# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001410368-25-042516
**Filing Date:** 2025-12
**Character Count:** 57941
**Document Hash:** 55e8b91f5db086705d18f09f597c3e0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-042516.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001410368-25-042516

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22132
- **FILM NUMBER:** 251601097

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

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

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

## Series and Classes Contracts Data

### abrdn Ultra Short Municipal Income Fund (Series ID: S000061523)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199221 | Class A             | ATOAX           |
| C000199222 | Institutional Class | ATOIX           |
| C000210496 | Class A1            | ATOBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** abrdn Funds

- **b. Investment Company Act file number:** 811-22132

- **c. CIK number of Registrant:** 0001413594

- **d. LEI of Registrant:** 549300U001OCRSJJXY43

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

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

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

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

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

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

- **b. EDGAR series identifier (if any):** S000061523

- **c. LEI of Series:** 254900WT1JU01JP0ON35

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1179056267.84

**Total Liabilities:** $16991797.49

**Net Assets:** $1162064470.35

**Delayed Delivery Securities:** $16040000.00

**Cash Not Reported:** $540650.78

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4257.94000000 | **1-Year:** -7830.54000000 | **5-Year:** -969.45000000 | **10-Year:** -3046.56000000 | **30-Year:** -961.34000000

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

- **3-Month:** -741.45000000 | **1-Year:** -5820.46000000 | **5-Year:** -400.11000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000199221 | 0.22%                | 0.23%                | 0.23%                |
| Class ID C000199222 | 0.24%                | 0.25%                | 0.25%                |
| Class ID C000210496 | 0.22%                | 0.23%                | 0.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.08                    | $145293.72                                 |
| Month 2  | $770.23                  | $-29330.78                                 |
| Month 3  | $0.13                    | $-233755.79                                |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALLEN CNTY OH HOSP FACS REVENUE                              | County of Allen OH Hospital Facilities Revenue                                  | CUSIP: 01757LHJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8400000 | PA      | $8400000.00   | 0.72%             | 2050-11-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH                                     | Development Authority of Appling County                                         | CUSIP: 038315EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2041-09-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH HLTHCARE REVENUE                       | Arkansas Development Finance Authority                                          | CUSIP: 04084RAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24314000 | PA      | $24314000.00  | 2.09%             | 2044-09-01      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| BARTOW-CARTERSVILLE GA JT DEV AUTH REVENUE                   | Bartow-Cartersville Joint Development Authority                                 | CUSIP: 06962PCD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12000000.00  | 1.03%             | 2033-08-01      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLID WASTE DISP FAC REVENUE         | Bartow County Development Authority                                             | CUSIP: 06964KAB2<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   8100000 | PA      | $8100000.00   | 0.70%             | 2062-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REVENUE                            | County of Berkeley SC                                                           | CUSIP: 084185DC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4105000 | PA      | $4105000.00   | 0.35%             | 2029-03-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10068860.00  | 0.87%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                                  | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10068860.00  | 0.87%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash                           | BlackRock Liquidity Funds MuniCash                                              | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | EC               | RF                | US        |         2 | NS      | $2.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOUNT CNTY TN PUBLIC BLDG AUTH                              | Public Building Authority of Blount County Tennessee/The                        | CUSIP: 095175EY7<br>LEI: 549300RHIJ2ZP4C8W404 | Long             | DBT              | MUN               | US        |  17860000 | PA      | $17860000.00  | 1.54%             | 2029-06-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | Development Authority of Burke County/The                                       | CUSIP: 121342MW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.11%             | 2049-07-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | Development Authority of Burke County/The                                       | CUSIP: 121342NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.07%             | 2052-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500168.30    | 0.04%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3721923.90   | 0.32%             | 2041-07-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1498939.95   | 0.13%             | 2051-07-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | California Pollution Control Financing Authority                                | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4994353.50   | 0.43%             | 2043-07-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| CENTRL BRADFORD PROGRESS AUTHPA                              | Central Bradford Progress Authority                                             | CUSIP: 152691BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22225000 | PA      | $22225000.00  | 1.91%             | 2041-12-01      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| CITIZENS MO MEMORIAL HOSP DIST POLK CNTY                     | Citizens Memorial Hospital District                                             | CUSIP: 174762EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9031216.50   | 0.78%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | Connecticut Housing Finance Authority                                           | CUSIP: 20775CW75<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5350000.00   | 0.46%             | 2039-11-15      | Floating      | 3.27%                 | No            |                  2 | On Loan: No      |
| CRAWFORD CNTY IA MEMORIAL HOSP REVENUE                       | Crawford County Memorial Hospital Inc                                           | CUSIP: 224832BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2528656.45   | 0.22%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16070000 | PA      | $16070000.00  | 1.38%             | 2027-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16040000 | PA      | $16024166.92  | 1.38%             | 2027-12-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY     | State of Nevada Department of Business & Industry                               | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999567.00   | 0.17%             | 2026-12-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA REVENUE                                 | District of Columbia                                                            | CUSIP: 2548392M4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13000000.00  | 1.12%             | 2038-04-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| DODGE CITY KS INDL REVENUE                                   | City of Dodge City KS                                                           | CUSIP: 256335GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2027-03-01      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| FAYETTEVILLE NC ST UNIV                                      | Fayetteville State University                                                   | CUSIP: 312810EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $473706.19    | 0.04%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA INSURANCE ASSISTANCE INTERLOCAL AGY                  | Florida Insurance Assistance Interlocal Agency Inc                              | CUSIP: 34074EAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25250000 | PA      | $25250000.00  | 2.17%             | 2032-09-01      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| GLEN COVE NY                                                 | City of Glen Cove NY                                                            | CUSIP: 377425LJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4272418 | PA      | $4292456.92   | 0.37%             | 2026-06-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FACS FIN CORP MED FACS REVENUE   | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414008CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  43600000 | PA      | $43600000.00  | 3.75%             | 2046-11-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| HLTH CARE AUTH FOR BAPTIST HLTH AL                           | Health Care Authority for Baptist Health/The                                    | CUSIP: 42219UBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25657000 | PA      | $25657000.00  | 2.21%             | 2042-11-01      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENUE                              | Idaho Health Facilities Authority                                               | CUSIP: 451295E47<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2060-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST DEV FIN AUTH SOL WST DISP REVENUE                | Illinois Development Finance Authority                                          | CUSIP: 451889AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999718.60   | 0.17%             | 2044-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL REVENUE                        | Indiana Finance Authority                                                       | CUSIP: 455054AD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  19900000 | PA      | $19900000.00  | 1.71%             | 2030-08-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV REVENUE                         | Indiana Finance Authority                                                       | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3498759.95   | 0.30%             | 2028-05-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV REVENUE                         | Indiana Finance Authority                                                       | CUSIP: 45505RBT1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2629068.19   | 0.23%             | 2028-05-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST DISP REVENUE                        | Iowa Finance Authority                                                          | CUSIP: 46245EAW7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   6630000 | PA      | $6630000.00   | 0.57%             | 2038-07-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST DISPREVENUE                         | Iowa Finance Authority                                                          | CUSIP: 46245EAY3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  25400000 | PA      | $25400000.00  | 2.19%             | 2046-12-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH                                             | Iowa Finance Authority                                                          | CUSIP: 46246BJT0<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  10525000 | PA      | $10525000.00  | 0.91%             | 2037-08-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST FACSREVENUE                         | Iowa Finance Authority                                                          | CUSIP: 46246YAA0<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   6550000 | PA      | $6550000.00   | 0.56%             | 2047-12-01      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KS62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22300000 | PA      | $22300000.00  | 1.92%             | 2026-04-24      | Floating      | 3.42%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KYU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  31690000 | PA      | $31690000.00  | 2.73%             | 2027-03-20      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| JOHNSON CITY NY                                              | Village of Johnson City NY                                                      | CUSIP: 478232RC7<br>LEI: 549300LRO82Q9UD0VD27 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4757895.93   | 0.41%             | 2026-06-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH SOL WST DISP REVENUE           | Kentucky Economic Development Finance Authority                                 | CUSIP: 49126RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2370000.00   | 0.20%             | 2031-04-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| LARAMIE CNTY WY INDL DEV REVENUE                             | County of Laramie WY                                                            | CUSIP: 516708BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8300000 | PA      | $8300000.00   | 0.71%             | 2027-03-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| LIBERAL KS INDL DEV REVENUE                                  | City of Liberal KS                                                              | CUSIP: 530090BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2029-02-01      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY REGL ARPT AUTH                | Louisville Regional Airport Authority                                           | CUSIP: 546598AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.03%             | 2029-01-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWELL AR INDL DEV REVENUE                                   | City of Lowell AR                                                               | CUSIP: 547516AB0<br>LEI: 549300GXJ4CE6FSCJA35 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.10%             | 2036-10-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| LOWER AL GAS DIST GAS PROJ REVENUE                           | Lower Alabama Gas District/The                                                  | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10008265.00  | 0.86%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST INDL DEV FING AUTH PORT FACS REVENUE             | Maryland Industrial Development Financing Authority                             | CUSIP: 574076AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  49905000 | PA      | $49905000.00  | 4.29%             | 2030-03-01      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | Maryland Health & Higher Educational Facilities Authority                       | CUSIP: 57421CHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.17%             | 2055-07-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENUE                              | County of Meade KY                                                              | CUSIP: 583022AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24800000 | PA      | $24800000.00  | 2.13%             | 2061-08-01      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENUE                              | County of Meade KY                                                              | CUSIP: 583022AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2061-08-01      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| MET KNOXVILLE TN ARPT AUTH ARPT REVENUE                      | Metropolitan Knoxville Airport Authority                                        | CUSIP: 592174BL9<br>LEI: 254900VWGT8D1GF6ZY16 | Long             | DBT              | MUN               | US        |   6280000 | PA      | $6280000.00   | 0.54%             | 2055-06-01      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                | Metropolitan Transportation Authority                                           | CUSIP: 59259Y6F1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001567.80   | 0.17%             | 2031-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AUTH SOL WST DISP REVENUE        | Miami-Dade County Industrial Development Authority                              | CUSIP: 59333GAL2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999859.30    | 0.09%             | 2041-11-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AUTH SOL WST DISP REVENUE        | Miami-Dade County Industrial Development Authority                              | CUSIP: 59333GAN8<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15005388.00  | 1.29%             | 2048-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE                                | Michigan State Building Authority                                               | CUSIP: 594615KQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.69%             | 2058-04-15      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9999950.00   | 0.86%             | 2050-05-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4998537.00   | 0.43%             | 2046-05-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                               | CUSIP: 605279GX0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  55590000 | PA      | $55590000.00  | 4.78%             | 2032-11-01      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                               | CUSIP: 605279MJ4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 0.08%             | 2027-12-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP GULF OPPORTUNITY ZONE REVEN | Mississippi Business Finance Corp                                               | CUSIP: 60528BAK8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2358000 | PA      | $2357828.81   | 0.20%             | 2037-05-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUSINESS FIN CORPMS SOL WST DISP FAC & WSTWTR F  | Mississippi Business Finance Corp                                               | CUSIP: 60528EAA4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  18600000 | PA      | $18600000.00  | 1.60%             | 2052-11-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD CULTURAL FACS REVENUE                | Missouri Development Finance Board                                              | CUSIP: 606037AW9<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |  22300000 | PA      | $22300000.00  | 1.92%             | 2037-06-01      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HC72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.69%             | 2027-08-10      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HD89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2530000.00   | 0.22%             | 2054-06-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HE88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2840000.00   | 0.24%             | 2027-06-26      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | Montgomery County Higher Education and Health Authority                         | CUSIP: 613603ZL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12400000 | PA      | $12400000.00  | 1.07%             | 2050-09-01      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX HOSP REVENUE          | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 645424BR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.15%             | 2055-08-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966G4N9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.09%             | 2036-04-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966QWL0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  13200000 | PA      | $13200000.00  | 1.14%             | 2042-04-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966QWQ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   8400000 | PA      | $8400000.00   | 0.72%             | 2042-04-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966SMR4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2700000.00   | 0.23%             | 2055-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966SNL6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.15%             | 2055-02-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                      | New York State Housing Finance Agency                                           | CUSIP: 64986MF34<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4800000.00   | 0.41%             | 2039-11-01      | Floating      | 3.23%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | New York State Dormitory Authority                                              | CUSIP: 65000B5U8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9800000 | PA      | $9800000.00   | 0.84%             | 2044-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ                                                    | City of Newark NJ                                                               | CUSIP: 650367TD7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017799.60   | 0.26%             | 2026-05-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST                                                      | State of Ohio                                                                   | CUSIP: 677523MN9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  26000000 | PA      | $26000000.00  | 2.24%             | 2045-10-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CCC0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   9700000 | PA      | $9700000.00   | 0.83%             | 2045-01-15      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CCF3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.17%             | 2045-01-15      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CCH9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  17250000 | PA      | $17250000.00  | 1.48%             | 2045-01-15      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CFG8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3700000.00   | 0.32%             | 2049-01-15      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CFH6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    835000 | PA      | $835000.00    | 0.07%             | 2051-01-15      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCT2<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4350000.00   | 0.37%             | 2031-08-15      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCU9<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   7780000 | PA      | $7780000.00   | 0.67%             | 2031-08-15      | Floating      | 3.86%                 | No            |                  2 | On Loan: No      |
| PEFA INC IA GAS PROJ REVENUE                                 | PEFA Inc                                                                        | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20276408.00  | 1.74%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1249603.25   | 0.11%             | 2030-12-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999980.00   | 0.34%             | 2045-08-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7016754.50   | 0.60%             | 2037-08-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3599240.04   | 0.31%             | 2034-04-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12496342.50  | 1.08%             | 2049-06-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | Pennsylvania Higher Educational Facilities Authority                            | CUSIP: 70917SNX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26575000 | PA      | $26575000.00  | 2.29%             | 2045-09-01      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                              | City of Philadelphia PA                                                         | CUSIP: 717813LJ6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.43%             | 2031-08-01      | Floating      | 3.17%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDLDEV REVENUES                    | Philadelphia Authority for Industrial Development                               | CUSIP: 71781XCR2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7200000.00   | 0.62%             | 2050-09-01      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH SOL WST REVENUE                     | Industrial Development Authority of the City of Phoenix/The                     | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |  12100000 | PA      | $12100000.00  | 1.04%             | 2035-12-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| PORT OF CORPUS CHRISTI TX AUTH                               | Port of Corpus Christi Authority of Nueces County                               | CUSIP: 733908AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18200000 | PA      | $18200000.00  | 1.57%             | 2029-07-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| PORT OF CORPUS CHRISTI TX AUTH                               | Port of Corpus Christi Authority of Nueces County                               | CUSIP: 733908AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.10%             | 2030-01-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                              | Port of Port Arthur Navigation District                                         | CUSIP: 735220AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17645000 | PA      | $17645000.00  | 1.52%             | 2040-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                              | Port of Port Arthur Navigation District                                         | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15450000 | PA      | $15450000.00  | 1.33%             | 2040-11-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                              | Port of Port Arthur Navigation District                                         | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11200000 | PA      | $11200000.00  | 0.96%             | 2040-11-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| POUGHKEEPSIE CITY NY                                         | City of Poughkeepsie NY                                                         | CUSIP: 7386297D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6051378 | PA      | $6069997.48   | 0.52%             | 2026-04-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HLTHCARE SYS REVENUE                      | Public Finance Authority                                                        | CUSIP: 74447GAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.16%             | 2055-10-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| RED CEDAR WI INDL DEV REVENUE                                | Town of Red Cedar WI                                                            | CUSIP: 756445AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9850000 | PA      | $9850000.00   | 0.85%             | 2027-09-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| SEVIER CNTY TN PUBLIC BLDG AUTH                              | Public Building Authority of Sevier County TN/The                               | CUSIP: 818200JE8<br>LEI: 549300W1TCZIAX7JRK58 | Long             | DBT              | MUN               | US        |  22715000 | PA      | $22715000.00  | 1.95%             | 2029-06-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV AUTH ENVRNMNTL IMPT REVENUE     | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4418418.40   | 0.38%             | 2033-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | South Carolina Public Service Authority                                         | CUSIP: 837151WN5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 1.29%             | 2036-01-01      | Floating      | 3.43%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH                     | South Dakota Health & Educational Facilities Authority                          | CUSIP: 83755VU69<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.52%             | 2055-07-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| STHRN CA PUBLIC PWR AUTH NATURAL GAS PROJ REVENUE            | Southern California Public Power Authority                                      | CUSIP: 842471AT1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1490000.00   | 0.13%             | 2025-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035HZ74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7125000 | PA      | $7125000.00   | 0.61%             | 2044-07-01      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035PHF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20000000.00  | 1.72%             | 2026-05-01      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035RFE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8800000 | PA      | $8800000.00   | 0.76%             | 2065-07-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035RQ56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5605000 | PA      | $5605000.00   | 0.48%             | 2046-02-01      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.86%             | 2049-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE | Texas Municipal Gas Acquisition and Supply Corp I                               | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   4855000 | PA      | $4938790.50   | 0.43%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN  | Texas Municipal Gas Acquisition & Supply Corp III                               | CUSIP: 88256HBA5<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502911.05   | 0.13%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HHK6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8006023.20   | 0.69%             | 2043-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | Virginia Small Business Financing Authority                                     | CUSIP: 928104QQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760505.93    | 0.07%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECON & INDL DEV AUTH SOL WST DISP REVENUE     | Walker County Economic & Industrial Development Authority                       | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2700000.00   | 0.23%             | 2063-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| WEEHAWKEN TWP NJ                                             | Township of Weehawken NJ                                                        | CUSIP: 948560VV6<br>LEI: 549300NEPL206Q5RBR93 | Long             | DBT              | MUN               | US        |   4395000 | PA      | $4401992.01   | 0.38%             | 2026-08-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEEHAWKEN TWP NJ                                             | Township of Weehawken NJ                                                        | CUSIP: 948560VW4<br>LEI: 549300NEPL206Q5RBR93 | Long             | DBT              | MUN               | US        |  13927000 | PA      | $13938023.22  | 1.20%             | 2026-10-29      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | West Virginia Economic Development Authority                                    | CUSIP: 95648VAW9<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7300000.00   | 0.63%             | 2036-02-01      | Floating      | 3.28%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH                               | West Virginia Hospital Finance Authority                                        | CUSIP: 956622P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24275000 | PA      | $24275000.00  | 2.09%             | 2033-06-01      | Floating      | 3.83%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer