# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001752724-25-137932
**Filing Date:** 2025-6
**Character Count:** 32621
**Document Hash:** 30d9345c089ca072cec5072ba6898def
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137932.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137932

**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:** 251045359

**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 Infrastructure Debt Fund (Series ID: S000025401)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000075913 | Institutional Class         | AGCIX           |
| C000076084 | Class A                     | CUGAX           |
| C000076087 | Institutional Service Class | CGFIX           |

## 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 Infrastructure Debt Fund

- **b. EDGAR series identifier (if any):** S000025401

- **c. LEI of Series:** 5493008EPHWY9UQ8EC68

**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:** $23355869.03

**Total Liabilities:** $81785.56

**Net Assets:** $23274083.47

**Cash Not Reported:** $9.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -52.18000000 | **1-Year:** -354.49000000 | **5-Year:** -1325.55000000 | **10-Year:** -3504.90000000 | **30-Year:** -1986.77000000

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

- **3-Month:** -38.52000000 | **1-Year:** -940.43000000 | **5-Year:** -1887.02000000 | **10-Year:** -1069.41000000 | **30-Year:** -437.42000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075913 | 1.21%                | -0.60%               | -0.17%               |
| Class ID C000076084 | 1.10%                | -0.64%               | -0.07%               |
| Class ID C000076087 | 1.22%                | -0.73%               | -0.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24291.05                | $144233.05                                 |
| Month 2  | $15323.11                | $-249247.07                                |
| Month 3  | $-8313.33                | $-94515.62                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MIAMI-DADE CNTY FL SEAPORT REVENUE                           | County of Miami-Dade Seaport Department                                     | CUSIP: 59335KFS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208823.66    | 0.90%             | 2055-11-01      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                         | Cleveland-Cliffs Inc                                                        | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     37000 | PA      | $34782.39     | 0.15%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                       | PURCHASED USD / SOLD EUR                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-241.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                       | Adient Global Holdings Ltd                                                  | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    118000 | PA      | $111814.22    | 0.48%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                       | Venture Global LNG Inc                                                      | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    487000 | PA      | $494482.27    | 2.12%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | California Statewide Communities Development Authority                      | CUSIP: 13080SL93<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    740000 | PA      | $782212.49    | 3.36%             | 2047-08-15      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| US CELLULAR CORP                                             | United States Cellular Corp                                                 | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |    220000 | PA      | $238152.96    | 1.02%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                  | Vistra Corp                                                                 | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    635000 | PA      | $641283.56    | 2.76%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                       | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    573000 | PA      | $482688.44    | 2.07%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                       | PURCHASED USD / SOLD EUR                                                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $88.65        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                                | PURCHASED USD / SOLD GBP                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-6138.17     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                       | PURCHASED EUR / SOLD USD                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |         1 | NC      | $650.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERSYS                                                      | EnerSys                                                                     | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    439000 | PA      | $448208.46    | 1.93%             | 2032-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                       | Delek Logistics Partners LP / Delek Logistics Finance Corp                  | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    343000 | PA      | $352111.10    | 1.51%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                     | Connect Finco SARL / Connect US Finco LLC                                   | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $187093.70    | 0.80%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD                                        | Investment Energy Resources Ltd                                             | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |    451000 | PA      | $430188.30    | 1.85%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPRTN DEV CORP REVENUE                          | New York Transportation Development Corp                                    | CUSIP: 65012EAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $796810.72    | 3.42%             | 2051-06-30      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                                         | Cornerstone Building Brands Inc                                             | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    235000 | PA      | $204453.50    | 0.88%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                               | NRG Energy Inc                                                              | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    123000 | PA      | $132523.40    | 0.57%             | 2033-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LBJ INFRASTRUCTURE GROUP                                     | LBJ Infrastructure Group LLC                                                | CUSIP: 50203UAA1<br>LEI: 254900DEJSU2OQFZWQ97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $675017.98    | 2.90%             | 2057-12-31      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                         | Chart Industries Inc                                                        | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    407000 | PA      | $433720.91    | 1.86%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GABON BLUE BOND MASTER                                       | Gabon Blue Bond Master Trust Series 2                                       | CUSIP: 362419AA1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1000000 | PA      | $1006695.07   | 4.33%             | 2038-08-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                      | Frontier Communications Holdings LLC                                        | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    276000 | PA      | $292701.00    | 1.26%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| TRANSMANTARO                                                 | Consorcio Transmantaro SA                                                   | CUSIP: 000000000<br>LEI: 549300NL65DC6HVEJX96 | Long             | DBT              | CORP              | PE        |    316000 | PA      | $301345.85    | 1.29%             | 2034-04-16      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                                     | Walgreens Boots Alliance Inc                                                | CUSIP: 931427AW8<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    347000 | PA      | $361035.80    | 1.55%             | 2029-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| FOND DU LAC CNTY WI REVENUE                                  | County of Fond Du Lac WI                                                    | CUSIP: 34446ABM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $651007.37    | 2.80%             | 2042-11-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                          | CUSIP: 574205HH6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500505.05    | 2.15%             | 2025-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC                                        | TrueNoord Capital DAC                                                       | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     60000 | PA      | $61288.81     | 0.26%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REVENUE                         | Massachusetts Development Finance Agency                                    | CUSIP: 57585BBJ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008528.10   | 4.33%             | 2026-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                       | PURCHASED EUR / SOLD USD                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |         1 | NC      | $453.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                  | PURCHASED USD / SOLD EUR                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $22.63        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ILLINOIS ST MUNI ELEC AGY PWR SPLY                           | Illinois Municipal Electric Agency                                          | CUSIP: 452024HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $866746.24    | 3.72%             | 2035-02-01      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                               | Azorra Finance Ltd                                                          | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    227000 | PA      | $225247.56    | 0.97%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                     | Univision Communications Inc                                                | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    377000 | PA      | $343388.57    | 1.48%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| LOW INCOME INVESTMENT                                        | Low Income Investment Fund                                                  | CUSIP: 54750AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $784901.46    | 3.37%             | 2026-07-01      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                                               | Dcli Bidco LLC                                                              | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    180000 | PA      | $167673.64    | 0.72%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                  | PURCHASED USD / SOLD EUR                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-18485.79    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                      | Dutchess County Local Development Corp                                      | CUSIP: 267045NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $951812.45    | 4.09%             | 2039-07-01      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                       | PURCHASED USD / SOLD GBP                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-209.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                          | CommonSpirit Health                                                         | CUSIP: 20268JAG8<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    800000 | PA      | $574277.34    | 2.47%             | 2050-10-01      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                       | PURCHASED USD / SOLD EUR                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $90.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                       | Cogent Communications Group Inc / Cogent Communications Finance Inc         | CUSIP: 19240WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $180569.16    | 0.78%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA CMNTY FACS DIST #2014-1 SPL TAX | City & County of San Francisco CA Community Facilities District No 2014-1   | CUSIP: 79772EEU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $401574.15    | 1.73%             | 2051-09-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH FEDERAL LEASE REVENUE                   | New Hampshire Business Finance Authority                                    | CUSIP: 63607VAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $403137.08    | 1.73%             | 2028-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                            | PURCHASED USD / SOLD GBP                                                    | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-48.78       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VZ VENDOR FINANCING                                          | VZ Vendor Financing II BV                                                   | CUSIP: 000000000<br>LEI: 724500DRKUUR3GFOSK76 | Long             | DBT              | CORP              | NL        |    515000 | PA      | $530618.68    | 2.28%             | 2029-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                             | Vmed O2 UK Financing I PLC                                                  | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    401000 | PA      | $462549.95    | 1.99%             | 2031-07-15      | Fixed         | 4.50%                 | Yes           |                  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        |    400000 | PA      | $385100.08    | 1.65%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                                                 | Enerflex Ltd                                                                | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    157000 | PA      | $160575.83    | 0.69%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Toledo Hospital/The                                          | Toledo Hospital/The                                                         | CUSIP: 889184AE7<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $873020.00    | 3.75%             | 2048-11-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                                      | Talen Energy Supply LLC                                                     | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    409000 | PA      | $436797.79    | 1.88%             | 2030-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                 | State Street Institutional U.S. Government Money Market Fund                | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |     41134 | NS      | $41133.71     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                                 | State Street Institutional US Government Money Market Fund                  | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    320634 | NS      | $320634.16    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                                  | PURCHASED EUR / SOLD USD                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $246.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC                                         | Georgian Railway JSC                                                        | CUSIP: 000000000<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |    336000 | PA      | $297292.80    | 1.28%             | 2028-06-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                       | PURCHASED GBP / SOLD USD                                                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |         1 | NC      | $422.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | California Infrastructure & Economic Development Bank                       | CUSIP: 13034AE55<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    900000 | PA      | $671525.55    | 2.89%             | 2049-10-01      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                          | CUSIP: 574205HW3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    470000 | PA      | $469732.62    | 2.02%             | 2057-05-31      | Fixed         | 5.94%                 | 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        |    160000 | PA      | $154432.14    | 0.66%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                                    | Olin Corp                                                                   | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    137000 | PA      | $129992.72    | 0.56%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                       | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    358000 | PA      | $342954.52    | 1.47%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| TRANSALTA CORP                                               | TransAlta Corp                                                              | CUSIP: 89346DAH0<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |    224000 | PA      | $233298.95    | 1.00%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                                | PURCHASED USD / SOLD EUR                                                    | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $36.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                                       | Clearway Energy Operating LLC                                               | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    272000 | PA      | $235882.50    | 1.01%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | Port Beaumont Navigation District                                           | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027193.30   | 4.41%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                  | PURCHASED EUR / SOLD USD                                                    | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $264.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FOND DU LAC CNTY WI REVENUE                                  | County of Fond Du Lac WI                                                    | CUSIP: 34446ACA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $391816.20    | 1.68%             | 2054-05-01      | Fixed         | 6.20%                 | 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