# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001752724-25-137924
**Filing Date:** 2025-6
**Character Count:** 21952
**Document Hash:** 9435b70b5ae67bfdd3d399db2c4fa193
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137924.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137924

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**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:** 251045350

**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:** 2025-04-30

**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:** $308253450.33

**Total Liabilities:** $360217.49

**Net Assets:** $307893232.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000056979 | -6.62%               | -4.49%               | -2.20%               |
| Class ID C000056976 | -6.67%               | -4.59%               | -2.24%               |
| Class ID C000056974 | -6.63%               | -4.53%               | -2.20%               |
| Class ID C000056978 | -6.60%               | -4.49%               | -2.18%               |
| Class ID C000056977 | -6.65%               | -4.54%               | -2.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3679746.24              | $-28355326.05                              |
| Month 2  | $-4339641.38             | $-11438276.95                              |
| Month 3  | $1774304.99              | $-8880644.12                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Camtek Ltd/Israel                     | Camtek Ltd/Israel                                          | CUSIP: 000000000<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |     51954 | NS      | $3394674.36   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc            | Ligand Pharmaceuticals Inc                                 | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     66214 | NS      | $7274270.04   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                            | Vertex Inc                                                 | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    188110 | NS      | $7530043.30   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                           | Workiva Inc                                                | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     77231 | NS      | $5813177.37   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                             | Enpro Inc                                                  | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     52270 | NS      | $7809138.00   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc          | Catalyst Pharmaceuticals Inc                               | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |    259605 | NS      | $6305805.45   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                             | JFrog Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    229456 | NS      | $7748729.12   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc     | Atmus Filtration Technologies Inc                          | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    216027 | NS      | $7489656.09   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                   | WSFS Financial Corp                                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |    157259 | NS      | $8106701.45   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc             | Merit Medical Systems Inc                                  | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     75023 | NS      | $7085922.35   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd                         | TMX Group Ltd                                              | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |    170871 | NS      | $6924824.29   | 2.25%             |  |  |  | No            |                  1 | 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      |
| Graphic Packaging Holding Co          | Graphic Packaging Holding Co                               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    283303 | NS      | $7170398.93   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp               | Wintrust Financial Corp                                    | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     76349 | NS      | $8487718.33   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED Corp                           | CONMED Corp                                                | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |     52428 | NS      | $2574739.08   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                      | Knife River Corp                                           | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90588 | NS      | $8459107.44   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                | Boot Barn Holdings Inc                                     | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     60672 | NS      | $6330516.48   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                   | Terreno Realty Corp                                        | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |    117501 | NS      | $6618831.33   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc               | ANI Pharmaceuticals Inc                                    | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |    131184 | NS      | $9290450.88   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ATS Corp                              | ATS Corp                                                   | CUSIP: 00217Y104<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | EC               | CORP              | CA        |    119845 | NS      | $3020031.41   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The                  | Vita Coco Co Inc/The                                       | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |    224899 | NS      | $7432911.95   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                         | Materion Corp                                              | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |     76874 | NS      | $6381310.74   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                 | Alphatec Holdings Inc                                      | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    389987 | NS      | $4282057.26   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                          | La-Z-Boy Inc                                               | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |    138244 | NS      | $5460638.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                      | WNS Holdings Ltd                                           | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | JE        |     74055 | NS      | $4481808.60   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc          | American Healthcare REIT Inc                               | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |     96974 | NS      | $3130320.72   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                         | REV Group Inc                                              | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |    249532 | NS      | $8159696.40   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                          | SM Energy Co                                               | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    139751 | NS      | $3184925.29   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                      | PJT Partners Inc                                           | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     34181 | NS      | $4843789.51   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                      | NMI Holdings Inc                                           | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    158053 | NS      | $5716777.01   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc            | Mueller Water Products Inc                                 | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    250480 | NS      | $6572595.20   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                          | Griffon Corp                                               | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |     79825 | NS      | $5436880.75   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc                | Northern Oil & Gas Inc                                     | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    145568 | NS      | $3537302.40   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                           | Banner Corp                                                | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121962 | NS      | $7456756.68   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc | Skyward Specialty Insurance Group Inc                      | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |    116845 | NS      | $6203301.05   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Integral Ad Science Holding Corp      | Integral Ad Science Holding Corp                           | CUSIP: 45828L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    630067 | NS      | $4454573.69   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida      | Seacoast Banking Corp of Florida                           | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    305028 | NS      | $7232213.88   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                           | ONE Gas Inc                                                | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |    154334 | NS      | $12116762.34  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Aritzia Inc                           | Aritzia Inc                                                | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |    207370 | NS      | $7293900.55   | 2.37%             |  |  |  | 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      |
| Magnolia Oil & Gas Corp               | Magnolia Oil & Gas Corp                                    | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    191156 | NS      | $3924432.68   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc             | Casella Waste Systems Inc                                  | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     70624 | NS      | $8294788.80   | 2.69%             |  |  |  | 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        |   5225551 | NS      | $5225550.82   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc     | Donnelley Financial Solutions Inc                          | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |    129717 | NS      | $6252359.40   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                 | Integer Holdings Corp                                      | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     57611 | NS      | $7276845.41   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                        | elf Beauty Inc                                             | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     53834 | NS      | $3330709.58   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                             | Five9 Inc                                                  | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |    107389 | NS      | $2699759.46   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                       | Q2 Holdings Inc                                            | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    104187 | NS      | $8256819.75   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc              | Corcept Therapeutics Inc                                   | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     82245 | NS      | $5911770.60   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                            | Stride Inc                                                 | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     63377 | NS      | $9015378.25   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc             | Brinker International Inc                                  | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     52448 | NS      | $7043766.40   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-16

**Name of Applicant:** abrdn Funds

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer