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Holdings Bond Co-Issuer Inc 43103QAA6 2479124.00000000 PA USD 2566240.42000000 1.109445974497 Long DBT CORP XX N 2 2025-10-15 Fixed 7.63000000 N N Y N N N FIRST QUANTUM MINERALS L 549300I7UVBGWRYMYZ18 First Quantum Minerals Ltd 335934AR6 2151000.00000000 PA USD 2220907.50000000 0.960150446701 Long DBT CORP CA N 2 2026-03-01 Fixed 6.88000000 N N N N N N Novafives SAS 9695005GQAG112FYVW69 Novafives SAS 000000000 5950000.00000000 PA 5926557.35000000 2.562189864730 Long DBT CORP FR Y 2 2025-06-15 Fixed 5.00000000 N N N N N N SUMMER BC HOLDCO A SARL 984500EFA0BRE0008996 Summer BC Holdco A Sarl 000000000 6397473.46000000 PA 7598756.57000000 3.285120841395 Long DBT CORP LU Y 2 2027-10-31 Fixed 9.25000000 N N N N N N PUNCH FINANCE PL 2138006IJRIU1Q5DN388 Punch Finance PLC 000000000 2740000.00000000 PA 3650721.50000000 1.578292602914 Long DBT CORP GB N 2 2026-06-30 Fixed 6.13000000 N N N N N N VERY GRP FUNDING PLC/THE 9845005CC91D50AF8202 Very Group Funding Plc/The 000000000 3095000.00000000 PA 4131245.38000000 1.786034356244 Long DBT CORP GB N 2 2026-08-01 Fixed 6.50000000 N N N N N N SOFTBANK GROUP CORP 5493003BZYYYCDIO0R13 SoftBank Group Corp 000000000 4750000.00000000 PA USD 4551450.00000000 1.967698677517 Long DBT CORP JP Y 2 2023-07-19 Fixed 6.00000000 N N N N N N DIGICEL GROUP HOLDINGS N/A Digicel Group Holdings Ltd 25381YAD3 3173176.00000000 PA USD 3181108.94000000 1.375268069357 Long DBT CORP BM N 2 2024-04-01 Fixed 10.00000000 N N Y N N N SIXSIGMA NETWORKS MEXICO 5493000VGOF3UCTUXW26 Sixsigma Networks Mexico SA de CV 83006LAB9 1500000.00000000 PA USD 1443750.00000000 0.624167016152 Long DBT CORP MX N 2 2025-05-02 Fixed 7.50000000 N N N N N N FRONTIER COMMUNICATIONS N/A Frontier Communications Holdings LLC 35908MAB6 3088000.00000000 PA USD 2980537.60000000 1.288556370785 Long DBT CORP US N 2 2030-01-15 Fixed 6.00000000 N N N N N N KLEOPATRA HOLDINGS 2 222100ALG258IKQWWE73 Kleopatra Holdings 2 SCA 000000000 6268000.00000000 PA 6167943.25000000 2.666546655687 Long DBT CORP LU N 2 2026-09-01 Fixed 6.50000000 N N N N N N MOSS CREEK RESOURCES HLD 54930037SLMSPWKYIX36 Moss Creek Resources Holdings Inc 61965RAA3 2567000.00000000 PA USD 2349369.74000000 1.015687688626 Long DBT CORP US N 2 2026-01-15 Fixed 7.50000000 N N N N N N SUMMER BIDCO BV 724500EOJYP21L3XM206 Summer BidCo BV 000000000 3593843.75000000 PA 4090396.30000000 1.768374340052 Long DBT CORP NL N 2 2025-11-15 Fixed 9.00000000 N N Y N N N GARFUNKELUX HOLDCO 3 SA 2221007QVSNJV7EWBX69 Garfunkelux Holdco 3 SA 000000000 4214000.00000000 PA 5796736.57000000 2.506065294072 Long DBT CORP LU N 2 2025-11-01 Fixed 7.75000000 N N N N N N GALAXY FINCO LTD 984500E65BE1F6988518 Galaxy Finco Ltd 000000000 6300000.00000000 PA 8756707.69000000 3.785730292768 Long DBT CORP JE Y 2 2027-07-31 Fixed 9.25000000 N N N N N N MINERVA MERGER SUB INC N/A Minerva Merger Sub Inc 60337JAA4 2853000.00000000 PA USD 2845867.50000000 1.230335325256 Long DBT CORP US N 2 2030-02-15 Fixed 6.50000000 N N N N N N WEATHERFORD INTERNATIONA 549300A2JKMG5PGOGF82 Weatherford International Ltd 947075AU1 3687000.00000000 PA USD 3751522.50000000 1.621871241456 Long DBT CORP BM N 2 2030-04-30 Fixed 8.63000000 N N N N N N HT TROPLAST AG 529900Y2N2GAY3FXGP86 HT Troplast GmbH 000000000 1320000.00000000 PA 1564516.94000000 0.676377399244 Long DBT CORP DE N 2 2025-07-15 Fixed 9.25000000 N N N N N N MONITCHEM HOLDCO 2 S.A. 222100IQ8LHD0M05LB11 Monitchem HoldCo 2 SA 000000000 2000000.00000000 PA 2384523.35000000 1.030885419438 Long DBT CORP LU Y 2 2026-09-15 Fixed 9.50000000 N N N N N N CIMPRESS PLC 549300X1IFD75XISOR81 Cimpress PLC 17186HAC6 1730000.00000000 PA USD 1778318.90000000 0.768809005423 Long DBT CORP IE N 2 2026-06-15 Fixed 7.00000000 N N N N N N Metinvest BV 635400TMCKVEU87EJ582 Metinvest BV 591555AE7 3000000.00000000 PA USD 2655000.00000000 1.147818824508 Long DBT CORP NL N 2 2026-04-23 Fixed 8.50000000 N N N N N N PICARD BONDCO 52990070XME2A28A7N53 Picard Bondco SA 000000000 2600000.00000000 PA 2873061.12000000 1.242091765536 Long DBT CORP LU Y 2 2027-07-01 Fixed 5.38000000 N N N N N N ASCENT RESOURCES/ARU FIN N/A Ascent Resources Utica Holdings LLC / ARU Finance Corp 04364VAR4 2581000.00000000 PA USD 2703597.50000000 1.168828664555 Long DBT CORP US N 2 2028-12-31 Fixed 8.25000000 N N N N N N AAREAL BANK AG EZKODONU5TYHW4PP1R34 Aareal Bank AG 000000000 1800000.00000000 PA 2036386.31000000 0.880377604741 Long DBT CORP DE Y 2 2022-04-30 Variable 6.64000000 N N N N N N MAJORDRIVE HOLDINGS IV L N/A MajorDrive Holdings IV LLC 56085RAA8 3506000.00000000 PA USD 3330700.00000000 1.439939796154 Long DBT CORP US N 2 2029-06-01 Fixed 6.38000000 N N N N N N 2022-02-28 Aberdeen Income Credit Strategies Fund Sharon Ferrari Sharon Ferrari Assistant Treasurer XXXX NPORT-EX 2 NPORT_ACAC_40725052_0122.htm

 

Portfolio of Investments (unaudited)

 

As of January 31, 2022
Aberdeen Income Credit Strategies Fund

 

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
        
BANK LOANS—5.1%     
NORWAY—1.7%     
EUR    3,500   Silk Bidco AS, 8.00%, 06/11/2023  $ 3,918,078  
UNITED KINGDOM—3.4%       
GBP    2,000   Constellation Automotive Ltd., 7.60%, 07/30/2029    2,705,481  
EUR    3,500   EG Group Limited, 7.00%, 04/10/2027    3,941,906  
GBP    1,000   Impala Holdings Ltd., 5.45%, 06/08/2028    1,339,016  
             7,986,403  
UNITED STATES—0.0%       
USD    4,000   La Paloma Generating Co., LLC, Zero Coupon, 02/20/2022 (a)(b)(c)(d)   —  
         Total Bank Loans — 5.1% (cost $16,260,055)   11,904,481  
CORPORATE BONDS—156.1%       
ARGENTINA—1.3%       
USD    3,120   Telecom Argentina SA, 8.00%, 07/18/2023 (e)(f)   2,925,000  
BERMUDA—1.1%       
USD    2,479   Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., 7.63%, 10/15/2022 (e)(f)(g)   2,566,240  
BRAZIL—1.1%       
USD    3,000   InterCement Financial Operations BV, 5.75%, 03/02/2022 (e)(f)   2,636,280  
CANADA—2.8%           
USD    4,495   Husky III Holding Ltd., 13.00%, 03/03/2022 (e)(f)(g)   4,697,275  
USD    1,875   Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 03/03/2022 (e)(f)   1,910,156  
             6,607,431  
CHINA—1.8%       
USD    3,304   China Evergrande Group, 9.50%, 04/11/2022 (e)   545,160  
USD    1,700   CIFI Holdings Group Co. Ltd., 6.55%, 03/28/2022 (e)(f)   1,564,000  
USD    7,510   Kaisa Group Holdings Ltd., 9.38%, 03/03/2022 (e)(f)   2,008,925  
             4,118,085  
DENMARK—0.9%       
USD    2,000   DKT Finance ApS, 9.38%, 02/11/2022 (e)(f)   2,010,000  
             2,010,000  
FRANCE—8.7%       
USD    4,068   Iliad Holding SASU, 7.00%, 10/15/2024 (e)(f)   4,135,570  
EUR    3,017   La Financiere Atalian SASU, 5.13%, 02/10/2022 (e)(f)   3,233,162  
GBP    3,000   La Financiere Atalian SASU, 6.63%, 02/10/2022 (e)(f)   3,874,795  
EUR    5,950   Novafives SAS, 5.00%, 02/10/2022 (e)(f)   5,926,557  
EUR    2,600   Picard Bondco SA, 5.38%, 07/01/2024 (e)(f)   2,873,061  
             20,043,145  
GEORGIA—0.2%       
USD    526   Bank of Georgia JSC, (fixed rate to 06/28/2024, variable rate thereafter), 11.13%, 06/28/2024 (e)(h)   573,340  
GERMANY—5.1%       
EUR    1,800   Aareal Bank AG, 6.64%, 04/30/2022 (e)(h)(i)   2,036,386  
EUR    4,000   ADLER Group SA, 3.25%, 05/05/2025 (e)(f)   3,848,563  
GBP    1,600   Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026 (e)(h)   2,246,240  
EUR    1,320   HT Troplast GmbH, 9.25%, 07/15/2022 (e)(f)   1,564,517  

 

See accompanying Notes to Portfolio of Investments.

 

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2022
Aberdeen Income Credit Strategies Fund

 

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
        
CORPORATE BONDS (continued)       
EUR    2,500   Standard Profil Automotive GmbH, 6.25%, 04/30/2023 (e)(f) $ 2,218,815  
             11,914,521  
ITALY—1.7%       
EUR    3,500   Gamma Bondco Sarl, 8.13%, 11/15/2026    3,865,506  
JAMAICA—1.4%       
USD    3,173   Digicel Group 0.5 Ltd., 10.00%, 02/15/2022 (f)(g)   3,181,109  
JAPAN—4.0%       
USD    4,900   SoftBank Group Corp., (fixed rate to 07/19/2023, variable rate thereafter), 6.00%, 07/19/2023 (e)(h)   4,695,180  
USD    4,750   SoftBank Group Corp., (fixed rate to 07/19/2023, variable rate thereafter), 6.00%, 07/19/2023 (e)(h)   4,551,450  
             9,246,630  
LUXEMBOURG—27.3%       
USD    6,485   Albion Financing 2SARL, 8.75%, 10/15/2023 (e)(f)   6,436,363  
EUR    5,000   Altice Finco SA, 4.75%, 10/15/2022 (e)(f)   5,105,666  
USD    10,000   Altice France Holding SA, 6.00%, 02/15/2023 (e)(f)   9,126,500  
GBP    2,993   Cidron Aida Finco SARL, 6.25%, 04/01/2024 (e)(f)   3,868,411  
GBP    7,214   Garfunkelux Holdco 3 SA, 7.75%, 11/01/2022 (e)(f)   9,923,507  
EUR    2,000   Herens Midco Sarl, 5.25%, 05/15/2024 (e)(f)   2,030,681  
EUR    6,268   Kleopatra Holdings 2 SCA, 6.50%, 03/01/2023 (e)(f)   6,167,943  
EUR    6,161   LHMC Finco 2 Sarl, 7.25%, 03/02/2022 (e)(f)(g)   6,695,586  
EUR    5,150   Monitchem HoldCo 2 SA, 9.50%, 09/15/2022 (e)(f)   6,140,147  
EUR    6,397   Summer BC Holdco A Sarl, 9.25%, 10/31/2022 (e)(f)   7,598,757  
             63,093,561  
MEXICO—5.0%       
USD    1,079   Braskem Idesa SAPI, 6.99%, 02/20/2027 (e)(f)   1,070,908  
EUR    1,400   Petroleos Mexicanos, 4.75%, 02/26/2029 (e)   1,541,059  
USD    4,200   Petroleos Mexicanos, 6.49%, 11/23/2026 (f)   4,385,346  
USD    1,500   Sixsigma Networks Mexico SA de CV, 7.50%, 03/03/2022 (e)(f)   1,443,750  
USD    4,000   Unifin Financiera SAB de CV, 8.38%, 01/27/2028 (e)   2,372,000  
USD    2,000   Unifin Financiera SAB de CV, (fixed rate to 01/29/2025, variable rate thereafter), 8.88%, 01/29/2025 (e)(h)   865,020  
             11,678,083  
NETHERLANDS—5.0%       
EUR    4,300   Sigma Holdco BV, 5.75%, 02/10/2022 (e)(f)   4,342,584  
EUR    6,373   Summer BidCo BV, 9.00%, 03/02/2022 (e)(f)(g)   7,250,374  
             11,592,958  
NIGERIA—1.3%       
USD    2,860   IHS Netherlands Holdco BV, 8.00%, 09/18/2022 (e)(f)   2,995,850  
SPAIN—1.2%       
EUR    2,600   Tendam Brands SAU, 5.00%, 02/10/2022 (e)(f)   2,901,985  
SWEDEN—3.1%       
EUR    6,400   DDM Debt AB, 9.00%, 04/19/2024 (e)(f)   7,154,132  
TURKEY—0.4%       
USD    983   Yapi ve Kredi Bankasi AS, (fixed rate to 01/22/2026, variable rate thereafter), 7.88%, 01/22/2026 (e)(f)   978,046  

 

See accompanying Notes to Portfolio of Investments.

  

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2022
Aberdeen Income Credit Strategies Fund

  

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
        
CORPORATE BONDS (continued)       
UKRAINE—2.3%       
USD    3,000   Metinvest BV, 8.50%, 01/23/2026 (e)(f)  $ 2,655,000  
USD    3,000   MHP Lux SA, 6.95%, 04/03/2026 (e)    2,655,000  
              5,310,000  
UNITED ARAB EMIRATES—0.1%        
USD    200   Emirates Reit Sukuk Ltd., 5.13%, 12/12/2022 (e)    158,000  
UNITED KINGDOM—27.6%        
EUR    2,700   BCP V Modular Services Finance PLC, 6.75%, 11/30/2024 (e)(f)    2,807,334  
GBP    640   EnQuest PLC, 7.00%, 10/15/2023 (e)(g)    846,256  
USD    13,187   EnQuest PLC, 7.00%, 02/10/2022 (e)(g)    12,494,779  
GBP    6,300   Galaxy Finco Ltd., 9.25%, 07/17/2022 (e)(f)    8,756,708  
USD    5,236   Ithaca Energy North Sea PLC, 9.00%, 07/15/2023 (e)(f)    5,379,990  
USD    1,700   Jaguar Land Rover Automotive PLC, 4.50%, 07/01/2027 (e)(f)    1,604,800  
GBP    3,198   Metrocentre Finance, Senior Secured,, 11.00%, 12/06/2023 (a)(j)    4,356,297  
USD    4,000   Motion Bondco DAC, 6.63%, 11/15/2022 (e)(f)    3,990,000  
GBP    2,740   Punch Finance PLC, 6.13%, 06/30/2023 (e)(f)    3,650,722  
GBP    2,000   Stonegate Pub Co. Financing 2019 PLC, 8.00%, 07/13/2022 (e)(f)    2,740,905  
GBP    3,095   Very Group Funding PLC (The), 6.50%, 08/01/2023 (e)(f)    4,131,245  
GBP    6,000   Voyage Care BondCo PLC, 10.00%, 03/02/2022 (e)(f)    8,028,545  
GBP    3,783   Wheel Bidco Ltd., 6.75%, 07/15/2023 (e)(f)    4,998,719  
              63,786,300  
UNITED STATES—51.7%        
USD    4,808   99 Escrow Issuer, Inc., 7.50%, 01/15/2023 (e)(f)    3,642,060  
USD    2,023   Adams Homes, Inc., 7.50%, 02/16/2022 (e)(f)    2,083,690  
USD    1,087   Adient US LLC, 9.00%, 04/15/2022 (e)(f)    1,151,894  
USD    1,819   Aethon United BR LP / Aethon United Finance Corp., 8.25%, 02/15/2023 (e)(f)    1,915,643  
USD    2,139   Affinity Gaming, 6.88%, 12/01/2023 (e)(f)    2,171,085  
USD    2,581   Ascent Resources Utica Holdings LLC / ARU Finance Corp., 8.25%, 02/01/2024 (e)(f)    2,703,597  
USD    5,015   ASP Unifrax Holdings, Inc., 7.50%, 09/30/2024 (e)(f)    4,858,281  
USD    1,904   Austin BidCo, Inc., 7.13%, 12/15/2023 (e)(f)    1,932,560  
EUR    4,200   Banff Merger Sub, Inc., 8.38%, 02/10/2022 (e)(f)    4,869,115  
USD    1,459   Bausch Health Cos., Inc., 6.13%, 02/01/2027    1,464,471  
USD    2,639   Carnival Corp., 6.00%, 11/01/2024 (e)(f)    2,538,718  
USD    324   Carnival Corp., 7.63%, 03/01/2024 (e)(f)    330,480  
EUR    1,850   Carnival Corp., 10.13%, 08/01/2023 (e)(f)    2,308,294  
USD    4,667   Cengage Learning, Inc., 9.50%, 03/03/2022 (e)(f)    4,686,228  
USD    1,730   Cimpress PLC, 7.00%, 03/03/2022 (e)(f)    1,778,319  
USD    1,750   Colgate Energy Partners III LLC, 5.88%, 07/01/2024 (e)(f)    1,778,437  
USD    1,200   Colgate Energy Partners III LLC, 7.75%, 02/15/2024 (e)(f)    1,287,000  
USD    913   Consensus Cloud Solutions, Inc., 6.00%, 10/15/2023 (e)(f)    940,573  
USD    2,576   Consensus Cloud Solutions, Inc., 6.50%, 10/15/2026 (e)(f)    2,641,984  
USD    3,235   Embarq Corp., 8.00%, 06/01/2036    3,330,044  
USD    3,088   Frontier Communications Holdings LLC, 6.00%, 10/15/2024 (e)(f)    2,980,538  
USD    1,375   FXI Holdings, Inc., 7.88%, 03/03/2022 (e)(f)    1,390,400  
USD    3,279   FXI Holdings, Inc., 12.25%, 11/15/2022 (e)(f)    3,591,259  
USD    425   Howard Midstream Energy Partners LLC, 6.75%, 01/15/2024 (e)(f)    436,025  
USD    3,825   ITT Holdings LLC, 6.50%, 08/01/2024 (e)(f)    3,669,820  
USD    3,823   LD Holdings Group LLC, 6.13%, 04/01/2024 (e)(f)    3,398,532  
USD    3,506   MajorDrive Holdings IV LLC, 6.38%, 06/01/2024 (e)(f)    3,330,700  
USD    4,324   Mauser Packaging Solutions Holding Co., 7.25%, 03/03/2022 (e)(f)    4,296,889  
USD    934   Michaels Cos Inc.(The), 5.25%, 11/01/2023 (e)(f)    899,377  

 

See accompanying Notes to Portfolio of Investments.

  

 

 

 

Portfolio of Investments (unaudited) (continued)

 

As of January 31, 2022
Aberdeen Income Credit Strategies Fund

  

Principal
Amount
(000) or
Shares		  Description  Value
(US$)		 
        
CORPORATE BONDS (continued)        
USD    3,110   Millennium Escrow Corp., 6.63%, 08/01/2023 (e)(f)  $ 3,083,752  
USD    2,853   Minerva Merger Sub, Inc., 6.50%, 02/15/2030    2,845,867  
USD    2,567   Moss Creek Resources Holdings, Inc., 7.50%, 03/03/2022 (e)(f)    2,349,370  
USD    548   Moss Creek Resources Holdings, Inc., 10.50%, 05/15/2022 (e)(f)    537,418  
USD    4,074   Nabors Industries, Inc., 5.10%, 06/15/2023 (f)    4,155,480  
USD    965   Nabors Industries, Inc., 7.38%, 05/15/2024 (e)(f)    990,225  
USD    721   NCL Corp. Ltd., 5.88%, 12/15/2025 (e)(f)    686,753  
USD    768   NCL Corp. Ltd., 10.25%, 08/01/2023 (e)(f)    869,760  
USD    4,814   New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2023 (e)(f)    5,066,735  
USD    3,154   Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2022 (e)(f)    3,185,414  
USD    6,649   Qwest Capital Funding, Inc., 6.88%, 07/15/2028    6,981,450  
USD    1,070   Qwest Capital Funding, Inc., 7.75%, 02/15/2031    1,139,550  
USD    8,205   Staples, Inc., 10.75%, 04/15/2022 (e)(f)    7,647,716  
USD    2,870   Viking Cruises Ltd., 5.88%, 09/15/2022 (e)(f)    2,618,875  
USD    1,192   Waldorf Production UK Ltd., 9.75%, 04/01/2023    1,203,583  
USD    3,687   Weatherford International Ltd., 8.63%, 10/30/2024 (e)(f)    3,751,522  
              119,519,483  
ZAMBIA—1.0%        
USD    2,151   First Quantum Minerals Ltd., 6.88%, 02/11/2022 (e)(f)    2,220,907  
         Total Corporate Bonds — 156.1% (cost $378,435,014)   361,076,592  
COMMON STOCK—0.2%        
UNITED STATES—0.2%        
USD    9,723   California Resources Corp.(c)    414,394  
              414,394  
         Total Common Stocks — 0.2% (cost $145,845)   414,394  
WARRANT—0.1%    
UNITED STATES—0.1%    
USD   22,363   California Resources Corp.(c)   335,445 
            335,445 
        Total Warrants — 0.1% (cost $—)   335,445 
SHORT-TERM INVESTMENT—3.4%     
UNITED STATES—3.4%     
USD   7,726,080   State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(k)   7,726,080 
        Total Short-Term Investment — 3.4% (cost $7,726,080)   7,726,080 
        Total Investments — 164.9% (cost $402,566,994)   381,456,992 
        Liabilities in Excess of Other Assets — (64.9)%   (150,115,103)
        Net Assets—100.0%  $231,341,889 

 

(a) Level 3 security. See Note (a) of the accompanying Notes to Portfolio of Investments.
(b) Escrow Security.
(c) Non-income producing security.
(d) Security is in default.
(e) Denotes a security issued under Regulation S or Rule 144A.
(f) The maturity date presented for these instruments represents the next call/put date.

 

See accompanying Notes to Portfolio of Investments.

 

 

 

 

Portfolio of Investments (unaudited) (concluded)

 

As of January 31, 2022
Aberdeen Income Credit Strategies Fund

  

(g) Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash.
(h) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.
(i) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(j) Illiquid security.
(k) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2022.

 

EUR—Euro Currency

GBP—British Pound Sterling

USD—U.S. Dollar

 

At January 31, 2022, the Fund's open forward foreign currency exchange contracts were as follows:  

 

Purchase Contracts

Settlement Date*

  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value   Unrealized
Appreciation/
(Depreciation)		 
                  
British Pound/United States Dollar
02/22/2022  Goldman Sachs & Co.  GBP   2,855,000   USD   3,836,414   $3,839,189   $2,775 
02/22/2022  UBS AG  GBP   9,064,000   USD   12,367,022    12,188,585    (178,437)
Euro/United States Dollar
02/22/2022  Citibank N.A.  EUR   400,000   USD   446,424    449,559    3,135 
                      $16,477,333   $(172,527)

 

Sale Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		   Fair Value    Unrealized
Appreciation/
(Depreciation)		 
                    
United States Dollar/British Pound
02/22/2022  Citibank N.A.  USD   79,126,401   GBP   58,058,000   $78,072,027   $1,054,374 
United States Dollar/Euro
02/22/2022  Royal Bank of Canada  USD   100,331,408   EUR   88,325,000    99,268,333    1,063,075 
02/22/2022  UBS AG  USD   4,501,167   EUR   3,979,000    4,471,992    29,175 
                      $181,812,352   $2,146,624 

 

* Certain contracts with different trade dates and like characteristics have been shown net.

 

See accompanying Notes to Portfolio of Investments.

 

 

 

 

Notes to Portfolio of Investments (unaudited)

 

January 31, 2022

 

Summary of Significant Accounting Policies

 

1. 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.

 

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 approved by the Board. 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 Fund’s investment adviser generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower or higher prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

 

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.

 

Derivative instruments are valued at fair value. Exchange traded futures are generally Level 1 investments and centrally cleared swaps and forwards are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12- month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).

 

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which they trade closed before the “Valuation Time”), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Fund’s Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs. The three-level hierarchy of inputs is summarized below:

 

Level 1 – quoted prices 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).