# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001133228-23-000914
**Filing Date:** 2023-2
**Character Count:** 32878
**Document Hash:** 6211cd8000a844a3d5529eb6867f4a8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-23-000914.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001133228-23-000914

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Funds
- **CENTRAL INDEX KEY:** 0001413594
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146680
- **FILM NUMBER:** 23687585

**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 Short Duration High Yield Municipal Fund (Series ID: S000061519)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199213 | Class A             | AAHMX           |
| C000199214 | Institutional Class | AHYMX           |
| C000224176 | Class C             | ACHMX           |

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| | |
|:---|:---|
| **abrdn Funds: Summary Prospectus** | ![](sp204img001.jpg) |
| **abrdn Short Duration High Yield Municipal Fund** | ![](sp204img001.jpg) |
| February 28, 2023 | ![](sp204img001.jpg) |
| ![](sp204img001.jpg) |  |

---

**Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and** **its risks. You can find the Fund's Prospectus, Statement of Additional Information, shareholder reports and other** **information about the Fund online at https://www.abrdn.com/en-us/us/investor/fund-centre#literature. You can also** **get this information at no cost by e-mailing a request to Investor.Services.US@abrdn.com, calling (866) 667-9231 or** **asking your financial advisor. The Fund's Prospectus and Statement of Additional Information, both dated** **February 28,** **2023, and the independent registered public accounting firm's report and financial statements in the Fund's annual** **report, dated** **October 31, 2022, are incorporated by reference into this summary prospectus.**

**Fund Tickers**

Class A – AAHMX ■ Class C – ACHMX ■ Institutional Class – AHYMX

**Objective**

The abrdn Short Duration High Yield Municipal Fund (the "Short Duration High Yield Municipal Fund" or the "Fund") seeks a high level of current income exempt from federal income tax.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the Short Duration High Yield Municipal Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in abrdn Funds. More information about these and other discounts is available from your financial advisor and in the "Reduction and Waiver of Class A and Class A1 Sales Charges," and "Broker-Defined Sales Charge Waiver Policies" sections on pages 160 and 216 of the Fund's prospectus, respectively, and in the "Additional Information on Purchases and Sales — Waiver of Class A and Class A1 Sales Charges" and "Reduction of Sales Charges" sections on pages 115 and 116 of the Fund's Statement of Additional Information, respectively. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Shareholder Fees (fees paid directly from your investment)** | **Class A** **Shares** | **Class C** **Shares** | **Institutional** **Class Shares** |
| &nbsp;&nbsp; Maximum Sales Charge (Load) imposed upon purchases (as a percentage of offering price) | 2.50<br> %<br>|  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (Load) (as a percentage of offering or sale price, whichever is less) | 0.75<br> %<br> <sup>(1)</sup><br>| 1.00<br> %<br> <sup>(2)</sup><br>|  |
| &nbsp;&nbsp; Small Account Fee<sup>(3)</sup> | $20<br>| $20<br>| $20<br>|

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| &nbsp;&nbsp; Management Fees | 0.64<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>|
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees | 0.25<br> %<br>| 1.00<br> %<br>|  |
| &nbsp;&nbsp; Other Expenses | 0.28<br> %<br>| 0.23<br> %<br>| 0.26<br> %<br>|
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | 1.17<br> %<br>| 1.87<br> %<br>| 0.90<br> %<br>|
| &nbsp;&nbsp; Less: Amount of Fee Limitations/Expense Reimbursements<sup>(4)</sup> | 0.24<br> %<br>| 0.19<br> %<br>| 0.22<br> %<br>|
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements | 0.93<br> %<br>| 1.68<br> %<br>| 0.68<br> %<br>|

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(1) Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.75% will be charged on Class A shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.

(2) If you redeem your Class C shares within the first year after you purchase them you must pay a CDSC of 1.00%; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase.

(3) Accounts with balances below $1,000 are generally subject to a $5 quarterly fee (with an annual maximum of $20 per account). Shares from such accounts are redeemed each quarter to cover the fee, which is returned to the Fund to offset small account expenses.

(4) abrdn Funds (the "Trust") and abrdn Inc. (the "Adviser") have entered into a written contract limiting operating expenses to 0.90% for Class A shares, 1.65% for Class C shares and 0.65% for Institutional Class shares. This contractual limitation may not be terminated without the approval of the Independent Trustees before February 29, 2024. This limit includes Rule 12b-1 Fees, but excludes certain expenses, including any interest, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses. The Trust is authorized to reimburse the Adviser for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements do not cause a Class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser.

Fund Summary - abrdn Short Duration High Yield Municipal Fund 1

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Fund Summary - abrdn Short Duration High Yield Municipal Fund

**Example**

This Example is intended to help you compare the cost of investing in the Short Duration High Yield Municipal Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. It assumes a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; CLASS A SHARES | $343 | $589 | $855 | $1614 |
| &nbsp;&nbsp; CLASS C SHARES | $271 | $569 | $993 | $2175 |
| &nbsp;&nbsp; INSTITUTIONAL CLASS SHARES | $69 | $265 | $477 | $1088 |

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You would pay the following expenses on the same investment if you did not sell your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; CLASS C SHARES | $171 | $569 | $993 | $2175 |

---

**Portfolio Turnover**

The Short Duration High Yield Municipal Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 57.98% of the average value of its portfolio.

**Principal Strategies**

As a fundamental policy, under normal circumstances, the Short Duration High Yield Municipal Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in municipal obligations that are exempt from federal income tax (including securities subject to the federal alternative minimum tax ("AMT")). Tax-exempt municipal obligations include municipal obligations that pay interest that is free from U.S. federal income tax (other than AMT).

The Fund may invest, without limitation, in municipal obligations whose interest income is a tax-preference item for purposes of the AMT. If this is the case, the Fund's net return to those investors may be lower than to investors not subject to the AMT. The interest income distributed by the Fund that is derived from certain tax-exempt municipal obligations may be subject to the federal AMT for individuals. There is no limitation on the portion of the Fund's assets that may be invested in municipal obligations subject to the AMT. An investor should consult his or her tax adviser for more information.

Under normal market conditions, the Fund will maintain an investment portfolio with a weighted average effective duration of less than 4.5 years. However, the Fund can buy securities of any maturity. The Adviser expects to increase or decrease the portfolio's effective duration based on its outlook for the market and interest rates. Duration measures the sensitivity of bond prices to changes in interest rates. The longer the duration of a bond, the longer it will take to repay the principal and interest obligations and the more sensitive it will be to changes in interest rates. Because of events affecting the bond markets and interest rate changes, the duration of the portfolio may not meet the target at all times.

The Fund may invest in obligations of any credit quality. Under normal circumstances, the Fund invests at least 50% of its assets in municipal bonds rated BBB or lower by S&P Global Ratings or Baa or lower by Moody's Investors Service, Inc., at the time of investment, or the equivalent by another independent rating agency or the unrated equivalent as determined by the Adviser. Split rate bonds will be considered to have the higher credit rating. Municipal bonds rated below investment grade (BB/Ba or lower) are commonly known as "high yield" or "junk" bonds.

Municipal bonds in which the Fund may invest include, but are not limited to, general obligation bonds, revenue bonds, private activity bonds, moral obligation bonds, municipal notes, municipal commercial paper, municipal lease obligations and tender option bonds.

Revenue obligations may include, but are not limited to, general obligation bonds, revenue bonds, private activity bonds, moral obligation bonds, municipal notes, municipal commercial paper, municipal lease obligations and tender option bonds. Revenue obligations may include, but are not limited to, industrial development, pollution control, public utility, housing, and health care issues. Tender option bonds are created when a holder deposits tax-exempt or other bonds into a special purpose trust ("TOB trust"). The TOB trust issues two types of securities: floating rate notes ("floaters" or "TOBs") and a residual security junior to the floaters ("inverse floaters"). The Fund may invest in floaters issued by TOB trusts.

The Fund can invest up to 25% of its total assets in tobacco-related bonds without an appropriation pledge that makes payments only from a state's interest in the tobacco Master Settlement Agreement ("MSA"). The MSA is an agreement, reached out of court in 1998, between the largest U.S. tobacco manufacturers and 46 states and other U.S. jurisdictions to settle claims against the tobacco manufacturers.

2 Fund Summary - abrdn Short Duration High Yield Municipal Fund

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Fund Summary - abrdn Short Duration High Yield Municipal Fund

The Fund may invest in municipal obligations of any state, city, county or other governmental entity, including Puerto Rico and U.S. territories. The Fund currently anticipates that it will have significant exposure to New York municipal securities.

In selecting investments for the Fund, the Adviser generally looks for a wide range of U.S. issuers and securities that provide high current income, including unrated bonds and securities of smaller issuers that offer high current income and might be overlooked by other investors and funds. The Adviser also focuses on securities with coupon interest or accretion rates, current market interest rates, callability and call prices that might change the effective maturity of particular securities. The Adviser may consider selling a security if any of these factors no longer applies to a security purchased for the Fund, but are not required to do so. The Adviser also examines the material risks of an investment across a spectrum of considerations including financial metrics, regional and national conditions and industry specific factors. The Adviser may also consider the most material potential ESG (Environmental, Social and Governance) risks and opportunities impacting issuers, where relevant. The relevance of ESG factors to the investment process varies across issuers and instrument types.

The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective.

**Principal Risks**

The Short Duration High Yield Municipal Fund cannot guarantee that it will achieve its investment objective.

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

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

**Fixed Income Securities Risk –** Fixed income securities are subject to, among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.

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

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

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

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

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

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

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

Fund Summary - abrdn Short Duration High Yield Municipal Fund 3

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Fund Summary - abrdn Short Duration High Yield Municipal Fund

**Impact of Large Redemptions and Purchases of Fund Shares –** Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause the Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to the Fund until the sales of portfolio securities necessary to cover the redemption request settle.

**Interest Rate Risk -** The Fund's fixed income investments are subject to interest rate risk, which generally causes the value of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund's net assets.

For example, if interest rates increase by 1%, assuming a current portfolio duration of 4.5 years, and all other factors being equal, the value of the Fund's investments would be expected to decrease by 4.5%.

Interest rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may be more sensitive to changes in interest rates. The Fund may be subject to increased interest rate risk due to recent interest rate hikes. It is not possible to determine if, and for how long, interest rate hikes will continue.

**Portfolio Turnover Risk** – The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains taxable at ordinary income tax rates.

**Private Placements and Other Restricted Securities Risk –** Investments in private placements and other restricted securities, including Regulation S Securities and Rule 144A Securities, could have the effect of increasing the Fund's level of illiquidity. Private placements and restricted securities may be less liquid than other investments because such securities may not always be readily sold in broad public markets and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value.

**Tender Option Bonds Risk –** Tender option bonds are synthetic floating-rate or variable-rate securities issued when long–term bonds are purchased in the primary or secondary market and then deposited into a trust. Tender option bonds may be considered derivatives, and may expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, especially the risk of increased volatility.

**Tobacco Related Bonds Risk -** In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, the 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 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.

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

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

**Performance**

The bar chart and table below can help you evaluate potential risks of the Short Duration High Yield Municipal Fund. The bar chart shows how the Fund's annual total returns for Institutional Class shares have varied from year to year. The returns in the bar chart do not reflect the impact of sales charges, if any. If the applicable sales charges were included, the annual total returns would be lower than those shown. Unlike the bar chart, the returns in the table reflect the maximum applicable sales charges.

4 Fund Summary - abrdn Short Duration High Yield Municipal Fund

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Fund Summary - abrdn Short Duration High Yield Municipal Fund

The table compares the Fund's performance over time with those of the S&P Municipal Bond Short Intermediate Index, a broad based securities index, a blended benchmark of 30% Bloomberg Barclays 1-10 Year Municipal Bond Index/70% Bloomberg Barclays 1-10 Year Municipal High Yield Index (the "Blended Index") and the Bloomberg Barclays 1-10 Year Municipal High Yield Index. The Adviser believes the Blended Index is more relevant to the Fund's current investment strategy, as discussed below. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. For updated performance information, please visit https://www. abrdn.com/en-us/us/investor/fund-centre#literature or call 866-667-9231.

The Fund changed its investment strategy effective February 28, 2019 to adopt a target weighted average effective duration. Performance information for periods prior to February 28, 2019 does not reflect such investment policy. In connection with the change in investment policy, the Fund changed its name from Aberdeen High Yield Managed Duration Municipal Fund to Aberdeen Short Duration High Yield Municipal Fund.

The returns presented for the Fund for periods prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"), which was a registered investment company. The Fund adopted the performance of the Predecessor Fund as the result of a reorganization that occurred as of the close of business on May 4, 2018, in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund had substantially similar investment objectives and strategies prior to the Fund's adoption of its current investment strategies on February 28, 2019.

Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes of the Fund.

abrdn Inc. began advising the Fund immediately following the closing of the reorganization. Performance prior to this date reflects the performance of an unaffiliated investment adviser.

Class C returns prior to the commencement of operations of Class C (inception date: 12/18/2020) are based on the previous performance of the Fund's Class A shares (inception date 5/31/2013). Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what each individual class would have produced because all classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses between the two classes.

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

<br>![](sp204img002.jpg)

Highest Return: 2.45% - 2nd quarter 2014

Lowest Return: -4.88% - 1st quarter 2022

Fund Summary - abrdn Short Duration High Yield Municipal Fund 5

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Fund Summary - abrdn Short Duration High Yield Municipal Fund

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

**Average Annual Total Returns as of December 31, 2022**

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since Inception<sup>(1)</sup>** |
| &nbsp;&nbsp; Class A shares – Before Taxes | -11.18<br> %<br>| -0.06<br> %<br>| 1.64<br> %<br>|
| &nbsp;&nbsp; Class C shares – Before Taxes | -10.60<br> %<br>| 0.12<br> %<br>| 1.75<br> %<br>|
| &nbsp;&nbsp; Institutional Class shares – Before Taxes | -8.71<br> %<br>| 0.69<br> %<br>| 2.17<br> %<br>|
| &nbsp;&nbsp; Institutional Class shares – After Taxes on Distributions | -8.72<br> %<br>| 0.67<br> %<br>| 2.14<br> %<br>|
| &nbsp;&nbsp; Institutional Class shares – After Taxes on Distributions and Sales of Shares<sup>(2)</sup> | -4.14<br> %<br>| 1.22<br> %<br>| 2.38<br> %<br>|
| &nbsp;&nbsp; S&P Municipal Bond Short Intermediate Index (reflects no deduction for fees, expenses or taxes) | -3.99<br> %<br>| 1.27<br> %<br>| 1.45<br> %<br>|
| &nbsp;&nbsp; 30% Bloomberg Barclays 1-10 Year Municipal Bond Index/70% Bloomberg Barclays 1-10Year Municipal High Yield Index (reflects no deduction for fees, expenses or taxes) | -5.29<br> %<br>| 2.87<br> %<br>| 2.34<br> %<br>|
| &nbsp;&nbsp; Bloomberg Barclays Municipal Bond: High Yield (Non-Investment Grade) Index (reflects no deduction for fees, expenses or taxes) | -13.10<br> %<br>| 2.63<br> %<br>| 3.30<br> %<br>|

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<sup>(1)</sup> Class A and Institutional Class inception date is 5/31/2013 and Class C inception date is 12/18/2020. All index since inception returns reflect the inception date of the Institutional Class.

<sup>(2)</sup> Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the returns after taxes on distributions and sales of shares to be greater than the returns after taxes on distributions or the returns before taxes.

**Investment Adviser**

abrdn Inc. (the "Adviser") serves as the Short Duration High Yield Municipal Fund's investment adviser.

**Portfolio Managers**

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

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| | |
|:---|:---|
| &nbsp;&nbsp; **Name** | **Title** |
| &nbsp;&nbsp; Miguel Laranjeiro | Investment Director<br> 2016<br><sup>\*</sup><br>|
| &nbsp;&nbsp; Jonathan Mondillo | Head of U.S. Fixed Income<br> 2013<br><sup>\*</sup><br>|

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\* Includes service with unaffiliated investment adviser to Predecessor Fund

**Purchase and Sale of Fund Shares**

The Fund's minimum investment requirements are as follows:

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

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

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

**Tax Information**

The Fund intends to distribute dividends exempt from regular federal income tax and capital gains distributions; although, a portion of the Fund's distributions may be subject to federal income tax or alternative minimum tax.

6 Fund Summary - abrdn Short Duration High Yield Municipal Fund

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Fund Summary - abrdn Short Duration High Yield Municipal Fund

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

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

Fund Summary - abrdn Short Duration High Yield Municipal Fund 7