ABRDN FDS

Ticker: AFSC CUSIP: 00384X202 Class: FOCUSED U S SMAL

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (2)

Kestra Advisory Services, LLC

Value ($000) $63 Shares 2,061

YANKCOM Partnership

Value ($000) $7 Shares 241

Institution	Shares	Value ($000)
Kestra Advisory Services, LLC	2,061	$63
YANKCOM Partnership	241	$7

Increased Positions (1)

GTS SECURITIES LLC

Value ($000) $1,148 (+55.6%) Shares 37,704 (+53.1%)

Institution	Prev Shares	Curr Shares	Change
GTS SECURITIES LLC	24,621	37,704	+13,083 (+53.1%)

Decreased Positions (2)

MIZUHO SECURITIES USA LLC

Value ($000) $3,166 (-57.9%) Shares 100,000 (-60.0%)

WELLS FARGO & COMPANY/MN

Value ($000) $1,306 (-61.7%) Shares 42,900 (-62.3%)

Institution	Prev Shares	Curr Shares	Change
MIZUHO SECURITIES USA LLC	249,984	100,000	-149,984 (-60.0%)
WELLS FARGO & COMPANY/MN	113,763	42,900	-70,863 (-62.3%)

Exited Positions (3)

GOLDMAN SACHS GROUP INC

Value ($000) $17,231 Shares 575,000

PFS Partners, LLC

Value ($000) $18 Shares 589

Janney Montgomery Scott LLC

Value ($000) $0 Shares 10,146

Institution	Prev Shares	Prev Value ($000)
GOLDMAN SACHS GROUP INC	575,000	$17,231
PFS Partners, LLC	589	$18
Janney Montgomery Scott LLC	10,146	$0