abrdn WORLD HEALTHCARE FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2023
(Unaudited)
| |
Principal
Amount | | |
Value | |
Non-Convertible Notes – 19.8% | |
| | |
| |
France – 0.6% | |
| | | |
| | |
Sanofi,
3.63% due 06/19/28 | |
$ | 2,600,000 | | |
$ | 2,550,564 | |
| |
| | | |
| | |
Ireland – 0.3% | |
| | | |
| | |
Endo
Dac/Endo Finance LLC/Endo Finco, Inc., 9.50% due 07/31/27 (a) | |
| 516,000 | | |
| 36,120 | |
Endo
Dac/Endo Finance LLC/Endo Finco, Inc., 6.00% due 06/30/28 (a) | |
| 789,000 | | |
| 55,230 | |
Shire
Acquisitions Investments Ireland DAC, 3.20% due 09/23/26 | |
| 1,500,000 | | |
| 1,443,017 | |
| |
| | | |
| 1,534,367 | |
United Kingdom
– 1.1% | |
| | | |
| | |
AstraZeneca
plc, 3.38% due 11/16/25 | |
| 5,000,000 | | |
| 4,890,209 | |
| |
| | | |
| | |
United States
– 17.8% | |
| | | |
| | |
Abbott Laboratories,
4.75% due 11/30/36 | |
| 5,652,000 | | |
| 5,789,174 | |
AbbVie, Inc.,
4.50% due 05/14/35 | |
| 3,200,000 | | |
| 3,129,701 | |
AbbVie, Inc.,
4.45% due 05/14/46 | |
| 1,705,000 | | |
| 1,565,406 | |
Amgen, Inc.,
3.63% due 05/22/24 | |
| 2,000,000 | | |
| 1,984,042 | |
Amgen, Inc.,
2.00% due 01/15/32 | |
| 1,555,000 | | |
| 1,275,038 | |
Baxalta, Inc.,
4.00% due 06/23/25 | |
| 831,000 | | |
| 816,625 | |
Becton, Dickinson
and Co., 3.73% due 12/15/24 | |
| 328,000 | | |
| 322,837 | |
Bristol-Myers
Squibb Co., 3.40% due 07/26/29 | |
| 1,400,000 | | |
| 1,327,848 | |
CVS Health Corp.,
1.88% due 02/28/31 | |
| 2,448,000 | | |
| 2,014,621 | |
DH Europe Finance
II Sarl, 3.25% due 11/15/39 | |
| 985,000 | | |
| 816,920 | |
Elevance Health, Inc.,
2.55% due 03/15/31 | |
| 3,200,000 | | |
| 2,778,465 | |
EMD
Finance LLC, 3.25% due 03/19/25(a) | |
| 4,000,000 | | |
| 3,904,585 | |
GlaxoSmithKline
Capital plc, 3.00% due 06/01/24 | |
| 1,400,000 | | |
| 1,385,627 | |
GlaxoSmithKline
Capital plc, 3.38% due 06/01/29 | |
| 1,000,000 | | |
| 962,925 | |
HCA, Inc.,
5.38% due 02/01/25 | |
| 1,250,000 | | |
| 1,248,163 | |
HCA, Inc.,
5.25% due 04/15/25 | |
| 600,000 | | |
| 599,303 | |
IQVIA, Inc.,
5.00% due 05/15/27(a) | |
| 710,000 | | |
| 696,826 | |
Johnson &
Johnson, 2.45% due 03/01/26 | |
| 4,300,000 | | |
| 4,135,527 | |
Johnson &
Johnson, 2.90% due 01/15/28 | |
| 1,400,000 | | |
| 1,339,551 | |
Johnson &
Johnson, 3.70% due 03/01/46 | |
| 5,470,000 | | |
| 4,785,617 | |
Laboratory Corporation
of America Holdings, 3.60% due 02/01/25 | |
| 1,400,000 | | |
| 1,376,025 | |
Mallinckrodt CB
LLC, 0.00% due 06/15/29 | |
| 997,897 | | |
| 0 | |
Medtronic, Inc.,
4.38% due 03/15/35 | |
| 1,675,000 | | |
| 1,634,630 | |
Merck &
Co., Inc., 2.75% due 02/10/25 | |
| 1,463,000 | | |
| 1,430,491 | |
Novartis Capital
Corp., 3.40% due 05/06/24 | |
| 2,115,000 | | |
| 2,101,012 | |
Par
Pharmaceutical, Inc., 7.50% due 04/01/27 (a) | |
| 193,000 | | |
| 123,520 | |
Pfizer, Inc.,
3.45% due 03/15/29 | |
| 5,300,000 | | |
| 5,106,590 | |
Pfizer, Inc.,
4.00% due 12/15/36 | |
| 1,800,000 | | |
| 1,698,836 | |
Roche
Holdings, Inc., 2.08% due 12/13/31(a) | |
| 3,600,000 | | |
| 3,030,962 | |
Senior Housing
Properties Trust, 4.75% due 05/01/24 | |
| 1,750,000 | | |
| 1,743,062 | |
The Cigna Group,
3.50% due 06/15/24 | |
| 2,785,000 | | |
| 2,757,483 | |
The Cigna Group,
2.38% due 03/15/31 | |
| 3,200,000 | | |
| 2,735,025 | |
Thermo Fisher
Scientific, Inc., 5.40% due 08/10/43 | |
| 3,500,000 | | |
| 3,701,818 | |
UnitedHealth Group, Inc.,
3.88% due 12/15/28 | |
| 2,560,000 | | |
| 2,505,722 | |
UnitedHealth Group, Inc.,
4.20% due 05/15/32 | |
| 6,060,000 | | |
| 5,929,868 | |
The accompanying notes are
an integral part of this Schedule of Investments.
abrdn WORLD HEALTHCARE FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2023
(Unaudited, continued)
| |
Principal
Amount | | |
Value | |
United States – continued | |
| | |
| |
Zimmer
Biomet Holdings, Inc., 4.25% due 08/15/35 | |
$ | 5,000,000 | | |
$ | 4,515,700 | |
| |
| | | |
| 81,269,545 | |
TOTAL
NON-CONVERTIBLE NOTES (Cost $96,162,909) | |
| | | |
| 90,244,685 | |
| |
Shares | | |
| |
Convertible
Preferreds (Restricted) (b) (c) - 1.3% | |
| | | |
| |
France –
0.7% | |
| | | |
| | |
Amolyt Pharma
SAS Series C | |
| 981,328 | | |
| 2,318,342 | |
Flamingo
Therapeutics, Inc. Series A3 | |
| 136,337 | | |
| 919,611 | |
| |
| | | |
| 3,237,953 | |
Ireland – 0.2% | |
| | | |
| | |
Priothera
Ltd. Series A, 6.00% | |
| 194,134 | | |
| 750,100 | |
| |
| | | |
| | |
United States
– 0.4% | |
| | | |
| | |
Endeavor Biomedicines, Inc.
Series B, 8.00% | |
| 424,079 | | |
| 1,999,999 | |
IO
Light Holdings, Inc. Series A2 | |
| 101,839 | | |
| 109,559 | |
| |
| | | |
| 2,109,558 | |
TOTAL
CONVERTIBLE PREFERREDS (Cost $10,054,472) | |
| | | |
| 6,097,611 | |
| |
| | | |
| | |
Common Stocks
- 105.3% | |
| | | |
| | |
Australia – 1.3% | |
| | | |
| | |
CSL
Ltd. | |
| 30,845 | | |
| 6,013,206 | |
| |
| | | |
| | |
Canada – 0.0% | |
| | | |
| | |
Fusion
Pharmaceuticals, Inc. (b) | |
| 7,378 | | |
| 70,903 | |
Fusion
Pharmaceuticals, Inc.(Restricted) (b) | |
| 3,689 | | |
| 31,906 | |
| |
| | | |
| 102,809 | |
China – 0.2% | |
| | | |
| | |
BeiGene
Ltd. ADR (b) | |
| 4,114 | | |
| 742,001 | |
I-Mab
ADR (b) | |
| 38,848 | | |
| 73,811 | |
| |
| | | |
| 815,812 | |
Denmark – 5.2% | |
| | | |
| | |
Novo
Nordisk A/S ADR | |
| 227,310 | | |
| 23,515,219 | |
| |
| | | |
| | |
France – 1.8% | |
| | | |
| | |
Abivax
S.A. (b) | |
| 37,000 | | |
| 402,667 | |
Sanofi
ADR | |
| 158,645 | | |
| 7,889,416 | |
| |
| | | |
| 8,292,083 | |
Germany – 1.4% | |
| | | |
| | |
Bayer
AG | |
| 173,684 | | |
| 6,444,354 | |
| |
| | | |
| | |
Ireland – 0.1% | |
| | | |
| | |
Perrigo
Co. plc | |
| 15,882 | | |
511,083 | |
The accompanying notes are an integral part of this Schedule of Investments.
abrdn WORLD HEALTHCARE FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2023
(Unaudited, continued)
| |
Shares | | |
Value | |
Israel –
0.2% | |
| | | |
| | |
Teva
Pharmaceutical Industries Ltd. ADR (b) | |
| 90,281 | | |
$ | 942,534 | |
| |
| | | |
| | |
Japan – 1.7% | |
| | | |
| | |
Astellas Pharma, Inc. | |
| 44,419 | | |
| 528,287 | |
Daiichi Sankyo
Co., Ltd. | |
| 54,075 | | |
| 1,480,396 | |
Eisai Co., Ltd. | |
| 6,830 | | |
| 340,074 | |
Hoya Corp. | |
| 9,682 | | |
| 1,205,788 | |
M3, Inc. | |
| 7,436 | | |
| 122,711 | |
Olympus Corp. | |
| 28,940 | | |
| 417,728 | |
Ono Pharmaceutical
Co., Ltd. | |
| 11,330 | | |
| 201,555 | |
Otsuka Holdings
Co., Ltd. | |
| 20,808 | | |
| 778,156 | |
Shionogi &
Co., Ltd. | |
| 7,707 | | |
| 370,922 | |
Takeda Pharmaceuticals
Co., Ltd. | |
| 9,600 | | |
| 275,309 | |
Takeda Pharmaceuticals
Co., Ltd. ADR | |
| 105,073 | | |
| 1,499,392 | |
Terumo
Corp. | |
| 17,288 | | |
| 565,335 | |
| |
| | | |
| 7,785,653 | |
Netherlands – 1.3% | |
| | | |
| | |
argenx
SE ADR (b) | |
| 8,681 | | |
| 3,302,513 | |
Koninklijke
Philips N.V. (b) | |
| 114,765 | | |
| 2,677,467 | |
| |
| | | |
| 5,979,980 | |
Switzerland – 6.8% | |
| | | |
| | |
Lonza Group AG | |
| 8,006 | | |
| 3,375,219 | |
Novartis AG ADR | |
| 38,071 | | |
| 3,844,029 | |
Oculis
Holding AG (b) | |
| 304,333 | | |
| 3,347,663 | |
Roche Holding
AG ADR | |
| 562,829 | | |
| 20,391,295 | |
Sandoz
Group AG ADR (b) | |
| 7,614 | | |
| 243,724 | |
| |
| | | |
| 31,201,930 | |
United Kingdom
– 4.6% | |
| | | |
| | |
AstraZeneca plc
ADR | |
| 240,450 | | |
| 16,194,307 | |
Smith &
Nephew plc ADR | |
| 181,710 | | |
| 4,957,049 | |
| |
| | | |
| 21,151,356 | |
United States
– 80.7% | |
| | | |
| | |
Abbott
Laboratories (d) | |
| 111,065 | | |
| 12,224,925 | |
AbbVie, Inc.
(d) | |
| 107,919 | | |
| 16,724,207 | |
Acadia
Healthcare Co., Inc. (b) | |
| 25,973 | | |
| 2,019,661 | |
Agilent
Technologies, Inc. (d) | |
| 19,531 | | |
| 2,715,395 | |
Amgen, Inc.
(d) | |
| 45,424 | | |
| 13,083,021 | |
Ardelyx, Inc.
(b) | |
| 454,742 | | |
| 2,819,400 | |
Avantor, Inc.
(b)(d) | |
| 180,484 | | |
| 4,120,450 | |
Baxter
International, Inc. (d) | |
| 86,526 | | |
| 3,345,095 | |
Becton, Dickinson
and Co. | |
| 6,521 | | |
| 1,590,015 | |
Biogen, Inc.
(b) | |
| 20,604 | | |
| 5,331,697 | |
Boston
Scientific Corp. (b)(d) | |
| 172,145 | | |
| 9,951,703 | |
Bristol-Myers
Squibb Co. | |
| 100,088 | | |
| 5,135,515 | |
Catalent, Inc.
(b)(d) | |
| 26,200 | | |
| 1,177,166 | |
Charles
River Laboratories International, Inc. (b)(d) | |
| 21,364 | | |
| 5,050,450 | |
Community
Health Systems, Inc. (b) | |
| 8,700 | | |
| 27,231 | |
Community Healthcare
Trust, Inc. | |
| 14,900 | | |
| 396,936 | |
The accompanying notes are an integral part of this Schedule of Investments.
abrdn WORLD HEALTHCARE FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2023
(Unaudited, continued)
| |
Shares | | |
Value | |
United States
- continued | |
| | |
| |
Danaher
Corp. (d) | |
| 54,909 | | |
$ | 12,702,648 | |
DexCom, Inc.
(b)(d) | |
| 25,415 | | |
| 3,153,747 | |
Diversified Healthcare
Trust REIT | |
| 63,841 | | |
| 238,765 | |
Edwards
Lifesciences Corp. (b)(d) | |
| 50,982 | | |
| 3,887,378 | |
Elevance Health, Inc. | |
| 24,573 | | |
| 11,587,644 | |
Eli
Lilly & Co. (d) | |
| 52,523 | | |
| 30,616,707 | |
Galera
Therapeutics, Inc. (b) | |
| 161,709 | | |
| 23,513 | |
Gilead
Sciences, Inc. (d) | |
| 87,662 | | |
| 7,101,499 | |
Global Medical
REIT, Inc. | |
| 143,229 | | |
| 1,589,842 | |
GSK plc ADR | |
| 41,852 | | |
| 1,551,035 | |
Guardant
Health, Inc. (b) | |
| 53,333 | | |
| 1,442,658 | |
HCA
Healthcare, Inc. (d) | |
| 12,213 | | |
| 3,305,815 | |
Healthcare Realty
Trust, Inc. | |
| 149,567 | | |
| 2,577,039 | |
Healthpeak Properties, Inc. | |
| 83,601 | | |
| 1,655,300 | |
Humana, Inc.
(d) | |
| 19,238 | | |
| 8,807,349 | |
IDEXX
Laboratories, Inc. (b)(d) | |
| 12,104 | | |
| 6,718,325 | |
Illumina, Inc.
(b)(d) | |
| 26,735 | | |
| 3,722,581 | |
Incyte
Corp. (b)(d) | |
| 12,302 | | |
| 772,443 | |
Insulet
Corp. (b)(d) | |
| 8,341 | | |
| 1,809,830 | |
Intuitive
Surgical, Inc. (b) | |
| 20,041 | | |
| 6,761,032 | |
IQVIA
Holdings, Inc. (b) | |
| 16,311 | | |
| 3,774,039 | |
Johnson &
Johnson (d) | |
| 164,139 | | |
| 25,727,147 | |
LTC Properties, Inc. | |
| 46,903 | | |
| 1,506,524 | |
McKesson
Corp. (d) | |
| 10,401 | | |
| 4,815,455 | |
Medical Properties
Trust, Inc. | |
| 145,186 | | |
| 712,863 | |
Medtronic
plc (d) | |
| 79,482 | | |
| 6,547,727 | |
Merck &
Co., Inc. | |
| 172,615 | | |
| 18,818,487 | |
Moderna, Inc.
(b) | |
| 14,416 | | |
| 1,433,671 | |
Molina
Healthcare, Inc. (b)(d) | |
| 12,236 | | |
| 4,420,989 | |
National Health
Investors, Inc. | |
| 4,442 | | |
| 248,086 | |
Omega Healthcare
Investors, Inc. | |
| 71,075 | | |
| 2,179,160 | |
Pfizer, Inc.
(d) | |
| 392,775 | | |
| 11,307,992 | |
Physicians Realty
Trust | |
| 291,309 | | |
| 3,877,323 | |
R1
RCM, Inc. (b) | |
| 124,297 | | |
| 1,313,819 | |
Regeneron
Pharmaceuticals, Inc. (b) | |
| 10,566 | | |
| 9,280,012 | |
ResMed, Inc.
(d) | |
| 10,104 | | |
| 1,738,090 | |
Sabra Health Care
REIT, Inc. | |
| 90,781 | | |
| 1,295,445 | |
Stryker Corp. | |
| 16,321 | | |
| 4,887,487 | |
The Cigna Group | |
| 2,600 | | |
| 778,570 | |
Thermo
Fisher Scientific, Inc. (d) | |
| 31,366 | | |
| 16,648,759 | |
UnitedHealth
Group, Inc. (d) | |
| 50,201 | | |
| 26,429,321 | |
Universal Health
Realty Income Trust | |
| 8,183 | | |
| 353,915 | |
Ventas, Inc. | |
| 66,681 | | |
| 3,323,381 | |
Veradigm, Inc.
(b) | |
| 90,363 | | |
| 947,908 | |
Vertex
Pharmaceuticals, Inc. (b)(d) | |
| 17,979 | | |
| 7,315,475 | |
Welltower, Inc. | |
| 41,484 | | |
| 3,740,612 | |
West Pharmaceutical
Services, Inc. | |
| 3,370 | | |
| 1,186,644 | |
Zimmer
Biomet Holdings, Inc. (d) | |
| 23,986 | | |
| 2,919,096 | |
The accompanying notes are an integral part of this Schedule of Investments.
abrdn WORLD HEALTHCARE FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2023
(Unaudited, continued)
| |
Shares | | |
Value | |
United States
- continued | |
| | |
| |
Zoetis, Inc. | |
| 27,301 | | |
$ | 5,388,398 | |
| |
| | | |
| 368,654,412 | |
TOTAL
COMMON STOCKS (Cost $486,516,224) | |
| | | |
| 481,410,431 | |
| |
| | |
| |
Short-Term
Investments – 0.9% | |
| | |
| |
State
Street Institutional U.S. Government Money Market Fund, Premier Class, 5.32% (e) | |
| 3,937,975 | | |
$ | 3,937,975 | |
TOTAL
SHORT-TERM INVESTMENTS (Cost $3,937,975) | |
| | | |
| 3,937,975 | |
TOTAL
INVESTMENTS BEFORE MILESTONE INTEREST – 127.3% (Cost $596,671,580) | |
| | | |
| 581,690,702 | |
| |
| Interest | | |
| | |
Milestone
Interest (Restricted) (b) (c) – 0.0% | |
| | | |
| | |
Biotechnology – 0.0% | |
| | | |
| | |
Rainier
Therapeutics Milestone Interest | |
| 1 | | |
| 0 | |
TOTAL
MILESTONE INTERESTS (Cost $143,115) | |
| | | |
| 0 | |
|
|
Number
of
Contracts (100
shares each)/
Notional Amount
($) |
|
|
|
|
|
Option
Contracts Written – (0.1)% |
|
|
|
|
|
|
|
|
Call
Option Contracts Written – (0.1)% |
|
|
|
|
|
|
|
|
Abbott
Laboratories Jan24 110 Call |
|
|
162/(1,782,000) |
|
|
$ |
(26,568 |
) |
Abbvie, Inc.
Jan24 157.5 Call |
|
|
89/(1,401,750) |
|
|
|
(10,146 |
) |
Agilent
Technologies, Inc. Jan24 145 Call |
|
|
19/(275,500) |
|
|
|
(1,995 |
) |
Amgen, Inc.
Jan24 285 Call |
|
|
67/(1,909,500) |
|
|
|
(47,570 |
) |
Avantor, Inc.
Jan24 25 Call |
|
|
259/(647,500) |
|
|
|
(3,885 |
) |
Baxter
International, Inc. Jan24 41 Call |
|
|
41/(168,100) |
|
|
|
(861 |
) |
Boston
Scientific Corp. Jan24 57.5 Call |
|
|
250/(1,437,500) |
|
|
|
(31,750 |
) |
Catalent, Inc.
Jan24 45 Call |
|
|
25/(112,500) |
|
|
|
(4,600 |
) |
Charles
River Laboratories International, Inc. Jan24 240 Call |
|
|
20/(480,000) |
|
|
|
(9,100 |
) |
Danaher
Corp. Jan24 235 Call |
|
|
81/(1,903,500) |
|
|
|
(34,425 |
) |
Dexcom, Inc.
Jan24 130 Call |
|
|
35/(455,000) |
|
|
|
(8,750 |
) |
Edwards
Lifesciences Corp. Jan24 80 Call |
|
|
75/(600,000) |
|
|
|
(4,125 |
) |
Eli
Lilly & Co. Jan24 610 Call |
|
|
77/(4,697,000) |
|
|
|
(36,960 |
) |
Gilead
Sciences, Inc. Jan24 82.5 Call |
|
|
128/(1,056,000) |
|
|
|
(11,264 |
) |
Hca
Healthcare, Inc. Jan24 280 Call |
|
|
9/(252,000) |
|
|
|
(1,881 |
) |
Humana, Inc.
Jan24 475 Call |
|
|
9/(427,500) |
|
|
|
(3,600 |
) |
Idexx
Laboratories, Inc. Jan24 560 Call |
|
|
17/(952,000) |
|
|
|
(19,550 |
) |
Illumina, Inc.
Jan24 140 Call |
|
|
26/(364,000) |
|
|
|
(15,860 |
) |
Incyte
Corp. Jan24 65 Call |
|
|
18/(117,000) |
|
|
|
(1,404 |
) |
Insulet
Corp. Jan24 220 Call |
|
|
12/(264,000) |
|
|
|
(9,480 |
) |
Johnson &
Johnson Jan24 160 Call |
|
|
238/(3,808,000) |
|
|
|
(21,896 |
) |
Mckesson
Corp. Jan24 460 Call |
|
|
10/(460,000) |
|
|
|
(10,300 |
) |
Medtronic
Plc Jan24 85 Call |
|
|
90/(765,000) |
|
|
|
(3,600 |
) |
Molina
Healthcare, Inc. Jan24 380 Call |
|
|
12/(456,000) |
|
|
|
(1,992 |
) |
Pfizer, Inc.
Jan24 28 Call |
|
|
387/(1,083,600) |
|
|
|
(47,214 |
) |
ResMed, Inc.
Jan24 180 Call |
|
|
15/(270,000) |
|
|
|
(3,150 |
) |
Thermo
Fisher Scientific, Inc. Jan24 540 Call |
|
|
31/(1,674,000) |
|
|
|
(26,040 |
) |
The accompanying notes are an integral part of this Schedule of Investments.
abrdn WORLD HEALTHCARE FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2023
(Unaudited, continued)
|
|
Number
of
Contracts (100
shares each)/
Notional Amount
($) |
|
|
Value |
|
Call
Option Contracts Written (continued) |
|
|
|
|
|
|
|
|
Unitedhealth
Group, Inc. Jan24 550 Call |
|
|
13/(715,000) |
|
|
$ |
(3,679 |
) |
Vertex
Pharmaceuticals, Inc. Jan24 425 Call |
|
|
17/(722,500) |
|
|
|
(2,550 |
) |
Zimmer
Biomet Holdings, Inc. Jan24 125 Call |
|
|
23/(287,500) |
|
|
|
(2,990 |
) |
TOTAL
CALL OPTION CONTRACTS WRITTEN (Premiums received $(399,135)) |
|
|
|
|
|
|
(407,185 |
) |
TOTAL
INVESTMENTS - 127.2% (Cost $596,415,560) |
|
|
|
|
|
|
581,283,517 |
|
OTHER
LIABILITIES IN EXCESS OF ASSETS - (27.2)% |
|
|
|
|
|
|
(124,173,951 |
) |
NET
ASSETS - 100% |
|
|
|
|
|
$ |
457,109,566 |
|
The percentage shown for each investment category in the Schedule of Investments is based on net assets.
(a) |
Security
exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. |
(b) |
Non-income
producing security. |
(c) |
Security
fair valued using significant unobservable inputs. See Investment Valuation and Fair Value Measurements. |
(d) |
A
portion of security is pledged as collateral for call options written. |
(e) |
Registered
investment company advised by State Street Global Advisors. The rate shown is the annualized seven-day yield as of December 31,
2023. |
|
|
ADR |
American Depository
Receipt |
The following forward contract were
held as of December 31, 2023
Description |
|
Counterparty |
|
Settlement
Date |
|
Currency |
|
|
Settlement
Value (in USD) |
|
|
Current
Value |
|
|
Unrealized
Gain/(Loss) |
|
Contracts Sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australian Dollar |
|
Goldman Sachs Bank |
|
01/31/24 |
|
|
4,572,304 |
|
AUD |
|
|
$ |
3,116,286 |
|
|
$ |
3,118,603 |
|
|
$ |
(2,317 |
) |
British Pound |
|
Goldman Sachs Bank |
|
01/31/24 |
|
|
9,440,375 |
|
GBP |
|
|
|
12,004,381 |
|
|
|
12,035,003 |
|
|
|
(30,622 |
) |
Danish Krone |
|
Goldman Sachs Bank |
|
01/31/24 |
|
|
53,401,650 |
|
DKK |
|
|
|
7,905,500 |
|
|
|
7,919,328 |
|
|
|
(13,828 |
) |
Euro |
|
Goldman Sachs Bank |
|
01/31/24 |
|
|
11,906,072 |
|
EUR |
|
|
|
13,136,981 |
|
|
|
13,158,110 |
|
|
|
(21,129 |
) |
Israeli Sheqel |
|
Goldman Sachs Bank |
|
01/31/24 |
|
|
4,457,647 |
|
ILS |
|
|
|
1,237,410 |
|
|
|
1,231,855 |
|
|
|
5,555 |
|
Japanese Yen |
|
Goldman Sachs Bank |
|
01/31/24 |
|
|
523,322,125 |
|
JPY |
|
|
|
3,703,790 |
|
|
|
3,726,677 |
|
|
|
(22,887 |
) |
Swiss Franc |
|
Goldman Sachs Bank |
|
01/31/24 |
|
|
13,872,816 |
|
CHF |
|
|
|
16,287,331 |
|
|
16,541,006 |
|
|
(253,675 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
57,730,582 |
|
|
$ |
(338,903 |
) |
The
accompanying notes are an integral part of this Schedule of Investments.
abrdn World
Healthcare Fund
December 31,
2023
(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 Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the “Board”) designated
abrdn Inc. (the “Investment Adviser” or 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.
With respect to the Fund's investments in securities of early and /or later stage financing of a privately held companies ("Venture
Capital Securities"), the Private Venture Valuation Committee ("PV Valuation Committee"), which is a Committee of the
Board, performs fair value determinations for 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 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.
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.
Convertible
preferred shares, warrants or convertible note interests in Venture Capital Securities, milestone
interests, and other restricted securities are typically valued in good faith, based upon the recommendations made by the PV Valuation
Committee or the Valuation Designee pursuant to fair valuation policies and procedures approved by the Board.
Derivatives are valued at fair
value. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives 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. Exchange-traded options are
valued at the last quoted sales price. In the absence of a sales price, options are valued at the mean of the bid/ask price quoted at
the close on the exchange on which the options trade. When market quotations or exchange rates are not readily available, or if the Adviser
concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund’s assets are determined in
good faith in accordance with the Valuation Procedures.
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 the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time
the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector
indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation
factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities
on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded
price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation
factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.
abrdn World
Healthcare Fund
December 31,
2023
(Unaudited, continued)
In
the event that a security’s, other than a Venture Capital Security, market quotations are not
readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the
Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors
and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by
the Valuation Designee may be classified as Level 2 or Level 3 depending on the nature of the inputs.
Venture Capital Securities are valued based on
a consideration of relevant factors, including both observable and unobservable inputs. Observable and unobservable inputs considered
may include (i) the existence of any contractual restrictions on the disposition of securities; (ii) information obtained from
the company, which may include an analysis of the company's financial statements, products, intended markets or technologies; (iii) the
price of the same or similar security negotiated at arm's length in an issuer's completed subsequent round of financing; (iv) the
price and extent of public trading in similar securities of the issuer or of comparable companies; or (v) a probability and time
value adjusted analysis of contractual terms. Where available and appropriate, multiple valuation methodologies are applied to confirm
fair value. Significant unobservable inputs are often used in the fair value determination. A significant change in any of these inputs
may result in a significant change in the fair value measurement. Additionally, changes in the market environment and other events that
may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from
the valuations used at the date of these financial statements.
In accordance with the authoritative
guidance on fair value measurements and disclosures under 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 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 the 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 (as defined below). A security using
any of these pricing methodologies is determined to be a Level 1 investment.
The three-level hierarchy of
inputs is summarized below:
Level 1 - quoted prices in active
markets for identical investments;
Level 2 - other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
Level
3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). Investments
that are included in this category are Venture Capital Securities investments.
Level 3 investments are valued
using significant unobservable inputs. The Fund may also use a discounted cash flow based valuation approach in which the anticipated
future cash flows of the investment are used to estimate the current fair value. The derived value of a Level 3 investment may not represent
the value which is received upon disposition and this could impact the results of operations.
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