Summary

• The abrdn Short Duration High Yield Municipal Fund returned 0.14% for the quarter, outperforming its benchmark, the Bloomberg Municipal Bond Inter Short (1–10 Y) Index, which returned -0.14%.
• Sector allocation was the primary driver of relative performance, with exposure to life care proving the largest contributor, followed by other revenue and tobacco settlement bonds.
• Life care was the largest positive contributor to the portfolio, benefiting from the call of a position during the quarter which generated meaningful price appreciation.
• The Fund maintains constructive exposure to housing-related credits, including multi-family bonds and special assessment districts, where persistent structural undersupply continues to support project-level fundamentals.
• The Fund continues to favor a barbell approach, as recent rate volatility has disproportionately impacted intermediate muni bonds, while select high-yield sectors have proven more resilient.

Fund performance

The abrdn Short Duration High Yield Municipal Fund ((Institutional Class shares, net of fees)) returned 0 . 14% for the quarter, outperforming its benchmark, the Bloomberg Municipal Bond Inter Short ((1–10 Y)) Index, which returned -0.14%.

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