# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001410368-25-042515
**Filing Date:** 2025-12
**Character Count:** 21331
**Document Hash:** 80a1eeb531f4e111ea58e7c2bb83b62c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-042515.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001410368-25-042515

**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:** 251601096

**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 Ultra Short Municipal Income Active ETF (Series ID: S000094325)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000262823 | abrdn Ultra Short Municipal Income 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 Ultra Short Municipal Income Active ETF

- **b. EDGAR series identifier (if any):** S000094325

- **c. LEI of Series:** 213800G1AY3D4FPHD177

**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:** $30869888.54

**Total Liabilities:** $1114912.74

**Net Assets:** $29754975.80

**Delayed Delivery Securities:** $1030000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -197.94000000 | **1-Year:** -753.34000000 | **5-Year:** -79.64000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -16.18000000 | **1-Year:** -21.26000000 | **5-Year:** -42.18000000 | **10-Year:** -40.31000000 | **30-Year:** -3.21000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262823 |  |  | -0.47%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $-389168.45              | $32367.77                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BARTOW CNTY GA DEV AUTH SOLID WASTE DISP FAC REVENUE         | Bartow County Development Authority                                             | CUSIP: 06964KAB2<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 4.03%             | 2062-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REVENUE                            | County of Berkeley SC                                                           | CUSIP: 084185DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.01%             | 2028-09-01      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash                           | BlackRock Liquidity Funds MuniCash                                              | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | EC               | RF                | US        |     63047 | NS      | $63053.72     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOME CNTY NY LOCAL DEV CORP REVENUE                        | Broome County Local Development Corp                                            | CUSIP: 114731BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $704287.70    | 2.37%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BUFFALO NY                                                   | City of Buffalo NY                                                              | CUSIP: 119677SB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1103750 | PA      | $1117555.93   | 3.76%             | 2026-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL FACS REVENUE                   | Capital Trust Authority                                                         | CUSIP: 14054WBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $120350.13    | 0.40%             | 2040-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REVENUE                           | Colorado Health Facilities Authority                                            | CUSIP: 19648FPT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900000.00    | 3.02%             | 2052-12-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | Connecticut State Health & Educational Facilities Authority                     | CUSIP: 20774YV53<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1142640.71   | 3.84%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY NC INDL FACS & POLL CONTROL FING AUTH SOL WS | Cumberland County Industrial Facilities & Pollution Control Financing Authority | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1028983.29   | 3.46%             | 2027-12-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                      | Florida Development Finance Corp                                                | CUSIP: 34061NDH4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    590000 | PA      | $590000.00    | 1.98%             | 2029-08-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX HLTH FACS DEV CORP REVENUE                    | Harris County Health Facilities Development Corp                                | CUSIP: 41315RAY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $647468.33    | 2.18%             | 2027-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FACS FIN CORP MED FACS REVENUE   | Harris County Cultural Education Facilities Finance Corp                        | CUSIP: 414008CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $475000.00    | 1.60%             | 2046-11-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA PUBLIC HOSP DIST #4 HOSP REVENUE                | King County Public Hospital District No 4                                       | CUSIP: 494796AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1303285.49   | 4.38%             | 2045-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVENUE                             | M-S-R Energy Authority                                                          | CUSIP: 55374SAD2<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    370000 | PA      | $390052.96    | 1.31%             | 2029-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | Main Street Natural Gas Inc                                                     | CUSIP: 56035DEA6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252181.40    | 0.85%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                                    | Maryland Economic Development Corp                                              | CUSIP: 574205GT1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    345000 | PA      | $347921.46    | 1.17%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                | Metropolitan Transportation Authority                                           | CUSIP: 59261ACF2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    695000 | PA      | $702711.86    | 2.36%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                                | Metropolitan Transportation Authority                                           | CUSIP: 59261ADJ3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1275850.94   | 4.29%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                               | CUSIP: 605279GX0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1740000.00   | 5.85%             | 2032-11-01      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP SOL WST DISP REVENUE        | Mississippi Business Finance Corp                                               | CUSIP: 60527MAZ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.01%             | 2028-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH HLTHCARE FACS REVENUE                   | New Hampshire Business Finance Authority                                        | CUSIP: 63610BAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 1.34%             | 2064-11-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966JE77<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 2.02%             | 2042-04-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                  | City of New York NY                                                             | CUSIP: 64966QWQ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 1.68%             | 2042-04-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | New York City Municipal Water Finance Authority                                 | CUSIP: 64972F2J4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.67%             | 2044-06-15      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | North Carolina Medical Care Commission                                          | CUSIP: 65821DYX3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 3.36%             | 2039-10-01      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                 | Ohio Air Quality Development Authority                                          | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1056630.54   | 3.55%             | 2039-11-01      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| PEFA INC IA GAS PROJ REVENUE                                 | PEFA Inc                                                                        | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267275.50   | 4.26%             | 2049-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399915.56    | 1.34%             | 2034-04-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | Pennsylvania Higher Educational Facilities Authority                            | CUSIP: 70917SNX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.01%             | 2045-09-01      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | Pennsylvania Higher Educational Facilities Authority                            | CUSIP: 70917TSU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330000.00    | 1.11%             | 2061-11-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                              | Port of Port Arthur Navigation District                                         | CUSIP: 735220AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 4.03%             | 2040-11-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | Kentucky Public Energy Authority                                                | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    365000 | PA      | $367670.71    | 1.24%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRREVENUE                         | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QPK2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100093.23    | 0.34%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX WTR REVENUE                                   | San Antonio Water System                                                        | CUSIP: 79642GQR6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 3.36%             | 2054-05-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| SEVIER CNTY TN PUBLIC BLDG AUTH                              | Public Building Authority of Sevier County TN/The                               | CUSIP: 818200VJ3<br>LEI: 549300W1TCZIAX7JRK58 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 3.70%             | 2039-06-01      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | Tennessee Energy Acquisition Corp                                               | CUSIP: 880443BT2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1223271.72   | 4.11%             | 2026-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HHK6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000752.90   | 3.36%             | 2043-11-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                    | City of Venice FL                                                               | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225433.80    | 0.76%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECON & INDL DEV AUTH SOL WST DISP REVENUE     | Walker County Economic & Industrial Development Authority                       | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 4.03%             | 2063-08-01      | Floating      | 4.00%                 | 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