# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001410368-25-042521
**Filing Date:** 2025-12
**Character Count:** 25951
**Document Hash:** 1b3c8444239b210f2d42546ebe91fcda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-042521.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001410368-25-042521

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22132
- **FILM NUMBER:** 251601102

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

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

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

## Series and Classes Contracts Data

### abrdn Infrastructure Debt Fund (Series ID: S000025401)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** abrdn Funds

- **b. Investment Company Act file number:** 811-22132

- **c. CIK number of Registrant:** 0001413594

- **d. LEI of Registrant:** 549300U001OCRSJJXY43

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** abrdn Infrastructure Debt Fund

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

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

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $21358996.82

**Total Liabilities:** $42821.36

**Net Assets:** $21316175.46

**Cash Not Reported:** $2.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -39.67000000 | **1-Year:** -277.74000000 | **5-Year:** -1174.18000000 | **10-Year:** -3638.02000000 | **30-Year:** -2009.07000000

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

- **3-Month:** -67.67000000 | **1-Year:** -776.07000000 | **5-Year:** -1334.40000000 | **10-Year:** -965.46000000 | **30-Year:** -499.80000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075913 | 1.01%                | 1.56%                | 0.32%                |
| Class ID C000076084 | 1.02%                | 1.45%                | 0.31%                |
| Class ID C000076087 | 1.03%                | 1.46%                | 0.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $80136.01                | $50658.54                                  |
| Month 2  | $15907.02                | $192464.85                                 |
| Month 3  | $36.50                   | $-74152.83                                 |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERITEX HOLDCO INTERMED                                     | AmeriTex HoldCo Intermediate LLC                                            | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     47000 | PA      | $49165.60     | 0.23%             | 2033-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                               | Azorra Finance Ltd                                                          | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    227000 | PA      | $239319.74    | 1.12%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                       | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    573000 | PA      | $481161.60    | 2.26%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                                | Cable One Inc                                                               | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |    211000 | PA      | $166692.16    | 0.78%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | California Infrastructure & Economic Development Bank                       | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    160000 | PA      | $128000.00    | 0.60%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | California Infrastructure & Economic Development Bank                       | CUSIP: 13034AE55<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    900000 | PA      | $674277.21    | 3.16%             | 2049-10-01      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | California Statewide Communities Development Authority                      | CUSIP: 13080SL93<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    725000 | PA      | $770196.94    | 3.61%             | 2047-08-15      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                         | Chart Industries Inc                                                        | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    407000 | PA      | $435817.23    | 2.04%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                       | Cogent Communications Group LLC / Cogent Finance Inc                        | CUSIP: 19240WAA7<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179425.33    | 0.84%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                     | Connect Finco SARL / Connect US Finco LLC                                   | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $211782.80    | 0.99%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                                         | Cornerstone Building Brands Inc                                             | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    235000 | PA      | $216839.88    | 1.02%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                       | Delek Logistics Partners LP / Delek Logistics Finance Corp                  | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    343000 | PA      | $357998.70    | 1.68%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                       | PURCHASED USD / SOLD GBP                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $12691.38     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                       | PURCHASED USD / SOLD EUR                                                    | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $23591.95     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                                  | PURCHASED EUR / SOLD USD                                                    | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |         1 | NC      | $-166.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                       | PURCHASED USD / SOLD EUR                                                    | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $73.55        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV CORP REVENUE                      | Dutchess County Local Development Corp                                      | CUSIP: 267045NL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $902862.89    | 4.24%             | 2039-07-01      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| ENERSYS                                                      | EnerSys                                                                     | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    439000 | PA      | $451211.66    | 2.12%             | 2032-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                     | First Quantum Minerals Ltd                                                  | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $207702.20    | 0.97%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FOND DU LAC CNTY WI REVENUE                                  | County of Fond Du Lac WI                                                    | CUSIP: 34446ABM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $671230.04    | 3.15%             | 2042-11-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| FOND DU LAC CNTY WI REVENUE                                  | County of Fond Du Lac WI                                                    | CUSIP: 34446ACA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405126.32    | 1.90%             | 2054-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                      | Frontier Communications Holdings LLC                                        | CUSIP: 35908MAE0<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    195000 | PA      | $205858.38    | 0.97%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| GABON BLUE BOND MASTER                                       | Gabon Blue Bond Master Trust Series 2                                       | CUSIP: 362419AA1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1000000 | PA      | $1012696.21   | 4.75%             | 2038-08-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                      | Howard Midstream Energy Partners LLC                                        | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    128000 | PA      | $131905.92    | 0.62%             | 2034-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST MUNI ELEC AGY PWR SPLY                           | Illinois Municipal Electric Agency                                          | CUSIP: 452024HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $303081.86    | 1.42%             | 2035-02-01      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD                                        | Investment Energy Resources Ltd                                             | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |    451000 | PA      | $448828.21    | 2.11%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LBJ INFRASTRUCTURE GROUP                                     | LBJ Infrastructure Group LLC                                                | CUSIP: 50203UAA1<br>LEI: 254900DEJSU2OQFZWQ97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $711689.33    | 3.34%             | 2057-12-31      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS CUSTOMER FAC CHARGE REVENUE     | City of Los Angeles Department of Airports Customer Facility Charge Revenue | CUSIP: 54445CAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $263822.13    | 1.24%             | 2048-05-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| LOW INCOME INVESTMENT                                        | Low Income Investment Fund                                                  | CUSIP: 54750AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $787665.19    | 3.70%             | 2026-07-01      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                          | CUSIP: 574205HW3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    470000 | PA      | $479805.38    | 2.25%             | 2057-05-31      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REVENUE                         | Massachusetts Development Finance Agency                                    | CUSIP: 57585BBJ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001171.70   | 4.70%             | 2026-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REVENUE                           | County of Miami-Dade Seaport Department                                     | CUSIP: 59335KFS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208439.00    | 0.98%             | 2055-11-01      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH FEDERAL LEASE REVENUE                   | New Hampshire Business Finance Authority                                    | CUSIP: 63607VAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $362795.40    | 1.70%             | 2028-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEVADA DEPT OF BUSINESS & INDUSTRY NV REVENUE                | State of Nevada Department of Business & Industry                           | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $320000.00    | 1.50%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPRTN DEV CORP REVENUE                          | New York Transportation Development Corp                                    | CUSIP: 65012EAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $801388.40    | 3.76%             | 2051-06-30      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                                    | Olin Corp                                                                   | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    137000 | PA      | $135667.88    | 0.64%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | Port Beaumont Navigation District                                           | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003616.70   | 4.71%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENUE                              | Public Finance Authority                                                    | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035745.50   | 4.86%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                 | State Street Institutional US Government Money Market Fund                  | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    283604 | NS      | $283603.93    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA CMNTY FACS DIST #2014-1 SPL TAX | City & County of San Francisco CA Community Facilities District No 2014-1   | CUSIP: 79772EEU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $401253.26    | 1.88%             | 2051-09-01      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| TOLEDO HOSPITAL/THE                                          | Toledo Hospital/The                                                         | CUSIP: 889184AE7<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $964400.00    | 4.52%             | 2048-11-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC                                        | TrueNoord Capital DAC                                                       | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     60000 | PA      | $63211.08     | 0.30%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                     | Univision Communications Inc                                                | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    377000 | PA      | $378268.61    | 1.77%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                       | Venture Global LNG Inc                                                      | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    487000 | PA      | $520190.02    | 2.44%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                  | Vistra Corp                                                                 | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    635000 | PA      | $641294.12    | 3.01%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VZ VENDOR FINANCING                                          | VZ Vendor Financing II BV                                                   | CUSIP: 000000000<br>LEI: 724500DRKUUR3GFOSK76 | Long             | DBT              | CORP              | NL        |    515000 | PA      | $561118.67    | 2.63%             | 2029-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                       | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    358000 | PA      | $385252.82    | 1.81%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC                                         | Georgian Railway JSC                                                        | CUSIP: 000000000<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |    336000 | PA      | $315617.02    | 1.48%             | 2028-06-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                             | Vmed O2 UK Financing I PLC                                                  | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    401000 | PA      | $476743.80    | 2.24%             | 2031-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                            | Iron Mountain Inc                                                           | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    135000 | PA      | $156191.29    | 0.73%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer