Portfolio of Investments (unaudited) 
As of July 31, 2024
abrdn Income Credit Strategies Fund

  Shares or
Principal
Amount
Value
CORPORATE BONDS—131.3%  
AUSTRIA—0.9%    
Benteler International AG, 10.50%, 05/15/2028(a)(b) $   6,819,000 $ 7,251,993
BRAZIL—1.6%    
Minerva Luxembourg SA      
4.38%, 03/18/2031(a)(b)   2,500,000     2,102,796
8.88%, 09/13/2033(a)(b)   9,711,000    10,241,920
Total Brazil   12,344,716
CANADA —3.5%    
Bellatrix Exploration Ltd., 12.50%, 12/15/2023(b)(c)(d)(e)(f)      456,000
Bombardier, Inc.      
7.50%, 02/01/2029(a)(b)   3,509,000     3,663,911
7.25%, 07/01/2031(a)(b)   901,000       927,544
7.00%, 06/01/2032(a)(b)   190,000       194,269
Enerflex Ltd., 9.00%, 10/15/2027(a)(b)   15,301,000 15,777,718
Saturn Oil & Gas, Inc., 9.63%, 06/15/2029(a)(b)(f)    6,336,000 6,511,077
Total Canada   27,074,519
CHINA—0.0%    
Kaisa Group Holdings Ltd., 9.38%, 06/30/2024(a)(b)(c)   3,609,000 134,255
FRANCE—7.0%    
Bertrand Franchise Finance SAS      
FRN, 7.49%, 07/18/2030(a)(b)(g) EUR 1,812,000 1,970,842
FRN, 7.49%, 07/18/2030(a)(b)(g)   2,400,000 2,610,387
Cerba Healthcare SACA, 3.50%, 05/31/2028(a)(b)   10,000,000 9,070,860
Electricite de France SA, (fixed rate to 03/15/2033, variable rate thereafter), 9.13%, 03/15/2033(a)(h) $ 600,000 664,759
Iliad Holding SASU, 8.50%, 04/15/2031(a)(b)   7,511,000 7,825,163
Laboratoire Eimer Selas, 5.00%, 02/01/2029(a)(b) EUR 10,500,000 9,887,009
Nova Alexandre III SAS      
FRN, 8.91%, 07/15/2029(a)(b)(g)   5,600,000 6,099,993
FRN, 8.94%, 07/15/2029(a)(b)(g)   4,147,000 4,517,263
Societe Generale SA, (fixed rate to 11/22/2027, variable rate thereafter), 9.38%, 11/22/2027(a)(h) $ 10,420,000 10,687,409
Total France   53,333,685
GERMANY—9.6%    
HT Troplast GmbH      
9.38%, 07/15/2028(a)(b) EUR 7,884,000 8,563,388
9.38%, 07/15/2028(a)(b)   10,600,000 11,513,435
IHO Verwaltungs GmbH, 8.75%, 05/15/2028(a)(b)   3,000,000 3,469,964
ONE Hotels GmbH      
7.75%, 04/02/2031(a)(b)   1,725,000 1,934,628
7.75%, 04/02/2031(a)(b)   2,300,000 2,579,504
PrestigeBidCo GmbH FRN, 7.46%, 07/01/2029(a)(b)(g)   7,156,000 7,812,299
  Shares or
Principal
Amount
Value
Standard Profil Automotive GmbH      
6.25%, 04/30/2026(a)(b) EUR   3,500,000 $     3,334,750
6.25%, 04/30/2026(a)(b)   16,741,000    15,950,587
TK Elevator Holdco GmbH, 6.63%, 07/15/2028(a)(b)   17,212,500 18,134,877
Total Germany   73,293,432
HONG KONG—0.1%    
Melco Resorts Finance Ltd., 5.75%, 07/21/2028(a)(b) $    700,000 655,922
ITALY—2.9%    
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/2028(a)(b) EUR  7,800,000 8,119,715
Optics Bidco SpA, Series 2038, 7.72%, 06/04/2038(a)(b) $  3,273,000 3,504,794
Rossini SARL FRN, 7.55%, 12/31/2029(a)(b)(g) EUR  3,837,000 4,203,462
Telecom Italia Capital SA, 7.72%, 06/04/2038 $  6,567,000 6,673,697
Total Italy   22,501,668
JAMAICA—0.2%    
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S. PIK, 12.00%, 05/25/2027(b)(i)    1,489,044 1,478,619
JERSEY—1.5%    
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029(a)(b)   11,740,000 11,787,324
LUXEMBOURG—13.3%    
Albion Financing 2 SARL, 8.75%, 04/15/2027(a)(b)   22,985,000 23,288,195
Altice Financing SA, 5.75%, 08/15/2029(a)(b)   2,875,000 2,182,029
ARD Finance SA PIK, 6.50%, 06/30/2027(a)(b)(i)   610,732 154,210
Cidron Aida Finco SARL      
6.25%, 04/01/2028(a)(b) GBP 5,993,000 7,090,270
6.25%, 04/01/2028(a)(b)   8,100,000 9,583,045
Cullinan Holdco SCSp, 4.63%, 10/15/2026(a)(b) EUR 6,031,000 5,670,374
HSE Finance SARL, 5.63%, 10/15/2026(a)(b)   2,900,000 1,176,947
LHMC Finco 2 SARL      
PIK, 7.25%, 10/02/2025(a)(b)(i)   155,010 167,759
PIK, 7.25%, 10/02/2025(a)(b)(i)   5,201,647 5,629,482
Monitchem HoldCo 3 SA      
8.75%, 05/01/2028(a)(b)   9,260,000 10,336,414
8.75%, 05/01/2028(a)(b)   12,500,000 13,953,042
PLT VII Finance SARL      
FRN, 7.24%, 06/15/2031(a)(b)(g)   2,200,000 2,380,950
FRN, 7.24%, 06/15/2031(a)(b)(g)   3,000,000 3,246,750
Summer BC Holdco A SARL, 9.25%, 10/31/2027(a)(b)   16,128,842 17,128,148
Total Luxembourg   101,987,615
MEXICO—1.5%    
Braskem Idesa SAPI, 6.99%, 02/20/2032(a)(b) $ 1,079,000 817,045
 
See accompanying  Notes to Portfolio of Investments.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2024
abrdn Income Credit Strategies Fund

  Shares or
Principal
Amount
Value
CORPORATE BONDS (continued)  
MEXICO (continued)    
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, 7.88%, 02/15/2039(a)(b)(f) $      843,000 $ 885,639
Petroleos Mexicanos      
3.75%, 11/16/2025(a) GBP 6,192,000     7,569,086
6.50%, 03/13/2027 $ 2,250,000     2,163,929
Unifin Financiera SAB de CV, 8.38%, 01/27/2028(a)(b)(c)(d)    3,000,000 90,000
Total Mexico   11,525,699
NETHERLANDS—1.8%    
Maxeda DIY Holding BV, 5.88%, 10/01/2026(a)(b) EUR  7,000,000 5,928,024
Ziggo Bond Co. BV      
5.13%, 02/28/2030(a)(b) $ 2,700,000     2,384,202
5.13%, 02/28/2030(a)(b)   6,000,000     5,299,381
Total Netherlands   13,611,607
NIGERIA—0.4%    
IHS Netherlands Holdco BV, 8.00%, 09/18/2027(a)(b)    2,860,000 2,787,356
SLOVENIA—2.6%    
Summer BidCo BV      
PIK, 10.00%, 02/15/2029(a)(b)(i) EUR 7,735,814 8,591,182
PIK, 10.00%, 02/15/2029(a)(b)(i)   10,400,000 11,564,078
Total Slovenia   20,155,260
SPAIN—1.9%    
Grifols SA      
3.88%, 10/15/2028(a)(b)   14,100,000 13,428,557
4.75%, 10/15/2028(a)(b) $ 1,000,000 912,399
Total Spain   14,340,956
SWEDEN—1.9%    
Assemblin Caverion Group AB FRN, 7.20%, 07/01/2031(a)(b)(g) EUR 4,722,000 5,099,550
Intrum AB      
3.50%, 07/15/2026(a)(b)   2,300,000 1,729,977
9.25%, 03/15/2028(a)(b)   2,000,000 1,496,156
Verisure Midholding AB, 5.25%, 02/15/2029(a)(b)   5,900,000 6,313,759
Total Sweden   14,639,442
SWITZERLAND—2.5%    
Consolidated Energy Finance SA, 12.00%, 02/15/2031(a)(b) $ 7,446,000 7,351,013
Selecta Group BV      
8.00%, 04/01/2026(a)(b) EUR 5,400,000 5,687,818
PIK, 10.00%, 07/01/2026(a)(b)(i)   6,124,306 5,850,708
Total Switzerland   18,889,539
TURKEY—0.9%    
WE Soda Investments Holding PLC, 9.50%, 10/06/2028(a)(b) $ 5,390,000 5,531,358
Yapi ve Kredi Bankasi AS, (fixed rate to 01/22/2026, variable rate thereafter), 7.88%, 01/22/2031(a)(b)   983,000 983,138
Total Turkey   6,514,496
  Shares or
Principal
Amount
Value
UNITED ARAB EMIRATES—0.0%    
Emirates Reit Sukuk II Ltd., 11.00%, 12/12/2025(a) $      162,000 $ 159,570
UNITED KINGDOM—31.2%    
888 Acquisitions Ltd., 7.56%, 07/15/2027(a)(b) EUR 22,800,000 23,811,663
BCP V Modular Services Finance II PLC, 6.13%, 11/30/2028(a)(b) GBP  6,100,000 7,262,540
BCP V Modular Services Finance PLC, 6.75%, 11/30/2029(a)(b) EUR 16,400,000 15,086,564
Bellis Acquisition Co. PLC      
8.13%, 05/14/2030(a)(b) GBP 2,900,000     3,689,417
8.13%, 05/14/2030(a)(b)   3,900,000     4,961,630
Bracken MidCo1 PLC PIK, 6.75%, 11/01/2027(a)(b)(i)    3,500,000 4,257,807
Constellation Automotive Financing PLC, 4.88%, 07/15/2027(a)(b)    5,430,000 5,968,360
Deuce Finco PLC, 5.50%, 06/15/2027(a)(b)    4,700,000 5,787,110
eG Global Finance PLC, 11.00%, 11/30/2028(a)(b) EUR  7,800,000 8,958,594
EnQuest PLC, 11.63%, 11/01/2027(a)(b) $ 23,350,000 23,876,351
Galaxy Finco Ltd., 9.25%, 07/31/2027(a)(b) GBP 16,200,000 20,268,821
Iceland Bondco PLC, 10.88%, 12/15/2027(a)(b)    9,400,000 12,852,342
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029(a)(b) $  3,519,000 3,771,977
Intu Properties PLC, 11.00%, 12/04/2024(d)(e) GBP 4,765,126 6,202,994
Motion Finco SARL, 7.38%, 06/15/2030(a)(b) EUR 8,200,000 9,260,896
Project Grand U.K. PLC, 9.00%, 06/01/2029(a)(b)   19,148,000 21,087,645
Punch Finance PLC      
6.13%, 06/30/2026(a)(b) GBP 2,740,000 3,474,327
6.13%, 06/30/2026(a)(b)   3,700,000 4,691,609
RAY Financing LLC, 6.50%, 07/15/2031(a)(b) EUR 2,956,000 3,269,112
Sherwood Financing PLC, 6.00%, 11/15/2026(a)(b) GBP 14,100,000 15,877,968
Stonegate Pub Co. Financing PLC FRN, 10.27%, 07/31/2029(a)(b)(g) EUR 2,940,000 3,181,815
Synthomer PLC      
7.38%, 05/02/2029(a)(b)   2,259,000 2,583,545
7.38%, 05/02/2029(a)(b)   3,000,000 3,431,003
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/2032(a)(f) GBP 4,807,000 6,324,488
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028(a)(b)   16,400,000 19,206,530
Total United Kingdom   239,145,108
UNITED STATES—43.7%    
Adams Homes, Inc., 9.25%, 10/15/2028(a)(b) $ 10,161,000 10,524,926
Affinity Interactive, 6.88%, 12/15/2027(a)(b)   19,017,000 16,581,242
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.13%, 08/15/2026(a)(b) EUR 10,000,000 8,820,486
 
See accompanying  Notes to Portfolio of Investments.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2024
abrdn Income Credit Strategies Fund

  Shares or
Principal
Amount
Value
CORPORATE BONDS (continued)  
UNITED STATES (continued)    
CCO Holdings LLC/CCO Holdings Capital Corp.      
5.38%, 06/01/2029(a)(b) $  2,380,000 $     2,224,965
4.75%, 03/01/2030(a)(b)   3,330,000     2,981,194
7.38%, 03/01/2031(a)(b)   20,242,000    20,440,776
CHS/Community Health Systems, Inc.      
6.00%, 01/15/2029(a)(b)   985,000       914,527
5.25%, 05/15/2030(a)(b)   12,110,000    10,560,805
10.88%, 01/15/2032(a)(b)   10,106,000    10,863,801
Citigroup, Inc., (fixed rate to 01/30/2025, variable rate thereafter), Series V, 4.70%, 01/30/2025(h)    3,935,000 3,883,778
Cloud Software Group, Inc.      
6.50%, 03/31/2029(a)(b)   850,000       828,535
9.00%, 09/30/2029(a)(b)   4,371,000     4,346,550
8.25%, 06/30/2032(a)(b)   10,890,000    11,298,408
Cogent Communications Group LLC, 7.00%, 06/15/2027(a)(b)    1,035,000 1,044,075
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(a)(b)    9,281,000 8,957,037
Cornerstone Building Brands, Inc.      
6.13%, 01/15/2029(a)(b)   11,118,000 9,161,378
9.50%, 08/15/2029(a)(b)   4,421,000 4,426,526
CSC Holdings LLC      
11.25%, 05/15/2028(a)(b)   2,452,000 2,216,798
6.50%, 02/01/2029(a)(b)   3,441,000 2,650,077
5.75%, 01/15/2030(a)(b)   5,407,000 2,180,974
4.13%, 12/01/2030(a)(b)   3,925,000 2,717,509
5.00%, 11/15/2031(a)(b)   862,000 345,560
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/2028(a)(b)   2,650,000 2,640,375
Encore Capital Group, Inc., 9.25%, 04/01/2029(a)(b)   3,760,000 3,961,908
Frontier Communications Holdings LLC      
6.75%, 05/01/2029(a)(b)   2,223,000 2,100,433
5.88%, 11/01/2029(b)   4,895,605 4,406,037
6.00%, 01/15/2030(a)(b)   8,883,000 8,005,724
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 11.00%, 04/15/2029(a)(b)   3,313,444 3,159,369
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 7.88%, 05/01/2029(a)(b) EUR 6,253,000 6,867,066
ITT Holdings LLC, 6.50%, 08/01/2029(a)(b) $ 11,321,000 10,622,953
Macy's Retail Holdings LLC      
5.88%, 04/01/2029(a)(b)   1,070,000 1,045,076
6.13%, 03/15/2032(a)(b)   1,288,000 1,229,240
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a)(b)   13,573,000 12,891,140
Midcap Financial Issuer Trust, 6.50%, 05/01/2028(a)(b)   1,139,000 1,100,126
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032(a)(b)   465,000 471,788
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030(a)(b)   800,000 747,278
  Shares or
Principal
Amount
Value
Moss Creek Resources Holdings, Inc.      
7.50%, 01/15/2026(a)(b) $   2,770,000 $     2,767,507
10.50%, 05/15/2027(a)(b)   1,056,000     1,080,104
Nabors Industries, Inc., 8.88%, 08/15/2031(a)(b)   10,042,000 10,244,848
NCL Corp. Ltd., 8.38%, 02/01/2028(a)(b)      845,000 890,254
Neptune Bidco U.S., Inc., 9.29%, 04/15/2029(a)(b)   12,446,000 12,189,222
New Cotai LLC, 5.00%, 02/02/2027(d)(e)    1,143,673 2,806,345
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(a)(b)    3,000,000 2,968,332
Paramount Global, (fixed rate to 02/28/2027, variable rate thereafter), 6.25%, 02/28/2057(b)    1,000,000 873,397
Sabre GLBL, Inc.      
8.63%, 06/01/2027(a)(b)   6,494,000     6,070,658
11.25%, 12/15/2027(a)(b)   8,609,000     8,525,560
Sanchez Energy Corp., 7.25%, 07/15/2023(c)(d)      257,000 7,710
Staples, Inc.      
10.75%, 09/01/2029(a)(b)   9,939,000     9,627,550
12.75%, 01/15/2030(a)(b)   153,761       119,404
Transocean, Inc.      
8.75%, 02/15/2030(a)(b)(f)   1,378,800 1,448,340
8.50%, 05/15/2031(a)(b)   780,000 798,491
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC      
10.50%, 02/15/2028(a)(b)   6,855,000 6,933,479
Series MAY, 10.50%, 02/15/2028(a)(b)   475,000 480,438
Univision Communications, Inc.      
8.00%, 08/15/2028(a)(b)   7,768,000 7,806,452
4.50%, 05/01/2029(a)(b)   880,000 768,647
8.50%, 07/31/2031(a)(b)   7,012,000 6,937,078
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/2029(a)(b)   1,975,000 2,009,916
Venture Global LNG, Inc.      
9.50%, 02/01/2029(a)(b)   3,003,000 3,340,805
8.38%, 06/01/2031(a)(b)   4,140,000 4,350,592
9.88%, 02/01/2032(a)(b)   19,309,000 21,434,662
Vistra Corp.      
(fixed rate to 10/15/2026, variable rate thereafter), 8.00%, 10/15/2026(a)(h)   6,235,000 6,382,339
(fixed rate to 12/15/2026, variable rate thereafter), 7.00%, 12/15/2026(a)(h)   6,625,000 6,663,054
Vital Energy, Inc.      
7.75%, 07/31/2029(a)(b)   1,335,000 1,350,059
9.75%, 10/15/2030(b)   7,411,000 8,100,897
7.88%, 04/15/2032(a)(b)   415,000 422,124
Total United States   334,616,704
ZAMBIA—2.3%    
First Quantum Minerals Ltd.      
6.88%, 10/15/2027(a)(b)   12,140,000 11,936,874
9.38%, 03/01/2029(a)(b)   5,557,000 5,844,558
Total Zambia   17,781,432
Total Corporate Bonds   1,006,010,917
 
See accompanying  Notes to Portfolio of Investments.

Portfolio of Investments (unaudited)  (continued)
As of July 31, 2024
abrdn Income Credit Strategies Fund

  Shares or
Principal
Amount
Value
BANK LOANS—3.3%  
LUXEMBOURG—0.6%    
Albion Financing 3 SARL 2024 USD Term Loan B0.00%, 08/16/2029 $    5,000,000 $     5,037,500
UNITED KINGDOM—2.5%    
Amber Finco PLC 2024 EUR Term Loan B0.00%, 07/12/2029 EUR  3,500,000     3,794,640
CD&R Firefly Bidco Ltd. 2024 GBP Term Loan B50.00%, 06/21/2028 GBP  9,700,000    12,454,250
Constellation Automotive Group Ltd. GBP 2nd Lien Term Loan B, 12.69%, 07/27/2029    2,000,000     1,816,912
Impala Bidco 0 Ltd. GBP Term Loan B, 10.20%, 12/01/2028    1,000,000     1,237,342
Total United Kingdom   19,303,144
UNITED STATES—0.2%    
Lorca Holdco Ltd. 2024 USD Term Loan B40.00%, 03/25/2031 $  1,000,000       996,250
MLN U.S. HoldCo LLC      
GBP 2nd Lien Term Loan B112.08%, 10/18/2027(d)   1,928,718 279,664
2022 Third Out Term Loan, 14.63%, 10/18/2027   971,200 48,560
Total United States   1,324,474
Total Bank Loans   25,665,118
COMMON STOCKS—1.0%  
AUSTRALIA—0.0%    
BIS Industries Ltd.(d)(e)(j)   804,308
HONG KONG—0.3%    
Studio City International Holdings Ltd., ADR(d)(j)   98,050 660,583
Studio City International Holdings Ltd., ADR(d)(j)   183,525 1,236,445
Total Hong Kong   1,897,028
UNITED STATES—0.7%    
Digicel International Finance Ltd.(d)(j)   3,290 7,775
Foresight Energy LLC(d)(e)(j)   74,058 943,492
Kca Kelly Topco(d)(e)   11,090 775,856
Larchmont Intermediate Holdco LLC(d)(e)   1,661 24,870
  Shares or
Principal
Amount
Value
New Cotai LLC(d)(e)(j)      971,487 $       954,000
Thunderbird Resources Equity, Inc.(d)(j)            7        25,850
True Religion Common(d)(e)(j)           61     2,873,350
Total United States   5,605,193
Total Common Stocks   7,502,221
PREFERRED STOCKS—0.0%  
UNITED STATES—0.0%    
Digicel International Finance Ltd.(d)(j)          873         3,372
True Religion Preferred(d)(e)(j)           64       318,675
Total United States   322,047
Total Preferred Stocks   322,047
SHORT-TERM INVESTMENT—10.2%  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.26%(k)   78,231,981    78,231,981
Total Short-Term Investment   78,231,981
Total Investments
(Cost $1,135,403,325)—145.8%
  1,117,732,284
Liabilities in Excess of Other Assets—(45.8%)   (351,253,135)
Net Assets—100.0%   $766,479,149
    
(a) Denotes a security issued under Regulation S or Rule 144A.
(b) The maturity date presented for these instruments represents the next call/put date.
(c) Security is in default.
(d) Illiquid security.
(e) Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments.
(f) Sinkable security.
(g) Variable or Floating Rate security. Rate disclosed is as of July 31, 2024.
(h) Perpetual maturity. Maturity date presented represents the next call date.
(i) Payment-in-kind security for which part of the income earned may be paid as additional principal.
(j) Non-income producing security.
(k) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2024.
  Amounts listed as “–” are $0 or round to $0.
 
ADR American Depositary Receipt
EUR Euro Currency
FRN Floating Rate Note
GBP British Pound Sterling
HKD Hong Kong Dollar
PIK Payment-In-Kind
PLC Public Limited Company
USD U.S. Dollar
See accompanying Notes  to Portfolio of Investments.

Portfolio of Investments (unaudited)  (concluded)
As of July 31, 2024
abrdn Income Credit Strategies Fund

At July 31, 2024, the Fund held the following forward foreign currency contracts:
    
Purchase Contracts
Settlement Date
Counterparty Currency
Purchased
Amount
Purchased
Currency
Sold
Amount
Sold
Fair Value Unrealized
Appreciation/
(Depreciation)
British Pound/United States Dollar          
08/15/2024 Citibank N.A. GBP 1,512,444 USD 1,970,964 $1,944,567 $(26,397)
08/15/2024 Morgan Stanley & Co. GBP 2,837,167 USD 3,678,723 3,647,777 (30,946)
08/15/2024 UBS AG GBP 878,076 USD 1,135,020 1,128,952 (6,068)
Euro/United States Dollar          
08/15/2024 Goldman Sachs & Co. EUR 13,741,231 USD 15,013,396 14,880,372 (133,024)
08/15/2024 Morgan Stanley & Co. EUR 1,691,584 USD 1,835,843 1,831,815 (4,028)
Hong Kong Dollar/United States Dollar          
08/15/2024 Morgan Stanley & Co. HKD 914,593 USD 117,195 117,106 (89)
08/15/2024 UBS AG HKD 247,209 USD 31,674 31,653 (21)
  $23,582,242 $(200,573)
    
Sale Contracts
Settlement Date
Counterparty Currency
Purchased
Amount
Purchased
Currency
Sold
Amount
Sold
Fair Value Unrealized
Appreciation/
(Depreciation)
United States Dollar/British Pound          
08/15/2024 Morgan Stanley & Co. USD 73,533,473 GBP 57,023,694 $73,315,997 $217,476
08/15/2024 Morgan Stanley & Co. USD 958,335 GBP 745,843 958,939 (604)
08/15/2024 Royal Bank of Canada USD 583,230 GBP 455,552 585,708 (2,478)
08/15/2024 UBS AG USD 94,462,875 GBP 73,694,165 94,749,406 (286,531)
United States Dollar/Euro          
08/15/2024 Citibank N.A. USD 10,113,979 EUR 9,292,347 10,062,677 51,302
08/15/2024 Citibank N.A. USD 8,800,946 EUR 8,174,119 8,851,749 (50,803)
08/15/2024 Royal Bank of Canada USD 188,447,515 EUR 173,637,907 188,032,398 415,117
08/15/2024 UBS AG USD 166,285,977 EUR 153,355,397 166,068,481 217,496
United States Dollar/Hong Kong Dollar          
08/15/2024 Morgan Stanley & Co. USD 751,193 HKD 5,863,073 750,720 473
08/15/2024 Royal Bank of Canada USD 20,703 HKD 161,476 20,676 27
08/15/2024 UBS AG USD 41,210 HKD 321,689 41,191 19
  $543,437,942 $561,494
Unrealized appreciation on forward foreign currency exchange contracts $901,910
Unrealized depreciation on forward foreign currency exchange contracts $(540,989)
 
See accompanying Notes  to Portfolio of Investments.

Notes to Portfolio of Investments 
July 31, 2024 (unaudited)

1.    Summary of Significant Accounting Policies
a.    Security Valuation:
The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") designated abrdn Investments Limited (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.
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 Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower, or 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 of 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 Fund sweeps 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.
Senior loans are valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institutional-size trading in similar groups of securities and other market data.
Derivative instruments are valued at fair value. Exchange-traded futures are generally Level 1 investments and centrally cleared swaps and forwards are generally Level 2 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. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of the Fund’s assets are determined in good faith in accordance with the Valuation Procedures.
In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. 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). A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its 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.
The three-level hierarchy of inputs is summarized below:
Level 1 - quoted prices (unadjusted) in active markets for identical investments;
6  

Notes to Portfolio of Investments  (concluded)
July 31, 2024 (unaudited)

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).  
  7

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