# EDGAR Filing Document

**Accession Number:** 0000895574
**File Stem:** 0001410368-25-001786
**Filing Date:** 2025-8
**Character Count:** 122577
**Document Hash:** 8a6a7902329bb41a46d2cbb104c06bc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-001786.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001410368-25-001786

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn National Municipal Income Fund
- **CENTRAL INDEX KEY:** 0000895574

**ORGANIZATION NAME:**
- **EIN:** 411737161
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0330

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07410
- **FILM NUMBER:** 251273902

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ABRDN
- **STREET 2:** 1900 MARKET STREET, SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** C/O ABRDN
- **STREET 2:** 1900 MARKET STREET, SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Delaware Investments National Municipal Income Fund
- **DATE OF NAME CHANGE:** 20081209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 20020327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 19930519

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of June 30, 2025

#### abrdn National Municipal Income Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —172.1%** | &nbsp;&nbsp;**MUNICIPAL BONDS —172.1%** |  |
| &nbsp;&nbsp;**ALABAMA—5.1%** | &nbsp;&nbsp;**ALABAMA—5.1%** | &nbsp;&nbsp;**ALABAMA—5.1%** |
| &nbsp;&nbsp;Black Belt Energy Gas District, VRDN, Series A, 4.00%, 12/01/2052 | $3000000 | &nbsp;&nbsp;$2977920 |
| &nbsp;&nbsp;Mobile County Industrial Development Authority, Series A, 5.00%, 06/01/2054 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 958202 |
| &nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Series A, 5.00%, 11/01/2035 | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2841142 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6777264** |
| &nbsp;&nbsp;**ARIZONA—3.6%** | &nbsp;&nbsp;**ARIZONA—3.6%** | &nbsp;&nbsp;**ARIZONA—3.6%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 7.75%, 07/01/2050<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.13%, 01/01/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 0.00%, 01/01/2059<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10138 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 09/01/2051 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 07/01/2060 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981691 |
| &nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, Series A, 5.00%, 01/01/2047 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3040053 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4795964** |
| &nbsp;&nbsp;**ARKANSAS—2.7%** | &nbsp;&nbsp;**ARKANSAS—2.7%** | &nbsp;&nbsp;**ARKANSAS—2.7%** |
| &nbsp;&nbsp;City of Osceola, VRDN, 5.50%, 04/01/2036 | 1165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165007 |
| &nbsp;&nbsp;Little Rock School District, (BAM), (ST AID WITHHLDG), Series A, 3.00%, 02/01/2050 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437065 |
| &nbsp;&nbsp;**Total Arkansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3602072** |
| &nbsp;&nbsp;**CALIFORNIA—17.8%** | &nbsp;&nbsp;**CALIFORNIA—17.8%** | &nbsp;&nbsp;**CALIFORNIA—17.8%** |
| &nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series B, 4.38%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series B, 4.50%, 07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451395 |
| &nbsp;&nbsp;California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095843 |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank, VRDN, Series A, 9.50%, 01/01/2065<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227146 |
| &nbsp;&nbsp;California Municipal Finance Authority, Series 2025-1, 3.54%, 02/20/2041 | &nbsp;&nbsp;&nbsp;3996731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404720 |
| &nbsp;&nbsp;California Statewide Communities Development Authority, VRDN, Series Q, 6.50%, 05/01/2049 | &nbsp;&nbsp;&nbsp;3748385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787758 |
| &nbsp;&nbsp;City & County of San Francisco Special Tax District No., Series B, 5.25%, 09/01/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479855 |
| &nbsp;&nbsp;Golden State Tobacco Securitization Corp., Series B-2, 0.00%, 06/01/2066<sup>(c)</sup> | 40820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311441 |
| &nbsp;&nbsp;Inland Empire Tobacco Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2057<sup>(a)(c)</sup> | &nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2057<sup>(a)(c)</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129647 |
| &nbsp;&nbsp;Irvine Facilities Financing Authority, Series A, 4.25%, 05/01/2053 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291283 |
| &nbsp;&nbsp;Los Angeles Department of Water & Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252635 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Palomar Health, 5.00%, 11/01/2030 | &nbsp;&nbsp;$| 3335000 | &nbsp;&nbsp;$3162605 |
| &nbsp;&nbsp;Tobacco Securitization Authority of Southern California |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2046<sup>(c)</sup> |  | &nbsp;&nbsp;3015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2046<sup>(c)</sup> |  | &nbsp;&nbsp;3235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615819 |
| &nbsp;&nbsp;**Total California** | &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;**23812948** |
| &nbsp;&nbsp;**COLORADO—5.3%** | &nbsp;&nbsp;**COLORADO—5.3%** | &nbsp;&nbsp;**COLORADO—5.3%** | &nbsp;&nbsp;**COLORADO—5.3%** |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2045<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2046<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483840 |
| &nbsp;&nbsp;Colorado Health Facilities Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2043 |  | &nbsp;&nbsp;1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2044 |  | &nbsp;&nbsp;1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.25%, 12/01/2050<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 09/15/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675423 |
| &nbsp;&nbsp;Fountain Urban Renewal Authority, Series A, 5.50%, 11/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622571 |
| &nbsp;&nbsp;Public Authority for Colorado Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/15/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881537 |
| &nbsp;&nbsp;**Total Colorado** | &nbsp;&nbsp;**Total Colorado** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7050608** |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.9%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.9%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.9%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.9%** |
| &nbsp;&nbsp;District of Columbia, 5.00%, 06/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682970 |
| &nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue, Series A, 4.50%, 10/01/2053 |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839173 |
| &nbsp;&nbsp;**Total District of Columbia** | &nbsp;&nbsp;**Total District of Columbia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2522143** |
| &nbsp;&nbsp;**FLORIDA—13.7%** | &nbsp;&nbsp;**FLORIDA—13.7%** | &nbsp;&nbsp;**FLORIDA—13.7%** | &nbsp;&nbsp;**FLORIDA—13.7%** |
| &nbsp;&nbsp;Capital Projects Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.00%, 06/01/2049<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/01/2058 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893173 |
| &nbsp;&nbsp;Capital Trust Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.13%, 06/15/2060<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327085 |
| &nbsp;&nbsp;City of Tampa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 0.00%, 09/01/2049<sup>(c)</sup> |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 0.00%, 09/01/2053<sup>(c)</sup> |  | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362129 |
| &nbsp;&nbsp;City of Venice, Series B-2, 4.50%, 01/01/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305415 |
| &nbsp;&nbsp;Florida Development Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.25%, 07/01/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2051<sup>(a)</sup> |  | &nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339121 |
| &nbsp;&nbsp;Greater Orlando Aviation Authority, Series A, 5.00%, 10/01/2049 |  | &nbsp;&nbsp;&nbsp;5120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064966 |
| &nbsp;&nbsp;Hillsborough County Industrial Development Authority, Series A, 3.50%, 08/01/2055 |  | &nbsp;&nbsp;6875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964077 |
| &nbsp;&nbsp;Orange County Health Facilities Authority, 4.00%, 10/01/2052 |  | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153672 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**18325528** |
| &nbsp;&nbsp;**GEORGIA—6.3%** | &nbsp;&nbsp;**GEORGIA—6.3%** | &nbsp;&nbsp;**GEORGIA—6.3%** | &nbsp;&nbsp;**GEORGIA—6.3%** |
| &nbsp;&nbsp;Georgia Housing & Finance Authority, Series A, 4.70%, 12/01/2055 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961968 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of June 30, 2025

#### abrdn National Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**GEORGIA (continued)** | &nbsp;&nbsp;**GEORGIA (continued)** | &nbsp;&nbsp;**GEORGIA (continued)** | &nbsp;&nbsp;**GEORGIA (continued)** |
| &nbsp;&nbsp;Municipal Electric Authority of Georgia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 01/01/2056 | &nbsp;&nbsp;$| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;$4976256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 01/01/2063 |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487146 |
| &nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8425370** |
| &nbsp;&nbsp;**IDAHO—2.4%** | &nbsp;&nbsp;**IDAHO—2.4%** | &nbsp;&nbsp;**IDAHO—2.4%** | &nbsp;&nbsp;**IDAHO—2.4%** |
| &nbsp;&nbsp;Idaho Health Facilities Authority, Series A, 3.00%, 03/01/2051 |  | 4630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3141102 |
| &nbsp;&nbsp;**ILLINOIS—12.4%** | &nbsp;&nbsp;**ILLINOIS—12.4%** | &nbsp;&nbsp;**ILLINOIS—12.4%** | &nbsp;&nbsp;**ILLINOIS—12.4%** |
| &nbsp;&nbsp;Chicago Board of Education Dedicated Capital Improvement Tax |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 5.75%, 04/01/2048 |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178160 |
| &nbsp;&nbsp;Chicago O'Hare International Airport, Series A, 5.00%, 01/01/2053 |  | 3020000 | &nbsp;&nbsp;&nbsp;&nbsp; 2964148 |
| &nbsp;&nbsp;Illinois Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.80%, 12/01/2043<sup>(a)</sup> |  | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2051 |  | &nbsp;&nbsp;4355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354646 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority, (BAM), Series B, 0.00%, 12/15/2054<sup>(c)</sup> |  | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1699371 |
| &nbsp;&nbsp;St. Clair County Community Unit School District No. 187 Cahokia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series A, 5.00%, 01/01/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series A, 5.00%, 01/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607019 |
| &nbsp;&nbsp;**Total Illinois** | &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16527609** |
| &nbsp;&nbsp;**INDIANA—0.6%** | &nbsp;&nbsp;**INDIANA—0.6%** | &nbsp;&nbsp;**INDIANA—0.6%** | &nbsp;&nbsp;**INDIANA—0.6%** |
| &nbsp;&nbsp;Indiana Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2059 |  | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2064 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485428 |
| &nbsp;&nbsp;**Total Indiana** | &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**816302** |
| &nbsp;&nbsp;**IOWA—0.9%** | &nbsp;&nbsp;**IOWA—0.9%** | &nbsp;&nbsp;**IOWA—0.9%** | &nbsp;&nbsp;**IOWA—0.9%** |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 05/15/2053 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 05/15/2059 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470044 |
| &nbsp;&nbsp;**Total Iowa** | &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1248882** |
| &nbsp;&nbsp;**LOUISIANA—4.0%** | &nbsp;&nbsp;**LOUISIANA—4.0%** | &nbsp;&nbsp;**LOUISIANA—4.0%** | &nbsp;&nbsp;**LOUISIANA—4.0%** |
| &nbsp;&nbsp;Greater Ouachita Water Co., (BAM), 4.50%, 09/01/2053 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908527 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2059 |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2047 |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461500 |
| &nbsp;&nbsp;**Total Louisiana** | &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5399976** |
| &nbsp;&nbsp;**MARYLAND—0.7%** | &nbsp;&nbsp;**MARYLAND—0.7%** | &nbsp;&nbsp;**MARYLAND—0.7%** | &nbsp;&nbsp;**MARYLAND—0.7%** |
| &nbsp;&nbsp;Maryland Economic Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 06/01/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 06/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506925 |
| &nbsp;&nbsp;**Total Maryland** | &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**978136** |
| &nbsp;&nbsp;**MINNESOTA—4.0%** | &nbsp;&nbsp;**MINNESOTA—4.0%** | &nbsp;&nbsp;**MINNESOTA—4.0%** | &nbsp;&nbsp;**MINNESOTA—4.0%** |
| &nbsp;&nbsp;City of Apple Valley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 01/01/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 7.00%, 01/01/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 7.25%, 01/01/2052 |  | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459732 |

---

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;City of Bethel Housing & Health Care Facilities Revenue, Series A, 5.50%, 12/01/2048 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$462372 |
| &nbsp;&nbsp;City of Hayward, 5.75%, 02/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 342675 |
| &nbsp;&nbsp;City of Minneapolis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771594 |
| &nbsp;&nbsp;City of Rochester, Series A, 6.88%, 12/01/2048 |  | 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1220443 |
| &nbsp;&nbsp;City of St. Cloud, Series A, 5.00%, 04/01/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 295983 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul Minnesota |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 07/01/2038<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.30%, 07/01/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602433 |
| &nbsp;&nbsp;**Total Minnesota** | &nbsp;&nbsp;**Total Minnesota** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5358185** |
| &nbsp;&nbsp;**MISSISSIPPI—2.1%** | &nbsp;&nbsp;**MISSISSIPPI—2.1%** | &nbsp;&nbsp;**MISSISSIPPI—2.1%** | &nbsp;&nbsp;**MISSISSIPPI—2.1%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp., VRDN, Series A, 3.05%, 11/01/2032 |  | 2805000 | &nbsp;&nbsp;&nbsp;&nbsp; 2805000 |
| &nbsp;&nbsp;**NEVADA—1.2%** | &nbsp;&nbsp;**NEVADA—1.2%** | &nbsp;&nbsp;**NEVADA—1.2%** | &nbsp;&nbsp;**NEVADA—1.2%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(a)</sup> |  | 1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661967 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—3.0%** | &nbsp;&nbsp;**NEW HAMPSHIRE—3.0%** | &nbsp;&nbsp;**NEW HAMPSHIRE—3.0%** | &nbsp;&nbsp;**NEW HAMPSHIRE—3.0%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 4.16%, 10/20/2041 |  | &nbsp;&nbsp;&nbsp;1989011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 3.63%, 08/20/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;993107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2048 |  | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254472 |
| &nbsp;&nbsp;**Total New Hampshire** | &nbsp;&nbsp;**Total New Hampshire** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4007429** |
| &nbsp;&nbsp;**NEW JERSEY—2.2%** | &nbsp;&nbsp;**NEW JERSEY—2.2%** | &nbsp;&nbsp;**NEW JERSEY—2.2%** | &nbsp;&nbsp;**NEW JERSEY—2.2%** |
| &nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Series A, 5.00%, 07/01/2043 |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481997 |
| &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency, (FHA), (GNMA), Series B, 5.25%, 12/20/2065 |  | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429756 |
| &nbsp;&nbsp;**Total New Jersey** | &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2911753** |
| &nbsp;&nbsp;**NEW YORK—29.5%** | &nbsp;&nbsp;**NEW YORK—29.5%** | &nbsp;&nbsp;**NEW YORK—29.5%** | &nbsp;&nbsp;**NEW YORK—29.5%** |
| &nbsp;&nbsp;Empire State Development Corp., Series C, 3.00%, 03/15/2048 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720796 |
| &nbsp;&nbsp;Metropolitan Transportation Authority, Series 2025A, 4.63%, 11/15/2050 |  | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459151 |
| &nbsp;&nbsp;New York City Housing Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.85%, 11/01/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 05/01/2063 |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962280 |
| &nbsp;&nbsp;New York Liberty Development Corp., (BAM), Series A, 2.88%, 11/15/2046 |  | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827875 |
| &nbsp;&nbsp;New York State Dormitory Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series A, 3.00%, 09/01/2050 |  | &nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886366 |
| &nbsp;&nbsp;New York State Thruway Authority, Series C, 5.00%, 03/15/2053 |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049786 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of June 30, 2025

#### abrdn National Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** | &nbsp;&nbsp;**NEW YORK (continued)** |
| &nbsp;&nbsp;New York Transportation Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2035 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$543877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/30/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/2060 |  | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.13%, 06/30/2060 |  | &nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.25%, 06/30/2060 |  | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/30/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-P3, 5.00%, 07/01/2046 |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series B, 0.00%, 12/31/2054<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463088 |
| &nbsp;&nbsp;State of New York Mortgage Agency Homeowner Mortgage Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONYMA), Series 250, 4.90%, 10/01/2053 |  | &nbsp;&nbsp;3445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONYMA), Series 261, 4.65%, 10/01/2054 |  | &nbsp;&nbsp;4990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802838 |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp., 6.00%, 12/01/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204234 |
| &nbsp;&nbsp;Westchester County Local Development Corp., (AG), 5.75%, 11/01/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214376 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**39467819** |
| &nbsp;&nbsp;**NORTH CAROLINA—0.6%** | &nbsp;&nbsp;**NORTH CAROLINA—0.6%** | &nbsp;&nbsp;**NORTH CAROLINA—0.6%** | &nbsp;&nbsp;**NORTH CAROLINA—0.6%** |
| &nbsp;&nbsp;North Carolina Medical Care Commission, Series A, 5.13%, 10/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771903 |
| &nbsp;&nbsp;**OHIO—4.6%** | &nbsp;&nbsp;**OHIO—4.6%** | &nbsp;&nbsp;**OHIO—4.6%** | &nbsp;&nbsp;**OHIO—4.6%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series A-2, 4.00%, 06/01/2048 |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485612 |
| &nbsp;&nbsp;Columbus Regional Airport Authority, Series A, 5.50%, 01/01/2050 |  | &nbsp;&nbsp;2575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669132 |
| &nbsp;&nbsp;County of Cuyahoga, 5.50%, 02/15/2057 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970280 |
| &nbsp;&nbsp;**Total Ohio** | &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6125024** |
| &nbsp;&nbsp;**OREGON—3.3%** | &nbsp;&nbsp;**OREGON—3.3%** | &nbsp;&nbsp;**OREGON—3.3%** | &nbsp;&nbsp;**OREGON—3.3%** |
| &nbsp;&nbsp;Port of Portland Airport Revenue, Series 28, 5.00%, 07/01/2052 |  | &nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792227 |
| &nbsp;&nbsp;Union County Hospital Facility Authority, 5.00%, 07/01/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483127 |
| &nbsp;&nbsp;Washington County School District No. 13 Banks, (SCH BD GTY), Series A, 0.00%, 06/15/2051<sup>(c)</sup> |  | &nbsp;&nbsp;8505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139605 |
| &nbsp;&nbsp;**Total Oregon** | &nbsp;&nbsp;**Total Oregon** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4414959** |
| &nbsp;&nbsp;**PENNSYLVANIA—9.4%** | &nbsp;&nbsp;**PENNSYLVANIA—9.4%** | &nbsp;&nbsp;**PENNSYLVANIA—9.4%** | &nbsp;&nbsp;**PENNSYLVANIA—9.4%** |
| &nbsp;&nbsp;Huntingdon County General Authority, Series T, 5.00%, 10/01/2051 |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232377 |
| &nbsp;&nbsp;Montgomery County Higher Education & Health Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 09/01/2043 |  | &nbsp;&nbsp;&nbsp;3515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series B, 4.00%, 05/01/2056 |  | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844134 |
| &nbsp;&nbsp;Pennsylvania Housing Finance Agency, Series 148A, 4.80%, 10/01/2055 |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914568 |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission, Series C, 3.00%, 12/01/2051 |  | &nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081402 |
| &nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12596975** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**PUERTO RICO—9.0%** | &nbsp;&nbsp;**PUERTO RICO—9.0%** | &nbsp;&nbsp;**PUERTO RICO—9.0%** |
| &nbsp;&nbsp;Commonwealth of Puerto Rico, Series A1, 4.00%, 07/01/2046 | $2340000 | &nbsp;&nbsp;$1999333 |
| &nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico, 7.50%, 08/20/2040 | 5743373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5501019 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1, 0.00%, 07/01/2051<sup>(c)</sup> | 19613000 | &nbsp;&nbsp;&nbsp;&nbsp; 4551055 |
| &nbsp;&nbsp;**Total Puerto Rico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12051407** |
| &nbsp;&nbsp;**SOUTH CAROLINA—0.1%** | &nbsp;&nbsp;**SOUTH CAROLINA—0.1%** | &nbsp;&nbsp;**SOUTH CAROLINA—0.1%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, 5.75%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151454 |
| &nbsp;&nbsp;**TENNESSEE—0.6%** | &nbsp;&nbsp;**TENNESSEE—0.6%** | &nbsp;&nbsp;**TENNESSEE—0.6%** |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board, (BAM), Series A-1, 5.00%, 07/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437914 |
| &nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1, 5.25%, 06/01/2056<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 345856 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**783770** |
| &nbsp;&nbsp;**TEXAS—11.7%** | &nbsp;&nbsp;**TEXAS—11.7%** | &nbsp;&nbsp;**TEXAS—11.7%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PSF-GTD), 4.25%, 06/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2054 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090841 |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PSF-GTD), Series A, 5.25%, 02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184135 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.75%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.50%, 07/01/2046<sup>(b)</sup> | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.75%, 07/01/2051<sup>(b)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 7.00%, 07/01/2051<sup>(b)</sup> | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 |
| &nbsp;&nbsp;Newark Higher Education Finance Corp., (PSF-GTD), Series A, 4.38%, 08/15/2059 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598428 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV, VRDN, Series B, 5.50%, 01/01/2054 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467963 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.00%, 06/30/2058 | &nbsp;&nbsp;5485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237482 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15615669** |
| &nbsp;&nbsp;**UTAH—0.4%** | &nbsp;&nbsp;**UTAH—0.4%** | &nbsp;&nbsp;**UTAH—0.4%** |
| &nbsp;&nbsp;Downtown Revitalization Public Infrastructure District, (AG), Series B, 5.50%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522134 |
| &nbsp;&nbsp;**VIRGINIA—1.8%** | &nbsp;&nbsp;**VIRGINIA—1.8%** | &nbsp;&nbsp;**VIRGINIA—1.8%** |
| &nbsp;&nbsp;Virginia Housing Development Authority, Series A, 4.75%, 09/01/2060 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419849 |
| &nbsp;&nbsp;**WASHINGTON—2.8%** | &nbsp;&nbsp;**WASHINGTON—2.8%** | &nbsp;&nbsp;**WASHINGTON—2.8%** |
| &nbsp;&nbsp;Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914826 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (concluded)<br> As of June 30, 2025

#### abrdn National Municipal Income Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**WASHINGTON (continued)** | &nbsp;&nbsp;**WASHINGTON (continued)** | &nbsp;&nbsp;**WASHINGTON (continued)** | &nbsp;&nbsp;**WASHINGTON (continued)** |
| &nbsp;&nbsp;Washington State Housing Finance Commission |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/01/2063<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;$1882051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.25%, 07/01/2064<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981987 |
| &nbsp;&nbsp;**Total Washington** | &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3778864** |
| &nbsp;&nbsp;**WEST VIRGINIA—0.5%** | &nbsp;&nbsp;**WEST VIRGINIA—0.5%** | &nbsp;&nbsp;**WEST VIRGINIA—0.5%** | &nbsp;&nbsp;**WEST VIRGINIA—0.5%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 5.45%, 01/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.63%, 04/15/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492754 |
| &nbsp;&nbsp;**Total West Virginia** | &nbsp;&nbsp;**Total West Virginia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**727266** |
| &nbsp;&nbsp;**WISCONSIN—7.9%** | &nbsp;&nbsp;**WISCONSIN—7.9%** | &nbsp;&nbsp;**WISCONSIN—7.9%** | &nbsp;&nbsp;**WISCONSIN—7.9%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2036<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;749663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2039<sup>(a)</sup> |  | &nbsp;&nbsp;3040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2050<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2061 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2064 |  | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2065 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/15/2065 |  | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.25%, 06/15/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.25%, 06/15/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 09/01/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/15/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2054<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330926 |
| &nbsp;&nbsp;**Total Wisconsin** | &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10587077** |
| &nbsp;&nbsp;**Total Municipal Bonds** | &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**230182408** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** |  |
| &nbsp;&nbsp;BlackRock Liquidity Funds MuniCash, Institutional shares |  | &nbsp;&nbsp;&nbsp;&nbsp;104246 | &nbsp;&nbsp;$104256 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**104256** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $237,641,199)—172.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $237,641,199)—172.2%** | &nbsp;&nbsp;**Total Investments<br> (Cost $237,641,199)—172.2%** | &nbsp;&nbsp;&nbsp;**230286664** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(72.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(72.2%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(72.2%) | &nbsp;&nbsp;&nbsp;&nbsp;(96590609) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$133696055** |

---

(a) Denotes a security issued under Regulation S or Rule 144A.

(b) Security is in default.

(c) Zero coupon bond. Rate represents yield to maturity.

---

| | |
|:---|:---|
| AG | Assured Guaranty Inc. |
| BAM | Build America Mutual Assurance Company |
| PSF-GTD | Permanent School Fund Guarantee Program |
| VRDN | Variable Rate Demand Note |

---

See accompanying Notes to Portfolio of Investments.

------

Notes to Portfolio of Investments <br> June 30, 2025 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the "Board") designated abrdn Investments Limited (formerly, Aberdeen Asset Managers Limited) (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size and the strategies employed by the Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller "odd lot" sizes which may be effected at lower, or higher, prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

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 NAV. Generally, these investment types are categorized as Level 1 investments.

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 it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Investment Manager may be classified as Level 2 or Level 3 depending on the nature of the inputs.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Open-end mutual funds are valued at the respective net asset value ("NAV") as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

**5**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** abrdn National Municipal Income Fund

- **b. Investment Company Act file number:** 811-07410

- **c. CIK number of Registrant:** 0000895574

- **d. LEI of Registrant:** NIC7ULNUGCUI836YP119

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** abrdn National Municipal Income Fund

- **c. LEI of Series:** NIC7ULNUGCUI836YP119

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $234510235.61

**Total Liabilities:** $100814345.85

**Net Assets:** $133695889.76

**Delayed Delivery Securities:** $1500000.00

**Cash Not Reported:** $962411.11

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -206.41000000 | **1-Year:** -5655.80000000 | **5-Year:** -28108.32000000 | **10-Year:** -83036.24000000 | **30-Year:** -59777.46000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -105.38000000 | **1-Year:** -1603.19000000 | **5-Year:** -7623.90000000 | **10-Year:** -19738.88000000 | **30-Year:** -17453.29000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -2.27%               | -0.71%               | -0.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1776347.12             | $-2337674.86                               |
| Month 2  | $-259594.51              | $-3055253.90                               |
| Month 3  | $-1086776.94             | $1579291.22                                |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE | Public Authority for Colorado Energy                               | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    750000 | PA      | $881536.95    | 0.66%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | Los Angeles Department of Water & Power                            | CUSIP: 544532PV0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506180.65    | 0.38%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490290.00    | 0.37%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BETHEL MN HSG AND HLTHCARE REVENUE                           | City of Bethel MN Housing and Health Care Facilities Revenue       | CUSIP: 08675TAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462372.25    | 0.35%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3755193.20   | 2.81%             | 2060-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | Montgomery County Higher Education and Health Authority            | CUSIP: 613603J91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2844133.95   | 2.13%             | 2056-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2251360.58   | 1.68%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | New York State Dormitory Authority                                 | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100651.43    | 0.08%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                           | CUSIP: 74442ELV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    385000 | PA      | $330926.37    | 0.25%             | 2054-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | Burbank-Glendale-Pasadena Airport Authority Brick Campaign         | CUSIP: 120827EG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451395.30    | 0.34%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON DEV REVENUE                    | Arizona Industrial Development Authority                           | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $21750.00     | 0.02%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                   | Public Finance Authority                                           | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    749663 | PA      | $738796.21    | 0.55%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY OR SCH DIST #13 BANKS                        | Washington County School District No 13 Banks                      | CUSIP: 938350FS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8505000 | PA      | $2139605.40   | 1.60%             | 2051-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG REVENUE                         | City of Rochester MN                                               | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1220442.86   | 0.91%             | 2048-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                           | CUSIP: 74439YFT3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    235000 | PA      | $238290.21    | 0.18%             | 2045-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | New York City Housing Development Corp                             | CUSIP: 64972E4H9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $489427.10    | 0.37%             | 2053-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | Buckeye Tobacco Settlement Financing Authority                     | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2485611.30   | 1.86%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | Pennsylvania Turnpike Commission                                   | CUSIP: 709225EU6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1081401.83   | 0.81%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | Greater Orlando Aviation Authority                                 | CUSIP: 3922742G0<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5120000 | PA      | $5064966.14   | 3.79%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                           | CUSIP: 74439YEZ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    485000 | PA      | $473031.90    | 0.35%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION               | City of Tampa FL                                                   | CUSIP: 875146BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $811521.90    | 0.61%             | 2049-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL FAC REVENUE                           | Public Finance Authority                                           | CUSIP: 74446DAK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103695.76    | 0.08%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH HOSP REVENUE                  | Maricopa County Industrial Development Authority                   | CUSIP: 56678PBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $685011.60    | 0.51%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | Tobacco Securitization Authority of Southern California            | CUSIP: 888804BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3015000 | PA      | $498715.97    | 0.37%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL REVENUE                        | Metropolitan Pier & Exposition Authority                           | CUSIP: 592250DB7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $1699371.20   | 1.27%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2895558.64   | 2.17%             | 2060-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | Inland Empire Tobacco Securitization Corp                          | CUSIP: 45734TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $235577.94    | 0.18%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE  | Knox County Health Educational & Housing Facility Board            | CUSIP: 499526AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $437914.44    | 0.33%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                          | CUSIP: 45471FAZ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485427.95    | 0.36%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                                     | Virginia Housing Development Authority                             | CUSIP: 92812WWU4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2419849.25   | 1.81%             | 2060-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash                           | BlackRock Liquidity Funds MuniCash                                 | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | EC               | RF                | US        |    104246 | NS      | $104256.05    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECURITIZATION AUTH TOB SETTLEMENT  | Inland Empire Tobacco Securitization Corp                          | CUSIP: 45734TAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $129647.50    | 0.10%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                 | CUSIP: 574205HF0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    460000 | PA      | $471210.38    | 0.35%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2420419.50   | 1.81%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWLTH PUERTO RICO                 | GDB Debt Recovery Authority of Puerto Rico                         | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5743373 | PA      | $5501019.32   | 4.11%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE          | New Jersey Housing & Mortgage Finance Agency                       | CUSIP: 646127FN5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    425000 | PA      | $429755.75    | 0.32%             | 2065-12-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REVENUE                           | Columbus Regional Airport Authority                                | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2669132.22   | 2.00%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& PWR DIST ELEC SYS REVENUE     | Salt River Project Agricultural Improvement & Power District       | CUSIP: 79574CEB5<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3040053.00   | 2.27%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                            | CUSIP: 041807GZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $389621.99    | 0.29%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                     | Iowa Finance Authority                                             | CUSIP: 46247SBN3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $778837.70    | 0.58%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | Los Angeles Department of Water & Power                            | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252634.80    | 0.19%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                 | Illinois Finance Authority                                         | CUSIP: 45204FQC2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4355000 | PA      | $4354646.37   | 3.26%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                     | Iowa Finance Authority                                             | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $470043.90    | 0.35%             | 2059-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $463088.55    | 0.35%             | 2054-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                               | New Hampshire Business Finance Authority                           | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    993107 | PA      | $908813.25    | 0.68%             | 2039-08-20      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648FNG5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    525000 | PA      | $370125.00    | 0.28%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $124800.00    | 0.09%             | 2051-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | Washington State Housing Finance Commission                        | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981986.70    | 0.73%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PCM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $500000.00    | 0.37%             | 2051-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MN CHRT SCH LEASE REVENUE                           | City of St Cloud MN                                                | CUSIP: 788326AD8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    375000 | PA      | $295982.70    | 0.22%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | Public Finance Authority                                           | CUSIP: 74443DKY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $293314.01    | 0.22%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                           | CUSIP: 74439YFU0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250779.88    | 0.19%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                            | CUSIP: 041807KZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $753877.75    | 0.56%             | 2059-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX             | Chicago Board of Education Dedicated Capital Improvement Tax       | CUSIP: 167510AM8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    905000 | PA      | $879863.53    | 0.66%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                          | CUSIP: 45471FAY7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $330874.08    | 0.25%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | Suffolk Regional Off-Track Betting Co                              | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204233.90    | 0.15%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | Clifton Higher Education Finance Corp                              | CUSIP: 187145VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $332682.25    | 0.25%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUNTINGDON CNTY PA GEN AUTH REVENUE                          | Huntingdon County General Authority                                | CUSIP: 44586SBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2232377.25   | 1.67%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTHCARE REVENUE        | South Carolina Jobs-Economic Development Authority                 | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151453.70    | 0.11%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE | Public Authority for Colorado Energy                               | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    720000 | PA      | $753717.02    | 0.56%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI LIMITED OBLIG PILOT REVENUE               | Public Finance Authority                                           | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    380000 | PA      | $361000.00    | 0.27%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREIGHT TRANSFER FACS REVENUE      | Illinois Finance Authority                                         | CUSIP: 45203PAC8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1518532.05   | 1.14%             | 2043-12-01      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                     | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2977920.30   | 2.23%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                                         | Municipal Electric Authority of Georgia                            | CUSIP: 62620HFK3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2487145.75   | 1.86%             | 2063-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | Orange County Health Facilities Authority                          | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3153671.63   | 2.36%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL INDL DEVAUTH HOSP REVENUE               | Hillsborough County Industrial Development Authority               | CUSIP: 43233AFE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6875000 | PA      | $4964077.25   | 3.71%             | 2055-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | Texas Private Activity Bond Surface Transportation Corp            | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5485000 | PA      | $5237482.24   | 3.92%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE             | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RC82<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $483839.70    | 0.36%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                | Capital Projects Finance Authority/FL                              | CUSIP: 140427CC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893172.80    | 0.67%             | 2058-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648A5H4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    505000 | PA      | $308894.16    | 0.23%             | 2050-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH LEASE REVENUE                       | Irvine Facilities Financing Authority                              | CUSIP: 46360XAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2291283.25   | 1.71%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REVENUE                           | City of Apple Valley MN                                            | CUSIP: 03789YDS2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    685000 | PA      | $353863.12    | 0.26%             | 2037-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE                   | Louisiana Public Facilities Authority                              | CUSIP: 546395N75<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2461500.00   | 1.84%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                           | CUSIP: 74442EMR8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395920.84    | 0.30%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVENUE                            | Georgia Housing & Finance Authority                                | CUSIP: 37353PPV5<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961967.80    | 0.72%             | 2055-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSONAL INCOME TAX REVENUE         | New York State Thruway Authority                                   | CUSIP: 650028ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4049786.00   | 3.03%             | 2053-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE        | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CH1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    240000 | PA      | $239700.14    | 0.18%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE           | Washington State Housing Finance Commission                        | CUSIP: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1882051.07   | 1.41%             | 2063-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | West Virginia Economic Development Authority                       | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    495000 | PA      | $492754.04    | 0.37%             | 2055-04-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                 | CUSIP: 574205HG8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506925.35    | 0.38%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PCP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $189000.00    | 0.14%             | 2051-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLAIR CNTY IL CMNTY UNIT SCH DIST #187 CAHOKIA         | St Clair County Community Unit School District No 187 Cahokia      | CUSIP: 788550MQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607019.10    | 0.45%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | Public Finance Authority                                           | CUSIP: 744396JZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $669977.56    | 0.50%             | 2054-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE                                | County of Cuyahoga OH                                              | CUSIP: 2322655V6<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970280.30    | 0.73%             | 2057-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                            | CUSIP: 14054WAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $327084.45    | 0.24%             | 2060-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| UNION CNTY OR HOSP FAC AUTH                                  | Union County Hospital Facility Authority                           | CUSIP: 906420CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483126.65    | 0.36%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLAIR CNTY IL CMNTY UNIT SCH DIST #187 CAHOKIA         | St Clair County Community Unit School District No 187 Cahokia      | CUSIP: 788550MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $325868.64    | 0.24%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIOR LIVING REVENUE               | Arizona Industrial Development Authority                           | CUSIP: 04052TDD4<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |     73102 | PA      | $57319.83     | 0.04%             | 2059-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority              | CUSIP: 645790FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2481997.00   | 1.86%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                               | New Hampshire Business Finance Authority                           | CUSIP: 63607WAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1989011 | PA      | $1844143.28   | 1.38%             | 2041-10-20      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| LITTLE ROCK AR SCH DIST                                      | Little Rock School District                                        | CUSIP: 5374282P8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2437065.40   | 1.82%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | Tobacco Securitization Authority of Southern California            | CUSIP: 888804BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3235000 | PA      | $615819.45    | 0.46%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIST #1                           | Skagit County Public Hospital District No 1                        | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $914826.60    | 0.68%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | Burbank-Glendale-Pasadena Airport Authority Brick Campaign         | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $362325.68    | 0.27%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE                   | Westchester County Local Development Corp                          | CUSIP: 95737TFM3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214375.78    | 0.16%             | 2048-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVENUE                            | Public Finance Authority                                           | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3048472.18   | 2.28%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | New York Liberty Development Corp                                  | CUSIP: 649519EG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $4827874.80   | 3.61%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MUNI CTFS                        | California Municipal Finance Authority                             | CUSIP: 13050WAB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3996732 | PA      | $3404719.90   | 2.55%             | 2041-02-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REVENUE                           | City of Apple Valley MN                                            | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    715000 | PA      | $397495.10    | 0.30%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | Montgomery County Higher Education and Health Authority            | CUSIP: 613603YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3524494.02   | 2.64%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD STUDENT HSG REVENU | Shelby County Health & Educational Facilities Board                | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $345856.01    | 0.26%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA REVENUE                                      | Palomar Health                                                     | CUSIP: 697528AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3162604.85   | 2.37%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENUE                              | Idaho Health Facilities Authority                                  | CUSIP: 451295D22<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   4630000 | PA      | $3141101.73   | 2.35%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE             | Colorado Educational & Cultural Facilities Authority               | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $465948.40    | 0.35%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENUE                              | Louisiana Public Facilities Authority                              | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029949.20   | 1.52%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | Chicago O'Hare International Airport                               | CUSIP: 167593L67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $2964147.82   | 2.22%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                      | Florida Development Finance Corp                                   | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    800000 | PA      | $798064.40    | 0.60%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $625000.00    | 0.47%             | 2046-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                                 | New Hampshire Business Finance Authority                           | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254472.25   | 0.94%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2340000 | PA      | $1999332.74   | 1.50%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETTE TAX ALLOCATION               | City of Tampa FL                                                   | CUSIP: 875146BD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $362128.56    | 0.27%             | 2053-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | Florida Development Finance Corp                                   | CUSIP: 34061UJB5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1339120.78   | 1.00%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REVENUE                           | Empire State Development Corp                                      | CUSIP: 650036CJ3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $720795.70    | 0.54%             | 2048-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV AUTH MFH REVENUE               | California Statewide Communities Development Authority             | CUSIP: 13079PAE3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3748385 | PA      | $3787757.84   | 2.83%             | 2049-05-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | Golden State Tobacco Securitization Corp                           | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  40820000 | PA      | $4311441.06   | 3.22%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516496.25    | 0.39%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL REVENUE                           | Public Finance Authority                                           | CUSIP: 74445GAQ5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $467111.40    | 0.35%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | State of New York Mortgage Agency                                  | CUSIP: 64988YSG3<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3413755.57   | 2.55%             | 2053-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDUSTRY NV REVENUE                | State of Nevada Department of Business & Industry                  | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1661966.92   | 1.24%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HLTHCARE REVENUE                 | City of Minneapolis MN                                             | CUSIP: 603787AL6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    850000 | PA      | $771594.05    | 0.58%             | 2045-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | Maricopa County Industrial Development Authority                   | CUSIP: 56681NJJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981691.40    | 0.73%             | 2060-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                     | District of Columbia                                               | CUSIP: 25483VXR0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    760000 | PA      | $682969.97    | 0.51%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                | Metropolitan Transportation Authority                              | CUSIP: 59261A5F0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1459151.25   | 1.09%             | 2050-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                            | CUSIP: 041807HA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1090841.28   | 0.82%             | 2054-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                  | Pennsylvania Housing Finance Agency                                | CUSIP: 70879QN82<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2914568.40   | 2.18%             | 2055-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | Metropolitan Washington Airports Authority Aviation Revenue        | CUSIP: 592647ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1839173.00   | 1.38%             | 2053-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1450652.96   | 1.09%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY DEV SPL TAX DIST NO             | City & County of San Francisco CA Special Tax District No 2020-1   | CUSIP: 79771HAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $479854.82    | 0.36%             | 2049-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | New York City Housing Development Corp                             | CUSIP: 64972E4K2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1962280.00   | 1.47%             | 2063-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                    | City of Venice FL                                                  | CUSIP: 922687AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305414.95    | 0.23%             | 2030-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVENUE                            | City of Hayward MN                                                 | CUSIP: 421306AC5<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $342674.95    | 0.26%             | 2044-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& SPLY CORP IV                  | Texas Municipal Gas Acquisition & Supply Corp IV                   | CUSIP: 88256PAT7<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2467962.90   | 1.85%             | 2054-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19613000 | PA      | $4551055.44   | 3.40%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                   | Public Finance Authority                                           | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995545.20    | 0.74%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | Public Finance Authority                                           | CUSIP: 74443DKZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    935000 | PA      | $850738.45    | 0.64%             | 2064-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATED CAPITAL IMPT TAX             | Chicago Board of Education Dedicated Capital Improvement Tax       | CUSIP: 167510BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4178160.00   | 3.13%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                                         | Municipal Electric Authority of Georgia                            | CUSIP: 62620HDK5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4976256.00   | 3.72%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | Southeast Energy Authority A Cooperative District                  | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2841141.60   | 2.13%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVENUE                             | Port of Portland OR Airport Revenue                                | CUSIP: 7352402S1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1792227.38   | 1.34%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU REVENUE                       | Newark Higher Education Finance Corp                               | CUSIP: 650346GN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3598428.00   | 2.69%             | 2059-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH CHRT SCH LEASE REVENUE        | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AX8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    630000 | PA      | $602433.22    | 0.45%             | 2045-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                           | CUSIP: 74442EMS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    400000 | PA      | $373522.00    | 0.28%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOUNTAIN CO URBAN RENEWAL AUTH TAX INCR REVENUE              | Fountain Urban Renewal Authority                                   | CUSIP: 35069WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $622570.88    | 0.47%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREATER OUACHITA WTR CO INC LA WTRWKS & SWR SYS REVENUE      | Greater Ouachita Water Co                                          | CUSIP: 392276BC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908526.90    | 0.68%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | California Infrastructure & Economic Development Bank              | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1227145.89   | 0.92%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | Downtown Revitalization Public Infrastructure District             | CUSIP: 26118TBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522134.30    | 0.39%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | California Community Choice Financing Authority                    | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095843.20   | 1.57%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | West Virginia Economic Development Authority                       | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    230000 | PA      | $234512.12    | 0.18%             | 2055-01-01      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | Mobile County Industrial Development Authority                     | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958202.00    | 0.72%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                           | CUSIP: 74439YEY3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    365000 | PA      | $359267.24    | 0.27%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                | CUSIP: 64542PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $121837.50    | 0.09%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OSCEOLA AR SOL WST DIST REVENUE                              | City of Osceola AR                                                 | CUSIP: 688008AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1165006.76   | 0.87%             | 2036-04-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                           | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543876.85    | 0.41%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                            | CUSIP: 14054WAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $206164.30    | 0.15%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648FHS6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    750000 | PA      | $675422.70    | 0.51%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                               | CUSIP: 19648AQ99<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1037899.89   | 0.78%             | 2043-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | Clifton Higher Education Finance Corp                              | CUSIP: 187145UR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $184135.12    | 0.14%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HLTHCARE REVENUE                 | City of Minneapolis MN                                             | CUSIP: 603787AK8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    220000 | PA      | $211894.67    | 0.16%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIOR LIVING REVENUE               | Arizona Industrial Development Authority                           | CUSIP: 04052TDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     58051 | PA      | $10137.68     | 0.01%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                           | CUSIP: 74442EMT4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    665000 | PA      | $636687.82    | 0.48%             | 2065-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REVENUE                           | City of Apple Valley MN                                            | CUSIP: 03789YDT0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $459732.41    | 0.34%             | 2052-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | North Carolina Medical Care Commission                             | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    790000 | PA      | $771903.47    | 0.58%             | 2054-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE                  | State of New York Mortgage Agency Homeowner Mortgage Revenue       | CUSIP: 64988YZG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4990000 | PA      | $4802837.58   | 3.59%             | 2054-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                  | CUSIP: 605279GX0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2805000.00   | 2.10%             | 2032-11-01      | Floating      | 3.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | New York State Dormitory Authority                                 | CUSIP: 64990GZS4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $3886366.40   | 2.91%             | 2050-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                | Capital Projects Finance Authority/FL                              | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $100140.41    | 0.07%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** abrdn National Municipal Income Fund

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer