# EDGAR Filing Document

**Accession Number:** 0000895574
**File Stem:** 0001104659-25-119335
**Filing Date:** 2025-12
**Character Count:** 466881
**Document Hash:** d40577ffbe2aacfa7e7137316dfdfe75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-119335.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001104659-25-119335

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn National Municipal Income Fund
- **CENTRAL INDEX KEY:** 0000895574

**ORGANIZATION NAME:**
- **EIN:** 411737161
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0330

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07410
- **FILM NUMBER:** 251556681

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ABRDN
- **STREET 2:** 1900 MARKET STREET, SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** C/O ABRDN
- **STREET 2:** 1900 MARKET STREET, SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Delaware Investments National Municipal Income Fund
- **DATE OF NAME CHANGE:** 20081209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 20020327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
- **DATE OF NAME CHANGE:** 19930519

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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| | |
|:---|:---|
| Investment Company Act file number: | 811-07410 |
| Exact name of registrant as specified in charter: | abrdn National Municipal Income Fund |
| Address of principal executive offices: | 1900 Market Street, Suite 200 |
|  | Philadelphia, PA 19103 |
| Name and address of agent for service: | Sharon Ferrari |
|  | abrdn Inc. |
|  | 1900 Market Street Suite 200 |
|  | Philadelphia, PA 19103 |
| Registrant's telephone number, including area code: | 1-800-522-5465 |
| Date of fiscal year end: | September 30 |
| Date of reporting period: | September 30, 2025 |

---

**Item 1. Reports to Stockholders.**

(a) ![](tm2527059d8vflreporti001.gif)

![](tm2527059d8vflreporti002.gif)

## abrdn National Municipal Income Fund (VFL)

### Annual Report
September 30, 2025

aberdeeninvestments.com

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Letter to Shareholders (unaudited)

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Dear Shareholder,

We present the Annual Report, which covers the activities of abrdn National Municipal Income Fund (the "Fund"), for the fiscal year ended September 30, 2025. The Fund's investment objective is to seek to provide current income exempt from regular federal income tax, consistent with the preservation of capital.

#### Total Investment Return<sup>1</sup>
For the fiscal year ended September 30, 2025, the total return to shareholders of the Fund based on the net asset value ("NAV") and market price of the Fund, respectively, compared to the Fund's benchmark, is as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;NAV<sup>2</sup><sup>,</sup><sup>3</sup> | -2.69% |
| &nbsp;&nbsp;Market Price<sup>2</sup> | -2.56% |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index<sup>4</sup> | &nbsp;&nbsp;&nbsp;1.39% |

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For more information about Fund performance, please visit the Fund on the web at www.aberdeenvfl.com. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.

#### NAV, Market Price and Premium(+)/Discount(-)
The below table represents a comparison between the current fiscal year end and the prior fiscal year end of the Fund's market price to NAV and associated Premium(+) and Discount(-).

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| | | | |
|:---|:---|:---|:---|
| | **NAV** | &nbsp;&nbsp;**Closing<br> Market<br> Price** | &nbsp;&nbsp;**Premium(+)/<br> Discount(-)** |
| &nbsp;&nbsp;9/30/2025 | $11.31 | &nbsp;&nbsp;$10.26 | &nbsp;&nbsp;-9.28% |
| &nbsp;&nbsp;9/30/2024 | $12.33 | &nbsp;&nbsp;$11.17 | &nbsp;&nbsp;-9.41% |

---

During the fiscal year ended September 30, 2025, the Fund's NAV was within a range of $10.34 to $12.41 and the Fund's market price traded within a range of $9.33 to $11.33. During the fiscal year ended September 30, 2025, the Fund's shares traded within a range of a premium(+)/discount(-) of -7.64% to -14.68%.

#### Aberdeen Name Change
On March 4, 2025, abrdn plc, the parent company of the Fund's adviser, announced that it would change its name, and from that date, will use 'Aberdeen' as the principal trading identity for its Investments business. On March 12, 2025, abrdn plc completed the steps to legally change its name to Aberdeen Group plc. Aberdeen has retained 'abrdn' as an operational abbreviation across its subsidiary legal entities (including the Fund's adviser, fund names and descriptors).

#### Distribution Policy
Distributions to common shareholders for the fiscal year ended September 30, 2025 totaled $0.60 per share. Based on the market price of $10.26 on September 30, 2025, the annualized distribution was 5.85%. Based on the NAV of $11.31 on September 30, 2025, the annualized distribution rate was 5.31%. Since all distributions are paid after deducting applicable withholding taxes, the effective distribution rate may be higher for those investors who are able to claim a tax credit.

On October 9, 2025 and November 11, 2025 the Fund announced that it will pay on October 31, 2025 and November 28, 2025, respectively a distribution of $0.0500 per share to all shareholders of record as of October 24, 2025 and November 21, 2025, respectively.

The Fund's policy is to provide common shareholders with a stable monthly distribution out of current income. This policy is subject to an annual review as well as regular review at the Board of Trustees' (the "Board") quarterly meetings, unless market conditions require an earlier evaluation.

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<sup>1</sup> Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. NAV return data include investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions.

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<sup>2</sup> Assuming the reinvestment of dividends and distributions.

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<sup>3</sup> The Fund's total return is based on the reported NAV for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments.

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<sup>4</sup> The Bloomberg Municipal Bond Index consists of the long-term investment grade tax exempt bonds. Indexes are unmanaged and provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

abrdn National Municipal Income Fund<sub>1</sub>

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Letter to Shareholders (unaudited) (concluded)

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#### Open Market Repurchase Program
On September 11, 2024, the Fund publicly announced that the Board of Trustees had approved an open market share repurchase program (the "Program"). Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period as of September 30 of the prior year. The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. On a quarterly basis, the Fund's Board will receive information on any transactions made pursuant to this Program during the prior quarter. If shares are repurchased, the Fund reports repurchase activity on the Fund's website on a monthly basis. For the fiscal year ended September 30, 2025, the Fund did not repurchase any shares through the Program.

#### Unclaimed Share Accounts
Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered "unclaimed property" due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the applicable state's statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Fund's transfer agent.

#### Portfolio Holdings Disclosure
The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC's website at www.sec.gov. The Fund makes the information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.

#### Proxy Voting
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC's website at www.sec.gov.

#### Investor Relations Information
As part of Aberdeen's commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeenvfl.com. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In addition, you will receive monthly factsheets based on your preferences. Sign up today at www.aberdeenvfl.com.

Contact Us:

• Visit: www.aberdeenvfl.com

• Email: Investor.Relations@aberdeenplc.com; or

• Call: 1-800-522-5465 (toll free in the U.S.).

Yours sincerely,

/s/ Alan Goodson<br> **Alan Goodson**<br> President

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#### All amounts are U.S. Dollars unless otherwise stated.

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| | |
|:---|:---|
| **2** | abrdn National Municipal Income Fund |

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Report of the Investment Manager (unaudited)

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#### Performance Review
For the fiscal year ended September 30, 2025, the abrdn National Municipal Income Fund (VFL) returned -2.69%<sup>1</sup> on a net asset value<sup>2</sup> basis. This compared to a return of 1.39% for our performance target, the Bloomberg Municipal Bond Index<sup>3</sup>. On a market-price basis for the same period, the shares returned -2.56%. The Fund's unlevered NAV return was -1.24% for the 12-month reporting period ended September 30, 2025, demonstrating that the leverage detracted an incremental 1.45% to fund performance over that timeframe.

#### Market Review
The municipal bond market, as measured by the Bloomberg Municipal Bond Index, ended the 12-month period modestly higher than VFL at 1.39%. The U.S. Federal Reserve's (Fed's) pause on cutting interest rates cycle combined with elevated issuance and uncertainty around tax legislation led to underperformance with respect to both the long duration and high yield corners of the municipal bond market.

Early in the review period, the Fed lowered the target range for the federal funds rate in both November (by 50 basis points) and December 2024 (by another 25 basis points) but noted its intention to take a data-dependent approach. Meanwhile, President Donald Trump's election victory and his plans for pro-growth policies helped investor sentiment. However, as the period progressed, concerns grew over the economic impact of the administration's policies, such as higher tariffs and tighter immigration controls. Markets were volatile in April 2025 following the "Liberation Day" tariff announcements before rebounding later in the month after most of these tariffs were paused. During this period rates in the municipal market moved up 15-20 basis points daily and primary deals were postponed due to the volatility and outflows putting a strain on liquidity. In May, the U.S. and China agreed to implement substantial reciprocal tariff reductions for 90 days<sup>4</sup>, which supported bond markets. Investors' focus then shifted to the violence in the Middle

East although a U.S.-brokered ceasefire between Israel and Iran reduced tensions in the region.

Later in the period, the mid-August extension of the U.S.-China tariff truce was a key positive event. The U.S. also reached new trading agreements with the European Union and Japan, reducing tariffs on most of their products to 15%<sup>4</sup>. However, optimism was tempered by President Trump's announcement of 100%<sup>4</sup> tariffs on branded and patented pharmaceutical imports (although companies building manufacturing facilities in the U.S. were exempted) and higher duties on goods from Canada, India, and Brazil, alongside expanded steel and aluminium tariffs. Meanwhile, the Fed lowered the federal funds rate by 25 basis points to 4.00–4.25%<sup>5</sup>, describing it as a "risk management" cut that supported bond markets. The interest rate cut along with a slowing pace of primary supply towards the end of the period provided a more constructive environment for market performance, particularly long duration investors. The review period ended with a partial U.S. government shutdown after Congress failed to agree a funding deal. The resulting loss of output and income is expected to weigh on short-term growth, while delays to key data releases could weigh on investor confidence.

Meanwhile, U.S. GDP grew by 3.8%<sup>6</sup> on an annualised basis in the second quarter of 2025, which was above estimates, demonstrating a bounce back from previously subdued growth in the first quarter of 2025. The yield<sup>7</sup> spread<sup>8</sup> between two- and 10-year Treasuries increased as steepening of the curve<sup>9</sup> took shape, beginning the review period at a 12 basis points spread and ending at 53 basis points spread<sup>10</sup>.

#### Portfolio Review
The Fund maintained its focus on income-generating opportunities amid market volatility driven by Fed policy and macroeconomic uncertainty. While the Fund's emphasis on income and longer duration resulted in some underperformance in total returns for the

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| | |
|:---|:---|
| 1 | Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. Net asset value return data include investment management fees, custodial charges and administrative fees (such as Director and legal fees) and assumes the reinvestment of all distributions. |

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{foots1}

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| | |
|:---|:---|
| 2 | Net asset value ("NAV") – A key measure of the value of a company, fund or trust – the total value of assets less liabilities, divided by the number of shares. |

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| | |
|:---|:---|
| 3 | FactSet, Gross returns, as at September 30, 2025. The Bloomberg Municipal Bond Index tracks the performance of investment-grade, tax-exempt bonds with a maturity of at least one year. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. |

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4 Source: Reuters (data as of September 30, 2025)

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5 Source: U.S. Federal Reserve (data as of September 30, 2025)

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6 Source: Trading Economics (data as of September 30, 2025)

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7 Yield – The profit investors generate after holding a security or an asset.

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8 Yield spread – The gap in yield of two instruments of the same or similar maturity.

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9 Yield-curve steepening – A situation where the spread between long-term and short-term bond yields widens, indicating that the former are rising relative to the latter.

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10 Source: Bloomberg (data as of September 30, 2025)

abrdn National Municipal Income Fund<sub>3</sub>

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Report of the Investment Manager (unaudited) (continued)

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year, we believe looser financial conditions ahead will benefit our strategy. In addition, the high yield sector lagged during the period, but with stable fundamentals and low distressed rates, we remain positive on both lower investment grade and high yield bonds moving forward.

In late 2024, we found income-generating opportunities in lower investment grade and non-investment grade<sup>11</sup> issuers in credits with strong fundamentals that stand to benefit from macroeconomic tailwinds<sup>12</sup>. This resulted in a lower exposure to school districts, states, and territories, and airport sectors in favor of higher exposure to the housing, industrial, and healthcare sectors.

This trend continued into 2025, where we found historic opportunities for relative value in high-quality AA and non-investment grade issuers. During periods of volatility<sup>13</sup> throughout the year, we found attractive relative value opportunities in high-quality<sup>14</sup> issuers. Portfolio adjustments resulted in further reduced exposure to education in favor of continued higher exposure to sectors that have demonstrated income-generating opportunities, such as housing, airports, and healthcare sectors. Overall, the portfolio's credit quality profile remained balanced, with incremental adjustments reflecting our ongoing emphasis on income as well as resilient sectors and issuers positioned to benefit from the current environment.

During the period, our allocation to long duration structures detracted from relative performance as the Fed's accommodative cycle took an extended pause during the period. Hospital, lease-backed, and tobacco bonds underperformed at the sector level and became detractors. Despite this period of underperformance, we remain optimistic that current macroeconomic conditions – particularly the possibility of lower interest rates – should ultimately enhance these issuers' relative value in the market. Conversely, toll and turnpike, health, and industrial revenue bonds contributed

positively. Our expectation is that in addition, leverage<sup>15</sup> costs remained elevated, albeit less so than the previous year with the Securities Industry and Financial Markets Association rate averaging 3.04% during the period, down from 3.46% the previous year<sup>16</sup>.

At the issuer level, notable detractors from relative performance included Golden State Tobacco and Metropolitan Pier and Exposition Authority, these bonds lagged in performance due to their low coupon and long duration structures, however we remain constructive on these structures in an environment of easing financial conditions and expect these to contribute to total return going forward. In contrast, New Hope Cultural Education Authority and Puerto Rico's GDB Debt Recovery Authority were among the positive contributors.

The monthly distribution reflects the Fund's current policy of providing shareholders with a relatively stable cash flow per share. This policy did not have a material effect on the Fund's investment strategy over the reporting period. During the 12-month period ended September 30, 2025, the distributions were comprised of ordinary income, return of capital and tax exempt distributions.

#### Outlook
As we move into the fourth quarter, we maintain a cautiously optimistic outlook for the municipal bond market. The current environment continues to support a constructive approach to duration<sup>17</sup>, which remains a core element of the Fund's strategy. With the long end of the municipal curve<sup>18</sup> offering attractive yields, we are comfortable maintaining, and where appropriate, modestly extending duration to capture yield for shareholders.

Fundamentals remain supportive: tax collections are up year over year and the overall credit picture in municipals is stable. Technicals are also favorable, with fund flows totalling US$31.6 billion year to date<sup>19</sup>

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|:---|:---|
| 11 | S&P Global Ratings, Fitch Ratings and Moody's Investors Service are independent, unaffiliated research companies that rate fixed income securities on the basis of risk and the borrower's ability to make interest payments. S&P and Fitch assign ratings ranging from AAA (reliable and stable) to D (high risk) to communicate the agency's opinion of relative level of credit risk. |

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12 Tailwinds – A condition that could support growth, revenue or profits.

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13 Volatility – If the price of a fund moves significantly over a short period of time it is said to be 'volatile' or has 'high volatility'. If the price remains relatively stable it is said to have 'low volatility'. Volatility can be used as a measure of risk.

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| | |
|:---|:---|
| 14 | S&P Global Ratings' credit ratings express the agency's opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Typically, ratings are expressed as letter grades that range, for example, from AAA to D to communicate the agency's opinion of relative level of credit risk. Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. |

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| | |
|:---|:---|
| 15 | Leverage – usually refers to a fund being exposed by more than 100% of its net asset value to assets or markets; typically resulting from the use of debt or derivatives. |

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16 Source: Bloomberg (data as of September 30, 2025)

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17 Duration – an estimate of bond price sensitivity to changes in interest rates. The higher the duration, the greater the change (i.e., higher risk) in relation to interest-rate movements.

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18 Municipal curve – A graph that plots yields (the income investors receive from holding a bond) against different maturity dates for bonds of the same credit quality (which measures the likelihood of the lender receiving their money back).

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19 Source: JP Morgan Research (data as of September 30, 2025)

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| | |
|:---|:---|
| **4** | abrdn National Municipal Income Fund |

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Report of the Investment Manager (unaudited) (concluded)

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and issuance up 12%<sup>20</sup> compared to the same period last year. We anticipate this relatively elevated pace of issuance to persist, with projections for US$525–575 billion for the year<sup>21</sup>.Against this backdrop, the portfolio continues to emphasize credit fundamentals while selectively adding to lower credit quality names as opportunities arise to lock in attractive yields. We continue to find value in select issuers and sectors that may outperform in a slowing economic environment. A disciplined approach to credit selection, combined with a constructive duration profile, should help support the Fund's yield objectives and provide insulation against volatility as market conditions evolve.

#### abrdn Inc.

#### Risk Considerations
Past performance is not an indication of future results.

Fixed income securities are subject to, among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.

Municipal bonds can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders.

{foots1}

20 Source: Bank of America Global Research (data as of September 30, 2025)

{foots1}

21 Source: JP Morgan, Bank of America, Barclays and Morgan Stanley Research teams

abrdn National Municipal Income Fund<sub>5</sub>

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Total Investment Return (unaudited)

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The following table summarizes the average annual Fund performance compared to the Fund's primary benchmark for the 1-year, 3-year, 5-year and 10-year periods ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Net Asset Value (NAV) | &nbsp;&nbsp;&nbsp;&nbsp;-2.69% | &nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;Market Price | &nbsp;&nbsp;&nbsp;&nbsp;-2.56% | &nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.34% |

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#### Performance of a $10,000 Investment (as of September 30, 2025)
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.

![](tm2527059d8vflreporti003.jpg)

*abrdn Inc. (the "Investment Manager") assumed responsibility for the management of the Fund as investment manager at the close of business on July 7, 2023. Performance prior to this date reflects the performance of an unaffiliated investment manager.*

*The performance above reflects fee waivers and/or expense reimbursements made by the Fund's current investment manager. Absent such waivers and/or reimbursements, the Fund's returns would be lower. Additionally, Aberdeen entered into an agreement with the Fund to limit investor relations services fees. This agreement aligns with the term of the management agreement and may not be terminated prior to the end of the current term of the advisory agreement. See Note 3 in the Notes to Financial Statements.*

*Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund's Statement of Operations under "Expenses." Total investment return at market value is based on changes in the market price at which the Fund's shares traded on the NYSE American during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. The Fund's total investment return is based on the reported NAV on the financial reporting period ended September 30, 2025. Because the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. **Past performance is no guarantee of future results**. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund or the sale of Fund shares. The current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.aberdeenvfl.com or by calling 800-522-5465.*

*The gross operating expense ratio excluding fee waivers based on the fiscal year ended September 30, 2025 was 3.99%. The net operating expense ratio net of fee waivers based on the fiscal year ended September 30, 2025 was 3.87%.The net operating expenses net of fee waivers and excluding dividend expense based on the fiscal year ended September 30, 2025 was 1.07%.* 

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| | |
|:---|:---|
| **6** | abrdn National Municipal Income Fund |

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### Portfolio Summary (unaudited)
As of September 30, 2025

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#### Quality of Investments<sup>(1)</sup>
As of September 30, 2025, 60.9% of the Fund's investments were invested in securities where either the issue or the issuer was rated "A" or better by S&P Global Ratings ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch Ratings, Inc. ("Fitch") or, if unrated, was judged to be of equivalent quality by the Investment Manager. The following table shows the ratings of securities held by the Fund as of September 30, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Credit Rating** | **As a percentage of total investments** |
| &nbsp;&nbsp;AAA | &nbsp;&nbsp;&nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;&nbsp;44.3% |
| &nbsp;&nbsp;A | &nbsp;&nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;BBB | &nbsp;&nbsp;&nbsp;20.7% |
| &nbsp;&nbsp;BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Below B | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Non-Rated | &nbsp;&nbsp;&nbsp;&nbsp;15.2% |
|  | 100.0% |

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(1) Generally, the credit ratings range from AAA (highest) to D (lowest). Where bonds held in the Fund are rated by multiple rating agencies (Moody's, Fitch and S&P), the Higher of the ratings is
used. This may not be consistent with data from the benchmark provider. Quality distribution represents ratings of the underlying securities held within the Fund, and not ratings of the Fund itself.

The following table shows the sector exposure of the securities held by the Fund as of September 30, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Sector Exposure<sup>(2)</sup>** | **As a percentage of total investments** |
| &nbsp;&nbsp;Hospital | &nbsp;&nbsp;&nbsp;&nbsp;16.1% |
| &nbsp;&nbsp;Airport | &nbsp;&nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;Local Authorities | &nbsp;&nbsp;&nbsp;&nbsp;9.6% |
| &nbsp;&nbsp;State Single Family Housing | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Tobacco Master Securities | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Continuing Care Retirement Communities | &nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Charter School | &nbsp;&nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Tolls Roads/Tolls Bridges/Tunnels | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;&nbsp;39.1% |
|  | 100.0% |

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(2) Top 8 sectors are broken out. All remaining sectors grouped into Others.

abrdn National Municipal Income Fund<sub>7</sub>

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### Portfolio Summary (unaudited) (concluded)
As of September 30, 2025

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The following table shows the state allocation of the securities held by the Fund as of September 30, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**States** | **As a percentage of net assets** |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;&nbsp;28.4% |
| &nbsp;&nbsp;California | &nbsp;&nbsp;&nbsp;&nbsp;15.8% |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;&nbsp;&nbsp;13.8% |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;Illinois | &nbsp;&nbsp;&nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7% |
| &nbsp;&nbsp;Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| &nbsp;&nbsp;Georgia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Ohio | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Colorado | &nbsp;&nbsp;&nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Louisiana | &nbsp;&nbsp;&nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Washington | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Minnesota | &nbsp;&nbsp;&nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Arizona | &nbsp;&nbsp;&nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Oregon | &nbsp;&nbsp;&nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Alabama | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Arkansas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Idaho | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;New Jersey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Other, less than 2% each | &nbsp;&nbsp;&nbsp;&nbsp;11.8% |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | (69.4%) |
|  | &nbsp;&nbsp;100.0% |

---

The following were the Fund's top ten holdings as of September 30, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten Holdings** | **As a percentage of<br> net assets** |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. 06/30/2058 | 3.9% |
| &nbsp;&nbsp;New York Transportation Development Corp., (BAM) 06/30/2060 | 3.8% |
| &nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico 08/20/2040 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Hillsborough County Industrial Development Authority , Series A 08/01/2055 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Greater Orlando Aviation Authority , Series A 10/01/2049 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;New York Liberty Development Corp., (BAM), Series A 11/15/2046 | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Municipal Electric Authority of Georgia, (BAM), Series A 01/01/2056 | 3.6% |
| &nbsp;&nbsp;State of New York Mortgage Agency Homeowner Mortgage Revenue, (SONYMA), Series 261 10/01/2054 | 3.6% |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue , Series A-1 07/01/2051 | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Illinois Finance Authority , Series A 08/15/2051 | &nbsp;&nbsp;3.2% |

---

---

| | |
|:---|:---|
| **8** | abrdn National Municipal Income Fund |

---

------

### Portfolio of Investments
As of September 30, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS —169.4%** | &nbsp;&nbsp;**MUNICIPAL BONDS —169.4%** |  |
| &nbsp;&nbsp;**ALABAMA—2.9%** | &nbsp;&nbsp;**ALABAMA—2.9%** | &nbsp;&nbsp;**ALABAMA—2.9%** |
| &nbsp;&nbsp;Black Belt Energy Gas District, VRDN, Series A, 4.00%, 12/01/2052 | $3000000 | &nbsp;&nbsp;$3066680 |
| &nbsp;&nbsp;Mobile County Industrial Development Authority, Series A, 5.00%, 06/01/2054 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961184 |
| &nbsp;&nbsp;**Total Alabama** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4027864** |
| &nbsp;&nbsp;**ALASKA—1.3%** | &nbsp;&nbsp;**ALASKA—1.3%** | &nbsp;&nbsp;**ALASKA—1.3%** |
| &nbsp;&nbsp;Alaska Railroad Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.50%, 10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.50%, 10/01/2054 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290234 |
| &nbsp;&nbsp;**Total Alaska** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1760779** |
| &nbsp;&nbsp;**ARIZONA—3.5%** | &nbsp;&nbsp;**ARIZONA—3.5%** | &nbsp;&nbsp;**ARIZONA—3.5%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 7.75%, 07/01/2050<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.13%, 01/01/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 0.00%, 01/01/2059<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10179 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 3.00%, 09/01/2051 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 07/01/2060 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992185 |
| &nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, Series A, 5.00%, 01/01/2047 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077965 |
| &nbsp;&nbsp;**Total Arizona** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4852858** |
| &nbsp;&nbsp;**ARKANSAS—2.7%** | &nbsp;&nbsp;**ARKANSAS—2.7%** | &nbsp;&nbsp;**ARKANSAS—2.7%** |
| &nbsp;&nbsp;City of Osceola, VRDN, 5.50%, 04/01/2036 | &nbsp;&nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165494 |
| &nbsp;&nbsp;Little Rock School District, (BAM), (ST AID WITHHLDG), Series A, 3.00%, 02/01/2050 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643425 |
| &nbsp;&nbsp;**Total Arkansas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3808919** |
| &nbsp;&nbsp;**CALIFORNIA—15.8%** | &nbsp;&nbsp;**CALIFORNIA—15.8%** | &nbsp;&nbsp;**CALIFORNIA—15.8%** |
| &nbsp;&nbsp;Burbank-Glendale-Pasadena Airport Authority Brick Campaign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series B, 4.38%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series B, 4.50%, 07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474810 |
| &nbsp;&nbsp;California Community Choice Financing Authority, VRDN, Series C, 5.25%, 01/01/2054 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133825 |
| &nbsp;&nbsp;California Infrastructure & Economic Development Bank, VRDN, Series A, 9.50%, 01/01/2065<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185415 |
| &nbsp;&nbsp;California Municipal Finance Authority, Series 2025-1, 3.54%, 02/20/2041 | &nbsp;&nbsp;3986630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459345 |
| &nbsp;&nbsp;California Statewide Communities Development Authority, VRDN, Series Q, 6.50%, 05/01/2049 | &nbsp;&nbsp;&nbsp;3731893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025015 |
| &nbsp;&nbsp;City & County of San Francisco Special Tax District No., Series B, 5.25%, 09/01/2049<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488817 |
| &nbsp;&nbsp;Golden State Tobacco Securitization Corp., Series B-2, 0.00%, 06/01/2066<sup>(c)</sup> | 40820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330447 |
| &nbsp;&nbsp;Inland Empire Tobacco Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2057<sup>(a)(c)</sup> | &nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2057<sup>(a)(c)</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138426 |
| &nbsp;&nbsp;Los Angeles Department of Water & Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256816 |
| &nbsp;&nbsp;Palomar Health, 5.00%, 11/01/2030 | &nbsp;&nbsp;3335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215036 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Tobacco Securitization Authority of Southern California |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2046<sup>(c)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;3015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$516669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2046<sup>(c)</sup> |  | &nbsp;&nbsp;3235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624420 |
| &nbsp;&nbsp;**Total California** | &nbsp;&nbsp;**Total California** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21992172** |
| &nbsp;&nbsp;**COLORADO—4.6%** | &nbsp;&nbsp;**COLORADO—4.6%** | &nbsp;&nbsp;**COLORADO—4.6%** | &nbsp;&nbsp;**COLORADO—4.6%** |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2045<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2046<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490226 |
| &nbsp;&nbsp;Colorado Health Facilities Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2043 |  | &nbsp;&nbsp;1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 11/01/2044 |  | &nbsp;&nbsp;1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.25%, 12/01/2050<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311887 |
| &nbsp;&nbsp;Fountain Urban Renewal Authority, Series A, 5.50%, 11/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618737 |
| &nbsp;&nbsp;Public Authority for Colorado Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/15/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906321 |
| &nbsp;&nbsp;**Total Colorado** | &nbsp;&nbsp;**Total Colorado** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6457341** |
| &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.9%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.9%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.9%** | &nbsp;&nbsp;**DISTRICT OF COLUMBIA—1.9%** |
| &nbsp;&nbsp;District of Columbia, 5.00%, 06/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703438 |
| &nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue, Series A, 4.50%, 10/01/2053 |  | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906565 |
| &nbsp;&nbsp;**Total District of Columbia** | &nbsp;&nbsp;**Total District of Columbia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2610003** |
| &nbsp;&nbsp;**FLORIDA—13.8%** | &nbsp;&nbsp;**FLORIDA—13.8%** | &nbsp;&nbsp;**FLORIDA—13.8%** | &nbsp;&nbsp;**FLORIDA—13.8%** |
| &nbsp;&nbsp;Alachua County Health Facilities Authority, Series B-1, 4.00%, 10/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406200 |
| &nbsp;&nbsp;Capital Projects Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024A-1, 5.00%, 06/01/2049<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 11/01/2058 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926337 |
| &nbsp;&nbsp;Capital Trust Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.13%, 06/15/2060<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328491 |
| &nbsp;&nbsp;City of Tampa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 0.00%, 09/01/2049<sup>(c)</sup> |  | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 0.00%, 09/01/2053<sup>(c)</sup> |  | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391160 |
| &nbsp;&nbsp;City of Venice, Series B-2, 4.50%, 01/01/2030<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305968 |
| &nbsp;&nbsp;Florida Development Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), 5.25%, 07/01/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 12/15/2051<sup>(a)</sup> |  | &nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385323 |
| &nbsp;&nbsp;Greater Orlando Aviation Authority, Series A, 5.00%, 10/01/2049 |  | &nbsp;&nbsp;&nbsp;5120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143631 |
| &nbsp;&nbsp;Hillsborough County Industrial Development Authority, Series A, 3.50%, 08/01/2055 |  | &nbsp;&nbsp;6875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5162578 |
| &nbsp;&nbsp;Orange County Health Facilities Authority, 4.00%, 10/01/2052 |  | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208448 |
| &nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;**Total Florida** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19211325** |
| &nbsp;&nbsp;**GEORGIA—6.1%** | &nbsp;&nbsp;**GEORGIA—6.1%** | &nbsp;&nbsp;**GEORGIA—6.1%** | &nbsp;&nbsp;**GEORGIA—6.1%** |
| &nbsp;&nbsp;Georgia Housing & Finance Authority, Series A, 4.70%, 12/01/2055 |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994497 |
| &nbsp;&nbsp;Municipal Electric Authority of Georgia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 01/01/2056 |  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.00%, 01/01/2063 |  | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500085 |
| &nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;**Total Georgia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8474383** |

---

abrdn National Municipal Income Fund<sub>9</sub>

------

### Portfolio of Investments (continued)
As of September 30, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**IDAHO—2.3%** | &nbsp;&nbsp;**IDAHO—2.3%** | &nbsp;&nbsp;**IDAHO—2.3%** |
| &nbsp;&nbsp;Idaho Health Facilities Authority, Series A, 3.00%, 03/01/2051 | $4630000 | &nbsp;&nbsp;$3142284 |
| &nbsp;&nbsp;**ILLINOIS—12.1%** | &nbsp;&nbsp;**ILLINOIS—12.1%** | &nbsp;&nbsp;**ILLINOIS—12.1%** |
| &nbsp;&nbsp;Chicago Board of Education Dedicated Capital Improvement Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 5.75%, 04/01/2048 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202582 |
| &nbsp;&nbsp;Chicago O'Hare International Airport, Series A, 5.00%, 01/01/2053 | 3020000 | &nbsp;&nbsp;&nbsp;&nbsp; 2986409 |
| &nbsp;&nbsp;Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRDN, 4.80%, 12/01/2043<sup>(a)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2051 | &nbsp;&nbsp;4355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415339 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority, (BAM), Series B, 0.00%, 12/15/2054<sup>(c)</sup> | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1884010 |
| &nbsp;&nbsp;St. Clair County Community Unit School District No. 187 Cahokia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series A, 5.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series A, 5.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611849 |
| &nbsp;&nbsp;**Total Illinois** |  | &nbsp;&nbsp;&nbsp;&nbsp;**16839433** |
| &nbsp;&nbsp;**INDIANA—0.2%** | &nbsp;&nbsp;**INDIANA—0.2%** | &nbsp;&nbsp;**INDIANA—0.2%** |
| &nbsp;&nbsp;Indiana Finance Authority, Series A, 5.00%, 07/01/2059 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 343552 |
| &nbsp;&nbsp;**IOWA—0.9%** | &nbsp;&nbsp;**IOWA—0.9%** | &nbsp;&nbsp;**IOWA—0.9%** |
| &nbsp;&nbsp;Iowa Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.00%, 05/15/2053 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.13%, 05/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467140 |
| &nbsp;&nbsp;**Total Iowa** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1257183** |
| &nbsp;&nbsp;**LOUISIANA—3.9%** | &nbsp;&nbsp;**LOUISIANA—3.9%** | &nbsp;&nbsp;**LOUISIANA—3.9%** |
| &nbsp;&nbsp;Greater Ouachita Water Co., (BAM), 4.50%, 09/01/2053 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941736 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2059 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 07/01/2047 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503749 |
| &nbsp;&nbsp;**Total Louisiana** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5463092** |
| &nbsp;&nbsp;**MARYLAND—0.7%** | &nbsp;&nbsp;**MARYLAND—0.7%** | &nbsp;&nbsp;**MARYLAND—0.7%** |
| &nbsp;&nbsp;Maryland Economic Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516578 |
| &nbsp;&nbsp;**Total Maryland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**996753** |
| &nbsp;&nbsp;**MINNESOTA—3.6%** | &nbsp;&nbsp;**MINNESOTA—3.6%** | &nbsp;&nbsp;**MINNESOTA—3.6%** |
| &nbsp;&nbsp;City of Apple Valley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 5.00%, 01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 7.00%, 01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 7.25%, 01/01/2052 | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462317 |
| &nbsp;&nbsp;City of Hayward, 5.75%, 02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346456 |
| &nbsp;&nbsp;City of Minneapolis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789775 |
| &nbsp;&nbsp;City of Rochester, Series A, 6.88%, 12/01/2048 | &nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220512 |
| &nbsp;&nbsp;City of St. Cloud, Series A, 5.00%, 04/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300094 |
| &nbsp;&nbsp;Housing & Redevelopment Authority of The City of St. Paul Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 07/01/2038<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.30%, 07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609986 |
| &nbsp;&nbsp;**Total Minnesota** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4946180** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MISSISSIPPI—1.9%** | &nbsp;&nbsp;**MISSISSIPPI—1.9%** | &nbsp;&nbsp;**MISSISSIPPI—1.9%** |
| &nbsp;&nbsp;Mississippi Business Finance Corp., VRDN, Series A, 4.02%, 11/01/2032 | $2670000 | &nbsp;&nbsp;$2670000 |
| &nbsp;&nbsp;**NEVADA—1.2%** | &nbsp;&nbsp;**NEVADA—1.2%** | &nbsp;&nbsp;**NEVADA—1.2%** |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry, VRDN, Series 2025A, 9.50%, 01/01/2065<sup>(a)</sup> | 1755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603789 |
| &nbsp;&nbsp;**NEW HAMPSHIRE—5.0%** | &nbsp;&nbsp;**NEW HAMPSHIRE—5.0%** | &nbsp;&nbsp;**NEW HAMPSHIRE—5.0%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, 4.22%, 11/20/2042 | &nbsp;&nbsp;&nbsp;1998387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, 4.22%, 11/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp;999194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 4.16%, 10/01/2051 | &nbsp;&nbsp;&nbsp;1986011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2, 3.63%, 08/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;991007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 07/01/2048 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246089 |
| &nbsp;&nbsp;**Total New Hampshire** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6889246** |
| &nbsp;&nbsp;**NEW JERSEY—2.1%** | &nbsp;&nbsp;**NEW JERSEY—2.1%** | &nbsp;&nbsp;**NEW JERSEY—2.1%** |
| &nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Series A, 5.00%, 07/01/2043 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2509920 |
| &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency, (FHA), (GNMA), Series B, 5.25%, 12/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457768 |
| &nbsp;&nbsp;**Total New Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2967688** |
| &nbsp;&nbsp;**NEW YORK—28.4%** | &nbsp;&nbsp;**NEW YORK—28.4%** | &nbsp;&nbsp;**NEW YORK—28.4%** |
| &nbsp;&nbsp;Empire State Development Corp., Series C, 3.00%, 03/15/2048 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756343 |
| &nbsp;&nbsp;Metropolitan Transportation Authority, Series 2025A, 4.63%, 11/15/2050 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474888 |
| &nbsp;&nbsp;New York City Housing Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 4.85%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 05/01/2063 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013998 |
| &nbsp;&nbsp;New York Liberty Development Corp., (BAM), Series A, 2.88%, 11/15/2046 | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106735 |
| &nbsp;&nbsp;New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series A, 3.00%, 09/01/2050 | &nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028627 |
| &nbsp;&nbsp;New York State Thruway Authority, Series C, 5.00%, 03/15/2053 | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869803 |
| &nbsp;&nbsp;New York Transportation Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/2060 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), 5.38%, 06/30/2060 | &nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-P3, 5.00%, 07/01/2046 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series B, 0.00%, 12/31/2054<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473659 |
| &nbsp;&nbsp;State of New York Mortgage Agency Homeowner Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONYMA), Series 250, 4.90%, 10/01/2053 | &nbsp;&nbsp;3445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SONYMA), Series 261, 4.65%, 10/01/2054 | &nbsp;&nbsp;4990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971210 |
| &nbsp;&nbsp;Suffolk Regional Off-Track Betting Corp., 6.00%, 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202025 |
| &nbsp;&nbsp;Westchester County Local Development Corp., (AG), 5.75%, 11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213907 |
| &nbsp;&nbsp;**Total New York** |  | &nbsp;&nbsp;&nbsp;&nbsp;**39373075** |

---

---

| | |
|:---|:---|
| **10** | abrdn National Municipal Income Fund |

---

------

As of September 30, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**NORTH CAROLINA—0.6%** | &nbsp;&nbsp;**NORTH CAROLINA—0.6%** | &nbsp;&nbsp;**NORTH CAROLINA—0.6%** |
| &nbsp;&nbsp;North Carolina Medical Care Commission, Series A, 5.13%, 10/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;$782535 |
| &nbsp;&nbsp;**OHIO—5.3%** | &nbsp;&nbsp;**OHIO—5.3%** | &nbsp;&nbsp;**OHIO—5.3%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2, 4.00%, 06/01/2048 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2, 5.00%, 06/01/2055 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132593 |
| &nbsp;&nbsp;Columbus Regional Airport Authority, Series A, 5.50%, 01/01/2050 | 2575000 | &nbsp;&nbsp;&nbsp;&nbsp; 2709662 |
| &nbsp;&nbsp;**Total Ohio** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7360737** |
| &nbsp;&nbsp;**OREGON—3.4%** | &nbsp;&nbsp;**OREGON—3.4%** | &nbsp;&nbsp;**OREGON—3.4%** |
| &nbsp;&nbsp;Port of Portland Airport Revenue, Series 28, 5.00%, 07/01/2052 | 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1837907 |
| &nbsp;&nbsp;Union County Hospital Facility Authority, 5.00%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497585 |
| &nbsp;&nbsp;Washington County School District No. 13 Banks, (SCH BD GTY), Series A, 0.00%, 06/15/2051<sup>(c)</sup> | 8505000 | &nbsp;&nbsp;&nbsp;&nbsp; 2324399 |
| &nbsp;&nbsp;**Total Oregon** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4659891** |
| &nbsp;&nbsp;**PENNSYLVANIA—7.7%** | &nbsp;&nbsp;**PENNSYLVANIA—7.7%** | &nbsp;&nbsp;**PENNSYLVANIA—7.7%** |
| &nbsp;&nbsp;Montgomery County Higher Education & Health Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 09/01/2043 | &nbsp;&nbsp;&nbsp;3515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG), Series B, 4.00%, 05/01/2056 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925992 |
| &nbsp;&nbsp;Pennsylvania Housing Finance Agency, Series 148A, 4.80%, 10/01/2055 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010485 |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission, Series C, 3.00%, 12/01/2051 | &nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147001 |
| &nbsp;&nbsp;**Total Pennsylvania** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10640648** |
| &nbsp;&nbsp;**PUERTO RICO—7.2%** | &nbsp;&nbsp;**PUERTO RICO—7.2%** | &nbsp;&nbsp;**PUERTO RICO—7.2%** |
| &nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico, 7.50%, 08/20/2040 | &nbsp;&nbsp;&nbsp;5315273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164239 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1, 0.00%, 07/01/2051<sup>(c)</sup> | 19613000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908079 |
| &nbsp;&nbsp;**Total Puerto Rico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**10072318** |
| &nbsp;&nbsp;**SOUTH CAROLINA—0.1%** | &nbsp;&nbsp;**SOUTH CAROLINA—0.1%** | &nbsp;&nbsp;**SOUTH CAROLINA—0.1%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, 5.75%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153906 |
| &nbsp;&nbsp;**TENNESSEE—0.6%** | &nbsp;&nbsp;**TENNESSEE—0.6%** | &nbsp;&nbsp;**TENNESSEE—0.6%** |
| &nbsp;&nbsp;Knox County Health Educational & Housing Facility Board, (BAM), Series A-1, 5.00%, 07/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454410 |
| &nbsp;&nbsp;Shelby County Health & Educational Facilities Board, Series A1, 5.25%, 06/01/2056<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350720 |
| &nbsp;&nbsp;**Total Tennessee** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**805130** |
| &nbsp;&nbsp;**TEXAS—12.4%** | &nbsp;&nbsp;**TEXAS—12.4%** | &nbsp;&nbsp;**TEXAS—12.4%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PSF-GTD), 4.25%, 06/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 08/15/2054 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128430 |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PSF-GTD), Series A, 5.25%, 02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 6.00%, 06/15/2054<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183812 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Dallas Fort Worth International Airport, Series A-1, 5.25%, 11/01/2045 | &nbsp;&nbsp;$| 1000000 | &nbsp;&nbsp;$1047220 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1, 5.00%, 07/01/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B, 4.75%, 07/01/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.50%, 07/01/2046<sup>(b)</sup> |  | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C, 5.75%, 07/01/2051<sup>(b)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 7.00%, 07/01/2051<sup>(b)</sup> |  | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 |
| &nbsp;&nbsp;Newark Higher Education Finance Corp., (PSF-GTD), Series A, 4.38%, 08/15/2059 |  | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3773236 |
| &nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV, VRDN, Series B, 5.50%, 01/01/2054 |  | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2533006 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.00%, 06/30/2058 |  | 5485000 | &nbsp;&nbsp;&nbsp;&nbsp; 5385932 |
| &nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;**Total Texas** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17225117** |
| &nbsp;&nbsp;**UTAH—0.4%** | &nbsp;&nbsp;**UTAH—0.4%** | &nbsp;&nbsp;**UTAH—0.4%** | &nbsp;&nbsp;**UTAH—0.4%** |
| &nbsp;&nbsp;Downtown Revitalization Public Infrastructure District, (AG), Series B, 5.50%, 06/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 534369 |
| &nbsp;&nbsp;**VIRGINIA—1.8%** | &nbsp;&nbsp;**VIRGINIA—1.8%** | &nbsp;&nbsp;**VIRGINIA—1.8%** | &nbsp;&nbsp;**VIRGINIA—1.8%** |
| &nbsp;&nbsp;Virginia Housing Development Authority, Series A, 4.75%, 09/01/2060 |  | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2488966 |
| &nbsp;&nbsp;**WASHINGTON—3.7%** | &nbsp;&nbsp;**WASHINGTON—3.7%** | &nbsp;&nbsp;**WASHINGTON—3.7%** | &nbsp;&nbsp;**WASHINGTON—3.7%** |
| &nbsp;&nbsp;Skagit County Public Hospital District No. 1, 5.50%, 12/01/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918074 |
| &nbsp;&nbsp;Washington State Housing Finance Commission |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/01/2063<sup>(a)</sup> |  | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, Series 2025-1, 4.08%, 11/20/2041 |  | &nbsp;&nbsp;1498884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM), Series A, 5.25%, 07/01/2064<sup>(a)</sup> |  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001831 |
| &nbsp;&nbsp;**Total Washington** | &nbsp;&nbsp;**Total Washington** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5085813** |
| &nbsp;&nbsp;**WEST VIRGINIA—0.2%** | &nbsp;&nbsp;**WEST VIRGINIA—0.2%** | &nbsp;&nbsp;**WEST VIRGINIA—0.2%** | &nbsp;&nbsp;**WEST VIRGINIA—0.2%** |
| &nbsp;&nbsp;West Virginia Economic Development Authority, VRDN, 5.45%, 01/01/2055<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239821 |

---

abrdn National Municipal Income Fund<sub>11</sub>

------

### Portfolio of Investments (concluded)
As of September 30, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** | &nbsp;&nbsp;**MUNICIPAL BONDS (continued)** |  |
| &nbsp;&nbsp;**WISCONSIN—11.1%** | &nbsp;&nbsp;**WISCONSIN—11.1%** | &nbsp;&nbsp;**WISCONSIN—11.1%** |
| &nbsp;&nbsp;Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2036<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;636776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$637462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2039<sup>(a)</sup> | &nbsp;&nbsp;3040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2050<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2061 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025, 5.75%, 06/30/2060 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025, 5.75%, 12/31/2065 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.25%, 06/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025A, 5.25%, 06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.50%, 09/01/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.00%, 06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A, 5.25%, 06/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692757 |
| &nbsp;&nbsp;**Total Wisconsin** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15406773** |
| &nbsp;&nbsp;**Total Municipal Bonds** |  | &nbsp;&nbsp;&nbsp;**235143943** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $236,246,233)<sup>(d)</sup>—169.4%** | &nbsp;&nbsp;**Total Investments<br> (Cost $236,246,233)<sup>(d)</sup>—169.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**235143943** |
| &nbsp;&nbsp;Preferred Stock at Liquidation Value—(71.3%) | &nbsp;&nbsp;Preferred Stock at Liquidation Value—(71.3%) | &nbsp;&nbsp;&nbsp;&nbsp;(99000000) |
| &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.9% | &nbsp;&nbsp;Other Assets in Excess of Liabilities—1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703428 |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$138847371** |

---

(a) Denotes a security issued under Regulation S or Rule 144A.

(b) Security is in default.

(c) Zero coupon bond.

(d) See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

---

| | |
|:---|:---|
| AG | Assured Guaranty Inc. |
| BAM | Build America Mutual Assurance Company |
| FHA | Federal Housing Administration |
| GNMA | Government National Mortgage Association |
| PSF-GTD | Permanent School Fund Guarantee Program |
| VRDN | Variable Rate Demand Note |
| VRN | Variable Rate Note |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **12** | abrdn National Municipal Income Fund |

---

------

### Statement of Assets and Liabilities
As of September 30, 2025

------

---

| | |
|:---|:---|
| **Assets** | |
| Investments, at value (cost $236,246,233) | &nbsp;&nbsp;&nbsp;$235143943 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232199 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905707 |
| Prepaid expenses in connection with preferred shares (Note 7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40092 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12939 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**239334880** |
| **Liabilities** |  |
| Liquidation value of preferred shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041730 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239454 |
| Investment management fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58605 |
| Trustee fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46750 |
| Investor relations fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18491 |
| Administration fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15509 |
| Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66970 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100487509** |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**$138847371** |
| **Composition of Net Assets** |  |
| Common stock (par value $0.001 per share) (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12278 |
| Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;&nbsp; 179979599 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp; (41144506) |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**$138847371** |
| Net asset value per share based on 12,278,003 shares issued and outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.31 |

---

See accompanying Notes to Financial Statements.

abrdn National Municipal Income Fund<sub>13</sub>

------

### Statement of Operations
For the Year Ended September 30, 2025

------

---

| | |
|:---|:---|
| **Net Investment Income** | |
| **Investment Income:** |  |
| Interest and amortization of discount and premium and other income | &nbsp;&nbsp;&nbsp;$12480238 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12480238 |
| **Expenses:** |  |
| Investment management fee (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954241 |
| Administration fee (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190848 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186254 |
| Independent auditors' fees and tax expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92970 |
| Legal fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69822 |
| Investor relations fees and expenses (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52748 |
| Reports to shareholders and proxy solicitation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44069 |
| Transfer agent's fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19922 |
| Custodian's fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3483 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46059 |
| Total operating expenses, excluding dividend expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660416 |
| Dividend and related expenses on preferred shares (Note 7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3902039 |
| Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562455 |
| Expenses waived (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167122) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395333 |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7084905 |
| **Net Realized/Unrealized Gain/(Loss):** |  |
| **Net realized gain/(loss) from:** |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4410308) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4410308) |
| **Net change in unrealized appreciation/depreciation on:** |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7802681) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7802681) |
| Net realized and unrealized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12212989) |
| **Change in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;**$(5128084)** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | abrdn National Municipal Income Fund |

---

------

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$7084905 | &nbsp;&nbsp;&nbsp;&nbsp;$5889081 |
| Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4410308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3971465) |
| Net change in unrealized appreciation/depreciation investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7802681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29369060 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5128084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31286676 |
| **Distributions to Shareholders From:** |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7158509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5954833) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Net decrease in net assets from distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7366802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5954833) |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(12494886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25331843 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;151342257 | &nbsp;&nbsp;&nbsp;&nbsp;126010414 |
| &nbsp;&nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;**$138847371** | &nbsp;&nbsp;&nbsp;**$151342257** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| abrdn National Municipal Income Fund | **15** |

---

------

### Statement of Cash Flows
For the Year Ended September 30, 2025

------

---

| | |
|:---|:---|
| **Cash flows from operating activities:** | |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;$(5128084) |
| Adjustments to reconcile net decrease in net assets resulting<br> from operations to net cash provided by operating activities: |  |
| Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; (137521700) |
| Investments sold and principal repayments | &nbsp;&nbsp;&nbsp;&nbsp; 138716200 |
| Net change in short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Net amortization/accretion of premium/(discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1185630) |
| Increase in interest, dividends and other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5480) |
| Increase in prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5468) |
| Increase in accrued investment management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17836 |
| Increase in other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19945 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7802681 |
| Net realized loss on investments transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4410308 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7120609** |
| **Cash flows from financing activities:** |  |
| Increase in payable to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$239454 |
| Distributions paid to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7366802) |
| &nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7127348)** |
| &nbsp;&nbsp;&nbsp;Net change in cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6739) |
| &nbsp;&nbsp;&nbsp;Unrestricted and restricted cash, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739 |
| **Unrestricted and restricted cash, end of year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$–** |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid for dividend and related expenses on preferred shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3902039 |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **16** | abrdn National Municipal Income Fund |

---

------

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30,** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30,** | | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended March 31,** |
| | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**For the<br> Period From<br> April 1, 2023<br> to<br> September 30,** <br>&nbsp;&nbsp;**2023<br> (a)** | &nbsp;&nbsp;**2023<br> (b)** | &nbsp;&nbsp;**2022<br> (b)** | &nbsp;&nbsp;**2021<br> (b)** |
| &nbsp;&nbsp;**PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value per common share, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.71 |
| &nbsp;&nbsp;Net investment income<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;Total from investment operations applicable to common shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| &nbsp;&nbsp;**Distributions to common shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| &nbsp;&nbsp;Net asset value per common share, end of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.84 |
| &nbsp;&nbsp;Market price, end of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.12 |
| &nbsp;&nbsp;**Total Investment Return Based on<sup>(d)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Market price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.56%) | &nbsp;&nbsp;&nbsp;&nbsp;36.06% | &nbsp;&nbsp;&nbsp;&nbsp;(17.48%) | &nbsp;&nbsp;&nbsp;&nbsp;(11.51%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11% |
| &nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69%) | &nbsp;&nbsp;&nbsp;&nbsp;26.04% | &nbsp;&nbsp;&nbsp;&nbsp;(11.01%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.25%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15%) | &nbsp;&nbsp;&nbsp;&nbsp;13.20% |
| &nbsp;&nbsp;**Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net assets applicable to common shareholders, end of year (000 omitted) | &nbsp;&nbsp;&nbsp;$138847 | &nbsp;&nbsp;&nbsp;$151342 | &nbsp;&nbsp;&nbsp;$126010 | &nbsp;&nbsp;&nbsp;$144700 | &nbsp;&nbsp;$284706 | &nbsp;&nbsp;&nbsp;&nbsp;$67182 |
| &nbsp;&nbsp;Average net assets applicable to common shareholders (000 omitted)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$139560 | &nbsp;&nbsp;&nbsp;$144052 | &nbsp;&nbsp;&nbsp;$141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;Gross operating expenses, excluding fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% | &nbsp;&nbsp;&nbsp;&nbsp;4.58%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;Net operating expenses, net of fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;Net operating expenses, net of fee waivers, excluding dividend expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;Net Investment income<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |
| &nbsp;&nbsp;Total leverage (preferred stock) outstanding (000 omitted)<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$99000 | &nbsp;&nbsp;&nbsp;&nbsp;$99000 | &nbsp;&nbsp;&nbsp;&nbsp;$99000 | &nbsp;&nbsp;&nbsp;&nbsp;$99000 | &nbsp;&nbsp;&nbsp;$135000 | &nbsp;&nbsp;&nbsp;&nbsp;$30000 |
| &nbsp;&nbsp;Net asset coverage per share of preferred shares, end of period<sup>(h)</sup> | &nbsp;&nbsp;$240250 | &nbsp;&nbsp;&nbsp;$252871 | &nbsp;&nbsp;&nbsp;$227283 | &nbsp;&nbsp;&nbsp;$246162 | &nbsp;&nbsp;&nbsp;$310893 | &nbsp;&nbsp;$323942 |
| &nbsp;&nbsp;Liquidation value per share of preferred shares<sup>(h)</sup> | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$100000 |

---

(a) Effective as of the close of business on July 7, 2023, abrdn Inc. assumed responsibility for the management of the Fund from Delaware Management Company, a series of Macquarie Investment Management
Business Trust.

(b) Beginning with the period ended September 30, 2023, the Fund's financial statements were audited by KPMG LLP. Previous years were audited by a different independent
registered public accounting firm. See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| abrdn National Municipal Income Fund | **17** |

---

------

Financial Highlights (concluded)

------

(c) Based on average shares outstanding.

(d) Total investment return based on market value is calculated assuming that shares of the Fund's common stock were purchased at the closing market price as of the beginning of the
period, dividends, capital gains and other distributions were reinvested as provided for in the Fund's dividend reinvestment plan and then sold at the closing market price per share on the last day of the
period. The computation does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that
the Fund's net asset value is substituted for the closing market value.

(e) Average net assets applicable to common shareholders were not shown for the fiscal years ended March 31, 2023, 2022, and 2021.

(f) Annualized.

(g) The ratio of net investment income excluding dividend expense to average net assets for the fiscal years ended September 30, 2025 and September 30, 2024 was 7.87% and 7.12%,
respectively. The annualized ratio of net investment income excluding dividend expense to average net assets for the period ended September 30, 2023 was 6.80%. The ratio of net investment income excluding dividend
expense to average net assets for the years ended March 31, 2023, 2022, and 2021 were 5.33%, 3.98%, and 4.67%, respectively.

(h) In March 2012, the Fund issued a series of 300 variable rate preferred shares, with a liquidation preference of $100,000 per share (Series 2017 Shares). The Series
2017 Shares were redeemed on February 2, 2016 and replaced with Series 2021 Shares, which were the same amount and value as the Fund's Series 2017 Shares. On April 25, 2019, the Fund redeemed the Series 2021
Shares, and replaced them with Series 2049 Muni-MultiMode Preferred Shares (Series 2049), which have the same amount and value as the Series 2021 Shares. When the Fund acquired Delaware Investments Colorado Municipal
Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. on February 11, 2022, it also acquired the Series 2049 preferred shares used as leverage by those funds, which are reflected in the
value of preferred shares outstanding in the table above. 36,000,000 were redeemed to fund the tender offer on December 16, 2022. Net asset coverage per share of preferred shares is calculated by dividing net assets
as of each fiscal period end plus the amount of any borrowings for investment purposes outstanding as of each fiscal period end by the number of preferred shares outstanding as of such date.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **18** | abrdn National Municipal Income Fund |

---

------

### Notes to Financial Statements <br> September 30, 2025

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1. Organization

abrdn National Municipal Income Fund (the "Fund") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company. The Fund is diversified for purposes of the 1940 Act. The Fund's investment objective is to seek to provide current income exempt from regular federal income tax, consistent with the preservation of capital.

2. Summary of Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency.

a. Security Valuation:

The Fund values its securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") designated abrdn Inc. (the "Manager" or "Aberdeen"), the Fund's Investment Manager, as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are

significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Open-end mutual funds are valued at the respective net asset value ("NAV") as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional "round lot" size and the strategies employed by the Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller "odd lot" sizes which may be effected at lower, or higher, prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. Generally, these investment types are categorized as Level 1 investments.

In the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation

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|:---|:---|
| abrdn National Municipal Income Fund | **19** |

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### Notes to Financial Statements (continued)<br> September 30, 2025

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Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Valuation Designee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

A summary of standard inputs is listed below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Standard Inputs** |
| &nbsp;&nbsp;Debt and other fixed-income securities | &nbsp;&nbsp;Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. |

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The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br> Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;$– | &nbsp;&nbsp;$235143943 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$235143943 |
| &nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$235143943** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$235143943** |
| &nbsp;&nbsp;**Total Investment Assets** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$235143943** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$235143943** |

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Amounts listed as "–" are $0 or round to $0.

b. Restricted Securities:

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.

c. Security Transactions, Investment Income and Expenses:

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and foreign currency transactions are calculated on the identified cost basis.

Dividend Income and corporate actions are recorded generally on the ex-dividend date, except for certain dividends and corporate actions which may be recorded after the ex-dividend date, as soon as the Fund acquires information regarding such dividends or corporate actions. Interest income and expenses are recorded on an accrual basis.

Discounts and premiums on securities purchased are accreted or amortized on an effective yield basis over the estimated lives of the respective securities.

d. Distributions:

The Fund intends to make regular monthly distributions of net investment income to holders of common shares. The Fund expects to pay its common shareholders annually all or substantially all of its investment company taxable income. In addition, at least annually, the Fund intends to distribute all or substantially all of its net capital gains, if any.

Distributions from net realized gains for book purposes may include short-term capital gains which are ordinary income for tax purposes. Distributions to common shareholders are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These "book-tax" differences are considered either temporary or permanent in nature. To the extent these differences are

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| | |
|:---|:---|
| **20** | abrdn National Municipal Income Fund |

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permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes they are reported to shareholders as return of capital.

e. Federal Income Taxes:

The Fund intends to continue to qualify as a "regulated investment company" ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended September 30, 2025 are subject to such review.

3. Agreements and Transactions with Affiliates

a. Investment Manager:

Aberdeen serves as the Fund's Investment Manager pursuant to an investment management agreement (the "Management Agreement") with the Fund. The Investment Manager is a wholly-owned indirect subsidiary of Aberdeen Group plc. In rendering management services, the Investment Manager may use the resources of investment advisor subsidiaries of Aberdeen Group plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Investment Manager.

As compensation for its services to the Fund, the Investment Manager receives an annual investment management fee at an annual rate of 0.40% of the average daily "Managed Assets" of the Fund during the month. "Managed Assets" are the total assets of the Fund (including any assets attributable to money borrowed for investment purposes, including proceeds from (and assets subject to) reverse repurchase agreements, any credit facility and any issuance of preferred shares or notes) minus the sum of the Fund's accrued liabilities (other than Fund liabilities incurred for the purpose of leverage). For the fiscal year ended September 30, 2025, the Fund paid the Investment Manager $954,241.

The Investment Manager entered into a written contract (the "Expense Limitation Agreement") with the Fund that is effective through June 30, 2026. The Expense Limitation Agreement limits the total ordinary operating expenses of the Fund (excluding any leverage costs, taxes, interest, brokerage commissions, dividend expenses and any non-routine expenses) from exceeding 1.07% of the average daily net assets of the Fund on an annualized basis. The total amount of the waiver for the fiscal year ended September 30, 2025 pursuant to the Expense Limitation Agreement was $167,122.

The Investment Manager may request and receive reimbursement from the Fund of the management fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement as of a date not more than three years after the date when the Investment Manager limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Investment Manager, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements").

As of September 30, 2025, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to the Investment Manager from the Fund, based on expenses reimbursed by the Investment Manager, including adjustments described above, would be:

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| | |
|:---|:---|
| &nbsp;&nbsp;Amount Fiscal Period 2023(Expires 09/30/26) | &nbsp;&nbsp;$325793 |
| &nbsp;&nbsp;Amount Fiscal Year 2024 (Expires 09/30/27) | &nbsp;&nbsp;$181437 |
| &nbsp;&nbsp;Amount Fiscal Year 2025 (Expires 09/30/28) | &nbsp;&nbsp;$167122 |
| &nbsp;&nbsp;**Total\*** | &nbsp;&nbsp;**$674352** |

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\* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

b. Fund Administrator:

Aberdeen is the Fund's Administrator. Pursuant to the Administration Agreement, Aberdeen receives a fee paid by the Fund, at an annual fee rate of 0.08% of the Fund's average daily net assets. State Street Bank and Trust Company serves as the Fund's Sub-Administrator. For the fiscal year ended September 30, 2025 pursuant to the Administration Agreement, Aberdeen earned $190,848 from the Fund for administration services.

c. Investor Relations:

Under the terms of the Investor Relations Services Agreement, Aberdeen provides and/or engages third parties to provide investor relations services to the Fund and certain other funds advised by the Investment Manager or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **21** |

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owes a portion of the fees related to the Investor Relations Program (the "Fund's Portion"). However, Investor Relations Services fees are limited by Aberdeen so that the Fund will only pay up to an annual rate of 0.05% of the Fund's average weekly net assets. Any difference between the capped rate of 0.05% of the Fund's average weekly net assets and the Fund's Portion is paid for by Aberdeen.

Pursuant to the terms of the Investor Relations Services Agreement, Aberdeen (or third parties engaged by Aberdeen), among other things, provides objective and timely information to shareholders based on publicly-available information; provides information efficiently through the use of technology while offering shareholders immediate access to knowledgeable investor relations representatives; develops and maintains effective communications with investment professionals from a wide variety of firms; creates and maintains investor relations communication materials such as fund manager interviews, films and webcasts, publishes white papers, magazine articles and other relevant materials discussing the Fund's investment results, portfolio positioning and outlook; develops and maintains effective communications with large institutional shareholders; responds to specific shareholder questions; and reports activities and results to the Board and management detailing insight into general shareholder sentiment.

During the fiscal year ended September 30, 2025, the Fund incurred investor relations fees of approximately $52,748. For the fiscal year ended September 30, 2025, Aberdeen did not contribute to the investor relations fees for the Fund because the Fund's contribution was below 0.05% of the Fund's average weekly net assets on an annual basis.

d. Purchase/Sale Transactions Between Affiliates

The Fund is permitted to buy or sell securities with funds that have a common investment manager (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the 1940 Act ("Rule 17a-7"). During the fiscal year ended September 30, 2025, the Fund did not engage in any purchases of securities pursuant to Rule 17a-7.

4. Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the fiscal year ended September 30, 2025, were $136,806,055 and $139,397,562, respectively.

5. Capital

The Fund is authorized to issue an unlimited number of common shares of beneficial interest at par value $0.001 per common share. As of September 30, 2025, there were 12,278,003 shares of common stock issued and outstanding. Shares issuable under the Fund's

dividend reinvestment plan are purchased by the Fund's transfer agent, Computershare, Inc., in the open market. During the fiscal year ended September 30, 2025, the Fund did not issue any shares under its dividend reinvestment plan.

6. Open Market Repurchase Program

On September 11, 2024, the Fund publicly announced that the Board of Trustees had approved an open market share repurchase program(the "Program"). Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period as of September 30 of the prior year. The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. On a quarterly basis, the Fund's Board will receive information on any transactions made pursuant to this Program during the prior quarter. If shares are repurchased, the Fund reports repurchase activity on the Fund's website on a monthly basis. For the fiscal year ended September 30, 2025, the Fund did not repurchase any shares through the Program.

7. Muni-MultiMode Preferred Shares

On April 25, 2019, the Fund priced private offerings to a qualified institutional buyer, as defined pursuant to Rule 144A under the 1933 Act, of approximately $30 million of Muni-MultiMode Preferred Shares, Series 2049 ("MMP"), with a $100,000 liquidation value per share. The Fund used the net proceeds from each offering to redeem its outstanding Variable Rate MuniFund Term Preferred Shares, Series 2021 ("VMTP"). The Fund issued MMP shares in the same amount and value as its previously outstanding VMTP shares. On February 11, 2022, the Fund acquired the assets of Delaware Investments Colorado Municipal Income Fund, Inc. ("VCF") and Delaware Investments Minnesota Municipal Income Fund II, Inc. ("VMM"), which included Series 2049 MMP preferred shares issued by each of VCF and VMM used as leverage (the "Reorganization"). The Reorganization caused the Fund's total preferred shares outstanding to equal $135 million, with VCF's Series 2049 MMP preferred shares becoming Series 2 and VMM's Series 2049 MMP preferred shares becoming Series 3 of the MMP shares issued by the Fund. The Fund's original tranche of Series 2049 MMP preferred shares is Series 1. The terms of the Series 2 and Series 3 MMP shares are substantially similar to those of the Series 1. In connection with the 2022 tender offer the Fund accordingly reduced its outstanding MMP Preferred Shares by redeeming 360 Preferred Shares at the $100,000 liquidation preference per share, plus an additional amount representing the final accumulated dividend amounts owed to be paid to preferred shareholders. The redemption

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| | |
|:---|:---|
| **22** | abrdn National Municipal Income Fund |

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occurred on December 20, 2022. After this the total preferred shares outstanding was $99,000,000.

The MMP shares are a floating rate form of preferred stock with a mandatory term redemption. The mandatory term redemption date for these offerings is April 1, 2049. MMP shares have the option at either the request of the purchaser or issuer to be converted to a variable rate demand preferred ("VRDP") structure. The converted VRDP shares could then be offered for sale to certain institutional investors. The VRDP could continue to remain outstanding for the remainder of the MMP shares' 30-year term. MMP dividends are set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index. MMP shares represent the preferred stock of the Fund and are senior, with priority in all respects, to the Fund's common shares as to payments of dividends. MMP shares are redeemable at par. The Fund may be obligated to redeem certain of the MMP shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. Dividends on MMP shares are set weekly, and are based on a short-term index rate plus an additional spread that is subject to adjustment in certain circumstances, including a change in the credit rating assigned to the MMP shares by Fitch Ratings ("Fitch").

The weighted average dividend rate for all of the Fund's MMP shares for the fiscal year ended September 30, 2025 is 2.78%. The average balance for the fiscal year ended September 30, 2025 was $99,000,000.

The Fund uses leverage because its managers believe that, over time, leveraging may provide opportunities for additional income and total return for common shareholders. However, the use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by the Fund decline, the negative impact of these valuation changes on common share NAV and common shareholder total return is magnified by the use of leverage; accordingly, the use of structural leverage may hurt the Fund's overall performance. Leverage may also cause the Fund to incur certain costs. In the event that the Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch, funding dividend payments, or funding redemptions), the Fund will pay additional fees with respect to the leverage.

For financial reporting purposes, the MMP shares are considered debt of the issuer; therefore, the liquidation value which approximates fair value of the MMP shares is recorded as a liability in the "Statement of assets and liabilities". Dividends accrued and paid on the MMP shares are included as a component of dividend expense on preferred shares in the "Statement of operations". The MMP shares are treated as equity

for legal and tax purposes. Dividends paid to holders of the MMP shares are generally classified as tax-exempt income for tax-reporting purposes.

8. Portfolio Investment Risks

a. Credit and Market Risk:

A debt instrument's price depends, in part, on the credit quality of the issuer, borrower, counterparty, or underlying collateral and can decline in response to changes in the actual or perceived financial condition of the issuer, borrower, counterparty, or underlying collateral, or changes in specific or general market, economic, industry, political, regulatory, geopolitical, or other conditions. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit risk. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading.

b. Geographic Focus Risk:

The Fund's performance could be more volatile than that of a more geographically diversified fund and could be significantly impacted as a result of the Fund investing a large percentage of its assets in issuers located in a single state, small number of states, or a particular geographic region. Also, the Fund's performance may be more closely tied to the market, economic, or regulatory conditions in those states, regions, or municipalities.

c. High-Yield Bonds and Other Lower-Rated Securities Risk:

The Fund's investments in high-yield bonds (commonly referred to as "junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.

d. Interest Rate Risk:

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated

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|:---|:---|
| abrdn National Municipal Income Fund | **23** |

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securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk. The Fund may be subject to a greater interest rate risk due to a changing interest rate environment and the effect of potential government monetary and fiscal policy initiatives and resulting market reaction to those initiatives.

Changes in interest rates or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its holdings.

e. Issuer Risk:

The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. In an increasingly interconnected financial market, the adverse changes in the financial conditions of one issuer may negatively affect other issuers.

f. Municipal Securities Risk

The Fund is subjected to municipal securities risk. Municipal bonds can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally lower for shorter-term municipal bonds and higher for long term municipal bonds.

*Municipal Bond Tax Risk. A municipal bond that is issued as tax-exempt may later be declared to be taxable. In addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value of a municipal bond to decline.*

*Municipal Market Volatility and Illiquidity Risk. The municipal bond market can be volatile, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds without the sale significantly changing the market value of the bond. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.*

*Municipal Sector Risk. From time to time the Fund may invest a substantial amount of its assets in municipal securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this manner, it assumes the economic risks relating to such projects and any adverse changes to such projects may have a significant negative impact on the Fund's investment performance.*

g. Sector Risk

To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

h. Tobacco Related Bonds Risk

The Fund is subject to Tobacco Related Bonds Risk. In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, the Master Settlement Agreement ("MSA"), to settle claims against them by 46 states and six other U.S. jurisdictions. The tobacco manufacturers agreed to make annual payments to the government entities in exchange for the release of all litigation claims. A number of the states have sold bonds that are backed by those future payments. The Fund may invest in two types of those bonds: (i) bonds that make payments only from a state's interest in the MSA and (ii) bonds that make payments from both the MSA revenue and from an "appropriation pledge" by the state. An "appropriation pledge" requires the state to pass a specific periodic appropriation to make the payments and is generally not an unconditional guarantee of payment by a state.

The MSA settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. Payments could be reduced if consumption decreases, if market share is lost to non-MSA manufacturers, or if there is a negative outcome in litigation regarding the MSA.

The MSA and tobacco manufacturers have been and continue to be subject to various legal claims, including, among others, claims that the MSA violates federal antitrust law. In addition, the United States Department of Justice has alleged in a civil lawsuit that the major tobacco companies defrauded and misled the American public about the health risks associated with smoking cigarettes. An adverse outcome to this lawsuit or to any other litigation matters or regulatory actions relating to the MSA or affecting tobacco manufacturers could adversely affect the payment streams associated with the MSA or cause delays or reductions in bond payments by tobacco manufacturers.

9. Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.

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| **24** | abrdn National Municipal Income Fund |

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10. Tax Information

The U.S. federal income tax basis of the Fund's investments (including derivatives, if applicable) and the net unrealized depreciation as of September 30, 2025, were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tax Cost of<br> Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| $235786441 | &nbsp;&nbsp;&nbsp;&nbsp;$6448087 | &nbsp;&nbsp;&nbsp;&nbsp;$(7090585) | &nbsp;&nbsp;&nbsp;&nbsp;$(642498) |

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The tax character of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024 was as follows:

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2024** |
| &nbsp;&nbsp;Distributions paid from: |  |  |
| &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;$107373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;Tax Exempt Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051136 | &nbsp;&nbsp;&nbsp;&nbsp;5954833 |
| &nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total tax character of distributions** | &nbsp;&nbsp;**$7366802** | &nbsp;&nbsp;**$5954833** |

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Amounts listed as "–" are $0 or round to $0.

As of September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;Undistributed Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Total undistributed earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;Accumulated Capital and Other Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;Capital loss carryforward | $(40075487)\* |
| &nbsp;&nbsp;Other currency gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426521) |
| &nbsp;&nbsp;Unrealized Appreciation/(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642498)\*\* |
| &nbsp;&nbsp;**Total accumulated earnings/(losses) – net** | **$(41144506)** |

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Amounts listed as "–" are $0 or round to $0.

\* On September 30, 2025, the Fund had a net capital loss carryforward of $(40075487) which will be available to offset like amounts of any future taxable gains. This capital loss carryforward is subject to yearly loss limitations and cannot be used in its entirety at one time. The Fund is permitted to carry forward capital losses for an unlimited period, and capital losses that are carried forward will retain their character as either short-term or long-term capital losses. The breakdown of capital loss carryforwards are as follows:

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|:---|:---|
| &nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;$20328198 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;&nbsp;&nbsp;19747289 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |

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\*\* The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to book and tax amortization methods for premiums and discounts on fixed income securities and the tax deferral of wash sales.

11. Segment Reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to

Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity's chief operating

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **25** |

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### Notes to Financial Statements (concluded)<br> September 30, 2025

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decision maker ("CODM") when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

12. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative

income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

13. Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of September 30, 2025, other than as noted below.

On October 9, 2025 and November 11, 2025 the Fund announced that it will pay on October 31, 2025 and November 28, 2025, respectively a distribution of $0.0500 per share to all shareholders of record as of October 24, 2025 and November 21, 2025, respectively.

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| | |
|:---|:---|
| **26** | abrdn National Municipal Income Fund |

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Report of Independent Registered Public Accounting Firm

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To the Shareholders and Board of Trustees<br> abrdn National Municipal Income Fund:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of abrdn National Municipal Income Fund (the Fund), including the portfolio of investments, as of September 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the two-year period then ended and for the period from April 1, 2023 to September 30, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period from April 1, 2023 to September 30, 2023, in conformity with U.S. generally accepted accounting principles. The financial highlights for each of the years in the three-year period ended March 31, 2023 were audited by other independent registered public accountants whose report, dated June 9, 2023, expressed an unqualified opinion on those financial highlights.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](tm2527059d8vflreporti004.jpg)

We have served as the auditor of one or more abrdn investment companies since 2009.

Columbus, Ohio<br> November 28, 2025

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **27** |

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Federal Tax Information: Dividends and Distributions (Unaudited)

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Certain information for the Fund is required to be provided to shareholders based on the Fund's income and distributions for the taxable year ended December 31, 2025. In February 2026, shareholders will receive Form 1099-DIV. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual tax returns.

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| | |
|:---|:---|
| **28** | abrdn National Municipal Income Fund |

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Supplemental Information (Unaudited)

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#### Results of Annual Meeting of Shareholders
The Annual Meeting of Shareholders was held on September 30, 2025. The description of the proposal and number of shares voted at the meeting are as follows:

To re-elect Trustees to Board of Trustees:

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | &nbsp;&nbsp;&nbsp;&nbsp;**Votes Against/<br> Withheld** |
| &nbsp;&nbsp;Christian Pittard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9959301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381001 |
| &nbsp;&nbsp;Todd Reit | &nbsp;&nbsp;&nbsp;&nbsp;10036064 | &nbsp;&nbsp;&nbsp;&nbsp;304238 |
| &nbsp;&nbsp;Nancy Yao (preferred only) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;C. William Maher (preferred only) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

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#### Summary of Board Considerations in Approving the Investment Management Agreement
At a regularly scheduled meeting (the "Meeting") of the Board of Trustees (the "Board") of abrdn National Municipal Income Fund (the "Fund") held on June 10, 2025, the Board, including those Trustees (the "Independent Trustees") who are not "interested persons" (as that term is defined in the Investment Company Act of 1940 (the "1940 Act")) of the Fund, approved the continuation of the investment management agreement (the "Management Agreement") between abrdn Inc. (the "Investment Manager") and the Fund. In connection with their consideration of whether to approve the continuation of the Management Agreement, the Board members received and reviewed a variety of information provided by the Investment Manager relating to the Fund, the Management Agreement and the Investment Manager. The information provided to the Board members included (but was not limited to): comparative performance, fee and expense information (as well as information on the limitations of such comparable data) of a peer group of funds based on the Fund's Morningstar Category (the "Peer Funds"), as selected by Institutional Shareholder Services Inc. ("ISS"), an independent third-party provider of investment company data and other performance information. The Peer Funds presented for fee and expense data comparison consisted of certain of the funds in the Morningstar Category and other industry peers, as determined independently by ISS, and the Peer Funds presented for the performance data comparison consisted of the Fund's Morningstar category, as determined by ISS. The Board also received information regarding relevant benchmark indices and information regarding the nature, extent and quality of services provided by the Investment Manager under the Management Agreement.

The materials provided to the Board generally included, among other items: (i) information on the investment performance of the Fund, the performance of the Peer Funds, comparable funds, if any, and the Fund's performance benchmark; (ii) reports prepared by the Investment Manager in response to requests submitted by the Independent Trustees' independent legal counsel on behalf of such Trustees; (iii) information on the Fund's management fee and other expenses, including information comparing the Fund's expenses to the Peer Funds, comparable funds, if any, and information about applicable fee "breakpoints" in the Fund's fee structure and expense limitations, if any; (iv) information regarding the Investment Manager' revenues and costs of providing services to the funds and any compensation paid to affiliates of the Investment Manager; and (v) a memorandum from the Independent Trustees' independent legal counsel on the responsibilities of the Board in considering the approval of the investment advisory arrangement under the 1940 Act and Massachusetts law.

The Independent Trustees met with representatives of the Investment Manager and separately in executive session with independent legal counsel on June 10, 2025 to discuss the continuation of the Management Agreement. The Independent Trustees also met with representatives of the Investment Manager and separately in executive session with independent legal counsel on May 29, 2025 to discuss the materials provided to the Board by the Investment Manager in response to a request for information sent to them by the Independent Trustees' independent legal counsel.

In evaluating whether to renew the Management Agreement for the Fund, the Board considered numerous factors, including: (i) the nature, extent and quality of services provided to the Fund by the Investment Manager under the Management Agreement; (ii) the costs of services provided to the Fund and the profits realized by the Investment Manager (and its affiliates) from its relationship with the Fund; (iii) the Fund's total expense ratio as well as the management fee paid by the Fund pursuant to the Management Agreement relative to the total expense ratios of and the management fees charged to the Peer Funds and comparable accounts, if any; (iv) the investment performance of the Fund relative to that of its benchmark index as well as the performance of the Peer Funds and comparable funds, if any; (v) any additional benefits (such as soft dollars, if any) received by the Investment Manager or its affiliates; (vi) the extent to which economies of scale are being realized by shareholders and will be realized as the Fund's assets increase; (vii) the Investment Manager's compliance program; and (viii) any other considerations deemed relevant by the Board. The Independent Trustees also discussed the Management Agreement in an executive session with independent legal counsel at which no representatives of the Investment Manager were present. No single factor reviewed by the Board was identified as the principal factor in determining whether to renew the Management Agreement, and individual Trustees may have given different weight to various factors.

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **29** |

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Supplemental Information (Unaudited) (continued)

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The discussion immediately below outlines in greater detail certain of the materials and information presented to the Board by the Investment Manager in connection with the Board's consideration and approval of the continuation of the Management Agreement, and the conclusions made by the Board at the Meeting when determining to renew the Management Agreement.

#### The Nature, Extent and Quality of Services Provided to the Fund Under the Management Agreement
The Trustees considered the nature, extent and quality of services provided by the Investment Manager to the Fund. They reviewed information about the resources dedicated to the Fund by the Investment Manager and its affiliates. Among other things, the Board reviewed and discussed the background and experience of the Investment Manager's senior management personnel who serviced the Fund and the qualifications, background and responsibilities of the portfolio managers primarily responsible for providing day-to-day portfolio management services for the Fund. The Trustees also considered the financial condition of the Investment Manager and the Investment Manager's ability to provide quality service to the Fund. Management representatives reported to the Board and responded to questions on, among other things, the Investment Manager's business plans and any current or proposed organizational changes. The Trustees also took into account the Investment Manager's experience as an asset manager and considered information regarding the Investment Manager's compliance with applicable laws and Securities and Exchange Commission ("SEC") and other regulatory agency inquiries or audits of the Fund, the Investment Manager and/or its affiliates. The Board considered reports from the Investment Manager on its risk management processes. The Board noted that it received information on a regular basis from the Fund's Chief Compliance Officer regarding the Investment Manager's compliance policies and procedures and information concerning the Investment Manager's brokerage policies and practices. The Trustees also noted that the Investment Manager had provided information and periodic reporting, including updates on the management of the Fund and the quality of its performance and had discussed these matters with the Trustees at meetings held regularly throughout the preceding year.

Based on the totality of the information considered, the Board concluded that the nature, extent and quality of the Investment Manager's services provided to the Fund were of high quality, and that the Investment Manager has provided and could reasonably be expected to continue to provide these services on an ongoing basis based on its experience, operations and resources.

#### The Costs of Services Provided and Profits Realized by the Investment Manager and its Affiliates from their Relationships with the Fund
The Board reviewed information compiled by ISS that compared the Fund's effective annual management fee rate with the fees paid by its Peer Funds. The Board reviewed with management the effective annual management fee paid by the Fund to the Investment Manager for investment management services. The Board noted that the Investment Manager and its affiliates did not have any SEC-registered closed-end funds that were directly comparable to the Fund. Although there were no other substantially similar abrdn-advised investment vehicles against which to compare the Fund's management fees, the Investment Manager provided information for other abrdn-advised products with similar investment strategies to those of the Fund where available. The Board considered the Fund's management fee structure. The Trustees also considered information from management about the fees charged by the Investment Manager to other clients investing primarily in an asset class similar to that of the Fund. The Board considered the fee comparisons in light of the differences in resources and costs required to manage the different types of accounts. In evaluating the Fund's management fee, the Board took into account the regulatory regimes, fund structure, level of services, complexity and quality of the investment management of the Fund.

In addition to the foregoing, the Board considered the Fund's fees and expenses relative to the fees and expenses of the Peer Funds, as well as information on the limitations of such comparable data given differences between the Fund and the Peer Funds presented. The Board noted that, like the Fund, the Peer Funds did not have breakpoints in the advisory fee. This information showed that the Fund's net management fee was below the median of the Peer Funds but that the Fund's total net expenses, exclusive of investment-related expenses, were above the median of the Peer Funds. The Board also reviewed the profitability of the investment advisory relationship with the Fund to the Investment Manager. The Board concluded that the Fund's fees and expenses, as well as the Investment Manager's profitability, were reasonable in light of the nature, extent and quality of services provided.

#### Investment Performance of the Fund
The Board received and reviewed with the Fund's management, among other performance data, information that compared the Fund's return over various time periods to those of comparable investment companies and discussed this information and other related performance data with management. The Board received and considered information comparing the Fund's performance to the performance of the Fund's Peer Funds, including information on the limitations of such comparable data given differences between the Fund and the Peer Funds presented.

In addition, the Board received and reviewed information regarding the Fund's total return on a gross and net basis and relative to the Fund's benchmark. The Trustees considered management's discussion of the factors contributing to differences in performance between the Fund, its Peer Funds, other abrdn strategies, as applicable, and the Fund's benchmark, including (but not limited to) differences in the investment strategies, restrictions and risks of the Peer Funds and distinguishing features of the Fund relative to the benchmark and other abrdn strategies. Additionally, the Board considered information about the Fund's discount/premium ranking relative to its Peer Funds and the Manager's discussion of the Fund's performance. The Trustees noted that the Fund underperformed its benchmark and the average of the Peer Funds for the 1-, 3-, 5- and 10-year

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| | |
|:---|:---|
| **30** | abrdn National Municipal Income Fund |

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Supplemental Information (Unaudited) (concluded)

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periods ended March 31, 2025. The Board considered the Investment Manager's discussion of Fund performance, efforts to improve performance, and the Investment Manager's plans for the Fund, among other factors, in determining to continue the Management Agreement. The Board also considered the differences between the Fund and the Peer Funds presented, as well as distinctions between the Fund's strategy and the benchmark.

#### Direct and Indirect Benefits
The Board then considered whether or the extent to which the Investment Manager derives any direct, ancillary or indirect benefits, such as reputational benefits, that could accrue to the Investment Manager from the Fund's operations as a result of the Investment Manager's relationship with the Fund. The Board recognized the services provided to the Fund by affiliates of the Investment Manager and the related compensation paid by the Fund for those services. Based on the totality of the information considered, the Board concluded that any benefits accruing to the Investment Manager by virtue of its relationship with the Fund appeared to be reasonable.

#### Economies of Scale
The Board next considered management's discussion of the Fund's management fee structure and determined that the management fee structure was reasonable. The Board based its determination on various factors, including how the Fund's management fee compared relative to the Peer Funds. The Board also considered that the Fund had an expense limitation agreement in place until July 10, 2025, pursuant to which the Investment Manager agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Fund's total annual operating expenses, and that Management proposed to extend the Expense Limitation Agreement until June 30, 2026. The Board concluded that the economies of scale shared with the Fund were reasonable.

*\* \* \**

Based on the Board's deliberations and its evaluation of the information described above and other factors and information the Trustees deemed relevant in the exercise of their individual reasonable business judgment, the Board, including the Independent Trustees, with the assistance of fund counsel and independent legal counsel to the Independent Trustees, unanimously concluded that the the fees charged pursuant to the Management Agreement were fair and reasonable and approved the continuation of the Management Agreement.

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **31** |

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Additional Information Regarding the Fund (Unaudited)

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#### RECENT CHANGES
*The following information is a summary of certain changes during the fiscal period ended September 30, 2025. This information may not reflect all of the changes that have occurred since you purchased the Fund.*

During the applicable period, there have been: (i) no material changes to the Fund's investment objectives and policies that constitute its principal portfolio emphasis that have not been approved by shareholders, except that the Fund may now enter into swap transactions, including credit default, total return, index and interest rate swap agreements, as well as options thereon; (ii) no material changes to the Fund's principal risks, (iii) no changes to the persons primarily responsible for day-to-day management of the Fund; and (iv) no changes to the Fund's charter or by-laws that would delay or prevent a change of control that have not been approved by shareholders.

#### Investment Objectives and Policies
The Fund's investment objective is to seek to provide current income exempt from regular federal income tax, consistent with the preservation of capital. The Fund's investment objective is non-fundamental and may be changed on 60 days' notice to shareholders.

The Fund seeks to achieve its investment objective by investing under normal circumstances, substantially all (at least 80%) of its net assets in "Municipal Obligations." "Municipal Obligations" are debt obligations issued by or on behalf of a state or territory or its agencies, instrumentalities, municipalities and political subdivisions, the interest payable on which is, in the opinion of bond counsel, excludable from gross income for purposes of federal income taxation (except, in certain instances, the alternative minimum tax, depending upon the shareholder's tax status). The Fund's policy to invest 80% of its net assets in Municipal Obligations is fundamental and may not be changed without approval of the holders of a majority of the outstanding shares of common stock and Preferred Shares voting together as a single class, and of the holders of a majority of the outstanding Preferred Shares voting as a separate class. The Fund may invest without limitation in securities that generate interest that is subject to federal alternative minimum tax. The Fund may invest without limitation in uninsured, "investment grade" Municipal Obligations. "Investment grade" means that, at the time of investment, a Municipal Obligation has a credit rating of at least Baa by Moody's Investor Service, Inc ("Moody's") or BBB by Standard & Poor's Financial Services LLC ("S&P"), or is unrated but judged by the Investment Manager, to be of comparable quality. The Fund may invest up to 20% of its net assets in Municipal Obligations that are rated below investment grade or that are unrated but judged by the Investment Manager to be of comparable quality. In the event that a

security receives different ratings from different nationally recognized statistical rating organizations ("NRSROs"), the Adviser will treat the security as being rated in the highest rating category received from an NRSRO.

The Investment Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that the Investment Manager thinks are the best investments for the Fund. The Fund generally invests in debt obligations issued by state and local governments and their political subdivisions, agencies, authorities, and instrumentalities that are exempt from federal income tax. The Fund may also invest in debt obligations issued by or for the District of Columbia, and its political subdivisions, agencies, authorities, and instrumentalities or territories and possessions of the United States that are exempt from federal income tax.

The Fund will generally invest in securities for income rather than seeking capital appreciation through active trading. However, the Fund may sell securities for a variety of reasons, such as to reinvest the proceeds in higher yielding securities, to eliminate investments not consistent with the preservation of capital, to fund tender offers, or to address a weakening credit situation.

The Fund invests its assets in securities with maturities of various lengths, depending on market conditions, but will have a dollar-weighted average effective maturity of between between 15 and 30 years. The Investment Manager will adjust the average maturity of the bonds in the Fund's portfolio to attempt to provide a current tax-exempt income, consistent with preservation of capital. The Fund may focus its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors do not suit its investment needs. The Investment Manager may also consider the most material potential ESG (Environmental, Social and Governance) risks and opportunities impacting issuers, where relevant. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Investment Manager.

The Fund may invest without limitation in general obligation bonds in the top four quality grades or bonds that are unrated, but which the Investment Manager determines to be of equal quality. The Fund may invest without limitation in revenue bonds in the top four quality grades or bonds that are unrated, but which the Investment Manager determines to be of equal quality.

The Fund may invest without limitation in insured Municipal Obligations. In addition, insurance is available on uninsured bonds and the Fund may purchase such insurance directly. The Investment Manager will generally do so only if it believes that purchasing and insuring a Municipal Obligation provides an investment opportunity

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| | |
|:---|:---|
| **32** | abrdn National Municipal Income Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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at least comparable to owning other available insured Municipal Obligations.

Private activity or private placement bonds are municipal bond issues whose proceeds are used to finance certain nongovernment activities, including some types of industrial revenue bonds such as privately owned sports and convention facilities. The Tax Reform Act of 1986 subjects interest income from these bonds to the federal alternative minimum tax and makes the tax-exempt status of certain bonds dependent on the issuer's compliance with specific requirements after the bonds are issued. As described above, the Fund may invest without limitation in securities that generate interest that is subject to federal alternative minimum tax. This means that a portion of the Fund's distributions could be subject to the federal alternative minimum tax that applies to certain taxpayers. The Fund may invest without limit in advance refunded bonds.

The Fund may invest without limitation in high-quality, short-term tax-free instruments.

The Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, commonly known as "Rule 144A Securities." Restricted securities that are determined to be illiquid may not exceed the Fund's 15% limit on investments in illiquid securities.

The Fund may invest without limitation in municipal lease obligations, primarily through certificates of participation rated in the top four quality grades by S&P or another nationally recognized statistical rating agency. As with the Fund's other investments, the Investment Manager expects that investments in municipal lease obligations will be exempt from regular federal income taxes. The Fund will rely on the opinion of the bond issuer's counsel for a determination of the bond's tax-exempt status.

The Fund may invest in zero coupon bonds.

Credit quality restrictions for the Fund apply only at the time of purchase. The Fund may continue to hold a security whose quality rating has been lowered or, in the case of an unrated bond, after the Manager has changed its assessment of its credit quality.

The Fund may buy or sell securities on a when-issued or delayed-delivery basis; that is, paying for securities before delivery or taking delivery at a later date. The Fund will designate cash or securities in amounts sufficient to cover its obligations, and will value the designated assets daily.

Where the Investment Manager feels there is a limited supply of appropriate investments, the Fund may invest more than 25% of its total assets in Municipal Obligations relating to similar types of projects or with other similar economic, business, or political charac- teristics (such as bonds of housing finance agencies or healthcare

facilities). The Fund will not, however, invest more than 25% of its total assets in bonds issued for companies in the same industry.

The Fund currently uses leverage as part of its investment strategy through the issuance of preferred shares, and may use leverage to the maximum extent permitted by the 1940 Act. The Fund uses leverage because its Investment Manager believes that, over time, leveraging may provide opportunities for additional income and total return for common shareholders. There is no assurance that the Fund's leveraging strategy will be successful. Leverage involves special risks. See "Risk Factors – Leverage Risk".

Although it has no present intention to do so, the Fund reserves the right to borrow money from banks or other financial institutions, or issue debt securities, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Fund's investment objective and policies.

In addition to leverage for investment purposes, the Fund may also borrow money from banks as a temporary measure for extraordinary or emergency purposes, including the payment of distributions and the settlement of securities transactions which otherwise might require untimely dispositions of Fund investments.

The Fund may enter into swap transactions, including credit default, total return, index and interest rate swap agreements, as well as options thereon, and may purchase or sell interest rate caps, floors and collars. A swap is a derivative in the form of an agreement to exchange the return (or differentials in the rates of return) earned or realized on particular predetermined investments or instruments. The payment obligations are calculated by reference to an agreed upon notional amount or amounts. The Fund will usually enter into swaps for which obligations are calculated on a net basis, i.e., on each payment date under the swap the two payment streams are netted out in a cash settlement, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund may enter into over-the-counter derivatives transactions (swaps, caps, floors and puts).

The risk of investing in swaps or other derivatives instruments include leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **33** |

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Additional Information Regarding the Fund (Unaudited) (continued)

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increased volatility. Swaps generally do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments that the Fund is contractually obligated to make. However, because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. If the other party to a swap defaults, the Fund's risk of loss generally consists of the net amount of payments that the Fund is contractually entitled to receive.

The Fund may write (sell) and purchase put and call swap options. A swap option, or swaption, is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may engage in swaptions for hedging purposes, to manage and mitigate credit and interest rate risks and to gain exposure to credit obligations. The use of swaptions involves risks, including, among others, (i) changes in the market value of securities held by the Fund, and of swaptions relating to those securities may not be proportionate, (ii) there may not be a liquid market to sell a swaption, which could result in difficulty closing a position, (iii) swaptions can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate and (iv) counterparty risk.

It is possible that government regulation of various types of derivative instruments, including swap agreements, may limit or prevent the Fund from using such instruments as part of its investment strategy, which could negatively impact the Fund.

In response to unfavorable market conditions, the Fund may invest in taxable instruments for temporary defensive purposes. These could include obligations of the US government, its agencies and instrumentalities, commercial paper, cash, certificates of deposit of domestic banks, repurchase agreements, reverse repurchase agreements, other cash equivalents, and other debt instruments. These investments may not be consistent with the Fund's investment objective. To the extent that the Fund holds such investments, it may be unable to achieve its investment objective.

#### Risk Factors
Investing in any closed-end fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. An investment in the Fund may not be appropriate for all investors. The Fund's principal risks include:

#### Investment and Market Risk
An investment in the Fund's Shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in Shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably, and these fluctuations are likely to have a greater impact on the value of the Shares during periods in which the Fund utilizes a leveraged capital structure. If the global economy deteriorates, the ability of issuers of the corporate fixed-income securities and other securities in which the Fund invests to service their obligations could be materially and adversely affected. The value of the securities in which the Fund invests will affect the value of the Shares. Your Shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

#### Management Risk
The Fund's ability to achieve its investment objective is directly related to the Investment Manager's investment strategies for the Fund. The value of your investment in the Fund's common shares may vary with the effectiveness of the research and analysis conducted by the Investment Manager and its ability to identify and take advantage of attractive investment opportunities. If the investment strategies of the Investment Manager do not produce the expected results, the value of your investment could be diminished or even lost entirely, and the Fund could underperform the market or other funds with similar investment objectives. Additionally, there can be no assurance that all of the personnel of the Investment Manager will continue to be associated with the Investment Manager for any length of time. The loss of the services of one or more key employees of the Investment Manager could have an adverse impact on the Fund's ability to realize its investment objective.

#### Debt Securities Risk
The principal risks involved with investments in debt securities include interest rate risk, credit risk and pre-payment risk. Interest rate risk refers to the likely decline in the value as interest rates rise. Generally, longer-term securities are more susceptible to changes in value as a result of interest-rate changes than are shorter-term securities. Credit risk refers to the risk that an issuer of a security may default with respect to the payment of principal and interest. Credit risk associated with a particular issuer may be affected by the actual or perceived financial condition or the credit rating of the issuer, the issuer's performance and profitability, perceptions of the issuer in the market place, and government regulations impacting the industry in which the issuer operates. Pre-payment risk refers to the risk that debt obligations are prepaid ahead of schedule. In this event, the proceeds from the prepaid securities would likely be reinvested by the Fund in

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| | |
|:---|:---|
| **34** | abrdn National Municipal Income Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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securities bearing a lower interest rate. Pre-payment rates usually increase when interest rates are falling. Lower-rated securities are more likely to react to developments affecting these risks than are more highly rated securities. The lower a security is rated, the more it is considered to be a speculative or risky investment.

#### Municipal Securities Risk
Municipal securities are subject to various risks, including the inability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Additional risks include:

*Municipal Bond Tax Risk - Investments in municipal securities rely on the opinion of the issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable, and the Fund's dividends with respect to that bond might be subject to federal income tax. Changes in tax laws or adverse determinations by the Internal Revenue Service may make the income from some municipal obligations taxable. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the net asset value of the Fund investing in municipal bonds could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds.*

*Municipal Market Volatility and Illiquidity Risk - The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, the Fund may not be able to readily sell bonds at the prices without the sale significantly changing the market value of the bonds. If the Fund needed to sell large blocks of bonds to raise cash, those sales could further reduce the bonds' prices.*

*Municipal Sector Risk - While the Fund may not invest more than 25% of its total assets in the securities of any industry, certain types of municipal securities (such as general obligation, general appropriation, special assessment and special tax bonds) are not considered a part of any "industry" for purposes of this industry concentration policy. Therefore, the Fund may invest more than 25% of its total assets in these types of municipal securities. These types of municipal securities may finance, or pay interest from the revenues of,*

projects that tend to be impacted in the same way by economic, business or political developments which would increase credit risk. For example, legislation on the financing of a project or a declining economic need for the project would likely affect all similar projects.

*General Obligation Bonds Risks - The full faith, credit and taxing power of the municipality that issues a general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.*

*Revenue Bonds Risks - Payments of interest and principal on revenue bonds are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.*

*Private Activity Bonds Risks - Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Fund may not receive any income or get its principal back from the investment.*

*Moral Obligation Bonds Risks - Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. Municipal Notes Risks – Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, municipal notes may not be fully repaid and the Fund may lose money.*

*Municipal Lease Obligations Risks - In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Fund's loss.*

*State-Specific Risk - The Fund may from time to time invest a substantial amount of its total assets in municipal securities of issuers in one or more states and, therefore, is subject to the risk that the economies of the states in which it invests, and the revenues supporting the municipal securities, may decline. Investing a substantial amount of its total assets in one or more states means*

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **35** |

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Additional Information Regarding the Fund (Unaudited) (continued)

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that the Fund is more susceptible to the economic, market, political, regulatory or other occurrences that affect that State's issuers to pay interest or repay principal. To the extent a state's government revenues rely heavily on certain earners, revenues are likely to be more volatile and to be adversely affected if the number of such earners (or their recognized income within a particular period of time) decreases. Provisions of state constitutions and statutes that limit the taxing and spending authority of governmental entities may impair the ability of state issuers to pay principal and/or interest on their obligations. Political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives as well as environmental events, natural disasters, pandemics, epidemics or social unrest affecting a specific state could have an adverse effect on the debt obligations of such state's issuers. The particular states in which the Fund may focus its investments may change over time and the Fund may alter its focus at inopportune times. As of September 30, 2025, the Fund held 10% or more of its assets in each of the following States or territories: New York (more than 20% of the Fund's assets), California, Florida, Illinois, Texas and Wisconsin.

• *New York State-Specific Risk - Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations, particularly given large budget deficits that have been identified and may continue. While New York's economy is broad, it does have major concentrations in certain industries, such as financial services. Adverse conditions in one or more of these industries could impair the ability of issuers of New York municipal securities to pay principal or interest on their obligations. The financial health of New York City affects that of the state, and when New York City experiences financial difficulty it may have an adverse affect on New York municipal bonds held by such Fund. The growth rate of New York has at times been somewhat slower than the nation overall.* 

• *California State-Specific Risk - Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. While California's economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services. Adverse conditions in one or more of these industries could impair the ability of issuers of California municipal securities to pay principal or interest on their obligations.* 

• *Florida State-Specific Risk - Florida's economy is largely composed of services, trade, construction, agriculture, manufacturing and tourism. The exposure to these industries, particularly tourism, leaves Florida vulnerable to an economic slowdown associated with business cycles. Adverse conditions in one or more of these industries could impair the ability of issuers of Florida municipal* 

securities to pay principal or interest on their obligations. When compared with other states, Florida has a proportionately greater retirement age population, and property income (dividends, interest and rent) and transfer payments (including social security and pension benefits) are a relatively more important source of income.

• *Illinois State-Specific Risk - Certain issuers of Illinois municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain Illinois issuers to pay principal or interest on their obligations. Illinois' economy has major concentrations in certain industries and may be sensitive to economic problems affecting those industries. In addition, Illinois' government revenues tend to rely heavily on certain earners and therefore, are likely to be more volatile and to be adversely affected if the number of such earners (or their recognized income within a particular period of time) decreases.* 

• *Texas State-Specific Risk - Texas' economy relies to a significant extent on certain key industries, such as the oil and gas industry (including drilling, production and refining), chemicals production, technology and telecommunications equipment manufacturing and international trade. Adverse conditions in one or more of these industries could impair the ability of issuers of Texas municipal securities to pay principal or interest on their obligations.* 

• *Wisconsin State-Specific Risk - Wisconsin's economy is largely composed of the manufacturing and agriculture industries. Adverse conditions in one or more of these industries could impair the ability of issuers of Wisconsin municipal securities to pay principal or interest on their obligations.* 

#### Market Events Risk
The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, armed conflicts or other factors, political events within the U.S. and abroad, such as changes in the U.S. presidential administration and Congress, investor sentiment and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, imposition of sanctions and other measures, trading and tariff arrangements, actual or threatened war or armed conflicts, terrorism, social unrest, natural or environmental disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected. In addition, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) or similar issues could reduce consumer demand or economic output, result in

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| | |
|:---|:---|
| **36** | abrdn National Municipal Income Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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market closures, travel restrictions or quarantines, and generally have a significant impact on the world economy, which in turn could adversely affect the Fund's investments. The impact of the recent U.S. elections on such policies remains uncertain and policies supported by the new administration (or the reversal of policies supported by the previous administration) could impact U.S. interest rates or inflation or otherwise impact the Fund.

#### Interest Rate Risk
The Fund's fixed income investments are subject to interest rate risk, which generally causes the value of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in the Fund's net assets. For example, if interest rates increase by 1%, assuming a current portfolio duration of 7 years, and all other factors being equal, the value of the Fund's investments would be expected to decrease by 7%.

Interest rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower coupon. The fund with a longer average portfolio duration will be more sensitive to changes in interest rates than the fund with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may be more sensitive to changes in interest rates. The Fund may be subject to increased interest rate risk. Such risk is heightened in market environments where interest rates are changing, notably when rates are rising.

#### High Yield Bonds and Other Lower-rated Securities Risk
The Fund's investments in high-yield bonds (commonly referred to as "junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high– yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.

#### Sector Risk
To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

#### Geographic Focus Risk
The Fund's performance could be more volatile than that of a more geographically diversified fund and could be significantly impacted as a result of the Fund investing a large percentage of its assets in issuers

located in a single country, a small number of countries, or a particular geographic region. Also, the Fund's performance may be more closely tied to the market, currency, economic, political, or regulatory conditions in those countries or that region.

#### Leverage Risk
Leverage creates the following types of risks for shareholders, among other types: i) the likelihood of greater volatility of NAV and market price of common shares because changes in value of the Fund's portfolio (including changes in the value of any interest rate swap, if applicable) are borne entirely by the common shareholders; ii) the possibility either that share income will fall if the interest rate on any borrowings or the dividend rate on any preferred shares issued rises, or that share income and distributions will fluctuate because the interest rate on any borrowings or the dividend rate on any preferred shares issued varies; iii) if the Fund leverages through issuing preferred shares or borrowings, the Fund may not be permitted to declare dividends or other distributions with respect to its common shares or purchase its capital stock, unless at the time thereof the Fund meets certain asset coverage requirements.

With respect to asset coverage for preferred shares, under the 1940 Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund's total net assets (as defined below) is at least 200% of the liquidation value of the outstanding preferred shares and the newly issued preferred shares plus the aggregate amount of any senior securities of the Fund representing indebtedness (i.e., such liquidation value plus the aggregate amount of senior securities representing indebtedness may not exceed 50% of the Fund's total net assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the value of the Fund's total net assets (determined after deducting the amount of such dividend or other distribution) satisfies the above-referenced 200% coverage requirement.

The 1940 Act generally prohibits the Fund from engaging in most forms of leverage representing indebtedness other than preferred shares unless immediately after such incurrence the Fund's total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, "total net assets") is at least 300% of the aggregate senior securities representing indebtedness (i.e., the use of leverage through senior securities representing indebtedness may not exceed 33 1/3% of the Fund's total net assets (including the proceeds from leverage)). Additionally, under the 1940 Act, the Fund generally may not declare any dividend or other distribution upon any class of its capital shares, or purchase any such capital shares, unless at the time of such declaration or purchase, this asset coverage test is satisfied.

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **37** |

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Additional Information Regarding the Fund (Unaudited) (continued)

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Leverage involves certain additional risks, including the risk that the cost of leverage may exceed the return earned by the Fund on the proceeds of such leverage. The use of leverage will increase the volatility of changes in the Fund's NAV, market price and distributions. In the event of a general market decline in the value of assets in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage.

In addition, funds borrowed pursuant a credit facility may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. In the event of an event of default under a loan facility, lenders may have the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lenders may be able to control the liquidation as well. A leverage facility agreement may include covenants that impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments, such as illiquid investments or derivatives, which are more stringent than those imposed on the Fund by the 1940 Act. However, because the Fund's use of leverage is expected to be relatively modest and flexible in approach, the Investment Manager currently does not believe that these restrictions would significantly impact its management of the Fund.

The Investment Manager in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate in the circumstances. During periods in which the Fund is using leverage, the fees paid to the Investment Manager for investment advisory services will be higher than if the Fund did not use leverage because the fees paid will be calculated on the basis of the Fund's total assets, including proceeds from borrowings, which may create an incentive to leverage the Fund.

#### Alternative Minimum Tax Risk
To the extent the Fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the Fund's distributions would be taxable for shareholders who are subject to this tax.

#### Inflation Risk
Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. To the extent that inflation occurs, it will reduce the real value of dividends paid by the Fund and the Fund's Common Shares. Most emerging market countries, in particular, have experienced substantial, and in some periods extremely high and volatile, rates of inflation. Inflation and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities markets globally. In an attempt to control

inflation, wage and price controls have been imposed at times in certain countries.

#### Cybersecurity Risk
Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause each Fund, the Investment Manager and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality. In addition, work-from-home arrangements by the Fund, the Investment Manager or their service providers could increase all of the above risks, create additional data and information accessibility concerns, and make the Fund, the Investment Manager or their service providers susceptible to operational disruptions, any of which could adversely impact their operations. Furthermore, the Fund may be an appealing target for cybersecurity threats such as hackers and malware.

#### Market Discount Risk
Shares of closed-end investment companies frequently trade at a discount from NAV. Continued development of alternative vehicles for investing in essential asset companies may contribute to reducing or eliminating any premium or may result in the Fund's common shares trading at a discount. The risk that the Fund's common shares may trade at a discount is separate from the risk of a decline in the Fund's NAV as a result of investment activities.

Whether shareholders will realize a gain or loss for federal income tax purposes upon the sale of their common shares depends upon whether the market value of the common shares at the time of sale is above or below the shareholder's basis in such common shares, taking into account transaction costs, and it is not directly dependent upon the Fund's NAV. Because the market price of the Fund's common shares will be determined by factors such as the relative demand for and supply of the shares in the market, general market conditions and other factors beyond the Fund's control, the Fund cannot predict whether its common shares will trade at, below or above the NAV, or at, below or above the public offering price for the Fund's common shares.

#### Distribution Rate Risk
It is the Fund's current policy to pay distributions on a monthly basis. If the Fund's investments do not generate sufficient income, the Fund may be required to liquidate a portion of its portfolio to fund these distributions, and therefore a portion or all of such distributions may represent a reduction of the shareholders' principal investment. Such liquidation might be at a time when independent investment judgment would not dictate such action, increasing the Fund's overall

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| | |
|:---|:---|
| **38** | abrdn National Municipal Income Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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portfolio turnover (and related transaction costs) and making it more difficult for the Fund to achieve its investment objective.

#### Valuation Risk
The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

Pricing services that value fixed-income securities generally utilize a range of market-based and security-specific inputs and assumptions, as well as considerations about general market conditions, to establish a price. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size and the strategies employed by the Investment Manager generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller, odd lot sizes. Odd lots may trade at lower or, occasionally, higher prices than institutional round lots. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

#### Derivatives Risk (including Swaps):
The risk of investing in swaps (or other derivatives instruments) include leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Fund. The Fund's use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Swaps generally do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments that the Fund is contractually obligated to make. However, because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. If the other party to a swap defaults, the Fund's risk of loss generally consists of the net amount of payments that the Fund is contractually entitled to receive.

The Fund may write (sell) and purchase put and call swap options. A swap option, or swaption, is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may engage in swaptions for hedging purposes, to manage and mitigate credit and interest rate risks and to gain exposure to credit obligations. The use of swaptions involves risks, including, among others, (i) changes in the market value of securities held by the Fund, and of swaptions relating to those securities may not be proportionate, (ii) there may not be a liquid market to sell a swaption, which could result in difficulty closing a position, (iii) swaptions can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate and (iv) counterparty risk.

It is possible that government regulation of various types of derivative instruments, including swap agreements, may limit or prevent the Fund from using such instruments as part of its investment strategy, which could negatively impact the Fund.

#### Potential Conflicts of Interest Risk
The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, the Investment Manager believes that these risks are mitigated by the fact that: (i) accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii) portfolio manager personal trading is monitored to avoid potential conflicts. In addition, the Investment Manager has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

In some cases, another account managed by the same portfolio manager may compensate the Investment Manager based on the performance of the portfolio held by that account. The existence of such a performance-based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities.

Another potential conflict could include instances in which securities considered as investments for the Fund also may be appropriate for other investment accounts managed by the Investment Manager or its affiliates. Whenever decisions are made to buy or sell securities by

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|:---|:---|
| abrdn National Municipal Income Fund | **39** |

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Additional Information Regarding the Fund (Unaudited) (continued)

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the Fund and one or more of the other accounts simultaneously, the Investment Manager may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Fund will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to the Fund from time to time, it is the opinion of the Investment Manager that the benefits from the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The Trust has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.

From time to time, the Investment Manager may seed proprietary accounts for the purpose of evaluating a new investment strategy that eventually may be available to clients through one or more product structures. Such accounts also may serve the purpose of establishing a performance record for the strategy. The management by the Investment Manager of accounts with proprietary interests and nonproprietary client accounts may create an incentive to favor the proprietary accounts in the allocation of investment opportunities, and the timing and aggregation of investments. The Investment Manager's proprietary seed accounts may include long-short strategies, and certain client strategies may permit short sales. A conflict of interest arises if a security is sold short at the same time as a long position, and continuous short selling in a security may adversely affect the stock price of the same security held long in client accounts. The Investment Manager has adopted various policies to mitigate these conflicts.

In addition, the 1940 Act limits the Fund's ability to enter into certain transactions with certain affiliates of the Investment Manager. As a result of these restrictions, the Fund may be prohibited from buying or selling any security directly from or to any portfolio company of the fund managed by the Investment Manager or one of its affiliates. Nonetheless, the Fund may under certain circumstances purchase any such portfolio company's loans or securities in the secondary market, which could create a conflict for the Investment Manager between the interests of the Fund and the portfolio company, in that the ability of the Investment Manager to recommend actions in the best interest of the Fund might be impaired. The 1940 Act also prohibits certain "joint" transactions with certain of the Fund's affiliates (which could include other funds managed by the Investment Manager), which could be deemed to include certain types of investments, or restructuring of investments, in the same portfolio company (whether at the same or different times). These

limitations may limit the scope of investment opportunities that would otherwise be available to the Fund.

Conflicts of interest may arise where the Fund and other funds or accounts managed or administered by the Investment Manager simultaneously hold securities representing different parts of the capital structure of a stressed or distressed issuer. In such circumstances, decisions made with respect to the securities held by one fund or account may cause (or have the potential to cause) harm to the different class of securities of the issuer held by other fund or account (including the Fund). For example, if such an issuer goes into bankruptcy or reorganization, becomes insolvent or otherwise experiences financial distress or is unable to meet its payment obligations or comply with covenants relating to credit obligations held by the Fund or by the other funds or accounts managed by the Investment Manager, such other funds or accounts may have an interest that conflicts with the interests of the Fund. If additional financing for such an issuer is necessary as a result of financial or other difficulties, it may not be in the best interests of the Fund to provide such additional financing, but if the other funds or accounts were to lose their respective investments as a result of such difficulties, the Investment Manager may have a conflict in recommending actions in the best interests of the Fund. In such situations, the Investment Manager will seek to act in the best interests of each of the funds and accounts (including the Fund) and will seek to resolve such conflicts in accordance with its compliance policies and procedures.

The Investment Manager or their respective members, officers, directors, employees, principals or affiliates may come into possession of material, non-public information. The possession of such information may limit the ability of the Fund to buy or sell a security or otherwise to participate in an investment opportunity. Situations may occur where the Fund could be disadvantaged because of the investment activities conducted by the Investment Manager for other clients, and the Investment Manager will not employ information barriers with regard to its operations on behalf of its registered and private funds, or other accounts. In certain circumstances, employees of the Investment Manager may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict the Fund's ability to trade in the securities of such companies.

#### Fundamental Investment Restrictions
The following are the fundamental investment limitations of the Fund. Investment limitations identified as fundamental may be changed only with the approval of the holders of a majority of the Fund's outstanding voting securities (which for this purpose and under the 1940 Act, means the lesser of (1) 67% of the voting shares present in person or by proxy at a meeting at which more than 50% of

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| | |
|:---|:---|
| **40** | abrdn National Municipal Income Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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the outstanding voting shares are present in person or by proxy, or (2) more than 50% of the outstanding voting shares).

The Fund may not:

1. make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof) of its investments in the
securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies or
instrumentalities, or in tax-exempt securities or certificates of deposit;

2. borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit;

3. underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition or resale of its portfolio securities, under circumstances where it may
be considered to be an underwriter under the Securities Act of 1933, as amended;

4. purchase or sell real estate unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which
invest, deal or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein;

5. purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in
transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities; and

6. make loans, provided that this restriction does not prevent the Fund from purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional
investors and investing in loans, including assignments and participation interests.

#### Effects of Leverage
The following table is furnished in response to requirements of the SEC. It is designed to, among other things, illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, on Common Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund's continued use of senior securities, Preferred Shares, the revolving

credit facility and reverse repurchase agreements, as applicable, as of September 30, 2025 as a percentage of total managed assets (including assets attributable to such leverage), the estimated annual effective Preferred Share dividend rate and interest expense rate payable by the Fund on such instruments (based on market conditions as of September 30, 2025), and the annual return that the Fund's portfolio must experience (net of expenses) in order to cover such costs. The information below does not reflect the Fund's use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as covered reverse repurchase agreements, covered credit default swaps or other derivative instruments, if any.

The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below. In addition, actual borrowing expenses associated with borrowings used by the Fund may vary frequently and may be significantly higher or lower than the rate used for the example below.

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Assumed<br> annual<br> returns on<br> the Fund's<br> portfolio<br> (net of<br> expenses) | &nbsp;&nbsp;(10%) | &nbsp;&nbsp;(5%) | &nbsp;&nbsp;0% | &nbsp;&nbsp;5% | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;Corresponding<br> return of<br> shareholder | &nbsp;&nbsp;(19.9%) | &nbsp;&nbsp;(11.4%) | &nbsp;&nbsp;(2.8%) | &nbsp;&nbsp;5.8% | &nbsp;&nbsp;14.3% |

---

Based on estimated indebtedness of $99,000,000 (representing approximately 41.6% of the Fund's Managed Assets as of September 30, 2025), and a weighted average annual interest rate of 3.94% (interest rate on the preferred shares as of September 30, 2025), the Fund's investment portfolio at fair value would have to produce an annual return of approximately 1.64% to cover annual interest payments on the estimated debt.

Share total return is composed of two elements—the distributions paid by the Fund to holders of Shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that a Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, a Fund must assume that the income it receives on its investments is entirely offset by losses in the value of

---

| | |
|:---|:---|
| abrdn National Municipal Income Fund | **41** |

---

------

Additional Information Regarding the Fund (Unaudited) (concluded)

------

those investments. This table reflects hypothetical performance of a Fund's portfolio and not the actual performance of the Fund's Shares, the value of which is determined by market forces and other factors.

Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received

by the Fund and invested in accordance with the Fund's investment objective and policies. As noted above, the Fund's willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors, including, among other things, the Investment Manager's assessment of the yield curve environment, interest rate trends, market conditions and other factors.

---

| | |
|:---|:---|
| **42** | abrdn National Municipal Income Fund |

---

------

Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited)

------

The Fund intends to distribute to shareholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the "Plan"), shareholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the "Plan Agent") in the Fund shares pursuant to the Plan, unless such shareholders elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the shareholder by the Plan Agent, as dividend paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the shareholders as representing the total amount registered in such shareholders' names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the shareholders in administering the Plan. If the Trustees of the Fund declare an income dividend or a capital gains distribution payable either in the Fund's common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the NYSE American, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the NYSE American or elsewhere, for the participants' accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of the Fund's share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund's shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of

the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.

Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund's common stock, with an annual maximum contribution of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds. Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.

If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each shareholder's proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent's open market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.

Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare's broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales may only

---

| | |
|:---|:---|
| abrdn National Municipal Income Fund | **43** |

---

------

Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited) (concluded)

------

be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).

The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be amended by

the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days prior to the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through <u>www.computershare.com/buyaberdeen</u> or in writing to Computershare Trust Company N.A., P.O. Box 43006, Providence, RI 02940-3078.

---

| | |
|:---|:---|
| **44** | abrdn National Municipal Income Fund |

---

------

Management of the Fund (Unaudited)

As of October 31, 2025<br>

------

The names, years of birth and business addresses of the Board Members and officers of the Fund as of October 31, 2025, their principal occupations during at least the past five years, the number of portfolios each Board Member oversees and other directorships they hold are provided in the tables below. Board Members that are deemed "interested persons" (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) of the Fund or the Fund's Investment Manager are included in the table below under the heading "Interested Board Members." Board Members who are not interested persons, as described above, are referred to in the table below under the heading "Independent Board Members." abrdn Inc., its parent company Aberdeen Group plc, and its advisory affiliates are collectively referred to as "Aberdeen" in the tables below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br> with the Fund** | &nbsp;&nbsp;**Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br> During at Least the Past Five Years** | &nbsp;&nbsp;**Number of Registered<br> Investment Companies<br> ("Registrants") consisting<br> of Investment Portfolios<br> ("Portfolios") in<br> Fund Complex\*<br> Overseen by<br> Board Members** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by<br> Board Member\*\*** |
| &nbsp;&nbsp;<u>Interested Board Member</u> |  |  |  |  |  |
| &nbsp;&nbsp;Christian Pittard\*\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1973 | &nbsp;&nbsp;Trustee and Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Mr. Pittard is Head of Closed End Funds for abrdn and is responsible for the US and UK businesses. Aberdeen is currently the 5th largest listed Closed-End Fund manager in the world. He is also Managing Director of Corporate Finance, having done a significant number of closed end fund transactions in the US and UK since joining abrdn in 1999. Previously, he was Head of the Americas and the North American Funds business for Aberdeen based in the US. | &nbsp;&nbsp;12 Registrants<br> consisting of<br> 12 Portfolios | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;<u>Independent Board Members</u> |  |  |  |  |  |
| &nbsp;&nbsp;C. William Maher<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1961 | &nbsp;&nbsp;Preferred Share Trustee | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Mr. Maher is a Co-founder of Asymmetric Capital Management LLC from May 2018 to September 2020. Formerly Chief Executive Officer of Santa Barbara Tax Products Group ("SBTPG") from October 2014 to April 2016. Previously, he held senior financial leadership positions as CFO for SBTPG, CFO and Managing Director at LPL Financial, CFO and Managing Director at Nicholas Applegate Capital Management and CFO at Mitchell Hutchins Asset Management. | &nbsp;&nbsp;7 Registrants<br> consisting of<br> 7 Portfolios | &nbsp;&nbsp;None. |

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **45** |

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------

Management of the Fund (Unaudited) (continued)

As of October 31, 2025<br>

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br> with the Fund** | &nbsp;&nbsp;**Term of Office<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br> During at Least the Past Five Years** | &nbsp;&nbsp;**Number of Registered<br> Investment Companies<br> ("Registrants") consisting<br> of Investment Portfolios<br> ("Portfolios") in<br> Fund Complex\*<br> Overseen by<br> Board Members** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by<br> Board Member\*\*** |
| &nbsp;&nbsp;Todd Reit<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1968 | &nbsp;&nbsp;Chair of the Board; Trustee | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Mr. Reit is a Managing Member of Cross Brook Partners LLC, a real estate investment and management company since 2017. Mr. Reit is also Director and Financial Officer of Shelter Our Soldiers, a charity to support military veterans, since 2016. Mr. Reit was formerly a Managing Director and Global Head of Asset Management Investment Banking for UBS AG, where he was responsible for overseeing all the bank's asset management client relationships globally, including all corporate security transactions, mergers and acquisitions. Mr. Reit retired from UBS in 2017 after an over 25-year career at the company and its predecessor company, PaineWebber Incorporated (merged with UBS AG in 2000). | &nbsp;&nbsp;10 Registrants<br> consisting of<br> 10 Portfolios | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Nancy Yao<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1972 | &nbsp;&nbsp;Preferred Share Trustee | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Ms. Yao has over 25 years of Asia, finance, and governance experience in for profit and non-profit organizations, including Goldman Sachs, CFRA, and the Yale-China Association. She is an assistant professor adjunct at Yale University where she teaches financial accounting and governance. Ms. Yao is a board member of the National Committee on U.S.-China Relations and a member of the Council on Foreign Relations. She also serves as an assistant dean at the David Geffen School of Drama at Yale. She received her MBA from the Yale School of Management and her AB in Diplomacy and World Affairs at Occidental College. | &nbsp;&nbsp;8 Registrants<br> consisting of<br> 8 Portfolios | &nbsp;&nbsp;None. |

---

\* As of October 31, 2025, the Fund Complex has a total of 17 Registrants with each Board member serving on the Boards of the number of Registrants listed. Each Registrant in the Fund Complex has one Portfolio except for two Registrants that are open-end funds, abrdn Funds and abrdn ETFs, which each have multiple Portfolios. The Registrants in the Fund Complex are as follows: abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc., abrdn Australia Equity Fund, Inc., abrdn Emerging Markets ex-China Fund, Inc., The India Fund, Inc., abrdn Income Credit Strategies Fund, abrdn Global Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Infrastructure Income Fund, abrdn National Municipal Income Fund, abrdn Healthcare Investors, abrdn Life Sciences Investors, abrdn Healthcare Opportunities Fund, abrdn World Healthcare Fund, abrdn Funds (17 Portfolios), and abrdn ETFs (3 Portfolios).

\*\* Current directorships (excluding Fund Complex) as of the date of this report held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "1934 Act") or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

\*\*\* Mr. Pittard is deemed to be an interested person because of his affiliation with the Fund's investment adviser.

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| | |
|:---|:---|
| **46** | abrdn National Municipal Income Fund |

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------

Management of the Fund (Unaudited) (continued)

As of October 31, 2025<br>

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Officers of the Fund

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br> with the Fund** | &nbsp;&nbsp;**Term of Office\*<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During at Least the Past Five Years** |
| &nbsp;&nbsp;Sharon Ferrari\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1977 | &nbsp;&nbsp;Treasurer and Chief Financial Officer | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Director, Product Management for abrdn Inc. Ms. Ferrari joined abrdn Inc. as a Senior Fund Administrator in 2008. |
| &nbsp;&nbsp;Katie Gebauer\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1986 | &nbsp;&nbsp;Chief Compliance Officer and Vice President - Compliance | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Ms. Gebauer is Head of US Registered Fund Compliance. She serves as the Chief Compliance Officer for Aberdeen's US closed end funds, open end funds and ETFs. Ms. Gebauer joined abrdn Inc. in 2014. |
| &nbsp;&nbsp;Alan Goodson\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1974 | &nbsp;&nbsp;President | &nbsp;&nbsp;President Since 2024; Fund Officer Since 2023 | &nbsp;&nbsp;Currently, Executive Director and Head of Product & Client Solutions – Americas for abrdn Inc., overseeing Product Management & Governance, Product Development and Client Solutions for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of abrdn Inc. and joined abrdn Inc. in 2000. |
| &nbsp;&nbsp;Heather Hasson\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1982 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Senior Product Development Manager. Previously, Senior Product Solutions and Implementation Manager, Product Governance US for abrdn Inc. Ms. Hasson joined the company in November 2006. |
| &nbsp;&nbsp;Robert Hepp\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1986 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Senior Product Governance Manager – US for abrdn Inc. Mr. Hepp joined abrdn Inc. as a Senior Paralegal in 2016. |
| &nbsp;&nbsp;Megan Kennedy\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1974 | &nbsp;&nbsp;Secretary and Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Senior Director, Product Governance for abrdn Inc. Ms. Kennedy joined abrdn Inc. in 2005. |
| &nbsp;&nbsp;Andrew Kim\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1983 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Senior Product Governance Manager – Attorney for abrdn Inc. Mr. Kim joined abrdn Inc. as a Product Manager in 2013. |
| &nbsp;&nbsp;Miguel Laranjeiro\*\*<br> c/o abrdn Inc.<br> 875 Third Ave<br> 4th Floor, Suite 403<br> New York, NY 10022<br> Year of Birth: 1983 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Investment Director, Municipals for Aberdeen. Mr. Laranjeiro joined Aberdeen in 2018. |
| &nbsp;&nbsp;Michael Marsico\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1980 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Senior Product Manager – US for abrdn Inc. Mr. Marsico joined abrdn Inc. as a Fund Administrator in 2014. |

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| | |
|:---|:---|
| abrdn National Municipal Income Fund | **47** |

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------

Management of the Fund (Unaudited) (concluded)

As of October 31, 2025<br>

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br> with the Fund** | &nbsp;&nbsp;**Term of Office\*<br> and Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During at Least the Past Five Years** |
| &nbsp;&nbsp;Jonathan Mondillo\*\*<br> c/o abrdn Inc.<br> 875 Third Ave<br> 4th Floor, Suite 403<br> New York, NY 10022<br> Year of Birth: 1983 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Global Head of Fixed Income. He joined the firm in 2018. Previously he managed mutual funds at Alpine Woods Capital Investors, LLC. |
| &nbsp;&nbsp;Lucia Sitar\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1971 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Vice President and U.S. Counsel - Head of Product Governance for abrdn Inc. Previously, Ms. Sitar was Head of Product Governance and Management and Managing U.S. Counsel for abrdn Inc. She joined abrdn Inc. as U.S. Counsel in 2007. |
| &nbsp;&nbsp;Michael Taggart\*\*<br> c\o abrdn Inc.<br> 1900 Market Street<br> Suite 200<br> Philadelphia, PA 19103<br> Year of Birth: 1970 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Head of Closed-End Fund Investor Relations at abrdn Inc since 2023. Prior to that, he was Vice President of Investment Research and Operations at Relative Value Partners, LLC from June 2022. Prior to that, he was self-employed after having left Nuveen in November 2020, where he had served as Vice President of Closed-End Fund Product Strategy since November 2013. |

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\* Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are elected annually at a meeting of the Fund Board.

\*\* Each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex.

Further information about the Fund's Board Members and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling (800) 522-5465.

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| | |
|:---|:---|
| **48** | abrdn National Municipal Income Fund |

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------

Corporate Information

------

#### Trustees
Todd Reit, Chair<br> C. William Maher<br> Christian Pittard<br> Nancy Yao

#### Investment Manager
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Administrator
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103

#### Custodian
State Street Bank and Trust Company<br> John Adams Building<br> 1776 Heritage Drive<br> North Quincy, MA 02171

#### Transfer Agent
Computershare Trust Company, N.A.<br> P.O. Box 43006<br> Providence, RI 02940-3078

#### Independent Registered Public Accounting Firm
KPMG LLP<br> 191 West Nationwide Blvd., Suite 500<br> Columbus, OH 43215

#### Legal Counsel
Dechert LLP<br> 1900 K Street N.W.<br> Washington, D.C. 20006

#### Investor Relations
abrdn Inc.<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103<br> 1-800-522-5465<br> Investor.Relations@aberdeenplc.com

![](tm2527059d8vflreporti005.jpg)

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.

Shares of abrdn National Municipal Income Fund are traded on the NYSE American under the symbol "VFL." Information about the Fund's net asset value and market price is available at www.aberdeenvfl.com.

This report, including the financial information herein, is transmitted to the shareholders of abrdn National Municipal Income Fund for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future results.

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VFL-ANNUAL

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

(a) As of September 30, 2025, abrdn National Municipal Income Fund (the "Fund" or the "Registrant") had adopted a Code of Ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics").

(b) Definitional.

(c) There have been no amendments, during the period covered by this report, to a provision of the Code of
Ethics.

(d) During the period covered by this report, there were no waivers to the provisions of the Code of Ethics.

(e) Not applicable

(f) A copy of the Code of Ethics has been filed as an exhibit to this Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that C. William Maher, a member of the Board of Trustees' Audit Committee, possesses the attributes, and has acquired such attributes through means, identified in instruction 2 of Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mr. Maher as the Audit Committee's financial expert. Mr. Maher is considered to be an "independent" trustee, as such term is defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

(a) – (d) Below is a table reflecting the fee information requested in Items 4(a) through (d):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year<br> Ended** | **(a)<br> Audit Fees<sup>1</sup>** | **(b)<br> Audit-Related Fees<sup>2</sup>** | **(c)<br> Tax Fees<sup>3</sup>** | **(d)<br> All Other Fees<sup>4</sup>** |
| September 30, 2025 | $88.000 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception**<sup>5</sup>** | 0% | 0% | 0% | 0% |
| September 30, 2024 | $85400 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception**<sup>5</sup>** | 0% | 0% | 0% | 0% |

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<sup>1</sup> "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

<sup>2</sup> "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares.

<sup>3</sup> "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: federal and state income tax returns, review of excise tax distribution calculations and federal excise tax return.

<sup>4</sup> "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

**<sup>5</sup>** Pre-approval exception under Rule 2-01 of Regulation S-X. The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

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| | |
|:---|:---|
| (e)(1) | The Registrant's Audit Committee (the "Committee") has adopted a Charter that provides that the Committee shall annually select, retain or terminate, and recommend to the Independent Trustees for their ratification, the selection, retention or termination, the Registrant's independent auditor and, in connection therewith, to evaluate the terms of the engagement (including compensation of the independent auditor) and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the Registrant's investment adviser (the "Adviser") or any sub-adviser, and to receive the independent auditor's specific representations as to their independence, delineating all relationships between the independent auditor and the Registrant, consistent with the PCAOB Rule 3526 or any other applicable auditing standard. PCAOB Rule 3526 requires that, at least annually, the auditor: (1) disclose to the Committee in writing all relationships between the auditor and its related entities and the Registrant and its related entities that in the auditor's professional judgment may reasonably be thought to bear on independence; (2) confirm in the letter that, in its professional judgment, it is independent of the Registrant within the meaning of the Securities Acts administered by the SEC; and (3) discuss the auditor's independence with the audit committee. The Committee is responsible for actively engaging in a dialogue with the independent auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the independent auditor. The Committee Charter also provides that the Committee shall review in advance, and consider approval of, any and all proposals by Management or the Adviser that the Registrant, the Adviser or their affiliated persons, employ the independent auditor to render "permissible non-audit services" to the Registrant and to consider whether such services are consistent with the independent auditor's independence. The Committee may delegate to one or more of its members ("Delegates") authority to pre-approve permissible non-audit services to be provided to the Registrant. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. The Committee shall communicate any pre-approval made by it or a Delegate to the Adviser, who will ensure that the appropriate disclosure is made in the Registrant's periodic reports required by Section 30 of the Investment Company Act of 1940, as amended, and other documents as required under the federal securities laws. |

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(e)(2) None of the services described in each of paragraphs (b) through (d) of this Item involved a waiver of the pre-approval requirement by the Audit Committee pursuant to Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) Non-Audit Fees

The following table shows the amount of fees that KPMG LLP billed during the Fund's last two fiscal years for non-audit services to the Registrant, and to the Adviser, and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund ("Affiliated Fund Service Provider"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br> Billed to Fund** | **Total Non-Audit Fees<br> billed to Adviser and<br> Affiliated Fund Service<br> Providers (engagements<br> related directly to the<br> operations and financial<br> reporting of the Fund)** | **Total Non-Audit Fees<br> billed to Adviser and<br> Affiliated Fund Service<br> Providers (all other<br> engagements)** | **Total** |
| September 30, 2025 | $0 | $0 | $1253744 | $1253744 |
| September 30, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $629124 | $629124 |

---

"Non-Audit Fees billed to Fund" for both fiscal years represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

(a) The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).

As of the fiscal year ended September 30, 2025, the Audit Committee members were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Willam Maher

Nancy Yao

Todd Reit

(b) Not applicable.

**Item 6. Schedule of Investments.**

(a) Included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

The statement regarding the basis for approval of the investment advisory contract is included in the response to Item 1, above.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Pursuant to the Registrant's Proxy Voting Policy and Procedures, the Registrant has delegated responsibility for its proxy voting to its Adviser, provided that the Registrant's Board of Trustees has the opportunity to periodically review the Adviser's proxy voting policies and material amendments thereto.

The proxy voting policies of the Registrant are included herewith as Exhibit (c) and policies of the Adviser are included as Exhibit (d).

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a)(1) PORTFOLIO MANAGER BIOGRAPHIES

As of the date of filing this report, the individuals listed below have primary responsibility for the day-to-day management of their respective sleeves of the Fund's portfolio.

---

| | | |
|:---|:---|:---|
| Individual & Position | Past Business Experience | Served on the Fund Since |
|  Miguel Laranjeiro<br> Investment Director | Miguel Laranjeiro is an Investment Director within the Municipals team at Aberdeen where he is responsible for asset allocation and investment managment decisions for the abrdn Ultra Short Municipal Income Fund, abrdn Short Duration High Yield Municipal Fund and abrdn Ultra Short Municipal Income Active ETF at Aberdeen. Miguel experience includes municipal credit analysis in the high yield sector as well as high grade tax backed sectors. Miguel joined the company in 2018 from Alpine Woods Capital Investors where he was focused on credit analysis in the Public Finance sector for Alpine's two municipal funds, Alpine Ultra Short Municipal Income Fund (ATOIX) and Alpine High Yield Managed Duration Fund (AHYMX). Previously, Miguel worked for Thomson Reuters as an analyst focused primarily on Fundamentals Analysis in the Emerging Markets sectors. | 2023 |
|  Jonathan Mondillo<br> Head of US Fixed Income | Jonathan Mondillo is Head of US Fixed Income at Aberdeen. He is responsible for overseeing all public and private markets fixed income teams in the region, which include IG Credit, HY Credit, Municipals, and USPP. He is further responsible for five municipal bond and infrastructure debt funds that invest in both investment grade and high yield credits. Jonathan joined the firm in 2018 from Alpine Woods Capital Investors, LLC, when two mutual funds he managed were acquired by Aberdeen. Prior to that, Jonathan worked for Fidelity Capital Markets. Jonathan graduated with a B.S. in Finance from Bentley University. | 2023 |

---

(a)(2) OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS.

The following chart summarizes information regarding other accounts for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into the following three categories: (1) registered investment companies; (2) other pooled investment vehicles; and (3) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is provided separately. The figures in the chart below for the category of "registered investment companies" include the Fund. The "Other Accounts Managed" represents the accounts managed by the teams of which the portfolio manager is a member. The information in the table below is as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name of<br> Portfolio Manager | Type of Accounts | Other Accounts<br> Managed | Total Assets ($M) | Number of<br> Accounts<br> Managed for<br> Which<br> Advisory<br> Fee is Based<br> on<br> Performance | Total Assets for<br> Which<br> Advisory Fee is<br> Based on<br> Performance ($M) |
| Jonathan Mondillo<sup>1</sup> | Registered Investment Companies | 5 | $1478.32 | 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | Pooled Investment Vehicles | 3 | $103.54 | 0 | $0 |
|  | Other Accounts | 6 | $1396.98 | 0 | $0 |
| Miguel Laranjeiro <sup>1</sup> | Registered Investment Companies | 5 | $1478.32 | 0 | $0 |
|  | Pooled Investment Vehicles | 3 | $103.54 | 0 | $0 |
|  | Other Accounts | 6 | $1396.98 | 0 | $0 |

---

<sup>1</sup> Includes accounts managed by the US Municipals Team and US Investment Grade Fixed Income Team, of which the portfolio manager is a member.

POTENTIAL CONFLICTS OF INTEREST

The Adviser and its affiliates (collectively referred to herein as "Aberdeen") serve as investment advisers for multiple clients, including the Registrant and other investment companies registered under the 1940 Act and private funds (such clients are also referred to below as "accounts"). The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Registrant's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Registrant. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, the Adviser believes that these risks are mitigated by the fact that: (i) accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii) portfolio manager personal trading is monitored to avoid potential conflicts. In addition, the Adviser has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

In some cases, another account managed by the same portfolio manager may compensate Aberdeen based on the performance-based fees with qualified clients. The existence of such a performance-based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities.

Another potential conflict could include instances in which securities considered as investments for the Registrant also may be appropriate for other investment accounts managed by the Adviser or its affiliates. Whenever decisions are made to buy or sell securities for the Registrant and one or more of the other accounts simultaneously, the Adviser may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Registrant will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to the Registrant from time to time, it is the opinion of the Adviser that the benefits from the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The Registrant has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.

With respect to non-discretionary model delivery accounts (including UMA accounts) and discretionary SMA accounts, abrdn Inc. will utilize a third party service provider to deliver model portfolio recommendations and model changes to the Sponsors. abrdn Inc. seeks to treat clients fairly and equitably over time, by delivering model changes to our service provider and investment instructions for our other discretionary accounts to our trading desk, simultaneously or approximately at the same time. The service provider will then deliver the model changes to each Sponsor on a when-traded, randomized full rotation schedule. All Sponsors will be included in the rotation schedule, including SMA and UMA.

UMA Sponsors will be responsible for determining how and whether to implement the model portfolio or model changes and implementation of any client specific investment restrictions. The Sponsors are solely responsible for determining the suitability of the model portfolio for each model delivery client, executing trades and seeking best execution for such clients.

As it relates to SMA accounts, abrdn Inc. will be responsible for managing the account on the basis of each client's financial situation and objectives, the day to day investment decisions, best execution, accepting or rejecting client specific investment restrictions and performance. The SMA Sponsors will collect suitability information and will provide a summary questionnaire for our review and approval or rejection. For dual contract SMAs, abrdn Inc. will collect a suitability assessment from the client, along with the Sponsor suitability assessment. Our third party service provider will monitor client specific investment restrictions on a day to day basis. For SMA accounts, model trades will be traded by the Sponsor or may be executed through a "step-out transaction,"- or traded away- from the client's Sponsor if doing so is consistent with Aberdeen's obligation to obtain best execution. When placing trades through Sponsor Firms (instead of stepping them out), we will generally aggregate orders where it is possible and in the client's best interests. In the event we are not comfortable that a Sponsor can obtain best execution for a specific security and trading away is infeasible, we may exclude the security from the model.

Trading costs are not covered by the Wrap Program fee and may result in additional costs to the client. In some instances, step-out trades are executed without any additional commission, mark-up, or mark-down, but in many instances, the executing broker-dealer may impose a commission or a mark-up or mark-down on the trade. Typically, the executing broker will embed the added costs into the price of the trade execution, making it difficult to determine and disclose the exact added cost to clients. In this instance, these additional trading costs will be reflected in the price received for the security, not as a separate commission, on trade confirmations or on account statements. In determining best execution for SMA accounts, abrdn Inc. takes into consideration that the client will not pay additional trading costs or commission if executing with the Sponsor.

While UMA accounts are invested in the same strategies as and may perform similarly to SMA accounts, there are expected to be performance differences between them. There will be performance dispersions between UMAs and other types of accounts because Aberdeen does not have discretion over trading and there may be client specific restrictions for SMA accounts.

Aberdeen may have already commenced trading for its discretionary client accounts before the model delivery accounts have executed Aberdeen's recommendations. In this event, trades placed by the model delivery clients may be subject to price movements, particularly with large orders or where securities are thinly traded, that may result in model delivery clients receiving less favorable prices than our discretionary clients. Aberdeen has no discretion over transactions executed by model delivery clients and is unable to control the market impact of those transactions.

Timing delays or other operational factors associated with the implementation of trades may result in non-discretionary and model delivery clients receiving materially different prices relative to other client accounts. In addition, the constitution and weights of stocks within model portfolios may not always be exactly aligned with similar discretionary accounts. This may create performance dispersions within accounts with the same or similar investment mandate.

(a)(3)

<u>DESCRIPTION OF COMPENSATION STRUCTURE</u>

Aberdeen's remuneration policies are designed to support its business strategy as a leading international asset manager. The objective is to attract, retain and reward talented individuals for the delivery of sustained, superior returns for Aberdeen's clients and shareholders. Aberdeen operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining talent.

Aberdeen's policy is to recognize corporate and individual achievements each year through an appropriate annual bonus scheme. The bonus is a single, fully discretionary variable pay award. The aggregate value of awards in any year is dependent on the group's overall performance and profitability. Consideration is also given to the levels of bonuses paid in the market. Individual awards, which are payable to all members of staff, are determined by a rigorous assessment of achievement against defined objectives.

The variable pay award is composed of a mixture of cash and a deferred award, the portion of which varies based on the size of the award. Deferred awards are by default Aberdeen Group plc shares, with an option to put up to 50% of the deferred award into funds managed by Aberdeen. Overall compensation packages are designed to be competitive relative to the investment management industry.

**<u>Base Salary</u>**

Aberdeen's policy is to pay a fair salary commensurate with the individual's role, responsibilities and experience, and having regard to the market rates being offered for similar roles in the asset management sector and other comparable companies. Any increase is generally to reflect inflation and is applied in a manner consistent with other Aberdeen employees; any other increases must be justified by reference to promotion or changes in responsibilities.

**<u>Annual Bonus</u>**

The Remuneration Committee determines the key performance indicators that will be applied in considering the overall size of the bonus pool. In line with practices amongst other asset management companies, individual bonuses are not subject to an absolute cap. However, the aggregate size of the bonus pool is dependent on the group's overall performance and profitability. Consideration is also given to the levels of bonuses paid in the market. Individual awards are determined by a rigorous assessment of achievement against defined objectives, and are reviewed and approved by the Remuneration Committee.

Aberdeen has a deferral policy which is intended to assist in the retention of talent and to create additional alignment of executives' interests with Aberdeen's sustained performance and, in respect of the deferral into funds managed by Aberdeen, to align the interest of portfolio managers with our clients.

Staff performance is reviewed formally at least once a year. The review process evaluates the various aspects that the individual has contributed to Aberdeen, and specifically, in the case of portfolio managers, to the relevant investment team. Discretionary bonuses are based on client service, asset growth and the performance of the respective portfolio manager. Overall participation in team meetings, generation of original research ideas and contribution to presenting the team externally are also evaluated.

In the calculation of a portfolio management team's bonus, Aberdeen takes into consideration investment matters (which include the performance of funds, adherence to the company investment process, and quality of company meetings) as well as more subjective issues such as team participation and effectiveness at client presentations through key performance indicator scorecards. To the extent performance is factored in, such performance is not judged against any specific benchmark and is evaluated over the period of a year - January to December. The pre- or after-tax performance of an individual account is not considered in the determination of a portfolio manager's discretionary bonus; rather the review process evaluates the overall performance of the team for all of the accounts the team manages.

Portfolio manager performance on investment matters is judged over all of the accounts the portfolio manager contributes to and is documented in the appraisal process. A combination of the team's and individual's performance is considered and evaluated.

Although performance is not a substantial portion of a portfolio manager's compensation, Aberdeen also recognizes that fund performance can often be driven by factors outside one's control, such as (irrational) markets, and as such pays attention to the effort by portfolio managers to ensure integrity of our core process by sticking to disciplines and processes set, regardless of momentum and 'hot' themes. Short-terming is thus discouraged and trading-oriented managers will thus find it difficult to thrive in the Aberdeen environment. Additionally, if any of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via Aberdeen's dynamic compliance monitoring system.

In rendering investment management services, the Adviser may use the resources of additional investment adviser subsidiaries of Aberdeen Group plc. These affiliates have entered into a memorandum of understanding ("MOU") pursuant to which investment professionals from each affiliate may render portfolio management, research or trading services to Aberdeen clients. Each investment professional who renders portfolio management, research or trading services under a MOU or personnel sharing arrangement ("Participating Affiliate") must comply with the provisions of the Advisers Act, the 1940 Act, the Securities Act of 1933, the Exchange Act, and the Employee Retirement Income Security Act of 1974, and the laws of states or countries in which the Adviser does business or has clients. No remuneration is paid by the Fund with respect to the MOU/personnel sharing arrangements.

(a)(4)

---

| |
|:---|
| **Dollar Range of Equity Securities in the <br> Registrant Beneficially Owned by the Portfolio<br> Manager as of September 30, 2025** |
| Miguel Laranjeiro |
| Jonathan Mondillo |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) Total <br> No.<br> of Shares<br> Purchased (1)** | **(b) Average<br> Price Paid<br> per<br> Share** | **(c) Total No.<br> of Shares<br> Purchased as<br> Part of<br> Publicly<br> Announced <br> Plans<br> or Programs** | **(d) Maximum <br> No.<br> of Shares that<br> May Yet Be<br> Purchased <br> Under<br> the Plans or<br> Programs** |
| **Month #1 (Oct. 1, 2024-Oct. 31, 2024)** |  |  |  | 1227800 |
| **Month #2 (Nov. 1, 2024 – Nov. 30, 2024)** |  |  |  | 1227800 |
| **Month #3 (Dec. 1, 2024– Dec. 31, 2024)** |  |  |  | 1227800 |
| **Month #4 (Jan. 1, 2025 – Jan. 31, 2025)** |  |  |  | 1227800 |
| **Month #5 (Feb. 1, 2025 – Feb. 28, 2025)** |  |  |  | 1227800 |
| **Month #6 (Mar. 1, 2025 – Mar. 31, 2025)** |  |  |  | 1227800 |
| **Month #7 (Apr. 1, 2025 – Apr. 30, 2025)** |  |  |  | 1227800 |
| **Month #8 (May 1, 2025 – May 31, 2025)** |  |  |  | 1227800 |
| **Month #9 (June 1, 2025 – June 30, 2025)** |  |  |  | 1227800 |
| **Month #10 (Jul. 1, 2025 – Jul. 31, 2025)** |  |  |  | 1227800 |
| **Month #11 (Aug. 1, 2025 – Aug. 31, 2025)** |  |  |  | 1227800 |
| **Month #12 (Sep. 1, 2025– Sep. 30, 2025)** |  |  |  | 1227800 |
| **Total** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On September 11, 2024, the Fund publicly announced that the Board of Trustees had approved an open market share repurchase program (the "Program"). Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period as of September 30 of the prior year. The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions.

**Item 15. Submission of Matters to a Vote of Security Holders.**

During the period ended September 30, 2025, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a)(1)](tm2527059d8_ex99-codeeth.htm) | [Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form N-CSR.](tm2527059d8_ex99-codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a)(3)](tm2527059d8_ex99-cert.htm) | [The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR.](tm2527059d8_ex99-cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(5) | Change in Registrant's independent public accountant. Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b)](tm2527059d8_ex99-906cert.htm) | [The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR.](tm2527059d8_ex99-906cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c)](tm2527059d8_ex99-xc.htm) | [Proxy Voting Policy of Registrant](tm2527059d8_ex99-xc.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(d)](tm2527059d8_ex99-xd.htm) | [Proxy Voting Policies and Procedures of Adviser.](tm2527059d8_ex99-xd.htm) |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

abrdn National Municipal Income Fund

---

| | |
|:---|:---|
| By: | */s/ Alan Goodson* |
|  | Alan Goodson, |
|  | Principal Executive Officer of |
|  | abrdn National Municipal Income Fund |
| Date: December 8, 2025 | Date: December 8, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | */s/ Alan Goodson* |
|  | Alan Goodon, |
|  | Principal Executive Officer of |
|  | abrdn National Municipal Income Fund |
| Date: December 8, 2025 | Date: December 8, 2025 |

---

---

| | |
|:---|:---|
| By: | */s/ Sharon Ferrari* |
|  | Sharon Ferrari, |
|  | Principal Financial Officer of |
|  | abrdn National Municipal Income Fund |
| Date: December 8, 2025 | Date: December 8, 2025 |

---

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**<u>CODE OF ETHICS (PERSONAL TRADING)</u>**

**I.** **Introduction** 

Rule 17j-1(b) under the Investment Company Act of 1940, as amended (the "1940 Act"), makes it unlawful for any affiliated person, officer or Board member of the Funds in connection with the purchase or sale by such person of a Security (as defined below) "held or to be acquired" by the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Funds any untrue statement of a material fact or omit to state to the Funds a material
fact necessary in order to make the statement made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Funds' investment portfolios.

**II.** **Purpose of the Code of Ethics** 

The Funds expect that the officers and Fund Board members will conduct their personal investment activities in accordance with (1) the duty at all times to place the interests of the Funds' shareholders first; (2) the requirement that all personal Securities transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and (3) the fundamental standard that investment company personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the provisions of Section 17(j) of the 1940 Act, Rule 17j-1 under the 1940 Act, and various pronouncements by the Securities and Exchange Commission ("SEC") and the Investment Company Institute on personal investing by investment company personnel, <sup>1</sup> the Funds have adopted this Code of Ethics to specify a code of conduct for certain types of personal Securities transactions that might involve conflicts of interest or an appearance of impropriety, and to establish reporting requirements and enforcement procedures. This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield Fund personnel from liability for personal trading or other conduct that violates a fiduciary duty to Fund shareholders.

This Code of Ethics does not apply to any officer, Board member or employee of the Funds who is also an Access Person or Investment Personnel (as defined under Rule 17j-1 under the 1940 Act) employed by the Funds' investment adviser, investment sub-advisers or principal underwriter ("Excluded Advisory Personnel"). Those individuals are covered by the Codes of Ethics that have been adopted by their respective entities and approved by the Board of each of the Funds in accordance with the provisions of Rule 17j-1 of the 1940 Act.

<sup>1</sup> See Investment Adviser Code of Ethics, SEC Release No. IC-26492 (July 9, 2004); Personal Investment Activities of Investment Company Personnel, SEC Release No. IC-23958 (August 24, 1999); Personal Investment Activities of Investment Company Personnel, Report by the Securities and Exchange Commission (September 1994); and Report of the Advisory Group on Personal Investing, Investment Company Institute (May 9, 1994).

**III.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;A. "  **<u>Access Person</u>**" means (1) each Board member or officer of the Funds; and
(2) any Advisory Person of the Funds except Excluded Advisory Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;B. "  **<u>Advisory Person</u>**" means (1) each Board member, officer, general partner
or employee of the Funds (or of any company in a control relationship to the Funds) who in connection with his or her regular functions
or duties, makes, participates in, or obtains information regarding the purchase or sale of a Reportable Security (as defined below) by
the Funds or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural
person in a control relationship to the Funds who obtains information concerning recommendations made to the Funds with regard to the
purchase or sale of a Reportable Security by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;C. "  **<u>Automatic Investment Plan</u>**" means a program in which regular periodic purchases
(or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An
Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;D. "  **<u>Beneficial Ownership</u>**" shall be interpreted in the same manner as it would be
in determining whether a person is considered a "beneficial owner" as defined in Rule 16a-1(a)(2) under the Securities
Exchange Act of 1934, as amended ("1934 Act"), which generally speaking, encompasses those situations where the beneficial
owner has the right to enjoy some economic benefit from the ownership of the Reportable Security. You will be treated as a "beneficial
owner" of a Security under this Code only if you have a direct or indirect pecuniary interest in the Security. A direct pecuniary
interest is the opportunity, directly or indirectly, to profit, or to share the profit, from the transaction. An indirect pecuniary interest
is any nondirect financial interest, but is specifically defined in the rules to include, among other things, Securities held by
members of your immediate family sharing the same household; Securities held by a partnership of which you are a general partner; Securities
held by a trust of which you are the settlor if you can revoke the trust without the consent of another person, or a beneficiary if you
have or share investment control with the trustee; and equity Securities which may be acquired upon exercise of an option or other right,
or through conversion. For interpretive guidance on this test, you should consult your counsel. A person is normally regarded as the beneficial
owner of Reportable Securities held in the name of his or her spouse or minor children and adults living in his or her household.

&nbsp;&nbsp;&nbsp;&nbsp;E. "  **<u>Control</u>**" shall have the same meaning as set forth in Section 2(a)(9) of
the 1940 Act. Generally, control is the power to exercise a controlling influence over the management or policies of a company unless
such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;F. "  **<u>Exempt Transactions</u>**" means: (1) purchases or sales effected in any account
over which an Access Person or Investment Personnel has no direct or indirect influence or control; (2) purchases or sales which
are non-volitional<sup>2</sup> on the part of the Access Person, Investment Personnel or the Funds; (3) purchases which are
part of an Automatic Investment Plan; or (4) purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders
of a class of its Reportable Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

<sup>2</sup> Non-volitional purchases or sales include those transactions, which do not involve a willing act or conscious decision on the part of the Board Member, officer or employee. For example, shares received or disposed of by Access Persons or Investment Personnel in a merger, recapitalization or similar transaction are considered non-volitional.

&nbsp;&nbsp;&nbsp;&nbsp;G. A Security is "  **<u>held or to be acquired</u>**" if within the most recent 15 days it
(1) is or has been held by the Funds, (2) is being or has been considered by the Funds or the investment adviser or investment
sub-adviser for purchase by the Funds or (3) any option to purchase or sell and any Security convertible into or exchangeable for
a Reportable Security that is described in (1) or (2) of this definition.

&nbsp;&nbsp;&nbsp;&nbsp;H. An Access Person's "  **<u>immediate family</u>**" means a spouse, minor children and
adults living in the same household as the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;I. "  **<u>Independent Board Member</u>**" means each Board member who is not an "interested
person" of the Funds (as defined in Section 2(a)(19) of the 1940 Act) and who would be required to make a report under Section V
of this Code solely by reason of being a Board member of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;J. An "  **<u>Initial Public Offering</u>**" means an offering of Securities registered under
the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of
Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;K. "  **<u>Investment Personnel</u>**" of the Funds means (1) any employee of the Funds
(or of any company in a control relationship to the Funds) who, in connection with his or her regular functions or duties, makes or participates
in making recommendations regarding the purchase or sale of Securities by the Funds or (2) any natural person who controls the Funds
and who obtains information concerning recommendations made to the Funds regarding the purchase or sale of Securities by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;L. A "  **<u>Limited Offering</u>**" means an offering that is exempt from registration under
the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or
Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;M. "  **<u>Purchase or sale of a Reportable Security</u>**" includes, among other things, the
writing of an option to purchase or sell a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;N. "  **<u>Reportable Security</u>**" means a Security excluding (1) direct obligations
of the Government of the United States; (2) banker's acceptances; (3) bank certificates of deposit; (4) commercial
paper; (5) high quality short-term debt instruments (any instrument having a maturity at issuance of less than 366 days and that
is rated in one of the two highest rating categories by a nationally recognized statistical rating organization), including repurchase
agreements; and (6) shares of registered open-end investment companies other than those advised by an Aberdeen Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;O. "  **<u>Security</u>**" means a security as defined in Section 2(a)(36)of the 1940 Act
which is defined as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest
or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable
share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas,
or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any
group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege
entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known
as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee
of, or warrant or right to subscribe to or purchase, any of the foregoing.

**IV.** **Policies of the Funds Regarding Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;A. General Policy

No Access Person of the Funds shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1(b) set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;B. Specific Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Restrictions on Personal Securities Transactions by Independent Board Members** 

The Funds recognize that an Independent Board Member does not have on-going, day-to-day interaction with the operations of the Funds. In addition, it has been the practice of the Funds to give information about Securities purchased or sold by the Funds or considered for purchase or sale by the Funds to Independent Board Members in materials circulated more than 15 days after such Securities are purchased or sold by the Funds or are considered for purchase or sale by the Funds. Accordingly, the Funds believe the following controls are appropriate for Independent Board Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Personal Account Dealing in Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Independent Board Members are prohibited from buying or selling any Aberdeen-advised U.S. Registered Fund
(closed-end, open-end, and ETFs) shares during the two week period prior to or following Board meetings of which they are aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Independent Board Members are required to pre-clear with the Fund CCO or his/her designee all Aberdeen-advised
U.S. Registered Fund buys or sells including funds for which an Independent Board Member does not serve as a director/trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Fund CCO may waive this prohibition in exceptional circumstances and upon a determination that the
transaction does not violate any applicable laws or regulations. The Fund CCO will document any such waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limited Pre-clearance. The Securities pre-clearance requirement contained in IV.B.2. below shall only
apply to an Independent Board Member if he or she knew that during the fifteen day period before the proposed transaction in a Reportable
Security (other than Exempt Transactions) or at the time of the transaction that the Reportable Security to be purchased or sold by him
or her (other than Exempt Transactions) was also purchased or sold by the Fund(s) or considered for the purchase or sale by the Fund(s) (i) for
which such Independent Board Member acts as a Director or Trustee or (ii) any Aberdeen-advised U.S. Registered Fund (closed-end,
open-end, and ETFs).<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Pre-clearance Not Granted. When the securities pre-clearance requirement applies to an Independent Board
Member, no clearance will be given to the Independent Board Member to purchase or sell any Reportable Security (1) on a day when
any Fund has a pending "buy" or "sell" order in that same Reportable Security until that order is executed or
withdrawn or (2) when the Funds' Chief Compliance Officer has been advised by the Funds' investment adviser or investment
sub-adviser that the same Reportable Security is being considered for purchase or sale for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Restrictions on Initial Public Offering or Limited Offering Personal Securities Transactions by Access Persons Who Are Not Independent Board Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Pre-clearance. An Access Person who is not an Independent Board Member is prohibited from buying or selling
any Security through an Initial Public Offering or a Limited Offering for his or her personal portfolio or the portfolio of a member of
his or her immediate family without obtaining (i) email or other written authorization or (ii) oral authorization from a Funds
Chief Compliance Officer prior to effecting such Reportable Security transaction.

A written authorization for such Security transaction will be provided by the Funds' Chief Compliance Officer or his/her delegate to the person receiving the oral authorization (if granted). The written authorization will also be provided to the Funds' administrator to memorialize the email and oral authorization that was granted.

<u>Note</u>: If an Access Person has questions as to whether purchasing or selling a Reportable Security for his or her personal portfolio or the portfolio of a member of his or her immediate family requires prior oral authorization, the Access Person should consult the Funds' Chief Compliance Officer for clearance or denial of clearance to trade prior to effecting any Reportable Securities transition.

<sup>3</sup> Because monitoring the publication of the portfolio holdings of series of abrdn ETFs and abrdn Funds that operate as ETFs is not construed to be within the ordinary course of fulfilling the duties of a board member, the publication or availability of such portfolio holdings shall not be construed to impart actual or constructive knowledge of such series' portfolio transactions on an Independent Board Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pre-clearance Expiration. Pre-clearance approval will expire at the close of business on the trading day
after the date on which written or oral authorization is received, and the Access Person is required to renew clearance for the transaction
if the trade is not completed before the authority expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Pre-clearance Not Granted. No pre-clearance will be given to purchase or sell any Reportable Security
(1) on a day when any Fund has a pending "buy" or "sell" order in that same Reportable Security until that
order is executed or withdrawn or (2) when the Funds' Chief Compliance Officer has been advised by the Funds' investment
adviser or investment sub-adviser that the same Reportable Security is being considered for purchase or sale for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Additional Restrictions on Investment Personnel** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Gifts. No investment personnel shall receive any gift or other thing of more than *de minimis* value
from any person or entity that does business with or on behalf of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Board Service. Investment Personnel shall not serve on the boards of directors of publicly traded companies
absent prior authorization by the Funds' Chief Compliance Officer.

**V.** **Procedures – Initial Holdings Reports, Annual Holdings Reports and Quarterly Transaction Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;A. In order to provide the Funds with information to enable it to determine with reasonable assurance whether
the provisions of this Code of Ethics are being observed by its Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Independent Board Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Holdings Reports Not Required – Each Independent Board Member need not make initial or annual holdings
reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limited Quarterly Transaction Reporting – An Independent Board Member must submit the same quarterly
transaction report as required under paragraph V.A.2.d below to the Chief Compliance Officer of the Funds, but only for a transaction
in a Reportable Security where he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official
duties as an Independent Board Member, should have known that during the 15-day period immediately preceding or after the date of the
transaction, such Reportable Security is or was purchased or sold, or considered by the Funds, its investment adviser or investment sub-adviser
for purchase or sale by the Fund (i) for which such Independent Board Member acts as a Director or Trustee or (ii) any Aberdeen-advised
U.S. Registered Fund (closed-end, open-end, and ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Access Persons Who Are Not Independent Board Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Holdings Reports – Each Access Person who is not an Independent Board Member will submit
to the Chief Compliance Officer or his/her designee of the Funds an Initial Holdings Report in the form attached hereto as **Exhibit A** that lists all Reportable Securities in which the Access Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Initial Holdings Report must be submitted within ten days of becoming an Access Person and must contain
information current as of a date no more than 45 days prior to becoming an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Initial Holdings Report must include the title of each Reportable Security, the number of shares held
(for equity securities), the principal amount (for debt securities) of each Reportable Security, the date the report is submitted as well
as a list of any Securities accounts maintained with any broker, dealer or bank in which any Securities were held for the direct or indirect
benefit of the Access Person as of the date the person became an Access Person of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person need not include in the report transactions effected for, and Reportable Securities held
in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annual Holdings Reports – Each Access Person of the Funds who is not an Independent Board Member
will also submit to the Chief Compliance Officer or his/her designee of the Funds an Annual Holdings Report attached hereto as **Exhibit A** no later than 30 days after the end of the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The information contained in the Annual Holdings Report must be current as of a date no more than 45 days
before the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Annual Holdings Report must list all Reportable Securities in which the Access Person has Beneficial
Ownership, the title of each Reportable Security, the number of shares held (for equity securities), the principal amount (for debt securities)
of the Reportable Security, and the date the report is submitted. The Report must also list any Securities accounts maintained with any
broker, dealer or bank in which any Securities were held for the direct or indirect benefit of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person need not include in the report transactions effected for, and Reportable Securities held
in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Securities Confirmations – Each Access Person of the Funds who is not an Independent Board Member
shall direct his or her broker to supply to a Chief Compliance Officer or his/her designee of the Funds, on a timely basis, duplicate
copies of confirmation of all personal Securities transactions and copies of periodic statements for all Securities accounts in which
the Access Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Quarterly Transaction Reports – Each Access Person of the Funds who is not an Independent Board
Member shall submit reports in the form attached hereto as **Exhibit B** to the Chief Compliance Officer or his/her designee of
the Funds, showing all transactions in Reportable Securities in which the person has, or by reason of such transaction acquires, any direct
or indirect Beneficial Ownership, as well as all accounts established with brokers, dealers or banks during the quarter in which any Securities
were held for the direct or indirect beneficial interest of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Quarterly transaction reports shall be filed no later than 30 days after the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The report shall include (a) the date of the transaction, (b) the title of the Reportable Security,
(c) the interest rate and maturity date (if applicable), (d) the number of shares (for equity securities), (e) the principal
amount of each Reportable Security involved; (f) the nature of the transaction (i.e., purchase, sale or any other type of acquisition
or disposition), (g) the price at which the transaction was effected, (h) the name of the broker, dealer or bank with or through
whom the transaction was effected; and (i) the date the report is submitted. In addition, with respect to any account established
by the Access Person in which any Reportable Securities were held during the quarter for the direct or indirect benefit of the Access
Person, the Access Person shall report the following information: (a) the name and address of the broker, dealer or bank with whom
the Access Person established the account; (b) the date the account was established; and (c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person of the Funds need not make a quarterly transaction report with respect to (a) transactions
effected pursuant to an Automatic Investment Plan, (b) a transaction if all of the information required by paragraph (ii) above
is contained in the brokerage confirmations or account statements required to be submitted under paragraph (c) above, and (c) transactions
effected for, and Reportable Securities held in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Identification of Access Persons** – The Chief Compliance Officer or his/her designee of the
Funds shall notify each Access Person of the Funds who may be subject to the pre-clearance requirement or required to make reports pursuant
to this Code of Ethics that such person is subject to the pre-clearance or reporting requirements and shall deliver a copy of this Code
of Ethics to each such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Compliance Review** – The Chief Compliance Officer or his/her designee of the Funds shall (i) with
regard to any Access Persons or Investment Personnel reporting directly under this Code of Ethics, review any initial holdings reports,
annual holdings reports, and quarterly transaction reports that are received by the Chief Compliance Officer or his/her designee under
this Code of Ethics, and as appropriate compare the reports with the pre-clearance authorization received; (ii) with regard to any
Excluded Advisory Personnel reporting under a Code of Ethics of the Funds' investment adviser, sub-advisers or principal underwriter,
quarterly contact the compliance officer of such investment adviser, sub-advisers or principal underwriter regarding the compliance of
such Access Persons or Investment Personnel with their Code of Ethics and (iii) report to the Funds' Board: (a) with respect
to any transaction that appears to evidence a violation of this Code or the investment adviser's, sub-advisers' or principal
underwriter's Codes of Ethics; and (b) violations of the reporting requirement stated in such Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Board Review** – The Board shall review the operation of this Code of Ethics at least once
a year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Service Provider Code of Ethics** – The investment adviser, any investment sub-advisers and
the principal underwriter shall adopt, maintain and enforce a separate code of ethics with respect to their personnel in compliance with
Rule 17j-1 of the 1940 Act and Rule 204A-1 of the Investment Advisers Act of 1940, as applicable. Any material changes to the
investment adviser's, investment sub-adviser's or principal underwriter's code will be approved by the Board no later
than six months after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Board Reporting** – At each quarterly Board meeting, the Chief Compliance Officer of the Funds'
investment adviser, any investment sub-adviser and the principal underwriter of the Funds shall provide a written report to the Funds'
Board stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any reported Securities transaction that occurred during the prior quarter that materially violated (either
individually or in the aggregate) the provisions of the code of ethics adopted by the investment adviser, any investment sub-adviser or
principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all disciplinary actions<sup>4</sup> taken in response to such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Annual Reports** – At least once a year, the Funds' Chief Compliance Officer shall provide
to the Board a written report that contains any previously reported material violations of the code or procedures and sanctions imposed
in response to material violations, any recommended changes in the code or procedures, and a certification that the procedures which have
been adopted are those reasonably necessary to prevent Access Persons (as defined under Rule 17j-1) from violating their respective
Codes of Ethics. The written report will also include an assessment of the effectiveness of the Service Providers' Codes of Ethics
outlined in Section 6 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Recordkeeping –** This Code, the codes of the investment adviser, any investment sub-adviser and principal underwriter,
a copy of each report by an Access Person, any record of any violation of this Code of Ethics and any action taken as a result thereof,
any written report hereunder by the Chief Compliance Officer of the investment adviser, investment sub-adviser or the principal underwriter,
records of approvals relating to Initial Public Offerings and Limited Offerings, lists of all persons required to make reports and a list
of all persons responsible for reviewing such reports shall be preserved with the Funds' records for the period required by Rule 17j-1
of the 1940 Act.

**IV.** **Certification** 

Each Access Person, including an Independent Board Member, will be required to certify annually that he or she has read and understood this Code of Ethics, and will abide by it. Each Access Person, including an Independent Board Member, will further certify that he or she has disclosed or reported all personal Securities transactions required to be disclosed or reported under the Code of Ethics. Certification of compliance with the Code of Ethics by an Independent Board Member will occur annually.

<sup>4</sup> Disciplinary action includes but is not limited to any action that has a material financial effect upon the employee, such as fining, suspending, or demoting the employee, imposing a substantial fine or requiring the disgorgement of profits.

**Code of Ethics**

**Exhibit A**

**HOLDINGS REPORT**

For the Year/Period Ended _______________________

(Month/day/year)

◻ Check here if this is an Initial Holdings Report

To: __________________, as the Chief Compliance Officer of [Name of Aberdeen Fund]

From: ____________________________________

As of the calendar year/period referred to above, I have a direct or indirect beneficial ownership interest in the Securities listed below which are required to be reported pursuant to the Code of Ethics of the Funds.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Security** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Principal Amount** |

---

The name and address of any broker, dealer or bank with whom I maintain an account in which my Securities are held for my direct or indirect benefit are as follows.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Address** |

---

For Initial Holdings Reports: This report contains information current as of a date no more than 45 days prior to the date of becoming an Access Person.

For Annual Holdings Reports: This report contains information current as of a date no more than 45 days before the report is submitted.

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.

Date:   Signature:  

**Code of Ethics**

**Exhibit B**

**QUARTERLY SECURITIES TRANSACTION REPORT**

For the Calendar Quarter Ended _______________________

(month/day/year)

To: ________________, Chief Compliance Officer

From: ____________________________________

During the quarter referred to above, the following transactions were effected in Securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;**Date of<br> Transaction** | &nbsp;&nbsp;**Number <br> of <br> Shares** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Interest<br> Rate and <br> Maturity <br> Rate (if <br> applicable)** | &nbsp;&nbsp;**Nature of<br> Transaction <br> (Purchase, <br> Sale, or <br> Other)** | &nbsp;&nbsp;**Price** | &nbsp;&nbsp;**Broker/Dealer <br> or Bank <br> Though Whom <br> Effected** |

---

During the quarter referred to above, I established the following accounts in which Securities were held during the quarter for my direct or indirect benefit:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name and address of the broker, dealer or bank<br> with which I established the account.** | &nbsp;&nbsp;**The date the account was established.** |

---

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.

Date:   Signature:

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</u>**

I, Sharon Ferrari, certify that:

1. I have reviewed this report on Form N-CSR of abrdn National Municipal Income Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date: December 8, 2025

---

| |
|:---|
| /s/ Sharon Ferrari |
| Sharon Ferrari |
| Principal Financial Officer |

---

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</u>**

I, Alan Goodson, certify that:

1. I have reviewed this report on Form N-CSR of abrdn National Municipal Income Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date: December 8, 2025

---

| |
|:---|
| /s/ Alan Goodson |
| Alan Goodson |
| Principal Executive Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**<u>Certification Pursuant to Rule 30</u>** **<u>a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act</u>**

Alan Goodson, Principal Executive Officer, and Sharon Ferrari, Principal Financial Officer, of abrdn National Municipal Income Fund (the "Registrant"), each certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025
(the "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| |
|:---|
| PRINCIPAL EXECUTIVE OFFICER |
| abrdn National Municipal Income Fund |
| /s/ Alan Goodson |
| Alan Goodson |
| Date: December 8, 2025 |
| PRINCIPAL FINANCIAL OFFICER |
| abrdn National Municipal Income Fund |
| /s/ Sharon Ferrari |
| Sharon Ferrari |
| Date: December 8, 2025 |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.(C)

**Exhibit 99.(c)**

**U.S. Registered Advisers**

**Summary of Proxy Voting Guidelines**

***as of October***  ***26, 2022***

Where clients appoint abrdn Inc. to vote proxies on their behalf, policies have been established to vote these proxies in the best interests of our clients.

We employ ISS as a service provider to facilitate electronic voting. We require ISS to provide recommendations based on our own set of parameters tailored to abrdn's assessment and approach, but remain conscious that all voting decisions are our own on behalf of our clients. We consider ISS's recommendations and those based on our custom parameters as input to our voting decisions. We make use of the ISS standard research and recommendations and those based on our own custom policy as input to our voting decisions. Where our analysts make a voting decision that is different from the recommendations based on our custom policy they will provide a rationale for such a decisions which will be made publicly available in our voting disclosures.

In order to make proxy voting decisions, an abrdn analyst assesses the resolutions at general meetings in our active investment portfolios. This analysis will be based on our knowledge of the company, but will also make use of the custom and standard recommendations provided by ISS as described above. The product of this analysis will be a final voting decision instructed through ISS and applied to all funds for which abrdn have been appointed to vote. For funds managed by a sub-adviser, we may delegate to the sub-adviser the authority to vote proxies; however, the sub-adviser will be required to either follow our policies and procedures or to demonstrate that their policies and procedures are consistent with ours, or otherwise implemented in the best interest of clients.

There may be certain circumstances where abrdn Inc. may take a more limited role in voting proxies. We will not vote proxies for client accounts in which the client contract specifies that abrdn Inc. will not vote. We may abstain from voting a client proxy if the voting is uneconomic or otherwise not in clients' best interests. For companies held only in passively managed portfolios, abrdn Inc. custom recommendations provided by ISS will be used to automatically apply our voting approach; we have scope to intervene to test that this delivers appropriate results, and will on occasions intrude to apply a vote more fully in clients' best interests. If voting securities are part of a securities lending program, we may be unable to vote while the securities are on loan. However, we have the ability to recall shares on loan or to restrict lending when required, in order to ensure all shares have voted. In addition, certain jurisdictions may impose share-blocking restrictions at various times which may prevent abrdn Inc. from exercising our voting authority.

We recognize that there may be situations in which we vote at a company meeting where we encounter a conflict of interest. Such situations include:

· Where
 a portfolio manager owns the holding in a personal account.

· An
 investee company that is also a segregated client.

· An
 investee company where an Executive Director or Officer of our company or that of abrdn plc
 or another affiliate is also a Director of that company.

· An
 investee company where an employee of abrdn plc or an affiliate or subsidiary is a Director
 of that company.

· A
 significant distributor of our products.

· Any
 other companies which may be relevant from time to time.

We have adopted procedures within our proxy voting process to identify where a conflict exists. These procedures are designed to ensure that our voting decisions are based on our client's best interests and are not impacted by any conflict.

The implementation of this policy, along with conflicts of interest, will be reviewed periodically by the Active Ownership team. abrdn's Global ESG Principles & Voting Policies are published on our website.

Clients may obtain a free copy of abrdn Inc.'s proxy voting policies and procedures and/or proxy voting records for their account by contacting us at (215) 405-5700. abrdn publishes ESG Principles & Voting Policies, which describe our approach to investment analysis, shareholder engagement and proxy voting across companies worldwide. There are published on our website.

Clients that have not granted abrdn Inc. voting authority over securities held in their accounts will receive their proxies in accordance with the arrangements they have made with their service providers.

**Listed Company ESG Principles** **& Voting Policies**

**February** **2023**

Introduction

Active Ownership and Environmental, Social & Governance (ESG) considerations are a driver of our investment process, our investment activity, our client journey and our corporate influence.

Through engagement with the companies in which we invest, and by exercising votes on behalf of our clients, we seek to improve the financial resilience and performance of our clients' investments. Where we believe change is needed, we endeavour to catalyse this through our stewardship capabilities.

**Our expectations**

As global investors, we are particularly aware that ESG structures and frameworks vary across regions. Furthermore, what we expect of the companies in which we invest varies between different stages of business development and the underlying history and nature of the company in question. We seek to understand each company's individual circumstances and so evaluate how it can best be governed and overseen. As such, we strive to apply the principles and policies set out on these pages in response to the needs of that individual company at that particular time. Our heritage as a predominantly active fund manager helps drive this bespoke approach to understanding good governance and risk management.

We have a clear perception of what we consider to be best practice globally – as set out in this document. However we will reflect the nature of the business, our close understanding of individual companies and regional considerations, where appropriate, in our approach to applying these policies, which are not exhaustive.

This document has received approval from the Head of Public Markets and the Investment Vector's Chief Sustainability Officer following consultation with various internal stakeholders.

**Our approach to stewardship**

We seek to integrate and appraise environmental, social and governance factors in our investment process. Our aim is to generate the best long-term outcomes for our clients and we will actively take steps as stewards and owners to protect and enhance the value of our clients' assets.

Stewardship is a reflection of this bespoke approach to good governance and risk management. We seek to understand each company's specific approach to governance, how value is created through business success and how investors' interests are protected through the management of risks that materially impact business success. This requires us to play our part in the governance process by being active stewards of companies, involved in dialogue with management and non-executive directors where appropriate, understanding the material risks and opportunities – including those relating to environmental and social factors and helping to shape the future success of the business.

We will:

· Take
 into consideration, in our investment process, the policies and practices on environmental,
 social and governance matters of the companies in which we invest.

· Seek
 to enhance long-term shareholder value through constructive engagement with the companies
 in which we invest.

· Actively
 engage with the companies and assets in which we invest where we believe we can influence
 or gain insight.

· Seek
 to exercise voting rights, where held, in a manner consistent with our clients ' long-term best interests.

· Seek
 to influence the development of high standards of corporate governance and corporate responsibility
 in relation to environmental and social factors for the benefit of our clients.

· Communicate
 our Listed Company ESG Principles and Voting Policies to clients, companies and other interested
 parties.

· Be
 accountable to clients within the constraints of professional confidentiality and legislative
 and regulatory requirements.

· Be
 transparent in reporting our engagement and voting activities.

abrdn is committed to exercising responsible ownership with a conviction that companies adopting improving practices in corporate governance and risk management will be more successful in their core activities and deliver enhanced returns to shareholders. As owners of companies, the process of stewardship is a natural part of our investment approach as we seek to benefit from their long-term success on our clients' behalf.

**Engagement**

It is a central tenet of our active investment approach that we strive to meet with the management and directors of our investee companies on a regular basis. The discussions we have cover a wide range of topics, including: strategic, operational, and ESG issues and consider the long-term drivers of value. Engagement with companies on ESG risks and opportunities is a fundamental part of our investment process. It is a process by which we can discuss how a company identifies, prioritises and mitigates its key risks and optimises its most significant opportunities. As such, we regard engagement as:

· Important
 to understanding investee companies as a whole.

· Helpful
 when conducting proper ESG analysis.

· Useful
 to maintaining open dialogue and solid relationships with companies.

· An
 opportunity to inflect positive change on a company ' s
 holistic risk management programme – be
 active with our holdings rather than activist.

**Proxy Voting**

Proxy voting is an integral part of our active stewardship approach and we seek to exercise voting rights in a manner in line with our clients' best interests. We seek to ensure that voting reflects our understanding of the companies in which we invest on behalf of our clients. We believe that voting is a vital mechanism for holding boards and management teams to account, and is an important tool for escalation and shareholder action.

This document includes our process and overarching policy guidelines which we apply when voting at general meetings. These policies are not exhaustive and we evaluate our voting on a case by case basis. As a global investment firm we recognise the importance of adopting a regional approach, taking into account differing and developing market practices. Where a policy is specific to one region this is denoted.

We endeavour to engage with companies regarding our voting decisions to maintain a dialogue on matters of concern.

**Voting Process**

In line with our active ownership approach, we review the majority of general meeting agendas convened by companies which are held in our active equity portfolios. Analysis is undertaken by a member of our regional investment teams or our Active Ownership team and votes instructed following consideration of our policies, our views of the company and our investment insights. To enhance our analysis we may engage with a company prior to voting to understand additional context and explanations, particularly where there is deviation from what we believe to be best practice.

To supplement our own analysis we make use of the benchmark research and recommendations provided by ISS, a provider of proxy voting services. In the UK we also make use of the Investment Association's (IA) Institutional Voting Information Service. We have implemented regional voting policy guidelines with ISS which ISS applies to all meetings in order to produce customised vote recommendations. These custom recommendations help identify resolutions which deviate from our expectations. They are also used to determine votes where a company is held only in passive funds. Within our custom policies, however, we do specify numerous resolutions which should be referred to us for active review. For example we will analyse all proposals marked by ISS as environmental or social proposals.

While it is most common for us to vote in line with a board's voting recommendation we will vote our clients' shares against resolutions which are not consistent with their best interests. We may also vote against resolutions which conflict with local governance guidelines, such as the IA in the UK. Although we seek to vote either in favour or against a resolution we do make use of an abstain vote where this is considered appropriate. For example we may use an abstention to acknowledge some improvement, but as a means to reserve our position in expectation that further improvement is needed before we can vote in favour. Where we vote against a resolution we endeavour to inform companies of our rationale.

In exceptional circumstances we may attend and speak at a shareholder meeting to reinforce our views to the company's board.

We endeavour to vote all shares for which we have voting authority. We may not vote when there are obstacles to do so, for example those impacting liquidity, such as share- blocking, or where there is a significant conflict of interest. We use the voting platform of ISS to instruct our votes. Where we lend stock on behalf of clients, and subject to the terms of client agreements, we hold the right to recall shares where it is in clients' interests and we take the view that it will impact the final vote to maintain full voting weight on a particular meeting or resolution.

Our votes are disclosed publicly on our website one day after a general meeting has taken place.

**Strategy**

We invest in companies to create the best outcome for our clients. Companies must be clear about the drivers of their business success and their strategy for maintaining and enhancing it. Investment is a forward-looking process; we seek to understand the opportunity for a business and its scope for future value-creation over the long term. In order to do this, we need clarity on past business delivery and its drivers, and on the effective track record of management; we require honest and open reporting to build confidence in that track record. We seek confidence that companies and their management can maintain their competitive positioning and operational performance and subsequently enhance returns for investors. A clear strategy and clarity about the drivers of operational success provides the lens through which we will consider most corporate issues, not least assessing performance and risk management.

· We
 will consider voting against executive or non-executive directors if we have serious concerns
 regarding the oversight or implementation of strategy.

**Board of Directors**

We believe effective board governance promotes the long-term success and value creation of the company. The board should be responsible for establishing the company's purpose and strategy, overseeing management in their implementation of strategy and performance against objectives. The board should ensure a strong framework of control and risk oversight, including material ESG risks. The board should assess and monitor culture and be engaged with the workforce, shareholders and wider society.

**Board Composition**

Effective decision making requires a mix of skills around the table and constructive debate between diverse and different-minded individuals. A range of skills, experience and perspectives should be drawn together on the board. These include industry knowledge, experience from other sectors and relevant geographical knowledge. Independence of thought plays a crucial role in the ability of a board to generate the debate and discussion that will challenge management, help enhance business performance and improve decision-making. Board assessments will help the board ensure it has the necessary mix of skills, diversity and quality of individuals to address the current risks and opportunities the company faces. Unitary boards should comprise an appropriate combination of executive and non-executive directors such that no group of individuals dominates decision-making. We expect the size of the board to reflect the size, nature and complexity of the business. We also expect regular internal and external board evaluations which include an assessment of board composition and effectiveness.

**Leadership**

Running businesses effectively for the long term requires effective collaboration and cooperation, with no individual or small group having unfettered powers. Nor should they have dominant influence over the way a business is run or over major decisions about its operations or future. There should be a division of responsibility between board leadership and executive leadership of the business. We believe that there should be a division of roles at the top of the organisation, typically between a Chief Executive Officer (CEO) and an independent Chair.

· We
 will consider supporting the re-election of an existing Chair &
 CEO role combination, recognising that this remains common in certain geographies. In reviewing
 on a case by case basis we will take account of the particular circumstances of the company
 and consider what checks and balances are in place, such as the presence of a strong Senior
 Independent Director with a clear scope of responsibility.

· We
 will generally oppose any re-combination of the roles of CEO and Chair, unless the move is
 on a temporary basis due to exceptional circumstances or other mitigating factors.

· We
 will generally oppose any move of a retiring CEO to the role of Chair.

**Independence**

Companies should be led and overseen by genuinely independent boards. When looking at board composition we generally expect to see a majority of independent directors, with boards identifying their independence classifications in the Annual Report. It is preferable to see an identified Senior Independent Director (SID) on the board, who will lead the appraisal of and succession planning for the Chair. We expect SIDs to meet with investors and be a point of contact for escalating concerns if required.

In assessing a director's independence we will have due regard for whether a director:

(I) Has been an employee of the company within the last five years.

(II) Has had within the last three years a material business relationship with the company.

(III) Has received remuneration in addition to director fees or participates in
the company ' s option or variable incentive schemes, or is a member
of the company ' s pension scheme.

(IV) Has close family ties with any of the company ' s
advisers, directors or senior employees.

(V) Holds cross-directorships or has significant links with other directors through involvement in other companies or bodies.

(VI) Represents a significant shareholder.

(VII) Has served on the board for more than 12 years (or 9 for UK companies).

· We
 will consider voting against the re-election of non-independent directors if the board is
 not majority independent (excluding employee representatives). In doing so we will have regard
 for whether a company is controlled and the nature of the non-independence – for example, we are unlikely to
 vote against shareholder representatives unless their representation is disproportionate
 to their shareholding.

**Succession Planning** **& Refreshment**

Regular refreshment of the non-executive portion of a board helps draw in fresh perspectives, not least in the context of changes to business and emerging opportunities and risks. It also helps limit the danger of group-think. Thoughtful and proactive succession planning is therefore needed for board continuity, to ensure that a board is populated by individuals with an appropriate mix of skills, experience and perspective. We expect the board to implement a formal process for the recruitment and appointment of new directors, and to provide transparency of this in the Annual Report.

· We
 will vote against non-executive directors where there are concerns regarding board refreshment
 or excessive tenure. Where there are directors who have served for over 12 years on a board
 which has seen no refreshment in 3 years (2 in UK), we will generally vote against their
 re-election. If a director has served for over 15 years we will generally vote against their
 re-election. We will, however, consider the impact on board continuity and the company ' s
 succession planning efforts prior to doing so. We may not apply the tenure limit to directors
 who are founders or shareholder representatives.

**Diversity**

We believe that companies that make progress in diversity and inclusion (D&I) are better positioned for long-term sustainability and outperformance. Diversity of thought, paired with a culture of inclusion, can help companies to tackle increasingly complex challenges and markets. We expect boards to report on how they promote D&I throughout the business and believe that setting targets is important to addressing imbalances. We recognise the importance of adopting a regional approach to diversity and inclusion, allowing us to press for progress with appropriate consideration for the starting point. We have for several years, actively encouraged progress in gender diversity at all levels, and have expanded our scope in relation to diversity and inclusion across geographies. In respect of ethnic diversity, this is coming increasingly into focus as we encourage boards to progress in ensuring that their composition reflects their employee and customer bases.

Our regional specific policies are below. In determining our votes we will take account of mitigating factors, such as the sudden departure of a female board member. We will also consider any clear progress being made by the company on diversity and any assurance that diversity shortfalls will soon be addressed.

Gender Diversity

· UK:
 We will generally vote against the Nomination Committee Chair of FTSE 350 companies if the
 board is not comprised of at least one third female directors. For smaller companies, we
 will take this action if the board does not include at least one female director.

· Europe:
 We will generally vote against the Nomination Committee Chair of LargeCap companies if the
 supervisory board is not comprised of at least 30% female directors, or is not in line with
 the local standard if higher. For smaller companies, we will take this action if the supervisory
 board does not include at least one female director.

· Australia:
 We will generally vote against the Nomination Committee Chair of ASX300 companies if the
 board is not comprised of at least 30% female directors.

· North
 America: We will generally vote against the Nomination Committee Chair of LargeCap companies
 if the board is not comprised of at least 30% female directors. For smaller companies, we
 will take this action if the board does not include at least one female director

Ethnic Diversity

· UK:
 We will generally vote against the Nomination Committee Chair at the boards of FTSE 100 companies,
 if the board does not include at least one member from an ethnic minority background. This
 is in line with targets set up by the Parker Review.

· US:
 We will generally vote against the Nomination Committee Chair at the boards of S&P 1500 &
 Russell 3000 companies if the board does not include at least one member from a racial or
 ethnic minority background.

**Directors** **' Time Commitment**

Individual directors need sufficient time to carry out their role effectively and therefore we seek to ensure that all directors maintain an appropriate level of overall commitments such that allows them to be properly diligent.

· We
 will consider opposing the election or re-election of any director where there is a concern
 regarding their ability to dedicate sufficient time to the role. In making this assessment
 we will have regard for the ISS classification of ' overboarding ' .

· We
 will generally oppose the re-election of any director who has attended fewer than 75% of
 board meetings in two consecutive years.

**Board Committees**

Boards should establish committees, populated by independent and appropriately skilled non-executive directors, to oversee (as a minimum) the nomination, audit and remuneration processes. It may also be appropriate for additional committees to be established, such as a risk or sustainability committee. These committees should report openly on an annual basis about their activities and key decisions taken.

· We
 will consider voting against committee members if we have concerns regarding the composition
 of a committee.

**Nomination Committee**

This committee has responsibility for leading the process for orderly non-executive and senior management succession planning and recruitment, and for overseeing the composition of the board including skillset, experience and diversity. We expect the committee to be comprised of a majority of independent directors with an independent Chair.

· We
 will consider voting against the re-election of the Nomination Committee Chair if we have
 concerns regarding the composition of the board or concerns regarding poor succession planning.

**Audit Committee**

This committee has responsibility for monitoring the integrity of the financial statements, reviewing the company's internal financial controls and risk management systems, reviewing the effectiveness of the company's internal audit function and appointing auditors. While we prefer the committee to be wholly independent, at minimum we expect the committee to be comprised of a majority of independent directors with an independent Chair and at least one member having recent and relevant financial experience.

· We
 will generally vote against the re-election of the Audit Committee Chair if at least one
 member of the Committee does not have recent and relevant financial experience.

**Remuneration Committee**

This committee is responsible for determining the policy and setting remuneration for executive and non-executive directors. The committee should ensure that remuneration is aligned with strategy and company performance and should clearly demonstrate regard for the company's employees, for wider society and be cognisant of the company's licence to operate when considering policy and the overall level of remuneration. We expect remuneration committees to be robust in their approach to developing and implementing remuneration policies, with formal and transparent procedures for developing policies and for determining remuneration packages. Remuneration committees should be comprised of a majority of independent directors with an independent Chair and we expect members to have appropriate experience and knowledge of the business. No executive should be involved in setting their own remuneration.

· Where
 we have significant concerns regarding the company ' s
 remuneration policy or reward outcomes we may escalate these concerns through a vote against
 the Chair or members of the Remuneration Committee.

**Director Accountability**

We expect to be able to hold boards to account through engagement and regular director re-elections and directors should feel that they are accountable to investors. We encourage individual, rather than bundled, director elections. While our preference is for directors to be subject to re-election annually, we expect re-elections to take place at least every three years. Lengthier board mandates, while not uncommon in some markets, risk divorcing directors from an appropriate sense of accountability. Directors and management should make themselves available for discussions with major shareholders as we expect to have open dialogue to share our perspectives and gain confidence that the individuals are carrying out their roles with appropriate vigour and diligence. A further important element of director accountability to shareholders is that investors should have the right, both formal and informal, to propose and promote individual directors to be considered for election to the board by all shareholders.

· We
 will generally oppose the re-election of non- independent NEDs who are proposed for a term
 exceeding three years. We may not apply this to directors who are shareholder representatives.

· Where
 we have significant concerns regarding a board member ' s
 performance, actions or inaction to address issues raised we may vote against their re-election.

· We
 may vote against directors who decline appropriate requests for meeting without a clear justification.

· Where
 a director has held a position of responsibility at a company which has suffered a material
 governance failure, we will consider whether we are comfortable to support their re-election
 at other listed companies.

· We
 will generally support resolutions to discharge the supervisory board or management board
 members unless we have serious concerns regarding actions taken during the year under review.
 Where there is insufficient information regarding allegations of misconduct, we may prefer
 to abstain. In exceptional circumstances we may vote against the discharge resolution to
 reflect serious ESG concerns if there is not another appropriate resolution.

· We
 will not support the election of directors who are not personally identified but are proposed
 as corporations.

**Reporting**

· We
 may consider voting against a company ' s
 Annual Report &
 Accounts if we have concerns regarding timely provision or disclosure.

**Political Donations** **& Lobbying**

Companies should be consistent in their public statements and not undermine these in private commentary to market participants or to politicians and regulators. We welcome transparency from companies about their lobbying activities and believe that good companies have nothing to hide in this respect. Similarly we encourage transparency of any political donations that companies deem appropriate – and we expect a clear explanation of why such donations are an appropriate use of corporate funds.

**Risk** **& Audit**

The board is responsible for determining the company's risk appetite, establishing procedures to manage risk and for monitoring the company's internal controls. We expect boards to conduct robust assessments of the company's material risks and report to shareholders on risks, controls and effectiveness. The introduction of global accounting standards has led to much greater investor confidence in the accounts produced by companies around the world. It has also assisted in creating consistency of reporting across companies, enabling fairer comparisons between different operating businesses. We therefore encourage companies seeking international investment to report under International Financial Reporting Standards (IFRS) or US GAAP. As a firm abrdn supports the continued development of high quality global accounting standards.

An independent audit, delivered by a respected audit firm, is a required element for investor confidence in reporting by companies. We strongly favour meaningful, transparent and informative auditor reports, giving us additional insights into the audit process and accounting outcomes. Audit fees must be sufficient to pay for an appropriately in-depth assurance process. We would be concerned if a company sought to make savings in this respect as the cost in terms of damage to audit effectiveness and confidence in the company's accounts would be much more substantial.

The independence of the auditor and the standard of their work, particularly in challenging management, should be subject to regular assessment that is appropriately disclosed. Even when individuals carrying out the audit are refreshed, we believe that the independence of the audit firm erodes over time and we will encourage a tender process and change of audit firm where an engagement has lasted for an extended period. In order to demonstrate the level of independence, companies should not have the same audit firm in place for more than 20 years.

The relationship with the auditor should be mediated through the audit committee. Where we are significant shareholders, we expect to be consulted on plans to tender and replace auditors.

· We
 will generally vote against the re-election of an auditor which has a tenure of 20 years
 or over, if there are no plans for rotation in the near term.

· We
 will consider voting against the auditors if we have concerns regarding the accounts presented
 or the audit procedures used.

· We
 will vote against the approval of auditor fees if we have concerns regarding the level of
 fees or the balance of non-audit and audit fees.

**Remuneration**

Remuneration policies and the overall levels of pay should be aligned with strategy, attracting and retaining talent and incentivising the decisions and behaviours needed to create long-term value. The component parts of remuneration should be structured so as to link rewards to corporate and individual performance and they should be considered in the context of the remuneration policies when taken as a whole. We recognise the benefits of simplicity in forming the policy, which should clearly link outcomes and expectations for those receiving the remuneration, as well as external stakeholders. The structure should be transparent and understandable.

A company's annual report should contain an informative statement of remuneration policy which communicates clearly to stakeholders how it has developed and evolved. This should include details of any stress testing that may have been undertaken to understand the policy outcomes for different business scenarios. The remuneration committee should provide a clear description of the application of policy and the outcomes achieved.

Base salary should be set at a level appropriate for the role and responsibility of the executive. We discourage increases which are driven by peer benchmarking, and expect increases to be aligned with the wider workforce. Consideration should also be given to the knock on impact to variable remuneration potential. Pension arrangements and benefits should be clearly disclosed. We generally expect pension structures to be aligned with the wider workforce.

A company should structure variable, performance- related pay to incentivise and reward management in a manner that is aligned with the company's sustainable performance and risk appetite over the long term. We expect all variable pay to be capped, preferably as a proportion of base salary. In the UK we expect variable pay to be capped as a proportion of salary. In other markets, if variable pay is capped at a number of shares, we expect the value of grants to be kept under review annually to ensure the value remains appropriate and is not excessive.

Performance metrics used to determine variable pay should be clearly disclosed and aligned with the company's strategy. A significant portion of performance metrics should seek to measure significant improvements in the underlying financial performance of the company. We also encourage the inclusion of non-financial metrics linked to targets which are aligned with the company's progress on its ESG strategy. Where possible we expect these targets to be quantifiable and disclosed.

Variable pay arrangements should incentivise participants to achieve above-average performance through the use of challenging targets. We encourage sliding-scale performance measures and expect performance target ranges to be disclosed to enable shareholders to assess the level of challenge and pay for performance alignment. We expect annual bonus targets to be disclosed retrospectively and encourage the disclosure of long term incentive (LTI) targets at the beginning of the performance period, but at minimum we expect retrospective disclosure. Where bonus or LTI targets are not disclosed due to commercial sensitivity we expect an explanation of why the targets continue to be considered sensitive retrospectively and expect some detail regarding the level of achievement vs target. Where a share price metric is being used, we expect this to be underpinned by a challenging measure of underlying performance.

We encourage settlement of a portion of the annual bonus in shares which are deferred for at least one year.

We expect settlement of long term incentives to be in shares, with rationale provided for any awards settled in cash. Long term incentives should have a performance period of no less than three years. In the UK we expect a further holding period of two years to be applied, and we encourage this in other markets.

We do not generally support restricted share schemes or value creation plans. We will consider supporting the use of restricted share plans which have been structured consistent with the guidelines of the Investment Association.

We expect appropriate malus and clawback provisions to be applied to variable remuneration plans.

We expect shareholding guidelines to be adopted for executive directors and encourage the adoption of post-departure shareholding guidelines.

We expect details of any use of discretion to be disclosed and its use should be justifiable, appropriate and clearly explained. We would expect policies to be sufficiently robust so that discretion is only necessary in exceptional circumstances. We do not generally support exceptional awards, and are particularly sensitive to such awards being granted to reward a corporate transaction.

We expect executive service contracts to provide for a maximum notice period of 12 months. We will consider local best practice provisions related to severance arrangements when voting.

Non-executive fees should reflect the role's level of responsibility and time commitment. We do not support NED's participation in option or performance-related arrangements. However we do support the payment of fees in shares, particularly where conservation of cash is an issue.

In the UK our expectations of companies are aligned with the Investment Association's Principles of Remuneration.

Where significant changes to remuneration arrangements are being considered, we would expect remuneration committees to consult with their largest shareholders prior to finalising any changes. Where any increase to variable remuneration is proposed, we would expect this to be accompanied by a demonstrable increase in the stretch of the targets. Furthermore we expect any increases to remuneration to be subject to shareholder approval.

In response to the issues arising from the cost of living crisis being experienced by many people in the UK, we expect companies to focus any additional help towards those members of the workforce who need it most. We expect Remuneration Committees to take into account factors arising from the cost of living crisis when deliberating over executive pay outcomes. We would be concerned by reputational issues arising from decisions made in these unusual circumstances and may make this a factor in our voting decisions at relevant AGMs.

In line with the expectations set out above we will generally vote against the appropriate resolution(s) where:

· We
 consider the overall reward potential or outcome to be excessive.

· A
 significant increase to salary has been granted which is not aligned with the workforce or
 is not sufficiently justified.

· A
 significant increase to performance-related pay has been granted which is not sufficiently
 justified, is not accompanied by an increase in the level of stretch required for achievement
 or results in the potential for excessive reward.

· There
 is no appropriate cap on variable incentive schemes.

· Performance
 targets for annual bonus awards are not disclosed retrospectively and the absence of disclosure
 is not explained.

· Performance
 targets for long term incentive awards are not disclosed up front and there is no compelling
 explanation regarding the absence of disclosure or a commitment to disclose retrospectively.

· Performance
 targets are not considered sufficiently challenging, either at threshold, target or maximum.

· Relative
 performance targets allow vesting of awards for below median performance.

· Retesting
 provisions apply.

· Incentives
 that have been conditionally awarded have been repriced or performance conditions changed
 part way through a performance period.

· We
 have concerns regarding the use of discretion or the grant of exceptional awards.

· Pension
 arrangements are excessive.

· Pension
 arrangements are not aligned with the wider workforce (UK).

**Investor Rights**

The interests of minority shareholders must be protected and any major, or majority, investor should not enjoy preferential treatment. The structure of ownership or control should minimise the potential for abuse of public shareholders.

**Corporate Transactions**

Companies should not make significant changes to their structure or nature without being fully transparent to their investors. Shareholders should have the opportunity to vote on significant corporate activity, such as mergers and acquisitions. Where a transaction is with a related party, only independent shareholders should have a vote. Even in markets where no vote is given to shareholders in these circumstances, investors need transparent disclosure of the reasons for any such major change. Companies should expect that shareholders may want to discuss and debate proposed developments

Diversification beyond the core skills of the business needs to be justified as it is more often than not a distraction from operational performance. All major deals need to be clearly explained and justified in the context of the pre- existing strategy and be subject to shareholder approval.

We will vote on corporate transactions on a case by case basis.

**Dividends**

We will generally support the payment of dividends but will scrutinise the proposed level where it appears excessive given the company's financial position.

**Share Capital**

The board carries responsibility for prudent capital management and allocation.

**Share Issuance**

We will consider capital raises which are proposed for a specific purpose on a case by case basis but recognise that it can be beneficial for companies to have some general flexibility to issue shares to raise capital. However we expect issuances to be limited to the needs of the business and companies should not issue significant portions of shares unless offering these on a pro-rata basis to existing shareholders to protect against inappropriate dilution of investments.

· Where
 a company seeks a general authority to issue shares we generally expect this to be limited
 to 25% of the company ' s
 share capital for pre- emptive issuances. In the UK we are aligned with the guidance of the
 Investment Association Share Capital Management Guidelines.

· Where
 a company seeks a general authority to issue shares we generally expect this to be limited
 to 10% of the company ' s
 share capital for non-pre-emptive issuances. In the UK we are aligned with the guidance of
 the Investment Association Share Capital Management Guidelines and those of the Pre-Emption
 Group.

· We
 will not generally support share issuances at investment trusts unless there is a commitment
 that shares would only be issued at a price at or above net asset value.

When considering our votes we will, however, take account of the company's circumstances and any further detail regarding proposed capital issuance authorities prior to voting.

Following changes to the UK's Pre-Emption Group Guidelines in November 2022, which reflect an increase on previous limits, we will hold the Chair of the company accountable for any perceived misuse of the increased flexibility through a vote against their re-election.

**Buyback**

We recognise that share buybacks can be a flexible means of returning cash to shareholders.

· We
 will generally support buyback authorities of up to 10% of the issued share capital.

**Related Party Transactions**

The nature of relations – particularly any related party transactions (RPTs) – with parent or related companies, or other major investors, must be disclosed fully. Related party transactions must be agreed on arm's length terms and be made fully transparent. Where they are material, they should be subject to the approval of independent shareholders.

· We
 will vote against RPTs where there is insufficient transparency of the nature of the transaction,
 the rationale, the terms or the views and assessment of directors and advisors.

**Article/Bylaw amendments**

While it is standard to see proposals from companies to amend their articles of association or bylaws, we will review these on a case by case basis. When doing so we expect full transparency of the proposed changes to be disclosed.

· We
 will vote against amendments which will reduce shareholder rights.

**Anti-Takeover Defences**

There should be no artificial structures put in place to entrench management and protect companies from takeover. The best defence from hostile takeover is strong operational delivery.

· We
 will generally vote against anti-takeover/ ' poison
 pill ' proposals.

<u>Voting Rights</u>

We are strong supporters of the principle of 'one share, one vote' and therefore favour equal voting rights for all shareholders.

· We
 will generally vote against proposals which seek to introduce or continue capital structures
 with multiple voting rights.

· We
 will consider voting against proposals to raise new capital at companies with multiple share
 classes and voting rights.

**General Meetings**

Shareholder meetings provide an important opportunity to hold boards to account not only through voting on the proposed resolutions but also by enabling investors the opportunity to raise questions, express views and emphasise concerns to the entire board. We may make a statement at a company's AGM as a means of escalation to reinforce our views to a company's board.

We welcome the opportunity to attend meetings virtually, being of the view that this can increase participation given obstacles such as location or meeting concentration. However we are not supportive of companies adopting virtual-only meetings as we believe this format reduces accountability. Our preference is for a hybrid meeting format to balance the flexibility of remote attendance with the accountability of an in-person meeting.

· We
 will generally support resolutions seeking approval to shorten the EGM notice period to minimum
 14 days, unless we have concerns regarding previous inappropriate use of this flexibility.

· We
 will generally support proposals to enable virtual meetings to take place as long as there
 is confirmation that the format will be hybrid, with physical meetings continuing to take
 place (unless prohibited by law). We expect virtual attendees to have the same rights to
 speak and raise questions as those attending in-person.

**As part of strategic planning, boards need to have oversight of, and clearly articulate, the key opportunities and risks affecting the sustainability of the business model. This includes having a process for, and transparent disclosure of, potential and emerging opportunities and risks and the actions being taken to address them.**

The effective management of risks extends to long-term issues that are hard to measure and whose timeframe is uncertain and will include the management of environmental and social issues. We use the UN Global Compact's four areas of focus in assessing how companies are performing in this area.

Specifically we expect companies to be able to demonstrate how they manage their exposures under the following headings.

**The Environment**

It is generally accepted that companies are responsible for the effects of their operations and products on the environment. The steps they take to assess and reduce those impacts can lead to cost savings and reduce potential reputational damage. Companies are responsible for their impact on the climate and they face increased regulation from world governments on activities that contribute to climate change.

We expect that companies will

· Identify,
 manage and reduce their environmental impacts.

· Understand
 the impact of climate change along the company value chain.

· Develop
 group-level climate policies and, where relevant, set targets to manage the impact, report
 on policies, practices and actions taken to reduce carbon and other environmental risks within
 their operations.

· Comply
 with all environmental laws and regulations, or recognised international best practice as
 a minimum.

Where we have serious concerns regarding a board's actions, or inaction, in relation to the environment we will consider taking voting action on an appropriate resolution.

We will use the indicators within the Carbon Disclosure Project to identify companies which are not fulfilling their climate commitments. Where appropriate we will take voting action to encourage better practice among companies which we deem to be laggards.

**Labour and employment**

Companies that respect internationally recognised labour rights and provide safe and healthy working environments for employees are likely to reap the benefits. This approach is likely to foster a more committed and productive workforce, and help reduce damage to reputation and a company's license to operate. We expect companies to comply with all employment laws and regulations and adopt practices in line with the International Labour Organization's core labour standards. a minimum.

In particular, companies will:

· Take
 affirmative steps to ensure that they uphold decent labour standards.

· Adopt
 strong health and safety policies and programmes to implement such policies.

· Adopt
 equal employment opportunity and diversity policies and a programme for ensuring compliance
 with such policies.

· Adopt
 policies and programmes for investing in employee training and development.

· Adopt
 initiatives to attract and retain talented employees, foster higher productivity and quality,
 and encourage in their workforce a commitment to achieving the company ' s
 purpose.

· Ensure
 policies are in place for a company ' s
 suppliers that promote decent labour standards, and programmes are in place to ensure high
 standards of labour along supply chains.

· Report
 regularly on its policy and implementation of managing human capital.

Where we have serious concerns regarding a board's actions, or inaction, in relation to labour and employment we will consider taking voting action on an appropriate resolution.

**Human rights**

We recognise the impact that human-rights issues can have on our investments and the role we can play in stimulating progress. We draw upon a number of international, legal and voluntary agreements for guidance on human-rights responsibilities and compliance. Our primary sources are the International Bill of Rights and the core conventions of the International Labour Organisation (ILO), which form the list of internationally agreed human rights, and the UN Guiding Principles on Business and Human Rights (UNGPs), which clarifies the roles of states and businesses. We encourage companies to use the UNGPs Reporting Framework and encourage disclosure in line with this guidance.

We expect companies to:

· Continually
 work to understand their actual and potential impacts on human rights.

· Establish
 systems that actively ensure respect for human rights.

· Take
 appropriate action to remedy any infringements on human rights.

Where we have serious concerns regarding a board's actions, or inaction, in relation to human rights we will consider taking voting action on an appropriate resolution.

**Business ethics**

As institutions of wealth and influence, companies have a significant impact on the prosperity of their local communities and the wider world. Having a robust code of ethics and ensuring professional conduct mean companies operate more effectively, particularly when it comes to ethical principles governing decision- making. A company's failure to conform to internationally recognised standards of business ethics on matters such as bribery and corruption, can increase its risk of facing investigation, litigation and fines. This could undermine its license to operate, and affect its reputation and image.

We expect companies to have policies in place to support the following:

· Ethics
 at the heart of the organisation ' s
 governance.

· A
 zero-tolerance policy on bribery and corruption.. How people are rewarded, as pay can influence
 behaviour.

· Respect
 for human rights.

· Tax
 transparency.

· Ethical
 training for employees.

Where we have serious concerns regarding a board's actions, or inaction, related to business ethics we will consider taking voting action on an appropriate resolution.

**We will review any resolution at company meetings which ISS has identified as covering environmental and social factors.**

**The following will detail our overarching approach and expectations.**

Our approach to vote analysis is consistent across active and quantitative investment strategies

**Review** the resolution, proponent and board statements, existing disclosures, and external research.

**Engage** with the company, proponents, and other stakeholders as required.

**Involve** thematic experts, regional specialists, and investment analysts in decision-making to harness a wide range of expertise and include all material factors in our analysis.

**Ensure** consistency by using our own in-house guidance to frame case-by-case analysis.

**Monitor** the outcomes of votes.

**Follow-up** with on-going engagement as required.

Given the nature of the topics covered by these resolutions we do not apply binary voting policies. We adopt a nuanced approach to our voting research and outcomes and will consider the specific circumstances of the company concerned. Our objective is not to vote in favour of all shareholder resolutions but to determine the best outcome for the company in the context of the best outcome for our clients. There are instances where we are supportive of the spirit of a resolution however there may be a reason which prevents our support for the proposal. For example, where the purpose of the resolution is unclear, where the wording is overly prescriptive, when suggested implementation is overly burdensome or where the proposal strays too closely to the board's responsibility for setting the company's strategy.

**Management Proposals**

We are supportive of the steps being taken by companies to provide transparent, detailed reporting of their ESG strategies and targets. While shareholder proposals on environmental and social topics have been common on AGM agenda for several years, an increasing number of companies are presenting management proposals, such as so called 'say on climate' votes, for shareholder approval. While we welcome the intention of accountability behind these votes, we have reservations about the potential for them to limit the scope for subsequent investor challenge and diminish the direct responsibility and accountability of the board and individual directors. We believe it is the role of the board and the executive to develop and apply strategy, including ESG strategies, and we will continue to use existing voting items to hold boards to account on the implementation of these strategies. As active investors we also regularly engage with investee companies on ESG topics and find this dialogue to be the best opportunity to provide feedback.

We will review the appropriateness of 'say on climate' votes and consider if other voting mechanisms should be applied to ensure both Boards and Executives apply the appropriate rigour to initiate and deliver strategies to support the climate transition.

**Shareholder Proposals**

The number of resolutions focused on environmental and social (E&S) issues filed by shareholders continues to grow rapidly. The following provides an overview of some of the factors we consider when assessing the most prevalent themes for shareholder proposals.

**Climate Change**

We are members of the Net Zero Asset Manager Initiatives and this is reflected in our Active Ownership approach. We encourage the companies in which we invest to demonstrate a robust methodology underpinning Paris aligned goals and targets and are supportive of resolutions that will help companies to achieve this. Once a credible climate strategy is in place, we prioritise evidence of implementation over requests to re-draft strategies and targets after only a year or two.

A growing number of resolutions call on companies to increase the transparency of their reporting on climate- related lobbying. These proposals typically encompass direct lobbying undertaken by the company and indirect lobbying undertaken by trade associations and other organisations of which it is a member or supporter. Lobbying contrary to the objectives of the Paris Agreement is effective in creating climate policy inertia and impeding the transition to net zero economies.

We do not evaluate resolutions in isolation. Our approach recognises the links between corporate governance, strategy and climate approach. Where a company's operational response to climate change is inadequate, the effectiveness of board oversight and corporate governance may also be called into question.

We expect and encourage companies to:

· Demonstrate
 that a robust methodology underpins Paris aligned, net zero goals and targets.

· Set
 targets for absolute emission reduction, not just carbon intensity, to show a clear pathway
 to net zero.

· Report
 in alignment with the TCFD framework.

· Link
 targets to remuneration and ensure they are reflected in capital expenditure and R&D
 plans.

· Carefully
 manage climate-related lobbying by ensuring appropriate oversight, transparent disclosure
 of activities, and alignment of activities with the company ' s
 strategy and publicly stated positions.

**Diversity** **& Inclusion**

Diversity & Inclusion (D&I) is an important and growing theme for shareholder resolutions. In recent years resolutions have focussed on racial equity audits, pay gap reporting, transparent disclosure of D&I metrics and assessments of the efficacy of D&I programmes.

A racial equity audit is an independent analysis of a company's business practices designed to identify practices that may have a discriminatory effect. We are supportive of racial equity audits in relation to internal and external D&I programmes. It is appropriate that these programmes should have KPIs and audit mechanisms in place to measure and evaluate outcomes. Some proposals request racial equity audits of provision of services. We are aware that measuring provision of service is challenging and gathering racial data on customers can be difficult and inappropriate. There are also multiple different factors that can influence service provision and which could be misconstrued as being racially motivated. We will however, support resolutions which are not unduly prescriptive and allow companies to carry out audits within a reasonable timeframe, at a reasonable cost, and excluding confidential or proprietary information.

We consider standardised gender pay gap disclosure to be an important tool for assessing how companies are addressing gender inequality. Reporting on gender pay gaps across global operations can help companies to remain ahead of the regulatory curve. It also enables them to offer better opportunities and remuneration for women around the world. We are therefore supportive of resolutions which are likely to deliver these benefits. Proposals must be carefully drafted to achieve these outcomes. For instance, in the past we have been unable to support resolutions which called for global median gender and racial pay gap reporting as it was unclear how this would reveal potential pay disparities at a local level and how it could be implemented by companies with operations in jurisdictions where collection of racial identity data is illegal.

In the US market we support public disclosure of EEO-1 forms by companies. The EEO-1 form details a comprehensive breakdown of workforce by race and gender according to ten employment categories. The form is submitted privately to the US Equal Employment Opportunity Commission on an annual basis. When publicly disclosed, it offers investors and other stakeholders data in a standardised and comparable form. We have used our engagement programme to ask the companies in which we invest to disclose this form for their US operations while making it central to our D&I voting approach and supporting resolutions that request it.

**Human rights**

As a supporter of the UN Guiding Principles on Business and Human Rights (UNGPs), we expect companies to demonstrate how human rights due diligence is conducted across operations, services, product use and the supply chain. Companies can have a significant impact on human rights directly through operations and provision of services, and indirectly through product use and the supply chain. In recent years the sale and end-use of controversial technologies, such as facial recognition software, has emerged as a prominent theme.

We expect and encourage companies to:

· Have
 robust due diligence processes to assess the actual and potential human rights impacts of
 their operations, services, product use and supply chain.

· Conduct
 customer and supplier vetting processes commensurate with the risk of human rights abuse.

· Publicly
 disclose information about the operation of these processes and utilise the UNGPs ' Reporting Framework. This will improve
 the standard and consistency of human rights reporting and enable more informed investment
 decision making.

**Corporate Lobbying** **& Political Contributions**

Corporate lobbying and political contributions are a recurrent theme of shareholder resolutions, particularly in the US. These proposals typically encompass direct lobbying undertaken by the company and indirect lobbying undertaken by trade associations and other organisations of which it is a member or supporter. Proposals may also request the disclosure of more information regarding the process and rationale for political contributions. We expect companies to make transparent, consolidated disclosures of direct and indirect lobbying and political expenditure. This disclosure should be underpinned by a coherent policy that: explains public policy priorities and the rationale for associated expenditure, identifies the management positions responsible for public policy engagement, and provides appropriate mechanisms for board oversight. These measures should mitigate the risks associated with corporate lobbying and political contributions, protecting the interest of shareholders and other stakeholders.

**Nuclear Energy**

In the Japanese market nuclear energy is a recurrent theme of shareholder resolutions. The Japanese government is seeking to reduce the nation's reliance on coal and its energy strategy presents safe nuclear power generation as an important source of base-load power. In this context, resolutions which seek to limit or cease the nuclear operations of an individual company do not appear to be in the best interests of shareholders and other stakeholders. The health & safety risks associated with nuclear energy are high, must be managed carefully across the industry, and are an important consideration in our voting.

**Important Information**

This document is strictly for information purposes only and should not be considered as an offer, investment recommendation, or solicitation, to deal in any of the investments or funds mentioned herein and does not constitute investment research. abrdn does not warrant the accuracy, adequacy or completeness of the information and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials.

Any research or analysis used in the preparation of this document has been procured by abrdn for its own use and may have been acted on for its own purpose. The results thus obtained are made available only coincidentally and the information is not guaranteed as to its accuracy. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and make such independent investigations, as they may consider necessary or appropriate for the purpose of such assessment. This material serves to provide general information and is not meant to be investment, legal or tax advice for any particular investor. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this document. abrdn reserves the right to make changes and corrections to any information in this document at any time, without notice. This material is not to be reproduced in whole or in part without the prior written consent of abrdn.

Applying ESG and sustainability criteria in the investment process may result in the exclusion of securities within the universe of potential investments. The interpretation of ESG and sustainability criteria is subjective meaning that products may invest in companies which similar products do not (and thus perform differently) and which do not align with the personal views of any individual investor. Furthermore, the lack of common or harmonized definitions and labels regarding ESG and sustainability criteria may result in different approaches by managers when integrating ESG and sustainability criteria into investment decisions. This means that it may be difficult to compare strategies within ostensibly similar objectives and that these strategies will employ different security selection and exclusion criteria. Consequently, the performance profile of otherwise similar vehicles may deviate more substantially than might otherwise be expected. Additionally, in the absence of common or harmonized definitions and labels, a degree of subjectivity is required and this will mean that a product may invest in a security that another manager or an investor would not.

abrdn plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh EH2 2LL.

## Ex-99.(D)

**Exhibit 99.(d)**

**Appendix A - Proxy Voting Policies and Procedures**

**Aberdeen Investments U.S. Registered Advisers (the "Advisers")**

**Proxy Voting Guidelines**<br> *Effective as of March 2025*

Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") requires the Advisers to vote proxies in a manner consistent with clients' best interest and must not place its interests above those of its clients when doing so. It requires the Advisers to: (i) adopt and implement written policies and procedures that are reasonably designed to ensure that the Advisers vote proxies in the best interest of the clients, and (ii) to disclose to the clients how they may obtain information on how the Advisers voted proxies. In addition, Rule 204-2 requires the Advisers to keep records of proxy voting and client requests for information. As of August 31, of each year, investment managers that are required to file reports under Section 13(f) are required to report their proxy voting records on Form N-PX for the twelve-month period ended June 30, with respect to certain shareholder advisory votes on executive compensation (those required by Section 14A of the Exchange Act). As registered investment advisers, the Advisers have an obligation to vote proxies with respect to securities held in its client portfolios in the best interests of the clients for which it has proxy voting authority.

The Advisers are committed to exercising responsible ownership with a conviction that companies adopting best practices in corporate governance will be more successful in their core activities and deliver enhanced returns to shareholders.

The Advisers have adopted a proxy voting policy. The proxy voting policy is designed and implemented in a way that is reasonably expected to ensure that proxies are voted in the best interests of clients.

Resolutions are analysed by a member of our regional investment teams or our Active Ownership Team and votes instructed following consideration of our policies, our views of the company and our investment insights. To enhance our analysis, we will often engage with a company prior to voting to understand additional context and explanations, particularly where there is a deviation from what we believe to be best practice.

Where contentious issues arise in relation to motions put before a shareholders' meeting, Advisers will usually contact the management of the company to exchange views and give management the opportunity to articulate its position. The long-term nature of the relationships that we develop with investee company boards should enable us to deal with any concerns that we may have over strategy, the management of risk or governance practices directly with the chairman or senior independent director. In circumstances where this approach is unsuccessful, Advisers are prepared to escalate their intervention by expressing their concerns through the company's advisers, through interaction with other shareholders or attending and speaking at General Meetings.

In managing third party money on behalf of clients, there are a limited number of situations where potential conflicts of interest could arise in the context of proxy voting. One case is where funds are invested in companies that are either clients or related parties of clients. Another case is where one fund managed by Aberdeen Investments invests in other funds managed by Aberdeen Investments.

For cases involving potential conflicts of interest, Advisers have implemented procedures to ensure the appropriate handling of proxy voting decisions. The guiding principle of the Advisers' conflicts of interest policy is simple – to exercise our right to vote in the best interests of the clients on whose behalf we are managing funds.

We employ ISS as a service provider to facilitate electronic voting. We require ISS to provide recommendations based on our own set of parameters to tailored Aberdeen's assessment and approach but remain conscious that all voting decisions, where we have been given voting authority, are our own on behalf of our clients. We consider ISS's recommendations and those based on our custom parameters as input to our voting decisions. We make use of the ISS standard research and recommendations and those based on our own custom policy as input to our voting decisions. Where our analysts make a voting decision that is different from the recommendations based on our custom policy they will provide a rationale for such decisions which will be made available upon request.

In order to make proxy voting decisions, an Aberdeen Investments analyst will assess the resolutions at general meetings of companies held in our active investment portfolios. This analysis will be based on our knowledge of the company, but will also make use of the custom and standard recommendations provided by ISS as described above. The product of this analysis will be a final voting decision instructed through ISS and applied to all funds for which Aberdeen have been appointed to vote. For funds managed by a sub-adviser, we may delegate to the sub-adviser the authority to vote proxies; however, the sub-adviser will be required to either follow our policies and procedures or to demonstrate that their policies and procedures are consistent with ours, or otherwise implemented in the best interest of clients.

There may be certain circumstances where Aberdeen may take a more limited role in voting proxies. We will not vote proxies for client accounts in which the client contract specifies that Aberdeen will not vote. We may abstain from voting a client proxy if the voting is uneconomic or otherwise not in clients' best interests. For companies held only in passively managed portfolios the Aberdeen custom recommendations provided by ISS will be used to automatically apply our voting approach; we have scope to intervene to test that this delivers appropriate results and will on occasions opt to instruct a vote differently from custom recommendations if we consider this to be in clients' best interests. If voting securities are part of a securities lending program, we may be unable to vote while the securities are on loan. However, we have the ability to recall shares on loan or to restrict lending when required, in order to ensure all shares have voted. In addition, certain jurisdictions may impose share-blocking restrictions at various times which may prevent Aberdeen from exercising our voting authority.

We recognize that there may be situations in which we vote at a company meeting where we encounter a conflict of interest. Such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;· where a portfolio manager owns the holding in a personal account

&nbsp;&nbsp;&nbsp;&nbsp;· An investee company that is also a segregated client

&nbsp;&nbsp;&nbsp;&nbsp;· An investee company where an executive director or officer of our company is also a director of that company

&nbsp;&nbsp;&nbsp;&nbsp;· An investee company where an employee of Aberdeen is a director of that company

&nbsp;&nbsp;&nbsp;&nbsp;· A significant distributor of our products

&nbsp;&nbsp;&nbsp;&nbsp;· Any other companies which may be relevant from time to time

In order to manage such conflicts of interests, we have established procedures to escalate decision-making so as to ensure that our voting decisions are based on our clients' best interests and are not impacted by any conflict.

The implementation of this policy, along with conflicts of interest, will be reviewed periodically by the Active Ownership team. Aberdeen Investments' Listed Company Sustainable Investment Principles and Voting Policies are published on our website.

To the extent that an Adviser may rely on sub-advisers, whether affiliated or unaffiliated, to manage any client portfolio on a discretionary basis, the Adviser may delegate responsibility for voting proxies to the sub-adviser. However, such sub-advisers will be required either to follow these Policies and Procedures or to demonstrate that their proxy voting policies and procedures are consistent with these Policies and Procedures or otherwise implemented in the best interests of the Adviser's clients. Clients that have not granted Aberdeen voting authority over securities held in their accounts will receive their proxies in accordance with the arrangements they have made with their service providers.

As disclosed in Part 2A of each Adviser's Form ADV, a client may obtain information on how its proxies were voted by requesting such information from its Adviser. Unless specifically requested by a client in writing, and other than as required for the Funds, the Advisers do not generally disclose client-specific proxy votes to third parties.

Our proxy voting records are available per request and on the SEC's website at SEC.gov.

On occasions when it is deemed to be a fiduciary for an ERISA client's assets, Aberdeen will vote the Plan assets in accordance with Aberdeen Investments' Listed Company Sustainable Investment Principles and Voting Policies and in line with DOL guidance.

**Listed Company ESG Principles & Voting Policies March 2024**

Active Ownership and Environmental, Social & Governance (ESG) considerations are a driver of our investment process, our investment activity, our client journey and our corporate influence.

Through engagement with the companies in which we invest, and by exercising votes on behalf of our clients, we seek to improve the financial resilience and performance of our clients' investments. Where we believe change is needed, we endeavour to catalyse this through our stewardship capabilities.

**Our expectations**

As global investors, we are particularly aware that ESG structures and frameworks vary across regions. Furthermore, what we expect of the companies in which we invest varies between different stages of business development and the underlying history and nature of the company in question. We seek to understand each company's individual circumstances and so evaluate how it can best be governed and overseen. As such, we strive to apply the principles and policies set out on these pages in response to the needs of that individual company at that particular time. Our heritage as a predominantly active fund manager helps drive this bespoke approach to understanding good governance and risk management.

We have a clear perception of what we consider to be best practice globally – as set out in this document. However we will reflect the nature of the business, our close understanding of individual companies and regional considerations, where appropriate, in our approach to applying these policies, which are not exhaustive.

The principles and voting policies noted herein reflect our current position. We are monitoring and contributing to the many reform agendas and consultations underway in the governance arena, particularly in the UK, on areas such as market competitiveness, listing rules, the approval of corporate transactions and greater flexibility in remuneration practices, including wider use of restricted stock. We are actively involved in these discussions, both as a corporate issuer and an investor, and our position will evolve as rules, guidance and practice develops.

This document has received approval from the Head of Public Markets and the Chief Sustainability Officer - Investments following consultation with various internal stakeholders.

**Our approach to stewardship**

We seek to integrate and appraise environmental, social and governance factors in our investment process. Our aim is to generate the best long-term outcomes for our clients, proportionate to the risk preference they have accepted, and we will actively take steps as stewards and owners to protect and enhance the value of our clients' assets.

Stewardship is a reflection of this bespoke approach to good governance and risk management. We seek to understand each company's specific approach to governance, how value is created through business success and how investors' interests are protected through the management of risks that materially impact business success. This requires us to play our part in the governance process by being active stewards of companies, involved in dialogue with management and non-executive directors where appropriate, understanding the material risks and opportunities – including those relating to environmental and social factors and helping to shape the future success of the business.

We will:

&nbsp;&nbsp;&nbsp;&nbsp;· Take into consideration, in our investment process, the policies and practices on environmental, social and governance matters of
the companies in which we invest.

&nbsp;&nbsp;&nbsp;&nbsp;· Seek to enhance long-term shareholder value through constructive engagement with the companies in which we invest.

&nbsp;&nbsp;&nbsp;&nbsp;· Actively engage with companies and assets in which we invest where we believe we can influence or gain insight.

&nbsp;&nbsp;&nbsp;&nbsp;· Seek to exercise voting rights, where held, in a manner consistent with our clients' long-term best interests.

&nbsp;&nbsp;&nbsp;&nbsp;· Seek to influence the development of appropriately high standards
of corporate governance and corporate responsibility in relation to environmental and social factors for the benefit of our clients.

&nbsp;&nbsp;&nbsp;&nbsp;· Communicate our Listed Company ESG Principles and Voting Policies to clients, companies and other interested parties.

&nbsp;&nbsp;&nbsp;&nbsp;· Be accountable to clients within the constraints of professional confidentiality and legislative and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· Be transparent in reporting our engagement and voting activities.

abrdn is committed to exercising responsible ownership with a conviction that companies seeking to upgrade their practices in corporate governance and risk management will be more successful in their core activities and deliver enhanced long-term returns to shareholders. As owners of companies, the process of stewardship is a natural part of our investment approach as we seek to benefit from their long-term success on our clients' behalf.

**Engagement**

It is a central tenet of our active investment approach that we strive to meet with the management and directors of our investee companies on a regular basis. We will concentrate that engagement on investee companies undergoing transformation or facing exceptional challenges or opportunities. The discussions we have cover a wide range of topics, including: strategic, operational, and ESG issues and consider the long-term drivers of value.

Engagement with companies on ESG risks an opportunities is a fundamental part of our investment process. It is a process through which we can discuss how a company identifies, prioritises and mitigates its key risks and optimises outcomes from its most significant opportunities. As such, we regard engagement as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Important to understanding investee companies holistically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Helpful when conducting comprehensive ESG analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Useful to maintaining open dialogue and constructive relationships with companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An opportunity to generate positive change on a company's holistic risk management programme–be active with our holdings
rather than activist.

**Proxy Voting**

Proxy voting is an integral part of our active stewardship approach and we seek to exercise voting rights in a manner in line with our clients' best interests. We seek to ensure that voting reflects our understanding of the companies in which we invest on behalf of our clients. We believe that voting is a vital mechanism for holding boards and management teams to account, and is an important tool for escalation and shareholder action.

This document includes our process and overarching policy guidelines which we apply when voting at general meetings. These policies are not exhaustive and we evaluate our voting on a case by case basis. As a global investment firm we recognise the practical necessity of adopting a regional approach, taking into account differing and developing market practices. Where a policy is specific to one region this is denoted.

We endeavour to engage with companies regarding our voting decisions to maintain a dialogue on matters of concern.

**Voting Process**

In line with our active ownership approach, we review the majority of general meeting agendas convened by companies which are held in our active equity portfolios. Analysis is undertaken by a member of our regional investment teams or our Active Ownership team and votes instructed following consideration of our policies, our views of the company and our investment insights. To enhance our analysis we may engage with a company prior to voting to understand additional context and explanations, particularly where there is deviation from what we believe to be best practice.

To supplement our own analysis we make use of the benchmark research and recommendations provided by ISS, a provider of proxy voting services. In the UK we also make use of the Investment Association's (IA) Institutional Voting Information Service. We have implemented regional voting policy guidelines with ISS which ISS applies to all meetings in order to produce customised vote recommendations. These custom recommendations help identify resolutions which deviate from our expectations. They are also used to determine votes where a company is held only in passive funds. Within our custom policies, however, we do specify numerous resolutions which should be referred to us for active review. For example we will analyse all proposals marked by ISS as environmental or social proposals.

While it is most common for us to vote in line with a board's voting recommendation we will vote our clients' shares against resolutions which we believe are not consistent with their best interests. We may also vote against resolutions which conflict with local governance guidelines, such as the IA in the UK. Although we seek to vote either in favour or against a resolution we do make use of an abstain vote where this is considered appropriate. For example we may use an abstention to acknowledge some improvement, but as a means to reserve our position in expectation that further improvement is needed before we can vote in favour. Where we vote against a resolution we endeavour to inform companies of our rationale.

In exceptional circumstances we may attend and speak at a shareholder meeting to reinforce our views to the company's board.

We endeavour to vote all shares for which we have voting authority. We may not vote when there are obstacles to do so, for example those impacting liquidity, such as shareblocking, or where there is a significant conflict of interest. We use the voting platform of ISS to instruct our votes. Where we lend stock on behalf of clients, and subject to the terms of client agreements, we hold the right to recall shares where it is in clients' interests to do so and where we take the view that to maintain full voting weight on a particular meeting or resolution may impact the final vote.

Our votes are disclosed publicly on our website one day after a general meeting has taken place.

**Strategy**

We invest in companies that will create the best outcome for our clients in line with their investment mandates. Companies must be clear about the drivers of their business success and their strategy for maintaining and enhancing it. Investment is a forward-looking process; we seek to understand the opportunity for a business and its scope for future value-creation over the long term. In order to do this, we need clarity on past business delivery and its drivers, and on the effective track record of management; we require honest and open reporting to build confidence in that track record. We seek confidence that companies and their management can maintain their competitive positioning and operational performance and subsequently enhance returns for investors. A clear strategy and clarity about the drivers of operational success provides the lens through which we will consider most corporate issues, not least assessing performance and risk management.

&nbsp;&nbsp;&nbsp;&nbsp;· We will consider voting against executive or non-executive directors if we have serious concerns regarding the oversight or implementation
of strategy.

**Board of Directors**

We believe effective board governance promotes the long-term success and value creation of the company. The board should be responsible for establishing the company's purpose and strategy, overseeing management in their implementation of strategy and performance against objectives. The board should ensure a strong framework of control and risk oversight, including material ESG risks. The board should assess and monitor culture and be engaged with the workforce, shareholders and wider society.

**Board Composition**

Effective decision making requires a mix of skills around the table and constructive debate between diverse and different-minded individuals. A range of skills, experience and perspectives should be drawn together on the board. These include industry knowledge, experience from other sectors and relevant geographical knowledge. Independence of thought plays a crucial role in the ability of a board to generate the debate and discussion that will challenge management, help enhance business performance and improve decision-making. Board assessments will help the board ensure it has the necessary mix of skills, diversity and quality of individuals to address the risks and opportunities the company faces. Unitary boards should comprise an appropriate combination of executive and non-executive directors such that no group of individuals dominates decision-making. We expect the size of the board to reflect the size, nature and complexity of the business. We also expect regular internal and external board evaluations which include an assessment of board composition and effectiveness.

**Leadership**

Running businesses effectively for the long term requires effective collaboration and cooperation, with no individual or small group having unfettered powers. Nor should any individual or small group have dominant influence over the way a business is run or over major decisions about its operations or future. There should be a division of responsibility between board leadership and executive leadership of the business. We believe that there should be a division of roles at the top of the organisation, typically between a Chief Executive Officer (CEO) and an independent Chair.

&nbsp;&nbsp;&nbsp;&nbsp;· We will consider supporting the re-election of an existing Chair & CEO role combination, recognising that this remains common
in certain geographies. In reviewing this on a case by case basis we will take account of the particular circumstances of the company
and consider what checks and balances are in place, such as the presence of a strong Senior Independent Director with a clear scope of
responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally oppose any re-combination of the roles of CEO and Chair, unless the move is on a temporary basis due to exceptional
circumstances or other mitigating factors.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally oppose any move of a retiring CEO to the role of Chair.

**Independence**

Companies should be led and overseen by genuinely independent boards. When looking at board composition we generally expect to see a majority of independent directors, with boards identifying their independence classifications in the Annual Report. It is preferable to see an identified Senior Independent Director (SID) on the board, who will lead the appraisal of and succession planning for the Chair. We expect SIDs to meet with investors and be a point of contact for escalating concerns if required.

In assessing a director's independence we will have due regard for whether a director:

&nbsp;&nbsp;&nbsp;&nbsp;i. Has been an employee of the company within the last five years.

&nbsp;&nbsp;&nbsp;&nbsp;ii. Has had within the last three years a material business relationship with the company.

&nbsp;&nbsp;&nbsp;&nbsp;iii. Has received remuneration in addition to director fees or participates in the company's option or variable incentive schemes,
or is a member of the company's pension scheme.

&nbsp;&nbsp;&nbsp;&nbsp;iv. Has close family ties with any of the company's advisers, directors or senior employees.

&nbsp;&nbsp;&nbsp;&nbsp;v. Holds cross-directorships or has significant links with other directors through involvement in other companies or bodies.

&nbsp;&nbsp;&nbsp;&nbsp;vi. Represents a significant shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;vii. Has served on the board for more than 12 years (or 9 for UK companies).

&nbsp;&nbsp;&nbsp;&nbsp;· We will consider voting against the re-election of non-independent directors if the board is not majority independent (excluding employee
representatives). In doing so we will have regard for whether a company is controlled and the nature of the non-independence – for
example, we are unlikely to vote against shareholder representatives unless their representation is disproportionate to their shareholding

**Succession Planning & Refreshment**

Regular refreshment of the non-executive portion of a board helps draw in fresh perspectives, not least in the context of changes to business and emerging opportunities and risks. It also helps limit the danger of group-think. Thoughtful and proactive succession planning is therefore needed for board continuity, to ensure that a board is populated by individuals with an appropriate mix of skills, experience and perspective. We expect the board to implement a formal process for the recruitment and appointment of new directors, and to provide transparency of this in the Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;· We will vote against non-executive directors where there are concerns regarding board refreshment or excessive tenure. Where there
are directors who have served for over 12 years on a board which has seen no refreshment in 3 years (2 in UK), we will generally vote
against their re-election. If a director has served for over 15 years we will generally vote against their re-election. We will, however,
consider the impact on board continuity and the company's succession planning efforts prior to doing so. We may also not apply the
tenure limit to directors who are founders or shareholder representatives where we believe this is appropriate.

**Diversity**

We believe that companies that make progress in diversity, equity and inclusion (DEI) are better positioned for long-term sustainability and outperformance. Diversity of thought, paired with a culture of inclusion, can help companies to tackle increasingly complex challenges and markets. We expect boards to report on how they promote DEI throughout the business and believe that setting targets is important to addressing imbalances. We recognise the necessity of adopting a regional approach to diversity, equity and inclusion, allowing us to press for progress with appropriate consideration for the starting point. We have for several years, actively encouraged progress in gender diversity at all levels, and have expanded our scope in relation to diversity, equity and inclusion across geographies. In respect of ethnic diversity, this is coming increasingly into focus as we encourage boards to progress in ensuring that their composition reflects their employee and customer bases. Our regional specific policies are below. In determining our votes we will take account of mitigating factors, such as the sudden departure of a female board member. We will also consider any clear progress being made by the company on diversity and any assurance that diversity shortfalls will soon be addressed.

**Gender Diversity.**

&nbsp;&nbsp;&nbsp;&nbsp;· UK: We will generally vote against the Nomination Committee Chair of FTSE 350 companies if the board is not comprised of at least
one third female directors. We expect companies to seek to comply with the FCA's diversity targets and may vote against the Chair
of the Nomination Committee if we have concerns regarding the Committee's efforts in succession planning to achieve the gender diversity
target of 40% female members. For smaller companies, we will take action if the board does not include at least one female director.

&nbsp;&nbsp;&nbsp;&nbsp;· Europe: We will generally vote against the Nomination Committee Chair of LargeCap companies if the supervisory board is not comprised
of at least 30% female directors, or is not in line with the local standard if higher. For smaller companies, we will take this action
if the supervisory board does not include at least one female director.

&nbsp;&nbsp;&nbsp;&nbsp;· Australia: We will generally vote against the Nomination Committee Chair of ASX300 companies if the board is not comprised of at least
30% female directors.

&nbsp;&nbsp;&nbsp;&nbsp;· North America: We will generally vote against the Nomination Committee Chair of LargeCap companies if the board is not comprised of
at least 30% female directors. For smaller companies, we will take this action if the board does not include at least one female director

**Ethnic Diversity**

&nbsp;&nbsp;&nbsp;&nbsp;· UK: We will generally vote against the Nomination Committee Chair at the boards of FTSE 100 companies, if the board does not include
at least one member from an ethnic minority background. This is in line with targets set up by the Parker Review.

&nbsp;&nbsp;&nbsp;&nbsp;· US: We will generally vote against the Nomination Committee Chair at the boards of S&P 1500 & Russell 3000 companies
if the board does not include at least one member from a racial or ethnic minority background.

**Directors' Time Commitment**

Individual directors need sufficient time to carry out their role effectively and therefore we seek to ensure that all directors maintain an appropriate level of overall commitments such that allows them to be properly diligent.

&nbsp;&nbsp;&nbsp;&nbsp;· We will consider opposing the election or re-election of any director where there is a concern regarding their ability to dedicate
sufficient time to the role. In making this assessment we will have regard to the ISS classification of 'overboarding'.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally oppose the re-election of any director who has attended fewer than 75% of board meetings in two consecutive years.

**Board Committees**

Boards should establish committees, populated by independent and appropriately skilled non-executive directors, to oversee (as a minimum) the nomination, audit and remuneration processes. It may also be appropriate for additional committees to be established, such as a risk or sustainability committee. These committees should report openly on an annual basis about their activities and key decisions taken.

We will consider voting against committee members if we have concerns regarding the composition of a committee in relation to independence or skills.

**Nomination Committee**

This committee has responsibility for leading the process for orderly non-executive and senior management succession planning and recruitment, and for overseeing the composition of the board including skillset, experience and diversity. We expect the committee to be comprised of a majority of independent directors with an independent Chair.

&nbsp;&nbsp;&nbsp;&nbsp;· We will consider voting against the re-election of the Nomination Committee Chair if we have concerns regarding the composition of
the board or concerns regarding poor succession planning.

**Audit Committee**

This committee has responsibility for monitoring the integrity of the financial statements, reviewing the company's internal financial controls and risk management systems, reviewing the effectiveness of the company's internal audit function and appointing and overseeing the quality of the work done by external auditors. We prefer the committee to be wholly independent, and expect this at UK and US companies in view of general market practice and board composition. In other regions, as a minimum, we expect the committee to be comprised of a majority of independent directors with an independent Chair. Furthermore we expect at least one member of the committee to have recent and relevant financial experience.

&nbsp;&nbsp;&nbsp;&nbsp;· UK & US: We will generally vote against the re-election of non-independent members of the Audit Committee..

&nbsp;&nbsp;&nbsp;&nbsp;· Europe: We will generally vote against the re-election of non-independent members of the Audit Committee if the Committee is not majority
independent. We will also generally vote against a non-independent Chair of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally vote against the re-election of the Audit Committee Chair if at least one member of the Committee does not have
recent and relevant financial experience.

**Remuneration Committee**

The committee is responsible for determining the policy and setting remuneration levels for executive and nonexecutive directors. The committee should ensure that directors' remuneration is aligned with strategy and company performance and should clearly demonstrate that outcomes have had regard to the experience of the company's employees and wider society. Remuneration policy should be cognisant of the company's licence to operate and the potential overall level of remuneration. We expect remuneration committees to be robust in their approach to developing and implementing remuneration policies, with formal and transparent procedures for developing policies and for determining remuneration packages. Remuneration committees should be comprised of a majority of independent directors with an independent Chair and we expect members to have appropriate experience and knowledge of the business and remuneration practices in the jurisdiction in which they operate. No executive should be involved in setting their own remuneration..

&nbsp;&nbsp;&nbsp;&nbsp;· Where we have significant concerns regarding the company's remuneration policy or reward outcomes we may escalate these concerns
through a vote against the Chair or members of the Remuneration Committee.

**Director Accountability**

We expect to be able to hold boards to account through engagement and regular director re-elections and directors should feel that they are accountable to investors. We encourage individual, rather than bundled, director elections. While our preference is for directors to be subject to re- election annually, we expect re-elections to take place at least every three years. Lengthier board mandates, while not uncommon in some markets, risk divorcing directors from an appropriate sense of accountability. Directors and management should make themselves available for discussions with major shareholders as we expect to have open dialogue to share our perspectives and gain confidence that the individuals are carrying out their roles with appropriate vigour and diligence. A further important element of director accountability to shareholders is that investors should have the right, both formal and informal, to propose and promote individual directors to be considered for election to the board by all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally oppose the re-election of nonindependent NEDs who are proposed for a term exceeding three years. We may not apply
this to directors who are shareholder representatives.

&nbsp;&nbsp;&nbsp;&nbsp;· Where we have significant concerns regarding a board member's performance, actions or inaction to address issues raised we may
vote against their re-election.

&nbsp;&nbsp;&nbsp;&nbsp;· We may vote against directors who decline appropriate requests for
meetings without a clear justification.

&nbsp;&nbsp;&nbsp;&nbsp;· Where a director has held a position of responsibility at a company which has suffered a material governance failure, we will consider
whether we are comfortable to support their re-election at other listed companies.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally support resolutions to discharge the supervisory board or management board members from legal liability unless we
have serious concerns regarding actions taken during the year under review. Where there is insufficient information regarding allegations
of misconduct, we may prefer to abstain. In exceptional circumstances we may vote against the discharge resolution to reflect serious
ESG concerns if there is not another appropriate resolution.

&nbsp;&nbsp;&nbsp;&nbsp;· We will not support the election of directors who are not personally identified but are proposed as corporations.

**Reporting**

Audited reporting and financial numbers should be published ahead of any relevant shareholder meetings. We continue to monitor the evolving reporting landscape and consider new reporting developments as they emerge, either voluntary or regulatory.

&nbsp;&nbsp;&nbsp;&nbsp;· We may consider voting against a company's Annual Report & Accounts if we have concerns regarding timely provision
or adequacy of disclosure.

**Political Donations & Lobbying**

Companies should be consistent in their public statements and not undermine these in private commentary to market participants or to politicians and regulators. We welcome transparency from companies about their lobbying activities and believe that good companies have nothing to hide in this respect. Similarly we encourage transparency of any political donations that companies deem appropriate – and we expect a clear explanation of why such donations are an appropriate use of corporate funds.

**Risk & Audit**

The board is responsible for determining the company's risk appetite, establishing procedures to manage risk and for monitoring the company's internal controls. We expect boards to conduct robust assessments of the company's material risks and report to shareholders on risks, controls and effectiveness. The introduction of global accounting standards has led to much greater investor confidence in the accounts produced by companies around the world. It has also assisted in creating consistency of reporting across companies, enabling fairer comparisons between different operating businesses. We therefore encourage companies seeking international investment to report under International Financial Reporting Standards (IFRS) or US GAAP. As a firm abrdn supports the continued development of high quality global accounting standards.

An independent audit, delivered by a respected audit firm, is a required element for investor confidence in reporting by companies. We strongly favour meaningful, transparent and informative auditor reports, giving us additional insights into the audit process and accounting outcomes. Audit fees must be sufficient to pay for an appropriately in-depth assurance process. We would be concerned if a company sought to make unjustified savings in this respect as the cost in terms of damage to audit effectiveness and confidence in the company's accounts would be much more substantial.

The independence of the auditor and the standard of their work, particularly in challenging management, should be subject to regular assessment that is appropriately disclosed. Even when individuals carrying out the audit are refreshed, we believe that the independence of the audit firm erodes over time and we will encourage a tender process and change of audit firm where an engagement has lasted for an extended period. In order to demonstrate the level of independence, companies should not have the same audit firm in place for more than 20 years.

The relationship with the auditor should be mediated through the audit committee. Where we are significant shareholders, we expect to be consulted on plans to tender and replace auditors.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally vote against the re-election of an auditor which has a tenure of 20 years or over, if there are no plans for rotation
in the near term.

&nbsp;&nbsp;&nbsp;&nbsp;· We will consider voting against the auditors if we have concerns regarding the accounts presented or the audit procedures used.

&nbsp;&nbsp;&nbsp;&nbsp;· We will vote against the approval of auditor fees if we have concerns regarding the level of fees or the balance of non-audit and
audit fees.

**Remuneration**

Remuneration policies and the overall levels of pay should be aligned with strategy, attracting and retaining talent and incentivising the decisions and behaviours needed to create long-term value. The component parts of remuneration should be structured so as to link rewards to corporate and individual performance and they should be considered in the context of the remuneration policies when taken as a whole. We recognise the benefits of simplicity in forming the policy, which should clearly link outcomes and expectations for those receiving the remuneration, as well as external stakeholders. The structure should be transparent and understandable.

A company's annual report should contain an informative statement of remuneration policy which communicates clearly to stakeholders how it has developed and evolved. This should include details of any stress testing that may have been undertaken to understand the policy outcomes for different business scenarios. The remuneration committee should provide a clear description of the application of policy and the outcomes achieved.

Base salary should be set at a level appropriate for the role and responsibility of the executive. We discourage increases which are driven solely by peer benchmarking, and expect increases to be aligned with the wider workforce. Consideration should also be given to the knock-on impact to variable remuneration potential. Pension arrangements and benefits should be clearly disclosed. We generally expect pension structures to be aligned with the wider workforce.

A company should structure variable, performancerelated pay to incentivise and reward management in a manner that is aligned with the company's sustainable performance and risk appetite over the long term. We expect all variable pay to be capped, preferably with reference to base salary. In the UK we expect variable pay to be capped with reference to base salary. In other markets, if variable pay is capped at a number of shares, we expect the value of grants to be kept under review annually to ensure the value remains appropriate and is not excessive.

Performance metrics used to determine variable pay should be clearly disclosed and aligned with the company's strategy. A significant portion of performance metrics should seek to measure significant improvements in the underlying financial performance of the company. We also encourage the inclusion of non-financial metrics linked to targets which are aligned with the company's progress on its ESG strategy. Where possible we expect these targets to be quantifiable and disclosed.

Variable pay arrangements should incentivise participants to achieve above-average performance through the use of challenging targets. We encourage sliding-scale performance measures and expect performance target ranges to be disclosed to enable shareholders to assess the level of challenge and pay for performance alignment. We expect annual bonus targets to be disclosed retrospectively and encourage the disclosure of long term incentive (LTI) targets at the beginning of the performance period, but at minimum we expect retrospective disclosure. Where bonus or LTI targets are not disclosed due to commercial sensitivity we expect an explanation of why the targets continue to be considered sensitive retrospectively and expect some detail regarding the level of achievement vs target. Where a share price metric is being used, we expect this to be underpinned by a challenging measure of underlying performance. We encourage settlement of a portion of the annual bonus in shares which are deferred for at least one year. We expect settlement of long term incentives to be in shares, with rationale provided for any awards settled in cash. Long term incentives should have a performance period of no less than three years. In the UK we expect a further holding period of two years to be applied, and we encourage this in other markets. We do not generally support value creation plans. We will consider supporting the use of restricted share plans in the UK which have been structured consistent with the guidelines of the Investment Association. We expect appropriate malus and clawback provisions to be applied to variable remuneration plans. We expect shareholding guidelines to be adopted for executive directors and encourage the adoption of postdeparture shareholding guidelines. We expect details of any use of discretion to be disclosed and its use should be justifiable, appropriate and clearly explained. We would expect policies to be sufficiently robust so that discretion is only necessary in exceptional circumstances. We do not generally support exceptional awards, and are particularly sensitive to such awards being granted to reward a corporate transaction. We expect executive service contracts to provide for a maximum notice period of 12 months. We will consider local best practice provisions related to severance arrangements when voting. Non-executive fees should reflect the role's level of responsibility and time commitment. We do not support NED's participation in option or performance-related arrangements. However we do support the payment of fees in shares, particularly where conservation of cash is an issue. In the UK our expectations of companies are aligned with the Investment Association's Principles of Remuneration. Where significant changes to remuneration arrangements are being considered, we would expect remuneration committees to consult with their largest shareholders prior to finalising any changes. Where any increase to variable remuneration is proposed, we would expect this to be accompanied by a demonstrable increase in the stretch of the targets. Furthermore we expect any increases to remuneration to be subject to shareholder approval.

In response to the issues arising from the cost of living crisis being experienced by many people in the UK, we expect companies to focus additional capacity towards those members of the workforce who need it most. We expect Remuneration Committees to take into account factors arising from the cost of living crisis when deliberating over executive pay outcomes. We would be concerned by reputational issues arising from decisions made in these unusual circumstances and may make this a factor in our voting decisions at relevant AGMs.

In line with the expectations set out above we will generally vote against the appropriate resolution(s) where:

&nbsp;&nbsp;&nbsp;&nbsp;· We consider the overall reward potential or outcome to be excessive.

&nbsp;&nbsp;&nbsp;&nbsp;· A significant increase to salary has been granted which is not aligned with the workforce or is not sufficiently justified.

&nbsp;&nbsp;&nbsp;&nbsp;· A significant increase to performance-related pay has been granted which is not sufficiently justified, is not accompanied by an increase
in the level of stretch required for achievement or results in the potential for excessive reward.

&nbsp;&nbsp;&nbsp;&nbsp;· There is no appropriate cap on variable incentive schemes.

&nbsp;&nbsp;&nbsp;&nbsp;· Performance targets for annual bonus awards are not disclosed retrospectively and the absence of disclosure is not explained.

&nbsp;&nbsp;&nbsp;&nbsp;· Performance targets for long term incentive awards are not disclosed up front and there is no compelling explanation regarding the
absence of disclosure or a commitment to disclose retrospectively.

&nbsp;&nbsp;&nbsp;&nbsp;· Performance targets are not considered sufficiently challenging, either at threshold, target or maximum.

&nbsp;&nbsp;&nbsp;&nbsp;· Relative performance targets allow vesting of awards for below median performance.. Retesting provisions apply.

&nbsp;&nbsp;&nbsp;&nbsp;· Incentives that have been conditionally awarded have been repriced or performance conditions changed part way through a performance
period.

&nbsp;&nbsp;&nbsp;&nbsp;· We have concerns regarding the use of discretion or the grant of exceptional awards.

&nbsp;&nbsp;&nbsp;&nbsp;· Pension arrangements are excessive.. Pension arrangements are not aligned with the wider workforce (UK).

**Investor Rights**

The interests of minority shareholders must be protected and any major, or majority, investor should not enjoy preferential treatment. The structure of ownership or control should minimise the potential for abuse of public shareholders.

**Corporate Transactions**

Companies should not make significant changes to their structure or nature without being fully transparent to their investors. Shareholders should have the opportunity to vote on significant corporate activity, such as mergers and acquisitions. Where a transaction is with a related party, only independent shareholders should have a vote. Even in markets where no vote is given to shareholders in these circumstances, investors need transparent disclosure of the reasons for any such major change. Companies should expect that shareholders may want to discuss and debate proposed developments

Diversification beyond the core skills of the business needs to be justified as it is more often than not a distraction from operational performance. All major deals need to be clearly explained and justified in the context of the preexisting strategy and be subject to shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;· We will vote on corporate transactions on a case by case basis.

**Dividends**

We will generally support the payment of dividends but will scrutinise the proposed level where it appears excessive given the company's financial position.

**Share Capital**

The board carries responsibility for prudent capital management and allocation.

**Share Issuance**

We will consider capital raises which are proposed for a specific purpose on a case by case basis but recognise that it can be beneficial for companies to have some general flexibility to issue shares to raise capital. However we expect issuances to be limited to the needs of the business and companies should not issue significant portions of shares unless offering these on a pro-rata basis to existing shareholders to protect against inappropriate dilution of investments.

&nbsp;&nbsp;&nbsp;&nbsp;· Where a company seeks a general authority to issue shares we generally expect this to be limited to 25% of the company's share
capital for pre- emptive issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management
Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;· Where a company seeks a general authority to issue shares we generally expect this to be limited to 10% of the company's share
capital for non- pre-emptive issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management
Guidelines and those of the Pre-Emption Group.

&nbsp;&nbsp;&nbsp;&nbsp;· We will not generally support share issuances at investment trusts unless there is a commitment that shares would only be issued at
a price at or above net asset value.

When considering our votes we will, however, take account of the company's circumstances and any further detail regarding proposed capital issuance authorities prior to voting.

Following changes to the UK's Pre-Emption Group Guidelines in November 2022, which reflect an increase on previous limits, we will hold the Chair of the company accountable for any perceived misuse of the increased flexibility through a vote against their re-election.

**Buyback**

We recognise that share buybacks can be a flexible means of returning cash to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally support buyback authorities of up to 10% of the issued share capital. In the UK we will generally support authorities
which are in line with the levels permitted under the Listing Rules.

**Related Party Transactions**

The nature of relations – particularly any related party transactions (RPTs) – with parent or related companies, or other major investors, must be disclosed fully. Related party transactions must be agreed on arm's length terms and be made fully transparent. Where they are material, they should be subject to the approval of independent shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· We will vote against RPTs where there is insufficient transparency of the nature of the transaction, the rationale, the terms or the
views and assessment of directors and advisors.

**Article/Bylaw amendments**

While it is standard to see proposals from companies to amend their articles of association or bylaws, we will review these on a case by case basis. When doing so we expect full transparency of the proposed changes to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;· We will vote against amendments which will reduce shareholder rights.

**Anti-Takeover Defences**

There should be no artificial structures put in place to entrench management and protect companies from takeover. The best defence from hostile takeover is strong operational delivery.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally vote against anti-takeover/'poison pill' proposals.

**Voting Rights**

We are strong supporters of the principle of 'one share, one vote' and therefore favour equal voting rights for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally vote against proposals which seek to introduce or continue capital structures with multiple voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;· We will consider voting against proposals to raise new capital at companies with multiple share classes and voting rights.

**General Meetings**

Shareholder meetings provide an important opportunity to hold boards to account not only through voting on the proposed resolutions but also by enabling investors the opportunity to raise questions, express views and emphasise concerns to the entire board. We may make a statement at a company's AGM as a means of escalation to reinforce our views to a company's board.

We welcome the opportunity to attend meetings virtually, being of the view that this can increase participation given obstacles such as location or meeting concentration. However we are not supportive of companies adopting virtual-only meetings as we believe this format reduces accountability. Our preference is for a hybrid meeting format to balance the flexibility of remote attendance with the accountability of an in-person meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We will generally support resolutions seeking approval to shorten the EGM notice period to minimum 14 days, unless we have concerns
regarding previous inappropriate use of this flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We will generally support proposals to enable virtual meetings to take place as long as there is confirmation that the format will
be hybrid, with physical meetings continuing to take place (unless prohibited by law). We expect virtual attendees to have the same rights
to speak and raise questions as those attending in-person. We will generally vote against proposals which permit wholly virtual general
meetings.

**As part of strategic planning, boards need to have oversight of, and clearly articulate, the key opportunities and risks affecting the sustainability of the business model. This includes having a process for, and transparent disclosure of, potential and emerging opportunities and risks and the actions being taken to address them.**

The effective management of risks extends to long-term issues that are hard to measure and whose timeframe is uncertain and will include the management of environmental and social issues. We use the UN Global Compact's four areas of focus in assessing how companies are performing in this area.

Specifically we expect companies to be able to demonstrate how they manage their exposures under the following headings.

**The Environment**

It is generally accepted that companies are responsible for the effects of their operations and products on the environment. The steps they take to assess and reduce those impacts can lead to cost savings and reduce potential reputational damage. Companies are held responsible for their impact on the climate and they face increased regulation from world governments on activities that contribute to climate change.

We expect that companies will

&nbsp;&nbsp;&nbsp;&nbsp;· Identify, manage and reduce their environmental impacts.

&nbsp;&nbsp;&nbsp;&nbsp;· Understand the impact of climate change along the company value chain.

&nbsp;&nbsp;&nbsp;&nbsp;· Develop group-level climate policies and, where relevant, set targets to manage the impact, report on policies, practices and actions
taken to reduce carbon and other environmental risks within their operations.

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with all environmental laws and regulations, or recognised international best practice as a minimum.

Where we have serious concerns regarding a board's actions, or inaction, in relation to the environment we will consider taking voting action on an appropriate resolution.

We will use the indicators within the Carbon Disclosure Project to identify companies which are not fulfilling their climate commitments. Where appropriate we will take voting action to encourage better practice among companies which we deem to be laggards.

**Labour and employment**

Companies that respect internationally recognised labour rights and provide safe and healthy working environments for employees are likely to reap the benefits. This approach is likely to foster a more committed and productive workforce, and help reduce damage to reputation and a company's license to operate. We expect companies to comply with all employment laws and regulations and adopt practices in line with the International Labour Organization's core labour standards. a minimum.

In particular, companies will:

&nbsp;&nbsp;&nbsp;&nbsp;· Take affirmative steps to ensure that they uphold decent labour standards.

&nbsp;&nbsp;&nbsp;&nbsp;· Adopt strong health and safety policies and programmes to implement such policies.

&nbsp;&nbsp;&nbsp;&nbsp;· Adopt equal employment opportunity and diversity policies and a programme for ensuring compliance with such policies.

&nbsp;&nbsp;&nbsp;&nbsp;· Adopt policies and programmes for investing in employee training and development.

&nbsp;&nbsp;&nbsp;&nbsp;· Adopt initiatives to attract and retain talented employees, foster higher productivity and quality, and encourage in their workforce
a commitment to achieving the company's purpose.

&nbsp;&nbsp;&nbsp;&nbsp;· Ensure policies are in place for a company's suppliers that promote decent labour standards, and programmes are in place to
ensure high standards of labour along supply chains.

&nbsp;&nbsp;&nbsp;&nbsp;· Report regularly on its policy and implementation of managing human capital.

Where we have serious concerns regarding a board's actions, or inaction, in relation to labour and employment we will consider taking voting action on an appropriate resolution.

**Human rights**

We recognise the impact that human-rights issues can have on our investments and the role we can play in stimulating progress. We draw upon a number of international, legal and voluntary agreements for guidance on human-rights responsibilities and compliance. Our primary sources are the International Bill of Rights and the core conventions of the International Labour Organisation (ILO), which form the list of internationally agreed human rights, and the UN Guiding Principles on Business and Human Rights (UNGPs), which clarifies the roles of states and businesses. We encourage companies to use the UNGPs Reporting Framework and encourage disclosure in line with this guidance.

We expect companies to:

&nbsp;&nbsp;&nbsp;&nbsp;· Continually work to understand their actual and potential impacts on human rights.

&nbsp;&nbsp;&nbsp;&nbsp;· Establish systems that actively ensure respect for human rights.

&nbsp;&nbsp;&nbsp;&nbsp;· Take appropriate action to remedy any infringements on human rights.

Where we have serious concerns regarding a board's actions, or inaction, in relation to human rights we will consider taking voting action on an appropriate resolution.

**Business ethics**

As institutions of wealth and influence, companies have a significant impact on the prosperity of their local communities and the wider world. Having a robust code of ethics and ensuring professional conduct mean companies operate more effectively, particularly when it comes to ethical principles governing decision- making. A company's failure to conform to internationally recognised standards of business ethics on matters such as bribery and corruption, can increase its risk of facing investigation, litigation and fines. This could undermine its license to operate, and affect its reputation and image.

We expect companies to have policies in place to support the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Ethics at the heart of the organisation's governance.

&nbsp;&nbsp;&nbsp;&nbsp;· A zero-tolerance policy on bribery and corruption.. How people are rewarded, as pay can influence behaviour.

&nbsp;&nbsp;&nbsp;&nbsp;· Respect for human rights.

&nbsp;&nbsp;&nbsp;&nbsp;· Tax transparency.

&nbsp;&nbsp;&nbsp;&nbsp;· Ethical training for employees.

Where we have serious concerns regarding a board's actions, or inaction, related to business ethics we will consider taking voting action on an appropriate resolution.

**We will review any resolution at company meetings we have identified as covering environmental and social factors. The following will detail our overarching approach and expectations.**

Our approach to vote analysis is consistent across active and quantitative investment strategies **Review** the resolution, proponent and board statements, existing disclosures, and external research. **Engage** with the company, proponents, and other stakeholders as required.

**Involve** thematic experts, regional specialists, and investment analysts in decision-making to harness a wide range of expertise and include all material factors in our analysis.

**Ensure** consistency by using our own in-house guidance to frame case-by-case analysis.

**Monitor** the outcomes of votes.

**Follow-up** with on-going engagement as required.

Given the nature of the topics covered by these resolutions we do not apply binary voting policies. We adopt a nuanced approach to our voting research and outcomes and will consider the specific circumstances of the company concerned. Our objective is not to vote in favour of all shareholder resolutions but to determine the best outcome for the company in the context of the best outcome for our clients. There are instances where we are supportive of the spirit of a resolution however there may be a reason which prevents our support for the proposal. For example, where the purpose of the resolution is unclear, where the wording is overly prescriptive, when suggested implementation is overly burdensome or where the proposal strays too closely to the board's responsibility for setting the company's strategy.

**Management Proposals**

We are supportive of the steps being taken by companies to provide transparent, detailed reporting of their ESG strategies and targets. While shareholder proposals on environmental and social topics have been common on AGM agendas for several years, an increasing number of companies are presenting management proposals, such as so called 'say on climate' votes, for shareholder approval. While we welcome the intention of accountability behind these votes, we have reservations about the potential for them to limit the scope for subsequent investor challenge and diminish the direct responsibility and accountability of the board and individual directors. We believe it is the role of the board and the executive to develop and apply strategy, including ESG strategies, and we will continue to use existing voting items to hold boards to account on the implementation of these strategies. As active investors we also regularly engage with investee companies on ESG topics and find this dialogue to be the best opportunity to provide feedback.

We will review the appropriateness of 'say on climate' votes and consider if other voting mechanisms should be applied to ensure both Boards and Executives apply the appropriate rigour to initiate and deliver strategies to support the climate transition.

**Shareholder Proposals**

The number of resolutions focused on environmental and social (E&S) issues filed by shareholders continues to grow rapidly. The following provides an overview of some of the factors we consider when assessing the most prevalent themes for shareholder proposals.

**Climate Change**

We are members of the Net Zero Asset Managers Initiatives and this is reflected in our Active Ownership approach. We encourage the companies in which we invest to demonstrate a robust methodology underpinning Paris aligned goals and targets and are supportive of resolutions that will help companies to achieve this. Once a credible climate strategy is in place, we prioritise evidence of implementation over requests to re-draft strategies and targets after only a year or two.

A growing number of resolutions call on companies to increase the transparency of their reporting on climaterelated lobbying. These proposals typically encompass direct lobbying undertaken by the company and indirect lobbying undertaken by trade associations and other organisations of which it is a member or supporter. Lobbying contrary to the objectives of the Paris Agreement is effective in creating climate policy inertia and impeding the transition to net zero economies.

We do not evaluate resolutions in isolation. Our approach recognises the links between corporate governance, strategy and climate approach. Where a company's operational response to climate change is inadequate, the effectiveness of board oversight and corporate governance may also be called into question.

We expect and encourage companies to:

&nbsp;&nbsp;&nbsp;&nbsp;· Demonstrate that a robust methodology underpins Paris aligned, net zero goals and targets.

&nbsp;&nbsp;&nbsp;&nbsp;· Set targets for absolute emission reduction, not just carbon intensity, to show a clear pathway to net zero.

&nbsp;&nbsp;&nbsp;&nbsp;· Report in alignment with the TCFD framework.

&nbsp;&nbsp;&nbsp;&nbsp;· Link targets to remuneration and ensure they are reflected in capital expenditure and R&D plans.

&nbsp;&nbsp;&nbsp;&nbsp;· Carefully manage climate-related lobbying by ensuring appropriate oversight, transparent disclosure of activities, and alignment of
activities with the company's strategy and publicly stated positions.

**Diversity & Inclusion**

Diversity, Equity & Inclusion (DEI) is an important and growing theme for shareholder resolutions. In recent years resolutions have focussed on racial equity audits, pay gap reporting, transparent disclosure of DEI metrics and assessments of the efficacy of DEI programmes.

A racial equity audit is an independent analysis of a company's business practices designed to identify practices that may have a discriminatory effect. We are supportive of racial equity audits in relation to internal and external DEI programmes. It is appropriate that these programmes should have KPIs and audit mechanisms in place to measure and evaluate outcomes. Some proposals request racial equity audits of provision of services. We are aware that measuring provision of service is challenging and gathering racial data on customers can be difficult and inappropriate. There are also multiple different factors that can influence service provision and which could be misconstrued as being racially motivated. We will however, support resolutions which are not unduly prescriptive and allow companies to carry out audits within a reasonable timeframe, at a reasonable cost, and excluding confidential or proprietary information.

We consider standardised gender pay gap disclosure to be an important tool for assessing how companies are addressing gender inequality. Reporting on gender pay gaps across global operations can help companies to remain ahead of the regulatory curve. It also enables them to offer better opportunities and remuneration for women around the world. We are therefore supportive of resolutions which are likely to deliver these benefits.

Proposals must be carefully drafted to achieve these outcomes. For instance, in the past we have been unable to support resolutions which called for global median gender and racial pay gap reporting as it was unclear how this would reveal potential pay disparities at a local level and how it could be implemented by companies with operations in jurisdictions where collection of racial identity data is illegal.

In the US market we support public disclosure of EEO-1 forms by companies. The EEO-1 form details a comprehensive breakdown of workforce by race and gender according to ten employment categories. The form is submitted privately to the US Equal Employment Opportunity Commission on an annual basis. When publicly disclosed, it offers investors and other stakeholders data in a standardised and comparable form. We have used our engagement programme to ask the companies in which we invest to disclose this form for their US operations while making it central to our D&I voting approach and supporting resolutions that request it.

**Human rights**

As a supporter of the UN Guiding Principles on Business and Human Rights (UNGPs), we expect companies to demonstrate how human rights due diligence is conducted across operations, services, product use and the supply chain. Companies can have a significant impact on human rights directly through operations and provision of services, and indirectly through product use and the supply chain. In recent years the sale and end-use of controversial technologies, such as facial recognition software, has emerged as a prominent theme.

We expect and encourage companies to:

&nbsp;&nbsp;&nbsp;&nbsp;· Have robust due diligence processes to assess the actual and potential human rights impacts of their operations, services, product
use and supply chain.

&nbsp;&nbsp;&nbsp;&nbsp;· Conduct customer and supplier vetting processes commensurate with the risk of human rights abuse.

&nbsp;&nbsp;&nbsp;&nbsp;· Publicly disclose information about the operation of these processes and utilise the UNGPs' Reporting Framework. This will improve
the standard and consistency of human rights reporting and enable more informed investment decision making.

**Corporate Lobbying & Political Contributions**

Corporate lobbying and political contributions are a recurrent theme of shareholder resolutions, particularly in the US. These proposals typically encompass direct lobbying undertaken by the company and indirect lobbying undertaken by trade associations and other organisations of which it is a member or supporter. Proposals may also request the disclosure of more information regarding the process and rationale for political contributions. We expect companies to make transparent, consolidated disclosures of direct and indirect lobbying and political expenditure. This disclosure should be underpinned by a coherent policy that: explains public policy priorities and the rationale for associated expenditure, identifies the management positions responsible for public policy engagement, and provides appropriate mechanisms for board oversight. These measures should mitigate the risks associated with corporate lobbying and political contributions, protecting the interest of shareholders and other stakeholders.

**Nuclear Energy**

In the Japanese market nuclear energy is a recurrent theme of shareholder resolutions. The Japanese government is seeking to reduce the nation's reliance on coal and its energy strategy presents safe nuclear power generation as an important source of base-load power. In this context, resolutions which seek to limit or cease the nuclear operations of an individual company do not appear to be in the best interests of shareholders and other stakeholders. The health & safety risks associated with nuclear energy are high, must be managed carefully across the industry, and are an important consideration in our voting.

**Important Information**

This document is strictly for information purposes only and should not be considered as an offer, investment recommendation, or solicitation, to deal in any of the investments or funds mentioned herein and does not constitute investment research. abrdn does not warrant the accuracy, adequacy or completeness of the information and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials.

Any research or analysis used in the preparation of this document has been procured by abrdn for its own use and may have been acted on for its own purpose. The results thus obtained are made available only coincidentally and the information is not guaranteed as to its accuracy. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and make such independent investigations, as they may consider necessary or appropriate for the purpose of such assessment. This material serves to provide general information and is not meant to be investment, legal or tax advice for any particular investor. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this document. abrdn reserves the right to make changes and corrections to any information in this document at any time, without notice. This material is not to be reproduced in whole or in part without the prior written consent of abrdn.

Applying ESG and sustainability criteria in the investment process may result in the exclusion of securities within the universe of potential investments. The interpretation of ESG and sustainability criteria is subjective meaning that products may invest in companies which similar products do not (and thus perform differently) and which do not align with the personal views of any individual investor. Furthermore, the lack of common or harmonized definitions and labels regarding ESG and sustainability criteria may result in different approaches by managers when integrating ESG and sustainability criteria into investment decisions. This means that it may be difficult to compare strategies within ostensibly similar objectives and that these strategies will employ different security selection and exclusion criteria. Consequently, the performance profile of otherwise similar vehicles may deviate more substantially than might otherwise be expected. Additionally, in the absence of common or harmonized definitions and labels, a degree of subjectivity is required and this will mean that a product may invest in a security that another manager or an investor would not.

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