# EDGAR Filing Document

**Accession Number:** 0000895574
**File Stem:** 0001104659-25-057734
**Filing Date:** 2025-6
**Character Count:** 147679
**Document Hash:** 59fb5f2206f87811507db48f2adf6a20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-057734.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001104659-25-057734

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07410
- **FILM NUMBER:** 251033516

**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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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| | |
|:---|:---|
| Investment Company Act file number: | 811-07410 |
| Exact name of registrant as specified in charter: | abrdn National Municipal Income Fund |
| Address of principal executive offices: | 1900 Market Street, Suite 200 |
|  | Philadelphia, PA 19103 |
| Name and address of agent for service: | Sharon Ferrari |
|  | abrdn Inc. |
|  | 1900 Market Street Suite 200 |
|  | Philadelphia, PA 19103 |
| Registrant's telephone number, including area code: | 1-800-522-5465 |
| Date of fiscal year end: | September 30 |
| Date of reporting period: | March 31, 2025 |

---

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "1940 Act") is filed herewith.

![](tm2516624d8vflreporti001.gif)

![](tm2516624d8vflreporti002.gif)

## abrdn National Municipal Income Fund (VFL)

### Semi-Annual Report
March 31, 2025

aberdeeninvestments.com

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Letter to Shareholders (unaudited)

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Dear Shareholder,

We present the Semi-Annual Report, which covers the activities of abrdn National Municipal Income Fund (the "Fund"), for the six-month period ended March 31, 2025. The Fund's investment objective is to seek to provide current income exempt from regular federal income tax, consistent with the preservation of capital.

#### Total Investment Return<sup>1</sup>
For the six-month period ended March 31, 2025, the total return to shareholders of the Fund based on the net asset value ("NAV") and market price of the Fund, respectively, compared to the Fund's benchmark, is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;NAV<sup>2</sup><sup>,</sup><sup>3</sup> | &nbsp;&nbsp;-4.70% |
| &nbsp;&nbsp;Market Price<sup>2</sup> | -6.60% |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index<sup>4</sup> | &nbsp;&nbsp;-1.44% |

---

For more information about Fund performance, please visit the Fund on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.

#### NAV, Market Price and Premium(+)/Discount(-)
The below table represents a comparison between the current six-month period end and the prior fiscal year end of the Fund's market price to NAV and associated Premium(+) and Discount(-).

---

| | | | |
|:---|:---|:---|:---|
| | **NAV** | &nbsp;&nbsp;**Closing<br> Market<br> Price** | &nbsp;&nbsp;**Premium(+)/<br> Discount(-)** |
| &nbsp;&nbsp;3/31/2025 | $11.42 | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;-11.21% |
| &nbsp;&nbsp;9/30/2024 | $12.33 | &nbsp;&nbsp;$11.17 | &nbsp;&nbsp;&nbsp;-9.41% |

---

During the six-month period ended March 31, 2025, the Fund's NAV was within a range of $11.28 to $12.41 and the Fund's market price traded within a range of $10.05 to $11.33. During the six-month period ended March 31, 2025, the Fund's shares traded within a range of a premium(+)/discount(-) of -13.99% to -8.20%.

#### Aberdeen Name Change
On March 4, 2025, abrdn plc, the parent company of the Fund's adviser, announced that it would change its name, and from that date, will use `Aberdeen' as the principal trading identity for its Investments business. On March 12, 2025, abrdn plc completed the steps to legally change its name to Aberdeen Group plc. Aberdeen has retained `abrdn' as an operational abbreviation across its subsidiary legal entities (including the Fund's adviser, fund names and descriptors.

#### Distribution Policy
As announced on September 11, 2024, the Fund increased its monthly distribution by 10%, from $0.0450 per share to $0.0500 per share, commencing with the distribution payable on September 30, 2024.

Under abrdn Inc. ("Aberdeen'")'s management of the Fund, the weighting of below investment grade securities has been reduced while at the same time, the earnings yield of the portfolio has been increased, which has increased the Fund's monthly earnings and improved the credit quality of the portfolio. The Fund's last distribution change was announced in September 2024 when the Board approved an increase of 10%. Since Aberdeen assumed management of the Fund on July 7, 2023, the distribution has been cumulatively increased by approximately 54%.

Distributions to common shareholders for the six-month period ended March 31, 2025 totaled $0.30 per share. Based on the market price of $10.14 on March 31, 2025, the annualized distribution was 5.91%. Based on the NAV of $11.42 on March 31, 2025, the annualized distribution rate was 5.25%. Since all distributions are paid after deducting applicable withholding taxes, the effective distribution rate may be higher for those U.S. investors who are able to claim a tax credit.

On April 9, 2025 and May 9, 2025 the Fund announced that it will pay on April 30, 2025 and May 30, 2025, respectively a distribution of US $0.0500 per share to all shareholders of record as of April 23, 2025 and May 22, 2025, respectively.

The Fund's policy is to provide common shareholders with a stable monthly distribution out of current income. This policy is subject to an annual review as well as regular review at the Board of Trustees' (the "Board") quarterly meetings, unless market conditions require an earlier evaluation.

{foots1}

<sup>1</sup> Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. NAV return data include investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions.

{foots1}

<sup>2</sup> Assuming the reinvestment of dividends and distributions.

{foots1}

<sup>3</sup> The Fund's total return is based on the reported NAV for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments.

{foots1}

<sup>4</sup> The Bloomberg Municipal Bond Index consists of the long-term investment grade tax exempt bonds. Indexes are unmanaged and provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

abrdn National Municipal Income Fund<sub>1</sub>

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Letter to Shareholders (unaudited) (continued)

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#### Strategy Update - Swaps
The Fund may enter into swap transactions, including credit default, total return, index and interest rate swap agreements, as well as options thereon, and may purchase or sell interest rate caps, floors and collars. A swap is a derivative in the form of an agreement to exchange the return (or differentials in the rates of return) earned or realized on particular predetermined investments or instruments. The payment obligations are calculated by reference to an agreed upon notional amount or amounts. The Fund will usually enter into swaps for which obligations are calculated on a net basis, i.e., on each payment date under the swap the two payment streams are netted out in a cash settlement, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund may enter into over-the-counter derivatives transactions (swaps, caps, floors and puts).

The risk of investing in swaps or other derivatives instruments include leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Swaps generally do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments that the Fund is contractually obligated to make. However, because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. If the other party to a swap defaults, the Fund's risk of loss generally consists of the net amount of payments that the Fund is contractually entitled to receive.

The Fund may write (sell) and purchase put and call swap options. A swap option, or swaption, is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may engage in swaptions for hedging purposes, to manage and mitigate credit and interest rate risks and to gain exposure to credit obligations. The use of swaptions involves risks, including, among others, (i) changes in the market value of securities held by the Fund, and of swaptions relating to those securities may not be proportionate, (ii) there may not be a liquid market to sell a swaption, which could result in difficulty closing a position, (iii) swaptions can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate and (iv) counterparty risk.

It is possible that government regulation of various types of derivative instruments, including swap agreements, may limit or prevent the Fund from using such instruments as part of its investment strategy, which could negatively impact the Fund.

#### Open Market Repurchase Program
On September 11, 2024, the Fund publicly announced that the Board of Trustees had approved an open market share repurchase program (the "Program"). Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period as of September 30 of the prior year. The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. On a quarterly basis, the Fund's Board will receive information on any transactions made pursuant to this Program during the prior quarter. If shares are repurchased, the Fund reports repurchase activity on the Fund's website on a monthly basis. For the six-month period ended March 31, 2025, the Fund did not repurchase any shares through the Program.

#### Unclaimed Share Accounts
Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered "unclaimed property" due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the applicable state's statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Fund's transfer agent.

#### Portfolio Holdings Disclosure
The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC's website at http://www.sec.gov. The Fund makes the information available to shareholders upon request

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| | |
|:---|:---|
| **2** | abrdn National Municipal Income Fund |

---

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Letter to Shareholders (unaudited) (concluded)

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and without charge by calling Investor Relations toll-free at 1-800-522-5465.

#### Proxy Voting
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC's website at http://www.sec.gov.

#### Investor Relations Information
As part of Aberdeen's commitment to shareholders, we invite you to visit the Fund on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In addition, you will receive monthly factsheets based on your preferences. Sign up today at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds.

Contact Us:

• Visit: https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds

• Email: Investor.Relations@aberdeenplc.com; or

• Call: 1-800-522-5465 (toll free in the U.S.).

Yours sincerely,

/s/ Alan Goodson<br> **Alan Goodson**<br> President

{foots1}

#### All amounts are U.S. Dollars unless otherwise stated.
**abrdn National Municipal Income Fund** <sub>3</sub>

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Total Investment Return (unaudited)

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The following table summarizes the average annual Fund performance compared to the Fund's primary benchmark for the six-month (not annualized), 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Net Asset Value (NAV) | &nbsp;&nbsp;&nbsp;&nbsp;-4.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;-1.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;Market Price | &nbsp;&nbsp;&nbsp;&nbsp;-6.60% | &nbsp;&nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;&nbsp;-2.46% | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;-1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;2.13% |

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#### Performance of a $10,000 Investment (as of March 31, 2025)
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.

![](tm2516624d8vflreporti003.jpg)

*abrdn Inc. (the "Investment Manager") assumed responsibility for the management of the Fund as investment manager at the close of business on July 7, 2023. Performance prior to this date reflects the performance of an unaffiliated investment manager.*

*The performance above reflects fee waivers and/or expense reimbursements made by the Fund's current investment manager. Absent such waivers and/or reimbursements, the Fund's returns would be lower. Additionally, Aberdeen entered into an agreement with the Fund to limit investor relations services fees. This agreement aligns with the term of the management agreement and may not be terminated prior to the end of the current term of the advisory agreement. See Note 3 in the Notes to Financial Statements.*

*Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund's Statement of Operations under "Expenses." Total investment return at market value is based on changes in the market price at which the Fund's shares traded on the NYSE American during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. The Fund's total investment return is based on the reported NAV on the financial reporting period ended March 31, 2025. Because the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. **Past performance is no guarantee of future results**. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund or the sale of Fund shares. The current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds or by calling 800-522-5465.*

*The annualized gross operating expense ratio excluding fee waivers based on the six-month period ended March 31, 2025 was 3.95%. The annualized net operating expense ratio net of fee waivers based on the six-month period ended March 31, 2025 was 3.84%.The annualized net operating expenses net of fee waivers and excluding dividend expense based on the six-month period ended March 31, 2025 was 1.07%.* 

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| | |
|:---|:---|
| **4** | abrdn National Municipal Income Fund |

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### Portfolio Summary (unaudited)
As of March 31, 2025

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#### Quality of Investments<sup>(1)</sup>
As of March 31, 2025, 61.5% of the Fund's investments were invested in securities where either the issue or the issuer was rated "A" or better by S&P Global Ratings ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch Ratings, Inc. ("Fitch") or, if unrated, was judged to be of equivalent quality by the Investment Manager. The following table shows the ratings of securities held by the Fund as of March 31, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Credit Rating** | **As a percentage of total investments** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;&nbsp;43.3% |
| &nbsp;&nbsp;A | &nbsp;&nbsp;&nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;&nbsp;&nbsp;20.1% |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;&nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Below B | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Non-Rated | &nbsp;&nbsp;&nbsp;15.0% |
|  | 100.0% |

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(1) Generally, the credit ratings range from AAA (highest) to D (lowest). Where bonds held in the Fund are rated by multiple rating agencies (Moody's, Fitch and S&P), the Higher of the ratings is
used. This may not be consistent with data from the benchmark provider. Quality distribution represents ratings of the underlying securities held within the Fund, and not ratings of the Fund itself.

The following table shows the sector exposure of the securities held by the Fund as of March 31, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Sector Exposure<sup>(2)</sup>** | **As a percentage of total investments** |
| &nbsp;&nbsp;Hospital | &nbsp;&nbsp;&nbsp;&nbsp;14.1% |
| &nbsp;&nbsp;Airport | &nbsp;&nbsp;&nbsp;10.5% |
| &nbsp;&nbsp;Local Authorities | &nbsp;&nbsp;&nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;Gas Contract | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;State Single Family Housing | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Appropriations | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Continuing Care Retirement Communities | &nbsp;&nbsp;&nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Nuclear Power | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;43.9% |
|  | 100.0% |

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(2) Top 8 sectors are broken out. All remaining sectors grouped into Others.

abrdn National Municipal Income Fund<sub>5</sub>

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### Portfolio Summary (unaudited) (concluded)
As of March 31, 2025

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The following table shows the state allocation of the securities held by the Fund as of March 31, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**States** | **As a percentage of net assets** |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;&nbsp;27.7% |
| &nbsp;&nbsp;California | &nbsp;&nbsp;&nbsp;&nbsp;16.1% |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;&nbsp;11.6% |
| &nbsp;&nbsp;Illinois | &nbsp;&nbsp;&nbsp;10.8% |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;Alabama | &nbsp;&nbsp;&nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;Georgia | &nbsp;&nbsp;&nbsp;&nbsp;8.6% |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Ohio | &nbsp;&nbsp;&nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Colorado | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;&nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Minnesota | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Arizona | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Arkansas | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Tennessee | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Idaho | &nbsp;&nbsp;&nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Louisiana | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Washington | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Mississippi | &nbsp;&nbsp;&nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;13.3% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;(70.1%) |
|  | 100.0% |

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The following were the Fund's top ten holdings as of March 31, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | **As a percentage of<br> net assets** |
| &nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico 08/20/2040 | 4.0% |
| &nbsp;&nbsp;Hillsborough County Industrial Development Authority , Series A 08/01/2055 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Municipal Electric Authority of Georgia, (BAM), Series A 01/01/2056 | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue , Series A 10/01/2049 | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;New York Liberty Development Corp., (BAM), Series A 11/15/2046 | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Irvine Facilities Financing Authority , Series A 05/01/2053 | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;State of New York Mortgage Agency Homeowner Mortgage Revenue, (SONYMA), Series 261 10/01/2054 | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue , Series A-1 07/01/2051 | 3.4% |
| &nbsp;&nbsp;Illinois Finance Authority , Series A 08/15/2051 | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Golden State Tobacco Securitization Corp. , Series B-2 06/01/2066 | &nbsp;&nbsp;3.1% |

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| | |
|:---|:---|
| **6** | abrdn National Municipal Income Fund |

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### Portfolio of Investments (unaudited)
As of March 31, 2025

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —170.1%** | &nbsp;&nbsp;**MUNICIPAL BONDS —170.1%** |  |
| &nbsp;&nbsp;**ALABAMA—8.7%** | &nbsp;&nbsp;**ALABAMA—8.7%** | &nbsp;&nbsp;**ALABAMA—8.7%** |
| &nbsp;&nbsp;Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 4.00%, 12/01/2052 | $&nbsp;&nbsp;3000000 | &nbsp;&nbsp;$2979737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series A, 5.25%, 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, Series D-1, 5.50%, 06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600906 |
| &nbsp;&nbsp;Energy Southeast A Cooperative District, VRDN, Series B, 5.25%, 07/01/2054 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063497 |
| &nbsp;&nbsp;Jacksonville Public Educational Building Authority, (AGM), Series A, 5.25%, 08/01/2053 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3104173 |
| &nbsp;&nbsp;Mobile County Industrial Development Authority, Series 2024B, 4.75%, 12/01/2054 | 1000000 | &nbsp;&nbsp;&nbsp; 944555 |
| &nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Series A, 5.00%, 11/01/2035 | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2837908 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;**12172443** |
| &nbsp;&nbsp;**ARIZONA—2.8%** | &nbsp;&nbsp;**ARIZONA—2.8%** | &nbsp;&nbsp;**ARIZONA—2.8%** |
| &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;56969 |
| &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;10280 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority, Series A, 3.00%, 09/01/2051 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 708513 |
| &nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, Series A, 5.00%, 01/01/2047 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3099421 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3896933** |
| &nbsp;&nbsp;**ARKANSAS—2.6%** | &nbsp;&nbsp;**ARKANSAS—2.6%** | &nbsp;&nbsp;**ARKANSAS—2.6%** |
| &nbsp;&nbsp;City of Osceola, VRDN, 5.50%, 04/01/2036 | &nbsp;&nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166145 |
| &nbsp;&nbsp;Little Rock School District, (BAM-TCRS ST AID WITHHLDG), Series A, 3.00%, 02/01/2050 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538803 |
| &nbsp;&nbsp;**Total Arkansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3704948** |
| &nbsp;&nbsp;**CALIFORNIA—16.1%** | &nbsp;&nbsp;**CALIFORNIA—16.1%** | &nbsp;&nbsp;**CALIFORNIA—16.1%** |
| &nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series B, 4.38%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series B, 4.50%, 07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473841 |
| &nbsp;&nbsp;California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089868 |
| &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;1294227 |
| &nbsp;&nbsp;California Statewide Communities Development Authority, VRDN, Series Q, 6.50%, 05/01/2049 | &nbsp;&nbsp;&nbsp;3764612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810669 |
| &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;480285 |
| &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;4378423 |
| &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;284213 |
| &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;156148 |
| &nbsp;&nbsp;Irvine Facilities Financing Authority, Series A, 4.25%, 05/01/2053 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940445 |
| &nbsp;&nbsp;Palomar Health, 5.00%, 11/01/2030 | &nbsp;&nbsp;3335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156173 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Tobacco Securitization Authority of Southern California |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2046<sup>(c)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;3015000 | &nbsp;&nbsp;&nbsp;&nbsp;$514544 |
| &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;636544 |
| &nbsp;&nbsp;**Total California** | &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;**22594561** |
| &nbsp;&nbsp;**COLORADO—5.1%** | &nbsp;&nbsp;**COLORADO—5.1%** | &nbsp;&nbsp;**COLORADO—5.1%** | &nbsp;&nbsp;**COLORADO—5.1%** |
| &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;482791 |
| &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;500122 |
| &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;1056459 |
| &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;370125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2044 |  | &nbsp;&nbsp;1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500247 |
| &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;324250 |
| &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;705273 |
| &nbsp;&nbsp;Fountain Urban Renewal Authority, Series A, 5.50%, 11/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp; 620904 |
| &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;754342 |
| &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;882074 |
| &nbsp;&nbsp;**Total Colorado** | &nbsp;&nbsp;**Total Colorado** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7196587** |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—4.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—4.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—4.1%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—4.1%** |
| &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;705061 |
| &nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue, Series A, 5.00%, 10/01/2049 |  | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5034441 |
| &nbsp;&nbsp;**Total District of Columbia** | &nbsp;&nbsp;**Total District of Columbia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5739502** |
| &nbsp;&nbsp;**FLORIDA—8.3%** | &nbsp;&nbsp;**FLORIDA—8.3%** | &nbsp;&nbsp;**FLORIDA—8.3%** | &nbsp;&nbsp;**FLORIDA—8.3%** |
| &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;103720 |
| &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;925879 |
| &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;211285 |
| &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;335259 |
| &nbsp;&nbsp;City of Tampa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 0.00%, 09/01/2049<sup>(c)</sup> |  | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867257 |
| &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;391723 |
| &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;304045 |
| &nbsp;&nbsp;Florida Development Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.00%, 07/01/2044 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.25%, 07/01/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814766 |
| &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;1406441 |
| &nbsp;&nbsp;Hillsborough County Industrial Development Authority, Series A, 3.50%, 08/01/2055 |  | &nbsp;&nbsp;6875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205060 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;**11568765** |
| &nbsp;&nbsp;**GEORGIA—8.6%** | &nbsp;&nbsp;**GEORGIA—8.6%** | &nbsp;&nbsp;**GEORGIA—8.6%** | &nbsp;&nbsp;**GEORGIA—8.6%** |
| &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;987907 |
| &nbsp;&nbsp;Municipal Electric Authority of Georgia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 01/01/2056 |  | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 01/01/2059 |  | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 01/01/2063 |  | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529307 |
| &nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;**12034847** |
| &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;&nbsp;3319348 |

---

abrdn National Municipal Income Fund<sub>7</sub>

------

### Portfolio of Investments (unaudited) (continued)
As of March 31, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**ILLINOIS—10.8%** | &nbsp;&nbsp;**ILLINOIS—10.8%** | &nbsp;&nbsp;**ILLINOIS—10.8%** |
| &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;$905844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 5.75%, 04/01/2048 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284659 |
| &nbsp;&nbsp;Chicago O'Hare International Airport, Series A, 5.00%, 01/01/2048 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2505861 |
| &nbsp;&nbsp;Illinois Finance Authority, Series A, 5.00%, 08/15/2051 | 4355000 | &nbsp;&nbsp;&nbsp; 4473883 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority, (BAM), Series A, 0.00%, 12/15/2056<sup>(c)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041258 |
| &nbsp;&nbsp;St. Clair County Community Unit School District No. 187 Cahokia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series A, 5.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series A, 5.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609441 |
| &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15147306** |
| &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;337469 |
| &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;497885 |
| &nbsp;&nbsp;**Total Indiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**835354** |
| &nbsp;&nbsp;**IOWA—1.0%** | &nbsp;&nbsp;**IOWA—1.0%** | &nbsp;&nbsp;**IOWA—1.0%** |
| &nbsp;&nbsp;Iowa Finance Authority, Series A, 5.13%, 05/15/2059 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453833 |
| &nbsp;&nbsp;**LOUISIANA—2.2%** | &nbsp;&nbsp;**LOUISIANA—2.2%** | &nbsp;&nbsp;**LOUISIANA—2.2%** |
| &nbsp;&nbsp;Greater Ouachita Water Co., (BAM), 4.50%, 09/01/2053 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941490 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority, 5.75%, 09/01/2064 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104545 |
| &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3046035** |
| &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;473370 |
| &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;510519 |
| &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**983889** |
| &nbsp;&nbsp;**MASSACHUSETTS—1.6%** | &nbsp;&nbsp;**MASSACHUSETTS—1.6%** | &nbsp;&nbsp;**MASSACHUSETTS—1.6%** |
| &nbsp;&nbsp;Massachusetts Port Authority, Series B, 4.00%, 07/01/2046 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257816 |
| &nbsp;&nbsp;**MINNESOTA—3.9%** | &nbsp;&nbsp;**MINNESOTA—3.9%** | &nbsp;&nbsp;**MINNESOTA—3.9%** |
| &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;412300 |
| &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;369262 |
| &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;483431 |
| &nbsp;&nbsp;City of Bethel Housing & Health Care Facilities Revenue, Series A, 5.50%, 12/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486580 |
| &nbsp;&nbsp;City of Hayward, 5.75%, 02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361905 |
| &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;205970 |
| &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;775892 |
| &nbsp;&nbsp;City of Rochester, Series A, 6.88%, 12/01/2048 | &nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220870 |
| &nbsp;&nbsp;City of St. Cloud, Series A, 5.00%, 04/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310844 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &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;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;$242069 |
| &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;629968 |
| &nbsp;&nbsp;**Total Minnesota** | &nbsp;&nbsp;**Total Minnesota** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5499091** |
| &nbsp;&nbsp;**MISSISSIPPI—2.0%** | &nbsp;&nbsp;**MISSISSIPPI—2.0%** | &nbsp;&nbsp;**MISSISSIPPI—2.0%** | &nbsp;&nbsp;**MISSISSIPPI—2.0%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp., VRDN, Series A, 4.00%, 11/01/2032 |  | 2805000 | &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; 1748357 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—2.9%** | &nbsp;&nbsp;**NEW HAMPSHIRE—2.9%** | &nbsp;&nbsp;**NEW HAMPSHIRE—2.9%** | &nbsp;&nbsp;**NEW HAMPSHIRE—2.9%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 4.16%, 10/20/2041 |  | &nbsp;&nbsp;&nbsp;1991979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 3.63%, 08/20/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;994910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2048 |  | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280972 |
| &nbsp;&nbsp;**Total New Hampshire** | &nbsp;&nbsp;**Total New Hampshire** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4067917** |
| &nbsp;&nbsp;**NEW JERSEY—0.3%** | &nbsp;&nbsp;**NEW JERSEY—0.3%** | &nbsp;&nbsp;**NEW JERSEY—0.3%** | &nbsp;&nbsp;**NEW JERSEY—0.3%** |
| &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; 431242 |
| &nbsp;&nbsp;**NEW MEXICO—0.4%** | &nbsp;&nbsp;**NEW MEXICO—0.4%** | &nbsp;&nbsp;**NEW MEXICO—0.4%** | &nbsp;&nbsp;**NEW MEXICO—0.4%** |
| &nbsp;&nbsp;New Mexico Finance Authority, 8.25%, 12/01/2045<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599873 |
| &nbsp;&nbsp;**NEW YORK—27.7%** | &nbsp;&nbsp;**NEW YORK—27.7%** | &nbsp;&nbsp;**NEW YORK—27.7%** | &nbsp;&nbsp;**NEW YORK—27.7%** |
| &nbsp;&nbsp;City of New York, Series B-1, 5.25%, 10/01/2047 |  | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577737 |
| &nbsp;&nbsp;Metropolitan Transportation Authority, Series 2025A, 4.63%, 11/15/2050 |  | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446298 |
| &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;501172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 05/01/2063 |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032193 |
| &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;5003585 |
| &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;101912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), Series A, 3.00%, 09/01/2050 |  | &nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028124 |
| &nbsp;&nbsp;New York State Thruway Authority, Series C, 5.00%, 03/15/2053 |  | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132430 |
| &nbsp;&nbsp;New York Transportation Development Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549240 |
| &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;531579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/2060 |  | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.13%, 06/30/2060 |  | &nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGM), 5.25%, 06/30/2060 |  | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/30/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGC), Series B, 0.00%, 12/31/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467772 |
| &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;3475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONYMA), Series 261, 4.65%, 10/01/2054 |  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912988 |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Co., 6.00%, 12/01/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205446 |
| &nbsp;&nbsp;Westchester County Local Development Corp., (AGM), 5.75%, 11/01/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218140 |
| &nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;**38901925** |

---

---

| | |
|:---|:---|
| **8** | abrdn National Municipal Income Fund |

---

------

As of March 31, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &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;$797762 |
| &nbsp;&nbsp;**OHIO—5.2%** | &nbsp;&nbsp;**OHIO—5.2%** | &nbsp;&nbsp;**OHIO—5.2%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series A-2, 4.00%, 06/01/2048 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2598364 |
| &nbsp;&nbsp;Columbus Regional Airport Authority, Series A, 5.50%, 01/01/2055 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2623842 |
| &nbsp;&nbsp;County of Cuyahoga, 5.50%, 02/15/2057 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004265 |
| &nbsp;&nbsp;County of Warren, 5.00%, 07/01/2054 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006431 |
| &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7232902** |
| &nbsp;&nbsp;**OREGON—1.9%** | &nbsp;&nbsp;**OREGON—1.9%** | &nbsp;&nbsp;**OREGON—1.9%** |
| &nbsp;&nbsp;Union County Hospital Facility Authority, 5.00%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 487361 |
| &nbsp;&nbsp;Washington County School District No. 13 Banks, (SCH BD GTY), Series A, 0.00%, 06/15/2051<sup>(c)</sup> | 8505000 | &nbsp;&nbsp;&nbsp;&nbsp; 2214564 |
| &nbsp;&nbsp;**Total Oregon** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2701925** |
| &nbsp;&nbsp;**PENNSYLVANIA—9.8%** | &nbsp;&nbsp;**PENNSYLVANIA—9.8%** | &nbsp;&nbsp;**PENNSYLVANIA—9.8%** |
| &nbsp;&nbsp;Huntingdon County General Authority, Series T, 5.00%, 10/01/2051 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2305231 |
| &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;3571754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AGC), Series B, 4.00%, 05/01/2056 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103748 |
| &nbsp;&nbsp;Pennsylvania Housing Finance Agency, Series 148A, 4.80%, 10/01/2055 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978549 |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, 3.00%, 12/01/2051 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807427 |
| &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;**13766709** |
| &nbsp;&nbsp;**PUERTO RICO—8.8%** | &nbsp;&nbsp;**PUERTO RICO—8.8%** | &nbsp;&nbsp;**PUERTO RICO—8.8%** |
| &nbsp;&nbsp;Commonwealth of Puerto Rico, Series A1, 4.00%, 07/01/2046 | &nbsp;&nbsp;2340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039890 |
| &nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico, 7.50%, 08/20/2040 | &nbsp;&nbsp;&nbsp;5743373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5615612 |
| &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;&nbsp;&nbsp;&nbsp;4736838 |
| &nbsp;&nbsp;**Total Puerto Rico** |  | &nbsp;&nbsp;&nbsp;**12392340** |
| &nbsp;&nbsp;**SOUTH CAROLINA—1.8%** | &nbsp;&nbsp;**SOUTH CAROLINA—1.8%** | &nbsp;&nbsp;**SOUTH CAROLINA—1.8%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.50%, 11/01/2054 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411926 |
| &nbsp;&nbsp;**Total South Carolina** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2568070** |
| &nbsp;&nbsp;**TENNESSEE—2.4%** | &nbsp;&nbsp;**TENNESSEE—2.4%** | &nbsp;&nbsp;**TENNESSEE—2.4%** |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;451925 |
| &nbsp;&nbsp;Metropolitan Nashville Airport Authority, Series B, 5.00%, 07/01/2040 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501994 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373766 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3327685** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**TEXAS—11.6%** | &nbsp;&nbsp;**TEXAS—11.6%** | &nbsp;&nbsp;**TEXAS—11.6%** |
| &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;$780204 |
| &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;401061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2054 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124590 |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PSF-GTD), 4.25%, 04/01/2048 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909417 |
| &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;194936 |
| &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;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;127600 |
| &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;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;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;189000 |
| &nbsp;&nbsp;Newark Higher Education Finance Corp., (PSF-GTD), Series A, 4.38%, 08/15/2059 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3853953 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV, VRDN, Series B, 5.50%, 01/01/2054 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2469175 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.00%, 06/30/2058 | 3985000 | &nbsp;&nbsp;&nbsp; 3949500 |
| &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;**16246274** |
| &nbsp;&nbsp;**UTAH—1.3%** | &nbsp;&nbsp;**UTAH—1.3%** | &nbsp;&nbsp;**UTAH—1.3%** |
| &nbsp;&nbsp;City of Salt Lake City Airport Revenue, (AGM), Series A, 4.00%, 07/01/2051 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764894 |
| &nbsp;&nbsp;**VIRGINIA—1.7%** | &nbsp;&nbsp;**VIRGINIA—1.7%** | &nbsp;&nbsp;**VIRGINIA—1.7%** |
| &nbsp;&nbsp;Virginia Housing Development Authority, Series A, 4.75%, 09/01/2060 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430957 |
| &nbsp;&nbsp;**WASHINGTON—2.0%** | &nbsp;&nbsp;**WASHINGTON—2.0%** | &nbsp;&nbsp;**WASHINGTON—2.0%** |
| &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;929815 |
| &nbsp;&nbsp;Washington State Housing Finance Commission, 6.38%, 07/01/2063<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905175 |
| &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2834990** |
| &nbsp;&nbsp;**WEST VIRGINIA—0.2%** | &nbsp;&nbsp;**WEST VIRGINIA—0.2%** | &nbsp;&nbsp;**WEST VIRGINIA—0.2%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority, VRDN, 5.45%, 01/01/2055<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235377 |

---

abrdn National Municipal Income Fund<sub>9</sub>

------

### Portfolio of Investments (unaudited) (concluded)
As of March 31, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**WISCONSIN—8.8%** | &nbsp;&nbsp;**WISCONSIN—8.8%** | &nbsp;&nbsp;**WISCONSIN—8.8%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2036<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$751520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2039<sup>(a)</sup> | 3040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2049 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2050<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2055 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2061 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2064 | &nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2065 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/15/2065 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.25%, 06/15/2045 | &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.25%, 06/15/2050 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 09/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2044 | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/01/2054 | &nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/15/2054 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 12/15/2054<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 02/01/2062 | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437320 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12326566** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;**238632023** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $242,115,898)—170.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $242,115,898)—170.1%** | &nbsp;&nbsp;&nbsp;**238632023** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(70.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(70.1%) | &nbsp;&nbsp;&nbsp;&nbsp;(98365372) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$140266651** |

---

(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.

---

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

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **10** | abrdn National Municipal Income Fund |

---

------

### Statement of Assets and Liabilities (unaudited)
As of March 31, 2025

------

---

| | |
|:---|:---|
| **Assets** | |
| Investments, at value (cost $242,115,898) | &nbsp;&nbsp;&nbsp;$238632023 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822682 |
| Prepaid expenses in connection with preferred shares (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27306 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**241483374** |
| **Liabilities** |  |
| Liquidation value of preferred shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460888 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476923 |
| Investment management fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66546 |
| Trustee fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46228 |
| Investor relations fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23329 |
| Administration fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16467 |
| Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126342 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**101216723** |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**$140266651** |
| **Composition of Net Assets** |  |
| Common stock (par value $0.001 per share) (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12278 |
| Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;&nbsp; 180134984 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39880611) |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**$140266651** |
| Net asset value per share based on 12,278,003 shares issued and outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.42 |

---

See accompanying Notes to Financial Statements.

abrdn National Municipal Income Fund<sub>11</sub>

------

### Statement of Operations (unaudited)
For the Six-Month Period Ended March 31, 2025

------

---

| | |
|:---|:---|
| **Net Investment Income** | |
| **Investment Income:** |  |
| Interest and amortization of discount and premium and other income | &nbsp;&nbsp;&nbsp;$6182418 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182418 |
| **Expenses:** |  |
| Investment management fee (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488327 |
| Administration fee (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97665 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92232 |
| Independent auditors' fees and tax expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45465 |
| Legal fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44893 |
| Investor relations fees and expenses (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29103 |
| Reports to shareholders and proxy solicitation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24327 |
| Transfer agent's fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9042 |
| Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5711 |
| Custodian's fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4847 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15336 |
| Total operating expenses, excluding dividend expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856948 |
| Dividend and related expenses on preferred shares (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; 2012009 |
| Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868957 |
| Expenses waived (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78873) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790084 |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392334 |
| **Net Realized/Unrealized Gain/(Loss):** |  |
| **Net realized gain/(loss) from:** |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600273) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600273) |
| **Net change in unrealized appreciation/depreciation on:** |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp;(10184266) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(10184266) |
| Net realized and unrealized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;(10784539) |
| **Change in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;**$(7392205)** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **12** | abrdn National Municipal Income Fund |

---

------

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**For the<br> Six-Month<br> Period Ended<br> March 31, 2025<br> (unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$3392334 | &nbsp;&nbsp;&nbsp;&nbsp;$5889081 |
| Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3971465) |
| Net change in unrealized appreciation/depreciation investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10184266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29369060 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7392205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31286676 |
| **Distributions to Shareholders From:** |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3683401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5954833) |
| Net decrease in net assets from distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3683401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5954833) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11075606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25331843 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151342257 | &nbsp;&nbsp;&nbsp;&nbsp;126010414 |
| &nbsp;&nbsp;&nbsp;**End of period** | &nbsp;&nbsp;&nbsp;**$140266651** | &nbsp;&nbsp;&nbsp;**$151342257** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

abrdn National Municipal Income Fund<sub>13</sub>

------

### Statement of Cash Flows (unaudited)
For the Six-Month Period Ended March 31, 2025

------

---

| | |
|:---|:---|
| **Cash flows from operating activities:** | |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;$(7392205) |
| Adjustments to reconcile net increase in net assets resulting<br> from operations to net cash provided by operating activities: |  |
| Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; (51776478) |
| Investments sold and principal repayments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51917430 |
| Net change in short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Net amortization/accretion of premium/(discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (540355) |
| Decrease in interest, dividends and other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77545 |
| Decrease in prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18894 |
| Increase in accrued investment management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25777 |
| Increase in other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84591 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; 10184266 |
| Net realized loss on investments transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600273 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3199739** |
| **Cash flows from financing activities:** |  |
| Increase in payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;$476923 |
| Distributions paid to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3683401) |
| &nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3206478)** |
| &nbsp;&nbsp;&nbsp;Net change in cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6739) |
| &nbsp;&nbsp;&nbsp;Unrestricted and restricted cash and foreign currency, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739 |
| **Unrestricted and restricted cash and foreign currency, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid for dividend and related expenses on preferred shares | &nbsp;&nbsp;&nbsp;&nbsp; $2012009 |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | abrdn National Municipal Income Fund |

---

------

Financial Highlights

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** |
| | &nbsp;&nbsp;**For the Six-Month<br> Period Ended<br> March 31,** <br>&nbsp;&nbsp;**2025<br> (unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30,** <br>&nbsp;&nbsp;**2024** | &nbsp;&nbsp;**For the<br> Period From<br> April 1, 2023<br> to<br> September 30,** <br>&nbsp;&nbsp;**2023<br> (a)** | &nbsp;&nbsp;**2023<br> (b)** | &nbsp;&nbsp;**2022<br> (b)** | &nbsp;&nbsp;**2021<br> (b)** | &nbsp;&nbsp;**2020<br> (b)** |
| &nbsp;&nbsp;**PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value per common share, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.44 |
| &nbsp;&nbsp;Net investment income<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Total from investment operations applicable to common shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;**Distributions to common shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;Net asset value per common share, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.71 |
| &nbsp;&nbsp;Market price, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.24 |
| &nbsp;&nbsp;**Total Investment Return Based on<sup>(e)</sup>:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Market price | &nbsp;&nbsp;&nbsp;&nbsp;(6.60%) | &nbsp;&nbsp;&nbsp;&nbsp;36.06% | &nbsp;&nbsp;&nbsp;&nbsp;(17.48%) | &nbsp;&nbsp;&nbsp;&nbsp;(11.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.70%) | &nbsp;&nbsp;&nbsp;&nbsp;26.04% | &nbsp;&nbsp;&nbsp;&nbsp;(11.01%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15%) | &nbsp;&nbsp;&nbsp;&nbsp;13.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24%) |
| &nbsp;&nbsp;**Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets applicable to common shareholders, end of period (000 omitted) | &nbsp;&nbsp;&nbsp;$140267 | &nbsp;&nbsp;&nbsp;$151342 | &nbsp;&nbsp;&nbsp;$126010 | &nbsp;&nbsp;&nbsp;$144700 | &nbsp;&nbsp;$284706 | &nbsp;&nbsp;&nbsp;&nbsp;$67182 | &nbsp;&nbsp;&nbsp;&nbsp;$62,085<br>See accompanying Notes to Financial Statements. |

---

---

| | |
|:---|:---|
| abrdn National Municipal Income Fund | **15** |

---

------

Financial Highlights (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** |
| | &nbsp;&nbsp;**For the Six-Month<br> Period Ended<br> March 31,** <br>&nbsp;&nbsp;**2025<br> (unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30,** <br>&nbsp;&nbsp;**2024** | &nbsp;&nbsp;**For the<br> Period From<br> April 1, 2023<br> to<br> September 30,** <br>&nbsp;&nbsp;**2023<br> (a)** | &nbsp;&nbsp;**2023<br> (b)** | &nbsp;&nbsp;**2022<br> (b)** | &nbsp;&nbsp;**2021<br> (b)** | &nbsp;&nbsp;**2020<br> (b)** |
| &nbsp;&nbsp;Average net assets applicable to common shareholders (000 omitted)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$145834 | &nbsp;&nbsp;&nbsp;$144052 | &nbsp;&nbsp;&nbsp;$141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;Gross operating expenses, excluding fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;3.95%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% | &nbsp;&nbsp;&nbsp;&nbsp;4.58%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;Net operating expenses, net of fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;3.84%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;Net operating expenses, net of fee waivers, excluding dividend expense | &nbsp;&nbsp;&nbsp;&nbsp;1.07%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;Net Investment income<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.67%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09% | &nbsp;&nbsp;&nbsp;&nbsp;4.17%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |
| &nbsp;&nbsp;Total leverage (preferred stock) outstanding (000 omitted)<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$99000 | &nbsp;&nbsp;&nbsp;&nbsp;$99000 | &nbsp;&nbsp;&nbsp;&nbsp;$99000 | &nbsp;&nbsp;&nbsp;&nbsp;$99000 | &nbsp;&nbsp;&nbsp;$135000 | &nbsp;&nbsp;&nbsp;&nbsp;$30000 | &nbsp;&nbsp;&nbsp;&nbsp;$30000 |
| &nbsp;&nbsp;Asset coverage per $1,000 on total leverage at period end<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;$241684 | &nbsp;&nbsp;&nbsp;$252871 | &nbsp;&nbsp;&nbsp;$227283 | &nbsp;&nbsp;&nbsp;$246162 | &nbsp;&nbsp;&nbsp;$310893 | &nbsp;&nbsp;$323942 | &nbsp;&nbsp;$306949 |
| &nbsp;&nbsp;Liquidation value per share of preferred shares<sup>(j)</sup> | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 |

---

(a) Effective as of the close of business on July 7, 2023, Aberdeen assumed responsibility for the management of the Fund from Delaware Management Company, a series of Macquarie Investment Management
Business Trust.

(b) Beginning with the period ended September 30, 2023, the Fund's financial statements were audited by KPMG LLP. Previous years were audited by a different independent registered public
accounting firm.

(c) Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.16, $0.37, $0.18, $0.28, $0.08, $0.08, and $0.17 per share for the six months ended March
31, 2025, fiscal year ended September 30, 2024, period ended September 30, 2023 and for the years ended March 31, 2023, 2022, 2021 and 2020 respectively.

(d) Based on average shares outstanding.

(e) Total investment return based on market value is calculated assuming that shares of the Fund's common stock were purchased at the closing market price as of the beginning of the period, dividends,
capital gains and other distributions were reinvested as provided for in the Fund's dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation
does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund's net
asset value is substituted for the closing market value.

(f) Average net assets applicable to common shareholders were not shown for the fiscal years ended March 31, 2023, 2022, 2021, and 2020.

(g) Annualized.

(h) The annualized ratio of net investment income excluding dividend expense to average net assets for the six months ended March 31, 2025 was 7.43%. The ratio of net investment income excluding dividend
expense to average net assets for the fiscal year ended September 30, 2024 was 7.12%. The annualized ratio of net investment income excluding dividend expense to average net assets for the period ended September 30,
2023 was 6.80%. The ratio of net investment income excluding dividend expense to average net assets for the years ended March 31, 2023, 2022, 2021, and 2020 were 5.33%, 3.98%, 4.67%, and 4.84%, respectively.

(i) Not annualized. See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **16** | abrdn National Municipal Income Fund |

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------

Financial Highlights (concluded)

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(j) In March 2012, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2017 Shares). The Series
2017 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund's Series 2017 Shares. On April 25, 2019, the Fund redeemed the Series 2021
Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares. When the Fund acquired Delaware Investments Colorado Municipal
Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. on February 11, 2022, it also acquired the Series 2049 preferred shares used as leverage by those funds, which are reflected in the
value of preferred shares outstanding in the table above. 36,000,000 were redeemed to fund the tender offer on December 16, 2022.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| abrdn National Municipal Income Fund | **17** |

---

------

### Notes to Financial Statements (unaudited) <br> March 31, 2025

------

1. Organization

abrdn National Municipal Income Fund (the "Fund") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company. The Fund is diversified for purposes of the 1940 Act. The Fund's investment objective is to seek to provide current income exempt from regular federal income tax, consistent with the preservation of capital.

2. Summary of Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency.

a. Security Valuation:

The Fund values its securities at 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, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") designated Aberdeen, the Fund's Investment Manager, 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 or deemed unreliable.

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.

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. 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.

The three-level hierarchy of inputs is summarized below:

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

---

| | |
|:---|:---|
| **18** | abrdn National Municipal Income Fund |

---

------

### Notes to Financial Statements (unaudited) (continued)<br> March 31, 2025

------

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).

A summary of standard inputs is listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Standard Inputs** |
| &nbsp;&nbsp;Debt and other fixed-income securities | &nbsp;&nbsp;Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. |

---

The following is a summary of the inputs used as of March 31, 2025 in valuing the Fund's investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;$– | &nbsp;&nbsp;$238632023 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$238632023 |
| &nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$238632023** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$238632023** |
| &nbsp;&nbsp;**Total Investment Assets** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$238632023** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$238632023** |

---

Amounts listed as "–" are $0 or round to $0.

b. Restricted Securities:

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.

c. Security Transactions, Investment Income and Expenses:

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and foreign currency transactions are calculated on the identified cost basis.

Discounts and premiums on securities purchased are accreted or amortized on an effective yield basis over the estimated lives of the respective securities.

d. Distributions:

The Fund intends to make regular monthly distributions of net investment income to holders of common shares. The Fund expects to pay its common shareholders annually all or substantially all of its investment company taxable income. In addition, at least annually, the Fund intends to distribute all or substantially all of its net capital gains, if any.

Distributions from net realized gains for book purposes may include short-term capital gains which are ordinary income for tax purposes. Distributions to common shareholders are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book-tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes they are reported to shareholders as return of capital.

e. Federal Income Taxes:

The Fund intends to continue to qualify as a "regulated investment company" ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **19** |

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examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended September 30, 2024 are subject to such review.

3. Agreements and Transactions with Affiliates

a. Investment Manager:

abrdn Inc. serves as the Fund's Investment Manager pursuant to an investment management agreement (the "Management Agreement") with the Fund. The Investment Manager is a wholly-owned indirect subsidiary of Aberdeen Group plc. In rendering management services, the Investment Manager may use the resources of investment advisor subsidiaries of Aberdeen Group plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Investment Manager.

As compensation for its services to the Fund, the Investment Manager receives an annual investment management fee at an annual rate of 0.40% of the average daily "Managed Assets" of the Fund during the month. "Managed Assets" are the total assets of the Fund (including any assets attributable to money borrowed for investment purposes, including proceeds from (and assets subject to) reverse repurchase agreements, any credit facility and any issuance of preferred shares or notes) minus the sum of the Fund's accrued liabilities (other than Fund liabilities incurred for the purpose of leverage). For the six-month period ended March 31, 2025, the Fund paid the Investment Manager $488,327.

The Investment Manager entered into a written contract (the "Expense Limitation Agreement") with the Fund that is effective through July 10, 2025. The Expense Limitation Agreement limits the total ordinary operating expenses of the Fund (excluding any leverage costs, taxes, interest, brokerage commissions, and any non-routine expenses) from exceeding 1.07% of the average daily net assets of the Fund on an annualized basis. The total amount of the waiver for the six-month period ended March 31, 2025 pursuant to the Expense Limitation Agreement was $78,873.

The Investment Manager may request and receive reimbursement from the Fund of the management fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement as of a date not more than three years after the date when the Investment Manager limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause the Fund 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 Investment Manager, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements").

As of March 31, 2025, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to the Investment Manager from the Fund, based on expenses reimbursed by the Investment Manager, including adjustments described above, would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Amount Fiscal Year 2023 (Expires 09/30/26) | &nbsp;&nbsp;$325793 |
| &nbsp;&nbsp;Amount Fiscal Period 2024 (Expires 09/30/27) | &nbsp;&nbsp;$181437 |
| &nbsp;&nbsp;Amount Fiscal Year 2025 (Expires 09/30/28) | &nbsp;&nbsp;$78873 |
| &nbsp;&nbsp;**Total\*** | &nbsp;&nbsp;**$586103** |

---

\* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

b. Fund Administrator:

abrdn Inc. is the Fund's Administrator. Pursuant to the Administration Agreement, Aberdeen receives a fee paid by the Fund, at an annual fee rate of 0.08% of the Fund's average daily net assets. State Street Bank and Trust Company serves as the Fund's Sub-Administrator. For the six-month period ended March 31, 2025 pursuant to the Administration Agreement, Aberdeen earned $97,665 from the Fund for administration services.

c. Investor Relations:

Under the terms of the Investor Relations Services Agreement, abrdn Inc. provides and/or engages third parties to provide investor relations services to the Fund and certain other funds advised by the Investment Manager or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the "Fund's Portion"). However, Investor Relations Services fees are limited by abrdn so that the Fund will only pay up to an annual rate of 0.05% of the Fund's average weekly net assets. Any difference between the capped rate of 0.05% of the Fund's average weekly net assets and the Fund's Portion is paid for by abrdn.

Pursuant to the terms of the Investor Relations Services Agreement, Aberdeen (or third parties engaged by Aberdeen), among other things, provides objective and timely information to shareholders based on publicly-available information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, publishes white papers, magazine articles and other relevant materials discussing the Fund's investment

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| | |
|:---|:---|
| **20** | abrdn National Municipal Income Fund |

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results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general shareholder sentiment.

During the six-month period ended March 31, 2025, the Fund incurred investor relations fees of approximately $29,103. For the six-month period ended March 31, 2025, Aberdeen did not contribute to the investor relations fees for the Fund because the Fund's contribution was below 0.05% of the Fund's average weekly net assets on an annual basis.

d. Purchase/Sale Transactions Between Affiliates

The Fund is permitted to buy or sell securities with funds that have a common investment manager (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the 1940 Act ("Rule 17a-7"). During the six-month period ended March 31, 2025, the Fund did not engage in any purchases of securities pursuant to Rule 17a-7.

4. Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended March 31, 2025, were $58,801,041 and $56,898,115, respectively.

5. Capital

The Fund is authorized to issue an unlimited number of common shares of beneficial interest at par value $0.001 per common share. As of March 31, 2025, there were 12,278,003 shares of common stock issued and outstanding. Shares issuable under the Fund's dividend reinvestment plan are purchased by the Fund's transfer agent, Computershare, Inc., in the open market. During the six-month period ended March 31, 2025, the Fund did not issue any shares under its dividend reinvestment plan.

6. Muni-MultiMode Preferred Shares

On April 25, 2019, the Fund priced private offerings to a qualified institutional buyer, as defined pursuant to Rule 144A under the 1933 Act, of approximately $30 million of Muni-MultiMode Preferred Shares, Series 2049 ("MMP"), with a $100,000 liquidation value per share. The Fund used the net proceeds from each offering to redeem its outstanding Variable Rate MuniFund Term Preferred Shares, Series 2021 ("VMTP"). The Fund issued MMP shares in the same amount and value as its previously outstanding VMTP shares. On February 11, 2022, the Fund acquired the assets of Delaware Investments Colorado Municipal Income Fund, Inc. ("VCF") and Delaware Investments Minnesota Municipal Income Fund II, Inc. ("VMM"), which included Series 2049 MMP preferred shares issued by each of VCF and VMM

used as leverage (the "Reorganization"). The Reorganization caused the Fund's total preferred shares outstanding to equal $135 million, with VCF's Series 2049 MMP preferred shares becoming Series 2 and VMM's Series 2049 MMP preferred shares becoming Series 3 of the MMP shares issued by the Fund. The Fund's original tranche of Series 2049 MMP preferred shares is Series 1. The terms of the Series 2 and Series 3 MMP shares are substantially similar to those of the Series 1. In connection with the 2022 tender offer the Fund accordingly reduced its outstanding MMP Preferred Shares by redeeming 360 Preferred Shares at the $100,000 liquidation preference per share, plus an additional amount representing the final accumulated dividend amounts owed to be paid to preferred shareholders. The redemption occurred on December 20, 2022. After this the total preferred shares outstanding was $99,000,000.

The MMP shares are a floating rate form of preferred stock with a mandatory term redemption. The mandatory term redemption date for these offerings is April 1, 2049. MMP shares have the option at either the request of the purchaser or issuer to be converted to a variable rate demand preferred ("VRDP") structure. The converted VRDP shares could then be offered for sale to certain institutional investors. The VRDP could continue to remain outstanding for the remainder of the MMP shares' 30-year term. MMP dividends are set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index. MMP shares represent the preferred stock of the Fund and are senior, with priority in all respects, to the Fund's common shares as to payments of dividends. MMP shares are redeemable at par. The Fund may be obligated to redeem certain of the MMP shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. Dividends on MMP shares are set weekly, and are based on a short-term index rate plus an additional spread that is subject to adjustment in certain circumstances, including a change in the credit rating assigned to the MMP shares by Fitch Ratings ("Fitch").

The weighted average dividend rate for all of the Fund's MMP shares for the six-month period ended March 31, 2025 is 3.97%. The average balance for the six-month period ended March 31, 2025 was $99,000,000.

The Fund uses leverage because its managers believe that, over time, leveraging may provide opportunities for additional income and total return for common shareholders. However, the use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by the Fund decline, the negative impact of these valuation changes on common share NAV and common shareholder total return is magnified by the use of leverage; accordingly, the use of structural leverage may hurt the

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **21** |

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Fund's overall performance. Leverage may also cause the Fund to incur certain costs. In the event that the Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch, funding dividend payments, or funding redemptions), the Fund will pay additional fees with respect to the leverage.

For financial reporting purposes, the MMP shares are considered debt of the issuer; therefore, the liquidation value which approximates fair value of the MMP shares is recorded as a liability in the "Statement of assets and liabilities". Dividends accrued and paid on the MMP shares are included as a component of dividend expense on preferred shares in the "Statement of operations". The MMP shares are treated as equity for legal and tax purposes. Dividends paid to holders of the MMP shares are generally classified as tax-exempt income for tax-reporting purposes.

7. Portfolio Investment Risks

a. Credit and Market Risk:

A debt instrument's price depends, in part, on the credit quality of the issuer, borrower, counterparty, or underlying collateral and can decline in response to changes in the actual or perceived financial condition of the issuer, borrower, counterparty, or underlying collateral, or changes in specific or general market, economic, industry, political, regulatory, geopolitical, or other conditions. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit risk. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading.

b. Geographic Focus Risk:

The Fund's performance could be more volatile than that of a more geographically diversified fund and could be significantly impacted as a result of the Fund investing a large percentage of its assets in issuers located in a single state, small number of states, or a particular geographic region. Also, the Fund's performance may be more closely tied to the market, economic, or regulatory conditions in those states, regions, or municipalities.

c. 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.

d. Interest Rate Risk:

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk. The Fund may be subject to a greater interest rate risk due to a changing interest rate environment and the effect of potential government monetary and fiscal policy initiatives and resulting market reaction to those initiatives.

Changes in interest rates or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its holdings.

e. 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. In an increasingly interconnected financial market, the adverse changes in the financial conditions of one issuer may negatively affect other issuers.

f. Municipal Securities Risk

The Fund is subjected to 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 volatile, 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*

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| | |
|:---|:---|
| **22** | abrdn National Municipal Income Fund |

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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 any adverse changes to such projects may have a significant negative impact on the Fund's investment performance.*

g. 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.

h. Tobacco Related Bonds Risk

The Fund is subject to Tobacco Related Bonds Risk. In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, the Master Settlement Agreement ("MSA"), to settle claims against them by 46 states and six other U.S. jurisdictions. The tobacco manufacturers agreed to make annual payments to the government entities in exchange for the release of all litigation claims. A number of the states have sold bonds that are backed by those future payments. The Fund may invest in two types of those bonds: (i) bonds that make payments only from a state's interest in the MSA and (ii) bonds that make payments from both the MSA revenue and from an "appropriation pledge" by the state. An "appropriation pledge"

requires the state to pass a specific periodic appropriation to make the payments and is generally not an unconditional guarantee of payment by a state.

The MSA settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. Payments could be reduced if consumption decreases, if market share is lost to non-MSA manufacturers, or if there is a negative outcome in litigation regarding the MSA.

The MSA and tobacco manufacturers have been and continue to be subject to various legal claims, including, among others, claims that the MSA violates federal antitrust law. In addition, the United States Department of Justice has alleged in a civil lawsuit that the major tobacco companies defrauded and misled the American public about the health risks associated with smoking cigarettes. An adverse outcome to this lawsuit or to any other litigation matters or regulatory actions relating to the MSA or affecting tobacco manufacturers could adversely affect the payment streams associated with the MSA or cause delays or reductions in bond payments by tobacco manufacturers.

8. Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.

9. Tax Information

The U.S. federal income tax basis of the Fund's investments (including derivatives, if applicable) and the net unrealized depreciation as of March 31, 2025, were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tax Cost of<br> Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| $241766591 | &nbsp;&nbsp;&nbsp;&nbsp;$4502945 | &nbsp;&nbsp;&nbsp;&nbsp;$(7637513) | &nbsp;&nbsp;&nbsp;&nbsp;$(3134568) |

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10. Segment Reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity's chief

operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **23** |

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### Notes to Financial Statements (unaudited) (concluded)<br> March 31, 2025

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performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

11. Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of March 31, 2025, other than as noted below.

On April 9, 2025 and May 9, 2025 the Fund announced that it will pay on April 30, 2025 and May 30, 2025, respectively, a distribution of US $0.0500 per share to all shareholders of record as of April 23, 2025 and May 22, 2025, respectively.

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| | |
|:---|:---|
| **24** | abrdn National Municipal Income Fund |

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Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited)

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The Fund intends to distribute to shareholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the "Plan"), shareholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the "Plan Agent") in the Fund shares pursuant to the Plan, unless such shareholders elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the shareholder by the Plan Agent, as dividend paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the shareholders as representing the total amount registered in such shareholders' names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the shareholders in administering the Plan. If the Trustees of the Fund declare an income dividend or a capital gains distribution payable either in the Fund's common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the NYSE American, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the NYSE American or elsewhere, for the participants' accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of the Fund's share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund's shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of

the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.

Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund's common stock, with an annual maximum contribution of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds. Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.

If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each shareholder's proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent's open market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.

Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare's broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales may only

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **25** |

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Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited) (concluded)

------

be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).

The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be amended by

the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days prior to the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through <u>www.computershare.com/buyaberdeen</u> or in writing to Computershare Trust Company N.A., P.O. Box 43006, Providence, RI 02940-3078.

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|:---|:---|
| **26** | abrdn National Municipal Income Fund |

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Corporate Information

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#### Trustees
Todd Reit, Chair<br> C. William Maher<br> Christian Pittard<br> Nancy Yao

#### Investment Manager
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Administrator
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Custodian
State Street Bank and Trust Company<br> One Congress Street, Suite 1<br> Boston, MA 02114-2016

#### Transfer Agent
Computershare Trust Company, N.A.<br> P.O. Box 43006<br> Providence, RI 02940-3078

#### Independent Registered Public Accounting Firm
KPMG LLP<br> 191 West Nationwide Blvd., Suite 500<br> Columbus, OH 43215

#### Legal Counsel
Dechert LLP<br> 1900 K Street N.W.<br> Washington, D.C. 20006

#### Investor Relations
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103<br> 1-800-522-5465<br> Investor.Relations@aberdeenplc.com

![](tm2516624d8vflreporti004.jpg)

The Financial Statements as of March 31, 2025, included in this report, were not audited and accordingly, no opinion is expressed thereon.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.

Shares of abrdn National Municipal Income Fund are traded on the NYSE American under the symbol "VFL." Information about the Fund's net asset value and market price is available at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds.

This report, including the financial information herein, is transmitted to the shareholders of abrdn National Municipal Income Fund for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future results.

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VFL-SEMI-ANNUAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 5. Audit Committee of Listed Registrants.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 6. Schedule of Investments.**

(a) Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**.

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

This item is inapplicable to semi-annual report on Form N-CSR.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a) Not applicable to semi-annual report on Form N-CSR.

(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant's most recently filed annual report on Form N-CSR.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) Total No.<br> of Shares<br> Purchased** | **(b) Average<br> Price Paid per<br> Share** | **(c) Total No.<br> of Shares<br> Purchased as<br> Part of<br> Publicly<br> Announced Plans<br> or Programs(1)** | **(d) Maximum No.<br> of Shares that<br> May Yet Be<br> Purchased Under<br> the Plans or<br> Programs(1)** |
| Month #1 (Oct. 1, 2024 — Oct. 31, 2024) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 1227800 |
| Month #2 (Nov. 1, 2024 — Nov. 30, 2024) |  |  |  | 1227800 |
| Month #3 (Dec. 1, 2024 — Dec. 31, 2024) |  |  |  | 1227800 |
| Month #4 (Jan. 1, 2025 — Jan. 31, 2025) |  |  |  | 1227800 |
| Month #5 (Feb. 1, 2025 — Feb. 28, 2025) |  |  |  | 1227800 |
| Month #6 (Mar. 1, 2025 — Mar. 31, 2025) |  |  |  | 1227800 |
| **Total** |  | $— |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On September 11, 2024, the Fund publicly announced that the Board of Trustees had approved an open market share repurchase program (the "Program"). Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12-month period as of September 30 of the prior year. The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions.

**Item 15. Submission of Matters to a Vote of Security Holders.**

During the period ended March 31, 2025, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940 (the "Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing
date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required
by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange
Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation**

Not appliable

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

[(a)(3)](tm2516624d8_ex99-cert.htm) [The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR.](tm2516624d8_ex99-cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(5) Change in Registrant's independent public accountant. Not applicable.

[(b)](tm2516624d8_ex99-906cert.htm) [The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR.](tm2516624d8_ex99-906cert.htm)

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

abrdn National Municipal Income Fund

---

| | |
|:---|:---|
| By: | /s/ Alan Goodson |
|  | Alan Goodson, |
|  | Principal Executive Officer of |
|  | abrdn National Municipal Income Fund |
| Date: June 9, 2025 | Date: June 9, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Alan Goodson |
|  | Alan Goodson, |
|  | Principal Executive Officer of |
|  | abrdn National Municipal Income Fund |
| Date: June 9, 2025 | Date: June 9, 2025 |

---

---

| | |
|:---|:---|
| By: | */s/ Sharon Ferrari* |
|  | Sharon Ferrari, |
|  | Principal Financial Officer of |
|  | abrdn National Municipal Income Fund |
| Date: June 9, 2025 | Date: June 9, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</u>**

I, Sharon Ferrari, certify that:

1. I have reviewed this report on Form N-CSR of abrdn National Municipal Income Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date June 9, 2025

---

| |
|:---|
| */s/ Sharon Ferrari* |
| Sharon Ferrari |
| Principal Financial Officer |

---

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</u>**

I, Alan Goodson, certify that:

1. I have reviewed this report on Form N-CSR of abrdn National Municipal Income Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date: June 9, 2025

---

| |
|:---|
| */s/ Alan Goodson* |
| Alan Goodson |
| Principal Executive Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act</u>**

Alan Goodson, Principal Executive Officer, and Sharon Ferrari, Principal Financial Officer, of abrdn National Municipal Income Fund (the "Registrant"), each certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the
 "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| |
|:---|
| PRINCIPAL EXECUTIVE OFFICER |
| abrdn National Municipal Income Fund |
| */s/ Alan Goodson* |
| Alan Goodson |
| Date: June 9, 2025 |
| PRINCIPAL FINANCIAL OFFICER |
| abrdn National Municipal Income Fund |
| */s/ Sharon Ferrari* |
| Sharon Ferrari |
| Date: June 9, 2025 |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.