# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001410368-25-042511
**Filing Date:** 2025-12
**Character Count:** 23314
**Document Hash:** f8efd7d58048b319d70064a2561c1168
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-042511.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001410368-25-042511

**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:** 251601091

**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 U.S. Small Cap Equity Fund (Series ID: S000020297)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000056974 | Class A                     | GSXAX           |
| C000056976 | Class C                     | GSXCX           |
| C000056977 | Class R                     | GNSRX           |
| C000056978 | Institutional Class         | GSCIX           |
| C000056979 | Institutional Service Class | GSXIX           |

## 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 U.S. Small Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000020297

- **c. LEI of Series:** 549300TNQR941YMI8Q62

**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:** $343103701.73

**Total Liabilities:** $450731.02

**Net Assets:** $342652970.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000056974 | 5.75%                | -0.79%               | -1.47%               |
| Class ID C000056976 | 5.69%                | -0.85%               | -1.54%               |
| Class ID C000056977 | 5.76%                | -0.85%               | -1.49%               |
| Class ID C000056978 | 5.81%                | -0.79%               | -1.44%               |
| Class ID C000056979 | 5.81%                | -0.80%               | -1.45%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4144127.23              | $15101034.02                               |
| Month 2  | $-6193683.94             | $3532174.34                                |
| Month 3  | $477114.28               | $-5266980.85                               |

### 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        |    435634 | NS      | $6743614.32   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc                   | ANI Pharmaceuticals Inc                                      | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |    100092 | NS      | $9068335.20   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ATS Corp                                  | ATS Corp                                                     | CUSIP: 00217Y104<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | EC               | CORP              | CA        |    188159 | NS      | $5175697.28   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                     | Alphatec Holdings Inc                                        | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    580822 | NS      | $11029809.78  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                            | Ameris Bancorp                                               | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |    118936 | NS      | $8518196.32   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                              | ArcBest Corp                                                 | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |     23345 | NS      | $1735000.40   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Aritzia Inc                               | Aritzia Inc                                                  | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |    148859 | NS      | $10398000.95  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc         | Atmus Filtration Technologies Inc                            | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155519 | NS      | $7073004.12   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                               | Banner Corp                                                  | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119075 | NS      | $7190939.25   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                    | Boot Barn Holdings Inc                                       | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     53741 | NS      | $10191980.65  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                 | Brinker International Inc                                    | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     53195 | NS      | $5780168.70   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                 | Casella Waste Systems Inc                                    | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     38096 | NS      | $3374162.72   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc              | Catalyst Pharmaceuticals Inc                                 | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |    253463 | NS      | $5391158.01   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The                  | Chefs' Warehouse Inc/The                                     | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |     72269 | NS      | $4263871.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc                  | Corcept Therapeutics Inc                                     | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     95102 | NS      | $6987143.94   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc         | Donnelley Financial Solutions Inc                            | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |    119792 | NS      | $5504442.40   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                              | Ducommun Inc                                                 | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     76460 | NS      | $7015205.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                            | elf Beauty Inc                                               | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     61264 | NS      | $7482784.96   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                                 | Enpro Inc                                                    | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     45027 | NS      | $10446714.27  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc             | Everus Construction Group Inc                                | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |     59043 | NS      | $5366418.27   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc              | American Healthcare REIT Inc                                 | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |    164166 | NS      | $7440003.12   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                              | Griffon Corp                                                 | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |     77935 | NS      | $5767969.35   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                   | KB Home                                                      | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     53749 | NS      | $3355012.58   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                          | Knife River Corp                                             | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43447 | NS      | $2626805.62   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                              | Knowles Corp                                                 | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    225110 | NS      | $5314847.10   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc                | Ligand Pharmaceuticals Inc                                   | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     61304 | NS      | $11728068.24  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp                   | Magnolia Oil & Gas Corp                                      | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    186632 | NS      | $4191754.72   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                             | Materion Corp                                                | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |     84475 | NS      | $9683369.25   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                 | Merit Medical Systems Inc                                    | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     43293 | NS      | $3789869.22   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                | Mueller Water Products Inc                                   | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    278132 | NS      | $7136867.12   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                          | NMI Holdings Inc                                             | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    154313 | NS      | $5621622.59   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| OMNIAB INC                                | OMNIAB INC                                                   | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58211 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| OMNIAB INC                                | OMNIAB INC                                                   | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58211 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ONE Gas Inc                               | ONE Gas Inc                                                  | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     79969 | NS      | $6412714.11   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                          | PJT Partners Inc                                             | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     33374 | NS      | $5376885.14   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                           | Q2 Holdings Inc                                              | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    117218 | NS      | $7239383.68   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                             | REV Group Inc                                                | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |    206928 | NS      | $10609198.56  | 3.10%             |  |  |  | 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        |    356494 | NS      | $356493.50    | 0.10%             |  |  |  | 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        |   4574204 | NS      | $4574204.32   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                              | SM Energy Co                                                 | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    165373 | NS      | $3454641.97   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida          | Seacoast Banking Corp of Florida                             | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    297810 | NS      | $9023643.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc     | Skyward Specialty Insurance Group Inc                        | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |    114079 | NS      | $5200861.61   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT Inc           | Smartstop Self Storage REIT Inc                              | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               |  | US        |    138476 | NS      | $4756650.60   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                          | StoneX Group Inc                                             | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     75617 | NS      | $6950714.64   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                                | Vertex Inc                                                   | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    183657 | NS      | $4205745.30   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                       | Viavi Solutions Inc                                          | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    585921 | NS      | $10370801.70  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The                      | Vita Coco Co Inc/The                                         | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |    163943 | NS      | $6751172.74   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                       | WSFS Financial Corp                                          | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |    153537 | NS      | $7997742.33   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                   | Wintrust Financial Corp                                      | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     74545 | NS      | $9692340.90   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                               | Workiva Inc                                                  | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     84355 | NS      | $7171018.55   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International Plc | Kiniksa Pharmaceuticals International Plc                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    154472 | NS      | $5717008.72   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel                         | Camtek Ltd/Israel                                            | CUSIP: 000000000<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |     75125 | NS      | $9301977.50   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                                 | JFrog Ltd                                                    | CUSIP: 000000000<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |    183148 | NS      | $8695867.04   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                  | OneSpaWorld Holdings Ltd                                     | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    157863 | NS      | $3673472.01   | 1.07%             |  |  |  | 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