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abrdn
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Prospectus |
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February
28, 2023 |
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abrdn
U.S. Sustainable Leaders Smaller Companies Fund
Class A -
MLSAX
■ Class R -
GLSRX
■
Institutional Class - GGUIX
■
Institutional Service Class - AELSX
abrdn
U.S. Small Cap Equity Fund
Class A -
GSXAX
■ Class C -
GSXCX
■ Class R -
GNSRX
■
Institutional Class - GSCIX
■
Institutional Service Class - GSXIX
abrdn
China A Share Equity Fund
Class A -
GOPAX
■ Class C -
GOPCX
■ Class R -
GOPRX
■
Institutional Class - GOPIX
■
Institutional Service Class - GOPSX
abrdn
Emerging Markets Sustainable Leaders Fund
Class A -
GIGAX
■ Class C -
GIGCX
■ Class R -
GIRRX
■
Institutional Class - GIGIX
■
Institutional Service Class - GIGSX
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 Absolute Return Strategies Fund
Class A –
CUGAX
■
Institutional Class – AGCIX
■
Institutional Service Class – CGFIX
abrdn
International Small Cap Fund
Class A –
WVCCX
■ Class C –
CPVCX
■ Class R –
WPVAX
■
Institutional Class – ABNIX
abrdn
Intermediate Municipal Income Fund
Class A –
NTFAX
■ Class C –
GTICX
■
Institutional Class – ABEIX
■
Institutional Service Class – ABESX
abrdn
U.S. Sustainable Leaders Fund
Class A –
GXXAX
■ Class C –
GXXCX
■
Institutional Class – GGLIX
■
Institutional Service Class – GXXIX
abrdn
Dynamic Dividend Fund
Class A –
ADAVX
■
Institutional Class – ADVDX
abrdn
Global Infrastructure Fund
Class A –
AIAFX
■
Institutional Class – AIFRX
abrdn
Short Duration High Yield Municipal Fund
Class A –
AAHMX
■ Class C –
ACHMX
■
Institutional Class – AHYMX
abrdn
Realty Income & Growth Fund
Class A –
AIAGX
■
Institutional Class – AIGYX
abrdn
Ultra Short Municipal Income Fund
Class A –
ATOAX
■ Class A1 –
ATOBX
■
Institutional Class – ATOIX
abrdn
International Sustainable Leaders Fund
Class A –
BJBIX
■
Institutional Class – JIEIX
abrdn
Global Equity Impact Fund
Class A –
JETAX
■
Institutional Class – JETIX
abrdn
Global High Income Fund
Class A –
BJBHX
■
Institutional Class – JHYIX
As with all
mutual funds, the Securities and Exchange Commission has not approved or
disapproved these Funds’ shares or determined whether
this prospectus is complete or accurate. To state otherwise is a
crime.
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Summary
- abrdn
U.S. Sustainable Leaders Smaller Companies
Fund |
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abrdn
U.S. Sustainable Leaders Smaller Companies Fund |
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Objective
The abrdn
U.S.
Sustainable Leaders Smaller Companies Fund (the “U.S.
Sustainable Leaders Smaller Companies Fund ” or the “Fund”)
seeks long-term capital appreciation.
Fees
and Expenses of the Fund
This table
describes the fees and expenses that you may pay when you buy, hold and sell
shares of the U.S.
Sustainable Leaders
Smaller Companies Fund. You may
qualify for sales charge discounts if you and your family invest, or agree to
invest in
the future, at least $50,000 in abrdn
Funds. More
information about these and other discounts is available from your
financial advisor and in the “Reduction and Waiver of Class A and Class A1 Sales
Charges” and “Broker-Defined Sales
Charge Waiver Policies” sections on pages 162 and 218 of the Fund’s prospectus,
respectively, and in the “Additional
Information on Purchases and Sales — Waiver of Class A and Class A1 Sales
Charges” and “Reduction of Sales Charges”
sections on pages 114 and 115 of the Fund’s Statement of Additional Information,
respectively. You may pay other fees,
such as brokerage commissions and other fees to financial intermediaries, which
are not reflected in the table and example
below.
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Shareholder
Fees (fees paid directly from your
investment) |
Class
A Shares |
Class
R Shares |
Institutional
Class
Shares |
Institutional
Service
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases (as a percentage
of offering price) |
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Maximum
Deferred Sales Charge (Load) (as a percentage of offering
or sale price, whichever is less) |
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Small
Account Fee(2)
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Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
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Management
Fees |
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Distribution
and/or Service (12b-1) Fees |
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Other
Expenses |
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Total
Annual Fund Operating Expenses |
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Less:
Amount of Fee Limitations/Expense Reimbursements(3)
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Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
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(1) |
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.
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(2) |
Accounts
with balances below $1,000 are generally subject to a $5 quarterly fee
(with an annual maximum of $20 per account). Shares from such accounts
are redeemed each quarter to cover the fee, which is returned to the Fund
to offset small account expenses. Under some circumstances, the
Fund
may waive the quarterly fee. See the Statement of Additional Information
for information about the circumstances under which this fee will not be
assessed. |
(3) |
abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.90%
for all classes of the Fund.
This contractual limitation may not be terminated before
February
29, 2024
without the approval of the Independent Trustees. This limit excludes
certain
expenses, including any taxes, interest, brokerage fees, short-sale
dividend expenses, Acquired Fund Fees and Expenses, Rule 12b-1 fees,
administrative
services fees, transfer agent out-of-pocket expenses for Class
A shares, Class R shares and Institutional Service Class shares and
extraordinary
expenses. The Trust is authorized to reimburse the Adviser for management
fees previously limited and/or for expenses previously paid by
the
Adviser, provided, however, that any reimbursements must be paid at a date
not more than three years after the date when the Adviser limited the
fees
or reimbursed the expenses and 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. |
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund 1
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
Example
This
Example is intended to help you compare the cost of investing in the U.S.
Sustainable Leaders Smaller Companies Fund with
the cost of investing in other mutual funds.
The Example
assumes that you invest $10,000 in the Fund for the time periods indicated and
then sell all of your shares at the end of
those periods. It assumes a 5% return each year and that the Fund’s operating
expenses remain the same. Although
your actual costs may be higher or lower, based on these assumptions your costs
would be:
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1
Year |
3
Years |
5
Years |
10
Years |
Class
A Shares |
$694 |
$1,166 |
$1,663 |
$3,026 |
Class
R Shares |
$159 |
$724 |
$1,316 |
$2,921 |
Institutional
Class Shares |
$92 |
$552 |
$1,039 |
$2,384 |
Institutional
Service Class Shares |
$107 |
$569 |
$1,058 |
$2,406 |
Portfolio
Turnover
The
U.S.
Sustainable Leaders Smaller Companies Fund pays transaction costs, such as
commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result
in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio
turnover rate was 55.89% of the
average value of its portfolio.
Principal
Strategies
The U.S.
Sustainable Leaders Smaller Companies Fund seeks to achieve its investment
objective of seeking long-term capital
appreciation by investing primarily in equity securities of smaller (small- and
mid-capitalization) U.S. companies that the
Adviser deems to have sound and improving prospects and which demonstrate that
they are current or emerging
sustainable leaders through their management of environmental, social and
governance (“ESG”) risks and opportunities
in accordance with the Adviser’s criteria.
In pursuing
the Fund’s investment strategies, the Adviser invests in quality companies and
is an active, engaged owner and takes
into consideration a company’s management of ESG risks and opportunities and the
company’s ESG performance.
The Adviser evaluates every company against quality criteria and builds
conviction using a team-based approach
and peer review process. The Adviser’s stock analysts work closely with
specialist equity ESG analysts who provide
expertise and insight at the company level. When investing, the Adviser
seeks to understand what’s changing in companies,
industries and markets but is not being priced in or is being mispriced. Through
fundamental research, supported
by a global research presence, the Adviser seeks to identify companies whose
quality is not yet fully recognized
by the market. The Adviser’s overall quality assessment covers five key factors:
(1) durability of the business model, (2)
the attractiveness of the industry, (3) the strength of financials, (4) the
capability of management, and (5) the most
material ESG factors impacting a company.
When
assessing the most material ESG factors impacting a company, the Adviser
evaluates the ownership structure and governance
of the company as well as potential environmental and social risks and
opportunities that the company may face. The
Adviser will assign each company an ESG-quality rating ranging from 1 to 5 (1
indicating leaders and 5 indicating
laggards) – enabling the Fund’s investment team to identify current and emerging
sustainable leaders. Companies
eligible for investment by the Fund must be rated 3 or better by the Adviser. In
limited circumstances, for example, in
a corporate action or an initial public offering, the Fund may purchase or
receive securities of companies that have not
been assigned an ESG quality rating by the Adviser so long as one is assigned to
the company within the time period
required by the Adviser’s internal process.
Examples of
areas under scope when assessing a company’s ESG quality include the
following:
● |
Water
& Wastewater
Management |
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Waste
& Hazardous Materials
Management |
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Human
Rights & Community
Relations |
2 Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
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Product
Quality &
Safety |
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Selling
Practices & Product
Labelling |
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Employee
Health &
Safety |
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Product
Design & Lifecycle
Management |
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Business
Model Resilience |
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Supply
Chain Management |
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Materials
Sourcing &
Efficiency |
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Physical
Impacts of Climate
Change |
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Management
of the Legal & Regulatory
Environment |
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Critical
Incident Risk
Management |
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Systemic
Risk Management |
The
foregoing list is not exhaustive and may change; in addition, not all areas in
the foregoing list are relevant to every company in
which the Fund may invest. The Adviser focuses its analysis on those areas that
it believes will materially impact a
company’s reputation or operational or financial
performance.
In carrying
out its assessments of ESG quality, the Adviser’s equity analysts incorporate
internal data sources, including a proprietary
quantitative house score (“House Score”), external sources (e.g. MSCI reports),
thematic expertise from the Adviser’s
Investment’s Vector Sustainability Group and stock-specific expertise from the
Adviser’s equity ESG analysts. The Adviser
relies heavily on its own in-depth research and analysis over third party ESG
ratings.
In
addition, the Adviser excludes the 10% lowest scoring companies in the Fund’s
benchmark index using the Adviser’s House
Score. In limited circumstances, for example, in a corporate action or an
initial public offering, the Fund may purchase or
receive securities of companies that have not been assigned a House Score by the
Adviser so long as one is assigned to
the company within the time period required by the Adviser’s internal
process.
Binary
exclusions are also applied to exclude a defined list of unacceptable
activities. Based on MSCI business involvement
screening research, the Fund will seek to not invest in companies that
have:
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failed
to uphold one or more principles of the UN Global
Compact; |
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an
industry tie to (including companies that provide support systems and
services, as well as those with direct (i.e., owners
and producers) and indirect (i.e., parents and subsidiaries) involvement
in) controversial weapons (cluster munitions,
landmines, biological / chemical weapons, depleted uranium weapons,
blinding laser weapons, incendiary weapons,
and/or non-detectable
fragments); |
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a
revenue contribution of 10% or more from the manufacture or sale of
conventional weapons or weapons
systems; |
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a
revenue contribution of 10% or more from tobacco or are tobacco
manufacturers; |
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a
revenue contribution of 10% or more from the extraction of unconventional
oil and gas (including oil sands, oil shale (kerogen-rich
deposits), shale gas, shale oil, coal seam gas, and coal bed methane and
excluding conventional oil and gas
productions); |
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or a
revenue contribution from thermal coal
extraction. |
The Fund
targets a lower Weighted Average Carbon Intensity (“WACI”) than its benchmark
based on third-party data, or third-party
estimates when an issuer does not report Scope 1 and 2
emissions.
The Fund
will measure compliance with its principal investment strategies at the time of
investment. Third party data by which the
Fund measures compliance with its binary exclusions, WACI target, and House
Score threshold is updated at regular
intervals. If a company no longer meets the Fund’s principal strategies, the
Adviser will make a determination as to whether
to sell such security, in accordance with the Adviser’s internal
process.
As a
non-fundamental policy, under normal circumstances, the U.S. Sustainable Leaders
Smaller Companies Fund invests at
least 80% of the value of its net assets, plus any borrowings for investment
purposes, in equity securities issued by smaller
U.S. companies that the Adviser considers to be current or emerging sustainable
leaders in accordance with the
Adviser’s criteria. Equity securities include, but are not limited to, common
stock, preferred stock and depositary receipts.
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund 3
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
The Fund
considers smaller companies to be companies that have market capitalizations
similar to those of companies included in
the Russell 2500® Index at
the time of investment. The range of the Russell 2500® Index was
$3.87 million to $20.38
billion as of December 31, 2022. Some companies may outgrow the definition of
smaller company after the Fund has
purchased their securities or may no longer fall within the range of a
reconstituted index. These companies continue to be
considered smaller for purposes of the Fund’s minimum 80% allocation to smaller
company equities.
For
purposes of the Fund’s 80% policy, a company is considered to be a U.S. company
if Fund management determines that the
company meets one or more of the following
criteria:
● |
the
company is organized under the laws of, or has its principal office in the
United States; |
● |
the
company has its principal securities trading market in the United States;
and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in the United
States. |
The Fund
may also invest in larger companies and non-U.S. companies, including primarily
Canadian companies.
The Fund
may invest in securities of any market sector and may hold a significant amount
of securities of companies, from time
to time, within a single sector. The Fund currently anticipates that it will
have significant exposure to the industrials
and information technology sectors.
The Fund
may invest in securities denominated in U.S. Dollars and the currencies of any
foreign countries in which it is permitted
to invest. The Fund typically has full currency exposure to those markets in
which it invests.
Principal
Risks
The
U.S.
Sustainable Leaders Smaller Companies Fund cannot guarantee that it will achieve
its investment objective.
As with any
fund, the value of the Fund’s investments – and therefore, the value of Fund
shares – may fluctuate. The following
is a list of the principal risks of investing in the Fund (in alphabetical order
after the first seven
risks).
Market
Risk –
Deteriorating market conditions might cause a general weakness in the market
that reduces the prices, or yield, of
securities in those markets in which the Fund
invests.
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.
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).
Management
Risk – The Fund
is subject to the risk that the Adviser may make poor security selections. The
Adviser and its portfolio
managers apply their own investment techniques and risk analyses in making
investment decisions for the Fund and there
can be no guarantee that these decisions will achieve the desired results for
the Fund. In addition, the Adviser may select
securities that underperform the relevant market or other funds with similar
investment objectives and strategies.
Sustainable
Investing Risk – The Fund’s
“Sustainable Leaders” strategy could cause it to perform differently compared to
funds that
do not have such strategy. ESG considerations may be linked to long-term rather
than short-term returns. The criteria
related to the Fund’s Sustainable Leaders strategy, including the exclusion of
securities of companies that engage in certain
business activities, may result in the Fund forgoing opportunities to buy
certain securities when it might otherwise
be advantageous to do so, or selling securities for ESG reasons when it might be
otherwise disadvantageous for it to
do so. 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 are significant differences in interpretations
of what it means for a company to
have positive ESG characteristics. While the Adviser believes its definitions
are reasonable, the portfolio decisions
it makes may differ with other investors’ or advisers’
views.
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.
Mid-Cap
Securities Risk – Securities
of medium-sized companies tend to be more volatile and less liquid than
securities of larger
companies.
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 the Fund, the Adviser and/or its 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.
4 Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
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 the Fund more
greatly to the extent the Fund does not hedge its currency risk, or hedging
techniques used by the Adviser are unsuccessful.
Foreign
Securities Risk – Foreign
countries in which the Fund may invest may have markets that are less liquid,
less regulated
and more volatile than U.S. markets. The value of the 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.
Sector
Risk – To the
extent that the 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.
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. For more information about the risks of other
infrastructure-related sectors, see also
“Concentration Risk” and “Infrastructure-Related Investments Risk”
above.
Information
Technology Sector Risk. To the
extent that the information technology sector represents a significant
portion of
the 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.
Valuation
Risk – The price
that the 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 the Fund, and the
Fund could realize a greater than
expected loss or lesser than expected gain upon the sale of the investment. The
Fund’s ability to value its investments
may also be impacted by technological issues and/or errors by pricing services
or other third-party service providers.
If the
value of the Fund’s investments decreases, you may lose
money.
For
additional information regarding the above identified risks, see “Fund Details:
Additional Information about Investments,
Investment Techniques and Risks” in the
prospectus.
Performance
The bar
chart and table below can help you evaluate potential risks of the U.S.
Sustainable Leaders Smaller Companies Fund. The bar
chart shows how the Fund’s annual total returns for Class A have varied
from year to year. The returns
in the bar
chart do not reflect the impact of sales charges, if any. If the applicable
sales charges were included, the annual total
returns would be lower than those shown. Unlike the
bar chart, the returns in the table reflect the maximum applicable
sales charges. The table
compares the Fund’s average annual total returns to the returns of the Russell
2500®
Index, a
broad-based securities index, and the Russell 2500® Growth
Index. Remember,
however, that past performance (before and
after taxes) is not necessarily indicative of how the Fund will perform in the
future. For
updated performance information,
please visit https://www.abrdn.com/en-us/us/investor/fund-centre#literature or call
866-667-9231.
The Fund
changed its investment strategy effective December 1, 2020 from a focused U.S.
equity strategy to a U.S. sustainable
leaders smaller companies strategy. In connection with the change in investment
strategy, the Fund changed its
name from Aberdeen Focused U.S. Equity Fund to Aberdeen U.S. Sustainable Leaders
Smaller Companies Fund. In
addition, the Fund changed its investment strategy effective November 15, 2017
from a long-short equity strategy to
a focused U.S. equity strategy. In connection with the change in investment
strategy, the Fund changed its
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund 5
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
name from
Aberdeen Equity Long-Short Fund to Aberdeen Focused U.S. Equity Fund.
Performance information for periods
from November 15, 2017 to December 1, 2020 and prior to November 15, 2017
reflect different investment strategies
than the current investment strategy.
Annual
Total Returns – Class A Shares
(Years
Ended Dec. 31)
Highest
Return: 18.48% -
2nd quarter
2020
Lowest
Return: -18.81% -
2nd quarter
2022
After-tax
returns are shown in the following table for Class A shares only and will
vary for other classes. After-tax
returns are
calculated using the historical highest individual federal marginal income tax
rates in effect and do not reflect the impact of
state and local taxes. Your actual
after-tax return depends on your personal tax situation and may differ from
what is
shown here. After-tax returns are not relevant to investors in tax-deferred
arrangements, such as individual retirement
accounts, 401(k) plans or certain other employer-sponsored retirement
plans.
Average
Annual Total Returns as of December 31, 2022
|
|
|
|
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
|
|
|
Class
A shares – After Taxes on Distributions |
|
|
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
|
|
|
Class
R shares – Before Taxes |
|
|
|
Institutional
Class shares – Before Taxes |
|
|
|
Institutional
Service Class shares – Before Taxes |
|
|
|
Russell
2500®
Index (reflects
no deduction for fees, expenses or taxes) |
|
|
|
Russell
2500®
Growth Index (reflects no deduction for fees, expenses or
taxes) |
|
|
|
(1) |
Under
certain circumstances, the addition of the tax benefits from capital
losses resulting from redemptions may cause the returns after taxes on
distributions
and sales of shares to be greater than the returns after taxes on
distributions or the returns before
taxes. |
Investment
Adviser
abrdn Inc.
(the “Adviser”) serves as the U.S.
Sustainable Leaders Smaller Companies Fund’s investment
adviser.
6 Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund
Portfolio
Managers
The Fund is
managed using a team-based approach, with the following team members being
jointly and primarily responsible
for the day-to-day management of the Fund:
|
|
|
Name
|
Title |
Served
on the Fund Since |
Chris
Haimendorf, CFA®
|
Senior
Investment Director |
|
Timothy
Skiendzielewski, CFA®
|
Senior
Investment Director |
|
Purchase
and Sale of Fund Shares
The Fund’s
minimum investment requirements are as follows:
|
|
CLASS
A SHARES |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
The Fund
reserves the right to apply or waive investment minimums under certain
circumstances as described in the prospectus
under the “Choosing a Share Class” section.
Fund shares
may be redeemed on each day that the New York Stock Exchange is open. Fund
shares may be sold by mail or fax, by
telephone or on-line.
Tax
Information
The Fund’s
dividends and distributions are subject to federal income taxes and will be
taxed as ordinary income or capital gains,
unless you are a tax-exempt investor or invest through a qualified employee
benefit plan, retirement plan or other tax-deferred
account, in which case your withdrawals from such account may be taxed as
ordinary income.
Payments
to Broker-Dealers and Other Financial Intermediaries
If you
purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its
related companies may pay the intermediary for the sale of Fund shares and
related services. These payments may create
a conflict of interest by influencing the broker-dealer or other financial
intermediary and your financial advisor to
recommend the Fund over another investment. Ask your financial advisor or visit
your financial intermediary’s website for
more information.
Summary
- abrdn U.S. Sustainable Leaders Smaller Companies Fund 7
|
|
|
Summary
- abrdn
U.S. Small Cap Equity Fund |
|
|
|
abrdn
U.S. Small Cap Equity Fund |
|
Objective
The abrdn
U.S. Small Cap Equity Fund (the “U.S. Small Cap Equity Fund” or the “Fund”)
seeks long-term capital appreciation.
Fees
and Expenses of the Fund
This table
describes the fees and expenses that you may pay when you buy, hold and sell
shares of the U.S. Small Cap Equity
Fund. You may
qualify for sales charge discounts if you and your family invest, or agree to
invest in the future, at least
$50,000 in abrdn
Funds. More
information about these and other discounts is available from your financial
advisor and in the
“Reduction and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined
Sales Charge Waiver Policies”
sections on pages 162 and 218 of the Fund’s prospectus, respectively, and in the
“Additional Information on Purchases
and Sales — Waiver of Class A and Class A1 Sales Charges” and “Reduction of
Sales Charges” sections on pages 114
and 115 of the Fund’s Statement of Additional Information, respectively. You may
pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the table and example below.
|
|
|
|
|
|
Shareholder
Fees (fees paid directly from your
investment) |
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional
Class
Shares |
Institutional
Service
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases
(as a percentage of offering price) |
|
|
|
None |
|
Maximum
Deferred Sales Charge (Load) (as a percentage
of offering or sale price, whichever is less)
|
|
|
|
None |
|
Small
Account Fee(3)
|
|
|
|
$ |
|
|
|
|
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
Management
Fees |
|
|
|
|
|
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
Total
Annual Fund Operating Expenses |
|
|
|
|
|
Less:
Amount of Fee Limitations/Expense Reimbursements(4)
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements |
|
|
|
|
|
(1) |
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.
|
(2) |
If
you redeem your Class C shares within the first year after you purchase
them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to
the purchases
of Class C shares where the selling broker-dealer was not paid a
commission at the time of purchase.
|
(3) |
Accounts
with balances below $1,000 are generally subject to a $5 quarterly fee
(with an annual maximum of $20 per account). Shares from such accounts
are redeemed each quarter to cover the fee, which is returned to the Fund
to offset small account expenses. Under some circumstances, the
Fund
may waive the quarterly fee. See the Statement of Additional Information
for information about the circumstances under which this fee will not be
assessed. |
(4) |
abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.99%
for all classes of the Fund.
This contractual limitation may not be terminated before
February
29, 2024
without the approval of the Independent Trustees. This limit excludes
certain
expenses, including any taxes, interest, brokerage fees, short-sale
dividend expenses, Acquired Fund Fees and Expenses, Rule 12b-1 fees,
administrative
services fees, transfer agent out-of-pocket expenses for Class
A shares, Class R shares and Institutional Service Class shares and
extraordinary
expenses. The Trust is authorized to reimburse the Adviser for management
fees previously limited and/or for expenses previously paid by
the
Adviser, provided, however, that any reimbursements must be paid at a date
not more than three years after the date when the Adviser limited the
fees
or reimbursed the expenses and 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. |
8 Summary
- abrdn U.S. Small Cap Equity Fund
Summary
- abrdn U.S. Small Cap Equity Fund
Example
This
Example is intended to help you compare the cost of investing in the U.S. Small
Cap Equity Fund with the cost of investing
in other mutual funds.
The Example
assumes that you invest $10,000 in the U.S. Small Cap Equity Fund for the time
periods indicated and then sell all of
your shares at the end of those periods. It assumes a 5% return each year and
that the Fund’s operating expenses
remain the same. Although
your actual costs may be higher or lower, based on these assumptions your costs
would
be:
|
|
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
A Shares |
$705 |
$978 |
$1,272 |
$2,105 |
Class
C Shares |
$302 |
$639 |
$1,102 |
$2,384 |
Class
R Shares |
$168 |
$520 |
$897 |
$1,955 |
Institutional
Class Shares |
$101 |
$332 |
$582 |
$1,298 |
Institutional
Service Class Shares |
$113 |
$353 |
$612 |
$1,352 |
You would
pay the following expenses on the same investment if you did not sell your
shares:
|
|
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
C Shares |
$202 |
$639 |
$1,102 |
$2,384 |
Portfolio
Turnover
The
U.S. Small
Cap Equity Fund pays transaction costs, such as commissions, when it buys and
sells securities (or “turns over” its
portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the
example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was
59.08% of the
average value of its portfolio.
Principal
Strategies
As a
non-fundamental policy, under normal circumstances, the U.S. Small Cap Equity
Fund invests at least 80% of the value of
its net assets, plus any borrowings for investment purposes, in equity
securities issued by U.S. small-cap companies.
A company is considered to be a U.S. company if Fund management determines that
the company meets one or more
of the following criteria:
● |
the
company is organized under the laws of, or has its principal office in the
United States; |
● |
the
company has its principal securities trading market in the United States;
and/or |
● |
the
company derives the majority of its annual revenue or earnings or assets
from goods produced, sales made or services
performed in the United
States. |
The Fund
considers small-cap companies to be companies that have market capitalizations
similar to those of companies
included in the Russell 2000® Index at
the time of investment. The range of the Russell 2000® Index was
$3.87 million to
$7.87 billion as of December 31, 2022.
Some
companies may outgrow the definition of a small company after the Fund has
purchased their securities or may no longer
fall within the range of a reconstituted index. These companies continue to be
considered small for purposes of the Fund’s
minimum 80% allocation to small company equities. The Fund also may invest in
foreign securities and securities
of larger companies. Equity securities include, but are not limited to, common
stock, preferred stock and depositary
receipts.
While the
Fund may sell a security if its market capitalization exceeds the definition of
small-cap company, it is not required to
sell solely because of that fact.
The Fund
may invest in securities of any market sector and may hold a significant amount
of securities of companies, from time
to time, within a single sector. The Fund currently anticipates that it will
have significant exposure to the industrials
and financials sectors.
The Fund
may invest in securities denominated in U.S. Dollars and the currencies of any
foreign countries in which it is permitted
to invest. The Fund typically has full currency exposure to those markets in
which it invests. The Fund invests predominantly
in securities of U.S. issuers and may invest to a limited extent in Canadian
issuers.
In seeking
to achieve the Fund’s investment objective, the Adviser invests in quality
companies and is an active, engaged owner. The
Adviser evaluates every company against quality criteria and builds conviction
using a team-based approach
and peer review process. The quality assessment covers five key factors: 1) the
durability of the business model, 2)
the attractiveness of the industry, 3) the strength of financials, 4) the
capability of management, and 5) the most
material environmental, social and governance (“ESG”) factors impacting a
company. The Adviser seeks to
Summary
- abrdn U.S. Small Cap Equity Fund 9
Summary
- abrdn U.S. Small Cap Equity Fund
understand
what is changing in companies, industries and markets but is not being priced
into the market or is being mispriced.
Through fundamental research, supported by a global research presence, the
Adviser seeks to identify companies
whose quality is not yet fully recognized by the
market.
Principal
Risks
The
U.S. Small
Cap Equity Fund cannot guarantee that it will achieve its investment
objective.
As with any
fund, the value of the Fund’s investments – and therefore, the value of Fund
shares – may fluctuate. The following
is a list of the principal risks of investing in the Fund (in alphabetical order
after the first five
risks).
Market
Risk –
Deteriorating market conditions might cause a general weakness in the market
that reduces the prices, or yield, of
securities in those markets in which the Fund
invests.
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.
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).
Management
Risk – The Fund
is subject to the risk that the Adviser may make poor security selections. The
Adviser and its portfolio
managers apply their own investment techniques and risk analyses in making
investment decisions for the Fund and there
can be no guarantee that these decisions will achieve the desired results for
the Fund. In addition, the Adviser may select
securities that underperform the relevant market or other funds with similar
investment objectives and strategies.
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.
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 the Fund, the Adviser and/or its 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.
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 the Fund more
greatly to the extent the Fund does not hedge its currency risk, or hedging
techniques used by the Adviser are unsuccessful.
Foreign
Securities Risk – Foreign
countries in which the Fund may invest may have markets that are less liquid,
less regulated
and more volatile than U.S. markets. The value of the 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.
Mid-Cap
Securities Risk – Securities
of medium-sized companies tend to be more volatile and less liquid than
securities of larger
companies.
Sector
Risk – To the
extent that the 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.
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. For more information about the risks of other
infrastructure-related sectors, see also
“Concentration Risk” and “Infrastructure-Related Investments Risk”
above.
10 Summary
- abrdn U.S. Small Cap Equity Fund
Summary
- abrdn U.S. Small Cap Equity Fund
Financials
Sector Risk. To the
extent that the financials 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 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.
Valuation
Risk – The price
that the 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 the Fund, and the
Fund could realize a greater than
expected loss or lesser than expected gain upon the sale of the investment. The
Fund’s ability to value its investments
may also be impacted by technological issues and/or errors by pricing services
or other third-party service providers.
If the
value of the Fund’s investments decreases, you may lose
money.
For
additional information regarding the above identified risks, see “Fund Details:
Additional Information about Investments,
Investment Techniques and Risks” in the
prospectus.
Performance
The bar
chart and table below can help you evaluate potential risks of the U.S. Small
Cap Equity Fund. The bar
chart shows how
the Fund’s annual total returns for Class A have varied from year to year.
The returns
in the bar chart do not reflect the
impact of sales charges, if any. If the applicable sales charges were included,
the annual total returns would be lower than
those shown. Unlike the
bar chart, the returns in the table reflect the maximum applicable sales
charges.
The table
compares the Fund’s average annual total returns to the returns of the Russell
2000® Index, a
broad-based securities
index. Remember,
however, that past performance (before and after taxes) is not necessarily
indicative of how the Fund
will perform in the future. For
updated performance information, please visit https://www.abrdn.com/en-us/us/investor/fund-centre#literature or call
866-667-9231.
Annual
Total Returns – Class A Shares
(Years
Ended Dec. 31)
Highest
Return: 29.29% -
2nd quarter
2020
Lowest
Return: -23.76% -
1st quarter
2020
Summary
- abrdn U.S. Small Cap Equity Fund 11
Summary
- abrdn U.S. Small Cap Equity Fund
After-tax
returns are shown in the following table for Class A shares only and will vary
for other classes. After-tax
returns are
calculated using the historical highest individual federal marginal income tax
rates in effect and do not reflect the impact of
state and local taxes. Your actual
after-tax return depends on your personal tax situation and may differ from
what is
shown here. After-tax returns are not relevant to investors in tax-deferred
arrangements, such as individual retirement
accounts, 401(k) plans or certain other employer-sponsored retirement
plans.
Average
Annual Total Returns as of December 31, 2022
|
|
|
|
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
|
|
|
Class
A shares – After Taxes on Distributions |
|
|
|
Class
A shares – After Taxes on Distributions and Sales of Shares(1)
|
|
|
|
Class
C shares – Before Taxes |
|
|
|
Class
R shares – Before Taxes |
|
|
|
Institutional
Class shares – Before Taxes |
|
|
|
Institutional
Service Class shares – Before Taxes |
|
|
|
Russell
2000®
Index (reflects
no deduction for fees, expenses or taxes) |
|
|
|
(1) |
Under
certain circumstances, the addition of the tax benefits from capital
losses resulting from redemptions may cause the returns after taxes on
distributions
and sales of shares to be greater than the returns after taxes on
distributions or the returns before
taxes. |
Investment
Adviser
abrdn Inc.
(the “Adviser”) serves as the U.S. Small
Cap Equity Fund’s investment adviser.
Portfolio
Managers
The Fund is
managed using a team-based approach, with the following team members being
jointly and primarily responsible
for the day-to-day management of the Fund:
|
|
|
Name
|
Title |
Served
on the Fund Since |
Tim
Skiendzielewski, CFA®
|
Senior
Investment Director |
|
Purchase
and Sale of Fund Shares
The Fund’s
minimum investment requirements are as follows:
|
|
CLASS
A and CLASS C SHARES |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
The Fund
reserves the right to apply or waive investment minimums under certain
circumstances as described in the prospectus
under the “Choosing a Share Class” section.
Fund shares
may be redeemed on each day that the New York Stock Exchange is open. Fund
shares may be sold by mail or fax, by
telephone or on-line.
12 Summary
- abrdn U.S. Small Cap Equity Fund
Summary
- abrdn U.S. Small Cap Equity Fund
Tax
Information
The Fund’s
dividends and distributions are subject to federal income taxes and will be
taxed as ordinary income or capital gains,
unless you are a tax-exempt investor or invest through a qualified employee
benefit plan, retirement plan or other tax-deferred
account, in which case your withdrawals from such account may be taxed as
ordinary income.
Payments
to Broker-Dealers and Other Financial Intermediaries
If you
purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its
related companies may pay the intermediary for the sale of Fund shares and
related services. These payments may create
a conflict of interest by influencing the broker-dealer or other financial
intermediary and your financial advisor to
recommend the Fund over another investment. Ask your financial advisor or visit
your financial intermediary’s website for
more information.
Summary
- abrdn U.S. Small Cap Equity Fund 13
|
|
|
Summary
- abrdn
China A Share Equity Fund |
|
|
|
abrdn
China A Share Equity Fund |
|
Objective
The abrdn
China A Share Equity Fund (the “China A Fund” or the “Fund”) seeks long-term
capital appreciation.
Fees
and Expenses of the Fund
This table
describes the fees and expenses that you may pay when you buy, hold and sell
shares of the China A Fund. You
may qualify
for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in
abrdn
Funds. More
information about these and other discounts is available from your financial
advisor and in the “Reduction
and Waiver of Class A and Class A1 Sales Charges” and “Broker-Defined Sales
Charge Waiver Policies” sections on
pages 162 and 218 of the Fund’s prospectus, respectively, and in the “Additional
Information on Purchases and Sales —
Waiver of Class A and Class A1 Sales Charges” and “Reduction of Sales Charges”
sections on pages 114 and 115 of the Fund’s Statement of Additional Information,
respectively. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and example below.
|
|
|
|
|
|
Shareholder
Fees (fees paid directly from your
investment) |
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional
Class
Shares |
Institutional
Service
Class
Shares |
Maximum
Sales Charge (Load) imposed upon purchases
(as a percentage of offering price) |
|
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage
of offering or sale price, whichever is less)
|
|
|
|
|
|
Small
Account Fee(3)
|
|
|
|
|
|
|
|
|
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
Management
Fees |
|
|
|
|
|
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
Acquired
Fund Fees and Expenses(4)
|
|
|
|
|
|
Total
Annual Fund Operating Expenses(5)
|
|
|
|
|
|
Less:
Amount of Fee Limitations/Expense Reimbursements(6)
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Limitations/Expense
Reimbursements(5)
|
|
|
|
|
|
(1) |
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.
|
(2) |
If
you redeem your Class C shares within the first year after you purchase
them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to
the purchases
of Class C shares where the selling broker-dealer was not paid a
commission at the time of purchase.
|
(3) |
Accounts
with balances below $1,000 are generally subject to a $5 quarterly fee
(with an annual maximum of $20 per account). Shares from such accounts
are redeemed each quarter to cover the fee, which is returned to the Fund
to offset small account expenses. Under some circumstances, the
Fund
may waive the quarterly fee. See the Statement of Additional Information
for information about the circumstances under which this fee will not be
assessed. |
(4) |
Acquired
fund fees and expenses are indirect fees and expenses that the Fund incurs
from investing in the shares of other mutual funds, including money
market
funds and exchange traded
funds. |
(5) |
The
Total Annual Fund Operating Expenses and Total Annual Fund Operating
Expenses After Fee Limitations/Expense Reimbursements do not correlate
to
the Fund’s Ratio of Expenses (Prior to Reimbursements) to Average Net
Assets and Ratio of Expenses to Average Net Assets, respectively, included
in the
Fund’s Financial Highlights in the Fund’s prospectus, as those ratios do
not reflect indirect expenses, such as Acquired Fund Fees and
Expenses. |
(6) |
abrdn
Funds (the “Trust”) and abrdn Inc. (the “Adviser”) have entered into a
written contract limiting operating expenses to 0.99%
for all classes of the Fund.
This contractual limitation may not be terminated before
February
29, 2024
without the approval of the Independent Trustees. This limit excludes
certain
expenses, including any taxes, interest, brokerage fees, short-sale
dividend expenses, Acquired Fund Fees and Expenses, Rule 12b-1 fees,
administrative
services fees, transfer agent out-of-pocket expenses for Class
A shares, Class R shares and Institutional Service Class shares and
extraordinary
expenses. The Trust is authorized to reimburse the Adviser for management
fees previously limited and/or for expenses previously paid by
the
Adviser, provided, however, that any reimbursements must be paid at a date
not more than three years after the date when the Adviser limited the
fees
or reimbursed the expenses and 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. |
14 Summary
- abrdn China A Share Equity Fund
Summary
- abrdn China A Share Equity Fund
Example
This
Example is intended to help you compare the cost of investing in the China A
Fund with the cost of investing in other mutual
funds.
The Example
assumes that you invest $10,000 in the China A Fund for the time periods
indicated and then sell all of your shares at
the end of those periods. It assumes a 5% return each year and that the Fund’s
operating expenses remain the same.
Although
your actual costs may be higher or lower, based on these assumptions your costs
would be:
|
|
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
A Shares |
$704 |
$1,065 |
$1,449 |
$2,524 |
Class
C Shares |
$303 |
$735 |
$1,294 |
$2,817 |
Class
R Shares |
$165 |
$605 |
$1,072 |
$2,364 |
Institutional
Class Shares |
$102 |
$429 |
$780 |
$1,768 |
Institutional
Service Class Shares |
$113 |
$449 |
$807 |
$1,818 |
You would
pay the following expenses on the same investment if you did not sell your
shares:
|
|
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Class
C Shares |
$203 |
$735 |
$1,294 |
$2,817 |
Portfolio
Turnover
The
China A
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when Fund shares
are held in a taxable account. These costs, which are not reflected in annual
fund operating expenses or in the
example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 23.60% of the
average value of its portfolio.
Principal
Strategies
As a
non-fundamental policy, under normal circumstances, the China A Fund invests at
least 80% of the value of its net assets,
plus any borrowings for investment purposes, in equity securities of mainland
China-based companies that are denominated
in Renminbi and listed on the Shenzhen and Shanghai stock exchanges (“China A
Shares”). For the purposes of
the Fund meeting its 80% investment policy, the Fund will include investments in
exchange-traded funds (“ETFs”)
that have policies to invest 80% or more of their assets in China A
Shares.
China A
Shares are only available to non-mainland China investors like the Fund through
the Shanghai-Hong Kong and Shenzhen-Hong
Kong Stock Connect programs (collectively, “Stock Connect”) or the Qualified
Foreign Institutional Investor
and Renminbi Qualified Foreign Institutional Investor systems (collectively, the
“QFII Programs”). Stock Connect and the
QFII Programs are subject to regulatory changes and specified quota limitations.
The Shanghai and Shenzhen stock
exchanges may close for extended periods for holidays or otherwise, which
impacts the Fund’s ability to trade in China A
Shares during those periods.
The Fund
may invest in securities denominated in U.S. Dollars and the currencies of the
foreign countries in which it is permitted
to invest. The Fund typically has full currency exposure to those markets in
which it invests.
The Fund
may invest without limit in the equity securities of companies of any size,
including small-cap and mid-cap companies.
Equity securities include, but are not limited to, common stock, preferred stock
and depositary receipts. The Fund also
may invest in equity-linked notes. An equity-linked note is a security whose
performance is generally tied to a single
stock, a stock index or a basket of stocks. For purposes of the Fund’s 80%
policy described above, equity-linked notes are
classified according to their underlying or referenced security or securities.
The Fund may invest in securities of any market
sector and may hold a significant amount of securities of companies, from time
to time, within a single sector. The Fund
currently anticipates that it will have significant exposure to the consumer
staples sector.
In seeking
to achieve the Fund’s investment objective, the Adviser and Sub-adviser invest
in quality companies and are an active,
engaged owners. The Adviser and Sub-adviser evaluate every company against
quality criteria and build conviction
using a team-based approach and peer review process. The quality assessment
covers five key factors: 1) the durability
of the business model, 2) the attractiveness of the industry, 3) the strength of
financials, 4) the capability of management,
and 5) the most material environmental, social and governance (“ESG”) factors
impacting a company. The Adviser
and Sub-adviser seek to understand what is changing in companies, industries and
markets but is not being priced into
the market or is being mispriced. Through fundamental research, supported by a
global research presence, the Adviser
and Sub-adviser seek to identify companies whose quality is not yet fully
recognized by the market.
Principal
Risks
The
China A
Fund cannot guarantee that it will achieve its investment
objective.
Summary
- abrdn China A Share Equity Fund 15
Summary
- abrdn China A Share Equity Fund
As with any
fund, the value of the Fund’s investments – and therefore, the value of Fund
shares – may fluctuate. The following
is a list of the principal risks of investing in the Fund (in alphabetical order
after the first seven
risks).
Market
Risk –
Deteriorating market conditions might cause a general weakness in the market
that reduces the prices, or yield, of
securities in those markets in which the Fund
invests.
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.
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).
Management
Risk – The Fund
is subject to the risk that the Adviser or Sub-adviser may make poor security
selections. The Adviser or
Sub-adviser and their portfolio managers apply their own investment techniques
and risk analyses in making investment
decisions for the Fund and there can be no guarantee that these decisions will
achieve the desired results for the Fund.
In addition, the Adviser or the Sub-adviser may select securities that
underperform the relevant market or other funds with
similar investment objectives and
strategies.
Foreign
Securities Risk – Foreign
countries in which the Fund may invest may have markets that are less liquid,
less regulated
and more volatile than U.S. markets. The value of the 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.
Emerging
Markets Risk – A
magnification of the risks that apply to foreign investments. These risks are
greater for securities
of companies in emerging market countries because the countries may have less
stable governments, more volatile
currencies and less established markets (see “Foreign Securities Risk”
above).
Asian
Risk. Parts of
the Asian region may be subject to a greater degree of economic, political and
social instability than is the
case in the United States and Europe. Some Asian countries can be characterized
as emerging markets or newly
industrialized and may experience more volatile economic cycles than developed
countries. The developing nature of
securities markets in many countries in the Asian region may lead to a lack of
liquidity while some countries have
restricted the flow of money in and out of the country. Some countries in Asia
have historically experienced political uncertainty,
corruption, military intervention and social unrest. The Fund may be more
volatile than a fund which is broadly
diversified geographically.
China
Risk.
Significant exposure to China and Hong Kong securities subjects the Fund to
additional risks, and may make it
significantly more volatile than more geographically diverse mutual funds.
Additional risks associated with investments
in China and Hong Kong include exposure to currency fluctuations, less
liquidity, expropriation, confiscatory taxation,
nationalization, exchange control regulations (including currency blockage),
trading halts, imposition of tariffs, limitations
on repatriation and differing legal standards. Any spread of an infectious
illness, public health threat or similar issue could
reduce consumer demand or economic output, result in market closures, travel
restrictions or quarantines, and
generally have a significant impact on the Chinese economy, which in turn could
adversely affect the Fund’s investments.
China
A Shares Risk. Trading in
China A Shares through Stock Connect and the QFII Programs involves additional
risks.
Stock Connect is subject to a daily quota (the “Daily Quota”), which limits the
maximum net purchases under Stock Connect
each day and, as such, buy orders for China A Shares would be rejected once the
Daily Quota is exceeded (although
the Fund will be permitted to sell China A Shares regardless of the Daily Quota
balance). Further, Stock Connect,
which relies on the connectivity of the Shanghai or Shenzhen markets with Hong
Kong, is subject to operational risk,
regulations that are relatively untested and are subject to change, and extended
market closures for holidays or otherwise.
During an extended market closure, the Fund’s ability to trade in China A Shares
will be impacted which may affect the
Fund’s performance. The QFII Programs are subject to the risk that the Adviser
may have its QFII Programs license
revoked or restricted with respect to the Fund or the Fund may be impacted by
the rules, restrictions and quota limitations
connected to reliance on a QFII Programs
license.
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 the Fund more
greatly to the extent the Fund does not hedge its currency risk, or hedging
techniques used by the Adviser are unsuccessful.
16 Summary
- abrdn China A Share Equity Fund
Summary
- abrdn China A Share Equity Fund
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 the Fund, the Adviser and/or its 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.
Equity-Linked
Notes – The Fund
may invest in equity-linked notes, which are generally subject to the same risks
as the foreign
equity securities or the basket of foreign securities they are linked to. If the
linked security(ies) declines in value, the note
may return a lower amount at maturity. The trading price of an equity-linked
note also depends on the value of the linked
security(ies).
Exchange-Traded
Fund Risk – To
the extent that the Fund invests in ETFs, the Fund may be subject to, among
other risks, tracking
error risk and passive and, in some cases, active management investment risk. An
active secondary market in ETF shares
may not develop or be maintained and may be halted or interrupted due to actions
by its listing exchange, unusual
market conditions or other reasons. There can be no assurance that an ETF’s
shares will continue to be listed on an active
exchange. In addition, Fund shareholders bear both their proportionate share of
the Fund’s expenses and similar
expenses incurred through the Fund’s ownership of the
ETF.
Illiquid
Securities Risk – Illiquid
securities are assets that the 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 market value of
the asset. An inability to sell a portfolio position can adversely affect the
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 the Fund’s portfolio holdings. These procedures and tests take into account
the Fund’s investment strategy and liquidity
of portfolio investments during both normal and foreseeable stressed conditions,
cash-flow projections during both normal
and reasonable foreseeable stressed conditions, relevant market, trading and
other factors, and monitor whether
liquidity should be adjusted based on changed market conditions. These
procedures and tests are designed to assist the
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
the Fund to ensure that it has sufficient
liquidity to meet redemption requests.
Impact
of Large Redemptions and Purchases of Fund Shares –
Occasionally, shareholders may make large redemptions or purchases
of Fund shares, which may cause the 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 the Fund and result in credit line borrowing fees
and/or overdraft charges to the Fund
until the sales of portfolio securities necessary to cover the redemption
request settle.
Mid-Cap
Securities Risk – Securities
of medium-sized companies tend to be more volatile and less liquid than
securities of larger
companies.
Sector
Risk – To the
extent that the 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.
Consumer
Staples Sector Risk. Companies
in the consumer staples sector may be adversely affected by changes in the
global economy, consumer spending, competition, demographics and consumer
preferences, and production spending.
Companies in the consumer staples sector may also be affected by changes in
global economic, environmental
and political events, economic conditions, the depletion of resources, and
government regulation. For instance,
government regulations may affect the permissibility of using various food
additives and production methods of companies
that make food products, which could affect company profitability. In addition,
tobacco companies may be adversely
affected by the adoption of proposed legislation and/or by litigation. Companies
in the consumer staples sector also
may be subject to risks pertaining to the supply of, demand for and prices of
raw materials. The prices of raw materials
fluctuate in response to a number of factors, including, without limitation,
changes in government agricultural support
programs, exchange rates, import and export controls, changes in international
agricultural and trading policies, and
seasonal and weather conditions. Companies in the consumer staples sector may be
subject to severe competition, which may
also have an adverse impact on their
profitability.
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.
Valuation
Risk – The price
that the 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 the Fund, and the
Fund could realize a greater than
expected loss or lesser than expected gain upon the sale of the investment. The
Fund’s ability to value its investments
may also be impacted by technological issues and/or errors by pricing services
or other third-party service providers.
Summary
- abrdn China A Share Equity Fund 17
Summary
- abrdn China A Share Equity Fund
If the
value of the Fund’s investments decreases, you may lose
money.
For
additional information regarding the above identified risks, see “Fund Details:
Additional Information about Investments,
Investment Techniques and Risks” in the
prospectus.
Performance
The bar
chart and table below can help you evaluate potential risks of the China A
Fund. The bar
chart shows how the Fund’s
annual total returns for Class A have varied from year to year.
The returns
in the bar chart do not reflect the impact of sales
charges. If the applicable sales charges were included, the annual total returns
would be lower than those shown. Unlike the
bar chart, the returns in the table reflect the maximum applicable sales
charges. The table
compares the Fund’s
average annual total returns to the returns of the MSCI China A (Onshore) Index
(Net Daily Total Return), a broad-based
securities index. Remember,
however, that past performance (before and after taxes) is not necessarily
indicative
of how the Fund will perform in the future. For
updated performance information, please visit https://www.
abrdn.com/en-us/us/investor/fund-centre#literature or call
866-667-9231. The Fund
changed its investment strategies effective
June 13, 2019. The performance information for periods before June 13, 2019 does
not reflect the Fund’s current investment
strategies. In connection with the change in investment strategies, the Fund
changed its name from Aberdeen
China Opportunities Fund to Aberdeen China A Share Equity
Fund.
Annual
Total Returns – Class A Shares
(Years
Ended Dec. 31)
Highest
Return: 24.28% -
4th quarter
2020
Lowest
Return: -19.21% -
3rd quarter
2022
After-tax
returns are shown in the following table for Class A shares only and will vary
for other classes. After-tax
returns are
calculated using the historical highest individual federal marginal income tax
rates in effect and do not reflect the impact of
state and local taxes. Your actual
after-tax return depends on your personal tax situation and may differ from
what is
shown here. After-tax returns are not relevant to investors in tax-deferred
arrangements, such as individual retirement
accounts, 401(k) plans or certain other employer-sponsored retirement
plans.
18 Summary
- abrdn China A Share Equity Fund
Summary
- abrdn China A Share Equity Fund
Average
Annual Total Returns as of December 31, 2022
|
|
|
|
|
1
Year |
5
Years |
10
Years |
Class
A shares – Before Taxes |
|
|
|
Class
A shares – After Taxes on Distributions |
|
|
|
Class
A shares – After Taxes on Distributions and Sales of Shares
|
|
|
|
Class
C shares – Before Taxes |
|
|
|
Class
R shares – Before Taxes |
|
|
|
Institutional
Class shares – Before Taxes |
|
|
|
Institutional
Service Class shares – Before Taxes |
|
|
|
MSCI
China A (Onshore) Index (Net Daily Total Return) (reflects
no deduction for fees
or expenses) |
|
|
|
Investment
Adviser
abrdn
Inc. (the “Adviser”) serves as the China A Fund’s investment adviser and
abrdn Asia
Limited (“AAL”) serves as the Fund’s
sub-adviser.
Portfolio
Managers
The Fund is
managed using a team-based approach, with the following team members being
jointly and primarily responsible
for the day-to-day management of the Fund:
|
|
|
Name
|
Title |
Served
on the Fund Since |
Pruksa
Iamthongthong, CFA®
|
Senior
Investment Director |
|
Jim
Jiang |
Investment
Manager |
|
Elizabeth
Kwik, CFA®
|
Investment
Director |
|
Nicholas
Yeo, CFA®
|
Director
and Head of Equities – China |
|
Purchase
and Sale of Fund Shares
The Fund’s
minimum investment requirements are as follows:
|
|
CLASS
A and CLASS C SHARES |
To
open an account |
$1,000 |
To
open an IRA account |
$1,000 |
Additional
investments |
$50 |
To
start an Automatic Investment Plan |
$1,000 |
Additional
Investments (Automatic Investment Plan) |
$50 |
|
|
CLASS
R SHARES |
To
open an account |
No
Minimum |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
CLASS SHARES |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
|
|
INSTITUTIONAL
SERVICE CLASS SHARES |
To
open an account |
$1,000,000 |
Additional
investments |
No
Minimum |
The Fund
reserves the right to apply or waive investment minimums under certain
circumstances as described in the prospectus
under the “Choosing a Share Class” section.
Fund shares
may be redeemed on each day that the New York Stock Exchange is open. Fund
shares may be sold by mail or fax, by
telephone or on-line.
Summary
- abrdn China A Share Equity Fund 19
Summary
- abrdn China A Share Equity Fund
Tax
Information
The Fund’s
dividends and distributions are subject to federal income taxes and will be
taxed as ordinary income or capital gains,
unless you are a tax-exempt investor or invest through a qualified employee
benefit plan, retirement plan or other tax-deferred
account, in which case your withdrawals from such account may be taxed as
ordinary income.
Payments
to Broker-Dealers and Other Financial Intermediaries
If you
purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its
related companies may pay the intermediary for the sale of Fund shares and
related services. These payments may create
a conflict of interest by influencing the broker-dealer or other financial
intermediary and your financial advisor to
recommend the Fund over another investment. Ask your financial advisor or visit
your financial intermediary’s website for
more information.
20 Summary
- abrdn China A Share Equity Fund
|
|
|
Summary
- abrdn
Emerging Markets Sustainable Leaders Fund |
|
|
|
abrdn
Emerging Markets Sustainable Leaders Fund |
|
Objective
The abrdn
Emerging Markets Sustainable Leaders Fund (the “Emerging Markets Sustainable
Leaders Fund” or the “Fund”) seeks
long-term capital appreciation.
Fees
and Expenses of the Fund
This table
describes the fees and expenses that you may pay when you buy, hold and sell
shares of the Emerging Markets
Sustainable Leaders Fund. You may
qualify for sales charge discounts if you and your family invest, or agree to
invest in
the future, at least $50,000 in abrdn
Funds. More
information about these and other discounts is available from your
financial advisor and in the “Reduction and Waiver of Class A and Class A1 Sales
Charges” and “Broker-Defined Sales
Charge Waiver Policies” sections on pages 162 and 218 of the Fund’s prospectus,
respectively, and in the “Additional
Information on Purchases and Sales — Waiver of Class A and Class A1 Sales
Charges” and “Reduction of Sales Charges”
sections on pages 114 and 115 of the Fund’s Statement of Additional Information,
respectively. You may pay other fees,
such as brokerage commissions and other fees to financial intermediaries, which
are not reflected in the table and example
below.
|
|
|
|
|
|
Shareholder
Fees (fees paid directly from your
investment) |
Class
A Shares |
Class
C Shares |
Class
R Shares |
Institutional Class
Shares |
Institutional Service
Class Shares |
Maximum
Sales Charge (Load) imposed upon purchases
(as a percentage of offering price) |
|
|
|
|
|
Maximum
Deferred Sales Charge (Load) (as a percentage
of offering or sale price, whichever is less)
|
|
|
|
|
|