# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001133228-26-002660
**Filing Date:** 2026-2
**Character Count:** 26825
**Document Hash:** 1b092fc11b76d7ac8d9233fdd7423da0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002660.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001133228-26-002660

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146680
- **FILM NUMBER:** 26701138

**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 EM SMA Completion Fund (Series ID: S000076281)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000235898 | Institutional Class | ASEMX           |

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| | |
|:---|:---|
| **abrdn Funds: Summary Prospectus** | ![](sp2565img001.jpg)  |
| **abrdn EM SMA Completion Fund** | ![](sp2565img001.jpg)  |
|  | ![](sp2565img001.jpg)  |
| February 28, 2026 | ![](sp2565img001.jpg)  |

---

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

**Fund Tickers**

Institutional Class - ASEMX

**Objective**

The abrdn EM SMA Completion Fund (the "EM SMA Completion Fund" or the "Fund") seeks long term capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay when you buy, hold and sell shares of the abrdn EM SMA Completion Fund.

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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;Management Fees<sup>(1)</sup> | 0.00%<br>|
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | 27.20%<br>|
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 27.20%<br>|
| &nbsp;&nbsp;Less: Amount of Fee Limitations/Expense Reimbursements<sup>(2)</sup> | 27.20%<br>|
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements | 0.00%<br>|

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(1) None of abrdn Inc. (the "Adviser"), abrdn Asia Limited ("aAL") or abrdn Investments Limited ("aIL" and collectively with aAL, the "Sub-advisers") charges a management fee or sub-advisory fee to the Fund. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Fund's Adviser, the Fund's Sub-advisers or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services.

(2) abrdn Funds (the "Trust") and the Adviser have entered into a written contract pursuant to which the Adviser has agreed to reimburse the Fund's operating expenses (excluding certain expenses, including any taxes, interest, brokerage fees, expenses incurred indirectly by the Fund as a result of investments in other investment companies and pooled investment vehicles ("Acquired Fund Fees and Expenses" or "AFFE") (but includes  AFFE for affiliated investment vehicles managed by  the Adviser) and extraordinary expenses). This contractual arrangement may not be terminated before February 28, 2027 without the approval of the Independent Trustees.

**Example**

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

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $0 | $4514 | $7247 | $10242 |

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**Portfolio Turnover**

The EM SMA Completion 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 44% of the average value of its portfolio.

Summary - abrdn EM SMA Completion Fund 1

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Summary - abrdn EM SMA Completion Fund

**Principal Strategies**

The abrdn EM SMA Completion Fund will invest primarily in common stocks, but may also invest in other types of equity securities, including, but not limited to, preferred stock and depositary receipts. As a non-fundamental policy, under normal circumstances, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies. A company is considered to be an emerging market company if Fund management determines that the company meets one or more of the following criteria:

• the company is organized under the laws of an emerging market country;

• the company has its principal office in, or management is located in, an emerging market country; and/or

• the company has its principal securities trading market in an emerging market country.

An emerging market country is any country included in the MSCI Emerging Markets Index or determined by the Adviser or Sub-advisers to have similar emerging market characteristics. At times, the Fund may have a significant amount of its assets invested in a country or geographic region. The Fund currently anticipates that it will invest a significant amount of its assets in securities economically tied to mainland China, including through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect program or by any other available means. The Fund also currently anticipates that it will invest a significant amount of its assets in securities economically tied to South Korea. The Fund may invest in securities denominated in U.S. Dollars and currencies of emerging market countries in which it is permitted to invest. The Fund typically has full currency exposure to those markets in which it invests.

The Fund may invest in equity securities of companies of any market capitalization, including small- and mid-cap companies.

The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector. The Fund currently anticipates that it will have significant exposure to the information technology and industrials sectors.

In seeking to achieve the Fund's investment objective, the Adviser and Sub-advisers invest in quality companies and are an active, engaged owners. The Adviser and Sub-advisers evaluate every company against quality criteria and build conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of management, and 5) the most material environmental, social and governance ("ESG") factors impacting a company. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser and Sub-advisers. Through fundamental research, supported by a global research presence, the Adviser and Sub-advisers seek to identify companies whose quality and future prospects are not yet fully recognized by the market.

The Fund is non-diversified any may invest a significant portion of its assets in the securities of a single issuer or a small number of issuers.

**Principal Risks**

The EM SMA Completion 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 seven risks).

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

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

**Equity Securities Risk –** The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), or to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline).

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

2 Summary - abrdn EM SMA Completion Fund

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Summary - abrdn EM SMA Completion Fund

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

*China Risk*. Investments in China and Hong Kong subject the Fund to additional risks, and may make it significantly more volatile than geographically diverse mutual funds. Additional risks associated with investments in China and Hong Kong include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund's investments.

*Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect Risk.* Investing in China A shares through Stock Connect involves various considerations and risks, including, but not limited to, illiquidity risk; currency risk; greater price volatility; legal and regulatory uncertainty risk; execution risk; operational risk; tax risk; credit risk; and economic, social and political instability of the stock market in the People's Republic of China.

*The Republic of Korea (South Korea) Risk*. Concentrating investments in South Korea subjects the Fund to additional risks, and may make it significantly more volatile than geographically diverse mutual funds. Additional risks associated with investments in South Korea include political, economic and social instability, and the potential for increasing militarization in North Korea. The financial sector in South Korea has been subject to systemic weaknesses and illiquidity, which could be a material risk for any investments in South Korea if exacerbated. A significant increase in energy prices could have an adverse impact on South Korea's economy as South Korea is dependent on foreign sources for much of its energy needs. The South Korean government has exercised and continues to exercise significant influence over many aspects of the economy. Accordingly, South Korean government actions in the future could have a significant effect on the South Korean economy, which could affect private sector companies and the Fund, market conditions, and prices and yields of securities in the Fund's portfolio.

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

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

**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.

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

**Mid-Cap Securities Risk –** Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies.

**Non-Diversified Fund Risk –** The Fund's performance may be more volatile than a diversified fund because it may invest a greater percentage of its total assets in the securities of a single issuer.

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

*Information Technology Sector Risk.* To the extent that the information technology sector represents a significant portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Information technology companies face intense competition, both domestically and

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Summary - abrdn EM SMA Completion Fund

internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

*Industrials Sector Risk*. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.

**Small-Cap Securities Risk –** Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key personnel. If adverse developments occur, such as due to management changes or product failure, the Fund's investment in a small-cap company may lose substantial value.

**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 Fund. The bar chart shows the Fund's annual total returns for the Institutional Class have varied from year to year. The table following the bar chart compares the Fund's performance over time with those of a broad measure of market performance. Returns in the table reflect the maximum applicable sales charges. The table compares the Fund's average annual total returns to the returns of the MSCI Emerging Markets Index (Net TR)\*, a broad-based securities market index. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. For updated performance information, please visit https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds or call 866-667-9231.

\* Net Total Return

4 Summary - abrdn EM SMA Completion Fund

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

<br>![](sp2565img002.jpg)

Highest Return: 18.82% - 3rd quarter 2025

Lowest Return: -7.97% - 4th quarter 2024

After-tax returns are shown in the following table for the 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, 2025**

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception** **(Inception** **Date** **January** **27, 2023)** |
| &nbsp;&nbsp;Institutional Class shares – Before Taxes | 50.41%<br>| 8.81%<br>|
| &nbsp;&nbsp;Institutional Class shares – After Taxes on Distributions | 50.08%<br>| 8.59%<br>|
| &nbsp;&nbsp;Institutional Class shares – After Taxes on Distributions and Sales of Shares | 30.39%<br>| 6.86%<br>|
| &nbsp;&nbsp;MSCI Emerging Markets Index (Net TR)<sup>(1)</sup> (reflects no deduction for fees or expenses) | 33.56%<br>| 13.89%<br>|

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(1) The MSCI Emerging Markets Index (Net TR) is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors..

**Investment Adviser**

abrdn Inc. (the "Adviser") serves as the EM SMA Completion Fund's investment adviser. abrdn Asia Limited ("aAL") and abrdn Investments Limited ("aIL", together with aAL, the "Sub-advisers") serve as the Fund's sub-advisers.

Summary - abrdn EM SMA Completion Fund 5

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Summary - abrdn EM SMA Completion Fund

**Portfolio Managers**

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | **Title** | **Served on the Fund Since** |
| &nbsp;&nbsp;Devan Kaloo | Global Head of Equities and Head of Global Emerging Markets Equities | Inception |
| &nbsp;&nbsp;Nick Robinson, CFA<sup>®</sup> | Deputy Head of Global Emerging Markets Equities | 2023 |
| &nbsp;&nbsp;Gabriel Sacks, CFA<sup>®</sup> | Investment Director | Inception |

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**Purchase and Sale of Fund Shares**

NOT AVAILABLE TO THE GENERAL PUBLIC.

Shares of the fund may be purchased only by or on behalf of separately managed account clients where the Fund's Adviser or an affiliate of the Adviser (each a "Managed Account Adviser") has an agreement with the managed account program sponsor (the "Program Sponsor"), or directly with the client, to provide management or advisory services to the managed account or to the Program Sponsor for its use in managing such account. The Fund is a "completion fund," meaning that it is intended to be used as part of a broader investment program by certain separately managed account clients.

There are no maximum or minimum investment requirements in the Fund (although your Program Sponsor may have certain investment requirements).

Redemption orders are made based on instructions from your Managed Account Adviser or Program Sponsor to the broker/dealer who executes trades for the account.

Fund shares may be redeemed on each day that the New York Stock Exchange is open.

**Tax Information**

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

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

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

6 Summary - abrdn EM SMA Completion Fund

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