# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001752724-25-137916
**Filing Date:** 2025-6
**Character Count:** 46316
**Document Hash:** ebbc6ccfb4e4d82721390de84e277554
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137916.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137916

**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:** 251045345

**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 Intermediate Municipal Income Fund (Series ID: S000020313)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000057070 | Class A                     | NTFAX           |
| C000123602 | Institutional Class         | ABEIX           |
| C000123603 | Institutional Service Class | ABESX           |

## 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 Intermediate Municipal Income Fund

- **b. EDGAR series identifier (if any):** S000020313

- **c. LEI of Series:** 5493006OHHKXEJUCDG12

**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:** $42166540.45

**Total Liabilities:** $61260.83

**Net Assets:** $42105279.62

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -79.25000000 | **1-Year:** -1517.74000000 | **5-Year:** -4707.54000000 | **10-Year:** -10477.10000000 | **30-Year:** -4154.67000000

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

- **3-Month:** -9.23000000 | **1-Year:** -352.75000000 | **5-Year:** -1406.62000000 | **10-Year:** -2696.43000000 | **30-Year:** -1025.43000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123602 | 1.12%                | -1.67%               | -0.90%               |
| Class ID C000123603 | 1.13%                | -1.56%               | -0.90%               |
| Class ID C000057070 | 1.10%                | -1.70%               | -0.92%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-38620.64               | $385575.69                                 |
| Month 2  | $-1918.33                | $-861058.52                                |
| Month 3  | $-101050.51              | $-458521.94                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                            | CUSIP: 45471FAG6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1034774.90   | 2.46%             | 2058-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                             | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990372.70    | 2.35%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MATAGORDA CNTY TX NAV DIST #1                                | Matagorda County Navigation District No 1                            | CUSIP: 576528DP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987995.70    | 2.35%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                | Metropolitan Transportation Authority                                | CUSIP: 59261A2H9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    220000 | PA      | $192529.00    | 0.46%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                            | CUSIP: 45471FAW1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    215000 | PA      | $208331.47    | 0.49%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                             | CUSIP: 74442ELV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     50000 | PA      | $45727.73     | 0.11%             | 2054-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVENUE                             | M-S-R Energy Authority                                               | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $593595.35    | 1.41%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                            | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    450000 | PA      | $437575.86    | 1.04%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                   | Public Finance Authority                                             | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    549753 | PA      | $534690.04    | 1.27%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | New Hampshire Health and Education Facilities Authority Act          | CUSIP: 64461XFP5<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254547.95    | 0.60%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                             | CUSIP: 74439YFT3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61388.53     | 0.15%             | 2045-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REVENUE                           | Build NYC Resource Corp                                              | CUSIP: 12008EUH7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    850000 | PA      | $777995.82    | 1.85%             | 2053-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ HSG AUTH PORT NEWARK MARINE TERMINAL RENTAL REVENU | Newark Housing Authority Scholarship Foundation A New Jersey Non/The | CUSIP: 65037RCU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481068.45    | 1.14%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                             | CUSIP: 74439YEZ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     85000 | PA      | $83787.45     | 0.20%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX INDL DEV CORP                                 | Harris County Industrial Development Corp                            | CUSIP: 414189AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493541.75    | 1.17%             | 2050-11-01      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARPT REVENUE                      | Metropolitan Nashville Airport Authority/The                         | CUSIP: 592190MR0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000110.40   | 2.38%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | Buckeye Tobacco Settlement Financing Authority                       | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $964191.29    | 2.29%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HSG FAC BRD STUDENT HSG REVENUE  | Knox County Health Educational & Housing Facility Board              | CUSIP: 499526AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $104150.45    | 0.25%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                | Capital Projects Finance Authority/FL                                | CUSIP: 140427CN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124825.96    | 0.30%             | 2044-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | New Hampshire Health and Education Facilities Authority Act          | CUSIP: 64461XFQ3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    245000 | PA      | $248809.38    | 0.59%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash                           | BlackRock Liquidity Funds MuniCash                                   | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | EC               | RF                | US        |     65225 | NS      | $65231.56     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                               | New Hampshire Business Finance Authority                             | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705621 | PA      | $671964.79    | 1.60%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                      | Florida Development Finance Corp                                     | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $399520.08    | 0.95%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | Clifton Higher Education Finance Corp                                | CUSIP: 187145RF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $586081.38    | 1.39%             | 2053-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                              | CUSIP: 041807GZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $125761.05    | 0.30%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                     | Iowa Finance Authority                                               | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    600000 | PA      | $566831.04    | 1.35%             | 2059-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | Public Finance Authority                                             | CUSIP: 744396JY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    190000 | PA      | $183470.38    | 0.44%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | Suffolk Regional Off-Track Betting Co                                | CUSIP: 86480TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102221.37    | 0.24%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELMIRA CITY NY                                               | City of Elmira City NY                                               | CUSIP: 289587ZM2<br>LEI: 5493006ZFXLMU5H8ZE65 | Long             | DBT              | MUN               | US        |    625000 | PA      | $637566.44    | 1.51%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                | Metropolitan Transportation Authority                                | CUSIP: 59261ACF2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    695000 | PA      | $706349.00    | 1.68%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | Public Finance Authority                                             | CUSIP: 74443DKY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $115667.33    | 0.27%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                       | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    145000 | PA      | $151646.02    | 0.36%             | 2049-06-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | Main Street Natural Gas Inc                                          | CUSIP: 56035DEA6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253407.63    | 0.60%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                   | CUSIP: 574205GT1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    345000 | PA      | $349551.72    | 0.83%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | Connecticut State Health & Educational Facilities Authority          | CUSIP: 20774YV53<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1138371.40   | 2.70%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HLTH FACS DEV CORP REVENUE                    | Harris County Health Facilities Development Corp                     | CUSIP: 41315RAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $937847.92    | 2.23%             | 2027-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | Florida Development Finance Corp                                     | CUSIP: 34061UDL9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503574.80    | 1.20%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | Harris County Cultural Education Facilities Finance Corp             | CUSIP: 414009KD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1131048.25   | 2.69%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                            | CUSIP: 45471FAX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    165000 | PA      | $159415.77    | 0.38%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                                        | CUSIP: 646140FY4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924769.40    | 2.20%             | 2054-01-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                    | City of Venice FL                                                    | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $222814.73    | 0.53%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVENUE                             | M-S-R Energy Authority                                               | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    370000 | PA      | $387465.41    | 0.92%             | 2029-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY LOCAL ECON ASSISTANCE CORP REVENUE            | Nassau County Local Economic Assistance Corp                         | CUSIP: 63166LCV1<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000353.10   | 2.38%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                             | CUSIP: 74442EMR8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98484.23     | 0.23%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP EXEMPT FAC REVENUE            | New York Transportation Development Corp                             | CUSIP: 650110AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238186.28    | 0.57%             | 2034-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | Port Beaumont Navigation District                                    | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $792357.20    | 1.88%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELMIRA CITY NY                                               | City of Elmira City NY                                               | CUSIP: 289587ZL4<br>LEI: 5493006ZFXLMU5H8ZE65 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85132.96     | 0.20%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                                  | City of Houston TX Airport System Revenue                            | CUSIP: 442349HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506609.65    | 1.20%             | 2033-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT CLAIR CNTY IL CMNTY UNIT SCH DIST #187 CAHOKIA         | St Clair County Community Unit School District No 187 Cahokia        | CUSIP: 788550MQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102059.79    | 0.24%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | South Carolina Jobs-Economic Development Authority                   | CUSIP: 83704MAS5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936859.80    | 2.23%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                              | CUSIP: 14054WAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $198216.70    | 0.47%             | 2060-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| SAINT CLAIR CNTY IL CMNTY UNIT SCH DIST #187 CAHOKIA         | St Clair County Community Unit School District No 187 Cahokia        | CUSIP: 788550MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107839.32    | 0.26%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                             | CUSIP: 74442EDG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006470.50   | 2.39%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                | Capital Projects Finance Authority/FL                                | CUSIP: 140427CA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $295363.97    | 0.70%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIST #1                           | Skagit County Public Hospital District No 1                          | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230614.16    | 0.55%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | Burbank-Glendale-Pasadena Airport Authority Brick Campaign           | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92235.74     | 0.22%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVENUE                            | Public Finance Authority                                             | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    655000 | PA      | $657863.27    | 1.56%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                              | CUSIP: 14054WBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $117695.18    | 0.28%             | 2040-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD STUDENT HSG REVENU | Shelby County Health & Educational Facilities Board                  | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $119912.11    | 0.28%             | 2056-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                      | Florida Development Finance Corp                                     | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200844.20    | 0.48%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE                | Wisconsin Health & Educational Facilities Authority                  | CUSIP: 97712DVY9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254941.60    | 0.61%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                                 | New Hampshire Business Finance Authority                             | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251814.60    | 0.60%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | Florida Development Finance Corp                                     | CUSIP: 34061UJC3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $562534.49    | 1.34%             | 2056-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTHCARE REVENUE        | South Carolina Jobs-Economic Development Authority                   | CUSIP: 83704HAL1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166233.62    | 0.39%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                        | CUSIP: 67756CCF3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.95%             | 2045-01-15      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                             | CUSIP: 74442ELU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     55000 | PA      | $52493.03     | 0.12%             | 2044-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDUSTRY NV REVENUE                | State of Nevada Department of Business & Industry                    | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481375.10    | 1.14%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMISSION HLTHCR REVENUE            | Ohio Higher Educational Facility Commission                          | CUSIP: 677510BK4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $916911.47    | 2.18%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REVENUE                           | Build NYC Resource Corp                                              | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100618.09    | 0.24%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                              | CUSIP: 041807DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $189882.60    | 0.45%             | 2056-06-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | California School Finance Authority                                  | CUSIP: 13058TSG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101862.64    | 0.24%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | New York State Dormitory Authority                                   | CUSIP: 65000B7Y8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     85000 | PA      | $89619.85     | 0.21%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | Port Beaumont Navigation District                                    | CUSIP: 73360CAP9<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197533.36    | 0.47%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority                       | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1188489.35   | 2.82%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENUE                              | Louisiana Public Facilities Authority                                | CUSIP: 546399CY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9978.19      | 0.02%             | 2031-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                               | Salt Lake City Corp Airport Revenue                                  | CUSIP: 795576GR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100921.91    | 0.24%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                   | Public Finance Authority                                             | CUSIP: 74442PK79<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    310000 | PA      | $315108.27    | 0.75%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | Arlington Higher Education Finance Corp                              | CUSIP: 041806YG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887606.50    | 2.11%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERATIVE DIST AL ENERGY SUPPLY REVE | Southeast Energy Authority A Cooperative District                    | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    750000 | PA      | $772046.33    | 1.83%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | Maricopa County Industrial Development Authority                     | CUSIP: 56681NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94190.88     | 0.22%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH AFFORDABLE HSG CTFS                     | New Hampshire Business Finance Authority                             | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235399.78    | 0.56%             | 2040-10-20      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                             | CUSIP: 74442EMS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $94511.68     | 0.22%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | Main Street Natural Gas Inc                                          | CUSIP: 56035DBQ4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260712.30    | 0.62%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | California Infrastructure & Economic Development Bank                | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    200000 | PA      | $193040.18    | 0.46%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | California Community Choice Financing Authority                      | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038933.50   | 2.47%             | 2054-01-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | West Virginia Economic Development Authority                         | CUSIP: 95648VBU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    155000 | PA      | $153503.89    | 0.36%             | 2055-01-01      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL INDL DEV AUTH SOL WST DISP REVENUE            | Mobile County Industrial Development Authority                       | CUSIP: 60733UAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $568935.96    | 1.35%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                             | CUSIP: 74439YEY3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    130000 | PA      | $127654.35    | 0.30%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                              | CUSIP: 14054WAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121876.20    | 0.29%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                               | State of Connecticut                                                 | CUSIP: 20772KND7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    500000 | PA      | $411034.30    | 0.98%             | 2040-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMISSION REGISTRATION FEE REVENUE | Pennsylvania Turnpike Commission                                     | CUSIP: 709222CX9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    850000 | PA      | $917380.78    | 2.18%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | Utah Charter School Finance Authority                                | CUSIP: 91754TVR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $559389.51    | 1.33%             | 2048-04-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR REVENUE                        | Puerto Rico Electric Power Authority                                 | CUSIP: 74526QPK2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99129.18     | 0.24%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOPERATIVE DIST AL ENERGY SUPPLY REVE | Southeast Energy Authority A Cooperative District                    | CUSIP: 84136HAR4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    395000 | PA      | $404960.28    | 0.96%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | Clifton Higher Education Finance Corp                                | CUSIP: 187145UR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $47129.94     | 0.11%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                             | CUSIP: 74442EMT4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    335000 | PA      | $324614.16    | 0.77%             | 2065-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE    | North Carolina Medical Care Commission                               | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    210000 | PA      | $208280.67    | 0.49%             | 2054-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                    | CUSIP: 605279GX0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1825000.00   | 4.33%             | 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