abrdn Real Estate Feeder Fund Class Institutional Income

Investment Objective The Fund invests substantially all of its assets in the abrdn Real Estate Fund which is currently undergoing a portfolio transition to (i) reduce its holdings to approximately 45% in direct UK property, and (ii) increase its holdings to approximately 45% in indirect property. The transition commenced on 2 October 2024 and is expected to be completed within 18-24 months however, the transition may take longer due to the illiquid nature of property assets and varying market conditions. Potential investors should be aware that, for a period from 2 October 2024, investments in both direct and indirect holdings in the abrdn Real Estate Fund will not align with the target allocations of 45% as stated in the investment policy. Investors can view an updated breakdown of the composition of the abrdn Real Estate Fund by visiting www.abrdn.com/en-gb/intermediary/funds/view and reviewing the abrdn Real Estate Fund factsheet. To generate income and some growth over the long term (5 years or more) by investing all or substantially all of its capital in the abrdn Real Estate Fund. To the extent the fund is not fully invested it will hold its remaining assets in money-market instruments including cash. The returns of this fund are not expected to be materially different than the returns of abrdn Real Estate Fund. The objective of the abrdn Real Estate Fund is to generate income and some growth over the long term (5 years or more) by investing in property and property related investments. It is intended that the fund will be a PAIF at all times and, as such, its investment objective is to carry on property investment business and to manage cash raised for investment in the property investment business. Performance Target of abrdn Real Estate Fund: To achieve a return in excess of the following composite index over rolling five year periods (after charges) - 45% MSCI UK Monthly Property Index; 45% FTSE EPRA Nareit Developed Net Total Return Index; and 10% SONIA. There is no certainty or promise that the Performance Target will be achieved. The MSCI UK Monthly Property Index is a representative Index of directly held UK property investments. The FTSE EPRA Nareit Developed Net Total Return Index is a representative index of property related companies listed on global developed stock markets. SONIA is the Sterling Overnight Index Average and is the representative rate for the return on cash deposits. The investment policy of the abrdn Real Estate Fund is as follows: Investment Policy Portfolio Securities - The fund will target an allocation of 45% investment in UK direct property, 45% investment in global property related equities and 10% cash (including assets that can be turned into cash quickly). The fund will however invest at least 80% in property and property related investments - The fund may also invest indirectly in other funds (including those managed by abrdn). - The fund may invest in cash and assets that can be turned into cash quickly. Management Process - In respect of the direct property component the management team use their discretion (active management) to identify investments that are expected to benefit from changes in property prices and property improvements. They will maintain a diverse asset mix at sector level. - In respect of the indirect property component the management team use their discretion to maintain a diverse mix at country and company level. Their primary focus is on company selection using research techniques to select individual holdings. The research is focused on identifying companies the management team believe will increase in value and which align with their views regarding future economic and business conditions. - Due to the active nature of the management process, the fund's performance profile may deviate significantly from that of the composite benchmark. Please note: Selling property can be a lengthy process so investors in the fund should be aware that, in certain circumstances, they may not be able to sell their investment when they want to. The Index is a representative group of UK investment funds which invest in direct UK property. Derivatives and Techniques The fund is not expected to invest in derivatives directly however the abrdn UK Real Estate Fund may use derivatives as set out below: - The fund may use derivatives to reduce risk, reduce cost and/or generate additional income or growth consistent with the risk profile of the fund - Where derivatives are used, this would typically be to maintain allocations following a significant inflow into the fund, or to manage currency risk. - Derivatives are linked to the value of other assets. In other words, they derive their price from one or more underlying asset. Investors in the fund may buy and sell shares on any dealing day (as defined in the Prospectus). If you invest in income shares, income from investments in the fund will be paid out to you. If you invest in accumulation shares, income will be added to the value of your shares. Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within five years. Investors should satisfy themselves that their attitude to risk aligns with the risk profile of this fund before investing.