Municipal Bonds

Important Information:

Expenses stated as of the Fund's most recent prospectus. All classes of the Fund have contractual waivers in place and may not be terminated before 2/28/23 without approval of the Independent Trustees.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. The performance data quoted represents past performance and current returns may be lower or higher. Class A shares have up to a 2.50% front-end sales charge for abrdn Short Duration High Yield Municipal Fund and the abrdn Intermediate Municipal Income Fund. Class A shares of all three funds have a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to abrdn.com/us.

Total returns assume the reinvestment of all distributions. Total returns may reflect a waiver of part of the Fund's fees for certain periods since inception, without which returns would have been lower. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Effective February 28, 2019, the abrdn Short Duration High Yield Municipal Fund name changed from Aberdeen High Yield Managed Duration Municipal Fund and the Fund changed its investment strategy to adopted a target average weighted effective duration of less than 4.5 years. Performance for periods prior to February 28, 2019 does not reflect such investment policy.

Effective February 28, 2019, The abrdn Intermediate Municipal Income Fund name changed from Aberdeen Tax-Free Income Fund and the Fund changed its investment strategy to adopt a target average weighted effective duration. Performance for periods prior to February 28, 2019 does not reflect such investment policy.

Figures shown above are net of operating expenses of the fund but, do not include sales charges (fees) and assumes the reinvestment of all distributions. If the fees were included, the yield would be lower.

IMPORTANT: The projections or other information generated by the above tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.

The above investment analysis tool is an interactive technological tool that produces simulations and statistical analyses that present various investment outcomes if certain allocations are made. It is intended to be an additional resource to investors in the evaluation of the potential risks and returns of investment choices, and not intended to be an indication of future performance. It should not be the sole determinant of your investment decision, and should only be one tool that aides in the process of making a decision. Hypothetical positions are used here and actual markets conditions may have a different impact on the portfolio. No assumptions regarding future performance should be made.

The results shown in this tool may vary with each use and over time. As time goes on, the figures shown above may change based upon market conditions, and thus the effect upon the output may be different each time you use the tool.

Definitions and methodologies:

General Investment Tool Methodology: The above allocations are based upon current yield and duration results from the Aberdeen Ultra Short Municipal Income Fund, the Aberdeen Short Duration High Yield Municipal Fund and the Aberdeen Intermediate Municipal Income Fund. It is meant to show the interaction of yield and duration as the allocation changes, and is not intended to be an illustration of future results.

Please note that the duration slide within the tool is the primary mechanism for adjusting the data points. By adjusting to the desired duration, the tool will automatically adjust all other corresponding data points.  

Duration: Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

Distribution Yield: The distribution yield shows the monthly yield of the allocation and is calculated for each fund by multiplying (Monthly Dividend/Month-End NAV) by (Days in Year/Days in Month).

SEC Yield: SEC Yield is a standardized yield computed by dividing the net investment income per share earned during the 30-day period prior to quarter-end. The SEC Yield was created to allow for fairer comparisons among bond funds. Subsidized SEC yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized SEC yield does not adjust for any fee waivers and/or expense reimbursements in effect.

Tax-Equivalent Yield: The pretax yield that a taxable bond needs to possess for its yield to be equal to that of the tax-free municipal bond allocation. This calculation can be used to fairly compare the yield of a tax-free bond to that of a taxable bond to see which bond has a higher applicable yield.

Please refer to the factsheet provided as a separate document for additional, important information regarding the Fund. The factsheet includes performance as of the most recent quarter-end, fund fees / expenses and other relevant disclosures for the Fund.

abrdn Ultra Short Municipal Income Fund – Factsheet, Prospectus

abrdn Short Duration High Yield Municipal Fund – Factsheet, Prospectus

abrdn Intermediate Municipal Income Fund – Factsheet, Prospectus

Source: abrdn. For illustrative purposes only. Hypothetical positions are used here and actual markets conditions may have a different impact on the portfolio. No assumptions regarding future performance should be made. The above allocations are based upon live yield and duration results from both the abrdn Ultra Short Municipal Income Fund and the abrdn High Yield Managed Duration Municipal Fund. It is meant to show the interaction of yield and duration as the allocation changes, and is not intended to be an illustration of future results. SEC Yield is a standardized yield computed by dividing the net investment income per share earned during the 30-day period prior to quarter-end. The SEC Yield was created to allow for fairer comparisons among bond funds. Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

Fixed income securities are subject to certain risks including, but not limited to: interest rate (changes in interest rates may cause a decline in the market value of an investment), credit (changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral), prepayment (debt issuers may repay or refinance their loans or obligations earlier than anticipated), call (some bonds allow the issuer to call a bond for redemption before it matures), and extension (principal repayments may not occur as quickly as anticipated, causing the expected maturity of a security to increase).

Municipal securities can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. High yield securities may face additional risks, including economic growth; inflation; liquidity; supply; and externally generated shocks.

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.

The above is for information purposes only and should not be considered as an offer, or solicitation, to deal in any of the investments mentioned herein. The reader must make his/her own assessment of the relevance, accuracy and adequacy of the above and make such independent investigations, as he/she may consider necessary or appropriate for the purpose of such assessment.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE