# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001104659-26-002098
**Filing Date:** 2026-1
**Character Count:** 1713572
**Document Hash:** b02889e188ab9b928c3e897fbe5c55bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-002098.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001104659-26-002098

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22132
- **FILM NUMBER:** 26519464

**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 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 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 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 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 |  |

### abrdn International Small Cap Active ETF (Series ID: S000093583)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000261971 | abrdn International Small Cap Active ETF |  |

### abrdn Ultra Short Municipal Income Active ETF (Series ID: S000094325)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000262823 | abrdn Ultra Short Municipal Income 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: | October 31, 2025 |

---

**Item 1. Reports to Shareholders.**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [abrdn EM SMA Completion Fund](#classname969acb1b-9ba8-420b-8c07-38de53ff5220)<br> **[Institutional Class - ASEMX](#classname969acb1b-9ba8-420b-8c07-38de53ff5220)**  |
|  [abrdn Emerging Markets Dividend Active ETF](#classnamece552982-5b88-4d1d-9370-c8b0c0736fbf)<br> **[AGEM](#classnamece552982-5b88-4d1d-9370-c8b0c0736fbf)**  |
|  [abrdn Emerging Markets ex-China Fund](#classname2891e89c-a481-4c2f-bf81-969e51cd6b51)<br> **[Class A - GLLAX](#classname2891e89c-a481-4c2f-bf81-969e51cd6b51)**  |
|  [abrdn Emerging Markets ex-China Fund](#classname65de10ef-0838-4d65-bd87-beb7c2844438)<br> **[Class C - GLLCX](#classname65de10ef-0838-4d65-bd87-beb7c2844438)**  |
|  [abrdn Emerging Markets ex-China Fund](#classname3c8a2354-21c0-4b71-b5f8-c8dc957d8e4b)<br> **[Class R - GWLRX](#classname3c8a2354-21c0-4b71-b5f8-c8dc957d8e4b)**  |
|  [abrdn Emerging Markets ex-China Fund](#classname5fff5486-fdd2-4ea2-8570-b93df3efef11)<br> **[Institutional Class - GWLIX](#classname5fff5486-fdd2-4ea2-8570-b93df3efef11)**  |
|  [abrdn Emerging Markets ex-China Fund](#classnamef1bfb2c3-d7b2-4aa6-a162-ee89755faa10)<br> **[Institutional Service Class - GLLSX](#classnamef1bfb2c3-d7b2-4aa6-a162-ee89755faa10)**  |
|  [abrdn Emerging Markets Fund](#classnameefe3b33a-2663-4e0d-aa80-1152e74d8776)<br> **[Class A - GEGAX](#classnameefe3b33a-2663-4e0d-aa80-1152e74d8776)**  |
|  [abrdn Emerging Markets Fund](#classnameff2bf9cc-3747-49f1-b132-268c057a9201)<br> **[Class C - GEGCX](#classnameff2bf9cc-3747-49f1-b132-268c057a9201)**  |
|  [abrdn Emerging Markets Fund](#classname92b1d418-0ee5-4d9d-a72f-85223a7ff753)<br> **[Class R - GEMRX](#classname92b1d418-0ee5-4d9d-a72f-85223a7ff753)**  |
|  [abrdn Emerging Markets Fund](#classnamea7fac4b5-c827-4950-b3b9-19f34edef8b2)<br> **[Institutional Class - ABEMX](#classnamea7fac4b5-c827-4950-b3b9-19f34edef8b2)**  |
|  [abrdn Emerging Markets Fund](#classnamedddfe98b-d63e-47aa-8d9e-38ab5a8b3577)<br> **[Institutional Service Class - AEMSX](#classnamedddfe98b-d63e-47aa-8d9e-38ab5a8b3577)**  |
|  [abrdn Focused U.S. Small Cap Active ETF](#classnamef6387df5-c537-4962-abe3-af834b7393f2)<br> **[AFSC](#classnamef6387df5-c537-4962-abe3-af834b7393f2)**  |
|  [abrdn Global Infrastructure Fund](#classname02447a0f-a2f0-48da-bcbf-c143b36c7c51)<br> **[Class A - AIAFX](#classname02447a0f-a2f0-48da-bcbf-c143b36c7c51)**  |
|  [abrdn Global Infrastructure Fund](#classname8e24bf54-caab-43f0-9806-f3c45f029ac2)<br> **[Institutional Class - AIFRX](#classname8e24bf54-caab-43f0-9806-f3c45f029ac2)**  |
|  [abrdn High Income Opportunities Fund](#classname308c35e2-29da-4a3c-9d66-8a32cc5662b2)<br> **[Class A - BJBHX](#classname308c35e2-29da-4a3c-9d66-8a32cc5662b2)**  |
|  [abrdn High Income Opportunities Fund](#classname49b359b7-105e-4547-9012-5d104bb19bcf)<br> **[Institutional Class - JHYIX](#classname49b359b7-105e-4547-9012-5d104bb19bcf)**  |
|  [abrdn Infrastructure Debt Fund](#classname3ef1d2e5-b9fb-4a65-ae2d-d821ddee45fe)<br> **[Class A - CUGAX](#classname3ef1d2e5-b9fb-4a65-ae2d-d821ddee45fe)**  |
|  [abrdn Infrastructure Debt Fund](#classnameecac4f6c-f94e-4801-af54-bc7b28a30f00)<br> **[Institutional Class - AGCIX](#classnameecac4f6c-f94e-4801-af54-bc7b28a30f00)**  |
|  [abrdn Infrastructure Debt Fund](#classnameda30a98f-63d4-47c8-bc61-ce972b241d19)<br> **[Institutional Service Class - CGFIX](#classnameda30a98f-63d4-47c8-bc61-ce972b241d19)**  |
|  [abrdn International Small Cap Active ETF](#classname9437df32-2702-421c-9446-81abeaddc253)<br> **[ASCI](#classname9437df32-2702-421c-9446-81abeaddc253)**  |
|  [abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)](#classname4af8eed8-d59d-49e5-a418-e294a44a046d)<br> **[Class A - AIAGX](#classname4af8eed8-d59d-49e5-a418-e294a44a046d)**  |
|  [abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)](#classname13d78f64-030d-4940-911d-2a73b3e4dd84)<br> **[Institutional Class - AIGYX](#classname13d78f64-030d-4940-911d-2a73b3e4dd84)**  |
|  [abrdn Short Duration High Yield Municipal Fund](#classname2b986225-853a-4d2d-8274-d305103a0374)<br> **[Class A - AAHMX](#classname2b986225-853a-4d2d-8274-d305103a0374)**  |
|  [abrdn Short Duration High Yield Municipal Fund](#classname153ca91e-a2da-48d3-a402-52c49bd8b829)<br> **[Class C - ACHMX](#classname153ca91e-a2da-48d3-a402-52c49bd8b829)**  |
|  [abrdn Short Duration High Yield Municipal Fund](#classname8baf4acf-d909-41de-ad0b-af319f0a32a3)<br> **[Institutional Class - AHYMX](#classname8baf4acf-d909-41de-ad0b-af319f0a32a3)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classname528799ac-2246-4126-a036-bc133345c81a)<br> **[Class A - GSXAX](#classname528799ac-2246-4126-a036-bc133345c81a)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classname58a18eb9-8c20-467c-aec8-d27c0a138349)<br> **[Class C - GSXCX](#classname58a18eb9-8c20-467c-aec8-d27c0a138349)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classnamecfa9bf62-f88e-446a-891b-1ca708835616)<br> **[Class R - GNSRX](#classnamecfa9bf62-f88e-446a-891b-1ca708835616)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classname2042a3db-1016-4b51-a9db-203c8ac172dd)<br> **[Institutional Class - GSCIX](#classname2042a3db-1016-4b51-a9db-203c8ac172dd)**  |
|  [abrdn U.S. Small Cap Equity Fund](#classname64dec890-822a-40b7-8957-38ffe0aeb27c)<br> **[Institutional Service Class - GSXIX](#classname64dec890-822a-40b7-8957-38ffe0aeb27c)**  |
|  [abrdn U.S. Sustainable Leaders Fund](#classname6fd59a93-f31d-4dab-bf9b-8b26f4a8fa1b)<br> **[Class A - GXXAX](#classname6fd59a93-f31d-4dab-bf9b-8b26f4a8fa1b)**  |
|  [abrdn U.S. Sustainable Leaders Fund](#classname7626709d-5f41-4e75-a9c0-9d3d859b6801)<br> **[Institutional Class - GGLIX](#classname7626709d-5f41-4e75-a9c0-9d3d859b6801)**  |
|  [abrdn U.S. Sustainable Leaders Fund](#classnamef3d3a5da-907f-4bd2-b736-762c2fb8e9b0)<br> **[Institutional Service Class - GXXIX](#classnamef3d3a5da-907f-4bd2-b736-762c2fb8e9b0)**  |
|  [abrdn Ultra Short Municipal Income Active ETF](#classnamee5ec1af1-6dea-4b9a-9982-76461b615f35)<br> **[AMUN](#classnamee5ec1af1-6dea-4b9a-9982-76461b615f35)**  |
|  [abrdn Ultra Short Municipal Income Fund](#classnamedbf8a660-5594-4ed8-af4e-a4fe74c8c248)<br> **[Class A - ATOAX](#classnamedbf8a660-5594-4ed8-af4e-a4fe74c8c248)**  |
|  [abrdn Ultra Short Municipal Income Fund](#classname93afc170-f7ee-4b1a-aa8b-0ed17cb8b24a)<br> **[Class A1 - ATOBX](#classname93afc170-f7ee-4b1a-aa8b-0ed17cb8b24a)**  |
|  [abrdn Ultra Short Municipal Income Fund](#classnamef556c9ac-40d9-449c-9ce2-f4beb54a1596)<br> **[Institutional Class - ATOIX](#classnamef556c9ac-40d9-449c-9ce2-f4beb54a1596)**  |
|  [abrdn Dynamic Dividend Fund](#classname40648b39-6b7f-4d4b-a357-4b6b9d125d33)<br> **[Class A - ADAVX](#classname40648b39-6b7f-4d4b-a357-4b6b9d125d33)**  |
|  [abrdn Dynamic Dividend Fund](#classname41f5a1ea-09d0-4759-a70c-c1870297e78a)<br> **[Institutional Class - ADVDX](#classname41f5a1ea-09d0-4759-a70c-c1870297e78a)**  |

---

# abrdn EM SMA Completion Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Class

#### ASEMX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn EM SMA Completion Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $0 | 0.00% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. 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. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The South Korean market saw an accelerating rally amid renewed investor confidence in artificial intelligence (AI) infrastructure spending, rising expectations of commercial code reform, and political normalization after the election of a new president. HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Positivity around the country's dominance in the high bandwidth memory space helped lead SK Hynix and Samsung Electronics higher. Our technology holdings in Taiwan, which had a difficult first quarter in 2025, also rebounded on renewed AI enthusiasm. Standout performers included Accton Technology and Chroma ATE. Likewise, AI-related names in China benefitted from wider AI trends, supported by Beijing's localization push. We continue to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data center-orientated names. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth. While some holdings in India faced headwinds, our underweight position led to a positive contribution overall. We believe earnings have now begun to turn a corner in India and consumption-boosting measures have been introduced. This provides a more constructive outlook for India going forward.

**What detracted from performance?**

At the stock level, the exposure to InPost was among the main negatives as the Dutch-listed Polish logistics company fell amid growing signs that its key customer Allegro would be able to operate without it in Poland. We will continue to monitor the situation carefully. From a country perspective, China was the main drag on relative gains, though performance picked up markedly in the final few months. Skincare product maker Giant Biogene, a relatively new introduction, sold off owing to slightly weaker Singles' Day sales and some poor publicity for one of its products. However, the firm also received approval for a new injectable product, offering some positive news at the period-end. Elsewhere in China, holding Nari Technology and Aier Eye Hospital also detracted from performance as their share prices weakened over the 12 months.

# abrdn EM SMA Completion Fund
(ASEMX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $10,000 investment for the life of the Fund as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI Emerging Markets Index (Net TR)** |
| **01/27/23** | $10000 | $10000 |
| **01/31/23** | $9780 | $10000 |
| **02/28/23** | $9030 | $9352 |
| **03/31/23** | $9320 | $9635 |
| **04/30/23** | $9200 | $9526 |
| **05/31/23** | $8810 | $9366 |
| **06/30/23** | $9030 | $9721 |
| **07/31/23** | $9440 | $10326 |
| **08/31/23** | $8760 | $9690 |
| **09/30/23** | $8490 | $9437 |
| **10/31/23** | $8120 | $9070 |
| **11/30/23** | $8930 | $9796 |
| **12/31/23** | $9412 | $10179 |
| **01/31/24** | $8603 | $9706 |
| **02/29/24** | $9048 | $10168 |
| **03/31/24** | $9139 | $10420 |
| **04/30/24** | $8775 | $10467 |
| **05/31/24** | $8603 | $10526 |
| **06/30/24** | $8815 | $10941 |
| **07/31/24** | $9109 | $10974 |
| **08/31/24** | $8937 | $11151 |
| **09/30/24** | $9250 | $11895 |
| **10/31/24** | $8704 | $11366 |
| **11/30/24** | $8644 | $10958 |
| **12/31/24** | $8513 | $10943 |
| **01/31/25** | $8574 | $11138 |
| **02/28/25** | $8380 | $11192 |
| **03/31/25** | $8452 | $11263 |
| **04/30/25** | $8666 | $11411 |
| **05/31/25** | $9032 | $11898 |
| **06/30/25** | $9847 | $12614 |
| **07/31/25** | $10061 | $12859 |
| **08/31/25** | $10651 | $13024 |
| **09/30/25** | $11700 | $13956 |
| **10/31/25** | $12525 | $14539 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception (1/27/23)** |
| Institutional Class | 43.89% | 8.49% |
| MSCI Emerging Markets Index (Net TR) | 27.91% | 14.58% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $527317 |
| Total Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $0 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| South Korea | 25.9% |
| China | 15.0% |
| India | 13.6% |
| Mexico | 10.3% |
| Taiwan | 8.5% |
| Brazil | 5.7% |
| United Arab Emirates | 5.2% |
| Saudi Arabia | 4.2% |
| Indonesia | 4.1% |
| Poland | 2.4% |
| Greece | 2.3% |
| Other | 2.8% |

---

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

---

| | |
|:---|:---|
| Samsung Electronics Co. Ltd. | 11.1% |
| Grupo Mexico SAB de CV | 8.3% |
| SK Hynix, Inc. | 7.8% |
| Contemporary Amperex Technology Co. Ltd., Class A | 5.0% |
| Mahindra & Mahindra Ltd. | 4.8% |
| Al Rajhi Bank | 4.2% |
| Telkom Indonesia Persero Tbk. PT | 4.1% |
| Larsen & Toubro Ltd. | 3.5% |
| UltraTech Cement Ltd. | 3.3% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 3.2% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn EM SMA Completion Fund
(ASEMX)

# Institutional Class
![Image](tm2534449d1_tsrimg043.jpg)

# abrdn Emerging Markets Dividend Active ETF (AGEM)
Principal Listing Exchange: NASDAQ

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets Dividend Active ETF (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| abrdn Emerging Markets Dividend Active ETF | $87 | 0.74% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

At the stock level, Grupo Mexico was the top contributor to relative gains. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth. All our holdings in Mexico added value. Our conviction led us to maintain our positions through the volatility at the start of the year. The Fund's technology holdings, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Chroma ATE and Samsung Electronics. We continue to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data centre-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Another bright spot was Lion Finance, formerly known as Bank of Georgia. The lender was buoyed by favorable economic conditions for credit growth, while investors also welcomed its share buyback program. While China detracted overall, not holding Chinese online food delivery platform Meituan, which fell amid intensifying competition in e-commerce and services, proved positive.

**What detracted from performance?**

The Indian market faced headwinds as punitive U.S. tariffs compounded worries over slowing growth, soft earnings, and stretched valuations. Our underweight to the market was additive, but the exposure to the iShares MSCI India ETF and IT services provider Infosys were among the largest detractors from relative returns. During the period, the Fund received the necessary regulatory approvals to purchase Indian equities. As a result, we exited the iShares MSCI India ETF and Infosys to allocate into our preferred holdings. Corporate earnings in India have now begun to turn a corner and consumption-boosting measures have been introduced. These developments provide a better outlook for India and our investments there going forward. In Indonesia, Bank Mandiri and Bank Rakyat declined amid economic concerns and policy uncertainty under President Prabowo's administration. The lenders were also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system. Chinese alcoholic beverage producer Wuliangye Yibin was another notable laggard. Softening consumer sentiment, alongside Beijing's anti-extravagance policy, hurt the name as its luxury product offering saw reduced demand.

# abrdn Emerging Markets Dividend Active ETF (AGEM)

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **abrdn Emerging Markets Dividend Active ETF (NAV)** | **MSCI Emerging Markets Index (Net TR)** | **Custom abrdn Emerging Markets Dividend Active ETF Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9709 | $9610 | $9794 |
| **12/15** | $9350 | $9396 | $9609 |
| **01/16** | $8875 | $8786 | $8955 |
| **02/16** | $8906 | $8772 | $8853 |
| **03/16** | $9633 | $9933 | $9573 |
| **04/16** | $9824 | $9987 | $9825 |
| **05/16** | $9695 | $9614 | $9659 |
| **06/16** | $10015 | $9998 | $9511 |
| **07/16** | $10272 | $10501 | $9982 |
| **08/16** | $10276 | $10762 | $10045 |
| **09/16** | $10387 | $10901 | $10169 |
| **10/16** | $10130 | $10927 | $10022 |
| **11/16** | $9802 | $10424 | $9791 |
| **12/16** | $9983 | $10447 | $10041 |
| **01/17** | $10482 | $11018 | $10397 |
| **02/17** | $11115 | $11356 | $10563 |
| **03/17** | $11502 | $11642 | $10830 |
| **04/17** | $11830 | $11897 | $11062 |
| **05/17** | $12252 | $12249 | $11421 |
| **06/17** | $12256 | $12372 | $11457 |
| **07/17** | $12481 | $13110 | $11879 |
| **08/17** | $12504 | $13402 | $11941 |
| **09/17** | $12665 | $13349 | $12163 |
| **10/17** | $12908 | $13817 | $12392 |
| **11/17** | $12894 | $13845 | $12492 |
| **12/17** | $13204 | $14342 | $12771 |
| **01/18** | $13796 | $15537 | $13483 |
| **02/18** | $13026 | $14820 | $12847 |
| **03/18** | $13021 | $14545 | $12620 |
| **04/18** | $12993 | $14481 | $12822 |
| **05/18** | $12626 | $13967 | $12526 |
| **06/18** | $12537 | $13387 | $12290 |
| **07/18** | $12918 | $13681 | $12584 |
| **08/18** | $12659 | $13311 | $12321 |
| **09/18** | $12476 | $13241 | $12377 |
| **10/18** | $11396 | $12088 | $11370 |
| **11/18** | $11636 | $12586 | $11478 |
| **12/18** | $11136 | $12252 | $10958 |
| **01/19** | $11884 | $13325 | $11786 |
| **02/19** | $12169 | $13355 | $12017 |
| **03/19** | $12429 | $13467 | $12088 |
| **04/19** | $12927 | $13751 | $12408 |
| **05/19** | $11752 | $12753 | $11742 |
| **06/19** | $12443 | $13549 | $12449 |
| **07/19** | $12567 | $13383 | $12298 |
| **08/19** | $12477 | $12731 | $11918 |
| **09/19** | $12747 | $12974 | $12225 |
| **10/19** | $13145 | $13521 | $12652 |
| **11/19** | $13263 | $13502 | $12763 |
| **12/19** | $13707 | $14509 | $13316 |
| **01/20** | $13399 | $13833 | $12958 |
| **02/20** | $12506 | $13104 | $11934 |
| **03/20** | $10476 | $11085 | $10206 |
| **04/20** | $11156 | $12100 | $10979 |
| **05/20** | $11851 | $12193 | $11339 |
| **06/20** | $12436 | $13090 | $11851 |
| **07/20** | $13166 | $14259 | $12379 |
| **08/20** | $13950 | $14575 | $12909 |
| **09/20** | $13796 | $14341 | $12592 |
| **10/20** | $13389 | $14636 | $12321 |
| **11/20** | $14957 | $15990 | $13979 |
| **12/20** | $16087 | $17166 | $14734 |
| **01/21** | $15767 | $17692 | $14766 |
| **02/21** | $15591 | $17827 | $15058 |
| **03/21** | $15596 | $17558 | $15249 |
| **04/21** | $16368 | $17995 | $15698 |
| **05/21** | $16909 | $18412 | $16189 |
| **06/21** | $17139 | $18444 | $16084 |
| **07/21** | $17625 | $17203 | $15819 |
| **08/21** | $18402 | $17653 | $16120 |
| **09/21** | $17295 | $16952 | $15603 |
| **10/21** | $18016 | $17119 | $15976 |
| **11/21** | $17179 | $16421 | $15256 |
| **12/21** | $17585 | $16729 | $15887 |
| **01/22** | $15381 | $16413 | $15302 |
| **02/22** | $14409 | $15922 | $14999 |
| **03/22** | $14449 | $15562 | $15023 |
| **04/22** | $13046 | $14697 | $14079 |
| **05/22** | $12690 | $14761 | $14180 |
| **06/22** | $11698 | $13781 | $12960 |
| **07/22** | $12911 | $13747 | $13404 |
| **08/22** | $12084 | $13804 | $12973 |
| **09/22** | $10726 | $12186 | $11677 |
| **10/22** | $11463 | $11807 | $12025 |
| **11/22** | $13081 | $13559 | $13445 |
| **12/22** | $12628 | $13368 | $13345 |
| **01/23** | $13569 | $14424 | $14427 |
| **02/23** | $13023 | $13488 | $13920 |
| **03/23** | $13569 | $13897 | $14261 |
| **04/23** | $14137 | $13739 | $14509 |
| **05/23** | $13764 | $13509 | $13981 |
| **06/23** | $14202 | $14022 | $14608 |
| **07/23** | $14402 | $14894 | $15202 |
| **08/23** | $13466 | $13977 | $14516 |
| **09/23** | $12677 | $13611 | $14057 |
| **10/23** | $12450 | $13083 | $13477 |
| **11/23** | $13758 | $14130 | $14690 |
| **12/23** | $14689 | $14682 | $15428 |
| **01/24** | $14364 | $14000 | $15275 |
| **02/24** | $15029 | $14666 | $15660 |
| **03/24** | $15446 | $15030 | $16048 |
| **04/24** | $15300 | $15097 | $16120 |
| **05/24** | $15397 | $15182 | $16211 |
| **06/24** | $15776 | $15781 | $16851 |
| **07/24** | $15997 | $15828 | $16901 |
| **08/24** | $16035 | $16083 | $17174 |
| **09/24** | $16917 | $17157 | $18321 |
| **10/24** | $16176 | $16394 | $17506 |
| **11/24** | $15943 | $15805 | $16877 |
| **12/24** | $15791 | $15784 | $16854 |
| **01/25** | $16018 | $16066 | $17155 |
| **02/25** | $16206 | $16144 | $17238 |
| **03/25** | $16194 | $16246 | $17347 |
| **04/25** | $16321 | $16459 | $17575 |
| **05/25** | $17362 | $17161 | $18325 |
| **06/25** | $18503 | $18193 | $19427 |
| **07/25** | $18800 | $18548 | $19805 |
| **08/25** | $19661 | $18786 | $20059 |
| **09/25** | $20942 | $20130 | $21494 |
| **10/25** | $21615 | $20971 | $22392 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| abrdn Emerging Markets Dividend Active ETF (NAV) | 33.95% | 10.12% | 8.05% |
| MSCI Emerging Markets Index (Net TR) | 27.91% | 7.46% | 7.69% |
| Custom abrdn Emerging Markets Dividend Active ETF Index<sup>Footnote Reference1</sup> | 27.91% | 12.69% | 8.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the MSCI Emerging Markets Index (Net TR) from 03/01/2024 and the MSCI All Country World ex USA Index (Net TR) for periods prior to 03/01/2024. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $211742822 |
| Total Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $179752 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| China | 22.6% |
| Taiwan | 19.1% |
| South Korea | 12.0% |
| India | 11.4% |
| Mexico | 6.7% |
| Brazil | 5.5% |
| Indonesia | 4.9% |
| Hong Kong | 2.7% |
| Other | 15.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| Tencent Holdings Ltd. | 7.3% |
| Samsung Electronics Co. Ltd. | 6.0% |
| Grupo Mexico SAB de CV | 4.2% |
| HDFC Bank Ltd. | 4.0% |
| Alibaba Group Holding Ltd. | 2.8% |
| SK Hynix, Inc. | 2.5% |
| MediaTek, Inc. | 1.9% |
| Chroma ATE, Inc. | 1.8% |
| Bank Mandiri Persero Tbk. PT | 1.8% |

---

# abrdn Emerging Markets Dividend Active ETF (AGEM)

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **844-383-7289**.

abrdn Emerging Markets Dividend Active ETF acquired all the assets and liabilities of 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 "Conversion"). Prior to February 14, 2025, the financial statements of abrdn 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 Conversion, the Predecessor Fund's performance and financial history were adopted by abrdn Emerging Markets Dividend Active ETF. In connection with the Conversion, the management fee changed to 0.70% from 0.75% on assets up to $500 million, 0.73% on assets of $500 million, 0.73% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more and the expense limitation changed to 0.70% from 0.90%.

abrdn Emerging Markets Dividend Active ETF acquired all the assets and liabilities of abrdn Focused Emerging Markets ex-China Fund and abrdn China A Share Equity Fund pursuant to an Agreement and Plan of Reorganization and Liquidation as of the close of business on October 17, 2025 (the "Reorganization"). In connection with the Reorganization, abrdn Investments Limited no longer serves as the Fund's sub-adviser. There was no change to how the Fund is managed.

## 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](tm2534449d1_tsrimg032.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 Emerging Markets ex-China Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class A

#### GLLAX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $149 | 1.30% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets ex-China Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Chroma ATE, Delta Electronics, and Accton Technology. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data center-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

At the stock level, Globant was the top detractor to Fund performance. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Other notable laggards included Kazakh financial technology company Kaspi.kz and Dutch-listed Polish logistics company InPost. Super-app Kaspi.kz sold off after the company lowered its growth guidance on the back of macro uncertainty and regulatory changes that made smartphones more expensive, temporarily lowering demand. InPost fell amid growing signs that its key customer Allegro would be able to operate without it in Poland. We will continue to monitor the situation carefully. Elsewhere, Bank Negara Indonesia trailed on the back of economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system.

# abrdn Emerging Markets ex-China Fund
(GLLAX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg041.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales load** | **MSCI Emerging Markets ex-China Index (Net TR)** |
| **10/15** | $9426 | $10000 |
| **11/15** | $9216 | $9593 |
| **12/15** | $8923 | $9348 |
| **01/16** | $8604 | $8952 |
| **02/16** | $8557 | $9007 |
| **03/16** | $9195 | $10238 |
| **04/16** | $9289 | $10317 |
| **05/16** | $9265 | $9837 |
| **06/16** | $9538 | $10335 |
| **07/16** | $9748 | $10911 |
| **08/16** | $9794 | $11001 |
| **09/16** | $9794 | $11092 |
| **10/16** | $9608 | $11208 |
| **11/16** | $9436 | $10554 |
| **12/16** | $9577 | $10751 |
| **01/17** | $9992 | $11289 |
| **02/17** | $10157 | $11615 |
| **03/17** | $10368 | $11924 |
| **04/17** | $10572 | $12165 |
| **05/17** | $10932 | $12419 |
| **06/17** | $10972 | $12483 |
| **07/17** | $11175 | $13087 |
| **08/17** | $11168 | $13274 |
| **09/17** | $11348 | $13143 |
| **10/17** | $11489 | $13578 |
| **11/17** | $11661 | $13528 |
| **12/17** | $11877 | $14111 |
| **01/18** | $12536 | $15040 |
| **02/18** | $11851 | $14466 |
| **03/18** | $11748 | $14288 |
| **04/18** | $11706 | $14199 |
| **05/18** | $11509 | $13367 |
| **06/18** | $11466 | $12881 |
| **07/18** | $11937 | $13458 |
| **08/18** | $11731 | $13161 |
| **09/18** | $11654 | $13143 |
| **10/18** | $10918 | $12161 |
| **11/18** | $11149 | $12495 |
| **12/18** | $10490 | $12357 |
| **01/19** | $11164 | $13316 |
| **02/19** | $11407 | $13152 |
| **03/19** | $11623 | $13162 |
| **04/19** | $11997 | $13431 |
| **05/19** | $11295 | $12844 |
| **06/19** | $11988 | $13542 |
| **07/19** | $11913 | $13334 |
| **08/19** | $11642 | $12641 |
| **09/19** | $11838 | $13000 |
| **10/19** | $12044 | $13559 |
| **11/19** | $12447 | $13421 |
| **12/19** | $12942 | $14362 |
| **01/20** | $12633 | $13703 |
| **02/20** | $11840 | $12536 |
| **03/20** | $10304 | $9964 |
| **04/20** | $11309 | $11070 |
| **05/20** | $11782 | $11247 |
| **06/20** | $12111 | $11950 |
| **07/20** | $12633 | $12975 |
| **08/20** | $13261 | $12948 |
| **09/20** | $13039 | $12848 |
| **10/20** | $12768 | $12813 |
| **11/20** | $14170 | $14631 |
| **12/20** | $14962 | $16164 |
| **01/21** | $14779 | $16223 |
| **02/21** | $15127 | $16544 |
| **03/21** | $15339 | $16816 |
| **04/21** | $16229 | $17348 |
| **05/21** | $16509 | $17913 |
| **06/21** | $16673 | $17952 |
| **07/21** | $17215 | $17510 |
| **08/21** | $17543 | $18211 |
| **09/21** | $16548 | $17587 |
| **10/21** | $17563 | $17564 |
| **11/21** | $17060 | $17025 |
| **12/21** | $17958 | $17786 |
| **01/22** | $16845 | $17540 |
| **02/22** | $16261 | $17091 |
| **03/22** | $16088 | $17163 |
| **04/22** | $14695 | $16099 |
| **05/22** | $14976 | $16118 |
| **06/22** | $13171 | $14088 |
| **07/22** | $13982 | $14764 |
| **08/22** | $13863 | $14839 |
| **09/22** | $12620 | $13300 |
| **10/22** | $13376 | $13719 |
| **11/22** | $14511 | $15003 |
| **12/22** | $13781 | $14361 |
| **01/23** | $14857 | $15229 |
| **02/23** | $14117 | $14540 |
| **03/23** | $14676 | $14878 |
| **04/23** | $14899 | $15000 |
| **05/23** | $15039 | $15211 |
| **06/23** | $15710 | $15778 |
| **07/23** | $16157 | $16462 |
| **08/23** | $15500 | $15651 |
| **09/23** | $14983 | $15251 |
| **10/23** | $14368 | $14683 |
| **11/23** | $15738 | $16202 |
| **12/23** | $16673 | $17238 |
| **01/24** | $16069 | $16809 |
| **02/24** | $16673 | $17407 |
| **03/24** | $17235 | $17929 |
| **04/24** | $16842 | $17639 |
| **05/24** | $17038 | $17621 |
| **06/24** | $17713 | $18690 |
| **07/24** | $18106 | $18847 |
| **08/24** | $18064 | $19189 |
| **09/24** | $17979 | $19430 |
| **10/24** | $17277 | $18676 |
| **11/24** | $17137 | $18066 |
| **12/24** | $16748 | $17852 |
| **01/25** | $16918 | $18231 |
| **02/25** | $16128 | $17538 |
| **03/25** | $16057 | $17545 |
| **04/25** | $16635 | $18222 |
| **05/25** | $17426 | $19116 |
| **06/25** | $18837 | $20446 |
| **07/25** | $18808 | $20612 |
| **08/25** | $19161 | $20566 |
| **09/25** | $20516 | $21803 |
| **10/25** | $22251 | $23504 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 28.79% | 11.75% | 8.97% |
| Class A with sales load - 5.75% | 21.39% | 10.43% | 8.33% |
| MSCI Emerging Markets ex-China Index (Net TR) | 25.85% | 12.90% | 8.92% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $180040205 |
| Total Number of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $647184 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Taiwan | 28.6% |
| India | 21.2% |
| South Korea | 18.6% |
| Brazil | 7.8% |
| Mexico | 4.8% |
| Saudi Arabia | 4.2% |
| United Arab Emirates | 3.3% |
| Kazakhstan | 2.8% |
| Indonesia | 2.6% |
| South Africa | 2.2% |
| Other | 3.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.9% |
| Samsung Electronics Co. Ltd. | 6.3% |
| SK Hynix, Inc. | 3.9% |
| HDFC Bank Ltd. | 3.8% |
| Chroma ATE, Inc. | 3.5% |
| Grupo Mexico SAB de CV | 2.7% |
| Delta Electronics, Inc. | 2.5% |
| Al Rajhi Bank | 2.1% |
| NU Holdings Ltd., Class A | 2.0% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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. The Fund's expense limitation changed from 0.99% to 0.90% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets ex-China Fund
(GLLAX)

# Class A

# abrdn Emerging Markets ex-China Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class C

#### GLLCX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| C | $221 | 1.94% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets ex-China Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Chroma ATE, Delta Electronics, and Accton Technology. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data center-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

At the stock level, Globant was the top detractor to Fund performance. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Other notable laggards included Kazakh financial technology company Kaspi.kz and Dutch-listed Polish logistics company InPost. Super-app Kaspi.kz sold off after the company lowered its growth guidance on the back of macro uncertainty and regulatory changes that made smartphones more expensive, temporarily lowering demand. InPost fell amid growing signs that its key customer Allegro would be able to operate without it in Poland. We will continue to monitor the situation carefully. Elsewhere, Bank Negara Indonesia trailed on the back of economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system.

# abrdn Emerging Markets ex-China Fund
(GLLCX)

# Class C

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg040.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales load** | **MSCI Emerging Markets ex-China Index (Net TR)** |
| **10/15** | $10000 | $10000 |
| **11/15** | $9766 | $9593 |
| **12/15** | $9455 | $9348 |
| **01/16** | $9116 | $8952 |
| **02/16** | $9064 | $9007 |
| **03/16** | $9724 | $10238 |
| **04/16** | $9820 | $10317 |
| **05/16** | $9794 | $9837 |
| **06/16** | $10072 | $10335 |
| **07/16** | $10289 | $10911 |
| **08/16** | $10333 | $11001 |
| **09/16** | $10333 | $11092 |
| **10/16** | $10124 | $11208 |
| **11/16** | $9942 | $10554 |
| **12/16** | $10085 | $10751 |
| **01/17** | $10522 | $11289 |
| **02/17** | $10679 | $11615 |
| **03/17** | $10906 | $11924 |
| **04/17** | $11107 | $12165 |
| **05/17** | $11482 | $12419 |
| **06/17** | $11517 | $12483 |
| **07/17** | $11727 | $13087 |
| **08/17** | $11709 | $13274 |
| **09/17** | $11893 | $13143 |
| **10/17** | $12032 | $13578 |
| **11/17** | $12207 | $13528 |
| **12/17** | $12424 | $14111 |
| **01/18** | $13110 | $15040 |
| **02/18** | $12386 | $14466 |
| **03/18** | $12272 | $14288 |
| **04/18** | $12215 | $14199 |
| **05/18** | $12005 | $13367 |
| **06/18** | $11957 | $12881 |
| **07/18** | $12443 | $13458 |
| **08/18** | $12215 | $13161 |
| **09/18** | $12138 | $13143 |
| **10/18** | $11367 | $12161 |
| **11/18** | $11595 | $12495 |
| **12/18** | $10900 | $12357 |
| **01/19** | $11597 | $13316 |
| **02/19** | $11847 | $13152 |
| **03/19** | $12065 | $13162 |
| **04/19** | $12450 | $13431 |
| **05/19** | $11711 | $12844 |
| **06/19** | $12419 | $13542 |
| **07/19** | $12346 | $13334 |
| **08/19** | $12044 | $12641 |
| **09/19** | $12252 | $13000 |
| **10/19** | $12460 | $13559 |
| **11/19** | $12855 | $13421 |
| **12/19** | $13359 | $14362 |
| **01/20** | $13039 | $13703 |
| **02/20** | $12216 | $12536 |
| **03/20** | $10623 | $9964 |
| **04/20** | $11660 | $11070 |
| **05/20** | $12130 | $11247 |
| **06/20** | $12462 | $11950 |
| **07/20** | $12996 | $12975 |
| **08/20** | $13637 | $12948 |
| **09/20** | $13391 | $12848 |
| **10/20** | $13114 | $12813 |
| **11/20** | $14546 | $14631 |
| **12/20** | $15347 | $16164 |
| **01/21** | $15155 | $16223 |
| **02/21** | $15508 | $16544 |
| **03/21** | $15711 | $16816 |
| **04/21** | $16608 | $17348 |
| **05/21** | $16886 | $17913 |
| **06/21** | $17047 | $17952 |
| **07/21** | $17581 | $17510 |
| **08/21** | $17912 | $18211 |
| **09/21** | $16897 | $17587 |
| **10/21** | $17923 | $17564 |
| **11/21** | $17389 | $17025 |
| **12/21** | $18307 | $17786 |
| **01/22** | $17161 | $17540 |
| **02/22** | $16545 | $17091 |
| **03/22** | $16364 | $17163 |
| **04/22** | $14952 | $16099 |
| **05/22** | $15230 | $16118 |
| **06/22** | $13383 | $14088 |
| **07/22** | $14192 | $14764 |
| **08/22** | $14059 | $14839 |
| **09/22** | $12792 | $13300 |
| **10/22** | $13564 | $13719 |
| **11/22** | $14699 | $15003 |
| **12/22** | $13939 | $14361 |
| **01/23** | $15039 | $15229 |
| **02/23** | $14274 | $14540 |
| **03/23** | $14832 | $14878 |
| **04/23** | $15055 | $15000 |
| **05/23** | $15183 | $15211 |
| **06/23** | $15853 | $15778 |
| **07/23** | $16299 | $16462 |
| **08/23** | $15614 | $15651 |
| **09/23** | $15103 | $15251 |
| **10/23** | $14465 | $14683 |
| **11/23** | $15837 | $16202 |
| **12/23** | $16778 | $17238 |
| **01/24** | $16156 | $16809 |
| **02/24** | $16762 | $17407 |
| **03/24** | $17304 | $17929 |
| **04/24** | $16905 | $17639 |
| **05/24** | $17097 | $17621 |
| **06/24** | $17751 | $18690 |
| **07/24** | $18133 | $18847 |
| **08/24** | $18102 | $19189 |
| **09/24** | $17990 | $19430 |
| **10/24** | $17288 | $18676 |
| **11/24** | $17145 | $18066 |
| **12/24** | $16741 | $17852 |
| **01/25** | $16900 | $18231 |
| **02/25** | $16102 | $17538 |
| **03/25** | $16022 | $17545 |
| **04/25** | $16581 | $18222 |
| **05/25** | $17379 | $19116 |
| **06/25** | $18769 | $20446 |
| **07/25** | $18721 | $20612 |
| **08/25** | $19073 | $20566 |
| **09/25** | $20399 | $21803 |
| **10/25** | $22124 | $23504 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C without sales load | 27.97% | 11.03% | 8.26% |
| Class C with sales load - 1.00% | 26.97% | 11.03% | 8.26% |
| MSCI Emerging Markets ex-China Index (Net TR) | 25.85% | 12.90% | 8.92% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $180040205 |
| Total Number of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $647184 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Taiwan | 28.6% |
| India | 21.2% |
| South Korea | 18.6% |
| Brazil | 7.8% |
| Mexico | 4.8% |
| Saudi Arabia | 4.2% |
| United Arab Emirates | 3.3% |
| Kazakhstan | 2.8% |
| Indonesia | 2.6% |
| South Africa | 2.2% |
| Other | 3.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.9% |
| Samsung Electronics Co. Ltd. | 6.3% |
| SK Hynix, Inc. | 3.9% |
| HDFC Bank Ltd. | 3.8% |
| Chroma ATE, Inc. | 3.5% |
| Grupo Mexico SAB de CV | 2.7% |
| Delta Electronics, Inc. | 2.5% |
| Al Rajhi Bank | 2.1% |
| NU Holdings Ltd., Class A | 2.0% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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. The Fund's expense limitation changed from 0.99% to 0.90% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets ex-China Fund
(GLLCX)

# Class C

# abrdn Emerging Markets ex-China Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class R

#### GWLRX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| R | $187 | 1.64% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets ex-China Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Chroma ATE, Delta Electronics, and Accton Technology. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data center-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

At the stock level, Globant was the top detractor to Fund performance. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Other notable laggards included Kazakh financial technology company Kaspi.kz and Dutch-listed Polish logistics company InPost. Super-app Kaspi.kz sold off after the company lowered its growth guidance on the back of macro uncertainty and regulatory changes that made smartphones more expensive, temporarily lowering demand. InPost fell amid growing signs that its key customer Allegro would be able to operate without it in Poland. We will continue to monitor the situation carefully. Elsewhere, Bank Negara Indonesia trailed on the back of economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system.

# abrdn Emerging Markets ex-China Fund
(GWLRX)

# Class R

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg025.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI Emerging Markets ex-China Index (Net TR)** |
| **10/15** | $10000 | $10000 |
| **11/15** | $9778 | $9593 |
| **12/15** | $9463 | $9348 |
| **01/16** | $9120 | $8952 |
| **02/16** | $9069 | $9007 |
| **03/16** | $9736 | $10238 |
| **04/16** | $9839 | $10317 |
| **05/16** | $9813 | $9837 |
| **06/16** | $10096 | $10335 |
| **07/16** | $10318 | $10911 |
| **08/16** | $10361 | $11001 |
| **09/16** | $10369 | $11092 |
| **10/16** | $10164 | $11208 |
| **11/16** | $9984 | $10554 |
| **12/16** | $10126 | $10751 |
| **01/17** | $10566 | $11289 |
| **02/17** | $10730 | $11615 |
| **03/17** | $10963 | $11924 |
| **04/17** | $11170 | $12165 |
| **05/17** | $11549 | $12419 |
| **06/17** | $11584 | $12483 |
| **07/17** | $11799 | $13087 |
| **08/17** | $11782 | $13274 |
| **09/17** | $11963 | $13143 |
| **10/17** | $12110 | $13578 |
| **11/17** | $12283 | $13528 |
| **12/17** | $12519 | $14111 |
| **01/18** | $13199 | $15040 |
| **02/18** | $12482 | $14466 |
| **03/18** | $12368 | $14288 |
| **04/18** | $12312 | $14199 |
| **05/18** | $12104 | $13367 |
| **06/18** | $12057 | $12881 |
| **07/18** | $12548 | $13458 |
| **08/18** | $12321 | $13161 |
| **09/18** | $12246 | $13143 |
| **10/18** | $11471 | $12161 |
| **11/18** | $11707 | $12495 |
| **12/18** | $11010 | $12357 |
| **01/19** | $11711 | $13316 |
| **02/19** | $11969 | $13152 |
| **03/19** | $12186 | $13162 |
| **04/19** | $12578 | $13431 |
| **05/19** | $11835 | $12844 |
| **06/19** | $12547 | $13542 |
| **07/19** | $12475 | $13334 |
| **08/19** | $12186 | $12641 |
| **09/19** | $12382 | $13000 |
| **10/19** | $12599 | $13559 |
| **11/19** | $13011 | $13421 |
| **12/19** | $13525 | $14362 |
| **01/20** | $13196 | $13703 |
| **02/20** | $12358 | $12536 |
| **03/20** | $10756 | $9964 |
| **04/20** | $11806 | $11070 |
| **05/20** | $12294 | $11247 |
| **06/20** | $12634 | $11950 |
| **07/20** | $13175 | $12975 |
| **08/20** | $13832 | $12948 |
| **09/20** | $13578 | $12848 |
| **10/20** | $13302 | $12813 |
| **11/20** | $14755 | $14631 |
| **12/20** | $15583 | $16164 |
| **01/21** | $15392 | $16223 |
| **02/21** | $15752 | $16544 |
| **03/21** | $15965 | $16816 |
| **04/21** | $16877 | $17348 |
| **05/21** | $17163 | $17913 |
| **06/21** | $17333 | $17952 |
| **07/21** | $17885 | $17510 |
| **08/21** | $18224 | $18211 |
| **09/21** | $17185 | $17587 |
| **10/21** | $18235 | $17564 |
| **11/21** | $17704 | $17025 |
| **12/21** | $18637 | $17786 |
| **01/22** | $17467 | $17540 |
| **02/22** | $16858 | $17091 |
| **03/22** | $16679 | $17163 |
| **04/22** | $15234 | $16099 |
| **05/22** | $15521 | $16118 |
| **06/22** | $13646 | $14088 |
| **07/22** | $14470 | $14764 |
| **08/22** | $14339 | $14839 |
| **09/22** | $13049 | $13300 |
| **10/22** | $13837 | $13719 |
| **11/22** | $15007 | $15003 |
| **12/22** | $14236 | $14361 |
| **01/23** | $15347 | $15229 |
| **02/23** | $14580 | $14540 |
| **03/23** | $15159 | $14878 |
| **04/23** | $15394 | $15000 |
| **05/23** | $15519 | $15211 |
| **06/23** | $16207 | $15778 |
| **07/23** | $16661 | $16462 |
| **08/23** | $15973 | $15651 |
| **09/23** | $15456 | $15251 |
| **10/23** | $14815 | $14683 |
| **11/23** | $16207 | $16202 |
| **12/23** | $17172 | $17238 |
| **01/24** | $16545 | $16809 |
| **02/24** | $17172 | $17407 |
| **03/24** | $17737 | $17929 |
| **04/24** | $17329 | $17639 |
| **05/24** | $17533 | $17621 |
| **06/24** | $18207 | $18690 |
| **07/24** | $18599 | $18847 |
| **08/24** | $18568 | $19189 |
| **09/24** | $18474 | $19430 |
| **10/24** | $17752 | $18676 |
| **11/24** | $17611 | $18066 |
| **12/24** | $17197 | $17852 |
| **01/25** | $17370 | $18231 |
| **02/25** | $16551 | $17538 |
| **03/25** | $16472 | $17545 |
| **04/25** | $17055 | $18222 |
| **05/25** | $17874 | $19116 |
| **06/25** | $19307 | $20446 |
| **07/25** | $19276 | $20612 |
| **08/25** | $19638 | $20566 |
| **09/25** | $21008 | $21803 |
| **10/25** | $22787 | $23504 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 28.27% | 11.35% | 8.58% |
| MSCI Emerging Markets ex-China Index (Net TR) | 25.85% | 12.90% | 8.92% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $180040205 |
| Total Number of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $647184 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Taiwan | 28.6% |
| India | 21.2% |
| South Korea | 18.6% |
| Brazil | 7.8% |
| Mexico | 4.8% |
| Saudi Arabia | 4.2% |
| United Arab Emirates | 3.3% |
| Kazakhstan | 2.8% |
| Indonesia | 2.6% |
| South Africa | 2.2% |
| Other | 3.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.9% |
| Samsung Electronics Co. Ltd. | 6.3% |
| SK Hynix, Inc. | 3.9% |
| HDFC Bank Ltd. | 3.8% |
| Chroma ATE, Inc. | 3.5% |
| Grupo Mexico SAB de CV | 2.7% |
| Delta Electronics, Inc. | 2.5% |
| Al Rajhi Bank | 2.1% |
| NU Holdings Ltd., Class A | 2.0% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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. The Fund's expense limitation changed from 0.99% to 0.90% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets ex-China Fund
(GWLRX)

# Class R

# abrdn Emerging Markets ex-China Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Class

#### GWLIX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $108 | 0.94% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets ex-China Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Chroma ATE, Delta Electronics, and Accton Technology. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data center-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

At the stock level, Globant was the top detractor to Fund performance. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Other notable laggards included Kazakh financial technology company Kaspi.kz and Dutch-listed Polish logistics company InPost. Super-app Kaspi.kz sold off after the company lowered its growth guidance on the back of macro uncertainty and regulatory changes that made smartphones more expensive, temporarily lowering demand. InPost fell amid growing signs that its key customer Allegro would be able to operate without it in Poland. We will continue to monitor the situation carefully. Elsewhere, Bank Negara Indonesia trailed on the back of economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system.

# abrdn Emerging Markets ex-China Fund
(GWLIX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg012.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI Emerging Markets ex-China Index (Net TR)** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $978618 | $959333 |
| **12/15** | $947677 | $934775 |
| **01/16** | $913831 | $895216 |
| **02/16** | $909704 | $900740 |
| **03/16** | $977395 | $1023751 |
| **04/16** | $987301 | $1031684 |
| **05/16** | $985650 | $983679 |
| **06/16** | $1014543 | $1033529 |
| **07/16** | $1036831 | $1091058 |
| **08/16** | $1042610 | $1100088 |
| **09/16** | $1043435 | $1109244 |
| **10/16** | $1023623 | $1120791 |
| **11/16** | $1005462 | $1055422 |
| **12/16** | $1020558 | $1075138 |
| **01/17** | $1065619 | $1128871 |
| **02/17** | $1083143 | $1161450 |
| **03/17** | $1106508 | $1192440 |
| **04/17** | $1128204 | $1216452 |
| **05/17** | $1167424 | $1241942 |
| **06/17** | $1171597 | $1248295 |
| **07/17** | $1193293 | $1308654 |
| **08/17** | $1190790 | $1327444 |
| **09/17** | $1210817 | $1314337 |
| **10/17** | $1225837 | $1357826 |
| **11/17** | $1244196 | $1352765 |
| **12/17** | $1268009 | $1411096 |
| **01/18** | $1338505 | $1503968 |
| **02/18** | $1266178 | $1446628 |
| **03/18** | $1256108 | $1428762 |
| **04/18** | $1250614 | $1419874 |
| **05/18** | $1230473 | $1336655 |
| **06/18** | $1225895 | $1288144 |
| **07/18** | $1277165 | $1345783 |
| **08/18** | $1255192 | $1316075 |
| **09/18** | $1247868 | $1314292 |
| **10/18** | $1169132 | $1216137 |
| **11/18** | $1194767 | $1249489 |
| **12/18** | $1123525 | $1235687 |
| **01/19** | $1196886 | $1331637 |
| **02/19** | $1223015 | $1315245 |
| **03/19** | $1246128 | $1316200 |
| **04/19** | $1287331 | $1343118 |
| **05/19** | $1211960 | $1284378 |
| **06/19** | $1286326 | $1354196 |
| **07/19** | $1279291 | $1333368 |
| **08/19** | $1250148 | $1264099 |
| **09/19** | $1272257 | $1300034 |
| **10/19** | $1294365 | $1355944 |
| **11/19** | $1337578 | $1342088 |
| **12/19** | $1391596 | $1436202 |
| **01/20** | $1358315 | $1370309 |
| **02/20** | $1273030 | $1253611 |
| **03/20** | $1108701 | $996369 |
| **04/20** | $1217907 | $1107043 |
| **05/20** | $1268870 | $1124684 |
| **06/20** | $1304232 | $1194961 |
| **07/20** | $1361435 | $1297549 |
| **08/20** | $1429038 | $1294805 |
| **09/20** | $1405117 | $1284776 |
| **10/20** | $1377036 | $1281306 |
| **11/20** | $1527844 | $1463075 |
| **12/20** | $1614169 | $1616423 |
| **01/21** | $1595448 | $1622346 |
| **02/21** | $1632890 | $1654423 |
| **03/21** | $1656811 | $1681596 |
| **04/21** | $1752496 | $1734780 |
| **05/21** | $1782658 | $1791303 |
| **06/21** | $1801379 | $1795216 |
| **07/21** | $1860662 | $1751021 |
| **08/21** | $1897064 | $1821133 |
| **09/21** | $1789938 | $1758706 |
| **10/21** | $1900184 | $1756403 |
| **11/21** | $1846101 | $1702527 |
| **12/21** | $1944889 | $1778614 |
| **01/22** | $1824060 | $1753967 |
| **02/22** | $1761322 | $1709073 |
| **03/22** | $1742732 | $1716324 |
| **04/22** | $1592857 | $1609913 |
| **05/22** | $1624227 | $1611776 |
| **06/22** | $1429041 | $1408769 |
| **07/22** | $1516177 | $1476445 |
| **08/22** | $1503397 | $1483886 |
| **09/22** | $1368626 | $1330040 |
| **10/22** | $1452277 | $1371870 |
| **11/22** | $1576592 | $1500257 |
| **12/22** | $1497184 | $1436139 |
| **01/23** | $1614669 | $1522905 |
| **02/23** | $1534839 | $1454001 |
| **03/23** | $1596595 | $1487772 |
| **04/23** | $1622200 | $1499964 |
| **05/23** | $1635756 | $1521096 |
| **06/23** | $1709561 | $1577753 |
| **07/23** | $1759266 | $1646170 |
| **08/23** | $1686968 | $1565149 |
| **09/23** | $1632744 | $1525140 |
| **10/23** | $1566470 | $1468344 |
| **11/23** | $1715586 | $1620195 |
| **12/23** | $1818273 | $1723813 |
| **01/24** | $1753009 | $1680932 |
| **02/24** | $1819791 | $1740655 |
| **03/24** | $1880501 | $1792936 |
| **04/24** | $1839521 | $1763947 |
| **05/24** | $1860770 | $1762110 |
| **06/24** | $1933622 | $1868981 |
| **07/24** | $1977637 | $1884679 |
| **08/24** | $1974602 | $1918868 |
| **09/24** | $1965495 | $1942981 |
| **10/24** | $1889607 | $1867617 |
| **11/24** | $1875948 | $1806564 |
| **12/24** | $1832723 | $1785194 |
| **01/25** | $1852595 | $1823068 |
| **02/25** | $1765468 | $1753788 |
| **03/25** | $1757825 | $1754529 |
| **04/25** | $1822024 | $1822246 |
| **05/25** | $1910679 | $1911649 |
| **06/25** | $2065062 | $2044561 |
| **07/25** | $2062005 | $2061246 |
| **08/25** | $2103276 | $2056579 |
| **09/25** | $2251544 | $2180318 |
| **10/25** | $2442612 | $2350361 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 29.27% | 12.15% | 9.34% |
| MSCI Emerging Markets ex-China Index (Net TR) | 25.85% | 12.90% | 8.92% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $180040205 |
| Total Number of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $647184 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Taiwan | 28.6% |
| India | 21.2% |
| South Korea | 18.6% |
| Brazil | 7.8% |
| Mexico | 4.8% |
| Saudi Arabia | 4.2% |
| United Arab Emirates | 3.3% |
| Kazakhstan | 2.8% |
| Indonesia | 2.6% |
| South Africa | 2.2% |
| Other | 3.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.9% |
| Samsung Electronics Co. Ltd. | 6.3% |
| SK Hynix, Inc. | 3.9% |
| HDFC Bank Ltd. | 3.8% |
| Chroma ATE, Inc. | 3.5% |
| Grupo Mexico SAB de CV | 2.7% |
| Delta Electronics, Inc. | 2.5% |
| Al Rajhi Bank | 2.1% |
| NU Holdings Ltd., Class A | 2.0% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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. The Fund's expense limitation changed from 0.99% to 0.90% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets ex-China Fund
(GWLIX)

# Institutional Class

# abrdn Emerging Markets ex-China Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Service Class

#### GLLSX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets ex-China Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional Service | $115 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets ex-China Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Chroma ATE, Delta Electronics, and Accton Technology. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data center-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

At the stock level, Globant was the top detractor to Fund performance. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Other notable laggards included Kazakh financial technology company Kaspi.kz and Dutch-listed Polish logistics company InPost. Super-app Kaspi.kz sold off after the company lowered its growth guidance on the back of macro uncertainty and regulatory changes that made smartphones more expensive, temporarily lowering demand. InPost fell amid growing signs that its key customer Allegro would be able to operate without it in Poland. We will continue to monitor the situation carefully. Elsewhere, Bank Negara Indonesia trailed on the back of economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system.

# abrdn Emerging Markets ex-China Fund
(GLLSX)

# Institutional Service Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg015.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Service Class** | **MSCI Emerging Markets ex-China Index (Net TR)** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $978049 | $959333 |
| **12/15** | $947466 | $934775 |
| **01/16** | $914007 | $895216 |
| **02/16** | $909111 | $900740 |
| **03/16** | $976845 | $1023751 |
| **04/16** | $987454 | $1031684 |
| **05/16** | $985822 | $983679 |
| **06/16** | $1014385 | $1033529 |
| **07/16** | $1036419 | $1091058 |
| **08/16** | $1042131 | $1100088 |
| **09/16** | $1042947 | $1109244 |
| **10/16** | $1022546 | $1120791 |
| **11/16** | $1005408 | $1055422 |
| **12/16** | $1020492 | $1075138 |
| **01/17** | $1065040 | $1128871 |
| **02/17** | $1082365 | $1161450 |
| **03/17** | $1106289 | $1192440 |
| **04/17** | $1127738 | $1216452 |
| **05/17** | $1167337 | $1241942 |
| **06/17** | $1171462 | $1248295 |
| **07/17** | $1192911 | $1308654 |
| **08/17** | $1192086 | $1327444 |
| **09/17** | $1211886 | $1314337 |
| **10/17** | $1226735 | $1357826 |
| **11/17** | $1244885 | $1352765 |
| **12/17** | $1269147 | $1411096 |
| **01/18** | $1339656 | $1503968 |
| **02/18** | $1267340 | $1446628 |
| **03/18** | $1256492 | $1428762 |
| **04/18** | $1251068 | $1419874 |
| **05/18** | $1230278 | $1336655 |
| **06/18** | $1226662 | $1288144 |
| **07/18** | $1277283 | $1345783 |
| **08/18** | $1255588 | $1316075 |
| **09/18** | $1247453 | $1314292 |
| **10/18** | $1169713 | $1216137 |
| **11/18** | $1194120 | $1249489 |
| **12/18** | $1123768 | $1235687 |
| **01/19** | $1196109 | $1331637 |
| **02/19** | $1222865 | $1315245 |
| **03/19** | $1245658 | $1316200 |
| **04/19** | $1286288 | $1343118 |
| **05/19** | $1210974 | $1284378 |
| **06/19** | $1285297 | $1354196 |
| **07/19** | $1278360 | $1333368 |
| **08/19** | $1248631 | $1264099 |
| **09/19** | $1270432 | $1300034 |
| **10/19** | $1293225 | $1355944 |
| **11/19** | $1335837 | $1342088 |
| **12/19** | $1389364 | $1436202 |
| **01/20** | $1356577 | $1370309 |
| **02/20** | $1271534 | $1253611 |
| **03/20** | $1107598 | $996369 |
| **04/20** | $1215181 | $1107043 |
| **05/20** | $1266411 | $1124684 |
| **06/20** | $1302273 | $1194961 |
| **07/20** | $1358626 | $1297549 |
| **08/20** | $1427274 | $1294805 |
| **09/20** | $1402684 | $1284776 |
| **10/20** | $1373995 | $1281306 |
| **11/20** | $1524612 | $1463075 |
| **12/20** | $1610679 | $1616423 |
| **01/21** | $1591211 | $1622346 |
| **02/21** | $1629122 | $1654423 |
| **03/21** | $1652687 | $1681596 |
| **04/21** | $1747976 | $1734780 |
| **05/21** | $1778714 | $1791303 |
| **06/21** | $1797157 | $1795216 |
| **07/21** | $1855559 | $1751021 |
| **08/21** | $1891420 | $1821133 |
| **09/21** | $1784861 | $1758706 |
| **10/21** | $1894494 | $1756403 |
| **11/21** | $1840190 | $1702527 |
| **12/21** | $1938505 | $1778614 |
| **01/22** | $1817349 | $1753967 |
| **02/22** | $1754484 | $1709073 |
| **03/22** | $1737340 | $1716324 |
| **04/22** | $1587608 | $1609913 |
| **05/22** | $1618469 | $1611776 |
| **06/22** | $1423018 | $1408769 |
| **07/22** | $1511028 | $1476445 |
| **08/22** | $1497312 | $1483886 |
| **09/22** | $1363583 | $1330040 |
| **10/22** | $1447021 | $1371870 |
| **11/22** | $1569321 | $1500257 |
| **12/22** | $1489522 | $1436139 |
| **01/23** | $1607504 | $1522905 |
| **02/23** | $1526391 | $1454001 |
| **03/23** | $1588332 | $1487772 |
| **04/23** | $1611928 | $1499964 |
| **05/23** | $1626676 | $1521096 |
| **06/23** | $1698940 | $1577753 |
| **07/23** | $1749082 | $1646170 |
| **08/23** | $1678293 | $1565149 |
| **09/23** | $1623727 | $1525140 |
| **10/23** | $1557362 | $1468344 |
| **11/23** | $1704839 | $1620195 |
| **12/23** | $1807419 | $1723813 |
| **01/24** | $1742019 | $1680932 |
| **02/24** | $1808905 | $1740655 |
| **03/24** | $1869846 | $1792936 |
| **04/24** | $1826742 | $1763947 |
| **05/24** | $1849037 | $1762110 |
| **06/24** | $1921869 | $1868981 |
| **07/24** | $1964974 | $1884679 |
| **08/24** | $1962001 | $1918868 |
| **09/24** | $1951596 | $1942981 |
| **10/24** | $1877278 | $1867617 |
| **11/24** | $1862414 | $1806564 |
| **12/24** | $1820666 | $1785194 |
| **01/25** | $1840130 | $1823068 |
| **02/25** | $1753289 | $1753788 |
| **03/25** | $1745803 | $1754529 |
| **04/25** | $1810185 | $1822246 |
| **05/25** | $1897026 | $1911649 |
| **06/25** | $2049746 | $2044561 |
| **07/25** | $2046751 | $2061246 |
| **08/25** | $2087177 | $2056579 |
| **09/25** | $2235406 | $2180318 |
| **10/25** | $2424060 | $2350361 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Service Class | 29.13% | 12.02% | 9.26% |
| MSCI Emerging Markets ex-China Index (Net TR) | 25.85% | 12.90% | 8.92% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $180040205 |
| Total Number of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $647184 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Taiwan | 28.6% |
| India | 21.2% |
| South Korea | 18.6% |
| Brazil | 7.8% |
| Mexico | 4.8% |
| Saudi Arabia | 4.2% |
| United Arab Emirates | 3.3% |
| Kazakhstan | 2.8% |
| Indonesia | 2.6% |
| South Africa | 2.2% |
| Other | 3.9% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17.9% |
| Samsung Electronics Co. Ltd. | 6.3% |
| SK Hynix, Inc. | 3.9% |
| HDFC Bank Ltd. | 3.8% |
| Chroma ATE, Inc. | 3.5% |
| Grupo Mexico SAB de CV | 2.7% |
| Delta Electronics, Inc. | 2.5% |
| Al Rajhi Bank | 2.1% |
| NU Holdings Ltd., Class A | 2.0% |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1.9% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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. The Fund's expense limitation changed from 0.99% to 0.90% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets ex-China Fund
(GLLSX)

# Institutional Service Class

# abrdn Emerging Markets Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class A

#### GEGAX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $157 | 1.38% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index (Net TR) to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Delta Electronics, Accton Technology, and Taiwan Semiconductor Manufacturing Company. AI-related names in China also benefited from wider AI trends, supported by Beijing's localisation push. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data centre-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

From a country perspective, China was the main drag on relative returns, though performance picked up markedly in the final few months of the reporting period. Our caution on Xiaomi, which we introduced towards the period-end, detracted from Fund performance, as the company successfully converted its brand equity to debut strongly in the electric vehicle market. At the stock level, Globant was the top detractor. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Another notable laggard was Bank Negara Indonesia, which fell amid economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system. Some holdings in India faced headwinds as punitive U.S. tariffs compounded worries over slowing growth, soft earnings, and stretched valuations. Underperformers included Power Grid Corporation of India, which we sold, and Tata Consultancy Services. Earnings have now begun to turn a corner, and consumption-boosting measures have been introduced. We believe this provides a better outlook for India going forward.

# abrdn Emerging Markets Fund
(GEGAX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg037.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales load** | **MSCI Emerging Markets Index (Net TR)** |
| **10/15** | $9422 | $10000 |
| **11/15** | $9098 | $9610 |
| **12/15** | $8863 | $9396 |
| **01/16** | $8520 | $8786 |
| **02/16** | $8489 | $8772 |
| **03/16** | $9573 | $9933 |
| **04/16** | $9753 | $9987 |
| **05/16** | $9402 | $9614 |
| **06/16** | $9979 | $9998 |
| **07/16** | $10393 | $10501 |
| **08/16** | $10447 | $10762 |
| **09/16** | $10494 | $10901 |
| **10/16** | $10556 | $10927 |
| **11/16** | $9792 | $10424 |
| **12/16** | $9888 | $10447 |
| **01/17** | $10392 | $11018 |
| **02/17** | $10573 | $11356 |
| **03/17** | $11061 | $11642 |
| **04/17** | $11298 | $11897 |
| **05/17** | $11581 | $12249 |
| **06/17** | $11731 | $12372 |
| **07/17** | $12124 | $13110 |
| **08/17** | $12392 | $13402 |
| **09/17** | $12227 | $13349 |
| **10/17** | $12392 | $13817 |
| **11/17** | $12242 | $13845 |
| **12/17** | $12811 | $14342 |
| **01/18** | $13765 | $15537 |
| **02/18** | $13042 | $14820 |
| **03/18** | $12803 | $14545 |
| **04/18** | $12509 | $14481 |
| **05/18** | $11912 | $13967 |
| **06/18** | $11364 | $13387 |
| **07/18** | $11793 | $13681 |
| **08/18** | $11411 | $13311 |
| **09/18** | $11276 | $13241 |
| **10/18** | $10433 | $12088 |
| **11/18** | $11054 | $12586 |
| **12/18** | $10877 | $12252 |
| **01/19** | $11673 | $13325 |
| **02/19** | $11713 | $13355 |
| **03/19** | $12043 | $13467 |
| **04/19** | $12469 | $13751 |
| **05/19** | $11665 | $12753 |
| **06/19** | $12461 | $13549 |
| **07/19** | $12292 | $13383 |
| **08/19** | $11785 | $12731 |
| **09/19** | $11922 | $12974 |
| **10/19** | $12300 | $13521 |
| **11/19** | $12083 | $13502 |
| **12/19** | $13038 | $14509 |
| **01/20** | $12418 | $13833 |
| **02/20** | $11888 | $13104 |
| **03/20** | $9622 | $11085 |
| **04/20** | $10494 | $12100 |
| **05/20** | $10812 | $12193 |
| **06/20** | $11815 | $13090 |
| **07/20** | $12989 | $14259 |
| **08/20** | $13405 | $14575 |
| **09/20** | $13193 | $14341 |
| **10/20** | $13690 | $14636 |
| **11/20** | $15142 | $15990 |
| **12/20** | $16596 | $17166 |
| **01/21** | $17212 | $17692 |
| **02/21** | $17114 | $17827 |
| **03/21** | $16876 | $17558 |
| **04/21** | $17015 | $17995 |
| **05/21** | $17368 | $18412 |
| **06/21** | $17557 | $18444 |
| **07/21** | $16670 | $17203 |
| **08/21** | $16941 | $17653 |
| **09/21** | $16251 | $16952 |
| **10/21** | $16547 | $17119 |
| **11/21** | $15529 | $16421 |
| **12/21** | $15686 | $16729 |
| **01/22** | $15402 | $16413 |
| **02/22** | $14313 | $15922 |
| **03/22** | $13554 | $15562 |
| **04/22** | $12355 | $14697 |
| **05/22** | $12620 | $14761 |
| **06/22** | $11952 | $13781 |
| **07/22** | $11897 | $13747 |
| **08/22** | $11705 | $13804 |
| **09/22** | $10506 | $12186 |
| **10/22** | $10323 | $11807 |
| **11/22** | $11860 | $13559 |
| **12/22** | $11521 | $13368 |
| **01/23** | $12579 | $14424 |
| **02/23** | $11670 | $13488 |
| **03/23** | $12115 | $13897 |
| **04/23** | $11902 | $13739 |
| **05/23** | $11642 | $13509 |
| **06/23** | $12087 | $14022 |
| **07/23** | $12616 | $14894 |
| **08/23** | $11892 | $13977 |
| **09/23** | $11401 | $13611 |
| **10/23** | $11048 | $13083 |
| **11/23** | $11800 | $14130 |
| **12/23** | $12216 | $14682 |
| **01/24** | $11570 | $14000 |
| **02/24** | $12122 | $14666 |
| **03/24** | $12422 | $15030 |
| **04/24** | $12328 | $15097 |
| **05/24** | $12459 | $15182 |
| **06/24** | $12787 | $15781 |
| **07/24** | $13002 | $15828 |
| **08/24** | $13068 | $16083 |
| **09/24** | $13760 | $17157 |
| **10/24** | $13114 | $16394 |
| **11/24** | $12899 | $15805 |
| **12/24** | $12710 | $15784 |
| **01/25** | $12871 | $16066 |
| **02/25** | $12758 | $16144 |
| **03/25** | $12824 | $16246 |
| **04/25** | $12919 | $16459 |
| **05/25** | $13439 | $17161 |
| **06/25** | $14188 | $18193 |
| **07/25** | $14424 | $18548 |
| **08/25** | $14926 | $18786 |
| **09/25** | $16167 | $20130 |
| **10/25** | $16754 | $20971 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 27.75% | 4.12% | 5.93% |
| Class A with sales load - 5.75% | 20.45% | 2.90% | 5.30% |
| MSCI Emerging Markets Index (Net TR) | 27.91% | 7.46% | 7.69% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $947631277 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $8406870 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| China | 26.5% |
| Taiwan | 19.4% |
| India | 16.2% |
| South Korea | 13.9% |
| Mexico | 4.8% |
| Brazil | 3.7% |
| United Arab Emirates | 2.5% |
| Indonesia | 2.4% |
| Other | 10.6% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Tencent Holdings Ltd. | 8.0% |
| Samsung Electronics Co. Ltd. | 5.4% |
| Alibaba Group Holding Ltd. | 5.0% |
| HDFC Bank Ltd. | 3.9% |
| SK Hynix, Inc. | 3.6% |
| Grupo Mexico SAB de CV | 3.2% |
| Contemporary Amperex Technology Co. Ltd., Class A | 2.5% |
| Delta Electronics, Inc. | 1.8% |
| Al Rajhi Bank | 1.7% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets Fund
(GEGAX)

# Class A

# abrdn Emerging Markets Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class C

#### GEGCX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| C | $238 | 2.10% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index (Net TR) to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Delta Electronics, Accton Technology, and Taiwan Semiconductor Manufacturing Company. AI-related names in China also benefited from wider AI trends, supported by Beijing's localisation push. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data centre-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

From a country perspective, China was the main drag on relative returns, though performance picked up markedly in the final few months of the reporting period. Our caution on Xiaomi, which we introduced towards the period-end, detracted from Fund performance, as the company successfully converted its brand equity to debut strongly in the electric vehicle market. At the stock level, Globant was the top detractor. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Another notable laggard was Bank Negara Indonesia, which fell amid economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system. Some holdings in India faced headwinds as punitive U.S. tariffs compounded worries over slowing growth, soft earnings, and stretched valuations. Underperformers included Power Grid Corporation of India, which we sold, and Tata Consultancy Services. Earnings have now begun to turn a corner, and consumption-boosting measures have been introduced. We believe this provides a better outlook for India going forward.

# abrdn Emerging Markets Fund
(GEGCX)

# Class C

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg016.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with sales load** | **MSCI Emerging Markets Index (Net TR)** |
| **10/15** | $10000 | $10000 |
| **11/15** | $9646 | $9610 |
| **12/15** | $9393 | $9396 |
| **01/16** | $9026 | $8786 |
| **02/16** | $8984 | $8772 |
| **03/16** | $10134 | $9933 |
| **04/16** | $10318 | $9987 |
| **05/16** | $9934 | $9614 |
| **06/16** | $10543 | $9998 |
| **07/16** | $10968 | $10501 |
| **08/16** | $11026 | $10762 |
| **09/16** | $11068 | $10901 |
| **10/16** | $11126 | $10927 |
| **11/16** | $10318 | $10424 |
| **12/16** | $10409 | $10447 |
| **01/17** | $10935 | $11018 |
| **02/17** | $11127 | $11356 |
| **03/17** | $11628 | $11642 |
| **04/17** | $11871 | $11897 |
| **05/17** | $12171 | $12249 |
| **06/17** | $12322 | $12372 |
| **07/17** | $12731 | $13110 |
| **08/17** | $13007 | $13402 |
| **09/17** | $12823 | $13349 |
| **10/17** | $12990 | $13817 |
| **11/17** | $12831 | $13845 |
| **12/17** | $13421 | $14342 |
| **01/18** | $14419 | $15537 |
| **02/18** | $13647 | $14820 |
| **03/18** | $13387 | $14545 |
| **04/18** | $13085 | $14481 |
| **05/18** | $12455 | $13967 |
| **06/18** | $11876 | $13387 |
| **07/18** | $12313 | $13681 |
| **08/18** | $11910 | $13311 |
| **09/18** | $11767 | $13241 |
| **10/18** | $10886 | $12088 |
| **11/18** | $11524 | $12586 |
| **12/18** | $11336 | $12252 |
| **01/19** | $12160 | $13325 |
| **02/19** | $12202 | $13355 |
| **03/19** | $12538 | $13467 |
| **04/19** | $12967 | $13751 |
| **05/19** | $12126 | $12753 |
| **06/19** | $12959 | $13549 |
| **07/19** | $12774 | $13383 |
| **08/19** | $12244 | $12731 |
| **09/19** | $12379 | $12974 |
| **10/19** | $12765 | $13521 |
| **11/19** | $12538 | $13502 |
| **12/19** | $13518 | $14509 |
| **01/20** | $12874 | $13833 |
| **02/20** | $12323 | $13104 |
| **03/20** | $9958 | $11085 |
| **04/20** | $10857 | $12100 |
| **05/20** | $11187 | $12193 |
| **06/20** | $12221 | $13090 |
| **07/20** | $13425 | $14259 |
| **08/20** | $13849 | $14575 |
| **09/20** | $13628 | $14341 |
| **10/20** | $14137 | $14636 |
| **11/20** | $15620 | $15990 |
| **12/20** | $17123 | $17166 |
| **01/21** | $17746 | $17692 |
| **02/21** | $17636 | $17827 |
| **03/21** | $17379 | $17558 |
| **04/21** | $17525 | $17995 |
| **05/21** | $17875 | $18412 |
| **06/21** | $18062 | $18444 |
| **07/21** | $17140 | $17203 |
| **08/21** | $17414 | $17653 |
| **09/21** | $16688 | $16952 |
| **10/21** | $16987 | $17119 |
| **11/21** | $15937 | $16421 |
| **12/21** | $16093 | $16729 |
| **01/22** | $15788 | $16413 |
| **02/22** | $14665 | $15922 |
| **03/22** | $13885 | $15562 |
| **04/22** | $12648 | $14697 |
| **05/22** | $12924 | $14761 |
| **06/22** | $12229 | $13781 |
| **07/22** | $12163 | $13747 |
| **08/22** | $11972 | $13804 |
| **09/22** | $10735 | $12186 |
| **10/22** | $10554 | $11807 |
| **11/22** | $12115 | $13559 |
| **12/22** | $11760 | $13368 |
| **01/23** | $12841 | $14424 |
| **02/23** | $11904 | $13488 |
| **03/23** | $12353 | $13897 |
| **04/23** | $12124 | $13739 |
| **05/23** | $11856 | $13509 |
| **06/23** | $12305 | $14022 |
| **07/23** | $12841 | $14894 |
| **08/23** | $12095 | $13977 |
| **09/23** | $11598 | $13611 |
| **10/23** | $11225 | $13083 |
| **11/23** | $11990 | $14130 |
| **12/23** | $12413 | $14682 |
| **01/24** | $11743 | $14000 |
| **02/24** | $12288 | $14666 |
| **03/24** | $12585 | $15030 |
| **04/24** | $12480 | $15097 |
| **05/24** | $12604 | $15182 |
| **06/24** | $12910 | $15781 |
| **07/24** | $13120 | $15828 |
| **08/24** | $13178 | $16083 |
| **09/24** | $13857 | $17157 |
| **10/24** | $13197 | $16394 |
| **11/24** | $12977 | $15805 |
| **12/24** | $12776 | $15784 |
| **01/25** | $12929 | $16066 |
| **02/25** | $12805 | $16144 |
| **03/25** | $12862 | $16246 |
| **04/25** | $12948 | $16459 |
| **05/25** | $13465 | $17161 |
| **06/25** | $14201 | $18193 |
| **07/25** | $14431 | $18548 |
| **08/25** | $14928 | $18786 |
| **09/25** | $16162 | $20130 |
| **10/25** | $16735 | $20971 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C without sales load | 26.81% | 3.43% | 5.28% |
| Class C with sales load - 1.00% | 25.81% | 3.43% | 5.28% |
| MSCI Emerging Markets Index (Net TR) | 27.91% | 7.46% | 7.69% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $947631277 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $8406870 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| China | 26.5% |
| Taiwan | 19.4% |
| India | 16.2% |
| South Korea | 13.9% |
| Mexico | 4.8% |
| Brazil | 3.7% |
| United Arab Emirates | 2.5% |
| Indonesia | 2.4% |
| Other | 10.6% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Tencent Holdings Ltd. | 8.0% |
| Samsung Electronics Co. Ltd. | 5.4% |
| Alibaba Group Holding Ltd. | 5.0% |
| HDFC Bank Ltd. | 3.9% |
| SK Hynix, Inc. | 3.6% |
| Grupo Mexico SAB de CV | 3.2% |
| Contemporary Amperex Technology Co. Ltd., Class A | 2.5% |
| Delta Electronics, Inc. | 1.8% |
| Al Rajhi Bank | 1.7% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets Fund
(GEGCX)

# Class C

# abrdn Emerging Markets Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class R

#### GEMRX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| R | $202 | 1.78% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index (Net TR) to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Delta Electronics, Accton Technology, and Taiwan Semiconductor Manufacturing Company. AI-related names in China also benefited from wider AI trends, supported by Beijing's localisation push. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data centre-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

From a country perspective, China was the main drag on relative returns, though performance picked up markedly in the final few months of the reporting period. Our caution on Xiaomi, which we introduced towards the period-end, detracted from Fund performance, as the company successfully converted its brand equity to debut strongly in the electric vehicle market. At the stock level, Globant was the top detractor. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Another notable laggard was Bank Negara Indonesia, which fell amid economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system. Some holdings in India faced headwinds as punitive U.S. tariffs compounded worries over slowing growth, soft earnings, and stretched valuations. Underperformers included Power Grid Corporation of India, which we sold, and Tata Consultancy Services. Earnings have now begun to turn a corner, and consumption-boosting measures have been introduced. We believe this provides a better outlook for India going forward.

# abrdn Emerging Markets Fund
(GEMRX)

# Class R

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg026.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI Emerging Markets Index (Net TR)** |
| **10/15** | $10000 | $10000 |
| **11/15** | $9647 | $9610 |
| **12/15** | $9394 | $9396 |
| **01/16** | $9028 | $8786 |
| **02/16** | $8987 | $8772 |
| **03/16** | $10142 | $9933 |
| **04/16** | $10325 | $9987 |
| **05/16** | $9951 | $9614 |
| **06/16** | $10566 | $9998 |
| **07/16** | $10999 | $10501 |
| **08/16** | $11057 | $10762 |
| **09/16** | $11107 | $10901 |
| **10/16** | $11165 | $10927 |
| **11/16** | $10359 | $10424 |
| **12/16** | $10455 | $10447 |
| **01/17** | $10983 | $11018 |
| **02/17** | $11176 | $11356 |
| **03/17** | $11687 | $11642 |
| **04/17** | $11938 | $11897 |
| **05/17** | $12231 | $12249 |
| **06/17** | $12390 | $12372 |
| **07/17** | $12801 | $13110 |
| **08/17** | $13086 | $13402 |
| **09/17** | $12910 | $13349 |
| **10/17** | $13077 | $13817 |
| **11/17** | $12918 | $13845 |
| **12/17** | $13523 | $14342 |
| **01/18** | $14530 | $15537 |
| **02/18** | $13760 | $14820 |
| **03/18** | $13498 | $14545 |
| **04/18** | $13193 | $14481 |
| **05/18** | $12568 | $13967 |
| **06/18** | $11984 | $13387 |
| **07/18** | $12424 | $13681 |
| **08/18** | $12026 | $13311 |
| **09/18** | $11891 | $13241 |
| **10/18** | $10995 | $12088 |
| **11/18** | $11646 | $12586 |
| **12/18** | $11455 | $12252 |
| **01/19** | $12301 | $13325 |
| **02/19** | $12335 | $13355 |
| **03/19** | $12686 | $13467 |
| **04/19** | $13130 | $13751 |
| **05/19** | $12276 | $12753 |
| **06/19** | $13122 | $13549 |
| **07/19** | $12934 | $13383 |
| **08/19** | $12404 | $12731 |
| **09/19** | $12549 | $12974 |
| **10/19** | $12942 | $13521 |
| **11/19** | $12711 | $13502 |
| **12/19** | $13716 | $14509 |
| **01/20** | $13066 | $13833 |
| **02/20** | $12503 | $13104 |
| **03/20** | $10111 | $11085 |
| **04/20** | $11030 | $12100 |
| **05/20** | $11359 | $12193 |
| **06/20** | $12416 | $13090 |
| **07/20** | $13646 | $14259 |
| **08/20** | $14080 | $14575 |
| **09/20** | $13854 | $14341 |
| **10/20** | $14383 | $14636 |
| **11/20** | $15908 | $15990 |
| **12/20** | $17436 | $17166 |
| **01/21** | $18073 | $17692 |
| **02/21** | $17977 | $17827 |
| **03/21** | $17715 | $17558 |
| **04/21** | $17864 | $17995 |
| **05/21** | $18230 | $18412 |
| **06/21** | $18431 | $18444 |
| **07/21** | $17497 | $17203 |
| **08/21** | $17776 | $17653 |
| **09/21** | $17043 | $16952 |
| **10/21** | $17357 | $17119 |
| **11/21** | $16284 | $16421 |
| **12/21** | $16447 | $16729 |
| **01/22** | $16145 | $16413 |
| **02/22** | $15006 | $15922 |
| **03/22** | $14208 | $15562 |
| **04/22** | $12943 | $14697 |
| **05/22** | $13225 | $14761 |
| **06/22** | $12515 | $13781 |
| **07/22** | $12457 | $13747 |
| **08/22** | $12262 | $13804 |
| **09/22** | $11007 | $12186 |
| **10/22** | $10812 | $11807 |
| **11/22** | $12418 | $13559 |
| **12/22** | $12057 | $13368 |
| **01/23** | $13171 | $14424 |
| **02/23** | $12215 | $13488 |
| **03/23** | $12688 | $13897 |
| **04/23** | $12452 | $13739 |
| **05/23** | $12185 | $13509 |
| **06/23** | $12649 | $14022 |
| **07/23** | $13201 | $14894 |
| **08/23** | $12442 | $13977 |
| **09/23** | $11929 | $13611 |
| **10/23** | $11554 | $13083 |
| **11/23** | $12333 | $14130 |
| **12/23** | $12776 | $14682 |
| **01/24** | $12090 | $14000 |
| **02/24** | $12657 | $14666 |
| **03/24** | $12965 | $15030 |
| **04/24** | $12856 | $15097 |
| **05/24** | $12985 | $15182 |
| **06/24** | $13313 | $15781 |
| **07/24** | $13532 | $15828 |
| **08/24** | $13592 | $16083 |
| **09/24** | $14308 | $17157 |
| **10/24** | $13622 | $16394 |
| **11/24** | $13403 | $15805 |
| **12/24** | $13200 | $15784 |
| **01/25** | $13360 | $16066 |
| **02/25** | $13240 | $16144 |
| **03/25** | $13290 | $16246 |
| **04/25** | $13390 | $16459 |
| **05/25** | $13920 | $17161 |
| **06/25** | $14691 | $18193 |
| **07/25** | $14941 | $18548 |
| **08/25** | $15451 | $18786 |
| **09/25** | $16731 | $20130 |
| **10/25** | $17331 | $20971 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 27.23% | 3.80% | 5.65% |
| MSCI Emerging Markets Index (Net TR) | 27.91% | 7.46% | 7.69% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $947631277 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $8406870 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| China | 26.5% |
| Taiwan | 19.4% |
| India | 16.2% |
| South Korea | 13.9% |
| Mexico | 4.8% |
| Brazil | 3.7% |
| United Arab Emirates | 2.5% |
| Indonesia | 2.4% |
| Other | 10.6% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Tencent Holdings Ltd. | 8.0% |
| Samsung Electronics Co. Ltd. | 5.4% |
| Alibaba Group Holding Ltd. | 5.0% |
| HDFC Bank Ltd. | 3.9% |
| SK Hynix, Inc. | 3.6% |
| Grupo Mexico SAB de CV | 3.2% |
| Contemporary Amperex Technology Co. Ltd., Class A | 2.5% |
| Delta Electronics, Inc. | 1.8% |
| Al Rajhi Bank | 1.7% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets Fund
(GEMRX)

# Class R

# abrdn Emerging Markets Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Class

#### ABEMX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $125 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index (Net TR) to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Delta Electronics, Accton Technology, and Taiwan Semiconductor Manufacturing Company. AI-related names in China also benefited from wider AI trends, supported by Beijing's localisation push. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data centre-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

From a country perspective, China was the main drag on relative returns, though performance picked up markedly in the final few months of the reporting period. Our caution on Xiaomi, which we introduced towards the period-end, detracted from Fund performance, as the company successfully converted its brand equity to debut strongly in the electric vehicle market. At the stock level, Globant was the top detractor. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Another notable laggard was Bank Negara Indonesia, which fell amid economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system. Some holdings in India faced headwinds as punitive U.S. tariffs compounded worries over slowing growth, soft earnings, and stretched valuations. Underperformers included Power Grid Corporation of India, which we sold, and Tata Consultancy Services. Earnings have now begun to turn a corner, and consumption-boosting measures have been introduced. We believe this provides a better outlook for India going forward.

# abrdn Emerging Markets Fund
(ABEMX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI Emerging Markets Index (Net TR)** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $966476 | $960992 |
| **12/15** | $941090 | $939570 |
| **01/16** | $905467 | $878616 |
| **02/16** | $902154 | $877179 |
| **03/16** | $1018133 | $993254 |
| **04/16** | $1037187 | $998652 |
| **05/16** | $999908 | $961400 |
| **06/16** | $1062040 | $999824 |
| **07/16** | $1105946 | $1050137 |
| **08/16** | $1112573 | $1076236 |
| **09/16** | $1118372 | $1090074 |
| **10/16** | $1125000 | $1092674 |
| **11/16** | $1043814 | $1042377 |
| **12/16** | $1053648 | $1044678 |
| **01/17** | $1108176 | $1101846 |
| **02/17** | $1128309 | $1135576 |
| **03/17** | $1180321 | $1164242 |
| **04/17** | $1206326 | $1189731 |
| **05/17** | $1237365 | $1224905 |
| **06/17** | $1254143 | $1237235 |
| **07/17** | $1296088 | $1310986 |
| **08/17** | $1325449 | $1340228 |
| **09/17** | $1307832 | $1334899 |
| **10/17** | $1326288 | $1381695 |
| **11/17** | $1311188 | $1384469 |
| **12/17** | $1372277 | $1434167 |
| **01/18** | $1475156 | $1553699 |
| **02/18** | $1397784 | $1482044 |
| **03/18** | $1373128 | $1454487 |
| **04/18** | $1342519 | $1448052 |
| **05/18** | $1278752 | $1396742 |
| **06/18** | $1220936 | $1338712 |
| **07/18** | $1266848 | $1368119 |
| **08/18** | $1226887 | $1331127 |
| **09/18** | $1212433 | $1324062 |
| **10/18** | $1122309 | $1208759 |
| **11/18** | $1188627 | $1258572 |
| **12/18** | $1171262 | $1225231 |
| **01/19** | $1257638 | $1332509 |
| **02/19** | $1261957 | $1335505 |
| **03/19** | $1298235 | $1346713 |
| **04/19** | $1344015 | $1375064 |
| **05/19** | $1258502 | $1275287 |
| **06/19** | $1344878 | $1354880 |
| **07/19** | $1326739 | $1338312 |
| **08/19** | $1273186 | $1273060 |
| **09/19** | $1288734 | $1297363 |
| **10/19** | $1329331 | $1352069 |
| **11/19** | $1306873 | $1350208 |
| **12/19** | $1410416 | $1450941 |
| **01/20** | $1344426 | $1383306 |
| **02/20** | $1287235 | $1310360 |
| **03/20** | $1041754 | $1108534 |
| **04/20** | $1136779 | $1210047 |
| **05/20** | $1171973 | $1219341 |
| **06/20** | $1281076 | $1308974 |
| **07/20** | $1409536 | $1425946 |
| **08/20** | $1454409 | $1457466 |
| **09/20** | $1432412 | $1434089 |
| **10/20** | $1486963 | $1463636 |
| **11/20** | $1645338 | $1599004 |
| **12/20** | $1804113 | $1716552 |
| **01/21** | $1871589 | $1769178 |
| **02/21** | $1861823 | $1782710 |
| **03/21** | $1836963 | $1755786 |
| **04/21** | $1852945 | $1799501 |
| **05/21** | $1892010 | $1841232 |
| **06/21** | $1913318 | $1844406 |
| **07/21** | $1817431 | $1720280 |
| **08/21** | $1847617 | $1765309 |
| **09/21** | $1772150 | $1695154 |
| **10/21** | $1805888 | $1711873 |
| **11/21** | $1694907 | $1642109 |
| **12/21** | $1713317 | $1672920 |
| **01/22** | $1682509 | $1641254 |
| **02/22** | $1564247 | $1592196 |
| **03/22** | $1481761 | $1556235 |
| **04/22** | $1351573 | $1469668 |
| **05/22** | $1381387 | $1476139 |
| **06/22** | $1308839 | $1378050 |
| **07/22** | $1302876 | $1374664 |
| **08/22** | $1283000 | $1380403 |
| **09/22** | $1151818 | $1218576 |
| **10/22** | $1132936 | $1180741 |
| **11/22** | $1301882 | $1355866 |
| **12/22** | $1263751 | $1336808 |
| **01/23** | $1382133 | $1442364 |
| **02/23** | $1281964 | $1348838 |
| **03/23** | $1331542 | $1389691 |
| **04/23** | $1308271 | $1373942 |
| **05/23** | $1280952 | $1350865 |
| **06/23** | $1329519 | $1402157 |
| **07/23** | $1389216 | $1489443 |
| **08/23** | $1309283 | $1397693 |
| **09/23** | $1256668 | $1361140 |
| **10/23** | $1217208 | $1308253 |
| **11/23** | $1301188 | $1412953 |
| **12/23** | $1347826 | $1468191 |
| **01/24** | $1276996 | $1400018 |
| **02/24** | $1337561 | $1466620 |
| **03/24** | $1370410 | $1502962 |
| **04/24** | $1360144 | $1509687 |
| **05/24** | $1374516 | $1518214 |
| **06/24** | $1409418 | $1578098 |
| **07/24** | $1433028 | $1582794 |
| **08/24** | $1440213 | $1608349 |
| **09/24** | $1517203 | $1715747 |
| **10/24** | $1445346 | $1639442 |
| **11/24** | $1421736 | $1580536 |
| **12/24** | $1401434 | $1578366 |
| **01/25** | $1419055 | $1606572 |
| **02/25** | $1407653 | $1614355 |
| **03/25** | $1413872 | $1624574 |
| **04/25** | $1425275 | $1645923 |
| **05/25** | $1483322 | $1716142 |
| **06/25** | $1566247 | $1819329 |
| **07/25** | $1593198 | $1854785 |
| **08/25** | $1649172 | $1878576 |
| **09/25** | $1785999 | $2012959 |
| **10/25** | $1851302 | $2097083 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 28.09% | 4.48% | 6.35% |
| MSCI Emerging Markets Index (Net TR) | 27.91% | 7.46% | 7.69% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $947631277 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $8406870 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| China | 26.5% |
| Taiwan | 19.4% |
| India | 16.2% |
| South Korea | 13.9% |
| Mexico | 4.8% |
| Brazil | 3.7% |
| United Arab Emirates | 2.5% |
| Indonesia | 2.4% |
| Other | 10.6% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Tencent Holdings Ltd. | 8.0% |
| Samsung Electronics Co. Ltd. | 5.4% |
| Alibaba Group Holding Ltd. | 5.0% |
| HDFC Bank Ltd. | 3.9% |
| SK Hynix, Inc. | 3.6% |
| Grupo Mexico SAB de CV | 3.2% |
| Contemporary Amperex Technology Co. Ltd., Class A | 2.5% |
| Delta Electronics, Inc. | 1.8% |
| Al Rajhi Bank | 1.7% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets Fund
(ABEMX)

# Institutional Class

# abrdn Emerging Markets Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Service Class

#### AEMSX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Emerging Markets Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional Service | $142 | 1.25% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI Emerging Markets Index (Net TR) to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's technology holdings in Taiwan, which had a difficult first quarter in 2025, rebounded on renewed investor confidence in artificial intelligence (AI) infrastructure spending. Standout performers included Delta Electronics, Accton Technology, and Taiwan Semiconductor Manufacturing Company. AI-related names in China also benefited from wider AI trends, supported by Beijing's localisation push. In a similar vein, positivity around South Korea's dominance in the high bandwidth memory space helped lead SK Hynix higher. The chip maker reported that its Dynamic Random Access Memory and NAND Flash Memory products were sold out through 2026. The Fund continues to maintain a diversified exposure across the AI supply chain, from semiconductor manufacturing and design to more data centre-orientated names. Separately, HD Korea Shipbuilding & Offshore Engineering re-rated on improved competitiveness versus Chinese rivals following U.S. tariffs. The shipbuilder extended gains towards the period-end following a new U.S.-Korea trade deal. Grupo Mexico was another bright spot. The copper miner rallied on rising copper demand, driven by electrification of the energy mix and increasing energy demand from data center growth.

**What detracted from performance?**

From a country perspective, China was the main drag on relative returns, though performance picked up markedly in the final few months of the reporting period. Our caution on Xiaomi, which we introduced towards the period-end, detracted from Fund performance, as the company successfully converted its brand equity to debut strongly in the electric vehicle market. At the stock level, Globant was the top detractor. The Argentina-based technology solutions provider was weighed down by expectations of softening demand in its core U.S. market. We divested our holding in view of better opportunities elsewhere. Another notable laggard was Bank Negara Indonesia, which fell amid economic concerns and policy uncertainty under President Prabowo's administration. The lender was also hurt by low funding liquidity, though these concerns later eased following the government's injection of deposits into the banking system. Some holdings in India faced headwinds as punitive U.S. tariffs compounded worries over slowing growth, soft earnings, and stretched valuations. Underperformers included Power Grid Corporation of India, which we sold, and Tata Consultancy Services. Earnings have now begun to turn a corner, and consumption-boosting measures have been introduced. We believe this provides a better outlook for India going forward.

# abrdn Emerging Markets Fund
(AEMSX)

# Institutional Service Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg023.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Service Class** | **MSCI Emerging Markets Index (Net TR)** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $965630 | $960992 |
| **12/15** | $941043 | $939570 |
| **01/16** | $904595 | $878616 |
| **02/16** | $901281 | $877179 |
| **03/16** | $1017255 | $993254 |
| **04/16** | $1036308 | $998652 |
| **05/16** | $999030 | $961400 |
| **06/16** | $1060331 | $999824 |
| **07/16** | $1104235 | $1050137 |
| **08/16** | $1110862 | $1076236 |
| **09/16** | $1115832 | $1090074 |
| **10/16** | $1122459 | $1092674 |
| **11/16** | $1041278 | $1042377 |
| **12/16** | $1051961 | $1044678 |
| **01/17** | $1105565 | $1101846 |
| **02/17** | $1125666 | $1135576 |
| **03/17** | $1177594 | $1164242 |
| **04/17** | $1202720 | $1189731 |
| **05/17** | $1233710 | $1224905 |
| **06/17** | $1249623 | $1237235 |
| **07/17** | $1292338 | $1310986 |
| **08/17** | $1320815 | $1340228 |
| **09/17** | $1303226 | $1334899 |
| **10/17** | $1321652 | $1381695 |
| **11/17** | $1305739 | $1384469 |
| **12/17** | $1366939 | $1434167 |
| **01/18** | $1469417 | $1553699 |
| **02/18** | $1392346 | $1482044 |
| **03/18** | $1366939 | $1454487 |
| **04/18** | $1336449 | $1448052 |
| **05/18** | $1273777 | $1396742 |
| **06/18** | $1215339 | $1338712 |
| **07/18** | $1261073 | $1368119 |
| **08/18** | $1221267 | $1331127 |
| **09/18** | $1207717 | $1324062 |
| **10/18** | $1117096 | $1208759 |
| **11/18** | $1184003 | $1258572 |
| **12/18** | $1165854 | $1225231 |
| **01/19** | $1251035 | $1332509 |
| **02/19** | $1256197 | $1335505 |
| **03/19** | $1291474 | $1346713 |
| **04/19** | $1337076 | $1375064 |
| **05/19** | $1251895 | $1275287 |
| **06/19** | $1337936 | $1354880 |
| **07/19** | $1319868 | $1338312 |
| **08/19** | $1265662 | $1273060 |
| **09/19** | $1281149 | $1297363 |
| **10/19** | $1321589 | $1352069 |
| **11/19** | $1299218 | $1350208 |
| **12/19** | $1401884 | $1450941 |
| **01/20** | $1336171 | $1383306 |
| **02/20** | $1279219 | $1310360 |
| **03/20** | $1035642 | $1108534 |
| **04/20** | $1129393 | $1210047 |
| **05/20** | $1164440 | $1219341 |
| **06/20** | $1272210 | $1308974 |
| **07/20** | $1399256 | $1425946 |
| **08/20** | $1444817 | $1457466 |
| **09/20** | $1422036 | $1434089 |
| **10/20** | $1476359 | $1463636 |
| **11/20** | $1633195 | $1599004 |
| **12/20** | $1790740 | $1716552 |
| **01/21** | $1857915 | $1769178 |
| **02/21** | $1848192 | $1782710 |
| **03/21** | $1822560 | $1755786 |
| **04/21** | $1838470 | $1799501 |
| **05/21** | $1877360 | $1841232 |
| **06/21** | $1898574 | $1844406 |
| **07/21** | $1803115 | $1720280 |
| **08/21** | $1832283 | $1765309 |
| **09/21** | $1758037 | $1695154 |
| **10/21** | $1790740 | $1711873 |
| **11/21** | $1681139 | $1642109 |
| **12/21** | $1698137 | $1672920 |
| **01/22** | $1668467 | $1641254 |
| **02/22** | $1550774 | $1592196 |
| **03/22** | $1468686 | $1556235 |
| **04/22** | $1339125 | $1469668 |
| **05/22** | $1368795 | $1476139 |
| **06/22** | $1296597 | $1378050 |
| **07/22** | $1290663 | $1374664 |
| **08/22** | $1270883 | $1380403 |
| **09/22** | $1140333 | $1218576 |
| **10/22** | $1121542 | $1180741 |
| **11/22** | $1288685 | $1355866 |
| **12/22** | $1251719 | $1336808 |
| **01/23** | $1367526 | $1442364 |
| **02/23** | $1268839 | $1348838 |
| **03/23** | $1318182 | $1389691 |
| **04/23** | $1294014 | $1373942 |
| **05/23** | $1266824 | $1350865 |
| **06/23** | $1316168 | $1402157 |
| **07/23** | $1373568 | $1489443 |
| **08/23** | $1295021 | $1397693 |
| **09/23** | $1242656 | $1361140 |
| **10/23** | $1203383 | $1308253 |
| **11/23** | $1285958 | $1412953 |
| **12/23** | $1332757 | $1468191 |
| **01/24** | $1262289 | $1400018 |
| **02/24** | $1321523 | $1466620 |
| **03/24** | $1354204 | $1502962 |
| **04/24** | $1343991 | $1509687 |
| **05/24** | $1357267 | $1518214 |
| **06/24** | $1393012 | $1578098 |
| **07/24** | $1415480 | $1582794 |
| **08/24** | $1422629 | $1608349 |
| **09/24** | $1498203 | $1715747 |
| **10/24** | $1426714 | $1639442 |
| **11/24** | $1404246 | $1580536 |
| **12/24** | $1383525 | $1578366 |
| **01/25** | $1401051 | $1606572 |
| **02/25** | $1388680 | $1614355 |
| **03/25** | $1395896 | $1624574 |
| **04/25** | $1406206 | $1645923 |
| **05/25** | $1462908 | $1716142 |
| **06/25** | $1544352 | $1819329 |
| **07/25** | $1571157 | $1854785 |
| **08/25** | $1625797 | $1878576 |
| **09/25** | $1760850 | $2012959 |
| **10/25** | $1824769 | $2097083 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Service Class | 27.90% | 4.33% | 6.20% |
| MSCI Emerging Markets Index (Net TR) | 27.91% | 7.46% | 7.69% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $947631277 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $8406870 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| China | 26.5% |
| Taiwan | 19.4% |
| India | 16.2% |
| South Korea | 13.9% |
| Mexico | 4.8% |
| Brazil | 3.7% |
| United Arab Emirates | 2.5% |
| Indonesia | 2.4% |
| Other | 10.6% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| Tencent Holdings Ltd. | 8.0% |
| Samsung Electronics Co. Ltd. | 5.4% |
| Alibaba Group Holding Ltd. | 5.0% |
| HDFC Bank Ltd. | 3.9% |
| SK Hynix, Inc. | 3.6% |
| Grupo Mexico SAB de CV | 3.2% |
| Contemporary Amperex Technology Co. Ltd., Class A | 2.5% |
| Delta Electronics, Inc. | 1.8% |
| Al Rajhi Bank | 1.7% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Emerging Markets Fund
(AEMSX)

# Institutional Service Class
![Image](tm2534449d1_tsrimg043.jpg)

# abrdn Focused U.S. Small Cap Active ETF (AFSC)
Principal Listing Exchange: NASDAQ

Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| abrdn Focused U.S. Small Cap Active ETF | $72 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Custom abrdn Focused U.S. Small Cap Active ETF Index (the "Index"), as described in the Fund Performance section, to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to non-benchmark stock Aritzia led the consumer discretionary sector's outperformance relative to the benchmark, as strong underlying demand trends and effective tariff mitigation efforts resulted in better-than-expected earnings and an improved outlook for the retailer. Our overweight to Corcept Therapeutics contributed to the Fund's outperformance in the healthcare sector, as its shares gained after the company's key drug achieved positive study results for the treatment of a new condition, significantly increasing its addressable market. Elsewhere, H&E Equipment Services' shares rose after United Rentals announced plans to acquire the company, prompting us to exit the position.

**What detracted from performance?**

The Fund's exposure to the information technology sector weighed on performance. Within this sector, Vertex's shares underperformed as heightened customer caution slowed the pace of enterprise-resource-planning cloud migrations, putting pressure on both the company's results and forward guidance. Q2 Holdings' shares declined as investor sentiment weakened, reflecting heightened credit risk concerns across the banking sector that weighed on technology providers. The stock's performance was further pressured by increased customer churn, despite the company's otherwise robust financial performance. Elsewhere, SM Energy's shares underperformed as oil prices trended lower during the review period. We exited the position to reallocate capital towards ideas with a more attractive outlook.

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

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **abrdn Focused U.S. Small Cap Active ETF (NAV)** | **Russell 3000 Index** | **Custom abrdn Focused U.S. Small Cap Active ETF Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9972 | $10055 | $10000 |
| **12/15** | $9828 | $9849 | $10001 |
| **01/16** | $9570 | $9293 | $10002 |
| **02/16** | $9387 | $9290 | $10004 |
| **03/16** | $9796 | $9944 | $10006 |
| **04/16** | $9892 | $10006 | $10009 |
| **05/16** | $9946 | $10185 | $10011 |
| **06/16** | $9839 | $10206 | $10013 |
| **07/16** | $9817 | $10611 | $10015 |
| **08/16** | $9914 | $10638 | $10018 |
| **09/16** | $9946 | $10655 | $10020 |
| **10/16** | $9860 | $10424 | $10023 |
| **11/16** | $10021 | $10891 | $10025 |
| **12/16** | $10070 | $11103 | $10028 |
| **01/17** | $10167 | $11312 | $10032 |
| **02/17** | $10227 | $11733 | $10036 |
| **03/17** | $10324 | $11741 | $10041 |
| **04/17** | $10300 | $11865 | $10046 |
| **05/17** | $10482 | $11987 | $10052 |
| **06/17** | $10579 | $12095 | $10059 |
| **07/17** | $10664 | $12323 | $10067 |
| **08/17** | $10640 | $12347 | $10076 |
| **09/17** | $10749 | $12648 | $10085 |
| **10/17** | $10858 | $12924 | $10094 |
| **11/17** | $11198 | $13316 | $10382 |
| **12/17** | $11400 | $13450 | $10497 |
| **01/18** | $12075 | $14158 | $11098 |
| **02/18** | $11705 | $13637 | $10689 |
| **03/18** | $11335 | $13363 | $10417 |
| **04/18** | $11512 | $13414 | $10457 |
| **05/18** | $11593 | $13792 | $10709 |
| **06/18** | $11786 | $13883 | $10775 |
| **07/18** | $12236 | $14343 | $11176 |
| **08/18** | $12574 | $14847 | $11540 |
| **09/18** | $12622 | $14871 | $11606 |
| **10/18** | $11802 | $13776 | $10813 |
| **11/18** | $12172 | $14052 | $11033 |
| **12/18** | $11014 | $12745 | $10037 |
| **01/19** | $11932 | $13838 | $10841 |
| **02/19** | $12289 | $14325 | $11189 |
| **03/19** | $12663 | $14534 | $11407 |
| **04/19** | $13105 | $15115 | $11869 |
| **05/19** | $12510 | $14137 | $11114 |
| **06/19** | $13190 | $15130 | $11898 |
| **07/19** | $13513 | $15354 | $12069 |
| **08/19** | $13445 | $15041 | $11877 |
| **09/19** | $13547 | $15305 | $12100 |
| **10/19** | $13938 | $15635 | $12362 |
| **11/19** | $14516 | $16229 | $12810 |
| **12/19** | $14871 | $16698 | $13197 |
| **01/20** | $15320 | $16680 | $13192 |
| **02/20** | $14153 | $15314 | $12106 |
| **03/20** | $12554 | $13208 | $10611 |
| **04/20** | $14081 | $14957 | $11971 |
| **05/20** | $14728 | $15757 | $12541 |
| **06/20** | $14871 | $16117 | $12791 |
| **07/20** | $15931 | $17033 | $13512 |
| **08/20** | $16937 | $18266 | $14483 |
| **09/20** | $16254 | $17601 | $13933 |
| **10/20** | $15769 | $17222 | $13562 |
| **11/20** | $17422 | $19317 | $15047 |
| **12/20** | $18896 | $20186 | $16192 |
| **01/21** | $19055 | $20096 | $16589 |
| **02/21** | $19373 | $20724 | $17671 |
| **03/21** | $19909 | $21467 | $17962 |
| **04/21** | $21081 | $22573 | $18679 |
| **05/21** | $20763 | $22676 | $18718 |
| **06/21** | $21220 | $23236 | $18939 |
| **07/21** | $21936 | $23628 | $18607 |
| **08/21** | $23168 | $24302 | $19030 |
| **09/21** | $22254 | $23212 | $18431 |
| **10/21** | $24260 | $24782 | $19335 |
| **11/21** | $24399 | $24404 | $18528 |
| **12/21** | $24325 | $25365 | $19136 |
| **01/22** | $20992 | $23873 | $17543 |
| **02/22** | $21174 | $23272 | $17741 |
| **03/22** | $21304 | $24027 | $18023 |
| **04/22** | $18804 | $21870 | $16487 |
| **05/22** | $18934 | $21841 | $16543 |
| **06/22** | $17293 | $20014 | $14963 |
| **07/22** | $19455 | $21891 | $16511 |
| **08/22** | $18726 | $21074 | $16072 |
| **09/22** | $17007 | $19120 | $14541 |
| **10/22** | $18153 | $20688 | $15936 |
| **11/22** | $19064 | $21768 | $16609 |
| **12/22** | $17971 | $20493 | $15621 |
| **01/23** | $19663 | $21905 | $17183 |
| **02/23** | $18986 | $21393 | $16780 |
| **03/23** | $18101 | $21965 | $16151 |
| **04/23** | $17814 | $22199 | $15940 |
| **05/23** | $17658 | $22285 | $15660 |
| **06/23** | $19299 | $23807 | $16994 |
| **07/23** | $19768 | $24661 | $17839 |
| **08/23** | $19169 | $24185 | $17139 |
| **09/23** | $17892 | $23033 | $16182 |
| **10/23** | $16408 | $22422 | $15199 |
| **11/23** | $18179 | $24513 | $16567 |
| **12/23** | $19768 | $25813 | $18343 |
| **01/24** | $19559 | $26099 | $17863 |
| **02/24** | $20757 | $27512 | $18843 |
| **03/24** | $21148 | $28399 | $19518 |
| **04/24** | $19820 | $27150 | $18144 |
| **05/24** | $21018 | $28432 | $19054 |
| **06/24** | $20992 | $29313 | $18878 |
| **07/24** | $22502 | $29857 | $20796 |
| **08/24** | $22190 | $30507 | $20485 |
| **09/24** | $22476 | $31138 | $20629 |
| **10/24** | $22346 | $30910 | $20331 |
| **11/24** | $25081 | $32966 | $22561 |
| **12/24** | $23622 | $31958 | $20698 |
| **01/25** | $25862 | $32967 | $21240 |
| **02/25** | $24135 | $32336 | $20104 |
| **03/25** | $23258 | $30449 | $18736 |
| **04/25** | $22745 | $30245 | $18303 |
| **05/25** | $24176 | $32162 | $19280 |
| **06/25** | $24699 | $33796 | $20328 |
| **07/25** | $24759 | $34540 | $20681 |
| **08/25** | $26106 | $35340 | $22158 |
| **09/25** | $26016 | $36559 | $22848 |
| **10/25** | $25679 | $37343 | $23261 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| abrdn Focused U.S. Small Cap Active ETF (NAV) | 15.05% | 10.27% | 9.90% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |
| Custom abrdn Focused U.S. Small Cap Active ETF Index<sup>Footnote Reference1</sup> | 14.41% | 11.39% | 8.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the Russell 2000 Index from 03/01/2024, prior Russell 2500 Index until 02/29/2024, prior S&P 500 Index until 11/30/2020, and the FTSE 3-Month T-Bill Index for periods prior to 11/30/2020. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $23348864 |
| Total Number of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid | $87009 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Industrials | 19.7% |
| Financials | 19.2% |
| Information Technology | 18.7% |
| Health Care | 17.9% |
| Consumer Discretionary | 8.6% |
| Consumer Staples | 4.6% |
| Real Estate | 3.8% |
| Materials | 3.3% |
| Energy | 2.3% |
| Other | 1.9% |

---

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

---

| | |
|:---|:---|
| Ligand Pharmaceuticals, Inc. | 4.0% |
| American Healthcare REIT, Inc. | 3.8% |
| Camtek Ltd. | 3.6% |
| Viavi Solutions, Inc. | 3.5% |
| Aritzia, Inc. | 3.5% |
| Materion Corp. | 3.3% |
| REV Group, Inc. | 3.1% |
| Alphatec Holdings, Inc. | 3.1% |
| Ameris Bancorp | 3.1% |
| Wintrust Financial Corp. | 3.0% |

---

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

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **844-383-7289**.

abrdn 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 "Conversion"). 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 Conversion, the Predecessor Fund's performance and financial history were adopted by Focused U.S. Small Cap Active ETF.

In connection with the Conversion, the management fee changed to 0.65% from 0.75% on assets up to $500 million, 0.70% on assets of $500 million up to $2 billion and 0.65% on assets of $2 billion and more and the expense limitation changed to 0.65% from 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 844-383-7289. The QR code can be used to access the Fund's prospectus, financial information and holdings.

![QR Code](tm2534449d1_tsrimg032.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 Global Infrastructure Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class A

#### AIAFX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Global Infrastructure Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $135 | 1.24% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the S&P Global Infrastructure Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

IHS Holding, a multinational tower company with substantial operations in Africa, reported good quarterly earnings that indicated it was through the worst of the disruption in Nigeria and was more confident about an increase in telecommunications operators' capital expenditure, following the government's decision to allow them to raise prices. Helios Towers, the Africa-based tower company, reported solid earnings, showing a continuation of strong revenue trends, margin improvement, and cash-flow generation. GDS Holdings, the Asian data center company, initiated the first phase of monetizing its legacy assets through the listing of a Chinese real estate investment trust, which was well received by investors and resulted in a valuation uplift for part of its asset base.

**What detracted from performance?**

Cellnex Telecom, the European tower company, underperformed as interest rates moved higher, with investors pricing in the risk of an increasing inflationary environment, primarily due to tariffs. During periods like these, and in the absence of any positive industry-specific news, investors tend to treat tower companies as bond proxies. American Tower, the U.S. tower company, underperformed as investors debated whether SpaceX's purchase of cellular spectrum marked the beginning of increased competition for towers from satellite operators. Mobico Group, the UK transportation company, announced the conclusion of the U.S. school bus sale process, with the valuation coming in below expectations and resulting in limited opportunities to deleverage the balance sheet.

# abrdn Global Infrastructure Fund
(AIAFX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with sales load** | **MSCI All Country World Index (Net TR)** | **S&P Global Infrastructure Index (Net TR)** |
| **10/15** | $9423 | $10000 | $10000 |
| **11/15** | $9140 | $9917 | $9567 |
| **12/15** | $8893 | $9739 | $9312 |
| **01/16** | $8574 | $9151 | $9238 |
| **02/16** | $8563 | $9088 | $9321 |
| **03/16** | $9293 | $9762 | $10103 |
| **04/16** | $9664 | $9906 | $10333 |
| **05/16** | $9527 | $9918 | $10271 |
| **06/16** | $9707 | $9858 | $10572 |
| **07/16** | $10043 | $10283 | $10864 |
| **08/16** | $9856 | $10318 | $10656 |
| **09/16** | $9905 | $10381 | $10842 |
| **10/16** | $9776 | $10205 | $10534 |
| **11/16** | $9548 | $10282 | $10096 |
| **12/16** | $9770 | $10504 | $10378 |
| **01/17** | $10080 | $10792 | $10515 |
| **02/17** | $10423 | $11094 | $10822 |
| **03/17** | $10760 | $11230 | $11183 |
| **04/17** | $10936 | $11405 | $11369 |
| **05/17** | $11243 | $11657 | $11832 |
| **06/17** | $11304 | $11710 | $11812 |
| **07/17** | $11648 | $12037 | $12201 |
| **08/17** | $11757 | $12083 | $12389 |
| **09/17** | $11819 | $12317 | $12160 |
| **10/17** | $11940 | $12573 | $12273 |
| **11/17** | $12131 | $12816 | $12477 |
| **12/17** | $12202 | $13023 | $12357 |
| **01/18** | $12413 | $13757 | $12496 |
| **02/18** | $11583 | $13180 | $11651 |
| **03/18** | $11482 | $12897 | $11653 |
| **04/18** | $11553 | $13021 | $11935 |
| **05/18** | $11394 | $13037 | $11700 |
| **06/18** | $11398 | $12966 | $11915 |
| **07/18** | $11885 | $13357 | $12124 |
| **08/18** | $11695 | $13462 | $11821 |
| **09/18** | $11717 | $13521 | $11700 |
| **10/18** | $11297 | $12508 | $11235 |
| **11/18** | $11681 | $12690 | $11440 |
| **12/18** | $11035 | $11797 | $11075 |
| **01/19** | $12233 | $12728 | $12038 |
| **02/19** | $12324 | $13069 | $12313 |
| **03/19** | $12571 | $13233 | $12607 |
| **04/19** | $12796 | $13680 | $12754 |
| **05/19** | $12650 | $12868 | $12559 |
| **06/19** | $13167 | $13711 | $13230 |
| **07/19** | $13075 | $13751 | $12962 |
| **08/19** | $13149 | $13425 | $13002 |
| **09/19** | $13509 | $13707 | $13277 |
| **10/19** | $13602 | $14082 | $13476 |
| **11/19** | $13478 | $14426 | $13361 |
| **12/19** | $14134 | $14934 | $13927 |
| **01/20** | $14078 | $14769 | $14146 |
| **02/20** | $12989 | $13576 | $12787 |
| **03/20** | $10516 | $11743 | $9845 |
| **04/20** | $11476 | $13002 | $10771 |
| **05/20** | $12207 | $13567 | $11338 |
| **06/20** | $12323 | $14000 | $11186 |
| **07/20** | $12638 | $14741 | $11516 |
| **08/20** | $12997 | $15643 | $11698 |
| **09/20** | $12460 | $15139 | $11340 |
| **10/20** | $12311 | $14771 | $11213 |
| **11/20** | $13844 | $16591 | $12652 |
| **12/20** | $14352 | $17362 | $13023 |
| **01/21** | $14137 | $17283 | $12742 |
| **02/21** | $14065 | $17683 | $12832 |
| **03/21** | $14816 | $18155 | $13388 |
| **04/21** | $15572 | $18949 | $13858 |
| **05/21** | $15874 | $19244 | $13923 |
| **06/21** | $15852 | $19498 | $13672 |
| **07/21** | $15866 | $19632 | $13798 |
| **08/21** | $16263 | $20123 | $14039 |
| **09/21** | $15538 | $19292 | $13849 |
| **10/21** | $16138 | $20277 | $14346 |
| **11/21** | $15571 | $19789 | $13571 |
| **12/21** | $16373 | $20580 | $14460 |
| **01/22** | $15938 | $19569 | $14309 |
| **02/22** | $15938 | $19064 | $14658 |
| **03/22** | $16707 | $19477 | $15512 |
| **04/22** | $15899 | $17918 | $14998 |
| **05/22** | $16385 | $17939 | $15535 |
| **06/22** | $15014 | $16427 | $14324 |
| **07/22** | $15850 | $17574 | $14889 |
| **08/22** | $15152 | $16927 | $14653 |
| **09/22** | $13480 | $15306 | $12919 |
| **10/22** | $14357 | $16230 | $13567 |
| **11/22** | $15611 | $17489 | $14652 |
| **12/22** | $15033 | $16801 | $14318 |
| **01/23** | $15965 | $18005 | $15032 |
| **02/23** | $15339 | $17489 | $14517 |
| **03/23** | $15956 | $18028 | $14852 |
| **04/23** | $16429 | $18287 | $15233 |
| **05/23** | $15540 | $18091 | $14368 |
| **06/23** | $16305 | $19142 | $14790 |
| **07/23** | $16522 | $19843 | $15081 |
| **08/23** | $15849 | $19288 | $14363 |
| **09/23** | $14827 | $18491 | $13680 |
| **10/23** | $14433 | $17935 | $13264 |
| **11/23** | $16095 | $19590 | $14541 |
| **12/23** | $16958 | $20531 | $15146 |
| **01/24** | $16223 | $20651 | $14662 |
| **02/24** | $16363 | $21537 | $14651 |
| **03/24** | $17085 | $22214 | $15315 |
| **04/24** | $16514 | $21481 | $15228 |
| **05/24** | $17708 | $22353 | $16163 |
| **06/24** | $16702 | $22851 | $15672 |
| **07/24** | $17643 | $23220 | $16354 |
| **08/24** | $18271 | $23809 | $17099 |
| **09/24** | $18670 | $24362 | $17740 |
| **10/24** | $17948 | $23816 | $17511 |
| **11/24** | $18415 | $24706 | $18095 |
| **12/24** | $17391 | $24121 | $17274 |
| **01/25** | $17804 | $24931 | $17666 |
| **02/25** | $18233 | $24781 | $17677 |
| **03/25** | $18905 | $23802 | $18036 |
| **04/25** | $19705 | $24024 | $18690 |
| **05/25** | $20337 | $25405 | $19490 |
| **06/25** | $20792 | $26546 | $19848 |
| **07/25** | $20712 | $26906 | $19869 |
| **08/25** | $20905 | $27570 | $20246 |
| **09/25** | $21361 | $28569 | $20543 |
| **10/25** | $21264 | $29208 | $20485 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 18.43% | 11.54% | 8.48% |
| Class A with sales load - 5.75% | 11.60% | 10.23% | 7.83% |
| MSCI All Country World Index (Net TR) | 22.64% | 14.61% | 11.31% |
| S&P Global Infrastructure Index (Net TR) | 16.99% | 12.81% | 7.43% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $44394318 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $167431 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| United States | 46.7% |
| France | 11.0% |
| Spain | 7.1% |
| Canada | 5.3% |
| Brazil | 4.4% |
| Philippines | 3.5% |
| United Kingdom | 3.2% |
| Germany | 3.1% |
| Mexico | 3.0% |
| Italy | 2.9% |
| Tanzania | 2.6% |
| Argentina | 2.4% |
| Other | 4.8% |

---

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

---

| | |
|:---|:---|
| Ferrovial SE | 3.4% |
| NextEra Energy, Inc. | 3.4% |
| Enbridge, Inc. | 3.2% |
| RWE AG | 3.1% |
| Norfolk Southern Corp. | 3.0% |
| Aena SME SA | 3.0% |
| Williams Cos., Inc. | 2.9% |
| Kinder Morgan, Inc. | 2.9% |
| PPL Corp. | 2.7% |
| Cheniere Energy, Inc. | 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](tm2534449d1_tsrimg032.jpg)

# abrdn Global Infrastructure Fund
(AIAFX)

# Class A

# abrdn Global Infrastructure Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Class

#### AIFRX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Global Infrastructure Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $108 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the S&P Global Infrastructure Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

IHS Holding, a multinational tower company with substantial operations in Africa, reported good quarterly earnings that indicated it was through the worst of the disruption in Nigeria and was more confident about an increase in telecommunications operators' capital expenditure, following the government's decision to allow them to raise prices. Helios Towers, the Africa-based tower company, reported solid earnings, showing a continuation of strong revenue trends, margin improvement, and cash-flow generation. GDS Holdings, the Asian data center company, initiated the first phase of monetizing its legacy assets through the listing of a Chinese real estate investment trust, which was well received by investors and resulted in a valuation uplift for part of its asset base.

**What detracted from performance?**

Cellnex Telecom, the European tower company, underperformed as interest rates moved higher, with investors pricing in the risk of an increasing inflationary environment, primarily due to tariffs. During periods like these, and in the absence of any positive industry-specific news, investors tend to treat tower companies as bond proxies. American Tower, the U.S. tower company, underperformed as investors debated whether SpaceX's purchase of cellular spectrum marked the beginning of increased competition for towers from satellite operators. Mobico Group, the UK transportation company, announced the conclusion of the U.S. school bus sale process, with the valuation coming in below expectations and resulting in limited opportunities to deleverage the balance sheet.

# abrdn Global Infrastructure Fund
(AIFRX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI All Country World Index (Net TR)** | **S&P Global Infrastructure Index (Net TR)** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $969989 | $991744 | $956721 |
| **12/15** | $943941 | $973860 | $931168 |
| **01/16** | $910720 | $915126 | $923827 |
| **02/16** | $909574 | $908827 | $932071 |
| **03/16** | $986900 | $976179 | $1010306 |
| **04/16** | $1026862 | $990589 | $1033314 |
| **05/16** | $1012383 | $991840 | $1027060 |
| **06/16** | $1032075 | $985832 | $1057216 |
| **07/16** | $1067784 | $1028318 | $1086390 |
| **08/16** | $1047881 | $1031776 | $1065613 |
| **09/16** | $1053149 | $1038100 | $1084207 |
| **10/16** | $1040133 | $1020480 | $1053380 |
| **11/16** | $1015875 | $1028235 | $1009626 |
| **12/16** | $1039541 | $1050447 | $1037775 |
| **01/17** | $1073036 | $1079169 | $1051547 |
| **02/17** | $1109522 | $1109442 | $1082168 |
| **03/17** | $1146007 | $1123014 | $1118302 |
| **04/17** | $1164735 | $1140516 | $1136892 |
| **05/17** | $1197961 | $1165702 | $1183177 |
| **06/17** | $1204607 | $1171003 | $1181230 |
| **07/17** | $1241202 | $1203728 | $1220122 |
| **08/17** | $1253401 | $1208340 | $1238902 |
| **09/17** | $1260110 | $1231685 | $1216043 |
| **10/17** | $1273037 | $1257261 | $1227315 |
| **11/17** | $1293967 | $1281600 | $1247685 |
| **12/17** | $1301745 | $1302261 | $1235698 |
| **01/18** | $1324769 | $1375730 | $1249619 |
| **02/18** | $1236409 | $1317952 | $1165065 |
| **03/18** | $1225831 | $1289739 | $1165258 |
| **04/18** | $1233371 | $1302056 | $1193517 |
| **05/18** | $1217035 | $1303681 | $1170016 |
| **06/18** | $1217663 | $1296621 | $1191489 |
| **07/18** | $1270329 | $1335723 | $1212350 |
| **08/18** | $1249390 | $1346217 | $1182054 |
| **09/18** | $1251977 | $1352076 | $1170049 |
| **10/18** | $1207767 | $1250753 | $1123535 |
| **11/18** | $1249414 | $1269046 | $1144022 |
| **12/18** | $1180450 | $1179661 | $1107519 |
| **01/19** | $1309027 | $1272807 | $1203809 |
| **02/19** | $1318718 | $1306851 | $1231260 |
| **03/19** | $1345287 | $1323286 | $1260732 |
| **04/19** | $1370067 | $1367967 | $1275412 |
| **05/19** | $1354416 | $1286821 | $1255931 |
| **06/19** | $1409944 | $1371081 | $1322954 |
| **07/19** | $1400075 | $1375099 | $1296235 |
| **08/19** | $1408628 | $1342478 | $1300191 |
| **09/19** | $1447515 | $1370726 | $1327692 |
| **10/19** | $1458134 | $1408241 | $1347619 |
| **11/19** | $1444861 | $1442618 | $1336080 |
| **12/19** | $1515634 | $1493420 | $1392712 |
| **01/20** | $1509571 | $1476924 | $1414607 |
| **02/20** | $1393709 | $1357633 | $1278698 |
| **03/20** | $1128361 | $1174348 | $984495 |
| **04/20** | $1231868 | $1300150 | $1077089 |
| **05/20** | $1310179 | $1356695 | $1133753 |
| **06/20** | $1323626 | $1400045 | $1118647 |
| **07/20** | $1356631 | $1474089 | $1151592 |
| **08/20** | $1395824 | $1564311 | $1169797 |
| **09/20** | $1338533 | $1513873 | $1133964 |
| **10/20** | $1322565 | $1477073 | $1121342 |
| **11/20** | $1487799 | $1659141 | $1265238 |
| **12/20** | $1542996 | $1736174 | $1302279 |
| **01/21** | $1519883 | $1728278 | $1274180 |
| **02/21** | $1512178 | $1768310 | $1283193 |
| **03/21** | $1593587 | $1815541 | $1338804 |
| **04/21** | $1675526 | $1894921 | $1385754 |
| **05/21** | $1708020 | $1924410 | $1392254 |
| **06/21** | $1705912 | $1949769 | $1367231 |
| **07/21** | $1707336 | $1963204 | $1379790 |
| **08/21** | $1750767 | $2012342 | $1403875 |
| **09/21** | $1672915 | $1929213 | $1384875 |
| **10/21** | $1738224 | $2027687 | $1434554 |
| **11/21** | $1677939 | $1978859 | $1357095 |
| **12/21** | $1764118 | $2058014 | $1446049 |
| **01/22** | $1718040 | $1956940 | $1430867 |
| **02/22** | $1718040 | $1906398 | $1465783 |
| **03/22** | $1800990 | $1947689 | $1551184 |
| **04/22** | $1714737 | $1791792 | $1499802 |
| **05/22** | $1767078 | $1793889 | $1553473 |
| **06/22** | $1619866 | $1642671 | $1432434 |
| **07/22** | $1710603 | $1757382 | $1488867 |
| **08/22** | $1635485 | $1692685 | $1465348 |
| **09/22** | $1454821 | $1530645 | $1291866 |
| **10/22** | $1550859 | $1623015 | $1356697 |
| **11/22** | $1685912 | $1748902 | $1465202 |
| **12/22** | $1623596 | $1680081 | $1431778 |
| **01/23** | $1724783 | $1800504 | $1503166 |
| **02/23** | $1657325 | $1748901 | $1451735 |
| **03/23** | $1724722 | $1802824 | $1485186 |
| **04/23** | $1776541 | $1828735 | $1523289 |
| **05/23** | $1680637 | $1809149 | $1436844 |
| **06/23** | $1763406 | $1914190 | $1478963 |
| **07/23** | $1786804 | $1984264 | $1508074 |
| **08/23** | $1715051 | $1928816 | $1436337 |
| **09/23** | $1604955 | $1849058 | $1368030 |
| **10/23** | $1562471 | $1793463 | $1326426 |
| **11/23** | $1742635 | $1958992 | $1454089 |
| **12/23** | $1836370 | $2053090 | $1514569 |
| **01/24** | $1756908 | $2065126 | $1466181 |
| **02/24** | $1772800 | $2153747 | $1465100 |
| **03/24** | $1851815 | $2221368 | $1531541 |
| **04/24** | $1790115 | $2148078 | $1522818 |
| **05/24** | $1919926 | $2235320 | $1616309 |
| **06/24** | $1810888 | $2285105 | $1567223 |
| **07/24** | $1913513 | $2321958 | $1635410 |
| **08/24** | $1981391 | $2380928 | $1709872 |
| **09/24** | $2025070 | $2436239 | $1773995 |
| **10/24** | $1947715 | $2381553 | $1751071 |
| **11/24** | $1999013 | $2470632 | $1809527 |
| **12/24** | $1888279 | $2412148 | $1727363 |
| **01/25** | $1932972 | $2493114 | $1766567 |
| **02/25** | $1981103 | $2478095 | $1767690 |
| **03/25** | $2053334 | $2380199 | $1803572 |
| **04/25** | $2140839 | $2402398 | $1869017 |
| **05/25** | $2210150 | $2540485 | $1948951 |
| **06/25** | $2260837 | $2654555 | $1984783 |
| **07/25** | $2252108 | $2690556 | $1986931 |
| **08/25** | $2273931 | $2756988 | $2024645 |
| **09/25** | $2324053 | $2856907 | $2054254 |
| **10/25** | $2313501 | $2920804 | $2048520 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 18.74% | 11.82% | 8.75% |
| MSCI All Country World Index (Net TR) | 22.64% | 14.61% | 11.31% |
| S&P Global Infrastructure Index (Net TR) | 16.99% | 12.81% | 7.43% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $44394318 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $167431 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| United States | 46.7% |
| France | 11.0% |
| Spain | 7.1% |
| Canada | 5.3% |
| Brazil | 4.4% |
| Philippines | 3.5% |
| United Kingdom | 3.2% |
| Germany | 3.1% |
| Mexico | 3.0% |
| Italy | 2.9% |
| Tanzania | 2.6% |
| Argentina | 2.4% |
| Other | 4.8% |

---

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

---

| | |
|:---|:---|
| Ferrovial SE | 3.4% |
| NextEra Energy, Inc. | 3.4% |
| Enbridge, Inc. | 3.2% |
| RWE AG | 3.1% |
| Norfolk Southern Corp. | 3.0% |
| Aena SME SA | 3.0% |
| Williams Cos., Inc. | 2.9% |
| Kinder Morgan, Inc. | 2.9% |
| PPL Corp. | 2.7% |
| Cheniere Energy, Inc. | 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](tm2534449d1_tsrimg032.jpg)

# abrdn Global Infrastructure Fund
(AIFRX)

# Institutional Class

# abrdn High Income Opportunities Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Class A

#### BJBHX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn High Income Opportunities Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $98 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Custom abrdn High Income Opportunities Fund Index (the "Index"), as described in the Fund performance section, to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's holdings in the banking and energy sectors were key contributors to performance. Within individual holdings, satellite communications company Inmarsat's bonds performed well after the company announced solid results and a new and more competitive technology platform. Our lack of exposures to New Fortress Energy and Saks Global Enterprises were also favorable to relative performance as these bonds were weak.

**What detracted from performance?**

Our exposures to the leisure and media sectors were unfavorable. Within individual holdings, Affinity Gaming detracted from performance despite a lack of news, as it continued to be volatile over the period. However, we maintain our conviction in this regional gaming operator. Meanwhile, Braskem Netherland's bonds declined sharply after the company reportedly hired restructuring advisors. Given the extent of negative news already priced in, we have chosen to maintain our current exposure after extensive internal and external discussions. Golf cart manufacturer Club Car was also negative.

# abrdn High Income Opportunities Fund
(BJBHX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark

![Growth of 10K Chart](tm2534449d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with sales load** | **Bloomberg Global Aggregate Bond Index** | **Custom abrdn High Income Opportunities Fund Index** |
| **10/15** | $9697 | $10000 | $10000 |
| **11/15** | $9503 | $9834 | $9881 |
| **12/15** | $9184 | $9887 | $9636 |
| **01/16** | $8983 | $9972 | $9499 |
| **02/16** | $8878 | $10194 | $9533 |
| **03/16** | $9169 | $10470 | $9949 |
| **04/16** | $9428 | $10609 | $10292 |
| **05/16** | $9456 | $10467 | $10351 |
| **06/16** | $9529 | $10773 | $10465 |
| **07/16** | $9724 | $10854 | $10726 |
| **08/16** | $9876 | $10801 | $10950 |
| **09/16** | $9862 | $10860 | $11010 |
| **10/16** | $9893 | $10559 | $11057 |
| **11/16** | $9850 | $10140 | $10991 |
| **12/16** | $10012 | $10093 | $11198 |
| **01/17** | $10224 | $10207 | $11358 |
| **02/17** | $10312 | $10255 | $11530 |
| **03/17** | $10308 | $10271 | $11520 |
| **04/17** | $10418 | $10386 | $11660 |
| **05/17** | $10512 | $10547 | $11749 |
| **06/17** | $10517 | $10538 | $11759 |
| **07/17** | $10628 | $10715 | $11887 |
| **08/17** | $10738 | $10821 | $11923 |
| **09/17** | $10848 | $10724 | $12023 |
| **10/17** | $10933 | $10683 | $12097 |
| **11/17** | $10900 | $10802 | $12061 |
| **12/17** | $10928 | $10839 | $12093 |
| **01/18** | $11002 | $10968 | $12172 |
| **02/18** | $10909 | $10871 | $12073 |
| **03/18** | $10853 | $10987 | $12021 |
| **04/18** | $10914 | $10811 | $12071 |
| **05/18** | $10833 | $10729 | $12011 |
| **06/18** | $10809 | $10681 | $12005 |
| **07/18** | $10947 | $10663 | $12174 |
| **08/18** | $10938 | $10675 | $12171 |
| **09/18** | $11015 | $10583 | $12277 |
| **10/18** | $10860 | $10464 | $12122 |
| **11/18** | $10654 | $10497 | $12007 |
| **12/18** | $10479 | $10709 | $11864 |
| **01/19** | $10877 | $10872 | $12340 |
| **02/19** | $11011 | $10810 | $12549 |
| **03/19** | $11127 | $10945 | $12680 |
| **04/19** | $11276 | $10913 | $12850 |
| **05/19** | $11130 | $11060 | $12725 |
| **06/19** | $11427 | $11306 | $13040 |
| **07/19** | $11510 | $11274 | $13134 |
| **08/19** | $11565 | $11503 | $13140 |
| **09/19** | $11648 | $11386 | $13205 |
| **10/19** | $11691 | $11462 | $13277 |
| **11/19** | $11788 | $11375 | $13345 |
| **12/19** | $11979 | $11442 | $13588 |
| **01/20** | $12037 | $11588 | $13642 |
| **02/20** | $11831 | $11666 | $13455 |
| **03/20** | $10128 | $11404 | $11749 |
| **04/20** | $10607 | $11628 | $12284 |
| **05/20** | $11211 | $11679 | $12828 |
| **06/20** | $11389 | $11783 | $13047 |
| **07/20** | $11826 | $12159 | $13540 |
| **08/20** | $11938 | $12140 | $13716 |
| **09/20** | $11814 | $12097 | $13582 |
| **10/20** | $11872 | $12108 | $13638 |
| **11/20** | $12407 | $12328 | $14204 |
| **12/20** | $12616 | $12494 | $14468 |
| **01/21** | $12618 | $12384 | $14501 |
| **02/21** | $12691 | $12171 | $14566 |
| **03/21** | $12722 | $11937 | $14575 |
| **04/21** | $12852 | $12087 | $14727 |
| **05/21** | $12897 | $12201 | $14789 |
| **06/21** | $13027 | $12093 | $14926 |
| **07/21** | $13006 | $12254 | $14920 |
| **08/21** | $13118 | $12203 | $15022 |
| **09/21** | $13071 | $11986 | $14957 |
| **10/21** | $12995 | $11957 | $14851 |
| **11/21** | $12858 | $11922 | $14695 |
| **12/21** | $13049 | $11906 | $14907 |
| **01/22** | $12742 | $11662 | $14548 |
| **02/22** | $12450 | $11523 | $14245 |
| **03/22** | $12329 | $11172 | $14088 |
| **04/22** | $11942 | $10560 | $13641 |
| **05/22** | $11891 | $10589 | $13593 |
| **06/22** | $11105 | $10249 | $12690 |
| **07/22** | $11623 | $10467 | $13318 |
| **08/22** | $11363 | $10054 | $13112 |
| **09/22** | $10885 | $9538 | $12560 |
| **10/22** | $11112 | $9472 | $12795 |
| **11/22** | $11454 | $9918 | $13219 |
| **12/22** | $11401 | $9971 | $13212 |
| **01/23** | $11810 | $10299 | $13721 |
| **02/23** | $11651 | $9956 | $13563 |
| **03/23** | $11784 | $10271 | $13647 |
| **04/23** | $11871 | $10316 | $13743 |
| **05/23** | $11773 | $10115 | $13664 |
| **06/23** | $11897 | $10114 | $13864 |
| **07/23** | $12072 | $10184 | $14059 |
| **08/23** | $12085 | $10045 | $14117 |
| **09/23** | $11970 | $9751 | $13951 |
| **10/23** | $11829 | $9635 | $13776 |
| **11/23** | $12376 | $10121 | $14405 |
| **12/23** | $12805 | $10541 | $14937 |
| **01/24** | $12890 | $10396 | $14940 |
| **02/24** | $12941 | $10265 | $14984 |
| **03/24** | $13063 | $10322 | $15163 |
| **04/24** | $12943 | $10061 | $15011 |
| **05/24** | $13115 | $10193 | $15181 |
| **06/24** | $13231 | $10208 | $15328 |
| **07/24** | $13453 | $10489 | $15629 |
| **08/24** | $13623 | $10738 | $15877 |
| **09/24** | $13773 | $10920 | $16137 |
| **10/24** | $13699 | $10554 | $16048 |
| **11/24** | $13858 | $10590 | $16232 |
| **12/24** | $13789 | $10363 | $16162 |
| **01/25** | $13967 | $10422 | $16385 |
| **02/25** | $14092 | $10571 | $16492 |
| **03/25** | $13884 | $10636 | $16315 |
| **04/25** | $13799 | $10949 | $16315 |
| **05/25** | $14079 | $10910 | $16589 |
| **06/25** | $14318 | $11117 | $16897 |
| **07/25** | $14397 | $10951 | $16965 |
| **08/25** | $14581 | $11110 | $17172 |
| **09/25** | $14664 | $11183 | $17303 |
| **10/25** | $14604 | $11154 | $17337 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 6.61% | 4.23% | 4.18% |
| Class A with sales load - 3.00% | 3.41% | 3.60% | 3.86% |
| Bloomberg Global Aggregate Bond Index | 5.69% | (1.63%) | 1.10% |
| Custom abrdn High Income Opportunities Fund Index<sup>Footnote Reference1</sup> | 8.03% | 4.92% | 5.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the ICE BofA US High Yield Constrained Index from 08/21/2023 and the ICE BofA Global High Yield Constrained Index (USD Hedged) for periods prior to 08/21/2023. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $78164547 |
| Total Number of Portfolio Holdings | 210 |
| Portfolio Turnover Rate | 90% |
| Total Advisory Fees Paid | $114419 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AA | 0.5% |
| BBB | 4.5% |
| BB | 46.9% |
| B | 33.7% |
| CCC | 6.8% |
| CC | 0.3% |
| Non Rated | 7.3% |

---

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 | 3.5% |
| Rogers Communications, Inc., 7.000%, due 02/14/30 | 1.5% |
| Graphic Packaging International LLC, 6.375%, due 07/15/32 | 1.5% |
| TransDigm, Inc., 6.625%, due 03/01/32 | 1.3% |
| MajorDrive Holdings IV LLC, 6.375%, due 06/01/29 | 1.3% |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, due 03/15/29 | 1.3% |
| Univision Communications, Inc., 8.500%, due 07/31/31 | 1.2% |
| Magnera Corp., 7.250%, due 11/15/31 | 1.1% |
| CD&R Firefly Bidco Ltd., 2025 GBP Term Loan | 1.1% |
| Affinity Interactive, 6.875%, due 12/15/27 | 1.0% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective February 28, 2025, the abrdn High Income Opportunities Fund adopted a non-fundamental policy that the Fund will invest, under normal circumstances, at least 80% of its net assets in high income producing instruments. There was no change to how the Fund is managed following the adoption of the non-fundamental policy.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn High Income Opportunities Fund
(BJBHX)

# Class A

# abrdn High Income Opportunities Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Institutional Class

#### JHYIX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn High Income Opportunities Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $72 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Custom abrdn High Income Opportunities Fund Index (the "Index"), as described in the Fund performance section, to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's holdings in the banking and energy sectors were key contributors to performance. Within individual holdings, satellite communications company Inmarsat's bonds performed well after the company announced solid results and a new and more competitive technology platform. Our lack of exposures to New Fortress Energy and Saks Global Enterprises were also favorable to relative performance as these bonds were weak.

**What detracted from performance?**

Our exposures to the leisure and media sectors were unfavorable. Within individual holdings, Affinity Gaming detracted from performance despite a lack of news, as it continued to be volatile over the period. However, we maintain our conviction in this regional gaming operator. Meanwhile, Braskem Netherland's bonds declined sharply after the company reportedly hired restructuring advisors. Given the extent of negative news already priced in, we have chosen to maintain our current exposure after extensive internal and external discussions. Golf cart manufacturer Club Car was also negative.

# abrdn High Income Opportunities Fund
(JHYIX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark

![Growth of 10K Chart](tm2534449d1_tsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate Bond Index** | **Custom abrdn High Income Opportunities Fund Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $978986 | $983444 | $988123 |
| **12/15** | $946822 | $988671 | $963620 |
| **01/16** | $926217 | $997239 | $949864 |
| **02/16** | $916263 | $1019445 | $953298 |
| **03/16** | $945895 | $1046993 | $994866 |
| **04/16** | $973267 | $1060920 | $1029244 |
| **05/16** | $975436 | $1046687 | $1035114 |
| **06/16** | $982394 | $1077253 | $1046501 |
| **07/16** | $1002811 | $1085373 | $1072552 |
| **08/16** | $1019685 | $1080101 | $1095012 |
| **09/16** | $1018474 | $1086048 | $1101042 |
| **10/16** | $1022058 | $1055905 | $1105661 |
| **11/16** | $1017549 | $1013952 | $1099091 |
| **12/16** | $1034385 | $1009294 | $1119801 |
| **01/17** | $1056673 | $1020673 | $1135845 |
| **02/17** | $1065288 | $1025496 | $1152969 |
| **03/17** | $1066387 | $1027072 | $1152005 |
| **04/17** | $1077574 | $1038649 | $1165975 |
| **05/17** | $1088126 | $1054722 | $1174867 |
| **06/17** | $1087688 | $1053796 | $1175939 |
| **07/17** | $1100197 | $1071514 | $1188733 |
| **08/17** | $1112624 | $1082129 | $1192262 |
| **09/17** | $1123672 | $1072381 | $1202311 |
| **10/17** | $1131998 | $1068324 | $1209651 |
| **11/17** | $1128667 | $1080188 | $1206056 |
| **12/17** | $1131980 | $1083931 | $1209321 |
| **01/18** | $1139165 | $1096848 | $1217183 |
| **02/18** | $1130447 | $1087115 | $1207253 |
| **03/18** | $1124466 | $1098686 | $1202085 |
| **04/18** | $1131483 | $1081088 | $1207103 |
| **05/18** | $1122763 | $1072888 | $1201145 |
| **06/18** | $1120404 | $1068118 | $1200545 |
| **07/18** | $1135965 | $1066334 | $1217393 |
| **08/18** | $1133906 | $1067453 | $1217104 |
| **09/18** | $1144140 | $1058251 | $1227715 |
| **10/18** | $1127157 | $1046430 | $1212243 |
| **11/18** | $1105858 | $1049702 | $1200696 |
| **12/18** | $1088064 | $1070925 | $1186355 |
| **01/19** | $1129840 | $1087230 | $1234018 |
| **02/19** | $1143653 | $1080972 | $1254888 |
| **03/19** | $1156910 | $1094505 | $1268029 |
| **04/19** | $1170964 | $1091264 | $1285034 |
| **05/19** | $1158026 | $1106042 | $1272494 |
| **06/19** | $1188591 | $1130564 | $1304016 |
| **07/19** | $1196788 | $1127423 | $1313351 |
| **08/19** | $1203361 | $1150349 | $1313983 |
| **09/19** | $1212858 | $1138648 | $1320531 |
| **10/19** | $1216367 | $1146230 | $1327702 |
| **11/19** | $1227495 | $1137539 | $1334523 |
| **12/19** | $1247761 | $1144172 | $1358803 |
| **01/20** | $1252984 | $1158777 | $1364154 |
| **02/20** | $1231759 | $1166571 | $1345492 |
| **03/20** | $1054454 | $1140433 | $1174889 |
| **04/20** | $1105418 | $1162823 | $1228394 |
| **05/20** | $1167571 | $1167924 | $1282778 |
| **06/20** | $1186310 | $1178301 | $1304682 |
| **07/20** | $1232763 | $1215880 | $1354042 |
| **08/20** | $1244202 | $1214027 | $1371641 |
| **09/20** | $1232115 | $1209660 | $1358184 |
| **10/20** | $1238947 | $1210817 | $1363839 |
| **11/20** | $1294992 | $1232832 | $1420364 |
| **12/20** | $1317773 | $1249392 | $1446786 |
| **01/21** | $1318316 | $1238389 | $1450148 |
| **02/21** | $1325312 | $1217072 | $1456590 |
| **03/21** | $1329201 | $1193660 | $1457469 |
| **04/21** | $1342707 | $1208739 | $1472706 |
| **05/21** | $1348130 | $1220091 | $1478855 |
| **06/21** | $1361685 | $1209327 | $1492583 |
| **07/21** | $1359626 | $1225424 | $1491977 |
| **08/21** | $1371157 | $1220328 | $1502211 |
| **09/21** | $1367724 | $1198644 | $1495700 |
| **10/21** | $1359438 | $1195746 | $1485064 |
| **11/21** | $1345919 | $1192249 | $1469491 |
| **12/21** | $1366382 | $1190584 | $1490735 |
| **01/22** | $1333434 | $1166185 | $1454830 |
| **02/22** | $1303890 | $1152324 | $1424474 |
| **03/22** | $1290678 | $1117233 | $1408785 |
| **04/22** | $1250369 | $1056021 | $1364075 |
| **05/22** | $1246763 | $1058904 | $1359258 |
| **06/22** | $1164193 | $1024926 | $1268956 |
| **07/22** | $1218619 | $1046715 | $1331789 |
| **08/22** | $1192825 | $1005410 | $1311224 |
| **09/22** | $1141857 | $953752 | $1256038 |
| **10/22** | $1166401 | $947193 | $1279529 |
| **11/22** | $1200620 | $991769 | $1321857 |
| **12/22** | $1196679 | $997132 | $1321163 |
| **01/23** | $1240567 | $1029867 | $1372141 |
| **02/23** | $1222484 | $995630 | $1356314 |
| **03/23** | $1238224 | $1027113 | $1364716 |
| **04/23** | $1246612 | $1031646 | $1374315 |
| **05/23** | $1237630 | $1011479 | $1366435 |
| **06/23** | $1250472 | $1011400 | $1386394 |
| **07/23** | $1267434 | $1018404 | $1405922 |
| **08/23** | $1269452 | $1004472 | $1411654 |
| **09/23** | $1258455 | $975128 | $1395066 |
| **10/23** | $1244452 | $963473 | $1377646 |
| **11/23** | $1300571 | $1012057 | $1440537 |
| **12/23** | $1346872 | $1054119 | $1493697 |
| **01/24** | $1355091 | $1039574 | $1493984 |
| **02/24** | $1363544 | $1026510 | $1498407 |
| **03/24** | $1376222 | $1032161 | $1516256 |
| **04/24** | $1362732 | $1006113 | $1501095 |
| **05/24** | $1379194 | $1019298 | $1518128 |
| **06/24** | $1393258 | $1020761 | $1532781 |
| **07/24** | $1417717 | $1048949 | $1562860 |
| **08/24** | $1434081 | $1073767 | $1587720 |
| **09/24** | $1452176 | $1092041 | $1613665 |
| **10/24** | $1444076 | $1055436 | $1604785 |
| **11/24** | $1461212 | $1059034 | $1623162 |
| **12/24** | $1453668 | $1036314 | $1616205 |
| **01/25** | $1472990 | $1042212 | $1638523 |
| **02/25** | $1486017 | $1057116 | $1649173 |
| **03/25** | $1466408 | $1063628 | $1631472 |
| **04/25** | $1456933 | $1094886 | $1631509 |
| **05/25** | $1486083 | $1090997 | $1658948 |
| **06/25** | $1512785 | $1111670 | $1689734 |
| **07/25** | $1520536 | $1095112 | $1696510 |
| **08/25** | $1540683 | $1111031 | $1717171 |
| **09/25** | $1548908 | $1118288 | $1730282 |
| **10/25** | $1542479 | $1115449 | $1733685 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.81% | 4.48% | 4.43% |
| Bloomberg Global Aggregate Bond Index | 5.69% | (1.63%) | 1.10% |
| Custom abrdn High Income Opportunities Fund Index<sup>Footnote Reference1</sup> | 8.03% | 4.92% | 5.66% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the ICE BofA US High Yield Constrained Index from 08/21/2023 and the ICE BofA Global High Yield Constrained Index (USD Hedged) for periods prior to 08/21/2023. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $78164547 |
| Total Number of Portfolio Holdings | 210 |
| Portfolio Turnover Rate | 90% |
| Total Advisory Fees Paid | $114419 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AA | 0.5% |
| BBB | 4.5% |
| BB | 46.9% |
| B | 33.7% |
| CCC | 6.8% |
| CC | 0.3% |
| Non Rated | 7.3% |

---

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 | 3.5% |
| Rogers Communications, Inc., 7.000%, due 02/14/30 | 1.5% |
| Graphic Packaging International LLC, 6.375%, due 07/15/32 | 1.5% |
| TransDigm, Inc., 6.625%, due 03/01/32 | 1.3% |
| MajorDrive Holdings IV LLC, 6.375%, due 06/01/29 | 1.3% |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, due 03/15/29 | 1.3% |
| Univision Communications, Inc., 8.500%, due 07/31/31 | 1.2% |
| Magnera Corp., 7.250%, due 11/15/31 | 1.1% |
| CD&R Firefly Bidco Ltd., 2025 GBP Term Loan | 1.1% |
| Affinity Interactive, 6.875%, due 12/15/27 | 1.0% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective February 28, 2025, the abrdn High Income Opportunities Fund adopted a non-fundamental policy that the Fund will invest, under normal circumstances, at least 80% of its net assets in high income producing instruments. There was no change to how the Fund is managed following the adoption of the non-fundamental policy.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn High Income Opportunities Fund
(JHYIX)

# Institutional Class

# abrdn Infrastructure Debt Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Class A

#### CUGAX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Infrastructure Debt Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $106 | 1.03% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Bloomberg U.S. Aggregate Bond Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposures to the technology, media and telecommunication, electric, and capital goods sectors were key contributors to performance. Within individual holdings, Toledo Hospital Bonds benefited the Fund as fundamentals in healthcare stabilized, with stable admissions and effective cost management practices mitigating rising costs. Public Finance Authority's municipal bonds also added to returns. This was more of a tactical opportunity as tax-exempt municipal bonds became dislocated from greater fixed income in terms of relative performance. The project, which is involved in toll-road development, is well capitalized during the construction period and is set to be completed in 2030. Meanwhile, U.S. Cellular bonds benefited from the company being acquired by higher-rated T-Mobile USA, and these bonds were exchanged into T-Mobile bonds. In terms of ratings, BB and BBB rated bonds were particularly positive.

**What detracted from performance?**

The Fund's holdings in economic and industrial development, general obligation, and local authority bonds weighed on performance. Within individual holdings, bonds of National Finance Authority detracted from Fund performance due to headline risk around the downsizing of federal lease office facilities. While these bonds have been pressured, we remain confident in the position as this physical facility is essential and it is a relatively modern facility. Meanwhile, our positions in Nevada Department of Business and Industry and California State Infrastructure were negative as cost overruns associated with construction put pressure on these bonds. In terms of ratings, A rated and non-rated bonds were especially unfavorable.

# abrdn Infrastructure Debt Fund
(CUGAX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg042.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales load** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/15** | $9701 | $10000 |
| **11/15** | $9546 | $9974 |
| **12/15** | $9548 | $9941 |
| **01/16** | $9569 | $10078 |
| **02/16** | $9693 | $10150 |
| **03/16** | $10055 | $10243 |
| **04/16** | $10220 | $10282 |
| **05/16** | $10086 | $10285 |
| **06/16** | $10365 | $10470 |
| **07/16** | $10438 | $10536 |
| **08/16** | $10510 | $10524 |
| **09/16** | $10458 | $10518 |
| **10/16** | $10489 | $10437 |
| **11/16** | $10479 | $10190 |
| **12/16** | $10545 | $10205 |
| **01/17** | $10576 | $10225 |
| **02/17** | $10618 | $10293 |
| **03/17** | $10660 | $10288 |
| **04/17** | $10670 | $10367 |
| **05/17** | $10670 | $10447 |
| **06/17** | $10681 | $10437 |
| **07/17** | $10649 | $10481 |
| **08/17** | $10618 | $10575 |
| **09/17** | $10660 | $10525 |
| **10/17** | $10691 | $10531 |
| **11/17** | $10670 | $10518 |
| **12/17** | $10717 | $10566 |
| **01/18** | $10769 | $10444 |
| **02/18** | $10790 | $10345 |
| **03/18** | $10748 | $10412 |
| **04/18** | $10790 | $10334 |
| **05/18** | $10842 | $10408 |
| **06/18** | $10853 | $10395 |
| **07/18** | $10905 | $10398 |
| **08/18** | $10937 | $10465 |
| **09/18** | $10937 | $10397 |
| **10/18** | $10916 | $10315 |
| **11/18** | $10853 | $10377 |
| **12/18** | $10789 | $10567 |
| **01/19** | $10867 | $10679 |
| **02/19** | $10933 | $10673 |
| **03/19** | $11022 | $10878 |
| **04/19** | $11078 | $10881 |
| **05/19** | $11156 | $11074 |
| **06/19** | $11159 | $11213 |
| **07/19** | $11226 | $11238 |
| **08/19** | $11350 | $11529 |
| **09/19** | $11330 | $11468 |
| **10/19** | $11409 | $11502 |
| **11/19** | $11409 | $11496 |
| **12/19** | $11552 | $11488 |
| **01/20** | $11780 | $11709 |
| **02/20** | $11540 | $11920 |
| **03/20** | $11334 | $11850 |
| **04/20** | $11277 | $12061 |
| **05/20** | $11368 | $12117 |
| **06/20** | $11437 | $12193 |
| **07/20** | $11712 | $12375 |
| **08/20** | $11906 | $12275 |
| **09/20** | $11838 | $12269 |
| **10/20** | $11780 | $12214 |
| **11/20** | $12101 | $12334 |
| **12/20** | $12272 | $12351 |
| **01/21** | $12111 | $12262 |
| **02/21** | $12088 | $12085 |
| **03/21** | $12088 | $11934 |
| **04/21** | $12077 | $12028 |
| **05/21** | $12100 | $12068 |
| **06/21** | $12111 | $12153 |
| **07/21** | $11962 | $12288 |
| **08/21** | $12065 | $12265 |
| **09/21** | $11848 | $12159 |
| **10/21** | $11802 | $12155 |
| **11/21** | $11698 | $12191 |
| **12/21** | $11957 | $12160 |
| **01/22** | $11707 | $11898 |
| **02/22** | $11504 | $11765 |
| **03/22** | $11314 | $11439 |
| **04/22** | $11111 | $11005 |
| **05/22** | $10944 | $11076 |
| **06/22** | $11016 | $10902 |
| **07/22** | $10884 | $11168 |
| **08/22** | $10765 | $10853 |
| **09/22** | $10694 | $10384 |
| **10/22** | $10491 | $10249 |
| **11/22** | $10408 | $10626 |
| **12/22** | $10717 | $10578 |
| **01/23** | $10563 | $10904 |
| **02/23** | $10336 | $10622 |
| **03/23** | $10396 | $10891 |
| **04/23** | $10372 | $10957 |
| **05/23** | $10253 | $10838 |
| **06/23** | $10038 | $10800 |
| **07/23** | $10014 | $10792 |
| **08/23** | $9966 | $10723 |
| **09/23** | $9760 | $10451 |
| **10/23** | $9610 | $10286 |
| **11/23** | $10040 | $10751 |
| **12/23** | $10425 | $11163 |
| **01/24** | $10437 | $11132 |
| **02/24** | $10381 | $10975 |
| **03/24** | $10508 | $11076 |
| **04/24** | $10365 | $10797 |
| **05/24** | $10503 | $10980 |
| **06/24** | $10603 | $11084 |
| **07/24** | $10807 | $11343 |
| **08/24** | $10963 | $11505 |
| **09/24** | $11096 | $11660 |
| **10/24** | $10936 | $11370 |
| **11/24** | $11056 | $11491 |
| **12/24** | $10907 | $11303 |
| **01/25** | $11014 | $11363 |
| **02/25** | $11135 | $11613 |
| **03/25** | $11064 | $11617 |
| **04/25** | $11056 | $11663 |
| **05/25** | $11076 | $11579 |
| **06/25** | $11280 | $11757 |
| **07/25** | $11273 | $11726 |
| **08/25** | $11388 | $11866 |
| **09/25** | $11554 | $11996 |
| **10/25** | $11589 | $12071 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 5.97% | (0.33%) | 1.79% |
| Class A with sales load - 3.00% | 2.84% | (0.94%) | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | (0.24%) | 1.90% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $21288485 |
| Total Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $0 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AAA | 1.9% |
| AA | 18.7% |
| A | 7.9% |
| BBB | 21.8% |
| BB | 28.8% |
| B | 10.5% |
| Below B | 1.8% |
| N/R | 8.6% |

---

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)

---

| | |
|:---|:---|
| Public Finance Authority, 5.750%, due 12/31/65 | 4.9% |
| Gabon Blue Bond Master Trust, 6.097%, due 08/01/38 | 4.8% |
| Port of Beaumont Navigation District, 10.000%, due 07/01/26 | 4.7% |
| Massachusetts Development Finance Agency, 8.500%, due 10/01/26 | 4.7% |
| Toledo Hospital, 6.015%, due 11/15/48 | 4.5% |
| Dutchess County Local Development Corp., 5.918%, due 07/01/39 | 4.2% |
| New York Transportation Development Corp., 6.971%, due 06/30/51 | 3.8% |
| Low Income Investment Fund, 3.386%, due 07/01/26 | 3.7% |
| California Statewide Communities Development Authority, 7.140%, due 08/15/47 | 3.6% |
| LBJ Infrastructure Group LLC, 3.797%, due 12/31/57 | 3.3% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Infrastructure Debt Fund
(CUGAX)

# Class A

# abrdn Infrastructure Debt Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Institutional Class

#### AGCIX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Infrastructure Debt Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $68 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Bloomberg U.S. Aggregate Bond Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposures to the technology, media and telecommunication, electric, and capital goods sectors were key contributors to performance. Within individual holdings, Toledo Hospital Bonds benefited the Fund as fundamentals in healthcare stabilized, with stable admissions and effective cost management practices mitigating rising costs. Public Finance Authority's municipal bonds also added to returns. This was more of a tactical opportunity as tax-exempt municipal bonds became dislocated from greater fixed income in terms of relative performance. The project, which is involved in toll-road development, is well capitalized during the construction period and is set to be completed in 2030. Meanwhile, U.S. Cellular bonds benefited from the company being acquired by higher-rated T-Mobile USA, and these bonds were exchanged into T-Mobile bonds. In terms of ratings, BB and BBB rated bonds were particularly positive.

**What detracted from performance?**

The Fund's holdings in economic and industrial development, general obligation, and local authority bonds weighed on performance. Within individual holdings, bonds of National Finance Authority detracted from Fund performance due to headline risk around the downsizing of federal lease office facilities. While these bonds have been pressured, we remain confident in the position as this physical facility is essential and it is a relatively modern facility. Meanwhile, our positions in Nevada Department of Business and Industry and California State Infrastructure were negative as cost overruns associated with construction put pressure on these bonds. In terms of ratings, A rated and non-rated bonds were especially unfavorable.

# abrdn Infrastructure Debt Fund
(AGCIX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg021.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $985201 | $997358 |
| **12/15** | $984723 | $994135 |
| **01/16** | $987907 | $1007816 |
| **02/16** | $1000640 | $1014965 |
| **03/16** | $1037779 | $1024277 |
| **04/16** | $1055819 | $1028209 |
| **05/16** | $1042024 | $1028473 |
| **06/16** | $1070674 | $1046952 |
| **07/16** | $1079163 | $1053571 |
| **08/16** | $1086591 | $1052366 |
| **09/16** | $1081286 | $1051750 |
| **10/16** | $1084469 | $1043705 |
| **11/16** | $1084469 | $1019017 |
| **12/16** | $1091239 | $1020455 |
| **01/17** | $1094458 | $1022457 |
| **02/17** | $1099823 | $1029329 |
| **03/17** | $1103042 | $1028789 |
| **04/17** | $1104115 | $1036728 |
| **05/17** | $1104115 | $1044708 |
| **06/17** | $1107334 | $1043657 |
| **07/17** | $1104115 | $1048148 |
| **08/17** | $1100896 | $1057549 |
| **09/17** | $1105188 | $1052512 |
| **10/17** | $1108407 | $1053122 |
| **11/17** | $1107334 | $1051770 |
| **12/17** | $1110997 | $1056597 |
| **01/18** | $1117456 | $1044429 |
| **02/18** | $1120686 | $1034528 |
| **03/18** | $1115303 | $1041163 |
| **04/18** | $1120686 | $1033419 |
| **05/18** | $1127145 | $1040794 |
| **06/18** | $1127145 | $1039514 |
| **07/18** | $1133604 | $1039761 |
| **08/18** | $1136834 | $1046452 |
| **09/18** | $1136834 | $1039713 |
| **10/18** | $1135757 | $1031497 |
| **11/18** | $1129298 | $1037655 |
| **12/18** | $1123146 | $1056718 |
| **01/19** | $1131128 | $1067939 |
| **02/19** | $1137970 | $1067321 |
| **03/19** | $1147092 | $1087815 |
| **04/19** | $1153933 | $1088094 |
| **05/19** | $1163055 | $1107409 |
| **06/19** | $1162831 | $1121316 |
| **07/19** | $1170867 | $1123782 |
| **08/19** | $1183494 | $1152902 |
| **09/19** | $1182413 | $1146761 |
| **10/19** | $1188192 | $1150215 |
| **11/19** | $1188192 | $1149630 |
| **12/19** | $1203119 | $1148828 |
| **01/20** | $1227889 | $1170937 |
| **02/20** | $1203119 | $1192012 |
| **03/20** | $1181888 | $1184998 |
| **04/20** | $1175990 | $1206062 |
| **05/20** | $1185426 | $1211678 |
| **06/20** | $1193683 | $1219310 |
| **07/20** | $1221992 | $1237523 |
| **08/20** | $1243223 | $1227534 |
| **09/20** | $1236146 | $1226861 |
| **10/20** | $1230248 | $1221383 |
| **11/20** | $1264455 | $1233367 |
| **12/20** | $1282095 | $1235067 |
| **01/21** | $1266705 | $1226212 |
| **02/21** | $1263154 | $1208504 |
| **03/21** | $1263154 | $1193414 |
| **04/21** | $1263154 | $1202842 |
| **05/21** | $1266705 | $1206772 |
| **06/21** | $1267889 | $1215251 |
| **07/21** | $1252499 | $1228839 |
| **08/21** | $1263154 | $1226499 |
| **09/21** | $1240661 | $1215880 |
| **10/21** | $1235925 | $1215545 |
| **11/21** | $1226455 | $1219141 |
| **12/21** | $1253592 | $1216021 |
| **01/22** | $1227758 | $1189823 |
| **02/22** | $1206844 | $1176549 |
| **03/22** | $1187160 | $1143863 |
| **04/22** | $1167477 | $1100455 |
| **05/22** | $1150254 | $1107551 |
| **06/22** | $1157635 | $1090175 |
| **07/22** | $1144103 | $1116813 |
| **08/22** | $1131801 | $1085256 |
| **09/22** | $1124419 | $1038366 |
| **10/22** | $1103506 | $1024917 |
| **11/22** | $1094894 | $1062609 |
| **12/22** | $1129340 | $1057816 |
| **01/23** | $1112117 | $1090358 |
| **02/23** | $1088743 | $1062167 |
| **03/23** | $1094894 | $1089148 |
| **04/23** | $1093664 | $1095749 |
| **05/23** | $1080131 | $1083818 |
| **06/23** | $1057988 | $1079952 |
| **07/23** | $1056757 | $1079200 |
| **08/23** | $1053067 | $1072306 |
| **09/23** | $1030163 | $1045057 |
| **10/23** | $1014733 | $1028565 |
| **11/23** | $1060720 | $1075145 |
| **12/23** | $1102055 | $1116300 |
| **01/24** | $1103481 | $1113235 |
| **02/24** | $1097935 | $1097507 |
| **03/24** | $1111305 | $1107641 |
| **04/24** | $1096689 | $1079664 |
| **05/24** | $1112430 | $1097968 |
| **06/24** | $1123051 | $1108362 |
| **07/24** | $1145701 | $1134250 |
| **08/24** | $1160837 | $1150549 |
| **09/24** | $1176189 | $1165955 |
| **10/24** | $1159877 | $1137040 |
| **11/24** | $1173882 | $1149062 |
| **12/24** | $1157294 | $1130257 |
| **01/25** | $1168730 | $1136253 |
| **02/25** | $1182830 | $1161253 |
| **03/25** | $1175699 | $1161690 |
| **04/25** | $1173742 | $1166255 |
| **05/25** | $1177428 | $1157905 |
| **06/25** | $1198830 | $1175709 |
| **07/25** | $1198418 | $1172608 |
| **08/25** | $1210580 | $1186633 |
| **09/25** | $1229415 | $1199578 |
| **10/25** | $1233339 | $1207072 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.33% | 0.05% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | (0.24%) | 1.90% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $21288485 |
| Total Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $0 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AAA | 1.9% |
| AA | 18.7% |
| A | 7.9% |
| BBB | 21.8% |
| BB | 28.8% |
| B | 10.5% |
| Below B | 1.8% |
| N/R | 8.6% |

---

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)

---

| | |
|:---|:---|
| Public Finance Authority, 5.750%, due 12/31/65 | 4.9% |
| Gabon Blue Bond Master Trust, 6.097%, due 08/01/38 | 4.8% |
| Port of Beaumont Navigation District, 10.000%, due 07/01/26 | 4.7% |
| Massachusetts Development Finance Agency, 8.500%, due 10/01/26 | 4.7% |
| Toledo Hospital, 6.015%, due 11/15/48 | 4.5% |
| Dutchess County Local Development Corp., 5.918%, due 07/01/39 | 4.2% |
| New York Transportation Development Corp., 6.971%, due 06/30/51 | 3.8% |
| Low Income Investment Fund, 3.386%, due 07/01/26 | 3.7% |
| California Statewide Communities Development Authority, 7.140%, due 08/15/47 | 3.6% |
| LBJ Infrastructure Group LLC, 3.797%, due 12/31/57 | 3.3% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Infrastructure Debt Fund
(AGCIX)

# Institutional Class

# abrdn Infrastructure Debt Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Institutional Service Class

#### CGFIX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Infrastructure Debt Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional Service | $80 | 0.78% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Bloomberg U.S. Aggregate Bond Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposures to the technology, media and telecommunication, electric, and capital goods sectors were key contributors to performance. Within individual holdings, Toledo Hospital Bonds benefited the Fund as fundamentals in healthcare stabilized, with stable admissions and effective cost management practices mitigating rising costs. Public Finance Authority's municipal bonds also added to returns. This was more of a tactical opportunity as tax-exempt municipal bonds became dislocated from greater fixed income in terms of relative performance. The project, which is involved in toll-road development, is well capitalized during the construction period and is set to be completed in 2030. Meanwhile, U.S. Cellular bonds benefited from the company being acquired by higher-rated T-Mobile USA, and these bonds were exchanged into T-Mobile bonds. In terms of ratings, BB and BBB rated bonds were particularly positive.

**What detracted from performance?**

The Fund's holdings in economic and industrial development, general obligation, and local authority bonds weighed on performance. Within individual holdings, bonds of National Finance Authority detracted from Fund performance due to headline risk around the downsizing of federal lease office facilities. While these bonds have been pressured, we remain confident in the position as this physical facility is essential and it is a relatively modern facility. Meanwhile, our positions in Nevada Department of Business and Industry and California State Infrastructure were negative as cost overruns associated with construction put pressure on these bonds. In terms of ratings, A rated and non-rated bonds were especially unfavorable.

# abrdn Infrastructure Debt Fund
(CGFIX)

# Institutional Service Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg003.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Service Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $985138 | $997358 |
| **12/15** | $985367 | $994135 |
| **01/16** | $987497 | $1007816 |
| **02/16** | $1000280 | $1014965 |
| **03/16** | $1036499 | $1024277 |
| **04/16** | $1054609 | $1028209 |
| **05/16** | $1040760 | $1028473 |
| **06/16** | $1069522 | $1046952 |
| **07/16** | $1078045 | $1053571 |
| **08/16** | $1085501 | $1052366 |
| **09/16** | $1079110 | $1051750 |
| **10/16** | $1083371 | $1043705 |
| **11/16** | $1082306 | $1019017 |
| **12/16** | $1090167 | $1020455 |
| **01/17** | $1093399 | $1022457 |
| **02/17** | $1097708 | $1029329 |
| **03/17** | $1100940 | $1028789 |
| **04/17** | $1102017 | $1036728 |
| **05/17** | $1102017 | $1044708 |
| **06/17** | $1105249 | $1043657 |
| **07/17** | $1100940 | $1048148 |
| **08/17** | $1098785 | $1057549 |
| **09/17** | $1102017 | $1052512 |
| **10/17** | $1106326 | $1053122 |
| **11/17** | $1104171 | $1051770 |
| **12/17** | $1107849 | $1056597 |
| **01/18** | $1114334 | $1044429 |
| **02/18** | $1117576 | $1034528 |
| **03/18** | $1112172 | $1041163 |
| **04/18** | $1117576 | $1033419 |
| **05/18** | $1122980 | $1040794 |
| **06/18** | $1124061 | $1039514 |
| **07/18** | $1129465 | $1039761 |
| **08/18** | $1132708 | $1046452 |
| **09/18** | $1132708 | $1039713 |
| **10/18** | $1131627 | $1031497 |
| **11/18** | $1125142 | $1037655 |
| **12/18** | $1118613 | $1056718 |
| **01/19** | $1126636 | $1067939 |
| **02/19** | $1133513 | $1067321 |
| **03/19** | $1142682 | $1087815 |
| **04/19** | $1148412 | $1088094 |
| **05/19** | $1157581 | $1107409 |
| **06/19** | $1157340 | $1121316 |
| **07/19** | $1165418 | $1123782 |
| **08/19** | $1178110 | $1152902 |
| **09/19** | $1176882 | $1146761 |
| **10/19** | $1185014 | $1150215 |
| **11/19** | $1185014 | $1149630 |
| **12/19** | $1199819 | $1148828 |
| **01/20** | $1224692 | $1170937 |
| **02/20** | $1198635 | $1192012 |
| **03/20** | $1178500 | $1184998 |
| **04/20** | $1172578 | $1206062 |
| **05/20** | $1182053 | $1211678 |
| **06/20** | $1189160 | $1219310 |
| **07/20** | $1217586 | $1237523 |
| **08/20** | $1237721 | $1227534 |
| **09/20** | $1231799 | $1226861 |
| **10/20** | $1224692 | $1221383 |
| **11/20** | $1259040 | $1233367 |
| **12/20** | $1276259 | $1235067 |
| **01/21** | $1260825 | $1226212 |
| **02/21** | $1258451 | $1208504 |
| **03/21** | $1257264 | $1193414 |
| **04/21** | $1257264 | $1202842 |
| **05/21** | $1259638 | $1206772 |
| **06/21** | $1262013 | $1215251 |
| **07/21** | $1246579 | $1228839 |
| **08/21** | $1256076 | $1226499 |
| **09/21** | $1234707 | $1215880 |
| **10/21** | $1229958 | $1215545 |
| **11/21** | $1219273 | $1219141 |
| **12/21** | $1246020 | $1216021 |
| **01/22** | $1220138 | $1189823 |
| **02/22** | $1199186 | $1176549 |
| **03/22** | $1180699 | $1143863 |
| **04/22** | $1159747 | $1100455 |
| **05/22** | $1142493 | $1107551 |
| **06/22** | $1149888 | $1090175 |
| **07/22** | $1136331 | $1116813 |
| **08/22** | $1125238 | $1085256 |
| **09/22** | $1116611 | $1038366 |
| **10/22** | $1096892 | $1024917 |
| **11/22** | $1087032 | $1062609 |
| **12/22** | $1121541 | $1057816 |
| **01/23** | $1104287 | $1090358 |
| **02/23** | $1080870 | $1062167 |
| **03/23** | $1087032 | $1089148 |
| **04/23** | $1085800 | $1095749 |
| **05/23** | $1072243 | $1083818 |
| **06/23** | $1050058 | $1079952 |
| **07/23** | $1048826 | $1079200 |
| **08/23** | $1045128 | $1072306 |
| **09/23** | $1022361 | $1045057 |
| **10/23** | $1006885 | $1028565 |
| **11/23** | $1051733 | $1075145 |
| **12/23** | $1093172 | $1116300 |
| **01/24** | $1094624 | $1113235 |
| **02/24** | $1089080 | $1097507 |
| **03/24** | $1102487 | $1107641 |
| **04/24** | $1087851 | $1079664 |
| **05/24** | $1102364 | $1097968 |
| **06/24** | $1113027 | $1108362 |
| **07/24** | $1134436 | $1134250 |
| **08/24** | $1150923 | $1150549 |
| **09/24** | $1164995 | $1165955 |
| **10/24** | $1148636 | $1137040 |
| **11/24** | $1162674 | $1149062 |
| **12/24** | $1146013 | $1130257 |
| **01/25** | $1157465 | $1136253 |
| **02/25** | $1171591 | $1161253 |
| **03/25** | $1163087 | $1161690 |
| **04/25** | $1162509 | $1166255 |
| **05/25** | $1166196 | $1157905 |
| **06/25** | $1186284 | $1175709 |
| **07/25** | $1185828 | $1172608 |
| **08/25** | $1197994 | $1186633 |
| **09/25** | $1215457 | $1199578 |
| **10/25** | $1220806 | $1207072 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Service Class | 6.28% | (0.06%) | 2.02% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | (0.24%) | 1.90% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $21288485 |
| Total Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $0 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AAA | 1.9% |
| AA | 18.7% |
| A | 7.9% |
| BBB | 21.8% |
| BB | 28.8% |
| B | 10.5% |
| Below B | 1.8% |
| N/R | 8.6% |

---

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)

---

| | |
|:---|:---|
| Public Finance Authority, 5.750%, due 12/31/65 | 4.9% |
| Gabon Blue Bond Master Trust, 6.097%, due 08/01/38 | 4.8% |
| Port of Beaumont Navigation District, 10.000%, due 07/01/26 | 4.7% |
| Massachusetts Development Finance Agency, 8.500%, due 10/01/26 | 4.7% |
| Toledo Hospital, 6.015%, due 11/15/48 | 4.5% |
| Dutchess County Local Development Corp., 5.918%, due 07/01/39 | 4.2% |
| New York Transportation Development Corp., 6.971%, due 06/30/51 | 3.8% |
| Low Income Investment Fund, 3.386%, due 07/01/26 | 3.7% |
| California Statewide Communities Development Authority, 7.140%, due 08/15/47 | 3.6% |
| LBJ Infrastructure Group LLC, 3.797%, due 12/31/57 | 3.3% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Infrastructure Debt Fund
(CGFIX)

# Institutional Service Class
![Image](tm2534449d1_tsrimg043.jpg)

# abrdn International Small Cap Active ETF (ASCI)
Principal Listing Exchange: NASDAQ

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn International Small Cap Active ETF (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| abrdn International Small Cap Active ETF | $104 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI All Country World ex USA Small Cap Index (Net TR) (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

Elite Material Company, the Taiwanese manufacturer of copper-clad laminate, a key component used in data-center circuit boards, performed well after management increased its guidance due to continued momentum for its high-end, high-margin solutions. Alpha Group International, the UK provider of outsourced treasury services, rose after a bid from Corpay at a 67% premium. CyberArk Software, a provider of identity-security software, performed strongly after Palo Alto Networks announced an agreed offer for the company in July 2025.

**What detracted from performance?**

Gamma Communications weakened along with other mid-sized companies despite posting strong results. The company is shifting away from the Alternative Investment Market to the main market, which may cause some short-term capital flows. Poly Medicure Company, a manufacturer of consumable medical devices for the Indian and European markets, underperformed after management cut guidance for the company's higher-margin export business. CTS Eventim, the German online events ticketing company, fell after a disappointing second-quarter update. Higher integration costs from a recent acquisition and losses from several inherited festivals under the same deal led to an earnings miss.

# abrdn International Small Cap Active ETF (ASCI)

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **abrdn International Small Cap Active ETF (NAV)** | **MSCI All Country World ex USA Index (Net TR)** | **Custom abrdn International Small Cap Active ETF Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9981 | $9794 | $10112 |
| **12/15** | $9835 | $9609 | $9857 |
| **01/16** | $9346 | $8955 | $9091 |
| **02/16** | $9354 | $8853 | $9186 |
| **03/16** | $10088 | $9573 | $9983 |
| **04/16** | $10316 | $9825 | $10262 |
| **05/16** | $10175 | $9659 | $10194 |
| **06/16** | $10399 | $9511 | $9895 |
| **07/16** | $10908 | $9982 | $10446 |
| **08/16** | $10817 | $10045 | $10421 |
| **09/16** | $11074 | $10169 | $10678 |
| **10/16** | $10792 | $10022 | $10397 |
| **11/16** | $10382 | $9791 | $10088 |
| **12/16** | $10359 | $10041 | $10303 |
| **01/17** | $10741 | $10397 | $10697 |
| **02/17** | $10959 | $10563 | $10979 |
| **03/17** | $11240 | $10830 | $11207 |
| **04/17** | $11706 | $11062 | $11543 |
| **05/17** | $11949 | $11421 | $11856 |
| **06/17** | $11873 | $11457 | $11906 |
| **07/17** | $12310 | $11879 | $12326 |
| **08/17** | $12414 | $11941 | $12460 |
| **09/17** | $12951 | $12163 | $12728 |
| **10/17** | $13182 | $12392 | $12965 |
| **11/17** | $13157 | $12492 | $13158 |
| **12/17** | $13693 | $12771 | $13563 |
| **01/18** | $14415 | $13483 | $14230 |
| **02/18** | $13941 | $12847 | $13670 |
| **03/18** | $13885 | $12620 | $13515 |
| **04/18** | $13902 | $12822 | $13671 |
| **05/18** | $13589 | $12526 | $13533 |
| **06/18** | $13480 | $12290 | $13164 |
| **07/18** | $13837 | $12584 | $13256 |
| **08/18** | $13672 | $12321 | $13127 |
| **09/18** | $13546 | $12377 | $12965 |
| **10/18** | $12742 | $11370 | $11704 |
| **11/18** | $12929 | $11478 | $11733 |
| **12/18** | $12419 | $10958 | $11094 |
| **01/19** | $13471 | $11786 | $11963 |
| **02/19** | $13621 | $12017 | $12214 |
| **03/19** | $13822 | $12088 | $12233 |
| **04/19** | $14127 | $12408 | $12503 |
| **05/19** | $13724 | $11742 | $11858 |
| **06/19** | $14524 | $12449 | $12381 |
| **07/19** | $14256 | $12298 | $12299 |
| **08/19** | $13838 | $11918 | $11944 |
| **09/19** | $14018 | $12225 | $12234 |
| **10/19** | $14576 | $12652 | $12730 |
| **11/19** | $14854 | $12763 | $12943 |
| **12/19** | $15420 | $13316 | $13582 |
| **01/20** | $15284 | $12958 | $13158 |
| **02/20** | $13929 | $11934 | $11948 |
| **03/20** | $11447 | $10206 | $9642 |
| **04/20** | $12982 | $10979 | $10814 |
| **05/20** | $14070 | $11339 | $11470 |
| **06/20** | $14490 | $11851 | $11844 |
| **07/20** | $15409 | $12379 | $12436 |
| **08/20** | $16357 | $12909 | $13254 |
| **09/20** | $16585 | $12592 | $13086 |
| **10/20** | $16531 | $12321 | $12739 |
| **11/20** | $18098 | $13979 | $14502 |
| **12/20** | $19508 | $14734 | $15516 |
| **01/21** | $19497 | $14766 | $15489 |
| **02/21** | $19960 | $15058 | $16049 |
| **03/21** | $19497 | $15249 | $16374 |
| **04/21** | $20662 | $15698 | $17126 |
| **05/21** | $21157 | $16189 | $17523 |
| **06/21** | $21114 | $16084 | $17415 |
| **07/21** | $22110 | $15819 | $17554 |
| **08/21** | $23101 | $16120 | $17960 |
| **09/21** | $22611 | $15603 | $17414 |
| **10/21** | $23492 | $15976 | $17686 |
| **11/21** | $22545 | $15256 | $16810 |
| **12/21** | $23264 | $15887 | $17521 |
| **01/22** | $19727 | $15302 | $16427 |
| **02/22** | $19055 | $14999 | $16215 |
| **03/22** | $18616 | $15023 | $16380 |
| **04/22** | $16874 | $14079 | $15322 |
| **05/22** | $16815 | $14180 | $15181 |
| **06/22** | $14921 | $12960 | $13505 |
| **07/22** | $15956 | $13404 | $14286 |
| **08/22** | $15465 | $12973 | $13911 |
| **09/22** | $13553 | $11677 | $12375 |
| **10/22** | $14102 | $12025 | $12778 |
| **11/22** | $15757 | $13445 | $13999 |
| **12/22** | $15189 | $13345 | $14022 |
| **01/23** | $16405 | $14427 | $15031 |
| **02/23** | $15815 | $13920 | $14647 |
| **03/23** | $16262 | $14261 | $14681 |
| **04/23** | $16297 | $14509 | $14897 |
| **05/23** | $15720 | $13981 | $14484 |
| **06/23** | $16214 | $14608 | $14981 |
| **07/23** | $16845 | $15202 | $15742 |
| **08/23** | $16011 | $14516 | $15303 |
| **09/23** | $15082 | $14057 | $14727 |
| **10/23** | $14183 | $13477 | $13904 |
| **11/23** | $15934 | $14690 | $15249 |
| **12/23** | $16707 | $15428 | $16218 |
| **01/24** | $16251 | $15275 | $15939 |
| **02/24** | $17200 | $15662 | $16099 |
| **03/24** | $17476 | $16151 | $16560 |
| **04/24** | $16617 | $15861 | $16319 |
| **05/24** | $18101 | $16322 | $16847 |
| **06/24** | $17969 | $16306 | $16669 |
| **07/24** | $18756 | $16684 | $17303 |
| **08/24** | $19339 | $17159 | $17622 |
| **09/24** | $19543 | $17621 | $18152 |
| **10/24** | $18624 | $16757 | $17203 |
| **11/24** | $18702 | $16605 | $17127 |
| **12/24** | $18282 | $16282 | $16762 |
| **01/25** | $19359 | $16938 | $16985 |
| **02/25** | $19181 | $17173 | $16804 |
| **03/25** | $18288 | $17134 | $16870 |
| **04/25** | $19458 | $17753 | $17662 |
| **05/25** | $20634 | $18566 | $18805 |
| **06/25** | $21607 | $19196 | $19726 |
| **07/25** | $21126 | $19141 | $19758 |
| **08/25** | $21484 | $19805 | $20601 |
| **09/25** | $21441 | $20519 | $21044 |
| **10/25** | $21367 | $20934 | $21088 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| abrdn International Small Cap Active ETF (NAV) | 14.73% | 5.27% | 7.89% |
| MSCI All Country World ex USA Index (Net TR) | 24.93% | 11.18% | 7.67% |
| Custom abrdn International Small Cap Active ETF Index<sup>Footnote Reference1</sup> | 22.58% | 10.61% | 7.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the MSCI All Country World ex-USA Small Cap Index (Net TR) from 03/01/2016 and the MSCI World Small Cap Index (Net TR) for periods prior to 03/01/2016. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $89637164 |
| Total Number of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $584189 |

---

# abrdn International Small Cap Active ETF (ASCI)

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of October 31, 2025.

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

---

| | |
|:---|:---|
| Japan | 17.6% |
| United Kingdom | 17.5% |
| Taiwan | 9.0% |
| Germany | 8.6% |
| France | 7.4% |
| India | 6.2% |
| Australia | 6.0% |
| Italy | 4.1% |
| Sweden | 3.8% |
| Thailand | 2.9% |
| Poland | 2.9% |
| Israel | 2.8% |
| Spain | 2.7% |
| Mexico | 2.7% |
| Vietnam | 2.4% |
| Other | 3.4% |

---

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

---

| | |
|:---|:---|
| iShares MSCI India Small-Cap ETF | 6.2% |
| Gaztransport Et Technigaz SA | 4.7% |
| Japan Elevator Service Holdings Co. Ltd. | 4.7% |
| Diploma PLC | 4.5% |
| Asics Corp. | 3.8% |
| CTS Eventim AG & Co. KGaA | 3.6% |
| Games Workshop Group PLC | 3.5% |
| ALS Ltd. | 3.3% |
| BayCurrent, Inc. | 3.0% |
| ICG PLC | 2.9% |

---

# abrdn International Small Cap Active ETF (ASCI)

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **844-383-7289**.

abrdn International Small Cap Active ETF acquired all the assets and liabilities of abrdn International Small Cap Fund (the "Predecessor Fund") pursuant to an Agreement and Plan of Reorganization and Liquidation as of the close of business on October 17, 2025 (the "Conversion"). Prior to October 17, 2025, the financial statements of abrdn International 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 October 17, 2025, refer to the Predecessor Fund. Following the Conversion, the Predecessor Fund's performance and financial history were adopted by abrdn International Small Cap Active ETF.

In connection with the Conversion, the management fee changed to 0.70% from 0.85% on assets up to $100 million and 0.75% on assets of $100 million and more and the expense limitation changed to 0.70% from 0.99%.

## 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](tm2534449d1_tsrimg032.jpg)

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

abrdn International Small Cap Active ETF

(ASCI)

# abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)
![Image](tm2534449d1_tsrimg043.jpg)

#### Class A

#### AIAGX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund) (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $124 | 1.24% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI US REIT Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's overweight allocation to healthcare REITs contributed to returns as this sector benefited from strong fundamentals and resilient demand across senior housing and medical office segments. Within this sector, American Healthcare, Welltower, and Ventas particularly helped the Fund's performance. These REITs benefited from continued strong demand for senior housing, which supported earnings growth during the period, and the companies have indicated in their published guidance that demand trends remain supportive. Also, in healthcare, the Fund's lack of exposure to Alexandria Real Estate Equities added to returns as this stock continued to struggle given its exposure to life sciences. Meanwhile, the Fund's underweight exposure to the self-storage sector was favorable as it lagged the overall REIT market as new moves in rates remained under pressure as companies competed for occupancy.

**What detracted from performance?**

The Fund's exposure to the data center sector weighed on performance during the year. Despite strong demand for space from artificial-intelligence (AI) hyperscale users, the Fund's overweight positions in both Iron Mountain and Digital Realty lagged during the year. Early in the period, the sector was negatively affected by news that Chinese AI company DeepSeek developed a working AI model at a fraction of the cost spent by U.S. competitors, and with inferior chips. Later in the year, questions about long-term returns from these leases also weighed on performance. Elsewhere, within the single-family residential sector, Invitation Homes underperformed due to soft rental growth and cautious investor sentiment around single-family housing, as concerns about housing affordability raised the risk of occupancy losses from residents moving out to buy homes. We disposed of this position during the review period. The Fund's lack of exposure to triple net lease REIT W.P. Carey also detracted from performance, as it outperformed due to its traditionally defensive characteristics amid periods of greater economic uncertainty.

# abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)
(AIAGX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with sales load** | **S&P 500 Index** | **MSCI U.S. REIT Index** |
| **10/15** | $9425 | $10000 | $10000 |
| **11/15** | $9365 | $10030 | $9939 |
| **12/15** | $9515 | $9872 | $10121 |
| **01/16** | $8990 | $9382 | $9782 |
| **02/16** | $8919 | $9369 | $9744 |
| **03/16** | $9946 | $10005 | $10760 |
| **04/16** | $9752 | $10043 | $10501 |
| **05/16** | $9911 | $10224 | $10751 |
| **06/16** | $10565 | $10250 | $11493 |
| **07/16** | $11001 | $10628 | $11975 |
| **08/16** | $10636 | $10643 | $11537 |
| **09/16** | $10420 | $10645 | $11326 |
| **10/16** | $9887 | $10451 | $10681 |
| **11/16** | $9784 | $10838 | $10499 |
| **12/16** | $10253 | $11052 | $10991 |
| **01/17** | $10294 | $11262 | $10989 |
| **02/17** | $10681 | $11709 | $11370 |
| **03/17** | $10397 | $11723 | $11100 |
| **04/17** | $10462 | $11843 | $11119 |
| **05/17** | $10509 | $12010 | $11048 |
| **06/17** | $10760 | $12085 | $11283 |
| **07/17** | $10859 | $12333 | $11427 |
| **08/17** | $10863 | $12371 | $11400 |
| **09/17** | $10855 | $12626 | $11388 |
| **10/17** | $10813 | $12921 | $11275 |
| **11/17** | $11091 | $13317 | $11573 |
| **12/17** | $11095 | $13465 | $11548 |
| **01/18** | $10681 | $14236 | $11066 |
| **02/18** | $9858 | $13711 | $10216 |
| **03/18** | $10260 | $13363 | $10614 |
| **04/18** | $10343 | $13414 | $10768 |
| **05/18** | $10584 | $13737 | $11192 |
| **06/18** | $10951 | $13822 | $11686 |
| **07/18** | $10990 | $14336 | $11770 |
| **08/18** | $11282 | $14803 | $12129 |
| **09/18** | $10986 | $14887 | $11814 |
| **10/18** | $10666 | $13870 | $11465 |
| **11/18** | $11200 | $14153 | $12003 |
| **12/18** | $10292 | $12875 | $11021 |
| **01/19** | $11441 | $13906 | $12319 |
| **02/19** | $11542 | $14353 | $12401 |
| **03/19** | $12035 | $14632 | $12814 |
| **04/19** | $11991 | $15224 | $12780 |
| **05/19** | $12050 | $14257 | $12816 |
| **06/19** | $12227 | $15262 | $12979 |
| **07/19** | $12382 | $15481 | $13141 |
| **08/19** | $12883 | $15236 | $13589 |
| **09/19** | $13179 | $15521 | $13977 |
| **10/19** | $13402 | $15857 | $14175 |
| **11/19** | $13238 | $16433 | $13958 |
| **12/19** | $13116 | $16928 | $13868 |
| **01/20** | $13330 | $16922 | $14029 |
| **02/20** | $12175 | $15529 | $12916 |
| **03/20** | $9795 | $13611 | $10124 |
| **04/20** | $10568 | $15356 | $10958 |
| **05/20** | $10698 | $16087 | $10978 |
| **06/20** | $10956 | $16407 | $11309 |
| **07/20** | $11634 | $17332 | $11773 |
| **08/20** | $11581 | $18578 | $11872 |
| **09/20** | $11231 | $17872 | $11494 |
| **10/20** | $10974 | $17397 | $11197 |
| **11/20** | $11832 | $19301 | $12402 |
| **12/20** | $12267 | $20043 | $12818 |
| **01/21** | $12126 | $19841 | $12837 |
| **02/21** | $12598 | $20388 | $13350 |
| **03/21** | $13060 | $21281 | $13940 |
| **04/21** | $14105 | $22416 | $15063 |
| **05/21** | $14226 | $22573 | $15203 |
| **06/21** | $14618 | $23100 | $15612 |
| **07/21** | $15282 | $23649 | $16372 |
| **08/21** | $15595 | $24368 | $16685 |
| **09/21** | $14661 | $23234 | $15765 |
| **10/21** | $15810 | $24862 | $16986 |
| **11/21** | $15608 | $24690 | $16863 |
| **12/21** | $17065 | $25797 | $18337 |
| **01/22** | $15844 | $24462 | $17066 |
| **02/22** | $15291 | $23729 | $16521 |
| **03/22** | $16242 | $24610 | $17592 |
| **04/22** | $15539 | $22464 | $16807 |
| **05/22** | $14523 | $22505 | $15774 |
| **06/22** | $13475 | $20648 | $14611 |
| **07/22** | $14670 | $22552 | $15926 |
| **08/22** | $13788 | $21632 | $14973 |
| **09/22** | $12206 | $19640 | $13155 |
| **10/22** | $12734 | $21230 | $13796 |
| **11/22** | $13427 | $22416 | $14593 |
| **12/22** | $12769 | $21125 | $13843 |
| **01/23** | $13983 | $22452 | $15309 |
| **02/23** | $13357 | $21904 | $14581 |
| **03/23** | $13167 | $22708 | $14220 |
| **04/23** | $13331 | $23063 | $14336 |
| **05/23** | $12939 | $23163 | $13897 |
| **06/23** | $13545 | $24693 | $14598 |
| **07/23** | $13889 | $25487 | $15016 |
| **08/23** | $13468 | $25081 | $14561 |
| **09/23** | $12664 | $23885 | $13573 |
| **10/23** | $12240 | $23383 | $12980 |
| **11/23** | $13383 | $25518 | $14330 |
| **12/23** | $14440 | $26678 | $15745 |
| **01/24** | $13841 | $27126 | $15093 |
| **02/24** | $14154 | $28574 | $15394 |
| **03/24** | $14338 | $29494 | $15695 |
| **04/24** | $13220 | $28289 | $14586 |
| **05/24** | $13838 | $29692 | $15267 |
| **06/24** | $14202 | $30757 | $15707 |
| **07/24** | $14957 | $31132 | $16691 |
| **08/24** | $16030 | $31887 | $17766 |
| **09/24** | $16585 | $32568 | $18239 |
| **10/24** | $16345 | $32272 | $17713 |
| **11/24** | $16999 | $34167 | $18489 |
| **12/24** | $15753 | $33352 | $17123 |
| **01/25** | $15783 | $34281 | $17301 |
| **02/25** | $16371 | $33834 | $17942 |
| **03/25** | $15783 | $31928 | $17306 |
| **04/25** | $15560 | $31711 | $16856 |
| **05/25** | $15842 | $33707 | $17213 |
| **06/25** | $15662 | $35421 | $17108 |
| **07/25** | $15617 | $36216 | $16974 |
| **08/25** | $16216 | $36950 | $17726 |
| **09/25** | $16525 | $38299 | $17930 |
| **10/25** | $16374 | $39196 | $17651 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 0.10% | 8.33% | 5.68% |
| Class A with sales load - 5.75% | (5.67%) | 7.05% | 5.05% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| MSCI U.S. REIT Index | (0.35%) | 9.53% | 5.85% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $34395375 |
| Total Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $149882 |

---

# abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)
(AIAGX)

# Class A

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of October 31, 2025.

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

---

| | |
|:---|:---|
| Health Care REITs | 28.7% |
| Retail REITs | 22.6% |
| Data Center REITs | 11.8% |
| Industrial REITs | 10.0% |
| Self Storage Reits | 7.4% |
| Multi-Family Residential REITs | 6.1% |
| Office REITs | 4.7% |
| Other Specialized REITs | 4.3% |
| Single-Family Residential REITs | 1.6% |
| Short-Term Investments | 1.3% |
| Other | 1.5% |

---

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

---

| | |
|:---|:---|
| Welltower, Inc. | 14.3% |
| Prologis, Inc. | 10.0% |
| Simon Property Group, Inc. | 7.0% |
| Ventas, Inc. | 6.7% |
| Equinix, Inc. | 6.4% |
| Digital Realty Trust, Inc. | 5.5% |
| Realty Income Corp. | 4.7% |
| American Healthcare REIT, Inc. | 4.7% |
| Public Storage | 3.9% |
| NNN REIT, Inc. | 3.2% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective February 28, 2025, the Fund changed its name from the abrdn Realty Income & Growth Fund to the abrdn Real Estate Fund. There was no change to how the Fund is managed following the name change.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)
(AIAGX)

# Class A

# abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Class

#### AIGYX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund) (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $99 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI US REIT Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's overweight allocation to healthcare REITs contributed to returns as this sector benefited from strong fundamentals and resilient demand across senior housing and medical office segments. Within this sector, American Healthcare, Welltower, and Ventas particularly helped the Fund's performance. These REITs benefited from continued strong demand for senior housing, which supported earnings growth during the period, and the companies have indicated in their published guidance that demand trends remain supportive. Also, in healthcare, the Fund's lack of exposure to Alexandria Real Estate Equities added to returns as this stock continued to struggle given its exposure to life sciences. Meanwhile, the Fund's underweight exposure to the self-storage sector was favorable as it lagged the overall REIT market as new moves in rates remained under pressure as companies competed for occupancy.

**What detracted from performance?**

The Fund's exposure to the data center sector weighed on performance during the year. Despite strong demand for space from artificial-intelligence (AI) hyperscale users, the Fund's overweight positions in both Iron Mountain and Digital Realty lagged during the year. Early in the period, the sector was negatively affected by news that Chinese AI company DeepSeek developed a working AI model at a fraction of the cost spent by U.S. competitors, and with inferior chips. Later in the year, questions about long-term returns from these leases also weighed on performance. Elsewhere, within the single-family residential sector, Invitation Homes underperformed due to soft rental growth and cautious investor sentiment around single-family housing, as concerns about housing affordability raised the risk of occupancy losses from residents moving out to buy homes. We disposed of this position during the review period. The Fund's lack of exposure to triple net lease REIT W.P. Carey also detracted from performance, as it outperformed due to its traditionally defensive characteristics amid periods of greater economic uncertainty.

# abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)
(AIGYX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg035.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **MSCI U.S. REIT Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $993636 | $1002974 | $993898 |
| **12/15** | $1009679 | $987155 | $1012062 |
| **01/16** | $954437 | $938168 | $978240 |
| **02/16** | $947009 | $936903 | $974384 |
| **03/16** | $1056449 | $1000460 | $1075957 |
| **04/16** | $1035854 | $1004339 | $1050090 |
| **05/16** | $1052705 | $1022375 | $1075115 |
| **06/16** | $1122799 | $1025024 | $1149263 |
| **07/16** | $1169504 | $1062815 | $1197528 |
| **08/16** | $1130819 | $1064308 | $1153691 |
| **09/16** | $1107585 | $1064509 | $1132636 |
| **10/16** | $1051468 | $1045091 | $1068134 |
| **11/16** | $1040531 | $1083796 | $1049879 |
| **12/16** | $1090711 | $1105218 | $1099094 |
| **01/17** | $1095119 | $1126180 | $1098947 |
| **02/17** | $1136259 | $1170896 | $1136989 |
| **03/17** | $1106751 | $1172262 | $1110017 |
| **04/17** | $1114159 | $1184301 | $1111865 |
| **05/17** | $1118603 | $1200967 | $1104793 |
| **06/17** | $1145643 | $1208463 | $1128335 |
| **07/17** | $1156596 | $1233313 | $1142681 |
| **08/17** | $1157592 | $1237088 | $1139983 |
| **09/17** | $1156970 | $1262607 | $1138787 |
| **10/17** | $1152954 | $1292070 | $1127470 |
| **11/17** | $1182066 | $1331698 | $1157303 |
| **12/17** | $1183441 | $1346504 | $1154827 |
| **01/18** | $1139341 | $1423597 | $1106591 |
| **02/18** | $1052178 | $1371127 | $1021583 |
| **03/18** | $1094592 | $1336283 | $1061418 |
| **04/18** | $1104015 | $1341410 | $1076751 |
| **05/18** | $1129665 | $1373714 | $1119163 |
| **06/18** | $1169319 | $1382169 | $1168613 |
| **07/18** | $1173542 | $1433604 | $1176989 |
| **08/18** | $1205217 | $1480319 | $1212948 |
| **09/18** | $1173775 | $1488745 | $1181383 |
| **10/18** | $1139706 | $1386989 | $1146529 |
| **11/18** | $1197197 | $1415253 | $1200280 |
| **12/18** | $1100264 | $1287469 | $1102053 |
| **01/19** | $1223543 | $1390641 | $1231850 |
| **02/19** | $1234330 | $1435292 | $1240146 |
| **03/19** | $1287623 | $1463183 | $1281374 |
| **04/19** | $1283726 | $1522426 | $1278036 |
| **05/19** | $1289961 | $1425679 | $1281580 |
| **06/19** | $1309002 | $1526156 | $1297913 |
| **07/19** | $1326339 | $1548090 | $1314096 |
| **08/19** | $1379929 | $1523567 | $1358850 |
| **09/19** | $1411746 | $1552074 | $1397669 |
| **10/19** | $1435647 | $1585691 | $1417476 |
| **11/19** | $1418120 | $1643250 | $1395797 |
| **12/19** | $1405460 | $1692847 | $1386784 |
| **01/20** | $1428335 | $1692183 | $1402911 |
| **02/20** | $1305723 | $1552884 | $1291626 |
| **03/20** | $1050134 | $1361083 | $1012422 |
| **04/20** | $1132771 | $1535565 | $1095829 |
| **05/20** | $1148555 | $1608701 | $1097791 |
| **06/20** | $1175111 | $1640694 | $1130907 |
| **07/20** | $1248614 | $1733205 | $1177262 |
| **08/20** | $1242960 | $1857788 | $1187223 |
| **09/20** | $1205922 | $1787198 | $1149384 |
| **10/20** | $1179376 | $1739670 | $1119672 |
| **11/20** | $1271337 | $1930101 | $1240224 |
| **12/20** | $1318389 | $2004310 | $1281757 |
| **01/21** | $1304410 | $1984075 | $1283745 |
| **02/21** | $1353876 | $2038786 | $1335029 |
| **03/21** | $1403916 | $2128076 | $1394015 |
| **04/21** | $1517048 | $2241648 | $1506269 |
| **05/21** | $1531055 | $2257305 | $1520330 |
| **06/21** | $1572986 | $2310001 | $1561237 |
| **07/21** | $1645369 | $2364875 | $1637175 |
| **08/21** | $1678860 | $2436781 | $1668485 |
| **09/21** | $1578649 | $2323447 | $1576517 |
| **10/21** | $1703080 | $2486231 | $1698555 |
| **11/21** | $1681439 | $2469004 | $1686278 |
| **12/21** | $1839551 | $2579656 | $1833730 |
| **01/22** | $1707271 | $2446166 | $1706586 |
| **02/22** | $1647931 | $2372924 | $1652066 |
| **03/22** | $1752239 | $2461030 | $1759229 |
| **04/22** | $1675462 | $2246424 | $1680740 |
| **05/22** | $1566489 | $2250545 | $1577355 |
| **06/22** | $1453959 | $2064776 | $1461108 |
| **07/22** | $1583643 | $2255158 | $1592634 |
| **08/22** | $1488874 | $2163188 | $1497289 |
| **09/22** | $1318650 | $1963962 | $1315522 |
| **10/22** | $1375488 | $2122967 | $1379582 |
| **11/22** | $1451273 | $2241607 | $1459256 |
| **12/22** | $1379217 | $2112458 | $1384250 |
| **01/23** | $1511083 | $2245192 | $1530917 |
| **02/23** | $1443804 | $2190411 | $1458083 |
| **03/23** | $1422872 | $2270831 | $1422023 |
| **04/23** | $1440573 | $2306275 | $1433631 |
| **05/23** | $1399725 | $2316299 | $1389699 |
| **06/23** | $1465844 | $2469349 | $1459811 |
| **07/23** | $1502936 | $2548677 | $1501600 |
| **08/23** | $1457601 | $2508098 | $1456067 |
| **09/23** | $1370701 | $2388517 | $1357314 |
| **10/23** | $1325057 | $2338295 | $1297973 |
| **11/23** | $1449540 | $2551841 | $1432957 |
| **12/23** | $1563376 | $2667773 | $1574490 |
| **01/24** | $1498821 | $2712603 | $1509274 |
| **02/24** | $1533905 | $2857444 | $1539399 |
| **03/24** | $1554604 | $2949381 | $1569524 |
| **04/24** | $1432729 | $2828915 | $1458599 |
| **05/24** | $1499335 | $2969185 | $1526741 |
| **06/24** | $1540993 | $3075726 | $1570734 |
| **07/24** | $1622399 | $3113165 | $1669140 |
| **08/24** | $1739509 | $3188680 | $1776643 |
| **09/24** | $1800379 | $3256781 | $1823928 |
| **10/24** | $1774495 | $3227247 | $1771315 |
| **11/24** | $1846395 | $3416690 | $1848878 |
| **12/24** | $1710636 | $3335242 | $1712284 |
| **01/25** | $1713807 | $3428120 | $1730140 |
| **02/25** | $1778808 | $3383389 | $1794182 |
| **03/25** | $1716451 | $3192755 | $1730603 |
| **04/25** | $1692478 | $3171105 | $1685648 |
| **05/25** | $1721245 | $3370709 | $1721251 |
| **06/25** | $1702934 | $3542119 | $1710793 |
| **07/25** | $1698087 | $3621614 | $1697357 |
| **08/25** | $1764330 | $3695030 | $1772606 |
| **09/25** | $1798455 | $3829899 | $1793034 |
| **10/25** | $1782238 | $3919571 | $1765119 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 0.44% | 8.61% | 5.95% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| MSCI U.S. REIT Index | (0.35%) | 9.53% | 5.85% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $34395375 |
| Total Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $149882 |

---

# abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)
(AIGYX)

# Institutional Class

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of October 31, 2025.

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

---

| | |
|:---|:---|
| Health Care REITs | 28.7% |
| Retail REITs | 22.6% |
| Data Center REITs | 11.8% |
| Industrial REITs | 10.0% |
| Self Storage Reits | 7.4% |
| Multi-Family Residential REITs | 6.1% |
| Office REITs | 4.7% |
| Other Specialized REITs | 4.3% |
| Single-Family Residential REITs | 1.6% |
| Short-Term Investments | 1.3% |
| Other | 1.5% |

---

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

---

| | |
|:---|:---|
| Welltower, Inc. | 14.3% |
| Prologis, Inc. | 10.0% |
| Simon Property Group, Inc. | 7.0% |
| Ventas, Inc. | 6.7% |
| Equinix, Inc. | 6.4% |
| Digital Realty Trust, Inc. | 5.5% |
| Realty Income Corp. | 4.7% |
| American Healthcare REIT, Inc. | 4.7% |
| Public Storage | 3.9% |
| NNN REIT, Inc. | 3.2% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective February 28, 2025, the Fund changed its name from the abrdn Realty Income & Growth Fund to the abrdn Real Estate Fund. There was no change to how the Fund is managed following the name change.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund)
(AIGYX)

# Institutional Class

# abrdn Short Duration High Yield Municipal Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Class A

#### AAHMX
Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| A | $93 | 0.92% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Custom abrdn Short Duration High Yield Municipal Fund Index (the "Index"), as described within the Fund Performance section, to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to life-care bonds, including bonds of Colorado Health Facilities Authority and Washington State Housing Finance Commission, contributed to performance, as these low-coupon bonds appreciated in value from discounted bonds. Mandatory redemption provisions continued to pare down the bonds at par as these continuing care and retirement facilities receive entrance fees. Tobacco settlement and local general obligation bonds were also positive. In terms of ratings, AAA and B rated bonds aided returns.

**What detracted from performance?**

The Fund's holdings in other revenue bonds detracted from performance. Within this sector, Nevada Department of Business and Industry was unfavorable as cost overruns related to the project put pressure on these bonds. The higher education sector also weighed on returns. Among these holdings, Madison County Capital Resource Corporation detracted as the higher education sector continued to be pressured by heavy primary issuance. Meanwhile, dedicated tax bonds, including those of Platte County Industrial Development Authority in Missouri were also unfavorable. In terms of ratings, non-rated and BBB rated bonds also detracted.

# abrdn Short Duration High Yield Municipal Fund
(AAHMX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and additional performance benchmarks.

![Growth of 10K Chart](tm2534449d1_tsrimg039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with sales load** | **Bloomberg Municipal Bond Index** | **Custom abrdn Short Duration High Yield Municipal Fund Index** |
| **10/15** | $9754 | $10000 | $10000 |
| **11/15** | $9693 | $10040 | $9993 |
| **12/15** | $9746 | $10110 | $10013 |
| **01/16** | $9807 | $10231 | $10108 |
| **02/16** | $9832 | $10247 | $10136 |
| **03/16** | $9906 | $10279 | $10113 |
| **04/16** | $9971 | $10355 | $10154 |
| **05/16** | $9997 | $10383 | $10138 |
| **06/16** | $10082 | $10548 | $10219 |
| **07/16** | $10118 | $10555 | $10247 |
| **08/16** | $10144 | $10569 | $10247 |
| **09/16** | $10148 | $10516 | $10218 |
| **10/16** | $10103 | $10406 | $10186 |
| **11/16** | $9910 | $10018 | $9973 |
| **12/16** | $9922 | $10135 | $10017 |
| **01/17** | $9977 | $10202 | $10088 |
| **02/17** | $10031 | $10273 | $10149 |
| **03/17** | $10054 | $10295 | $10154 |
| **04/17** | $10108 | $10370 | $10212 |
| **05/17** | $10189 | $10535 | $10289 |
| **06/17** | $10203 | $10497 | $10256 |
| **07/17** | $10245 | $10582 | $10315 |
| **08/17** | $10309 | $10662 | $10369 |
| **09/17** | $10323 | $10608 | $10320 |
| **10/17** | $10287 | $10634 | $10315 |
| **11/17** | $10301 | $10577 | $10219 |
| **12/17** | $10336 | $10688 | $10257 |
| **01/18** | $10334 | $10562 | $10240 |
| **02/18** | $10322 | $10530 | $10222 |
| **03/18** | $10329 | $10569 | $10223 |
| **04/18** | $10356 | $10531 | $10189 |
| **05/18** | $10422 | $10652 | $10270 |
| **06/18** | $10459 | $10661 | $10298 |
| **07/18** | $10496 | $10687 | $10336 |
| **08/18** | $10523 | $10714 | $10341 |
| **09/18** | $10499 | $10645 | $10296 |
| **10/18** | $10433 | $10579 | $10277 |
| **11/18** | $10429 | $10697 | $10354 |
| **12/18** | $10466 | $10825 | $10440 |
| **01/19** | $10523 | $10906 | $10521 |
| **02/19** | $10539 | $10965 | $10562 |
| **03/19** | $10637 | $11138 | $10631 |
| **04/19** | $10663 | $11180 | $10638 |
| **05/19** | $10762 | $11334 | $10732 |
| **06/19** | $10789 | $11376 | $10778 |
| **07/19** | $10835 | $11468 | $10856 |
| **08/19** | $10934 | $11649 | $10912 |
| **09/19** | $10906 | $11555 | $10847 |
| **10/19** | $10932 | $11576 | $10884 |
| **11/19** | $10958 | $11605 | $10902 |
| **12/19** | $10984 | $11640 | $10934 |
| **01/20** | $11093 | $11849 | $11044 |
| **02/20** | $11161 | $12002 | $11096 |
| **03/20** | $10673 | $11567 | $10880 |
| **04/20** | $10585 | $11422 | $10878 |
| **05/20** | $10743 | $11785 | $11123 |
| **06/20** | $10847 | $11882 | $11152 |
| **07/20** | $10980 | $12082 | $11245 |
| **08/20** | $10981 | $12025 | $11243 |
| **09/20** | $10982 | $12028 | $11253 |
| **10/20** | $10960 | $11992 | $11239 |
| **11/20** | $11080 | $12173 | $11296 |
| **12/20** | $11180 | $12247 | $11326 |
| **01/21** | $11312 | $12325 | $11362 |
| **02/21** | $11235 | $12129 | $11274 |
| **03/21** | $11278 | $12204 | $11307 |
| **04/21** | $11366 | $12306 | $11350 |
| **05/21** | $11452 | $12343 | $11360 |
| **06/21** | $11551 | $12377 | $11367 |
| **07/21** | $11636 | $12480 | $11421 |
| **08/21** | $11621 | $12434 | $11410 |
| **09/21** | $11527 | $12344 | $11362 |
| **10/21** | $11499 | $12308 | $11349 |
| **11/21** | $11584 | $12413 | $11373 |
| **12/21** | $11603 | $12433 | $11380 |
| **01/22** | $11385 | $12093 | $11167 |
| **02/22** | $11303 | $12049 | $11129 |
| **03/22** | $11029 | $11659 | $10934 |
| **04/22** | $10814 | $11336 | $10785 |
| **05/22** | $10869 | $11505 | $10917 |
| **06/22** | $10688 | $11316 | $10881 |
| **07/22** | $10884 | $11615 | $11048 |
| **08/22** | $10703 | $11361 | $10886 |
| **09/22** | $10440 | $10924 | $10650 |
| **10/22** | $10383 | $10834 | $10640 |
| **11/22** | $10589 | $11340 | $10894 |
| **12/22** | $10565 | $11373 | $10926 |
| **01/23** | $10702 | $11700 | $11108 |
| **02/23** | $10575 | $11435 | $10922 |
| **03/23** | $10630 | $11689 | $11102 |
| **04/23** | $10674 | $11662 | $11061 |
| **05/23** | $10650 | $11561 | $10984 |
| **06/23** | $10732 | $11677 | $11047 |
| **07/23** | $10733 | $11723 | $11069 |
| **08/23** | $10581 | $11554 | $11027 |
| **09/23** | $10476 | $11216 | $10873 |
| **10/23** | $10383 | $11120 | $10856 |
| **11/23** | $10608 | $11826 | $11200 |
| **12/23** | $10780 | $12101 | $11354 |
| **01/24** | $10807 | $12039 | $11338 |
| **02/24** | $10799 | $12055 | $11346 |
| **03/24** | $10862 | $12054 | $11337 |
| **04/24** | $10796 | $11905 | $11269 |
| **05/24** | $10824 | $11870 | $11228 |
| **06/24** | $11023 | $12052 | $11340 |
| **07/24** | $11081 | $12162 | $11440 |
| **08/24** | $11139 | $12258 | $11561 |
| **09/24** | $11222 | $12379 | $11636 |
| **10/24** | $11194 | $12198 | $11542 |
| **11/24** | $11312 | $12409 | $11627 |
| **12/24** | $11224 | $12228 | $11568 |
| **01/25** | $11284 | $12290 | $11635 |
| **02/25** | $11419 | $12411 | $11712 |
| **03/25** | $11270 | $12201 | $11654 |
| **04/25** | $11157 | $12103 | $11593 |
| **05/25** | $11117 | $12111 | $11689 |
| **06/25** | $11165 | $12186 | $11787 |
| **07/25** | $11114 | $12161 | $11860 |
| **08/25** | $11177 | $12267 | $11953 |
| **09/25** | $11391 | $12551 | $12048 |
| **10/25** | $11392 | $12707 | $12080 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 1.77% | 0.78% | 1.57% |
| Class A with sales load - 2.50% | (0.82%) | 0.26% | 1.31% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Custom abrdn Short Duration High Yield Municipal Fund Index<sup>Footnote Reference1</sup> | 4.66% | 1.45% | 1.91% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the Bloomberg Municipal Bond Inter-Short (1-10 Y) Index, Prior 03/31/2025 S&P Municipal Bond Short Intermediate Index. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $54601025 |
| Total Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $168563 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AA | 4.8% |
| BBB | 24.5% |
| BB | 23.8% |
| B | 4.2% |
| N/R | 42.7% |

---

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)

---

| | |
|:---|:---|
| Madison County Capital Resource Corp., 5.500%, due 09/01/22 | 5.2% |
| Colorado Health Facilities Authority, 3.500%, due 05/15/30 | 4.6% |
| Washington State Housing Finance Commission, 2.500%, due 07/01/28 | 4.0% |
| Public Finance Authority, 5.750%, due 06/30/60 | 3.8% |
| Capital Trust Agency, Inc., 6.000%, due 05/01/43 | 3.7% |
| Kansas Independent College Finance Authority, 8.500%, due 05/01/26 | 3.7% |
| Florida Higher Educational Facilities Financing Authority, 5.000%, due 07/01/35 | 3.6% |
| Utah Charter School Finance Authority, 5.625%, due 10/15/48 | 3.6% |
| Florida Local Government Finance Commission, 4.450%, due 11/15/31 | 3.3% |
| Public Finance Authority, 5.375%, due 12/15/32 | 3.3% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Short Duration High Yield Municipal Fund
(AAHMX)

# Class A

# abrdn Short Duration High Yield Municipal Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Class C

#### ACHMX
Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| C | $168 | 1.67% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Custom abrdn Short Duration High Yield Municipal Fund Index (the "Index"), as described within the Fund Performance section, to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to life-care bonds, including bonds of Colorado Health Facilities Authority and Washington State Housing Finance Commission, contributed to performance, as these low-coupon bonds appreciated in value from discounted bonds. Mandatory redemption provisions continued to pare down the bonds at par as these continuing care and retirement facilities receive entrance fees. Tobacco settlement and local general obligation bonds were also positive. In terms of ratings, AAA and B rated bonds aided returns.

**What detracted from performance?**

The Fund's holdings in other revenue bonds detracted from performance. Within this sector, Nevada Department of Business and Industry was unfavorable as cost overruns related to the project put pressure on these bonds. The higher education sector also weighed on returns. Among these holdings, Madison County Capital Resource Corporation detracted as the higher education sector continued to be pressured by heavy primary issuance. Meanwhile, dedicated tax bonds, including those of Platte County Industrial Development Authority in Missouri were also unfavorable. In terms of ratings, non-rated and BBB rated bonds also detracted.

# abrdn Short Duration High Yield Municipal Fund
(ACHMX)

# Class C

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and additional performance benchmarks.

![Growth of 10K Chart](tm2534449d1_tsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with sales load** | **Bloomberg Municipal Bond Index** | **Custom abrdn Short Duration High Yield Municipal Fund Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $9938 | $10040 | $9993 |
| **12/15** | $9992 | $10110 | $10013 |
| **01/16** | $10055 | $10231 | $10108 |
| **02/16** | $10080 | $10247 | $10136 |
| **03/16** | $10157 | $10279 | $10113 |
| **04/16** | $10223 | $10355 | $10154 |
| **05/16** | $10250 | $10383 | $10138 |
| **06/16** | $10337 | $10548 | $10219 |
| **07/16** | $10374 | $10555 | $10247 |
| **08/16** | $10400 | $10569 | $10247 |
| **09/16** | $10405 | $10516 | $10218 |
| **10/16** | $10358 | $10406 | $10186 |
| **11/16** | $10160 | $10018 | $9973 |
| **12/16** | $10173 | $10135 | $10017 |
| **01/17** | $10229 | $10202 | $10088 |
| **02/17** | $10284 | $10273 | $10149 |
| **03/17** | $10308 | $10295 | $10154 |
| **04/17** | $10363 | $10370 | $10212 |
| **05/17** | $10447 | $10535 | $10289 |
| **06/17** | $10460 | $10497 | $10256 |
| **07/17** | $10504 | $10582 | $10315 |
| **08/17** | $10569 | $10662 | $10369 |
| **09/17** | $10584 | $10608 | $10320 |
| **10/17** | $10547 | $10634 | $10315 |
| **11/17** | $10562 | $10577 | $10219 |
| **12/17** | $10597 | $10688 | $10257 |
| **01/18** | $10595 | $10562 | $10240 |
| **02/18** | $10583 | $10530 | $10222 |
| **03/18** | $10590 | $10569 | $10223 |
| **04/18** | $10618 | $10531 | $10189 |
| **05/18** | $10686 | $10652 | $10270 |
| **06/18** | $10723 | $10661 | $10298 |
| **07/18** | $10761 | $10687 | $10336 |
| **08/18** | $10789 | $10714 | $10341 |
| **09/18** | $10765 | $10645 | $10296 |
| **10/18** | $10697 | $10579 | $10277 |
| **11/18** | $10693 | $10697 | $10354 |
| **12/18** | $10730 | $10825 | $10440 |
| **01/19** | $10789 | $10906 | $10521 |
| **02/19** | $10806 | $10965 | $10562 |
| **03/19** | $10906 | $11138 | $10631 |
| **04/19** | $10933 | $11180 | $10638 |
| **05/19** | $11034 | $11334 | $10732 |
| **06/19** | $11062 | $11376 | $10778 |
| **07/19** | $11109 | $11468 | $10856 |
| **08/19** | $11210 | $11649 | $10912 |
| **09/19** | $11182 | $11555 | $10847 |
| **10/19** | $11209 | $11576 | $10884 |
| **11/19** | $11235 | $11605 | $10902 |
| **12/19** | $11262 | $11640 | $10934 |
| **01/20** | $11373 | $11849 | $11044 |
| **02/20** | $11443 | $12002 | $11096 |
| **03/20** | $10943 | $11567 | $10880 |
| **04/20** | $10852 | $11422 | $10878 |
| **05/20** | $11014 | $11785 | $11123 |
| **06/20** | $11121 | $11882 | $11152 |
| **07/20** | $11257 | $12082 | $11245 |
| **08/20** | $11258 | $12025 | $11243 |
| **09/20** | $11260 | $12028 | $11253 |
| **10/20** | $11237 | $11992 | $11239 |
| **11/20** | $11360 | $12173 | $11296 |
| **12/20** | $11460 | $12247 | $11326 |
| **01/21** | $11587 | $12325 | $11362 |
| **02/21** | $11501 | $12129 | $11274 |
| **03/21** | $11548 | $12204 | $11307 |
| **04/21** | $11618 | $12306 | $11350 |
| **05/21** | $11698 | $12343 | $11360 |
| **06/21** | $11792 | $12377 | $11367 |
| **07/21** | $11871 | $12480 | $11421 |
| **08/21** | $11847 | $12434 | $11410 |
| **09/21** | $11744 | $12344 | $11362 |
| **10/21** | $11719 | $12308 | $11349 |
| **11/21** | $11798 | $12413 | $11373 |
| **12/21** | $11810 | $12433 | $11380 |
| **01/22** | $11580 | $12093 | $11167 |
| **02/22** | $11480 | $12049 | $11129 |
| **03/22** | $11206 | $11659 | $10934 |
| **04/22** | $10968 | $11336 | $10785 |
| **05/22** | $11030 | $11505 | $10917 |
| **06/22** | $10828 | $11316 | $10881 |
| **07/22** | $11031 | $11615 | $11048 |
| **08/22** | $10840 | $11361 | $10886 |
| **09/22** | $10568 | $10924 | $10650 |
| **10/22** | $10503 | $10834 | $10640 |
| **11/22** | $10694 | $11340 | $10894 |
| **12/22** | $10663 | $11373 | $10926 |
| **01/23** | $10806 | $11700 | $11108 |
| **02/23** | $10660 | $11435 | $10922 |
| **03/23** | $10720 | $11689 | $11102 |
| **04/23** | $10758 | $11662 | $11061 |
| **05/23** | $10715 | $11561 | $10984 |
| **06/23** | $10791 | $11677 | $11047 |
| **07/23** | $10798 | $11723 | $11069 |
| **08/23** | $10637 | $11554 | $11027 |
| **09/23** | $10513 | $11216 | $10873 |
| **10/23** | $10425 | $11120 | $10856 |
| **11/23** | $10633 | $11826 | $11200 |
| **12/23** | $10810 | $12101 | $11354 |
| **01/24** | $10830 | $12039 | $11338 |
| **02/24** | $10816 | $12055 | $11346 |
| **03/24** | $10872 | $12054 | $11337 |
| **04/24** | $10798 | $11905 | $11269 |
| **05/24** | $10820 | $11870 | $11228 |
| **06/24** | $11012 | $12052 | $11340 |
| **07/24** | $11062 | $12162 | $11440 |
| **08/24** | $11102 | $12258 | $11561 |
| **09/24** | $11189 | $12379 | $11636 |
| **10/24** | $11154 | $12198 | $11542 |
| **11/24** | $11265 | $12409 | $11627 |
| **12/24** | $11170 | $12228 | $11568 |
| **01/25** | $11222 | $12290 | $11635 |
| **02/25** | $11350 | $12411 | $11712 |
| **03/25** | $11194 | $12201 | $11654 |
| **04/25** | $11076 | $12103 | $11593 |
| **05/25** | $11029 | $12111 | $11689 |
| **06/25** | $11071 | $12186 | $11787 |
| **07/25** | $11001 | $12161 | $11860 |
| **08/25** | $11069 | $12267 | $11953 |
| **09/25** | $11274 | $12551 | $12048 |
| **10/25** | $11267 | $12707 | $12080 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C without sales load | 1.01% | 0.05% | 1.20% |
| Class C with sales load - 1.00% | 0.03% | 0.05% | 1.20% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Custom abrdn Short Duration High Yield Municipal Fund Index<sup>Footnote Reference1</sup> | 4.66% | 1.45% | 1.91% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the Bloomberg Municipal Bond Inter-Short (1-10 Y) Index, Prior 03/31/2025 S&P Municipal Bond Short Intermediate Index. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $54601025 |
| Total Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $168563 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AA | 4.8% |
| BBB | 24.5% |
| BB | 23.8% |
| B | 4.2% |
| N/R | 42.7% |

---

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)

---

| | |
|:---|:---|
| Madison County Capital Resource Corp., 5.500%, due 09/01/22 | 5.2% |
| Colorado Health Facilities Authority, 3.500%, due 05/15/30 | 4.6% |
| Washington State Housing Finance Commission, 2.500%, due 07/01/28 | 4.0% |
| Public Finance Authority, 5.750%, due 06/30/60 | 3.8% |
| Capital Trust Agency, Inc., 6.000%, due 05/01/43 | 3.7% |
| Kansas Independent College Finance Authority, 8.500%, due 05/01/26 | 3.7% |
| Florida Higher Educational Facilities Financing Authority, 5.000%, due 07/01/35 | 3.6% |
| Utah Charter School Finance Authority, 5.625%, due 10/15/48 | 3.6% |
| Florida Local Government Finance Commission, 4.450%, due 11/15/31 | 3.3% |
| Public Finance Authority, 5.375%, due 12/15/32 | 3.3% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Short Duration High Yield Municipal Fund
(ACHMX)

# Class C

# abrdn Short Duration High Yield Municipal Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Institutional Class

#### AHYMX
Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| Institutional | $68 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Custom abrdn Short Duration High Yield Municipal Fund Index (the "Index"), as described within the Fund Performance section, to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to life-care bonds, including bonds of Colorado Health Facilities Authority and Washington State Housing Finance Commission, contributed to performance, as these low-coupon bonds appreciated in value from discounted bonds. Mandatory redemption provisions continued to pare down the bonds at par as these continuing care and retirement facilities receive entrance fees. Tobacco settlement and local general obligation bonds were also positive. In terms of ratings, AAA and B rated bonds aided returns.

**What detracted from performance?**

The Fund's holdings in other revenue bonds detracted from performance. Within this sector, Nevada Department of Business and Industry was unfavorable as cost overruns related to the project put pressure on these bonds. The higher education sector also weighed on returns. Among these holdings, Madison County Capital Resource Corporation detracted as the higher education sector continued to be pressured by heavy primary issuance. Meanwhile, dedicated tax bonds, including those of Platte County Industrial Development Authority in Missouri were also unfavorable. In terms of ratings, non-rated and BBB rated bonds also detracted.

# abrdn Short Duration High Yield Municipal Fund
(AHYMX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and additional performance benchmarks.

![Growth of 10K Chart](tm2534449d1_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Custom abrdn Short Duration High Yield Municipal Fund Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $994040 | $1003976 | $999263 |
| **12/15** | $999642 | $1011029 | $1001266 |
| **01/16** | $1006094 | $1023093 | $1010761 |
| **02/16** | $1008853 | $1024702 | $1013579 |
| **03/16** | $1016708 | $1027948 | $1011350 |
| **04/16** | $1023495 | $1035506 | $1015404 |
| **05/16** | $1026419 | $1038307 | $1013765 |
| **06/16** | $1035355 | $1054825 | $1021939 |
| **07/16** | $1039307 | $1055469 | $1024671 |
| **08/16** | $1043162 | $1056893 | $1024721 |
| **09/16** | $1042818 | $1051618 | $1021759 |
| **10/16** | $1038422 | $1040586 | $1018637 |
| **11/16** | $1018802 | $1001777 | $997266 |
| **12/16** | $1020306 | $1013538 | $1001738 |
| **01/17** | $1026112 | $1020220 | $1008815 |
| **02/17** | $1031874 | $1027304 | $1014887 |
| **03/17** | $1035498 | $1029534 | $1015364 |
| **04/17** | $1041232 | $1037004 | $1021180 |
| **05/17** | $1048838 | $1053462 | $1028878 |
| **06/17** | $1050409 | $1049684 | $1025624 |
| **07/17** | $1055042 | $1058177 | $1031532 |
| **08/17** | $1061821 | $1066229 | $1036934 |
| **09/17** | $1063494 | $1060808 | $1032010 |
| **10/17** | $1060042 | $1063398 | $1031481 |
| **11/17** | $1061710 | $1057704 | $1021938 |
| **12/17** | $1065547 | $1068759 | $1025726 |
| **01/18** | $1065495 | $1056177 | $1023996 |
| **02/18** | $1064502 | $1053021 | $1022235 |
| **03/18** | $1065445 | $1056907 | $1022324 |
| **04/18** | $1068468 | $1053136 | $1018888 |
| **05/18** | $1075529 | $1065195 | $1027027 |
| **06/18** | $1079490 | $1066104 | $1029815 |
| **07/18** | $1083521 | $1068691 | $1033582 |
| **08/18** | $1086526 | $1071436 | $1034082 |
| **09/18** | $1084270 | $1064499 | $1029595 |
| **10/18** | $1077700 | $1057944 | $1027694 |
| **11/18** | $1077466 | $1069654 | $1035366 |
| **12/18** | $1081487 | $1082461 | $1043969 |
| **01/19** | $1087640 | $1090644 | $1052115 |
| **02/19** | $1089504 | $1096483 | $1056185 |
| **03/19** | $1099876 | $1113816 | $1063136 |
| **04/19** | $1102846 | $1118002 | $1063760 |
| **05/19** | $1113333 | $1133415 | $1073249 |
| **06/19** | $1116303 | $1137600 | $1077815 |
| **07/19** | $1121322 | $1146768 | $1085631 |
| **08/19** | $1131797 | $1164857 | $1091225 |
| **09/19** | $1129175 | $1155520 | $1084745 |
| **10/19** | $1132096 | $1157590 | $1088440 |
| **11/19** | $1135021 | $1160485 | $1090214 |
| **12/19** | $1137925 | $1164028 | $1093395 |
| **01/20** | $1149459 | $1184942 | $1104449 |
| **02/20** | $1156677 | $1200222 | $1109628 |
| **03/20** | $1106375 | $1156687 | $1088033 |
| **04/20** | $1097477 | $1142170 | $1087790 |
| **05/20** | $1115206 | $1178504 | $1112270 |
| **06/20** | $1125133 | $1188204 | $1115238 |
| **07/20** | $1139143 | $1208216 | $1124454 |
| **08/20** | $1139512 | $1202547 | $1124278 |
| **09/20** | $1139900 | $1202802 | $1125319 |
| **10/20** | $1137862 | $1199189 | $1123945 |
| **11/20** | $1150574 | $1217286 | $1129556 |
| **12/20** | $1161132 | $1224701 | $1132622 |
| **01/21** | $1175088 | $1232505 | $1136153 |
| **02/21** | $1167376 | $1212923 | $1127422 |
| **03/21** | $1173238 | $1220403 | $1130702 |
| **04/21** | $1181420 | $1230639 | $1134959 |
| **05/21** | $1190619 | $1234311 | $1136034 |
| **06/21** | $1201181 | $1237700 | $1136739 |
| **07/21** | $1210312 | $1247965 | $1142054 |
| **08/21** | $1208998 | $1243385 | $1140994 |
| **09/21** | $1199475 | $1234412 | $1136195 |
| **10/21** | $1196785 | $1230803 | $1134905 |
| **11/21** | $1205876 | $1241281 | $1137315 |
| **12/21** | $1208097 | $1243283 | $1137996 |
| **01/22** | $1185629 | $1209251 | $1116675 |
| **02/22** | $1177383 | $1204918 | $1112942 |
| **03/22** | $1149084 | $1165859 | $1093380 |
| **04/22** | $1126840 | $1133612 | $1078485 |
| **05/22** | $1132885 | $1150451 | $1091703 |
| **06/22** | $1114230 | $1131609 | $1088051 |
| **07/22** | $1134886 | $1161508 | $1104823 |
| **08/22** | $1116222 | $1136052 | $1088649 |
| **09/22** | $1090226 | $1092449 | $1064961 |
| **10/22** | $1083328 | $1083364 | $1063985 |
| **11/22** | $1105074 | $1134037 | $1089415 |
| **12/22** | $1102833 | $1137284 | $1092576 |
| **01/23** | $1117380 | $1169952 | $1110788 |
| **02/23** | $1104266 | $1143497 | $1092192 |
| **03/23** | $1110294 | $1168869 | $1110249 |
| **04/23** | $1115145 | $1166198 | $1106137 |
| **05/23** | $1112790 | $1156092 | $1098418 |
| **06/23** | $1121627 | $1167673 | $1104715 |
| **07/23** | $1123245 | $1172293 | $1106865 |
| **08/23** | $1106306 | $1155416 | $1102653 |
| **09/23** | $1095539 | $1121552 | $1087251 |
| **10/23** | $1086064 | $1112008 | $1085584 |
| **11/23** | $1109879 | $1182600 | $1119990 |
| **12/23** | $1128029 | $1210086 | $1135384 |
| **01/24** | $1131124 | $1203905 | $1133763 |
| **02/24** | $1130520 | $1205452 | $1134599 |
| **03/24** | $1137394 | $1205414 | $1133747 |
| **04/24** | $1130670 | $1190485 | $1126935 |
| **05/24** | $1133900 | $1186993 | $1122832 |
| **06/24** | $1154990 | $1205187 | $1134023 |
| **07/24** | $1161254 | $1216172 | $1144014 |
| **08/24** | $1167628 | $1225763 | $1156085 |
| **09/24** | $1176554 | $1237878 | $1163556 |
| **10/24** | $1173903 | $1219828 | $1154154 |
| **11/24** | $1186479 | $1240900 | $1162652 |
| **12/24** | $1177474 | $1222834 | $1156787 |
| **01/25** | $1184013 | $1228963 | $1163453 |
| **02/25** | $1199698 | $1241148 | $1171204 |
| **03/25** | $1182964 | $1220114 | $1165419 |
| **04/25** | $1172685 | $1210284 | $1159308 |
| **05/25** | $1167418 | $1211061 | $1168855 |
| **06/25** | $1173993 | $1218601 | $1178700 |
| **07/25** | $1167560 | $1216139 | $1185987 |
| **08/25** | $1174372 | $1226709 | $1195336 |
| **09/25** | $1197154 | $1255118 | $1204777 |
| **10/25** | $1197516 | $1270685 | $1207972 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.01% | 1.03% | 1.82% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Custom abrdn Short Duration High Yield Municipal Fund Index<sup>Footnote Reference1</sup> | 4.66% | 1.45% | 1.91% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the Bloomberg Municipal Bond Inter-Short (1-10 Y) Index, Prior 03/31/2025 S&P Municipal Bond Short Intermediate Index. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $54601025 |
| Total Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $168563 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AA | 4.8% |
| BBB | 24.5% |
| BB | 23.8% |
| B | 4.2% |
| N/R | 42.7% |

---

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)

---

| | |
|:---|:---|
| Madison County Capital Resource Corp., 5.500%, due 09/01/22 | 5.2% |
| Colorado Health Facilities Authority, 3.500%, due 05/15/30 | 4.6% |
| Washington State Housing Finance Commission, 2.500%, due 07/01/28 | 4.0% |
| Public Finance Authority, 5.750%, due 06/30/60 | 3.8% |
| Capital Trust Agency, Inc., 6.000%, due 05/01/43 | 3.7% |
| Kansas Independent College Finance Authority, 8.500%, due 05/01/26 | 3.7% |
| Florida Higher Educational Facilities Financing Authority, 5.000%, due 07/01/35 | 3.6% |
| Utah Charter School Finance Authority, 5.625%, due 10/15/48 | 3.6% |
| Florida Local Government Finance Commission, 4.450%, due 11/15/31 | 3.3% |
| Public Finance Authority, 5.375%, due 12/15/32 | 3.3% |

---

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Short Duration High Yield Municipal Fund
(AHYMX)

# Institutional Class

# abrdn U.S. Small Cap Equity Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class A

#### GSXAX
Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| A | $145 | 1.36% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Russell 2000 Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

Corcept Therapeutics contributed to the Fund's outperformance in the healthcare sector, as its shares gained after the company's key drug achieved positive study results for the treatment of a new condition, significantly increasing its addressable market. Ligand Pharmaceuticals also added to the healthcare sector's returns as the company's shares outperformed after strong momentum in its royalty portfolio and a series of positive developments, collectively reinforcing the scalability and resilience of its royalty-driven business model. Meanwhile, the Fund's exposure to non-benchmark stock Aritzia led the consumer discretionary sector's outperformance relative to the benchmark, as strong underlying demand trends and effective tariff mitigation efforts resulted in better-than-expected earnings and an improved outlook for the retailer.

**What detracted from performance?**

The Fund's exposure to the information technology sector particularly detracted from performance. Within this sector, Q2 Holdings Inc's, shares declined as investor sentiment weakened, reflecting heightened credit risk concerns across the banking sector that weighed on technology providers. The stock's performance was further pressured by increased customer churn, despite the company's otherwise robust financial performance. Vertex's shares underperformed as heightened customer caution slowed the pace of enterprise-resource-planning cloud migrations, putting pressure on both the company's results and forward guidance. Elsewhere, SM Energy's shares underperformed as oil prices trended lower during the review period.

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

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and additional performance benchmarks.

![Growth of 10K Chart](tm2534449d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with sales load** | **Russell 3000 Index** | **Russell 2000 Index** |
| **10/15** | $9426 | $10000 | $10000 |
| **11/15** | $9777 | $10055 | $10325 |
| **12/15** | $9483 | $9849 | $9807 |
| **01/16** | $9186 | $9293 | $8945 |
| **02/16** | $9203 | $9290 | $8944 |
| **03/16** | $9851 | $9944 | $9658 |
| **04/16** | $9958 | $10006 | $9810 |
| **05/16** | $10287 | $10185 | $10030 |
| **06/16** | $10397 | $10206 | $10024 |
| **07/16** | $10602 | $10611 | $10623 |
| **08/16** | $10666 | $10638 | $10811 |
| **09/16** | $10559 | $10655 | $10931 |
| **10/16** | $10166 | $10424 | $10411 |
| **11/16** | $11204 | $10891 | $11572 |
| **12/16** | $11689 | $11103 | $11897 |
| **01/17** | $11473 | $11312 | $11943 |
| **02/17** | $11597 | $11733 | $12174 |
| **03/17** | $11402 | $11741 | $12190 |
| **04/17** | $11576 | $11865 | $12324 |
| **05/17** | $11427 | $11987 | $12073 |
| **06/17** | $11856 | $12095 | $12490 |
| **07/17** | $11831 | $12323 | $12583 |
| **08/17** | $11689 | $12347 | $12423 |
| **09/17** | $12546 | $12648 | $13198 |
| **10/17** | $12610 | $12924 | $13311 |
| **11/17** | $13013 | $13316 | $13694 |
| **12/17** | $12978 | $13450 | $13639 |
| **01/18** | $13123 | $14158 | $13995 |
| **02/18** | $12288 | $13637 | $13454 |
| **03/18** | $12341 | $13363 | $13628 |
| **04/18** | $12401 | $13414 | $13745 |
| **05/18** | $12911 | $13792 | $14580 |
| **06/18** | $12939 | $13883 | $14684 |
| **07/18** | $13332 | $14343 | $14940 |
| **08/18** | $13970 | $14847 | $15584 |
| **09/18** | $13754 | $14871 | $15209 |
| **10/18** | $12532 | $13776 | $13557 |
| **11/18** | $12808 | $14052 | $13773 |
| **12/18** | $11243 | $12745 | $12137 |
| **01/19** | $12485 | $13838 | $13502 |
| **02/19** | $13137 | $14325 | $14204 |
| **03/19** | $12914 | $14534 | $13907 |
| **04/19** | $13525 | $15115 | $14379 |
| **05/19** | $12190 | $14137 | $13261 |
| **06/19** | $13060 | $15130 | $14198 |
| **07/19** | $13193 | $15354 | $14280 |
| **08/19** | $12983 | $15041 | $13575 |
| **09/19** | $13202 | $15305 | $13857 |
| **10/19** | $13428 | $15635 | $14222 |
| **11/19** | $13869 | $16229 | $14808 |
| **12/19** | $14022 | $16698 | $15235 |
| **01/20** | $13935 | $16680 | $14746 |
| **02/20** | $12836 | $15314 | $13505 |
| **03/20** | $10690 | $13208 | $10571 |
| **04/20** | $12321 | $14957 | $12023 |
| **05/20** | $13586 | $15757 | $12805 |
| **06/20** | $13822 | $16117 | $13258 |
| **07/20** | $14611 | $17033 | $13625 |
| **08/20** | $15352 | $18266 | $14392 |
| **09/20** | $14515 | $17601 | $13911 |
| **10/20** | $14633 | $17222 | $14203 |
| **11/20** | $16460 | $19317 | $16821 |
| **12/20** | $17801 | $20186 | $18276 |
| **01/21** | $17935 | $20096 | $19195 |
| **02/21** | $19163 | $20724 | $20392 |
| **03/21** | $19612 | $21467 | $20597 |
| **04/21** | $20432 | $22573 | $21029 |
| **05/21** | $20321 | $22676 | $21072 |
| **06/21** | $20539 | $23236 | $21481 |
| **07/21** | $21192 | $23628 | $20705 |
| **08/21** | $22211 | $24302 | $21168 |
| **09/21** | $21474 | $23212 | $20544 |
| **10/21** | $22961 | $24782 | $21418 |
| **11/21** | $22887 | $24404 | $20525 |
| **12/21** | $23252 | $25365 | $20984 |
| **01/22** | $20453 | $23873 | $18964 |
| **02/22** | $20042 | $23272 | $19166 |
| **03/22** | $19908 | $24027 | $19405 |
| **04/22** | $17915 | $21870 | $17482 |
| **05/22** | $17962 | $21841 | $17508 |
| **06/22** | $16710 | $20014 | $16068 |
| **07/22** | $18182 | $21891 | $17746 |
| **08/22** | $17498 | $21074 | $17383 |
| **09/22** | $16044 | $19120 | $15717 |
| **10/22** | $17492 | $20688 | $17447 |
| **11/22** | $18228 | $21768 | $17854 |
| **12/22** | $17169 | $20493 | $16696 |
| **01/23** | $18993 | $21905 | $18323 |
| **02/23** | $18668 | $21393 | $18013 |
| **03/23** | $18201 | $21965 | $17153 |
| **04/23** | $18010 | $22199 | $16844 |
| **05/23** | $17452 | $22285 | $16689 |
| **06/23** | $18821 | $23807 | $18046 |
| **07/23** | $19079 | $24661 | $19149 |
| **08/23** | $18477 | $24185 | $18191 |
| **09/23** | $17353 | $23033 | $17120 |
| **10/23** | $15831 | $22422 | $15953 |
| **11/23** | $17427 | $24513 | $17396 |
| **12/23** | $19061 | $25813 | $19522 |
| **01/24** | $18710 | $26099 | $18763 |
| **02/24** | $19423 | $27512 | $19824 |
| **03/24** | $19939 | $28399 | $20533 |
| **04/24** | $18625 | $27150 | $19088 |
| **05/24** | $19472 | $28432 | $20046 |
| **06/24** | $19570 | $29313 | $19860 |
| **07/24** | $21032 | $29857 | $21878 |
| **08/24** | $20725 | $30507 | $21551 |
| **09/24** | $20927 | $31138 | $21702 |
| **10/24** | $20860 | $30910 | $21388 |
| **11/24** | $23537 | $32966 | $23735 |
| **12/24** | $22045 | $31958 | $21774 |
| **01/25** | $23807 | $32967 | $22345 |
| **02/25** | $22229 | $32336 | $21150 |
| **03/25** | $21222 | $30449 | $19710 |
| **04/25** | $20755 | $30245 | $19255 |
| **05/25** | $22217 | $32162 | $20283 |
| **06/25** | $22696 | $33796 | $21386 |
| **07/25** | $22745 | $34540 | $21757 |
| **08/25** | $24053 | $35340 | $23311 |
| **09/25** | $23862 | $36559 | $24036 |
| **10/25** | $23512 | $37343 | $24471 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 12.72% | 9.95% | 9.57% |
| Class A with sales load - 5.75% | 6.24% | 8.65% | 8.93% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |
| Russell 2000 Index | 14.41% | 11.50% | 9.36% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $342818033 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $2269403 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Financials | 20.7% |
| Industrials | 18.4% |
| Health Care | 17.5% |
| Information Technology | 15.3% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.4% |
| Real Estate | 3.6% |
| Materials | 3.3% |
| Energy | 2.2% |
| Utilities | 1.9% |
| Other | 1.7% |

---

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

---

| | |
|:---|:---|
| Ligand Pharmaceuticals, Inc. | 3.4% |
| Alphatec Holdings, Inc. | 3.2% |
| Enpro, Inc. | 3.0% |
| Aritzia, Inc. | 3.0% |
| Viavi Solutions, Inc. | 3.0% |
| Boot Barn Holdings, Inc. | 3.0% |
| Wintrust Financial Corp. | 2.8% |
| Materion Corp. | 2.8% |
| Camtek Ltd. | 2.7% |
| REV Group, Inc. | 2.7% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

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

# Class A

# abrdn U.S. Small Cap Equity Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class C

#### GSXCX
Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| C | $209 | 1.97% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Russell 2000 Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

Corcept Therapeutics contributed to the Fund's outperformance in the healthcare sector, as its shares gained after the company's key drug achieved positive study results for the treatment of a new condition, significantly increasing its addressable market. Ligand Pharmaceuticals also added to the healthcare sector's returns as the company's shares outperformed after strong momentum in its royalty portfolio and a series of positive developments, collectively reinforcing the scalability and resilience of its royalty-driven business model. Meanwhile, the Fund's exposure to non-benchmark stock Aritzia led the consumer discretionary sector's outperformance relative to the benchmark, as strong underlying demand trends and effective tariff mitigation efforts resulted in better-than-expected earnings and an improved outlook for the retailer.

**What detracted from performance?**

The Fund's exposure to the information technology sector particularly detracted from performance. Within this sector, Q2 Holdings Inc's, shares declined as investor sentiment weakened, reflecting heightened credit risk concerns across the banking sector that weighed on technology providers. The stock's performance was further pressured by increased customer churn, despite the company's otherwise robust financial performance. Vertex's shares underperformed as heightened customer caution slowed the pace of enterprise-resource-planning cloud migrations, putting pressure on both the company's results and forward guidance. Elsewhere, SM Energy's shares underperformed as oil prices trended lower during the review period.

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

# Class C

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and additional performance benchmarks.

![Growth of 10K Chart](tm2534449d1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with sales load** | **Russell 3000 Index** | **Russell 2000 Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10362 | $10055 | $10325 |
| **12/15** | $10047 | $9849 | $9807 |
| **01/16** | $9723 | $9293 | $8945 |
| **02/16** | $9740 | $9290 | $8944 |
| **03/16** | $10418 | $9944 | $9658 |
| **04/16** | $10524 | $10006 | $9810 |
| **05/16** | $10865 | $10185 | $10030 |
| **06/16** | $10976 | $10206 | $10024 |
| **07/16** | $11185 | $10611 | $10623 |
| **08/16** | $11249 | $10638 | $10811 |
| **09/16** | $11130 | $10655 | $10931 |
| **10/16** | $10708 | $10424 | $10411 |
| **11/16** | $11795 | $10891 | $11572 |
| **12/16** | $12298 | $11103 | $11897 |
| **01/17** | $12063 | $11312 | $11943 |
| **02/17** | $12187 | $11733 | $12174 |
| **03/17** | $11974 | $11741 | $12190 |
| **04/17** | $12148 | $11865 | $12324 |
| **05/17** | $11982 | $11987 | $12073 |
| **06/17** | $12430 | $12095 | $12490 |
| **07/17** | $12396 | $12323 | $12583 |
| **08/17** | $12238 | $12347 | $12423 |
| **09/17** | $13124 | $12648 | $13198 |
| **10/17** | $13188 | $12924 | $13311 |
| **11/17** | $13602 | $13316 | $13694 |
| **12/17** | $13559 | $13450 | $13639 |
| **01/18** | $13700 | $14158 | $13995 |
| **02/18** | $12822 | $13637 | $13454 |
| **03/18** | $12869 | $13363 | $13628 |
| **04/18** | $12924 | $13414 | $13745 |
| **05/18** | $13444 | $13792 | $14580 |
| **06/18** | $13470 | $13883 | $14684 |
| **07/18** | $13870 | $14343 | $14940 |
| **08/18** | $14523 | $14847 | $15584 |
| **09/18** | $14288 | $14871 | $15209 |
| **10/18** | $13014 | $13776 | $13557 |
| **11/18** | $13291 | $14052 | $13773 |
| **12/18** | $11661 | $12745 | $12137 |
| **01/19** | $12941 | $13838 | $13502 |
| **02/19** | $13609 | $14325 | $14204 |
| **03/19** | $13370 | $14534 | $13907 |
| **04/19** | $13993 | $15115 | $14379 |
| **05/19** | $12607 | $14137 | $13261 |
| **06/19** | $13494 | $15130 | $14198 |
| **07/19** | $13629 | $15354 | $14280 |
| **08/19** | $13400 | $15041 | $13575 |
| **09/19** | $13624 | $15305 | $13857 |
| **10/19** | $13848 | $15635 | $14222 |
| **11/19** | $14297 | $16229 | $14808 |
| **12/19** | $14445 | $16698 | $15235 |
| **01/20** | $14347 | $16680 | $14746 |
| **02/20** | $13207 | $15314 | $13505 |
| **03/20** | $10992 | $13208 | $10571 |
| **04/20** | $12667 | $14957 | $12023 |
| **05/20** | $13960 | $15757 | $12805 |
| **06/20** | $14194 | $16117 | $13258 |
| **07/20** | $14996 | $17033 | $13625 |
| **08/20** | $15749 | $18266 | $14392 |
| **09/20** | $14882 | $17601 | $13911 |
| **10/20** | $14991 | $17222 | $14203 |
| **11/20** | $16856 | $19317 | $16821 |
| **12/20** | $18223 | $20186 | $18276 |
| **01/21** | $18346 | $20096 | $19195 |
| **02/21** | $19597 | $20724 | $20392 |
| **03/21** | $20044 | $21467 | $20597 |
| **04/21** | $20872 | $22573 | $21029 |
| **05/21** | $20743 | $22676 | $21072 |
| **06/21** | $20954 | $23236 | $21481 |
| **07/21** | $21612 | $23628 | $20705 |
| **08/21** | $22634 | $24302 | $21168 |
| **09/21** | $21876 | $23212 | $20544 |
| **10/21** | $23374 | $24782 | $21418 |
| **11/21** | $23292 | $24404 | $20525 |
| **12/21** | $23649 | $25365 | $20984 |
| **01/22** | $20782 | $23873 | $18964 |
| **02/22** | $20359 | $23272 | $19166 |
| **03/22** | $20210 | $24027 | $19405 |
| **04/22** | $18173 | $21870 | $17482 |
| **05/22** | $18213 | $21841 | $17508 |
| **06/22** | $16936 | $20014 | $16068 |
| **07/22** | $18416 | $21891 | $17746 |
| **08/22** | $17719 | $21074 | $17383 |
| **09/22** | $16239 | $19120 | $15717 |
| **10/22** | $17696 | $20688 | $17447 |
| **11/22** | $18432 | $21768 | $17854 |
| **12/22** | $17352 | $20493 | $16696 |
| **01/23** | $19182 | $21905 | $18323 |
| **02/23** | $18844 | $21393 | $18013 |
| **03/23** | $18369 | $21965 | $17153 |
| **04/23** | $18166 | $22199 | $16844 |
| **05/23** | $17590 | $22285 | $16689 |
| **06/23** | $18962 | $23807 | $18046 |
| **07/23** | $19208 | $24661 | $19149 |
| **08/23** | $18598 | $24185 | $18191 |
| **09/23** | $17454 | $23033 | $17120 |
| **10/23** | $15912 | $22422 | $15953 |
| **11/23** | $17513 | $24513 | $17396 |
| **12/23** | $19149 | $25813 | $19522 |
| **01/24** | $18784 | $26099 | $18763 |
| **02/24** | $19487 | $27512 | $19824 |
| **03/24** | $19996 | $28399 | $20533 |
| **04/24** | $18674 | $27150 | $19088 |
| **05/24** | $19513 | $28432 | $20046 |
| **06/24** | $19598 | $29313 | $19860 |
| **07/24** | $21055 | $29857 | $21878 |
| **08/24** | $20733 | $30507 | $21551 |
| **09/24** | $20928 | $31138 | $21702 |
| **10/24** | $20843 | $30910 | $21388 |
| **11/24** | $23512 | $32966 | $23735 |
| **12/24** | $22012 | $31958 | $21774 |
| **01/25** | $23758 | $32967 | $22345 |
| **02/25** | $22173 | $32336 | $21150 |
| **03/25** | $21157 | $30449 | $19710 |
| **04/25** | $20682 | $30245 | $19255 |
| **05/25** | $22123 | $32162 | $20283 |
| **06/25** | $22597 | $33796 | $21386 |
| **07/25** | $22631 | $34540 | $21757 |
| **08/25** | $23919 | $35340 | $23311 |
| **09/25** | $23715 | $36559 | $24036 |
| **10/25** | $23351 | $37343 | $24471 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C without sales load | 12.03% | 9.28% | 8.85% |
| Class C with sales load - 1.00% | 11.03% | 9.28% | 8.85% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |
| Russell 2000 Index | 14.41% | 11.50% | 9.36% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $342818033 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $2269403 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Financials | 20.7% |
| Industrials | 18.4% |
| Health Care | 17.5% |
| Information Technology | 15.3% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.4% |
| Real Estate | 3.6% |
| Materials | 3.3% |
| Energy | 2.2% |
| Utilities | 1.9% |
| Other | 1.7% |

---

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

---

| | |
|:---|:---|
| Ligand Pharmaceuticals, Inc. | 3.4% |
| Alphatec Holdings, Inc. | 3.2% |
| Enpro, Inc. | 3.0% |
| Aritzia, Inc. | 3.0% |
| Viavi Solutions, Inc. | 3.0% |
| Boot Barn Holdings, Inc. | 3.0% |
| Wintrust Financial Corp. | 2.8% |
| Materion Corp. | 2.8% |
| Camtek Ltd. | 2.7% |
| REV Group, Inc. | 2.7% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

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

# Class C

# abrdn U.S. Small Cap Equity Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class R

#### GNSRX
Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| R | $171 | 1.61% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Russell 2000 Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

Corcept Therapeutics contributed to the Fund's outperformance in the healthcare sector, as its shares gained after the company's key drug achieved positive study results for the treatment of a new condition, significantly increasing its addressable market. Ligand Pharmaceuticals also added to the healthcare sector's returns as the company's shares outperformed after strong momentum in its royalty portfolio and a series of positive developments, collectively reinforcing the scalability and resilience of its royalty-driven business model. Meanwhile, the Fund's exposure to non-benchmark stock Aritzia led the consumer discretionary sector's outperformance relative to the benchmark, as strong underlying demand trends and effective tariff mitigation efforts resulted in better-than-expected earnings and an improved outlook for the retailer.

**What detracted from performance?**

The Fund's exposure to the information technology sector particularly detracted from performance. Within this sector, Q2 Holdings Inc's, shares declined as investor sentiment weakened, reflecting heightened credit risk concerns across the banking sector that weighed on technology providers. The stock's performance was further pressured by increased customer churn, despite the company's otherwise robust financial performance. Vertex's shares underperformed as heightened customer caution slowed the pace of enterprise-resource-planning cloud migrations, putting pressure on both the company's results and forward guidance. Elsewhere, SM Energy's shares underperformed as oil prices trended lower during the review period.

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

# Class R

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and additional performance benchmarks.

![Growth of 10K Chart](tm2534449d1_tsrimg036.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000 Index** | **Russell 2000 Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10367 | $10055 | $10325 |
| **12/15** | $10056 | $9849 | $9807 |
| **01/16** | $9738 | $9293 | $8945 |
| **02/16** | $9758 | $9290 | $8944 |
| **03/16** | $10440 | $9944 | $9658 |
| **04/16** | $10553 | $10006 | $9810 |
| **05/16** | $10900 | $10185 | $10030 |
| **06/16** | $11013 | $10206 | $10024 |
| **07/16** | $11227 | $10611 | $10623 |
| **08/16** | $11287 | $10638 | $10811 |
| **09/16** | $11174 | $10655 | $10931 |
| **10/16** | $10759 | $10424 | $10411 |
| **11/16** | $11856 | $10891 | $11572 |
| **12/16** | $12369 | $11103 | $11897 |
| **01/17** | $12135 | $11312 | $11943 |
| **02/17** | $12264 | $11733 | $12174 |
| **03/17** | $12054 | $11741 | $12190 |
| **04/17** | $12232 | $11865 | $12324 |
| **05/17** | $12070 | $11987 | $12073 |
| **06/17** | $12522 | $12095 | $12490 |
| **07/17** | $12490 | $12323 | $12583 |
| **08/17** | $12337 | $12347 | $12423 |
| **09/17** | $13236 | $12648 | $13198 |
| **10/17** | $13305 | $12924 | $13311 |
| **11/17** | $13725 | $13316 | $13694 |
| **12/17** | $13684 | $13450 | $13639 |
| **01/18** | $13834 | $14158 | $13995 |
| **02/18** | $12950 | $13637 | $13454 |
| **03/18** | $13002 | $13363 | $13628 |
| **04/18** | $13063 | $13414 | $13745 |
| **05/18** | $13592 | $13792 | $14580 |
| **06/18** | $13620 | $13883 | $14684 |
| **07/18** | $14027 | $14343 | $14940 |
| **08/18** | $14689 | $14847 | $15584 |
| **09/18** | $14459 | $14871 | $15209 |
| **10/18** | $13172 | $13776 | $13557 |
| **11/18** | $13458 | $14052 | $13773 |
| **12/18** | $11810 | $12745 | $12137 |
| **01/19** | $13112 | $13838 | $13502 |
| **02/19** | $13794 | $14325 | $14204 |
| **03/19** | $13556 | $14534 | $13907 |
| **04/19** | $14190 | $15115 | $14379 |
| **05/19** | $12790 | $14137 | $13261 |
| **06/19** | $13691 | $15130 | $14198 |
| **07/19** | $13831 | $15354 | $14280 |
| **08/19** | $13607 | $15041 | $13575 |
| **09/19** | $13836 | $15305 | $13857 |
| **10/19** | $14064 | $15635 | $14222 |
| **11/19** | $14526 | $16229 | $14808 |
| **12/19** | $14679 | $16698 | $15235 |
| **01/20** | $14583 | $16680 | $14746 |
| **02/20** | $13432 | $15314 | $13505 |
| **03/20** | $11180 | $13208 | $10571 |
| **04/20** | $12889 | $14957 | $12023 |
| **05/20** | $14202 | $15757 | $12805 |
| **06/20** | $14446 | $16117 | $13258 |
| **07/20** | $15267 | $17033 | $13625 |
| **08/20** | $16033 | $18266 | $14392 |
| **09/20** | $15156 | $17601 | $13911 |
| **10/20** | $15272 | $17222 | $14203 |
| **11/20** | $17179 | $19317 | $16821 |
| **12/20** | $18575 | $20186 | $18276 |
| **01/21** | $18711 | $20096 | $19195 |
| **02/21** | $19985 | $20724 | $20392 |
| **03/21** | $20452 | $21467 | $20597 |
| **04/21** | $21303 | $22573 | $21029 |
| **05/21** | $21184 | $22676 | $21072 |
| **06/21** | $21401 | $23236 | $21481 |
| **07/21** | $22079 | $23628 | $20705 |
| **08/21** | $23131 | $24302 | $21168 |
| **09/21** | $22361 | $23212 | $20544 |
| **10/21** | $23901 | $24782 | $21418 |
| **11/21** | $23820 | $24404 | $20525 |
| **12/21** | $24192 | $25365 | $20984 |
| **01/22** | $21271 | $23873 | $18964 |
| **02/22** | $20844 | $23272 | $19166 |
| **03/22** | $20697 | $24027 | $19405 |
| **04/22** | $18617 | $21870 | $17482 |
| **05/22** | $18666 | $21841 | $17508 |
| **06/22** | $17356 | $20014 | $16068 |
| **07/22** | $18883 | $21891 | $17746 |
| **08/22** | $18168 | $21074 | $17383 |
| **09/22** | $16656 | $19120 | $15717 |
| **10/22** | $18154 | $20688 | $17447 |
| **11/22** | $18911 | $21768 | $17854 |
| **12/22** | $17805 | $20493 | $16696 |
| **01/23** | $19695 | $21905 | $18323 |
| **02/23** | $19350 | $21393 | $18013 |
| **03/23** | $18870 | $21965 | $17153 |
| **04/23** | $18668 | $22199 | $16844 |
| **05/23** | $18083 | $22285 | $16689 |
| **06/23** | $19500 | $23807 | $18046 |
| **07/23** | $19762 | $24661 | $19149 |
| **08/23** | $19132 | $24185 | $18191 |
| **09/23** | $17963 | $23033 | $17120 |
| **10/23** | $16389 | $22422 | $15953 |
| **11/23** | $18038 | $24513 | $17396 |
| **12/23** | $19725 | $25813 | $19522 |
| **01/24** | $19357 | $26099 | $18763 |
| **02/24** | $20092 | $27512 | $19824 |
| **03/24** | $20617 | $28399 | $20533 |
| **04/24** | $19260 | $27150 | $19088 |
| **05/24** | $20130 | $28432 | $20046 |
| **06/24** | $20227 | $29313 | $19860 |
| **07/24** | $21734 | $29857 | $21878 |
| **08/24** | $21412 | $30507 | $21551 |
| **09/24** | $21621 | $31138 | $21702 |
| **10/24** | $21539 | $30910 | $21388 |
| **11/24** | $24305 | $32966 | $23735 |
| **12/24** | $22761 | $31958 | $21774 |
| **01/25** | $24568 | $32967 | $22345 |
| **02/25** | $22933 | $32336 | $21150 |
| **03/25** | $21891 | $30449 | $19710 |
| **04/25** | $21404 | $30245 | $19255 |
| **05/25** | $22903 | $32162 | $20283 |
| **06/25** | $23398 | $33796 | $21386 |
| **07/25** | $23443 | $34540 | $21757 |
| **08/25** | $24793 | $35340 | $23311 |
| **09/25** | $24583 | $36559 | $24036 |
| **10/25** | $24215 | $37343 | $24471 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 12.43% | 9.66% | 9.25% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |
| Russell 2000 Index | 14.41% | 11.50% | 9.36% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $342818033 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $2269403 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Financials | 20.7% |
| Industrials | 18.4% |
| Health Care | 17.5% |
| Information Technology | 15.3% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.4% |
| Real Estate | 3.6% |
| Materials | 3.3% |
| Energy | 2.2% |
| Utilities | 1.9% |
| Other | 1.7% |

---

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

---

| | |
|:---|:---|
| Ligand Pharmaceuticals, Inc. | 3.4% |
| Alphatec Holdings, Inc. | 3.2% |
| Enpro, Inc. | 3.0% |
| Aritzia, Inc. | 3.0% |
| Viavi Solutions, Inc. | 3.0% |
| Boot Barn Holdings, Inc. | 3.0% |
| Wintrust Financial Corp. | 2.8% |
| Materion Corp. | 2.8% |
| Camtek Ltd. | 2.7% |
| REV Group, Inc. | 2.7% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

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

# Class R

# abrdn U.S. Small Cap Equity Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Class

#### GSCIX
Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| Institutional | $102 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Russell 2000 Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

Corcept Therapeutics contributed to the Fund's outperformance in the healthcare sector, as its shares gained after the company's key drug achieved positive study results for the treatment of a new condition, significantly increasing its addressable market. Ligand Pharmaceuticals also added to the healthcare sector's returns as the company's shares outperformed after strong momentum in its royalty portfolio and a series of positive developments, collectively reinforcing the scalability and resilience of its royalty-driven business model. Meanwhile, the Fund's exposure to non-benchmark stock Aritzia led the consumer discretionary sector's outperformance relative to the benchmark, as strong underlying demand trends and effective tariff mitigation efforts resulted in better-than-expected earnings and an improved outlook for the retailer.

**What detracted from performance?**

The Fund's exposure to the information technology sector particularly detracted from performance. Within this sector, Q2 Holdings Inc's, shares declined as investor sentiment weakened, reflecting heightened credit risk concerns across the banking sector that weighed on technology providers. The stock's performance was further pressured by increased customer churn, despite the company's otherwise robust financial performance. Vertex's shares underperformed as heightened customer caution slowed the pace of enterprise-resource-planning cloud migrations, putting pressure on both the company's results and forward guidance. Elsewhere, SM Energy's shares underperformed as oil prices trended lower during the review period.

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

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and additional performance benchmarks.

![Growth of 10K Chart](tm2534449d1_tsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000 Index** | **Russell 2000 Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $1036957 | $1005544 | $1032529 |
| **12/15** | $1006100 | $984904 | $980686 |
| **01/16** | $974883 | $929331 | $894450 |
| **02/16** | $977395 | $929032 | $894410 |
| **03/16** | $1045928 | $994441 | $965794 |
| **04/16** | $1057768 | $1000604 | $980952 |
| **05/16** | $1092931 | $1018505 | $1003047 |
| **06/16** | $1104772 | $1020600 | $1002415 |
| **07/16** | $1127018 | $1061104 | $1062266 |
| **08/16** | $1133836 | $1063811 | $1081051 |
| **09/16** | $1122713 | $1065483 | $1093092 |
| **10/16** | $1081808 | $1042431 | $1041127 |
| **11/16** | $1191963 | $1089082 | $1157225 |
| **12/16** | $1244349 | $1110333 | $1189650 |
| **01/17** | $1221385 | $1131232 | $1194343 |
| **02/17** | $1235020 | $1173304 | $1217392 |
| **03/17** | $1214568 | $1174102 | $1218985 |
| **04/17** | $1232867 | $1186547 | $1232353 |
| **05/17** | $1217438 | $1198690 | $1207282 |
| **06/17** | $1263724 | $1209508 | $1249016 |
| **07/17** | $1261213 | $1232313 | $1258295 |
| **08/17** | $1246502 | $1234688 | $1242287 |
| **09/17** | $1337998 | $1264799 | $1319817 |
| **10/17** | $1345174 | $1292400 | $1331067 |
| **11/17** | $1388949 | $1331643 | $1369428 |
| **12/17** | $1385719 | $1344953 | $1363901 |
| **01/18** | $1401148 | $1415846 | $1399545 |
| **02/18** | $1312522 | $1363659 | $1345353 |
| **03/18** | $1318622 | $1336285 | $1362753 |
| **04/18** | $1325081 | $1341363 | $1374535 |
| **05/18** | $1379620 | $1379230 | $1457970 |
| **06/18** | $1383208 | $1388250 | $1468417 |
| **07/18** | $1425547 | $1434321 | $1494009 |
| **08/18** | $1493721 | $1484691 | $1558416 |
| **09/18** | $1471116 | $1487149 | $1520933 |
| **10/18** | $1340868 | $1377646 | $1355734 |
| **11/18** | $1370649 | $1405238 | $1377284 |
| **12/18** | $1203772 | $1274453 | $1213682 |
| **01/19** | $1336892 | $1383845 | $1350219 |
| **02/19** | $1406912 | $1432513 | $1420414 |
| **03/19** | $1383300 | $1453431 | $1390686 |
| **04/19** | $1449249 | $1511469 | $1437928 |
| **05/19** | $1306767 | $1413659 | $1326096 |
| **06/19** | $1399991 | $1512950 | $1419821 |
| **07/19** | $1415053 | $1535440 | $1427996 |
| **08/19** | $1392256 | $1504139 | $1357490 |
| **09/19** | $1416682 | $1530538 | $1385734 |
| **10/19** | $1441107 | $1563486 | $1422229 |
| **11/19** | $1489144 | $1622917 | $1480775 |
| **12/19** | $1505764 | $1669777 | $1523473 |
| **01/20** | $1496593 | $1667953 | $1474612 |
| **02/20** | $1379119 | $1531392 | $1350476 |
| **03/20** | $1148974 | $1320798 | $1057065 |
| **04/20** | $1324967 | $1495725 | $1202258 |
| **05/20** | $1461219 | $1575714 | $1280494 |
| **06/20** | $1486985 | $1611738 | $1325757 |
| **07/20** | $1572580 | $1703258 | $1362451 |
| **08/20** | $1652497 | $1826649 | $1439217 |
| **09/20** | $1562972 | $1760139 | $1391142 |
| **10/20** | $1576073 | $1722150 | $1420278 |
| **11/20** | $1773465 | $1931655 | $1682070 |
| **12/20** | $1918642 | $2018556 | $1827570 |
| **01/21** | $1933419 | $2009578 | $1919538 |
| **02/21** | $2066408 | $2072392 | $2039173 |
| **03/21** | $2115817 | $2146672 | $2059654 |
| **04/21** | $2204938 | $2257331 | $2102904 |
| **05/21** | $2193394 | $2267636 | $2107240 |
| **06/21** | $2217406 | $2323553 | $2148067 |
| **07/21** | $2288518 | $2362846 | $2070503 |
| **08/21** | $2399342 | $2430229 | $2116816 |
| **09/21** | $2320841 | $2321190 | $2054402 |
| **10/21** | $2481998 | $2478159 | $2141795 |
| **11/21** | $2475072 | $2440439 | $2052547 |
| **12/21** | $2515196 | $2536540 | $2098398 |
| **01/22** | $2212693 | $2387300 | $1896377 |
| **02/22** | $2168507 | $2327165 | $1916621 |
| **03/22** | $2154912 | $2402650 | $1940476 |
| **04/22** | $1939647 | $2187030 | $1748156 |
| **05/22** | $1945312 | $2184098 | $1750798 |
| **06/22** | $1810488 | $2001379 | $1606807 |
| **07/22** | $1970237 | $2189145 | $1774562 |
| **08/22** | $1897161 | $2107447 | $1738250 |
| **09/22** | $1740244 | $1912026 | $1571664 |
| **10/22** | $1897727 | $2068823 | $1744687 |
| **11/22** | $1978168 | $2176808 | $1785439 |
| **12/22** | $1863890 | $2049348 | $1669560 |
| **01/23** | $2062036 | $2190493 | $1832285 |
| **02/23** | $2027421 | $2139295 | $1801336 |
| **03/23** | $1977884 | $2196498 | $1715269 |
| **04/23** | $1958189 | $2219900 | $1684431 |
| **05/23** | $1897909 | $2228537 | $1668871 |
| **06/23** | $2047116 | $2380714 | $1804553 |
| **07/23** | $2075763 | $2466055 | $1914908 |
| **08/23** | $2010709 | $2418451 | $1819108 |
| **09/23** | $1888957 | $2303250 | $1712014 |
| **10/23** | $1724233 | $2242193 | $1595256 |
| **11/23** | $1898506 | $2451274 | $1739642 |
| **12/23** | $2077554 | $2581294 | $1952198 |
| **01/24** | $2039954 | $2609902 | $1876270 |
| **02/24** | $2118735 | $2751177 | $1982357 |
| **03/24** | $2175434 | $2839923 | $2053324 |
| **04/24** | $2032792 | $2714962 | $1908805 |
| **05/24** | $2125897 | $2843236 | $2004565 |
| **06/24** | $2137237 | $2931255 | $1986022 |
| **07/24** | $2297783 | $2985744 | $2187800 |
| **08/24** | $2264958 | $3050740 | $2155119 |
| **09/24** | $2288234 | $3113847 | $2170181 |
| **10/24** | $2281072 | $3090980 | $2138836 |
| **11/24** | $2575307 | $3296605 | $2373453 |
| **12/24** | $2412971 | $3195843 | $2177440 |
| **01/25** | $2605746 | $3296730 | $2234531 |
| **02/25** | $2433860 | $3233552 | $2115007 |
| **03/25** | $2324640 | $3044937 | $1971041 |
| **04/25** | $2273910 | $3024509 | $1925506 |
| **05/25** | $2435053 | $3216220 | $2028329 |
| **06/25** | $2488768 | $3379614 | $2138572 |
| **07/25** | $2494736 | $3454041 | $2175670 |
| **08/25** | $2639765 | $3533974 | $2331115 |
| **09/25** | $2618876 | $3655937 | $2403644 |
| **10/25** | $2581276 | $3734291 | $2447129 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 13.13% | 10.37% | 9.95% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |
| Russell 2000 Index | 14.41% | 11.50% | 9.36% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $342818033 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $2269403 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Financials | 20.7% |
| Industrials | 18.4% |
| Health Care | 17.5% |
| Information Technology | 15.3% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.4% |
| Real Estate | 3.6% |
| Materials | 3.3% |
| Energy | 2.2% |
| Utilities | 1.9% |
| Other | 1.7% |

---

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

---

| | |
|:---|:---|
| Ligand Pharmaceuticals, Inc. | 3.4% |
| Alphatec Holdings, Inc. | 3.2% |
| Enpro, Inc. | 3.0% |
| Aritzia, Inc. | 3.0% |
| Viavi Solutions, Inc. | 3.0% |
| Boot Barn Holdings, Inc. | 3.0% |
| Wintrust Financial Corp. | 2.8% |
| Materion Corp. | 2.8% |
| Camtek Ltd. | 2.7% |
| REV Group, Inc. | 2.7% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

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

# Institutional Class

# abrdn U.S. Small Cap Equity Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Service Class

#### GSXIX
Annual Shareholder Report - October 31, 2025

This 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 October 31, 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 year?
(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** |
| Institutional Service | $120 | 1.13% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Russell 2000 Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

Corcept Therapeutics contributed to the Fund's outperformance in the healthcare sector, as its shares gained after the company's key drug achieved positive study results for the treatment of a new condition, significantly increasing its addressable market. Ligand Pharmaceuticals also added to the healthcare sector's returns as the company's shares outperformed after strong momentum in its royalty portfolio and a series of positive developments, collectively reinforcing the scalability and resilience of its royalty-driven business model. Meanwhile, the Fund's exposure to non-benchmark stock Aritzia led the consumer discretionary sector's outperformance relative to the benchmark, as strong underlying demand trends and effective tariff mitigation efforts resulted in better-than-expected earnings and an improved outlook for the retailer.

**What detracted from performance?**

The Fund's exposure to the information technology sector particularly detracted from performance. Within this sector, Q2 Holdings Inc's, shares declined as investor sentiment weakened, reflecting heightened credit risk concerns across the banking sector that weighed on technology providers. The stock's performance was further pressured by increased customer churn, despite the company's otherwise robust financial performance. Vertex's shares underperformed as heightened customer caution slowed the pace of enterprise-resource-planning cloud migrations, putting pressure on both the company's results and forward guidance. Elsewhere, SM Energy's shares underperformed as oil prices trended lower during the review period.

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

# Institutional Service Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and additional performance benchmarks.

![Growth of 10K Chart](tm2534449d1_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Service Class** | **Russell 3000 Index** | **Russell 2000 Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $1036918 | $1005544 | $1032529 |
| **12/15** | $1006093 | $984904 | $980686 |
| **01/16** | $974552 | $929331 | $894450 |
| **02/16** | $977061 | $929032 | $894410 |
| **03/16** | $1045878 | $994441 | $965794 |
| **04/16** | $1057348 | $1000604 | $980952 |
| **05/16** | $1092832 | $1018505 | $1003047 |
| **06/16** | $1104659 | $1020600 | $1002415 |
| **07/16** | $1126523 | $1061104 | $1062266 |
| **08/16** | $1133692 | $1063811 | $1081051 |
| **09/16** | $1122222 | $1065483 | $1093092 |
| **10/16** | $1081362 | $1042431 | $1041127 |
| **11/16** | $1191756 | $1089082 | $1157225 |
| **12/16** | $1244086 | $1110333 | $1189650 |
| **01/17** | $1221147 | $1131232 | $1194343 |
| **02/17** | $1234767 | $1173304 | $1217392 |
| **03/17** | $1213978 | $1174102 | $1218985 |
| **04/17** | $1232616 | $1186547 | $1232353 |
| **05/17** | $1217204 | $1198690 | $1207282 |
| **06/17** | $1263082 | $1209508 | $1249016 |
| **07/17** | $1260573 | $1232313 | $1258295 |
| **08/17** | $1245878 | $1234688 | $1242287 |
| **09/17** | $1337276 | $1264799 | $1319817 |
| **10/17** | $1344444 | $1292400 | $1331067 |
| **11/17** | $1388172 | $1331643 | $1369428 |
| **12/17** | $1384588 | $1344953 | $1363901 |
| **01/18** | $1400358 | $1415846 | $1399545 |
| **02/18** | $1311470 | $1363659 | $1345353 |
| **03/18** | $1317563 | $1336285 | $1362753 |
| **04/18** | $1324373 | $1341363 | $1374535 |
| **05/18** | $1378853 | $1379230 | $1457970 |
| **06/18** | $1382437 | $1388250 | $1468417 |
| **07/18** | $1424373 | $1434321 | $1494009 |
| **08/18** | $1492832 | $1484691 | $1558416 |
| **09/18** | $1470251 | $1487149 | $1520933 |
| **10/18** | $1340143 | $1377646 | $1355734 |
| **11/18** | $1369534 | $1405238 | $1377284 |
| **12/18** | $1202817 | $1274453 | $1213682 |
| **01/19** | $1335786 | $1383845 | $1350219 |
| **02/19** | $1406133 | $1432513 | $1420414 |
| **03/19** | $1382142 | $1453431 | $1390686 |
| **04/19** | $1448016 | $1511469 | $1437928 |
| **05/19** | $1305695 | $1413659 | $1326096 |
| **06/19** | $1398813 | $1512950 | $1419821 |
| **07/19** | $1413859 | $1535440 | $1427996 |
| **08/19** | $1391494 | $1504139 | $1357490 |
| **09/19** | $1415485 | $1530538 | $1385734 |
| **10/19** | $1439883 | $1563486 | $1422229 |
| **11/19** | $1487459 | $1622917 | $1480775 |
| **12/19** | $1504466 | $1669777 | $1523473 |
| **01/20** | $1495306 | $1667953 | $1474612 |
| **02/20** | $1377967 | $1531392 | $1350476 |
| **03/20** | $1147652 | $1320798 | $1057065 |
| **04/20** | $1323006 | $1495725 | $1202258 |
| **05/20** | $1459101 | $1575714 | $1280494 |
| **06/20** | $1484837 | $1611738 | $1325757 |
| **07/20** | $1569897 | $1703258 | $1362451 |
| **08/20** | $1649722 | $1826649 | $1439217 |
| **09/20** | $1560300 | $1760139 | $1391142 |
| **10/20** | $1572950 | $1722150 | $1420278 |
| **11/20** | $1770114 | $1931655 | $1682070 |
| **12/20** | $1914689 | $2018556 | $1827570 |
| **01/21** | $1929449 | $2009578 | $1919538 |
| **02/21** | $2061831 | $2072392 | $2039173 |
| **03/21** | $2111185 | $2146672 | $2059654 |
| **04/21** | $2199747 | $2257331 | $2102904 |
| **05/21** | $2188216 | $2267636 | $2107240 |
| **06/21** | $2211740 | $2323553 | $2148067 |
| **07/21** | $2282774 | $2362846 | $2070503 |
| **08/21** | $2393015 | $2430229 | $2116816 |
| **09/21** | $2314140 | $2321190 | $2054402 |
| **10/21** | $2474658 | $2478159 | $2141795 |
| **11/21** | $2467278 | $2440439 | $2052547 |
| **12/21** | $2507282 | $2536540 | $2098398 |
| **01/22** | $2205548 | $2387300 | $1896377 |
| **02/22** | $2161392 | $2327165 | $1916621 |
| **03/22** | $2147805 | $2402650 | $1940476 |
| **04/22** | $1932685 | $2187030 | $1748156 |
| **05/22** | $1938346 | $2184098 | $1750798 |
| **06/22** | $1803613 | $2001379 | $1606807 |
| **07/22** | $1962688 | $2189145 | $1774562 |
| **08/22** | $1889661 | $2107447 | $1738250 |
| **09/22** | $1733416 | $1912026 | $1571664 |
| **10/22** | $1889661 | $2068823 | $1744687 |
| **11/22** | $1970048 | $2176808 | $1785439 |
| **12/22** | $1856410 | $2049348 | $1669560 |
| **01/23** | $2053862 | $2190493 | $1832285 |
| **02/23** | $2018667 | $2139295 | $1801336 |
| **03/23** | $1969154 | $2196498 | $1715269 |
| **04/23** | $1948872 | $2219900 | $1684431 |
| **05/23** | $1889219 | $2228537 | $1668871 |
| **06/23** | $2037159 | $2380714 | $1804553 |
| **07/23** | $2065196 | $2466055 | $1914908 |
| **08/23** | $2000771 | $2418451 | $1819108 |
| **09/23** | $1879078 | $2303250 | $1712014 |
| **10/23** | $1714435 | $2242193 | $1595256 |
| **11/23** | $1888026 | $2451274 | $1739642 |
| **12/23** | $2065793 | $2581294 | $1952198 |
| **01/24** | $2028211 | $2609902 | $1876270 |
| **02/24** | $2105760 | $2751177 | $1982357 |
| **03/24** | $2162431 | $2839923 | $2053324 |
| **04/24** | $2020456 | $2714962 | $1908805 |
| **05/24** | $2112919 | $2843236 | $2004565 |
| **06/24** | $2123656 | $2931255 | $1986022 |
| **07/24** | $2282931 | $2985744 | $2187800 |
| **08/24** | $2250121 | $3050740 | $2155119 |
| **09/24** | $2273386 | $3113847 | $2170181 |
| **10/24** | $2266228 | $3090980 | $2138836 |
| **11/24** | $2557932 | $3296605 | $2373453 |
| **12/24** | $2396272 | $3195843 | $2177440 |
| **01/25** | $2587759 | $3296730 | $2234531 |
| **02/25** | $2416554 | $3233552 | $2115007 |
| **03/25** | $2307985 | $3044937 | $1971041 |
| **04/25** | $2257280 | $3024509 | $1925506 |
| **05/25** | $2416554 | $3216220 | $2028329 |
| **06/25** | $2469645 | $3379614 | $2138572 |
| **07/25** | $2475014 | $3454041 | $2175670 |
| **08/25** | $2618779 | $3533974 | $2331115 |
| **09/25** | $2597900 | $3655937 | $2403644 |
| **10/25** | $2560318 | $3734291 | $2447129 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Service Class | 12.98% | 10.23% | 9.86% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |
| Russell 2000 Index | 14.41% | 11.50% | 9.36% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $342818033 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $2269403 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Financials | 20.7% |
| Industrials | 18.4% |
| Health Care | 17.5% |
| Information Technology | 15.3% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.4% |
| Real Estate | 3.6% |
| Materials | 3.3% |
| Energy | 2.2% |
| Utilities | 1.9% |
| Other | 1.7% |

---

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

---

| | |
|:---|:---|
| Ligand Pharmaceuticals, Inc. | 3.4% |
| Alphatec Holdings, Inc. | 3.2% |
| Enpro, Inc. | 3.0% |
| Aritzia, Inc. | 3.0% |
| Viavi Solutions, Inc. | 3.0% |
| Boot Barn Holdings, Inc. | 3.0% |
| Wintrust Financial Corp. | 2.8% |
| Materion Corp. | 2.8% |
| Camtek Ltd. | 2.7% |
| REV Group, Inc. | 2.7% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 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% for all share classes of the 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](tm2534449d1_tsrimg032.jpg)

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

# Institutional Service Class

# abrdn U.S. Sustainable Leaders Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class A

#### GXXAX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn U.S. Sustainable Leaders Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $123 | 1.19% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Russell 3000 Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to the financial sector contributed to performance. Within this sector, our overweight to LPL Financial was especially positive due to good growth in assets under administration and potential benefits from higher interest-rate expectations post the U.S. presidential election. However, the stock gave back some of these gains later in the period after new asset growth was slightly below expectations. American Express also added to returns as its results increased investor confidence in the continuation of revenue growth, particularly with new card launches driving future card-fee growth, and ongoing low credit losses. Elsewhere, Marvell Technology's shares, while volatile, were favorable, with the main positive driver being the company's contract to sell significant amounts of custom artificial intelligence chips to Amazon.

**What detracted from performance?**

The Fund's exposure to the information technology sector was a main detractor from performance. At the stock level, our overweight to Tetra Tech was negative as investors feared that the federal government's cost-cutting initiatives and the downsizing of the United States Agency for International Development (USAID) would affect the company's revenue growth. UnitedHealth Group's shares also underperformed. The company missed its first-quarter earnings and lowered guidance in April. Subsequently, UnitedHealth ousted its CEO and pulled in the previously announced 2025 guidance in May amid a worsening medical-cost trend. However, we believe that much of the effect on profitability could potentially be recovered through better pricing in 2026. Integer Holdings was also unfavorable, as later in the period, the company gave lower-than-expected growth guidance for the coming year, due to product terminations at some of its medical equipment customers.

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

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg004.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales load** | **Russell 3000 Index** |
| **10/15** | $9428 | $10000 |
| **11/15** | $9578 | $10055 |
| **12/15** | $9234 | $9849 |
| **01/16** | $8813 | $9293 |
| **02/16** | $8734 | $9290 |
| **03/16** | $9409 | $9944 |
| **04/16** | $9513 | $10006 |
| **05/16** | $9616 | $10185 |
| **06/16** | $9560 | $10206 |
| **07/16** | $9831 | $10611 |
| **08/16** | $10029 | $10638 |
| **09/16** | $9934 | $10655 |
| **10/16** | $9640 | $10424 |
| **11/16** | $10101 | $10891 |
| **12/16** | $10227 | $11103 |
| **01/17** | $10459 | $11312 |
| **02/17** | $10737 | $11733 |
| **03/17** | $10826 | $11741 |
| **04/17** | $10880 | $11865 |
| **05/17** | $11104 | $11987 |
| **06/17** | $11193 | $12095 |
| **07/17** | $11318 | $12323 |
| **08/17** | $11247 | $12347 |
| **09/17** | $11515 | $12648 |
| **10/17** | $11676 | $12924 |
| **11/17** | $12151 | $13316 |
| **12/17** | $12331 | $13450 |
| **01/18** | $13136 | $14158 |
| **02/18** | $12560 | $13637 |
| **03/18** | $12302 | $13363 |
| **04/18** | $12480 | $13414 |
| **05/18** | $12600 | $13792 |
| **06/18** | $12749 | $13883 |
| **07/18** | $13176 | $14343 |
| **08/18** | $13434 | $14847 |
| **09/18** | $13464 | $14871 |
| **10/18** | $12451 | $13776 |
| **11/18** | $12808 | $14052 |
| **12/18** | $11510 | $12745 |
| **01/19** | $12573 | $13838 |
| **02/19** | $13059 | $14325 |
| **03/19** | $13331 | $14534 |
| **04/19** | $13817 | $15115 |
| **05/19** | $13240 | $14137 |
| **06/19** | $13953 | $15130 |
| **07/19** | $14360 | $15354 |
| **08/19** | $14360 | $15041 |
| **09/19** | $14371 | $15305 |
| **10/19** | $14642 | $15635 |
| **11/19** | $15332 | $16229 |
| **12/19** | $15720 | $16698 |
| **01/20** | $15982 | $16680 |
| **02/20** | $14834 | $15314 |
| **03/20** | $13137 | $13208 |
| **04/20** | $14796 | $14957 |
| **05/20** | $15969 | $15757 |
| **06/20** | $16069 | $16117 |
| **07/20** | $17055 | $17033 |
| **08/20** | $18265 | $18266 |
| **09/20** | $17579 | $17601 |
| **10/20** | $17204 | $17222 |
| **11/20** | $18963 | $19317 |
| **12/20** | $19741 | $20186 |
| **01/21** | $19362 | $20096 |
| **02/21** | $19474 | $20724 |
| **03/21** | $20260 | $21467 |
| **04/21** | $21482 | $22573 |
| **05/21** | $21299 | $22676 |
| **06/21** | $21805 | $23236 |
| **07/21** | $22801 | $23628 |
| **08/21** | $23546 | $24302 |
| **09/21** | $22661 | $23212 |
| **10/21** | $24318 | $24782 |
| **11/21** | $23953 | $24404 |
| **12/21** | $24625 | $25365 |
| **01/22** | $21993 | $23873 |
| **02/22** | $21410 | $23272 |
| **03/22** | $21711 | $24027 |
| **04/22** | $19850 | $21870 |
| **05/22** | $19700 | $21841 |
| **06/22** | $17970 | $20014 |
| **07/22** | $19756 | $21891 |
| **08/22** | $18553 | $21074 |
| **09/22** | $16542 | $19120 |
| **10/22** | $17632 | $20688 |
| **11/22** | $18835 | $21768 |
| **12/22** | $18048 | $20493 |
| **01/23** | $19275 | $21905 |
| **02/23** | $18784 | $21393 |
| **03/23** | $18633 | $21965 |
| **04/23** | $18897 | $22199 |
| **05/23** | $18614 | $22285 |
| **06/23** | $19917 | $23807 |
| **07/23** | $20237 | $24661 |
| **08/23** | $19822 | $24185 |
| **09/23** | $18822 | $23033 |
| **10/23** | $18161 | $22422 |
| **11/23** | $19784 | $24513 |
| **12/23** | $20731 | $25813 |
| **01/24** | $21317 | $26099 |
| **02/24** | $22508 | $27512 |
| **03/24** | $22829 | $28399 |
| **04/24** | $21619 | $27150 |
| **05/24** | $22035 | $28432 |
| **06/24** | $22149 | $29313 |
| **07/24** | $21997 | $29857 |
| **08/24** | $22375 | $30507 |
| **09/24** | $22602 | $31138 |
| **10/24** | $22338 | $30910 |
| **11/24** | $23509 | $32966 |
| **12/24** | $22772 | $31958 |
| **01/25** | $23282 | $32967 |
| **02/25** | $22432 | $32336 |
| **03/25** | $21185 | $30449 |
| **04/25** | $21336 | $30245 |
| **05/25** | $22300 | $32162 |
| **06/25** | $22829 | $33796 |
| **07/25** | $23245 | $34540 |
| **08/25** | $23320 | $35340 |
| **09/25** | $23642 | $36559 |
| **10/25** | $23849 | $37343 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 6.77% | 6.75% | 9.73% |
| Class A with sales load - 5.75% | 0.64% | 5.50% | 9.08% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $331890329 |
| Total Number of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $2184706 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Information Technology | 37.8% |
| Health Care | 14.8% |
| Industrials | 14.2% |
| Financials | 12.9% |
| Consumer Discretionary | 4.9% |
| Communication Services | 4.3% |
| Consumer Staples | 3.1% |
| Energy | 2.2% |
| Utilities | 2.2% |
| Materials | 1.7% |
| Other | 1.9% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 10.3% |
| NVIDIA Corp. | 8.7% |
| Alphabet, Inc., Class C | 4.3% |
| Mastercard, Inc., Class A | 3.6% |
| American Express Co. | 3.3% |
| Cadence Design Systems, Inc. | 3.2% |
| Procter & Gamble Co. | 3.1% |
| Marvell Technology, Inc. | 3.0% |
| TJX Cos., Inc. | 3.0% |
| Hubbell, Inc. | 2.8% |

---

## 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](tm2534449d1_tsrimg032.jpg)

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

# Class A

# abrdn U.S. Sustainable Leaders Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Class

#### GGLIX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn U.S. Sustainable Leaders Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $93 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Russell 3000 Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to the financial sector contributed to performance. Within this sector, our overweight to LPL Financial was especially positive due to good growth in assets under administration and potential benefits from higher interest-rate expectations post the U.S. presidential election. However, the stock gave back some of these gains later in the period after new asset growth was slightly below expectations. American Express also added to returns as its results increased investor confidence in the continuation of revenue growth, particularly with new card launches driving future card-fee growth, and ongoing low credit losses. Elsewhere, Marvell Technology's shares, while volatile, were favorable, with the main positive driver being the company's contract to sell significant amounts of custom artificial intelligence chips to Amazon.

**What detracted from performance?**

The Fund's exposure to the information technology sector was a main detractor from performance. At the stock level, our overweight to Tetra Tech was negative as investors feared that the federal government's cost-cutting initiatives and the downsizing of the United States Agency for International Development (USAID) would affect the company's revenue growth. UnitedHealth Group's shares also underperformed. The company missed its first-quarter earnings and lowered guidance in April. Subsequently, UnitedHealth ousted its CEO and pulled in the previously announced 2025 guidance in May amid a worsening medical-cost trend. However, we believe that much of the effect on profitability could potentially be recovered through better pricing in 2026. Integer Holdings was also unfavorable, as later in the period, the company gave lower-than-expected growth guidance for the coming year, due to product terminations at some of its medical equipment customers.

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

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg038.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Russell 3000 Index** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $1016794 | $1005544 |
| **12/15** | $980410 | $984904 |
| **01/16** | $936175 | $929331 |
| **02/16** | $928132 | $929032 |
| **03/16** | $999712 | $994441 |
| **04/16** | $1010972 | $1000604 |
| **05/16** | $1022232 | $1018505 |
| **06/16** | $1016602 | $1020600 |
| **07/16** | $1045556 | $1061104 |
| **08/16** | $1067271 | $1063811 |
| **09/16** | $1057620 | $1065483 |
| **10/16** | $1026253 | $1042431 |
| **11/16** | $1075314 | $1089082 |
| **12/16** | $1088577 | $1110333 |
| **01/17** | $1114732 | $1131232 |
| **02/17** | $1143592 | $1173304 |
| **03/17** | $1153513 | $1174102 |
| **04/17** | $1160728 | $1186547 |
| **05/17** | $1184177 | $1198690 |
| **06/17** | $1194098 | $1209508 |
| **07/17** | $1207626 | $1232313 |
| **08/17** | $1200411 | $1234688 |
| **09/17** | $1229272 | $1264799 |
| **10/17** | $1246407 | $1292400 |
| **11/17** | $1297815 | $1331643 |
| **12/17** | $1317626 | $1344953 |
| **01/18** | $1403406 | $1415846 |
| **02/18** | $1342562 | $1363659 |
| **03/18** | $1314633 | $1336285 |
| **04/18** | $1333585 | $1341363 |
| **05/18** | $1347549 | $1379230 |
| **06/18** | $1363508 | $1388250 |
| **07/18** | $1410388 | $1434321 |
| **08/18** | $1438317 | $1484691 |
| **09/18** | $1441309 | $1487149 |
| **10/18** | $1333585 | $1377646 |
| **11/18** | $1372485 | $1405238 |
| **12/18** | $1233638 | $1274453 |
| **01/19** | $1347634 | $1383845 |
| **02/19** | $1399553 | $1432513 |
| **03/19** | $1428898 | $1453431 |
| **04/19** | $1481946 | $1511469 |
| **05/19** | $1419869 | $1413659 |
| **06/19** | $1497747 | $1512950 |
| **07/19** | $1540637 | $1535440 |
| **08/19** | $1540637 | $1504139 |
| **09/19** | $1542894 | $1530538 |
| **10/19** | $1572240 | $1563486 |
| **11/19** | $1646732 | $1622917 |
| **12/19** | $1688798 | $1669777 |
| **01/20** | $1717295 | $1667953 |
| **02/20** | $1594631 | $1531392 |
| **03/20** | $1412494 | $1320798 |
| **04/20** | $1592153 | $1495725 |
| **05/20** | $1718534 | $1575714 |
| **06/20** | $1729686 | $1611738 |
| **07/20** | $1835003 | $1703258 |
| **08/20** | $1966340 | $1826649 |
| **09/20** | $1893238 | $1760139 |
| **10/20** | $1853589 | $1722150 |
| **11/20** | $2043160 | $1931655 |
| **12/20** | $2126517 | $2018556 |
| **01/21** | $2086472 | $2009578 |
| **02/21** | $2098900 | $2072392 |
| **03/21** | $2184513 | $2146672 |
| **04/21** | $2317075 | $2257331 |
| **05/21** | $2297743 | $2267636 |
| **06/21** | $2352977 | $2323553 |
| **07/21** | $2462064 | $2362846 |
| **08/21** | $2542154 | $2430229 |
| **09/21** | $2446875 | $2321190 |
| **10/21** | $2627767 | $2478159 |
| **11/21** | $2587722 | $2440439 |
| **12/21** | $2660442 | $2536540 |
| **01/22** | $2378790 | $2387300 |
| **02/22** | $2314208 | $2327165 |
| **03/22** | $2348293 | $2402650 |
| **04/22** | $2145575 | $2187030 |
| **05/22** | $2131224 | $2184098 |
| **06/22** | $1944652 | $2001379 |
| **07/22** | $2138400 | $2189145 |
| **08/22** | $2007441 | $2107447 |
| **09/22** | $1792165 | $1912026 |
| **10/22** | $1910567 | $2068823 |
| **11/22** | $2039732 | $2176808 |
| **12/22** | $1955607 | $2049348 |
| **01/23** | $2090662 | $2190493 |
| **02/23** | $2036640 | $2139295 |
| **03/23** | $2022234 | $2196498 |
| **04/23** | $2049245 | $2219900 |
| **05/23** | $2020433 | $2228537 |
| **06/23** | $2160891 | $2380714 |
| **07/23** | $2196906 | $2466055 |
| **08/23** | $2151888 | $2418451 |
| **09/23** | $2043843 | $2303250 |
| **10/23** | $1973614 | $2242193 |
| **11/23** | $2150087 | $2451274 |
| **12/23** | $2253651 | $2581294 |
| **01/24** | $2316855 | $2609902 |
| **02/24** | $2446873 | $2751177 |
| **03/24** | $2482989 | $2839923 |
| **04/24** | $2351165 | $2714962 |
| **05/24** | $2398116 | $2843236 |
| **06/24** | $2410757 | $2931255 |
| **07/24** | $2396310 | $2985744 |
| **08/24** | $2436038 | $3050740 |
| **09/24** | $2461320 | $3113847 |
| **10/24** | $2434232 | $3090980 |
| **11/24** | $2562445 | $3296605 |
| **12/24** | $2482989 | $3195843 |
| **01/25** | $2538969 | $3296730 |
| **02/25** | $2446873 | $3233552 |
| **03/25** | $2311437 | $3044937 |
| **04/25** | $2329495 | $3024509 |
| **05/25** | $2432427 | $3216220 |
| **06/25** | $2492018 | $3379614 |
| **07/25** | $2538969 | $3454041 |
| **08/25** | $2546193 | $3533974 |
| **09/25** | $2582309 | $3655937 |
| **10/25** | $2607590 | $3734291 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.12% | 7.06% | 10.06% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $331890329 |
| Total Number of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $2184706 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Information Technology | 37.8% |
| Health Care | 14.8% |
| Industrials | 14.2% |
| Financials | 12.9% |
| Consumer Discretionary | 4.9% |
| Communication Services | 4.3% |
| Consumer Staples | 3.1% |
| Energy | 2.2% |
| Utilities | 2.2% |
| Materials | 1.7% |
| Other | 1.9% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 10.3% |
| NVIDIA Corp. | 8.7% |
| Alphabet, Inc., Class C | 4.3% |
| Mastercard, Inc., Class A | 3.6% |
| American Express Co. | 3.3% |
| Cadence Design Systems, Inc. | 3.2% |
| Procter & Gamble Co. | 3.1% |
| Marvell Technology, Inc. | 3.0% |
| TJX Cos., Inc. | 3.0% |
| Hubbell, Inc. | 2.8% |

---

## 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](tm2534449d1_tsrimg032.jpg)

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

# Institutional Class

# abrdn U.S. Sustainable Leaders Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Service Class

#### GXXIX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn U.S. Sustainable Leaders Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional Service | $99 | 0.96% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Russell 3000 Index (the "Index") to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to the financial sector contributed to performance. Within this sector, our overweight to LPL Financial was especially positive due to good growth in assets under administration and potential benefits from higher interest-rate expectations post the U.S. presidential election. However, the stock gave back some of these gains later in the period after new asset growth was slightly below expectations. American Express also added to returns as its results increased investor confidence in the continuation of revenue growth, particularly with new card launches driving future card-fee growth, and ongoing low credit losses. Elsewhere, Marvell Technology's shares, while volatile, were favorable, with the main positive driver being the company's contract to sell significant amounts of custom artificial intelligence chips to Amazon.

**What detracted from performance?**

The Fund's exposure to the information technology sector was a main detractor from performance. At the stock level, our overweight to Tetra Tech was negative as investors feared that the federal government's cost-cutting initiatives and the downsizing of the United States Agency for International Development (USAID) would affect the company's revenue growth. UnitedHealth Group's shares also underperformed. The company missed its first-quarter earnings and lowered guidance in April. Subsequently, UnitedHealth ousted its CEO and pulled in the previously announced 2025 guidance in May amid a worsening medical-cost trend. However, we believe that much of the effect on profitability could potentially be recovered through better pricing in 2026. Integer Holdings was also unfavorable, as later in the period, the company gave lower-than-expected growth guidance for the coming year, due to product terminations at some of its medical equipment customers.

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

# Institutional Service Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg002.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Service Class** | **Russell 3000 Index** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $1016807 | $1005544 |
| **12/15** | $980152 | $984904 |
| **01/16** | $935892 | $929331 |
| **02/16** | $927845 | $929032 |
| **03/16** | $999465 | $994441 |
| **04/16** | $1010731 | $1000604 |
| **05/16** | $1021997 | $1018505 |
| **06/16** | $1016364 | $1020600 |
| **07/16** | $1044530 | $1061104 |
| **08/16** | $1066257 | $1063811 |
| **09/16** | $1055796 | $1065483 |
| **10/16** | $1025216 | $1042431 |
| **11/16** | $1074304 | $1089082 |
| **12/16** | $1086929 | $1110333 |
| **01/17** | $1113087 | $1131232 |
| **02/17** | $1141952 | $1173304 |
| **03/17** | $1151874 | $1174102 |
| **04/17** | $1158188 | $1186547 |
| **05/17** | $1182543 | $1198690 |
| **06/17** | $1191563 | $1209508 |
| **07/17** | $1205093 | $1232313 |
| **08/17** | $1197877 | $1234688 |
| **09/17** | $1226741 | $1264799 |
| **10/17** | $1243880 | $1292400 |
| **11/17** | $1295295 | $1331643 |
| **12/17** | $1314725 | $1344953 |
| **01/18** | $1400511 | $1415846 |
| **02/18** | $1339663 | $1363659 |
| **03/18** | $1311732 | $1336285 |
| **04/18** | $1330685 | $1341363 |
| **05/18** | $1343653 | $1379230 |
| **06/18** | $1359613 | $1388250 |
| **07/18** | $1406496 | $1434321 |
| **08/18** | $1434427 | $1484691 |
| **09/18** | $1437419 | $1487149 |
| **10/18** | $1329687 | $1377646 |
| **11/18** | $1368591 | $1405238 |
| **12/18** | $1229350 | $1274453 |
| **01/19** | $1343367 | $1383845 |
| **02/19** | $1395296 | $1432513 |
| **03/19** | $1424646 | $1453431 |
| **04/19** | $1477704 | $1511469 |
| **05/19** | $1415615 | $1413659 |
| **06/19** | $1492379 | $1512950 |
| **07/19** | $1535277 | $1535440 |
| **08/19** | $1535277 | $1504139 |
| **09/19** | $1537534 | $1530538 |
| **10/19** | $1566885 | $1563486 |
| **11/19** | $1640263 | $1622917 |
| **12/19** | $1683261 | $1669777 |
| **01/20** | $1710530 | $1667953 |
| **02/20** | $1587818 | $1531392 |
| **03/20** | $1406849 | $1320798 |
| **04/20** | $1585339 | $1495725 |
| **05/20** | $1711769 | $1575714 |
| **06/20** | $1722925 | $1611738 |
| **07/20** | $1828284 | $1703258 |
| **08/20** | $1958433 | $1826649 |
| **09/20** | $1885301 | $1760139 |
| **10/20** | $1845637 | $1722150 |
| **11/20** | $2034043 | $1931655 |
| **12/20** | $2117451 | $2018556 |
| **01/21** | $2077369 | $2009578 |
| **02/21** | $2089808 | $2072392 |
| **03/21** | $2175501 | $2146672 |
| **04/21** | $2306805 | $2257331 |
| **05/21** | $2287455 | $2267636 |
| **06/21** | $2341359 | $2323553 |
| **07/21** | $2450549 | $2362846 |
| **08/21** | $2529331 | $2430229 |
| **09/21** | $2435345 | $2321190 |
| **10/21** | $2613642 | $2478159 |
| **11/21** | $2574942 | $2440439 |
| **12/21** | $2647799 | $2536540 |
| **01/22** | $2365391 | $2387300 |
| **02/22** | $2302434 | $2327165 |
| **03/22** | $2336610 | $2402650 |
| **04/22** | $2135147 | $2187030 |
| **05/22** | $2120757 | $2184098 |
| **06/22** | $1933684 | $2001379 |
| **07/22** | $2127952 | $2189145 |
| **08/22** | $1996642 | $2107447 |
| **09/22** | $1782587 | $1912026 |
| **10/22** | $1899508 | $2068823 |
| **11/22** | $2029020 | $2176808 |
| **12/22** | $1944668 | $2049348 |
| **01/23** | $2078285 | $2190493 |
| **02/23** | $2025921 | $2139295 |
| **03/23** | $2009671 | $2196498 |
| **04/23** | $2036755 | $2219900 |
| **05/23** | $2007865 | $2228537 |
| **06/23** | $2148705 | $2380714 |
| **07/23** | $2183012 | $2466055 |
| **08/23** | $2139676 | $2418451 |
| **09/23** | $2031338 | $2303250 |
| **10/23** | $1960919 | $2242193 |
| **11/23** | $2137871 | $2451274 |
| **12/23** | $2239942 | $2581294 |
| **01/24** | $2301509 | $2609902 |
| **02/24** | $2431886 | $2751177 |
| **03/24** | $2468101 | $2839923 |
| **04/24** | $2335914 | $2714962 |
| **05/24** | $2382994 | $2843236 |
| **06/24** | $2395670 | $2931255 |
| **07/24** | $2379373 | $2985744 |
| **08/24** | $2419210 | $3050740 |
| **09/24** | $2444561 | $3113847 |
| **10/24** | $2417399 | $3090980 |
| **11/24** | $2545965 | $3296605 |
| **12/24** | $2466291 | $3195843 |
| **01/25** | $2520614 | $3296730 |
| **02/25** | $2430075 | $3233552 |
| **03/25** | $2296077 | $3044937 |
| **04/25** | $2312374 | $3024509 |
| **05/25** | $2415589 | $3216220 |
| **06/25** | $2473534 | $3379614 |
| **07/25** | $2520614 | $3454041 |
| **08/25** | $2527857 | $3533974 |
| **09/25** | $2564073 | $3655937 |
| **10/25** | $2587613 | $3734291 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Service Class | 7.04% | 6.99% | 9.97% |
| Russell 3000 Index | 20.81% | 16.74% | 14.08% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $331890329 |
| Total Number of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $2184706 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Information Technology | 37.8% |
| Health Care | 14.8% |
| Industrials | 14.2% |
| Financials | 12.9% |
| Consumer Discretionary | 4.9% |
| Communication Services | 4.3% |
| Consumer Staples | 3.1% |
| Energy | 2.2% |
| Utilities | 2.2% |
| Materials | 1.7% |
| Other | 1.9% |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 10.3% |
| NVIDIA Corp. | 8.7% |
| Alphabet, Inc., Class C | 4.3% |
| Mastercard, Inc., Class A | 3.6% |
| American Express Co. | 3.3% |
| Cadence Design Systems, Inc. | 3.2% |
| Procter & Gamble Co. | 3.1% |
| Marvell Technology, Inc. | 3.0% |
| TJX Cos., Inc. | 3.0% |
| Hubbell, Inc. | 2.8% |

---

## 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](tm2534449d1_tsrimg032.jpg)

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

# Institutional Service Class
![Image](tm2534449d1_tsrimg043.jpg)

# abrdn Ultra Short Municipal Income Active ETF (AMUN)
Principal Listing Exchange: NASDAQ

Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Ultra Short Municipal Income Active ETF (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| abrdn Ultra Short Municipal Income Active ETF | $49 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Custom abrdn Ultra Short Municipal Income Active ETF Index (the "Index"), as described in the Fund Performance section, to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to local general obligation bonds, including those of the City of Elmira in New York, contributed to performance due to relative rating stability. Meanwhile, dedicated tax and public power bonds were also favorable. Within individual holdings, SE Energy Authority's bonds added to returns. In terms of ratings, AAA and A rated bonds benefited the Fund.

**What detracted from performance?**

The Fund's holdings in the other revenue sector detracted from performance. Within this sector, bonds of Nevada Department of Business and Industry were unfavorable as cost overruns on the project put pressure on these bonds. Industry and Classical Charter Schools in New York also detracted. Meanwhile, industrial development and pollution control revenue bonds weighed on returns too. Among these positions, revenue bonds of Port Beaumont Texas Navigation District Dock and Wharf Facility dragged on performance, although we expect these bonds to benefit from the project that has become fully operational. Elsewhere, tobacco settlement bonds were unfavorable. In terms of ratings, non-rated and BBB rated bonds particularly weighed on performance.

# abrdn Ultra Short Municipal Income Active ETF (AMUN)

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **abrdn Ultra Short Municipal Income Active ETF (NAV)** | **Bloomberg Municipal Bond Index** | **Custom abrdn Ultra Short Municipal Income Active ETF Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10009 | $10040 | $10040 |
| **12/15** | $10037 | $10110 | $10110 |
| **01/16** | $10134 | $10231 | $10231 |
| **02/16** | $10153 | $10247 | $10247 |
| **03/16** | $10160 | $10279 | $10279 |
| **04/16** | $10208 | $10355 | $10355 |
| **05/16** | $10216 | $10383 | $10383 |
| **06/16** | $10323 | $10548 | $10548 |
| **07/16** | $10329 | $10555 | $10555 |
| **08/16** | $10335 | $10569 | $10569 |
| **09/16** | $10301 | $10516 | $10516 |
| **10/16** | $10247 | $10406 | $10406 |
| **11/16** | $9970 | $10018 | $10018 |
| **12/16** | $10038 | $10135 | $10135 |
| **01/17** | $10075 | $10202 | $10202 |
| **02/17** | $10123 | $10273 | $10273 |
| **03/17** | $10139 | $10295 | $10295 |
| **04/17** | $10207 | $10370 | $10370 |
| **05/17** | $10305 | $10535 | $10535 |
| **06/17** | $10281 | $10497 | $10497 |
| **07/17** | $10328 | $10582 | $10582 |
| **08/17** | $10386 | $10662 | $10662 |
| **09/17** | $10351 | $10608 | $10628 |
| **10/17** | $10347 | $10634 | $10638 |
| **11/17** | $10302 | $10577 | $10570 |
| **12/17** | $10371 | $10688 | $10655 |
| **01/18** | $10282 | $10562 | $10564 |
| **02/18** | $10246 | $10530 | $10528 |
| **03/18** | $10273 | $10569 | $10552 |
| **04/18** | $10259 | $10531 | $10517 |
| **05/18** | $10339 | $10652 | $10625 |
| **06/18** | $10357 | $10661 | $10641 |
| **07/18** | $10374 | $10687 | $10674 |
| **08/18** | $10391 | $10714 | $10688 |
| **09/18** | $10355 | $10645 | $10630 |
| **10/18** | $10307 | $10579 | $10571 |
| **11/18** | $10379 | $10697 | $10684 |
| **12/18** | $10442 | $10825 | $10800 |
| **01/19** | $10503 | $10906 | $10890 |
| **02/19** | $10554 | $10965 | $10948 |
| **03/19** | $10680 | $11138 | $11086 |
| **04/19** | $10720 | $11180 | $11119 |
| **05/19** | $10847 | $11334 | $11270 |
| **06/19** | $10908 | $11376 | $11317 |
| **07/19** | $10969 | $11468 | $11407 |
| **08/19** | $11139 | $11649 | $11551 |
| **09/19** | $11070 | $11555 | $11467 |
| **10/19** | $11062 | $11576 | $11485 |
| **11/19** | $11088 | $11605 | $11506 |
| **12/19** | $11118 | $11640 | $11544 |
| **01/20** | $11290 | $11849 | $11727 |
| **02/20** | $11418 | $12002 | $11850 |
| **03/20** | $10849 | $11567 | $11471 |
| **04/20** | $10663 | $11422 | $11353 |
| **05/20** | $10927 | $11785 | $11687 |
| **06/20** | $11057 | $11882 | $11771 |
| **07/20** | $11219 | $12082 | $11937 |
| **08/20** | $11198 | $12025 | $11906 |
| **09/20** | $11191 | $12028 | $11903 |
| **10/20** | $11184 | $11992 | $11882 |
| **11/20** | $11349 | $12173 | $12026 |
| **12/20** | $11429 | $12247 | $12095 |
| **01/21** | $11535 | $12325 | $12161 |
| **02/21** | $11400 | $12129 | $11995 |
| **03/21** | $11459 | $12204 | $12053 |
| **04/21** | $11554 | $12306 | $12144 |
| **05/21** | $11613 | $12343 | $12179 |
| **06/21** | $11673 | $12377 | $12204 |
| **07/21** | $11769 | $12480 | $12287 |
| **08/21** | $11747 | $12434 | $12256 |
| **09/21** | $11642 | $12344 | $12176 |
| **10/21** | $11619 | $12308 | $12159 |
| **11/21** | $11703 | $12413 | $12232 |
| **12/21** | $11716 | $12433 | $12243 |
| **01/22** | $11433 | $12093 | $11945 |
| **02/22** | $11364 | $12049 | $11891 |
| **03/22** | $11067 | $11659 | $11584 |
| **04/22** | $10795 | $11336 | $11319 |
| **05/22** | $10870 | $11505 | $11480 |
| **06/22** | $10717 | $11316 | $11340 |
| **07/22** | $10935 | $11615 | $11599 |
| **08/22** | $10757 | $11361 | $11368 |
| **09/22** | $10411 | $10924 | $11018 |
| **10/22** | $10343 | $10834 | $10967 |
| **11/22** | $10699 | $11340 | $11404 |
| **12/22** | $10715 | $11373 | $11418 |
| **01/23** | $10951 | $11700 | $11701 |
| **02/23** | $10772 | $11435 | $11464 |
| **03/23** | $10912 | $11689 | $11691 |
| **04/23** | $10917 | $11662 | $11669 |
| **05/23** | $10847 | $11561 | $11577 |
| **06/23** | $10940 | $11677 | $11664 |
| **07/23** | $10960 | $11723 | $11694 |
| **08/23** | $10831 | $11554 | $11589 |
| **09/23** | $10576 | $11216 | $11322 |
| **10/23** | $10422 | $11120 | $11229 |
| **11/23** | $11022 | $11826 | $11815 |
| **12/23** | $11297 | $12101 | $12064 |
| **01/24** | $11306 | $12039 | $12037 |
| **02/24** | $11341 | $12055 | $12046 |
| **03/24** | $11378 | $12054 | $12035 |
| **04/24** | $11262 | $11905 | $11917 |
| **05/24** | $11286 | $11870 | $11872 |
| **06/24** | $11505 | $12052 | $12037 |
| **07/24** | $11582 | $12162 | $12139 |
| **08/24** | $11711 | $12258 | $12241 |
| **09/24** | $11789 | $12379 | $12353 |
| **10/24** | $11670 | $12198 | $12196 |
| **11/24** | $11839 | $12409 | $12361 |
| **12/24** | $11695 | $12228 | $12238 |
| **01/25** | $11734 | $12290 | $12289 |
| **02/25** | $11866 | $12411 | $12410 |
| **03/25** | $11667 | $12201 | $12224 |
| **04/25** | $11562 | $12103 | $12167 |
| **05/25** | $11510 | $12111 | $12180 |
| **06/25** | $11591 | $12186 | $12280 |
| **07/25** | $11458 | $12161 | $12282 |
| **08/25** | $11540 | $12267 | $12390 |
| **09/25** | $11881 | $12551 | $12625 |
| **10/25** | $11844 | $12707 | $12726 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| abrdn Ultra Short Municipal Income Active ETF (NAV) | 1.33% | 1.12% | 1.69% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Custom abrdn Ultra Short Municipal Income Active ETF Index<sup>Footnote Reference1</sup> | 4.34% | 1.38% | 2.44% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Custom Index reflects the returns of the Bloomberg Municipal Bond 1 Year (1-2 Y) Index from 10/20/2025, prior BofA 1-22 Year U.S. Municipal Securities Index until 10/20/2025, and the Bloomberg Municipal Bond Index for periods prior to 09/14/2017. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $29755384 |
| Total Number of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 117% |
| Total Advisory Fees Paid | $0 |

---

# abrdn Ultra Short Municipal Income Active ETF (AMUN)

## What did the Fund invest in?
The tables below show the investment makeup of the Fund as of October 31, 2025.

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

---

| | |
|:---|:---|
| AAA | 2.0% |
| AA | 30.8% |
| A | 35.7% |
| BBB | 21.6% |
| BB | 1.2% |
| B | 0.0% |
| Below B | 0.0% |
| 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)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.350%, due 11/01/32 | 5.8% |
| State of Ohio, 3.500%, due 01/15/51 | 4.7% |
| King County Public Hospital District No. 4, 6.250%, due 12/01/45 | 4.4% |
| Metropolitan Transportation Authority, 5.000%, due 11/15/25 | 4.3% |
| PEFA, Inc., 5.000%, due 09/01/49 | 4.3% |
| Tennessee Energy Acquisition Corp., 5.625%, due 09/01/26 | 4.1% |
| Bartow County Development Authority, 4.000%, due 11/01/62 | 4.0% |
| Walker County Economic & Industrial Development Authority, 4.000%, due 08/01/63 | 4.0% |
| Port of Port Arthur Navigation District, 3.600%, due 11/01/40 | 4.0% |
| Connecticut State Health & Educational Facilities Authority, 5.000%, due 07/01/27 | 3.8% |

---

# abrdn Ultra Short Municipal Income Active ETF (AMUN)

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **844-383-7289**.

abrdn Ultra Short Municipal Income Active ETF acquired all the assets and liabilities of abrdn Intermediate Municipal Income Fund (the "Predecessor Fund") pursuant to an Agreement and Plan of Reorganization and Liquidation as of the close of business on October 17, 2025 (the "Conversion"). Prior to October 17, 2025, the financial statements of abrdn Ultra Short Municipal Income Active ETF reflect the historical results of the Predecessor Fund. All information and references to periods prior to the close of business on October 17, 2025, refer to the Predecessor Fund. Following the Conversion, the Predecessor Fund's performance and financial history were adopted by abrdn Ultra Short Municipal Income Active ETF.

In connection with the Conversion, the management fee changed to 0.30% from 0.425% on assets up to $250 million, 0.375% on assets of $250 million up to $1 billion and 0.355% on assets of $1 billion and more and the expense limitation changed to 0.25% from 0.50%. abrdn Ultra Short Municipal Income Active ETF maintains an investment portfolio with a weighted average effective duration of two years or less, while abrdn Intermediate Municipal Income Fund maintained an investment portfolio with a weighted average effective duration of 4-7 years.

## 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](tm2534449d1_tsrimg032.jpg)

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

abrdn Ultra Short Municipal Income Active ETF

(AMUN)

# abrdn Ultra Short Municipal Income Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Class A

#### ATOAX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Ultra Short Municipal Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $71 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Bloomberg Municipal Bond 1 Year (1-2) Index to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to industrial development and pollution control revenue bonds was positive. Within this sector, Maryland Industrial Development Financing Authority's bonds were a key contributor to performance. Other revenue bonds were also favorable. Within individual holdings, California Statewide Communities Development Authority's revenue bonds benefited the Fund. In terms of ratings, our holdings in all ratings classes added to returns, while BBB and AA rated bonds were main contributors.

**What detracted from performance?**

The Fund's holdings in multi-family and airport bonds slightly detracted from performance. Within individual holdings, the solid waste disposal revenue bonds of West Jefferson Industrial Development Board in Alabama were unfavorable. Given the stable nature of these variable-rate demand notes, they did not see capital appreciation during periods of strong market performance.

# abrdn Ultra Short Municipal Income Fund
(ATOAX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Bond: 1 Year (1-2) Index** |
| **10/15** | $10000 | $10000 | $10000 |
| **11/15** | $10003 | $10040 | $9988 |
| **12/15** | $10004 | $10110 | $9986 |
| **01/16** | $10005 | $10231 | $10017 |
| **02/16** | $10007 | $10247 | $10032 |
| **03/16** | $10000 | $10279 | $10018 |
| **04/16** | $10014 | $10355 | $10029 |
| **05/16** | $10019 | $10383 | $10034 |
| **06/16** | $10022 | $10548 | $10052 |
| **07/16** | $10026 | $10555 | $10069 |
| **08/16** | $10030 | $10569 | $10054 |
| **09/16** | $10024 | $10516 | $10033 |
| **10/16** | $10029 | $10406 | $10040 |
| **11/16** | $10033 | $10018 | $9996 |
| **12/16** | $10037 | $10135 | $10016 |
| **01/17** | $10041 | $10202 | $10052 |
| **02/17** | $10046 | $10273 | $10085 |
| **03/17** | $10051 | $10295 | $10085 |
| **04/17** | $10057 | $10370 | $10101 |
| **05/17** | $10063 | $10535 | $10120 |
| **06/17** | $10069 | $10497 | $10112 |
| **07/17** | $10085 | $10582 | $10136 |
| **08/17** | $10090 | $10662 | $10159 |
| **09/17** | $10095 | $10608 | $10147 |
| **10/17** | $10091 | $10634 | $10148 |
| **11/17** | $10097 | $10577 | $10102 |
| **12/17** | $10105 | $10688 | $10108 |
| **01/18** | $10114 | $10562 | $10137 |
| **02/18** | $10121 | $10530 | $10154 |
| **03/18** | $10130 | $10569 | $10146 |
| **04/18** | $10141 | $10531 | $10137 |
| **05/18** | $10152 | $10652 | $10171 |
| **06/18** | $10171 | $10661 | $10206 |
| **07/18** | $10179 | $10687 | $10228 |
| **08/18** | $10179 | $10714 | $10224 |
| **09/18** | $10190 | $10645 | $10204 |
| **10/18** | $10201 | $10579 | $10213 |
| **11/18** | $10213 | $10697 | $10246 |
| **12/18** | $10225 | $10825 | $10284 |
| **01/19** | $10246 | $10906 | $10316 |
| **02/19** | $10257 | $10000 | $10000 |
| **03/19** | $10268 | $10158 | $10027 |
| **04/19** | $10281 | $10196 | $10035 |
| **05/19** | $10292 | $10337 | $10072 |
| **06/19** | $10303 | $10375 | $10103 |
| **07/19** | $10312 | $10459 | $10137 |
| **08/19** | $10321 | $10624 | $10151 |
| **09/19** | $10331 | $10538 | $10130 |
| **10/19** | $10340 | $10557 | $10159 |
| **11/19** | $10347 | $10584 | $10176 |
| **12/19** | $10354 | $10616 | $10191 |
| **01/20** | $10360 | $10807 | $10227 |
| **02/20** | $10366 | $10946 | $10248 |
| **03/20** | $10376 | $10549 | $10197 |
| **04/20** | $10379 | $10417 | $10220 |
| **05/20** | $10397 | $10748 | $10321 |
| **06/20** | $10402 | $10837 | $10321 |
| **07/20** | $10407 | $11019 | $10347 |
| **08/20** | $10409 | $10967 | $10349 |
| **09/20** | $10410 | $10970 | $10357 |
| **10/20** | $10411 | $10937 | $10348 |
| **11/20** | $10411 | $11102 | $10361 |
| **12/20** | $10422 | $11169 | $10371 |
| **01/21** | $10422 | $11241 | $10388 |
| **02/21** | $10422 | $11062 | $10384 |
| **03/21** | $10422 | $11130 | $10392 |
| **04/21** | $10422 | $11224 | $10399 |
| **05/21** | $10423 | $11257 | $10403 |
| **06/21** | $10423 | $11288 | $10403 |
| **07/21** | $10423 | $11382 | $10416 |
| **08/21** | $10423 | $11340 | $10413 |
| **09/21** | $10413 | $11258 | $10403 |
| **10/21** | $10413 | $11225 | $10400 |
| **11/21** | $10413 | $11321 | $10403 |
| **12/21** | $10413 | $11339 | $10403 |
| **01/22** | $10403 | $11028 | $10334 |
| **02/22** | $10404 | $10989 | $10320 |
| **03/22** | $10394 | $10633 | $10235 |
| **04/22** | $10385 | $10339 | $10193 |
| **05/22** | $10389 | $10492 | $10271 |
| **06/22** | $10394 | $10320 | $10274 |
| **07/22** | $10412 | $10593 | $10329 |
| **08/22** | $10414 | $10361 | $10248 |
| **09/22** | $10426 | $9963 | $10159 |
| **10/22** | $10445 | $9880 | $10172 |
| **11/22** | $10473 | $10342 | $10290 |
| **12/22** | $10499 | $10372 | $10285 |
| **01/23** | $10532 | $10670 | $10371 |
| **02/23** | $10547 | $10429 | $10283 |
| **03/23** | $10586 | $10660 | $10394 |
| **04/23** | $10604 | $10636 | $10364 |
| **05/23** | $10634 | $10544 | $10352 |
| **06/23** | $10665 | $10649 | $10402 |
| **07/23** | $10706 | $10691 | $10424 |
| **08/23** | $10739 | $10537 | $10435 |
| **09/23** | $10761 | $10229 | $10392 |
| **10/23** | $10796 | $10142 | $10421 |
| **11/23** | $10840 | $10785 | $10572 |
| **12/23** | $10875 | $11036 | $10633 |
| **01/24** | $10906 | $10980 | $10630 |
| **02/24** | $10936 | $10994 | $10646 |
| **03/24** | $10969 | $10993 | $10646 |
| **04/24** | $11003 | $10857 | $10647 |
| **05/24** | $11037 | $10825 | $10673 |
| **06/24** | $11070 | $10991 | $10733 |
| **07/24** | $11111 | $11092 | $10804 |
| **08/24** | $11144 | $11179 | $10874 |
| **09/24** | $11176 | $11290 | $10909 |
| **10/24** | $11209 | $11125 | $10881 |
| **11/24** | $11239 | $11317 | $10924 |
| **12/24** | $11270 | $11152 | $10922 |
| **01/25** | $11295 | $11208 | $10979 |
| **02/25** | $11319 | $11319 | $11025 |
| **03/25** | $11348 | $11128 | $11036 |
| **04/25** | $11381 | $11038 | $11017 |
| **05/25** | $11408 | $11045 | $11070 |
| **06/25** | $11433 | $11114 | $11127 |
| **07/25** | $11456 | $11091 | $11184 |
| **08/25** | $11481 | $11188 | $11229 |
| **09/25** | $11507 | $11447 | $11238 |
| **10/25** | $11533 | $11589 | $11231 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 2.89% | 2.07% | 1.44% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Bloomberg Municipal Bond: 1 Year (1-2) Index | 3.22% | 1.65% | 1.50% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $1163650077 |
| Total Number of Portfolio Holdings | 122 |
| Portfolio Turnover Rate | 154% |
| Total Advisory Fees Paid | $1627730 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AAA | 2.5% |
| AA | 29.7% |
| A | 48.3% |
| BBB | 18.8% |
| N/R | 0.7% |

---

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)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.350%, due 11/01/32 | 4.8% |
| Maryland Industrial Development Financing Authority, 5.280%, due 03/01/30 | 4.3% |
| Harris County Cultural Education Facilities Finance Corp., 3.700%, due 11/15/46 | 3.7% |
| JPMorgan Chase Putters/Drivers Trust, 4.270%, due 03/20/27 | 2.7% |
| Pennsylvania Higher Educational Facilities Authority, 4.020%, due 09/01/45 | 2.3% |
| State of Ohio, 3.500%, due 10/01/45 | 2.2% |
| Health Care Authority for Baptist Health, 4.610%, due 11/01/42 | 2.2% |
| Iowa Finance Authority, 3.250%, due 12/01/46 | 2.2% |
| Florida Insurance Assistance Interlocal Agency, Inc., 3.960%, due 09/01/32 | 2.2% |
| County of Meade, 4.400%, due 08/01/61 | 2.1% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective October 17, 2025, the Fund's management fee changed from 0.40% on all assets to 0.30% on all assets.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Ultra Short Municipal Income Fund
(ATOAX)

# Class A

# abrdn Ultra Short Municipal Income Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Class A1

#### ATOBX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Ultra Short Municipal Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A1 | $71 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Bloomberg Municipal Bond 1 Year (1-2) Index to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to industrial development and pollution control revenue bonds was positive. Within this sector, Maryland Industrial Development Financing Authority's bonds were a key contributor to performance. Other revenue bonds were also favorable. Within individual holdings, California Statewide Communities Development Authority's revenue bonds benefited the Fund. In terms of ratings, our holdings in all ratings classes added to returns, while BBB and AA rated bonds were main contributors.

**What detracted from performance?**

The Fund's holdings in multi-family and airport bonds slightly detracted from performance. Within individual holdings, the solid waste disposal revenue bonds of West Jefferson Industrial Development Board in Alabama were unfavorable. Given the stable nature of these variable-rate demand notes, they did not see capital appreciation during periods of strong market performance.

# abrdn Ultra Short Municipal Income Fund
(ATOBX)

# Class A1

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A1 with sales load** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Bond: 1 Year (1-2) Index** |
| **10/15** | $9951 | $10000 | $10000 |
| **11/15** | $9953 | $10040 | $9988 |
| **12/15** | $9955 | $10110 | $9986 |
| **01/16** | $9956 | $10231 | $10017 |
| **02/16** | $9958 | $10247 | $10032 |
| **03/16** | $9951 | $10279 | $10018 |
| **04/16** | $9965 | $10355 | $10029 |
| **05/16** | $9969 | $10383 | $10034 |
| **06/16** | $9973 | $10548 | $10052 |
| **07/16** | $9977 | $10555 | $10069 |
| **08/16** | $9980 | $10569 | $10054 |
| **09/16** | $9975 | $10516 | $10033 |
| **10/16** | $9980 | $10406 | $10040 |
| **11/16** | $9983 | $10018 | $9996 |
| **12/16** | $9987 | $10135 | $10016 |
| **01/17** | $9991 | $10202 | $10052 |
| **02/17** | $9996 | $10273 | $10085 |
| **03/17** | $10001 | $10295 | $10085 |
| **04/17** | $10008 | $10370 | $10101 |
| **05/17** | $10013 | $10535 | $10120 |
| **06/17** | $10019 | $10497 | $10112 |
| **07/17** | $10035 | $10582 | $10136 |
| **08/17** | $10040 | $10662 | $10159 |
| **09/17** | $10045 | $10608 | $10147 |
| **10/17** | $10041 | $10634 | $10148 |
| **11/17** | $10047 | $10577 | $10102 |
| **12/17** | $10055 | $10688 | $10108 |
| **01/18** | $10064 | $10562 | $10137 |
| **02/18** | $10071 | $10530 | $10154 |
| **03/18** | $10080 | $10569 | $10146 |
| **04/18** | $10091 | $10531 | $10137 |
| **05/18** | $10102 | $10652 | $10171 |
| **06/18** | $10121 | $10661 | $10206 |
| **07/18** | $10129 | $10687 | $10228 |
| **08/18** | $10129 | $10714 | $10224 |
| **09/18** | $10140 | $10645 | $10204 |
| **10/18** | $10151 | $10579 | $10213 |
| **11/18** | $10163 | $10697 | $10246 |
| **12/18** | $10175 | $10825 | $10284 |
| **01/19** | $10196 | $10906 | $10316 |
| **02/19** | $10207 | $10000 | $10000 |
| **03/19** | $10218 | $10158 | $10027 |
| **04/19** | $10230 | $10196 | $10035 |
| **05/19** | $10241 | $10337 | $10072 |
| **06/19** | $10253 | $10375 | $10103 |
| **07/19** | $10262 | $10459 | $10137 |
| **08/19** | $10271 | $10624 | $10151 |
| **09/19** | $10280 | $10538 | $10130 |
| **10/19** | $10289 | $10557 | $10159 |
| **11/19** | $10296 | $10584 | $10176 |
| **12/19** | $10304 | $10616 | $10191 |
| **01/20** | $10309 | $10807 | $10227 |
| **02/20** | $10315 | $10946 | $10248 |
| **03/20** | $10335 | $10549 | $10197 |
| **04/20** | $10338 | $10417 | $10220 |
| **05/20** | $10336 | $10748 | $10321 |
| **06/20** | $10362 | $10837 | $10321 |
| **07/20** | $10366 | $11019 | $10347 |
| **08/20** | $10369 | $10967 | $10349 |
| **09/20** | $10370 | $10970 | $10357 |
| **10/20** | $10371 | $10937 | $10348 |
| **11/20** | $10371 | $11102 | $10361 |
| **12/20** | $10371 | $11169 | $10371 |
| **01/21** | $10382 | $11241 | $10388 |
| **02/21** | $10382 | $11062 | $10384 |
| **03/21** | $10382 | $11130 | $10392 |
| **04/21** | $10382 | $11224 | $10399 |
| **05/21** | $10382 | $11257 | $10403 |
| **06/21** | $10382 | $11288 | $10403 |
| **07/21** | $10383 | $11382 | $10416 |
| **08/21** | $10383 | $11340 | $10413 |
| **09/21** | $10373 | $11258 | $10403 |
| **10/21** | $10373 | $11225 | $10400 |
| **11/21** | $10373 | $11321 | $10403 |
| **12/21** | $10373 | $11339 | $10403 |
| **01/22** | $10353 | $11028 | $10334 |
| **02/22** | $10353 | $10989 | $10320 |
| **03/22** | $10343 | $10633 | $10235 |
| **04/22** | $10344 | $10339 | $10193 |
| **05/22** | $10349 | $10492 | $10271 |
| **06/22** | $10354 | $10320 | $10274 |
| **07/22** | $10361 | $10593 | $10329 |
| **08/22** | $10373 | $10361 | $10248 |
| **09/22** | $10386 | $9963 | $10159 |
| **10/22** | $10394 | $9880 | $10172 |
| **11/22** | $10433 | $10342 | $10290 |
| **12/22** | $10459 | $10372 | $10285 |
| **01/23** | $10481 | $10670 | $10371 |
| **02/23** | $10506 | $10429 | $10283 |
| **03/23** | $10535 | $10660 | $10394 |
| **04/23** | $10563 | $10636 | $10364 |
| **05/23** | $10593 | $10544 | $10352 |
| **06/23** | $10624 | $10649 | $10402 |
| **07/23** | $10654 | $10691 | $10424 |
| **08/23** | $10687 | $10537 | $10435 |
| **09/23** | $10720 | $10229 | $10392 |
| **10/23** | $10754 | $10142 | $10421 |
| **11/23** | $10798 | $10785 | $10572 |
| **12/23** | $10833 | $11036 | $10633 |
| **01/24** | $10863 | $10980 | $10630 |
| **02/24** | $10894 | $10994 | $10646 |
| **03/24** | $10926 | $10993 | $10646 |
| **04/24** | $10961 | $10857 | $10647 |
| **05/24** | $10994 | $10825 | $10673 |
| **06/24** | $11027 | $10991 | $10733 |
| **07/24** | $11057 | $11092 | $10804 |
| **08/24** | $11100 | $11179 | $10874 |
| **09/24** | $11132 | $11290 | $10909 |
| **10/24** | $11154 | $11125 | $10881 |
| **11/24** | $11195 | $11317 | $10924 |
| **12/24** | $11215 | $11152 | $10922 |
| **01/25** | $11251 | $11208 | $10979 |
| **02/25** | $11275 | $11319 | $11025 |
| **03/25** | $11292 | $11128 | $11036 |
| **04/25** | $11326 | $11038 | $11017 |
| **05/25** | $11352 | $11045 | $11070 |
| **06/25** | $11377 | $11114 | $11127 |
| **07/25** | $11411 | $11091 | $11184 |
| **08/25** | $11436 | $11188 | $11229 |
| **09/25** | $11462 | $11447 | $11238 |
| **10/25** | $11476 | $11589 | $11231 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A1 without sales load | 2.89% | 2.05% | 1.44% |
| Class A1 with sales load - 0.50% | 2.38% | 1.95% | 1.39% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Bloomberg Municipal Bond: 1 Year (1-2) Index | 3.22% | 1.65% | 1.50% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $1163650077 |
| Total Number of Portfolio Holdings | 122 |
| Portfolio Turnover Rate | 154% |
| Total Advisory Fees Paid | $1627730 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AAA | 2.5% |
| AA | 29.7% |
| A | 48.3% |
| BBB | 18.8% |
| N/R | 0.7% |

---

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)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.350%, due 11/01/32 | 4.8% |
| Maryland Industrial Development Financing Authority, 5.280%, due 03/01/30 | 4.3% |
| Harris County Cultural Education Facilities Finance Corp., 3.700%, due 11/15/46 | 3.7% |
| JPMorgan Chase Putters/Drivers Trust, 4.270%, due 03/20/27 | 2.7% |
| Pennsylvania Higher Educational Facilities Authority, 4.020%, due 09/01/45 | 2.3% |
| State of Ohio, 3.500%, due 10/01/45 | 2.2% |
| Health Care Authority for Baptist Health, 4.610%, due 11/01/42 | 2.2% |
| Iowa Finance Authority, 3.250%, due 12/01/46 | 2.2% |
| Florida Insurance Assistance Interlocal Agency, Inc., 3.960%, due 09/01/32 | 2.2% |
| County of Meade, 4.400%, due 08/01/61 | 2.1% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective October 17, 2025, the Fund's management fee changed from 0.40% on all assets to 0.30% on all assets.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Ultra Short Municipal Income Fund
(ATOBX)

# Class A1

# abrdn Ultra Short Municipal Income Fund
![Image](tm2534449d1_tsrimg017.jpg)

#### Institutional Class

#### ATOIX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Ultra Short Municipal Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $46 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the Bloomberg Municipal Bond 1 Year (1-2) Index to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

The Fund's exposure to industrial development and pollution control revenue bonds was positive. Within this sector, Maryland Industrial Development Financing Authority's bonds were a key contributor to performance. Other revenue bonds were also favorable. Within individual holdings, California Statewide Communities Development Authority's revenue bonds benefited the Fund. In terms of ratings, our holdings in all ratings classes added to returns, while BBB and AA rated bonds were main contributors.

**What detracted from performance?**

The Fund's holdings in multi-family and airport bonds slightly detracted from performance. Within individual holdings, the solid waste disposal revenue bonds of West Jefferson Industrial Development Board in Alabama were unfavorable. Given the stable nature of these variable-rate demand notes, they did not see capital appreciation during periods of strong market performance.

# abrdn Ultra Short Municipal Income Fund
(ATOIX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index and an additional performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Bond: 1 Year (1-2) Index** |
| **10/15** | $1000000 | $1000000 | $1000000 |
| **11/15** | $1000462 | $1003976 | $998750 |
| **12/15** | $1000806 | $1011029 | $998587 |
| **01/16** | $1001181 | $1023093 | $1001654 |
| **02/16** | $1001577 | $1024702 | $1003226 |
| **03/16** | $1002083 | $1027948 | $1001812 |
| **04/16** | $1002676 | $1035506 | $1002924 |
| **05/16** | $1003315 | $1038307 | $1003430 |
| **06/16** | $1003907 | $1054825 | $1005171 |
| **07/16** | $1004487 | $1055469 | $1006929 |
| **08/16** | $1005086 | $1056893 | $1005415 |
| **09/16** | $1004745 | $1051618 | $1003270 |
| **10/16** | $1006423 | $1040586 | $1003978 |
| **11/16** | $1005989 | $1001777 | $999616 |
| **12/16** | $1006604 | $1013538 | $1001585 |
| **01/17** | $1008253 | $1020220 | $1005231 |
| **02/17** | $1008916 | $1027304 | $1008534 |
| **03/17** | $1009653 | $1029534 | $1008521 |
| **04/17** | $1010489 | $1037004 | $1010128 |
| **05/17** | $1011289 | $1053462 | $1012016 |
| **06/17** | $1012102 | $1049684 | $1011156 |
| **07/17** | $1012882 | $1058177 | $1013585 |
| **08/17** | $1013624 | $1066229 | $1015866 |
| **09/17** | $1014378 | $1060808 | $1014655 |
| **10/17** | $1015178 | $1063398 | $1014754 |
| **11/17** | $1015999 | $1057704 | $1010177 |
| **12/17** | $1016015 | $1068759 | $1010844 |
| **01/18** | $1018120 | $1056177 | $1013659 |
| **02/18** | $1019069 | $1053021 | $1015398 |
| **03/18** | $1020187 | $1056907 | $1014644 |
| **04/18** | $1021508 | $1053136 | $1013723 |
| **05/18** | $1022752 | $1065195 | $1017068 |
| **06/18** | $1023869 | $1066104 | $1020646 |
| **07/18** | $1024861 | $1068691 | $1022770 |
| **08/18** | $1026118 | $1071436 | $1022401 |
| **09/18** | $1027389 | $1064499 | $1020442 |
| **10/18** | $1028745 | $1057944 | $1021342 |
| **11/18** | $1030157 | $1069654 | $1024550 |
| **12/18** | $1031629 | $1082461 | $1028401 |
| **01/19** | $1032922 | $1090644 | $1031599 |
| **02/19** | $1034199 | $1000000 | $1000000 |
| **03/19** | $1035545 | $1015808 | $1002735 |
| **04/19** | $1037019 | $1019625 | $1003475 |
| **05/19** | $1038355 | $1033682 | $1007211 |
| **06/19** | $1039732 | $1037499 | $1010325 |
| **07/19** | $1040885 | $1045860 | $1013655 |
| **08/19** | $1042021 | $1062357 | $1015084 |
| **09/19** | $1043157 | $1053842 | $1012956 |
| **10/19** | $1044276 | $1055730 | $1015869 |
| **11/19** | $1045200 | $1058370 | $1017633 |
| **12/19** | $1046183 | $1061602 | $1019137 |
| **01/20** | $1046975 | $1080675 | $1022728 |
| **02/20** | $1047781 | $1094611 | $1024801 |
| **03/20** | $1050065 | $1054906 | $1019696 |
| **04/20** | $1050586 | $1041667 | $1022047 |
| **05/20** | $1051589 | $1074804 | $1032148 |
| **06/20** | $1052392 | $1083650 | $1032137 |
| **07/20** | $1054076 | $1101901 | $1034724 |
| **08/20** | $1054540 | $1096731 | $1034892 |
| **09/20** | $1053819 | $1096963 | $1035666 |
| **10/20** | $1054132 | $1093668 | $1034833 |
| **11/20** | $1055438 | $1110173 | $1036128 |
| **12/20** | $1055681 | $1116935 | $1037053 |
| **01/21** | $1055882 | $1124053 | $1038766 |
| **02/21** | $1056009 | $1106193 | $1038423 |
| **03/21** | $1056041 | $1113016 | $1039175 |
| **04/21** | $1056113 | $1122351 | $1039891 |
| **05/21** | $1056164 | $1125700 | $1040307 |
| **06/21** | $1056213 | $1128791 | $1040253 |
| **07/21** | $1056230 | $1138152 | $1041556 |
| **08/21** | $1056250 | $1133976 | $1041343 |
| **09/21** | $1056277 | $1125792 | $1040260 |
| **10/21** | $1056297 | $1122500 | $1040035 |
| **11/21** | $1056324 | $1132056 | $1040336 |
| **12/21** | $1055295 | $1133882 | $1040250 |
| **01/22** | $1054265 | $1102845 | $1033368 |
| **02/22** | $1054350 | $1098894 | $1032042 |
| **03/22** | $1053489 | $1063271 | $1023455 |
| **04/22** | $1052788 | $1033861 | $1019329 |
| **05/22** | $1053436 | $1049219 | $1027092 |
| **06/22** | $1055283 | $1032035 | $1027389 |
| **07/22** | $1056188 | $1059303 | $1032932 |
| **08/22** | $1057673 | $1036087 | $1024755 |
| **09/22** | $1058081 | $996321 | $1015932 |
| **10/22** | $1060202 | $988035 | $1017244 |
| **11/22** | $1063360 | $1034249 | $1028969 |
| **12/22** | $1066194 | $1037210 | $1028460 |
| **01/23** | $1069734 | $1067004 | $1037092 |
| **02/23** | $1072574 | $1042877 | $1028326 |
| **03/23** | $1075698 | $1066016 | $1039366 |
| **04/23** | $1078757 | $1063581 | $1036355 |
| **05/23** | $1082060 | $1054364 | $1035225 |
| **06/23** | $1085473 | $1064926 | $1040154 |
| **07/23** | $1088804 | $1069139 | $1042392 |
| **08/23** | $1092408 | $1053747 | $1043520 |
| **09/23** | $1095944 | $1022863 | $1039216 |
| **10/23** | $1099699 | $1014159 | $1042078 |
| **11/23** | $1103306 | $1078539 | $1057173 |
| **12/23** | $1108223 | $1103606 | $1063349 |
| **01/24** | $1111560 | $1097970 | $1062999 |
| **02/24** | $1114896 | $1099380 | $1064638 |
| **03/24** | $1118447 | $1099345 | $1064564 |
| **04/24** | $1122207 | $1085730 | $1064694 |
| **05/24** | $1125904 | $1082545 | $1067270 |
| **06/24** | $1129497 | $1099138 | $1073303 |
| **07/24** | $1132760 | $1109157 | $1080362 |
| **08/24** | $1136323 | $1117904 | $1087444 |
| **09/24** | $1139860 | $1128953 | $1090862 |
| **10/24** | $1143444 | $1112492 | $1088136 |
| **11/24** | $1146768 | $1131709 | $1092413 |
| **12/24** | $1150154 | $1115233 | $1092153 |
| **01/25** | $1152970 | $1120822 | $1097881 |
| **02/25** | $1155633 | $1131935 | $1102489 |
| **03/25** | $1158806 | $1112752 | $1103646 |
| **04/25** | $1162489 | $1103787 | $1101714 |
| **05/25** | $1165410 | $1104496 | $1106975 |
| **06/25** | $1168238 | $1111372 | $1112705 |
| **07/25** | $1170846 | $1109127 | $1118358 |
| **08/25** | $1173641 | $1118767 | $1122888 |
| **09/25** | $1176542 | $1144676 | $1123755 |
| **10/25** | $1179451 | $1158873 | $1123129 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.15% | 2.27% | 1.66% |
| Bloomberg Municipal Bond Index | 4.17% | 1.16% | 2.42% |
| Bloomberg Municipal Bond: 1 Year (1-2) Index | 3.22% | 1.65% | 1.50% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $1163650077 |
| Total Number of Portfolio Holdings | 122 |
| Portfolio Turnover Rate | 154% |
| Total Advisory Fees Paid | $1627730 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| AAA | 2.5% |
| AA | 29.7% |
| A | 48.3% |
| BBB | 18.8% |
| N/R | 0.7% |

---

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)

---

| | |
|:---|:---|
| Mississippi Business Finance Corp., 4.350%, due 11/01/32 | 4.8% |
| Maryland Industrial Development Financing Authority, 5.280%, due 03/01/30 | 4.3% |
| Harris County Cultural Education Facilities Finance Corp., 3.700%, due 11/15/46 | 3.7% |
| JPMorgan Chase Putters/Drivers Trust, 4.270%, due 03/20/27 | 2.7% |
| Pennsylvania Higher Educational Facilities Authority, 4.020%, due 09/01/45 | 2.3% |
| State of Ohio, 3.500%, due 10/01/45 | 2.2% |
| Health Care Authority for Baptist Health, 4.610%, due 11/01/42 | 2.2% |
| Iowa Finance Authority, 3.250%, due 12/01/46 | 2.2% |
| Florida Insurance Assistance Interlocal Agency, Inc., 3.960%, due 09/01/32 | 2.2% |
| County of Meade, 4.400%, due 08/01/61 | 2.1% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective October 17, 2025, the Fund's management fee changed from 0.40% on all assets to 0.30% on all assets.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Ultra Short Municipal Income Fund
(ATOIX)

# Institutional Class

# abrdn Dynamic Dividend Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Class A

#### ADAVX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Dynamic Dividend Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| A | $164 | 1.51% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI All Country World Index (Net TR) to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

Broadcom was a top contributor as investors became more bullish on the growth prospects for artificial intelligence (AI) accelerators and the company's custom application-specific integrated circuits business in particular. Samsung Electronics gained momentum after a landmark $16.5 billion AI chip supply deal with Tesla, and the new U.S.-Korea tariff agreement also supported the shares by reducing uncertainty and helping to offset steep semiconductor losses. Shares of BAE Systems, a UK-based defense company, performed well as the company looked well positioned to benefit from increased defense spending by EU countries as they sought to reduce their reliance on the U.S.

**What detracted from performance?**

The top detractors included NVIDIA and Tesla, neither of which is held in the Fund given the former's minimal dividend yield and the latter's absence of any. Shares of Target Corporation came under pressure after the company reported its fourth-quarter results for the period ended February 1, 2025 and issued a conservative outlook for the full fiscal year ending January 31, 2026. At the time of that update, the company noted a slow start to February sales, reflecting cold weather and weaker consumer sentiment related to tariffs. Teleperformance, the French information technology services group, reported lower-than-expected first-half results in its Specialized Services segment and reduced its guidance for the year.

# abrdn Dynamic Dividend Fund
(ADAVX)

# Class A

## Fund Performance

### Total Return Based on $10,000 Investment
The following graph reflects a hypothetical $10,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg010.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with sales load** | **MSCI All Country World Index (Net TR)** |
| **10/15** | $9419 | $10000 |
| **11/15** | $9392 | $9917 |
| **12/15** | $9187 | $9739 |
| **01/16** | $8624 | $9151 |
| **02/16** | $8417 | $9088 |
| **03/16** | $9061 | $9762 |
| **04/16** | $9189 | $9906 |
| **05/16** | $9265 | $9918 |
| **06/16** | $9132 | $9858 |
| **07/16** | $9500 | $10283 |
| **08/16** | $9551 | $10318 |
| **09/16** | $9576 | $10381 |
| **10/16** | $9413 | $10205 |
| **11/16** | $9627 | $10282 |
| **12/16** | $9842 | $10504 |
| **01/17** | $10085 | $10792 |
| **02/17** | $10412 | $11094 |
| **03/17** | $10520 | $11230 |
| **04/17** | $10740 | $11405 |
| **05/17** | $10932 | $11657 |
| **06/17** | $11014 | $11710 |
| **07/17** | $11236 | $12037 |
| **08/17** | $11177 | $12083 |
| **09/17** | $11459 | $12317 |
| **10/17** | $11571 | $12573 |
| **11/17** | $11883 | $12816 |
| **12/17** | $12111 | $13023 |
| **01/18** | $12687 | $13757 |
| **02/18** | $12046 | $13180 |
| **03/18** | $11927 | $12897 |
| **04/18** | $12100 | $13021 |
| **05/18** | $12098 | $13037 |
| **06/18** | $11977 | $12966 |
| **07/18** | $12362 | $13357 |
| **08/18** | $12421 | $13462 |
| **09/18** | $12359 | $13521 |
| **10/18** | $11662 | $12508 |
| **11/18** | $11811 | $12690 |
| **12/18** | $10895 | $11797 |
| **01/19** | $11842 | $12728 |
| **02/19** | $11962 | $13069 |
| **03/19** | $11928 | $13233 |
| **04/19** | $12298 | $13680 |
| **05/19** | $11482 | $12868 |
| **06/19** | $12234 | $13711 |
| **07/19** | $12262 | $13751 |
| **08/19** | $12198 | $13425 |
| **09/19** | $12545 | $13707 |
| **10/19** | $12863 | $14082 |
| **11/19** | $13117 | $14426 |
| **12/19** | $13664 | $14934 |
| **01/20** | $13399 | $14769 |
| **02/20** | $12412 | $13576 |
| **03/20** | $10409 | $11743 |
| **04/20** | $11528 | $13002 |
| **05/20** | $12094 | $13567 |
| **06/20** | $12391 | $14000 |
| **07/20** | $12823 | $14741 |
| **08/20** | $13495 | $15643 |
| **09/20** | $13052 | $15139 |
| **10/20** | $12569 | $14771 |
| **11/20** | $14242 | $16591 |
| **12/20** | $15030 | $17362 |
| **01/21** | $15129 | $17283 |
| **02/21** | $15401 | $17683 |
| **03/21** | $15885 | $18155 |
| **04/21** | $16475 | $18949 |
| **05/21** | $16927 | $19244 |
| **06/21** | $16854 | $19498 |
| **07/21** | $16957 | $19632 |
| **08/21** | $17131 | $20123 |
| **09/21** | $16271 | $19292 |
| **10/21** | $17019 | $20277 |
| **11/21** | $16511 | $19789 |
| **12/21** | $17479 | $20580 |
| **01/22** | $17147 | $19569 |
| **02/22** | $16487 | $19064 |
| **03/22** | $16666 | $19477 |
| **04/22** | $15595 | $17918 |
| **05/22** | $15816 | $17939 |
| **06/22** | $14740 | $16427 |
| **07/22** | $15373 | $17574 |
| **08/22** | $14692 | $16927 |
| **09/22** | $13368 | $15306 |
| **10/22** | $14239 | $16230 |
| **11/22** | $15681 | $17489 |
| **12/22** | $15105 | $16801 |
| **01/23** | $15985 | $18005 |
| **02/23** | $15479 | $17489 |
| **03/23** | $15866 | $18028 |
| **04/23** | $16251 | $18287 |
| **05/23** | $15738 | $18091 |
| **06/23** | $16402 | $19142 |
| **07/23** | $16793 | $19843 |
| **08/23** | $16237 | $19288 |
| **09/23** | $15474 | $18491 |
| **10/23** | $15151 | $17935 |
| **11/23** | $16314 | $19590 |
| **12/23** | $17078 | $20531 |
| **01/24** | $16872 | $20651 |
| **02/24** | $17276 | $21537 |
| **03/24** | $17725 | $22214 |
| **04/24** | $17105 | $21481 |
| **05/24** | $17844 | $22353 |
| **06/24** | $17881 | $22851 |
| **07/24** | $18295 | $23220 |
| **08/24** | $18837 | $23809 |
| **09/24** | $19087 | $24362 |
| **10/24** | $18489 | $23816 |
| **11/24** | $18784 | $24706 |
| **12/24** | $18354 | $24121 |
| **01/25** | $18907 | $24931 |
| **02/25** | $19032 | $24781 |
| **03/25** | $18553 | $23802 |
| **04/25** | $18596 | $24024 |
| **05/25** | $19289 | $25405 |
| **06/25** | $19943 | $26546 |
| **07/25** | $19895 | $26906 |
| **08/25** | $20464 | $27570 |
| **09/25** | $21258 | $28569 |
| **10/25** | $21566 | $29208 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A without sales load | 16.64% | 11.40% | 8.64% |
| Class A with sales load - 5.75% | 9.84% | 10.12% | 7.99% |
| MSCI All Country World Index (Net TR) | 22.64% | 14.61% | 11.31% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $97043172 |
| Total Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $795503 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Information Technology | 25.1% |
| Financials | 15.4% |
| Industrials | 12.4% |
| Health Care | 8.8% |
| Consumer Discretionary | 8.0% |
| Consumer Staples | 6.4% |
| Communication Services | 5.9% |
| Utilities | 5.5% |
| Energy | 4.4% |
| Real Estate | 2.4% |
| Materials | 2.4% |
| Other | 3.3% |

---

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

---

| | |
|:---|:---|
| Broadcom, Inc. | 3.9% |
| Alphabet, Inc., Class C | 3.8% |
| Microsoft Corp. | 3.8% |
| Apple, Inc. | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
| Samsung Electronics Co. Ltd. | 2.2% |
| Goldman Sachs Group, Inc. | 1.6% |
| JPMorgan Chase & Co. | 1.6% |
| ASML Holding NV | 1.5% |
| Mitsubishi UFJ Financial Group, Inc. | 1.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective February 28, 2025, the abrdn Dynamic Dividend Fund revised its non-fundamental policy to remove reference to the language "that it believes are undervalued relative to the market and to the securities' historic valuations". There was no change to how the Fund is managed following the revision of the non-fundamental policy.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Dynamic Dividend Fund
(ADAVX)

# Class A

# abrdn Dynamic Dividend Fund
![Image](tm2534449d1_tsrimg043.jpg)

#### Institutional Class

#### ADVDX
Annual Shareholder Report - October 31, 2025

This annual shareholder report contains important information about the abrdn Dynamic Dividend Fund (the "Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Institutional | $137 | 1.26% |

---

## How did the Fund perform last year and what affected its performance?
The following discussion compares the performance of the Fund to the MSCI All Country World Index (Net TR) to show how the Fund's performance measures against the returns of similar investments for the reporting period. It's important to note that investors cannot invest directly in an index.

**What contributed to performance?**

Broadcom was a top contributor as investors became more bullish on the growth prospects for artificial intelligence (AI) accelerators and the company's custom application-specific integrated circuits business in particular. Samsung Electronics gained momentum after a landmark $16.5 billion AI chip supply deal with Tesla, and the new U.S.-Korea tariff agreement also supported the shares by reducing uncertainty and helping to offset steep semiconductor losses. Shares of BAE Systems, a UK-based defense company, performed well as the company looked well positioned to benefit from increased defense spending by EU countries as they sought to reduce their reliance on the U.S.

**What detracted from performance?**

The top detractors included NVIDIA and Tesla, neither of which is held in the Fund given the former's minimal dividend yield and the latter's absence of any. Shares of Target Corporation came under pressure after the company reported its fourth-quarter results for the period ended February 1, 2025 and issued a conservative outlook for the full fiscal year ending January 31, 2026. At the time of that update, the company noted a slow start to February sales, reflecting cold weather and weaker consumer sentiment related to tariffs. Teleperformance, the French information technology services group, reported lower-than-expected first-half results in its Specialized Services segment and reduced its guidance for the year.

# abrdn Dynamic Dividend Fund
(ADVDX)

# Institutional Class

## Fund Performance

### Total Return Based on $1,000,000 Investment
The following graph reflects a hypothetical $1,000,000 investment for the most recently completed 10 fiscal years as compared to a broad-based securities market index, which is also the performance benchmark.

![Growth of 10K Chart](tm2534449d1_tsrimg007.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI All Country World Index (Net TR)** |
| **10/15** | $1000000 | $1000000 |
| **11/15** | $997319 | $991744 |
| **12/15** | $975755 | $973860 |
| **01/16** | $916126 | $915126 |
| **02/16** | $894313 | $908827 |
| **03/16** | $962896 | $976179 |
| **04/16** | $976691 | $990589 |
| **05/16** | $985015 | $991840 |
| **06/16** | $968272 | $985832 |
| **07/16** | $1010371 | $1028318 |
| **08/16** | $1013193 | $1031776 |
| **09/16** | $1016031 | $1038100 |
| **10/16** | $1001761 | $1020480 |
| **11/16** | $1021854 | $1028235 |
| **12/16** | $1047833 | $1050447 |
| **01/17** | $1073957 | $1079169 |
| **02/17** | $1108977 | $1109442 |
| **03/17** | $1120712 | $1123014 |
| **04/17** | $1144306 | $1140516 |
| **05/17** | $1162093 | $1165702 |
| **06/17** | $1174012 | $1171003 |
| **07/17** | $1197972 | $1203728 |
| **08/17** | $1191952 | $1208340 |
| **09/17** | $1222204 | $1231685 |
| **10/17** | $1234365 | $1257261 |
| **11/17** | $1267974 | $1281600 |
| **12/17** | $1292536 | $1302261 |
| **01/18** | $1354232 | $1375730 |
| **02/18** | $1289154 | $1317952 |
| **03/18** | $1273585 | $1289739 |
| **04/18** | $1295489 | $1302056 |
| **05/18** | $1292314 | $1303681 |
| **06/18** | $1279675 | $1296621 |
| **07/18** | $1321033 | $1335723 |
| **08/18** | $1327525 | $1346217 |
| **09/18** | $1321127 | $1352076 |
| **10/18** | $1246900 | $1250753 |
| **11/18** | $1263127 | $1269046 |
| **12/18** | $1168773 | $1179661 |
| **01/19** | $1267076 | $1272807 |
| **02/19** | $1280223 | $1306851 |
| **03/19** | $1276847 | $1323286 |
| **04/19** | $1316748 | $1367967 |
| **05/19** | $1229678 | $1286821 |
| **06/19** | $1310491 | $1371081 |
| **07/19** | $1313851 | $1375099 |
| **08/19** | $1307243 | $1342478 |
| **09/19** | $1344702 | $1370726 |
| **10/19** | $1379092 | $1408241 |
| **11/19** | $1406708 | $1442618 |
| **12/19** | $1465660 | $1493420 |
| **01/20** | $1437532 | $1476924 |
| **02/20** | $1331817 | $1357633 |
| **03/20** | $1117224 | $1174348 |
| **04/20** | $1237577 | $1300150 |
| **05/20** | $1298582 | $1356695 |
| **06/20** | $1330759 | $1400045 |
| **07/20** | $1381094 | $1474089 |
| **08/20** | $1449916 | $1564311 |
| **09/20** | $1402582 | $1513873 |
| **10/20** | $1354670 | $1477073 |
| **11/20** | $1534684 | $1659141 |
| **12/20** | $1616036 | $1736174 |
| **01/21** | $1627006 | $1728278 |
| **02/21** | $1656595 | $1768311 |
| **03/21** | $1712737 | $1815541 |
| **04/21** | $1776573 | $1894921 |
| **05/21** | $1821899 | $1924410 |
| **06/21** | $1814437 | $1949769 |
| **07/21** | $1825896 | $1963204 |
| **08/21** | $1845044 | $2012342 |
| **09/21** | $1752802 | $1929213 |
| **10/21** | $1833750 | $2027687 |
| **11/21** | $1779327 | $1978859 |
| **12/21** | $1884031 | $2058014 |
| **01/22** | $1852599 | $1956940 |
| **02/22** | $1777837 | $1906398 |
| **03/22** | $1797564 | $1947689 |
| **04/22** | $1682350 | $1791792 |
| **05/22** | $1706543 | $1793889 |
| **06/22** | $1590807 | $1642671 |
| **07/22** | $1659467 | $1757382 |
| **08/22** | $1586341 | $1692685 |
| **09/22** | $1443727 | $1530645 |
| **10/22** | $1538061 | $1623015 |
| **11/22** | $1694207 | $1748902 |
| **12/22** | $1632333 | $1680081 |
| **01/23** | $1727744 | $1800504 |
| **02/23** | $1677582 | $1748901 |
| **03/23** | $1715620 | $1802824 |
| **04/23** | $1757710 | $1828735 |
| **05/23** | $1702536 | $1809149 |
| **06/23** | $1774693 | $1914190 |
| **07/23** | $1817374 | $1984264 |
| **08/23** | $1757538 | $1928816 |
| **09/23** | $1679638 | $1849058 |
| **10/23** | $1640723 | $1793463 |
| **11/23** | $1771393 | $1958992 |
| **12/23** | $1850185 | $2053090 |
| **01/24** | $1828211 | $2065126 |
| **02/24** | $1872434 | $2153747 |
| **03/24** | $1921431 | $2221368 |
| **04/24** | $1854647 | $2148078 |
| **05/24** | $1939640 | $2235320 |
| **06/24** | $1944099 | $2285105 |
| **07/24** | $1984831 | $2321958 |
| **08/24** | $2048646 | $2380928 |
| **09/24** | $2071603 | $2436239 |
| **10/24** | $2007114 | $2381553 |
| **11/24** | $2039552 | $2470632 |
| **12/24** | $1993325 | $2412148 |
| **01/25** | $2053814 | $2493114 |
| **02/25** | $2067776 | $2478095 |
| **03/25** | $2020779 | $2380199 |
| **04/25** | $2021146 | $2402398 |
| **05/25** | $2096901 | $2540485 |
| **06/25** | $2168505 | $2654555 |
| **07/25** | $2163624 | $2690556 |
| **08/25** | $2225990 | $2756988 |
| **09/25** | $2312798 | $2856907 |
| **10/25** | $2346728 | $2920804 |

---

## Average Annual Total Returns for the Period Ended October 31, 2025 (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 16.92% | 11.62% | 8.90% |
| MSCI All Country World Index (Net TR) | 22.64% | 14.61% | 11.31% |

---

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

Fund performance data shown above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds?page=1 for the most recent performance information.

## Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $97043172 |
| Total Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $795503 |

---

# 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 October 31, 2025.

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

---

| | |
|:---|:---|
| Information Technology | 25.1% |
| Financials | 15.4% |
| Industrials | 12.4% |
| Health Care | 8.8% |
| Consumer Discretionary | 8.0% |
| Consumer Staples | 6.4% |
| Communication Services | 5.9% |
| Utilities | 5.5% |
| Energy | 4.4% |
| Real Estate | 2.4% |
| Materials | 2.4% |
| Other | 3.3% |

---

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

---

| | |
|:---|:---|
| Broadcom, Inc. | 3.9% |
| Alphabet, Inc., Class C | 3.8% |
| Microsoft Corp. | 3.8% |
| Apple, Inc. | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |
| Samsung Electronics Co. Ltd. | 2.2% |
| Goldman Sachs Group, Inc. | 1.6% |
| JPMorgan Chase & Co. | 1.6% |
| ASML Holding NV | 1.5% |
| Mitsubishi UFJ Financial Group, Inc. | 1.5% |

---

## Material Fund Changes
Below is a summary of certain changes for the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at aberdeeninvestments.com/us/literature or upon request at **866-667-9231**.

Effective February 28, 2025, the abrdn Dynamic Dividend Fund revised its non-fundamental policy to remove reference to the language "that it believes are undervalued relative to the market and to the securities' historic valuations". There was no change to how the Fund is managed following the revision of the non-fundamental policy.

## 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](tm2534449d1_tsrimg032.jpg)

# abrdn Dynamic Dividend Fund
(ADVDX)

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

**Item 2. Code of Ethics.**

(a) As of October 31, 2025, the Registrant had adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics").

(c) There have been no amendments during the period covered by this report to a provision of the Code of Ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers to the provisions of the Code of Ethics.

(e) Not applicable

(f) The Code of Ethics is included with this Form N-CSR as Exhibit 19(a)(1).

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

The Registrant's Board of Trustees has determined that there is at least one member who qualifies as an "audit committee financial expert" serving on its Audit Committee. Mr. Rahn K. Porter is the "audit committee financial expert" and is considered to be an "Independent Trustee" as each term is defined in Item 3 of Form N-CSR.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal <br>Year Ended | (a)<br> Audit Fees | (b)<br> Audit-Related Fees | (c)<sup>1</sup> Tax Fees | (d)<sup>2</sup> All Other Fees |
| October 31, 2025 | $676000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| October 31, 2024 | $716000 | $0 | $0 | $0 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup> The Tax Fees are for the completion of the Registrant's federal and state tax returns.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup> Other Fees include services related to pursuing Article 63 European Union Tax Reclaims related to prior years.

(e)(1) Pre-Approval Policies and Procedures. Except as permitted by Rule 2-01(c)(7)(i)(C) of Regulation S-X, the Registrant's (hereinafter, the "Trust") Audit Committee Charter authorizes the Audit Committee ("Committee") to annually select, retain or terminate the Trust's independent auditor and, in connection therewith, to evaluate the terms of the engagement and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the investment adviser (hereinafter, the "Adviser") or a sub-adviser, and to receive the independent auditor's specific representations as to their independence, delineating all relationships between the independent auditor and the Trust, consistent with PCAOB 3526 or any other applicable auditing standard. PCAOB Rule 3526 requires that, at least annually, the auditor: (1) disclose to the Committee in writing all relationships between the auditor and its related entities and the Trust and its related entities that in the auditor's professional judgment may reasonably be thought to bear on independence; (2) confirm in its letter that, in its professional judgment, it is independent of the Trust within the meaning of the Securities Acts administered by the SEC; and (3) discuss the auditor's independence with the Committee. The Committee is responsible for actively engaging in a dialogue with the independent auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the independent auditor. The Committee is also authorized to review in advance, and consider approval of, any and all proposals by management or the Adviser that the Trust, Adviser or their affiliated persons, employ the independent auditor to render "permissible non-audit services" to the Trust and to consider whether such services are consistent with the independent auditor's independence. The Committee may delegate to one or more of its members ("Delegates") authority to pre-approve permissible non-audit services to be provided to the Trust. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. The Committee shall communicate any pre-approval made by it or a Delegate to the Adviser, who will ensure that the appropriate disclosure is made in the Trust's periodic reports required by Section 30 of the Investment Company Act of 1940, as amended, and other documents as required under the federal securities laws.

(e)(2) None of the services described in each of paragraphs (b) through (d) of this Item involved a waiver of the pre-approval requirement by the Audit Committee pursuant to Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services to the Registrant and to the Registrant's investment adviser and all entities controlling, controlled by, or under common control with the Adviser that provide services to the Registrant for the Registrant's fiscal years ended October 31, 2025 and October 31, 2024 and were $1,253,744 and $629,124, respectively.

(h) The Registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) or Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence and has concluded that it is.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

 **Item 6. Investments.**

(a) Included as part of the Financial Statements filed under Item 7 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 and Fixed Income Series
Annual Financial Statements and Additional Information

October 31, 2025

#### 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 Global Infrastructure Fund
Class A - AIAFX ■ Institutional Class - AIFRX

#### 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

#### 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 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■ ■

![](tm2534449d1oefreporti001.jpg)

------

**Table of Contents**

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements and Financial Highlights for Open-End Management Investment Companies (Item 7):](#xx_c35139ef-d61e-40b0-975d-f71258cf228a_1tm2534449d1_oefreport)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Statements of Investments](#xx_c35139ef-d61e-40b0-975d-f71258cf228a_1tm2534449d1_oefreport) <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; [abrdn Dynamic Dividend Fund](#xx_c35139ef-d61e-40b0-975d-f71258cf228a_1tm2534449d1_oefreport)<br>| &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; [abrdn EM SMA Completion Fund](#xx_68deec9e-9bb3-43df-aa2e-215a6f8282a2_1tm2534449d1_oefreport)<br>| &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; [abrdn Emerging Markets ex-China Fund](#xx_25bb7ace-168c-48c5-9daf-0f794517deee_1tm2534449d1_oefreport)<br>| &nbsp;&nbsp;Page 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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_fd5e7bd0-f107-4f83-8354-934508cd1cb8_1tm2534449d1_oefreport)<br>| &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; [abrdn Global Infrastructure Fund](#xx_dfce8ee3-8326-4d6c-be78-2d6f30f23b4b_1tm2534449d1_oefreport)<br>| &nbsp;&nbsp;Page 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Real Estate Fund](#xx_3ce5de04-4964-4e9f-972f-351209fd3b8c_1tm2534449d1_oefreport)<br>| &nbsp;&nbsp;Page 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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_8eb659ce-63d9-4ebf-aef8-d7d3c3c9e3e0_1tm2534449d1_oefreport)<br>| &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; [abrdn U.S. Sustainable Leaders Fund](#xx_89c741a2-fbbe-4eab-be66-b1fc38c369b8_1tm2534449d1_oefreport)<br>| &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; [abrdn High Income Opportunities Fund](#xx_24f38a6d-4bca-447b-a1fc-19bc7115f939_1tm2534449d1_oefreport)<br>| &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; [abrdn Infrastructure Debt Fund](#xx_7c5a3ff6-f650-4396-a183-aca291729a8b_1tm2534449d1_oefreport)<br>| &nbsp;&nbsp;Page 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Short Duration High Yield Municipal Fund](#xx_bb04327f-35b8-41e7-82e8-c2d35927228e_1tm2534449d1_oefreport)<br>| &nbsp;&nbsp;Page 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [abrdn Ultra Short Municipal Income Fund](#xx_9735db64-c967-428d-a67c-fce503f89fe2_1tm2534449d1_oefreport)<br>| &nbsp;&nbsp;Page 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements](#xx_34828413-9cdb-47f7-8cbf-bf828b0173bb_1tm2534449d1_oefreport) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Notes to Financial Statements](#xx_f2882ffb-1342-419c-8c5d-8a12c1c0e615_1tm2534449d1_oefreport) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Report of Independent Registered Public Accounting Firm](#xx_a2db8268-c36d-42ae-a65d-02330f483b28_1tm2534449d1_oefreport) <br>**  | Page 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Other Tax Information](#xx_cf662b9c-14dc-4344-82ed-e31a77755464_1tm2534449d1_oefreport) <br>**  | Page 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Changes in and Disagreement with Accountants for Open-End Management Investment Companies (Item 8)](#xx_fe7deec2-1ab9-4d16-ae20-dc31f276f27a_1tm2534449d1_oefreport) <br>**  | Page 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Proxy Disclosures for Open-End Management Investment Companies (Item 9)](#xx_189af350-e6f6-4a15-814f-d9caa084945e_1tm2534449d1_oefreport) <br>**  | &nbsp;&nbsp;Page 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Remuneration paid to Trustees, Officers and Others (Item 10)](#xx_4c9efdf0-35f0-4938-8eb9-20a9a775586c_1tm2534449d1_oefreport) <br>**  | Page 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Board of Trustees' Consideration of Investment Advisory and Sub-Advisory Agreements (Item 11)](#xx_e2d02600-dc66-45b7-a831-1f9811f8f966_1tm2534449d1_oefreport) <br>**  | &nbsp;&nbsp;Page 110 |

---

------

*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 and 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_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Statement of Investments

October 31, 2025 abrdn Dynamic Dividend Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—94.5%** | &nbsp;&nbsp;**COMMON STOCKS—94.5%** | &nbsp;&nbsp;**COMMON STOCKS—94.5%** |  |
| &nbsp;&nbsp;**AUSTRALIA—1.2%** | &nbsp;&nbsp;**AUSTRALIA—1.2%** | &nbsp;&nbsp;**AUSTRALIA—1.2%** | &nbsp;&nbsp;**AUSTRALIA—1.2%** |
| &nbsp;&nbsp;**Materials—1.2%** | &nbsp;&nbsp;**Materials—1.2%** | &nbsp;&nbsp;**Materials—1.2%** | &nbsp;&nbsp;**Materials—1.2%** |
| &nbsp;&nbsp;Rio Tinto PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;$1119144 |
| &nbsp;&nbsp;**BRAZIL—1.9%** | &nbsp;&nbsp;**BRAZIL—1.9%** | &nbsp;&nbsp;**BRAZIL—1.9%** | &nbsp;&nbsp;**BRAZIL—1.9%** |
| &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** |
| &nbsp;&nbsp;Motiva Infraestrutura de Mobilidade SA |  | &nbsp;&nbsp;&nbsp;&nbsp;302100 | &nbsp;&nbsp;&nbsp;&nbsp; 891709 |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;312200 | &nbsp;&nbsp;&nbsp;&nbsp; 923842 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815551 |
| &nbsp;&nbsp;**CANADA—1.0%** | &nbsp;&nbsp;**CANADA—1.0%** | &nbsp;&nbsp;**CANADA—1.0%** | &nbsp;&nbsp;**CANADA—1.0%** |
| &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** | &nbsp;&nbsp;**Energy—1.0%** |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp; 923076 |
| &nbsp;&nbsp;**CHINA—2.4%** | &nbsp;&nbsp;**CHINA—2.4%** | &nbsp;&nbsp;**CHINA—2.4%** | &nbsp;&nbsp;**CHINA—2.4%** |
| &nbsp;&nbsp;**Communication Services—1.2%** | &nbsp;&nbsp;**Communication Services—1.2%** | &nbsp;&nbsp;**Communication Services—1.2%** | &nbsp;&nbsp;**Communication Services—1.2%** |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 1194047 |
| &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 1120839 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**2314886** |
| &nbsp;&nbsp;**DENMARK—1.9%** | &nbsp;&nbsp;**DENMARK—1.9%** | &nbsp;&nbsp;**DENMARK—1.9%** | &nbsp;&nbsp;**DENMARK—1.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.6%** | &nbsp;&nbsp;**Consumer Discretionary—0.6%** | &nbsp;&nbsp;**Consumer Discretionary—0.6%** | &nbsp;&nbsp;**Consumer Discretionary—0.6%** |
| &nbsp;&nbsp;Pandora AS |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575377 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Tryg AS |  | &nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889828 |
| &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** | &nbsp;&nbsp;**Health Care—0.4%** |
| &nbsp;&nbsp;Novo Nordisk AS, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349545 |
| &nbsp;&nbsp;**Total Denmark** | &nbsp;&nbsp;**Total Denmark** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1814750** |
| &nbsp;&nbsp;**FRANCE—4.6%** | &nbsp;&nbsp;**FRANCE—4.6%** | &nbsp;&nbsp;**FRANCE—4.6%** | &nbsp;&nbsp;**FRANCE—4.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855255 |
| &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989146 |
| &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** | &nbsp;&nbsp;**Energy—0.9%** |
| &nbsp;&nbsp;TotalEnergies SE, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871360 |
| &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** |
| &nbsp;&nbsp;Teleperformance SE |  | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721227 |
| &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006757 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;**4443745** |
| &nbsp;&nbsp;**GERMANY—4.2%** | &nbsp;&nbsp;**GERMANY—4.2%** | &nbsp;&nbsp;**GERMANY—4.2%** | &nbsp;&nbsp;**GERMANY—4.2%** |
| &nbsp;&nbsp;**Communication Services—0.9%** | &nbsp;&nbsp;**Communication Services—0.9%** | &nbsp;&nbsp;**Communication Services—0.9%** | &nbsp;&nbsp;**Communication Services—0.9%** |
| &nbsp;&nbsp;Deutsche Telekom AG |  | &nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910670 |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** |
| &nbsp;&nbsp;Mercedes-Benz Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895407 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866171 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;28400 | &nbsp;&nbsp;$1398147 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;**4070395** |
| &nbsp;&nbsp;**HONG KONG—1.2%** | &nbsp;&nbsp;**HONG KONG—1.2%** | &nbsp;&nbsp;**HONG KONG—1.2%** | &nbsp;&nbsp;**HONG KONG—1.2%** |
| &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** | &nbsp;&nbsp;**Financials—1.2%** |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 1188163 |
| &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;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** |
| &nbsp;&nbsp;Energean PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;56600 | &nbsp;&nbsp;&nbsp;&nbsp; 716786 |
| &nbsp;&nbsp;**JAPAN—1.5%** | &nbsp;&nbsp;**JAPAN—1.5%** | &nbsp;&nbsp;**JAPAN—1.5%** | &nbsp;&nbsp;**JAPAN—1.5%** |
| &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;97700 | &nbsp;&nbsp;&nbsp;&nbsp; 1475784 |
| &nbsp;&nbsp;**NETHERLANDS—5.5%** | &nbsp;&nbsp;**NETHERLANDS—5.5%** | &nbsp;&nbsp;**NETHERLANDS—5.5%** | &nbsp;&nbsp;**NETHERLANDS—5.5%** |
| &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** | &nbsp;&nbsp;**Consumer Staples—0.7%** |
| &nbsp;&nbsp;Heineken NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp; 689147 |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;ING Groep NV |  | &nbsp;&nbsp;&nbsp;&nbsp;55100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375829 |
| &nbsp;&nbsp;**Information Technology—3.4%** | &nbsp;&nbsp;**Information Technology—3.4%** | &nbsp;&nbsp;**Information Technology—3.4%** | &nbsp;&nbsp;**Information Technology—3.4%** |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1480233 |
| &nbsp;&nbsp;BE Semiconductor Industries NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108225 |
| &nbsp;&nbsp;NXP Semiconductors NV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278554 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;**5343530** |
| &nbsp;&nbsp;**TAIWAN—3.9%** | &nbsp;&nbsp;**TAIWAN—3.9%** | &nbsp;&nbsp;**TAIWAN—3.9%** | &nbsp;&nbsp;**TAIWAN—3.9%** |
| &nbsp;&nbsp;**Information Technology—3.9%** | &nbsp;&nbsp;**Information Technology—3.9%** | &nbsp;&nbsp;**Information Technology—3.9%** | &nbsp;&nbsp;**Information Technology—3.9%** |
| &nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. |  | &nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172751 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659781 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832532 |
| &nbsp;&nbsp;**UNITED KINGDOM—4.9%** | &nbsp;&nbsp;**UNITED KINGDOM—4.9%** | &nbsp;&nbsp;**UNITED KINGDOM—4.9%** | &nbsp;&nbsp;**UNITED KINGDOM—4.9%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** | &nbsp;&nbsp;**Consumer Discretionary—0.9%** |
| &nbsp;&nbsp;Taylor Wimpey PLC |  | &nbsp;&nbsp;632300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874623 |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;London Stock Exchange Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059323 |
| &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** | &nbsp;&nbsp;**Health Care—1.4%** |
| &nbsp;&nbsp;AstraZeneca PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp;1334880 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;BAE Systems PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874488 |
| &nbsp;&nbsp;**Real Estate—0.6%** | &nbsp;&nbsp;**Real Estate—0.6%** | &nbsp;&nbsp;**Real Estate—0.6%** | &nbsp;&nbsp;**Real Estate—0.6%** |
| &nbsp;&nbsp;Empiric Student Property PLC, REIT |  | &nbsp;&nbsp;639500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654447 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4797761** |
| &nbsp;&nbsp;**UNITED STATES—59.6%** | &nbsp;&nbsp;**UNITED STATES—59.6%** | &nbsp;&nbsp;**UNITED STATES—59.6%** | &nbsp;&nbsp;**UNITED STATES—59.6%** |
| &nbsp;&nbsp;**Communication Services—3.8%** | &nbsp;&nbsp;**Communication Services—3.8%** | &nbsp;&nbsp;**Communication Services—3.8%** | &nbsp;&nbsp;**Communication Services—3.8%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720024 |
| &nbsp;&nbsp;**Consumer Discretionary—4.7%** | &nbsp;&nbsp;**Consumer Discretionary—4.7%** | &nbsp;&nbsp;**Consumer Discretionary—4.7%** | &nbsp;&nbsp;**Consumer Discretionary—4.7%** |
| &nbsp;&nbsp;Lowe's Cos., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166837 |
| &nbsp;&nbsp;Meritage Homes Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891792 |
| &nbsp;&nbsp;NIKE, Inc., Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658818 |
| &nbsp;&nbsp;TJX Cos., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191190 |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646184 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554821 |

---

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>1</sub>

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 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—4.7%** | &nbsp;&nbsp;**Consumer Staples—4.7%** | &nbsp;&nbsp;**Consumer Staples—4.7%** |
| &nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;$1054170 |
| &nbsp;&nbsp;Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp; 950600 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13294 | &nbsp;&nbsp;&nbsp;&nbsp; 763873 |
| &nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 898155 |
| &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 936472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4603270 |
| &nbsp;&nbsp;**Energy—1.8%** | &nbsp;&nbsp;**Energy—1.8%** | &nbsp;&nbsp;**Energy—1.8%** |
| &nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp; 587778 |
| &nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp; 1116891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704669 |
| &nbsp;&nbsp;**Financials—8.4%** | &nbsp;&nbsp;**Financials—8.4%** | &nbsp;&nbsp;**Financials—8.4%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp;&nbsp;&nbsp; 1288145 |
| &nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 1129128 |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061960 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 543924 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578740 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524488 |
| &nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8187991 |
| &nbsp;&nbsp;**Health Care—7.0%** | &nbsp;&nbsp;**Health Care—7.0%** | &nbsp;&nbsp;**Health Care—7.0%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199220 |
| &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714840 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844020 |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961420 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945780 |
| &nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;1036544 |
| &nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753917 |
| &nbsp;&nbsp;**Industrials—7.6%** | &nbsp;&nbsp;**Industrials—7.6%** | &nbsp;&nbsp;**Industrials—7.6%** |
| &nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167572 |
| &nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098422 |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216436 |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983760 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133520 |
| &nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111226 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410131 |
| &nbsp;&nbsp;**Information Technology—15.6%** | &nbsp;&nbsp;**Information Technology—15.6%** | &nbsp;&nbsp;**Information Technology—15.6%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875350 |
| &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631950 |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678977 |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190366 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807189 |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425645 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;$3676451 |
| &nbsp;&nbsp;Oracle Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 892874 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15178802 |
| &nbsp;&nbsp;**Materials—1.2%** | &nbsp;&nbsp;**Materials—1.2%** | &nbsp;&nbsp;**Materials—1.2%** | &nbsp;&nbsp;**Materials—1.2%** |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 1132978 |
| &nbsp;&nbsp;**Real Estate—1.8%** | &nbsp;&nbsp;**Real Estate—1.8%** | &nbsp;&nbsp;**Real Estate—1.8%** | &nbsp;&nbsp;**Real Estate—1.8%** |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 912798 |
| &nbsp;&nbsp;Gaming & Leisure Properties, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp; 794948 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707746 |
| &nbsp;&nbsp;**Utilities—3.0%** | &nbsp;&nbsp;**Utilities—3.0%** | &nbsp;&nbsp;**Utilities—3.0%** | &nbsp;&nbsp;**Utilities—3.0%** |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 1014990 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp; 999094 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp; 911680 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925764 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**57880113** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**91736216** |
| &nbsp;&nbsp;**PREFERRED STOCKS—2.2%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.2%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.2%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—2.2%** | &nbsp;&nbsp;**SOUTH KOREA—2.2%** | &nbsp;&nbsp;**SOUTH KOREA—2.2%** | &nbsp;&nbsp;**SOUTH KOREA—2.2%** |
| &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130440 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;**2130440** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(b)</sup> |  | 2250297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250297 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;**2250297** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $65,557,252)<sup>(c)</sup>—99.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $65,557,252)<sup>(c)</sup>—99.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $65,557,252)<sup>(c)</sup>—99.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**96116953** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.0% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.0% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926219 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$97043172** |

---

#### &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> Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 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 |
| EUR | Euro Currency |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| USD | U.S. Dollar |

---

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

&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;01/13/2026 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;7562057 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;6400000 | &nbsp;&nbsp;$7406038 | &nbsp;&nbsp;$156019 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **2** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn EM SMA Completion Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—86.6%** | &nbsp;&nbsp;**COMMON STOCKS—86.6%** | &nbsp;&nbsp;**COMMON STOCKS—86.6%** |  |
| &nbsp;&nbsp;**BRAZIL—2.9%** | &nbsp;&nbsp;**BRAZIL—2.9%** | &nbsp;&nbsp;**BRAZIL—2.9%** | &nbsp;&nbsp;**BRAZIL—2.9%** |
| &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** | &nbsp;&nbsp;**Consumer Staples—1.6%** |
| &nbsp;&nbsp;Raia Drogasil SA |  | &nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;$8394 |
| &nbsp;&nbsp;**Energy—0.3%** | &nbsp;&nbsp;**Energy—0.3%** | &nbsp;&nbsp;**Energy—0.3%** | &nbsp;&nbsp;**Energy—0.3%** |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 1962 |
| &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA |  | &nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5182 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15538** |
| &nbsp;&nbsp;**CHINA—15.0%** | &nbsp;&nbsp;**CHINA—15.0%** | &nbsp;&nbsp;**CHINA—15.0%** | &nbsp;&nbsp;**CHINA—15.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.2%** | &nbsp;&nbsp;**Consumer Discretionary—2.2%** | &nbsp;&nbsp;**Consumer Discretionary—2.2%** | &nbsp;&nbsp;**Consumer Discretionary—2.2%** |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11890 |
| &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** |
| &nbsp;&nbsp;Giant Biogene Holding Co. Ltd.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 6757 |
| &nbsp;&nbsp;**Health Care—0.8%** | &nbsp;&nbsp;**Health Care—0.8%** | &nbsp;&nbsp;**Health Care—0.8%** | &nbsp;&nbsp;**Health Care—0.8%** |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 4384 |
| &nbsp;&nbsp;**Industrials—8.5%** | &nbsp;&nbsp;**Industrials—8.5%** | &nbsp;&nbsp;**Industrials—8.5%** | &nbsp;&nbsp;**Industrials—8.5%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26517 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;3780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12880 |
| &nbsp;&nbsp;Shenzhen Envicool Technology Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44619 |
| &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** | &nbsp;&nbsp;**Information Technology—2.2%** |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares (Stock Connect)<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11443 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**79093** |
| &nbsp;&nbsp;**GREECE—2.3%** | &nbsp;&nbsp;**GREECE—2.3%** | &nbsp;&nbsp;**GREECE—2.3%** | &nbsp;&nbsp;**GREECE—2.3%** |
| &nbsp;&nbsp;**Financials—2.3%** | &nbsp;&nbsp;**Financials—2.3%** | &nbsp;&nbsp;**Financials—2.3%** | &nbsp;&nbsp;**Financials—2.3%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12185 |
| &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** | &nbsp;&nbsp;**HONG KONG—2.0%** |
| &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10323 |
| &nbsp;&nbsp;**INDIA—13.6%** | &nbsp;&nbsp;**INDIA—13.6%** | &nbsp;&nbsp;**INDIA—13.6%** | &nbsp;&nbsp;**INDIA—13.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—4.8%** | &nbsp;&nbsp;**Consumer Discretionary—4.8%** | &nbsp;&nbsp;**Consumer Discretionary—4.8%** | &nbsp;&nbsp;**Consumer Discretionary—4.8%** |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(b)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25170 |
| &nbsp;&nbsp;**Consumer Staples—2.0%** | &nbsp;&nbsp;**Consumer Staples—2.0%** | &nbsp;&nbsp;**Consumer Staples—2.0%** | &nbsp;&nbsp;**Consumer Staples—2.0%** |
| &nbsp;&nbsp;ITC Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10474 |
| &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** |
| &nbsp;&nbsp;Larsen & Toubro Ltd., GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18651 |
| &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** |
| &nbsp;&nbsp;UltraTech Cement Ltd., GDR<sup>(b)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17226 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71521** |
| &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** | &nbsp;&nbsp;**INDONESIA—4.1%** |
| &nbsp;&nbsp;**Communication Services—4.1%** | &nbsp;&nbsp;**Communication Services—4.1%** | &nbsp;&nbsp;**Communication Services—4.1%** | &nbsp;&nbsp;**Communication Services—4.1%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 112700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 |
| &nbsp;&nbsp;**KAZAKHSTAN—1.2%** | &nbsp;&nbsp;**KAZAKHSTAN—1.2%** | &nbsp;&nbsp;**KAZAKHSTAN—1.2%** | &nbsp;&nbsp;**KAZAKHSTAN—1.2%** |
| &nbsp;&nbsp;**Energy—1.2%** | &nbsp;&nbsp;**Energy—1.2%** | &nbsp;&nbsp;**Energy—1.2%** | &nbsp;&nbsp;**Energy—1.2%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6259 |
| &nbsp;&nbsp;**MEXICO—10.3%** | &nbsp;&nbsp;**MEXICO—10.3%** | &nbsp;&nbsp;**MEXICO—10.3%** | &nbsp;&nbsp;**MEXICO—10.3%** |
| &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** | &nbsp;&nbsp;**Financials—2.1%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10909 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Materials—8.2%** | &nbsp;&nbsp;**Materials—8.2%** | &nbsp;&nbsp;**Materials—8.2%** | &nbsp;&nbsp;**Materials—8.2%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;$43601 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**54510** |
| &nbsp;&nbsp;**POLAND—2.4%** | &nbsp;&nbsp;**POLAND—2.4%** | &nbsp;&nbsp;**POLAND—2.4%** | &nbsp;&nbsp;**POLAND—2.4%** |
| &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** | &nbsp;&nbsp;**Consumer Staples—1.3%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp; 6832 |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 5543 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12375** |
| &nbsp;&nbsp;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** |
| &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** | &nbsp;&nbsp;**Financials—4.2%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22102 |
| &nbsp;&nbsp;**SOUTH KOREA—14.9%** | &nbsp;&nbsp;**SOUTH KOREA—14.9%** | &nbsp;&nbsp;**SOUTH KOREA—14.9%** | &nbsp;&nbsp;**SOUTH KOREA—14.9%** |
| &nbsp;&nbsp;**Industrials—7.1%** | &nbsp;&nbsp;**Industrials—7.1%** | &nbsp;&nbsp;**Industrials—7.1%** | &nbsp;&nbsp;**Industrials—7.1%** |
| &nbsp;&nbsp;HD Hyundai Electric Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11543 |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 16952 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8862 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37357 |
| &nbsp;&nbsp;**Information Technology—7.8%** | &nbsp;&nbsp;**Information Technology—7.8%** | &nbsp;&nbsp;**Information Technology—7.8%** | &nbsp;&nbsp;**Information Technology—7.8%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41244 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**78601** |
| &nbsp;&nbsp;**TAIWAN—8.5%** | &nbsp;&nbsp;**TAIWAN—8.5%** | &nbsp;&nbsp;**TAIWAN—8.5%** | &nbsp;&nbsp;**TAIWAN—8.5%** |
| &nbsp;&nbsp;**Industrials—2.4%** | &nbsp;&nbsp;**Industrials—2.4%** | &nbsp;&nbsp;**Industrials—2.4%** | &nbsp;&nbsp;**Industrials—2.4%** |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12497 |
| &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9668 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11201 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11366 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32235 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**44732** |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.2%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.2%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.2%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—5.2%** |
| &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;2709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15566 |
| &nbsp;&nbsp;**Real Estate—2.3%** | &nbsp;&nbsp;**Real Estate—2.3%** | &nbsp;&nbsp;**Real Estate—2.3%** | &nbsp;&nbsp;**Real Estate—2.3%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;4883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**27530** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**456569** |
| &nbsp;&nbsp;**PREFERRED STOCKS—13.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—13.7%** | &nbsp;&nbsp;**PREFERRED STOCKS—13.7%** |  |
| &nbsp;&nbsp;**BRAZIL—2.8%** | &nbsp;&nbsp;**BRAZIL—2.8%** | &nbsp;&nbsp;**BRAZIL—2.8%** | &nbsp;&nbsp;**BRAZIL—2.8%** |
| &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** | &nbsp;&nbsp;**Financials—2.8%** |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;&nbsp;&nbsp;6752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14621 |
| &nbsp;&nbsp;**SOUTH KOREA—10.9%** | &nbsp;&nbsp;**SOUTH KOREA—10.9%** | &nbsp;&nbsp;**SOUTH KOREA—10.9%** | &nbsp;&nbsp;**SOUTH KOREA—10.9%** |
| &nbsp;&nbsp;**Information Technology—10.9%** | &nbsp;&nbsp;**Information Technology—10.9%** | &nbsp;&nbsp;**Information Technology—10.9%** | &nbsp;&nbsp;**Information Technology—10.9%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57776 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**72397** |

---

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>3</sub>

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 abrdn EM SMA Completion Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.1%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(e)</sup> |  | 16050 | &nbsp;&nbsp;$16050 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16050** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $415,492)<sup>(f)</sup>—103.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $415,492)<sup>(f)</sup>—103.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $415,492)<sup>(f)</sup>—103.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**545016** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(3.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(3.4%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(3.4%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17699) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$527317** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A.

<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> 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 8.0% of net assets as of October 31, 2025.

<sup>(e)</sup> Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 2025.

<sup>(f)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

&nbsp;&nbsp;&nbsp;&nbsp;

GDR Global Depositary Receipt

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **4** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn Emerging Markets ex-China Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—91.9%** | &nbsp;&nbsp;**COMMON STOCKS—91.9%** |  |
| &nbsp;&nbsp;**BRAZIL—6.3%** | &nbsp;&nbsp;**BRAZIL—6.3%** | &nbsp;&nbsp;**BRAZIL—6.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** |
| &nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;$1764063 |
| &nbsp;&nbsp;**Consumer Staples—0.9%** | &nbsp;&nbsp;**Consumer Staples—0.9%** | &nbsp;&nbsp;**Consumer Staples—0.9%** |
| &nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;437273 | &nbsp;&nbsp;&nbsp;&nbsp; 1625565 |
| &nbsp;&nbsp;**Energy—0.5%** | &nbsp;&nbsp;**Energy—0.5%** | &nbsp;&nbsp;**Energy—0.5%** |
| &nbsp;&nbsp;PRIO SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;142947 | &nbsp;&nbsp;&nbsp;&nbsp; 957329 |
| &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** | &nbsp;&nbsp;**Financials—2.0%** |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220314 | &nbsp;&nbsp;&nbsp;&nbsp; 3549259 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Localiza Rent a Car SA | &nbsp;&nbsp;&nbsp;&nbsp;217384 | &nbsp;&nbsp;&nbsp;&nbsp; 1593625 |
| &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** | &nbsp;&nbsp;**Real Estate—1.0%** |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;&nbsp;&nbsp;370308 | &nbsp;&nbsp;&nbsp;&nbsp; 1892168 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11382009** |
| &nbsp;&nbsp;**CANADA—0.6%** | &nbsp;&nbsp;**CANADA—0.6%** | &nbsp;&nbsp;**CANADA—0.6%** |
| &nbsp;&nbsp;**Materials—0.6%** | &nbsp;&nbsp;**Materials—0.6%** | &nbsp;&nbsp;**Materials—0.6%** |
| &nbsp;&nbsp;Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110082 | &nbsp;&nbsp;&nbsp;&nbsp; 982658 |
| &nbsp;&nbsp;**GREECE—1.1%** | &nbsp;&nbsp;**GREECE—1.1%** | &nbsp;&nbsp;**GREECE—1.1%** |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;130119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912556 |
| &nbsp;&nbsp;**INDIA—21.2%** | &nbsp;&nbsp;**INDIA—21.2%** | &nbsp;&nbsp;**INDIA—21.2%** |
| &nbsp;&nbsp;**Communication Services—1.7%** | &nbsp;&nbsp;**Communication Services—1.7%** | &nbsp;&nbsp;**Communication Services—1.7%** |
| &nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028376 |
| &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;256326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149564 |
| &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;161749 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896334 |
| &nbsp;&nbsp;**Consumer Staples—1.7%** | &nbsp;&nbsp;**Consumer Staples—1.7%** | &nbsp;&nbsp;**Consumer Staples—1.7%** |
| &nbsp;&nbsp;ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;662244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131767 |
| &nbsp;&nbsp;**Financials—8.0%** | &nbsp;&nbsp;**Financials—8.0%** | &nbsp;&nbsp;**Financials—8.0%** |
| &nbsp;&nbsp;360 ONE WAM Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852885 |
| &nbsp;&nbsp;Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091987 |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;144899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775879 |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;622108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921674 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14454054 |
| &nbsp;&nbsp;**Health Care—1.2%** | &nbsp;&nbsp;**Health Care—1.2%** | &nbsp;&nbsp;**Health Care—1.2%** |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740046 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215695 |
| &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** | &nbsp;&nbsp;**Industrials—2.0%** |
| &nbsp;&nbsp;Havells India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793173 |
| &nbsp;&nbsp;KEI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789700 |
| &nbsp;&nbsp;Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557009 |
| &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085570 |
| &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** | &nbsp;&nbsp;**Materials—1.0%** |
| &nbsp;&nbsp;UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736026 |
| &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559879 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Utilities—0.9%** | &nbsp;&nbsp;**Utilities—0.9%** | &nbsp;&nbsp;**Utilities—0.9%** | &nbsp;&nbsp;**Utilities—0.9%** |
| &nbsp;&nbsp;NTPC Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;418025 | &nbsp;&nbsp;$1583213 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**38247923** |
| &nbsp;&nbsp;**INDONESIA—2.6%** | &nbsp;&nbsp;**INDONESIA—2.6%** | &nbsp;&nbsp;**INDONESIA—2.6%** | &nbsp;&nbsp;**INDONESIA—2.6%** |
| &nbsp;&nbsp;**Communication Services—1.2%** | &nbsp;&nbsp;**Communication Services—1.2%** | &nbsp;&nbsp;**Communication Services—1.2%** | &nbsp;&nbsp;**Communication Services—1.2%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 10851200 | &nbsp;&nbsp;&nbsp;&nbsp; 2098998 |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 9944200 | &nbsp;&nbsp;&nbsp;&nbsp; 2613676 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4712674** |
| &nbsp;&nbsp;**KAZAKHSTAN—2.8%** | &nbsp;&nbsp;**KAZAKHSTAN—2.8%** | &nbsp;&nbsp;**KAZAKHSTAN—2.8%** | &nbsp;&nbsp;**KAZAKHSTAN—2.8%** |
| &nbsp;&nbsp;**Energy—1.9%** | &nbsp;&nbsp;**Energy—1.9%** | &nbsp;&nbsp;**Energy—1.9%** | &nbsp;&nbsp;**Energy—1.9%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57724 | &nbsp;&nbsp;&nbsp;&nbsp; 3376854 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611351 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4988205** |
| &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;171577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610719 |
| &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** | &nbsp;&nbsp;**Industrials—1.2%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104156 |
| &nbsp;&nbsp;**Materials—2.7%** | &nbsp;&nbsp;**Materials—2.7%** | &nbsp;&nbsp;**Materials—2.7%** | &nbsp;&nbsp;**Materials—2.7%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;565686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4881187 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8596062** |
| &nbsp;&nbsp;**PERU—0.3%** | &nbsp;&nbsp;**PERU—0.3%** | &nbsp;&nbsp;**PERU—0.3%** | &nbsp;&nbsp;**PERU—0.3%** |
| &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597690 |
| &nbsp;&nbsp;**POLAND—1.3%** | &nbsp;&nbsp;**POLAND—1.3%** | &nbsp;&nbsp;**POLAND—1.3%** | &nbsp;&nbsp;**POLAND—1.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;179075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040383 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;InPost SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;108267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363780 |
| &nbsp;&nbsp;**Total Poland** | &nbsp;&nbsp;**Total Poland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2404163** |
| &nbsp;&nbsp;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** | &nbsp;&nbsp;**SAUDI ARABIA—4.2%** |
| &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** | &nbsp;&nbsp;**Energy—0.7%** |
| &nbsp;&nbsp;Saudi Arabian Oil Co.<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;187940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298570 |
| &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** | &nbsp;&nbsp;**Financials—2.9%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;135406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827131 |
| &nbsp;&nbsp;Saudi Tadawul Group Holding Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449824 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276955 |
| &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** | &nbsp;&nbsp;**Industrials—0.6%** |
| &nbsp;&nbsp;Electrical Industries Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;335235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032512 |
| &nbsp;&nbsp;**Total Saudi Arabia** | &nbsp;&nbsp;**Total Saudi Arabia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7608037** |
| &nbsp;&nbsp;**SOUTH AFRICA—2.2%** | &nbsp;&nbsp;**SOUTH AFRICA—2.2%** | &nbsp;&nbsp;**SOUTH AFRICA—2.2%** | &nbsp;&nbsp;**SOUTH AFRICA—2.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** |
| &nbsp;&nbsp;Naspers Ltd., Class N |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475819 |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;280754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473119 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3948938** |
| &nbsp;&nbsp;**SOUTH KOREA—12.3%** | &nbsp;&nbsp;**SOUTH KOREA—12.3%** | &nbsp;&nbsp;**SOUTH KOREA—12.3%** | &nbsp;&nbsp;**SOUTH KOREA—12.3%** |
| &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069733 |

---

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>5</sub>

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 abrdn Emerging Markets ex-China Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**SOUTH KOREA (continued)** | &nbsp;&nbsp;**SOUTH KOREA (continued)** | &nbsp;&nbsp;**SOUTH KOREA (continued)** | &nbsp;&nbsp;**SOUTH KOREA (continued)** |
| &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** | &nbsp;&nbsp;**Health Care—0.7%** |
| &nbsp;&nbsp;Samsung Biologics Co. Ltd.<sup>(a)(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;$1272156 |
| &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** | &nbsp;&nbsp;**Industrials—6.0%** |
| &nbsp;&nbsp;HD Hyundai Electric Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp; 2904678 |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10183 | &nbsp;&nbsp;&nbsp;&nbsp; 3384631 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;&nbsp; 2773986 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89195 | &nbsp;&nbsp;&nbsp;&nbsp; 1621590 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10684885 |
| &nbsp;&nbsp;**Information Technology—3.9%** | &nbsp;&nbsp;**Information Technology—3.9%** | &nbsp;&nbsp;**Information Technology—3.9%** | &nbsp;&nbsp;**Information Technology—3.9%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18102 | &nbsp;&nbsp;&nbsp;&nbsp; 7043369 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22070143** |
| &nbsp;&nbsp;**TAIWAN—28.6%** | &nbsp;&nbsp;**TAIWAN—28.6%** | &nbsp;&nbsp;**TAIWAN—28.6%** | &nbsp;&nbsp;**TAIWAN—28.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.1%** | &nbsp;&nbsp;**Consumer Discretionary—1.1%** | &nbsp;&nbsp;**Consumer Discretionary—1.1%** | &nbsp;&nbsp;**Consumer Discretionary—1.1%** |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;146880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281516 |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44313 | &nbsp;&nbsp;&nbsp;&nbsp; 654889 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936405 |
| &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248498 |
| &nbsp;&nbsp;**Information Technology—24.0%** | &nbsp;&nbsp;**Information Technology—24.0%** | &nbsp;&nbsp;**Information Technology—24.0%** | &nbsp;&nbsp;**Information Technology—24.0%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434369 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328221 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535105 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781196 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32255897 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43334788 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**51519691** |
| &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** | &nbsp;&nbsp;**TURKEY—0.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.3%** | &nbsp;&nbsp;**Consumer Staples—0.3%** | &nbsp;&nbsp;**Consumer Staples—0.3%** | &nbsp;&nbsp;**Consumer Staples—0.3%** |
| &nbsp;&nbsp;Coca-Cola Icecek AS |  | &nbsp;&nbsp;&nbsp;&nbsp;484601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592388 |
| &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;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;502700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888578 |
| &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;703339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723262 |
| &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** | &nbsp;&nbsp;**Utilities—0.8%** |
| &nbsp;&nbsp;Emirates Central Cooling Systems Corp. |  | &nbsp;&nbsp;&nbsp;3198012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375695 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5987535** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**165550672** |
| &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—7.8%** |  |
| &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** | &nbsp;&nbsp;**BRAZIL—1.5%** |
| &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;&nbsp;1215947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633070 |
| &nbsp;&nbsp;**SOUTH KOREA—6.3%** | &nbsp;&nbsp;**SOUTH KOREA—6.3%** | &nbsp;&nbsp;**SOUTH KOREA—6.3%** | &nbsp;&nbsp;**SOUTH KOREA—6.3%** |
| &nbsp;&nbsp;**Information Technology—6.3%** | &nbsp;&nbsp;**Information Technology—6.3%** | &nbsp;&nbsp;**Information Technology—6.3%** | &nbsp;&nbsp;**Information Technology—6.3%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;191900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11324970 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**13958040** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.2%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.2%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;273858 | &nbsp;&nbsp;$273858 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**273858** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $135,838,606)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $135,838,606)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $135,838,606)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**179782570** |
| &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;257635 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$180040205** |

---

<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 0.7% of net assets as of October 31, 2025.

<sup>(d)</sup> Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **6** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—89.7%** | &nbsp;&nbsp;**COMMON STOCKS—89.7%** | &nbsp;&nbsp;**COMMON STOCKS—89.7%** |  |
| &nbsp;&nbsp;**BRAZIL—2.3%** | &nbsp;&nbsp;**BRAZIL—2.3%** | &nbsp;&nbsp;**BRAZIL—2.3%** | &nbsp;&nbsp;**BRAZIL—2.3%** |
| &nbsp;&nbsp;**Consumer Staples—0.5%** | &nbsp;&nbsp;**Consumer Staples—0.5%** | &nbsp;&nbsp;**Consumer Staples—0.5%** | &nbsp;&nbsp;**Consumer Staples—0.5%** |
| &nbsp;&nbsp;Raia Drogasil SA |  | 1291052 | &nbsp;&nbsp;$4799494 |
| &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** |
| &nbsp;&nbsp;NU Holdings Ltd., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;798230 | &nbsp;&nbsp;&nbsp;&nbsp; 12859485 |
| &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** | &nbsp;&nbsp;**Real Estate—0.5%** |
| &nbsp;&nbsp;Multiplan Empreendimentos Imobiliarios SA |  | &nbsp;&nbsp;&nbsp;&nbsp;860051 | &nbsp;&nbsp;&nbsp;&nbsp; 4394614 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22053593** |
| &nbsp;&nbsp;**CHINA—26.5%** | &nbsp;&nbsp;**CHINA—26.5%** | &nbsp;&nbsp;**CHINA—26.5%** | &nbsp;&nbsp;**CHINA—26.5%** |
| &nbsp;&nbsp;**Communication Services—8.0%** | &nbsp;&nbsp;**Communication Services—8.0%** | &nbsp;&nbsp;**Communication Services—8.0%** | &nbsp;&nbsp;**Communication Services—8.0%** |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;928000 | &nbsp;&nbsp;&nbsp;&nbsp; 75379304 |
| &nbsp;&nbsp;**Consumer Discretionary—8.7%** | &nbsp;&nbsp;**Consumer Discretionary—8.7%** | &nbsp;&nbsp;**Consumer Discretionary—8.7%** | &nbsp;&nbsp;**Consumer Discretionary—8.7%** |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. |  | 2244100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47751612 |
| &nbsp;&nbsp;ANTA Sports Products Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;853400 | &nbsp;&nbsp;&nbsp;&nbsp; 8907899 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares |  | 1242300 | &nbsp;&nbsp;&nbsp;&nbsp; 13428366 |
| &nbsp;&nbsp;Trip.com Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;177200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12469814 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82557691 |
| &nbsp;&nbsp;**Financials—2.5%** | &nbsp;&nbsp;**Financials—2.5%** | &nbsp;&nbsp;**Financials—2.5%** | &nbsp;&nbsp;**Financials—2.5%** |
| &nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares |  | &nbsp;&nbsp;&nbsp;2121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13295557 |
| &nbsp;&nbsp;PICC Property & Casualty Co. Ltd., H Shares |  | &nbsp;&nbsp;4541900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730346 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24025903 |
| &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;149297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513717 |
| &nbsp;&nbsp;**Industrials—3.9%** | &nbsp;&nbsp;**Industrials—3.9%** | &nbsp;&nbsp;**Industrials—3.9%** | &nbsp;&nbsp;**Industrials—3.9%** |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;435381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23804478 |
| &nbsp;&nbsp;NARI Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;2717179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9258345 |
| &nbsp;&nbsp;Shenzhen Envicool Technology Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;404280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983509 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37046332 |
| &nbsp;&nbsp;**Information Technology—2.1%** | &nbsp;&nbsp;**Information Technology—2.1%** | &nbsp;&nbsp;**Information Technology—2.1%** | &nbsp;&nbsp;**Information Technology—2.1%** |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares (Stock Connect)<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;163206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9337753 |
| &nbsp;&nbsp;Xiaomi Corp., B Shares<sup>(a)(c)</sup> |  | &nbsp;&nbsp;1973800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10950466 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20288219 |
| &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** | &nbsp;&nbsp;**Real Estate—0.8%** |
| &nbsp;&nbsp;China Resources Land Ltd. |  | &nbsp;&nbsp;1999000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222261 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**251033427** |
| &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;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;698929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10273219 |
| &nbsp;&nbsp;**HONG KONG—1.9%** | &nbsp;&nbsp;**HONG KONG—1.9%** | &nbsp;&nbsp;**HONG KONG—1.9%** | &nbsp;&nbsp;**HONG KONG—1.9%** |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;AIA Group Ltd. |  | &nbsp;&nbsp;&nbsp;1013200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9859175 |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;740500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8637197 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;**18496372** |
| &nbsp;&nbsp;**INDIA—16.2%** | &nbsp;&nbsp;**INDIA—16.2%** | &nbsp;&nbsp;**INDIA—16.2%** | &nbsp;&nbsp;**INDIA—16.2%** |
| &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** |
| &nbsp;&nbsp;Bharti Airtel Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;625078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14522328 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Consumer Discretionary—2.6%** | &nbsp;&nbsp;**Consumer Discretionary—2.6%** | &nbsp;&nbsp;**Consumer Discretionary—2.6%** | &nbsp;&nbsp;**Consumer Discretionary—2.6%** |
| &nbsp;&nbsp;Indian Hotels Co. Ltd. |  | 1312349 | &nbsp;&nbsp;$11005430 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;353561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13897191 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24902621 |
| &nbsp;&nbsp;**Financials—6.7%** | &nbsp;&nbsp;**Financials—6.7%** | &nbsp;&nbsp;**Financials—6.7%** | &nbsp;&nbsp;**Financials—6.7%** |
| &nbsp;&nbsp;Cholamandalam Investment & Finance Co. Ltd. |  | &nbsp;&nbsp; 719211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13778167 |
| &nbsp;&nbsp;HDFC Bank Ltd. |  | 3355508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37333923 |
| &nbsp;&nbsp;SBI Life Insurance Co. Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;551280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12149771 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63261861 |
| &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** | &nbsp;&nbsp;**Health Care—1.5%** |
| &nbsp;&nbsp;JB Chemicals & Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;214537 | &nbsp;&nbsp;&nbsp;&nbsp; 4053082 |
| &nbsp;&nbsp;Torrent Pharmaceuticals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;260610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10413455 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14466537 |
| &nbsp;&nbsp;**Industrials—0.4%** | &nbsp;&nbsp;**Industrials—0.4%** | &nbsp;&nbsp;**Industrials—0.4%** | &nbsp;&nbsp;**Industrials—0.4%** |
| &nbsp;&nbsp;Havells India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;205247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3447324 |
| &nbsp;&nbsp;**Information Technology—0.8%** | &nbsp;&nbsp;**Information Technology—0.8%** | &nbsp;&nbsp;**Information Technology—0.8%** | &nbsp;&nbsp;**Information Technology—0.8%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;227604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7838504 |
| &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** | &nbsp;&nbsp;**Materials—1.1%** |
| &nbsp;&nbsp;UltraTech Cement Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10656128 |
| &nbsp;&nbsp;**Real Estate—0.6%** | &nbsp;&nbsp;**Real Estate—0.6%** | &nbsp;&nbsp;**Real Estate—0.6%** | &nbsp;&nbsp;**Real Estate—0.6%** |
| &nbsp;&nbsp;Godrej Properties Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151835 |
| &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** | &nbsp;&nbsp;**Utilities—1.0%** |
| &nbsp;&nbsp;NTPC Ltd. |  | &nbsp;&nbsp;2334896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8843103 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;**153090241** |
| &nbsp;&nbsp;**INDONESIA—2.4%** | &nbsp;&nbsp;**INDONESIA—2.4%** | &nbsp;&nbsp;**INDONESIA—2.4%** | &nbsp;&nbsp;**INDONESIA—2.4%** |
| &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** | &nbsp;&nbsp;**Communication Services—1.3%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 62935300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12173867 |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT |  | 38665300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10162565 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22336432** |
| &nbsp;&nbsp;**KAZAKHSTAN—0.8%** | &nbsp;&nbsp;**KAZAKHSTAN—0.8%** | &nbsp;&nbsp;**KAZAKHSTAN—0.8%** | &nbsp;&nbsp;**KAZAKHSTAN—0.8%** |
| &nbsp;&nbsp;**Energy—0.5%** | &nbsp;&nbsp;**Energy—0.5%** | &nbsp;&nbsp;**Energy—0.5%** | &nbsp;&nbsp;**Energy—0.5%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734288 |
| &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512420 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7246708** |
| &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** | &nbsp;&nbsp;**MEXICO—4.8%** |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;960611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017960 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;222974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6746648 |
| &nbsp;&nbsp;**Materials—3.2%** | &nbsp;&nbsp;**Materials—3.2%** | &nbsp;&nbsp;**Materials—3.2%** | &nbsp;&nbsp;**Materials—3.2%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;&nbsp;3481183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30038402 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**45803010** |
| &nbsp;&nbsp;**POLAND—0.6%** | &nbsp;&nbsp;**POLAND—0.6%** | &nbsp;&nbsp;**POLAND—0.6%** | &nbsp;&nbsp;**POLAND—0.6%** |
| &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** | &nbsp;&nbsp;**Consumer Staples—0.6%** |
| &nbsp;&nbsp;Zabka Group SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;1014352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5893143 |

---

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>7</sub>

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 abrdn Emerging Markets Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** | &nbsp;&nbsp;**RUSSIA—0.0%** |
| &nbsp;&nbsp;**Energy—0.0%** | &nbsp;&nbsp;**Energy—0.0%** | &nbsp;&nbsp;**Energy—0.0%** | &nbsp;&nbsp;**Energy—0.0%** |
| &nbsp;&nbsp;LUKOIL PJSC, ADR<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;625991 | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;Novatek PJSC<sup>(a)(d)(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;267284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** | &nbsp;&nbsp;**Financials—0.0%** |
| &nbsp;&nbsp;Sberbank of Russia PJSC<sup>(a)(d)(e)</sup> |  | 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—1.7%** | &nbsp;&nbsp;**SAUDI ARABIA—1.7%** | &nbsp;&nbsp;**SAUDI ARABIA—1.7%** | &nbsp;&nbsp;**SAUDI ARABIA—1.7%** |
| &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** | &nbsp;&nbsp;**Financials—1.7%** |
| &nbsp;&nbsp;Al Rajhi Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;573048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16196697 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.0%** | &nbsp;&nbsp;**SOUTH AFRICA—1.0%** | &nbsp;&nbsp;**SOUTH AFRICA—1.0%** | &nbsp;&nbsp;**SOUTH AFRICA—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | 1824803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9574756 |
| &nbsp;&nbsp;**SOUTH KOREA—8.5%** | &nbsp;&nbsp;**SOUTH KOREA—8.5%** | &nbsp;&nbsp;**SOUTH KOREA—8.5%** | &nbsp;&nbsp;**SOUTH KOREA—8.5%** |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;259016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13303717 |
| &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** | &nbsp;&nbsp;**Industrials—3.5%** |
| &nbsp;&nbsp;HD Hyundai Electric Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11488696 |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10945624 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10571499 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33005819 |
| &nbsp;&nbsp;**Information Technology—3.6%** | &nbsp;&nbsp;**Information Technology—3.6%** | &nbsp;&nbsp;**Information Technology—3.6%** | &nbsp;&nbsp;**Information Technology—3.6%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33858521 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**80168057** |
| &nbsp;&nbsp;**TAIWAN—19.4%** | &nbsp;&nbsp;**TAIWAN—19.4%** | &nbsp;&nbsp;**TAIWAN—19.4%** | &nbsp;&nbsp;**TAIWAN—19.4%** |
| &nbsp;&nbsp;**Information Technology—19.4%** | &nbsp;&nbsp;**Information Technology—19.4%** | &nbsp;&nbsp;**Information Technology—19.4%** | &nbsp;&nbsp;**Information Technology—19.4%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9737475 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | &nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200875 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17079013 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14207156 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;2772017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134053817 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;184278336 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.5%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.5%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.5%** | &nbsp;&nbsp;**UNITED ARAB EMIRATES—2.5%** |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC |  | &nbsp;&nbsp;2550696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14656623 |
| &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;3591006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8798382 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;**23455005** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**849898996** |
| &nbsp;&nbsp;**PREFERRED STOCKS—6.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—6.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—6.8%** |  |
| &nbsp;&nbsp;**BRAZIL—1.4%** | &nbsp;&nbsp;**BRAZIL—1.4%** | &nbsp;&nbsp;**BRAZIL—1.4%** | &nbsp;&nbsp;**BRAZIL—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;Itausa SA |  | &nbsp;&nbsp;6212068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13451908 |
| &nbsp;&nbsp;**SOUTH KOREA—5.4%** | &nbsp;&nbsp;**SOUTH KOREA—5.4%** | &nbsp;&nbsp;**SOUTH KOREA—5.4%** | &nbsp;&nbsp;**SOUTH KOREA—5.4%** |
| &nbsp;&nbsp;**Information Technology—5.4%** | &nbsp;&nbsp;**Information Technology—5.4%** | &nbsp;&nbsp;**Information Technology—5.4%** | &nbsp;&nbsp;**Information Technology—5.4%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;872847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51511027 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**64962935** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(f)</sup> |  | 33769773 | &nbsp;&nbsp;$33769773 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**33769773** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $725,320,138)<sup>(g)</sup>—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $725,320,138)<sup>(g)</sup>—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $725,320,138)<sup>(g)</sup>—100.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**948631704** |
| &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;(1000427) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$947631277** |

---

&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 0.0% of net assets as of October 31, 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 Investment Management. The rate shown is the 7 day yield as of October 31, 2025.

<sup>(g)</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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn Global Infrastructure Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—102.2%** | &nbsp;&nbsp;**COMMON STOCKS—102.2%** | &nbsp;&nbsp;**COMMON STOCKS—102.2%** |  |
| &nbsp;&nbsp;**ARGENTINA—2.4%** | &nbsp;&nbsp;**ARGENTINA—2.4%** | &nbsp;&nbsp;**ARGENTINA—2.4%** | &nbsp;&nbsp;**ARGENTINA—2.4%** |
| &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** | &nbsp;&nbsp;**Industrials—0.9%** |
| &nbsp;&nbsp;Corp. America Airports SA<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;$425472 |
| &nbsp;&nbsp;**Materials—1.5%** | &nbsp;&nbsp;**Materials—1.5%** | &nbsp;&nbsp;**Materials—1.5%** | &nbsp;&nbsp;**Materials—1.5%** |
| &nbsp;&nbsp;Loma Negra Cia Industrial Argentina SA, ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 658200 |
| &nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;**Total Argentina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1083672** |
| &nbsp;&nbsp;**AUSTRALIA—1.0%** | &nbsp;&nbsp;**AUSTRALIA—1.0%** | &nbsp;&nbsp;**AUSTRALIA—1.0%** | &nbsp;&nbsp;**AUSTRALIA—1.0%** |
| &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** |
| &nbsp;&nbsp;Aurizon Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;205500 | &nbsp;&nbsp;&nbsp;&nbsp; 461038 |
| &nbsp;&nbsp;**BRAZIL—4.4%** | &nbsp;&nbsp;**BRAZIL—4.4%** | &nbsp;&nbsp;**BRAZIL—4.4%** | &nbsp;&nbsp;**BRAZIL—4.4%** |
| &nbsp;&nbsp;**Industrials—4.4%** | &nbsp;&nbsp;**Industrials—4.4%** | &nbsp;&nbsp;**Industrials—4.4%** | &nbsp;&nbsp;**Industrials—4.4%** |
| &nbsp;&nbsp;Motiva Infraestrutura de Mobilidade SA |  | &nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp; 932737 |
| &nbsp;&nbsp;Rumo SA |  | &nbsp;&nbsp;&nbsp;&nbsp;347400 | &nbsp;&nbsp;&nbsp;&nbsp; 1028004 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960741 |
| &nbsp;&nbsp;**CANADA—5.3%** | &nbsp;&nbsp;**CANADA—5.3%** | &nbsp;&nbsp;**CANADA—5.3%** | &nbsp;&nbsp;**CANADA—5.3%** |
| &nbsp;&nbsp;**Energy—3.2%** | &nbsp;&nbsp;**Energy—3.2%** | &nbsp;&nbsp;**Energy—3.2%** | &nbsp;&nbsp;**Energy—3.2%** |
| &nbsp;&nbsp;Enbridge, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp; 1436184 |
| &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** | &nbsp;&nbsp;**Industrials—2.1%** |
| &nbsp;&nbsp;Canadian Pacific Kansas City Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906570 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2342754** |
| &nbsp;&nbsp;**CHINA—0.9%** | &nbsp;&nbsp;**CHINA—0.9%** | &nbsp;&nbsp;**CHINA—0.9%** | &nbsp;&nbsp;**CHINA—0.9%** |
| &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** |
| &nbsp;&nbsp;GDS Holdings Ltd., ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414120 |
| &nbsp;&nbsp;**FRANCE—11.0%** | &nbsp;&nbsp;**FRANCE—11.0%** | &nbsp;&nbsp;**FRANCE—11.0%** | &nbsp;&nbsp;**FRANCE—11.0%** |
| &nbsp;&nbsp;**Industrials—6.9%** | &nbsp;&nbsp;**Industrials—6.9%** | &nbsp;&nbsp;**Industrials—6.9%** | &nbsp;&nbsp;**Industrials—6.9%** |
| &nbsp;&nbsp;Eiffage SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021313 |
| &nbsp;&nbsp;Getlink SE |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941866 |
| &nbsp;&nbsp;Vinci SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083101 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046280 |
| &nbsp;&nbsp;**Utilities—4.1%** | &nbsp;&nbsp;**Utilities—4.1%** | &nbsp;&nbsp;**Utilities—4.1%** | &nbsp;&nbsp;**Utilities—4.1%** |
| &nbsp;&nbsp;Engie SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889692 |
| &nbsp;&nbsp;Veolia Environnement SA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951757 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841449 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4887729** |
| &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** | &nbsp;&nbsp;**GERMANY—3.1%** |
| &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** | &nbsp;&nbsp;**Utilities—3.1%** |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372202 |
| &nbsp;&nbsp;**INDONESIA—0.8%** | &nbsp;&nbsp;**INDONESIA—0.8%** | &nbsp;&nbsp;**INDONESIA—0.8%** | &nbsp;&nbsp;**INDONESIA—0.8%** |
| &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** | &nbsp;&nbsp;**Communication Services—0.8%** |
| &nbsp;&nbsp;Sarana Menara Nusantara Tbk. PT |  | 11461500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375617 |
| &nbsp;&nbsp;**ITALY—2.9%** | &nbsp;&nbsp;**ITALY—2.9%** | &nbsp;&nbsp;**ITALY—2.9%** | &nbsp;&nbsp;**ITALY—2.9%** |
| &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** |
| &nbsp;&nbsp;Infrastrutture Wireless Italiane SpA<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629633 |
| &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** | &nbsp;&nbsp;**Utilities—1.5%** |
| &nbsp;&nbsp;Enel SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649229 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1278862** |
| &nbsp;&nbsp;**JAPAN—1.9%** | &nbsp;&nbsp;**JAPAN—1.9%** | &nbsp;&nbsp;**JAPAN—1.9%** | &nbsp;&nbsp;**JAPAN—1.9%** |
| &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** | &nbsp;&nbsp;**Industrials—1.9%** |
| &nbsp;&nbsp;Japan Airport Terminal Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851357 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**MEXICO—3.0%** | &nbsp;&nbsp;**MEXICO—3.0%** | &nbsp;&nbsp;**MEXICO—3.0%** |
| &nbsp;&nbsp;**Industrials—3.0%** | &nbsp;&nbsp;**Industrials—3.0%** | &nbsp;&nbsp;**Industrials—3.0%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;$431337 |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 223906 |
| &nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp; 664021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319264 |
| &nbsp;&nbsp;**NIGERIA—1.6%** | &nbsp;&nbsp;**NIGERIA—1.6%** | &nbsp;&nbsp;**NIGERIA—1.6%** |
| &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** | &nbsp;&nbsp;**Communication Services—1.6%** |
| &nbsp;&nbsp;IHS Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100500 | &nbsp;&nbsp;&nbsp;&nbsp; 688425 |
| &nbsp;&nbsp;**PHILIPPINES—3.5%** | &nbsp;&nbsp;**PHILIPPINES—3.5%** | &nbsp;&nbsp;**PHILIPPINES—3.5%** |
| &nbsp;&nbsp;**Industrials—2.6%** | &nbsp;&nbsp;**Industrials—2.6%** | &nbsp;&nbsp;**Industrials—2.6%** |
| &nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp; 127810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152768 |
| &nbsp;&nbsp;**Utilities—0.9%** | &nbsp;&nbsp;**Utilities—0.9%** | &nbsp;&nbsp;**Utilities—0.9%** |
| &nbsp;&nbsp;Maynilad Water Services, Inc.<sup>(a)</sup> | 1482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377740 |
| &nbsp;&nbsp;**Total Philippines** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1530508** |
| &nbsp;&nbsp;**SPAIN—7.1%** | &nbsp;&nbsp;**SPAIN—7.1%** | &nbsp;&nbsp;**SPAIN—7.1%** |
| &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** | &nbsp;&nbsp;**Communication Services—2.3%** |
| &nbsp;&nbsp;Cellnex Telecom SA<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024234 |
| &nbsp;&nbsp;**Industrials—3.0%** | &nbsp;&nbsp;**Industrials—3.0%** | &nbsp;&nbsp;**Industrials—3.0%** |
| &nbsp;&nbsp;Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314329 |
| &nbsp;&nbsp;**Utilities—1.8%** | &nbsp;&nbsp;**Utilities—1.8%** | &nbsp;&nbsp;**Utilities—1.8%** |
| &nbsp;&nbsp;EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807150 |
| &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3145713** |
| &nbsp;&nbsp;**TANZANIA—2.6%** | &nbsp;&nbsp;**TANZANIA—2.6%** | &nbsp;&nbsp;**TANZANIA—2.6%** |
| &nbsp;&nbsp;**Communication Services—2.6%** | &nbsp;&nbsp;**Communication Services—2.6%** | &nbsp;&nbsp;**Communication Services—2.6%** |
| &nbsp;&nbsp;Helios Towers PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;592200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164578 |
| &nbsp;&nbsp;**THAILAND—0.8%** | &nbsp;&nbsp;**THAILAND—0.8%** | &nbsp;&nbsp;**THAILAND—0.8%** |
| &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** | &nbsp;&nbsp;**Industrials—0.8%** |
| &nbsp;&nbsp;Airports of Thailand PCL | &nbsp;&nbsp;&nbsp;&nbsp;262100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334275 |
| &nbsp;&nbsp;**UNITED KINGDOM—3.2%** | &nbsp;&nbsp;**UNITED KINGDOM—3.2%** | &nbsp;&nbsp;**UNITED KINGDOM—3.2%** |
| &nbsp;&nbsp;**Utilities—3.2%** | &nbsp;&nbsp;**Utilities—3.2%** | &nbsp;&nbsp;**Utilities—3.2%** |
| &nbsp;&nbsp;National Grid PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617050 |
| &nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422640 |
| &nbsp;&nbsp;**UNITED STATES—46.7%** | &nbsp;&nbsp;**UNITED STATES—46.7%** | &nbsp;&nbsp;**UNITED STATES—46.7%** |
| &nbsp;&nbsp;**Energy—8.4%** | &nbsp;&nbsp;**Energy—8.4%** | &nbsp;&nbsp;**Energy—8.4%** |
| &nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187200 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264977 |
| &nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734403 |
| &nbsp;&nbsp;**Industrials—11.7%** | &nbsp;&nbsp;**Industrials—11.7%** | &nbsp;&nbsp;**Industrials—11.7%** |
| &nbsp;&nbsp;CoreCivic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709699 |
| &nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345348 |
| &nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509256 |
| &nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325935 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881480 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211212 |

---

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>9</sub>

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 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;**Real Estate—4.1%** | &nbsp;&nbsp;**Real Estate—4.1%** | &nbsp;&nbsp;**Real Estate—4.1%** | &nbsp;&nbsp;**Real Estate—4.1%** |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;$966492 |
| &nbsp;&nbsp;Crown Castle, Inc., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 830024 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796516 |
| &nbsp;&nbsp;**Utilities—22.5%** | &nbsp;&nbsp;**Utilities—22.5%** | &nbsp;&nbsp;**Utilities—22.5%** | &nbsp;&nbsp;**Utilities—22.5%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 757638 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173968 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 836566 |
| &nbsp;&nbsp;CMS Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 985570 |
| &nbsp;&nbsp;Duke Energy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp; 477063 |
| &nbsp;&nbsp;FirstEnergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp; 934932 |
| &nbsp;&nbsp;IDACORP, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 619296 |
| &nbsp;&nbsp;MDU Resources Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13583 | &nbsp;&nbsp;&nbsp;&nbsp; 260522 |
| &nbsp;&nbsp;NextEra Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp; 1489620 |
| &nbsp;&nbsp;PPL Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197856 |
| &nbsp;&nbsp;TXNM Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 948560 |
| &nbsp;&nbsp;XPLR Infrastructure LP |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298758 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9980349 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**20722480** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**45355975** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $32,774,627)<sup>(c)</sup>—102.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $32,774,627)<sup>(c)</sup>—102.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $32,774,627)<sup>(c)</sup>—102.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**45355975** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(961657) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$44394318** |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Denotes a security issued under Regulation S or Rule 144A. <br> <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 <br> REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **10** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn Real Estate Fund

------

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.4%** | &nbsp;&nbsp;**COMMON STOCKS—98.4%** |  |
| &nbsp;&nbsp;**UNITED STATES—98.4%** | &nbsp;&nbsp;**UNITED STATES—98.4%** | &nbsp;&nbsp;**UNITED STATES—98.4%** |
| &nbsp;&nbsp;**Data Center REITs—11.8%** |  |  |
| &nbsp;&nbsp;Digital Realty Trust, Inc., REIT | 11030 | &nbsp;&nbsp;$1879622 |
| &nbsp;&nbsp;Equinix, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2185244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064866 |
| &nbsp;&nbsp;**Health Care REITs—28.7%** |  |  |
| &nbsp;&nbsp;American Healthcare REIT, Inc. | 35461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607093 |
| &nbsp;&nbsp;Omega Healthcare Investors, Inc., REIT | 25061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053314 |
| &nbsp;&nbsp;Ventas, Inc., REIT | &nbsp;&nbsp; 31161 | &nbsp;&nbsp;&nbsp;&nbsp; 2299370 |
| &nbsp;&nbsp;Welltower, Inc., REIT | &nbsp;&nbsp; 27210 | &nbsp;&nbsp;&nbsp;&nbsp; 4926098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885875 |
| &nbsp;&nbsp;**Hotel & Resort REITs—1.2%** |  |  |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc., REIT | 25519 | &nbsp;&nbsp;&nbsp;&nbsp; 408814 |
| &nbsp;&nbsp;**Industrial REITs—10.0%** |  |  |
| &nbsp;&nbsp;Prologis, Inc., REIT | 27636 | &nbsp;&nbsp;&nbsp;&nbsp; 3429351 |
| &nbsp;&nbsp;**Multi-Family Residential REITs—6.1%** |  |  |
| &nbsp;&nbsp;AvalonBay Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;4717 | &nbsp;&nbsp;&nbsp;&nbsp; 820381 |
| &nbsp;&nbsp;Camden Property Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;5138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511128 |
| &nbsp;&nbsp;Essex Property Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100163 |
| &nbsp;&nbsp;**Office REITs—4.7%** |  |  |
| &nbsp;&nbsp;Cousins Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253232 |
| &nbsp;&nbsp;Hudson Pacific Properties, Inc., REIT<sup>(a)</sup> | 112053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273409 |
| &nbsp;&nbsp;Kilroy Realty Corp., REIT | &nbsp;&nbsp;&nbsp;16457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695308 |
| &nbsp;&nbsp;Vornado Realty Trust, REIT | &nbsp;&nbsp;&nbsp;10659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626352 |
| &nbsp;&nbsp;**Other Specialized REITs—4.3%** |  |  |
| &nbsp;&nbsp;EPR Properties, REIT | &nbsp;&nbsp;&nbsp;12990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636770 |
| &nbsp;&nbsp;Iron Mountain, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;8035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463973 |
| &nbsp;&nbsp;**Retail REITs—22.6%** |  |  |
| &nbsp;&nbsp;Brixmor Property Group, Inc., REIT | &nbsp;&nbsp;23014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602046 |
| &nbsp;&nbsp;Curbline Properties Corp., REIT | &nbsp;&nbsp;22980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529919 |
| &nbsp;&nbsp;InvenTrust Properties Corp., REIT | &nbsp;&nbsp;&nbsp;19095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523203 |
| &nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098125 |
| &nbsp;&nbsp;Realty Income Corp., REIT | &nbsp;&nbsp;&nbsp;27760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609525 |
| &nbsp;&nbsp;Regency Centers Corp., REIT | &nbsp;&nbsp;14468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997569 |
| &nbsp;&nbsp;Simon Property Group, Inc., REIT | &nbsp;&nbsp;&nbsp;13748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7776735 |
| &nbsp;&nbsp;**Self Storage REITs—7.4%** |  |  |
| &nbsp;&nbsp;CubeSmart, REIT | &nbsp;&nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558081 |
| &nbsp;&nbsp;Public Storage, REIT | &nbsp;&nbsp;&nbsp;&nbsp;4854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352130 |
| &nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;18521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546408 |
| &nbsp;&nbsp;**Single-Family Residential REITs—1.6%** |  |  |
| &nbsp;&nbsp;Sun Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549571 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**33852108** |
| &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**33852108** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(b)</sup> | 448888 | &nbsp;&nbsp;$448888 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**448888** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $27,334,352)<sup>(c)</sup>—99.7%** |  | &nbsp;&nbsp;**34300996** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.3% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94379 |
| &nbsp;&nbsp;**Net Assets—100.0%** |  | **$34395375** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 2025.

<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 Annual Report<sub>11</sub>

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn U.S. Small Cap Equity Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.4%** | &nbsp;&nbsp;**COMMON STOCKS—98.4%** |  |
| &nbsp;&nbsp;**BAHAMAS—1.4%** | &nbsp;&nbsp;**BAHAMAS—1.4%** | &nbsp;&nbsp;**BAHAMAS—1.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** |
| &nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;199212 | &nbsp;&nbsp;$4635663 |
| &nbsp;&nbsp;**CANADA—4.5%** | &nbsp;&nbsp;**CANADA—4.5%** | &nbsp;&nbsp;**CANADA—4.5%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.0%** | &nbsp;&nbsp;**Consumer Discretionary—3.0%** | &nbsp;&nbsp;**Consumer Discretionary—3.0%** |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;148859 | &nbsp;&nbsp;&nbsp;&nbsp; 10398001 |
| &nbsp;&nbsp;**Industrials—1.5%** | &nbsp;&nbsp;**Industrials—1.5%** | &nbsp;&nbsp;**Industrials—1.5%** |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;188159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5175697 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15573698** |
| &nbsp;&nbsp;**ISRAEL—2.7%** | &nbsp;&nbsp;**ISRAEL—2.7%** | &nbsp;&nbsp;**ISRAEL—2.7%** |
| &nbsp;&nbsp;**Information Technology—2.7%** | &nbsp;&nbsp;**Information Technology—2.7%** | &nbsp;&nbsp;**Information Technology—2.7%** |
| &nbsp;&nbsp;Camtek Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9301978 |
| &nbsp;&nbsp;**UNITED STATES—89.8%** | &nbsp;&nbsp;**UNITED STATES—89.8%** | &nbsp;&nbsp;**UNITED STATES—89.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—5.6%** | &nbsp;&nbsp;**Consumer Discretionary—5.6%** | &nbsp;&nbsp;**Consumer Discretionary—5.6%** |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10191981 |
| &nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5780169 |
| &nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;53749 | &nbsp;&nbsp;&nbsp;&nbsp; 3355012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19327162 |
| &nbsp;&nbsp;**Consumer Staples—5.4%** | &nbsp;&nbsp;**Consumer Staples—5.4%** | &nbsp;&nbsp;**Consumer Staples—5.4%** |
| &nbsp;&nbsp;Chefs' Warehouse, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263871 |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7482785 |
| &nbsp;&nbsp;Vita Coco Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;163943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18497829 |
| &nbsp;&nbsp;**Energy—2.2%** | &nbsp;&nbsp;**Energy—2.2%** | &nbsp;&nbsp;**Energy—2.2%** |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;186632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191755 |
| &nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;165373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646397 |
| &nbsp;&nbsp;**Financials—20.7%** | &nbsp;&nbsp;**Financials—20.7%** | &nbsp;&nbsp;**Financials—20.7%** |
| &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;118936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518196 |
| &nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190939 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5504442 |
| &nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621623 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;33374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5376885 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;297810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9023643 |
| &nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200862 |
| &nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6950715 |
| &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9692341 |
| &nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7997742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71077388 |
| &nbsp;&nbsp;**Health Care—17.6%** | &nbsp;&nbsp;**Health Care—17.6%** | &nbsp;&nbsp;**Health Care—17.6%** |
| &nbsp;&nbsp;ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;435634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743614 |
| &nbsp;&nbsp;Alphatec Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;580822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11029810 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;100092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068335 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;253463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391158 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6987144 |
| &nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;154472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5717009 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11728068 |
| &nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789869 |
| &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;60455007 |
| &nbsp;&nbsp;**Industrials—16.9%** | &nbsp;&nbsp;**Industrials—16.9%** | &nbsp;&nbsp;**Industrials—16.9%** |
| &nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735001 |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7073004 |
| &nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799898 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;38096 | &nbsp;&nbsp;$3374163 |
| &nbsp;&nbsp;Ducommun, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;76460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7015205 |
| &nbsp;&nbsp;Enpro, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;45027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10446714 |
| &nbsp;&nbsp;Everus Construction Group, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;59043 | &nbsp;&nbsp;&nbsp;&nbsp; 5366418 |
| &nbsp;&nbsp;Griffon Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;77935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5767970 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;278132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7136867 |
| &nbsp;&nbsp;REV Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;179653 | &nbsp;&nbsp;&nbsp;&nbsp; 9210809 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57926049 |
| &nbsp;&nbsp;**Information Technology—12.6%** | &nbsp;&nbsp;**Information Technology—12.6%** | &nbsp;&nbsp;**Information Technology—12.6%** | &nbsp;&nbsp;**Information Technology—12.6%** |
| &nbsp;&nbsp;JFrog Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;183148 | &nbsp;&nbsp;&nbsp;&nbsp; 8695867 |
| &nbsp;&nbsp;Knowles Corp.<sup>(a)</sup> |  | &nbsp;&nbsp; 225110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5314847 |
| &nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp; 117218 | &nbsp;&nbsp;&nbsp;&nbsp; 7239384 |
| &nbsp;&nbsp;Vertex, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;183657 | &nbsp;&nbsp;&nbsp;&nbsp; 4205745 |
| &nbsp;&nbsp;Viavi Solutions, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;585921 | &nbsp;&nbsp;&nbsp;&nbsp; 10370802 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;84355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7171018 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42997663 |
| &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** |
| &nbsp;&nbsp;Knife River Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;28469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721236 |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;84475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683369 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11404605 |
| &nbsp;&nbsp;**Real Estate—3.6%** | &nbsp;&nbsp;**Real Estate—3.6%** | &nbsp;&nbsp;**Real Estate—3.6%** | &nbsp;&nbsp;**Real Estate—3.6%** |
| &nbsp;&nbsp;American Healthcare REIT, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;164166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7440003 |
| &nbsp;&nbsp;Smartstop Self Storage REIT, Inc. |  | &nbsp;&nbsp;&nbsp;138476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756651 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12196654 |
| &nbsp;&nbsp;**Utilities—1.9%** | &nbsp;&nbsp;**Utilities—1.9%** | &nbsp;&nbsp;**Utilities—1.9%** | &nbsp;&nbsp;**Utilities—1.9%** |
| &nbsp;&nbsp;ONE Gas, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;79969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412714 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**307941468** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**337452807** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.5%** | &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, 4.01%<sup>(d)</sup> |  | 4930698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930698 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4930698** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $278,198,686)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $278,198,686)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $278,198,686)<sup>(e)</sup>—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**342383505** |
| &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;434528 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$342818033** |

---

&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 October 31, 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 Investment Management. The rate shown is the 7 day yield as of October 31, 2025.

<sup>(e)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **12** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn U.S. Sustainable Leaders Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.1%** | &nbsp;&nbsp;**COMMON STOCKS—98.1%** |  |
| &nbsp;&nbsp;**NETHERLANDS—0.9%** | &nbsp;&nbsp;**NETHERLANDS—0.9%** | &nbsp;&nbsp;**NETHERLANDS—0.9%** |
| &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** |
| &nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;15030 | &nbsp;&nbsp;$3143074 |
| &nbsp;&nbsp;**UNITED STATES—97.2%** | &nbsp;&nbsp;**UNITED STATES—97.2%** | &nbsp;&nbsp;**UNITED STATES—97.2%** |
| &nbsp;&nbsp;**Communication Services—4.3%** | &nbsp;&nbsp;**Communication Services—4.3%** | &nbsp;&nbsp;**Communication Services—4.3%** |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;50867 | &nbsp;&nbsp;&nbsp;&nbsp; 14335338 |
| &nbsp;&nbsp;**Consumer Discretionary—4.9%** | &nbsp;&nbsp;**Consumer Discretionary—4.9%** | &nbsp;&nbsp;**Consumer Discretionary—4.9%** |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67049 | &nbsp;&nbsp;&nbsp;&nbsp; 6332108 |
| &nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71686 | &nbsp;&nbsp;&nbsp;&nbsp; 10046076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16378184 |
| &nbsp;&nbsp;**Consumer Staples—3.1%** | &nbsp;&nbsp;**Consumer Staples—3.1%** | &nbsp;&nbsp;**Consumer Staples—3.1%** |
| &nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;69088 | &nbsp;&nbsp;&nbsp;&nbsp; 10388762 |
| &nbsp;&nbsp;**Energy—2.2%** | &nbsp;&nbsp;**Energy—2.2%** | &nbsp;&nbsp;**Energy—2.2%** |
| &nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;151324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325595 |
| &nbsp;&nbsp;**Financials—12.9%** | &nbsp;&nbsp;**Financials—12.9%** | &nbsp;&nbsp;**Financials—12.9%** |
| &nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;30816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11116256 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;16390 | &nbsp;&nbsp;&nbsp;&nbsp; 5099257 |
| &nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040982 |
| &nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;21701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11978735 |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7590244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42825474 |
| &nbsp;&nbsp;**Health Care—14.8%** | &nbsp;&nbsp;**Health Care—14.8%** | &nbsp;&nbsp;**Health Care—14.8%** |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7884865 |
| &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7737742 |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8578554 |
| &nbsp;&nbsp;Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678170 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175944 |
| &nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5432841 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867913 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48956807 |
| &nbsp;&nbsp;**Industrials—14.2%** | &nbsp;&nbsp;**Industrials—14.2%** | &nbsp;&nbsp;**Industrials—14.2%** |
| &nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862103 |
| &nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935235 |
| &nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9287200 |
| &nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986560 |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241170 |
| &nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485795 |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7995395 |
| &nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47094256 |
| &nbsp;&nbsp;**Information Technology—36.9%** | &nbsp;&nbsp;**Information Technology—36.9%** | &nbsp;&nbsp;**Information Technology—36.9%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;25257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316776 |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836997 |
| &nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5807620 |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857027 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8642689 |
| &nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10549855 |
| &nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10064489 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34342713 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28981381 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122305178 |
| &nbsp;&nbsp;**Materials—1.7%** | &nbsp;&nbsp;**Materials—1.7%** | &nbsp;&nbsp;**Materials—1.7%** |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5772540 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Utilities—2.2%** | &nbsp;&nbsp;**Utilities—2.2%** | &nbsp;&nbsp;**Utilities—2.2%** | &nbsp;&nbsp;**Utilities—2.2%** |
| &nbsp;&nbsp;American Water Works Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;55498 | &nbsp;&nbsp;$7127608 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**322509742** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**325652816** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(b)</sup> |  | 6443990 | &nbsp;&nbsp;&nbsp;&nbsp; 6443990 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6443990** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $253,290,831)<sup>(c)</sup>—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $253,290,831)<sup>(c)</sup>—100.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $253,290,831)<sup>(c)</sup>—100.1%** | &nbsp;&nbsp;&nbsp;**332096806** |
| &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;(206477) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$331890329** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 2025.

<sup>(c)</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 Annual Report<sub>13</sub>

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**BANK LOANS—1.1%** | &nbsp;&nbsp;**BANK LOANS—1.1%** |  |
| &nbsp;&nbsp;CD&R Firefly Bidco Ltd., 2025 GBP Term Loan, 8.72%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;$851312 |
| &nbsp;&nbsp;**Total Bank Loans** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**851312** |
| &nbsp;&nbsp;**COMMON STOCKS—0.0%** | &nbsp;&nbsp;**COMMON STOCKS—0.0%** |  |
| &nbsp;&nbsp;**FRANCE—0.0%** | &nbsp;&nbsp;**FRANCE—0.0%** | &nbsp;&nbsp;**FRANCE—0.0%** |
| &nbsp;&nbsp;**Industrials—0.0%** | &nbsp;&nbsp;**Industrials—0.0%** | &nbsp;&nbsp;**Industrials—0.0%** |
| &nbsp;&nbsp;Luxco Co. Ltd.<sup>(b)(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;&nbsp;&nbsp; 25166 |
| &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25166** |
| &nbsp;&nbsp;**CORPORATE BONDS—89.7%** | &nbsp;&nbsp;**CORPORATE BONDS—89.7%** |  |
| &nbsp;&nbsp;**ANGOLA—0.3%** | &nbsp;&nbsp;**ANGOLA—0.3%** | &nbsp;&nbsp;**ANGOLA—0.3%** |
| &nbsp;&nbsp;**Oil & Gas—0.3%** |  |  |
| &nbsp;&nbsp;Azule Energy Finance PLC, 8.13%, 01/23/2030<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201001 |
| &nbsp;&nbsp;**BRAZIL—1.1%** | &nbsp;&nbsp;**BRAZIL—1.1%** | &nbsp;&nbsp;**BRAZIL—1.1%** |
| &nbsp;&nbsp;**Chemicals—0.3%** |  |  |
| &nbsp;&nbsp;Braskem Netherlands Finance BV, 8.00%, 10/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;514000 | &nbsp;&nbsp;&nbsp;&nbsp; 211383 |
| &nbsp;&nbsp;**Food Products—0.8%** |  |  |
| &nbsp;&nbsp;Minerva Luxembourg SA, 8.88%, 09/13/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 656480 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**867863** |
| &nbsp;&nbsp;**CANADA—3.4%** | &nbsp;&nbsp;**CANADA—3.4%** | &nbsp;&nbsp;**CANADA—3.4%** |
| &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;1191937 |
| &nbsp;&nbsp;**Oil & Gas—0.4%** |  |  |
| &nbsp;&nbsp;Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297454 |
| &nbsp;&nbsp;**Oil & Gas Services—0.8%** |  |  |
| &nbsp;&nbsp;Enerflex Ltd., 9.00%, 10/15/2027<sup>(e)</sup> | &nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615377 |
| &nbsp;&nbsp;**Retail—0.7%** |  |  |
| &nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc., 5.63%, 09/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513974 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2618742** |
| &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>(e)</sup> | &nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489153 |
| &nbsp;&nbsp;**CHINA—0.0%** | &nbsp;&nbsp;**CHINA—0.0%** | &nbsp;&nbsp;**CHINA—0.0%** |
| &nbsp;&nbsp;**Real Estate—0.0%** |  |  |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;0.00%, 12/31/2025<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 |
| &nbsp;&nbsp;0.00%, 12/31/2026<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| &nbsp;&nbsp;0.00%, 12/31/2027<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| &nbsp;&nbsp;5.250% Cash or 6.250% PIK, 12/28/2028<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 |
| &nbsp;&nbsp;6.721% Cash or 7.721% PIK, 12/28/2028<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| &nbsp;&nbsp;0.00%, 12/31/2028<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;48353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;5.500% Cash or 6.500% PIK, 12/28/2029<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 |
| &nbsp;&nbsp;0.00%, 12/31/2029<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;48353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;5.750% Cash or 6.750% PIK, 12/28/2030<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;0.00%, 12/31/2030<sup>(e)(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;60442 | &nbsp;&nbsp;$227 |
| &nbsp;&nbsp;6.000% Cash or 7.000% PIK, 12/28/2031<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;108798 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 |
| &nbsp;&nbsp;0.00%, 12/31/2031<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60442 | &nbsp;&nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;6.250% Cash or 7.250% PIK, 12/28/2032<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101940 | &nbsp;&nbsp;&nbsp;&nbsp; 990 |
| &nbsp;&nbsp;0.00%, 12/31/2032<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114029 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;Zhenro Properties Group Ltd. |  |  |
| &nbsp;&nbsp;7.88%, 04/14/2024<sup>(b)(e)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;7.10%, 09/10/2024<sup>(b)(e)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;429000 | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9397 |
| &nbsp;&nbsp;**COLOMBIA—0.5%** | &nbsp;&nbsp;**COLOMBIA—0.5%** | &nbsp;&nbsp;**COLOMBIA—0.5%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.5%** |  |  |
| &nbsp;&nbsp;Ecopetrol SA, 8.38%, 01/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp; 427994 |
| &nbsp;&nbsp;**FRANCE—4.5%** | &nbsp;&nbsp;**FRANCE—4.5%** | &nbsp;&nbsp;**FRANCE—4.5%** |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.5%** |  |  |
| &nbsp;&nbsp;Forvia SE |  |  |
| &nbsp;&nbsp;5.38%, 03/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp; 243690 |
| &nbsp;&nbsp;5.50%, 06/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392313 |
| &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>(e)(j)</sup> | $&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802937 |
| &nbsp;&nbsp;**Cosmetics/Personal Care—0.8%** |  |  |
| &nbsp;&nbsp;Opal Bidco SAS, 5.50%, 03/31/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582499 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.0%** |  |  |
| &nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;5.38%, 03/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94658 |
| &nbsp;&nbsp;5.63%, 06/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;217168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241626 |
| &nbsp;&nbsp;Iliad Holding SAS, 8.50%, 04/15/2031<sup>(e)</sup> | $&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765590 |
| &nbsp;&nbsp;**Entertainment—0.7%** |  |  |
| &nbsp;&nbsp;Banijay Entertainment SAS, 8.13%, 05/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572888 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.5%** |  |  |
| &nbsp;&nbsp;Laboratoire Eimer SELAS, 5.00%, 02/01/2029<sup>(e)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388593 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;**3504820** |
| &nbsp;&nbsp;**GERMANY—0.5%** | &nbsp;&nbsp;**GERMANY—0.5%** | &nbsp;&nbsp;**GERMANY—0.5%** |
| &nbsp;&nbsp;**Commercial Banks—0.5%** |  |  |
| &nbsp;&nbsp;Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), VRN, 7.13%, 04/30/2026<sup>(e)(j)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394622 |
| &nbsp;&nbsp;**HONG KONG—0.9%** | &nbsp;&nbsp;**HONG KONG—0.9%** | &nbsp;&nbsp;**HONG KONG—0.9%** |
| &nbsp;&nbsp;**Lodging—0.9%** |  |  |
| &nbsp;&nbsp;Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;5.75%, 07/21/2028<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;534000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531418 |
| &nbsp;&nbsp;5.38%, 12/04/2029<sup>(e)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728374 |
| &nbsp;&nbsp;**INDIA—0.3%** | &nbsp;&nbsp;**INDIA—0.3%** | &nbsp;&nbsp;**INDIA—0.3%** |
| &nbsp;&nbsp;**Metals & Mining—0.3%** |  |  |
| &nbsp;&nbsp;Vedanta Resources Finance II PLC, 9.13%, 10/15/2032<sup>(e)</sup> | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198216 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (continued)

October 31, 2025 abrdn High Income Opportunities Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**IRELAND—2.9%** | &nbsp;&nbsp;**IRELAND—2.9%** | &nbsp;&nbsp;**IRELAND—2.9%** |
| &nbsp;&nbsp;**Commercial Services & Supplies—1.0%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.38%, 09/15/2032<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;$776482 |
| &nbsp;&nbsp;**Diversified Financial Services—1.9%** |  |  |
| &nbsp;&nbsp;Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp; 697385 |
| &nbsp;&nbsp;TrueNoord Capital DAC, 8.75%, 03/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;718000 | &nbsp;&nbsp;&nbsp;&nbsp; 756426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453811 |
| &nbsp;&nbsp;**Total Ireland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2230293** |
| &nbsp;&nbsp;**ISRAEL—1.8%** | &nbsp;&nbsp;**ISRAEL—1.8%** | &nbsp;&nbsp;**ISRAEL—1.8%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.2%** |  |  |
| &nbsp;&nbsp;Energean PLC, 5.63%, 05/12/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp; 202567 |
| &nbsp;&nbsp;**Pharmaceutical—1.6%** |  |  |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV |  |  |
| &nbsp;&nbsp;4.13%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp; 322744 |
| &nbsp;&nbsp;7.88%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp; 225866 |
| &nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV, 8.13%, 09/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;591000 | &nbsp;&nbsp;&nbsp;&nbsp; 677429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226039 |
| &nbsp;&nbsp;**Total Israel** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1428606** |
| &nbsp;&nbsp;**ITALY—0.8%** | &nbsp;&nbsp;**ITALY—0.8%** | &nbsp;&nbsp;**ITALY—0.8%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.4%** |  |  |
| &nbsp;&nbsp;Fibercop SpA, Series 2033, 6.38%, 11/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337472 |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.4%** |  |  |
| &nbsp;&nbsp;Gruppo San Donato SPA, 6.50%, 10/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318589 |
| &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**656061** |
| &nbsp;&nbsp;**JAMAICA—0.7%** | &nbsp;&nbsp;**JAMAICA—0.7%** | &nbsp;&nbsp;**JAMAICA—0.7%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.7%** |  |  |
| &nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/2032<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579378 |
| &nbsp;&nbsp;**JAPAN—0.8%** | &nbsp;&nbsp;**JAPAN—0.8%** | &nbsp;&nbsp;**JAPAN—0.8%** |
| &nbsp;&nbsp;**Auto Manufacturers—0.8%** |  |  |
| &nbsp;&nbsp;Nissan Motor Co. Ltd., 6.38%, 07/17/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;514000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614032 |
| &nbsp;&nbsp;**JERSEY—0.5%** | &nbsp;&nbsp;**JERSEY—0.5%** | &nbsp;&nbsp;**JERSEY—0.5%** |
| &nbsp;&nbsp;**Retail—0.5%** |  |  |
| &nbsp;&nbsp;Waga Bondco Ltd., 8.50%, 06/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386745 |
| &nbsp;&nbsp;**LUXEMBOURG—0.5%** | &nbsp;&nbsp;**LUXEMBOURG—0.5%** | &nbsp;&nbsp;**LUXEMBOURG—0.5%** |
| &nbsp;&nbsp;**Chemicals—0.5%** |  |  |
| &nbsp;&nbsp;Monitchem HoldCo 3 SA, 8.75%, 05/01/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370096 |
| &nbsp;&nbsp;**Machinery-Diversified —0.0%** |  |  |
| &nbsp;&nbsp;Galapagos SA, 5.38%, 06/15/2021<sup>(b)(c)(e)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**370096** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MEXICO—2.4%** | &nbsp;&nbsp;**MEXICO—2.4%** | &nbsp;&nbsp;**MEXICO—2.4%** |
| &nbsp;&nbsp;**Building Materials—0.7%** |  |  |
| &nbsp;&nbsp;Cemex SAB de CV |  |  |
| &nbsp;&nbsp;(fixed rate to 06/08/2026, variable rate thereafter), VRN, 5.13%, 06/08/2026<sup>(e)(j)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;$314739 |
| &nbsp;&nbsp;(fixed rate to 06/10/2030, variable rate thereafter), VRN, 7.20%, 06/10/2030<sup>(e)(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp; 234803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549542 |
| &nbsp;&nbsp;**Electric Utilities—0.8%** |  |  |
| &nbsp;&nbsp;Saavi Energia SARL, 8.88%, 02/10/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 602000 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.9%** |  |  |
| &nbsp;&nbsp;Petroleos Mexicanos, 3.75%, 11/16/2025<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;574000 | &nbsp;&nbsp;&nbsp;&nbsp; 750677 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1902219** |
| &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** | &nbsp;&nbsp;**NETHERLANDS—0.8%** |
| &nbsp;&nbsp;**Food Products—0.6%** |  |  |
| &nbsp;&nbsp;Flora Food Management BV, 6.88%, 07/02/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 435563 |
| &nbsp;&nbsp;**Media—0.2%** |  |  |
| &nbsp;&nbsp;Ziggo Bond Co. BV, 5.13%, 02/28/2030<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176065 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**611628** |
| &nbsp;&nbsp;**NIGERIA—0.3%** | &nbsp;&nbsp;**NIGERIA—0.3%** | &nbsp;&nbsp;**NIGERIA—0.3%** |
| &nbsp;&nbsp;**Engineering & Construction—0.3%** |  |  |
| &nbsp;&nbsp;IHS Holding Ltd., 7.88%, 05/29/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270318 |
| &nbsp;&nbsp;**SINGAPORE—0.5%** | &nbsp;&nbsp;**SINGAPORE—0.5%** | &nbsp;&nbsp;**SINGAPORE—0.5%** |
| &nbsp;&nbsp;**Diversified Financial Services—0.5%** |  |  |
| &nbsp;&nbsp;Avation Group S Pte. Ltd., 8.50%, 05/15/2031<sup>(e)</sup> | &nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397290 |
| &nbsp;&nbsp;**SWITZERLAND—0.7%** | &nbsp;&nbsp;**SWITZERLAND—0.7%** | &nbsp;&nbsp;**SWITZERLAND—0.7%** |
| &nbsp;&nbsp;**Chemicals—0.7%** |  |  |
| &nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;6.50%, 05/15/2026<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381262 |
| &nbsp;&nbsp;12.00%, 02/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544723 |
| &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>(e)</sup> | &nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213279 |
| &nbsp;&nbsp;**UNITED KINGDOM—4.0%** | &nbsp;&nbsp;**UNITED KINGDOM—4.0%** | &nbsp;&nbsp;**UNITED KINGDOM—4.0%** |
| &nbsp;&nbsp;**Building Materials—0.6%** |  |  |
| &nbsp;&nbsp;Project Grand U.K. PLC, 9.00%, 06/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475585 |
| &nbsp;&nbsp;**Commercial Services & Supplies—0.4%** |  |  |
| &nbsp;&nbsp;Belron U.K. Finance PLC, 5.75%, 10/15/2029<sup>(e)</sup> | $&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303950 |
| &nbsp;&nbsp;**Diversified Financial Services—1.0%** |  |  |
| &nbsp;&nbsp;Jerrold Finco PLC, 7.88%, 04/15/2030<sup>(e)</sup> | &nbsp;&nbsp;406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546684 |
| &nbsp;&nbsp;Sherwood Financing PLC, 9.63%, 12/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770899 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.5%** |  |  |
| &nbsp;&nbsp;Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372738 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **15** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (continued)

October 31, 2025 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;**Food Products—1.0%** |  |  |
| &nbsp;&nbsp;Bellis Acquisition Co. PLC, 8.13%, 05/14/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;$380817 |
| &nbsp;&nbsp;Market Bidco Finco PLC, 8.75%, 01/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp; 392831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773648 |
| &nbsp;&nbsp;**Media—0.5%** |  |  |
| &nbsp;&nbsp;Virgin Media Secured Finance PLC, 4.13%, 08/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 118725 |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;244000 | &nbsp;&nbsp;&nbsp;&nbsp; 311907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430632 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3127452** |
| &nbsp;&nbsp;**UNITED STATES—59.3%** | &nbsp;&nbsp;**UNITED STATES—59.3%** | &nbsp;&nbsp;**UNITED STATES—59.3%** |
| &nbsp;&nbsp;**Advertising—0.9%** |  |  |
| &nbsp;&nbsp;Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;731000 | &nbsp;&nbsp;&nbsp;&nbsp; 657198 |
| &nbsp;&nbsp;**Aerospace & Defense—1.4%** |  |  |
| &nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;6.63%, 03/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028908 |
| &nbsp;&nbsp;6.75%, 01/31/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075541 |
| &nbsp;&nbsp;**Agriculture—0.5%** |  |  |
| &nbsp;&nbsp;Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416112 |
| &nbsp;&nbsp;**Apparel—1.3%** |  |  |
| &nbsp;&nbsp;Levi Strauss & Co., 4.00%, 08/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581973 |
| &nbsp;&nbsp;Samsonite Finco SARL, 4.38%, 02/15/2033<sup>(e)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042759 |
| &nbsp;&nbsp;**Auto Parts & Equipment—0.3%** |  |  |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;6.63%, 07/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75508 |
| &nbsp;&nbsp;5.63%, 04/30/2033 | &nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240484 |
| &nbsp;&nbsp;**Building Materials—4.4%** |  |  |
| &nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392279 |
| &nbsp;&nbsp;Builders FirstSource, Inc., 6.75%, 05/15/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772765 |
| &nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234802 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 6.13%, 01/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;389000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295684 |
| &nbsp;&nbsp;JH North America Holdings, Inc., 5.88%, 01/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315740 |
| &nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318200 |
| &nbsp;&nbsp;MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328931 |
| &nbsp;&nbsp;New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3442947 |
| &nbsp;&nbsp;**Chemicals—1.7%** |  |  |
| &nbsp;&nbsp;Celanese U.S. Holdings LLC |  |  |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;6.83%, 07/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;554000 | &nbsp;&nbsp;$565822 |
| &nbsp;&nbsp;7.05%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152644 |
| &nbsp;&nbsp;Olin Corp., 6.63%, 04/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;599000 | &nbsp;&nbsp;&nbsp;&nbsp; 593176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311642 |
| &nbsp;&nbsp;**Commercial Services & Supplies—1.8%** |  |  |
| &nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;5.63%, 08/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp; 356303 |
| &nbsp;&nbsp;6.00%, 08/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp;&nbsp;&nbsp; 172802 |
| &nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;7.00%, 06/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp; 114088 |
| &nbsp;&nbsp;7.25%, 06/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp; 280445 |
| &nbsp;&nbsp;United Rentals North America, Inc., 6.00%, 12/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;459000 | &nbsp;&nbsp;&nbsp;&nbsp; 471099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394737 |
| &nbsp;&nbsp;**Diversified Financial Services—1.9%** |  |  |
| &nbsp;&nbsp;Azorra Finance Ltd., 7.75%, 04/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;373000 | &nbsp;&nbsp;&nbsp;&nbsp; 393243 |
| &nbsp;&nbsp;Navient Corp., 7.88%, 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp; 380190 |
| &nbsp;&nbsp;PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;6.88%, 05/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124128 |
| &nbsp;&nbsp;6.88%, 02/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497535 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—0.5%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC, 6.00%, 01/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421841 |
| &nbsp;&nbsp;**Electric Utilities—1.9%** |  |  |
| &nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;6.00%, 02/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196876 |
| &nbsp;&nbsp;7.00%, 03/15/2033<sup>(e)</sup> | &nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444833 |
| &nbsp;&nbsp;6.25%, 11/01/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379925 |
| &nbsp;&nbsp;Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;6.25%, 02/01/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244057 |
| &nbsp;&nbsp;6.50%, 02/01/2036<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512188 |
| &nbsp;&nbsp;**Electrical Components &<br> Equipment—0.8%** |  |  |
| &nbsp;&nbsp;EnerSys, 6.63%, 01/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648553 |
| &nbsp;&nbsp;**Energy Equipment & Services—1.9%** |  |  |
| &nbsp;&nbsp;Hess Midstream Operations LP, 4.25%, 02/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272715 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541432 |
| &nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465720 |
| &nbsp;&nbsp;**Entertainment—2.4%** |  |  |
| &nbsp;&nbsp;Affinity Interactive, 6.88%, 12/15/2027<sup>(e)</sup> | 1631000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811602 |
| &nbsp;&nbsp;Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466774 |
| &nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;4.69%, 05/17/2033 | &nbsp;&nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124893 |
| &nbsp;&nbsp;5.05%, 03/15/2042 | $&nbsp;&nbsp;&nbsp;579000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868050 |
| &nbsp;&nbsp;**Food Products—2.0%** |  |  |
| &nbsp;&nbsp;Darling Global Finance BV, 4.50%, 07/15/2032<sup>(e)</sup> | &nbsp;&nbsp;498000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585379 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **16** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (continued)

October 31, 2025 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;Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;506000 | &nbsp;&nbsp;$544491 |
| &nbsp;&nbsp;U.S. Foods, Inc., 5.75%, 04/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp; 389056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518926 |
| &nbsp;&nbsp;**Gas Utilities—0.6%** |  |  |
| &nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;7.50%, 05/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp; 246333 |
| &nbsp;&nbsp;7.75%, 05/01/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp; 252764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499097 |
| &nbsp;&nbsp;**Healthcare Providers & Services—3.1%** |  |  |
| &nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;4.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp; 596284 |
| &nbsp;&nbsp;3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;444000 | &nbsp;&nbsp;&nbsp;&nbsp; 396110 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;5.25%, 05/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp; 83426 |
| &nbsp;&nbsp;10.88%, 01/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp; 525001 |
| &nbsp;&nbsp;9.75%, 01/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp; 249874 |
| &nbsp;&nbsp;IQVIA, Inc., 6.25%, 06/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315807 |
| &nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450412 |
| &nbsp;&nbsp;**Home Builders—0.1%** |  |  |
| &nbsp;&nbsp;K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91954 |
| &nbsp;&nbsp;**Home Furnishings—0.9%** |  |  |
| &nbsp;&nbsp;Somnigroup International, Inc., 3.88%, 10/15/2031<sup>(e)</sup> | &nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317845 |
| &nbsp;&nbsp;Whirlpool Corp. |  |  |
| &nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178232 |
| &nbsp;&nbsp;6.50%, 06/15/2033 | &nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704863 |
| &nbsp;&nbsp;**Housewares—0.8%** |  |  |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235177 |
| &nbsp;&nbsp;Newell Brands, Inc., 8.50%, 06/01/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578859 |
| &nbsp;&nbsp;**Insurance—0.5%** |  |  |
| &nbsp;&nbsp;Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405123 |
| &nbsp;&nbsp;**Internet—1.7%** |  |  |
| &nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;7.00%, 06/15/2027<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;661000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658890 |
| &nbsp;&nbsp;6.50%, 07/01/2032<sup>(e)</sup> | &nbsp;&nbsp;698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325455 |
| &nbsp;&nbsp;**Leisure Time—2.8%** |  |  |
| &nbsp;&nbsp;Acushnet Co., 7.38%, 10/15/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301885 |
| &nbsp;&nbsp;Carnival Corp., 5.13%, 05/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380649 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(e)</sup> | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019401 |
| &nbsp;&nbsp;NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;5.88%, 01/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153927 |
| &nbsp;&nbsp;6.25%, 09/15/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164345 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Lodging—1.8%** |  |  |
| &nbsp;&nbsp;Genting New York LLC/GENNY Capital, Inc., 7.25%, 10/01/2029<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;592000 | &nbsp;&nbsp;$612898 |
| &nbsp;&nbsp;Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;798000 | &nbsp;&nbsp;&nbsp;&nbsp; 786837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399735 |
| &nbsp;&nbsp;**Machinery-Diversified—0.5%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc., 7.50%, 01/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp; 408817 |
| &nbsp;&nbsp;**Media—5.7%** |  |  |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;783000 | &nbsp;&nbsp;&nbsp;&nbsp; 618578 |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;5.00%, 02/01/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp; 237591 |
| &nbsp;&nbsp;4.25%, 02/01/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp;&nbsp; 513202 |
| &nbsp;&nbsp;4.25%, 01/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp; 164586 |
| &nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, 10/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;748000 | &nbsp;&nbsp;&nbsp;&nbsp; 774817 |
| &nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;11.75%, 01/31/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp; 206970 |
| &nbsp;&nbsp;6.50%, 02/01/2029<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;303000 | &nbsp;&nbsp;&nbsp;&nbsp; 208398 |
| &nbsp;&nbsp;5.75%, 01/15/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99305 |
| &nbsp;&nbsp;4.13%, 12/01/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170386 |
| &nbsp;&nbsp;Discovery Communications LLC, 3.63%, 05/15/2030 | &nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122166 |
| &nbsp;&nbsp;Midcontinent Communications, 8.00%, 08/15/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378916 |
| &nbsp;&nbsp;Univision Communications, Inc., 8.50%, 07/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;922000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437941 |
| &nbsp;&nbsp;**Oil & Gas—1.1%** |  |  |
| &nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.88%, 05/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550998 |
| &nbsp;&nbsp;Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;292000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828481 |
| &nbsp;&nbsp;**Oil & Gas Services—1.1%** |  |  |
| &nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;6.50%, 10/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267457 |
| &nbsp;&nbsp;6.75%, 10/01/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142114 |
| &nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp., 6.25%, 10/01/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883383 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels—0.8%** |  |  |
| &nbsp;&nbsp;Crescent Energy Finance LLC, 7.63%, 04/01/2032<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379092 |
| &nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;5.63%, 03/15/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95061 |
| &nbsp;&nbsp;5.88%, 03/15/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601132 |
| &nbsp;&nbsp;**Packaging & Containers—3.0%** |  |  |
| &nbsp;&nbsp;Ball Corp., 4.25%, 07/01/2032 | &nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771291 |
| &nbsp;&nbsp;Crown Americas LLC, 5.88%, 06/01/2033<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395256 |
| &nbsp;&nbsp;Graphic Packaging International LLC, 6.38%, 07/15/2032<sup>(e)</sup> | 1153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334681 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **17** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (continued)

October 31, 2025 abrdn High Income Opportunities 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;**Paper & Forest Products—1.1%** |  |  |  |
| &nbsp;&nbsp;Magnera Corp., 7.25%, 11/15/2031<sup>(e)</sup> | &nbsp;&nbsp;$| 1001000 | &nbsp;&nbsp;$864318 |
| &nbsp;&nbsp;**Pharmaceutical—3.2%** |  |  |  |
| &nbsp;&nbsp;1261229 BC Ltd., 10.00%, 04/15/2032<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 418124 |
| &nbsp;&nbsp;Bausch Health Cos., Inc. |  |  |  |
| &nbsp;&nbsp;4.88%, 06/01/2028<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp;&nbsp;&nbsp; 79170 |
| &nbsp;&nbsp;5.00%, 02/15/2029<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp; 161892 |
| &nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |  |
| &nbsp;&nbsp;6.75%, 05/15/2034<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;606000 | &nbsp;&nbsp;&nbsp;&nbsp; 542930 |
| &nbsp;&nbsp;7.88%, 05/15/2034<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp; 321389 |
| &nbsp;&nbsp;Perrigo Finance Unlimited Co., 4.90%, 06/15/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp; 488110 |
| &nbsp;&nbsp;Upjohn Finance BV, 1.91%, 06/23/2032<sup>(e)</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp; 475342 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486957 |
| &nbsp;&nbsp;**Pipelines—4.0%** |  |  |  |
| &nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(e)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;953000 | &nbsp;&nbsp;&nbsp;&nbsp; 994673 |
| &nbsp;&nbsp;Hess Midstream Operations LP, 6.50%, 06/01/2029<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp; 458002 |
| &nbsp;&nbsp;Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034<sup>(e)</sup> |  | &nbsp;&nbsp;444000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457549 |
| &nbsp;&nbsp;Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;(fixed rate to 09/30/2029, variable rate thereafter), VRN, 9.00%, 09/30/2029<sup>(e)(j)</sup> |  | &nbsp;&nbsp;&nbsp;642000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600055 |
| &nbsp;&nbsp;8.38%, 06/01/2031<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392175 |
| &nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;6.50%, 01/15/2034<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124647 |
| &nbsp;&nbsp;6.75%, 01/15/2036<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126034 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153135 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—0.5%** |  |  |  |
| &nbsp;&nbsp;Iron Mountain, Inc., 4.75%, 01/15/2034<sup>(e)</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422295 |
| &nbsp;&nbsp;**Retail—1.5%** |  |  |  |
| &nbsp;&nbsp;Academy Ltd., 6.00%, 11/15/2027<sup>(e)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478157 |
| &nbsp;&nbsp;Macy's Retail Holdings LLC, 7.38%, 08/01/2033<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218129 |
| &nbsp;&nbsp;Staples, Inc., 10.75%, 09/01/2029<sup>(e)</sup> |  | &nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465158 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161444 |
| &nbsp;&nbsp;**Software—0.8%** |  |  |  |
| &nbsp;&nbsp;Cloud Software Group, Inc., 9.00%, 09/30/2029<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227555 |
| &nbsp;&nbsp;CoreWeave, Inc., 9.25%, 06/01/2030<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374608 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602163 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;**46318823** |
| &nbsp;&nbsp;**ZAMBIA—1.3%** | &nbsp;&nbsp;**ZAMBIA—1.3%** | &nbsp;&nbsp;**ZAMBIA—1.3%** | &nbsp;&nbsp;**ZAMBIA—1.3%** |
| &nbsp;&nbsp;**Metals & Mining—1.3%** |  |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;8.63%, 06/01/2031<sup>(e)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;$369695 |
| &nbsp;&nbsp;8.63%, 06/01/2031<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp; 399020 |
| &nbsp;&nbsp;8.00%, 03/01/2033<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212557 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981272 |
| &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;**70072397** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.5%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.5%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—3.5%** |  |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;73316 | &nbsp;&nbsp;&nbsp;&nbsp; 2755215 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2755215** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—4.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—4.4%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS—4.4%** |  |
| &nbsp;&nbsp;**MONEY MARKET FUNDS—3.9%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—3.9%** | &nbsp;&nbsp;**MONEY MARKET FUNDS—3.9%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(k)</sup> |  | 3096903 | &nbsp;&nbsp;&nbsp;&nbsp; 3096903 |
| &nbsp;&nbsp;**Total Money Market Funds** | &nbsp;&nbsp;**Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;**3096903** |
| &nbsp;&nbsp;**U.S. TREASURIES—0.5%** | &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; 376910 |
| &nbsp;&nbsp;**Total U.S. Treasuries** | &nbsp;&nbsp;**Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**376910** |
| &nbsp;&nbsp;**Total Short-Term Investments** | &nbsp;&nbsp;**Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3473813** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $79,154,781)<sup>(l)</sup>—98.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $79,154,781)<sup>(l)</sup>—98.7%** | &nbsp;&nbsp;**Total Investments<br> (Cost $79,154,781)<sup>(l)</sup>—98.7%** | &nbsp;&nbsp;&nbsp;&nbsp;**77177903** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.3% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.3% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986644 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$78164547** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(a)</sup> | Variable or Floating Rate security. Rate disclosed is as of October 31, 2025. |
| <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 October 31, 2025. |
| <sup>(c)</sup> | Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements. |
| <sup>(d)</sup> | Non-income producing security. |
| <sup>(e)</sup> | Denotes a security issued under Regulation S or Rule 144A. |
| <sup>(f)</sup> | Sinkable security. |
| <sup>(g)</sup> | Zero coupon bond. |
| <sup>(h)</sup> | Payment-in-kind security for which part of the income earned may be paid as additional principal. |
| <sup>(i)</sup> | Security is in default. |
| <sup>(j)</sup> | Perpetual maturity. Maturity date presented represents the next call date. |
| <sup>(k)</sup> | Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 2025. |
| <sup>(l)</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 |
| PIK | Payment-In-Kind |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| VRN | Variable Rate Note |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **18** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 abrdn High Income Opportunities Fund

------

As of October 31, 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;01/13/2026 | &nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;49284 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;65755 | &nbsp;&nbsp;$64746 | &nbsp;&nbsp;$(1009) |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;637455 | &nbsp;&nbsp;USD | &nbsp;&nbsp;860293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837448 | &nbsp;&nbsp;&nbsp;&nbsp;(22845) |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;175000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;201985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;129064 | &nbsp;&nbsp;USD | &nbsp;&nbsp;150832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1480) |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;EUR | &nbsp;&nbsp;770446 | &nbsp;&nbsp;USD | &nbsp;&nbsp;897226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5671) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$2144883** | &nbsp;&nbsp;**$(31208)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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;01/13/2026 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50345 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38343 | &nbsp;&nbsp;$50373 | &nbsp;&nbsp;$(28) |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;5460794 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;4050356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321110 | &nbsp;&nbsp;&nbsp;&nbsp;139684 |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;546881 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;470381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560 |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;7958042 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;6737722 | &nbsp;&nbsp;&nbsp;&nbsp;7796847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161195 |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;593342 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;509765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;858195 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;730103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13324 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$15147419** | &nbsp;&nbsp;**$320180** |
| &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;**$320208** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(31236)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **19** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn Infrastructure Debt Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—51.2%** | &nbsp;&nbsp;**CORPORATE BONDS—51.2%** |  |
| &nbsp;&nbsp;**GABON—4.8%** | &nbsp;&nbsp;**GABON—4.8%** | &nbsp;&nbsp;**GABON—4.8%** |
| &nbsp;&nbsp;**Diversified Financial Services—4.8%** |  |  |
| &nbsp;&nbsp;Gabon Blue Bond Master Trust, Series 2, 6.10%, 08/01/2038<sup>(a)(b)</sup> | $1000000 | &nbsp;&nbsp;$1012696 |
| &nbsp;&nbsp;**GEORGIA—1.5%** | &nbsp;&nbsp;**GEORGIA—1.5%** | &nbsp;&nbsp;**GEORGIA—1.5%** |
| &nbsp;&nbsp;**Transportation—1.5%** |  |  |
| &nbsp;&nbsp;Georgian Railway JSC, 4.00%, 06/17/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp; 315617 |
| &nbsp;&nbsp;**GUATEMALA—2.1%** | &nbsp;&nbsp;**GUATEMALA—2.1%** | &nbsp;&nbsp;**GUATEMALA—2.1%** |
| &nbsp;&nbsp;**Electric Utilities—2.1%** |  |  |
| &nbsp;&nbsp;Investment Energy Resources Ltd., 6.25%, 04/26/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp; 448828 |
| &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; 63211 |
| &nbsp;&nbsp;**NETHERLANDS—2.6%** | &nbsp;&nbsp;**NETHERLANDS—2.6%** | &nbsp;&nbsp;**NETHERLANDS—2.6%** |
| &nbsp;&nbsp;**Media—2.6%** |  |  |
| &nbsp;&nbsp;VZ Vendor Financing II BV, 2.88%, 01/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561119 |
| &nbsp;&nbsp;**UNITED KINGDOM—3.2%** | &nbsp;&nbsp;**UNITED KINGDOM—3.2%** | &nbsp;&nbsp;**UNITED KINGDOM—3.2%** |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—3.2%** |  |  |
| &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;211783 |
| &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;476744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688527 |
| &nbsp;&nbsp;**UNITED STATES—35.7%** | &nbsp;&nbsp;**UNITED STATES—35.7%** | &nbsp;&nbsp;**UNITED STATES—35.7%** |
| &nbsp;&nbsp;**Building Materials—1.3%** |  |  |
| &nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49166 |
| &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;216840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266006 |
| &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;135668 |
| &nbsp;&nbsp;**Diversified Financial Services—4.8%** |  |  |
| &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;239320 |
| &nbsp;&nbsp;Low Income Investment Fund, Series 2019, 3.39%, 07/01/2026 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026985 |
| &nbsp;&nbsp;**Diversified Telecommunication<br> Services—1.0%** |  |  |
| &nbsp;&nbsp;Frontier Communications Holdings LLC, 8.63%, 03/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205858 |
| &nbsp;&nbsp;**Electric Utilities—3.0%** |  |  |
| &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;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641294 |
| &nbsp;&nbsp;**Electrical Components & Equipment—2.1%** |  |  |
| &nbsp;&nbsp;EnerSys, 6.63%, 01/15/2032<sup>(a)</sup> | &nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451212 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**Energy Equipment & Services—2.5%** |  |  |
| &nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;$520190 |
| &nbsp;&nbsp;**Engineering & Construction—3.4%** |  |  |
| &nbsp;&nbsp;LBJ Infrastructure Group LLC, 3.80%, 12/31/2057<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 711689 |
| &nbsp;&nbsp;**Healthcare Providers & Services—4.5%** |  |  |
| &nbsp;&nbsp;Toledo Hospital, 6.02%, 11/15/2048 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 964400 |
| &nbsp;&nbsp;**Internet—0.8%** |  |  |
| &nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc., 7.00%, 06/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 179425 |
| &nbsp;&nbsp;**Machinery-Diversified—2.1%** |  |  |
| &nbsp;&nbsp;Chart Industries, Inc., 9.50%, 01/01/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp; 435817 |
| &nbsp;&nbsp;**Media—4.8%** |  |  |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp; 166692 |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481161 |
| &nbsp;&nbsp;Univision Communications, Inc., 7.38%, 06/30/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp; 378269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026122 |
| &nbsp;&nbsp;**Packaging & Containers—1.8%** |  |  |
| &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;385253 |
| &nbsp;&nbsp;**Pipelines—2.3%** |  |  |
| &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;357999 |
| &nbsp;&nbsp;Howard Midstream Energy Partners LLC, 6.63%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489905 |
| &nbsp;&nbsp;**Real Estate Investment Trust (REIT)<br> Funds—0.7%** |  |  |
| &nbsp;&nbsp;Iron Mountain, Inc., 4.75%, 01/15/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156191 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7596015** |
| &nbsp;&nbsp;**ZAMBIA—1.0%** | &nbsp;&nbsp;**ZAMBIA—1.0%** | &nbsp;&nbsp;**ZAMBIA—1.0%** |
| &nbsp;&nbsp;**Metals & Mining—1.0%** |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd., 7.25%, 02/15/2034<sup>(a)</sup> | $&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207702 |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;**10893715** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —45.7%** | &nbsp;&nbsp;**MUNICIPAL BONDS —45.7%** |  |
| &nbsp;&nbsp;**CALIFORNIA—10.5%** | &nbsp;&nbsp;**CALIFORNIA—10.5%** | &nbsp;&nbsp;**CALIFORNIA—10.5%** |
| &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;674277 |
| &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;128000 |
| &nbsp;&nbsp;California Statewide Communities Development Authority, (AG), Series B, 7.14%, 08/15/2047 | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770197 |
| &nbsp;&nbsp;City & County of San Francisco Community Facilities District No., Series B, 6.33%, 09/01/2051 | &nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401254 |
| &nbsp;&nbsp;City of Los Angeles Department of Airports Customer Facility Charge Revenue, (AG), Series A, 4.24%, 05/15/2048 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263822 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2237550** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **20** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (continued)

October 31, 2025 abrdn Infrastructure Debt Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**FLORIDA—1.0%** | &nbsp;&nbsp;**FLORIDA—1.0%** | &nbsp;&nbsp;**FLORIDA—1.0%** |
| &nbsp;&nbsp;County of Miami-Dade Seaport Department, 6.22%, 11/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$208439 |
| &nbsp;&nbsp;**ILLINOIS—1.4%** | &nbsp;&nbsp;**ILLINOIS—1.4%** | &nbsp;&nbsp;**ILLINOIS—1.4%** |
| &nbsp;&nbsp;Illinois Municipal Electric Agency, 7.29%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 303082 |
| &nbsp;&nbsp;**MARYLAND—2.3%** | &nbsp;&nbsp;**MARYLAND—2.3%** | &nbsp;&nbsp;**MARYLAND—2.3%** |
| &nbsp;&nbsp;Maryland Economic Development Corp., 5.94%, 05/31/2057 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 479805 |
| &nbsp;&nbsp;**MASSACHUSETTS—4.7%** | &nbsp;&nbsp;**MASSACHUSETTS—4.7%** | &nbsp;&nbsp;**MASSACHUSETTS—4.7%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency, Series E, 8.50%, 10/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001172 |
| &nbsp;&nbsp;**NEVADA—1.5%** | &nbsp;&nbsp;**NEVADA—1.5%** | &nbsp;&nbsp;**NEVADA—1.5%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 320000 |
| &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;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 362795 |
| &nbsp;&nbsp;**NEW YORK—8.0%** | &nbsp;&nbsp;**NEW YORK—8.0%** | &nbsp;&nbsp;**NEW YORK—8.0%** |
| &nbsp;&nbsp;Dutchess County Local Development Corp., Series B, 5.92%, 07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp; 902863 |
| &nbsp;&nbsp;New York Transportation Development Corp., Series B, 6.97%, 06/30/2051 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 801388 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1704251** |
| &nbsp;&nbsp;**TEXAS—4.7%** | &nbsp;&nbsp;**TEXAS—4.7%** | &nbsp;&nbsp;**TEXAS—4.7%** |
| &nbsp;&nbsp;Port of Beaumont Navigation District, Series B, 10.00%, 07/01/2026<sup>(a)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003617 |
| &nbsp;&nbsp;**WISCONSIN—9.9%** | &nbsp;&nbsp;**WISCONSIN—9.9%** | &nbsp;&nbsp;**WISCONSIN—9.9%** |
| &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;671230 |
| &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;405126 |
| &nbsp;&nbsp;Public Finance Authority, Series 2025, 5.75%, 12/31/2065 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035746 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2112102** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9732813** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.3%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;283604 | &nbsp;&nbsp;$283604 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**283604** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $20,635,167)<sup>(f)</sup>—98.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $20,635,167)<sup>(f)</sup>—98.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $20,635,167)<sup>(f)</sup>—98.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**20910132** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.8% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.8% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378353 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$21288485** |

---

<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 October 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

<sup>(e)</sup> Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 2025.

<sup>(f)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| AG | Assured Guaranty Inc. |
| BAM | Build America Mutual Assurance Company |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| VRDN | Variable Rate Demand Note |
| VRN | Variable Rate Note |
| EUR | Euro Currency |
| GBP | British Pound Sterling |
| USD | U.S. Dollar |

---

As of October 31, 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;01/13/2026 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;17233 | &nbsp;&nbsp;USD | &nbsp;&nbsp;20107 | &nbsp;&nbsp;$19940 | &nbsp;&nbsp;$(167) |

---

&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/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;495720 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;367683 | &nbsp;&nbsp;$483029 | &nbsp;&nbsp;$12691 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **21** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 abrdn Infrastructure Debt Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;1139367 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;964271 | &nbsp;&nbsp;$1115775 | &nbsp;&nbsp;$23592 |
| &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;12780 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;10981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$1611510** | &nbsp;&nbsp;**$36357** |
| &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;**$36357** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(167)** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **22** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn Short Duration High Yield Municipal Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—0.4%** | &nbsp;&nbsp;**CORPORATE BONDS—0.4%** |  |
| &nbsp;&nbsp;**UNITED STATES—0.4%** | &nbsp;&nbsp;**UNITED STATES—0.4%** | &nbsp;&nbsp;**UNITED STATES—0.4%** |
| &nbsp;&nbsp;**Energy-Alternate Sources—0.0%** |  |  |
| &nbsp;&nbsp;Repower South Berkeley LLC, 1.00%, 02/01/2045<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;226254 | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;**Healthcare Providers & Services—0.4%** |  |  |
| &nbsp;&nbsp;Sunland Medical Foundation, 12.00%, 01/01/2050<sup>(a)(b)(c)</sup> | 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 237546 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**237546** |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**237546** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —99.2%** | &nbsp;&nbsp;**MUNICIPAL BONDS —99.2%** |  |
| &nbsp;&nbsp;**ALABAMA—1.9%** | &nbsp;&nbsp;**ALABAMA—1.9%** | &nbsp;&nbsp;**ALABAMA—1.9%** |
| &nbsp;&nbsp;Baldwin County Industrial Development Authority, VRDN, Series A, 5.00%, 06/01/2055<sup>(d)(e)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029362 |
| &nbsp;&nbsp;**ARIZONA—5.7%** | &nbsp;&nbsp;**ARIZONA—5.7%** | &nbsp;&nbsp;**ARIZONA—5.7%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2037<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 07/15/2041<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112121 |
| &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;902654 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2045 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 07/01/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612486 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3099163** |
| &nbsp;&nbsp;**ARKANSAS—1.5%** | &nbsp;&nbsp;**ARKANSAS—1.5%** | &nbsp;&nbsp;**ARKANSAS—1.5%** |
| &nbsp;&nbsp;City of Osceola, VRDN, 5.50%, 04/01/2036<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835435 |
| &nbsp;&nbsp;**CALIFORNIA—3.0%** | &nbsp;&nbsp;**CALIFORNIA—3.0%** | &nbsp;&nbsp;**CALIFORNIA—3.0%** |
| &nbsp;&nbsp;California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054<sup>(e)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072434 |
| &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;476000 |
| &nbsp;&nbsp;California Municipal Finance Authority, Series A, 5.00%, 10/01/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10012 |
| &nbsp;&nbsp;California School Finance Authority, 5.50%, 08/01/2043<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101702 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1660148** |
| &nbsp;&nbsp;**COLORADO—4.6%** | &nbsp;&nbsp;**COLORADO—4.6%** | &nbsp;&nbsp;**COLORADO—4.6%** |
| &nbsp;&nbsp;Colorado Health Facilities Authority, Series B-1, 3.50%, 05/15/2030 | 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488530 |
| &nbsp;&nbsp;**FLORIDA—24.0%** | &nbsp;&nbsp;**FLORIDA—24.0%** | &nbsp;&nbsp;**FLORIDA—24.0%** |
| &nbsp;&nbsp;Alachua County Health Facilities Authority, Series B-1, 4.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250407 |
| &nbsp;&nbsp;Capital Projects Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.25%, 06/01/2044<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.00%, 06/01/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138795 |
| &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;664304 |
| &nbsp;&nbsp;Capital Trust Agency, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 12/15/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 05/01/2043<sup>(d)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 4.50%, 01/01/2035<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288856 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Capital Trust Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 4.75%, 06/15/2040<sup>(d)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;$361050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.63%, 06/15/2044<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213046 |
| &nbsp;&nbsp;City of Venice |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 4.50%, 01/01/2030<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-3, 4.25%, 01/01/2030<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676301 |
| &nbsp;&nbsp;County of Palm Beach, Series A, 5.50%, 10/01/2035<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 552832 |
| &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;504191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2039<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 06/15/2040<sup>(d)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1, 5.00%, 06/01/2044<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244588 |
| &nbsp;&nbsp;Florida Higher Educational Facilities Financing Authority, 5.00%, 07/01/2035<sup>(d)</sup> |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1991298 |
| &nbsp;&nbsp;Florida Local Government Finance Commission |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1, 4.70%, 11/15/2031<sup>(d)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 4.45%, 11/15/2031<sup>(d)</sup> |  | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816527 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;**13122928** |
| &nbsp;&nbsp;**ILLINOIS—0.3%** | &nbsp;&nbsp;**ILLINOIS—0.3%** | &nbsp;&nbsp;**ILLINOIS—0.3%** | &nbsp;&nbsp;**ILLINOIS—0.3%** |
| &nbsp;&nbsp;Chicago Board of Education, Series B, 5.25%, 12/01/2027 |  | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152572 |
| &nbsp;&nbsp;**INDIANA—1.8%** | &nbsp;&nbsp;**INDIANA—1.8%** | &nbsp;&nbsp;**INDIANA—1.8%** | &nbsp;&nbsp;**INDIANA—1.8%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |  |
| &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;439774 |
| &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;545347 |
| &nbsp;&nbsp;**Total Indiana** | &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**985121** |
| &nbsp;&nbsp;**IOWA—1.6%** | &nbsp;&nbsp;**IOWA—1.6%** | &nbsp;&nbsp;**IOWA—1.6%** | &nbsp;&nbsp;**IOWA—1.6%** |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 05/15/2053 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 05/15/2059 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93673 |
| &nbsp;&nbsp;**Total Iowa** | &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**883593** |
| &nbsp;&nbsp;**KANSAS—3.7%** | &nbsp;&nbsp;**KANSAS—3.7%** | &nbsp;&nbsp;**KANSAS—3.7%** | &nbsp;&nbsp;**KANSAS—3.7%** |
| &nbsp;&nbsp;Kansas Independent College Finance Authority, Series B, 8.50%, 05/01/2026 |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019875 |
| &nbsp;&nbsp;**MAINE—0.5%** | &nbsp;&nbsp;**MAINE—0.5%** | &nbsp;&nbsp;**MAINE—0.5%** | &nbsp;&nbsp;**MAINE—0.5%** |
| &nbsp;&nbsp;Finance Authority of Maine, Series R-3, 5.00%, 08/01/2035<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258170 |
| &nbsp;&nbsp;**NEVADA—2.4%** | &nbsp;&nbsp;**NEVADA—2.4%** | &nbsp;&nbsp;**NEVADA—2.4%** | &nbsp;&nbsp;**NEVADA—2.4%** |
| &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;1316000 |
| &nbsp;&nbsp;**NEW YORK—11.6%** | &nbsp;&nbsp;**NEW YORK—11.6%** | &nbsp;&nbsp;**NEW YORK—11.6%** | &nbsp;&nbsp;**NEW YORK—11.6%** |
| &nbsp;&nbsp;Build NYC Resource Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2026<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430636 |
| &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;645808 |
| &nbsp;&nbsp;Madison County Capital Resource Corp., Series A, 5.50%, 09/01/2022<sup>(a)(g)</sup> |  | 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860000 |
| &nbsp;&nbsp;New York Transportation Development Corp., 5.50%, 06/30/2054 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533351 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **23** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 abrdn Short Duration High Yield Municipal 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;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2034 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;$154588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2053 |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304348 |
| &nbsp;&nbsp;Western Regional Off-Track Betting Corp., 3.00%, 12/01/2026<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 404112 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;**6332843** |
| &nbsp;&nbsp;**OHIO—2.5%** | &nbsp;&nbsp;**OHIO—2.5%** | &nbsp;&nbsp;**OHIO—2.5%** | &nbsp;&nbsp;**OHIO—2.5%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2, 5.00%, 06/01/2055 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257059 |
| &nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority, 5.00%, 12/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127160 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1384219** |
| &nbsp;&nbsp;**OKLAHOMA—3.2%** | &nbsp;&nbsp;**OKLAHOMA—3.2%** | &nbsp;&nbsp;**OKLAHOMA—3.2%** | &nbsp;&nbsp;**OKLAHOMA—3.2%** |
| &nbsp;&nbsp;Tulsa Municipal Airport Trust Trustees, 6.25%, 12/01/2035 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1729798 |
| &nbsp;&nbsp;**PENNSYLVANIA—1.9%** | &nbsp;&nbsp;**PENNSYLVANIA—1.9%** | &nbsp;&nbsp;**PENNSYLVANIA—1.9%** | &nbsp;&nbsp;**PENNSYLVANIA—1.9%** |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, VRDN, Series B, 5.25%, 12/01/2038<sup>(e)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008351 |
| &nbsp;&nbsp;**SOUTH CAROLINA—3.3%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.3%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.3%** | &nbsp;&nbsp;**SOUTH CAROLINA—3.3%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/01/2029<sup>(d)</sup> |  | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/01/2039<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792120 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1806033** |
| &nbsp;&nbsp;**TENNESSEE—0.9%** | &nbsp;&nbsp;**TENNESSEE—0.9%** | &nbsp;&nbsp;**TENNESSEE—0.9%** | &nbsp;&nbsp;**TENNESSEE—0.9%** |
| &nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1, 5.00%, 06/01/2044<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487430 |
| &nbsp;&nbsp;**TEXAS—3.0%** | &nbsp;&nbsp;**TEXAS—3.0%** | &nbsp;&nbsp;**TEXAS—3.0%** | &nbsp;&nbsp;**TEXAS—3.0%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp., Series A, 5.00%, 08/15/2049 |  | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648400 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.75%, 07/01/2051 |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 2.00% Cash or 2.00% PIK, 11/15/2061<sup>(e)</sup> |  | &nbsp;&nbsp;&nbsp;744520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195651 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1624051** |
| &nbsp;&nbsp;**UTAH—4.2%** | &nbsp;&nbsp;**UTAH—4.2%** | &nbsp;&nbsp;**UTAH—4.2%** | &nbsp;&nbsp;**UTAH—4.2%** |
| &nbsp;&nbsp;Utah Charter School Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.50%, 10/15/2028<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 5.63%, 10/15/2048<sup>(d)(e)</sup> |  | 1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944901 |
| &nbsp;&nbsp;**Total Utah** | &nbsp;&nbsp;**Total Utah** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2316556** |
| &nbsp;&nbsp;**WASHINGTON—4.7%** | &nbsp;&nbsp;**WASHINGTON—4.7%** | &nbsp;&nbsp;**WASHINGTON—4.7%** | &nbsp;&nbsp;**WASHINGTON—4.7%** |
| &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;386226 |
| &nbsp;&nbsp;Washington State Housing Finance Commission, Series B1, 2.50%, 07/01/2028<sup>(d)</sup> |  | 2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161149 |
| &nbsp;&nbsp;**Total Washington** | &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2547375** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**WISCONSIN—12.9%** | &nbsp;&nbsp;**WISCONSIN—12.9%** | &nbsp;&nbsp;**WISCONSIN—12.9%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2032<sup>(d)</sup> | $1816000 | &nbsp;&nbsp;$1816331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2039<sup>(d)</sup> | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2064 | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025, 5.75%, 06/30/2060 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 09/01/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 07/15/2037<sup>(d)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.38%, 07/15/2047<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485899 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;**7044088** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;**54131641** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $58,942,510)<sup>(h)</sup>—99.6%** | &nbsp;&nbsp;**Total Investments<br> (Cost $58,942,510)<sup>(h)</sup>—99.6%** | &nbsp;&nbsp;&nbsp;&nbsp;**54369188** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.4% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231837 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$54601025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</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 5.7% of net assets as of October 31, 2025.

<sup>(b)</sup> Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.

<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> Denotes a security issued under Regulation S or Rule 144A.

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

<sup>(f)</sup> Step bond. Rate disclosed is as of October 31, 2025.

<sup>(g)</sup> Security is in default.

<sup>(h)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

&nbsp;&nbsp;&nbsp;&nbsp;

PIK Payment-In-Kind <br> VRDN Variable Rate Demand Note

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **24** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments

October 31, 2025 abrdn Ultra Short Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —102.0%** | &nbsp;&nbsp;**MUNICIPAL BONDS —102.0%** |  |
| &nbsp;&nbsp;**ALABAMA—6.9%** | &nbsp;&nbsp;**ALABAMA—6.9%** | &nbsp;&nbsp;**ALABAMA—6.9%** |
| &nbsp;&nbsp;Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 4.00%, 10/01/2052<sup>(a)</sup> | $10000000 | &nbsp;&nbsp;$10068860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C-1, 4.00%, 10/01/2052<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10068860 |
| &nbsp;&nbsp;Health Care Authority for Baptist Health, VRDN, Series B, 4.61%, 11/01/2042<sup>(a)</sup> | 25657000 | &nbsp;&nbsp;&nbsp;&nbsp; 25657000 |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, Series 2025-5088, 3.42%, 04/24/2026<sup>(a)(b)</sup> | 22300000 | &nbsp;&nbsp;&nbsp;&nbsp; 22300000 |
| &nbsp;&nbsp;Lower Alabama Gas District, 4.00%, 12/01/2050<sup>(a)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10008265 |
| &nbsp;&nbsp;Walker County Economic & Industrial Development Authority, VRDN, 4.00%, 08/01/2063<sup>(a)</sup> | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;**80802985** |
| &nbsp;&nbsp;**ARIZONA—1.5%** | &nbsp;&nbsp;**ARIZONA—1.5%** | &nbsp;&nbsp;**ARIZONA—1.5%** |
| &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix Arizona, AMT, VRDN, Series D, 3.85%, 12/01/2035<sup>(a)</sup> | 12100000 | &nbsp;&nbsp;&nbsp;&nbsp; 12100000 |
| &nbsp;&nbsp;Mizuho Floater/Residual Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2025-MIZ9211, 3.45%, 06/01/2054<sup>(a)(b)</sup> | &nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2025-MIZ9213, 3.45%, 06/26/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840000 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17470000** |
| &nbsp;&nbsp;**ARKANSAS—2.2%** | &nbsp;&nbsp;**ARKANSAS—2.2%** | &nbsp;&nbsp;**ARKANSAS—2.2%** |
| &nbsp;&nbsp;Arkansas Development Finance Authority, VRDN, Series B-4, 4.61%, 09/01/2044<sup>(a)</sup> | 24314000 | &nbsp;&nbsp;&nbsp;&nbsp; 24314000 |
| &nbsp;&nbsp;City of Lowell, VRDN, 3.45%, 10/01/2036<sup>(a)</sup> | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;**Total Arkansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25514000** |
| &nbsp;&nbsp;**CALIFORNIA—1.0%** | &nbsp;&nbsp;**CALIFORNIA—1.0%** | &nbsp;&nbsp;**CALIFORNIA—1.0%** |
| &nbsp;&nbsp;California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.45%, 07/01/2041<sup>(a)</sup> | &nbsp;&nbsp;3725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.25%, 12/01/2044<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.85%, 07/01/2051<sup>(a)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498940 |
| &nbsp;&nbsp;California Pollution Control Financing Authority, VRDN, 3.80%, 07/01/2043<sup>(a)(b)</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994354 |
| &nbsp;&nbsp;Southern California Public Power Authority, Series A, 5.25%, 11/01/2025 | &nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490000 |
| &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12205386** |
| &nbsp;&nbsp;**CONNECTICUT—0.5%** | &nbsp;&nbsp;**CONNECTICUT—0.5%** | &nbsp;&nbsp;**CONNECTICUT—0.5%** |
| &nbsp;&nbsp;Connecticut Housing Finance Authority, VRDN, Series B-2, 3.27%, 11/15/2039<sup>(a)</sup> | &nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350000 |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.1%** |
| &nbsp;&nbsp;District of Columbia, VRDN, Series A, 3.25%, 04/01/2038<sup>(a)</sup> | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 |
| &nbsp;&nbsp;**FLORIDA—4.3%** | &nbsp;&nbsp;**FLORIDA—4.3%** | &nbsp;&nbsp;**FLORIDA—4.3%** |
| &nbsp;&nbsp;Florida Insurance Assistance Interlocal Agency, Inc., VRDN, Series A-2, 3.96%, 09/01/2032<sup>(a)</sup> | 25250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25250000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Miami-Dade County Industrial Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.45%, 11/01/2041<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;$2999578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series B, 4.00%, 11/01/2048<sup>(a)</sup> |  | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15005388 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, (AG), Series 2024-XG0577, 4.20%, 07/01/2044<sup>(a)(b)</sup> |  | &nbsp;&nbsp; 7125000 | &nbsp;&nbsp;&nbsp;&nbsp; 7125000 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50379966** |
| &nbsp;&nbsp;**GEORGIA—1.9%** | &nbsp;&nbsp;**GEORGIA—1.9%** | &nbsp;&nbsp;**GEORGIA—1.9%** | &nbsp;&nbsp;**GEORGIA—1.9%** |
| &nbsp;&nbsp;Bartow County Development Authority, VRDN, 4.00%, 11/01/2062<sup>(a)</sup> |  | 8100000 | &nbsp;&nbsp;&nbsp;&nbsp; 8100000 |
| &nbsp;&nbsp;Bartow-Cartersville Joint Development Authority, VRDN, Series A, 3.51%, 08/01/2033<sup>(a)(b)</sup> |  | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;Development Authority of Appling County, VRDN, 4.00%, 09/01/2041<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;Development Authority of Burke County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.00%, 11/01/2052<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 1ST, 3.95%, 07/01/2049<sup>(a)</sup> |  | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 |
| &nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**22300000** |
| &nbsp;&nbsp;**IDAHO—0.1%** | &nbsp;&nbsp;**IDAHO—0.1%** | &nbsp;&nbsp;**IDAHO—0.1%** | &nbsp;&nbsp;**IDAHO—0.1%** |
| &nbsp;&nbsp;Idaho Health Facilities Authority, VRDN, Series 2025D, 4.00%, 03/01/2060<sup>(a)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;**ILLINOIS—0.2%** | &nbsp;&nbsp;**ILLINOIS—0.2%** | &nbsp;&nbsp;**ILLINOIS—0.2%** | &nbsp;&nbsp;**ILLINOIS—0.2%** |
| &nbsp;&nbsp;Illinois Development Finance Authority, VRDN, Series A, 4.25%, 11/01/2044<sup>(a)</sup> |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999719 |
| &nbsp;&nbsp;**INDIANA—2.2%** | &nbsp;&nbsp;**INDIANA—2.2%** | &nbsp;&nbsp;**INDIANA—2.2%** | &nbsp;&nbsp;**INDIANA—2.2%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.80%, 05/01/2028<sup>(a)</sup> |  | &nbsp;&nbsp;2630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.65%, 08/01/2030<sup>(a)</sup> |  | 19900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.80%, 05/01/2028<sup>(a)</sup> |  | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498760 |
| &nbsp;&nbsp;**Total Indiana** | &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26027828** |
| &nbsp;&nbsp;**IOWA—6.2%** | &nbsp;&nbsp;**IOWA—6.2%** | &nbsp;&nbsp;**IOWA—6.2%** | &nbsp;&nbsp;**IOWA—6.2%** |
| &nbsp;&nbsp;Crawford County Memorial Hospital, Inc., 5.00%, 06/15/2027 |  | &nbsp;&nbsp;&nbsp;2515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528656 |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.15%, 12/01/2047<sup>(a)</sup> |  | &nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.25%, 08/01/2037<sup>(a)</sup> |  | 10525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.25%, 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, 3.25%, 12/01/2046<sup>(a)</sup> |  | 25400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400000 |
| &nbsp;&nbsp;PEFA, Inc., VRDN, 5.00%, 09/01/2049<sup>(a)</sup> |  | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20276408 |
| &nbsp;&nbsp;**Total Iowa** | &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71910064** |
| &nbsp;&nbsp;**KANSAS—0.2%** | &nbsp;&nbsp;**KANSAS—0.2%** | &nbsp;&nbsp;**KANSAS—0.2%** | &nbsp;&nbsp;**KANSAS—0.2%** |
| &nbsp;&nbsp;City of Dodge City, VRDN, 3.62%, 03/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;City of Liberal, VRDN, 3.62%, 02/01/2029<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;**Total Kansas** | &nbsp;&nbsp;**Total Kansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2000000** |
| &nbsp;&nbsp;**KENTUCKY—2.4%** | &nbsp;&nbsp;**KENTUCKY—2.4%** | &nbsp;&nbsp;**KENTUCKY—2.4%** | &nbsp;&nbsp;**KENTUCKY—2.4%** |
| &nbsp;&nbsp;County of Meade |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series A-1, 4.40%, 08/01/2061<sup>(a)</sup> |  | 24800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMT, VRDN, Series B-1, 4.40%, 08/01/2061<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **25** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (continued)

October 31, 2025 abrdn Ultra Short Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**KENTUCKY (continued)** | &nbsp;&nbsp;**KENTUCKY (continued)** | &nbsp;&nbsp;**KENTUCKY (continued)** | &nbsp;&nbsp;**KENTUCKY (continued)** |
| &nbsp;&nbsp;Kentucky Economic Development Finance Authority, VRDN, Series A, 3.80%, 04/01/2031<sup>(a)</sup> | &nbsp;&nbsp;$| 2370000 | &nbsp;&nbsp;$2370000 |
| &nbsp;&nbsp;Louisville Regional Airport Authority, VRDN, Series B, 4.00%, 01/01/2029<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;**Total Kentucky** | &nbsp;&nbsp;**Total Kentucky** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27670000** |
| &nbsp;&nbsp;**MARYLAND—4.5%** | &nbsp;&nbsp;**MARYLAND—4.5%** | &nbsp;&nbsp;**MARYLAND—4.5%** | &nbsp;&nbsp;**MARYLAND—4.5%** |
| &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority, VRDN, Series 2025C-1, 3.25%, 07/01/2055<sup>(a)</sup> |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;Maryland Industrial Development Financing Authority, VRDN, 5.28%, 03/01/2030<sup>(a)</sup> |  | 49905000 | &nbsp;&nbsp;&nbsp;&nbsp; 49905000 |
| &nbsp;&nbsp;**Total Maryland** | &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51905000** |
| &nbsp;&nbsp;**MICHIGAN—0.7%** | &nbsp;&nbsp;**MICHIGAN—0.7%** | &nbsp;&nbsp;**MICHIGAN—0.7%** | &nbsp;&nbsp;**MICHIGAN—0.7%** |
| &nbsp;&nbsp;Michigan State Building Authority, VRDN, Series I, 3.32%, 04/15/2058<sup>(a)</sup> |  | 8000000 | &nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;**MINNESOTA—2.7%** | &nbsp;&nbsp;**MINNESOTA—2.7%** | &nbsp;&nbsp;**MINNESOTA—2.7%** | &nbsp;&nbsp;**MINNESOTA—2.7%** |
| &nbsp;&nbsp;JPMorgan Chase Putters/Drivers Trust, VRDN, 4.27%, 03/20/2027<sup>(a)(b)</sup> |  | 31690000 | &nbsp;&nbsp;&nbsp;&nbsp; 31690000 |
| &nbsp;&nbsp;**MISSISSIPPI—7.0%** | &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, 4.10%, 12/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 1, 3.95%, 11/01/2052<sup>(a)</sup> |  | 18600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.35%, 11/01/2032<sup>(a)</sup> |  | 55590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55590000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.75%, 05/01/2037<sup>(a)</sup> |  | &nbsp;&nbsp;6073000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072559 |
| &nbsp;&nbsp;**Total Mississippi** | &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81162559** |
| &nbsp;&nbsp;**MISSOURI—2.7%** | &nbsp;&nbsp;**MISSOURI—2.7%** | &nbsp;&nbsp;**MISSOURI—2.7%** | &nbsp;&nbsp;**MISSOURI—2.7%** |
| &nbsp;&nbsp;Citizens Memorial Hospital District, Series A, 5.00%, 12/01/2026 |  | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031217 |
| &nbsp;&nbsp;Missouri Development Finance Board, VRDN, Series A, 4.45%, 06/01/2037<sup>(a)</sup> |  | 22300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300000 |
| &nbsp;&nbsp;**Total Missouri** | &nbsp;&nbsp;**Total Missouri** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31331217** |
| &nbsp;&nbsp;**MONTANA—0.8%** | &nbsp;&nbsp;**MONTANA—0.8%** | &nbsp;&nbsp;**MONTANA—0.8%** | &nbsp;&nbsp;**MONTANA—0.8%** |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series XF3447, 4.10%, 07/01/2065<sup>(a)(b)</sup> |  | &nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 |
| &nbsp;&nbsp;**NEVADA—0.2%** | &nbsp;&nbsp;**NEVADA—0.2%** | &nbsp;&nbsp;**NEVADA—0.2%** | &nbsp;&nbsp;**NEVADA—0.2%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2001-REMK, 3.95%, 12/01/2026<sup>(a)(b)</sup> |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999567 |
| &nbsp;&nbsp;**NEW JERSEY—1.8%** | &nbsp;&nbsp;**NEW JERSEY—1.8%** | &nbsp;&nbsp;**NEW JERSEY—1.8%** | &nbsp;&nbsp;**NEW JERSEY—1.8%** |
| &nbsp;&nbsp;City of Newark, Series B, 4.50%, 05/07/2026 |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017800 |
| &nbsp;&nbsp;Township of Weehawken |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/29/2026 |  | 13927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13938023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 08/14/2026 |  | &nbsp;&nbsp;4395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401992 |
| &nbsp;&nbsp;**Total New Jersey** | &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21357815** |
| &nbsp;&nbsp;**NEW YORK—8.2%** | &nbsp;&nbsp;**NEW YORK—8.2%** | &nbsp;&nbsp;**NEW YORK—8.2%** | &nbsp;&nbsp;**NEW YORK—8.2%** |
| &nbsp;&nbsp;City of Glen Cove, 4.50%, 06/04/2026 |  | &nbsp;&nbsp;&nbsp;4272418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292457 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;City of New York |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2, 3.90%, 04/01/2042<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;8400000 | &nbsp;&nbsp;$8400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 3, 3.90%, 04/01/2042<sup>(a)</sup> |  | 13200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series G-2, 3.90%, 02/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series G-3, 4.00%, 02/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series L-3, 3.90%, 04/01/2036<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |
| &nbsp;&nbsp;City of Poughkeepsie, 4.75%, 04/24/2026 |  | 6051378 | &nbsp;&nbsp;&nbsp;&nbsp; 6069997 |
| &nbsp;&nbsp;Metropolitan Transportation Authority, Series C-1, 5.25%, 11/15/2031 |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001568 |
| &nbsp;&nbsp;Mizuho Floater/Residual Trust, VRDN, Series 2025-MIZ9208, 3.45%, 08/10/2027<sup>(a)(b)</sup> |  | 8000000 | &nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;New York State Dormitory Authority, VRDN, Series C, 4.00%, 05/01/2044<sup>(a)</sup> |  | 9800000 | &nbsp;&nbsp;&nbsp; 9800000 |
| &nbsp;&nbsp;New York State Housing Finance Agency, VRDN, Series A, 3.23%, 11/01/2039<sup>(a)</sup> |  | 4800000 | &nbsp;&nbsp;&nbsp; 4800000 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series MS0041, 3.62%, 05/01/2026<sup>(a)(b)</sup> |  | 20000000 | &nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series B-3, 5.00%, 11/15/2043<sup>(a)</sup> |  | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8006023 |
| &nbsp;&nbsp;Village of Johnson City, Series C, 4.30%, 06/18/2026 |  | 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4757896 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94927941** |
| &nbsp;&nbsp;**NORTH CAROLINA—2.8%** | &nbsp;&nbsp;**NORTH CAROLINA—2.8%** | &nbsp;&nbsp;**NORTH CAROLINA—2.8%** | &nbsp;&nbsp;**NORTH CAROLINA—2.8%** |
| &nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.13%, 12/01/2027<sup>(a)</sup> |  | 16040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16024167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.75%, 12/01/2027<sup>(a)</sup> |  | 16070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16070000 |
| &nbsp;&nbsp;Fayetteville State University, (AG), 5.00%, 04/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473706 |
| &nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp;**Total North Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32567873** |
| &nbsp;&nbsp;**OHIO—5.8%** | &nbsp;&nbsp;**OHIO—5.8%** | &nbsp;&nbsp;**OHIO—5.8%** | &nbsp;&nbsp;**OHIO—5.8%** |
| &nbsp;&nbsp;County of Allen Hospital Facilities Revenue, VRDN, Series C, 3.25%, 11/01/2050<sup>(a)</sup> |  | &nbsp;&nbsp;8400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400000 |
| &nbsp;&nbsp;State of Ohio |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.50%, 01/15/2045<sup>(a)</sup> |  | 17250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.50%, 01/15/2045<sup>(a)</sup> |  | &nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.50%, 10/01/2045<sup>(a)</sup> |  | 26000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.50%, 01/15/2049<sup>(a)</sup> |  | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.50%, 01/15/2045<sup>(a)</sup> |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.50%, 01/15/2051<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67885000** |
| &nbsp;&nbsp;**OKLAHOMA—1.0%** | &nbsp;&nbsp;**OKLAHOMA—1.0%** | &nbsp;&nbsp;**OKLAHOMA—1.0%** | &nbsp;&nbsp;**OKLAHOMA—1.0%** |
| &nbsp;&nbsp;Oklahoma Development Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.86%, 08/15/2031<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;7780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series C, 3.75%, 08/15/2031<sup>(a)</sup> |  | &nbsp;&nbsp;4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350000 |
| &nbsp;&nbsp;**Total Oklahoma** | &nbsp;&nbsp;**Total Oklahoma** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12130000** |
| &nbsp;&nbsp;**PENNSYLVANIA—9.2%** | &nbsp;&nbsp;**PENNSYLVANIA—9.2%** | &nbsp;&nbsp;**PENNSYLVANIA—9.2%** | &nbsp;&nbsp;**PENNSYLVANIA—9.2%** |
| &nbsp;&nbsp;Central Bradford Progress Authority, VRDN, Series D, 3.86%, 12/01/2041<sup>(a)</sup> |  | 22225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22225000 |
| &nbsp;&nbsp;City of Philadelphia, VRDN, Series B, 3.17%, 08/01/2031<sup>(a)</sup> |  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **26** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (continued)

October 31, 2025 abrdn Ultra Short Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**PENNSYLVANIA (continued)** | &nbsp;&nbsp;**PENNSYLVANIA (continued)** | &nbsp;&nbsp;**PENNSYLVANIA (continued)** | &nbsp;&nbsp;**PENNSYLVANIA (continued)** |
| &nbsp;&nbsp;Montgomery County Higher Education & Health Authority, VRDN, Series D, 4.02%, 09/01/2050<sup>(a)</sup> | &nbsp;&nbsp;$| 12400000 | &nbsp;&nbsp;$12400000 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 3.85%, 08/01/2045<sup>(a)</sup> |  | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8999955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.45%, 04/01/2034<sup>(a)</sup> |  | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.88%, 08/01/2037<sup>(a)</sup> |  | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7016755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.80%, 06/01/2049<sup>(a)</sup> |  | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12496342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 3.00%, 12/01/2030<sup>(a)</sup> |  | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249603 |
| &nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, VRDN, Series B, 4.02%, 09/01/2045<sup>(a)</sup> |  | 26575000 | &nbsp;&nbsp;&nbsp;&nbsp; 26575000 |
| &nbsp;&nbsp;Philadelphia Authority for Industrial Development, VRDN, Series B, 4.02%, 09/01/2050<sup>(a)</sup> |  | 7200000 | &nbsp;&nbsp;&nbsp;&nbsp; 7200000 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**106761895** |
| &nbsp;&nbsp;**SOUTH CAROLINA—2.0%** | &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, 3.80%, 03/01/2029<sup>(a)</sup> |  | 4105000 | &nbsp;&nbsp;&nbsp;&nbsp; 4105000 |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, VRDN, Series A, 4.00%, 04/01/2033<sup>(a)</sup> |  | 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4418418 |
| &nbsp;&nbsp;South Carolina Public Service Authority, VRDN, Series A, 3.43%, 01/01/2036<sup>(a)</sup> |  | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;**Total South Carolina** | &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23523418** |
| &nbsp;&nbsp;**SOUTH DAKOTA—0.5%** | &nbsp;&nbsp;**SOUTH DAKOTA—0.5%** | &nbsp;&nbsp;**SOUTH DAKOTA—0.5%** | &nbsp;&nbsp;**SOUTH DAKOTA—0.5%** |
| &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority, VRDN, Series D-1, 3.30%, 07/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 |
| &nbsp;&nbsp;**TENNESSEE—4.9%** | &nbsp;&nbsp;**TENNESSEE—4.9%** | &nbsp;&nbsp;**TENNESSEE—4.9%** | &nbsp;&nbsp;**TENNESSEE—4.9%** |
| &nbsp;&nbsp;Metropolitan Knoxville Airport Authority, VRDN, 3.97%, 06/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;6280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6280000 |
| &nbsp;&nbsp;Public Building Authority of Blount County Tennessee, VRDN, Series C-1-A, 3.40%, 06/01/2029<sup>(a)</sup> |  | 17860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17860000 |
| &nbsp;&nbsp;Public Building Authority of Sevier County, VRDN, Series 6-A1, 3.40%, 06/01/2029<sup>(a)</sup> |  | 22715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715000 |
| &nbsp;&nbsp;Tennessee Energy Acquisition Corp., 4.00%, 11/01/2049<sup>(a)</sup> |  | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
| &nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;**56855000** |
| &nbsp;&nbsp;**TEXAS—12.0%** | &nbsp;&nbsp;**TEXAS—12.0%** | &nbsp;&nbsp;**TEXAS—12.0%** | &nbsp;&nbsp;**TEXAS—12.0%** |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., VRDN, Series B, 3.70%, 11/15/2046<sup>(a)</sup> |  | 43600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43600000 |
| &nbsp;&nbsp;Mission Economic Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.80%, 05/01/2046<sup>(a)</sup> |  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 3.85%, 05/01/2050<sup>(a)</sup> |  | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13999930 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., VRDN, Series B, 3.95%, 08/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.25%, 01/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;1200000 | &nbsp;&nbsp;$1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.25%, 07/01/2029<sup>(a)(b)</sup> |  | 18200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200000 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.00%, 04/01/2040<sup>(a)</sup> |  | 17645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17645000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D, 3.60%, 11/01/2040<sup>(a)</sup> |  | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series E, 3.65%, 11/01/2040<sup>(a)</sup> |  | 15450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15450000 |
| &nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, VRDN, Series XG0629, 4.10%, 02/01/2046<sup>(a)(b)</sup> |  | 5605000 | &nbsp;&nbsp;&nbsp;&nbsp; 5605000 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. I, Series D, 6.25%, 12/15/2026 |  | 4855000 | &nbsp;&nbsp;&nbsp;&nbsp; 4938791 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III, 5.00%, 12/15/2025 |  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502911 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**140040169** |
| &nbsp;&nbsp;**VIRGINIA—0.1%** | &nbsp;&nbsp;**VIRGINIA—0.1%** | &nbsp;&nbsp;**VIRGINIA—0.1%** | &nbsp;&nbsp;**VIRGINIA—0.1%** |
| &nbsp;&nbsp;Virginia Small Business Financing Authority, 5.00%, 10/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 760506 |
| &nbsp;&nbsp;**WEST VIRGINIA—2.7%** | &nbsp;&nbsp;**WEST VIRGINIA—2.7%** | &nbsp;&nbsp;**WEST VIRGINIA—2.7%** | &nbsp;&nbsp;**WEST VIRGINIA—2.7%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority, VRDN, Series A, 3.28%, 02/01/2036<sup>(a)</sup> |  | 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 |
| &nbsp;&nbsp;West Virginia Hospital Finance Authority, VRDN, Series E, 3.83%, 06/01/2033<sup>(a)</sup> |  | 24275000 | &nbsp;&nbsp;&nbsp;&nbsp; 24275000 |
| &nbsp;&nbsp;**Total West Virginia** | &nbsp;&nbsp;**Total West Virginia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31575000** |
| &nbsp;&nbsp;**WISCONSIN—1.0%** | &nbsp;&nbsp;**WISCONSIN—1.0%** | &nbsp;&nbsp;**WISCONSIN—1.0%** | &nbsp;&nbsp;**WISCONSIN—1.0%** |
| &nbsp;&nbsp;Public Finance Authority, VRDN, Series B, 3.90%, 10/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 |
| &nbsp;&nbsp;Town of Red Cedar, AMT, VRDN, 3.40%, 09/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;9850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850000 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11750000** |
| &nbsp;&nbsp;**WYOMING—0.7%** | &nbsp;&nbsp;**WYOMING—0.7%** | &nbsp;&nbsp;**WYOMING—0.7%** | &nbsp;&nbsp;**WYOMING—0.7%** |
| &nbsp;&nbsp;County of Laramie, VRDN, Series A, 3.25%, 03/01/2027<sup>(a)</sup> |  | &nbsp;&nbsp;8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300000 |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**1186952908** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.0%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $1,186,953,727)<sup>(c)</sup>—102.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,186,953,727)<sup>(c)</sup>—102.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,186,953,727)<sup>(c)</sup>—102.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**1186952910** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23302833) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$1163650077** |

---

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

<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;

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **27** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Investments (concluded)

October 31, 2025 abrdn Ultra Short Municipal Income Fund

------

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **28** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Assets and Liabilities

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &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;&nbsp;**abrdn<br> Emerging<br> Markets Fund** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$93866656 | &nbsp;&nbsp;&nbsp;$528966 | &nbsp;&nbsp;&nbsp;$179508712 | &nbsp;&nbsp;&nbsp;$914861931 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769773 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &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;5857929 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064611 |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525153 |
| &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;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;46579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64687 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;20221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9472 |
| &nbsp;&nbsp;Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428265 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97467868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181153536 | &nbsp;&nbsp;&nbsp;&nbsp;956627698 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223490 |
| &nbsp;&nbsp;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214957 |
| &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;616485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058373 |
| &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;5844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65063 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18915 |
| &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;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69048 |
| &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;5583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019 | &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;13693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8996421 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$97043172** | &nbsp;&nbsp;&nbsp;**$527317** | &nbsp;&nbsp;&nbsp;**$180040205** | &nbsp;&nbsp;&nbsp;**$947631277** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63306955 | &nbsp;&nbsp;&nbsp;&nbsp;399442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135564748 | &nbsp;&nbsp;&nbsp;&nbsp;691550365 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769773 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;**Represented by:** |  |  |  |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;$63704756 | &nbsp;&nbsp;&nbsp;$418116 | &nbsp;&nbsp;&nbsp;$180369615 | &nbsp;&nbsp;&nbsp;$724031702 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33338416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329410) | &nbsp;&nbsp;&nbsp;&nbsp;223599575 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$97043172** | &nbsp;&nbsp;&nbsp;**$527317** | &nbsp;&nbsp;&nbsp;**$180040205** | &nbsp;&nbsp;&nbsp;**$947631277** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$3932626 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$36809229 | &nbsp;&nbsp;&nbsp;$37010910 |
| &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;515039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972765 |
| &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;2660192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107427346 |
| &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;54865087 | &nbsp;&nbsp;&nbsp;&nbsp;287983469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93110546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85190658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514236787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$97043172 | &nbsp;&nbsp;&nbsp;$527317 | &nbsp;&nbsp;&nbsp;$180040205 | &nbsp;&nbsp;&nbsp;$947631277 |
| &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;814330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091962 |
| &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;37198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55594 |
| &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;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198288 |
| &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;3388499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16266308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19271118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28794966 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;**20085448** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42887** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11276809** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53,407,118<br>Amounts listed as "–" are $0 or round to $0.<br>See accompanying Notes to Financial Statements.** |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **29** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Assets and Liabilities (continued)

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &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;&nbsp;**abrdn<br> Emerging<br> Markets 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;$4.83 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$15.77 | &nbsp;&nbsp;&nbsp;$17.69 |
| &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;13.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.50 |
| &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;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.46<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.33 |
| &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;16.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.70 |
| &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;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.86 |
| &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;$5.12 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$16.73 | &nbsp;&nbsp;&nbsp;$18.77 |
| &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;&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;

(a) The NAV shown above differs from the traded NAV on October 31, 2025 due to financial statement rounding and/or financial statement adjustments.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **30** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Assets and Liabilities (continued)

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &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;$45355975 | &nbsp;&nbsp;&nbsp;$33852108 | &nbsp;&nbsp;&nbsp;$337452807 | &nbsp;&nbsp;&nbsp;$325652816 |
| &nbsp;&nbsp;Short-term investments, 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;448888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443990 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319981 | &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;26580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194837 |
| &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;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411 |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15853 |
| &nbsp;&nbsp;Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;17002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46114626 | &nbsp;&nbsp;&nbsp;&nbsp;34469802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345195506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332345951 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760917 | &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;6569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83343 |
| &nbsp;&nbsp;Line of credit payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45698 |
| &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;903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 |
| &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;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 |
| &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;4186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455622 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$44394318** | &nbsp;&nbsp;&nbsp;**$34395375** | &nbsp;&nbsp;&nbsp;**$342818033** | &nbsp;&nbsp;&nbsp;**$331890329** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32774627 | &nbsp;&nbsp;&nbsp;&nbsp;26885464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273267988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246846841 |
| &nbsp;&nbsp;Short-Term 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;448888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443990 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | &nbsp;&nbsp;&nbsp;$29641150 | &nbsp;&nbsp;&nbsp;$25590290 | &nbsp;&nbsp;&nbsp;$299542927 | &nbsp;&nbsp;&nbsp;$245589649 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14753168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8805085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43275106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86300680 |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$44394318** | &nbsp;&nbsp;&nbsp;**$34395375** | &nbsp;&nbsp;&nbsp;**$342818033** | &nbsp;&nbsp;&nbsp;**$331890329** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$11626216 | &nbsp;&nbsp;&nbsp;$673778 | &nbsp;&nbsp;&nbsp;$101137268 | &nbsp;&nbsp;&nbsp;$216038264 |
| &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;7072983 | &nbsp;&nbsp;&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;&nbsp;4899304 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33244611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106974761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32768102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33721597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196463867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8877304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$44394318 | &nbsp;&nbsp;&nbsp;$34395375 | &nbsp;&nbsp;&nbsp;$342818033 | &nbsp;&nbsp;&nbsp;$331890329 |
| &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;443499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17113184 |
| &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;256580 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151663 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7485817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4542194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614885 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1689262** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3130127** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8366510** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25,213,886<br>Amounts listed as "–" are $0 or round to $0.<br>See accompanying Notes to Financial Statements.** |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **31** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Assets and Liabilities (continued)

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &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;**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;$26.21 | &nbsp;&nbsp;&nbsp;$10.90 | &nbsp;&nbsp;&nbsp;$38.29 | &nbsp;&nbsp;&nbsp;$12.62 |
| &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;27.57 | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.30 | &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;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;42.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.44 |
| &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;$27.81 | &nbsp;&nbsp;&nbsp;$11.56 | &nbsp;&nbsp;&nbsp;$40.63 | &nbsp;&nbsp;&nbsp;$13.39 |
| &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;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.

---

| | |
|:---|:---|
| **32** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Assets and Liabilities (continued)

October 31, 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> 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;$73704090 | &nbsp;&nbsp;&nbsp;$20626528 | &nbsp;&nbsp;&nbsp;$54369187 | &nbsp;&nbsp;&nbsp;$1186952908 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283604 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540651 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&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;1284318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929498 |
| &nbsp;&nbsp;Receivable for capital shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8827624 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&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;&nbsp;&nbsp;18605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273576 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&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;&nbsp;&nbsp;&nbsp;9569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79374714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21362298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55295713 | &nbsp;&nbsp;&nbsp;&nbsp;1202598296 |
| &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;17982 | &nbsp;&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 investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30755000 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&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;&nbsp;6353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104795 |
| &nbsp;&nbsp;Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7241421 |
| &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;250000 | &nbsp;&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 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;5351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10877 | &nbsp;&nbsp;&nbsp;&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;1139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84914 |
| &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;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21630 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24647 |
| &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;5391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38948219 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$78164547** | &nbsp;&nbsp;&nbsp;**$21288485** | &nbsp;&nbsp;&nbsp;**$54601025** | &nbsp;&nbsp;&nbsp;**$1163650077** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75681097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20351563 | &nbsp;&nbsp;&nbsp;&nbsp;58942509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186953725 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283604 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&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 | &nbsp;&nbsp;&nbsp;$328550875 | &nbsp;&nbsp;&nbsp;$28841053 | &nbsp;&nbsp;&nbsp;$98113734 | &nbsp;&nbsp;&nbsp;$1165021319 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(250386328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7552568) | &nbsp;&nbsp;&nbsp;&nbsp;(43512709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1371242) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$78164547** | &nbsp;&nbsp;&nbsp;**$21288485** | &nbsp;&nbsp;&nbsp;**$54601025** | &nbsp;&nbsp;&nbsp;**$1163650077** |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$50693874 | &nbsp;&nbsp;&nbsp;$7926969 | &nbsp;&nbsp;&nbsp;$4986624 | &nbsp;&nbsp;&nbsp;$415609511 |
| &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;288037 |
| &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;9842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;3867932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;27470673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9493584 | &nbsp;&nbsp;&nbsp;&nbsp;49604559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747752529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$78164547 | &nbsp;&nbsp;&nbsp;$21288485 | &nbsp;&nbsp;&nbsp;$54601025 | &nbsp;&nbsp;&nbsp;$1,163,650,077<br>Amounts listed as "–" are $0 or round to $0.<br>See accompanying Notes to Financial Statements. |

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| | |
|:---|:---|
| 2025 Annual Report | **33** |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statement of Assets and Liabilities (concluded)

October 31, 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> 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;$6552315 | &nbsp;&nbsp;&nbsp;$931640 | &nbsp;&nbsp;&nbsp;$553669 | &nbsp;&nbsp;&nbsp;$41199660 |
| &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;28535 |
| &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;1091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;449459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3986645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74545580 |
| &nbsp;&nbsp;**Total Shares Outstanding per Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10538960** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2468732** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6061841** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**115773775** |
| &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;$7.74 | &nbsp;&nbsp;&nbsp;$8.51 | &nbsp;&nbsp;&nbsp;$9.01 | &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;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;9.02<sup>(a)</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;&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;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.73 | &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;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;$7.98 | &nbsp;&nbsp;&nbsp;$8.77 | &nbsp;&nbsp;&nbsp;$9.24 | &nbsp;&nbsp;&nbsp;$– |
| &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;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;&nbsp;3.00<sup>(b)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00<sup>(b)</sup>% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50<sup>(c)</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;&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;0.50<sup>(d)</sup>% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The NAV shown above differs from the traded NAV on October 31, 2025 due to financial statement rounding and/or financial statement adjustments.

(b) 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.

(c) 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.

(d) 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.

---

| | |
|:---|:---|
| **34** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Operations

For the Year Ended October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &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;&nbsp;**abrdn<br> Emerging<br> Markets Fund** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;$5474735 | &nbsp;&nbsp;&nbsp;$10827 | &nbsp;&nbsp;&nbsp;$3999608 | &nbsp;&nbsp;&nbsp;$23981224 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322207 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3253022) |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22050409 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9153998 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152568 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813689 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234073 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48734 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131856 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519146 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216161 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87546 |
| &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;3434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11402 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495761 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247930 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9690 |
| &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 |
| &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181162 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555352 |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40684 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75862 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13276260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13277929 |
| &nbsp;&nbsp;Expenses reimbursed Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136851) | &nbsp;&nbsp;&nbsp;&nbsp;(102148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496381) |
| &nbsp;&nbsp;Expenses reimbursed Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16432) |
| &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;(1415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1955) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46153) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12530801 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4064633** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10053** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1899110** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9519608** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143259206 |
| &nbsp;&nbsp;Realized gain/(loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;46503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1085316) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142173890 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions (including $0, $0, $214,434 and $4,909,533 change in deferred capital gains tax, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36148390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79049393 |
| &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;21057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;14726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76949 |
| &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;4086906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36162390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79126342 |
| &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;10506309 | &nbsp;&nbsp;&nbsp;&nbsp;143509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38545230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221300232 |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$14570942** | &nbsp;&nbsp;&nbsp;**$153562** | &nbsp;&nbsp;&nbsp;**$40444340** | &nbsp;&nbsp;&nbsp;**$230819840** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **35** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Operations (continued)

For the Year Ended October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Global<br> Infrastructure<br> Fund** | &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;$1190785 | &nbsp;&nbsp;&nbsp;$916878 | &nbsp;&nbsp;&nbsp;$2723889 | &nbsp;&nbsp;&nbsp;$3087610 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252888 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4154) |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336344 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340299 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51086 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267463 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76143 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40834 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40813 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9004 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175487 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545161 |
| &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;85107 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &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;25044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88292 |
| &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10262 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6410 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66326 |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13373 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55147 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864914 |
| &nbsp;&nbsp;Expenses reimbursed Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9051) |
| &nbsp;&nbsp;Expenses reimbursed Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98033) |
| &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;(20811) | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5681) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709321 |
| &nbsp;&nbsp;**Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**684581** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**559665** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(986988)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(372977)** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;2689898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13555036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34649610 |
| &nbsp;&nbsp;Realized gain/(loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9136) | &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;2670720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272416 | &nbsp;&nbsp;&nbsp;&nbsp;13545900 | &nbsp;&nbsp;&nbsp;&nbsp;34649982 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;3994035 | &nbsp;&nbsp;&nbsp;&nbsp;(2855587) | &nbsp;&nbsp;&nbsp;&nbsp;28936700 | &nbsp;&nbsp;&nbsp;&nbsp;(12212033) |
| &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;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;3994373 | &nbsp;&nbsp;&nbsp;&nbsp;(2855587) | &nbsp;&nbsp;&nbsp;&nbsp;28936700 | &nbsp;&nbsp;&nbsp;&nbsp;(12212034) |
| &nbsp;&nbsp;Net realized/unrealized gain/(loss) from investments and translation of assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;6665093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583171) | &nbsp;&nbsp;&nbsp;&nbsp;42482600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22437948 |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$7349674** | &nbsp;&nbsp;&nbsp;**$(23506)** | &nbsp;&nbsp;&nbsp;**$41495612** | &nbsp;&nbsp;&nbsp;**$22064971** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **36** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Operations (concluded)

For the Year Ended October 31, 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> 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;$128258 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5863344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33638648 |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33638648 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769436 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152866 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761492 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212147 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93836 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68094 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21214 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79497 |
| &nbsp;&nbsp;Distribution fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692085 |
| &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;710 |
| &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;97 | &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;14057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593583 |
| &nbsp;&nbsp;Sub-transfer agent and administrative service fees Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314499 |
| &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;16 |
| &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;&nbsp;&nbsp;5188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38075 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109063 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7115287 |
| &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;1424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7119703 |
| &nbsp;&nbsp;Expenses reimbursed Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1468043) |
| &nbsp;&nbsp;Expenses reimbursed Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673279) |
| &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;(384) |
| &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;(24) | &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;(32687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;683892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977997 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5307710** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1427429** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3247515** | &nbsp;&nbsp;&nbsp;&nbsp;**28660651** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3382176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 |
| &nbsp;&nbsp;Realized gain/(loss) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;797080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3382176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;(1060302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32088 |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;12294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;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;(1061928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32088 |
| &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;&nbsp;(264848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83135) | &nbsp;&nbsp;&nbsp;&nbsp;(1842459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35189 |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$5042862** | &nbsp;&nbsp;&nbsp;**$1344294** | &nbsp;&nbsp;&nbsp;**$1405056** | &nbsp;&nbsp;&nbsp;**$28695840** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **37** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$4064633 | &nbsp;&nbsp;&nbsp;$4811150 | &nbsp;&nbsp;&nbsp;$10053 | &nbsp;&nbsp;&nbsp;$9268 | &nbsp;&nbsp;&nbsp;$1899110 | &nbsp;&nbsp;&nbsp;$854439 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1002209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529203 |
| &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;4086906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15946678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36162390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925487 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;14570942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19755619 | &nbsp;&nbsp;&nbsp;&nbsp;153562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40444340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8309129 |
| &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;(193605) | &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;&nbsp;&nbsp;&nbsp;(139336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112037) |
| &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;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;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;(334661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(4839533) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185817) |
| &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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(5033138) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300452) |
| &nbsp;&nbsp;Proceeds from shares issued from the reorganization (Note 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;70710559 |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;(9993387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8209902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21186601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112791076 |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950811 | &nbsp;&nbsp;&nbsp;&nbsp;185877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18227606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120799753 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161812599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41012846 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**97043172** | &nbsp;&nbsp;&nbsp;$**97498755** | &nbsp;&nbsp;&nbsp;$**527317** | &nbsp;&nbsp;&nbsp;$**341440** | &nbsp;&nbsp;&nbsp;$**180040205** | &nbsp;&nbsp;&nbsp;$**161812599** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **38** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$199935 | &nbsp;&nbsp;&nbsp;$377863 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1661756 | &nbsp;&nbsp;&nbsp;$2334901 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162585 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105943 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(652234) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5738665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3804305) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289714) | &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;&nbsp;&nbsp;&nbsp;&nbsp;(3948326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688009 |
| &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;213900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193714 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;554 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40691) |
| &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169515 |
| &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96837 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&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;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;9954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 |
| &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;(558045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428056) |
| &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895368 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311463 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;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;317940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 |
| &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;(6697951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3206743) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5370947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48697277 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57890 | &nbsp;&nbsp;&nbsp;&nbsp;61404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17158868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59473208 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&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;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173521 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185458 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(15586177) | &nbsp;&nbsp;&nbsp;&nbsp;(14875914) | &nbsp;&nbsp;&nbsp;&nbsp;(25575) | &nbsp;&nbsp;&nbsp;&nbsp;(5000) | &nbsp;&nbsp;&nbsp;&nbsp;(29229972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13143768) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9703673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7878376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34723 | &nbsp;&nbsp;&nbsp;&nbsp;59721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11536196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53340907 |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(9993387)** | &nbsp;&nbsp;&nbsp;$**(8209902)** | &nbsp;&nbsp;&nbsp;$**34723** | &nbsp;&nbsp;&nbsp;$**59721** | &nbsp;&nbsp;&nbsp;$**(21186601)** | &nbsp;&nbsp;&nbsp;$**112791076** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **39** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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;**abrdn Emerging Markets<br> ex-China Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;43785 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193792 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &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;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36664 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145551) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311974) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65102) | &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;&nbsp;&nbsp;&nbsp;&nbsp;(316955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695782 |
| &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;17842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18040 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&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;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;53 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4145) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390 |
| &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;&nbsp;&nbsp;12443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8485 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &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;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;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| &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;(48874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37448) |
| &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;&nbsp;&nbsp;&nbsp;(35527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164595 |
| &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;74944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24662 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;4027935 |
| &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;25954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| &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;(526134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244421) |
| &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;(425236) | &nbsp;&nbsp;&nbsp;&nbsp;3808273 |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547038 | &nbsp;&nbsp;&nbsp;&nbsp;6061 | &nbsp;&nbsp;&nbsp;&nbsp;6914 | &nbsp;&nbsp;&nbsp;&nbsp;1370319 | &nbsp;&nbsp;&nbsp;&nbsp;4851457 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &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;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941471 | &nbsp;&nbsp;&nbsp;&nbsp;1095283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15824 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(3529049) | &nbsp;&nbsp;&nbsp;(3479935) | &nbsp;&nbsp;&nbsp;(3139) | &nbsp;&nbsp;&nbsp;&nbsp;(554) | &nbsp;&nbsp;&nbsp;&nbsp;(2364110) | &nbsp;&nbsp;&nbsp;(1065460) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(2213152) | &nbsp;&nbsp;&nbsp;&nbsp;(1837614) | &nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp;6730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949511) | &nbsp;&nbsp;&nbsp;&nbsp;4342521 |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(2278254)** | &nbsp;&nbsp;&nbsp;**(1918595)** | &nbsp;&nbsp;&nbsp;**3210** | &nbsp;&nbsp;&nbsp;**6730** | &nbsp;&nbsp;&nbsp;**(1722418)** | &nbsp;&nbsp;&nbsp;&nbsp;**9026561** |

---

Amounts listed as "–" are 0 or round to 0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **40** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$9519608 | &nbsp;&nbsp;&nbsp;$20658695 | &nbsp;&nbsp;&nbsp;$684581 | &nbsp;&nbsp;&nbsp;$745698 | &nbsp;&nbsp;&nbsp;$559665 | &nbsp;&nbsp;&nbsp;$368188 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142173890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31718641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272416 | &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;&nbsp;&nbsp;79126342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295591747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2855587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6398213 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230819840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284531801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9377375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23506) | &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;&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;(780213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55420) | &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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(488433) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(5680009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16530067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2316157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4295666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1490512) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &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;(3096370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1466715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4351086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1504795) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513378987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795632978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2613267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5642490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1936704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3496710) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293157729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535971843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6311296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089933 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1240789006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776760849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42754281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40486111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40706671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34616738 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**947631277** | &nbsp;&nbsp;&nbsp;$**1240789006** | &nbsp;&nbsp;&nbsp;$**44394318** | &nbsp;&nbsp;&nbsp;$**42754281** | &nbsp;&nbsp;&nbsp;$**34395375** | &nbsp;&nbsp;&nbsp;$**40706671** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **41** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$4860655 | &nbsp;&nbsp;&nbsp;$6375968 | &nbsp;&nbsp;&nbsp;$1036508 | &nbsp;&nbsp;&nbsp;$349577 | &nbsp;&nbsp;&nbsp;$243073 | &nbsp;&nbsp;&nbsp;$199267 |
| &nbsp;&nbsp;Dividends reinvested | &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;625974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10547 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13285080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19329237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2186453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1557288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45390) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8046881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12606015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201702 | &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;12625 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(947285) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(934660) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1800452 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;488433 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(20549425) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(18260540) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4972152 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(249928404) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(240939904) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;55652598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101436121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316408 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12439531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446878 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(304373590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787191146) | &nbsp;&nbsp;&nbsp;&nbsp;(6285881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9309226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6847370) | &nbsp;&nbsp;&nbsp;&nbsp;(5424420) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245197002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673315494) | &nbsp;&nbsp;&nbsp;&nbsp;(2089296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4726913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2138406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3661134) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(513378987)** | &nbsp;&nbsp;&nbsp;$**(795632978)** | &nbsp;&nbsp;&nbsp;$**(2613267)** | &nbsp;&nbsp;&nbsp;$**(5642490)** | &nbsp;&nbsp;&nbsp;$**(1936704)** | &nbsp;&nbsp;&nbsp;$**(3496710)** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **42** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Emerging<br> Markets Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Global<br> Infrastructure Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** | &nbsp;&nbsp;&nbsp;**abrdn Real<br> Estate Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;335637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479686 | &nbsp;&nbsp;&nbsp;&nbsp;42063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18208 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(906025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1459224) | &nbsp;&nbsp;&nbsp;&nbsp;(92667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4310) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(952366) | &nbsp;&nbsp;&nbsp;&nbsp;(22942) | &nbsp;&nbsp;&nbsp;&nbsp;(39683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19051 | &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;917 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&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;(67205) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;(66288) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;131086 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&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;(1400175) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;(1232392) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;374229 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&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;(16702156) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;(16031079) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&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;3709725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7681917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79113 | &nbsp;&nbsp;&nbsp;&nbsp;147692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28833 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46652 | &nbsp;&nbsp;&nbsp;&nbsp;392351 | &nbsp;&nbsp;&nbsp;&nbsp;130235 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(21273910) | &nbsp;&nbsp;&nbsp;&nbsp;(58922757) | &nbsp;&nbsp;&nbsp;(255245) | &nbsp;&nbsp;&nbsp;(405458) | &nbsp;&nbsp;&nbsp;(626357) | &nbsp;&nbsp;&nbsp;(488100) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(17305639) | &nbsp;&nbsp;&nbsp;&nbsp;(50273536) | &nbsp;&nbsp;&nbsp;&nbsp;(76594) | &nbsp;&nbsp;&nbsp;&nbsp;(211114) | &nbsp;&nbsp;&nbsp;&nbsp;(186621) | &nbsp;&nbsp;&nbsp;(329032) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(35177902)** | &nbsp;&nbsp;&nbsp;**(59601012)** | &nbsp;&nbsp;&nbsp;&nbsp;**(99536)** | &nbsp;&nbsp;&nbsp;**(250797)** | &nbsp;&nbsp;&nbsp;**(167570)** | &nbsp;&nbsp;&nbsp;**(314183)** |

---

Amounts listed as "–" are 0 or round to 0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **43** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$(986988) | &nbsp;&nbsp;&nbsp;$(859201) | &nbsp;&nbsp;&nbsp;$(372977) | &nbsp;&nbsp;&nbsp;$(171994) | &nbsp;&nbsp;&nbsp;$5307710 | &nbsp;&nbsp;&nbsp;$5696158 |
| &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;13545900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33623598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34649982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1432801) |
| &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;28936700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74680350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12212034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67089539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1061928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8256658 |
| &nbsp;&nbsp;Changes in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41495612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107444747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22064971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72005870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12520015 |
| &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;&nbsp;(3317376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3215969) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2066441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1959940) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;(5383817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5429504) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43386023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127766617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39266728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39835154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2935561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8232057) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1890411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20321870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17201757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31583280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3276516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1141546) |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &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;&nbsp;&nbsp;81441063 | &nbsp;&nbsp;&nbsp;&nbsp;82582609 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**342818033** | &nbsp;&nbsp;&nbsp;$**344708444** | &nbsp;&nbsp;&nbsp;$**331890329** | &nbsp;&nbsp;&nbsp;$**349092086** | &nbsp;&nbsp;&nbsp;$**78164547** | &nbsp;&nbsp;&nbsp;$**81441063** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **44** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$12563924 | &nbsp;&nbsp;&nbsp;$12704578 | &nbsp;&nbsp;&nbsp;$977829 | &nbsp;&nbsp;&nbsp;$820318 | &nbsp;&nbsp;&nbsp;$8777320 | &nbsp;&nbsp;&nbsp;$8370839 |
| &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;214930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060543 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22766595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23073308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27480191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27813631) | &nbsp;&nbsp;&nbsp;&nbsp;(14855370) | &nbsp;&nbsp;&nbsp;&nbsp;(17842257) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10202671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10368730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26502362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26778383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3071720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6410875) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700852 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(6290222) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(5589370) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1196112 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(548173) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;647939 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4255345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;315660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(12038581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7670618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13350189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12245689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(7783236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12924929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11596505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;28966015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27115806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551062 |
| &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;22193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916216 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49424700) | &nbsp;&nbsp;&nbsp;&nbsp;(134973793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1784545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2875650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2452365) | &nbsp;&nbsp;&nbsp;&nbsp;(8288460) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20458685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107857987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1368740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1821182) |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(43386023)** | &nbsp;&nbsp;&nbsp;$**(127766617)** | &nbsp;&nbsp;&nbsp;$**(39266728)** | &nbsp;&nbsp;&nbsp;$**(39835154)** | &nbsp;&nbsp;&nbsp;$**(2935561)** | &nbsp;&nbsp;&nbsp;$**(8232057)** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **45** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;**abrdn High Income<br> Opportunities Fund** | &nbsp;&nbsp;&nbsp;**abrdn High Income<br> Opportunities Fund** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;342007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72213 | &nbsp;&nbsp;&nbsp;&nbsp;1145563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101201 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;389408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401704 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739006) | &nbsp;&nbsp;&nbsp;(2285098) | &nbsp;&nbsp;&nbsp;&nbsp;(2431774) | &nbsp;&nbsp;&nbsp;(1933614) | &nbsp;&nbsp;&nbsp;(2339803) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334663) | &nbsp;&nbsp;&nbsp;&nbsp;(2202104) | &nbsp;&nbsp;&nbsp;&nbsp;(2339807) | &nbsp;&nbsp;&nbsp;&nbsp;(398643) | &nbsp;&nbsp;&nbsp;&nbsp;(836898) |
| &nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27521 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(240659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(213138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;38835 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(17986) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;20849 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;103952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;25726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(298464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(984731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(194512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(953667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;689317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660269 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;280643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278557 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;(1208014) | &nbsp;&nbsp;&nbsp;&nbsp;(3812302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219402) | &nbsp;&nbsp;&nbsp;&nbsp;(353779) | &nbsp;&nbsp;&nbsp;(1208983) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518697) | &nbsp;&nbsp;&nbsp;&nbsp;(3036321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270157) |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(1181508)** | &nbsp;&nbsp;&nbsp;**(3773026)** | &nbsp;&nbsp;&nbsp;**(3161000)** | &nbsp;&nbsp;&nbsp;**(3351047)** | &nbsp;&nbsp;&nbsp;&nbsp;**(377940)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1107055)** |

---

Amounts listed as "–" are 0 or round to 0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **46** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &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;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$1427429 | &nbsp;&nbsp;&nbsp;$1416136 | &nbsp;&nbsp;&nbsp;$3247515 | &nbsp;&nbsp;&nbsp;$3696282 | &nbsp;&nbsp;&nbsp;$28660651 | &nbsp;&nbsp;&nbsp;$25197526 |
| &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;136025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3382176) | &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;&nbsp;&nbsp;3101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85885 |
| &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;(219160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10836761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32088 | &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;1344294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8127763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28695840 | &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;(506639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7807425) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8094) | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) | &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;&nbsp;&nbsp;&nbsp;Institutional Service Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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;(699199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(709164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3009492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3419367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20803732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20542581) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1468138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1502037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3231235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3659908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28619251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25216452) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2807384) | &nbsp;&nbsp;&nbsp;&nbsp;(3829092) | &nbsp;&nbsp;&nbsp;&nbsp;(44492632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17868469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440344976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99358624 |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2931228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1959119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46318811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13400614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440421565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100166657 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24219713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26178832 | &nbsp;&nbsp;&nbsp;&nbsp;100919836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114320450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723228512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623061855 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**21288485** | &nbsp;&nbsp;&nbsp;$**24219713** | &nbsp;&nbsp;&nbsp;$**54601025** | &nbsp;&nbsp;&nbsp;$**100919836** | &nbsp;&nbsp;&nbsp;$**1163650077** | &nbsp;&nbsp;&nbsp;$**723228512** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **47** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &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;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$409576 | &nbsp;&nbsp;&nbsp;$286498 | &nbsp;&nbsp;&nbsp;$920897 | &nbsp;&nbsp;&nbsp;$579637 | &nbsp;&nbsp;&nbsp;$467451137 | &nbsp;&nbsp;&nbsp;$138413228 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7636157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563657 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1997489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2784648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2233726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214163904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93271190) |
| &nbsp;&nbsp;Total Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1201208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1646470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1423040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260923390 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8094 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8094 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;301 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &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 Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393634 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;259377 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(838321) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(185310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1274916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14110552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43369108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697767628 | &nbsp;&nbsp;&nbsp;&nbsp;469850377 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17898989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17810743 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(4085205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4587444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59966507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62470072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536253125) | &nbsp;&nbsp;&nbsp;&nbsp;(438017959) |
| &nbsp;&nbsp;Total Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2134478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2201956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42846463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16430231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179413492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49643161 |
| &nbsp;&nbsp;**Change in net assets from capital transactions:** | &nbsp;&nbsp;&nbsp;$**(2807384)** | &nbsp;&nbsp;&nbsp;$**(3829092)** | &nbsp;&nbsp;&nbsp;$**(44492632)** | &nbsp;&nbsp;&nbsp;$**(17868469)** | &nbsp;&nbsp;&nbsp;$**440344976** | &nbsp;&nbsp;&nbsp;$**99358624** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **48** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Statements of Changes in Net Assets (concluded)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &nbsp;&nbsp;&nbsp;**abrdn Infrastructure<br> Debt Fund** | &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;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;48322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63898 | &nbsp;&nbsp;&nbsp;&nbsp;46332504 | &nbsp;&nbsp;&nbsp;&nbsp;13727777 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452572 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(162911) | &nbsp;&nbsp;&nbsp;&nbsp;(233392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246394) | &nbsp;&nbsp;&nbsp;&nbsp;(21227218) | &nbsp;&nbsp;&nbsp;&nbsp;(9249632) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56974) | &nbsp;&nbsp;&nbsp;&nbsp;(140119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157160) | &nbsp;&nbsp;&nbsp;&nbsp;25862168 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;33 | &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;– |
| &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;(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;– |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &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;– |
| &nbsp;&nbsp;**Institutional Service Class Shares** |  |  |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46162 | &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;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;30391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(98128) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(21575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;147158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539861 | &nbsp;&nbsp;&nbsp;&nbsp;4768921 | &nbsp;&nbsp;&nbsp;&nbsp;69567810 | &nbsp;&nbsp;&nbsp;46849889 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775896 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(471232) | &nbsp;&nbsp;&nbsp;&nbsp;(527831) | &nbsp;&nbsp;&nbsp;&nbsp;(6601131) | &nbsp;&nbsp;&nbsp;&nbsp;(6892568) | &nbsp;&nbsp;&nbsp;(53464288) | &nbsp;&nbsp;&nbsp;(43675572) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(245926) | &nbsp;&nbsp;&nbsp;&nbsp;(256986) | &nbsp;&nbsp;&nbsp;&nbsp;(4729324) | &nbsp;&nbsp;&nbsp;&nbsp;(1831360) | &nbsp;&nbsp;&nbsp;&nbsp;17888067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950213 |
| &nbsp;&nbsp;**Total change in shares:** | &nbsp;&nbsp;&nbsp;**(324475)** | &nbsp;&nbsp;&nbsp;**(446358)** | &nbsp;&nbsp;&nbsp;**(4911004)** | &nbsp;&nbsp;&nbsp;**(1990203)** | &nbsp;&nbsp;&nbsp;&nbsp;**43751037** | &nbsp;&nbsp;&nbsp;&nbsp;**9881898** |

---

Amounts listed as "–" are 0 or round to 0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| 2025 Annual Report | **49** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Financial Highlights

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;Year Ended October 31, 2025 | &nbsp;&nbsp;$4.36 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.70 | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.23) |
| &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;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;–(f) | &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(g) | &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;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &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;–(f) | &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(g) | &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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Less than $0.005 per share.

(g) 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. 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.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **50** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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)** | &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(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;$4.83 | &nbsp;&nbsp;&nbsp;&nbsp;16.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3933 | &nbsp;&nbsp;&nbsp;&nbsp;1.51%(e) | &nbsp;&nbsp;&nbsp;1.66%(e) | &nbsp;&nbsp;&nbsp;&nbsp;4.14% | &nbsp;&nbsp;&nbsp;36% |
| &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;3832 | &nbsp;&nbsp;&nbsp;1.50%(e) | &nbsp;&nbsp;&nbsp;1.69%(e) | &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;3619 | &nbsp;&nbsp;&nbsp;1.56%(e) | &nbsp;&nbsp;&nbsp;1.69%(e) | &nbsp;&nbsp;&nbsp;&nbsp;5.16% | &nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;(16.34%)(g) | &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%(g) | &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;4986 | &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;5.03% | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;16.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93111 | &nbsp;&nbsp;&nbsp;1.26%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.41%(e) | &nbsp;&nbsp;&nbsp;4.34% | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;22.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93666 | &nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;1.43%(e) | &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;87929 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(e) | &nbsp;&nbsp;&nbsp;1.42%(e) | &nbsp;&nbsp;&nbsp;5.42% | &nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;(16.12%)(g) | &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%(g) | &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% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **51** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;Year Ended October 31, 2025 | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;$3.50 | &nbsp;&nbsp;$3.75 | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$12.30 | &nbsp;&nbsp;&nbsp;43.89% |
| &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;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19% |
| &nbsp;&nbsp;Period Ended October 31, 2023(g) | &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;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;(18.80%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(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) Amounts listed as "–" are 0% or round to 0%

(g) 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.

---

| | |
|:---|:---|
| **52** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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)** |
| &nbsp;&nbsp;$527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;27.20% | &nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;44% |
| &nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &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;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;27.99% | &nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;30% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **53** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;Year Ended October 31, 2025 | &nbsp;&nbsp;$12.30 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$3.41 | &nbsp;&nbsp;$3.53 | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$15.77 |
| &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;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &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;13.85 |
| &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;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;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;14.46 |
| &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;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;(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;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;16.19 |
| &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;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;12.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;15.98 |
| &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;–(f) | &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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **54** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn 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** |
| <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** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;&nbsp;28.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36809 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.61%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.77%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;2.36%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.17%(e) | &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;27.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;1.94%(e) | &nbsp;&nbsp;&nbsp;2.35%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &nbsp;&nbsp;&nbsp;&nbsp;19.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;2.01%(e) | &nbsp;&nbsp;&nbsp;2.52%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;3.17%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;3.05%(e) | &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;28.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;1.64%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.94%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &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%(e) | &nbsp;&nbsp;&nbsp;2.04%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;2.70%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.57%(e) | &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;29.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54865 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.47%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.92%(e) | &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;29.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85191 | &nbsp;&nbsp;&nbsp;0.94%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.34%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.50%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.13%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;1.88%(e) | &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;1.88% | &nbsp;&nbsp;&nbsp;(0.02%) | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **55** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;Year Ended October 31, 2025 | &nbsp;&nbsp;$14.01 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$3.72 | &nbsp;&nbsp;$3.84 | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$17.69 |
| &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;(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;(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;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;13.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;17.50 |
| &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;–(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(g) | &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;(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;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;13.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;17.33 |
| &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;(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;(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;–(g) | &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;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;17.70 |
| &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;(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;(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;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;17.86 |
| &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;(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;(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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(g) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **56** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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)** | &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(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;&nbsp;27.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37011 | &nbsp;&nbsp;&nbsp;1.38%(e) | &nbsp;&nbsp;&nbsp;1.42%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;35% |
| &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.12%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;6.93%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42710 | &nbsp;&nbsp;&nbsp;1.60%(e) | &nbsp;&nbsp;&nbsp;1.60%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;(37.56%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63232 | &nbsp;&nbsp;&nbsp;1.60%(e) | &nbsp;&nbsp;&nbsp;1.63%(e) | &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;116268 | &nbsp;&nbsp;&nbsp;1.56%(e) | &nbsp;&nbsp;&nbsp;1.56%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;26.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(e) | &nbsp;&nbsp;&nbsp;2.27%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.57% | &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%(e) | &nbsp;&nbsp;&nbsp;2.24%(e) | &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;2081 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%(e) | &nbsp;&nbsp;&nbsp;2.20%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.21%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.13%(e) | &nbsp;&nbsp;&nbsp;(0.38%) | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;&nbsp;27.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107427 | &nbsp;&nbsp;&nbsp;1.78%(e) | &nbsp;&nbsp;&nbsp;1.83%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;17.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101750 | &nbsp;&nbsp;&nbsp;&nbsp;1.74%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.77%(e) | &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;1.75%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.75%(e) | &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;1.75%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.78%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;27.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287983 | &nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;1.30%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;18.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451337 | &nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;1.28%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(e) | &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;494873 | &nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;1.28%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.21%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;37% |
| &nbsp;&nbsp;&nbsp;28.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514237 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;1.20%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;18.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649098 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.22%(e) | &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;1159535 | &nbsp;&nbsp;&nbsp;&nbsp;1.10%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.22%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.14%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;37% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **57** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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** | | |
| | <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)** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;$23.86 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$3.75 | &nbsp;&nbsp;$4.09 | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(1.23) | &nbsp;&nbsp;$(1.74) | &nbsp;&nbsp;$26.21 | &nbsp;&nbsp;&nbsp;18.43% |
| &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;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;23.86 | &nbsp;&nbsp;&nbsp;24.35% |
| &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;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;19.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| &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;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;20.62 | &nbsp;&nbsp;&nbsp;(11.04%) |
| &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;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp;31.09% |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;23.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;26.30 | &nbsp;&nbsp;&nbsp;&nbsp;18.74% |
| &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;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;23.92 | &nbsp;&nbsp;&nbsp;24.66%(f) |
| &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;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.80%(f) |
| &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;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;(10.82%)(f) |
| &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;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;31.43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) 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.

---

| | |
|:---|:---|
| **58** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Global Infrastructure 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** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;$11626 | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.61%(e) | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11127 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;1.62%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;14% |
| &nbsp;&nbsp;&nbsp;&nbsp;10028 | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(e) | &nbsp;&nbsp;&nbsp;1.58%(e) | &nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;20% |
| &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;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;32768 | &nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;1.35%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;25% |
| &nbsp;&nbsp;&nbsp;&nbsp;31627 | &nbsp;&nbsp;&nbsp;1.00%(e) | &nbsp;&nbsp;&nbsp;1.36%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;14% |
| &nbsp;&nbsp;&nbsp;&nbsp;30458 | &nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;1.33%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;20% |
| &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;45076 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **59** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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)** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;$12.27 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(1.07) | &nbsp;&nbsp;$(1.32) | &nbsp;&nbsp;$10.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &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;**Institutional Class Shares** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01% for Class A and Institutional Class for the years ended October 31, 2025, 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 year ended October 31, 2021.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **60** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;$674 | &nbsp;&nbsp;&nbsp;&nbsp;1.24%(e) | &nbsp;&nbsp;&nbsp;1.64%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;1.66%(e) | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;1.26%(e) | &nbsp;&nbsp;&nbsp;1.75%(e) | &nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%(e) | &nbsp;&nbsp;&nbsp;1.67%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;1.26%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;&nbsp;&nbsp;33722 | &nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;1.38%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;41% |
| &nbsp;&nbsp;&nbsp;&nbsp;40182 | &nbsp;&nbsp;&nbsp;1.00%(e) | &nbsp;&nbsp;&nbsp;1.39%(e) | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;45% |
| &nbsp;&nbsp;&nbsp;&nbsp;34351 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;1.47%(e) | &nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;24% |
| &nbsp;&nbsp;&nbsp;&nbsp;41592 | &nbsp;&nbsp;&nbsp;1.00%(e) | &nbsp;&nbsp;&nbsp;1.42%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;23% |
| &nbsp;&nbsp;&nbsp;&nbsp;56593 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;1.47%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;33% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **61** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;Year Ended October 31, 2025 | &nbsp;&nbsp;$33.97 | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$4.51 | &nbsp;&nbsp;$4.32 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$38.29 |
| &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;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;24.61 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &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;27.57 |
| &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;**Class R Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;28.73 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;32.30 |
| &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;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;37.99 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;42.92 |
| &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;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;38.23 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;43.25 |
| &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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) 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.

---

| | |
|:---|:---|
| **62** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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)** | &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(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;&nbsp;12.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$101137 | &nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;(0.52%) | &nbsp;&nbsp;&nbsp;48% |
| &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;1.40%(e) | &nbsp;&nbsp;&nbsp;1.48%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;1.43%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.35%(e) | &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;12.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7073 | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;(1.09%) | &nbsp;&nbsp;&nbsp;48% |
| &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.19%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;2.15%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;2.06%(e) | &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;12.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899 | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;(0.78%) | &nbsp;&nbsp;&nbsp;48% |
| &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.72%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;1.68%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.65%(e) | &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;12.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33245 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;(0.28%) | &nbsp;&nbsp;&nbsp;48% |
| &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.18%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.17%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.11%(e) | &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;13.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196464 | &nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;48% |
| &nbsp;&nbsp;&nbsp;&nbsp;32.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193456 | &nbsp;&nbsp;&nbsp;0.99%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.14%(e) | &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;1.00%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.14%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.07%(e) | &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% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **63** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;Year Ended October 31, 2025 | &nbsp;&nbsp;$11.82 | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$0.82 | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$12.62 |
| &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;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;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;13.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;14.29 |
| &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;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &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;14.44 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **64** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Financial Highlights (continued)

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)** | &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(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;&nbsp;6.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$216038 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%(e) | &nbsp;&nbsp;&nbsp;1.24%(e) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19%) | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.27%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;1.24%(e) | &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;7.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106975 | &nbsp;&nbsp;&nbsp;0.96%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &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%(e) | &nbsp;&nbsp;&nbsp;1.04%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;1.02%(e) | &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;&nbsp;&nbsp;7.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8877 | &nbsp;&nbsp;&nbsp;0.90%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &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%(e) | &nbsp;&nbsp;&nbsp;1.04%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(e) | &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% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **65** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Financial Highlights (continued)

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;Year Ended October 31, 2025 | &nbsp;&nbsp;$7.74 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$7.74 |
| &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;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;6.89 |
| &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;&nbsp;&nbsp;

(a) Net investment income is based on average shares outstanding during the period.

(b) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(d) 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.

---

| | |
|:---|:---|
| **66** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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** | &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(b)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (c)** |
| &nbsp;&nbsp;&nbsp;&nbsp;6.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50694 | &nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;6.62% | &nbsp;&nbsp;&nbsp;&nbsp;90% |
| &nbsp;&nbsp;&nbsp;&nbsp;15.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53828 | &nbsp;&nbsp;&nbsp;0.95%(d) | &nbsp;&nbsp;&nbsp;&nbsp;1.30%(d) | &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%(d) | &nbsp;&nbsp;&nbsp;&nbsp;1.34%(d) | &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;6.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27471 | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;6.87% | &nbsp;&nbsp;&nbsp;&nbsp;90% |
| &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%(d) | &nbsp;&nbsp;&nbsp;0.98%(d) | &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%(d) | &nbsp;&nbsp;&nbsp;&nbsp;1.05%(d) | &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% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **67** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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;Year Ended October 31, 2025 | &nbsp;&nbsp;$8.56 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$0.49 | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$8.51 |
| &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;(–)(h) | &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;**Institutional Service Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.61 |
| &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;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.73 |
| &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;(–)(h) | &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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Includes interest expense that amounts to 0.02% for the year ended October 31, 2024.

(g) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(h) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **68** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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)** | &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(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;&nbsp;&nbsp;5.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7927 | &nbsp;&nbsp;&nbsp;&nbsp;1.03%(e) | &nbsp;&nbsp;&nbsp;1.85%(e) | &nbsp;&nbsp;&nbsp;&nbsp;6.02% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &nbsp;&nbsp;&nbsp;&nbsp;13.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8464 | &nbsp;&nbsp;&nbsp;1.04%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.77%(f) | &nbsp;&nbsp;&nbsp;&nbsp;5.52% | &nbsp;&nbsp;&nbsp;&nbsp;57% |
| &nbsp;&nbsp;&nbsp;&nbsp;(8.71%)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017 | &nbsp;&nbsp;&nbsp;&nbsp;1.05%(e) | &nbsp;&nbsp;&nbsp;1.58%(e) | &nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;141% |
| &nbsp;&nbsp;&nbsp;(10.81%)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13569 | &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;6.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868 | &nbsp;&nbsp;&nbsp;0.78%(e) | &nbsp;&nbsp;&nbsp;1.60%(e) | &nbsp;&nbsp;&nbsp;&nbsp;6.27% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &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%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.52%(f) | &nbsp;&nbsp;&nbsp;&nbsp;5.77% | &nbsp;&nbsp;&nbsp;&nbsp;57% |
| &nbsp;&nbsp;&nbsp;&nbsp;(8.41%)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;0.78%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(e) | &nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;141% |
| &nbsp;&nbsp;&nbsp;(10.62%)(g) | &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%(g) | &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;6.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494 | &nbsp;&nbsp;&nbsp;0.66%(e) | &nbsp;&nbsp;&nbsp;1.58%(e) | &nbsp;&nbsp;&nbsp;&nbsp;6.39% | &nbsp;&nbsp;&nbsp;&nbsp;17% |
| &nbsp;&nbsp;&nbsp;14.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11680 | &nbsp;&nbsp;&nbsp;0.67%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.53%(f) | &nbsp;&nbsp;&nbsp;&nbsp;5.89% | &nbsp;&nbsp;&nbsp;&nbsp;57% |
| &nbsp;&nbsp;&nbsp;&nbsp;(8.35%)(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12964 | &nbsp;&nbsp;&nbsp;0.66%(e) | &nbsp;&nbsp;&nbsp;&nbsp;1.31%(e) | &nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;141% |
| &nbsp;&nbsp;(10.42%)(g) | &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% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **69** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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)** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;$9.20 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| &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;–(g) |
| &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;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;**Class C Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &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%)(h) |
| &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%)(h) |
| &nbsp;&nbsp;Year Ended October 31, 2021(i) | &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;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| &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;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;&nbsp;&nbsp;

(a) Net investment income is based on average shares outstanding during the period.

(b) Excludes sales charge.

(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 0.02% for the year ended October 31, 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.

(g) Amount is less than 0.005%.

(h) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(i) 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.

---

| | |
|:---|:---|
| **70** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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> (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> (e)** |
| &nbsp;&nbsp;$4987 | &nbsp;&nbsp;&nbsp;0.92%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.27%(f) | &nbsp;&nbsp;&nbsp;3.84% | &nbsp;&nbsp;&nbsp;&nbsp;97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6763 | &nbsp;&nbsp;&nbsp;0.93%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.23%(f) | &nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;105% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871 | &nbsp;&nbsp;&nbsp;0.95%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.26%(f) | &nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14399 | &nbsp;&nbsp;&nbsp;0.93%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.17%(f) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;1.67%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.92%(f) | &nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;1.68%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.94%(f) | &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%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.01%(f) | &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%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.87%(f) | &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;49605 | &nbsp;&nbsp;&nbsp;0.67%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(f) | &nbsp;&nbsp;&nbsp;4.07% | &nbsp;&nbsp;&nbsp;&nbsp;97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94147 | &nbsp;&nbsp;&nbsp;0.68%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.97%(f) | &nbsp;&nbsp;&nbsp;3.60% | &nbsp;&nbsp;&nbsp;105% |
| &nbsp;&nbsp;&nbsp;&nbsp;106425 | &nbsp;&nbsp;&nbsp;0.70%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.01%(f) | &nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;180805 | &nbsp;&nbsp;&nbsp;0.68%(f) | &nbsp;&nbsp;&nbsp;0.90%(f) | &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% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **71** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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)** |
| &nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;$10.09 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$10.09 | &nbsp;&nbsp;&nbsp;2.89% |
| &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;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;**Class A1 Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;2.89% |
| &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;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(–)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–(f) | &nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;**Institutional Class Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Year Ended October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;3.15% |
| &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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e) Includes interest expense that amounts to less than 0.01%.

(f) Less than $0.005 per share.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **72** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

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** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover<br> (d)** |
| &nbsp;&nbsp;$415610 | &nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;0.94%(e) | &nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;154% |
| &nbsp;&nbsp;&nbsp;&nbsp;154686 | &nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;0.95%(e) | &nbsp;&nbsp;&nbsp;3.55% | &nbsp;&nbsp;&nbsp;226% |
| &nbsp;&nbsp;&nbsp;&nbsp;104837 | &nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;0.98%(e) | &nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;231% |
| &nbsp;&nbsp;&nbsp;&nbsp;123920 | &nbsp;&nbsp;&nbsp;0.60%(e) | &nbsp;&nbsp;&nbsp;0.95%(e) | &nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;321% |
| &nbsp;&nbsp;&nbsp;&nbsp;161362 | &nbsp;&nbsp;&nbsp;0.54%(e) | &nbsp;&nbsp;&nbsp;0.96%(e) | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;261% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;0.84%(e) | &nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;154% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;0.87%(e) | &nbsp;&nbsp;&nbsp;3.55% | &nbsp;&nbsp;&nbsp;226% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;0.70%(e) | &nbsp;&nbsp;&nbsp;0.92%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;0.89%(e) | &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%(e) | &nbsp;&nbsp;&nbsp;0.89%(e) | &nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;261% |
| &nbsp;&nbsp;&nbsp;&nbsp;747753 | &nbsp;&nbsp;&nbsp;0.45%(e) | &nbsp;&nbsp;&nbsp;0.67%(e) | &nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;154% |
| &nbsp;&nbsp;&nbsp;&nbsp;568263 | &nbsp;&nbsp;&nbsp;0.45%(e) | &nbsp;&nbsp;&nbsp;0.69%(e) | &nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;226% |
| &nbsp;&nbsp;&nbsp;&nbsp;517955 | &nbsp;&nbsp;&nbsp;0.45%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.74%(e) | &nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;231% |
| &nbsp;&nbsp;&nbsp;&nbsp;561780 | &nbsp;&nbsp;&nbsp;0.44%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;321% |
| &nbsp;&nbsp;&nbsp;&nbsp;793264 | &nbsp;&nbsp;&nbsp;0.45%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.71%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;261% |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **73** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements

October 31, 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 October 31, 2025, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of October 31, 2025, the Trust operated sixteen (16) separate series, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the twelve (12) funds listed below (each, a "Fund" and collectively, the "Funds"):

• 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 Global Infrastructure Fund ("Global Infrastructure 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")

• abrdn High Income Opportunities Fund ("High Income Opportunities Fund")

• abrdn Infrastructure Debt Fund ("Infrastructure Debt 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")

**\*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 of Trustees (the "Board") designated the Adviser as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable. |
|  | Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. |
|  | 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 |

---

---

| | |
|:---|:---|
| **74** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| |
|:---|
| 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 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 Valuation Designee 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).

---

| | |
|:---|:---|
| 2025 Annual Report | **75** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

A summary of standard inputs is listed below:

---

| | |
|:---|:---|
| &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 October 31, 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;**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;$59676035 | &nbsp;&nbsp;$32060181 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$91736216 |
| &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;&nbsp;&nbsp;&nbsp;2130440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130440 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250297 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$61926332** | &nbsp;&nbsp;**$34190621** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$96116953** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$156019 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$156019 |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$61926332** | &nbsp;&nbsp;**$34346640** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$96272972** |
| &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;$147828 | &nbsp;&nbsp;$308741 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$456569 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72397 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16050 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$178499** | &nbsp;&nbsp;**$366517** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$545016** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$178499** | &nbsp;&nbsp;**$366517** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$545016** |
| &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;$31638435 | &nbsp;&nbsp;$133912237 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$165550672 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11324970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13958040 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273858 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$34545363** | &nbsp;&nbsp;**$145237207** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$179782570** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$34545363** | &nbsp;&nbsp;**$145237207** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$179782570** |

---

---

| | |
|:---|:---|
| **76** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 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 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;$88125391 | &nbsp;&nbsp;$761773605 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$849898996 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13451908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51511027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64962935 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769773 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$135347072** | &nbsp;&nbsp;**$813284632** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$948631704** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$135347072** | &nbsp;&nbsp;**$813284632** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$948631704** |
| &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;$28392607 | &nbsp;&nbsp;$16963368 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$45355975 |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$28392607** | &nbsp;&nbsp;**$16963368** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$45355975** |
| &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;$33852108 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$33852108 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448888 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$34300996** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$34300996** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$34300996** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$34300996** |
| &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;$337452807 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$337452807 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930698 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$342383505** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$342383505** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$342383505** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$342383505** |
| &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;$325652816 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$325652816 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443990 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$332096806** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$332096806** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$332096806** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$332096806** |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **77** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 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;**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;$851312 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$851312 |
| &nbsp;&nbsp;Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25166 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70072397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70072397 |
| &nbsp;&nbsp;Exchange-Traded Funds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755215 |
| &nbsp;&nbsp;Short-Term Investments <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473813 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$5852118** | &nbsp;&nbsp;**$71300619** | &nbsp;&nbsp;**$25166** | &nbsp;&nbsp;**$77177903** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$320208 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$320208 |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$5852118** | &nbsp;&nbsp;**$71620827** | &nbsp;&nbsp;**$25166** | &nbsp;&nbsp;**$77498111** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$(31236) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(31236) |
| &nbsp;&nbsp;**Total Investment Liabilities <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(31236)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(31236)** |
| &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Corporate Bonds <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$10893715 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$10893715 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732813 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283604 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$283604** | &nbsp;&nbsp;**$20626528** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$20910132** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$36357 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$36357 |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$283604** | &nbsp;&nbsp;**$20662885** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$20946489** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$(167) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(167) |
| &nbsp;&nbsp;**Total Investment Liabilities <br>**  | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(167)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(167)** |
| &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** | &nbsp;&nbsp;**Short Duration High Yield Municipal Fund** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Corporate Bonds <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$237546 | &nbsp;&nbsp;$237546 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54131641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54131641 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$1** | &nbsp;&nbsp;**$54131641** | &nbsp;&nbsp;**$237546** | &nbsp;&nbsp;**$54369188** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$1** | &nbsp;&nbsp;**$54131641** | &nbsp;&nbsp;**$237546** | &nbsp;&nbsp;**$54369188** |

---

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| | |
|:---|:---|
| **78** | 2025 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 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;**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;$1186952908 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$1186952908 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$2** | &nbsp;&nbsp;**$1186952908** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$1186952910** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$2** | &nbsp;&nbsp;**$1186952908** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$1186952910** |

---

Amounts listed as "–" are $0 or round to $0.

For the fiscal year ended October 31, 2025, there were no significant changes to the fair valuation methodologies.

Level 3 investments held during and at the end of the year ended October 31, 2025 in relation to net assets, of the Emerging Markets Fund, High Income Opportunities Fund, Short Duration High Yield Municipal Fund and U.S. Small Cap Equity Fund were not significant (0.0%, 0.0%, 0.4% and 0.0% of total net assets, respectively) and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2025 is not presented. The valuation technique used to value the Level 3 securities in the Emerging Markets Fund, High Income Opportunities Fund and U.S. Small Cap Equity Fund at October 31, 2025 was fair valuation pursuant to procedures approved by the Board. 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.

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| | |
|:---|:---|
| **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. |

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| | |
|:---|:---|
| **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. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments but are included as a component of net realized and unrealized gain (loss) from investments. |

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| | |
|:---|:---|
| **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. |

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| | |
|:---|:---|
| **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 |

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| | |
|:---|:---|
| 2025 Annual Report | **79** |

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------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| |
|:---|
| 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 year ended October 31, 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. |
| **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 subadviser 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 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 |

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| | |
|:---|:---|
| **80** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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 October 31, 2025: |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Total** |
| &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;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$156019 | &nbsp;&nbsp;$156019 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$156019** | &nbsp;&nbsp;**$156019** |
| &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;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$320208 | &nbsp;&nbsp;$320208 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$320208** | &nbsp;&nbsp;**$320208** |
| &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;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$31236 | &nbsp;&nbsp;$31236 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$31236** | &nbsp;&nbsp;**$31236** |
| &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;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$36357 | &nbsp;&nbsp;$36357 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$36357** | &nbsp;&nbsp;**$36357** |
| &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;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$167 | &nbsp;&nbsp;$167 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$167** | &nbsp;&nbsp;**$167** |

---

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 October 31, 2025 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

---

| | |
|:---|:---|
| 2025 Annual Report | **81** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 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<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** | &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<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| <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<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;$156019 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$156019 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– |

---

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<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** | &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<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| <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<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&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;&nbsp;&nbsp;&nbsp;203 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;(2560) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;22845 | &nbsp;&nbsp;(2560) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;20285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;161195 | &nbsp;&nbsp;(1480) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;159715 | &nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;(1480) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;3417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;139684 | &nbsp;&nbsp;(5671) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;134013 | &nbsp;&nbsp;&nbsp;&nbsp;5671 | &nbsp;&nbsp;(5671) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;13324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;13324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

(1) In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

(2) Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across
transactions governed under the same master netting agreement with the same legal entity.

(3) Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 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<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** | &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<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| <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<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** |
| &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;$167 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;23592 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;23592 | &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;12765 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;12765 | &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.

(1) In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

(2) Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across
transactions governed under the same master netting agreement with the same legal entity.

(3) Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement.

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 fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Total** |
| &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;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(353694) | &nbsp;&nbsp;$(353694) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$(353694)** | &nbsp;&nbsp;**$(353694)** |
| &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 Foreign Currency Exchange Contracts | &nbsp;&nbsp;$21057 | &nbsp;&nbsp;$21057 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$21057** | &nbsp;&nbsp;**$21057** |
| &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;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$60411 | &nbsp;&nbsp;$60411 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$60411** | &nbsp;&nbsp;**$60411** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br> Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(13920) | &nbsp;&nbsp;$(13920) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$(13920)** | &nbsp;&nbsp;**$(13920)** |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **83** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Total** |
| &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;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(27366) | &nbsp;&nbsp;$(27366) |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$(27366)** | &nbsp;&nbsp;**$(27366)** |
| &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 Foreign Currency Exchange Contracts | &nbsp;&nbsp;$7677 | &nbsp;&nbsp;$7677 |
| &nbsp;&nbsp;**Total <br>**  | &nbsp;&nbsp;**$7677** | &nbsp;&nbsp;**$7677** |

---

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the fiscal year ended October 31, 2025. The table below summarizes the weighted average values of derivatives holdings by the Funds during the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative** | &nbsp;&nbsp;**Average Monthly<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;$8324779 |
| &nbsp;&nbsp;**High Income Opportunities Fund** | &nbsp;&nbsp;**High Income Opportunities Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;$3068417 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$15699950 |
| &nbsp;&nbsp;**Infrastructure Debt Fund** | &nbsp;&nbsp;**Infrastructure Debt Fund** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;$99173 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$1580362 |

---

---

| | |
|:---|:---|
| **f.**  | **Security Transactions, Investment Income and Expenses:** |
|  | Security transactions are recorded on the trade date. Realized 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 NAV 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 the EM SMA Completion Fund, the Emerging Markets ex-China Fund, the Emerging Markets Fund, the U.S. Small Cap Equity Fund and the U.S. Sustainable Leaders Fund. Distributions from net investment income, if any, are declared and paid quarterly for the Global Infrastructure Fund and the Real Estate Fund. Distributions from net investment income, if any, are declared and paid monthly for the Dynamic Dividend Fund, the High Income Opportunities Fund and the |

---

---

| | |
|:---|:---|
| **84** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

Infrastructure Debt Fund. Distributions from net investment income, if any, are declared daily and paid monthly for the Short Duration High Yield Municipal Fund and the Ultra Short Municipal Income 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 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 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 all open tax years 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 year ended October 31, 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, 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 Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments. |
|  | ***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 $192,674 related to claim years 2010-2011. The Fund does not expect to pay an IRS tax liability on these claims. |
|  | As of October 31, 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 October 31, 2025, and have not been recorded in the Fund's NAV. 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 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 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **85** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| |
|:---|
| 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 fiscal year ended October 31, 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;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;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;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;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;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% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

1 None of abrdn Inc. (the "Adviser"), abrdn Asia Limited ("aAL") or abrdn Investments Limited ("aIL" and collectively with aAL, the "Subadvisers") charges a management fee or sub-advisory fee to the Fund.

---

| | |
|:---|:---|
| **86** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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"). The Expense Limitation Agreement with respect to the EM SMA Completion Fund, the Emerging Markets ex-China Fund, the U.S. Small Cap Equity Fund, and the U.S. Sustainable Leaders Fund, 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, Real Estate Fund, Short Duration High Yield Municipal Fund and Ultra Short Municipal Income 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 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Limit** |
| &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;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;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;0.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;0.99% |
| &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.

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 October 31, 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> 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> Fiscal Year<br> 2025<br> (Expires 10/31/28)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| $119893 | &nbsp;&nbsp;&nbsp;$180116 | &nbsp;&nbsp;&nbsp;$142600 | &nbsp;&nbsp;&nbsp;$442609 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **87** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **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> Fiscal Year<br> 2025<br> (Expires 10/31/28)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| $57180 | &nbsp;&nbsp;&nbsp;$82630 | &nbsp;&nbsp;&nbsp;$102148 | &nbsp;&nbsp;&nbsp;$241958 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;296060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551418 | &nbsp;&nbsp;&nbsp;&nbsp;1287535 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;1294758 | &nbsp;&nbsp;&nbsp;&nbsp;1295131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747128 | &nbsp;&nbsp;&nbsp;&nbsp;3337017 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481263 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;186600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480214 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796161 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;290346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630930 |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908074 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;201396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594746 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271682 | &nbsp;&nbsp;&nbsp;&nbsp;1024368 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;1869917 | &nbsp;&nbsp;&nbsp;&nbsp;1620129 | &nbsp;&nbsp;&nbsp;&nbsp;2141706 | &nbsp;&nbsp;&nbsp;&nbsp;5631752 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 A1<br> Shares** | &nbsp;&nbsp;&nbsp;**Class C<br> Shares(a)** | &nbsp;&nbsp;&nbsp;**Class R<br> Shares(a)** |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| 0.25% | &nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Emerging Markets Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Real Estate Fund <br>| 0.25% | &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. Small Cap Equity Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

---

| | |
|:---|:---|
| **88** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A<br> Shares** | &nbsp;&nbsp;&nbsp;**Class A1<br> Shares** | &nbsp;&nbsp;&nbsp;**Class C<br> Shares(a)** | &nbsp;&nbsp;&nbsp;**Class R<br> Shares(a)** |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| 0.25% | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(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%. 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 Short Duration High Yield Municipal Fund; and 0.50% of sales charges on Class A1 of the Ultra Short Municipal Income Fund.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 fiscal year ended October 31, 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;Dynamic Dividend Fund <br>| $1914 | &nbsp;&nbsp;&nbsp;$– |
| &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;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;45264 | &nbsp;&nbsp;&nbsp;&nbsp;1404 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;8003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Short Duration High Yield Municipal 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;Ultra Short Municipal Income 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;**Total Retained** | **$69366** | &nbsp;&nbsp;&nbsp;**$1498** |

---

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 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 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 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **89** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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| |
|:---|
| 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 year ended October 31, 2025 was as follows: |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Class A** | &nbsp;&nbsp;&nbsp;**Class A1** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Institutional<br> Service** | &nbsp;&nbsp;&nbsp;**Institutional** |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| $2333 | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;$55337 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;36775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72534 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp;181162 | &nbsp;&nbsp;&nbsp;&nbsp;555352 | &nbsp;&nbsp;&nbsp;&nbsp;247930 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25044 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25352 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;152547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56504 | &nbsp;&nbsp;&nbsp;&nbsp;176006 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;88292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&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;66326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159 |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;68710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14057 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;10168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12327 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67566 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;314499 | &nbsp;&nbsp;&nbsp;&nbsp;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;593583 |

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Amounts listed as "–" are $0 or round to $0.

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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 year ended October 31, 2025, the Funds did not engage in any of these trades. |

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4. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the fiscal year ended October 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| $33485460 | &nbsp;&nbsp;&nbsp;$46905464 |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170525 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42139613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62128506 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;348442724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870088576 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14146821 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15078542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20792963 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;163808299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204629555 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89769480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127095190 |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67797896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72620370 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7385476 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75371888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118325291 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;1841135069 | &nbsp;&nbsp;&nbsp;&nbsp;1377745688 |

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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 |

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| | |
|:---|:---|
| **90** | 2025 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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.**  | **Auction Rate Securities Risk** |
|  | The 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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| | |
|:---|:---|
| **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. |

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| | |
|:---|:---|
| **d.**  | **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 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. |

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---

| | |
|:---|:---|
| **e.**  | **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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---

| | |
|:---|:---|
| **f.**  | **Derivatives Risk (including Forwards, Futures, Options 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* |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **91** |

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------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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.

---

| | |
|:---|:---|
| **g.**  | **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. |

---

---

| | |
|:---|:---|
| **h.**  | **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 Emerging Markets 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.* |
|  | *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.* |

---

---

| | |
|:---|:---|
| **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 |

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---

| | |
|:---|:---|
| **92** | 2025 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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).

---

| | |
|:---|:---|
| **j.**  | **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. |

---

---

| | |
|:---|:---|
| **k.**  | **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. |

---

---

| | |
|:---|:---|
| **l.**  | **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. |

---

---

| | |
|:---|:---|
| **m.**  | **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. |

---

---

| | |
|:---|:---|
| **n.**  | **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. |

---

---

| | |
|:---|:---|
| **o.**  | **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. |

---

---

| | |
|:---|:---|
| **p.**  | **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 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **93** |

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------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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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| | |
|:---|:---|
| **q.**  | **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. |

---

---

| | |
|:---|:---|
| **r.**  | **Infrastructure-Related Investment Risk** |
|  | Because the Global Infrastructure Fund and Infrastructure Debt Fund concentrate their investments in infrastructure-related entities, the Funds have 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 and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. |

---

---

| | |
|:---|:---|
| **s.**  | **Interest Rate Risk** |
|  | A 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. |

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---

| | |
|:---|:---|
| **t.**  | **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. |

---

---

| | |
|:---|:---|
| **u.**  | **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. |

---

---

| | |
|:---|:---|
| **v.**  | **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

---

| | |
|:---|:---|
| **94** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

• 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.

---

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

---

---

| | |
|:---|:---|
| **x.**  | **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.* |

---

---

| | |
|:---|:---|
| **y.**  | **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. |

---

---

| | |
|:---|:---|
| **z.**  | **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. |
|  | 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 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **95** |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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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| | |
|:---|:---|
| **aa.**  | **Portfolio Turnover Risk** |
|  | The Dynamic Dividend Fund, 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 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. |

---

---

| | |
|:---|:---|
| **bb.**  | **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. |

---

---

| | |
|:---|:---|
| **cc.**  | **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. |

---

---

| | |
|:---|:---|
| **dd.**  | **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. |

---

---

| | |
|:---|:---|
| **ee.**  | **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* |

---

---

| | |
|:---|:---|
| **96** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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| |
|:---|
| 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 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.* |

---

---

| | |
|:---|:---|
| **ff.**  | **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. |

---

---

| | |
|:---|:---|
| **gg.**  | **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. |

---

---

| | |
|:---|:---|
| **hh.**  | **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 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **97** |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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.

---

| | |
|:---|:---|
| **ii.**  | **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. |

---

---

| | |
|:---|:---|
| **jj.**  | **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. |

---

---

| | |
|:---|:---|
| **kk.**  | **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 NAV of a Fund's shares. |

---

---

| | |
|:---|:---|
| **ll.**  | **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. |

---

---

| | |
|:---|:---|
| **mm.**  | **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. |

---

---

| | |
|:---|:---|
| **nn.**  | **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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| | |
|:---|:---|
| **98** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

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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.

7. Tax Information

As of October 31, 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; Dynamic Dividend Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$66865920 | &nbsp;&nbsp;&nbsp;&nbsp;$34202493 | &nbsp;&nbsp;&nbsp;&nbsp;$(4795441) | &nbsp;&nbsp;&nbsp;&nbsp;$29407052 |
| &nbsp;&nbsp; EM SMA Completion Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125057 |
| &nbsp;&nbsp; Emerging Markets ex-China Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138300975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48292611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6811016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41481595 |
| &nbsp;&nbsp; Emerging Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772437465 | &nbsp;&nbsp;&nbsp;&nbsp;288116004 | &nbsp;&nbsp;&nbsp;&nbsp;(111921765) | &nbsp;&nbsp;&nbsp;&nbsp;176194239 |
| &nbsp;&nbsp; Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32878727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13819945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1342697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12477248 |
| &nbsp;&nbsp; Real Estate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27412157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(684282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888839 |
| &nbsp;&nbsp; U.S. Small Cap Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281570129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73105555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12292179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60813376 |
| &nbsp;&nbsp; U.S. Sustainable Leaders Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253290831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89947797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11141822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78805975 |
| &nbsp;&nbsp; High Income Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79079528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3655488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1612653) |
| &nbsp;&nbsp; Infrastructure Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20680348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265974 |
| &nbsp;&nbsp; Short Duration High Yield Municipal Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58941434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5874539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4572246) |
| &nbsp;&nbsp; Ultra Short Municipal Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1186953726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(816) |

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The tax character of distributions during the fiscal year ended October 31, 2025 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;**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;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;$4466522 | &nbsp;&nbsp;$566616 | &nbsp;&nbsp;$5033138 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$5033138 |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030133 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;10598582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;10598582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;10598582 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936661 | &nbsp;&nbsp;&nbsp;&nbsp;2159709 | &nbsp;&nbsp;&nbsp;&nbsp;3096370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;3096370 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767544 | &nbsp;&nbsp;&nbsp;3583542 | &nbsp;&nbsp;&nbsp;&nbsp;4351086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;4351086 |
| &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;&nbsp;&nbsp;&nbsp;– |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;5383817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;5383817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;5383817 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468138 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89009 | &nbsp;&nbsp;&nbsp;&nbsp;3142226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231235 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;28617502 | &nbsp;&nbsp;&nbsp;&nbsp;28619251 |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| 2025 Annual Report | **99** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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;Dynamic Dividend Fund <br>| &nbsp;&nbsp;$4984574 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$4984574 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$610332 | &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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;24870666 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466715 |
| &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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587436 |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;253595 | &nbsp;&nbsp;&nbsp;&nbsp;5429504 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &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;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;&nbsp;&nbsp;1502037 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;18857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;25216452 |

---

Amounts listed as "–" are $0 or round to $0.

As of October 31, 2025, 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;Dynamic Dividend Fund <br>| $– | $– | $3906454 | $– | $– | $– | $– | $29431962 | $– | $33338416 |
| &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;6131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109201 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;2639505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305371 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;40860709 | &nbsp;&nbsp;&nbsp;&nbsp;(44134995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329410) |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;6730093 | &nbsp;&nbsp;&nbsp;45714859 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;171154623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;223599575 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2276339 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;12476829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14753168 |
| &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;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;1934957 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;6870128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8805085 |
| &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;(1005816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;60813375 | &nbsp;&nbsp;&nbsp;&nbsp;(16532453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43275106 |
| &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;7811825 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;78805974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;86300680 |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;278918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(183376) | &nbsp;&nbsp;&nbsp;&nbsp;(1988700) | &nbsp;&nbsp;&nbsp;(248493170) | &nbsp;&nbsp;&nbsp;(250386328) |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;169254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7987891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7552568) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;1739731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(1077873) | &nbsp;&nbsp;&nbsp;&nbsp;(4572246) | &nbsp;&nbsp;&nbsp;&nbsp;(39602321) | &nbsp;&nbsp;&nbsp;&nbsp;(43512709) |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;153766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(104795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(814) | &nbsp;&nbsp;&nbsp;&nbsp;(1419399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1371242) |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **100** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

\* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to tax deferral of losses on wash sales.

\*\* As of October 31, 2025, for Federal income tax purposes, these Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations, with no expiration.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;EM SMA Completion Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$2910 | &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;&nbsp;19061 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&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;&nbsp;36103645 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361838 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14170615 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55432295 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193060875 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7213431 | &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;774460 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13222863 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26379458 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419399 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |

---

GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent differences primarily attributable to REIT adjustments, equalization and net operating loss. These reclassifications have no effect on net assets or NAVs per share.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Paid-in<br> Capital** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributable<br> Earnings/<br> (Accumulated<br> Loss)** |
| &nbsp;&nbsp;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;$(353020) | &nbsp;&nbsp;&nbsp;&nbsp;$353020 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174157 | &nbsp;&nbsp;&nbsp;&nbsp;(174157) |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859638) | &nbsp;&nbsp;&nbsp;&nbsp;859638 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274014) | &nbsp;&nbsp;&nbsp;&nbsp;274014 |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| 2025 Annual Report | **101** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

------

8. Significant Shareholders

As of October 31, 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;Dynamic Dividend Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;37.6% | &nbsp;&nbsp;&nbsp;3 |
| &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;46.8 | &nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;84.1 | &nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;56.7 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;57.3 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;U.S. Small Cap Equity Fund <br>| &nbsp;&nbsp;&nbsp;36.5 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;13.1 | &nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;High Income Opportunities Fund <br>| &nbsp;&nbsp;&nbsp;45.2 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;44.9 | &nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;90.1 | &nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Ultra Short Municipal Income Fund <br>| &nbsp;&nbsp;&nbsp;62.3 | &nbsp;&nbsp;&nbsp;4 |

---

&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. |

---

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 October 31, 2025, the Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $100,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.

As of October 31, 2025, the Short Duration High Yield Municipal Fund had $250,000 repayable to State Street and the Global Infrastructure Fund had $575,000 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 fiscal year ended October 31, 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 fiscal year ended October 31, 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;Dynamic Dividend Fund <br>| $431506 | &nbsp;&nbsp;&nbsp;5.69% | &nbsp;&nbsp;&nbsp;76 |
| &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;886150 | &nbsp;&nbsp;&nbsp;5.71% | &nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;Emerging Markets Fund <br>| &nbsp;&nbsp;&nbsp;2643750 | &nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Global Infrastructure Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124588 | &nbsp;&nbsp;&nbsp;5.51% | &nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;Real Estate Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;204359 | &nbsp;&nbsp;&nbsp;5.61% | &nbsp;&nbsp;&nbsp;41 |
| &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;U.S. Sustainable Leaders Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;High Income Opportunities 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;Infrastructure Debt Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156204 | &nbsp;&nbsp;&nbsp;5.74% | &nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;Short Duration High Yield Municipal Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947543 | &nbsp;&nbsp;&nbsp;5.67% | &nbsp;&nbsp;&nbsp;85 |

---

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|:---|:---|
| **102** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (continued)

October 31, 2025

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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;Ultra Short Municipal Income Fund <br>| $1432389 | &nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;&nbsp;&nbsp;8 |

---

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 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;**After Reorganization** |
| | &nbsp;&nbsp;**abrdn Emerging Markets<br> Sustainable Leaders Fund** | &nbsp;&nbsp;**abrdn Emerging Markets<br> ex-China Fund** | &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 | &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 | &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 | &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 ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect each Funds' 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.

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|:---|:---|
| 2025 Annual Report | **103** |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Notes to Financial Statements (concluded)

October 31, 2025

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The Chief Financial Officer of the Funds act as each Funds' CODM. The CODM monitors the operating results of the Funds as a whole, and each Funds' 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. Each Funds' 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 each Funds' financial statements. Segment assets are reflected on each Funds' Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

12. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

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 October 31, 2025, other than as noted below.

At a meeting held on December 10, 2025, the Board approved the adoption of a conversion feature for Class C of the Emerging Markets ex-China Fund. Under the relevant conversion feature, effective after the close of business on February 26, 2026, all of the issued and outstanding shares of Class C of the Emerging Markets ex-China Fund will be converted into shares of Class A of the same Fund.

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| **104** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Report of Independent Registered Public Accounting Firm

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To the Shareholders and Board of Trustees

abrdn Funds:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of abrdn Dynamic Dividend Fund, abrdn EM SMA Completion Fund, abrdn Emerging Markets ex-China Fund, abrdn Emerging Markets Fund, abrdn Global Infrastructure Fund, abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund), abrdn U.S. Small Cap Equity Fund, abrdn U.S. Sustainable Leaders Fund, abrdn High Income Opportunities Fund, abrdn Infrastructure Debt Fund, abrdn Short Duration High Yield Municipal Fund, and abrdn Ultra Short Municipal Income Fund, twelve of the funds comprising abrdn Funds (each, a Fund and collectively, the Funds), including the statements of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended, except for abrdn EM SMA Completion Fund, for which the period is for each of the years in the two-year period ended October 31, 2025 and the period from January 27, 2023 (commencement of operations) through October 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](tm2534449d1oefreporti002.jpg)

We have served as the auditor of one or more abrdn investment companies since 2009.

Columbus, Ohio

December 26, 2025

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|:---|:---|
| 2025 Annual Report | **105** |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Other Tax Information (Unaudited)

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For the year ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% or 20% (depending upon income levels) as qualified dividend income. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2026 Form 1099-DIV.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Qualified<br> Dividend<br> Income** |
| &nbsp;&nbsp;Dynamic Dividend Fund | &nbsp;&nbsp;&nbsp;&nbsp;75.82% |
| &nbsp;&nbsp;EM SMA Completion Fund | &nbsp;&nbsp;&nbsp;&nbsp;41.50% |
| &nbsp;&nbsp;Emerging Markets ex-China Fund | &nbsp;&nbsp;&nbsp;26.95% |
| &nbsp;&nbsp;Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;27.47% |
| &nbsp;&nbsp;Global Infrastructure Fund | &nbsp;&nbsp;100.00% |

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For the taxable year ended October 31, 2025, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporate shareholders:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Dividends<br> Received<br> Deduction** |
| &nbsp;&nbsp;Dynamic Dividend Fund | &nbsp;&nbsp;35.57% |
| &nbsp;&nbsp;Emerging Markets ex-China Fund | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;Emerging Markets Fund | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;Global Infrastructure Fund | &nbsp;&nbsp;36.75% |

---

The Funds intend to elect to pass through to their shareholders the credit for taxes paid in foreign countries during its fiscal year ended October 31, 2025. In accordance with the current tax laws, the foreign income and foreign tax per share (for a share outstanding as of October 31, 2025) were as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Foreign Tax** |
| &nbsp;&nbsp;EM SMA Completion Fund | &nbsp;&nbsp;$0.0293 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund | &nbsp;&nbsp;$0.0761 |
| &nbsp;&nbsp;Emerging Markets Fund | &nbsp;&nbsp;$0.1711 |
| &nbsp;&nbsp;Global Infrastructure Fund | &nbsp;&nbsp;$0.0570 |

---

During the year ended October 31, 2025, the following Funds reported dividends as long-term capital gains:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Dynamic Dividend Fund | &nbsp;&nbsp;$566616 |
| &nbsp;&nbsp;Emerging Markets ex-China Fund | &nbsp;&nbsp;$216343 |
| &nbsp;&nbsp;Global Infrastructure Fund | &nbsp;&nbsp;$2159709 |
| &nbsp;&nbsp;Real Estate Fund | &nbsp;&nbsp;$3765266 |

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| **106** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Changes in and Disagreement with Accountants for Open-End Management Investment Companies

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Not applicable.

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|:---|:---|
| 2025 Annual Report | **107** |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Proxy Disclosures for Open-End Management Investment Companies

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Not applicable.

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|:---|:---|
| **108** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies

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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 Annual Report | **109** |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Board of Trustees' Consideration of Investment Advisory and Sub-Advisory Agreements (Unaudited)

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#### Summary of Board Considerations in Approving the Investment Advisory and Sub-Advisory Agreements
At a regularly scheduled meeting (the "Meeting") of the Board of Trustees (the "Board") of the abrdn Funds (the "Trust") held on June 11, 2025, the Board, including those Trustees (the "Independent Trustees") who are not "interested persons" (as that term is defined in the Investment Company Act of 1940 (the "1940 Act")) of the Trust, approved the continuation of the advisory agreement (the "Advisory Agreement") between abrdn Inc. (the "Investment Adviser") and the Funds, and of the applicable sub-advisory agreements (each a "Sub-Advisory Agreement," and collectively with the Advisory Agreement, the "Advisory Agreements") among the Trust, the Investment Adviser and, as applicable with respect to certain of the Funds, abrdn Asia Limited and abrdn Investments Limited, each an affiliate of the Investment Adviser (each a "Sub-Adviser," and collectively, the "Sub-Advisers" and together with the Investment Adviser, the "Advisers") for each of the following series of the Trust: abrdn Dynamic Dividend Fund, abrdn EM SMA Completion Fund, abrdn Emerging Markets ex-China Fund, abrdn Emerging Markets Fund, abrdn Global Infrastructure Fund, abrdn High Income Opportunities Fund, abrdn Infrastructure Debt Fund, abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund), abrdn Short Duration High Yield Municipal Fund, abrdn U.S. Small Cap Equity Fund, abrdn U.S. Sustainable Leaders Fund and abrdn Ultra Short Municipal Income Fund (each a "Fund," and collectively the "Funds"). In connection with their consideration of whether to approve the continuation of the Advisory Agreements, the Board members received and reviewed a variety of information provided by the Advisers relating to the Funds, the Advisory Agreements and the Advisers. The information provided to the Board members included (but was not limited to): comparative performance, fee and expense information (as well as information on the limitations of such comparable data) of a peer groups of funds based on the relevant Fund's Morningstar Category (the "Peer Funds"), each as selected by Institutional Shareholder Services Inc. ("ISS"), an independent third-party provider of investment company data and other performance information. The Peer Funds presented for fee and expense data comparison consisted of a sub-set of the funds in the Fund's Morningstar Category and, in some instances, other industry peer funds, as determined independently by ISS, and the Peer Funds presented for the performance data comparison consisted of each Fund's Morningstar category, as determined by ISS. The Board also received information regarding relevant benchmark indices and information regarding the nature, extent and quality of services provided by the Advisers under the Advisory Agreements.

The materials provided to the Board generally included, among other items: (i) information on the investment performance of the Funds, the performance of the Funds' respective Peer Funds, comparable funds, if any, and the Funds' performance benchmarks; (ii) reports prepared by the Advisers in response to requests submitted by the Independent Trustees' independent legal counsel on behalf of such Trustees; (iii) information on the Funds' management fee and other expenses, including information comparing each Fund's expenses to its respective Peer Funds, comparable funds, if any, and information about applicable fee "breakpoints" in the Funds' fee structures and expense limitations, if any; (iv) information regarding the Investment Adviser's revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Investment Adviser; and (v) a memorandum from the Independent Trustees' independent legal counsel on the responsibilities of the Board in considering the approval of the investment advisory and investment sub-advisory arrangements under the 1940 Act and Delaware law.

The Independent Trustees met with representatives of the Advisers and separately in executive session with independent legal counsel on June 11, 2025 to discuss the continuation of the Advisory Agreements. The Independent Trustees also met with representatives of the Advisers and separately in executive session with independent legal counsel on June 2, 2025 to discuss the materials provided to the Board by the Advisers in response to a request for information sent to them by the Independent Trustees' independent legal counsel.

In evaluating whether to renew the Advisory Agreements for the Funds, the Board considered numerous factors, including: (i) the nature, extent and quality of services provided to the Funds by the Advisers under the Advisory Agreements; (ii) the costs of services provided to the Funds and the profits realized by the Investment Adviser (and its affiliates) from its relationship with the Funds; (iii) each Fund's total expense ratio as well as the management fee paid by each Fund pursuant to the Advisory Agreements relative to the total expense ratios of and the management fee charged to the Peer Funds and comparable accounts, if any; (iv) the investment performance of each Fund relative to that of its benchmark index as well as the performance of the Peer Funds and comparable funds, if any; (v) any additional benefits (such as soft dollars, if any) received by the Advisers or their affiliates; (vi) the extent to which economies of scale are being realized by shareholders and will be realized as the Funds' assets increase; (vii) the Advisers' compliance programs; and (viii) any other considerations deemed relevant by the Board. The Independent Trustees also discussed the Advisory Agreements in an executive session with independent legal counsel at which no representatives of the Advisers were present. No single factor reviewed by the Board was identified as the principal factor in determining whether to renew the Advisory Agreements, and individual Trustees may have given different weight to various factors.

The discussion immediately below outlines in greater detail certain of the materials and information presented to the Board by the Advisers in connection with the Board's consideration and approval of the continuation of the Advisory Agreements, and the conclusions made by the Board at the Meeting when determining to renew the Advisory Agreements.

*The Nature, Extent and Quality of Services Provided to the Funds under the Advisory Agreements*

The Trustees considered the nature, extent and quality of services provided by the Advisers to the Funds. They reviewed information about the resources dedicated to the Funds by the Advisers and their affiliates. Among other things, the Board reviewed and discussed the background and experience of the Advisers' senior management personnel who serviced the Funds and the qualifications, background and responsibilities of the portfolio managers primarily responsible for providing day-to-day portfolio management services for the Funds. The Trustees also considered the financial condition of the Advisers and the Advisers' ability to provide quality service to the Funds. Management representatives reported to the Board and responded to questions on, among other things, the Advisers' business plans and any current or proposed organizational changes. The

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| **110** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Board of Trustees' Consideration of Investment Advisory and Sub-Advisory Agreements (Unaudited)

(continued)

------

Trustees also took into account the Advisers' experience as asset managers and considered information regarding the Advisers' compliance with applicable laws and Securities and Exchange Commission ("SEC") and other regulatory agency inquiries or audits of the Funds, the Advisers and/or their affiliates. The Board considered reports from the Advisers on their risk management processes. The Board noted that it received information on a regular basis from the Funds' Chief Compliance Officer regarding the Advisers' compliance policies and procedures and information concerning the Advisers' brokerage policies and practices. The Trustees also noted that the Advisers had provided information and periodic reporting, including updates on their management of the Funds and the quality of their performance, and had discussed these matters with the Trustees at meetings held regularly throughout the preceding year.

Based on the totality of the information considered, the Board concluded that the nature, extent and quality of the Advisers' services provided to the Funds were of a high quality, and that the Advisers have provided and could reasonably be expected to continue to provide these services on an ongoing basis based on their experience, operations and resources.

*The Costs of Services Provided and Profits Realized by the Advisers and their Affiliates from their Relationships with the Funds*

The Board reviewed information compiled by ISS that compared each Fund's effective annual management fee rate with the fees paid by its Peer Funds. The Board reviewed with management the effective annual management fee rate paid by each Fund to the Investment Adviser for investment management services. The Board considered the Funds' management fee structures, including information from management about the fees charged by the Investment Adviser to other clients investing primarily in an asset class similar to that of each Fund, except for abrdn Infrastructure Debt Fund, abrdn Real Estate Fund and abrdn EM SMA Completion Fund, for which there are no comparable funds or accounts. The Board reviewed and considered additional information about the Advisers' fees, including the amount of the management fees retained by the Investment Adviser after payment of the sub-advisory fees, as applicable. The Board considered that, as applicable, the compensation paid to the Sub-Advisers was paid by the Investment Adviser and, accordingly, that the retention of the Sub-Advisers for certain Funds did not increase the fees or expenses otherwise incurred by the Funds' shareholders. The Board considered the fee comparisons in light of the differences in resources and costs required to manage the different types of accounts. In evaluating each Fund's management fee, the Board took into account the regulatory regimes, fund structure, level of services, complexity and quality of the investment management of the Funds.

In addition to the foregoing, the Board considered each Fund's fees and expenses relative to the fees and expenses of its Peer Funds, as well as information on the limitations of such comparable data given differences between each Fund and its respective Peer Funds presented. The comparative fee and expense information for each Fund is detailed below:

*abrdn Dynamic Dividend Fund*

This information showed that the Fund's net management fee and total net expenses were above the median of its Peer Funds.

*abrdn EM SMA Completion Fund*

This information showed that the Fund's total net expenses were below the median of its Peer Funds, but the Trustees noted that the applicable Advisers do not charge a management fee or sub-advisory fee to the Fund, as shares of the Fund may be purchased only by or on behalf of certain separately managed account clients and the applicable Advisers are compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services.

*abrdn Emerging Markets ex-China Fund*

This information showed that the Fund's net management fee was above the median of its Peer Funds but that the Fund's total net expenses were below the median of its Peer Funds.

*abrdn Emerging Markets Fund*

This information showed that the Fund's net management fee was at the median of its Peer Funds but that the Fund's total net expenses were above the median of its Peer Funds.

*abrdn Global Infrastructure Fund*

This information showed that the Fund's net management fee was below the median of its Peer Funds but that the Fund's total net expenses were above the median of its Peer Funds.

*abrdn High Income Opportunities Fund*

This information showed that the Fund's net management fee and total net expenses were below the median of its Peer Funds.

*abrdn Infrastructure Debt Fund*

This information showed that Fund's net management fee was below the median of its Peer Funds but that the Fund's total net expenses were above the median of its Peer Funds.

*abrdn Real Estate Fund*

This information showed that the Fund's net management fee was below the median of its Peer Funds and that the Fund's total net expenses were at the median of its Peer Funds.

---

| | |
|:---|:---|
| 2025 Annual Report | **111** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Board of Trustees' Consideration of Investment Advisory and Sub-Advisory Agreements (Unaudited)

(continued)

------

*abrdn Short Duration High Yield Municipal Fund*

This information showed that the Fund's net management fee was below the median of its Peer Funds but that the Fund's total net expenses were above the median of its Peer Funds.

*abrdn U.S. Small Cap Equity Fund*

This information showed that the Fund's net management fee was below the median of its Peer Funds and that the Fund's total net expenses were at the median of its Peer Funds.

*abrdn U,S. Sustainable Leaders Fund*

This information showed that the Fund's net management fee and total net expenses were above the median of its Peer Funds.

*abrdn Ultra Short Municipal Income Fund*

This information showed that the Fund's net management fee was below the median of its Peer Funds but that the Fund's total net expenses were above the median of its Peer Funds.

The Board also reviewed the profitability of the investment advisory relationship with the Funds to the Investment Adviser. The Board concluded that the Funds' respective fees and expenses, as well as the Investment Adviser's profitability with respect to each Fund, were reasonable in light of the nature, extent and quality of services provided. In reaching its conclusions, the Board took into consideration the information provided by and discussed with Management regarding each Fund and, in some cases, the limited comparability of the Peer Funds presented given differences between the Peer Funds and the respective Funds.

*Investment Performance of the Funds*

The Board received and reviewed with the Funds' management, among other performance data, information that compared each Fund's return over various periods of time to those of comparable investment companies and discussed this information and other related performance data with management. The Board received and considered information comparing each Fund's performance to the performance of its Peer Funds, including information on the limitations of such comparable data given differences between each Fund and its Peer Funds presented. In addition, the Board received and reviewed information regarding each Fund's total returns on a gross and net basis and relative to each Fund's benchmark. The Trustees considered management's discussion of the factors contributing to differences in performance between each Fund, its Peer Funds, other abrdn strategies, as applicable, and the Fund's benchmark, including (but not limited to) differences in the investment strategies, restrictions and risks of the Peer Funds and distinguishing features of each Fund relative to its benchmark and other abrdn strategies. The Board considered that these differences and distinguishing characteristics may limit the comparability of each of the Funds to their respective peer groups. Additionally, the Board considered the Advisers' discussion of the Funds' performance. The comparative Peer Fund performance information for each Fund is detailed below:

*abrdn Dynamic Dividend Fund*

The Trustees noted that the Fund underperformed its benchmark and the average of its Peer Funds for the 1-, 3-, 5- and 10-year periods ended March 31, 2025. The Board took into account Management's discussion of Fund performance, including the factors impacting performance and efforts to improve performance, as well as information regarding distinctions between the Fund and its Peer Funds presented in approving the Advisory Agreement.

*abrdn EM SMA Completion Fund*

The Trustees noted the relatively limited performance history of the Fund since it commenced operations on January 27, 2023. The Trustees also noted that the Fund underperformed its benchmark for the 1-year period ended March 31, 2025. The Board considered Management's discussion of performance in approving the Advisory Agreement.

*abrdn Emerging Markets ex-China Fund*

The Trustees noted that the Fund underperformed the average of its Peer Funds for the 1- and 3-year periods ended March 31, 2025, but outperformed the average of its Peer Funds for the 5- and 10-year periods ended March 31, 2025. The Trustees also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods ended March 31, 2025, but outperformed its benchmark for the 10-year period ended March 31, 2025. The Board considered Management's discussion of performance in approving the Advisory Agreement.

*abrdn Emerging Markets Fund*

The Trustees noted that the Fund underperformed its benchmark and the average of its Peer Funds for the 1-, 3-, 5- and 10-year periods ended March 31, 2025. The Board took into account Management's discussion of Fund performance, including the factors impacting performance and efforts to improve performance, as well as information regarding distinctions between the Fund and its Peer Funds presented in approving the Advisory Agreement.

*abrdn Global Infrastructure Fund*

---

| | |
|:---|:---|
| **112** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Board of Trustees' Consideration of Investment Advisory and Sub-Advisory Agreements (Unaudited)

(continued)

------

The Trustees noted that the Fund outperformed the average of its Peer Funds for the 1-, 3-, 5- and 10-year periods ended March 31, 2025. The Trustees also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods ended March 31, 2025, but outperformed its benchmark for the 10-year period ended March 31, 2025. The Board took into account Management's discussion of Fund performance in approving the Advisory Agreement.

*abrdn High Income Opportunities Fund*

The Trustees noted that the Fund underperformed its benchmark and the average of its Peer Funds for the 1-, 3- and 10-year periods ended March 31, 2025, but outperformed its benchmark and the average of its Peer Funds for the 5-year period ended March 31, 2025. The Board took into account Management's discussion of Fund performance, including the factors impacting performance and efforts to improve performance, as well as information regarding its Peer Funds presented in approving the Advisory Agreement.

*abrdn Infrastructure Debt Fund*

The Trustees noted that the Fund outperformed the average of its Peer Funds for the 1-year period ended March 31, 2025, but underperformed the average of its Peer Funds for the 3-, 5- and 10-year periods ended March 31, 2025. The Trustees also noted that the Fund underperformed its benchmark for the 3-year period ended March 31, 2025, but outperformed its benchmark for the 1-, 5- and 10-year periods ended March 31, 2025. The Board took into account Management's discussion of Fund performance in approving the Advisory Agreement.

*abrdn Real Estate Fund*

The Trustees noted that the Fund outperformed the average of its Peer Funds for the 1-, 3-, 5- and 10-year periods ended March 31, 2025. The Trustees also noted that the Fund outperformed its benchmark for the 1-year period ended March 31, 2025, but underperformed its benchmark for the 3-, 5- and 10-year periods ended March 31, 2025. The Board took into account Management's discussion of Fund performance in approving the Advisory Agreement.

*abrdn Short Duration High Yield Municipal Fund*

The Trustees noted that the Fund outperformed the average of its Peer Funds for the 1-year period ended March 31, 2025, but underperformed the average of its Peer Funds for the 3-, 5- and 10-year periods ended March 31, 2025. The Trustees also noted that the Fund outperformed its benchmark for the 1- and 10-year periods ended March 31, 2025, but underperformed its benchmark for the 3- and 5-year periods ended March 31, 2025. The Board took into account Management's discussion of Fund performance in approving the Advisory Agreement.

*abrdn U.S. Small Cap Equity Fund*

The Trustees noted that the Fund outperformed its benchmark and the average of its Peer Funds for the 1-, 3-, 5- and 10-year periods ended March 31, 2025.

*abrdn U.S. Sustainable Leaders Fund*

The Trustees noted that the Fund underperformed its benchmark and the average of its Peer Funds for the 1-, 3-, 5- and 10-year periods ended March 31, 2025. The Board took into account Management's discussion of Fund performance, including the factors impacting performance and efforts to improve performance, as well as information regarding distinctions between the Fund and its Peer Funds presented in approving the Advisory Agreement.

*abrdn Ultra Short Municipal Income Fund*

The Trustees noted that the Fund outperformed the average of its Peer Funds for the 1-, 3-, 5- and 10-year periods ended March 31, 2025. The Trustees also noted that the Fund underperformed its benchmark for the 1-year period ended March 31, 2025, but outperformed its benchmark for the 3-, 5- and 10-year periods ended March 31, 2025. The Board took into account Management's discussion of Fund performance in approving the Advisory Agreement.

*Direct and Indirect Benefits*

The Board then considered whether or the extent to which the Advisers derive any direct, ancillary or indirect benefits, such as reputational benefits, that could accrue to the Advisers from the Funds' operations as a result of the Advisers' relationships with the Funds. The Board recognized the services provided to the Funds by affiliates of the Investment Adviser and the related compensation paid by the Funds for those services. Based on the totality of the information considered, the Board concluded that any benefits accruing to the Advisers by virtue of their relationships with the Funds appeared to be reasonable.

*Economies of Scale*

The Board next considered information provided regarding and management's discussion of the Funds' management fee structures and determined that each Fund's management fee structure was reasonable. For those Funds with breakpoints (all Funds except abrdn Emerging Markets Equity Fund, abrdn Real Estate Fund, and abrdn Ultra Short Municipal Income Fund), the Board noted that the fee schedules reflected the sharing of economies of scale between the Funds and the Advisers as the Funds' assets increased and fees moved downward. It was noted that the Real Estate Fund previously changed its advisory fee to match the Fund's lowest breakpoint. The Board based its determination on various factors,

---

| | |
|:---|:---|
| 2025 Annual Report | **113** |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

Board of Trustees' Consideration of Investment Advisory and Sub-Advisory Agreements (Unaudited)

(concluded)

------

including how the Funds' management fees compared relative to the respective Peer Funds. The Board considered that the Funds benefit from being part of a larger Fund complex. The Board also considered that each Fund had an expense limitation agreement in place until February 28, 2026, pursuant to which the Investment Adviser agreed to waive and/or reimburse certain expenses as a means of limiting each Fund's total annual operating expenses. In each case, the Board determined that the sharing of economies of scale was reasonable.

\* \* \*

Based on the Board's deliberations and its evaluation of the information described above and other factors and information the Trustees deemed relevant in the exercise of their individual reasonable business judgment, the Board, including the Independent Trustees, with the assistance of fund counsel and independent legal counsel to the Independent Trustees, unanimously determined that the fees charged pursuant to the Advisory Agreements were fair and reasonable and approved the continuation of the Advisory Agreements.

---

| | |
|:---|:---|
| **114** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_a3067e6d-2f60-4671-b469-789a4ec7a418_TOCtm2534449d1_oefreport)

------

#### abrdn Inc. 1900 Market Street, Suite 200 Philadelphia, PA 19103 aberdeeninvestments.com/en-us
AOE-0140-AR

## abrdn Funds Active ETF Series
Annual Financial Statements and Additional Information

October 31, 2025

#### abrdn Emerging Markets Dividend Active ETF (AGEM)

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

#### abrdn International Small Cap Active ETF (ASCI)

#### abrdn Ultra Short Municipal Income Active ETF (AMUN)
![](tm2534449d1etfreporti001.jpg)

------

**Table of Contents**

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements and Financial Highlights for Open-End Management Investment Companies (Item 7):](#xx_964cc1d2-1268-4e75-bcff-f0bf70beacd5_1tm2534449d1_etfreport)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Statements of Investments](#xx_964cc1d2-1268-4e75-bcff-f0bf70beacd5_1tm2534449d1_etfreport) <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; [abrdn Emerging Markets Dividend Active ETF](#xx_964cc1d2-1268-4e75-bcff-f0bf70beacd5_1tm2534449d1_etfreport)<br>| &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; [abrdn Focused U.S. Small Cap Active ETF](#xx_45062dff-4194-4dca-b507-5fee00af1238_1tm2534449d1_etfreport)<br>| &nbsp;&nbsp;Page 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Active ETF](#xx_90392906-fbb9-41b3-9aed-8cb380348a9f_1tm2534449d1_etfreport)<br>| &nbsp;&nbsp;Page 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Active ETF](#xx_4874595a-1943-4d05-8586-fc9c7382fb61_1tm2534449d1_etfreport)<br>| &nbsp;&nbsp;Page 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Financial Statements](#xx_ebcd3384-53ac-4b4b-9595-f2f05a5034ed_1tm2534449d1_etfreport) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Notes to Financial Statements](#xx_ac298523-b71c-4ed8-b385-f2e4fceebd2e_1tm2534449d1_etfreport) <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Report of Independent Registered Public Accounting Firm](#xx_c480d5f9-4228-4ad6-9608-8280de13da6a_1tm2534449d1_etfreport) <br>**  | &nbsp;&nbsp;Page 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Other Tax Information](#xx_7c2c4e3c-f59a-462e-aa93-12ca6ff0ad54_1tm2534449d1_etfreport) <br>**  | &nbsp;&nbsp;Page 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Changes in and Disagreement with Accountants for Open-End Management Investment Companies (Item 8)](#xx_44b16cfa-62ce-4d5f-a32e-9cf9988b4d9c_1tm2534449d1_etfreport) <br>**  | &nbsp;&nbsp;Page 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Proxy Disclosures for Open-End Management Investment Companies (Item 9)](#xx_83c83c26-1ceb-4a9c-854c-9bf94f0a94f8_1tm2534449d1_etfreport) <br>**  | &nbsp;&nbsp;Page 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Remuneration paid to Trustees, Officers and Others (Item 10)](#xx_940d3251-e718-4a79-ae0a-806e52c3437d_1tm2534449d1_etfreport) <br>**  | &nbsp;&nbsp;Page 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**[Board of Trustees' Consideration of Investment Advisory and Sub-Advisory Agreements (Item 11)](#xx_969baf2f-41a3-4ae6-bb75-5f86f8a43038_1tm2534449d1_etfreport) <br>**  | &nbsp;&nbsp;Page 47 |

---

------

*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 1-844-383-7289. 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 1-844-383-7289; and (ii) on the Commission's website at www.sec.gov.

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Investments

October 31, 2025 abrdn Emerging Markets Dividend Active ETF

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—93.2%** | &nbsp;&nbsp;**COMMON STOCKS—93.2%** |  |
| &nbsp;&nbsp;**BRAZIL—5.4%** | &nbsp;&nbsp;**BRAZIL—5.4%** | &nbsp;&nbsp;**BRAZIL—5.4%** |
| &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** | &nbsp;&nbsp;**Communication Services—1.5%** |
| &nbsp;&nbsp;Telefonica Brasil SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;264017 | &nbsp;&nbsp;$3149723 |
| &nbsp;&nbsp;**Energy—1.7%** | &nbsp;&nbsp;**Energy—1.7%** | &nbsp;&nbsp;**Energy—1.7%** |
| &nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras, ADR | &nbsp;&nbsp;&nbsp;&nbsp;316885 | &nbsp;&nbsp;&nbsp;&nbsp; 3501579 |
| &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** | &nbsp;&nbsp;**Financials—1.1%** |
| &nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;438354 | &nbsp;&nbsp;&nbsp;&nbsp; 1031526 |
| &nbsp;&nbsp;Itau Unibanco Holding SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;166708 | &nbsp;&nbsp;&nbsp;&nbsp; 1226971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258497 |
| &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** | &nbsp;&nbsp;**Health Care—0.5%** |
| &nbsp;&nbsp;Odontoprev SA | &nbsp;&nbsp;&nbsp;&nbsp;466620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1104113 |
| &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** | &nbsp;&nbsp;**Industrials—0.3%** |
| &nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81851 | &nbsp;&nbsp;&nbsp;&nbsp; 640513 |
| &nbsp;&nbsp;**Materials—0.3%** | &nbsp;&nbsp;**Materials—0.3%** | &nbsp;&nbsp;**Materials—0.3%** |
| &nbsp;&nbsp;Vale SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56432 | &nbsp;&nbsp;&nbsp;&nbsp; 682263 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11336688** |
| &nbsp;&nbsp;**CHINA—22.7%** | &nbsp;&nbsp;**CHINA—22.7%** | &nbsp;&nbsp;**CHINA—22.7%** |
| &nbsp;&nbsp;**Communication Services—9.3%** | &nbsp;&nbsp;**Communication Services—9.3%** | &nbsp;&nbsp;**Communication Services—9.3%** |
| &nbsp;&nbsp;Autohome, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639475 |
| &nbsp;&nbsp;NetEase, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735346 |
| &nbsp;&nbsp;Tencent Holdings Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;189219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15396750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19771571 |
| &nbsp;&nbsp;**Consumer Discretionary—7.5%** | &nbsp;&nbsp;**Consumer Discretionary—7.5%** | &nbsp;&nbsp;**Consumer Discretionary—7.5%** |
| &nbsp;&nbsp;Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5894492 |
| &nbsp;&nbsp;ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;219550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288583 |
| &nbsp;&nbsp;Fu Shou Yuan International Group Ltd. | &nbsp;&nbsp;1472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556933 |
| &nbsp;&nbsp;Hangzhou Robam Appliances Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;352003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967422 |
| &nbsp;&nbsp;JD.com, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009207 |
| &nbsp;&nbsp;Li Auto, Inc., ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786587 |
| &nbsp;&nbsp;Li Ning Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;847500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841028 |
| &nbsp;&nbsp;Midea Group Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;&nbsp;177300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916621 |
| &nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;374000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15851915 |
| &nbsp;&nbsp;**Consumer Staples—1.4%** | &nbsp;&nbsp;**Consumer Staples—1.4%** | &nbsp;&nbsp;**Consumer Staples—1.4%** |
| &nbsp;&nbsp;Wuliangye Yibin Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577721 |
| &nbsp;&nbsp;Yifeng Pharmacy Chain Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;132200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031558 |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;108845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571722 |
| &nbsp;&nbsp;**Health Care—0.6%** | &nbsp;&nbsp;**Health Care—0.6%** | &nbsp;&nbsp;**Health Care—0.6%** |
| &nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206188 |
| &nbsp;&nbsp;**Industrials—2.2%** | &nbsp;&nbsp;**Industrials—2.2%** | &nbsp;&nbsp;**Industrials—2.2%** |
| &nbsp;&nbsp;Centre Testing International Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;540400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083322 |
| &nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393810 |
| &nbsp;&nbsp;SITC International Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663102 |
| &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** | &nbsp;&nbsp;**Information Technology—0.9%** |
| &nbsp;&nbsp;NAURA Technology Group Co. Ltd., A Shares (Stock Connect)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030014 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Shanghai Huace Navigation Technology Ltd., A Shares (Stock Connect)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;115100 | &nbsp;&nbsp;$519078 |
| &nbsp;&nbsp;Silergy Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp; 405322 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954414 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;**48050470** |
| &nbsp;&nbsp;**GEORGIA—0.8%** | &nbsp;&nbsp;**GEORGIA—0.8%** | &nbsp;&nbsp;**GEORGIA—0.8%** | &nbsp;&nbsp;**GEORGIA—0.8%** |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;Lion Finance Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400 | &nbsp;&nbsp;&nbsp;&nbsp; 1619489 |
| &nbsp;&nbsp;**GREECE—1.5%** | &nbsp;&nbsp;**GREECE—1.5%** | &nbsp;&nbsp;**GREECE—1.5%** | &nbsp;&nbsp;**GREECE—1.5%** |
| &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** | &nbsp;&nbsp;**Financials—1.5%** |
| &nbsp;&nbsp;National Bank of Greece SA |  | &nbsp;&nbsp;&nbsp;&nbsp;213595 | &nbsp;&nbsp;&nbsp;&nbsp; 3137823 |
| &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** | &nbsp;&nbsp;**HONG KONG—2.7%** |
| &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** | &nbsp;&nbsp;**Consumer Staples—1.0%** |
| &nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd.<sup>(c)</sup> |  | 2062704 | &nbsp;&nbsp;&nbsp;&nbsp; 2091758 |
| &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** | &nbsp;&nbsp;**Financials—1.0%** |
| &nbsp;&nbsp;AIA Group Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51765 | &nbsp;&nbsp;&nbsp;&nbsp; 2017282 |
| &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** | &nbsp;&nbsp;**Industrials—0.7%** |
| &nbsp;&nbsp;Techtronic Industries Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565809 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5674849** |
| &nbsp;&nbsp;**INDIA—11.4%** | &nbsp;&nbsp;**INDIA—11.4%** | &nbsp;&nbsp;**INDIA—11.4%** | &nbsp;&nbsp;**INDIA—11.4%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** | &nbsp;&nbsp;**Consumer Discretionary—1.4%** |
| &nbsp;&nbsp;Crompton Greaves Consumer Electricals Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;173546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552966 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440670 |
| &nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234988 |
| &nbsp;&nbsp;Tube Investments of India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781991 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010615 |
| &nbsp;&nbsp;**Financials—6.8%** | &nbsp;&nbsp;**Financials—6.8%** | &nbsp;&nbsp;**Financials—6.8%** | &nbsp;&nbsp;**Financials—6.8%** |
| &nbsp;&nbsp;360 ONE WAM Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813239 |
| &nbsp;&nbsp;Aptus Value Housing Finance India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;377020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354611 |
| &nbsp;&nbsp;Bajaj Holdings & Investment Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576167 |
| &nbsp;&nbsp;HDFC Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;231828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396810 |
| &nbsp;&nbsp;ICICI Bank Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259753 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400580 |
| &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** |
| &nbsp;&nbsp;Container Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403858 |
| &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** | &nbsp;&nbsp;**Information Technology—1.1%** |
| &nbsp;&nbsp;Tata Consultancy Services Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269442 |
| &nbsp;&nbsp;**Utilities—1.9%** | &nbsp;&nbsp;**Utilities—1.9%** | &nbsp;&nbsp;**Utilities—1.9%** | &nbsp;&nbsp;**Utilities—1.9%** |
| &nbsp;&nbsp;Mahanagar Gas Ltd.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373595 |
| &nbsp;&nbsp;Power Grid Corp. of India Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;849476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130980 |
| &nbsp;&nbsp;**Total India** | &nbsp;&nbsp;**Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24215475** |
| &nbsp;&nbsp;**INDONESIA—5.0%** | &nbsp;&nbsp;**INDONESIA—5.0%** | &nbsp;&nbsp;**INDONESIA—5.0%** | &nbsp;&nbsp;**INDONESIA—5.0%** |
| &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** | &nbsp;&nbsp;**Communication Services—1.4%** |
| &nbsp;&nbsp;Telkom Indonesia Persero Tbk. PT |  | 15224300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938665 |
| &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** | &nbsp;&nbsp;**Consumer Discretionary—0.4%** |
| &nbsp;&nbsp;Map Aktif Adiperkasa PT |  | 23589100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992927 |
| &nbsp;&nbsp;**Financials—3.0%** | &nbsp;&nbsp;**Financials—3.0%** | &nbsp;&nbsp;**Financials—3.0%** | &nbsp;&nbsp;**Financials—3.0%** |
| &nbsp;&nbsp;Bank Mandiri Persero Tbk. PT |  | 13594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858309 |
| &nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk. PT |  | 10391200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486890 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345199 |
| &nbsp;&nbsp;**Real Estate—0.2%** | &nbsp;&nbsp;**Real Estate—0.2%** | &nbsp;&nbsp;**Real Estate—0.2%** | &nbsp;&nbsp;**Real Estate—0.2%** |
| &nbsp;&nbsp;Ciputra Development Tbk. PT |  | &nbsp;&nbsp;7473700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397728 |
| &nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;**Total Indonesia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10674519** |

---

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>1</sub>

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Investments (continued)

October 31, 2025 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;**KAZAKHSTAN—1.6%** | &nbsp;&nbsp;**KAZAKHSTAN—1.6%** | &nbsp;&nbsp;**KAZAKHSTAN—1.6%** | &nbsp;&nbsp;**KAZAKHSTAN—1.6%** |
| &nbsp;&nbsp;**Energy—1.1%** | &nbsp;&nbsp;**Energy—1.1%** | &nbsp;&nbsp;**Energy—1.1%** | &nbsp;&nbsp;**Energy—1.1%** |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31481 | &nbsp;&nbsp;$1841638 |
| &nbsp;&nbsp;NAC Kazatomprom JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp; 11241 | &nbsp;&nbsp;&nbsp;&nbsp; 657599 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499237 |
| &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** | &nbsp;&nbsp;**Financials—0.3%** |
| &nbsp;&nbsp;Kaspi.KZ JSC, GDR<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030 | &nbsp;&nbsp;&nbsp;&nbsp; 600564 |
| &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** | &nbsp;&nbsp;**Industrials—0.2%** |
| &nbsp;&nbsp;Air Astana JSC, GDR<sup>(c)(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60209 | &nbsp;&nbsp;&nbsp;&nbsp; 400992 |
| &nbsp;&nbsp;**Total Kazakhstan** | &nbsp;&nbsp;**Total Kazakhstan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3500793** |
| &nbsp;&nbsp;**MACAO—1.3%** | &nbsp;&nbsp;**MACAO—1.3%** | &nbsp;&nbsp;**MACAO—1.3%** | &nbsp;&nbsp;**MACAO—1.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** | &nbsp;&nbsp;**Consumer Discretionary—1.3%** |
| &nbsp;&nbsp;Sands China Ltd. |  | 1024890 | &nbsp;&nbsp;&nbsp;&nbsp; 2669537 |
| &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;**Communication Services—0.7%** | &nbsp;&nbsp;**Communication Services—0.7%** | &nbsp;&nbsp;**Communication Services—0.7%** |
| &nbsp;&nbsp;Telekom Malaysia Bhd. |  | &nbsp;&nbsp;&nbsp;&nbsp;884300 | &nbsp;&nbsp;&nbsp;&nbsp; 1541402 |
| &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** | &nbsp;&nbsp;**MEXICO—6.8%** |
| &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** | &nbsp;&nbsp;**Financials—1.6%** |
| &nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O |  | &nbsp;&nbsp;&nbsp;&nbsp;362567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403682 |
| &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** | &nbsp;&nbsp;**Industrials—1.0%** |
| &nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551459 |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635693 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187152 |
| &nbsp;&nbsp;**Materials—4.2%** | &nbsp;&nbsp;**Materials—4.2%** | &nbsp;&nbsp;**Materials—4.2%** | &nbsp;&nbsp;**Materials—4.2%** |
| &nbsp;&nbsp;Grupo Mexico SAB de CV |  | &nbsp;&nbsp;1026680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8859007 |
| &nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;**14449841** |
| &nbsp;&nbsp;**PERU—0.9%** | &nbsp;&nbsp;**PERU—0.9%** | &nbsp;&nbsp;**PERU—0.9%** | &nbsp;&nbsp;**PERU—0.9%** |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876329 |
| &nbsp;&nbsp;**PHILIPPINES—0.6%** | &nbsp;&nbsp;**PHILIPPINES—0.6%** | &nbsp;&nbsp;**PHILIPPINES—0.6%** | &nbsp;&nbsp;**PHILIPPINES—0.6%** |
| &nbsp;&nbsp;**Financials—0.1%** | &nbsp;&nbsp;**Financials—0.1%** | &nbsp;&nbsp;**Financials—0.1%** | &nbsp;&nbsp;**Financials—0.1%** |
| &nbsp;&nbsp;Bank of the Philippine Islands |  | &nbsp;&nbsp;&nbsp;&nbsp;110740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198335 |
| &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** | &nbsp;&nbsp;**Industrials—0.5%** |
| &nbsp;&nbsp;Asian Terminals, Inc.<sup>(d)</sup> |  | 2044800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089286 |
| &nbsp;&nbsp;**Total Philippines** | &nbsp;&nbsp;**Total Philippines** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1287621** |
| &nbsp;&nbsp;**SAUDI ARABIA—1.3%** | &nbsp;&nbsp;**SAUDI ARABIA—1.3%** | &nbsp;&nbsp;**SAUDI ARABIA—1.3%** | &nbsp;&nbsp;**SAUDI ARABIA—1.3%** |
| &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** | &nbsp;&nbsp;**Financials—1.3%** |
| &nbsp;&nbsp;Saudi National Bank |  | &nbsp;&nbsp;&nbsp;&nbsp;263820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805413 |
| &nbsp;&nbsp;**SINGAPORE—1.2%** | &nbsp;&nbsp;**SINGAPORE—1.2%** | &nbsp;&nbsp;**SINGAPORE—1.2%** | &nbsp;&nbsp;**SINGAPORE—1.2%** |
| &nbsp;&nbsp;**Real Estate—1.2%** | &nbsp;&nbsp;**Real Estate—1.2%** | &nbsp;&nbsp;**Real Estate—1.2%** | &nbsp;&nbsp;**Real Estate—1.2%** |
| &nbsp;&nbsp;Capitaland India Trust, UNIT |  | &nbsp;&nbsp;2750800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557213 |
| &nbsp;&nbsp;**SOUTH AFRICA—1.4%** | &nbsp;&nbsp;**SOUTH AFRICA—1.4%** | &nbsp;&nbsp;**SOUTH AFRICA—1.4%** | &nbsp;&nbsp;**SOUTH AFRICA—1.4%** |
| &nbsp;&nbsp;**Communication Services—0.6%** | &nbsp;&nbsp;**Communication Services—0.6%** | &nbsp;&nbsp;**Communication Services—0.6%** | &nbsp;&nbsp;**Communication Services—0.6%** |
| &nbsp;&nbsp;Vodacom Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;159195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285864 |
| &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** | &nbsp;&nbsp;**Financials—0.8%** |
| &nbsp;&nbsp;Sanlam Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;332183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742967 |
| &nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;**Total South Africa** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3028831** |
| &nbsp;&nbsp;**SOUTH KOREA—5.9%** | &nbsp;&nbsp;**SOUTH KOREA—5.9%** | &nbsp;&nbsp;**SOUTH KOREA—5.9%** | &nbsp;&nbsp;**SOUTH KOREA—5.9%** |
| &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** | &nbsp;&nbsp;**Financials—0.4%** |
| &nbsp;&nbsp;Shinhan Financial Group Co. Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728209 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Health Care—0.0%** | &nbsp;&nbsp;**Health Care—0.0%** | &nbsp;&nbsp;**Health Care—0.0%** | &nbsp;&nbsp;**Health Care—0.0%** |
| &nbsp;&nbsp;Classys, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;$55468 |
| &nbsp;&nbsp;**Industrials—3.0%** | &nbsp;&nbsp;**Industrials—3.0%** | &nbsp;&nbsp;**Industrials—3.0%** | &nbsp;&nbsp;**Industrials—3.0%** |
| &nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9515 | &nbsp;&nbsp;&nbsp;&nbsp; 3165545 |
| &nbsp;&nbsp;KEPCO Plant Service & Engineering Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17340 | &nbsp;&nbsp;&nbsp;&nbsp; 617047 |
| &nbsp;&nbsp;Samsung C&T Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319 | &nbsp;&nbsp;&nbsp;&nbsp; 1319595 |
| &nbsp;&nbsp;Samsung E&A Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68387 | &nbsp;&nbsp;&nbsp;&nbsp; 1245582 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347769 |
| &nbsp;&nbsp;**Information Technology—2.5%** | &nbsp;&nbsp;**Information Technology—2.5%** | &nbsp;&nbsp;**Information Technology—2.5%** | &nbsp;&nbsp;**Information Technology—2.5%** |
| &nbsp;&nbsp;SK Hynix, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13635 | &nbsp;&nbsp;&nbsp;&nbsp; 5349686 |
| &nbsp;&nbsp;**Total South Korea** | &nbsp;&nbsp;**Total South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12481132** |
| &nbsp;&nbsp;**TAIWAN—19.0%** | &nbsp;&nbsp;**TAIWAN—19.0%** | &nbsp;&nbsp;**TAIWAN—19.0%** | &nbsp;&nbsp;**TAIWAN—19.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** | &nbsp;&nbsp;**Consumer Discretionary—0.3%** |
| &nbsp;&nbsp;Poya International Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33150 | &nbsp;&nbsp;&nbsp;&nbsp; 490117 |
| &nbsp;&nbsp;**Industrials—2.3%** | &nbsp;&nbsp;**Industrials—2.3%** | &nbsp;&nbsp;**Industrials—2.3%** | &nbsp;&nbsp;**Industrials—2.3%** |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp; 3889724 |
| &nbsp;&nbsp;Sinbon Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371523 |
| &nbsp;&nbsp;Sporton International, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669627 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930874 |
| &nbsp;&nbsp;**Information Technology—16.4%** | &nbsp;&nbsp;**Information Technology—16.4%** | &nbsp;&nbsp;**Information Technology—16.4%** | &nbsp;&nbsp;**Information Technology—16.4%** |
| &nbsp;&nbsp;Accton Technology Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459256 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843710 |
| &nbsp;&nbsp;Delta Electronics, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391790 |
| &nbsp;&nbsp;MediaTek, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920497 |
| &nbsp;&nbsp;Quanta Computer, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674490 |
| &nbsp;&nbsp;Realtek Semiconductor Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591523 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22835952 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34717218 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;**40138209** |
| &nbsp;&nbsp;**THAILAND—1.2%** | &nbsp;&nbsp;**THAILAND—1.2%** | &nbsp;&nbsp;**THAILAND—1.2%** | &nbsp;&nbsp;**THAILAND—1.2%** |
| &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** | &nbsp;&nbsp;**Communication Services—0.3%** |
| &nbsp;&nbsp;Digital Telecommunications Infrastructure Fund, Class F, UNIT |  | &nbsp;&nbsp;2401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690561 |
| &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** | &nbsp;&nbsp;**Financials—0.9%** |
| &nbsp;&nbsp;Krung Thai Bank PCL |  | &nbsp;&nbsp;2293400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932740 |
| &nbsp;&nbsp;**Total Thailand** | &nbsp;&nbsp;**Total Thailand** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2623301** |
| &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—0.5%** | &nbsp;&nbsp;**Consumer Discretionary—0.5%** | &nbsp;&nbsp;**Consumer Discretionary—0.5%** | &nbsp;&nbsp;**Consumer Discretionary—0.5%** |
| &nbsp;&nbsp;Americana Restaurants International PLC |  | &nbsp;&nbsp;&nbsp;1877343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068255 |
| &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** | &nbsp;&nbsp;**Energy—0.4%** |
| &nbsp;&nbsp;ADNOC Drilling Co. PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;513756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780506 |
| &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** | &nbsp;&nbsp;**Real Estate—0.9%** |
| &nbsp;&nbsp;Aldar Properties PJSC |  | &nbsp;&nbsp;&nbsp;&nbsp;772610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893162 |
| &nbsp;&nbsp;**Total United Arab Emirates** | &nbsp;&nbsp;**Total United Arab Emirates** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3741923** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**197410858** |
| &nbsp;&nbsp;**PREFERRED STOCKS—6.1%** | &nbsp;&nbsp;**PREFERRED STOCKS—6.1%** | &nbsp;&nbsp;**PREFERRED STOCKS—6.1%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—6.1%** | &nbsp;&nbsp;**SOUTH KOREA—6.1%** | &nbsp;&nbsp;**SOUTH KOREA—6.1%** | &nbsp;&nbsp;**SOUTH KOREA—6.1%** |
| &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** | &nbsp;&nbsp;**Information Technology—6.1%** |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;216143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12803979 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12803979** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **2** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Investments (concluded)

October 31, 2025 abrdn Emerging Markets Dividend Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.9%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(e)</sup> |  | &nbsp;&nbsp; 2012141 | &nbsp;&nbsp;$2012141 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2012141** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $186,244,183)<sup>(f)</sup>—100.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $186,244,183)<sup>(f)</sup>—100.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $186,244,183)<sup>(f)</sup>—100.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**212226978** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484156) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$211742822** |

---

#### &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> 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 0.9% of net assets as of October 31, 2025.

<sup>(e)</sup> Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 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 <br> GDR Global Depositary Receipt <br> PLC Public Limited Company

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>3</sub>

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Investments

October 31, 2025 abrdn Focused U.S. Small Cap Active ETF

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—98.1%** | &nbsp;&nbsp;**COMMON STOCKS—98.1%** |  |
| &nbsp;&nbsp;**CANADA—5.3%** | &nbsp;&nbsp;**CANADA—5.3%** | &nbsp;&nbsp;**CANADA—5.3%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.5%** | &nbsp;&nbsp;**Consumer Discretionary—3.5%** | &nbsp;&nbsp;**Consumer Discretionary—3.5%** |
| &nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 11662 | &nbsp;&nbsp;$814606 |
| &nbsp;&nbsp;**Industrials—1.8%** | &nbsp;&nbsp;**Industrials—1.8%** | &nbsp;&nbsp;**Industrials—1.8%** |
| &nbsp;&nbsp;ATS Corp.<sup>(a)</sup> | 15637 | &nbsp;&nbsp;&nbsp;&nbsp; 430128 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1244734** |
| &nbsp;&nbsp;**ISRAEL—3.6%** | &nbsp;&nbsp;**ISRAEL—3.6%** | &nbsp;&nbsp;**ISRAEL—3.6%** |
| &nbsp;&nbsp;**Information Technology—3.6%** | &nbsp;&nbsp;**Information Technology—3.6%** | &nbsp;&nbsp;**Information Technology—3.6%** |
| &nbsp;&nbsp;Camtek Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6837 | &nbsp;&nbsp;&nbsp;&nbsp; 846557 |
| &nbsp;&nbsp;**UNITED STATES—89.2%** | &nbsp;&nbsp;**UNITED STATES—89.2%** | &nbsp;&nbsp;**UNITED STATES—89.2%** |
| &nbsp;&nbsp;**Consumer Discretionary—5.1%** | &nbsp;&nbsp;**Consumer Discretionary—5.1%** | &nbsp;&nbsp;**Consumer Discretionary—5.1%** |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701515 |
| &nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp;&nbsp; 492230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193745 |
| &nbsp;&nbsp;**Consumer Staples—4.6%** | &nbsp;&nbsp;**Consumer Staples—4.6%** | &nbsp;&nbsp;**Consumer Staples—4.6%** |
| &nbsp;&nbsp;elf Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4090 | &nbsp;&nbsp;&nbsp;&nbsp; 499553 |
| &nbsp;&nbsp;Vita Coco Co., Inc.<sup>(a)</sup> | 13806 | &nbsp;&nbsp;&nbsp;&nbsp; 568531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068084 |
| &nbsp;&nbsp;**Energy—2.3%** | &nbsp;&nbsp;**Energy—2.3%** | &nbsp;&nbsp;**Energy—2.3%** |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;23540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528708 |
| &nbsp;&nbsp;**Financials—19.2%** | &nbsp;&nbsp;**Financials—19.2%** | &nbsp;&nbsp;**Financials—19.2%** |
| &nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;9974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714338 |
| &nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532459 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393837 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511524 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;22847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692264 |
| &nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357882 |
| &nbsp;&nbsp;StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561815 |
| &nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473118 |
| &nbsp;&nbsp;**Health Care—17.9%** | &nbsp;&nbsp;**Health Care—17.9%** | &nbsp;&nbsp;**Health Care—17.9%** |
| &nbsp;&nbsp;ADMA Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;29848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462047 |
| &nbsp;&nbsp;Alphatec Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;38119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723880 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;6868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622241 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;18984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403789 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463596 |
| &nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | &nbsp;&nbsp;14946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553151 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165358 |
| &nbsp;&nbsp;**Industrials—17.9%** | &nbsp;&nbsp;**Industrials—17.9%** | &nbsp;&nbsp;**Industrials—17.9%** |
| &nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;11803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536800 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296798 |
| &nbsp;&nbsp;Ducommun, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559400 |
| &nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661692 |
| &nbsp;&nbsp;Everus Construction Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365469 |
| &nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;6903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510891 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;20513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526364 |
| &nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;14180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184423 |
| &nbsp;&nbsp;**Information Technology—15.1%** | &nbsp;&nbsp;**Information Technology—15.1%** | &nbsp;&nbsp;**Information Technology—15.1%** |
| &nbsp;&nbsp;JFrog Ltd.<sup>(a)</sup> | &nbsp;&nbsp;14699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697909 |
| &nbsp;&nbsp;Knowles Corp.<sup>(a)</sup> | &nbsp;&nbsp;20596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486272 |
| &nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;8334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514708 |
| &nbsp;&nbsp;Vertex, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;17701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405353 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Viavi Solutions, Inc.<sup>(a)</sup> |  | 46032 | &nbsp;&nbsp;$814766 |
| &nbsp;&nbsp;Workiva, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614792 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533800 |
| &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** | &nbsp;&nbsp;**Materials—3.3%** |
| &nbsp;&nbsp;Materion Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;6752 | &nbsp;&nbsp;&nbsp;&nbsp; 773982 |
| &nbsp;&nbsp;**Real Estate—3.8%** | &nbsp;&nbsp;**Real Estate—3.8%** | &nbsp;&nbsp;**Real Estate—3.8%** | &nbsp;&nbsp;**Real Estate—3.8%** |
| &nbsp;&nbsp;American Healthcare REIT, Inc. |  | 19738 | &nbsp;&nbsp;&nbsp;&nbsp; 894526 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;**20815744** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**22907035** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—2.1%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(b)</sup> |  | 499535 | &nbsp;&nbsp;&nbsp;&nbsp; 499535 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**499535** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $20,735,608)<sup>(c)</sup>—100.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $20,735,608)<sup>(c)</sup>—100.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $20,735,608)<sup>(c)</sup>—100.2%** | &nbsp;&nbsp;&nbsp;&nbsp;**23406570** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(0.2%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57706) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$23348864** |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 2025.

<sup>(c)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **4** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Investments

October 31, 2025 abrdn International Small Cap Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—89.4%** | &nbsp;&nbsp;**COMMON STOCKS—89.4%** | &nbsp;&nbsp;**COMMON STOCKS—89.4%** |  |
| &nbsp;&nbsp;**AUSTRALIA—6.0%** | &nbsp;&nbsp;**AUSTRALIA—6.0%** | &nbsp;&nbsp;**AUSTRALIA—6.0%** | &nbsp;&nbsp;**AUSTRALIA—6.0%** |
| &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** |
| &nbsp;&nbsp;Steadfast Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;667350 | &nbsp;&nbsp;$2445224 |
| &nbsp;&nbsp;**Industrials—3.3%** | &nbsp;&nbsp;**Industrials—3.3%** | &nbsp;&nbsp;**Industrials—3.3%** | &nbsp;&nbsp;**Industrials—3.3%** |
| &nbsp;&nbsp;ALS Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;208763 | &nbsp;&nbsp;&nbsp;&nbsp; 2966813 |
| &nbsp;&nbsp;**Total Australia** | &nbsp;&nbsp;**Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5412037** |
| &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;**Consumer Staples—2.7%** | &nbsp;&nbsp;**Consumer Staples—2.7%** | &nbsp;&nbsp;**Consumer Staples—2.7%** |
| &nbsp;&nbsp;Interparfums SA |  | &nbsp;&nbsp;&nbsp;&nbsp;73538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2417457 |
| &nbsp;&nbsp;**Energy—4.7%** | &nbsp;&nbsp;**Energy—4.7%** | &nbsp;&nbsp;**Energy—4.7%** | &nbsp;&nbsp;**Energy—4.7%** |
| &nbsp;&nbsp;Gaztransport Et Technigaz SA |  | &nbsp;&nbsp;&nbsp;&nbsp;21294 | &nbsp;&nbsp;&nbsp;&nbsp; 4211842 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6629299** |
| &nbsp;&nbsp;**GERMANY—5.8%** | &nbsp;&nbsp;**GERMANY—5.8%** | &nbsp;&nbsp;**GERMANY—5.8%** | &nbsp;&nbsp;**GERMANY—5.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—4.7%** | &nbsp;&nbsp;**Consumer Discretionary—4.7%** | &nbsp;&nbsp;**Consumer Discretionary—4.7%** | &nbsp;&nbsp;**Consumer Discretionary—4.7%** |
| &nbsp;&nbsp;CTS Eventim AG & Co. KGaA |  | &nbsp;&nbsp;&nbsp;&nbsp;35977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3217986 |
| &nbsp;&nbsp;Rational AG |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp; 1006468 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224454 |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;RENK Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;12609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956176 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5180630** |
| &nbsp;&nbsp;**ISRAEL—2.8%** | &nbsp;&nbsp;**ISRAEL—2.8%** | &nbsp;&nbsp;**ISRAEL—2.8%** | &nbsp;&nbsp;**ISRAEL—2.8%** |
| &nbsp;&nbsp;**Information Technology—2.8%** | &nbsp;&nbsp;**Information Technology—2.8%** | &nbsp;&nbsp;**Information Technology—2.8%** | &nbsp;&nbsp;**Information Technology—2.8%** |
| &nbsp;&nbsp;Nova Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502776 |
| &nbsp;&nbsp;**ITALY—4.1%** | &nbsp;&nbsp;**ITALY—4.1%** | &nbsp;&nbsp;**ITALY—4.1%** | &nbsp;&nbsp;**ITALY—4.1%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** | &nbsp;&nbsp;**Consumer Discretionary—1.0%** |
| &nbsp;&nbsp;Brunello Cucinelli SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928001 |
| &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** | &nbsp;&nbsp;**Financials—1.4%** |
| &nbsp;&nbsp;FinecoBank Banca Fineco SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;54541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245389 |
| &nbsp;&nbsp;**Industrials—1.7%** | &nbsp;&nbsp;**Industrials—1.7%** | &nbsp;&nbsp;**Industrials—1.7%** | &nbsp;&nbsp;**Industrials—1.7%** |
| &nbsp;&nbsp;Interpump Group SpA |  | &nbsp;&nbsp;&nbsp;&nbsp;29946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542921 |
| &nbsp;&nbsp;**Total Italy** | &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3716311** |
| &nbsp;&nbsp;**JAPAN—17.6%** | &nbsp;&nbsp;**JAPAN—17.6%** | &nbsp;&nbsp;**JAPAN—17.6%** | &nbsp;&nbsp;**JAPAN—17.6%** |
| &nbsp;&nbsp;**Consumer Discretionary—3.8%** | &nbsp;&nbsp;**Consumer Discretionary—3.8%** | &nbsp;&nbsp;**Consumer Discretionary—3.8%** | &nbsp;&nbsp;**Consumer Discretionary—3.8%** |
| &nbsp;&nbsp;Asics Corp. |  | &nbsp;&nbsp;&nbsp;132600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392653 |
| &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** | &nbsp;&nbsp;**Consumer Staples—1.5%** |
| &nbsp;&nbsp;Nihon M&A Center Holdings, Inc. |  | &nbsp;&nbsp;279300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316848 |
| &nbsp;&nbsp;**Financials—2.5%** | &nbsp;&nbsp;**Financials—2.5%** | &nbsp;&nbsp;**Financials—2.5%** | &nbsp;&nbsp;**Financials—2.5%** |
| &nbsp;&nbsp;Zenkoku Hosho Co. Ltd. |  | &nbsp;&nbsp;109300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247561 |
| &nbsp;&nbsp;**Industrials—6.9%** | &nbsp;&nbsp;**Industrials—6.9%** | &nbsp;&nbsp;**Industrials—6.9%** | &nbsp;&nbsp;**Industrials—6.9%** |
| &nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. |  | &nbsp;&nbsp;354800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184342 |
| &nbsp;&nbsp;Sanwa Holdings Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;54100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477912 |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486074 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148328 |
| &nbsp;&nbsp;**Information Technology—2.9%** | &nbsp;&nbsp;**Information Technology—2.9%** | &nbsp;&nbsp;**Information Technology—2.9%** | &nbsp;&nbsp;**Information Technology—2.9%** |
| &nbsp;&nbsp;BayCurrent, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649776 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;**15755166** |
| &nbsp;&nbsp;**MEXICO—2.7%** | &nbsp;&nbsp;**MEXICO—2.7%** | &nbsp;&nbsp;**MEXICO—2.7%** | &nbsp;&nbsp;**MEXICO—2.7%** |
| &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** | &nbsp;&nbsp;**Financials—2.7%** |
| &nbsp;&nbsp;Regional SAB de CV |  | &nbsp;&nbsp;325308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410065 |
| &nbsp;&nbsp;**NORWAY—1.8%** | &nbsp;&nbsp;**NORWAY—1.8%** | &nbsp;&nbsp;**NORWAY—1.8%** | &nbsp;&nbsp;**NORWAY—1.8%** |
| &nbsp;&nbsp;**Materials—1.8%** | &nbsp;&nbsp;**Materials—1.8%** | &nbsp;&nbsp;**Materials—1.8%** | &nbsp;&nbsp;**Materials—1.8%** |
| &nbsp;&nbsp;Borregaard ASA |  | &nbsp;&nbsp;&nbsp;&nbsp;83342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579748 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**POLAND—2.9%** | &nbsp;&nbsp;**POLAND—2.9%** | &nbsp;&nbsp;**POLAND—2.9%** | &nbsp;&nbsp;**POLAND—2.9%** |
| &nbsp;&nbsp;**Consumer Staples—2.9%** | &nbsp;&nbsp;**Consumer Staples—2.9%** | &nbsp;&nbsp;**Consumer Staples—2.9%** | &nbsp;&nbsp;**Consumer Staples—2.9%** |
| &nbsp;&nbsp;Dino Polska SA<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;216656 | &nbsp;&nbsp;$2585440 |
| &nbsp;&nbsp;**SPAIN—2.7%** | &nbsp;&nbsp;**SPAIN—2.7%** | &nbsp;&nbsp;**SPAIN—2.7%** | &nbsp;&nbsp;**SPAIN—2.7%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** |
| &nbsp;&nbsp;CIE Automotive SA |  | &nbsp;&nbsp;&nbsp;&nbsp;72260 | &nbsp;&nbsp;&nbsp;&nbsp; 2423753 |
| &nbsp;&nbsp;**SWEDEN—3.8%** | &nbsp;&nbsp;**SWEDEN—3.8%** | &nbsp;&nbsp;**SWEDEN—3.8%** | &nbsp;&nbsp;**SWEDEN—3.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** | &nbsp;&nbsp;**Consumer Discretionary—2.7%** |
| &nbsp;&nbsp;AddTech AB, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;71021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2407175 |
| &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** | &nbsp;&nbsp;**Industrials—1.1%** |
| &nbsp;&nbsp;Sweco AB, B Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;53701 | &nbsp;&nbsp;&nbsp;&nbsp; 969984 |
| &nbsp;&nbsp;**Total Sweden** | &nbsp;&nbsp;**Total Sweden** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3377159** |
| &nbsp;&nbsp;**TAIWAN—9.0%** | &nbsp;&nbsp;**TAIWAN—9.0%** | &nbsp;&nbsp;**TAIWAN—9.0%** | &nbsp;&nbsp;**TAIWAN—9.0%** |
| &nbsp;&nbsp;**Consumer Discretionary—2.1%** | &nbsp;&nbsp;**Consumer Discretionary—2.1%** | &nbsp;&nbsp;**Consumer Discretionary—2.1%** | &nbsp;&nbsp;**Consumer Discretionary—2.1%** |
| &nbsp;&nbsp;Makalot Industrial Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;216720 | &nbsp;&nbsp;&nbsp;&nbsp; 1896415 |
| &nbsp;&nbsp;**Industrials—5.3%** | &nbsp;&nbsp;**Industrials—5.3%** | &nbsp;&nbsp;**Industrials—5.3%** | &nbsp;&nbsp;**Industrials—5.3%** |
| &nbsp;&nbsp;Chroma ATE, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545233 |
| &nbsp;&nbsp;Elite Material Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256270 |
| &nbsp;&nbsp;Sinbon Electronics Co. Ltd. |  | &nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915048 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716551 |
| &nbsp;&nbsp;**Information Technology—1.6%** | &nbsp;&nbsp;**Information Technology—1.6%** | &nbsp;&nbsp;**Information Technology—1.6%** | &nbsp;&nbsp;**Information Technology—1.6%** |
| &nbsp;&nbsp;Chenbro Micom Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447448 |
| &nbsp;&nbsp;**Total Taiwan** | &nbsp;&nbsp;**Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8060414** |
| &nbsp;&nbsp;**THAILAND—2.9%** | &nbsp;&nbsp;**THAILAND—2.9%** | &nbsp;&nbsp;**THAILAND—2.9%** | &nbsp;&nbsp;**THAILAND—2.9%** |
| &nbsp;&nbsp;**Industrials—2.9%** | &nbsp;&nbsp;**Industrials—2.9%** | &nbsp;&nbsp;**Industrials—2.9%** | &nbsp;&nbsp;**Industrials—2.9%** |
| &nbsp;&nbsp;Fabrinet<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616986 |
| &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—2.5%** | &nbsp;&nbsp;**Communication Services—2.5%** | &nbsp;&nbsp;**Communication Services—2.5%** | &nbsp;&nbsp;**Communication Services—2.5%** |
| &nbsp;&nbsp;Gamma Communications PLC |  | &nbsp;&nbsp;&nbsp;175390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287969 |
| &nbsp;&nbsp;**Consumer Discretionary—3.5%** | &nbsp;&nbsp;**Consumer Discretionary—3.5%** | &nbsp;&nbsp;**Consumer Discretionary—3.5%** | &nbsp;&nbsp;**Consumer Discretionary—3.5%** |
| &nbsp;&nbsp;Games Workshop Group PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;14924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123181 |
| &nbsp;&nbsp;**Financials—4.1%** | &nbsp;&nbsp;**Financials—4.1%** | &nbsp;&nbsp;**Financials—4.1%** | &nbsp;&nbsp;**Financials—4.1%** |
| &nbsp;&nbsp;ICG PLC |  | &nbsp;&nbsp;104045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639366 |
| &nbsp;&nbsp;Tatton Asset Management PLC |  | &nbsp;&nbsp;102984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006558 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645924 |
| &nbsp;&nbsp;**Industrials—7.4%** | &nbsp;&nbsp;**Industrials—7.4%** | &nbsp;&nbsp;**Industrials—7.4%** | &nbsp;&nbsp;**Industrials—7.4%** |
| &nbsp;&nbsp;Chemring Group PLC |  | &nbsp;&nbsp;&nbsp;131923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993050 |
| &nbsp;&nbsp;Diploma PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;54947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049514 |
| &nbsp;&nbsp;Hill & Smith PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;57377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624356 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666920 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;**15723994** |
| &nbsp;&nbsp;**VIETNAM—2.4%** | &nbsp;&nbsp;**VIETNAM—2.4%** | &nbsp;&nbsp;**VIETNAM—2.4%** | &nbsp;&nbsp;**VIETNAM—2.4%** |
| &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** | &nbsp;&nbsp;**Information Technology—2.4%** |
| &nbsp;&nbsp;FPT Corp. |  | &nbsp;&nbsp;553606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185813 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**80159591** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—6.2%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—6.2%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—6.2%** |  |
| &nbsp;&nbsp;iShares MSCI India Small-Cap ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;75502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5564497 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5564497** |
| &nbsp;&nbsp;**PREFERRED STOCKS—2.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.8%** | &nbsp;&nbsp;**PREFERRED STOCKS—2.8%** |  |
| &nbsp;&nbsp;**GERMANY—2.8%** | &nbsp;&nbsp;**GERMANY—2.8%** | &nbsp;&nbsp;**GERMANY—2.8%** | &nbsp;&nbsp;**GERMANY—2.8%** |
| &nbsp;&nbsp;**Industrials—2.8%** | &nbsp;&nbsp;**Industrials—2.8%** | &nbsp;&nbsp;**Industrials—2.8%** | &nbsp;&nbsp;**Industrials—2.8%** |
| &nbsp;&nbsp;Jungheinrich AG |  | &nbsp;&nbsp;&nbsp;&nbsp;68657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451680 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2451680** |

---

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>5</sub>

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Investments (concluded)

October 31, 2025 abrdn International Small Cap Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—1.5%** | &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, 4.01%<sup>(c)</sup> |  | 1380691 | &nbsp;&nbsp;$1380691 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1380691** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $70,757,493)<sup>(d)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $70,757,493)<sup>(d)</sup>—99.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $70,757,493)<sup>(d)</sup>—99.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**89556459** |
| &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;80705 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$89637164** |

---

<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 Investment Management. The rate shown is the 7 day yield as of October 31, 2025.

<sup>(d)</sup> See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

&nbsp;&nbsp;&nbsp;&nbsp;

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **6** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Investments

October 31, 2025 abrdn Ultra Short Municipal Income Active ETF

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —98.8%** | &nbsp;&nbsp;**MUNICIPAL BONDS —98.8%** |  |
| &nbsp;&nbsp;**ALABAMA—4.0%** | &nbsp;&nbsp;**ALABAMA—4.0%** | &nbsp;&nbsp;**ALABAMA—4.0%** |
| &nbsp;&nbsp;Walker County Economic & Industrial Development Authority, VRDN, 4.00%, 08/01/2063<sup>(a)</sup> | $1200000 | &nbsp;&nbsp;$1200000 |
| &nbsp;&nbsp;**CALIFORNIA—1.3%** | &nbsp;&nbsp;**CALIFORNIA—1.3%** | &nbsp;&nbsp;**CALIFORNIA—1.3%** |
| &nbsp;&nbsp;M-S-R Energy Authority, Series B, 6.13%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 390053 |
| &nbsp;&nbsp;**COLORADO—3.0%** | &nbsp;&nbsp;**COLORADO—3.0%** | &nbsp;&nbsp;**COLORADO—3.0%** |
| &nbsp;&nbsp;Colorado Health Facilities Authority, VRDN, Series A, 3.90%, 12/01/2052<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| &nbsp;&nbsp;**CONNECTICUT—3.8%** | &nbsp;&nbsp;**CONNECTICUT—3.8%** | &nbsp;&nbsp;**CONNECTICUT—3.8%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority, Series F, 5.00%, 07/01/2027 | 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142641 |
| &nbsp;&nbsp;**FLORIDA—3.1%** | &nbsp;&nbsp;**FLORIDA—3.1%** | &nbsp;&nbsp;**FLORIDA—3.1%** |
| &nbsp;&nbsp;Capital Trust Authority, Series 2025A, 4.75%, 06/15/2040<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120350 |
| &nbsp;&nbsp;City of Venice, Series B-3, 4.25%, 01/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225434 |
| &nbsp;&nbsp;Florida Development Finance Corp., VRDN, 3.35%, 08/01/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp; 590000 |
| &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**935784** |
| &nbsp;&nbsp;**GEORGIA—4.9%** | &nbsp;&nbsp;**GEORGIA—4.9%** | &nbsp;&nbsp;**GEORGIA—4.9%** |
| &nbsp;&nbsp;Bartow County Development Authority, VRDN, 4.00%, 11/01/2062<sup>(a)</sup> | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc., Series B, 5.00%, 06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252181 |
| &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1452181** |
| &nbsp;&nbsp;**IOWA—4.3%** | &nbsp;&nbsp;**IOWA—4.3%** | &nbsp;&nbsp;**IOWA—4.3%** |
| &nbsp;&nbsp;PEFA, Inc., VRDN, 5.00%, 09/01/2049<sup>(a)</sup> | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267276 |
| &nbsp;&nbsp;**KENTUCKY—1.2%** | &nbsp;&nbsp;**KENTUCKY—1.2%** | &nbsp;&nbsp;**KENTUCKY—1.2%** |
| &nbsp;&nbsp;Kentucky Public Energy Authority, VRDN, Series A, 4.00%, 12/01/2050<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367671 |
| &nbsp;&nbsp;**MARYLAND—1.2%** | &nbsp;&nbsp;**MARYLAND—1.2%** | &nbsp;&nbsp;**MARYLAND—1.2%** |
| &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;&nbsp;&nbsp;347921 |
| &nbsp;&nbsp;**MISSISSIPPI—6.9%** | &nbsp;&nbsp;**MISSISSIPPI—6.9%** | &nbsp;&nbsp;**MISSISSIPPI—6.9%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.00%, 05/01/2028<sup>(a)</sup> | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.35%, 11/01/2032<sup>(a)</sup> | 1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740000 |
| &nbsp;&nbsp;**Total Mississippi** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2040000** |
| &nbsp;&nbsp;**NEW HAMPSHIRE—1.3%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.3%** | &nbsp;&nbsp;**NEW HAMPSHIRE—1.3%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority, VRDN, Series B, 3.90%, 11/01/2064<sup>(a)</sup> | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| &nbsp;&nbsp;**NEW YORK—20.5%** | &nbsp;&nbsp;**NEW YORK—20.5%** | &nbsp;&nbsp;**NEW YORK—20.5%** |
| &nbsp;&nbsp;Broome County Local Development Corp., 3.50%, 07/01/2026 | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704287 |
| &nbsp;&nbsp;City of Buffalo, Series A, 4.00%, 09/30/2026 | 1103750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117556 |
| &nbsp;&nbsp;City of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series 2, 3.90%, 04/01/2042<sup>(a)</sup> | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series G6, 4.00%, 04/01/2042<sup>(a)</sup> | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 |
| &nbsp;&nbsp;Metropolitan Transportation Authority |  |  |
| &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;&nbsp;&nbsp;702712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A2, 5.00%, 11/15/2025 | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275851 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;New York City Municipal Water Finance Authority, VRDN, 3.90%, 06/15/2044<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;$200000 |
| &nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series B-3, 5.00%, 11/15/2043<sup>(a)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000753 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6101159** |
| &nbsp;&nbsp;**NORTH CAROLINA—6.8%** | &nbsp;&nbsp;**NORTH CAROLINA—6.8%** | &nbsp;&nbsp;**NORTH CAROLINA—6.8%** | &nbsp;&nbsp;**NORTH CAROLINA—6.8%** |
| &nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority, VRDN, 3.13%, 12/01/2027<sup>(a)</sup> |  | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028983 |
| &nbsp;&nbsp;North Carolina Medical Care Commission, VRDN, Series C, 3.97%, 10/01/2039<sup>(a)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp;**Total North Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2028983** |
| &nbsp;&nbsp;**OHIO—8.3%** | &nbsp;&nbsp;**OHIO—8.3%** | &nbsp;&nbsp;**OHIO—8.3%** | &nbsp;&nbsp;**OHIO—8.3%** |
| &nbsp;&nbsp;Ohio Air Quality Development Authority, VRDN, Series A, 4.25%, 11/01/2039<sup>(a)</sup> |  | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1056631 |
| &nbsp;&nbsp;State of Ohio, VRDN, Series C, 3.50%, 01/15/2051<sup>(a)</sup> |  | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2456631** |
| &nbsp;&nbsp;**PENNSYLVANIA—3.5%** | &nbsp;&nbsp;**PENNSYLVANIA—3.5%** | &nbsp;&nbsp;**PENNSYLVANIA—3.5%** | &nbsp;&nbsp;**PENNSYLVANIA—3.5%** |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, VRDN, Series A, 3.45%, 04/01/2034<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399916 |
| &nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series B, 4.02%, 09/01/2045<sup>(a)</sup> |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D-2, 3.90%, 11/01/2061<sup>(a)</sup> |  | &nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1029916** |
| &nbsp;&nbsp;**PUERTO RICO—0.3%** | &nbsp;&nbsp;**PUERTO RICO—0.3%** | &nbsp;&nbsp;**PUERTO RICO—0.3%** | &nbsp;&nbsp;**PUERTO RICO—0.3%** |
| &nbsp;&nbsp;Puerto Rico Electric Power Authority, (NPFG), Series V, 5.25%, 07/01/2026 |  | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100093 |
| &nbsp;&nbsp;**SOUTH CAROLINA—1.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—1.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—1.0%** | &nbsp;&nbsp;**SOUTH CAROLINA—1.0%** |
| &nbsp;&nbsp;County of Berkeley, VRDN, 3.55%, 09/01/2028<sup>(a)</sup> |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| &nbsp;&nbsp;**TENNESSEE—7.8%** | &nbsp;&nbsp;**TENNESSEE—7.8%** | &nbsp;&nbsp;**TENNESSEE—7.8%** | &nbsp;&nbsp;**TENNESSEE—7.8%** |
| &nbsp;&nbsp;Public Building Authority of Sevier County, VRDN, Series VII-B-2, 3.97%, 06/01/2039<sup>(a)</sup> |  | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |
| &nbsp;&nbsp;Tennessee Energy Acquisition Corp., Series B, 5.63%, 09/01/2026 |  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223272 |
| &nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2323272** |
| &nbsp;&nbsp;**TEXAS—11.2%** | &nbsp;&nbsp;**TEXAS—11.2%** | &nbsp;&nbsp;**TEXAS—11.2%** | &nbsp;&nbsp;**TEXAS—11.2%** |
| &nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., VRDN, Series B, 3.70%, 11/15/2046<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 |
| &nbsp;&nbsp;Harris County Health Facilities Development Corp., Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027 |  | &nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647468 |
| &nbsp;&nbsp;Port of Port Arthur Navigation District, VRDN, Series D, 3.60%, 11/01/2040<sup>(a)</sup> |  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
| &nbsp;&nbsp;San Antonio Water System, VRDN, Series A, 3.95%, 05/01/2054<sup>(a)</sup> |  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3322468** |
| &nbsp;&nbsp;**WASHINGTON—4.4%** | &nbsp;&nbsp;**WASHINGTON—4.4%** | &nbsp;&nbsp;**WASHINGTON—4.4%** | &nbsp;&nbsp;**WASHINGTON—4.4%** |
| &nbsp;&nbsp;King County Public Hospital District No. 4, Series A, 6.25%, 12/01/2045 |  | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303285 |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**29409334** |

---

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>7</sub>

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Investments (concluded)

October 31, 2025 abrdn Ultra Short Municipal Income Active ETF

------

---

| | | | |
|:---|:---|:---|:---|
| | &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;63047 | &nbsp;&nbsp;$63054 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63054** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $29,440,020)<sup>(c)</sup>—99.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $29,440,020)<sup>(c)</sup>—99.0%** | &nbsp;&nbsp;**Total Investments<br> (Cost $29,440,020)<sup>(c)</sup>—99.0%** | &nbsp;&nbsp;&nbsp;&nbsp;**29472388** |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.0% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.0% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282996 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$29755384** |

---

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

<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;

VRDN Variable Rate Demand Note

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Assets and Liabilities

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging Markets<br> Dividend<br> Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn<br> Focused U.S.<br> Small Cap<br> Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Active ETF<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income<br> Active ETF<sup>(b)</sup>** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;Investments, at value | &nbsp;&nbsp;&nbsp;$210214837 | &nbsp;&nbsp;&nbsp;$22907035 | &nbsp;&nbsp;&nbsp;$88175768 | &nbsp;&nbsp;&nbsp;$29409334 |
| &nbsp;&nbsp;Short-term investments, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63054 |
| &nbsp;&nbsp;Foreign Currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8412 | &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;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
| &nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500408 |
| &nbsp;&nbsp;Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268979 |
| &nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27911 |
| &nbsp;&nbsp;Tax reclaim receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61064 | &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;1759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213047529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23447324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89781168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32270419 |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430000 |
| &nbsp;&nbsp;Payable to IRS on behalf of shareholders related to Article 63 EU Tax Reclaims (see Note 2(h)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;9951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241 |
| &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;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802 |
| &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;2381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &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;9691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515035 |
| &nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;**$211742822** | &nbsp;&nbsp;&nbsp;**$23348864** | &nbsp;&nbsp;&nbsp;**$89637164** | &nbsp;&nbsp;&nbsp;**$29755384** |
| &nbsp;&nbsp;**Cost:** |  |  |  |  |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184232042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20236073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69376802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29376973 |
| &nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63047 |
| &nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8509 | &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 | &nbsp;&nbsp;&nbsp;$612805898 | &nbsp;&nbsp;&nbsp;$20924455 | &nbsp;&nbsp;&nbsp;$102856160 | &nbsp;&nbsp;&nbsp;$32579794 |
| &nbsp;&nbsp;Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(401063076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424409 | &nbsp;&nbsp;&nbsp;&nbsp;(13218996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2824410) |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**$211742822** | &nbsp;&nbsp;&nbsp;**$23348864** | &nbsp;&nbsp;&nbsp;**$89637164** | &nbsp;&nbsp;&nbsp;**$29755384** |
| &nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141003 |
| &nbsp;&nbsp;Net asset value, per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. All information and references to periods prior to the close of business on
February 14, 2025 refers to the Predecessor Fund. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.

(b) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. All information and references to periods prior to the
close of business on October 17, 2025 refers to the Predecessor Fund. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>9</sub>

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statement of Operations

For the Year Ended October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**abrdn<br> Emerging Markets<br> Dividend<br> Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn<br> Focused U.S.<br> Small Cap<br> Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn<br> International<br> Small Cap<br> Active ETF<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn<br> Ultra Short<br> Municipal<br> Income<br> Active ETF<sup>(b)</sup>** |
| &nbsp;&nbsp;**Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;Dividend income | &nbsp;&nbsp;&nbsp;$2862240 | &nbsp;&nbsp;&nbsp;$371085 | &nbsp;&nbsp;&nbsp;$2473341 | &nbsp;&nbsp;&nbsp;$3080 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895075 |
| &nbsp;&nbsp;Foreign tax withholding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898155 |
| &nbsp;&nbsp;**Expenses** |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171640 |
| &nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155 |
| &nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32584 |
| &nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855 |
| &nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52534 |
| &nbsp;&nbsp;Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15652 |
| &nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9417 |
| &nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6685 |
| &nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32590 |
| &nbsp;&nbsp;Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629 |
| &nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53328 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &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;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses reimbursed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209285 |
| &nbsp;&nbsp;**Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1971577** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64728** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1089038** | &nbsp;&nbsp;&nbsp;&nbsp;**1688870** |
| &nbsp;&nbsp;**REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;Realized gain/(loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5022610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12979194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116601) |
| &nbsp;&nbsp;Realized gain/(loss) on in-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12070521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(192032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(4902345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12668331 | &nbsp;&nbsp;&nbsp;&nbsp;12893483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116601) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investment transactions (including $(5287), $0, $553,219 and $0 change in deferred capital gains tax, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;31281044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119917) |
| &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;(168500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10467 | &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;31112544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119917) |
| &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;26210199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13834320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14683811 | &nbsp;&nbsp;&nbsp;&nbsp;(1236518) |
| &nbsp;&nbsp;**CHANGE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;**$28181776** | &nbsp;&nbsp;&nbsp;**$13899048** | &nbsp;&nbsp;&nbsp;**$15772849** | &nbsp;&nbsp;&nbsp;**$452352** |

---

(a) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. All information and references to periods prior to the close of business on
February 14, 2025 refers to the Predecessor Fund. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.

(b) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. All information and references to periods prior to the
close of business on October 17, 2025 refers to the Predecessor Fund. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **10** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Dividend Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn Emerging Markets<br> Dividend Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn Focused U.S.<br> Small Cap Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn Focused U.S.<br> Small Cap Active ETF<sup>(a)</sup>** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$1971577 | &nbsp;&nbsp;&nbsp;$1499988 | &nbsp;&nbsp;&nbsp;$64728 | &nbsp;&nbsp;&nbsp;$(50574) |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4902345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12668331 | &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;31112544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12476564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165989 | &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;28181776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20346229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13899048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946426 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;**Distributable Earnings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1590893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;(1699556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(3290449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 (Note 6)** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62745410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103689936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359456 |
| &nbsp;&nbsp;Proceeds from shares issued from the reorganization (Note 10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54595008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;— |
| &nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10553141) | &nbsp;&nbsp;&nbsp;&nbsp;(14274046) | &nbsp;&nbsp;&nbsp;&nbsp;(106645580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7348401) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;108435679 | &nbsp;&nbsp;&nbsp;&nbsp;(13250508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2955644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2988945) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133327006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7095721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10943404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957481 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78415816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71320095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12405460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11447979 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**211742822** | &nbsp;&nbsp;&nbsp;$**78415816** | &nbsp;&nbsp;&nbsp;$**23348864** | &nbsp;&nbsp;&nbsp;$**12405460** |

---

(a) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. All information and references to periods prior to the
close of business on February 14, 2025 refers to the Predecessor Fund. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

2025 Annual Report<sub>11</sub>

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Statements of Changes in Net Assets (concluded)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap<br> Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap<br> Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income<br> Active ETF<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income<br> Active ETF<sup>(a)</sup>** |
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &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;$1089038 | &nbsp;&nbsp;&nbsp;$867738 | &nbsp;&nbsp;&nbsp;$1688870 | &nbsp;&nbsp;&nbsp;$1734318 |
| &nbsp;&nbsp;Net realized gain/(loss) from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12893483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558690) |
| &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;1790328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31123539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119917) | &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;15772849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36715822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988290 |
| &nbsp;&nbsp;**Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;**Distributable Earnings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF Common 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;Class A | &nbsp;&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;(103869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &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;(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 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;(311) | &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;(1481635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(702261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1540148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1583070) |
| &nbsp;&nbsp;Change in net assets from shareholder distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2723039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1078998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1644328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1734305) |
| &nbsp;&nbsp;**From Capital transactions (Note 6)** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8234310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7370675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854253 |
| &nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621399 |
| &nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57882815) | &nbsp;&nbsp;&nbsp;&nbsp;(48790440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17030792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4388259) |
| &nbsp;&nbsp;Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;(46980507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40355177) | &nbsp;&nbsp;&nbsp;&nbsp;(13082746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1912607) |
| &nbsp;&nbsp;Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(33930697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4718353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14274722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341378 |
| &nbsp;&nbsp;**Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123567861 | &nbsp;&nbsp;&nbsp;&nbsp;128286214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44030106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42688728 |
| &nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;$**89637164** | &nbsp;&nbsp;&nbsp;$**123567861** | &nbsp;&nbsp;&nbsp;$**29755384** | &nbsp;&nbsp;&nbsp;$**44030106** |

---

(a) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. All information and references to periods prior to the
close of business on October 17, 2025 refers to the Predecessor Fund. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **12** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

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** |
| &nbsp;&nbsp;Year Ended October 31, 2025(e) | &nbsp;&nbsp;&nbsp;29.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;38.43 | &nbsp;&nbsp;&nbsp;33.95% |
| &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;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) 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.

(c) Includes interest expense that amounts to less than 0.01%.

(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) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. As a result, the financial highlight information reflects that of the
Predecessor Fund's Institutional Class for all the periods up through the Reorganization. See Note 1 for additional information about the Reorganization.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(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 2h 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.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

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(b)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Net of<br> Reimbursements/<br> Waivers)<br> to Average<br> Net Assets(b)(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(b)(c)(d)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover** |
| &nbsp;&nbsp;211743 | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;83%(f) |
| &nbsp;&nbsp;&nbsp;&nbsp;78416 | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;1.70% | &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;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2025 Annual Report | **15** |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

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** | &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;Year Ended October 31, 2025(d)(e) | &nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;29.61 |
| &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;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;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;(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;(3.03) | &nbsp;&nbsp;(3.03) | &nbsp;&nbsp;36.63 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Excludes sales charge.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. As a result, the financial highlight information reflects that of the
Predecessor Fund's Institutional Class for all the periods up through the Reorganization. See Note 1 for additional information about the Reorganization.

(e) During the fiscal year 2025, the Predecessor Fund implemented a 1 for 3 reverse stock split. Net asset value and per share amounts have been updated for all periods presented to reflect the transaction.
See Note 6.

(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **16** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Financial Highlights (continued)

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)** | &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(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover** |
| &nbsp;&nbsp;&nbsp;15.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23349 | &nbsp;&nbsp;&nbsp;0.67%(f) | &nbsp;&nbsp;&nbsp;&nbsp;1.15%(f) | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;72%(g)(h) |
| &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%(f) | &nbsp;&nbsp;&nbsp;2.24%(f) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;&nbsp;157% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2025 Annual Report | **17** |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn International 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** | &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;Year Ended October 31, 2025(d) | &nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;34.70 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;23.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;31.00 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;&nbsp;24.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;23.81 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;43.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;(16.61) | &nbsp;&nbsp;(16.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;24.12 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;30.37 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;12.84 | &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;43.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Includes interest expense that amounts to less than 0.01%.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. As a result, the financial highlight information reflects that of the
Predecessor Fund's Institutional Class for all the periods up through the Reorganization. See Note 1 for additional information about the Reorganization.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) 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.

---

| | |
|:---|:---|
| **18** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn International 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** | &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(b)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(b)(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover** |
| &nbsp;&nbsp;&nbsp;&nbsp;14.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89637 | &nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;20%(e) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65229 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.28% | &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;75604 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;36% |
| &nbsp;&nbsp;(39.96%)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117960 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;&nbsp;42.08%(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191244 | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;(0.15%) | &nbsp;&nbsp;&nbsp;43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2025 Annual Report | **19** |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Ultra Short Municipal Income 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** | &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;Year Ended October 31, 2025(d)(e) | &nbsp;&nbsp;&nbsp;26.79 | &nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;26.08 |
| &nbsp;&nbsp;Year Ended October 31, 2024 | &nbsp;&nbsp;&nbsp;24.87 | &nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;26.79 |
| &nbsp;&nbsp;Year Ended October 31, 2023 | &nbsp;&nbsp;25.53 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;24.87 |
| &nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;29.52 | &nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;(3.99) | &nbsp;&nbsp;(3.21) | &nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;25.53 |
| &nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;29.22 | &nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;29.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net investment income/(loss) is based on average shares outstanding during the period.

(b) Includes interest expense that amounts to less than 0.01%.

(c) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d) During fiscal year 2025, the Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization. As a result, the financial highlight information reflects that of the
Predecessor Fund's Institutional Class for all the periods up through the Reorganization. See Note 1 for additional information about the Reorganization.

(e) During the fiscal year 2025, the Predecessor Fund implemented a 1 for 3 reverse stock split. Net asset value and per share amounts have been updated for all periods presented to reflect the transaction.
See Note 6.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **20** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Financial Highlights (concluded)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

------

abrdn Ultra Short Municipal Income 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** | &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(b)** | &nbsp;&nbsp;&nbsp;**Ratio of Expenses<br> (Prior to<br> Reimbursements) to<br> Average Net Assets(b)(c)** | &nbsp;&nbsp;&nbsp;**Ratio of Net<br> Investment Income<br> (Loss) to<br> Average Net Assets** | &nbsp;&nbsp;&nbsp;**Portfolio<br> Turnover** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29755 | &nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;4.17% | &nbsp;&nbsp;&nbsp;117%(f) |
| &nbsp;&nbsp;&nbsp;&nbsp;11.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40202 | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.95% | &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;38647 | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;(10.99%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41587 | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.88% | &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;54707 | &nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 2025 Annual Report | **21** |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements

October 31, 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 October 31, 2025, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of October 31, 2025, the Trust operated eighteen (16) separate series, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the four (4) 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")

• abrdn International Small Cap Active ETF ("International Small Cap Active ETF")

• abrdn Ultra Short Municipal Income Active ETF ("Ultra Short Municipal Income 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.

International Small Cap Active ETF acquired all the assets and liabilities of the abrdn International Small Cap Fund (the "Predecessor Fund") pursuant to an Agreement and plan of reorganization and liquidation as of the close of business on October 17, 2025 (the "Reorganization"). Prior to October 17, 2025 , the financial statements of the International 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 October 17, 2025, refer to the Predecessor Fund. Following the Reorganization, the Predecessor Fund's performance and financial history were adopted by International Small Cap Active ETF. All issued and outstanding Class A, Class C and Class R shares of abrdn International Small Cap Fund were converted to Institutional Class shares of the respective Predecessor Fund effective after the close of business on July 18, 2025.

Ultra Short Municipal Income Active ETF acquired all the assets and liabilities of the abrdn Intermediate Municipal Income Fund (the "Predecessor Fund") pursuant to an Agreement and plan of reorganization and liquidation as of the close of business on October 17, 2025 (the "Reorganization"). Prior to October 17, 2025 , the financial statements of the Ultra Short Municipal Income Active ETF reflect the historical results of the Predecessor Fund. All information and references to periods prior to the close of business on October 17, 2025, refer to the Predecessor Fund. Following the Reorganization, the Predecessor Fund's performance and financial history were adopted by Ultra Short Municipal Income Active ETF. All issued and outstanding Class A shares of abrdn Intermediate Municipal Income Fund were converted to Institutional Class shares of the respective Predecessor Fund effective after the close of business on July 18, 2025.

On October 17, 2025, the Emerging Markets Dividend Active ETF acquired the assets and assumed all of the liabilities of the abrdn Focused Emerging Markets ex-China Fund and abrdn China A Share Equity Fund (the "Acquired Funds") pursuant to plans of reorganization approved by the Board of Directors on July 23, 2025. In the Reorganization, the shareholders of the Acquired Funds received an amount of Emerging Markets Dividend Active ETF shares with a net asset value equal to the aggregate net asset value of their holdings of the Acquired Funds shares, as determined at the close of regular business on October 17, 2025. Any applicable fractional shares were paid as cash-in-lieu to the applicable holder. The Reorganization was structured as a tax-free transaction. Emerging Markets Dividend Active ETF is considered the tax survivor and accounting survivor of the Reorganization.

The following is a summary of the net asset value ("NAV") per share issued as of October 17, 2025.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Acquired Funds** | &nbsp;&nbsp;**Acquiring Fund NAV per<br> Share ($) 10/17/2025** | &nbsp;&nbsp;**Conversion Ratio** | &nbsp;&nbsp;**Shares Issued** |
| &nbsp;&nbsp;abrdn Focused Emerging Markets ex-China Fund | &nbsp;&nbsp;37.1538 | &nbsp;&nbsp;0.46384 | &nbsp;&nbsp;1123787 |
| &nbsp;&nbsp;abrdn China A Share Equity Fund | &nbsp;&nbsp;37.1538 | &nbsp;&nbsp;&nbsp;0.73503 | &nbsp;&nbsp;&nbsp;368242 |

---

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| | |
|:---|:---|
| **22** | 2025 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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 NAV of the Funds are maintained in U.S. Dollars.

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| | |
|:---|:---|
| **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. |
|  | 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. |
|  | 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. |
|  | 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 |

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| | |
|:---|:---|
| 2025 Annual Report | **23** |

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

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| |
|:---|
| 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 Valuation Designee 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: |

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• 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).

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. |

---

The following is a summary of the inputs used as of October 31, 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;**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;$197410858 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$197410858 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12803979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12803979 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012141 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$212226978** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$212226978** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$212226978** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$212226978** |

---

---

| | |
|:---|:---|
| **24** | 2025 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

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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;**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;$22907035 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$22907035 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499535 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$23406570** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$23406570** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$23406570** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$23406570** |
| &nbsp;&nbsp;**International Small Cap Active ETF** | &nbsp;&nbsp;**International Small Cap Active ETF** | &nbsp;&nbsp;**International Small Cap Active ETF** | &nbsp;&nbsp;**International Small Cap Active ETF** | &nbsp;&nbsp;**International 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;$80159591 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$80159591 |
| &nbsp;&nbsp;Exchange-Traded Funds <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5564497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5564497 |
| &nbsp;&nbsp;Preferred Stocks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451680 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380691 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$89556459** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$89556459** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$89556459** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$89556459** |
| &nbsp;&nbsp;**Ultra Short Municipal Income Active ETF** | &nbsp;&nbsp;**Ultra Short Municipal Income Active ETF** | &nbsp;&nbsp;**Ultra Short Municipal Income Active ETF** | &nbsp;&nbsp;**Ultra Short Municipal Income Active ETF** | &nbsp;&nbsp;**Ultra Short Municipal Income Active ETF** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Municipal Bonds <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$29409334 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$29409334 |
| &nbsp;&nbsp;Short-Term Investment <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63054 |
| &nbsp;&nbsp;**Total Investments <br>**  | &nbsp;&nbsp;**$63054** | &nbsp;&nbsp;**$29409334** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$29472388** |
| &nbsp;&nbsp;**Total Investment Assets <br>**  | &nbsp;&nbsp;**$63054** | &nbsp;&nbsp;**$29409334** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$29472388** |

---

Amounts listed as "–" are $0 or round to $0.

For the fiscal year ended October 31, 2025, as the result of the mutual fund to ETF conversion daily foreign fair value factors are no longer applied as was the policy of the predecessor funds. There were no other significant changes to the fair valuation methodologies.

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| | |
|:---|:---|
| **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. |

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| | |
|:---|:---|
| **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. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments but are included as a component of net realized and unrealized gain (loss) from investments. |

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| | |
|:---|:---|
| **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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| | |
|:---|:---|
| 2025 Annual Report | **25** |

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 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.

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| | |
|:---|:---|
| **e.**  | **Security Transactions, Investment Income and Expenses:** |
|  | Security transactions are recorded on the trade date. Realized 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. |

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| | |
|:---|:---|
| **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 and the abrdn International 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. The Ultra Short Municipal Income Active ETF expects to declare and distribute its net investment income, if any, to shareholders as dividends monthly. 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. |

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| | |
|:---|:---|
| **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 all open tax years 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 year ended October 31, 2025. |

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| | |
|:---|:---|
| **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. |
|  | ***Emerging Markets Dividend Active ETF*** |

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| | |
|:---|:---|
| **26** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

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| |
|:---|
| 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 October 31, 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 October 31, 2025, and has not been recorded in the Fund's respective net asset value. Recognition of these amounts would have a positive impact on the Fund's performance. |

| As of October 31, 2025, an estimated tax amount of $699,103 has been accrued related to the reclaims received from France in the fiscal year 2024. 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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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;Emerging Markets Dividend Active ETF <br>| On all Assets | &nbsp;&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% |
| &nbsp;&nbsp;International Small Cap Active ETF <br>| On all Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| On all Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.300% |

---

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 the Emerging Markets Dividend Active ETF and Focused U.S. Small Cap Active ETF, 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 the International Small Cap Active ETF and Ultra Short Municipal Income Active ETF, this contractual limitation may not be terminated before February 28, 2028 without the approval of 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.

---

| | |
|:---|:---|
| &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;0.65% |
| &nbsp;&nbsp;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| &nbsp;&nbsp;&nbsp;0.25% |

---

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.

---

| | |
|:---|:---|
| 2025 Annual Report | **27** |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

As of October 31, 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> 2025<br> (Expires 10/31/28)** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| $286160 | &nbsp;&nbsp;&nbsp;$286160 |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;185070 | &nbsp;&nbsp;&nbsp;&nbsp;185070 |
| &nbsp;&nbsp;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;17303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17303 |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Amounts reported are due to expire throughout the respective 3-year expiration period presented above. Amounts waived by the predecessor funds are not eligible for reimbursement.

---

| | |
|:---|:---|
| **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.**  | **Distribution and Service Plan:** |
|  | ALPS Distributors, Inc. (the "Distributor") serves as the Funds' distributor and distributes Creation Units (as defined in Note 6). |

---

4. Beneficial Fund Ownership

As of October 31, 2025, to the knowledge of the Funds, no holders beneficially held more than 25% of the shares outstanding of the Funds.

5. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| $117675907 | &nbsp;&nbsp;&nbsp;$71832155 |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;34858313 | &nbsp;&nbsp;&nbsp;&nbsp;33459121 |
| &nbsp;&nbsp;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;22683144 | &nbsp;&nbsp;&nbsp;&nbsp;69922421 |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| &nbsp;&nbsp;&nbsp;46630008 | &nbsp;&nbsp;&nbsp;&nbsp;63323208 |

---

For the year ended October 31, 2025, in-kind transactions, which are not included in the table above, associated with purchase or redemption of Creation Units were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;&nbsp;$28507887 | &nbsp;&nbsp;&nbsp;$1293799 |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;86321431 | &nbsp;&nbsp;&nbsp;&nbsp;93958921 |
| &nbsp;&nbsp;International Small Cap Active ETF <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;Ultra Short Municipal Income Active ETF <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;- |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **28** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

6. 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 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;**ETF Common Shares:** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62636369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103223170 | &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 reorganizations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126775724<sup>(a)</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;&nbsp;&nbsp;&nbsp;&nbsp;8522067 | &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;(2579339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(100514403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total ETF Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;186832754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Class A 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;489464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551076 |
| &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;(74063048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7704572) |
| &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;(11187276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1465473) |
| &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;– | &nbsp;&nbsp;&nbsp;&nbsp;(84760860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(8618969) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918835 |
| &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;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278952) |
| &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;(4399914) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2760031) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34301 |
| &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;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56828) |
| &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;(279219) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301746) |
| &nbsp;&nbsp;**Institutional Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855244 |
| &nbsp;&nbsp;Cost of shares redeemed from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72180716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8522067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &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;74063048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8040352 |
| &nbsp;&nbsp;Dividends reinvested | &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;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7973802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3086770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6131177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1203795) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78397075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71510352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14186478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691801 |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;**ETF Common Shares:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Shares issued from reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879870<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **29** |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3475000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total ETF Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788471 | &nbsp;&nbsp;&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;&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;&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;– | &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;&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;&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;&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;– | &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;&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;&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;&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;&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;&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;&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;&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;&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;&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;3674 | &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;16618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214643 |
| &nbsp;&nbsp;Redeemed from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2387841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &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;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916823 |
| &nbsp;&nbsp;Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151082) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2620376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(481932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980384 |

---

Amounts listed as "–" are $0 or round to $0.

(a) Amount includes $72,180,716 from the mutual fund to ETF conversion on February 14, 2025. Amount also includes $41,374,582 and $13,220,426 from the reorganization of abrdn Global Equity Impact
Fund and abrdn China A Share Equity Fund, respectively on October 17, 2025.

(b) Amount includes 2,387,841 shares from the mutual fund to ETF conversion on February 14, 2025. Amount also includes 1,123,787 shares and 368,242 shares from the
reorganization of abrdn Global Equity Impact Fund and abrdn China A Share Equity Fund, respectively on October 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income<br> Active ETF** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;**Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;**ETF Common 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;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;&nbsp;&nbsp;30 | &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;87873758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29978800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

---

| | |
|:---|:---|
| **30** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income<br> Active ETF** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;Total ETF Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87873798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29978830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160276 |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;(59480452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3610921) | &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;1147245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142513 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5462515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10409490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818289) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62777304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9116486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3620496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515500) |
| &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;5229 | &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;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140369) | &nbsp;&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;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343776) | &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;&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;176756 | &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;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1438044) | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total Class R Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1844687) | &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;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Service Class Shares:** |  |  |  |  |
| &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;292 | &nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7962) |
| &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;(11916) | &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;7033867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693977 |
| &nbsp;&nbsp;Cost of shares redeemed from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87873758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(29978800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60311751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610921 | &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;1481489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478197 |
| &nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50841887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37779704) | &nbsp;&nbsp;&nbsp;&nbsp;(16865546) | &nbsp;&nbsp;&nbsp;&nbsp;(3562008) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;(69888538) | &nbsp;&nbsp;&nbsp;&nbsp;(30838938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39429164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1389834) |
| &nbsp;&nbsp;**Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;**ETF Common Shares:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Shares issued from reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total ETF Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141003 | &nbsp;&nbsp;&nbsp;&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;32530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17970 |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1742889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426889) | &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;39155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16043 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **31** |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn International<br> Small Cap<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income<br> Active ETF** | &nbsp;&nbsp;&nbsp;&nbsp;**abrdn Ultra Short<br> Municipal Income<br> Active ETF** |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91801) |
| &nbsp;&nbsp;Total Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1846193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57788) |
| &nbsp;&nbsp;**Class C Shares:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&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;(4873) | &nbsp;&nbsp;&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;&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;(11591) | &nbsp;&nbsp;&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;&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;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1264 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47508) | &nbsp;&nbsp;&nbsp;&nbsp;&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;&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;(59736) | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;**Institutional Service Class Shares:** |  |  |  |  |
| &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;33 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1416) | &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;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806) |
| &nbsp;&nbsp;**Institutional Class Shares:** |  |  |  |  |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77838 |
| &nbsp;&nbsp;Redeemed from the reorganization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2583094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1141002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Exchanged | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426515 | &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;49848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166197 |
| &nbsp;&nbsp;Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1529559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1312676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1558200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401023) |
| &nbsp;&nbsp;Total Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2103851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1845633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156988) |

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During the period, the Predecessor Funds of the abrdn Focused U.S. Small Cap Active ETF and abrdn Ultra Short Municipal Income active ETF both effected a 1-for-3 reverse stock split. The effect of each reverse stock split was to reduce the number of shares outstanding in the Funds, while maintaining the Funds' and each stockholder's aggregate net asset value. During the period, all issued and outstanding Class A, Class C and Class R shares of abrdn International Small Cap Fund and all issued and outstanding Class A shares of abrdn Intermediate Municipal Income Fund were converted to Institutional Class shares of the respective Acquired Fund effective after the close of business on July 18, 2025.

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

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| | |
|:---|:---|
| **32** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

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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;&nbsp;**Maximum<br> Redemption<br> Fee** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| $1000 | &nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;2% |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

---

7. Portfolio Investment Risks

---

| | |
|:---|:---|
| **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.**  | **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. |

---

---

| | |
|:---|:---|
| **c.**  | **Cash Transactions Risk** |
|  | Unlike certain ETFs, each of the Emerging Markets Dividend Active ETF, International Small Cap Active ETF and Ultra Short Municipal Income Active ETF may effect its creations and redemptions in cash or partially in cash. As a result, an investment in a 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 a 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 a 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 Funds generally intend 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. |

---

---

| | |
|:---|:---|
| **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.**  | **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. |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **33** |

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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. Investments in China and Hong Kong subject the Fund to additional risks, and may make it significantly more volatile than 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. The Fund may gain exposure to companies based or operated in China by investing through legal structures known as variable interest entities ("VIEs"). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. The Chinese government could intervene with respect to VIEs, which could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangement with the Chinese company.* |
|  | *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.* |

---

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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). |

---

---

| | |
|:---|:---|
| **34** | 2025 Annual Report |

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **35** |

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| |
|:---|
| 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. |

---

---

| | |
|:---|:---|
| **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 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 the 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. |

---

---

| | |
|:---|:---|
| **36** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

---

| | |
|:---|:---|
| **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.* |
|  | *Industrials Sector Risk. 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.* |

---

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
| **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 |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **37** |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

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. |

---

8. 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.

9. Tax Information

As of October 31, 2025, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;$186426783 | &nbsp;&nbsp;&nbsp;&nbsp;$29056442 | &nbsp;&nbsp;&nbsp;&nbsp;$(3256247) | &nbsp;&nbsp;&nbsp;&nbsp;$25800195 |
| &nbsp;&nbsp; Focused U.S. Small Cap Active ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20765472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1038412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641098 |
| &nbsp;&nbsp; International Small Cap Active ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71839702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21917645 | &nbsp;&nbsp;&nbsp;&nbsp;(4200888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17716757 |
| &nbsp;&nbsp; Ultra Short Municipal Income Active ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29440019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32369 |

---

The tax character of distributions during the fiscal year ended October 31, 2025 was as follows (total distributions paid may differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;$3290449 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$3290449 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$3290449 |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <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;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;2723039 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2723039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2723039 |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19721 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19721 | &nbsp;&nbsp;&nbsp;1624607 | &nbsp;&nbsp;&nbsp;&nbsp;1644328 |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **38** | 2025 Annual Report |

---

------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

The tax character of distributions during the fiscal year ended October 31, 2024 was as follows (total distributions paid may differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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;**Total<br> Distributions Paid** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <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;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;1078998 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1078998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;1078998 |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <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;1713279 | &nbsp;&nbsp;&nbsp;&nbsp;1734305 |

---

Amounts listed as "–" are $0 or round to $0.

As of October 31, 2025, 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** | **Capital<br> loss<br> carryforward** | **Unrealized<br> Appreciation/<br> (Depreciation)\*** | **Accumulated<br> Capital and<br> Other<br> Losses\*\*** | **Total<br> Accumulated<br> Earnings/<br> (Deficit)** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| $– | $940502 | $– | $– | $– | $– | $(427798545) | $25794967 | $(427798545) | $(401063076) |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;10344 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227033) | &nbsp;&nbsp;&nbsp;&nbsp;2641098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424409 |
| &nbsp;&nbsp;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;547575 | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(31477106) | &nbsp;&nbsp;&nbsp;&nbsp;17710535 | &nbsp;&nbsp;&nbsp;&nbsp;(31477106) | &nbsp;&nbsp;&nbsp;&nbsp;(13218996) |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| &nbsp;&nbsp;&nbsp;44353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2901134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2901134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2824410) |

---

Amounts listed as "–" are $0 or round to $0.

\* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

\*\* As of October 31, 2025, for Federal income tax purposes, these Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations, with no expiration.

As of October 31, 2025, 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;Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;$5588646 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422209899 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227033 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27353267 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;International Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123839 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557681 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;Ultra Short Municipal Income Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343453 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |

---

---

| | |
|:---|:---|
| 2025 Annual Report | **39** |

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------

[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (continued)

October 31, 2025

------

GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent differences primarily attributable to redemptions in-kind adjustments and current year mergers. These reclassifications have no effect on net assets or NAVs per share.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Paid-in<br> Capital** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributable<br> Earnings/<br> (Accumulated<br> Loss)** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;$27003115 | &nbsp;&nbsp;&nbsp;&nbsp;$(27003115) |
| &nbsp;&nbsp;Focused U.S. Small Cap Active ETF <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11787698 | &nbsp;&nbsp;&nbsp;&nbsp;(11787698) |

---

Amounts listed as "–" are $0 or round to $0.

10. Fund Reorganization

Effective October 17, 2025, the abrdn Emerging Markets Dividend Active ETF (the "Acquiring Fund") acquired all of the assets and assumed all of the liabilities of the abrdn Focused Emerging Markets ex-China Fund and abrdn China A Share Equity Fund (the "Acquired Funds") pursuant to a plan of Reorganization approved by the Board of Trustees on July 23, 2025.

The acquisition was accomplished by a tax-free exchange as follows:

2,923,803 shares of the Acquired Funds, fair valued at $55,434,537 for 1,492,029 shares of the Acquiring Fund.

The investment portfolio and cash of the Acquired Funds, with a fair value of $55,671,875 and identified cost of $55,077,587, 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 Funds was carried forward to align ongoing reporting of the Acquiring Fund realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Acquiring Fund acquired capital loss carryovers of $27,264,095 from abrdn China A Share Equity Fund which are subject to loss limitations from the Acquired Fund. Immediately prior to the Reorganization, the investment portfolio and cash of the Acquiring Fund was $146,688,857.

Assuming that the Reorganization had been completed on November 1, 2024, the Acquiring Fund's pro forma results of operations for the twelve months ended October 31, 2025 are as follows:

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;$2519691 |
| Net realized and unrealized loss from investments | &nbsp;&nbsp;35634753 |
| Net increase in net assets from operations | &nbsp;&nbsp;38154444 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations since October 17, 2025.

The chart below shows a summary of net assets and shares outstanding, before and after the Reorganization.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Accumulated<br> Net Realized<br> Gain/(Loss)** |
| &nbsp;&nbsp;**Before Reorganization** |  |  |  |  |  |
| &nbsp;&nbsp;abrdn Focused Emerging Markets ex-China Fund <br>| &nbsp;&nbsp;&nbsp;2422811 | &nbsp;&nbsp;$41752945 | &nbsp;&nbsp;$17.23 | &nbsp;&nbsp;$595134 | &nbsp;&nbsp;$1625907 |
| &nbsp;&nbsp;abrdn China A Share Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;500992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13681592 | &nbsp;&nbsp;&nbsp;&nbsp;27.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27255619) |
| &nbsp;&nbsp;abrdn Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;3940444 | &nbsp;&nbsp;&nbsp;&nbsp;146402540 | &nbsp;&nbsp;&nbsp;&nbsp;37.15 | &nbsp;&nbsp;&nbsp;&nbsp;19390603 | &nbsp;&nbsp;&nbsp;&nbsp;(398777372) |
| &nbsp;&nbsp;**Total <br>**  |  | &nbsp;&nbsp;**$201837077** |  | &nbsp;&nbsp;**$19985752** | &nbsp;&nbsp;**($424407084)** |

---

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| | |
|:---|:---|
| **40** | 2025 Annual Report |

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[**Table of Contents**](#JOB_Multi_5e05633d-6d98-47e3-8188-bdbf0fef86ef_TOCtm2534449d1_etfreport)

Notes to Financial Statements (concluded)

October 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Accumulated<br> Net Realized<br> Gain/(Loss)** |
| &nbsp;&nbsp;**After Reorganization** |  |  |  |  |  |
| &nbsp;&nbsp;abrdn Emerging Markets Dividend Active ETF <br>| &nbsp;&nbsp;5432473 | &nbsp;&nbsp;$201837077 | &nbsp;&nbsp;$37.15 | &nbsp;&nbsp;$19985752 | &nbsp;&nbsp;($424407084) |

---

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 ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect each Funds' 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 each Funds' CODM. The CODM monitors the operating results of the Funds as a whole, and each Funds' 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. Each Funds' 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 each Funds' financial statements. Segment assets are reflected on each Funds' Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

12. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

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 October 31, 2025.

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| 2025 Annual Report | **41** |

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Report of Independent Registered Public Accounting Firm

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To the Shareholders and Board of Trustees

abrdn Funds:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of abrdn Emerging Markets Dividend Active ETF, abrdn Focused U.S. Small Cap Active ETF, abrdn International Small Cap Active ETF, and abrdn Ultra Short Municipal Income Active ETF, four of the funds comprising abrdn Funds (each, a Fund and collectively, the Funds), including the statements of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](tm2534449d1etfreporti002.jpg)

We have served as the auditor of one or more abrdn investment companies since 2009.

Columbus, Ohio

December 26, 2025

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| **42** | 2025 Annual Report |

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Other Tax Information (Unaudited)

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For the year ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% or 20% (depending upon income levels) as qualified dividend income. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2026 Form 1099-DIV.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Qualified<br> Dividend<br> Income** |
| &nbsp;&nbsp;Emerging Markets Dividend Active ETF | &nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;International Small Cap Active ETF | &nbsp;&nbsp;0.82% |

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The Funds intend to elect to pass through to their shareholders the credit for taxes paid in foreign countries during its fiscal year ended October 31, 2025. In accordance with the current tax laws, the foreign income and foreign tax per share (for a share outstanding as of October 31, 2025) were as follows:

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Foreign Tax** |
| &nbsp;&nbsp;International Small Cap Active ETF | &nbsp;&nbsp;$0.3290 |

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| 2025 Annual Report | **43** |

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Changes in and Disagreement with Accountants for Open-End Management Investment Companies

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Not applicable.

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| **44** | 2025 Annual Report |

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Proxy Disclosures for Open-End Management Investment Companies

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Not applicable.

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| 2025 Annual Report | **45** |

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Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies

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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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| **46** | 2025 Annual Report |

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Statement Regarding Basis of Approval for Investment Advisory Contract

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#### Summary of Board Considerations in Approving the Investment Advisory and Sub-Advisory Agreements
At a regularly scheduled meeting (the "Meeting") of the Board of Trustees (the "Board") of abrdn Funds (the "Trust") held on June 11, 2025, the Board, including those Trustees (the "Independent Trustees") who are not "interested persons" (as that term is defined in the Investment Company Act of 1940 (the "1940 Act")) of the Trust, approved the continuation of the advisory agreement (the "Advisory Agreement") between abrdn Inc. (the "Investment Adviser") and each of abrdn Emerging Markets Dividend Active ETF and abrdn Focused U.S. Small Cap Active ETF (each a "Fund," and collectively the "Funds"), and, with respect to abrdn Emerging Markets Dividend Active ETF, of the sub-advisory agreement (the "Sub-Advisory Agreement," and collectively with the Advisory Agreement, the "Advisory Agreements") among the Trust, the Investment Adviser, and abrdn Investments Limited<sup>1</sup> (the "Sub-Adviser" and together with the Investment Adviser, the "Advisers"). In connection with their consideration of whether to approve the continuation of the Advisory Agreements, the Board members received and reviewed a variety of information provided by the Advisers relating to the Funds, the Advisory Agreements, and the Advisers. The information provided to the Board members included (but was not limited to): comparative fee and expense information (as well as information on the limitations of such comparable data) of a peer group of funds based on the relevant Fund's Morningstar Category (the "Peer Funds"), each as selected by Institutional Shareholder Services Inc. ("ISS"), an independent third-party provider of investment company data, and other performance information. The Peer Funds presented for fee and expense data comparison consisted of a sub-set of the funds in the Fund's Morningstar Category and, if applicable, other industry peer funds, as determined independently by ISS. The Board also received information regarding Fund performance relative to industry peers and relevant benchmark indices, as well as information regarding the nature, extent and quality of services provided by the Advisers under the Advisory Agreements.

The materials provided to the Board generally included, among other items: (i) information on the investment performance of the Funds relative to industry peers and relevant benchmarks; (ii) reports prepared by the Advisers in response to requests submitted by the Independent Trustees' independent legal counsel on behalf of such Trustees; (iii) information on the Funds' management fee and other expenses, including information comparing each Fund's expenses to its respective Peer Funds, comparable funds, if any, and information about applicable fee "breakpoints" in the Funds' fee structures and expense limitations, if any; (iv) information regarding the Investment Adviser's revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Investment Adviser; and (v) a memorandum from the Independent Trustees' independent legal counsel on the responsibilities of the Board in considering the approval of the investment advisory and investment sub-advisory arrangements under the 1940 Act and Delaware law.

The Independent Trustees met with representatives of the Advisers and separately in executive session with independent legal counsel on June 11, 2025 to discuss the continuation of the Advisory Agreements. The Independent Trustees also met with representatives of the Advisers and separately in executive session with independent legal counsel on June 2, 2025 to discuss the materials provided to the Board by the Advisers in response to a request for information sent to them by the Independent Trustees' independent legal counsel.

In evaluating whether to renew the Advisory Agreements for the Funds, the Board considered numerous factors, including: (i) the nature, extent and quality of services provided to the Funds by the Advisers under the Advisory Agreements; (ii) the costs of services provided to the Funds and the profits realized by the Investment Adviser (and its affiliates) from its relationship with the Funds; (iii) each Fund's total expense ratio as well as the management fee paid by each Fund pursuant to the Advisory Agreements relative to the total expense ratios of and the management fee charged to the Peer Funds and comparable accounts, if any; (iv) the investment performance of each Fund relative to that of its benchmark index as well as industry peers, if any; (v) any additional benefits received by the Advisers or their affiliates; (vi) the extent to which economies of scale are being realized by shareholders and will be realized as the Funds' assets increase; (vii) the Advisers' compliance programs; and (viii) any other considerations deemed relevant by the Board. The Independent Trustees also discussed the Advisory Agreements in an executive session with independent legal counsel at which no representatives of the Advisers were present. No single factor reviewed by the Board was identified as the principal factor in determining whether to renew the Advisory Agreements, and individual Trustees may have given different weight to various factors.

The discussion immediately below outlines in greater detail certain of the materials and information presented to the Board by the Advisers in connection with the Board's consideration and approval of the continuation of the Advisory Agreements, and the conclusions made by the Board at the Meeting when determining to renew the Advisory Agreements.

#### The Nature, Extent and Quality of Services Provided to the Funds under the Advisory Agreements
The Trustees considered the nature, extent and quality of services provided by the Advisers to the Funds. They reviewed information about the resources dedicated to the Funds by the Advisers and their affiliates. Among other things, the Board reviewed and discussed the background and experience of the Advisers' senior management personnel who serviced the Funds and the qualifications, background and responsibilities of the portfolio managers primarily responsible for providing day-to-day portfolio management services for the Funds. The Trustees also considered the financial condition of the Advisers and the Advisers' ability to provide quality service to the Funds. Management representatives reported to the Board and responded to questions on, among other things, the Advisers' business plans and any current or proposed organizational changes. The Trustees also took into account the Advisers' experience as asset managers and considered information regarding the Advisers' compliance with applicable laws and Securities and Exchange Commission ("SEC") and other regulatory agency inquiries or audits of the Funds, the Advisers and/or their affiliates. The Board considered reports from the Advisers on their risk management processes. The Board noted that it received information

{foots1}

1 Effective October 20, 2025, abrdn Investments Limited no longer serves as sub-adviser to abrdn Emerging Markets Dividend Active ETF.

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Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

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on a regular basis from the Funds' Chief Compliance Officer regarding the Advisers' compliance policies and procedures and information concerning the Advisers' brokerage policies and practices. The Trustees also noted that the Advisers had provided information and periodic reporting, including updates on their management of the Funds and the quality of their performance, and had discussed these matters with the Trustees at meetings held regularly throughout the preceding year.

Based on the totality of the information considered, the Board concluded that the nature, extent and quality of the Advisers' services provided to the Funds were of a high quality, and that the Advisers have provided and could reasonably be expected to continue to provide these services on an ongoing basis based on their experience, operations and resources.

#### The Costs of Services Provided and Profits Realized by the Advisers and their Affiliates from their Relationships with the Funds
The Board reviewed information compiled by ISS that compared each Fund's effective annual management fee rate with the fees paid by its Peer Funds. The Board reviewed with management the effective annual management fee rate paid by each Fund to the Investment Adviser for investment management services. The Board considered the Funds' management fee structures, including information from management about the fees charged by the Investment Adviser to other clients investing primarily in an asset class similar to that of each Fund. The Board reviewed and considered additional information about the Advisers' fees, including the amount of the management fees retained by the Investment Adviser after payment of the sub-advisory fees, as applicable. The Board considered that, as applicable, the compensation paid to the Sub-Adviser was paid by the Investment Adviser and, accordingly, that the retention of the Sub-Adviser for abrdn Emerging Markets Dividend Active ETF did not increase the fees or expenses otherwise incurred by the Fund's shareholders. The Board considered the fee comparisons in light of the differences in resources and costs required to manage the different types of accounts. In evaluating each Fund's management fee, the Board took into account the regulatory regimes, fund structure, level of services, complexity and quality of the investment management of the Funds.

In addition to the foregoing, the Board considered each Fund's fees and expenses relative to the fees and expenses of its Peer Funds, as well as information on the limitations of such comparable data given differences between each Fund and its respective Peer Funds presented. The comparative fee and expense information for each Fund is detailed below:

*abrdn Emerging Markets Dividend Active ETF*

This information showed that the Fund's net management fee and total net expenses were above the median of its Peer Funds.

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

This information showed that the Fund's net management fee and total net expenses were below the median of its Peer Funds.

The Board also reviewed the profitability of the investment advisory relationship with the Funds to the Investment Adviser. The Board concluded that the Funds' respective fees and expenses, as well as the Investment Adviser's profitability with respect to each Fund, were reasonable in light of the nature, extent and quality of services provided. In reaching its conclusions, the Board took into consideration the information provided by and discussed with Management regarding each Fund.&nbsp;&nbsp;&nbsp;&nbsp;

#### Investment Performance of the Funds
The Board received and reviewed with the Funds' management, among other performance data, information that compared each Fund's return over various periods of time to those of each Fund's industry peers and benchmark and discussed this information with management. The Board received and considered information on the limitations of the comparability of the data provided based on differences between each Fund and the industry peers and benchmarks presented. The Trustees considered management's discussion of the factors contributing to performance. Additionally, the Board considered the Advisers' discussion of the Funds' performance. The comparative industry peer performance information for each Fund is detailed below:

*abrdn Emerging Markets Dividend Active ETF*

The Trustees noted the relatively limited performance history of the Fund since its conversion on February 14, 2025 and that performance shown for periods prior to the Fund's conversion was that of abrdn Emerging Markets Dividend Fund (the Fund's predecessor fund). The Board considered Management's discussion of performance in approving the Advisory Agreement.

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

The Trustees noted the relatively limited performance history of the Fund since its conversion on February 14, 2025 and that performance shown for periods prior to the Fund's conversion was that of abrdn Focused U.S. Small Cap Equity Fund (the Fund's predecessor fund). The Board considered Management's discussion of performance in approving the Advisory Agreement.

#### Direct and Indirect Benefits
The Board then considered whether or the extent to which the Advisers derive any direct, ancillary or indirect benefits, such as reputational benefits, that could accrue to the Advisers from the Funds' operations as a result of the Advisers' relationships with the Funds. The Board recognized the services provided to the Funds by affiliates of the Investment Adviser and the related compensation paid by the Funds for those services. Based on the totality of the information considered, the Board concluded that any benefits accruing to the Advisers by virtue of their relationships with the Funds appeared to be reasonable.

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Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

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#### Economies of Scale
The Board next considered information provided regarding and management's discussion of the Funds' management fee structures and determined that each Fund's management fee structure was reasonable. The Board based its determination on various factors, including how the Funds' management fees compared relative to the respective Peer Funds. The Board considered that the Funds benefit from being part of a larger Fund complex. The Board also considered that each Fund had an expense limitation agreement in place until February 28, 2027, pursuant to which the Investment Adviser agreed to waive and/or reimburse certain expenses as a means of limiting each Fund's total annual operating expenses. In each case, the Board determined that the sharing of economies of scale was reasonable.

\* \* \*

Based on the Board's deliberations and its evaluation of the information described above and other factors and information the Trustees deemed relevant in the exercise of their individual reasonable business judgment, the Board, including the Independent Trustees, with the assistance of fund counsel and independent legal counsel to the Independent Trustees, unanimously determined that the fees charged pursuant to the Advisory Agreements were fair and reasonable and approved the continuation of the Advisory Agreements. .

#### Summary of Board Considerations in Approving the Investment 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 June 11, 2025 (the "Meeting") to consider the approval of: (i) the Investment Advisory Agreement between the Trust, on behalf of abrdn International Small Cap Active ETF (the "International Small Cap Active ETF") and abrdn Ultra Short Municipal Income Active ETF (the "Ultra Short Municipal Income Active ETF," together with the International Small Cap 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 International Small Cap 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) information provided by the Adviser, describing the services to be provided to the Funds by the Adviser and the Sub-Adviser, as applicable; (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 applicable law. The Board, including the Independent Trustees, also considered other matters such as (i) the Advisers' financial condition; (ii) the performance of abrdn International Small Cap Fund (the "International Small Cap Fund") and abrdn Intermediate Municipal Income Fund (the "Intermediate Municipal Income Fund" and, together with the International Small Cap 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; (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 and compliance policies and procedures; (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 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 in advance of their June 2 and June 11 meetings, 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 International Small Cap 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, and the cost of 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 Advisory 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 Advisory Agreements:

#### The Nature, Extent and Quality of Services Provided to the Funds under the Advisory Agreements
The Trustees considered the nature, extent and quality of 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'

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Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

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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 International Small Cap 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.

After reviewing these and related factors, the Board concluded that the nature, extent and quality of services to be provided supported the approval of the Advisory Agreements.

#### Investment Performance and the Advisers' Portfolio Management
Investment Performance and the Advisers' Portfolio Management. Because the Funds are newly formed, limited information regarding the performance of the Funds is available. . With respect to the International Small Cap Active ETF, the Board reviewed the performance of the Predecessor Fund, and noted that the performance had been sufficient to approve the continuation of the Advisory Agreements and that the strategy was expected to be similar to the Predecessor Fund following the conversion. With respect to the Ultra Short Municipal Income Active ETF, the Board noted that the Predecessor Fund's strategy would change following conversion and, correspondingly, that the Predecessor Fund performance was not directly relevant to the Ultra Short Municipal Income Active ETF's strategy. 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 Services Provided and Profits Realized by the Advisers and their Affiliates from their 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 of each Fund's net management fee and total expense level to those of industry peers. 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 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 limit total annual operating expenses with respect to each Fund until at least February 28, 2028.

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 services to be provided by and the profits to be realized by the Advisers were reasonable in light of the nature, extent and quality of services provided.

#### 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 their 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 supported approval of the Advisory Agreement with respect to the Funds and the Sub-Advisory Agreement with respect to the International Small Cap Active ETF.

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Statement Regarding Basis of Approval for Investment Advisory Contract (concluded)

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Based on the Board's deliberations and its evaluation of the information described above and other factors and information the Trustees deemed relevant in the exercise of their individual reasonable business judgment, the Board, including the Independent Trustees, with the assistance of fund counsel and independent legal counsel to the Independent Trustees, unanimously determined that the fees charged pursuant to the Advisory Agreements were fair and reasonable and approved the Advisory Agreements for an initial two-year period.

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abrdn Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

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 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in the response to Item 7 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 October 31, 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 are 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) The Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form N-CSR.](tm2534449d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant pursuant to Rule 30a-2(a) under the Act are exhibits to this report.](tm2534449d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of the Registrant pursuant to Rule 30a-2(b) under the Act are exhibits to this report.](tm2534449d1_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 | abrdn Funds |
| By: | /s/ Alan Goodson |
| Alan Goodson | Alan Goodson |
| Principal Executive Officer | Principal Executive Officer |
| abrdn Funds | abrdn Funds |
| Date: January 8, 2026 | Date: January 8, 2026 |

---

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.

---

| | |
|:---|:---|
| By: | /s/ Alan Goodson |
| Alan Goodson | Alan Goodson |
| Principal Executive Officer | Principal Executive Officer |
| abrdn Funds | abrdn Funds |
| Date: January 8, 2026 | Date: January 8, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael Marsico |
| Michael Marsico | Michael Marsico |
| Principal Financial Officer | Principal Financial Officer |
| abrdn Funds | abrdn Funds |
| Date: January 8, 2026 | Date: January 8, 2026 |

---

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**<u>CODE OF ETHICS (PERSONAL TRADING)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

Rule 17j-1(b) under the Investment Company Act of 1940, as amended (the "1940 Act"), makes it unlawful for any affiliated person, officer or Board member of the Funds in connection with the purchase or sale by such person of a Security (as defined below) "held or to be acquired" by the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Funds any untrue statement of a material fact or omit to state to the Funds a material
fact necessary in order to make the statement made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Funds' investment portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purpose of the Code of Ethics** 

The Funds expect that the officers and Fund Board members will conduct their personal investment activities in accordance with (1) the duty at all times to place the interests of the Funds' shareholders first; (2) the requirement that all personal Securities transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and (3) the fundamental standard that investment company personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the provisions of Section 17(j) of the 1940 Act, Rule 17j-1 under the 1940 Act, and various pronouncements by the Securities and Exchange Commission ("SEC") and the Investment Company Institute on personal investing by investment company personnel, <sup>1</sup> the Funds have adopted this Code of Ethics to specify a code of conduct for certain types of personal Securities transactions that might involve conflicts of interest or an appearance of impropriety, and to establish reporting requirements and enforcement procedures. This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield Fund personnel from liability for personal trading or other conduct that violates a fiduciary duty to Fund shareholders.

This Code of Ethics does not apply to any officer, Board member or employee of the Funds who is also an Access Person or Investment Personnel (as defined under Rule 17j-1 under the 1940 Act) employed by the Funds' investment adviser, investment sub-advisers or principal underwriter ("Excluded Advisory Personnel"). Those individuals are covered by the Codes of Ethics that have been adopted by their respective entities and approved by the Board of each of the Funds in accordance with the provisions of Rule 17j-1 of the 1940 Act.

<sup>1</sup> See Investment Adviser Code of Ethics, SEC Release No. IC-26492 (July 9, 2004); Personal Investment Activities of Investment Company Personnel, SEC Release No. IC-23958 (August 24, 1999); Personal Investment Activities of Investment Company Personnel, Report by the Securities and Exchange Commission (September 1994); and Report of the Advisory Group on Personal Investing, Investment Company Institute (May 9, 1994).

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;A. "  **<u>Access Person</u>**" means (1) each Board member or officer of the Funds; and
(2) any Advisory Person of the Funds except Excluded Advisory Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;B. "  **<u>Advisory Person</u>**" means (1) each Board member, officer, general partner
or employee of the Funds (or of any company in a control relationship to the Funds) who in connection with his or her regular functions
or duties, makes, participates in, or obtains information regarding the purchase or sale of a Reportable Security (as defined below) by
the Funds or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural
person in a control relationship to the Funds who obtains information concerning recommendations made to the Funds with regard to the
purchase or sale of a Reportable Security by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;C. "  **<u>Automatic Investment Plan</u>**" means a program in which regular periodic purchases
(or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An
Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;D. "  **<u>Beneficial Ownership</u>**" shall be interpreted in the same manner as it would be
in determining whether a person is considered a "beneficial owner" as defined in Rule 16a-1(a)(2) under the Securities
Exchange Act of 1934, as amended ("1934 Act"), which generally speaking, encompasses those situations where the beneficial
owner has the right to enjoy some economic benefit from the ownership of the Reportable Security. You will be treated as a "beneficial
owner" of a Security under this Code only if you have a direct or indirect pecuniary interest in the Security. A direct pecuniary
interest is the opportunity, directly or indirectly, to profit, or to share the profit, from the transaction. An indirect pecuniary interest
is any nondirect financial interest, but is specifically defined in the rules to include, among other things, Securities held by
members of your immediate family sharing the same household; Securities held by a partnership of which you are a general partner; Securities
held by a trust of which you are the settlor if you can revoke the trust without the consent of another person, or a beneficiary if you
have or share investment control with the trustee; and equity Securities which may be acquired upon exercise of an option or other right,
or through conversion. For interpretive guidance on this test, you should consult your counsel. A person is normally regarded as the beneficial
owner of Reportable Securities held in the name of his or her spouse or minor children and adults living in his or her household.

&nbsp;&nbsp;&nbsp;&nbsp;E. "  **<u>Control</u>**" shall have the same meaning as set forth in Section 2(a)(9) of
the 1940 Act. Generally, control is the power to exercise a controlling influence over the management or policies of a company unless
such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;F. "  **<u>Exempt Transactions</u>**" means: (1) purchases or sales effected in any account
over which an Access Person or Investment Personnel has no direct or indirect influence or control; (2) purchases or sales which
are non-volitional<sup>2</sup> on the part of the Access Person, Investment Personnel or the Funds; (3) purchases which are
part of an Automatic Investment Plan; or (4) purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders
of a class of its Reportable Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

<sup>2</sup> Non-volitional purchases or sales include those transactions, which do not involve a willing act or conscious decision on the part of the Board Member, officer or employee. For example, shares received or disposed of by Access Persons or Investment Personnel in a merger, recapitalization or similar transaction are considered non-volitional.

&nbsp;&nbsp;&nbsp;&nbsp;G. A Security is "  **<u>held or to be acquired</u>**" if within the most recent 15 days it
(1) is or has been held by the Funds, (2) is being or has been considered by the Funds or the investment adviser or investment
sub-adviser for purchase by the Funds or (3) any option to purchase or sell and any Security convertible into or exchangeable for
a Reportable Security that is described in (1) or (2) of this definition.

&nbsp;&nbsp;&nbsp;&nbsp;H. An Access Person's "  **<u>immediate family</u>**" means a spouse, minor children and
adults living in the same household as the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;I. "  **<u>Independent Board Member</u>**" means each Board member who is not an "interested
person" of the Funds (as defined in Section 2(a)(19) of the 1940 Act) and who would be required to make a report under Section V
of this Code solely by reason of being a Board member of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;J. An "  **<u>Initial Public Offering</u>**" means an offering of Securities registered under
the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of
Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;K. "  **<u>Investment Personnel</u>**" of the Funds means (1) any employee of the Funds
(or of any company in a control relationship to the Funds) who, in connection with his or her regular functions or duties, makes or participates
in making recommendations regarding the purchase or sale of Securities by the Funds or (2) any natural person who controls the Funds
and who obtains information concerning recommendations made to the Funds regarding the purchase or sale of Securities by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;L. A "  **<u>Limited Offering</u>**" means an offering that is exempt from registration under
the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or
Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;M. "  **<u>Purchase or sale of a Reportable Security</u>**" includes, among other things, the
writing of an option to purchase or sell a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;N. "  **<u>Reportable Security</u>**" means a Security excluding (1) direct obligations
of the Government of the United States; (2) banker's acceptances; (3) bank certificates of deposit; (4) commercial
paper; (5) high quality short-term debt instruments (any instrument having a maturity at issuance of less than 366 days and that
is rated in one of the two highest rating categories by a nationally recognized statistical rating organization), including repurchase
agreements; and (6) shares of registered open-end investment companies other than those advised by an Aberdeen Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;O. "  **<u>Security</u>**" means a security as defined in Section 2(a)(36)of the 1940 Act
which is defined as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest
or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable
share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas,
or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any
group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege
entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known
as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee
of, or warrant or right to subscribe to or purchase, any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Policies of the Funds Regarding Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Policy

No Access Person of the Funds shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1(b) set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Specific Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Restrictions on Personal Securities Transactions by Independent Board Members** 

The Funds recognize that an Independent Board Member does not have on-going, day-to-day interaction with the operations of the Funds. In addition, it has been the practice of the Funds to give information about Securities purchased or sold by the Funds or considered for purchase or sale by the Funds to Independent Board Members in materials circulated more than 15 days after such Securities are purchased or sold by the Funds or are considered for purchase or sale by the Funds. Accordingly, the Funds believe the following controls are appropriate for Independent Board Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Personal Account Dealing in Fund 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;i. Independent Board Members are prohibited from buying or selling any Aberdeen-advised U.S. Registered Fund
(closed-end, open-end, and ETFs) shares during the two week period prior to or following Board meetings of which they are aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Independent Board Members are required to pre-clear with the Fund CCO or his/her designee all Aberdeen-advised
U.S. Registered Fund buys or sells including funds for which an Independent Board Member does not serve as a director/trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Fund CCO may waive this prohibition in exceptional circumstances and upon a determination that the
transaction does not violate any applicable laws or regulations. The Fund CCO will document any such waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limited Pre-clearance. The Securities pre-clearance requirement contained in IV.B.2. below shall only
apply to an Independent Board Member if he or she knew that during the fifteen day period before the proposed transaction in a Reportable
Security (other than Exempt Transactions) or at the time of the transaction that the Reportable Security to be purchased or sold by him
or her (other than Exempt Transactions) was also purchased or sold by the Fund(s) or considered for the purchase or sale by the Fund(s) (i) for
which such Independent Board Member acts as a Director or Trustee or (ii) any Aberdeen-advised U.S. Registered Fund (closed-end,
open-end, and ETFs).<sup>3</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;c. Pre-clearance Not Granted. When the securities pre-clearance requirement applies to an Independent Board
Member, no clearance will be given to the Independent Board Member to purchase or sell any Reportable Security (1) on a day when
any Fund has a pending "buy" or "sell" order in that same Reportable Security until that order is executed or
withdrawn or (2) when the Funds' Chief Compliance Officer has been advised by the Funds' investment adviser or investment
sub-adviser that the same Reportable Security is being considered for purchase or sale for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Restrictions on Initial Public Offering or Limited Offering Personal Securities Transactions by Access Persons Who Are Not Independent Board Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Pre-clearance. An Access Person who is not an Independent Board Member is prohibited from buying or selling
any Security through an Initial Public Offering or a Limited Offering for his or her personal portfolio or the portfolio of a member of
his or her immediate family without obtaining (i) email or other written authorization or (ii) oral authorization from a Funds
Chief Compliance Officer prior to effecting such Reportable Security transaction.

A written authorization for such Security transaction will be provided by the Funds' Chief Compliance Officer or his/her delegate to the person receiving the oral authorization (if granted). The written authorization will also be provided to the Funds' administrator to memorialize the email and oral authorization that was granted.

<u>Note</u>: If an Access Person has questions as to whether purchasing or selling a Reportable Security for his or her personal portfolio or the portfolio of a member of his or her immediate family requires prior oral authorization, the Access Person should consult the Funds' Chief Compliance Officer for clearance or denial of clearance to trade prior to effecting any Reportable Securities transition.

<sup>3</sup> Because monitoring the publication of the portfolio holdings of series of abrdn ETFs and abrdn Funds that operate as ETFs is not construed to be within the ordinary course of fulfilling the duties of a board member, the publication or availability of such portfolio holdings shall not be construed to impart actual or constructive knowledge of such series' portfolio transactions on an Independent Board Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pre-clearance Expiration. Pre-clearance approval will expire at the close of business on the trading day
after the date on which written or oral authorization is received, and the Access Person is required to renew clearance for the transaction
if the trade is not completed before the authority expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Pre-clearance Not Granted. No pre-clearance will be given to purchase or sell any Reportable Security
(1) on a day when any Fund has a pending "buy" or "sell" order in that same Reportable Security until that
order is executed or withdrawn or (2) when the Funds' Chief Compliance Officer has been advised by the Funds' investment
adviser or investment sub-adviser that the same Reportable Security is being considered for purchase or sale for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Additional Restrictions on Investment Personnel** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Gifts. No investment personnel shall receive any gift or other thing of more than *de minimis* value
from any person or entity that does business with or on behalf of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Board Service. Investment Personnel shall not serve on the boards of directors of publicly traded companies
absent prior authorization by the Funds' Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Procedures – Initial Holdings Reports, Annual Holdings Reports and Quarterly Transaction Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In order to provide the Funds with information to enable it to determine with reasonable assurance whether
the provisions of this Code of Ethics are being observed by its Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Independent Board Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Holdings Reports Not Required – Each Independent Board Member need not make initial or annual holdings
reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limited Quarterly Transaction Reporting – An Independent Board Member must submit the same quarterly
transaction report as required under paragraph V.A.2.d below to the Chief Compliance Officer of the Funds, but only for a transaction
in a Reportable Security where he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official
duties as an Independent Board Member, should have known that during the 15-day period immediately preceding or after the date of the
transaction, such Reportable Security is or was purchased or sold, or considered by the Funds, its investment adviser or investment sub-adviser
for purchase or sale by the Fund (i) for which such Independent Board Member acts as a Director or Trustee or (ii) any Aberdeen-advised
U.S. Registered Fund (closed-end, open-end, and ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Access Persons Who Are Not Independent Board Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Holdings Reports – Each Access Person who is not an Independent Board Member will submit
to the Chief Compliance Officer or his/her designee of the Funds an Initial Holdings Report in the form attached hereto as **Exhibit A** that lists all Reportable Securities in which the Access Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Initial Holdings Report must be submitted within ten days of becoming an Access Person and must contain
information current as of a date no more than 45 days prior to becoming an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Initial Holdings Report must include the title of each Reportable Security, the number of shares held
(for equity securities), the principal amount (for debt securities) of each Reportable Security, the date the report is submitted as well
as a list of any Securities accounts maintained with any broker, dealer or bank in which any Securities were held for the direct or indirect
benefit of the Access Person as of the date the person became an Access Person of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person need not include in the report transactions effected for, and Reportable Securities held
in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annual Holdings Reports – Each Access Person of the Funds who is not an Independent Board Member
will also submit to the Chief Compliance Officer or his/her designee of the Funds an Annual Holdings Report attached hereto as **Exhibit A** no later than 30 days after the end of the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The information contained in the Annual Holdings Report must be current as of a date no more than 45 days
before the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Annual Holdings Report must list all Reportable Securities in which the Access Person has Beneficial
Ownership, the title of each Reportable Security, the number of shares held (for equity securities), the principal amount (for debt securities)
of the Reportable Security, and the date the report is submitted. The Report must also list any Securities accounts maintained with any
broker, dealer or bank in which any Securities were held for the direct or indirect benefit of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person need not include in the report transactions effected for, and Reportable Securities held
in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Securities Confirmations – Each Access Person of the Funds who is not an Independent Board Member
shall direct his or her broker to supply to a Chief Compliance Officer or his/her designee of the Funds, on a timely basis, duplicate
copies of confirmation of all personal Securities transactions and copies of periodic statements for all Securities accounts in which
the Access Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Quarterly Transaction Reports – Each Access Person of the Funds who is not an Independent Board
Member shall submit reports in the form attached hereto as **Exhibit B** to the Chief Compliance Officer or his/her designee of
the Funds, showing all transactions in Reportable Securities in which the person has, or by reason of such transaction acquires, any direct
or indirect Beneficial Ownership, as well as all accounts established with brokers, dealers or banks during the quarter in which any Securities
were held for the direct or indirect beneficial interest of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Quarterly transaction reports shall be filed no later than 30 days after the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The report shall include (a) the date of the transaction, (b) the title of the Reportable Security,
(c) the interest rate and maturity date (if applicable), (d) the number of shares (for equity securities), (e) the principal
amount of each Reportable Security involved; (f) the nature of the transaction (i.e., purchase, sale or any other type of acquisition
or disposition), (g) the price at which the transaction was effected, (h) the name of the broker, dealer or bank with or through
whom the transaction was effected; and (i) the date the report is submitted. In addition, with respect to any account established
by the Access Person in which any Reportable Securities were held during the quarter for the direct or indirect benefit of the Access
Person, the Access Person shall report the following information: (a) the name and address of the broker, dealer or bank with whom
the Access Person established the account; (b) the date the account was established; and (c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person of the Funds need not make a quarterly transaction report with respect to (a) transactions
effected pursuant to an Automatic Investment Plan, (b) a transaction if all of the information required by paragraph (ii) above
is contained in the brokerage confirmations or account statements required to be submitted under paragraph (c) above, and (c) transactions
effected for, and Reportable Securities held in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Identification of Access Persons** – The Chief Compliance Officer or his/her designee of the
Funds shall notify each Access Person of the Funds who may be subject to the pre-clearance requirement or required to make reports pursuant
to this Code of Ethics that such person is subject to the pre-clearance or reporting requirements and shall deliver a copy of this Code
of Ethics to each such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Compliance Review** – The Chief Compliance Officer or his/her designee of the Funds shall (i) with
regard to any Access Persons or Investment Personnel reporting directly under this Code of Ethics, review any initial holdings reports,
annual holdings reports, and quarterly transaction reports that are received by the Chief Compliance Officer or his/her designee under
this Code of Ethics, and as appropriate compare the reports with the pre-clearance authorization received; (ii) with regard to any
Excluded Advisory Personnel reporting under a Code of Ethics of the Funds' investment adviser, sub-advisers or principal underwriter,
quarterly contact the compliance officer of such investment adviser, sub-advisers or principal underwriter regarding the compliance of
such Access Persons or Investment Personnel with their Code of Ethics and (iii) report to the Funds' Board: (a) with respect
to any transaction that appears to evidence a violation of this Code or the investment adviser's, sub-advisers' or principal
underwriter's Codes of Ethics; and (b) violations of the reporting requirement stated in such Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Board Review** – The Board shall review the operation of this Code of Ethics at least once
a year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Service Provider Code of Ethics** – The investment adviser, any investment sub-advisers and
the principal underwriter shall adopt, maintain and enforce a separate code of ethics with respect to their personnel in compliance with
Rule 17j-1 of the 1940 Act and Rule 204A-1 of the Investment Advisers Act of 1940, as applicable. Any material changes to the
investment adviser's, investment sub-adviser's or principal underwriter's code will be approved by the Board no later
than six months after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Board Reporting** – At each quarterly Board meeting, the Chief Compliance Officer of the Funds'
investment adviser, any investment sub-adviser and the principal underwriter of the Funds shall provide a written report to the Funds'
Board stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any reported Securities transaction that occurred during the prior quarter that materially violated (either
individually or in the aggregate) the provisions of the code of ethics adopted by the investment adviser, any investment sub-adviser or
principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all disciplinary actions<sup>4</sup> taken in response to such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Annual Reports** – At least once a year, the Funds' Chief Compliance Officer shall provide
to the Board a written report that contains any previously reported material violations of the code or procedures and sanctions imposed
in response to material violations, any recommended changes in the code or procedures, and a certification that the procedures which have
been adopted are those reasonably necessary to prevent Access Persons (as defined under Rule 17j-1) from violating their respective
Codes of Ethics. The written report will also include an assessment of the effectiveness of the Service Providers' Codes of Ethics
outlined in Section 6 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Recordkeeping –** This Code, the codes of the investment adviser, any investment sub-adviser and principal underwriter,
a copy of each report by an Access Person, any record of any violation of this Code of Ethics and any action taken as a result thereof,
any written report hereunder by the Chief Compliance Officer of the investment adviser, investment sub-adviser or the principal underwriter,
records of approvals relating to Initial Public Offerings and Limited Offerings, lists of all persons required to make reports and a list
of all persons responsible for reviewing such reports shall be preserved with the Funds' records for the period required by Rule 17j-1
of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Certification** 

Each Access Person, including an Independent Board Member, will be required to certify annually that he or she has read and understood this Code of Ethics, and will abide by it. Each Access Person, including an Independent Board Member, will further certify that he or she has disclosed or reported all personal Securities transactions required to be disclosed or reported under the Code of Ethics. Certification of compliance with the Code of Ethics by an Independent Board Member will occur annually.

<sup>4</sup> Disciplinary action includes but is not limited to any action that has a material financial effect upon the employee, such as fining, suspending, or demoting the employee, imposing a substantial fine or requiring the disgorgement of profits.

**Code of Ethics**

**Exhibit A**

**HOLDINGS REPORT**

For the Year/Period Ended   <br> (Month/day/year)

◻ Check here if this is an Initial Holdings Report

To: ______________, as the Chief Compliance Officer of [Name of Aberdeen Fund]

From: ____________________________________

As of the calendar year/period referred to above, I have a direct or indirect beneficial ownership interest in the Securities listed below which are required to be reported pursuant to the Code of Ethics of the Funds.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Security** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Principal Amount** |

---

The name and address of any broker, dealer or bank with whom I maintain an account in which my Securities are held for my direct or indirect benefit are as follows.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Address** |

---

For Initial Holdings Reports: This report contains information current as of a date no more than 45 days prior to the date of becoming an Access Person.

For Annual Holdings Reports: This report contains information current as of a date no more than 45 days before the report is submitted.

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.

Date:   Signature:  

**Code of Ethics**

**Exhibit B**

**QUARTERLY SECURITIES TRANSACTION REPORT**

For the Calendar Quarter Ended   <br> (month/day/year)

To: ______________, Chief Compliance Officer

From: ____________________________________

During the quarter referred to above, the following transactions were effected in Securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;**Date of<br> Transaction** | &nbsp;&nbsp;**Number<br> of<br> Shares** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Interest<br> Rate and<br> Maturity<br> Rate (if<br> applicable)** | &nbsp;&nbsp;**Nature of<br> Transaction<br> (Purchase, <br> Sale, or<br> Other)** | &nbsp;&nbsp;**Price** | &nbsp;&nbsp;**Broker/Dealer<br> or Bank<br> Though Whom<br> Effected** |

---

During the quarter referred to above, I established the following accounts in which Securities were held during the quarter for my direct or indirect benefit:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name and address of the broker, dealer or bank <br> with which I established the account.** | &nbsp;&nbsp;**The date the account was established.** |

---

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.

Date:   Signature:

## 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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during 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;(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;(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: January 8, 2026

---

| |
|:---|
| /s/ Alan Goodson |
| 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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during 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;(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;(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: January 8, 2026

---

| |
|:---|
| /s/ Michael Marisco |
| 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 October 31, 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: January 8, 2026 |

---

---

| |
|:---|
| /S/ Michael Marsico |
| Michael Marsico |
| Principal Financial Officer |
| abrdn Funds |
| Date: January 8, 2026 |

---

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 page 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.