duration High Yield Municipal Fund ("Short Duration High Yield Municipal Fund")

• abrdn Ultra Short Municipal Income Fund ("Ultra Short Municipal Income Fund")

2. Summary of Significant Accounting Policies

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles ("U.S. GAAP") in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Funds are maintained in U.S. Dollars.

---

| | |
|:---|:---|
| **a.**  | **Security Valuation:** |
|  | The Funds value their securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") designated abrdn Inc. ("abrdn" or the "Adviser") as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable. |
|  | Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. |
|  | In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Funds disclose the fair value of their investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. |
|  | Open-end mutual funds are valued at the respective net asset value ("NAV") as reported by such company. The prospectuses for the registered open-end management investment companies in which a Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined above). A security using any of these pricing methodologies is generally determined to be a Level 1 investment. |

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|:---|:---|
| **40** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

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| |
|:---|
| Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment. |
| Long-term debt and other fixed income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size, and the strategies employed by the Adviser as Valuation Designee generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller, "odd lot" sizes. Odd lots may trade at lower or occasionally higher prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments. |
| Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments. |
| Derivative instruments are generally valued according to the following procedures. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments. Forward currency exchange contracts are generally valued based on the current spot exchange rates and the forward exchange rate points (ex. 1-month, 3-month) that are obtained from an approved pricing agent. Based on the actual settlement dates of the forward contracts held, an interpolated value of the forward points is combined with the spot exchange rate to derive the valuation. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). Exchange-traded options are valued at the last quoted sales price. In the absence of a sales price, options are valued at the mean of the bid/ask price quoted at the close on the exchange on which the options trade. When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund's assets are determined in good faith in accordance with the Valuation Procedures. |
| In the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs. |
| The three-level hierarchy of inputs is summarized below: |

---

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

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

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

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **41** |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

A summary of standard inputs is listed below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Standard Inputs** |
| &nbsp;&nbsp;Debt and other fixed-income securities | &nbsp;&nbsp;Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. |
| &nbsp;&nbsp;Foreign equities utilizing a fair value factor | &nbsp;&nbsp;Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. |
| &nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;Forward exchange rate quotations. |

---

The following is a summary of the inputs used as of April 30, 2025 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Statements of Investments for a detailed breakout of the security types:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Bank Loans <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$846765 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$846765 |
| &nbsp;&nbsp;Corporate Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67355867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67355867 |
| &nbsp;&nbsp;Exchange-Traded Funds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797704 |
| &nbsp;&nbsp;Government Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707005 |
| &nbsp;&nbsp;U.S. Treasuries <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377150 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809174 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$6606878** | &nbsp;&nbsp;**$69286787** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$75893665** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$31138 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$31138 |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$6606878** | &nbsp;&nbsp;**$69317925** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$75924803** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$(197623) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(197623) |
| &nbsp;&nbsp;**Total Investment Liabilities <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(197623)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(197623)** |
| &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Corporate Bonds <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$12868629 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$12868629 |
| &nbsp;&nbsp;Municipal Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9670957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9670957 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361768 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$361768** | &nbsp;&nbsp;**$22539586** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$22901354** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$2276 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$2276 |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$361768** | &nbsp;&nbsp;**$22541862** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$22903630** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$(25124) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(25124) |
| &nbsp;&nbsp;**Total Investment Liabilities <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(25124)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(25124)** |

---

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| | |
|:---|:---|
| **42** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Intermediate Municipal Income Fund** | &nbsp;&nbsp;**Intermediate Municipal Income Fund** | &nbsp;&nbsp;**Intermediate Municipal Income Fund** | &nbsp;&nbsp;**Intermediate Municipal Income Fund** | &nbsp;&nbsp;**Intermediate Municipal Income Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Municipal Bonds <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$41388103 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$41388103 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65231 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$65231** | &nbsp;&nbsp;**$41388103** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$41453334** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$65231** | &nbsp;&nbsp;**$41388103** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$41453334** |
| &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Corporate Bonds <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$280030 | &nbsp;&nbsp;$280030 |
| &nbsp;&nbsp;Municipal Bonds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75174850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75174850 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34690 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$34690** | &nbsp;&nbsp;**$75174850** | &nbsp;&nbsp;**$280030** | &nbsp;&nbsp;**$75489570** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$34690** | &nbsp;&nbsp;**$75174850** | &nbsp;&nbsp;**$280030** | &nbsp;&nbsp;**$75489570** |
| &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | &nbsp;&nbsp;**Ultra Short Municipal Income Fund** | &nbsp;&nbsp;**Ultra Short Municipal Income Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Municipal Bonds <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$932489789 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$932489789 |
| &nbsp;&nbsp;Short-Term Investments <br>| &nbsp;&nbsp;&nbsp;&nbsp;5218827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408827 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$5218827** | &nbsp;&nbsp;**$937679789** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$942898616** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$5218827** | &nbsp;&nbsp;**$937679789** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$942898616** |

---

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

Level 3 investments held during and at the end of the six-month period ended April 30, 2025 in relation to net assets of the High Income Opportunities Fund and Short Duration High Yield Municipal Fund were not significant (0.0% and 0.4% of total net assets, respectively) and accordingly, a reconciliation of Level 3 assets for the six-month period ended April 30, 2025 is not presented.

The valuation technique used to value the Level 3 security in the Short Duration High Yield Municipal Fund is the Fund's current entitlement to monies held in a secure escrow account, which is only released when all of the terms of an agreement are met.

---

| | |
|:---|:---|
| **b.**  | **Restricted Securities:** |
|  | Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended. Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances. |

---

---

| | |
|:---|:---|
| **c.**  | **Foreign Currency Translation:** |
|  | Foreign securities, currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies within the Statements of Operations. |

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **43** |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

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| | |
|:---|:---|
| **d.**  | **Derivative Financial Instruments:** |
|  | Certain Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. |
|  | **Forward Foreign Currency Exchange Contracts:** |
|  | A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts allows for the separation of investment decision-making between foreign exchange holdings and their currencies. |
|  | The forward contract is marked-to-market daily and the change in market value is recorded by a Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. |
|  | While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund's portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss. |
|  | Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default. |
|  | **Futures Contracts** |
|  | Certain Funds may invest in financial futures contracts ("futures contracts") for the purpose of hedging their existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish a Fund's positions may not exceed 5% of a Fund's NAV after taking into account unrealized profits and unrealized losses on any such contract into which it has entered. |
|  | Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as initial margin. Subsequent payments, known as "variation margin," are calculated each day, depending on the daily fluctuations in the fair value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract expires or is closed, the gain/(loss) is realized and is presented in the Statement of Operations as a net realized gain/(loss) on futures contracts. Futures contracts are valued daily at their last quoted sale price on the exchange on which they are traded. |
|  | A "sale" of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A "purchase" of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. |
|  | There are significant risks associated with a Fund's use of futures contracts, including the following: (1) the success of a hedging strategy may depend on the ability of a Fund's investment manager and/or sub-adviser to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the movement in the price of futures contracts, interest rates and the fair value of the securities held by a Fund; (3) there may not be a liquid secondary market for a futures contract; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading |

---

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| | |
|:---|:---|
| **44** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| |
|:---|
| in futures contracts. In addition, should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. |
| **Options** |
| Options are instruments that provide a right to buy (call) or sell (put) a particular security or an index of securities at a fixed price within a certain time period. Options differ from forward and futures contracts in that the buyer of the option has no obligation to perform under the contract. An option is out-of-the money if the exercise price of the option is above, in the case of a call option, or below, in the case of a put option, the current price (or interest rate or yield for certain options) of the referenced security or instrument. Use of put and call options may result in losses to a Fund, force the sale or purchase of portfolio securities at inopportune times or for prices higher than (in the case of put options) or lower than (in the case of call options) current fair values, limit the amount of appreciation a Fund can realize on its investments or cause a Fund to hold a security it might otherwise sell. |

---

---

| |
|:---|
| **Summary of Derivative Instruments** |
| Certain Funds may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2025: |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** |
| &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** |
| &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$31138 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$31138 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$31138** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$31138** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$197623 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$197623 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$197623** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$197623** |
| &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** |
| &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** |
| &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$2276 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$2276 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$2276** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$2276** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$25124 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$25124 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$25124** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$25124** |

---

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

Certain funds have transactions that may be subject to enforceable master netting arrangements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of April 30, 2025 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **45** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Gross Amounts<br> of Assets<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Received** | &nbsp;&nbsp;**Net<br> Amount** | &nbsp;&nbsp;**Gross Amounts<br> of Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Pledged** | &nbsp;&nbsp;**Net<br> Amount** |
| <br>&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |
| &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** |
| &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$2547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;8457 | &nbsp;&nbsp;&nbsp;(8457) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;68865 | &nbsp;&nbsp;&nbsp;(8457) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;60408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;15481 | &nbsp;&nbsp;(15481) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;126211 | &nbsp;&nbsp;(15481) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;110730 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Gross Amounts<br> of Assets<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Received** | &nbsp;&nbsp;**Net<br> Amount** | &nbsp;&nbsp;**Gross Amounts<br> of Liabilities<br> Presented in<br> Statement of<br> Assets and<br> Liabilities** | &nbsp;&nbsp;**Financial<br> Instruments** | &nbsp;&nbsp;**Collateral<br> Pledged** | &nbsp;&nbsp;**Net<br> Amount** |
| <br>&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |
| &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** |
| &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49 | &nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;18486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;18486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;6138 | &nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;6102 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;1526 | &nbsp;&nbsp;(451) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;(451) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

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

---

| | |
|:---|:---|
| **46** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

The following is a summary of the effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Interest<br> Rate<br> Contracts** | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Credit<br> Contracts** | &nbsp;&nbsp;**Equity<br> Contracts** | &nbsp;&nbsp;**Commodity<br> Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** |
| &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$410685 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$410685 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$410685** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$410685** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(469377) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(469377) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(469377)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(469377)** |
| &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** |
| &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br> as a Result of Operations:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$25479 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$25479 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$25479** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$25479** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;Forward Currency Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(51361) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(51361) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(51361)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(51361)** |

---

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

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the six-month period ended April 30, 2025. The table below summarizes the weighted average values of derivatives holdings by the Funds during the six-month period ended April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative** | &nbsp;&nbsp;**Average<br> Notional Value** |
| &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;$4178931 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$17439246 |
| &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;$160649 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$1637740 |

---

---

| | |
|:---|:---|
| **e.**  | **Security Transactions, Investment Income and Expenses:** |
|  | Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions. |
|  | Interest income and expenses are recorded on an accrual basis. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of the month end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **47** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

based on the total net asset value of that class's shares in proportion to the total net assets of the relevant Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

---

| | |
|:---|:---|
| **f.**  | **Distributions:** |
|  | Distributions from net investment income, if any, are declared daily and paid monthly for the Intermediate Municipal Income Fund, Short Duration High Yield Municipal Fund and the Ultra Short Municipal Income Fund. Distributions from net investment income, if any, are declared and paid monthly for the High Income Opportunities Fund and the Infrastructure Debt Fund. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. |
|  | Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatment for foreign currencies and loss deferrals. |

---

---

| | |
|:---|:---|
| **g.**  | **Federal Income Taxes:** |
|  | Each Fund intends to continue to qualify as a "regulated investment company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required. Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2024 are subject to such review. |
|  | Each Fund may recognize interest and penalties related to tax items, including uncertain tax positions, within interest expense and other expenses respectively. No interest expense or penalties related to taxation have been recognized as of and for the six-month period ended April 30, 2025. |

---

---

| | |
|:---|:---|
| **h.**  | **Foreign Withholding Tax:** |
|  | Interest income from non-U.S. sources received by the Funds are generally subject to non-U.S. withholding taxes and are recorded on the Statements of Operations. The Funds file for tax reclaims for the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statements of Assets and Liabilities. Foreign tax authorities can examine previously filed withholding tax reclaims for various periods of time, depending on the statute of limitations in each foreign jurisdiction. In some cases, amounts that have been refunded by foreign tax authorities and received by the Funds are still subject to such review. |
|  | In addition, the Funds may be subject to capital gains tax in certain countries in which they invest. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Funds accrue such taxes when the related income is earned. |
|  | In addition, when the Funds sell securities within certain countries in which they invest, the capital gains realized may be subject to tax. Based on these market requirements and as required under U.S. GAAP, the Funds accrue deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statements of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments. |

---

---

| | |
|:---|:---|
| **i.**  | **Securities Lending:** |
|  | Through an agreement with Securities Finance Trust Company as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian, "State Street"), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require the borrower to mark to market such collateral on a daily basis so that the fair value of such collateral does not fall below 100% of the fair value of the portfolio securities so loaned. |
|  | Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent. |

---

---

| | |
|:---|:---|
| **48** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| |
|:---|
| The Funds continue to own the loaned securities and continue to recognize unrealized gains and losses on the securities on loan. However, securities lending involves certain risks, including the event of default or insolvency of the borrower, and possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and therefore, this amount is not presented on the Funds' Statements of Investments. |
| For the six-month period ended April 30, 2025, no lending activity took place. |

---

3. Agreements and Transactions with Affiliates

---

| | |
|:---|:---|
| **a.**  | **Investment Adviser:** |
|  | Under the Investment Advisory Agreements with the Trust, the Adviser manages the Funds in accordance with the policies and procedures established by the Board. |
|  | For services provided under the terms of each current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule: |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Fee Schedule** | |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% |
|  | $500 million up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.525% |
|  | On $1 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% |
|  | $500 million up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.475% |
|  | On $1 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450% |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.425% |
|  | $250 million up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375% |
|  | On $1 billion and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.355% |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| Up to $250 million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550% |
|  | On $250 million and more | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500% |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| On all assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.400% |

---

The Adviser has engaged the services of affiliate abrdn Investments Limited (on behalf of Infrastructure Debt Fund) as subadviser (the "Subadviser") pursuant to sub-advisory agreements. The Subadviser manages a portion of the applicable Fund's investments and has the responsibility for making all investment decisions for the portion of such Fund's assets they manage. Pursuant to the subadvisory agreements, the Adviser pays fees to the Subadviser, if any.

The Trust and Aberdeen have entered into written contracts ("Expense Limitation Agreements") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the tables below. For each Fund, this contractual limitation may not be terminated before February 28, 2026 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For the High Income Opportunities Fund, this contractual limitation may not be terminated before February 28, 2026. For the Intermediate Municipal Income Fund and the Infrastructure Debt Fund, this limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, Acquired Fund Fees and Expenses, Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares and Institutional Service Class shares and extraordinary expenses. For the High Income Opportunities Fund, this limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, Acquired Fund Fees and Expenses, and Rule 12b-1 fees for Class A shares and extraordinary expenses. For the Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund, this limit includes Rule 12b-1 Fees, but excludes certain expenses, including any interest, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Limit** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;0.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **49** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Class A<br> Limit** | &nbsp;&nbsp;&nbsp;**Class A1<br> Limit** | &nbsp;&nbsp;&nbsp;**Class C<br> Limit** | &nbsp;&nbsp;&nbsp;**Institutional<br> Class Limit** |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;0.45% |

---

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

Aberdeen may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreements as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause a class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by Aberdeen is not permitted.

As of April 30, 2025, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to Aberdeen for each Fund, based on expenses reimbursed by Aberdeen, including adjustments described above, would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Amount<br> Fiscal Year<br> 2022<br> (Expires 10/31/25)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2023<br> (Expires 10/31/26)** | &nbsp;&nbsp;&nbsp;**Amount<br> Fiscal Year<br> 2024<br> (Expires 10/31/27)** | &nbsp;&nbsp;&nbsp;**Amount<br> Six Months Ended<br> April 30, 2025<br> (Expires 4/30/28)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| $439426 | &nbsp;&nbsp;&nbsp;$310592 | &nbsp;&nbsp;&nbsp;$276578 | &nbsp;&nbsp;&nbsp;$153418 | &nbsp;&nbsp;&nbsp;$1180014 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996158 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198526 | &nbsp;&nbsp;&nbsp;&nbsp;100043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720184 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303775 | &nbsp;&nbsp;&nbsp;&nbsp;142362 | &nbsp;&nbsp;&nbsp;&nbsp;1655458 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;2289342 | &nbsp;&nbsp;&nbsp;&nbsp;1869917 | &nbsp;&nbsp;&nbsp;&nbsp;1620129 | &nbsp;&nbsp;&nbsp;&nbsp;849392 | &nbsp;&nbsp;&nbsp;&nbsp;6628780 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

In accordance with the Funds' Expense Limitation Agreements and criteria, as described above, the Adviser did not recapture any expenses for which it previously reimbursed the Funds. Accordingly, at April 30, 2025, the Funds did not have liabilities payable to the Adviser for recapture of previously reimbursed expenses.

---

| | |
|:---|:---|
| **b.**  | **Fund Administration:** |
|  | Under the terms of the Fund Administration Agreement, Aberdeen provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays Aberdeen an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with abrdn, State Street provides sub-administration services with respect to the Funds. Aberdeen pays State Street for providing such services. |

---

---

| | |
|:---|:---|
| **c.**  | **Distributor and Shareholder Servicing:** |
|  | The Trust and Aberdeen Fund Distributors, LLC (the "Distributor") are parties to the current Underwriting Agreement (the "Underwriting Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares. |
|  | The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate the Distributor, for expenses associated with the distribution-related and/or shareholder services provided by such entities. These fees are paid to the Distributor and are either kept or paid to shareholders' financial advisors or other |

---

---

| | |
|:---|:---|
| **50** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

intermediaries for distribution and shareholder services. Although actual distribution expenses may be more or less, under the Plan, the Funds pay the Distributor an annual fee of the following amounts, based on the total net assets of each, respective class:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A<br> Shares** | &nbsp;&nbsp;&nbsp;**Class A1<br> Shares** | &nbsp;&nbsp;&nbsp;**Class C<br> Shares(a)** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

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

(a) 0.25% of which is service fees.

The Adviser or an affiliate of the Adviser may pay additional amounts from its own resources to dealers or other financial intermediaries, for aid in distribution or for aid in providing administrative services to shareholders.

Pursuant to the current Underwriting Agreement, the Distributor will also receive the proceeds of contingent deferred sales charges ("CDSCs") of 1.00% imposed on certain redemptions of Class C (and up to 1.00% for certain Class A) shares.

The Distributor re-allows to dealer 2.50% of sales charges on Class A shares of the High Income Opportunities Fund and Infrastructure Debt Fund; 2.00% of sales charges on Class A shares of the Intermediate Municipal Income Fund and Short Duration High Yield Municipal Fund; and 0.50% of sales charges on Class A1 of the Ultra Short Municipal Income Fund. In addition, the Distributor or Adviser may compensate broker dealers or financial intermediaries for sales of Class C shares from its own resources at the rate of 1.00% on sales of Class C shares, which have a maximum CDSC of 1.00% (the CDSC assessed on sales within one year of purchase). The amount the Distributor retained for commissions from front-end sales charges and CDSC fees for the six-month period ended April 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Commissions Retained<br> from Front-End Sales<br> Charges of Class A<br> Shares** | &nbsp;&nbsp;&nbsp;**Commissions Retained<br> from CDSC Fees of<br> Class C (Certain Class A) Shares** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| $– | &nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Retained** | **$66** | &nbsp;&nbsp;&nbsp;**$–** |

---

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

---

| | |
|:---|:---|
| **d.**  | **Administrative Services Fees/Transfer Agent Out-of-Pocket Expenses** |
|  | The Funds may pay and/or reimburse administrative services fees/sub-transfer agent expenses to certain broker-dealers and financial intermediaries who provide administrative support services to beneficial shareholders on behalf of the Funds (sometimes referred to as "sub-transfer agency fees"), subject to certain limitations approved by the Board. These fees may be in addition to Rule 12b-1 fees. Sub-transfer agency fees generally include, but are not limited to, costs associated with recordkeeping, networking, sub-transfer agency or other administrative or shareholder services. |
|  | Class A, Class A1, Class R and Institutional Service Class shares of the Funds pay for such services pursuant to an Administrative Services Plan adopted by the Board. Under the Administrative Services Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual sub-transfer agent and administrative services fee of 0.25% for Class A, Class A1, Class R and Institutional Service Class shares. Under an amendment to the Administrative Services Plan that is in effect until at least February 28, 2026, the administrative service fee is limited to a maximum of 0.15% for contracts with fees that are calculated as a percentage of Fund assets and a maximum of $16 per account for contracts with fees that are calculated on a dollar per account basis; however, many intermediaries do not charge the maximum permitted |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **51** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| |
|:---|
| fee or even a portion thereof. Class C and Institutional Class shares may also pay for the services described above directly as these classes are not subject to an Administrative Services Plan. |
| The aggregate amount of sub-transfer agent and administrative service fees paid during the six-month period ended April 30, 2025 was as follows: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class A1** | &nbsp;&nbsp;&nbsp;**Institutional<br> Service** | &nbsp;&nbsp;&nbsp;**Institutional** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| $34685 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$7813 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39344 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;105503 | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;253099 |

---

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

---

| | |
|:---|:---|
| **e.**  | **Purchase/Sale Transactions Between Affiliates** |
|  | The Funds are permitted to buy or sell securities with funds that have a common investment adviser (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the Investment Company Act of 1940 ("Rule 17a-7"). During the six-month period ended April 30, 2025, the Funds did not engage in any of these trades. |

---

4. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six-month period ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| $33377441 | &nbsp;&nbsp;&nbsp;$38107857 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110520 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15785769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16413914 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37136891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59837499 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;860748973 | &nbsp;&nbsp;&nbsp;&nbsp;659074377 |

---

5. Portfolio Investment Risks

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

---

---

| | |
|:---|:---|
| **b.**  | **Auction Rate Securities Risk** |
|  | The Intermediate Municipal Income Fund, Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund (the "Municipal Funds") may buy or sell auction rate securities. Auction rate securities are variable rate bonds whose interest rates are reset at specified intervals through a "Dutch" auction process. A "Dutch" auction is a competitive bidding process designed to determine a single uniform clearing rate that enables purchases and sales of the auction rate securities to take place at par. All accepted bids and holders of the auction rate securities receive the same rate. Auction rate securities holders rely on the liquidity generated by the auction. There is a risk that an auction will fail due to insufficient demand for the securities. If an auction fails, an auction rate security may become illiquid until a subsequent successful auction is conducted, the issuer redeems the issue, or a secondary market develops. |

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| | |
|:---|:---|
| **52** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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| | |
|:---|:---|
| **c.**  | **Bank Loan Risk** |
|  | The High Income Opportunities Fund and Infrastructure Debt Fund may buy or sell bank loans. There are some risks associated with an investment in bank loans including credit risk, interest rate risk, illiquid securities risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may be difficult to liquidate or be insufficient to cover the amount owed under the loan. Bank loans have significantly longer settlement periods (e.g., longer than seven days) than more traditional investments resulting in the proceeds from the sale of such loans not being readily available to make additional investments or to meet a Fund's redemption obligations. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. These risks could cause a Fund to lose income or principal on a particular investment, which in turn could affect a Fund's returns. |

---

---

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

---

---

| | |
|:---|:---|
| **e.**  | **Derivatives Risk (including Options, Futures and Swaps)** |
|  | The High Income Opportunities Fund and Infrastructure Debt Fund are subject to Derivatives Risk. Derivatives are speculative and may hurt the Fund's performance. The potential benefits to be derived from the Fund's options, futures and derivatives strategy are dependent upon the portfolio managers' ability to discern pricing inefficiencies and predict trends in these markets, which decisions could prove to be inaccurate. |
|  | *Speculative Exposure Risk. To the extent that a derivative or practice is not used as a hedge, the Fund is directly exposed to its risks. Gains or losses from speculative positions in a derivative may be much greater than the derivative's original cost. For example, potential losses from writing uncovered call options and from speculative short sales are unlimited.* |
|  | *Hedged Exposure Risk. Losses generated by a derivative or practice used by the Fund for hedging purposes should be substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can also reduce or eliminate gains.* |
|  | *Correlation Risk. The Fund is exposed to the risk that changes in the value of a hedging instrument will not match those of the investment being hedged.* |
|  | *Counterparty Risk. Derivative transactions depend on the creditworthiness of the counterparty and the counterparty's ability to fulfill its contractual obligations.* |
|  | *Other Derivatives Risks. Fixed income derivatives are subject to interest rate risk. In addition, certain derivatives may be subject to illiquid securities risk, mispricing or valuation complexity, market risk and management risk. The Fund may need to sell portfolio securities at inopportune times to satisfy margin or payment obligations under derivatives investments. Changes in regulation relating to the Fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.* |

---

---

| | |
|:---|:---|
| **f.**  | **Emerging Markets Risk** |
|  | Emerging markets are countries generally considered to be relatively less developed or industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because the countries may have less stable governments, more volatile currencies and less established markets (see "Foreign Securities Risk" below). |

---

---

| | |
|:---|:---|
| **g.**  | **ESG Integration Risk** |
|  | To the extent ESG (Environmental, Social and Governance) factors are used to evaluate investments, the consideration of such factors may adversely affect a Fund's performance. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which a Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in a Fund performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or consider different ESG factors. |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **53** |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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---

| | |
|:---|:---|
| **h.**  | **Fixed Income Securities Risk** |
|  | Fixed income securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. The value of a fixed income security may also fall due to specific conditions that affect a particular sector of the securities market or a particular issuer. Fixed income securities are subject to, among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk. |

---

---

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

---

---

| | |
|:---|:---|
| **j.**  | **Foreign Securities Risk** |
|  | Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund. |

---

---

| | |
|:---|:---|
| **k.**  | **Green, Social and Sustainability Bond Risk** |
|  | The Infrastructure Debt Fund's performance may differ from the performance of other funds that do not invest green, social and sustainability bonds because the Fund's investment strategy may select or exclude securities of certain issuers for reasons in addition to performance. Investing in green, social and sustainability bonds is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Adviser or any judgment exercised by the Adviser will reflect the opinions of any particular investor. |

---

---

| | |
|:---|:---|
| **l.**  | **High-Yield Bonds and Other Lower-Rated Securities Risk** |
|  | A Fund's investments in high-yield bonds (commonly referred to as "junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities. |

---

---

| | |
|:---|:---|
| **m.**  | **Illiquid Securities Risk** |
|  | Illiquid securities are assets that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the fair value of the asset. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value. |
|  | The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of a Fund's portfolio holdings. These procedures and tests take into account a Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during both normal and reasonably foreseeable stressed conditions, relevant market, trading and other factors, and monitor whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to assist a Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures and tests will enable a Fund to ensure that it has sufficient liquidity to meet redemption requests. |

---

---

| | |
|:---|:---|
| **n.**  | **Impact of Large Redemptions and Purchases of Fund Shares** |
|  | Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause a Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of a Fund and result in credit line borrowing fees and/or overdraft charges to a Fund until the sales of portfolio securities necessary to cover the redemption request settle. |

---

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| | |
|:---|:---|
| **54** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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| | |
|:---|:---|
| **o.**  | **Infrastructure-Related Investments Risk** |
|  | Because the Infrastructure Debt Fund concentrates its investments in infrastructure-related entities, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Infrastructure related entities are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps, the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. |

---

---

| | |
|:---|:---|
| **p.**  | **Interest Rate Risk** |
|  | Each Fund's fixed income investments are subject to interest rate risk, which generally causes the value of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in each Fund's net assets. Interest rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. In periods of market volatility, the fair values of fixed income securities may be more sensitive to changes in interest rates. The Fund may be subject to greater interest rate risk due to changing interest rate environment and the effect of potential government monetary and fiscal policy initiatives and resulting market reaction to those initiatives. |

---

---

| | |
|:---|:---|
| **q.**  | **Investment-Grade Debt Securities** |
|  | Investment-grade debt securities are debt securities rated within the highest grades (AAA/Aaa through BBB-/Baa) by S&P or Moody's rating services, and unrated securities of comparable quality. If a Fund invests, at the time of purchase, in a security that is investment-grade, it is possible that such security may be downgraded after its purchase so that it is no longer investment-grade. |

---

---

| | |
|:---|:---|
| **r.**  | **Issuer Risk** |
|  | The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. |

---

---

| | |
|:---|:---|
| **s.**  | **Market Risk** |
|  | Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in that market. Developments in a particular class of bonds or the stock market could also adversely affect a Fund by reducing the relative attractiveness of bonds or stocks as an investment. Also, to the extent that a Fund emphasizes bonds or stocks from any given industry, it could be hurt if that industry does not do well. Additionally, a Fund could lose value if the individual stocks in which it maintains long positions and/or the overall stock markets on which the stocks trade decline in price. In addition, a Fund that engages in short sales could lose value if the individual stocks which they sell short increase in price. Stocks and stock markets may experience short-term volatility (price fluctuation) as well as extended periods of price decline or increase. Individual stocks are affected by many factors, including: |

---

• corporate earnings;

• production;

• management;

• sales; and

• market trends, including investor demand for a particular type of stock, such as growth or value stocks, small or large stocks, or stocks within a particular industry.

Stock markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. In addition, any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the world economy, which in turn could adversely affect the Fund's investments.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **55** |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

and interest rate hikes or reductions. The impact of these policies and legislative changes on the markets, and the practical implications for market participants, may not be fully known for some time. A reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely impact a Fund's investments. The current market environment could make identifying investment risks and opportunities especially difficult for the Adviser.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events.

---

| | |
|:---|:---|
| **t.**  | **Municipal Securities Risk** |
|  | The Infrastructure Debt Fund and the Municipal Funds are subject to municipal securities risk. Municipal bonds can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally lower for shorter-term municipal bonds and higher for long term municipal bonds. |
|  | *Municipal Bond Tax Risk. A municipal bond that is issued as tax-exempt may later be declared to be taxable. In addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value of a municipal bond to decline.* |
|  | *Municipal Market Volatility and Illiquidity Risk. The municipal bond market can be volatile, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, a Fund may not be able to readily sell bonds without the sale significantly changing the fair value of the bond. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.* |
|  | *Municipal Sector Risk. From time to time, a Fund may invest a substantial amount of its assets in municipal securities whose interest is paid solely from revenues of similar projects. If a Fund concentrates its investments in this manner, it assumes the economic risks relating to such projects and any adverse changes to such projects may have a significant negative impact on the Fund's investment performance.* |

---

---

| | |
|:---|:---|
| **u.**  | **Portfolio Turnover Risk** |
|  | The High Income Opportunities Fund, Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund may engage in active and frequent trading of portfolio securities to achieve their investment objectives. High portfolio turnover may result in greater transaction costs which may reduce Fund performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains taxable at ordinary income tax rates. |

---

---

| | |
|:---|:---|
| **v.**  | **Private Placements and Other Restricted Securities Risk** |
|  | The High Income Opportunities Fund and Short Duration High Yield Municipal Fund are subject to Private Placements Risk. Investments in private placements and other restricted securities, including Regulation S Securities and Rule 144A Securities, could have the effect of increasing the Fund's level of illiquidity. Private placements and restricted securities may be less liquid than other investments because such securities may not always be readily sold in broad public markets and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value. |

---

---

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

---

---

| | |
|:---|:---|
| **x.**  | **Sovereign Debt Risk** |
|  | The High Income Opportunities Fund is subject to Sovereign Debt Risk. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of a foreign government's debt securities held by the Fund and impact an issuer's ability and willingness to pay interest or repay principal when due. The Fund may have limited recourse to compel payment in the event of a default. A foreign government's default on its debt securities may cause the value of securities held by the Fund to decline significantly. |

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| | |
|:---|:---|
| **56** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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| | |
|:---|:---|
| **y.**  | **Tender Option Bonds Risk** |
|  | The Municipal Funds are subject to Tender Option Bonds Risk. Tender option bonds are synthetic floating-rate or variable-rate securities issued when long-term bonds are purchased in the primary or secondary market and then deposited into a trust. Tender option bonds may be considered derivatives, and may expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, especially the risk of increased volatility. |

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---

| | |
|:---|:---|
| **z.**  | **Tobacco Related Bonds Risk** |
|  | The Short Duration High Yield Municipal Fund is subject to Tobacco Related Bonds Risk. In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, the Master Service Agreement ("MSA"), to settle claims against them by 46 states and six other U.S. jurisdictions. The tobacco manufacturers agreed to make annual payments to the government entities in exchange for the release of all litigation claims. A number of the states have sold bonds that are backed by those future payments. The Funds may invest in two types of those bonds: (i) bonds that make payments only from a state's interest in the MSA and (ii) bonds that make payments from both the MSA revenue and from an "appropriation pledge" by the state. An "appropriation pledge" requires the state to pass a specific periodic appropriation to make the payments and is generally not an unconditional guarantee of payment by a state. The MSA settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. Payments could be reduced if consumption decreases, if market share is lost to non-MSA manufacturers, or if there is a negative outcome in litigation regarding the MSA. |

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| | |
|:---|:---|
| **aa.**  | **U.S. Government Securities Risk** |
|  | Securities issued by U.S. Government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. The U.S. Government does not guarantee the net asset value of a Fund's shares. |

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---

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

---

---

| | |
|:---|:---|
| **cc.**  | **Variable and Floating Rate Securities Risk** |
|  | Certain Funds are subject to Variable and Floating Rate Securities Risk. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. Variable rate demand obligations ("VRDOs") are floating rate securities that combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money. |

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---

| | |
|:---|:---|
| **dd.**  | **Yield Risk** |
|  | The High Income Opportunities Fund and Ultra Short Municipal Income Fund are subject to Yield Risk. The amount of income received by the Fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the Fund's expenses could absorb all or a significant portion of the Fund's income. If interest rates increase, the Fund's yield may not increase proportionately. For example, the Adviser may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed. |
|  | Please read the Funds' prospectuses for more detailed information regarding these and other risks. |

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6. Contingencies

In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds, and therefore, cannot be estimated; however, the Funds expect the risk of loss from such claims to be remote.

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **57** |

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------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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7. Tax Information

As of April 30, 2025, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Tax Cost of<br> Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp; High Income Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$78383271 | &nbsp;&nbsp;&nbsp;&nbsp;$1193918 | &nbsp;&nbsp;&nbsp;&nbsp;$(3850009) | &nbsp;&nbsp;&nbsp;&nbsp;$(2656091) |
| &nbsp;&nbsp; Infrastructure Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22872312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6194 |
| &nbsp;&nbsp; Intermediate Municipal Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42385469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1159862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(932135) |
| &nbsp;&nbsp; Short Duration High Yield Municipal Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81772481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7152361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6282911) |
| &nbsp;&nbsp; Ultra Short Municipal Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;943041520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142904) |

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The tax character of distributions during the fiscal year ended October 31, 2024 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** | &nbsp;&nbsp;**Distributions paid from** |
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Net Long Term<br> Capital Gains** | &nbsp;&nbsp;**Total<br> Taxable<br> Distributions** | &nbsp;&nbsp;**Tax Exempt<br> Distributions** | &nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;$5175909 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$5175909 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$253595 | &nbsp;&nbsp;$5429504 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;1502037 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1502037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;1502037 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21026 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21026 | &nbsp;&nbsp;&nbsp;&nbsp;1713279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;1734305 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23137 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23137 | &nbsp;&nbsp;&nbsp;&nbsp;3636771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;3659908 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18857 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18857 | &nbsp;&nbsp;&nbsp;25197595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;25216452 |

---

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

As of October 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Undistributed<br> Tax Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital<br> Gains** | **Accumulated<br> Earnings** | **Distributions<br> Payable** | **Late Year<br> Ordinary and<br> Post-October<br> Capital Loss<br> Deferrals** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other<br> Losses** | **Total<br> Accumulated<br> Earnings/<br> (Deficit)** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| $– | $– | $– | $– | $– | $– | $(332051) | $(955663) | $(248757659) | $(250045373) |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;234453 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;496632 | &nbsp;&nbsp;&nbsp;&nbsp;(8159809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7428724) |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4632) | &nbsp;&nbsp;&nbsp;&nbsp;152288 | &nbsp;&nbsp;&nbsp;&nbsp;(1784533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1632434) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;1316644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(968204) | &nbsp;&nbsp;&nbsp;(6111963) | &nbsp;&nbsp;&nbsp;(35923007) | &nbsp;&nbsp;&nbsp;&nbsp;(41686530) |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(73243) | &nbsp;&nbsp;&nbsp;&nbsp;(32993) | &nbsp;&nbsp;&nbsp;&nbsp;(1422409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1447831) |

---

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

As of October 31, 2024, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$55861028 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192896631 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |

---

---

| | |
|:---|:---|
| **58** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$7258580 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901229 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188578 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595955 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12860275 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23062732 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422409 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |

---

8. Significant Shareholders

As of April 30, 2025, the Funds had shareholders with the percentage ownership indicated, which are considered significant shareholders (holdings greater than 5.0%) for financial reporting purposes:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Record<br> Ownership %** | &nbsp;&nbsp;&nbsp;**Number of<br> Account Owners** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| 45.0% | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;52.9 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| 48.3 | &nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;84.7 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;58.2 | &nbsp;&nbsp;&nbsp;3 |

---

9. Line of Credit

The Trust, on behalf of each of the open-end mutual funds of the Trust (including the Funds) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street Bank and Trust Company (the "Bank"), subject to annual renewal. As of April 30, 2025, the Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.

Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to (a) 10 basis points + (b) the higher of (i) the Federal Funds Rate on such date (not less than zero) plus one and one quarter of one percent (1.25%) or (ii) the Overnight Bank Funding Rate on such date plus one and one quarter of one percent (1.25%). In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. For each Fund that borrowed under the Credit Facility during the six-month period ended April 30, 2025, the following table shows the average outstanding daily balance of the days the Fund utilized the Credit Facility and the average weighted interest rate paid by the Fund during the six-month period ended April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Average Outstanding<br> Daily Balance** | &nbsp;&nbsp;&nbsp;**Average Weighted<br> Interest Rate** | &nbsp;&nbsp;&nbsp;**Days<br> Utilized** |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;131388 | &nbsp;&nbsp;&nbsp;5.79% | &nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;Intermediate Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;250035 | &nbsp;&nbsp;&nbsp;5.93% | &nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;1156057 | &nbsp;&nbsp;&nbsp;5.69% | &nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916157 | &nbsp;&nbsp;&nbsp;5.69% | &nbsp;&nbsp;&nbsp;&nbsp;6 |

---

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

10. Segment Reporting

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity's

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **59** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Notes to Financial Statements (unaudited) (concluded)

April 30, 2025

------

chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Funds act as the Fund's CODM. The CODM monitors the operating results of the Funds as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Funds operate as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

11. Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2025, other than as noted below.

At a meeting held on June 11, 2025 (the "Meeting"), the Board approved, on behalf of the abrdn Intermediate Municipal Income Fund, the reorganization of the Fund into abrdn Ultra Short Municipal Income Active ETF, a newly created ETF (the "Reorganization"), which will continue to be managed by abrdn Inc., the investment adviser for the Fund. The Board, including all of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust, determined that participation in the Reorganization is in the best interests of the Fund and that the interests of existing shareholders of the Fund will not be diluted as a result of the Reorganization. The reorganization is expected to occur on or around October 17, 2025.

In addition, at the Meeting, the Board approved that the abrdn Intermediate Municipal Income Fund will no longer offer Institutional Service Class shares effective June 12, 2025.

---

| | |
|:---|:---|
| **60** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Changes in and Disagreement with Accountants for Open-End Management Investment Companies

------

Not applicable.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **61** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Proxy Disclosures for Open-End Management Investment Companies

------

Not applicable.

---

| | |
|:---|:---|
| **62** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies

------

Remuneration paid to trustees, officers and others is included in the Statement of Operations under the line items "Trustee Fees" and "Investment Advisory Fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **63** |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

Statement Regarding Basis For Approval of Investment Advisory Contract

------

Not Applicable.

---

| | |
|:---|:---|
| **64** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_6cb8bbe3-90a2-4e7b-bccc-b01d1c315ee4_TOCtm2517610d1_fixincrep)

------

abrdn Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

https://www.aberdeeninvestments.com/en-us

## abrdn Funds Active ETF Series
Financial Statements and Other Information

April 30, 2025

#### abrdn Emerging Markets Dividend Active ETF (AGEM)

#### abrdn Focused U.S. Small Cap Active ETF (AFSC)
![](tm2517610d1activeetfi001.jpg)

------

**Table of Contents**

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements and Financial Highlights for Open-End Management Investment Companies (Item 7):](#xx_cc4ff78e-7719-490c-948c-77f0cca4d882_1tm2517610d1_activeetf)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Statements of Investments](#xx_cc4ff78e-7719-490c-948c-77f0cca4d882_1tm2517610d1_activeetf) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Emerging Markets Dividend Active ETF](#xx_cc4ff78e-7719-490c-948c-77f0cca4d882_1tm2517610d1_activeetf)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Focused U.S. Small Cap Active ETF](#xx_c24458cc-0f77-4d5d-9617-044aeef50813_1tm2517610d1_activeetf)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements](#xx_9f59b1d7-26f1-4815-bd90-07bd26d55753_1tm2517610d1_activeetf) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Notes to Financial Statements](#xx_7617034f-172f-4167-a4a8-68f4fcb5c29d_1tm2517610d1_activeetf) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Changes in and Disagreement with Accountants for Open-End Management Investment Companies (Item 8)](#xx_e1988bdb-9cc1-4f82-ac69-282e3f7e1a4c_1tm2517610d1_activeetf) <br>**  | &nbsp;&nbsp;Page 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Proxy Disclosures for Open-End Management Investment Companies (Item 9)](#xx_be67cee5-fc05-4575-aac3-2abd3a5a98f0_1tm2517610d1_activeetf) <br>**  | &nbsp;&nbsp;Page 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Remuneration paid to Trustees, Officers and Others (Item 10)](#xx_0edbb08f-46e8-459c-ba1e-6e9bd3c86b7b_1tm2517610d1_activeetf) <br>**  | &nbsp;&nbsp;Page 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Statement Regarding Basis For Approval of Investment Advisory Contract (Item 11)](#xx_7439c8ed-8312-4766-8e17-b97067a69f48_1tm2517610d1_activeetf) <br>**  | &nbsp;&nbsp;Page 29 |

---

------

*Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 844-383-7289 to request a prospectus, or download a prospectus at https://www.aberdeeninvestments.com/us/literature. Please read it carefully before investing any money.*

Investing in exchange-traded funds ("ETFs") involves risk, including possible loss of principal.

The active ETFs series of abrdn Funds are distributed by **ALPS Distributors, Inc.,** 1290 Broadway, Suite 1000, Denver, Colorado 80203.

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

The complete schedule of portfolio holdings for each fund of abrdn Funds (each a "Fund" and collectively, the "Funds") is included in the Funds' semi-annual and annual reports to shareholders. abrdn Funds also files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT filings are available on the Commission's website at http://www.sec.gov and the Funds make the information on the exhibit to Form N-PORT available to shareholders upon request without charge by calling 1-844-383-7289.

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

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

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Emerging Markets Dividend Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—90.7%** | &nbsp;&nbsp;**COMMON STOCKS—90.7%** | &nbsp;&nbsp;**COMMON STOCKS—90.7%** |  |
| &nbsp;&nbsp;**BRAZIL—4.7%** | &nbsp;&nbsp;**BRAZIL—4.7%** | &nbsp;&nbsp;**BRAZIL—4.7%** | &nbsp;&nbsp;**BRAZIL—4.7%** |
| &nbsp;&nbsp;**Communication Services—1.6%** |  |  |  |
| &nbsp;&nbsp;Telefonica Brasil SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;115657 | &nbsp;&nbsp;$1123029 |
| &nbsp;&nbsp;**Energy—1.4%** |  |  |  |
| &nbsp;&nbsp;Petroleo Brasileiro SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;94091 | &nbsp;&nbsp;&nbsp;&nbsp; 993601 |
| &nbsp;&nbsp;**Financials—1.1%** |  |  |  |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  | &nbsp;&nbsp;&nbsp;&nbsp;138528 | &nbsp;&nbsp;&nbsp;&nbsp; 329285 |
| &nbsp;&nbsp;Itau Unibanco Holding SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;75595 | &nbsp;&nbsp;&nbsp;&nbsp; 477005 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806290 |
| &nbsp;&nbsp;**Health Care—0.6%** |  |  |  |
| &nbsp;&nbsp;Odontoprev SA |  | &nbsp;&nbsp;&nbsp;&nbsp;204898 | &nbsp;&nbsp;&nbsp;&nbsp; 385595 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3308515** |
| &nbsp;&nbsp;**CHINA—25.3%** | &nbsp;&nbsp;**CHINA—25.3%** | &nbsp;&nbsp;**CHINA—25.3%** | &nbsp;&nbsp;**CHINA—25.3%** |
| &nbsp;&nbsp;**Communication Services—9.7%** |  |  |  |
| &nbsp;&nbsp;Autohome, Inc., ADR |  | &nbsp;&nbsp; 11149 | &nbsp;&nbsp;&nbsp;&nbsp; 304144 |
| &nbsp;&nbsp;NetEase, Inc., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;15647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675168 |
| &nbsp;&nbsp;Tencent Holdings Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;80413 | &nbsp;&nbsp;&nbsp;&nbsp; 4910018 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6889330 |
| &nbsp;&nbsp;**Consumer Discretionary—9.7%** |  |  |  |
| &nbsp;&nbsp;Alibaba Group Holding Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;17858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132781 |
| &nbsp;&nbsp;ANTA Sports Products Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;96350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142321 |
| &nbsp;&nbsp;Fu Shou Yuan International Group Ltd. |  | &nbsp;&nbsp;&nbsp;647000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293651 |
| &nbsp;&nbsp;Hangzhou Robam Appliances Co. Ltd. |  | &nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320652 |
| &nbsp;&nbsp;JD.com, Inc., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;10990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358494 |
| &nbsp;&nbsp;Li Auto, Inc., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;26354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642774 |
| &nbsp;&nbsp;Li Ning Co. Ltd. |  | &nbsp;&nbsp;&nbsp;372500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706038 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606942 |
| &nbsp;&nbsp;PDD Holdings, Inc., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400532 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247831 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852016 |
| &nbsp;&nbsp;**Consumer Staples—2.1%** |  |  |  |
| &nbsp;&nbsp;Wuliangye Yibin Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;60300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068543 |
| &nbsp;&nbsp;Yifeng Pharmacy Chain Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;103900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406284 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474827 |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;China Construction Bank Corp., H Shares |  | &nbsp;&nbsp;492000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404735 |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;47822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571951 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976686 |
| &nbsp;&nbsp;**Health Care—0.5%** |  |  |  |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375032 |
| &nbsp;&nbsp;**Industrials—1.7%** |  |  |  |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615183 |
| &nbsp;&nbsp;SITC International Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572509 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187692 |
| &nbsp;&nbsp;**Information Technology—0.2%** |  |  |  |
| &nbsp;&nbsp;Silergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150080 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**17905663** |
| &nbsp;&nbsp;**COLOMBIA—0.2%** | &nbsp;&nbsp;**COLOMBIA—0.2%** | &nbsp;&nbsp;**COLOMBIA—0.2%** | &nbsp;&nbsp;**COLOMBIA—0.2%** |
| &nbsp;&nbsp;**Energy—0.2%** |  |  |  |
| &nbsp;&nbsp;Geopark Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;17284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116148 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**GEORGIA—1.8%** | &nbsp;&nbsp;**GEORGIA—1.8%** | &nbsp;&nbsp;**GEORGIA—1.8%** | &nbsp;&nbsp;**GEORGIA—1.8%** |
| &nbsp;&nbsp;**Financials—1.8%** |  |  |  |
| &nbsp;&nbsp;Lion Finance Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;15940 | &nbsp;&nbsp;$1274595 |
| &nbsp;&nbsp;**GREECE—1.3%** | &nbsp;&nbsp;**GREECE—1.3%** | &nbsp;&nbsp;**GREECE—1.3%** | &nbsp;&nbsp;**GREECE—1.3%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;87278 | &nbsp;&nbsp;&nbsp;&nbsp; 918925 |
| &nbsp;&nbsp;**HONG KONG—2.5%** | &nbsp;&nbsp;**HONG KONG—2.5%** | &nbsp;&nbsp;**HONG KONG—2.5%** | &nbsp;&nbsp;**HONG KONG—2.5%** |
| &nbsp;&nbsp;**Consumer Staples—1.4%** |  |  |  |
| &nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;956004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013249 |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;AIA Group Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;18222 | &nbsp;&nbsp;&nbsp;&nbsp; 542833 |
| &nbsp;&nbsp;**Industrials—0.3%** |  |  |  |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 212285 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1768367** |
| &nbsp;&nbsp;**INDIA—11.7%** | &nbsp;&nbsp;**INDIA—11.7%** | &nbsp;&nbsp;**INDIA—11.7%** | &nbsp;&nbsp;**INDIA—11.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** |  |  |  |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78170 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;16265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557889 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636059 |
| &nbsp;&nbsp;**Financials—8.8%** |  |  |  |
| &nbsp;&nbsp;HDFC Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;56271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090339 |
| &nbsp;&nbsp;ICICI Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;63911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144853 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235192 |
| &nbsp;&nbsp;**Information Technology—2.0%** |  |  |  |
| &nbsp;&nbsp;Infosys Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;80092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409619 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8280870** |
| &nbsp;&nbsp;**INDONESIA—4.6%** | &nbsp;&nbsp;**INDONESIA—4.6%** | &nbsp;&nbsp;**INDONESIA—4.6%** | &nbsp;&nbsp;**INDONESIA—4.6%** |
| &nbsp;&nbsp;**Communication Services—1.6%** |  |  |  |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 7375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172891 |
| &nbsp;&nbsp;**Financials—3.0%** |  |  |  |
| &nbsp;&nbsp;Bank Mandiri Persero Tbk. PT |  | 3560700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048905 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk. PT |  | 4565500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058866 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107771 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3280662** |
| &nbsp;&nbsp;**KAZAKHSTAN—1.9%** | &nbsp;&nbsp;**KAZAKHSTAN—1.9%** | &nbsp;&nbsp;**KAZAKHSTAN—1.9%** | &nbsp;&nbsp;**KAZAKHSTAN—1.9%** |
| &nbsp;&nbsp;**Energy—0.9%** |  |  |  |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;18771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625074 |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558717 |
| &nbsp;&nbsp;**Industrials—0.2%** |  |  |  |
| &nbsp;&nbsp;Air Astana JSC, GDR<sup>(a)(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;26443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148081 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1331872** |
| &nbsp;&nbsp;**MACAO—1.0%** | &nbsp;&nbsp;**MACAO—1.0%** | &nbsp;&nbsp;**MACAO—1.0%** | &nbsp;&nbsp;**MACAO—1.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** |  |  |  |
| &nbsp;&nbsp;Sands China Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;409290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737773 |
| &nbsp;&nbsp;**MALAYSIA—0.7%** | &nbsp;&nbsp;**MALAYSIA—0.7%** | &nbsp;&nbsp;**MALAYSIA—0.7%** | &nbsp;&nbsp;**MALAYSIA—0.7%** |
| &nbsp;&nbsp;**Communication Services—0.7%** |  |  |  |
| &nbsp;&nbsp;Telekom Malaysia Bhd. |  | &nbsp;&nbsp;338800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533914 |
| &nbsp;&nbsp;**MEXICO—7.1%** | &nbsp;&nbsp;**MEXICO—7.1%** | &nbsp;&nbsp;**MEXICO—7.1%** | &nbsp;&nbsp;**MEXICO—7.1%** |
| &nbsp;&nbsp;**Financials—2.0%** |  |  |  |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;164870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413676 |

---

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>1</sub>

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Statement of Investments (concluded)

April 30, 2025 (Unaudited)

abrdn Emerging Markets Dividend Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**MEXICO (continued)** | &nbsp;&nbsp;**MEXICO (continued)** | &nbsp;&nbsp;**MEXICO (continued)** | &nbsp;&nbsp;**MEXICO (continued)** |
| &nbsp;&nbsp;**Industrials—1.9%** |  |  |  |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV |  | &nbsp;&nbsp; 57142 | &nbsp;&nbsp;$628779 |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;23552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743737 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372516 |
| &nbsp;&nbsp;**Materials—3.2%** |  |  |  |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;440529 | &nbsp;&nbsp;&nbsp;&nbsp; 2285930 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5072122** |
| &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;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp; 694523 |
| &nbsp;&nbsp;**PHILIPPINES—0.7%** | &nbsp;&nbsp;**PHILIPPINES—0.7%** | &nbsp;&nbsp;**PHILIPPINES—0.7%** | &nbsp;&nbsp;**PHILIPPINES—0.7%** |
| &nbsp;&nbsp;**Industrials—0.7%** |  |  |  |
| &nbsp;&nbsp;Asian Terminals, Inc.<sup>(d)</sup> |  | 1394500 | &nbsp;&nbsp;&nbsp;&nbsp; 524295 |
| &nbsp;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** | &nbsp;&nbsp;**SAUDI ARABIA—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Saudi National Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;76087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724165 |
| &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** |
| &nbsp;&nbsp;**Information Technology—0.2%** |  |  |  |
| &nbsp;&nbsp;AEM Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;141737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128053 |
| &nbsp;&nbsp;**Real Estate—1.2%** |  |  |  |
| &nbsp;&nbsp;Capitaland India Trust, UNIT |  | 1208600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902216 |
| &nbsp;&nbsp;**Total Singapore** | &nbsp;&nbsp;**Total Singapore** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1030269** |
| &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;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;Vodacom Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;81634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601023 |
| &nbsp;&nbsp;**Financials—0.8%** |  |  |  |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;128041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581652 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1182675** |
| &nbsp;&nbsp;**SOUTH KOREA—4.2%** | &nbsp;&nbsp;**SOUTH KOREA—4.2%** | &nbsp;&nbsp;**SOUTH KOREA—4.2%** | &nbsp;&nbsp;**SOUTH KOREA—4.2%** |
| &nbsp;&nbsp;**Financials—0.4%** |  |  |  |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280068 |
| &nbsp;&nbsp;**Industrials—2.4%** |  |  |  |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955971 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312049 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;30030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406456 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674476 |
| &nbsp;&nbsp;**Information Technology—1.4%** |  |  |  |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016676 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2971220** |
| &nbsp;&nbsp;**TAIWAN—15.7%** | &nbsp;&nbsp;**TAIWAN—15.7%** | &nbsp;&nbsp;**TAIWAN—15.7%** | &nbsp;&nbsp;**TAIWAN—15.7%** |
| &nbsp;&nbsp;**Industrials—0.4%** |  |  |  |
| &nbsp;&nbsp;Sporton International, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261858 |
| &nbsp;&nbsp;**Information Technology—15.3%** |  |  |  |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520026 |
| &nbsp;&nbsp;Alchip Technologies Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199325 |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923694 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281540 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194916 |
| &nbsp;&nbsp;Sinbon Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165838 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;$6245818 |
| &nbsp;&nbsp;Yageo Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;21870 | &nbsp;&nbsp;&nbsp;&nbsp; 313865 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10845022 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;**11106880** |
| &nbsp;&nbsp;**THAILAND—0.4%** | &nbsp;&nbsp;**THAILAND—0.4%** | &nbsp;&nbsp;**THAILAND—0.4%** | &nbsp;&nbsp;**THAILAND—0.4%** |
| &nbsp;&nbsp;**Communication Services—0.4%** |  |  |  |
| &nbsp;&nbsp;Digital Telecommunications Infrastructure Fund, UNIT |  | 1054900 | &nbsp;&nbsp;&nbsp;&nbsp; 258949 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.8%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.8%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.8%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—1.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** |  |  |  |
| &nbsp;&nbsp;Americana Restaurants International PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;441023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270157 |
| &nbsp;&nbsp;**Energy—0.4%** |  |  |  |
| &nbsp;&nbsp;ADNOC Drilling Co. PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;225097 | &nbsp;&nbsp;&nbsp;&nbsp; 300289 |
| &nbsp;&nbsp;**Real Estate—0.7%** |  |  |  |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;224812 | &nbsp;&nbsp;&nbsp;&nbsp; 505560 |
| &nbsp;&nbsp;**Utilities—0.3%** |  |  |  |
| &nbsp;&nbsp;National Central Cooling Co. PJSC<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;257813 | &nbsp;&nbsp;&nbsp;&nbsp; 184952 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1260958** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**64283360** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.7%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.7%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.7%** |  |
| &nbsp;&nbsp;iShares MSCI India ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;49252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638430 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2638430** |
| &nbsp;&nbsp;**PREFERRED STOCKS—5.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—5.3%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—5.3%** | &nbsp;&nbsp;**SOUTH KOREA—5.3%** | &nbsp;&nbsp;**SOUTH KOREA—5.3%** | &nbsp;&nbsp;**SOUTH KOREA—5.3%** |
| &nbsp;&nbsp;**Information Technology—5.3%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;113440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738772 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3738772** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.7%** |  |
| &nbsp;&nbsp;DWS Government Money Market Fund, 4.29%<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;501570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501570 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**501570** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $68,615,689)<sup>(f)</sup>—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $68,615,689)<sup>(f)</sup>—100.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $68,615,689)<sup>(f)</sup>—100.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71162132** |
| &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;(297198) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$70864934** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
<sup>(a)</sup> Non-income producing security.

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

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

<sup>(d)</sup> The Fund's adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 1.1% of net assets as of April 30, 2025.

<sup>(e)</sup> The rate shown is the 7 day yield as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **2** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Statement of Investments

April 30, 2025 (Unaudited)

abrdn Focused U.S. Small Cap Active ETF

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.1%** | &nbsp;&nbsp;**COMMON STOCKS—99.1%** |  |
| &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.5%** |  |  |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 70694 | &nbsp;&nbsp;$2486546 |
| &nbsp;&nbsp;**ISRAEL—1.9%** | &nbsp;&nbsp;**ISRAEL—1.9%** | &nbsp;&nbsp;**ISRAEL—1.9%** |
| &nbsp;&nbsp;**Information Technology—1.9%** |  |  |
| &nbsp;&nbsp;Camtek Ltd.<sup>(a)</sup> | 28395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855329 |
| &nbsp;&nbsp;**UNITED STATES—94.7%** | &nbsp;&nbsp;**UNITED STATES—94.7%** | &nbsp;&nbsp;**UNITED STATES—94.7%** |
| &nbsp;&nbsp;**Communication Services—1.2%** |  |  |
| &nbsp;&nbsp;Integral Ad Science Holding Corp.<sup>(a)</sup> | 162689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150211 |
| &nbsp;&nbsp;**Consumer Discretionary—10.1%** |  |  |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | 22199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2316244 |
| &nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 17728 | &nbsp;&nbsp;&nbsp;&nbsp; 2380870 |
| &nbsp;&nbsp;La-Z-Boy, Inc. | 49856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1969312 |
| &nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | 24180 | &nbsp;&nbsp;&nbsp;&nbsp; 3439605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10106031 |
| &nbsp;&nbsp;**Consumer Staples—2.5%** |  |  |
| &nbsp;&nbsp;Vita Coco Co., Inc.<sup>(a)</sup> | 76282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2521120 |
| &nbsp;&nbsp;**Energy—3.3%** |  |  |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;59005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211373 |
| &nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;40495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984029 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;46608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257598 |
| &nbsp;&nbsp;**Financials—20.5%** |  |  |
| &nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;37044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264870 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;58993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843463 |
| &nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;65050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352858 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;15429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186444 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | 107570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550485 |
| &nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;38078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021561 |
| &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;28926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215703 |
| &nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;59113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20482659 |
| &nbsp;&nbsp;**Health Care—15.8%** |  |  |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;42436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005318 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;92068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236332 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;30592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198953 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;21998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778567 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;25791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833399 |
| &nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;29571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15845550 |
| &nbsp;&nbsp;**Industrials—15.3%** |  |  |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;72054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498112 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;27157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189590 |
| &nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;13788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059927 |
| &nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;33487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280799 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;80026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099882 |
| &nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;97738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15324343 |
| &nbsp;&nbsp;**Information Technology—10.9%** |  |  |
| &nbsp;&nbsp;JFrog Ltd.<sup>(a)</sup> | &nbsp;&nbsp;73208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472234 |
| &nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;40421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203364 |
| &nbsp;&nbsp;Vertex, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;76060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044682 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> | &nbsp;&nbsp;29576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10946466 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Materials—7.5%** |  |  |  |
| &nbsp;&nbsp;Graphic Packaging Holding Co. |  | 87326 | &nbsp;&nbsp;$2210221 |
| &nbsp;&nbsp;Knife River Corp.<sup>(a)</sup> |  | 32232 | &nbsp;&nbsp;&nbsp;&nbsp; 3009824 |
| &nbsp;&nbsp;Materion Corp. |  | 27575 | &nbsp;&nbsp;&nbsp;&nbsp; 2289001 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7509046 |
| &nbsp;&nbsp;**Real Estate—3.7%** |  |  |  |
| &nbsp;&nbsp;American Healthcare REIT, Inc. |  | 31229 | &nbsp;&nbsp;&nbsp;&nbsp; 1008072 |
| &nbsp;&nbsp;Terreno Realty Corp., REIT |  | 46978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2646271 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654343 |
| &nbsp;&nbsp;**Utilities—3.9%** |  |  |  |
| &nbsp;&nbsp;ONE Gas, Inc. |  | 49922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3919376 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**94716743** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**99058618** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** |  |
| &nbsp;&nbsp;DWS Government Money Market Fund, 4.29%<sup>(b)</sup> |  | 952445 | &nbsp;&nbsp;&nbsp;&nbsp; 952445 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**952445** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $99,417,718)<sup>(c)</sup>—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $99,417,718)<sup>(c)</sup>—100.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $99,417,718)<sup>(c)</sup>—100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**100011063** |
| &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;(35308) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$99975755** |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7 day yield as of April 30, 2025. <br> <sup>(c)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

&nbsp;&nbsp;&nbsp;&nbsp;

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>3</sub>

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Statement of Assets and Liabilities (unaudited)

April 30, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging Markets<br> Dividend<br> Active ETF** | &nbsp;&nbsp;&nbsp;**abrdn<br> Focused U.S.<br> Small Cap<br> Active ETF** |
| &nbsp;&nbsp;**Assets:** |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$70660562 | &nbsp;&nbsp;&nbsp;$99058618 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952445 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34198 |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21060 |
| &nbsp;&nbsp;Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71421957 | &nbsp;&nbsp;&nbsp;&nbsp;100066553 |
| &nbsp;&nbsp;**Liabilities:** |  |  |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Payable to IRS on behalf of shareholders related to Article 63 EU Tax Reclaims (see Note 2(i)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Accrued expenses and other payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-transfer agent and administrative services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90798 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$70864934** | &nbsp;&nbsp;&nbsp;**$99975755** |
| &nbsp;&nbsp;**Cost:** |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68114119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98465273 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952445 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;**Represented by:** |  |  |
| &nbsp;&nbsp;Paid in capital in excess of par value | &nbsp;&nbsp;&nbsp;$471745925 | &nbsp;&nbsp;&nbsp;$97339646 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(400880991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636109 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$70864934** | &nbsp;&nbsp;&nbsp;**$99975755** |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813471 |
| &nbsp;&nbsp;Net asset value, per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.22 |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **4** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Statement of Operations (unaudited)

For the Six-Month Period Ended April 30, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging Markets<br> Dividend<br> Active ETF** | &nbsp;&nbsp;&nbsp;**abrdn<br> Focused U.S.<br> Small Cap<br> Active ETF** |
| &nbsp;&nbsp;**Investment Income:** |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;$1058769 | &nbsp;&nbsp;&nbsp;$127136 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17180 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365) |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143951 |
| &nbsp;&nbsp;**Expenses** |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115089 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313 |
| &nbsp;&nbsp;Transfer agent fees(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12689 |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25646 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses reimbursed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120991 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**697258** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22960** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;(8252974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212015 |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(8273894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211718 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8445128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911628) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8279100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911628) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206 | &nbsp;&nbsp;&nbsp;&nbsp;2300090 |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$702464** | &nbsp;&nbsp;&nbsp;**$2323050** |

---

(a) Includes Sub-transfer agent and administrative services fees accrued prior to reorganization.

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

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report<sub>5</sub>

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Dividend Active ETF** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Dividend Active ETF** | &nbsp;&nbsp;&nbsp;**abrdn Focused U.S.<br> Small Cap Active ETF** | &nbsp;&nbsp;&nbsp;**abrdn Focused U.S.<br> Small Cap Active ETF** |
| | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**From Investment Activities:** |  |  |  |  |
| &nbsp;&nbsp;**Operations:** |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;$697258 | &nbsp;&nbsp;&nbsp;$1499988 | &nbsp;&nbsp;&nbsp;$22960 | &nbsp;&nbsp;&nbsp;$(50574) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8273894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772484 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8279100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12476564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224516 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20346229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946426 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2037018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2037018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**From Capital transactions** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023538<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;99369861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359456<sup>(b)</sup> |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7973801) | &nbsp;&nbsp;&nbsp;&nbsp;(14274046)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14122616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7348401)<sup>(d)</sup> |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6216328) | &nbsp;&nbsp;&nbsp;&nbsp;(13250508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85247245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2988945) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7550882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7095721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87570295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957481 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78415816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71320095 | &nbsp;&nbsp;&nbsp;&nbsp;12405460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11447979 |
| &nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;$**70864934** | &nbsp;&nbsp;&nbsp;$**78415816** | &nbsp;&nbsp;&nbsp;$**99975755** | &nbsp;&nbsp;&nbsp;$**12405460** |

---

(a) Proceeds from Shares sold for the year ended October 31, 2024 consisted of $489,464 and $534,074 for Class A shares and Institutional Class shares, respectively.

(b) Proceeds from Shares sold for the year ended October 31, 2024 consisted of $551,076, $1,918,835, $34,301 and $1,855,244 for Class A shares, Class R shares, Institutional Service Class shares and
Institutional Class shares, respectively.

(c) Cost of Shares Redeemed for the year ended October 31, 2024 consisted of $(11,187,276) and $(3,086,770) for Class A shares and Institutional Class shares, respectively.

(d) Cost of Shares Redeemed for the year ended October 31, 2024 consisted of $(1,465,473), $(4,399,914), $(279,219) and $(1,203,795) for Class A shares, Class R shares, Instiutional
Service Class shares and Institutional Class Shares, respectively.

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **6** | 2025 Semi-Annual Report |

---

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

[THIS PAGE INTENTIONALLY LEFT BLANK]

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Financial Highlights

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Dividend Active ETF

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** | <br>&nbsp;&nbsp;**Total<br> Return(b)** |
| &nbsp;&nbsp;Six-Month<br> Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;29.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;29.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;23.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;29.93 | &nbsp;&nbsp;&nbsp;30.02% |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;22.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;23.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.61% |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;35.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42(h) | &nbsp;&nbsp;(13.50) | &nbsp;&nbsp;(13.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;22.88 | &nbsp;&nbsp;(36.37%)(h)(i) |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;26.98 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;35.96 | &nbsp;&nbsp;&nbsp;34.56% |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;27.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;26.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.86%(j) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Not Annualized for periods less than one year.

(c) Beginning with the year ended October 31, 2022, income taxes on recovered refunds were included in foreign tax withholding on the Statement of Operations and, as such, are not included within the ratios of expenses to average net assets. Income taxes on recovered refunds for years prior to October 31, 2022 were reflected as expenses on the Statement of Operations and included within the ratios of expenses to average net assets.

(d) Annualized for periods less than one year.

(e) Includes interest expense that amounts to less than 0.01%.

(f) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(g) As the result of a name and strategy change effective February 29, 2024, portfolio turnover is higher than historical levels.

(h) Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Net Investment Income per share, Total Return, and Ratio of Net Investment Loss to Average Net Assets for the Institutional Class shares, these amounts would have been $0.08, (37.18%), and 0.29%, respectively

(i) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(j) Included within Total Return is the effect of withholding tax refunds and income taxes on recovered refunds (See Note 2i of the Notes to Financial Statements). If such amounts were excluded, the Total Return for Institutional Class shares, this amount would have been (0.11%).

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Emerging Markets Dividend Active ETF (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;**Ratios/Supplemental Data** |
| &nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers Excluding<br> Accruals for Estimated<br> Tax Due on Foreign Tax<br> Refund Recoveries)<br> to Average<br> Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets(c)(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)(d)(e)(f)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets(d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover(b)** |
| &nbsp;&nbsp;&nbsp;70865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;22% |
| &nbsp;&nbsp;&nbsp;78416 | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;122%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;7653 | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;13946 | &nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.50%(h) | &nbsp;&nbsp;&nbsp;&nbsp;38% |
| &nbsp;&nbsp;&nbsp;25253 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;(0.11%) | &nbsp;&nbsp;&nbsp;114% |
| &nbsp;&nbsp;20047 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

2025 Semi-Annual Report<sub>9</sub>

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Focused U.S. Small Cap Active ETF

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Investment Activities** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | &nbsp;&nbsp;**Distributions** | |
| | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> Beginning<br> of Period<br> (+)** | &nbsp;&nbsp;**Net<br> Investment<br> Income<br> (Loss)<br> (a)** | &nbsp;&nbsp;**Net<br> Realized<br> and<br> Unrealized<br> Gains<br> (Losses) on<br> Investments** | &nbsp;&nbsp;**Total<br> from<br> Investment<br> Activities** | &nbsp;&nbsp;**Net<br> Investment<br> Income** | &nbsp;&nbsp;**Net<br> Realized<br> Gains** | &nbsp;&nbsp;**Total<br> Distributions** | <br>&nbsp;&nbsp;**Net<br> Asset<br> Value,<br> End of<br> Period** |
| &nbsp;&nbsp;Six-Month<br> Period Ended April 30, 2025\* | &nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;26.22 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;18.90 | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;25.74 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;20.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;18.90 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;36.63 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;(6.93) | &nbsp;&nbsp;&nbsp;(6.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(8.73) | &nbsp;&nbsp;&nbsp;(8.73) | &nbsp;&nbsp;&nbsp;20.91 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;26.34 | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;13.35 | &nbsp;&nbsp;13.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;(3.03) | &nbsp;&nbsp;(3.03) | &nbsp;&nbsp;36.63 |
| &nbsp;&nbsp;Year Ended October 31, 2020 | &nbsp;&nbsp;&nbsp;24.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;26.34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Unaudited |
| (+) | On February 7, 2025, the Fund implemented a 1 for 3 reverse stock split. Net asset value and per share amounts have been updated to reflect the transaction. |
| (a) | Net investment income/(loss) is based on average shares outstanding during the period. |
| (b) | Excludes sales charge. |
| (c) | Not Annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
| (e) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
| (f) | Includes interest expense that amounts to less than 0.01%. |
| (g) | As the result of a name and strategy change effective February 29, 2024, portfolio turnover is higher than historical levels. |
| (h) | Includes interest expense that amounts to less than 0.01% for the Institutional Class for the years ended October 31, 2021 and October 31, 2020. |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **10** | 2025 Semi-Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Financial Highlights (concluded)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Focused U.S. Small Cap Active ETF (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data** |
| <br>&nbsp;&nbsp;**Total<br> Return(b)(c)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets<br> at End<br> of Period<br> (000's)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets(d)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(d)(e)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets(d)** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover(c)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99976 | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(f) | &nbsp;&nbsp;&nbsp;1.28%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;36.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12405 | &nbsp;&nbsp;&nbsp;0.90%(f) | &nbsp;&nbsp;&nbsp;2.36%(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13%) | &nbsp;&nbsp;&nbsp;110%(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;(9.61%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;0.90%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.13%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &nbsp;&nbsp;(25.17%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5182 | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;(0.25%) | &nbsp;&nbsp;&nbsp;&nbsp;56% |
| &nbsp;&nbsp;&nbsp;53.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | &nbsp;&nbsp;&nbsp;0.90%(h) | &nbsp;&nbsp;&nbsp;2.24%(h) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;157% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451 | &nbsp;&nbsp;&nbsp;0.90%(h) | &nbsp;&nbsp;&nbsp;1.94%(h) | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

2025 Semi-Annual Report<sub>11</sub>

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited)

April 30, 2025

------

1. Organization

abrdn Funds (the "Trust") was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of April 30, 2025, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of April 30, 2025, the Trust operated eighteen (18) separate series, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the two (2) funds listed below (each, a "Fund"; collectively, the "Funds"):

• abrdn Emerging Markets Dividend Active ETF ("Emerging Markets Dividend Active ETF")

• abrdn Focused U.S. Small Cap Active ETF ("Focused U.S. Small Cap Active ETF")

Emerging Markets Dividend Active ETF acquired all the assets and liabilities of the abrdn Emerging Markets Dividend Fund (the "Predecessor Fund") pursuant to an Agreement and Plan of Reorganization and Liquidation as of the close of business on February 14, 2025 (the "Reorganization"). Prior to February 14, 2025, the financial statements of the Emerging Markets Dividend Active ETF reflect the historical results of the Predecessor Fund. All information and references to periods prior to the close of business on February 14, 2025, refer to the Predecessor Fund. Following the Reorganization, the Predecessor Fund's performance and financial history were adopted by Emerging Markets Dividend Active ETF.

Focused U.S. Small Cap Active ETF acquired all the assets and liabilities of the abrdn Focused U.S. Small Cap Equity Fund (the "Predecessor Fund") pursuant to an Agreement and Plan of Reorganization and Liquidation as of the close of business on February 14, 2025 (the "Reorganization"). Prior to February 14, 2025, the financial statements of the Focused U.S. Small Cap Active ETF reflect the historical results of the Predecessor Fund. All information and references to periods prior to the close of business on February 14, 2025, refer to the Predecessor Fund. Following the Reorganization, the Predecessor Fund's performance and financial history were adopted by Focused U.S. Small Cap Active ETF.

2. Summary of Significant Accounting Policies

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles ("U.S. GAAP") in the United States of America. 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 net asset value ("NAV") of each Fund is calculated each day the national securities exchanges are open for trading as of the close of regular trading on the New York Stock Exchange Arca ("NYSE Arca" or the "Listing Exchange"), generally 4:00 p.m. Eastern Standard Time (the "NAV Calculation Time"). |
|  | NAV per share is calculated by dividing a Fund's NAV by the number of Fund shares outstanding. |
|  | The Funds value their securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") designated the Adviser as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable. unreliable. |
|  | Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below.. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. |
|  | Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued at the last sale price or the mean price at the closing time of that exchange. Securities and other instruments that are primarily traded on foreign markets may trade on days that are not business days of the Funds. The value of the foreign securities or other instruments in which a Fund invests may change on days when a shareholder will not be able to purchase, sell or redeem shares of the Fund. |

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| | |
|:---|:---|
| **12** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

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| |
|:---|
| Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using the prevailing spot currency exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities or other instruments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed, and the market value may change on days when an investor is not able to purchase, sell or redeem shares of a Fund. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). |
| Shares of investment companies listed and traded on an exchange are valued in the same manner as any exchange-listed equity security. Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Funds disclose the fair value of their investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. |
| Open-end mutual funds are valued at the respective net asset value ("NAV") as reported by such company. The prospectuses for the registered open-end management investment companies in which a Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment. |
| If a security's market quotations are not readily available or are deemed unreliable, the security is valued at fair value as determined by the Valuation Designee, considering the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. 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. When deemed appropriate the Valuation Designee, may value foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment. |
| The three-level hierarchy of inputs is summarized below: |

---

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

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

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

2025 Semi-Annual Report<sub>13</sub>

------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

A summary of standard inputs is listed below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Standard Inputs** |
| &nbsp;&nbsp;Foreign equities utilizing a fair value factor | &nbsp;&nbsp;Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. |

---

The following is a summary of the inputs used as of April 30, 2025 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Statements of Investments for a detailed breakout of the security types:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Emerging Markets Dividend Active ETF** | &nbsp;&nbsp;**Emerging Markets Dividend Active ETF** | &nbsp;&nbsp;**Emerging Markets Dividend Active ETF** | &nbsp;&nbsp;**Emerging Markets Dividend Active ETF** | &nbsp;&nbsp;**Emerging Markets Dividend Active ETF** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$64283360 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$64283360 |
| &nbsp;&nbsp;Exchange-Traded Funds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638430 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638430 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738772 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738772 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501570 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501570 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$71162132** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$71162132** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$71162132** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$71162132** |
| &nbsp;&nbsp;**Focused U.S. Small Cap Active ETF** | &nbsp;&nbsp;**Focused U.S. Small Cap Active ETF** | &nbsp;&nbsp;**Focused U.S. Small Cap Active ETF** | &nbsp;&nbsp;**Focused U.S. Small Cap Active ETF** | &nbsp;&nbsp;**Focused U.S. Small Cap Active ETF** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Common Stocks <br>| &nbsp;&nbsp;$99058618 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$99058618 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952445 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952445 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$100011063** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$100011063** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$100011063** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$100011063** |

---

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

For the six-month period ended April 30, 2025, there were no significant changes to the fair valuation methodologies.

---

| | |
|:---|:---|
| **b.**  | **Restricted Securities:** |
|  | Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended. Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances. |

---

---

| | |
|:---|:---|
| **c.**  | **Foreign Currency Translation:** |
|  | Foreign securities, currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies within the Statements of Operations. |

---

---

| | |
|:---|:---|
| **d.**  | **Rights Issues and Warrants:** |
|  | Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company's discretion. Warrants are securities that |

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| | |
|:---|:---|
| **14** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.

---

| | |
|:---|:---|
| **e.**  | **Security Transactions, Investment Income and Expenses:** |
|  | Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions. |
|  | Interest income and expenses are recorded on an accrual basis. The calendar year-end amounts of ordinary income, capital gains and return of capital included in distributions received from the Funds' investments in real estate investment trusts ("REITs") are reported to the Funds after the end of the fiscal year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the fiscal year. Estimates are based on the most recent REIT distribution information available. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of month-end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is based on the average net asset value of that class' shares in proportion to the average net assets of the relevant Fund when incurred. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class. |

---

---

| | |
|:---|:---|
| **f.**  | **Distributions:** |
|  | Each Fund pays out dividends and distributes its net capital gains, if any, to shareholders at least annually. The abrdn Focused U.S. Small Cap Active ETF expects to declare and distribute its net investment income, if any, to shareholders as dividends annually. The abrdn Emerging Markets Dividend Active ETF expects to declare and distribute its net investment income, if any, to shareholders as dividends quarterly. Each Fund also intends to distribute its net realized capital gains, if any, to shareholders annually. Dividends and other distributions may be declared and paid more frequently to improve index tracking, to comply with the distribution requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), or to avoid a federal excise tax imposed on regulated investment companies ("RICs"). Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. |

---

---

| | |
|:---|:---|
| **g.**  | **Federal Income Taxes:** |
|  | Each Fund intends to continue to qualify as a "regulated investment company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the"Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required. Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2024 are subject to such review. |
|  | Each Fund recognizes interest and penalties related to tax items, including uncertain tax positions, within interest expense and other expenses respectively. No interest expense or penalties related to taxation have been recognized as of and for the six-month period ended April 30, 2025. |

---

---

| | |
|:---|:---|
| **h.**  | **Foreign Withholding Tax:** |
|  | Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes and are recorded on the Statement of Operations. The Funds file for tax reclaims for the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statement of Assets and Liabilities. Foreign tax authorities can examine previously filed withholding tax reclaims for various periods of time, depending on the statute of limitations in each foreign jurisdiction. In some cases, amounts that have been refunded by foreign tax authorities and received by the Funds are still subject to such review. |
|  | In addition, when the Funds sell securities within certain countries in which they invest, the capital gains realized may be subject to tax. Based on these market requirements and as required under U.S. GAAP, the Funds accrue deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments. |

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **15** |

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------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

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| |
|:---|
| ***Emerging Markets Dividend Active ETF*** |
| Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, the Fund recognizes Article 63 EU Tax Reclaims when it is more likely than not that the Fund will sustain its position that it is due. |
| As of April 30, 2025, the Fund has remaining Article 63 EU Tax Reclaims, primarily related to Germany and Spain. Certain of the outstanding Article 63 EU Tax Reclaims related to Germany and Spain are not deemed to meet the recognition criteria under U.S. GAAP as of April 30, 2025, and has not been recorded in the Fund's respective net asset value. As of April 30, 2025, the total amount of outstanding reclaims (before the impact of interest, tax or additional costs incurred in the pursuit of such reclaims) filed with Germany and Spain represents approximately $2,797,232. The amount net of estimated taxes represent $1,608,408. Recognition of these amounts would have a positive impact on the Fund's performance. |

| As of April 30, 2025, an estimated tax amount has been accrued of $362,771 related to the reclaims received from France. This amount is reflected as Payable to IRS on behalf of shareholders related to Article 63 EU Tax reclaims on the accompanying Statements of Assets and Liabilities. |

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| | |
|:---|:---|
| **i.**  | **Securities Lending:** |
|  | Through an agreement with Securities Finance Trust Company as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian) ("State Street"), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require the borrower to mark to market such collateral on a daily basis so that the fair value of such collateral does not fall below 100% of the fair value of the portfolio securities so loaned. |
|  | Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent. |
|  | The Funds continue to own the loaned securities and continue to recognize unrealized gains and losses on the securities on loan. However, securities lending involves certain risks including the event of default or insolvency of the borrower and possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and, therefore, this amount is not presented on the Funds' Statements of Investments. |
|  | For the six-month period ended April 30, 2025, no lending activity took place. |

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3. Custodian and Transfer Agent

State Street Bank and Trust Company ("State Street") serves as Custodian for the Funds pursuant to a custodian agreement ("Custodian Agreement") dated December 29, 2020, as amended from time to time. As Custodian, State Street holds each Fund's assets, calculates the net asset value of the shares and calculates net income and realized capital gains or losses. State Street serves as Transfer Agent of each Fund pursuant to a transfer agency and service agreement ("Transfer Agency and Service Agreement") dated December 29, 2020, as amended from time to time. As Transfer Agent, State Street maintains the records of each Authorized Participant's ownership of each Fund and processes the purchases and redemptions of Creation Units.

4. Agreements and Transactions with Affiliates

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| | |
|:---|:---|
| **a.**  | **Investment Adviser:** |
|  | Under the Investment Advisory Agreement with the Trust, Aberdeen manages the Funds in accordance with the policies and procedures established by the Board. |

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| | |
|:---|:---|
| **16** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Fee Schedule** | |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| On all Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| On all Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650% |

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The Trust and Aberdeen have entered into written contracts ("Expense Limitation Agreements") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the table below. For each Fund, this contractual limitation may not be terminated before February 28, 2027 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For each Fund this limit excludes certain expenses, including (i) interest, taxes, brokerage fees and short sale dividend expenses; (ii) expenses incurred indirectly by the Fund as a result of investments in short term investment vehicles such as money market funds that do not exceed 0.005% of a Fund's average net assets ("acquired fund fees and expenses" or "AFFE") (but includes AFFE for other investment companies and pooled investment vehicles); and (iii) extraordinary expenses, if any.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Limit** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;0.70% |

---

Reimbursements, if any, are settled with the Adviser monthly. Aberdeen may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreements as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause a class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by abrdn is not permitted.

As of April 30, 2025, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to Aberdeen for each Fund, based on expenses reimbursed by Aberdeen, including adjustments described above, would be:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Amount<br> Six Months Ended<br> April 30, 2025<br> (Expires 4/30/28)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| $175585 | &nbsp;&nbsp;&nbsp;$175585 |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;96998 | &nbsp;&nbsp;&nbsp;&nbsp;96998 |

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&nbsp;&nbsp;&nbsp;&nbsp;

\* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

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| | |
|:---|:---|
| **b.**  | **Fund Administration:** |
|  | Under the terms of the Fund Administration Agreement, Aberdeen provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays Aberdeen an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with Aberdeen, State Street provides sub-administration services with respect to the Funds. Aberdeen pays State Street for providing such services. |

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| | |
|:---|:---|
| **c.**  | **Distribution:** |
|  | ALPS Distributors, Inc. (the "Distributor") serves as the Funds' distributor and distributes Creation Units (as defined in Note 9). |

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5. Beneficial Fund Ownership

As of April 30, 2025, to the knowledge of a Funds, no holders beneficially held more than 25% of the shares outstanding of the Funds.

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **17** |

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------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

6. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six-month period ended April 30, 2025, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| $16358101 | &nbsp;&nbsp;&nbsp;$22681263 |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;100070563 | &nbsp;&nbsp;&nbsp;&nbsp;13071888 |

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7. Issuance and Redemption of Fund Shares

Each Fund issues and redeems shares only to Authorized Participants (typically market makers, large investors and institutions) that have entered into agreements with the Fund's Distributor ("Authorized Participants" or, individually, an "Authorized Participant") in exchange for the deposit or delivery of assets (securities and/or cash), in large blocks known as creation units ("Creation Units"), each of which is comprised of a specified number of shares. Retail investors may only purchase and sell Fund shares on a national securities exchange through a broker-dealer and such transaction may be subject to customary commission rates imposed by the broker-dealer. Information related to share transactions for each Fund during the reporting period is presented on the Consolidated Statements of Changes in Net Assets. The Funds each offer one class of shares, which has no front-end sales load, no deferred sales charge and no redemption fee.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Dividend Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Dividend Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Focused U.S.<br> Small Cap Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Focused U.S.<br> Small Cap Active ETF** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Fund level:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;3841619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(270823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Shares | &nbsp;&nbsp;&nbsp;&nbsp;(209932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;3331539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78520 |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2462243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(979901) |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206314) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(2858022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(1107695) |
| &nbsp;&nbsp;**Class R Shares:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318794 |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33523) |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701950) |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416679) |
| &nbsp;&nbsp;**Institutional Service Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698 |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8508) |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33510) |
| &nbsp;&nbsp;Total Institutional Service Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37320) |
| &nbsp;&nbsp;**Institutional Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214643 |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916823 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151082) |

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| | |
|:---|:---|
| **18** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Dividend Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Dividend Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Focused U.S.<br> Small Cap Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Focused U.S.<br> Small Cap Active ETF** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month<br> Period Ended<br> April 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980384 |

---

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

During the period, the Predecessor Fund of the abrdn Focused U.S.Small Cap Active ETF effected a 1-for-3 reverse stock split. The effect of this reverse stock split was to reduce the number of shares outstanding in the Fund, while maintaining the Fund's and each stockholder's aggregate net asset value.

A transaction fee, as set forth in the table below, is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units, as applicable. Authorized Participants will be required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, on a given day regardless of the number of Creation Units created or redeemed on that day. Each Fund may adjust the transaction fee from time to time, and a Fund may waive all or a portion of its applicable transaction fee(s). An additional charge or a variable charge (discussed below) will be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions. With respect to creation orders, Authorized Participants are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the applicable Fund and with respect to redemption orders, Authorized Participants are responsible for the costs of transferring the applicable Fund Securities from the Trust to their account or on their order. Investors who use the services of a broker or other such intermediary may also be charged a fee for such services. To the extent a Fund cannot recoup the amount of transaction costs incurred in connection with a purchase or redemption because of the 2% transaction fee cap or otherwise, those transaction costs will be borne by the Fund and negatively affect the Fund's performance. Currently, the Funds only accept cash for the purchase or redemption of Creation Units.

Creation and Redemption Transaction Fees:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Transaction<br> Fee** | &nbsp;&nbsp;&nbsp;**Maximun<br> Transaction<br> Fee** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| $500 | &nbsp;&nbsp;&nbsp;2% |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

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8. Portfolio Investment Risks

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

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| | |
|:---|:---|
| **b.**  | **Authorized Participants Risk** |
|  | Only an authorized participant that has entered into an agreement with a Fund's distributor (an "Authorized Participant" or "AP") may engage in creation or redemption transactions directly with the Fund, and none of those APs is obligated to engage in creation and/or redemption transactions. The Funds have entered into AP agreements with only a limited number of institutions. Should these APs cease to act as such or for any reason be unable to create or redeem Shares and new APs not appointed in their place, Shares may trade at a discount to that Fund's NAV and possibly face trading halts or delisting. |

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **19** |

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------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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| | |
|:---|:---|
| **c.**  | **Cash Transactions Risk** |
|  | Unlike certain ETFs, the abrdn Emerging Markets Dividend Active ETF may effect its creations and redemptions in cash or partially in cash. As a result, an investment in the Fund may be less tax-efficient than an investment in such ETFs. Other ETFs generally are able to make in-kind redemptions and avoid realizing gains in connection with transactions designed to raise cash to meet redemption requests. If the Fund effects a portion of redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds, which also involves transaction costs. If the Fund recognizes gain on these sales, this generally will cause the Fund to recognize gain it might not otherwise have recognized if it were to distribute portfolio securities in-kind, or to recognize such gain sooner than would otherwise be required. The Fund generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than, if they had made an investment in a different ETF. |

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

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---

| | |
|:---|:---|
| **e.**  | **Depositary Receipts Risk** |
|  | Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability. |

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---

| | |
|:---|:---|
| **f.**  | **Dividend Strategy Risk** |
|  | There is no guarantee that the issuers of the securities held by the abrdn Emerging Markets Dividend Active ETF will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. The Fund's emphasis on dividend-paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or an economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. A Fund may hold securities for short periods of time related to the dividend payment periods for those securities and may experience loss during these periods. There is the possibility that the anticipated acceleration of dividend could not occur. |

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---

| | |
|:---|:---|
| **g.**  | **Emerging Markets Risk** |
|  | Emerging markets are countries generally considered to be relatively less developed or industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets (see "Foreign Securities Risk" below). |
|  | *China Risk. Exposure to China and Hong Kong securities subjects the China A Shares Equity Fund to additional risks, and may make it significantly more volatile than more geographically diverse mutual funds. Additional risks associated with investments in China and Hong Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund's investments.* |
|  | *China A Shares Risk. Trading in China A Shares through Stock Connect and the QFII Programs involves additional risks. Stock Connect is subject to a daily quota (the "Daily Quota"), which limits the maximum net purchases under Stock Connect each day and, as such, buy orders for China A Shares would be rejected once the Daily Quota is exceeded (although the Fund will be permitted to sell China A Shares regardless of the Daily Quota balance). Further, Stock Connect, which relies on the connectivity of the Shanghai or Shenzhen markets with Hong Kong, is subject to operational risk, regulations that are relatively untested and are subject to change, and extended market closures for holidays or otherwise. During an extended market closure, the Fund's ability to trade in China A Shares will be impacted which may affect the Fund's* |

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| | |
|:---|:---|
| **20** | 2025 Semi-Annual Report |

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------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

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| |
|:---|
| performance. The QFII Programs are subject to the risk that the Adviser may have its QFII Programs license revoked or restricted with respect to the Fund or the Fund may be impacted by the rules, restrictions and quota limitations connected to reliance on a QFII Programs license. |
| *India Risk. The value of a Fund's assets may be adversely affected by political, economic, social and religious factors, changes in Indian law or regulations and the status of India's relations with other countries. In addition, the economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy, which could affect private sector companies and a Fund, market conditions, and prices and yields of securities in a Fund's portfolio. Economic growth in India is constrained by inadequate infrastructure, a cumbersome bureaucracy, corruption, labor market rigidities, regulatory and foreign investment controls, the "reservation" of key products for small-scale industries and high fiscal deficits. Changes in economic policies, or lack of movement toward economic liberalization, could negatively affect the general business and economic conditions in India, which could in turn affect a Fund's investments. The securities market in India is substantially smaller, less liquid and significantly more volatile than the securities market in the United States. The relatively small market capitalizations of, and trading values on, Indian stock exchanges may cause a Fund's investments in securities listed on these exchanges to be comparatively less liquid and subject to greater price volatility than comparable U.S. investments.* |
| *Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Risk. Investing in China A shares through Stock Connect involves various considerations and risks, including, but not limited to, illiquidity risk; currency risk; greater price volatility; legal and regulatory uncertainty risk; execution risk; operational risk; tax risk; credit risk; and economic, social and political instability of the stock market in the People's Republic of China.* |
| *Taiwan Risk. Including risks associated with investing in emerging markets, a Fund's investment in or exposure to Taiwan is also subject to risks associated with, among other things, currency fluctuations, commodity shortages, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of Taiwan. In addition, investments in Taiwan could be adversely affected by political and economic relationship with China.* |

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---

| | |
|:---|:---|
| **h.**  | **ESG Integration Risk** |
|  | To the extent ESG (Environmental, Social and Governance) factors are used to evaluate investments, the consideration of such factors may adversely affect a Fund's performance. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which a Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in a Fund performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or consider different ESG factors. |

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---

| | |
|:---|:---|
| **i.**  | **Equity Securities Risk** |
|  | The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline). |

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| | |
|:---|:---|
| **j.**  | **Focus Risk** |
|  | The Focused U.S. Small Cap Active ETF invests a greater proportion of its assets in the securities of a smaller number of issuers and will be subject to greater volatility with respect to its investments than funds that invest in a larger number of securities. |

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---

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

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---

| | |
|:---|:---|
| **l.**  | **Foreign Securities Risk** |
|  | Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of |

---

---

| | |
|:---|:---|
| 2025 Semi-Annual Report | **21** |

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------

[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

---

| | |
|:---|:---|
| **m.**  | **Frontier Markets Risk** |
|  | Frontier markets involve the same risks as emerging markets, but to a greater extent since they tend to be even smaller, less developed, and less accessible than other emerging markets. |

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---

| | |
|:---|:---|
| **n.**  | **Issuer Risk** |
|  | The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. |

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---

| | |
|:---|:---|
| **o.**  | **Liquidity Risk** |
|  | A Fund may make investments that are, or may become, less liquid due to various factors, including general market conditions or conditions impacting the issuer of, or counterparty to, the investment. These investments may be more difficult to value or sell, particularly in times of market turmoil, and there may be fewer trading opportunities available for the investments. Less liquid investments may have higher risks than more liquid investments. These risks may be magnified as interest rates rise or in other circumstances. If a Fund is forced to sell a less liquid investment to fund redemptions or to raise cash, it may be forced to sell the investment at a loss or for less than its fair value. Generally, only APs may redeem Shares. Investors other than APs wishing to realize their Shares will generally need to rely on secondary trading in the public trading market. There can be no assurance as to the price at which, or volume in which, it may at any time be possible to realize Shares in the public trading market. Although the Shares are listed for trading on Nasdaq, there can be no assurance that an active trading market for such shares will develop or be maintained. |

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---

| | |
|:---|:---|
| **p.**  | **Market Risk** |
|  | As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the Shares will approximate the Fund's NAV when purchased and sold in the secondary market, there may be times when the market price of the Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. The market price of a Fund's shares on an exchange during the trading day, like the price of any exchange-traded security, includes a "bid/ask" spread charged by the exchange specialist, market makers or other participants that trade the Fund's shares. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, Shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Adviser believes that, under normal market conditions, large market price discounts or premiums to NAV will not be sustained because of arbitrage opportunities. Where all or a portion of underlying ETF securities trade in a market that is closed when the market in which the ETF's shares are listed and trading is open, there may be changes between the last quote from the closed foreign market and the value of such security during the ETF's domestic trading day. This in turn could lead to differences between the market price of the ETF shares and the underlying value of those shares. |
|  | An ETF has a limited number of intermediaries that act as Authorized Participants, and none of these Authorized Participants are or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able and willing to create or redeem, Shares may trade at a discount to NAV and possibly face trading halts and/or delisting. Additionally, while Fund Shares are listed for trading on an exchange, there can be no assurance that active trading markets for Fund Shares will be maintained by market makers or Authorized Participants. |
|  | Decisions by market makers or Authorized Participants to reduce their role or "step away" from these activities in times of market stress may inhibit the effectiveness of the creation/redemption process in maintaining the relationship between the underlying value of the Fund's holdings and the Fund's NAV. Such reduced effectiveness could result in the Fund's Shares trading at a discount to its NAV and also in greater than normal intraday bid/ask spreads for the Fund's Shares. |

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---

| | |
|:---|:---|
| **q.**  | **Market Trading Risk** |
|  | There can be no assurance as to the price at which, or volume in which, it may at any time be possible to buy or sell Shares inthe public trading market. Although the Shares are listed for trading on Nasdaq, there can be no assurance that an active trading market for such Shares will develop or be maintained. Although it is expected that the market price of the Shares will approximate the Fund's NAV when purchased |

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| | |
|:---|:---|
| **22** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

and sold in the secondary market, the Fund faces numerous market trading risks, including the potential lack of an active market for Shares, disruptions in the securities markets in which the Fund invests, periods of high market volatility and disruptions in the creation/redemption process. Any of these may lead to times when the market price of the Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount).

---

| | |
|:---|:---|
| **r.**  | **Mid-Cap Securities Risk** |
|  | Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies. Decisions by market makers or Authorized Participants to reduce their role or "step away" from these activities in times of market stress may inhibit the effectiveness of the creation/redemption process in maintaining the relationship between the underlying value of the Fund's holdings and the Fund's NAV. Such reduced effectiveness could result in the Fund's Shares trading at a discount to its NAV and also in greater than normal intraday bid/ask spreads for the Fund's Shares. |

---

---

| | |
|:---|:---|
| **s.**  | **Other Investment Companies Risk** |
|  | Investments in securities of other investment companies, including ETFs, are generally subject to limitations prescribed by the 1940 Act and its rules, and applicable SEC staff interpretations or applicable exemptive relief granted by the SEC. Such investments subject a Fund to the risks that apply to the other investment company, including market and selection risk, and may increase a Fund's expenses to the extent the Fund pays fees, including investment advisory and administrative fees, charged by the other investment company. The success of a Fund's investment in these securities is directly related, in part, to the ability of the other investment companies to meet their investment objective. |

---

---

| | |
|:---|:---|
| **t.**  | **Preferred Shares Risk** |
|  | Preferred shares in which a Fund may invest represent equity or ownership interests in issuers that pay dividends at a specified rate and have precedence over common shares in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred shares. If interest rates rise, the fixed dividend on preferred shares may be less attractive, causing the price of preferred shares to decline. Preferred shares may have mandatory sinking fund provisions, as well as provisions allowing the shares to be called or redeemed prior to its maturity, which can have a negative impact on the share's price when interest rates decline. |

---

---

| | |
|:---|:---|
| **u.**  | **REIT and Real Estate Risk** |
|  | Investment in real estate investment trusts ("REITs") and real estate involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include: declines in the value of real estate; risks related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income, neighborhood values or the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions. REITs' share prices may decline because of adverse developments affecting the real estate industry including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases risk. Certain REITs charge management fees, which may result in layering the management fee paid by the Fund. |

---

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| | |
|:---|:---|
| **v.**  | **Sector Risk** |
|  | To the extent that a Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. |
|  | *Financials Sector Risk. To the extent that the financials sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, decreased liquidity in credit markets as well as cyber-attacks.* |
|  | *Information Technology Sector Risk. To the extent that the information technology sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information* |

---

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **23** |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (continued)

April 30, 2025

------

technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

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| | |
|:---|:---|
| **w.**  | **Small-Cap Securities Risk** |
|  | In general, securities of small-cap companies trade in lower volumes and are subject to greater or more unpredictable price changes than larger cap securities or the market overall. Small-cap companies may have limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key personnel. If adverse developments occur, such as due to management changes or product failure, a Fund's investment in a small-cap company may lose substantial value. Investing in small-cap companies requires a longer-term investment view and may not be appropriate for all investors. These risks may be exacerbated for micro-cap securities. |

---

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| | |
|:---|:---|
| **x.**  | **Temporary Defensive Positions** |
|  | Generally, each Fund will be fully invested in accordance with its investment objective and strategies; however, pending investment of cash balances or for other cash management purposes or if a Fund's management believes that business, economic, political or financial conditions warrant, a Fund may invest without limit in cash, cash equivalents or other short-term obligations, including: |

---

• short-term U.S. Government securities;

• certificates of deposit, bankers' acceptances, and interest-bearing savings deposits of commercial banks;

• prime quality commercial paper;

• repurchase agreements covering any of the securities in which the Fund may invest directly; and

• shares of money market funds.

The use of temporary defensive positions prevents a Fund from fully pursuing its investment objective, and the Fund may miss potential market upswings. In addition, pending investment of cash balances or for other cash management purposes, a Fund may invest without limit in other instruments, including but not limited to, derivatives that provide exposure to markets or companies in which the Fund may invest and in shares of other investment companies that invest in securities.

---

| | |
|:---|:---|
| **y.**  | **Trading Risk** |
|  | Although Shares are listed for trading on Nasdaq (the "Listing Exchange") and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Listing Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the Listing Exchange, make trading in shares inadvisable. In addition, trading in shares on the Listing Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Listing Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Listing Exchange necessary to maintain the listing of a Fund will continue to be met or will remain unchanged or that Shares will trade with any volume, or at all, on any stock exchange. |

---

---

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

---

9. Contingencies

In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds, and therefore, cannot be estimated; however, the Funds expect the risk of loss from such claims to be remote.

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| | |
|:---|:---|
| **24** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Notes to Financial Statements (unaudited) (concluded)

April 30, 2025

------

10. Tax Information

As of April 30, 2025, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Tax Cost of<br> Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp; Emerging Markets Dividend Active ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;$68097879 | &nbsp;&nbsp;&nbsp;&nbsp;$7425170 | &nbsp;&nbsp;&nbsp;&nbsp;$(4360917) | &nbsp;&nbsp;&nbsp;&nbsp;$3064253 |
| &nbsp;&nbsp; Focused U.S. Small Cap Active ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;99539556 | &nbsp;&nbsp;&nbsp;&nbsp;3930034 | &nbsp;&nbsp;&nbsp;&nbsp;(3458527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471507 |

---

11. Line of Credit

The Trust, on behalf of each of the funds of the Trust (excluding the abrdn Emerging Markets Dividend Active ETF and abrdn Focused U.S. Small Cap Active ETF) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street Bank and Trust Company (the "Bank"), subject to annual renewal. The Agreement provides for a revolving credit facility (the"Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.

Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to (a) 10 basis points + (b) the higher of (i) the Federal Funds Rate on such date (not less than zero) plus one and one quarter of one percent (1.25%) or (ii) the Overnight Bank Funding Rate on such date plus one and one quarter of one percent (1.25%). In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. For each Fund that borrowed under the Credit Facility during the six-month period period ended April 30, 2025, the following table shows the average outstanding daily balance of the days the abrdn Emerging Markets Dividend Fund and abrdn Focused U.S. Small Cap Equity Fund utilized the Credit Facility and the average weighted interest rate paid by each Predecessor Fund during the six-month period ended April 30, 2025.

Effective with Fund reorganization the Funds were terminated from the Agreement.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Average Outstanding<br> Daily Balance** | &nbsp;&nbsp;&nbsp;**Average Weighted<br> Interest Rate** | &nbsp;&nbsp;&nbsp;**Days<br> Utilized** |
| &nbsp;&nbsp;Emerging Markets Dividend Fund <br>| $200157 | &nbsp;&nbsp;&nbsp;5.84% | &nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;Focused U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |

---

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

12. Segment Reporting

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity's chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Funds act as the Fund's CODM. The CODM monitors the operating results of the Funds as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Funds operate as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

13. Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2025.

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **25** |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Changes in and Disagreement with Accountants for Open-End Management Investment Companies

------

Not applicable.

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| | |
|:---|:---|
| **26** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Proxy Disclosures for Open-End Management Investment Companies

------

Not applicable.

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| | |
|:---|:---|
| 2025 Semi-Annual Report | **27** |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies

------

Remuneration paid to trustees, officers and others is included in the Statement of Operations under the line items "Trustee Fees" and "Investment Advisory Fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

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| | |
|:---|:---|
| **28** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Statement Regarding Basis of Approval for Investment Advisory Contract

------

#### Board of Trustees' Consideration of Advisory and Sub-Advisory Agreements
The Board of Trustees (the "Board," the members of which are referred to as "Trustees") of abrdn Funds (the "Trust") met at an in-person meeting on September 11, 2024 (the "Meeting") to consider the approval of: (i) the Investment Advisory Agreement between the Trust, on behalf of the abrdn Emerging Markets Dividend Active ETF (the "EM Active ETF") and the abrdn Focused U.S. Small Cap Active ETF (the "US Active ETF," together with the EM Active ETF, the "Funds," and each a "Fund") and abrdn Inc. (the "Adviser") (the "Investment Advisory Agreement"); and (ii) the Sub-Advisory Agreement between the Adviser, abrdn Investments Limited (the "Sub-Adviser") and the Trust with respect to the EM Active ETF (the "Sub-Advisory Agreement" and, together with the Investment Advisory Agreement, the "Advisory Agreements"). The Adviser and the Sub-Adviser are referred to collectively herein as the "Advisers," as applicable. In addition, the Trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees") held a separate executive session with their independent counsel at the Meeting to review the materials provided and the relevant legal considerations.

In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Adviser and the Sub-Adviser relevant to the Board's consideration of whether to approve the Investment Advisory Agreement and the Sub-Advisory Agreement. These materials provided to the Board included, among other items: (i) memoranda and materials provided by the Adviser, describing the services to be provided to the Funds by the Adviser and the Sub-Adviser; (ii) information about the expected profitability of the Advisory Agreements to the Advisers; and (iii) a memorandum from independent trustee counsel on the responsibilities of the Board in considering for approval the Advisory Agreements under the 1940 Act and Delaware law. The Board, including the Independent Trustees, also considered other matters such as (i) the Advisers' financial condition; (ii) the performance of the abrdn Emerging Markets Dividend Fund (the "EM Mutual Fund") and the abrdn Focused U.S. Small Cap Equity Fund (the "US Mutual Fund" and, together with the EM Mutual Fund, the "Predecessor Funds"), two series of the Trust advised by the Advisers that would be converted into the Funds, as compared to a peer group of comparable funds; (iii) the Funds' investment objective and strategies; (iv) the Advisers' investment personnel and operations; (v) arrangements relating to the distribution of the Funds' shares and related costs; (vi) the proposed allocation of the Funds' brokerage, if any, including, if applicable, allocations to brokers affiliated with the Advisers and the use, if any, of "soft dollars" to pay Fund expenses and to pay for research and other similar services; (vii) the resources devoted to, and the record of compliance by, other funds of the Trust, including the Predecessor Funds, with the investment policies and restrictions, policies on personal securities transactions and other compliance policies; (viii) any "fall-out" benefits to the Advisers and their affiliates (i.e., ancillary benefits realized by the Advisers and their affiliates from the Advisers' relationship with the Trust); and (ix) possible conflicts of interest on the part of the Advisers or their affiliates. The Board also considered the nature, extent and quality of the services to be provided to the Funds by the Advisers' affiliates. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from the Advisers. The Trustees noted that they had received material in relation to their approval of the investment advisory arrangements with respect to the Predecessor Funds at their June 2024 quarterly meeting, that the investment strategies and techniques of each Fund would remain the same as those of the respective Predecessor Fund, and that the portfolio management teams and support personnel of the Predecessor Funds would continue to service the Funds following the conversion.

At the Meeting, the Board, including the Independent Trustees, unanimously approved the Investment Advisory Agreement between the Funds and the Adviser for an initial two-year period and the Sub-Advisory Agreement among the Trust, Adviser and Sub-Adviser with respect to the EM Active ETF for an initial two-year period. The Board considered all factors it believed to be relevant with respect to the Funds, including, among other factors: (a) the nature, extent and quality of services to be provided by the Advisers; (b) the investment performance of the Predecessor Funds, the Advisers and the Advisers' portfolio management; (c) the advisory fees, if any, and the cost of the services and profits to be realized by the Adviser from the relationship with the Funds; (d) economies of scale; and (e) other factors. In considering whether to approve the Agreements, the Trustees, including the Independent Trustees, did not identify any single factor as determinative in reaching their decision. Individual Trustees may have evaluated the information presented differently from one another, giving weight to various factors. The following is a summary of the Board's discussion and views regarding the factors it considered in evaluating the Agreements:

*The nature, extent and quality of the services to be provided to the Fund under the Agreements. The Trustees considered the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser, as applicable, to the Funds and the resources that would be dedicated to the Funds by the Adviser and its affiliates. The Board considered, among other things, the Advisers' investment experience and the management of the Predecessor Funds. The Board also considered the background and experience of the senior management personnel of the Adviser and the Sub-Adviser, and the qualifications, background and responsibilities of the portfolio managers to be primarily responsible for the day-to-day portfolio management services for the Funds. The Board also considered the allocation of responsibilities among the Advisers. The Trustees considered not only the advisory services to be provided by the Adviser and, as applicable, the Sub-Adviser to the Funds, but also the administrative services to be provided by the Adviser to the Funds under a separate administration agreement. The Adviser's role in overseeing the Sub-Adviser in the management of the EM Active ETF and coordinating the activities of the Trust's other service providers for the Funds was also considered. The Board also considered that it receives information on a regular basis from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures, and that it had received information from the Trust's Chief Compliance Officer regarding the Sub-Adviser's compliance policies and procedures. The Board also considered the Adviser's risk management processes. The Board also took into account its knowledge of management and the quality of the performance of management's duties through Board meetings, discussion and reports during the preceding year in connection with the other funds in the Trust, including the Predecessor Funds.*

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| 2025 Semi-Annual Report | **29** |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

Statement Regarding Basis of Approval for Investment Advisory Contract (concluded)

------

After reviewing these and related factors, the Board concluded that the nature, extent and quality of the services to be provided supported the approval of the Agreements.

*Investment Performance and the Advisers' Portfolio Management. Because the Funds is newly formed, the Board did not consider the investment performance of the Funds. The Board reviewed the performance of the Predecessor Funds, and noted that the performance had been sufficient to approve the continuation of the Advisory Agreements with respect to the Predecessor Funds. The Board also based its review of Advisers' performance on the experience of each Adviser and its affiliates in managing other registered investment companies and private funds, noting that other funds managed by the Advisers might have investment objectives, policies or restrictions different from those of the Funds. The Board also considered the experience, resources and strengths of the Advisers with respect to the investment strategies proposed for the Funds. Based on these factors, the Trustees determined that the Advisers would be appropriate investment advisers for the Funds.*

*The costs of the services provided and profits to be realized by the Advisers and their affiliates from the relationships with the Funds. The Trustees considered the fees to be charged to each Fund for advisory services as well as the projected total expense levels of the Funds. This information included comparisons (provided both by management and also by an independent third party) of each Fund's net management fee and total expense level to those of its expense peer group and information about the advisory fees charged by the Adviser and its affiliates to any separately managed accounts with a similar strategy, including the fees charged to the Predecessor Funds. In considering the fees charged to any comparable accounts, the Trustees considered, among other things, management's discussion of the different objectives, policies or restrictions that may be involved in managing the different types of accounts. In evaluating the Funds' advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management proposed for the Funds. The Trustees noted that the advisory fees to be charged to each Fund were equal to or lower than the fees of the respective Predecessor Fund.*

The Board also considered that the Adviser had agreed to enter into an expense limitation agreement with each Fund, pursuant to which the Adviser agreed to reimburse certain expenses as a means of limiting the respective Fund's total annual operating expenses for a period of time. The Trustees also noted that the Adviser had agreed to enter into an expense limitation agreement with respect to each Fund until at least February 28, 2027.

The Trustees also considered the compensation that would be directly or indirectly received by the Advisers and their affiliates from their relationships with the Funds. The Trustees reviewed information provided by the Adviser as to its expected profitability. The Trustees also considered information about the allocation of expenses used to calculate profitability.

After reviewing these and related factors, including taking into account management's discussion regarding Fund expenses, the Board concluded that the costs of the services to be provided by and the profits to be realized by the Advisers were reasonable and supported the approval of the Advisory Agreements.

*Economies of Scale. The Adviser provided the Board with information concerning the extent to which economies of scale would be realized as the Funds grew. The Adviser presented information to show that the fees were set at a level that is competitive relative to comparable funds of an anticipated size and complexity. The Trustees noted that the Funds do not have breakpoints, but that each Fund would be subject to an expense limitation. The Board considered that the funds in the Aberdeen fund complex share some common resources and, as a result, an increase in the overall size of the complex could permit the Funds to incur lower expenses than they would otherwise as stand-alone entities. The Board also considered the Adviser's overall operations and its efforts to expand the scale of, and further enhance the quality of, its operations.*

*Other Factors. The Board also took into account other ancillary or "fall out" benefits that the Advisers or their affiliates may derive from its relationship with the Funds, both tangible and intangible.* 

After reviewing these and related factors, the Board concluded that the advisory fee and sub-advisory fee structures were reasonable and reflect economies of scale being shared between the Funds and the Adviser, and supported approval of the Advisory Agreement with respect to the Funds and the Sub-Advisory Agreement with respect to the EM Active ETF.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the Agreements would be in the best interest of the Funds and their shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements for an initial two-year period.

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| **30** | 2025 Semi-Annual Report |

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[**Table of Contents**](#JOB_Multi_7b5a6759-2189-46ab-bc41-2f964b90dd1e_TOCtm2517610d1_activeetf)

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abrdn Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

https://www.aberdeeninvestments.com/en-us

(b) Included in the response to Item 7(a) of this Form N-CSR.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included in the response to Item 7(a) of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in response to Item 7(a) of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

During the period ended April 30, 2025, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2517610d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2517610d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

abrdn Funds

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| | |
|:---|:---|
| By: | */s/ Alan Goodson* |

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Alan Goodson

Principal Executive Officer of abrdn Funds

Date: July 7, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | */s/ Alan Goodson* |

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Alan Goodson

Principal Executive Officer of abrdn Funds

Date: July 7, 2025

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|:---|:---|
| By: | */s/ Michael Marsico* |

---

Michael Marsico

Principal Financial Officer of abrdn Funds

Date: July 7, 2025

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Alan Goodson, certify that:

1. I have reviewed this report on Form N-CSR of abrdn Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: July 7, 2025

<u>*/ s/ Alan Goodson*</u>

Alan Goodson

Principal Executive Officer

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Michael Marsico, certify that:

1. I have reviewed this report on Form N-CSR of abrdn Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: July 7, 2025

*/s/ Michael Marsico*

Michael Marsico

Principal Financial Officer

## Exhibit 99.906

**Exhibit 99.906CERT**

**CERTIFICATION PURSUANT TO RULE 30a-2(b) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT**

Alan Goodson, Principal Executive Officer, and Michael Marsico, Principal Financial Officer, of abrdn Funds, a Delaware statutory trust (the "registrant"), each certify that:

1. The registrant's periodic report on Form N-CSR for the
period ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of
the Securities Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents,
in all material respects, the financial condition and results of operations of the registrant.

*/s/ Alan Goodson*

Alan Goodson

Principal Executive Officer

abrdn Funds

Date: July 7, 2025

*/s/ Michael Marsico*

Michael Marsico

Principal Financial Officer

abrdn Funds

Date: July 7, 2025

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.