# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001752724-25-137915
**Filing Date:** 2025-6
**Character Count:** 52594
**Document Hash:** e6e6a9238b7669a47bc32154a93a785f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137915.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137915

**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:** 251045343

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

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

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

## Series and Classes Contracts Data

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

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

## 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 Short Duration High Yield Municipal Fund

- **b. EDGAR series identifier (if any):** S000061519

- **c. LEI of Series:** 2549000NLXQH3PZ50Y82

**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:** $76886779.16

**Total Liabilities:** $108671.73

**Net Assets:** $76778107.43

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -30.55000000 | **1-Year:** -860.64000000 | **5-Year:** -3585.77000000 | **10-Year:** -7978.15000000 | **30-Year:** -3148.45000000

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

- **3-Month:** -169.46000000 | **1-Year:** -2761.35000000 | **5-Year:** -7826.39000000 | **10-Year:** -8900.20000000 | **30-Year:** -2617.76000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000199214 | 1.32%                | -1.39%               | -0.87%               |
| Class ID C000199213 | 1.20%                | -1.31%               | -1.00%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1267.96                 | $952438.02                                 |
| Month 2  | $-692934.03              | $-748427.87                                |
| Month 3  | $-734224.39              | $-335402.15                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | California Public Finance Authority                                              | CUSIP: 13057GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2950920.98   | 3.84%             | 2029-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | Capital Trust Agency Inc                                                         | CUSIP: 14054CFJ3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021925.60   | 2.63%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                                        | CUSIP: 45471FAW1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    435000 | PA      | $421507.87    | 0.55%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | New York State Dormitory Authority                                               | CUSIP: 65000B7X0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60591.91     | 0.08%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                                         | CUSIP: 74442ELV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $356676.26    | 0.46%             | 2054-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                                        | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    550000 | PA      | $534814.94    | 0.70%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | Capital Trust Agency Inc                                                         | CUSIP: 14054CCN7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    290000 | PA      | $266110.00    | 0.35%             | 2029-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE    | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704DAA4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $53000.00     | 0.07%             | 2027-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REVENUE                           | Build NYC Resource Corp                                                          | CUSIP: 12008ENG7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495332.25    | 0.65%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FINCORP TX RETIREMENT FAC REVENUE  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    737149 | PA      | $265834.58    | 0.35%             | 2061-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG REVENUE                       | Public Finance Authority                                                         | CUSIP: 74439YEZ0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     80000 | PA      | $78858.78     | 0.10%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL FAC REVENUE                           | Public Finance Authority                                                         | CUSIP: 74446DAK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    225000 | PA      | $230238.23    | 0.30%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU REVENUE                         | Arizona Industrial Development Authority                                         | CUSIP: 04052BPP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $451752.44    | 0.59%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MATTESON IL                                                  | Village of Matteson IL                                                           | CUSIP: 577098NT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155407.05    | 0.20%             | 2027-12-01      | 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        |    195000 | PA      | $193422.26    | 0.25%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1178748.28   | 1.54%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | Utah Charter School Finance Authority                                            | CUSIP: 91754TWZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487699.45    | 0.64%             | 2028-10-15      | Fixed         | 4.50%                 | 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        |    250000 | PA      | $249651.93    | 0.33%             | 2044-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU REVENUE                         | Arizona Industrial Development Authority                                         | CUSIP: 04052BPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $116035.43    | 0.15%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                                   | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    400000 | PA      | $423935.16    | 0.55%             | 2055-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | New York Transportation Development Corp                                         | CUSIP: 650116HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521847.35   | 1.98%             | 2054-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash                           | BlackRock Liquidity Funds MuniCash                                               | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | EC               | RF                | US        |     34687 | NS      | $34690.28     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU REVENUE                         | Arizona Industrial Development Authority                                         | CUSIP: 04052BPK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $433069.83    | 0.56%             | 2032-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TENN HEALTH EDL & HSG FAC BRD STUDENT HSG REVENU | Shelby County Health & Educational Facilities Board                              | CUSIP: 82170LAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481451.65    | 0.63%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTHCARE REVENUE        | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAK3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    300000 | PA      | $310312.98    | 0.40%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                      | Florida Development Finance Corp                                                 | CUSIP: 340618DR5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    600000 | PA      | $599280.12    | 0.78%             | 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        |    200000 | PA      | $195360.46    | 0.25%             | 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        |    665000 | PA      | $619489.59    | 0.81%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTY NY CAPITAL RESOURCE CORP CORP REVENUE           | Madison County Capital Resource Corp                                             | CUSIP: 557363DJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $3380000.00   | 4.40%             | 2022-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                     | Iowa Finance Authority                                                           | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1039190.24   | 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        |    230000 | PA      | $222095.73    | 0.29%             | 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        |    150000 | PA      | $153332.06    | 0.20%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | Florida Development Finance Corp                                                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496422.75    | 0.65%             | 2054-10-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE                 | Florida Development Finance Corp                                                 | CUSIP: 34061XAF9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506666.40    | 0.66%             | 2032-07-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU REVENUE                         | Arizona Industrial Development Authority                                         | CUSIP: 04052BPQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $243231.50    | 0.32%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $797500.00    | 1.04%             | 2051-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | Public Finance Authority                                                         | CUSIP: 74443DKY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $303626.74    | 0.40%             | 2054-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REVENUE                           | Build NYC Resource Corp                                                          | CUSIP: 12008ENE2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    430000 | PA      | $430398.05    | 0.56%             | 2026-06-01      | 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        |    285000 | PA      | $298062.86    | 0.39%             | 2049-06-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REVENUE                           | Build NYC Resource Corp                                                          | CUSIP: 12008EUG9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    690000 | PA      | $640603.73    | 0.83%             | 2043-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                               | CUSIP: 574205HE3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515578.55    | 0.67%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING CORP NY REV                   | Suffolk Regional Off-Track Betting Co                                            | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306456.99    | 0.40%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH      | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 546282H49<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99783.08     | 0.13%             | 2025-11-15      | Fixed         | 5.50%                 | 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        |    305000 | PA      | $307180.63    | 0.40%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATTESON IL                                                  | Village of Matteson IL                                                           | CUSIP: 577098NU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365591.56    | 0.48%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                                        | CUSIP: 45471FAX9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    335000 | PA      | $323662.33    | 0.42%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                    | City of Venice FL                                                                | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $668444.20    | 0.87%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | Texas Private Activity Bond Surface Transportation Corp                          | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $776357.28    | 1.01%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REVENUE                           | Build NYC Resource Corp                                                          | CUSIP: 12008END4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    410000 | PA      | $409813.57    | 0.53%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE       | Washington State Housing Finance Commission                                      | CUSIP: 939783H25<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2600156.96   | 3.39%             | 2028-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL REVENUE                               | Public Finance Authority                                                         | CUSIP: 74447TAE2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    979000 | PA      | $980467.81    | 1.28%             | 2028-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HSG REVENUE                      | Indiana Finance Authority                                                        | CUSIP: 45471FAE1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100180.47    | 0.13%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS INDEP CLG FIN AUTH                                    | Kansas Independent College Finance Authority                                     | CUSIP: 485435EV9<br>LEI: 5493006W4J5J9MZ52C15 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2750000.00   | 3.58%             | 2025-05-01      | Fixed         | 8.50%                 | 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        |   1500000 | PA      | $1519828.95   | 1.98%             | 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        |    300000 | PA      | $306179.37    | 0.40%             | 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        |    795000 | PA      | $744803.54    | 0.97%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU REVENUE                         | Arizona Industrial Development Authority                                         | CUSIP: 04052BMB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $403373.98    | 0.53%             | 2040-07-15      | Fixed         | 5.00%                 | 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        |   2800000 | PA      | $2800000.00   | 3.65%             | 2062-11-01      | Floating      | 2.70%                 | 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        |    405000 | PA      | $415951.65    | 0.54%             | 2049-01-01      | Fixed         | 5.00%                 | 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        |    200000 | PA      | $200000.00    | 0.26%             | 2027-03-20      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REVENUE                           | Build NYC Resource Corp                                                          | CUSIP: 12008ENF9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450249.30    | 0.59%             | 2027-06-01      | 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        |    685000 | PA      | $642299.43    | 0.84%             | 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        |    375000 | PA      | $384356.93    | 0.50%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH EDUCTNL FACS REVENUE          | Maricopa County Industrial Development Authority                                 | CUSIP: 56678RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $406703.71    | 0.53%             | 2030-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVENUE                            | Public Finance Authority                                                         | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1310704.68   | 1.71%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SCH DIST #144 PRAIRIE HILLS                     | Cook County School District No 144 Prairie Hills                                 | CUSIP: 215021QB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $586665.54    | 0.76%             | 2033-12-01      | Fixed         | 4.00%                 | 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        |    375000 | PA      | $353085.53    | 0.46%             | 2040-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SPL REVENUE                               | Public Finance Authority                                                         | CUSIP: 74447TAF9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1922000 | PA      | $1912187.42   | 2.49%             | 2032-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH HOSP REVENUE                      | Colorado Health Facilities Authority                                             | CUSIP: 19648FTK0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2772428.88   | 3.61%             | 2030-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA REVENUE                                      | Palomar Health                                                                   | CUSIP: 697528AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2830516.20   | 3.69%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATTESON IL                                                  | Village of Matteson IL                                                           | CUSIP: 577098NS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153937.62    | 0.20%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH HOSP REVENUE                      | Colorado Health Facilities Authority                                             | CUSIP: 19648FTL8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1618846.01   | 2.11%             | 2029-05-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIOR LIVING REVENUE               | Arizona Industrial Development Authority                                         | CUSIP: 04052TDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1647156 | PA      | $895042.17    | 1.17%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | Public Finance Authority                                                         | CUSIP: 744396CV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485946.40    | 0.63%             | 2047-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE                   | Utah Charter School Finance Authority                                            | CUSIP: 91754TXC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1949892.56   | 2.54%             | 2048-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU REVENUE                         | Arizona Industrial Development Authority                                         | CUSIP: 04052BPN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $236649.38    | 0.31%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                    | CUSIP: 67756CFG8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.52%             | 2049-01-15      | Floating      | 3.85%                 | 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        |    335000 | PA      | $337504.63    | 0.44%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | Public Finance Authority                                                         | CUSIP: 744396CU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600132.42    | 0.78%             | 2037-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                               | Public Finance Authority                                                         | CUSIP: 74442ELU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    220000 | PA      | $209972.11    | 0.27%             | 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        |   1645000 | PA      | $1583724.08   | 2.06%             | 2065-01-01      | Floating      | 9.50%                 | 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        |    560000 | PA      | $559653.98    | 0.73%             | 2056-06-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                      | Florida Development Finance Corp                                                 | CUSIP: 34062AAC5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240146.38    | 0.31%             | 2044-06-01      | Fixed         | 5.00%                 | 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        |    800000 | PA      | $790133.44    | 1.03%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN REGL OFF-TRACK BETTING CORP REVENUE                  | Western Regional Off-Track Betting Corp                                          | CUSIP: 959321AA8<br>LEI: 549300OJK9LIIXQUYY95 | Long             | DBT              | MUN               | US        |    530000 | PA      | $517146.60    | 0.67%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH REVENUE                          | California Municipal Finance Authority                                           | CUSIP: 13048VUH9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19962.88     | 0.03%             | 2026-10-01      | 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: 83704MAQ9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $988687.42    | 1.29%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                    | City of Venice FL                                                                | CUSIP: 922687AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $242633.40    | 0.32%             | 2030-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FINGAUTH EXEMPT FACS REVENUE        | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708686ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001161.20   | 1.30%             | 2038-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                                 | Capital Trust Agency Inc                                                         | CUSIP: 14052WDJ3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    295000 | PA      | $284352.30    | 0.37%             | 2035-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE                       | Public Finance Authority                                                         | CUSIP: 74443DKZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    315000 | PA      | $297800.81    | 0.39%             | 2064-02-01      | 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        |    635000 | PA      | $598112.09    | 0.78%             | 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        |    750000 | PA      | $706199.33    | 0.92%             | 2040-10-20      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AUTH                             | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333ECR2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1830930.47   | 2.38%             | 2044-09-15      | Fixed         | 5.25%                 | 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        |    595000 | PA      | $574294.54    | 0.75%             | 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   | 1.35%             | 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        |    615000 | PA      | $609063.84    | 0.79%             | 2055-01-01      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| SUNLAND MED FNDTN ESCROW                                     | SUNLAND MED FNDTN ESCROW                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | PA      | $280030.00    | 0.36%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | 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        |    400000 | PA      | $379290.64    | 0.49%             | 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        |    520000 | PA      | $510617.38    | 0.67%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVENUE                             | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    677000 | PA      | $658118.81    | 0.86%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OSCEOLA AR SOL WST DIST REVENUE                              | City of Osceola AR                                                               | CUSIP: 688008AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $834852.12    | 1.09%             | 2036-04-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | California School Finance Authority                                              | CUSIP: 13058TSF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102529.36    | 0.13%             | 2043-08-01      | Fixed         | 5.50%                 | 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        |    210000 | PA      | $213283.35    | 0.28%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH PORT AUTH CULTURAL FAC REVENUE    | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18610PAS7<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126614.46    | 0.16%             | 2028-12-01      | 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        |    200000 | PA      | $188519.74    | 0.25%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH EDUCTNL FACS REVENUE          | Maricopa County Industrial Development Authority                                 | CUSIP: 56678RAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $133034.62    | 0.17%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP EDU REVENUE                      | Clifton Higher Education Finance Corp                                            | CUSIP: 187145RE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963933.80    | 1.26%             | 2048-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                                          | CUSIP: 14054WAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252607.25    | 0.33%             | 2044-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                | Capital Projects Finance Authority/FL                                            | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $138224.70    | 0.18%             | 2049-06-01      | Fixed         | 5.00%                 | 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