# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001133228-26-002636
**Filing Date:** 2026-2
**Character Count:** 37801
**Document Hash:** 4a3209dc77333ce17a1a4a698baaaa07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002636.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001133228-26-002636

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Funds
- **CENTRAL INDEX KEY:** 0001413594

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146680
- **FILM NUMBER:** 26700701

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

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aberdeen Funds
- **DATE OF NAME CHANGE:** 20070926

## Series and Classes Contracts Data

### abrdn Infrastructure Debt Fund (Series ID: S000025401)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000075913 | Institutional Class         | AGCIX           |
| C000076084 | Class A                     | CUGAX           |
| C000076087 | Institutional Service Class | CGFIX           |

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| | |
|:---|:---|
| **abrdn Funds: Summary Prospectus** | ![](sp2560img001.jpg)  |
| **abrdn Infrastructure Debt Fund** | ![](sp2560img001.jpg)  |
|  | ![](sp2560img001.jpg)  |
| February 28, 2026 | ![](sp2560img001.jpg)  |

---

<br>**Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and** **its risks. You can find the Fund's Prospectus, Statement of Additional Information, shareholder reports and other** **information about the Fund online at https://www.aberdeeninvestments.com/us/literature. You can also get this** **information at no cost by e-mailing a request to Investor.Services.US@aberdeenplc.com, calling (866) 667-9231 or** **asking your financial advisor. The Fund's Prospectus and Statement of Additional Information, both dated** **February 28,** **2026, as may be supplemented, and the independent registered public accounting firm's report and financial** **statements in the Fund's Form N-CSR, dated** **October 31, 2025, are incorporated by reference into this summary** **prospectus.**

**Fund Tickers**

Class A – CUGAX ■ Institutional Class – AGCIX ■ Institutional Service Class – CGFIX

**Objective**

The abrdn Infrastructure Debt Fund (the "Infrastructure Debt Fund" or the "Fund") seeks a high level of current income with a secondary objective of capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Infrastructure Debt Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in abrdn Funds. More information about these and other discounts is available from your financial advisor and in the "Reduction and Waiver of Class A and Class A1 Sales Charges" and "Broker-Defined Sales Charge Waiver Policies" sections on pages 112 and 152 of the Fund's prospectus, respectively, and in the "Additional Information on Purchases and Sales — Waiver of Class A and Class A1 Sales Charges" and "Reduction of Sales Charges" sections on pages 104 and 105 of the Fund's Statement of Additional Information, respectively. **You may pay other fees, such as brokerage** **commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees (fees paid directly from your investment)** | **Class A**<br>**Shares** | **Institutional**<br>**Class** **Shares** | **Institutional**<br>**Service Class**<br>**Shares** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) imposed upon purchases (as a percentage of offering price) | 3.00%<br>|  |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) | 1.00%<br><sup>(1)</sup><br>|  |  |
| &nbsp;&nbsp;Small Account Fee<sup>(2)</sup> | $20 | $20 | $20 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp;**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| &nbsp;&nbsp;Management Fees | 0.50%<br>| 0.50%<br>| 0.50%<br>|
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | 0.25%<br>|  |  |
| &nbsp;&nbsp;Other Expenses | 1.10%<br>| 1.08%<br>| 1.10%<br>|
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.85%<br>| 1.58%<br>| 1.60%<br>|
| &nbsp;&nbsp;Less: Amount of Fee Limitations/Expense Reimbursements<sup>(3)</sup> | 0.81%<br>| 0.92%<br>| 0.81%<br>|
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements | 1.04%<br>| 0.66%<br>| 0.79%<br>|

---

(1) Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.

(2) Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses. Under some circumstances, the Fund may waive the quarterly fee. See the Statement of Additional Information for information about the circumstances under which this fee will not be assessed.

(3) abrdn Funds (the "Trust") and abrdn Inc. (the "Adviser") have entered into a written contract limiting operating expenses to 0.65% for all classes of the Fund. This contractual limitation may not be terminated before February 28, 2027 without the approval of the Independent Trustees. This limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles ("Acquired Fund Fees and Expenses" or "AFFE") (but includes AFFE for affiliated investment vehicles managed by the Adviser), Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares and Institutional Service Class shares and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser.

Summary - abrdn Infrastructure Debt Fund 1

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**Example**

This Example is intended to help you compare the cost of investing in the Infrastructure Debt Fund with the cost of investing in other funds.<br>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. It assumes a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Class A Shares | $403 | $788 | $1197 | $2340 |
| &nbsp;&nbsp;Institutional Class Shares | $67 | $409 | $773 | $1800 |
| &nbsp;&nbsp;Institutional Service Class Shares | $81 | $426 | $794 | $1832 |

---

**Portfolio Turnover**

The Infrastructure Debt Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

**Principal Strategies**

Under normal circumstances, at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) will be invested in U.S. and non-U.S. infrastructure-related debt issuers and/or securities intended primarily to finance infrastructure-related activities. Infrastructure-related securities include securities issued to finance any assets or projects that support the operation, function, growth or development of a community or economy.

The infrastructure investments in which the Fund may invest include, without limitation, fixed or floating-rate debt instruments, loans or other income-producing instruments issued:

• by companies or other issuers to finance (or re-finance) the ownership, development, construction, maintenance, renovation, enhancement, or operation of infrastructure assets;

• by companies or other issuers that invest in, own, lease or hold infrastructure assets; and

• by companies or other issuers that operate infrastructure assets or provide services, products or raw materials related to the development, construction, maintenance, renovation, enhancement or operation of infrastructure assets.

The Fund may hold instruments issued by a wide range of entities including, among others, operating companies, holding companies, special purpose vehicles, including vehicles created to hold or finance infrastructure assets, municipal issuers, and governments and government agencies, authorities or instrumentalities.

The infrastructure assets to which the Fund may have exposure through its investments include, without limitation, assets related to:

• transportation (e.g., airports, metro systems, subways, railroads, ports, toll roads);

• transportation equipment (e.g., shipping, aircraft, railcars, containers);

• electric utilities and power (e.g., power generation, transmission and distribution);

• energy (e.g., exploration and production, pipeline, storage, refining and distribution of energy), including renewable energies (e.g., wind, solar, hydro, geothermal);

• communication networks and equipment;

• water and sewage treatment;

• social infrastructure (e.g., health care facilities, government buildings and other public service facilities);

• metals, mining, and other resources and services related to infrastructure assets (e.g., cement, chemical companies); and

• auto parts manufacturing.

The Fund may invest up to 20% of its assets on non-infrastructure-related securities.

For purposes of the Fund's 80% policy, debt securities include fixed income securities of any type; however, the Fund intends to invest primarily in municipal debt and corporate debt, with municipal debt comprising no less than 50% of its assets, and typically approximately 60% of its assets.

2 Summary - abrdn Infrastructure Debt Fund

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Generally, the Fund intends to invest in bonds issued by both domestic and foreign issuers, including foreign issuers from emerging market countries. While the Fund's investments will generally be denominated in U.S. dollars, the Fund may also invest in non-dollar denominated instruments.

The Fund may also invest in securities having a variable or floating interest rate. The Fund may invest in fixed-income securities of any maturity or duration.

Under normal market conditions, the Fund will maintain a weighted average credit rating of "BBB–" or above by Standard & Poor's Rating Service ("S&P"), or "Baa3" or above by Moody's Investors Service, Inc. ("Moody's"), or a comparable rating by another nationally recognized statistical rating organization. Although the Fund typically invests in investment grade debt, the Fund may also invest in high income producing instruments, rated at the time of purchase below "BBB–" by S&P, or below "Baa3" by Moody's, or below a comparable rating by another nationally recognized statistical rating organization, or unrated bonds determined by the Adviser to be of comparable quality. Split rate bonds will be considered to have the higher credit rating. The Fund may invest in securities rated in the lowest ratings category or in default (i.e., "junk bonds", which are speculative).

The Fund's investments may include bonds that are labeled as social, sustainability or green.

In selecting investments for the Fund, the Adviser and Sub-adviser examine the material risks of an investment across a spectrum of considerations including financial metrics, regional and national conditions and industry specific factors. The Adviser and Sub-adviser will also consider the most material potential ESG (Environmental, Social and Governance) risks and opportunities impacting issuers, where relevant. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser and Sub-adviser. The materiality of ESG factors to the investment process varies across issuers and instrument types.

In selecting the Fund's municipal debt securities, the Adviser and Sub-adviser generally look for a wide range of U.S. issuers and securities that provide high current income, including unrated bonds and securities of smaller issuers that offer high current income and might be overlooked by other investors and funds. The Adviser and Sub-adviser also focus on securities with coupon interest or accretion rates, current market interest rates, callability and call prices that might change the effective maturity of particular securities. The Adviser and Sub-adviser may consider selling a security if any of these factors no longer applies to a security purchased for the Fund, but is not required to do so.

In selecting the Fund's corporate debt securities, the Adviser and Sub-adviser seek to invest in securities of issuers that are expected to exhibit stable to improving credit characteristics based on industry trends, company positioning, and management strategy, taking into account the potential positive impact of any restructurings or other corporate reorganizations.

The Fund may use derivatives under certain market conditions to manage duration and to hedge currency exposure. The Fund expects that derivative instruments will include the purchase and sale of U.S. treasury futures contracts and forward foreign exchange contracts.

All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal alternative minimum tax. The Fund does not seek to provide income exempt from federal income tax.

**Principal Risks**

The Infrastructure Debt Fund cannot guarantee that it will achieve its investment objective.

As with any fund, the value of the Fund's investments – and therefore, the value of Fund shares – may fluctuate. The following is a list of the principal risks of investing in the Fund (in alphabetical order after the first eight risks).

**Market Risk –** Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in those markets in which the Fund invests.

**Issuer Risk –** The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

**Fixed Income Securities Risk –** Fixed income securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. The value of a fixed income security may also fall due to specific conditions that affect a particular sector of the securities market or a particular issuer. Fixed income securities are subject to, among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.

**Active Management Risk** – The Fund is subject to the risk that the Adviser or Sub-adviser may make poor security selections. The Adviser or Sub-adviser and their portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the Adviser or the Sub-adviser may select securities that underperform the relevant market or other funds with similar investment objectives and strategies.

Summary - abrdn Infrastructure Debt Fund 3

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**Infrastructure-Related Investments Risk** – Because the Fund concentrates its investments in infrastructure-related entities, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Infrastructure related entities are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps, the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.

**Municipal Securities Risk -** Municipal bonds can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally lower for shorter-term Municipal bonds and higher for long term Municipal bonds.

*Municipal Bond Tax Risk -* A municipal bond that is issued as tax-exempt may later be declared to be taxable. In addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value of a municipal bond to decline.

*Municipal Market Volatility and Illiquidity Risk -* The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds without the sale significantly changing the market value of the bond. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.

*Municipal Sector Risk -* From time to time the Fund may invest a substantial amount of its assets in municipal securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this manner, it assumes the economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

**High-Yield Bonds and Other Lower-Rated Securities Risk –** The Fund's investments in high-yield bonds (commonly referred to as "junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high–yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.

**Green, Social and Sustainability Bond Risk –** The Fund's performance may differ from the performance of other funds that do not invest green, social and sustainability bonds because the Fund's investment strategy may select or exclude securities of certain issuers for reasons in addition to performance. Investing in green, social and sustainability bonds is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Adviser or any judgment exercised by the Adviser will reflect the opinions of any particular investor.

**Bank Loan Risk –** There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, illiquid securities risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may be difficult to liquidate or be insufficient to cover the amount owed under the loan. Bank loans have significantly longer settlement periods (e.g., longer than seven days) than more traditional investments resulting in the proceeds from the sale of such loans not being readily available to make additional investments or to meet a Fund's redemption obligations. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund's returns.

**Cybersecurity Risk –** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.

**Derivatives Risk (including Options, Futures and Swaps) –** Derivatives are speculative and may hurt the Fund's performance. The potential benefits to be derived from the Fund's options, futures and derivatives strategy are dependent upon the portfolio managers' ability to discern pricing inefficiencies and predict trends in these markets, which decisions could prove to be inaccurate.

*Speculative Exposure Risk* – To the extent that a derivative or practice is not used as a hedge, the Fund is directly exposed to its risks. Gains or losses from speculative positions in a derivative may be much greater than the derivative's original cost. For example, potential losses from writing uncovered call options and from speculative short sales are unlimited.

4 Summary - abrdn Infrastructure Debt Fund

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*Hedged Exposure Risk* – Losses generated by a derivative or practice used by the Fund for hedging purposes should be substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can also reduce or eliminate gains.

*Correlation Risk* – The Fund is exposed to the risk that changes in the value of a hedging instrument will not match those of the investment being hedged.

*Counterparty Risk* – Derivative transactions depend on the creditworthiness of the counterparty and the counterparty's ability to fulfill its contractual obligations.

*Other Derivatives Risks* – Fixed income derivatives are subject to interest rate risk. In addition, certain derivatives may be subject to illiquid securities risk, mispricing or valuation complexity, market risk and management risk. The Fund may need to sell portfolio securities at inopportune times to satisfy margin or payment obligations under derivatives investments. Changes in regulation relating to the Fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

**Emerging Markets Risk –** Emerging markets are countries generally considered to be relatively less developed or industrialized, and investments in emerging markets countries are subject to a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging market countries because the countries may have less stable governments, more volatile currencies and less established markets (see "Foreign Securities Risk" below).

**ESG Integration Risk** **–** To the extent ESG factors are used to evaluate investments, the consideration of such factors may adversely affect the Fund's performance. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or consider different ESG factors.

**Foreign Currency Exposure Risk –** The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.

**Foreign Securities Risk –** Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

**Interest Rate Risk –** The Fund's fixed income investments are subject to interest rate risk, which generally causes the value of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund's net assets. Interest rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may be more sensitive to changes in interest rates.

**Investment-Grade Debt Securities –** Investment-grade debt securities are debt securities rated within the highest grades (AAA/Aaa through BBB-/Baa) by S&P or Moody's rating services, and unrated securities of comparable quality. If a Fund invests, at the time of purchase, in a security that is investment-grade, it is possible that such security may be downgraded after its purchase so that it is no longer investment-grade.

**Sector Risk –** To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**Valuation Risk –** The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Summary - abrdn Infrastructure Debt Fund 5

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**Variable and Floating Rate Securities Risk –** For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. Variable rate demand obligations ("VRDOs") are floating rate securities that combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.

If the value of the Fund's investments decreases, you may lose money.<br>For additional information regarding the above identified risks, see "Fund Details: Additional Information about Investments, Investment Techniques and Risks" in the prospectus.

**Performance**

The bar chart and table below can help you evaluate potential risks of the Infrastructure Debt Fund. The bar chart shows how the Fund's annual total returns for Institutional Service Class shares have varied from year to year. The table following the bar chart compares the Fund's performance over time with those of a broad measure of market performance. Returns in the table reflect the maximum applicable sales charges. The table compares the Fund's average annual total returns to the returns of the Bloomberg U.S. Aggregate Bond Index, a broad-based securities index. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. For updated performance information, please visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds or call 866-667-9231.

The Fund changed its investment objective and strategies effective August 18, 2023, November 15, 2019 and August 15, 2016. In connection with the changes effective August 18, 2023, the Fund transitioned from an "absolute return" strategy with a global focus to a focus on U.S. and non-U.S. infrastructure-related debt. Performance information for periods prior to August 18, 2023, November 15, 2019 and August 15, 2016 reflect different investment strategies.

In connection with the change in investment objective and strategy on August 18, 2023, the Fund changed its name from abrdn Global Absolute Return Strategies Fund to abrdn Infrastructure Debt Fund. In connection with the change in investment objective and strategy on November 15, 2019, the Fund changed its name from Aberdeen Global Unconstrained Fixed Income Fund to Aberdeen Global Absolute Return Strategies Fund. In connection with the change in investment objective and strategy on August 15, 2016, the Fund changed its name from Aberdeen Global Fixed Income Fund to Aberdeen Global Unconstrained Fixed Income Fund.

**Annual Total Returns –** **Institutional Service Class Shares**<br>**(Years Ended Dec. 31)**

<br>![](sp2560img002.jpg)

Highest Return: 6.93% - 4th quarter 2023

Lowest Return: -5.24% - 1st quarter 2022

6 Summary - abrdn Infrastructure Debt Fund

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After-tax returns are shown in the following table for Institutional Service Class shares only and will vary for other classes. After–tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.

**Average Annual Total Returns as of December 31, 2025**

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Class A shares – Before Taxes | 3.41%<br>| -1.68%<br>| 1.67%<br>|
| &nbsp;&nbsp;Institutional Class shares – Before Taxes | 7.09%<br>| -0.68%<br>| 2.33%<br>|
| &nbsp;&nbsp;Institutional Service Class shares – Before Taxes | 6.93%<br>| -0.81%<br>| 2.20%<br>|
| &nbsp;&nbsp;Institutional Service Class shares – After Taxes on Distributions | 4.10%<br>| -2.29%<br>| 1.01%<br>|
| &nbsp;&nbsp;Institutional Service Class shares – After Taxes on Distributions and Sales of Shares<sup>(1)</sup> | 4.05%<br>| -1.22%<br>| 1.20%<br>|
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index<sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 7.30%<br>| -0.36%<br>| 2.01%<br>|

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(1) Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes.

(2) The Bloomberg  U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

**Investment Adviser**

abrdn Inc. (the "Adviser") serves as the Infrastructure Debt Fund's investment adviser and abrdn Investments Limited ("aIL") serves as the Fund's sub-adviser.

**Portfolio Managers**

The Fund is managed using a team-based approach, with the following team members being jointly and primarily responsible for the day-to-day management of the Fund:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | **Title** | **Served on the Fund Since** |
| &nbsp;&nbsp;Matthew Kence | Investment Director | 2023 |
| &nbsp;&nbsp;Miguel Laranjiero | Investment Director | 2025 |
| &nbsp;&nbsp;Jonathan Mondillo | Global Head of Fixed Income | 2023 |

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**Purchase and Sale of Fund Shares**

The Fund's minimum investment requirements are as follows:

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| | |
|:---|:---|
| **CLASS A SHARES** | **CLASS A SHARES** |
| &nbsp;&nbsp;To open an account | $1000 |
| &nbsp;&nbsp;To open an IRA account | $1000 |
| &nbsp;&nbsp;Additional investments | $50 |
| &nbsp;&nbsp;To start an Automatic Investment Plan | $1000 |
| &nbsp;&nbsp;Additional Investments (Automatic Investment Plan) | $50 |
| **INSTITUTIONAL CLASS SHARES** | **INSTITUTIONAL CLASS SHARES** |
| &nbsp;&nbsp;To open an account | $1000000 |
| &nbsp;&nbsp;Additional investments | No Minimum |
| **INSTITUTIONAL SERVICE CLASS SHARES** | **INSTITUTIONAL SERVICE CLASS SHARES** |
| &nbsp;&nbsp;To open an account | $1000000 |
| &nbsp;&nbsp;Additional investments | No Minimum |

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The Fund reserves the right to apply or waive investment minimums under certain circumstances as described in the prospectus under the "Choosing a Share Class" section.

Fund shares may be redeemed on each day that the New York Stock Exchange is open. Fund shares may be sold by mail or fax, by telephone or on-line.

Summary - abrdn Infrastructure Debt Fund 7

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**Tax Information**

The Fund's dividends and distributions are subject to federal income taxes and will be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or invest through a qualified employee benefit plan, retirement plan or other tax-deferred account, in which case your withdrawals from such account may be taxed as ordinary income.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

8 Summary - abrdn Infrastructure Debt Fund