# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001752724-25-137929
**Filing Date:** 2025-6
**Character Count:** 46544
**Document Hash:** e756d4ef0a5d5b2455aced34f6675732
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137929.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137929

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**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:** 251045356

**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:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $938228864.44

**Total Liabilities:** $8839594.74

**Net Assets:** $929389269.70

**Delayed Delivery Securities:** $3020730.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -3609.03000000 | **1-Year:** -4170.07000000 | **5-Year:** -3025.10000000 | **10-Year:** -26769.46000000 | **30-Year:** -8021.68000000

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

- **3-Month:** -722.44000000 | **1-Year:** -4754.67000000 | **5-Year:** -1159.22000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000199222 | 0.23%                | 0.27%                | 0.32%                |
| Class ID C000199221 | 0.21%                | 0.25%                | 0.30%                |
| Class ID C000210496 | 0.21%                | 0.15%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.08                    | $20430.58                                  |
| Month 2  | $0.52                    | $-84177.59                                 |
| Month 3  | $0.17                    | $-189446.05                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lower Colorado River Authority                               | Lower Colorado River Authority                                                  | CUSIP: 54811C2J7<br>LEI: 549300QJFPW2NNBYR215 | Long             | STIV             | CORP              | US        |   5190000 | PA      | $5190000.00   | 0.56%             | 2025-05-22      | Fixed         | 3.43%                 | 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  | 2.86%             | 2045-09-01      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88034YXG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 0.75%             | 2056-06-15      | Floating      | 2.20%                 | 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   | 0.11%             | 2029-02-01      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| POUGHKEEPSIE CITY NY                                         | City of Poughkeepsie NY                                                         | CUSIP: 7386297D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6051378 | PA      | $6072280.67   | 0.65%             | 2026-04-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966SNL6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.43%             | 2055-02-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SOL WST DISP REVENUE                    | New Hampshire Business Finance Authority                                        | CUSIP: 63608RAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20002562.00  | 2.15%             | 2033-10-01      | Variable      | 4.50%                 | 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      | $500783.90    | 0.05%             | 2044-12-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                              | CUSIP: 574205GS3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235076.96    | 0.03%             | 2025-06-01      | Fixed         | 5.00%                 | 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   | 0.52%             | 2039-11-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| CALCASIEU PARISH LA INDL DEV BRD INC                         | Calcasieu Parish Industrial Development Board Inc                               | CUSIP: 128323AB8<br>LEI: ZBUT11V806EZRVTWT807 | Long             | DBT              | MUN               | US        |   8900000 | PA      | $8900000.00   | 0.96%             | 2025-06-01      | Floating      | 3.05%                 | 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  | 1.29%             | 2033-08-01      | Floating      | 3.95%                 | 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  | 2.14%             | 2030-08-01      | Floating      | 3.18%                 | No            |                  2 | On Loan: No      |
| HEARD CNTY GA DEV AUTH                                       | Development Authority of Heard County                                           | CUSIP: 422230BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.11%             | 2037-12-01      | Floating      | 2.80%                 | 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      | $2534212.84   | 0.27%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ECON DEV REVENUE                         | Indiana Finance Authority                                                       | CUSIP: 45505RBN4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2498443.75   | 0.27%             | 2028-05-01      | Floating      | 3.85%                 | 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        |  11500000 | PA      | $11500000.00  | 1.24%             | 2035-12-01      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash                           | BlackRock Liquidity Funds MuniCash                                              | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | EC               | RF                | US        |   5218306 | NS      | $5218827.38   | 0.56%             |  |  |  | No            |                  1 | 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  | 5.37%             | 2030-03-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| W JEFFERSON AL INDL DEV BRD SOL WST DISP REVENUE             | West Jefferson Industrial Development Board                                     | CUSIP: 95345PAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19300000 | PA      | $19300000.00  | 2.08%             | 2038-12-01      | Floating      | 3.10%                 | 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   | 0.71%             | 2038-07-01      | Floating      | 3.43%                 | 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   | 0.44%             | 2029-03-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| UTICA NY                                                     | City of Utica NY                                                                | CUSIP: 917747CK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10374350 | PA      | $10369104.73  | 1.12%             | 2025-08-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999674.90    | 0.11%             | 2040-07-01      | Floating      | 3.75%                 | 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   | 1.05%             | 2044-05-01      | Floating      | 4.42%                 | 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        |   3750000 | PA      | $3737113.13   | 0.40%             | 2043-07-01      | Floating      | 3.70%                 | 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   | 0.79%             | 2036-02-01      | Floating      | 3.71%                 | 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        |   3200000 | PA      | $3200727.68   | 0.34%             | 2027-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HOTEL OCCUPANCY TAX & SPL REVENUE                 | City of Houston TX Hotel Occupancy Tax & Special Revenue                        | CUSIP: 44237NLH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425838.14    | 0.05%             | 2025-09-01      | Fixed         | 4.00%                 | 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  | 1.21%             | 2040-11-01      | Floating      | 3.20%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SOL WST DISP REVENUE                      | Public Finance Authority                                                        | CUSIP: 74445MAF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5250000.00   | 0.56%             | 2025-10-01      | Floating      | 3.70%                 | 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  | 1.96%             | 2029-07-01      | Floating      | 3.15%                 | 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        |    700000 | PA      | $700000.00    | 0.08%             | 2029-01-01      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999674.90    | 0.11%             | 2045-10-01      | Floating      | 3.75%                 | 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        |   6700000 | PA      | $6700000.00   | 0.72%             | 2041-09-01      | Floating      | 2.75%                 | 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        |  30000000 | PA      | $30000000.00  | 3.23%             | 2046-11-15      | Floating      | 4.12%                 | 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      | $10004301.00  | 1.08%             | 2050-12-01      | Floating      | 4.00%                 | 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  | 2.67%             | 2061-08-01      | Floating      | 3.10%                 | 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        |   6250000 | PA      | $6238778.13   | 0.67%             | 2041-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE                   | California Statewide Communities Development Authority                          | CUSIP: 130795DH7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    575000 | PA      | $575000.00    | 0.06%             | 2041-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ                                                    | City of Newark NJ                                                               | CUSIP: 650367TD7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3024847.80   | 0.33%             | 2026-05-07      | Fixed         | 4.50%                 | 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  | 2.76%             | 2042-11-01      | Floating      | 5.04%                 | 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        |   7900000 | PA      | $7900000.00   | 0.85%             | 2040-04-01      | Floating      | 2.65%                 | 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      | $1507689.30   | 0.16%             | 2025-12-15      | Fixed         | 5.00%                 | 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      | $998509.00    | 0.11%             | 2041-11-01      | Floating      | 4.25%                 | 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  | 2.73%             | 2046-12-01      | Floating      | 3.43%                 | 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        |   6500000 | PA      | $6500000.00   | 0.70%             | 2062-11-01      | Floating      | 2.70%                 | 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        |  25462000 | PA      | $25462000.00  | 2.74%             | 2044-09-01      | Floating      | 5.06%                 | 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  | 1.61%             | 2036-01-01      | Floating      | 2.85%                 | 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        |  28850000 | PA      | $28850000.00  | 3.10%             | 2027-03-20      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                                     | State of Texas                                                                  | CUSIP: 882721RM7<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   7700000 | PA      | $7700000.00   | 0.83%             | 2036-04-01      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| LAS VARAS PUBLIC FAC CORP TX MF HSG REVENUE                  | Las Varas Public Facility Corp                                                  | CUSIP: 51766AAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3700306.36   | 0.40%             | 2025-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SENECA KS HOSP REVENUE                                       | City of Seneca KS                                                               | CUSIP: 81712RBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4330000 | PA      | $4330220.40   | 0.47%             | 2025-09-01      | Fixed         | 5.00%                 | 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        |   3000000 | PA      | $3000000.00   | 0.32%             | 2045-08-01      | Floating      | 3.70%                 | 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      | $9981892.00   | 1.07%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | Kentucky Public Energy Authority                                                | CUSIP: 74440DBR4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1135399.07   | 0.12%             | 2049-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                              | Port of Port Arthur Navigation District                                         | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2900000.00   | 0.31%             | 2040-04-01      | Floating      | 2.65%                 | 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  | 2.39%             | 2041-12-01      | Floating      | 4.26%                 | 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   | 0.40%             | 2049-01-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| TRENTON NJ                                                   | City of Trenton NJ                                                              | CUSIP: 895139PS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6998222.00   | 0.75%             | 2025-05-29      | Fixed         | 4.50%                 | 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        |   2900000 | PA      | $2900000.00   | 0.31%             | 2031-08-15      | Floating      | 4.00%                 | 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        |   6220000 | PA      | $6220000.00   | 0.67%             | 2052-11-01      | Floating      | 2.70%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CCF3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5400000.00   | 0.58%             | 2045-01-15      | Floating      | 3.80%                 | 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      | $1997018.00   | 0.21%             | 2044-11-01      | 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   | 0.13%             | 2030-01-01      | Floating      | 3.25%                 | 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   | 0.22%             | 2055-07-01      | Floating      | 3.60%                 | 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      | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGAUTH SOLID WASTE DISPOSAL REV   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11002971.10  | 1.18%             | 2049-04-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| FAYETTEVILLE NC ST UNIV                                      | Fayetteville State University                                                   | CUSIP: 312810EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $476313.65    | 0.05%             | 2026-04-01      | Fixed         | 5.00%                 | 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      | $9011662.20   | 0.97%             | 2026-12-01      | Fixed         | 5.00%                 | 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  | 1.66%             | 2040-11-01      | Floating      | 3.38%                 | 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        |   1000000 | PA      | $999693.50    | 0.11%             | 2026-12-01      | Floating      | 4.13%                 | 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        |   8770000 | PA      | $8770000.00   | 0.94%             | 2031-08-15      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966SMR4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.54%             | 2055-02-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 0.75%             | 2026-01-01      | Floating      | 3.70%                 | 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        |   8575000 | PA      | $8575000.00   | 0.92%             | 2027-09-01      | Floating      | 3.70%                 | 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        |  26895000 | PA      | $26895000.00  | 2.89%             | 2033-06-01      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE                   | California Statewide Communities Development Authority                          | CUSIP: 130795DJ3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |  26025000 | PA      | $26025000.00  | 2.80%             | 2040-07-01      | Variable      | 6.00%                 | 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        |   1000000 | PA      | $999674.90    | 0.11%             | 2046-05-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966QWL0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  11900000 | PA      | $11900000.00  | 1.28%             | 2042-04-01      | Floating      | 2.55%                 | 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        |  27735000 | PA      | $27735000.00  | 2.98%             | 2029-06-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGAUTH SOLID WASTE DISPOSAL REV   | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9994602.00   | 1.08%             | 2037-08-01      | Floating      | 4.25%                 | 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        |   7300000 | PA      | $7300000.00   | 0.79%             | 2063-08-01      | Floating      | 2.70%                 | 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   | 0.77%             | 2050-09-01      | Floating      | 4.42%                 | 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        |   3365000 | PA      | $3365000.00   | 0.36%             | 2037-05-01      | Floating      | 3.50%                 | 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    | 0.10%             | 2027-12-01      | Floating      | 3.05%                 | 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   | 0.11%             | 2027-03-01      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| CORTLAND NY                                                  | City of Cortland NY                                                             | CUSIP: 220633VJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20033000 | PA      | $20032829.72  | 2.16%             | 2025-05-16      | Fixed         | 4.50%                 | 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   | 0.86%             | 2027-08-10      | Floating      | 3.90%                 | No            |                  2 | 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        |  21710000 | PA      | $21710000.00  | 2.34%             | 2029-06-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999674.90    | 0.11%             | 2046-11-01      | Floating      | 3.75%                 | 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  | 2.72%             | 2032-09-01      | Floating      | 4.37%                 | 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        |   6000000 | PA      | $6000000.00   | 0.65%             | 2050-09-01      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| WEEHAWKEN TWP NJ                                             | Township of Weehawken NJ                                                        | CUSIP: 948560UC9<br>LEI: 549300NEPL206Q5RBR93 | Long             | DBT              | MUN               | US        |   7181000 | PA      | $7180994.97   | 0.77%             | 2025-07-03      | Fixed         | 4.50%                 | 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        |    200000 | PA      | $200000.00    | 0.02%             | 2052-11-01      | Floating      | 3.30%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                               | CUSIP: 605279GX0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  58370000 | PA      | $58370000.00  | 6.28%             | 2032-11-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-16

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer