# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001410368-26-067171
**Filing Date:** 2026-6
**Character Count:** 61787
**Document Hash:** a8c47ba986048a1663d7ed7fec96a988
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-067171.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001410368-26-067171

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20261031

**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:** 261126332

**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 Fund (Series ID: S000061523)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000199221 | Class A             | ATOAX           |
| C000199222 | Institutional Class | ATOIX           |
| C000210496 | Class A1            | ATOBX           |

## 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 Fund

- **b. EDGAR series identifier (if any):** S000061523

- **c. LEI of Series:** 254900WT1JU01JP0ON35

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $1117609594.03

**Total Liabilities:** $1518621.86

**Net Assets:** $1116090972.17

**Delayed Delivery Securities:** $736073.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -5951.25000000 | **1-Year:** -7448.63000000 | **5-Year:** -2933.22000000 | **10-Year:** -17452.50000000 | **30-Year:** -16798.32000000

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

- **3-Month:** -987.07000000 | **1-Year:** -971.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000199222 | 0.20%                | 0.11%                | 0.25%                |
| Class ID C000199221 | 0.18%                | 0.19%                | 0.23%                |
| Class ID C000210496 | 0.18%                | 0.09%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.10                    | $19538.49                                  |
| Month 2  | $0.01                    | $-485559.25                                |
| Month 3  | $0.24                    | $-144919.54                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LOWELL AR INDL DEV REVENUE                                   | City of Lowell AR                                                               | CUSIP: 547516AB0<br>LEI: 549300GXJ4CE6FSCJA35 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.11%             | 2036-10-01      | Floating      | 3.80%                 | 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        |  26575000 | PA      | $26575000.00  | 2.38%             | 2045-09-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035HZ74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7125000 | PA      | $7125000.00   | 0.64%             | 2044-07-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CCC0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   9700000 | PA      | $9700000.00   | 0.87%             | 2045-01-15      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE | Texas Municipal Gas Acquisition and Supply Corp I                               | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2576122.92   | 0.23%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499773.95    | 0.04%             | 2055-06-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                                  | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20094684.00  | 1.80%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| LIBERAL KS INDL DEV REVENUE                                  | City of Liberal KS                                                              | CUSIP: 530090BC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2029-02-01      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVRNMNTL FACS REVENUE                       | County of Trimble KY                                                            | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4546064.70   | 0.41%             | 2054-06-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                   | Chandler Industrial Development Authority                                       | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18675000 | PA      | $18905914.51  | 1.69%             | 2052-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                                  | CUSIP: 09182THT7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    700000 | PA      | $709877.07    | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4009669.20   | 0.36%             | 2044-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KS62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22300000 | PA      | $22300000.00  | 2.00%             | 2031-02-01      | Floating      | 3.29%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                      | New York State Housing Finance Agency                                           | CUSIP: 64986MF34<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4600000.00   | 0.41%             | 2039-11-01      | Floating      | 2.95%                 | 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: 64972GU28<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.20%             | 2041-06-15      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HD89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2530000.00   | 0.23%             | 2054-06-01      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| BARTOW-CARTERSVILLE GA JT DEV AUTH REVENUE                   | Bartow-Cartersville Joint Development Authority                                 | CUSIP: 06962PCD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12000000.00  | 1.08%             | 2033-08-01      | Floating      | 3.44%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH ENVRNMNTL REVENUE                        | Indiana Finance Authority                                                       | CUSIP: 455054AD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  19900000 | PA      | $19900000.00  | 1.78%             | 2030-08-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| CRAWFORD CNTY IA MEMORIAL HOSP REVENUE                       | Crawford County Memorial Hospital Inc                                           | CUSIP: 224832BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2526215.14   | 0.23%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                                  | New Mexico Mortgage Finance Authority                                           | CUSIP: 64720AAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500011.85   | 0.13%             | 2057-09-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | California Pollution Control Financing Authority                                | CUSIP: 130536QW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252646.50   | 0.11%             | 2040-11-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH SOL WST REVENUE                     | Industrial Development Authority of the City of Phoenix/The                     | CUSIP: 71884RAA0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |  12100000 | PA      | $12100000.00  | 1.08%             | 2035-12-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash                           | BlackRock Liquidity Funds MuniCash                                              | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | EC               | RF                | US        |    100371 | NS      | $100381.22    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MARYLAND ST INDL DEV FING AUTH PORT FACS REVENUE             | Maryland Industrial Development Financing Authority                             | CUSIP: 574076AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  49905000 | PA      | $49905000.00  | 4.47%             | 2030-03-01      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST DISP REVENUE                        | Iowa Finance Authority                                                          | CUSIP: 46245EAW7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   6630000 | PA      | $6630000.00   | 0.59%             | 2038-07-01      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAT4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4496973.75   | 0.40%             | 2056-03-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE | Texas Municipal Gas Acquisition & Supply Corp V                                 | CUSIP: 88256RAM8<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    305000 | PA      | $313828.50    | 0.03%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC INDL DEV REVENUE                            | County of Berkeley SC                                                           | CUSIP: 084185DC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4105000 | PA      | $4105000.00   | 0.37%             | 2029-03-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| MIZUHO FLOATER/RESIDUAL TRUST VARIOUS STATES                 | Mizuho Floater/Residual Trust                                                   | CUSIP: 60700HE88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2523878 | PA      | $2523878.00   | 0.23%             | 2027-06-26      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | California Pollution Control Financing Authority                                | CUSIP: 130536RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999541.60    | 0.09%             | 2042-11-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE         | New York State Environmental Facilities Corp                                    | CUSIP: 649852AN0<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2030-05-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999547.90    | 0.09%             | 2040-07-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | New York State Dormitory Authority                                              | CUSIP: 65000B5U8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9800000 | PA      | $9800000.00   | 0.88%             | 2044-05-01      | Floating      | 3.87%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | California Pollution Control Financing Authority                                | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2995284.90   | 0.27%             | 2043-07-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                                  | CUSIP: 09182TGN1<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    700000 | PA      | $718012.61    | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | New York City Housing Development Corp                                          | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   3430000 | PA      | $3431151.79   | 0.31%             | 2062-11-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1124578.35   | 0.10%             | 2049-04-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| POUGHKEEPSIE CITY NY                                         | City of Poughkeepsie NY                                                         | CUSIP: 7386297S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4002397.60   | 0.36%             | 2027-04-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH EDUCTNL & HSG FAC BRD REVENUE            | Chattanooga Health Educational & Housing Facility Board                         | CUSIP: 162410CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21450000 | PA      | $21450000.00  | 1.92%             | 2039-05-01      | Floating      | 3.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999095.80   | 0.18%             | 2049-06-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| PEFA INC IA GAS PROJ REVENUE                                 | PEFA Inc                                                                        | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25144165.00  | 2.25%             | 2049-09-01      | Floating      | 5.00%                 | 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        |  17500000 | PA      | $17500000.00  | 1.57%             | 2040-11-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST FACSREVENUE                         | Iowa Finance Authority                                                          | CUSIP: 46246YAA0<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  11665000 | PA      | $11665000.00  | 1.05%             | 2047-12-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| PORT OF CORPUS CHRISTI TX AUTH                               | Port of Corpus Christi Authority of Nueces County                               | CUSIP: 733908AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18200000 | PA      | $18200000.00  | 1.63%             | 2029-07-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SOL WST DISP REVENUE                      | Public Finance Authority                                                        | CUSIP: 74445MAG4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.11%             | 2027-09-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999547.90    | 0.09%             | 2045-10-01      | Floating      | 2.88%                 | 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        |  43600000 | PA      | $43600000.00  | 3.91%             | 2046-11-15      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP MF MTGE REVENUE                      | Florida Housing Finance Corp                                                    | CUSIP: 34074HGY2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3424919.51   | 0.31%             | 2026-12-01      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE | Texas Municipal Gas Acquisition & Supply Corp V                                 | CUSIP: 88256RAL0<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    415000 | PA      | $421043.44    | 0.04%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | Main Street Natural Gas Inc                                                     | CUSIP: 56035DBG6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3564207.85   | 0.32%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                                   | City of Austin TX Airport System Revenue                                        | CUSIP: 052398HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $909144.99    | 0.08%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | Main Street Natural Gas Inc                                                     | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    645000 | PA      | $646729.70    | 0.06%             | 2050-03-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.27%             | 2050-05-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENUE                              | County of Meade KY                                                              | CUSIP: 583022AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24800000 | PA      | $24800000.00  | 2.22%             | 2061-08-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7244610.35   | 0.65%             | 2041-07-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH SOL WST DISP REVENUE           | Kentucky Economic Development Finance Authority                                 | CUSIP: 49126RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.31%             | 2031-04-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035RQ56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.05%             | 2046-02-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ                                                    | City of Newark NJ                                                               | CUSIP: 650367TD7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000580.50   | 0.27%             | 2026-05-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HLTH CARE AUTH FOR BAPTIST HLTH AL                           | Health Care Authority for Baptist Health/The                                    | CUSIP: 42219UBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25088000 | PA      | $25088000.00  | 2.25%             | 2042-11-01      | Floating      | 4.47%                 | 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        |   1000000 | PA      | $999541.60    | 0.09%             | 2034-04-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| ELMIRA CITY NY                                               | City of Elmira City NY                                                          | CUSIP: 289587M20<br>LEI: 5493006ZFXLMU5H8ZE65 | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3398702.48   | 0.30%             | 2026-12-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEWISBURG TN INDL DEV BRD SOL WST DISP REVENUE               | Lewisburg Industrial Development Board                                          | CUSIP: 528236AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2035-07-02      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CCH9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  19250000 | PA      | $19250000.00  | 1.72%             | 2045-01-15      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AUTH SOL WST DISP REVENUE        | Miami-Dade County Industrial Development Authority                              | CUSIP: 59333GAL2<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000100.40   | 0.18%             | 2041-11-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST DEV FIN BRD CULTURAL FACS REVENUE                | Missouri Development Finance Board                                              | CUSIP: 606037AW9<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |  22300000 | PA      | $22300000.00  | 2.00%             | 2037-06-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST DISPREVENUE                         | Iowa Finance Authority                                                          | CUSIP: 46245EAY3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  25400000 | PA      | $25400000.00  | 2.28%             | 2046-12-01      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLID WASTE DISP FAC REVENUE         | Bartow County Development Authority                                             | CUSIP: 06964KAB2<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.21%             | 2062-11-01      | Floating      | 3.53%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                           | City of Houston TX                                                              | CUSIP: 44241BWV0<br>LEI: 549300C64URYS0WQQY42 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.90%             | 2026-06-16      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH HLTHCARE REVENUE                       | Arkansas Development Finance Authority                                          | CUSIP: 04084RAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24314000 | PA      | $24314000.00  | 2.18%             | 2044-09-01      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                                  | CUSIP: 09182THU4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1713313.79   | 0.15%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABINGTON MA                                                  | Town of Abington MA                                                             | CUSIP: 003518QM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2523031.00   | 0.23%             | 2027-04-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | South Carolina Public Service Authority                                         | CUSIP: 837151WN5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |  14755000 | PA      | $14755000.00  | 1.32%             | 2036-01-01      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| abrdn Ultra Short Municipal Income Active ETF                | abrdn Ultra Short Municipal Income Active ETF                                   | CUSIP: 003022274<br>LEI: 213800G1AY3D4FPHD177 | Long             | EC               | RF                | US        |    889896 | NS      | $23199588.72  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES         | JPMorgan Chase Putters/Drivers Trust                                            | CUSIP: 46640KYU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  27300000 | PA      | $27300000.00  | 2.45%             | 2027-03-20      | Floating      | 3.72%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A COOPERATIVE                     | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136HCQ4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    900000 | PA      | $923416.47    | 0.08%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH LA REVENUE                     | Parish of St John the Baptist LA                                                | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $424575.68    | 0.04%             | 2037-06-01      | Floating      | 2.38%                 | No            |                  2 | On Loan: No      |
| WEEHAWKEN TWP NJ                                             | Township of Weehawken NJ                                                        | CUSIP: 948560VV6<br>LEI: 549300NEPL206Q5RBR93 | Long             | DBT              | MUN               | US        |   4395000 | PA      | $4397222.11   | 0.39%             | 2026-08-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST                                            | Rib Floater Trust Various States                                                | CUSIP: 76252PH44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8045000 | PA      | $8045000.00   | 0.72%             | 2049-08-01      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                 | Virginia Small Business Financing Authority                                     | CUSIP: 928104QQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755885.63    | 0.07%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.11%             | 2045-08-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | Black Belt Energy Gas District                                                  | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10046765.00  | 0.90%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE     | California Pollution Control Financing Authority                                | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499312.40   | 0.13%             | 2042-11-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                  | Development Authority of Burke County/The                                       | CUSIP: 121342PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.10%             | 2052-11-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| GUTHRIE CNTY HOSP IA HOSP REVENUE                            | Guthrie County Hospital                                                         | CUSIP: 40341HAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3840000 | PA      | $3842325.12   | 0.34%             | 2029-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501111.35    | 0.04%             | 2046-10-01      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                              | Port of Port Arthur Navigation District                                         | CUSIP: 735220AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3300000.00   | 0.30%             | 2040-04-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS             | West Virginia Economic Development Authority                                    | CUSIP: 95648VBZ1<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.90%             | 2065-11-01      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| CENTRL BRADFORD PROGRESS AUTHPA                              | Central Bradford Progress Authority                                             | CUSIP: 152691BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21355000 | PA      | $21355000.00  | 1.91%             | 2041-12-01      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAK3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499437.80   | 0.13%             | 2051-07-01      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION & SPLY CORP VI GAS SPLY REV    | Texas Municipal Gas Acquisition & Supply Corp VI                                | CUSIP: 88256FAA0<br>LEI: 254900OCOQCKZZ4U6C83 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252636.30    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                         | State of Ohio                                                                   | CUSIP: 67756CFG8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3700000.00   | 0.33%             | 2049-01-15      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY REGL ARPT AUTH                | Louisville Regional Airport Authority                                           | CUSIP: 546598AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.14%             | 2029-01-01      | Floating      | 3.40%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                                | Kentucky Economic Development Finance Authority                                 | CUSIP: 49126KJU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1701722.78   | 0.15%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035PHF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16970000 | PA      | $16970000.00  | 1.52%             | 2027-10-01      | Floating      | 3.49%                 | 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        |  17765000 | PA      | $17736806.95  | 1.59%             | 2027-12-01      | Floating      | 3.13%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035TNX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7000000.00   | 0.63%             | 2056-04-01      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| OHIO CNTY WV CNTY COMMISSION SPL DIST EXCISE TAX REVENUE     | County of Ohio WV Special District Excise Tax Revenue                           | CUSIP: 67732PEJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $525741.56    | 0.05%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF CORPUS CHRISTI TX AUTH                               | Port of Corpus Christi Authority of Nueces County                               | CUSIP: 733908AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.11%             | 2030-01-01      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| GLEN COVE NY                                                 | City of Glen Cove NY                                                            | CUSIP: 377425LJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4272418 | PA      | $4275489.87   | 0.38%             | 2026-06-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REVENUE                              | County of Meade KY                                                              | CUSIP: 583022AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2061-08-01      | Floating      | 3.80%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999541.60    | 0.09%             | 2049-04-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| CITIZENS MO MEMORIAL HOSP DIST POLK CNTY                     | Citizens Memorial Hospital District                                             | CUSIP: 174762EV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9011734.20   | 0.81%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORT ARTHUR TX NAV DIST                              | Port of Port Arthur Navigation District                                         | CUSIP: 735220AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15450000 | PA      | $15450000.00  | 1.38%             | 2040-11-01      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY     | State of Nevada Department of Business & Industry                               | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500181.50   | 0.22%             | 2026-12-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCU9<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   7780000 | PA      | $7780000.00   | 0.70%             | 2031-08-15      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH                                             | Iowa Finance Authority                                                          | CUSIP: 46246BJT0<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |  10525000 | PA      | $10525000.00  | 0.94%             | 2037-08-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035PPB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6660000 | PA      | $6660000.00   | 0.60%             | 2032-10-01      | Floating      | 3.19%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AUTH SOL WST DISP REVENUE        | Miami-Dade County Industrial Development Authority                              | CUSIP: 59333GAN8<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15011349.00  | 1.34%             | 2048-11-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| RED CEDAR WI INDL DEV REVENUE                                | Town of Red Cedar WI                                                            | CUSIP: 756445AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9850000 | PA      | $9850000.00   | 0.88%             | 2027-09-01      | Floating      | 3.27%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH                               | West Virginia Hospital Finance Authority                                        | CUSIP: 956622P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24275000 | PA      | $24275000.00  | 2.18%             | 2033-06-01      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999547.90    | 0.09%             | 2046-05-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| SEVIER CNTY TN PUBLIC BLDG AUTH                              | Public Building Authority of Sevier County TN/The                               | CUSIP: 818200JE8<br>LEI: 549300W1TCZIAX7JRK58 | Long             | DBT              | MUN               | US        |  22715000 | PA      | $22715000.00  | 2.04%             | 2029-06-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| WEEHAWKEN TWP NJ                                             | Township of Weehawken NJ                                                        | CUSIP: 948560VW4<br>LEI: 549300NEPL206Q5RBR93 | Long             | DBT              | MUN               | US        |  13927000 | PA      | $13930207.39  | 1.25%             | 2026-10-29      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7009308.60   | 0.63%             | 2037-08-01      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP SOL WST DISP REVENUE                | Mission Economic Development Corp                                               | CUSIP: 605155BU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1200205.56   | 0.11%             | 2048-06-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDLDEV REVENUES                    | Philadelphia Authority for Industrial Development                               | CUSIP: 71781XCR2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7200000.00   | 0.65%             | 2050-09-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP GULF OPPORTUNITY ZONE REVEN | Mississippi Business Finance Corp                                               | CUSIP: 60528BAK8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   4347000 | PA      | $4347000.00   | 0.39%             | 2037-05-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                               | CUSIP: 605279MJ4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.04%             | 2027-12-01      | Floating      | 3.48%                 | No            |                  2 | On Loan: No      |
| DODGE CITY KS INDL REVENUE                                   | City of Dodge City KS                                                           | CUSIP: 256335GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2027-03-01      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| BLOUNT CNTY TN PUBLIC BLDG AUTH                              | Public Building Authority of Blount County Tennessee/The                        | CUSIP: 095175EY7<br>LEI: 549300RHIJ2ZP4C8W404 | Long             | DBT              | MUN               | US        |  19510000 | PA      | $19510000.00  | 1.75%             | 2029-06-01      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | Black Belt Energy Gas District                                                  | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2526050.75   | 0.23%             | 2052-07-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | California Municipal Finance Authority                                          | CUSIP: 13048RAR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999547.90    | 0.09%             | 2046-11-01      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                              | City of Philadelphia PA                                                         | CUSIP: 717813LJ6<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.45%             | 2031-08-01      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE                   | Chandler Industrial Development Authority                                       | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2226819.54   | 0.20%             | 2042-09-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates                                  | CUSIP: 88035PNZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5555000 | PA      | $5555000.00   | 0.50%             | 2032-10-01      | Floating      | 3.19%                 | No            |                  2 | On Loan: No      |
| FLORIDA INSURANCE ASSISTANCE INTERLOCAL AGY                  | Florida Insurance Assistance Interlocal Agency Inc                              | CUSIP: 34074EAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  27000000 | PA      | $27000000.00  | 2.42%             | 2032-09-01      | Floating      | 3.83%                 | No            |                  2 | On Loan: No      |
| JOHNSON CITY NY                                              | Village of Johnson City NY                                                      | CUSIP: 478232RC7<br>LEI: 549300LRO82Q9UD0VD27 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4751461.58   | 0.43%             | 2026-06-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | Montgomery County Higher Education and Health Authority                         | CUSIP: 613603ZL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12400000 | PA      | $12400000.00  | 1.11%             | 2050-09-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                                             | District of Columbia                                                            | CUSIP: 25476FJ74<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |  19000000 | PA      | $19000000.00  | 1.70%             | 2051-06-01      | Floating      | 3.27%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN COMMISSION GULF OPPORTUNITY ZONE | Mississippi Business Finance Corp                                               | CUSIP: 60528ACA0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   4810000 | PA      | $4810000.00   | 0.43%             | 2035-11-01      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST BUSINESS FIN CORP                             | Mississippi Business Finance Corp                                               | CUSIP: 605279GX0<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  52825000 | PA      | $52825000.00  | 4.73%             | 2032-11-01      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-14

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer