# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001410368-25-042519
**Filing Date:** 2025-12
**Character Count:** 18177
**Document Hash:** 39c6b6aeb4611a86f582299be3a8d01a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-042519.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001410368-25-042519

**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:** 251601100

**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 Focused U.S. Small Cap Active ETF (Series ID: S000088604)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000254924 | abrdn Focused U.S. Small Cap Active ETF |  |

## 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 Focused U.S. Small Cap Active ETF

- **b. EDGAR series identifier (if any):** S000088604

- **c. LEI of Series:** 213800F617MCULVYKK55

**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:** $23447265.85

**Total Liabilities:** $98459.94

**Net Assets:** $23348805.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254924 | 5.36%                | -0.38%               | -1.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2035522.53              | $1429311.69                                |
| Month 2  | $2333929.66              | $-2377206.35                               |
| Month 3  | $1190469.34              | $-1475696.16                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMA Biologics Inc                        | ADMA Biologics Inc                                           | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29848 | NS      | $462047.04    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc                   | ANI Pharmaceuticals Inc                                      | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |      6868 | NS      | $622240.80    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ATS Corp                                  | ATS Corp                                                     | CUSIP: 00217Y104<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | EC               | CORP              | CA        |     15637 | NS      | $430127.60    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                     | Alphatec Holdings Inc                                        | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |     38119 | NS      | $723879.81    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                            | Ameris Bancorp                                               | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      9974 | NS      | $714337.88    | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Aritzia Inc                               | Aritzia Inc                                                  | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |     11662 | NS      | $814606.35    | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc         | Atmus Filtration Technologies Inc                            | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11803 | NS      | $536800.44    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                               | Banner Corp                                                  | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8817 | NS      | $532458.63    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                    | Boot Barn Holdings Inc                                       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      3699 | NS      | $701515.35    | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                 | Brinker International Inc                                    | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      4530 | NS      | $492229.80    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                 | Casella Waste Systems Inc                                    | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      3351 | NS      | $296798.07    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc              | Catalyst Pharmaceuticals Inc                                 | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     18984 | NS      | $403789.68    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc                  | Corcept Therapeutics Inc                                     | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      6310 | NS      | $463595.70    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc         | Donnelley Financial Solutions Inc                            | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      8571 | NS      | $393837.45    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                              | Ducommun Inc                                                 | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |      6097 | NS      | $559399.75    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                            | elf Beauty Inc                                               | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      4090 | NS      | $499552.60    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                                 | Enpro Inc                                                    | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |      2852 | NS      | $661692.52    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc             | Everus Construction Group Inc                                | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |      4021 | NS      | $365468.69    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc              | American Healthcare REIT Inc                                 | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |     19738 | NS      | $894526.16    | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                              | Griffon Corp                                                 | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |      6903 | NS      | $510891.03    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                              | Knowles Corp                                                 | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     20596 | NS      | $486271.56    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc                | Ligand Pharmaceuticals Inc                                   | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      4896 | NS      | $936653.76    | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp                   | Magnolia Oil & Gas Corp                                      | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23540 | NS      | $528708.40    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                             | Materion Corp                                                | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      6752 | NS      | $773981.76    | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                | Mueller Water Products Inc                                   | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     20513 | NS      | $526363.58    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                          | PJT Partners Inc                                             | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      3175 | NS      | $511524.25    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                           | Q2 Holdings Inc                                              | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |      8334 | NS      | $514707.84    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                             | REV Group Inc                                                | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |     14180 | NS      | $727008.60    | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors              | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    271535 | NS      | $271534.75    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors              | State Street Institutional US Government Money Market Fund   | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    228000 | NS      | $228000.42    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida          | Seacoast Banking Corp of Florida                             | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     22847 | NS      | $692264.10    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc     | Skyward Specialty Insurance Group Inc                        | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |      7850 | NS      | $357881.50    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                          | StoneX Group Inc                                             | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      6112 | NS      | $561815.04    | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                                | Vertex Inc                                                   | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     17701 | NS      | $405352.90    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                       | Viavi Solutions Inc                                          | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     46032 | NS      | $814766.40    | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The                      | Vita Coco Co Inc/The                                         | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     13806 | NS      | $568531.08    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                   | Wintrust Financial Corp                                      | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |      5453 | NS      | $708999.06    | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                               | Workiva Inc                                                  | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |      7232 | NS      | $614792.32    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International Plc | Kiniksa Pharmaceuticals International Plc                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     14946 | NS      | $553151.46    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel                         | Camtek Ltd/Israel                                            | CUSIP: 000000000<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |      6837 | NS      | $846557.34    | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                                 | JFrog Ltd                                                    | CUSIP: 000000000<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |     14699 | NS      | $697908.52    | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer