# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001104659-25-111214
**Filing Date:** 2025-11
**Character Count:** 135441
**Document Hash:** 9bdd90ce0790e90f46d4cd0274aafd5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-111214.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001104659-25-111214

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289290
- **FILM NUMBER:** 251477750

**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

**As filed with the Securities and Exchange Commission on November 13, 2025**

**1933 Act File No. 333-289290**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** **☒**

**Pre-Effective Amendment No.** **☐**

**Post-Effective Amendment No.1** **☒**

(Check appropriate box or boxes)

**ABRDN FUNDS**

(Exact Name of Registrant as Specified in Charter)

**1900 Market Street, Suite 200**

**Philadelphia, Pennsylvania 19103**

(Address of Principal Executive Offices) (Zip Code)

(Registrant's Telephone Number, including Area Code): **(866) 667-9231**

**Lucia Sitar, Esq.**

**c/o abrdn Inc.**

**1900 Market Street, Suite 200**

**Philadelphia, PA 19103**

(Name and Address of Agent for Service of Process)

Copy to:

**Thomas C. Bogle, Esq.**

**Dechert LLP**

**1900 K Street, NW**

**Washington, DC 20006-1110**

It is proposed that this filing will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-14 of abrdn Funds is being made for the purpose of filing the final and executed Agreements and Plans of Reorganization and the opinions of counsel regarding tax consequences of each of the reorganizations of the abrdn International Small Cap Fund and abrdn Intermediate Municipal Income Fund with and into the abrdn International Small Cap Active ETF and abrdn Ultra Short Municipal Income Active ETF, respectively.

<br> The Registrant hereby incorporates by reference the [Information Statement/Prospectus and Statement of Additional Information](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074708/tm2522328d1_n14.htm) filed as Parts A and B, respectively, (to Registrant's Form N-14 (File No. 333-289290) that was filed with the SEC on August 6, 2025 pursuant to Rule 488 under the Securities Act of 1933, as amended (Accession Number 0001104659-25-074708).

**PART C: OTHER INFORMATION**

**Item 15. Indemnification**

(a) Article VII, Section 2 of the Registrant's Agreement and Declaration of Trust ("Trust Declaration")
provides that the Registrant (the "Trust"), out of the Trust Property, shall indemnify and hold harmless each and every officer
and trustee from and against any and all claims and demands whatsoever arising out of or related to such officer's or trustee's
performance of his or her duties as an officer or trustee of the Trust. This limitation on liability applies to events occurring at the
time a person serves as a trustee or officer of the Trust whether or not such person is a trustee or officer at the time of any proceeding
in which liability is asserted. Nothing in the Trust Declaration shall indemnify, hold harmless or protect any officer or trustee from
or against any liability to the Trust or any shareholder to which such person would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office (such conduct referred
to herein as "Disqualifying Conduct").

For the purpose of this indemnification and limitation of liability, "Agent" means any person who is or was a trustee, officer, employee or other agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or other agent of another foreign or domestic corporation, partnership, joint venture, trust or other enterprise; "Proceeding" means any threatened, pending or completed action or proceeding, whether civil, criminal, administrative or investigative. To the fullest extent that limitations on the liability of Agents are permitted by the Delaware Statutory Trust Act, as amended, and other applicable law, the Agents shall not be responsible or liable in any event for any act or omission of any other Agent of the Trust or any investment adviser or principal underwriter of the Trust. No amendment or repeal of Article VII of the Trust Declaration regarding indemnification shall adversely affect any right or protection of an Agent that exists at the time of such amendment or repeal.

(b) The Registrant's Trust Declaration provides that to the fullest extent permitted by applicable law,
the officers and Trustees shall be entitled and have the authority to purchase with Trust Property, insurance for liability and for all
expenses reasonably incurred or paid or expected to be paid by a Trustee or officer in connection with any claim, action, suit or proceeding
in which such Person becomes involved by virtue of such Person's capacity or former capacity with the Trust, whether or not the
Trust would have the power to indemnify such Person against such liability under the provisions of Article VII of the Trust Declaration.

(c) In addition, indemnification against certain liabilities of
the Registrant's trustees and officers and the Registrant's sub-advisers, administrator, principal underwriter and custodian
are provided in: (1) Section 7(b) of each Investment Advisory Agreement between the Registrant and abrdn Inc. (formerly,
Aberdeen Standard Investments Inc. and Aberdeen Asset Management, Inc.) ("abrdn"); (2) Section 10 of the Sub-Advisory
Agreements among the Registrant, abrdn and each of the following sub-advisers: (a) abrdn Asia Limited (formerly known as Aberdeen
Standard Investments (Asia) Limited and Aberdeen Asset Management Asia Limited) and (b) abrdn Investments Limited (formerly known
as Aberdeen Asset Managers Limited); (3) Section 9(a) and (b) of the Underwriting Agreement between the Registrant
and Aberdeen Fund Distributors, LLC; (4) Section 6(b) of the Distribution Agreement between the Registrant and ALPS Distributors, Inc.
(5) Section 8 of the Transfer Agency and Service Agreement between the Registrant and DST Asset Manager Solutions; (6) Section 8
of the Transfer Agency and Service Agreement between the Registrant and State Street Bank and Trust Company; (7) Section 17
of the Amended and Restated Master Custodian Agreement between the Registrant and State Street Bank and Trust Company; and (8) Section
15.2 of the Master Custodian Agreement between the Registrant and State Street Bank and Trust Company. Generally, such indemnification
does not apply to any liabilities by reason of willful misfeasance, bad faith or gross negligence and reckless disregard of duties. These
Agreements are incorporated herein by reference to Item 16.

(d) Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "1933
Act"), may be permitted to Trustees, officers and controlling persons of the Trust pursuant to the foregoing provisions, or otherwise,
the Trust has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy
as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a Trustee, officer or controlling person of the registrant in
the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with
the securities being registered, the Trust will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the 1933 Act and will be governed by the final adjudication of such issue.

**Item 16. Exhibits**

1. (a) [Second Amended and Restated Agreement and Declaration of Trust of Registrant](https://www.sec.gov/Archives/edgar/data/1413594/000110465924100996/tm2423635d1_ex99-1xa.htm) is incorporated by reference to Exhibit EX-99.1.a of the
Registrant's Registration Statement on Form N-14 as filed on September 18, 2024 (Accession Number 0001104659-24-100996)
(the "N-14 Registration Statement No. 1").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Certificate of Establishment of abrdn Funds establishing the abrdn Focused Emerging Markets ex-China Active ETF and abrdn International Small Cap Active ETF](https://www.sec.gov/Archives/edgar/data/1413594/000110465925073682/tm2522043d1_ex99-xax1xa.htm) is incorporated by reference to Exhibit EX-99.a.1.a of Post-Effective Amendment No. 130 to the Registrant's Registration
Statement on Form N-1A as filed on August 4, 2025 (Accession Number 0001104659-25-073682).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Certificate of Establishment of abrdn Funds establishing the abrdn Ultra Short Municipal Income Active ETF](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xax1xb.htm) is incorporated by reference to Exhibit
EX-99.a.1.b of Post-Effective Amendment No. 131 to the Registrant's Registration Statement on Form N-1A as filed on August 5, 2025
(Accession Number 0001104659-25-074144).

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1413594/000113743907000471/ex99a2.htm) of Registrant, as filed with the Office of the Secretary of State of the State of Delaware on September 27, 2007, is incorporated
by reference to the Registrant's Registration Statement on Form N-1A as filed on October 12, 2007 (Accession Number 0001137439-07-000471).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended Certificate of Trust of the Registrant, as filed with the Office of the Secretary of State of the State of Delaware on February 11, 2022](https://www.sec.gov/Archives/edgar/data/1413594/000113322824001590/af-html7283_ex99a2.htm) ,
is incorporated by reference to Post-Effective Amendment No. 118 to the Registrant's Registration Statement on Form N-1A as filed
on February 29, 2024 (Accession Number 0001133228-24-001590) ("Post-Effective Amendment No. 118").

2. [Amended and Restated By-Laws of Registrant](https://www.sec.gov/Archives/edgar/data/1413594/000138689308000026/bylaws.htm) are incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement
on Form N-1A as filed on January 18, 2008 (Accession Number 0001386893-08-000026).

3. Not Applicable.

4. [Agreements and Plans of Reorganization are filed herewith.](tm2531039d1_ex99-x4.htm)

5. (a) [See Article III, "Shares," and Article V, "Shareholders' Voting Powers and Meetings," of Registrant's Second Amended and Restated Agreement and Declaration of Trust.](https://www.sec.gov/Archives/edgar/data/1413594/000110465924100996/tm2423635d1_ex99-1xa.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(b) [See Article II, "Meetings of Shareholders," of Registrant's Amended and Restated By-Laws.](https://www.sec.gov/Archives/edgar/data/1413594/000138689308000026/bylaws.htm)

6. (a) [Investment Advisory Agreement dated February 7, 2008 between Registrant and abrdn Inc. (formerly, Aberdeen Standard Investments Inc. and Aberdeen Asset Management Inc.) ("abrdn") (the "2008 Advisory Agreement")](https://www.sec.gov/Archives/edgar/data/1413594/000119312508138324/dex99d1.htm) is incorporated by reference to Exhibit EX-99.d.1 of Post-Effective Amendment No. 2
to the Registrant's Registration Statement on Form N-1A filed on June 23, 2008 (Accession Number 0001193125-08-138324) ("Post-Effective
Amendment No. 2").

[(i)](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xdx1xa.htm) [Amendment dated June 11, 2025, to the 2008 Advisory Agreement between Registrant and abrdn](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xdx1xa.htm) is incorporated by reference to Exhibit 99.d.1.a of Post-Effective Amendment No. 131.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Subadvisory Agreement between Registrant, abrdn and abrdn Asia Limited (formerly, Aberdeen Standard Investments (Asia) Limited and Aberdeen Asset Management Asia Limited) ("abrdn Asia")](https://www.sec.gov/Archives/edgar/data/1413594/000110465910051121/a10-14231_1ex99ddd3.htm) is incorporated by reference to Exhibit EX-99.d.3 of Post-Effective
Amendment No. 28 to the Registrant's Registration Statement on Form N-1A filed on October 4, 2010 (Accession Number 0001104659-10-051121)
("Post-Effective Amendment No. 28").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended Exhibit A to the Subadvisory Agreement among Registrant, abrdn and](https://www.sec.gov/Archives/edgar/data/1413594/000113322823000869/abrdn-html5979_ex99d2a.htm) abrdn Asia is incorporated by reference to Exhibit EX-99.d.2.a
of Post-Effective Amendment No. 113 to the Registrant's Registration Statement on Form N-1A filed on February 28, 2023
(Accession No. 0001133228-23-000869) ("Post-Effective Amendment No. 113").

&nbsp;&nbsp;&nbsp;&nbsp;(c) [Subadvisory Agreement between Registrant, abrdn and abrdn Investments Limited (formerly, Aberdeen Asset Managers Limited) ("AIL")](https://www.sec.gov/Archives/edgar/data/1413594/000110465912043873/a12-14553_1ex99ddd3.htm) (formerly, Aberdeen Asset Managers Limited) is incorporated by reference to Exhibit EX-99.d.3 of Post-Effective Amendment No. 47
to the Registrant's Registration Statement on Form N-1A filed on June 15, 2012 (Accession Number 0001104659-12-043873) ("Post-Effective
Amendment No. 47").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amendment, dated June 11, 2025 to the Subadvisory Agreement between Registrant, abrdn and aIL is incorporated by reference to Exhibit 99.d.3.a of Post-Effective Amendment No. 131.](https://www.sec.gov/Archives/edgar/data/1413594/000113322823004953/abrdn-html6789_ex99d3a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(d) [Investment Advisory Agreement between Registrant and abrdn (formerly, Aberdeen) with respect to the Aberdeen Dynamic Dividend Fund, Aberdeen Global Infrastructure Fund, Aberdeen High Yield Managed Duration Municipal Fund, Aberdeen International Real Estate Equity Fund, Aberdeen Realty Income & Growth Fund, Aberdeen Income Builder Fund and Aberdeen Ultra Short Municipal Income Fund (the "2018 Advisory Agreement")](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99ddd5.htm) is incorporated by reference to Exhibit EX-99.d.5 of Post-Effective Amendment No. 90 to the Registrant's Registration
Statement on Form N-1A filed on February 28, 2019 (Accession No. 0001104659-19-011471) ("Post-Effective Amendment No. 90").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [First Amendment and Amended Exhibit A to the 2018 Advisory Agreement between Registrant and](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99ddd5da.htm) abrdn is incorporated by reference to Exhibit
EX-99.d.5.a of Post-Effective Amendment No. 90 filed on February 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Second Amendment and Amended Exhibit A to the 2018 Advisory Agreement between Registrant and](https://www.sec.gov/Archives/edgar/data/1413594/000110465920027092/a20-6361_1ex99ddd5db.htm) abrdn is incorporated by reference to Exhibit
EX-99.d.5.b of Post-Effective Amendment No. 98 to the Registrant's Registration Statement on Form N-1A filed on February 28, 2020
(Accession Number 0001104659-20-027092).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Third Amendment and Amended Exhibit A to the 2018 Advisory Agreement between Registrant and abrdn](https://www.sec.gov/Archives/edgar/data/1413594/000110465921108881/tm2117714d2_ex99-d4c.htm) is incorporated by reference to
Exhibit EX-99.d.4.c of Post-Effective Amendment No. 108 to the Registrant's Registration Statement on Form N-1A filed
on August 24, 2021 (Accession No. 0001104659-21-108881) ("Post-Effective Amendment No. 108").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Fourth Amendment and Amended Exhibit A to the 2018 Advisory Agreement between Registrant and abrdn](https://www.sec.gov/Archives/edgar/data/1413594/000110465922057621/tm227241d3_ex99-d4d.htm) is incorporated by reference to Exhibit
EX-99.d.4.d of Post-Effective Amendment No. 112 to the Registrant's Registration Statement on Form N-1A filed on May 9, 2022 (Accession
Number 0001104659-22-057621) ("Post-Effective Amendment No. 112").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Fifth Amendment and Amended Exhibit A to the 2018 Advisory Agreement between Registrant and abrdn](https://www.sec.gov/Archives/edgar/data/1413594/000113322824001590/af-html7283_ex99d4e.htm) is incorporated by reference to Exhibit EX-99.d.4.e
of Post-Effective Amendment No. 118 to the Registrant's Registration Statement on Form N-1A filed on February 29, 2024
(Accession No. 0001133228-24-001590) ("Post-Effective Amendment No. 118").

&nbsp;&nbsp;&nbsp;&nbsp;(e) [Subadvisory Agreement between Registrant, abrdn and aIL with respect to the abrdn Dynamic Dividend Fund, abrdn Global Infrastructure Fund, abrdn International Real Estate Equity Fund and abrdn Realty Income & Growth Fund](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99ddd6.htm) is incorporated by reference to Exhibit EX-99.d.6 of Post-Effective
Amendment No. 90 filed on February 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amendment and Amended Exhibit A to the 2018 Subadvisory Agreement](https://www.sec.gov/Archives/edgar/data/1413594/000110465924100996/tm2423635d1_ex99-6xexi.htm) is incorporated by reference to Exhibit EX-99.6.e.i of
the N-14 Registration Statement No. 1.

7. (a) [Underwriting Agreement between Registrant and Aberdeen Fund Distributors, LLC](https://www.sec.gov/Archives/edgar/data/1413594/000119312508138324/dex99e1.htm) is incorporated by reference to Exhibit EX-99.e.1 of Post-Effective Amendment No. 2 filed on June
23, 2008.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Schedule A to the Underwriting Agreement between Registrant and Aberdeen Fund Distributors, LLC](https://www.sec.gov/Archives/edgar/data/1413594/000113322823004953/abrdn-htm6789_ex99e1a.htm) is incorporated by reference
to Exhibit EX-99.e.1.a of Post-Effective Amendment No. 116 to the Registrant's Registration Statement on Form N-1A filed
on August 18, 2023 (Accession No. 0001133228-23-004953) ("Post-Effective Amendment No. 116").

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Distribution Agreement, dated April 16, 2018, between abrdn ETFs (formerly, Aberdeen Standard Investments ETFs and ETFS Trust) (the "abrdn ETFs Registrant") and ALPS Distributors, Inc.](https://www.sec.gov/Archives/edgar/data/1597934/000138713119001623/ex99-e3.htm) (the "Distribution Agreement") is incorporated herein by reference
to Exhibit EX-99.e.3 of Post-Effective Amendment No. 15 to the abrdn ETFs Registrant's Registration Statement on Form N-1A (File
Nos. 333-198170 and 811-22986), as filed with the SEC via EDGAR Accession No. 0001387131-19-001623 on March 1, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Form of Amendment No. 6 to the Distribution Agreement is incorporated by reference to Exhibit 99.e.2.a of Post-Effective Amendment No. 131.](https://www.sec.gov/Archives/edgar/data/0001413594/000113322825001778/af-efp14713_ex99e2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(c) [Form of Dealer Agreement](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99ded2.htm) is incorporated by reference to Exhibit EX-99.e.2 of Post-Effective Amendment No. 90 filed on February 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(d) [Form of Authorized Participant Agreement](https://www.sec.gov/Archives/edgar/data/1597934/000138713123005601/ex99-e6.htm) is incorporated by reference to Exhibit EX-99.e.4 of Post-Effective Amendment No. 127 to the Registrant's
Registration Statement on Form N-1A as filed on April 25, 2025 (Accession Number 0001104659-25-039308).

8. Not Applicable.

9. (a) [Amended and Restated Master Custodian Agreement between Registrant and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1413594/000110465910037599/a10-13404_1ex99dg.htm) is incorporated by reference to Exhibit EX-99.g of Post-Effective
Amendment No. 26 to the Registrant's Registration Statement on Form N-1A as filed on July 12, 2010 (Accession Number 0001104659-10-037599)
("Post-Effective Amendment No. 26").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amendment dated March 5, 2014 to the Amended and Restated Master Custodian Agreement between Registrant and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1413594/000110465915015103/a14-26592_30ex99dg1a.htm) is incorporated by reference to Exhibit EX-99.g.1.a of Post-Effective Amendment No. 63 to the Registrant's Registration Statement
on Form N-1A as filed on February 27, 2015 (Accession Number 0001104659-15-015103) ("Post-Effective Amendment No. 63").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Funds Letter and Amended Appendix A to the Amended and Restated Master Custodian Agreement between Registrant and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1413594/000110465922057621/tm227241d3_ex99-g1b.htm) is incorporated by reference to Exhibit EX-99.g.1.b of Post-Effective Amendment No. 112 filed on May 9, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Master Custodian Agreement, dated December 29, 2020, between the abrdn ETFs Registrant and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1597934/000138713121005025/ex99-g1.htm) (the
 "ETFs Master Custodian Agreement") is incorporated herein by reference to Exhibit EX099.g.1. of Post-Effective Amendment
No. 30 to the Registrant's Registration Statement on Form N-1A (File Nos. 333-198170 and 811-22986), as filed with the SEC via
EDGAR Accession No. 0001387131-21-005025 on April 28, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Form of Amendment to the ETFs Master Custodian Agreement between the abrdn ETFs Registrant, Registrant, and State Street Bank and Trust Company is incorporated by reference to Exhibit 99.g.2.a of Post-Effective Amendment No. 131.](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xgx2xa.htm)

10. (a) [Amended Distribution Plan](https://www.sec.gov/Archives/edgar/data/1413594/000110465921108881/tm2117714d2_ex99-m.htm) is
incorporated by reference to Exhibit EX-99.m of Post-Effective Amendment No. 108 to the Registrant's Registration Statement on
Form N-1A as filed on August 24, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Amended Rule 18f-3 Plan is incorporated by reference to Ehibit-99.n of Post-Effective Amendment No. 131](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xn.htm) .

11. [Opinion and Consent of Counsel for abrdn International Small Cap Active ETF and abrdn Ultra Short Municipal Income Active ETF that shares will be legally issued, fully paid and non-assessable](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074708/tm2522328d1_ex11.htm) is incorporated by reference to Exhibit EX-99.11 of the Registrant's Registration
Statement on Form N-14 as filed on August 6, 2025 (Accession Number 0001104659-25-074708) (the "N-14 Registration Statement No.
2").

12. [Opinions of Dechert LLP with respect to tax matters are filed herewith.](tm2531039d1_ex99-x12.htm)

13. (a) [Amended and Restated Fund Administration Agreement between Registrant and](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99dhd1.htm) abrdn dated March 6, 2018 is incorporated by reference to Exhibit EX-99.h.1 of Post-Effective Amendment
No. 90 filed on February 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended Exhibit B to the Fund Administration Agreement between Registrant and abrdn](https://www.sec.gov/Archives/edgar/data/1413594/000110465924100996/tm2423635d1_ex99-13xaxi.htm) is incorporated by reference to Exhibit 99.h.1.a
of Post-Effective Amendment No. 131.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Transfer Agency and Service Agreement between Registrant and DST Asset Manager Solutions, Inc. (formerly, Boston Financial Data Services, Inc.)](https://www.sec.gov/Archives/edgar/data/1413594/000110465911046544/a11-14628_1ex99dhd2.htm) is incorporated by reference to Exhibit EX-99.h.2 of Post-Effective Amendment No. 39 to the Registrant's Registration
Statement on Form N-1A filed on August 12, 2011 (Accession Number 0001104659-11-046544) ("Post-Effective Amendment No. 39").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amendment dated September 18, 2014 to the Transfer Agency and Service Agreement between Registrant and DST Asset Manager Solutions, Inc.](https://www.sec.gov/Archives/edgar/data/1413594/000110465915015103/a14-26592_30ex99dh2a.htm) is incorporated by reference to Exhibit EX-99.h.2.a of Post-Effective Amendment No. 63 to the Registrant's Registration
Statement on Form N-1A filed on February 27, 2015 (Accession Number 0001104659-15-015103) ("Post-Effective Amendment No. 63").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amendment dated February 3, 2015 to the Transfer Agency and Service Agreement between Registrant and DST Asset Manager Solutions, Inc.](https://www.sec.gov/Archives/edgar/data/1413594/000110465915015103/a14-26592_30ex99dh2b.htm) is incorporated
by reference to Exhibit EX-99.h.2.b of Post-Effective Amendment No. 63 filed on February 27, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amendment dated December 11, 2015 to the Transfer Agency and Service Agreement between Registrant and DST Asset Manager Solutions, Inc.](https://www.sec.gov/Archives/edgar/data/1413594/000110465916101125/a15-24858_1ex99dhd2dd.htm) is incorporated by reference to Exhibit EX-99.h.2.d of Post-Effective Amendment No. 72
to the Registrant's Registration Statement on Form N-1A filed on February 29, 2016 (Accession Number 0001104659-16-101125)
("Post-Effective Amendment No. 72").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Amendment dated June 1, 2020 to the Transfer Agency and Service Agreement between Registrant and DST Asset Manager Solutions, Inc.](https://www.sec.gov/Archives/edgar/data/1413594/000110465920108872/tm2031553d1_ex99-h2d.htm) is incorporated
by reference to Exhibit EX-99.h.2.d of Post-Effective Amendment No. 100 to the Registrant's Registration Statement on Form N-1A
as filed on September 25, 2020 (Accession Number 0001104659-20-108872) ("Post-Effective Amendment No. 100").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Form of Amended Schedule A to the Transfer Agency and Service Agreement between Registrant and DST Asset Manager Solutions, Inc.](https://www.sec.gov/Archives/edgar/data/1413594/000110465922057621/tm227241d3_ex99-h2e.htm) is incorporated
by reference to Exhibit EX-99.h.2.e of Post-Effective Amendment No. 112 filed on May 9, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) [Transfer Agency and Service Agreement, dated December 29, 2020, between the abrdn ETFs Registrant and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1597934/000138713121005025/ex99-h6.htm) (the
 "ETFs Transfer Agency Agreement") is incorporated herein by reference to Exhibit EX-99.h.6 of Post-Effective Amendment No.
30 to the abrdn ETFs Registrant's Registration Statement on Form N-1A (File Nos. 333-198170 and 811-22986), as filed with the SEC
via EDGAR Accession No. 0001387131-21-005025 on April 28, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Form of Amendment to the ETFs Transfer Agency Agreement between abrdn ETFs Registrant and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xhx3xa.htm) is incorporated
by reference to Exhibit 99.h.3.a of Post-Effective Amendment No. 131.

&nbsp;&nbsp;&nbsp;&nbsp;(d) [Sub-Administration Agreement between abrdn and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1413594/000110465910037599/a10-13404_1ex99dh3.htm) is incorporated by reference to Exhibit EX-99.h.3 of Post-Effective
Amendment No. 26 to the Registrant's Registration Statement on Form N-1A filed on July 12, 2010 (Accession Number 0001104659-10-037599)
("Post-Effective Amendment No. 26").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Funds Letter and Amended Schedule A to the Sub-Administration Agreement between ASI and State Street Bank and Trust Company for the addition of Aberdeen Dynamic Dividend Fund, Aberdeen Global Infrastructure Fund, Aberdeen High Yield Managed Duration Municipal Fund, Aberdeen International Real Estate Equity Fund, Aberdeen Realty Income & Growth Fund, Aberdeen Income Builder Fund and Aberdeen Ultra Short Municipal Income Fund](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99dhd3da.htm) is incorporated by reference to Exhibit EX-99.h.3.a of Post-Effective Amendment No. 90 filed on February 28,
2019. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amendment to Sub-Administration Agreement](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99dhd3db.htm) dated June 29, 2018 is incorporated by reference to Exhibit EX-99.h.3.b of Post-Effective Amendment
No. 90 filed on February 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amendment to the Sub-Administration Agreement](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99dhd3dc.htm) dated August 24, 2018 is incorporated by reference to Exhibit EX-99.h.3.c of Post-Effective Amendment
No. 90 filed on February 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Amendment to the Sub-Administration Agreement](https://www.sec.gov/Archives/edgar/data/1413594/000110465920108872/tm2031553d1_ex99-h3d.htm) dated June 1, 2020 is incorporated by reference to Exhibit EX-99.h.3.d of Post-Effective Amendment
No. 100 filed on September 25, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Additional Funds Letter and Amended Schedule A to the Sub-Administration Agreement between abrdn and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1413594/000110465922057621/tm227241d3_ex99-h3e.htm) is incorporated
by reference to Exhibit EX-99.h.3.e of Post-Effective Amendment No. 112 filed on May 9, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(e) [Sub-Administration Agreement, dated December 29, 2020, between abrdn Inc. and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1597934/000138713121005025/ex99-h2.htm) (the "ETFs Sub-Administration
Agreement") is incorporated herein by reference to exhibit (h)(2) of Post-Effective Amendment No. 30 to the abrdn ETFs Registrant's
Registration Statement on Form N-1A (File Nos. 333-198170 and 811-22986), as filed with the SEC via EDGAR Accession No. 0001387131-21-005025
on April 28, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Form of Amendment to the ETFs Sub-Administration Agreement between abrdn Inc. and State Street Bank and Trust Company](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xhx5xa.htm) is
incor porated by reference to Exhibit 99.h.5.a of Post-Effective Amendment No. 131.

&nbsp;&nbsp;&nbsp;&nbsp;(f) [Administrative Services Plan](https://www.sec.gov/Archives/edgar/data/1413594/000138689309000028/adminservices99h4.htm) is incorporated by reference to Exhibit EX-99.h.4 of Post-Effective Amendment No. 8 to the Registrant's Registration
Statement on Form N-1A as filed on February 6, 2009 (Accession Number 0001386893-09-000028).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Twelfth Amendment and Amended Exhibit A to the Administrative Services Plan is](https://www.sec.gov/Archives/edgar/data/0001413594/000113322825001778/af-efp14713_ex99h6a.htm) incorporated by reference
to EX-99.h.6.a of Post-Effective Amendment No. 126 filed on February 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) [Form of Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99dhd5.htm) is incorporated by reference to Exhibit EX-99.h.5 of Post-Effective Amendment No. 90 filed on February 28,
2019. &nbsp;&nbsp;&nbsp;&nbsp;(h) [Amended and Restated Expense Limitation Agreement](https://www.sec.gov/Archives/edgar/data/1413594/000110465916164234/a16-22707_1ex99dhd6.htm) is incorporated by reference to Exhibit EX-99.h.6 of Post-Effective Amendment No. 77 to
the Registrant's Registration Statement on Form N-1A as filed on December 29, 2016 (Accession Number 0001104659-16-164234).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Exhibit A, dated February 28, 2025, to the 2017 Expense Limitation Agreement is incorporated by reference to Exhibit EX-99.h.8.a to Post-Effective Amendment No. 126.](https://www.sec.gov/Archives/edgar/data/0001413594/000113322825001778/af-efp14713_ex99h8a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Expense Limitation Agreement between the Registrant and abrdn with respect to the abrdn Dynamic Dividend Fund, abrdn Global Infrastructure Fund, abrdn High Yield Managed Duration Municipal Fund, abrdn International Real Estate Equity Fund, abrdn Realty Income & Growth Fund, abrdn Income Builder Fund and abrdn Ultra Short Municipal Income Fund](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99dhd7.htm) is incorporated by reference to Exhibit EX-99.h.7 of Post-Effective
Amendment No. 90 to the Registrant's Registration Statement on Form N-1A as filed on February 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Schedule A to the Expense Limitation Agreement between the Registrant and abrdn with respect to the abrdn Dynamic Dividend Fund, abrdn Global Infrastructure Fund, abrdn Short Duration High Yield Municipal Fund (formerly, abrdn High Yield Managed Duration Municipal Fund), abrdn Real Estate Fund (formerly, abrdn Realty Income & Growth Fund) and abrdn Ultra Short Municipal Income Fund](https://www.sec.gov/Archives/edgar/data/0001413594/000113322825001778/af-efp14713_ex99h9a.htm) is incorporated
by reference to Exhibit EX-99.h.9.a of Post-Effective Amendment No. 126 filed on February 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) [Expense Limitation Agreement between the Registrant and abrdn with respect to the abrdn EM SMA Completion Fund](https://www.sec.gov/Archives/edgar/data/1413594/000110465922057621/tm227241d3_ex99-h8.htm) is incorporated by reference
to Exhibit EX-99.h.8 of Post-Effective Amendment No. 112 filed on May 9, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Exhibit A to the Expense Limitation Agreement between the Registrant and abrdn with respect to the abrdn EM SMA Completion Fund](https://www.sec.gov/Archives/edgar/data/0001413594/000113322825001778/af-efp14713_ex99h10a.htm) is incorporated by reference to Exhibit EX-99.h.10.a of Post-Effective Amendment No. 126 filed on February 28, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) [Expense Limitation Agreement between the Registrant and abrdn with respect to the Aberdeen Global High Income Fund, Aberdeen Global Equity Income Fund and Aberdeen International Sustainable Leaders Fund dated June 16, 2021 (the "2021 Expense Limitation Agreement")](https://www.sec.gov/Archives/edgar/data/1413594/000113322824001590/af-html7283_ex99h9.htm) is incorporated by reference to Exhibit EX-99.h.9 of Post-Effective Amendment No. 118 to the Registrant's Registration
Statement on Form N-1A filed on February 29, 2024 (Accession No. 0001133228-24-001590) ("Post-Effective Amendment No. 118").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Exhibit A to the 2021 Expense Limitation Agreement between the Registrant and abrdn with respect to the abrdn High Income Opportunities Fund (formerly, Aberdeen Global High Income Fund) and abrdn Focused Emerging Markets ex-China Fund (formerly, Aberdeen Global Equity Impact Fund)](https://www.sec.gov/Archives/edgar/data/0001413594/000113322825001778/af-efp14713_ex99h11a.htm) is incorporated by reference to Exhibit EX-99.h.11.a of Post-Effective Amendment No. 126 filed on February 28,
2025. &nbsp;&nbsp;&nbsp;&nbsp;(l) [Expense Limitation Agreement between the Registrant and abrdn with respect to the abrdn Emerging Markets Dividend Active ETF and abrdn Focused U.S. Small Cap Active ETF](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xhx12.htm) is incorporated by reference to Exhibit-99.h.12 of Post-Effective Amendment No. 131.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Exhibit A dated June 11, 2025 to the ETF Expense Limitation Agreement between the Registrant and abrdn](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074144/tm2522043d2_ex99-xhx12xa.htm) is incorporated by reference to Exhibit-99.h.12.a
of Post-Effective Amendment No. 131.

&nbsp;&nbsp;&nbsp;&nbsp;(m) [Form of Rule 12d1-4 Fund of Funds Investment Agreement](https://www.sec.gov/Archives/edgar/data/1413594/000110465922057621/tm227241d3_ex99-h9.htm) is incorporated by reference to Exhibit EX-99.h.9 of Post-Effective Amendment No.
112 filed on May 9, 2022.

14. (a) [Consent of independent registered public accounting firm](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074708/tm2522328d1_ex14-xa.htm) is incorporated by reference to Exhibit EX-14.a. of Form N-14 Registration Statement
No. 2 filed on August 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Consent of Dechert LLP](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074708/tm2522328d1_ex14-xb.htm) is incorporated by reference to EX-16.a of Form N-14 Registration Statement No. 2 filed on August 6, 2025.

15. Not Applicable.

16. (a) [Power of Attorney with respect to Registrant for P. Gerald Malone, Warren C. Smith, Rahn K. Porter, James O'Connor and Radhika Ajmera](https://www.sec.gov/Archives/edgar/data/1413594/000110465925074708/tm2522328d1_ex16-xa.htm) is incorporated by reference
to EX-16.a of Form N-14 Registration Statement No. 2 filed on August 6, 2025.

17. (b) [Code of Ethics of Registrant](https://www.sec.gov/Archives/edgar/data/1413594/000113322824001590/af-html7283_ex99p1.htm) is incorporated by reference to Exhibit EX-99.p.1 of Post-Effective Amendment No. 118 filed on February 29,
2024. &nbsp;&nbsp;&nbsp;&nbsp;(c) [Code of Ethics of abrdn, AIL, abrdn Asia and Aberdeen Fund Distributors, LLC](https://www.sec.gov/Archives/edgar/data/1413594/000110465919011471/a18-41695_1ex99dpd2.htm) is incorporated by reference to Exhibit EX-99.p.2 of Post-Effective
Amendment No. 90 filed on February 28, 2019.

**Item 17. Undertakings**

1. The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

2. The undersigned Registrant agrees that every prospectus that is filed under paragraph 1 above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 as amended (the "Securities Act"), the Registrant has duly caused this Post-Effective Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, and the Commonwealth of Pennsylvania on the 13<sup>th</sup> day of November, 2025.

---

| | |
|:---|:---|
| **<u>abrdn Funds</u>** | **<u>abrdn Funds</u>** |
| Registrant | Registrant |
| By: | /s/ Alan Goodson |
|  | Alan Goodson |
|  | President of abrdn Funds |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Name** | **Title** | **Date** |
|  | /s/ Alan Goodson | President and Chief Executive Officer | November 13, 2025 |
|  | Alan Goodson |  |  |
|  | /s/ Michael Marsico | Treasurer, Chief Financial Officer And Principal Accounting Officer | November 13, 2025 |
|  | Michael Marsico | Treasurer, Chief Financial Officer And Principal Accounting Officer |  |
|  | /s/ P. Gerald Malone(1) | Chairman of the Board | November 13, 2025 |
|  | P. Gerald Malone |  |  |
|  | /s/ Warren C. Smith(1) | Trustee | November 13, 2025 |
|  | Warren C. Smith |  |  |
|  | /s/ Rahn K. Porter(1) | Trustee | November 13, 2025 |
|  | Rahn K. Porter |  |  |
|  | /s/ James O'Connor(1) | Trustee | November 13, 2025 |
|  | James O'Connor |  |  |
|  | /s/ Radhika Ajmera(1) | Trustee | November 13, 2025 |
|  | Radhika Ajmera |  |  |
| By: | /s/ Lucia Sitar |  |  |
|  | Lucia Sitar |  |  |
|  | Attorney In Fact |  |  |

---

(1) Pursuant to a power of attorney.

**Exhibit List**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit** |
| [Ex-4](tm2531039d1_ex99-x4.htm) | [Agreements and Plans of Reorganization](tm2531039d1_ex99-x4.htm) |
| [Ex-12](tm2531039d1_ex99-x12.htm) | [Opinions of Dechert LLP with respect to tax matters](tm2531039d1_ex99-x12.htm) |

---

## Ex-99.(4)

**Exhibit 99.4**

**AGREEMENT AND PLAN OF REORGANIZATION AND LIQUIDATION**

THIS AGREEMENT AND PLAN OF REORGANIZATION AND LIQUIDATION (the "Agreement") is made as of this 17th day of October 2025, by abrdn Funds, a Delaware statutory trust (the "abrdn Trust") on behalf of its series, abrdn Intermediate Municipal Income Fund (the "Acquired Fund") and abrdn Ultra Short Municipal Income Active ETF (the "Acquiring Fund") (the Acquired Fund and the Acquiring Fund, collectively, the "Funds," and each, a "Fund"), and, solely for purposes of paragraphs 4.2, 5.6 and 8.2 hereof, abrdn Inc., a corporation organized under the laws of the State of Delaware ("Aberdeen").

This Agreement is intended to be and is adopted as a plan of reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"). The reorganization of the Acquired Fund (the "Reorganization") will consist of the transfer of all of the assets of the Acquired Fund in exchange for shares of beneficial interest (the "Shares") of the Acquiring Fund and the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund, and the distribution, on or after the Closing Date hereinafter referred to, of Shares of the Acquiring Fund ("Acquiring Fund Shares") to the applicable shareholders, excluding Cash-Out Shareholders (defined below), of the Acquired Fund in liquidation of the Acquired Fund as provided herein, all upon the terms and conditions hereinafter set forth in this Agreement.

As the Funds are each series of the abrdn Trust, all parties to this Agreement acknowledge and accept that each Fund does not have a Board of Trustees or officers separate from the other series of the abrdn Trust. Accordingly, all representations, warranties, covenants and/or other obligations of any kind made by each Fund in this Agreement are expressly understood by all parties to this Agreement as being made by the Trustees or officers of the abrdn Trust, as applicable, in their respective capacities as Trustees or officers (and not in their individual capacities) for, and on behalf of, each Fund.

WHEREAS, the Board of Trustees of the abrdn Trust, on behalf of the Acquired Fund, has determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of the liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Acquired Fund and that the interests of the existing shareholders of the Acquired Fund would not be diluted as a result of this transaction; and

WHEREAS, the Board of Trustees of the abrdn Trust, on behalf of the Acquiring Fund, has determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of the liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Acquiring Fund's shareholders and that the interests of the existing shareholders of the Acquiring Fund would not be diluted as a result of this transaction.

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

1. TRANSFER OF ASSETS OF THE ACQUIRED FUND IN EXCHANGE FOR ACQUIRING FUND SHARES AND ASSUMPTION OF THE ACQUIRED FUND'S LIABILITIES
AND LIQUIDATION OF THE ACQUIRED FUND.

1.1. Subject to the terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the
Acquired Fund agrees to transfer its assets as set forth in paragraph 1.2 to the Acquiring Fund, and the Acquiring Fund agrees in exchange
therefor: (i) to deliver to the Acquired Fund the number of Acquiring Fund Shares having an aggregate net asset value equal to the
value of the assets of the Acquired Fund transferred hereunder, less (a) the value of the liabilities of the Acquired Fund, determined
as provided for under section 2; (b) the value of cash to be distributed to applicable Acquired Fund shareholders in lieu of fractional
Acquiring Fund shares; and (c) the value of cash to be distributed to Acquired Fund shareholders who do not hold Acquired Fund shares
through a brokerage account that can accept Acquiring Fund shares and for which no account has been established to receive such shares
("Cash-Out Shareholders"), who shall not receive a distribution of such Acquiring Fund Shares and in lieu thereof shall receive
a distribution of cash equal to the net asset value of their Acquired Fund Shares; and (ii) to assume the liabilities of the Acquired
Fund, as set forth in paragraph 1.3. Such transactions shall take place at the closing provided for in paragraph 3.1 (the "Closing").

1.2. The assets of the Acquired Fund to be acquired by the Acquiring Fund shall consist of all property including, without limitation,
all cash, securities and dividend or interest receivables that are owned by or owed to the Acquired Fund and any deferred or prepaid expenses
shown as an asset on the books of the Acquired Fund on the Closing date provided in paragraph 3.1 (the "Closing Date"), except
for assets having a value equal to the sum of the values in (i)(a)-(c) of paragraph 1.1 hereof.

1.3. The Acquired Fund will endeavor to discharge all of the known liabilities and obligations of the Acquired Fund prior to the Closing
Date, other than those liabilities and obligations which would otherwise be discharged at a later date in the ordinary course of business.
The Acquiring Fund shall assume all liabilities, expenses, costs, charges and reserves, whether absolute or contingent, known or unknown,
accrued or unaccrued, including those liabilities reflected on unaudited statements of assets and liabilities of the Acquired Fund and
the Acquiring Fund prepared by State Street Bank and Trust Company ("State Street"), the accounting agent of each Fund, as
of the Valuation Date (as defined in paragraph 2.1), in accordance with generally accepted accounting principles consistently applied
from the prior audited period. The Acquiring Fund shall also assume any liabilities, expenses, costs or charges incurred by or on behalf
of the Acquired Fund specifically arising from or relating to the operations and/or transactions of the Acquired Fund prior to and including
the Closing Date but which are not reflected on the above-mentioned statement of assets and liabilities, including any liabilities, expenses,
costs or charges arising under paragraph 5.4 hereof.

1.4. As soon on or after the Closing Date as is conveniently practicable (the "Liquidation Date"), the Acquired Fund will take
such actions necessary to complete the liquidation of the Acquired Fund in accordance with the abrdn Trust's Second Amended and
Restated Agreement and Declaration of Trust. To complete the liquidation, the Acquired Fund will: (i) distribute pro rata to the
Acquired Fund's shareholders of record (except Cash-Out Shareholders) determined as of the close of business on the Closing Date
the Acquiring Fund Shares it receives pursuant to paragraph 1.1 hereto; (ii) distribute cash, as provided in paragraph 1.1. hereto;
and (iii) completely liquidate. The distribution of Acquiring Fund Shares will be accomplished by the transfer of the Acquiring Fund
Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the
Acquiring Fund in the name of the Acquired Fund's shareholders representing the respective pro rata number of Acquiring Fund Shares
due Acquired Fund shareholders. All issued and outstanding shares of the Acquired Fund will simultaneously be canceled on the books of
the Acquired Fund, although any share certificates representing interests in the Acquired Fund will represent a number of Acquiring Fund
Shares after the Closing Date as determined in accordance with paragraph 2.2. The Acquiring Fund shall not issue certificates representing
the Acquiring Fund Shares in connection with such exchange. For the avoidance of doubt, the Acquiring Fund shall not issue fractional
shares, and Acquired Fund shareholders may receive cash in connection with the Reorganization in lieu of fractional Acquiring Fund Shares.

1.5. Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Fund's transfer agent.
Shares of the Acquiring Fund will be issued in the manner described in the Acquiring Fund's current prospectus and statement of
additional information.

1.6. Any transfer taxes payable upon issuance of the Acquiring Fund Shares in a name other than the registered holder of the shares of
the Acquired Fund (the "Acquired Fund Shares") on the books of the Acquired Fund as of that time shall, as a condition of
such issuance and transfer, be paid by the person to whom such Acquiring Fund Shares are to be issued and transferred.

1.7. Any reporting responsibility of the Acquired Fund is and shall remain the responsibility of the Acquired Fund up to and including
the Closing Date and such later date on which the Acquired Fund is terminated.

2. VALUATION

2.1. The value of the Acquired Fund's assets to be acquired hereunder shall be the value of such assets computed as of the close
of regular trading on The New York Stock Exchange, Inc. (the "NYSE") on the Closing Date (such time and date being hereinafter
called the "Valuation Date"), using the valuation procedures set forth in the Acquired Fund's then current prospectus
or statement of additional information.

2.2. The number of Shares of the Acquiring Fund to be issued in exchange for shares of beneficial interest of the Acquired Fund shall be
determined by dividing the value of the assets of the Acquired Fund attributable to its shares of beneficial interest determined using
the same valuation procedures referred to in paragraph 2.1, except for assets having a value equal to the sum of the values in (i)(a)-(c) of
paragraph 1.1 hereof, by the net asset value per Share of the Acquiring Fund computed as of the close of regular trading on the NYSE on
the Closing Date, using the valuation procedures set forth in the Acquired Fund's then current prospectus or statement of additional
information. For the avoidance of doubt, the Acquiring Fund shall not issue fractional shares, and Acquired Fund shareholders may receive
cash in connection with the Reorganization in lieu of fractional Acquiring Fund Shares.

2.3. All computations of value with respect to the Acquiring Fund and the Acquired Fund shall be made by State Street in accordance with
its regular practice as pricing agent for the Acquired Fund.

3. CLOSING AND CLOSING DATE

3.1. The Closing Date for the Reorganization shall be October 17, 2025, or such other date as the parties to such Reorganization may
agree to in writing. All acts taking place at the Closing shall be deemed to take place immediately prior to the opening of trading on
the NYSE on the Closing Date unless otherwise provided. The Closing shall be held at the offices of the Acquired Fund or at such other
place as the parties may agree.

3.2. State Street, the custodian for the Acquiring Fund, shall deliver as soon as practicable after the Closing a certificate of an authorized
officer stating that: (a) the Acquired Fund's portfolio securities, cash and any other assets have been delivered in proper
form to the Acquiring Fund on the Closing Date; and (b) all necessary taxes, including all applicable federal and state stock transfer
stamps, if any, have been paid, or provision for payment has been made, in conjunction with the delivery of portfolio securities.

3.3. In the event that on the Valuation Date (a) the NYSE or another primary trading market for portfolio securities of the Acquiring
Fund or the Acquired Fund shall be closed to trading or trading thereon shall be restricted; or (b) trading or the reporting of trading
on the NYSE or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquiring Fund or the Acquired
Fund is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully
resumed and reporting shall have been restored.

3.4. The Acquired Fund shall instruct its transfer agent to provide 'at the Closing, or immediately prior to the Closing, a list
of the names and addresses of the Acquired Fund's shareholders and the number and value of each class of outstanding Shares owned
by each such shareholder to the Acquiring Fund's transfer agent. The Acquiring Fund shall instruct its transfer agent to issue and
deliver a confirmation evidencing the value of the Acquiring Fund Shares to be credited to the Acquired Fund's account on the Closing
Date to the Secretary of the abrdn Trust or provide evidence satisfactory to the Acquired Fund that such Acquiring Fund Shares have been
credited to the Acquired Fund's account on the books of the Acquiring Fund. At the Closing, abrdn Trust, on behalf of the Funds,
shall deliver to counsel any bills of sale, checks, assignments, share certificates, if any, receipts or other documents as counsel may
request.

4. REPRESENTATIONS AND WARRANTIES

4.1. The abrdn Trust, on behalf of each Fund, represents and warrants that:

(a) The Funds are not, and the execution, delivery and performance of this Agreement by the abrdn Trust will not result, in a violation
of the abrdn Trust's Second Amended and Restated Agreement and Declaration of Trust, as amended, or Amended and Restated By-Laws
or any material agreement, indenture, instrument, contract, lease or other undertaking to which the abrdn Trust, on behalf of the Funds,
is a party or by which the Funds or their property are bound;

(b) There are no contracts or other commitments (other than this Agreement) of the Acquired Fund which will be terminated with liability
to the Acquired Fund prior to the Closing Date;

(c) The abrdn Trust is a registered investment company classified as a management company of the open-end type and its registration with
the Securities and Exchange Commission (the "Commission") as an investment company under the Investment Company Act of 1940,
as amended (the "1940 Act"), is in full force and effect;

(d) No litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or to
its knowledge threatened against the Funds or any of their properties or assets which, if adversely determined, would materially and adversely
affect their financial condition or the conduct of their business. The abrdn Trust knows of no facts which might form the basis for the
institution of such proceedings and are not a party to or subject to the provisions of any order, decree or judgment of any court or governmental
body which materially and adversely affects their business or their ability to consummate the transactions contemplated herein;

(e) The Statements of Assets and Liabilities of the Acquired Fund as of October 31, 2024, including the Schedule of Investments and
the related Statement of Operations for the year then ended, the Statement of Changes in Net Assets for each of the two years in the period
then ended and the Financial Highlights for each of the five years in the period then ended, have been audited by KPMG LLP, an independent
registered public accounting firm, and are in accordance with generally accepted accounting principles consistently applied, and such
statements (copies of which have been furnished to the Acquiring Fund) fairly reflect the financial condition of the Acquired Fund as
of such dates, and such statements (copies of which have been furnished to the Acquiring Fund) fairly reflect the financial condition
of the Acquired Fund as of such dates, and there are no known contingent liabilities of the Acquired Fund as of October 17, 2025
that are not disclosed therein;

(f) Since October 31, 2024, there has not been any material adverse change in the Acquired Fund's financial condition, assets,
liabilities or business other than changes occurring in the ordinary course of business, or any incurrence by the Acquired Fund of indebtedness
maturing more than one year from the date such indebtedness was incurred. For purposes of this subparagraph (f), a decline in net asset
value per share of the Acquired Fund due to declines in market values of securities in the Acquired Fund's portfolio, the discharge
of Acquired Fund liabilities, or the redemption of Acquired Fund shares by Acquired Fund shareholders shall not constitute a material
adverse change;

(g) At the date hereof and at the Closing Date, all federal and other tax returns and reports, including extensions, of the Acquired Fund
required by law to have been filed by such dates shall have been filed and are or will be correct in all material respects, and all federal
and other taxes shall have been paid so far as due, or provision shall have been made for the payment thereof and, to the best of the
Acquired Fund's knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;

(h) The Acquiring Fund intends to meet the requirements of Subchapter M of the Code for qualification and treatment as a regulated investment
company for its current taxable year that includes the date of the Closing Date;

(i) For each taxable year of its operation (including the portion of the taxable year through the Closing Date), the Acquired Fund has
met (or will meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company and has elected to
be treated as such and has been (or will be) eligible to and has computed (or will compute) its federal income tax under Section 852
of the Code;

(j) All of the issued and outstanding shares of beneficial interest of the Acquired Fund will, at the time of Closing, be held by the
persons and in the amounts set forth in the records of the transfer agent as provided in paragraph 3.4. The Acquired Fund does not have
outstanding any options, warrants or other rights to subscribe for or purchase any of its shares, nor is there outstanding any security
convertible into any of its shares;

(k) At the Closing Date, the Acquired Fund will have good and marketable title to the Acquired Fund's assets to be transferred to
the Acquiring Fund pursuant to paragraph 1.2 and full right, power and authority to sell, assign, transfer and deliver such assets hereunder.
Upon delivery and payment for such assets, the Acquiring Fund will acquire good and marketable title thereto, subject to no restrictions
on the full transfer thereof, except such restrictions as might arise under the Securities Act of 1933, as amended (the "1933 Act"),
and the 1940 Act with respect to privately placed or otherwise restricted securities that the Acquired Fund may have acquired in the ordinary
course of business and of which the Acquiring Fund has received notice and necessary documentation at or prior to the Closing;

(l) (1) The information to be furnished by the Acquiring Fund and Acquired Fund for use in applications for orders, registration
statements or proxy materials or for use in any other document filed or to be filed with any federal, state or local regulatory authority
(including the Financial Industry Regulatory Authority), which may be necessary in connection with the transactions contemplated hereby,
shall be accurate and complete in all material respects and shall comply in all material respects with federal securities and other laws
and regulations applicable thereto;

(m) The current prospectus and statement of additional information of the Acquiring Fund and Acquired Fund on Form N-lA conform in
all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission
thereunder and do not include any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading; and

(n) The Acquiring Fund agrees to use all reasonable efforts to obtain any approvals and authorizations required by the 1933 Act, the 1940
Act and such of the state blue sky or securities laws as it may deem appropriate in order to continue its operations after the Closing
Date.

4.2. Aberdeen represents and warrants to the Acquiring Fund as follows: to the knowledge of Aberdeen, (i) there are no claims, actions,
suits or proceedings pending against the Acquired Fund, and (ii) there are no claims, actions, suits or proceedings threatened, or
circumstances that have been identified by Aberdeen and the Secretary thereof as reasonably likely to give rise to any claims, actions,
suits or proceedings against the Acquired Fund that would materially adversely affect the Acquired Fund or its assets or business, other
than those disclosed in writing to and accepted by the Acquiring Fund.

5. COVENANTS OF THE ACQUIRED FUND AND THE ACQUIRING FUND

5.1. The Acquiring Fund and the Acquired Fund will operate their respective businesses in the ordinary course between the date hereof and
the Closing Date, it being understood that, with respect to the Acquired Fund, such ordinary course of business will include purchases
and sales of portfolio securities and other instruments, sales and redemptions of Acquired Fund shares, and the declaration and payment
of customary dividends and distributions, and with respect to the Acquiring Fund, it shall be limited to such actions as are customary
to the organization of a new series prior to its commencement of operations.

5.2. The Acquired Fund covenants that (i) the Acquiring Fund Shares to be issued hereunder are not being acquired for the purpose
of making any distribution thereof other than in accordance with the terms of this Agreement; (ii) to the best of the knowledge of
the Acquired Fund, there is no plan or intention by Acquired Fund's Shareholders to sell, exchange or otherwise dispose of a number
of Acquired Fund Shares (or Acquiring Fund Shares received in the Reorganization), in connection with the Reorganization, that would reduce
the Acquired Fund shareholders' ownership of Acquired Fund Shares (or equivalent Acquiring Fund Shares) to a number of shares that
is less than 50 percent of the number of Acquired Fund Shares as of the record date of the Reorganization; and (iii) the Acquired
Fund will not take any position on any federal, state or local income or franchise tax return, or take any other tax reporting position,
that is inconsistent with the treatment of the Reorganization as a "reorganization" within the meaning of Section 368(a) of
the Code.

5.3. Subject to the provisions of this Agreement, the abrdn Trust on behalf of the Acquiring Fund and the Acquired Fund will take, or cause
to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective
the transactions contemplated by this Agreement.

5.4. The Acquiring Fund agrees to indemnify and advance expenses to each person who at the time of the execution of this Agreement serves
as a Trustee or Officer ("Indemnified Person") of the abrdn Trust, against money damages actually and reasonably incurred
by such Indemnified Person in connection with any claim that is asserted against such Indemnified Person arising out of such person's
service as a Trustee or officer of the abrdn Trust, as such service involves the Acquired Fund, with respect to matters specifically relating
to the Reorganization, provided that such indemnification and advancement of expenses shall be permitted to the fullest extent that is
available under applicable law. This paragraph 5.4 shall not protect any such Indemnified Person against any liability to the Acquired
Fund, the Acquiring Fund or their shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence or from reckless disregard of the duties involved in the conduct of his or her office. An Indemnified Person seeking
indemnification shall be entitled to advances from the Acquiring Fund for payment of the reasonable expenses incurred by him or her in
connection with the matter as to which he or she is seeking indemnification in the manner and to the fullest extent permissible under
applicable law. Such Indemnified Person shall provide to the Acquiring Fund a written affirmation of his or her good faith belief that
the standard of conduct necessary for indemnification by the Acquiring Fund under this paragraph has been met and a written undertaking
to repay any advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of
the following additional conditions shall be met: (a) the Indemnified Person shall provide security in form and amount acceptable
to the Acquiring Fund for its undertaking; (b) the Acquiring Fund is insured against losses arising by reason of the advance; or
(c) either a majority of a quorum of disinterested non-party trustees of the Acquiring Fund, or independent legal counsel experienced
in mutual fund matters, selected by the Indemnified Person, in a written opinion, shall have determined, based on a review of facts readily
available to the Acquiring Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Person
will ultimately be found to be entitled to indemnification.

5.5. The intention of the parties is that the transaction will qualify as a reorganization within the meaning of Section 368(a) of
the Code. Neither the Acquiring Fund, the Acquired Fund nor the abrdn Trust shall take any action, or cause any action to be taken (including,
without limitation, the filing of any tax return) that is inconsistent with such treatment or results in the failure of the transaction
to qualify as a reorganization within the meaning of Section 368(a) of the Code. At or prior to the Closing Date, the Acquiring
Fund, the Acquired Fund and the abrdn Trust will take such action, or cause such action to be taken, as is reasonably necessary to enable
Dechert LLP to render the tax opinion contemplated here in paragraph 7.4.

5.6. Aberdeen agrees that the Acquiring Fund will succeed to all rights that the Acquired Fund has, or would have but for the Reorganization,
against Aberdeen or its affiliates by reason of any act or failure to act by Aberdeen or any of its affiliates prior to the Closing Date.

6. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ABRDN TRUST

The obligations of the abrdn Trust, on behalf of the Funds, to consummate the transactions provided for herein shall be subject, at its election, to the performance by the abrdn Trust, on behalf of the Funds, of all of the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, the following further conditions:

6.1. All representations and warranties by the abrdn Trust, the Acquired Fund or Acquiring Fund, contained in this Agreement shall be true
and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this
Agreement, as of the Closing Date with the same force and effect as if made on and as of the Closing Date; and

6.2. The abrdn Trust has delivered on behalf of each Fund, a certificate executed in its name by its Chairman, President, Vice President,
Secretary or Treasurer and dated as of the Closing Date, to the effect that the representations and warranties of the abrdn Trust made
in this Agreement are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated
by this Agreement.

7. FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND AND THE ACQUIRED FUND

If any of the conditions set forth below do not exist on or before the Closing Date with respect to the Funds, the abrdn Trust shall not be required to consummate the transactions contemplated by this Agreement.

7.1. The Board of Trustees of the abrdn Trust, including a majority of the trustees who are not "interested persons" of the
abrdn Trust (as defined by the 1940 Act), shall have determined that this Agreement and the transactions contemplated hereby are in the
best interests of each Fund and that the interests of the shareholders in each Fund would not be diluted as a result of such transactions.

7.2. On the Closing Date no action, suit or other proceeding shall be pending before any court or governmental agency in which it is sought
to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein.

7.3. All consents of other parties and all other consents, orders and permits of federal, state and local regulatory authorities (including
those of the Commission and of state blue sky and securities authorities, including "no-action" positions of and exemptive
orders from such federal and state authorities) deemed necessary by the abrdn Trust to permit consummation, in all material respects,
of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would
not involve a risk of a material adverse effect on the assets or properties of the Acquiring Fund or the Acquired Fund.

7.4. The abrdn Trust shall have received on the Closing Date an opinion of Dechert LLP, addressed to, and in form and substance reasonably
satisfactory to, the Acquired Fund and the Acquiring Fund and dated as of the Closing Date, substantially to the effect that for U.S.
federal income tax purposes and based upon certain facts, assumptions and representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The transfer of the Acquired Fund's assets in exchange solely for Acquiring Fund Shares and the assumption by the Acquiring
Fund of the Acquired Fund's liabilities followed by the distribution by the Acquired Fund of Acquiring Fund Shares and cash in lieu
of fractional Acquiring Fund Shares to the shareholders of the Acquired Fund in exchange for their Acquired Fund Shares in liquidation
of the Acquired Fund pursuant to and in accordance with the terms of this Agreement will constitute a "reorganization" within
the meaning of Section 368(a)(1) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No gain or loss will be recognized by the Acquiring Fund upon the receipt of the Acquired Fund's assets solely in exchange for
Acquiring Fund Shares and the assumption by the Acquiring Fund of the Acquired Fund's liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No gain or loss will be recognized by the Acquired Fund upon the transfer of the Acquired Fund's assets to the Acquiring Fund
in exchange solely for Acquiring Fund Shares and the assumption by the Acquiring Fund of the Acquired Fund's liabilities or upon
the distribution of Acquiring Fund Shares to the shareholders of the Acquired Fund in exchange for their Acquired Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No gain or loss will be recognized by the shareholders of the Acquired Fund upon the exchange of the Acquired
Fund Shares for Acquiring Fund Shares (except with respect to cash received in lieu of fractional Acquiring Fund Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The aggregate tax basis for Acquiring Fund Shares received by each shareholder of the Acquired Fund pursuant to the Reorganization
will be the same as the aggregate tax basis of the Acquired Fund Shares held by each such shareholder of the Acquired Fund immediately
prior to the Reorganization (reduced by any amount of tax basis allocable to fractional Acquiring Fund Shares for which cash is received);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The holding period of Acquiring Fund Shares to be received by each shareholder of the Acquired Fund will include the period during
which the Acquired Fund Shares surrendered in exchange therefor were held (provided such Acquired Fund Shares were held as capital assets
on the date of the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The tax basis of the Acquired Fund's assets acquired by the Acquiring Fund will be the same as the tax basis of such assets
to the Acquired Fund in exchange therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The holding periods of the Acquired Fund's assets in the hands of the Acquiring Fund will include the respective periods during
which those assets were held by the Acquired Fund (except where the investment activities of the Acquiring Fund have the effect of reducing
or eliminating such periods with respect to an Acquired Fund's asset); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in Section 381(c) of
the Code, subject to the provisions and limitations specified in Sections 381, 382, 383, and 384 of the Code and the United States Treasury
regulations promulgated thereunder.

For avoidance of doubt, "shareholders of the Acquired Fund" for this purpose refers to shareholders of the Acquired Fund who hold shares of the Acquired Fund through a brokerage account that can accept Acquiring Fund Shares and does not include Cash-Out Shareholders.

The delivery of such opinion is conditioned upon the receipt by Dechert LLP of representations it shall request of the abrdn Trust.

Notwithstanding anything herein to the contrary, neither the Acquiring Fund nor the Acquired Fund may waive the conditions set forth in this paragraph 7.4.

7.5. [Reserved].

8. BROKERAGE FEES AND EXPENSES; OTHER AGREEMENTS

8.1. Each Fund represents and warrants that there are no brokers or finders or other entities to receive any payments in connection with
the transactions provided for herein.

8.2. Aberdeen or its affiliates agrees to bear the reasonable expenses that are solely and directly related to the transactions contemplated
by this Agreement, whether or not consummated (excluding extraordinary expenses such as litigation expenses, damages and other expenses
not normally associated with transactions of the type contemplated by this Agreement). These expenses consist of: (i) expenses associated
with preparing this Agreement, a supplement to the Acquired Fund's prospectus and statement of additional information;

8.3. (ii) expenses associated with filing the supplement to the Acquired Fund's prospectus and statement of additional information;
(iii) registration or qualification fees and expenses of preparing and filing such forms, if any, necessary under applicable state
securities laws to qualify the Acquiring Fund Shares to be issued in connection with the Reorganization; (iv) postage, printing,
accounting fees and legal fees incurred by the Acquiring Fund and by the Acquired Fund in connection with the transactions contemplated
by this Agreement; and (v) any other reasonable Reorganization expenses.

8.4. Any other provision of this Agreement to the contrary notwithstanding, any liability of either Fund under this Agreement, or in connection
with the transactions contemplated herein with respect to such Fund, shall be discharged only out of the assets of such Fund.

9. ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES

9.1. The abrdn Trust, on behalf of the Acquiring Fund and the Acquired Fund, agrees that it has not made any representation, warranty or
covenant not set forth herein and that this Agreement constitutes the entire agreement.

9.2. The representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection
herewith shall survive the consummation of the transactions contemplated hereunder.

10. TERMINATION

This Agreement may be terminated at any time at or prior to the Closing Date by a vote of a majority of the Board of Trustees of the abrdn Trust.

11. AMENDMENTS

This Agreement may be amended, modified or supplemented in writing in such manner agreed upon by the authorized officers of the abrdn Trust.

12. NOTICES

12.1. Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be
given by prepaid telegraph, telecopy or certified mail addressed to the Acquiring Fund at:

1900 Market Street, Suite 200

Philadelphia, PA 19103

Attention: Product Governance

or to the Acquired Fund at:

1900 Market Street, Suite 200

Philadelphia, PA 19103

Attention: Product Governance

13. HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY

13.1. The article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

13.2. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

13.3. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

13.4. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment
or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party.
Except as provided in this paragraph and paragraph 5.4, nothing herein expressed or implied is intended or shall be construed to confer
upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or
remedies under or by reason of this Agreement.

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its Chairman, President, or Vice President and attested to by its Vice President, Secretary or Assistant Secretary.

abrdn Funds

For and on behalf of abrdn Intermediate Municipal Income Fund and abrdn Ultra Short Municipal Income Active ETF

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| | |
|:---|:---|
| By: | /s/ Lucia Sitar |
|  | Name: Lucia Sitar |
|  | Title: Vice President |

---

---

| | |
|:---|:---|
| Attested to by: | /s/ Andrew Kim |
|  | Name: Andrew Kim |
|  | Title: Vice President |

---

Solely with respect to paragraphs 4.2, 5.6 and 8.2 hereof:

abrdn Inc.

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| | |
|:---|:---|
| By: | /s/ Lucia Sitar |
|  | Name: Lucia Sitar |
|  | Title: Vice President, U.S. Counsel and Head of Product Governance Americas |

---

---

| | |
|:---|:---|
| Attested to by: | /s/ Andrew Kim |
|  | Name: Andrew Kim |
|  | Title: Senior Product Governance Manager - Attorney |

---

**AGREEMENT AND PLAN OF REORGANIZATION AND LIQUIDATION**

THIS AGREEMENT AND PLAN OF REORGANIZATION AND LIQUIDATION (the "Agreement") is made as of this 17th day of October 2025, by abrdn Funds, a Delaware statutory trust (the "abrdn Trust") on behalf of its series, abrdn International Small Cap Fund (the "Acquired Fund") and abrdn International Small Cap Active ETF (the "Acquiring Fund") (the Acquired Fund and the Acquiring Fund, collectively, the "Funds," and each, a "Fund"), and, solely for purposes of paragraphs 4.2, 5.6 and 8.2 hereof, abrdn Inc., a corporation organized under the laws of the State of Delaware ("Aberdeen").

This Agreement is intended to be and is adopted as a plan of reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"). The reorganization of the Acquired Fund (the "Reorganization") will consist of the transfer of all of the assets of the Acquired Fund in exchange for shares of beneficial interest (the "Shares") of the Acquiring Fund and the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund, and the distribution, on or after the Closing Date hereinafter referred to, of Shares of the Acquiring Fund ("Acquiring Fund Shares") to the applicable shareholders, excluding Cash-Out Shareholders (defined below), of the Acquired Fund in liquidation of the Acquired Fund as provided herein, all upon the terms and conditions hereinafter set forth in this Agreement.

As the Funds are each series of the abrdn Trust, all parties to this Agreement acknowledge and accept that each Fund does not have a Board of Trustees or officers separate from the other series of the abrdn Trust. Accordingly, all representations, warranties, covenants and/or other obligations of any kind made by each Fund in this Agreement are expressly understood by all parties to this Agreement as being made by the Trustees or officers of the abrdn Trust, as applicable, in their respective capacities as Trustees or officers (and not in their individual capacities) for, and on behalf of, each Fund.

WHEREAS, the Board of Trustees of the abrdn Trust, on behalf of the Acquired Fund, has determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of the liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Acquired Fund and that the interests of the existing shareholders of the Acquired Fund would not be diluted as a result of this transaction; and

WHEREAS, the Board of Trustees of the abrdn Trust, on behalf of the Acquiring Fund, has determined that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of the liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Acquiring Fund's shareholders and that the interests of the existing shareholders of the Acquiring Fund would not be diluted as a result of this transaction.

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

1. TRANSFER OF ASSETS OF THE ACQUIRED FUND IN EXCHANGE FOR ACQUIRING FUND SHARES AND ASSUMPTION OF THE ACQUIRED FUND'S LIABILITIES
AND LIQUIDATION OF THE ACQUIRED FUND.

1.1. Subject to the terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the
Acquired Fund agrees to transfer its assets as set forth in paragraph 1.2 to the Acquiring Fund, and the Acquiring Fund agrees in exchange
therefor: (i) to deliver to the Acquired Fund the number of Acquiring Fund Shares having an aggregate net asset value equal to the
value of the assets of the Acquired Fund transferred hereunder, less (a) the value of the liabilities of the Acquired Fund, determined
as provided for under section 2; (b) the value of cash to be distributed to applicable Acquired Fund shareholders in lieu of fractional
Acquiring Fund shares; and (c) the value of cash to be distributed to Acquired Fund shareholders who do not hold Acquired Fund shares
through a brokerage account that can accept Acquiring Fund shares and for which no account has been established to receive such shares
("Cash-Out Shareholders"), who shall not receive a distribution of such Acquiring Fund Shares and in lieu thereof shall receive
a distribution of cash equal to the net asset value of their Acquired Fund Shares; and (ii) to assume the liabilities of the Acquired
Fund, as set forth in paragraph 1.3. Such transactions shall take place at the closing provided for in paragraph 3.1 (the "Closing").

1.2. The assets of the Acquired Fund to be acquired by the Acquiring Fund shall consist of all property including, without limitation,
all cash, securities and dividend or interest receivables that are owned by or owed to the Acquired Fund and any deferred or prepaid expenses
shown as an asset on the books of the Acquired Fund on the Closing date provided in paragraph 3.1 (the "Closing Date"), except
for assets having a value equal to the sum of the values in (i)(a)-(c) of paragraph 1.1 hereof.

1.3. The Acquired Fund will endeavor to discharge all of the known liabilities and obligations of the Acquired Fund prior to the Closing
Date, other than those liabilities and obligations which would otherwise be discharged at a later date in the ordinary course of business.
The Acquiring Fund shall assume all liabilities, expenses, costs, charges and reserves, whether absolute or contingent, known or unknown,
accrued or unaccrued, including those liabilities reflected on unaudited statements of assets and liabilities of the Acquired Fund and
the Acquiring Fund prepared by State Street Bank and Trust Company ("State Street"), the accounting agent of each Fund, as
of the Valuation Date (as defined in paragraph 2.1), in accordance with generally accepted accounting principles consistently applied
from the prior audited period. The Acquiring Fund shall also assume any liabilities, expenses, costs or charges incurred by or on behalf
of the Acquired Fund specifically arising from or relating to the operations and/or transactions of the Acquired Fund prior to and including
the Closing Date but which are not reflected on the above-mentioned statement of assets and liabilities, including any liabilities, expenses,
costs or charges arising under paragraph 5.4 hereof.

1.4. As soon on or after the Closing Date as is conveniently practicable (the "Liquidation Date"), the Acquired Fund will take
such actions necessary to complete the liquidation of the Acquired Fund in accordance with the abrdn Trust's Second Amended and
Restated Agreement and Declaration of Trust. To complete the liquidation, the Acquired Fund will: (i) distribute pro rata to the
Acquired Fund's shareholders of record (except Cash-Out Shareholders) determined as of the close of business on the Closing Date
the Acquiring Fund Shares it receives pursuant to paragraph 1.1 hereto; (ii) distribute cash, as provided in paragraph 1.1. hereto;
and (iii) completely liquidate. The distribution of Acquiring Fund Shares will be accomplished by the transfer of the Acquiring Fund
Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the
Acquiring Fund in the name of the Acquired Fund's shareholders representing the respective pro rata number of Acquiring Fund Shares
due Acquired Fund shareholders. All issued and outstanding shares of the Acquired Fund will simultaneously be canceled on the books of
the Acquired Fund, although any share certificates representing interests in the Acquired Fund will represent a number of Acquiring Fund
Shares after the Closing Date as determined in accordance with paragraph 2.2. The Acquiring Fund shall not issue certificates representing
the Acquiring Fund Shares in connection with such exchange. For the avoidance of doubt, the Acquiring Fund shall not issue fractional
shares, and Acquired Fund shareholders may receive cash in connection with the Reorganization in lieu of fractional Acquiring Fund Shares.

1.5. Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Fund's transfer agent.
Shares of the Acquiring Fund will be issued in the manner described in the Acquiring Fund's current prospectus and statement of
additional information.

1.6. Any transfer taxes payable upon issuance of the Acquiring Fund Shares in a name other than the registered holder of the shares of
the Acquired Fund (the "Acquired Fund Shares") on the books of the Acquired Fund as of that time shall, as a condition of
such issuance and transfer, be paid by the person to whom such Acquiring Fund Shares are to be issued and transferred.

1.7. Any reporting responsibility of the Acquired Fund is and shall remain the responsibility of the Acquired Fund up to and including
the Closing Date and such later date on which the Acquired Fund is terminated.

2. VALUATION

2.1. The value of the Acquired Fund's assets to be acquired hereunder shall be the value of such assets computed as of the close
of regular trading on The New York Stock Exchange, Inc. (the "NYSE") on the Closing Date (such time and date being hereinafter
called the "Valuation Date"), using the valuation procedures set forth in the Acquired Fund's then current prospectus
or statement of additional information.

2.2. The number of Shares of the Acquiring Fund to be issued in exchange for shares of beneficial interest of the Acquired Fund shall be
determined by dividing the value of the assets of the Acquired Fund attributable to its shares of beneficial interest determined using
the same valuation procedures referred to in paragraph 2.1, except for assets having a value equal to the sum of the values in (i)(a)-(c) of
paragraph 1.1 hereof, by the net asset value per Share of the Acquiring Fund computed as of the close of regular trading on the NYSE on
the Closing Date, using the valuation procedures set forth in the Acquired Fund's then current prospectus or statement of additional
information. For the avoidance of doubt, the Acquiring Fund shall not issue fractional shares, and Acquired Fund shareholders may receive
cash in connection with the Reorganization in lieu of fractional Acquiring Fund Shares.

2.3. All computations of value with respect to the Acquiring Fund and the Acquired Fund shall be made by State Street in accordance with
its regular practice as pricing agent for the Acquired Fund.

3. CLOSING AND CLOSING DATE

3.1. The Closing Date for the Reorganization shall be October 17, 2025, or such other date as the parties to such Reorganization may
agree to in writing. All acts taking place at the Closing shall be deemed to take place immediately prior to the opening of trading on
the NYSE on the Closing Date unless otherwise provided. The Closing shall be held at the offices of the Acquired Fund or at such other
place as the parties may agree.

3.2. State Street, the custodian for the Acquiring Fund, shall deliver as soon as practicable after the Closing a certificate of an authorized
officer stating that: (a) the Acquired Fund's portfolio securities, cash and any other assets have been delivered in proper
form to the Acquiring Fund on the Closing Date; and (b) all necessary taxes, including all applicable federal and state stock transfer
stamps, if any, have been paid, or provision for payment has been made, in conjunction with the delivery of portfolio securities.

3.3. In the event that on the Valuation Date (a) the NYSE or another primary trading market for portfolio securities of the Acquiring
Fund or the Acquired Fund shall be closed to trading or trading thereon shall be restricted; or (b) trading or the reporting of trading
on the NYSE or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquiring Fund or the Acquired
Fund is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully
resumed and reporting shall have been restored.

3.4. The Acquired Fund shall instruct its transfer agent to provide 'at the Closing, or immediately prior to the Closing, a list
of the names and addresses of the Acquired Fund's shareholders and the number and value of each class of outstanding Shares owned
by each such shareholder to the Acquiring Fund's transfer agent. The Acquiring Fund shall instruct its transfer agent to issue and
deliver a confirmation evidencing the value of the Acquiring Fund Shares to be credited to the Acquired Fund's account on the Closing
Date to the Secretary of the abrdn Trust or provide evidence satisfactory to the Acquired Fund that such Acquiring Fund Shares have been
credited to the Acquired Fund's account on the books of the Acquiring Fund. At the Closing, abrdn Trust, on behalf of the Funds,
shall deliver to counsel any bills of sale, checks, assignments, share certificates, if any, receipts or other documents as counsel may
request.

4. REPRESENTATIONS AND WARRANTIES

4.1. The abrdn Trust, on behalf of each Fund, represents and warrants that:

(a) The Funds are not, and the execution, delivery and performance of this Agreement by the abrdn Trust will not result, in a violation
of the abrdn Trust's Second Amended and Restated Agreement and Declaration of Trust, as amended, or Amended and Restated By-Laws
or any material agreement, indenture, instrument, contract, lease or other undertaking to which the abrdn Trust, on behalf of the Funds,
is a party or by which the Funds or their property are bound;

(b) There are no contracts or other commitments (other than this Agreement) of the Acquired Fund which will be terminated with liability
to the Acquired Fund prior to the Closing Date;

(c) The abrdn Trust is a registered investment company classified as a management company of the open-end type and its registration with
the Securities and Exchange Commission (the "Commission") as an investment company under the Investment Company Act of 1940,
as amended (the "1940 Act"), is in full force and effect;

(d) No litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or to
its knowledge threatened against the Funds or any of their properties or assets which, if adversely determined, would materially and adversely
affect their financial condition or the conduct of their business. The abrdn Trust knows of no facts which might form the basis for the
institution of such proceedings and are not a party to or subject to the provisions of any order, decree or judgment of any court or governmental
body which materially and adversely affects their business or their ability to consummate the transactions contemplated herein;

(e) The Statements of Assets and Liabilities of the Acquired Fund as of October 31, 2024, including the Schedule of Investments and
the related Statement of Operations for the year then ended, the Statement of Changes in Net Assets for each of the two years in the period
then ended and the Financial Highlights for each of the five years in the period then ended, have been audited by KPMG LLP, an independent
registered public accounting firm, and are in accordance with generally accepted accounting principles consistently applied, and such
statements (copies of which have been furnished to the Acquiring Fund) fairly reflect the financial condition of the Acquired Fund as
of such dates, and such statements (copies of which have been furnished to the Acquiring Fund) fairly reflect the financial condition
of the Acquired Fund as of such dates, and there are no known contingent liabilities of the Acquired Fund as of October 17, 2025
that are not disclosed therein;

(f) Since October 31, 2024, there has not been any material adverse change in the Acquired Fund's financial condition, assets,
liabilities or business other than changes occurring in the ordinary course of business, or any incurrence by the Acquired Fund of indebtedness
maturing more than one year from the date such indebtedness was incurred. For purposes of this subparagraph (f), a decline in net asset
value per share of the Acquired Fund due to declines in market values of securities in the Acquired Fund's portfolio, the discharge
of Acquired Fund liabilities, or the redemption of Acquired Fund shares by Acquired Fund shareholders shall not constitute a material
adverse change;

(g) At the date hereof and at the Closing Date, all federal and other tax returns and reports, including extensions, of the Acquired Fund
required by law to have been filed by such dates shall have been filed and are or will be correct in all material respects, and all federal
and other taxes shall have been paid so far as due, or provision shall have been made for the payment thereof and, to the best of the
Acquired Fund's knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;

(h) The Acquiring Fund intends to meet the requirements of Subchapter M of the Code for qualification and treatment as a regulated investment
company for its current taxable year that includes the date of the Closing Date;

(i) For each taxable year of its operation (including the portion of the taxable year through the Closing Date), the Acquired Fund has
met (or will meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company and has elected to
be treated as such and has been (or will be) eligible to and has computed (or will compute) its federal income tax under Section 852
of the Code;

(j) All of the issued and outstanding shares of beneficial interest of the Acquired Fund will, at the time of Closing, be held by the
persons and in the amounts set forth in the records of the transfer agent as provided in paragraph 3.4. The Acquired Fund does not have
outstanding any options, warrants or other rights to subscribe for or purchase any of its shares, nor is there outstanding any security
convertible into any of its shares;

(k) At the Closing Date, the Acquired Fund will have good and marketable title to the Acquired Fund's assets to be transferred to
the Acquiring Fund pursuant to paragraph 1.2 and full right, power and authority to sell, assign, transfer and deliver such assets hereunder.
Upon delivery and payment for such assets, the Acquiring Fund will acquire good and marketable title thereto, subject to no restrictions
on the full transfer thereof, except such restrictions as might arise under the Securities Act of 1933, as amended (the "1933 Act"),
and the 1940 Act with respect to privately placed or otherwise restricted securities that the Acquired Fund may have acquired in the ordinary
course of business and of which the Acquiring Fund has received notice and necessary documentation at or prior to the Closing;

(l) (1) The information to be furnished by the Acquiring Fund and Acquired Fund for use in applications for orders, registration
statements or proxy materials or for use in any other document filed or to be filed with any federal, state or local regulatory authority
(including the Financial Industry Regulatory Authority), which may be necessary in connection with the transactions contemplated hereby,
shall be accurate and complete in all material respects and shall comply in all material respects with federal securities and other laws
and regulations applicable thereto;

(m) The current prospectus and statement of additional information of the Acquiring Fund and Acquired Fund on Form N-lA conform in
all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission
thereunder and do not include any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading; and

(n) The Acquiring Fund agrees to use all reasonable efforts to obtain any approvals and authorizations required by the 1933 Act, the 1940
Act and such of the state blue sky or securities laws as it may deem appropriate in order to continue its operations after the Closing
Date.

4.2. Aberdeen represents and warrants to the Acquiring Fund as follows: to the knowledge of Aberdeen, (i) there are no claims, actions,
suits or proceedings pending against the Acquired Fund, and (ii) there are no claims, actions, suits or proceedings threatened, or
circumstances that have been identified by Aberdeen and the Secretary thereof as reasonably likely to give rise to any claims, actions,
suits or proceedings against the Acquired Fund that would materially adversely affect the Acquired Fund or its assets or business, other
than those disclosed in writing to and accepted by the Acquiring Fund.

5. COVENANTS OF THE ACQUIRED FUND AND THE ACQUIRING FUND

5.1. The Acquiring Fund and the Acquired Fund will operate their respective businesses in the ordinary course between the date hereof and
the Closing Date, it being understood that, with respect to the Acquired Fund, such ordinary course of business will include purchases
and sales of portfolio securities and other instruments, sales and redemptions of Acquired Fund shares, and the declaration and payment
of customary dividends and distributions, and with respect to the Acquiring Fund, it shall be limited to such actions as are customary
to the organization of a new series prior to its commencement of operations.

5.2. The Acquired Fund covenants that (i) the Acquiring Fund Shares to be issued hereunder are not being acquired for the purpose
of making any distribution thereof other than in accordance with the terms of this Agreement; (ii) to the best of the knowledge of
the Acquired Fund, there is no plan or intention by Acquired Fund's Shareholders to sell, exchange or otherwise dispose of a number
of Acquired Fund Shares (or Acquiring Fund Shares received in the Reorganization), in connection with the Reorganization, that would reduce
the Acquired Fund shareholders' ownership of Acquired Fund Shares (or equivalent Acquiring Fund Shares) to a number of shares that
is less than 50 percent of the number of Acquired Fund Shares as of the record date of the Reorganization; and (iii) the Acquired
Fund will not take any position on any federal, state or local income or franchise tax return, or take any other tax reporting position,
that is inconsistent with the treatment of the Reorganization as a "reorganization" within the meaning of Section 368(a) of
the Code.

5.3. Subject to the provisions of this Agreement, the abrdn Trust on behalf of the Acquiring Fund and the Acquired Fund will take, or cause
to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective
the transactions contemplated by this Agreement.

5.4. The Acquiring Fund agrees to indemnify and advance expenses to each person who at the time of the execution of this Agreement serves
as a Trustee or Officer ("Indemnified Person") of the abrdn Trust, against money damages actually and reasonably incurred
by such Indemnified Person in connection with any claim that is asserted against such Indemnified Person arising out of such person's
service as a Trustee or officer of the abrdn Trust, as such service involves the Acquired Fund, with respect to matters specifically relating
to the Reorganization, provided that such indemnification and advancement of expenses shall be permitted to the fullest extent that is
available under applicable law. This paragraph 5.4 shall not protect any such Indemnified Person against any liability to the Acquired
Fund, the Acquiring Fund or their shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence or from reckless disregard of the duties involved in the conduct of his or her office. An Indemnified Person seeking
indemnification shall be entitled to advances from the Acquiring Fund for payment of the reasonable expenses incurred by him or her in
connection with the matter as to which he or she is seeking indemnification in the manner and to the fullest extent permissible under
applicable law. Such Indemnified Person shall provide to the Acquiring Fund a written affirmation of his or her good faith belief that
the standard of conduct necessary for indemnification by the Acquiring Fund under this paragraph has been met and a written undertaking
to repay any advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of
the following additional conditions shall be met: (a) the Indemnified Person shall provide security in form and amount acceptable
to the Acquiring Fund for its undertaking; (b) the Acquiring Fund is insured against losses arising by reason of the advance; or
(c) either a majority of a quorum of disinterested non-party trustees of the Acquiring Fund, or independent legal counsel experienced
in mutual fund matters, selected by the Indemnified Person, in a written opinion, shall have determined, based on a review of facts readily
available to the Acquiring Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Person
will ultimately be found to be entitled to indemnification.

5.5. The intention of the parties is that the transaction will qualify as a reorganization within the meaning of Section 368(a) of
the Code. Neither the Acquiring Fund, the Acquired Fund nor the abrdn Trust shall take any action, or cause any action to be taken (including,
without limitation, the filing of any tax return) that is inconsistent with such treatment or results in the failure of the transaction
to qualify as a reorganization within the meaning of Section 368(a) of the Code. At or prior to the Closing Date, the Acquiring
Fund, the Acquired Fund and the abrdn Trust will take such action, or cause such action to be taken, as is reasonably necessary to enable
Dechert LLP to render the tax opinion contemplated here in paragraph 7.4.

5.6. Aberdeen agrees that the Acquiring Fund will succeed to all rights that the Acquired Fund has, or would have but for the Reorganization,
against Aberdeen or its affiliates by reason of any act or failure to act by Aberdeen or any of its affiliates prior to the Closing Date.

6. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ABRDN TRUST

The obligations of the abrdn Trust, on behalf of the Funds, to consummate the transactions provided for herein shall be subject, at its election, to the performance by the abrdn Trust, on behalf of the Funds, of all of the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, the following further conditions:

6.1. All representations and warranties by the abrdn Trust, the Acquired Fund or Acquiring Fund, contained in this Agreement shall be true
and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this
Agreement, as of the Closing Date with the same force and effect as if made on and as of the Closing Date; and

6.2. The abrdn Trust has delivered on behalf of each Fund, a certificate executed in its name by its Chairman, President, Vice President,
Secretary or Treasurer and dated as of the Closing Date, to the effect that the representations and warranties of the abrdn Trust made
in this Agreement are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated
by this Agreement.

7. FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND AND THE ACQUIRED FUND

If any of the conditions set forth below do not exist on or before the Closing Date with respect to the Funds, the abrdn Trust shall not be required to consummate the transactions contemplated by this Agreement.

7.1. The Board of Trustees of the abrdn Trust, including a majority of the trustees who are not "interested persons" of the
abrdn Trust (as defined by the 1940 Act), shall have determined that this Agreement and the transactions contemplated hereby are in the
best interests of each Fund and that the interests of the shareholders in each Fund would not be diluted as a result of such transactions.

7.2. On the Closing Date no action, suit or other proceeding shall be pending before any court or governmental agency in which it is sought
to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein.

7.3. All consents of other parties and all other consents, orders and permits of federal, state and local regulatory authorities (including
those of the Commission and of state blue sky and securities authorities, including "no-action" positions of and exemptive
orders from such federal and state authorities) deemed necessary by the abrdn Trust to permit consummation, in all material respects,
of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would
not involve a risk of a material adverse effect on the assets or properties of the Acquiring Fund or the Acquired Fund.

7.4. The abrdn Trust shall have received on the Closing Date an opinion of Dechert LLP, addressed to, and in form and substance reasonably
satisfactory to, the Acquired Fund and the Acquiring Fund and dated as of the Closing Date, substantially to the effect that for U.S.
federal income tax purposes and based upon certain facts, assumptions and representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The transfer of the Acquired Fund's assets in exchange solely for Acquiring Fund Shares and the assumption by the Acquiring
Fund of the Acquired Fund's liabilities followed by the distribution by the Acquired Fund of Acquiring Fund Shares and cash in lieu
of fractional Acquiring Fund Shares to the shareholders of the Acquired Fund in exchange for their Acquired Fund Shares in liquidation
of the Acquired Fund pursuant to and in accordance with the terms of this Agreement will constitute a "reorganization" within
the meaning of Section 368(a)(1) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No gain or loss will be recognized by the Acquiring Fund upon the receipt of the Acquired Fund's assets solely in exchange for
Acquiring Fund Shares and the assumption by the Acquiring Fund of the Acquired Fund's liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No gain or loss will be recognized by the Acquired Fund upon the transfer of the Acquired Fund's assets to the Acquiring Fund
in exchange solely for Acquiring Fund Shares and the assumption by the Acquiring Fund of the Acquired Fund's liabilities or upon
the distribution of Acquiring Fund Shares to the shareholders of the Acquired Fund in exchange for their Acquired Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No gain or loss will be recognized by the shareholders of the Acquired Fund upon the exchange of the Acquired
Fund Shares for Acquiring Fund Shares (except with respect to cash received in lieu of fractional Acquiring Fund Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The aggregate tax basis for Acquiring Fund Shares received by each shareholder of the Acquired Fund pursuant to the Reorganization
will be the same as the aggregate tax basis of the Acquired Fund Shares held by each such shareholder of the Acquired Fund immediately
prior to the Reorganization (reduced by any amount of tax basis allocable to fractional Acquiring Fund Shares for which cash is received);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The holding period of Acquiring Fund Shares to be received by each shareholder of the Acquired Fund will include the period during
which the Acquired Fund Shares surrendered in exchange therefor were held (provided such Acquired Fund Shares were held as capital assets
on the date of the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The tax basis of the Acquired Fund's assets acquired by the Acquiring Fund will be the same as the tax basis of such assets
to the Acquired Fund in exchange therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The holding periods of the Acquired Fund's assets in the hands of the Acquiring Fund will include the respective periods during
which those assets were held by the Acquired Fund (except where the investment activities of the Acquiring Fund have the effect of reducing
or eliminating such periods with respect to an Acquired Fund's asset); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in Section 381(c) of
the Code, subject to the provisions and limitations specified in Sections 381, 382, 383, and 384 of the Code and the United States Treasury
regulations promulgated thereunder.

For avoidance of doubt, "shareholders of the Acquired Fund" for this purpose refers to shareholders of the Acquired Fund who hold shares of the Acquired Fund through a brokerage account that can accept Acquiring Fund Shares and does not include Cash-Out Shareholders.

The delivery of such opinion is conditioned upon the receipt by Dechert LLP of representations it shall request of the abrdn Trust.

Notwithstanding anything herein to the contrary, neither the Acquiring Fund nor the Acquired Fund may waive the conditions set forth in this paragraph 7.4.

7.5. [Reserved].

8. BROKERAGE FEES AND EXPENSES; OTHER AGREEMENTS

8.1. Each Fund represents and warrants that there are no brokers or finders or other entities to receive any payments in connection with
the transactions provided for herein.

8.2. Aberdeen or its affiliates agrees to bear the reasonable expenses that are solely and directly related to the transactions contemplated
by this Agreement, whether or not consummated (excluding extraordinary expenses such as litigation expenses, damages and other expenses
not normally associated with transactions of the type contemplated by this Agreement). These expenses consist of: (i) expenses associated
with preparing this Agreement, a supplement to the Acquired Fund's prospectus and statement of additional information;

8.3. (ii) expenses associated with filing the supplement to the Acquired Fund's prospectus and statement of additional information;
(iii) registration or qualification fees and expenses of preparing and filing such forms, if any, necessary under applicable state
securities laws to qualify the Acquiring Fund Shares to be issued in connection with the Reorganization; (iv) postage, printing,
accounting fees and legal fees incurred by the Acquiring Fund and by the Acquired Fund in connection with the transactions contemplated
by this Agreement; and (v) any other reasonable Reorganization expenses.

8.4. Any other provision of this Agreement to the contrary notwithstanding, any liability of either Fund under this Agreement, or in connection
with the transactions contemplated herein with respect to such Fund, shall be discharged only out of the assets of such Fund.

9. ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES

9.1. The abrdn Trust, on behalf of the Acquiring Fund and the Acquired Fund, agrees that it has not made any representation, warranty or
covenant not set forth herein and that this Agreement constitutes the entire agreement.

9.2. The representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection
herewith shall survive the consummation of the transactions contemplated hereunder.

10. TERMINATION

This Agreement may be terminated at any time at or prior to the Closing Date by a vote of a majority of the Board of Trustees of the abrdn Trust.

11. AMENDMENTS

This Agreement may be amended, modified or supplemented in writing in such manner agreed upon by the authorized officers of the abrdn Trust.

12. NOTICES

12.1. Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be
given by prepaid telegraph, telecopy or certified mail addressed to the Acquiring Fund at:

1900 Market Street, Suite 200

Philadelphia, PA 19103

Attention: Product Governance

or to the Acquired Fund at:

1900 Market Street, Suite 200

Philadelphia, PA 19103

Attention: Product Governance

13. HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY

13.1. The article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

13.2. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

13.3. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

13.4. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment
or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party.
Except as provided in this paragraph and paragraph 5.4, nothing herein expressed or implied is intended or shall be construed to confer
upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or
remedies under or by reason of this Agreement.

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its Chairman, President, or Vice President and attested to by its Vice President, Secretary or Assistant Secretary.

abrdn Funds

For and on behalf of abrdn International Small Cap Fund and abrdn International Small Cap Active ETF

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| | |
|:---|:---|
| By: | /s/ Lucia Sitar |
|  | Name: Lucia Sitar |
|  | Title: Vice President |

---

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| | |
|:---|:---|
| Attested to by: | /s/ Andrew Kim |
|  | Name: Andrew Kim |
|  | Title: Vice President |

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Solely with respect to paragraphs 4.2, 5.6 and 8.2 hereof:

abrdn Inc.

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| | |
|:---|:---|
| By: | /s/ Lucia Sitar |
|  | Name: Lucia Sitar |
|  | Title: Vice President, U.S. Counsel and Head of Product Governance Americas |

---

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| | |
|:---|:---|
| Attested to by: | /s/ Andrew Kim |
|  | Name: Andrew Kim |
|  | Title: Senior Product Governance Manager - Attorney |

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## Exhibit 99.12

**Exhibit 99.12**

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|:---|:---|
| ![](tm2531039d1_ex99-12img01.jpg) | Three Bryant Park<br> 1095 Avenue of the Americas<br> New York, NY 10036-6797<br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com<br>|

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October 17, 2025

Board of Trustees abrdn International Small Cap Fund abrdn Funds 1900 Market Street, Suite 200 Philadelphia, Pennsylvania 19103 <br>Board of Trustees abrdn International Small Cap Active ETF abrdn Funds 1900 Market Street, Suite 200 Philadelphia, Pennsylvania 19103

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences to abrdn International Small Cap Fund (the "Acquired Fund"), a separate series of abrdn Funds, a Delaware statutory trust (the "abrdn Trust"), and to abrdn International Small Cap Active ETF (the "Acquiring Fund"), also a separate series of the abrdn Trust, and to the holders of shares of beneficial interest in the Acquired Fund (the "Acquired Fund Shares"), in connection with the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange solely for shares of beneficial interest in the Acquiring Fund (the "Acquiring Fund Shares") and the assumption by the Acquiring Fund of the Acquired Fund's liabilities followed by the distribution of the Acquiring Fund Shares received by the Acquired Fund and cash in lieu of fractional shares in complete liquidation of the Acquired Fund (the "Reorganization"), all pursuant to the Agreement and Plan of Reorganization and Liquidation (the "Agreement") dated as of October 17, 2025, executed by the abrdn Trust on behalf of each of the Acquiring Fund and the Acquired Fund.

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For purposes of this opinion, we have examined and relied upon (1) the Agreement, (2) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the abrdn Trust on behalf of the Acquiring Fund, (3) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the abrdn Trust on behalf of the Acquired Fund, and (4) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

This opinion is based upon the Internal Revenue Code of 1986, as amended (the "Code"), United States Treasury Regulations, judicial decisions and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Agreement.

Based upon the foregoing, it is our opinion that for federal income tax purposes, with respect to the Acquired Fund and the Acquiring Fund:

1. The transfer of the Acquired Fund's assets in exchange solely for
 Acquiring Fund Shares and the assumption by the Acquiring Fund of the Acquired Fund's
 liabilities followed by the distribution by the Acquired Fund of Acquiring Fund Shares and
 cash paid in lieu of fractional Acquiring Fund Shares to the shareholders of the Acquired
 Fund in exchange for their Acquired Fund Shares in liquidation of the Acquired Fund pursuant
 to and in accordance with the terms of this Agreement will constitute a "reorganization"
 within the meaning of section 368(a)(1) of the Code;

2. No gain or loss will be recognized by the Acquiring Fund upon the receipt
 of the Acquired Fund's assets solely in exchange for Acquiring Fund Shares and the
 assumption by the Acquiring Fund of the Acquired Fund's liabilities;

3. No gain or loss will be recognized by the Acquired Fund upon the transfer
 of the Acquired Fund's assets to the Acquiring Fund in exchange solely for Acquiring
 Fund Shares and the assumption by the Acquiring Fund of the Acquired Fund's liabilities
 or upon the distribution of Acquiring Fund Shares to the shareholders of the Acquired Fund
 in exchange for their Acquired Fund Shares;

4. No gain or loss will be recognized by the shareholders of the Acquired
 Fund upon the exchange of the Acquired Fund Shares for Acquiring Fund Shares (except with
 respect to cash received in lieu of fractional Acquiring Fund Shares);

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5. The aggregate tax basis for Acquiring Fund Shares received by each shareholder
 of the Acquired Fund pursuant to the Reorganization will be the same as the aggregate tax
 basis of the Acquired Fund Shares held by each such shareholder of the Acquired Fund immediately
 prior to the Reorganization (reduced by any amount of tax basis allocable to fractional Acquiring
 Fund Shares for which cash is received);

6. The holding period of Acquiring Fund Shares to be received by each shareholder
 of the Acquired Fund will include the period during which the Acquired Fund Shares surrendered
 in exchange therefor were held (provided such Acquired Fund Shares were held as capital assets
 on the date of the Reorganization);

7. The tax basis of the Acquired Fund's assets acquired by the Acquiring
 Fund will be the same as the tax basis of such assets to the Acquired Fund in exchange therefor;

8. The holding periods of the Acquired Fund's assets in the hands of
 the Acquiring Fund will include the respective periods during which those assets were held
 by the Acquired Fund (except where the investment activities of the Acquiring Fund have the
 effect of reducing or eliminating such periods with respect to an Acquired Fund's asset);
 and

9. The Acquiring Fund will succeed to and take into account the items of
 the Acquired Fund described in section 381(c) of the Code, subject to the provisions
 and limitations specified in sections 381, 382, 383, and 384 of the Code and the United States
 Treasury regulations promulgated thereunder.

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We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above or as to any transaction except those consummated in accordance with the Agreement. Without limiting the foregoing, we express no opinion as to the federal income tax consequences of the Reorganization to (1) the Acquired Fund with respect to contracts described in section 1256(b) of the Code or stock in a passive foreign investment company, as defined in section 1297(a) of the Code, (2) Acquired Fund shareholders whose investment is liquidated and the cash value of whose Acquired Fund Shares is returned to them, (3) Acquired Fund shareholders who hold their Acquired Fund Shares through an account that cannot hold the Acquiring Fund Shares at the time of the Reorganization, and (4) Acquired Fund shareholders whose Acquired Fund Shares are transferred by their broker or financial intermediary to a different investment option because such shareholders did not hold their Acquired Fund Shares through an account that can accept Acquiring Fund Shares on the date of the Reorganization.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours, |
| /s/ Dechert LLP |

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| ![](tm2531039d1_ex99-12img01.jpg) | Three Bryant Park<br> 1095 Avenue of the Americas<br> New York, NY 10036-6797<br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com<br>|

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October 17, 2025

Board of Trustees abrdn Intermediate Municipal Income Fund abrdn Funds 1900 Market Street, Suite 200 Philadelphia, Pennsylvania 19103 <br>Board of Trustees abrdn Ultra Short Municipal Income Active ETF abrdn Funds 1900 Market Street, Suite 200 Philadelphia, Pennsylvania 19103

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences to abrdn Intermediate Municipal Income Fund (the "Acquired Fund"), a separate series of abrdn Funds, a Delaware statutory trust (the "abrdn Trust"), and to abrdn Ultra Short Municipal Income Active ETF (the "Acquiring Fund"), also a separate series of the abrdn Trust, and to the holders of shares of beneficial interest in the Acquired Fund (the "Acquired Fund Shares"), in connection with the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange solely for shares of beneficial interest in the Acquiring Fund (the "Acquiring Fund Shares") and the assumption by the Acquiring Fund of the Acquired Fund's liabilities followed by the distribution of the Acquiring Fund Shares received by the Acquired Fund and cash in lieu of fractional shares in complete liquidation of the Acquired Fund (the "Reorganization"), all pursuant to the Agreement and Plan of Reorganization and Liquidation (the "Agreement") dated as of October 17, 2025, executed by the abrdn Trust on behalf of each of the Acquiring Fund and the Acquired Fund.

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For purposes of this opinion, we have examined and relied upon (1) the Agreement, (2) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the abrdn Trust on behalf of the Acquiring Fund, (3) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the abrdn Trust on behalf of the Acquired Fund, and (4) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

This opinion is based upon the Internal Revenue Code of 1986, as amended (the "Code"), United States Treasury Regulations, judicial decisions and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Agreement.

Based upon the foregoing, it is our opinion that for federal income tax purposes, with respect to the Acquired Fund and the Acquiring Fund:

1. The transfer of the Acquired Fund's assets in exchange solely for
 Acquiring Fund Shares and the assumption by the Acquiring Fund of the Acquired Fund's
 liabilities followed by the distribution by the Acquired Fund of Acquiring Fund Shares and
 cash paid in lieu of fractional Acquiring Fund Shares to the shareholders of the Acquired
 Fund in exchange for their Acquired Fund Shares in liquidation of the Acquired Fund pursuant
 to and in accordance with the terms of this Agreement will constitute a "reorganization"
 within the meaning of section 368(a)(1) of the Code;

2. No gain or loss will be recognized by the Acquiring Fund upon the receipt
 of the Acquired Fund's assets solely in exchange for Acquiring Fund Shares and the
 assumption by the Acquiring Fund of the Acquired Fund's liabilities;

3. No gain or loss will be recognized by the Acquired Fund upon the transfer
 of the Acquired Fund's assets to the Acquiring Fund in exchange solely for Acquiring
 Fund Shares and the assumption by the Acquiring Fund of the Acquired Fund's liabilities
 or upon the distribution of Acquiring Fund Shares to the shareholders of the Acquired Fund
 in exchange for their Acquired Fund Shares;

4. No gain or loss will be recognized by the shareholders of the Acquired
 Fund upon the exchange of the Acquired Fund Shares for Acquiring Fund Shares (except with
 respect to cash received in lieu of fractional Acquiring Fund Shares);

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5. The aggregate tax basis for Acquiring Fund Shares received by each shareholder
 of the Acquired Fund pursuant to the Reorganization will be the same as the aggregate tax
 basis of the Acquired Fund Shares held by each such shareholder of the Acquired Fund immediately
 prior to the Reorganization (reduced by any amount of tax basis allocable to fractional Acquiring
 Fund Shares for which cash is received);

6. The holding period of Acquiring Fund Shares to be received by each shareholder
 of the Acquired Fund will include the period during which the Acquired Fund Shares surrendered
 in exchange therefor were held (provided such Acquired Fund Shares were held as capital assets
 on the date of the Reorganization);

7. The tax basis of the Acquired Fund's assets acquired by the Acquiring
 Fund will be the same as the tax basis of such assets to the Acquired Fund in exchange therefor;

8. The holding periods of the Acquired Fund's assets in the hands of
 the Acquiring Fund will include the respective periods during which those assets were held
 by the Acquired Fund (except where the investment activities of the Acquiring Fund have the
 effect of reducing or eliminating such periods with respect to an Acquired Fund's asset);
 and

9. The Acquiring Fund will succeed to and take into account the items of
 the Acquired Fund described in section 381(c) of the Code, subject to the provisions
 and limitations specified in sections 381, 382, 383, and 384 of the Code and the United States
 Treasury regulations promulgated thereunder.

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|:---|:---|
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We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above or as to any transaction except those consummated in accordance with the Agreement. Without limiting the foregoing, we express no opinion as to the federal income tax consequences of the Reorganization to (1) the Acquired Fund with respect to contracts described in section 1256(b) of the Code or stock in a passive foreign investment company, as defined in section 1297(a) of the Code, (2) Acquired Fund shareholders whose investment is liquidated and the cash value of whose Acquired Fund Shares is returned to them, (3) Acquired Fund shareholders who hold their Acquired Fund Shares through an account that cannot hold the Acquiring Fund Shares at the time of the Reorganization, and (4) Acquired Fund shareholders whose Acquired Fund Shares are transferred by their broker or financial intermediary to a different investment option because such shareholders did not hold their Acquired Fund Shares through an account that can accept Acquiring Fund Shares on the date of the Reorganization.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours, |
| /s/ Dechert LLP |

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