N-CSRS 1 tm2115412d1_ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-22132
   
Exact name of registrant as specified in charter: Aberdeen Funds
   
Address of principal executive offices: 1900 Market Street, Suite 200
  Philadelphia, PA 19103
   
Name and address of agent for service: Ms. Andrea Melia
  Aberdeen Standard Investments Inc.
  1900 Market Street, Suite 200
  Philadelphia, PA 19103
   
Registrant’s telephone number, including area code: 866-667-9231
   
Date of fiscal year end: October 31
   
Date of reporting period: April 30, 2021

 

   
   

 

Item 1. Reports to Shareholders.

 

(a) A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “1940 Act”) is filed herewith.

 

(b) Not applicable.

 

   
   

 

 

 

 

 

 

 

 

Aberdeen Funds
Equity Series

 

Semi-Annual Report

April 30, 2021

 

 

Aberdeen China A Share Equity Fund (formerly, the Aberdeen China Opportunities Fund)

 

Class A – GOPAX n Class C – GOPCX n Class R – GOPRX n Institutional Class – GOPIX n Institutional Service Class – GOPSX

 

Aberdeen Dynamic Dividend Fund

 

Class A – ADAVX n Institutional Class – ADVDX

 

Aberdeen Emerging Markets Fund

 

Class A – GEGAX n Class C – GEGCX n Class R – GEMRX n Institutional Class – ABEMX n Institutional Service Class – AEMSX

 

Aberdeen Emerging Markets Sustainable Leaders Fund (formerly, Aberdeen International Equity Fund)

 

Class A – GIGAX n Class C – GIGCX n Class R – GIRRX n Institutional Class – GIGIX n Institutional Service Class – GIGSX

 

Aberdeen Global Equity Fund

 

Class A – GLLAX n Class C – GLLCX n Class R – GWLRX n Institutional Class – GWLIX n Institutional Service Class – GLLSX

 

Aberdeen Global Infrastructure Fund

 

Class A – AIAFX n Institutional Class – AIFRX

 

Aberdeen International Real Estate Equity Fund

 

Class A – EGALX n Institutional Class – EGLRX

 

Aberdeen International Small Cap Fund

 

Class A – WVCCX n Class C – CPVCX n Class R – WPVAX n Institutional Class – ABNIX

 

Aberdeen Realty Income & Growth Fund

 

Class A – AIAGX n Institutional Class – AIGYX

 

Aberdeen U.S. Small Cap Equity Fund

 

Class A – GSXAX n Class C – GSXCX n Class R – GNSRX n Institutional Class – GSCIX n Institutional Service Class – GSXIX

 

Aberdeen U.S. Sustainable Leaders Fund (formerly, Aberdeen U.S. Multi-Cap Equity Fund)

 

Class A – GXXAX n Class C – GXXCX n Institutional Class – GGLIX n Institutional Service Class – GXXIX

 

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (formerly, Aberdeen Focused U.S. Equity Fund)

 

Class A – MLSAX n Class C – MLSCX n Class R – GLSRX n Institutional Class – GGUIX n Institutional Service Class – AELSX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of Contents

 

 

Aberdeen China A Share Equity Fund Page 1
Aberdeen Dynamic Dividend Fund Page 5
Aberdeen Emerging Markets Fund Page 10
Aberdeen Emerging Markets Sustainable Leaders Fund Page 14
Aberdeen Global Equity Fund Page 18
Aberdeen Global Infrastructure Fund Page 22
Aberdeen International Real Estate Equity Fund Page 26
Aberdeen International Small Cap Fund Page 30
Aberdeen Realty Income & Growth Fund Page 34
Aberdeen U.S. Small Cap Equity Fund Page 37
Aberdeen U.S. Sustainable Leaders Fund Page 41
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund Page 44
Financial Statements Page 47
Notes to Financial Statements Page 92
Shareholder Expense Examples Page 114
Liquidity Risk Management Program Page 116

 

 

 

Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a prospectus, or download a prospectus at https://www.aberdeenstandard.com/en-us/us/investor/fund-centre. Please read it carefully before investing any money.

 

Investing in mutual funds involves risk, including possible loss of principal.

 

Aberdeen Funds is distributed by Aberdeen Fund Distributors LLC, Member FINRA, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

 

Aberdeen Standard Investments Inc. (ASII) has been registered as an investment adviser under the Investment Advisers Act of 1940 since August 23, 1995.

 

The complete schedule of portfolio holdings for each fund of Aberdeen Funds (each a "Fund" and collectively, the "Funds") is included in the Funds' semi-annual and annual reports to shareholders. Aberdeen Funds also files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT filings are available on the Commission's website at http://www.sec.gov and the Funds make the information on the exhibit to Form N-PORT available to shareholders upon request without charge by calling 1-866-667-9231.

 

Statement Regarding Availability of Proxy Voting Record.

Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-667-9231. The information is also included in the Funds' Statement of Additional Information, which is available on the Funds' website at https://www.aberdeenstandard.com/en-us/us/investor/fund-centre and on the Commission's website at www.sec.gov.

 

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available by August 30 of the relevant year: (i) upon request and without charge by calling 1-866-667-9231; and (ii) on the Commission's website at www.sec.gov.

 

 

 

 

Aberdeen China A Share Equity Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		     Six
Month†		   1 Yr.   5 Yr.   10 Yr.  
Class A w/o SC     17.16%     62.10%     19.71%     7.62%  
  w/SC2     10.42%     52.75%     18.31%     6.98%  
Class C w/o SC     16.84%     61.02%     18.92%     6.87%  
  w/SC3     15.84%     60.02%     18.92%     6.87%  
Class R4 w/o SC     17.02%     61.63%     19.34%     7.25%  
Institutional Service Class4 w/o SC     17.32%     62.47%     19.98%     7.88%  
Institutional Class4 w/o SC     17.39%     62.63%     20.13%     7.94%  

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not Annualized
1The Fund changed its investment strategies effective June 13, 2019. Performance information for periods prior to June 13, 2019 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen China Opportunities Fund to Aberdeen China A Share Equity Fund. Please consult the Fund's prospectus for more detail.
2A 5.75% front-end sales charge was deducted.
3A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4Not subject to any sales charges.

 

Performance of a $1,000,000 Investment (as of April 30, 2021)

 

Performance of $1,000,000 invested in Institutional Class shares of the Aberdeen China A Share Equity Fund, MSCI China A (Onshore) Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The MSCI China A (Onshore) Index captures large and mid cap representation across China securities listed on the Shanghai and Shenzhen exchanges.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 1

 

 

 

 

 

Aberdeen China A Share Equity Fund (Unaudited)

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

 

Asset Allocation
Common Stocks   90.1%
Exchange-Traded Funds   5.9%
Short-Term Investment   3.3%
Other Assets in Excess of Liabilities   0.7%
    100.0%

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors
Consumer Staples   18.9%
Financials   14.9%
Consumer Discretionary   14.1%
Health Care   12.6%
Information Technology   12.4%
Industrials   10.3%
Materials   5.0%
Real Estate   1.9%
Energy   –%
Other   9.9%
    100.0%

 

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

 

 

Top Holdings*
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)   7.0%
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)   6.9%
Midea Group Co. Ltd., A Shares (Stock Connect)   4.4%
Wuliangye Yibin Co. Ltd., A Shares   4.3%
China Merchants Bank Co. Ltd., A Shares   4.1%
Ping An Insurance Group Co. of China Ltd., A Shares   3.6%
Aier Eye Hospital Group Co. Ltd., A Shares   3.4%
Foshan Haitian Flavouring & Food Co. Ltd., A Shares   3.3%
KraneShares Bosera MSCI China A Shares ETF   3.0%
Xtrackers Harvest CSI 300 China A Shares ETF   3.0%
Other   57.0%
    100.0%

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries
China   93.0%
United States   6.3%
Other   0.7%
    100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22021 Semi-Annual Report  

 

 

 

 

Statement of Investments

April 30, 2021 (Unaudited)
Aberdeen China A Share Equity Fund

 

  Shares or
Principal
Amount		   Value  
COMMON STOCKS (90.1%)  
CHINA (90.1%)  
Consumer Discretionary (14.1%)  
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect) (a) 140,595   $ 6,744,770  
Fuyao Glass Industry Group Co. Ltd., A Shares (a) 253,041     1,995,843  
Haier Smart Home Co. Ltd., A Shares (a) 110,500     563,970  
Midea Group Co. Ltd., A Shares (Stock Connect) (a) 346,242     4,274,961  
SAIC Motor Corp. Ltd., A Shares (Stock Connect) (a) 62,000     192,038  
      13,771,582  
Consumer Staples (18.9%)  
By-health Co. Ltd., A Shares (a) 250,688     1,262,943  
Chacha Food Co. Ltd., A Shares (a) 150,200     1,249,247  
Foshan Haitian Flavouring & Food Co. Ltd., A Shares (a) 123,618     3,226,058  
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares (a) 182,400     1,149,336  
Kweichow Moutai Co. Ltd., A Shares (Stock Connect) (a) 22,063     6,813,965  
Wuliangye Yibin Co. Ltd., A Shares (a) 97,137     4,255,289  
Yonghui Superstores Co. Ltd., A Shares (a) 667,000     572,877  
      18,529,715  
Energy (0.0%)  
G3 Exploration Ltd. (b)(c)(h) 53,000     –  
Financials (14.9%)  
Bank of Ningbo Co. Ltd., A Shares (a) 362,715     2,362,834  
China Construction Bank Corp., Class H 77,000     60,779  
China International Capital Corp. Ltd., H Shares (b)(d) 355,200     889,220  
China Life Insurance Co. Ltd., H Shares 426,000     863,566  
China Merchants Bank Co. Ltd., A Shares (a) 498,432     4,048,265  
Ping An Bank Co. Ltd., A Shares (a) 766,700     2,752,851  
Ping An Insurance Group Co. of China Ltd., A Shares (a) 320,233     3,577,390  
      14,554,905  
Health Care (12.6%)  
Aier Eye Hospital Group Co. Ltd., A Shares (a) 293,510     3,363,256  
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., A Shares (a) 31,600     121,860  
Hangzhou Tigermed Consulting Co. Ltd., A Shares (a) 106,767     2,569,583  
Hangzhou Tigermed Consulting Co. Ltd., H Shares (b)(d) 53,600     1,050,302  
Jiangsu Hengrui Medicine Co. Ltd., A Shares (a) 192,896     2,497,849  
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (a) 38,210     2,741,959  
      12,344,809  

 

  Shares or
Principal
Amount		   Value  
Industrials (10.3%)  
Centre Testing International Group Co. Ltd., A Shares (a) 564,388   $ 2,845,911  
Contemporary Amperex Technology Co. Ltd., A Shares (a) 38,279     2,299,582  
Guangzhou Baiyun International Airport Co. Ltd., A Shares (a) 315,200     591,026  
NARI Technology Co. Ltd., A Shares (Stock Connect) (a) 336,100     1,654,646  
Shanghai International Airport Co. Ltd., A Shares (Stock Connect) (a) 96,010     727,219  
Shanghai M&G Stationery, Inc., A Shares (a) 142,680     2,009,746  
      10,128,130  
Information Technology (12.4%)  
Beijing Sinnet Technology Co. Ltd., A Shares (a) 499,689     1,085,272  
Glodon Co. Ltd., A Shares (a) 254,089     2,855,731  
Hundsun Technologies, Inc., A Shares (a) 104,179     1,472,788  
LONGi Green Energy Technology Co. Ltd., A Shares (a) 157,800     2,406,462  
Luxshare Precision Industry Co. Ltd., A Shares (a) 365,570     2,076,791  
Venustech Group, Inc., A Shares (a) 263,400     1,231,142  
Yonyou Network Technology Co. Ltd., A Shares (a) 195,100     996,745  
      12,124,931  
Materials (5.0%)  
Anhui Conch Cement Co. Ltd., A Shares (a) 260,456     1,966,878  
Wanhua Chemical Group Co. Ltd., A Shares (a) 88,200     1,394,207  
Yunnan Energy New Material Co. Ltd., A Shares (a) 73,720     1,524,633  
      4,885,718  
Real Estate (1.9%)  
China Vanke Co. Ltd., A Shares (a) 433,073     1,882,247  
      88,222,037  
Total Common Stocks     88,222,037  
EXCHANGE-TRADED FUNDS (5.9%)  
CHINA (2.9%)  
Xtrackers Harvest CSI 300 China A Shares ETF (a)(e) 73,096     2,892,409  
UNITED STATES (3.0%)  
KraneShares Bosera MSCI China A Shares ETF 63,441     2,899,254  
Total Exchange-Traded Funds     5,791,663  

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

 

  2021 Semi-Annual Report 3

 

 

 

 

Statement of Investments (concluded)

April 30, 2021 (Unaudited)
Aberdeen China A Share Equity Fund

 

  Shares or
Principal
Amount		   Value
SHORT-TERM INVESTMENT (3.3%)
UNITED STATES (3.3%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (f) 3,263,753   $ 3,263,753  
      3,263,753  
Total Short-Term Investment     3,263,753  
Total Investments
(Cost $90,244,509) (g)—99.3%		     97,277,453  
Other Assets in Excess of Liabilities—0.7%     648,959  
Net Assets—100.0%   $ 97,926,412  

 

(a)China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.

 

(b)Non-income producing security.
(c)Trading halted. Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 2(a) of the accompanying Notes to Financial Statements.
(d)Denotes a security issued under Regulation S or Rule 144A.
(e)All or a portion of the securities are on loan. The total value of all securities on loan is $1,776,693. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(f)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(g)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
(h)Illiquid security.
ETFExchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

42021 Semi-Annual Report  

 

 

 

 

Aberdeen Dynamic Dividend Fund (Unaudited)

 

 

 

 

Average Annual Total Return1
 (For periods ended April 30, 2021)		     Six
Month†		  1 Yr.  5 Yr.  10 Yr.  
Class A  w/o SC  31.07%  42.90%  12.39%  N.A.  
   w/SC2  23.68%  34.77%  11.09%  N.A.  
Institutional Class3  w/o SC  31.14%  43.55%  12.71%  6.78%  

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not Annualized
1Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail.
2A 5.75% front-end sales charge was deducted.
3Not subject to any sales charges.

 

Performance of a $1,000,000 Investment* (as of April 30, 2021)

 

 

 

*  Minimum Initial Investment

 

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Dynamic Dividend Fund, Morgan Stanley Capital International All Country World Index (MSCI ACWI) (Net

 

Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

 

The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With 2,986 constituents, the index covers approximately 85% of the global investable equity opportunity set. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 5

 

 

 

 

Aberdeen Dynamic Dividend Fund (Unaudited)

 

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

Asset Allocation    
Common Stocks   96.9%
Preferred Stocks   1.9%
Short-Term Investment   0.1%
Other Assets in Excess of Liabilities   1.1%
    100.0%

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors
Information Technology   17.1%
Financials   16.1%
Health Care   11.7%
Industrials   10.4%
Consumer Discretionary   9.9%
Consumer Staples   8.5%
Communication Services   6.8%
Utilities   5.9%
Materials   5.2%
Energy   3.7%
Other   4.7%
    100.0%

 

Top Holdings*
Apple, Inc.   3.0%
Microsoft Corp.   2.1%
Samsung Electronics Co. Ltd.   1.9%
Alphabet, Inc., Class C   1.9%
AbbVie, Inc.   1.7%
Target Corp.   1.6%
Enbridge, Inc.   1.6%
Broadcom, Inc.   1.6%
Lowe's Cos., Inc.   1.5%
Vodafone Group PLC, ADR   1.5%
Other   81.6%
    100.0%

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries
United States   50.0%
France   7.4%
Germany   6.1%
United Kingdom   5.7%
China   3.1%
Switzerland   2.9%
Canada   2.7%
South Korea   2.6%
Netherlands   2.4%
Brazil   2.2%
Other   14.9%
    100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62021 Semi-Annual Report  

 

 

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Dynamic Dividend Fund

 

  Shares or
Principal
Amount		     Value  
COMMON STOCKS (96.9%)    
AUSTRALIA (1.2%)    
Materials (1.2%)    
Rio Tinto PLC, ADR 18,158     $    1,544,519  
BRAZIL (2.2%)    
Industrials (1.0%)    
CCR SA 559,200     1,239,452  
Materials (1.2%)    
Vale SA, ADR 78,700     1,583,444  
        2,822,896  
CANADA (2.7%)    
Energy (1.6%)    
Enbridge, Inc. 53,000     2,044,210  
Materials (1.1%)    
Barrick Gold Corp. 64,000     1,360,000  
        3,404,210  
CHINA (3.1%)    
Communication Services (1.0%)    
Tencent Holdings Ltd. 15,700     1,252,420  
Consumer Discretionary (1.2%)    
Shenzhou International Group Holdings Ltd. 68,900     1,515,731  
Financials (0.9%)    
Ping An Insurance Group Co. of China Ltd., H Shares 111,000     1,210,151  
        3,978,302  
DENMARK (1.5%)    
Financials (1.5%)    
Tryg A/S 83,333     1,905,567  
FINLAND (1.2%)    
Information Technology (0.6%)    
Nokia OYJ (a) 170,250     806,466  
Utilities (0.6%)    
Fortum OYJ 29,900     785,736  
        1,592,202  
FRANCE (7.4%)    
Consumer Discretionary (1.1%)    
LVMH Moet Hennessy Louis Vuitton SE 1,900     1,431,365  
Consumer Staples (1.0%)    
Danone SA 17,500     1,235,316  
Energy (1.0%)    
TOTAL SE, ADR 29,600     1,310,688  
Financials (0.5%)    
AXA SA 22,700     641,162  

 

  Shares or
Principal
Amount		     Value
Health Care (1.0%)
Sanofi 12,600     $    1,321,013  
Industrials (2.8%)
Alstom SA (a) 24,100     1,316,139  
Bouygues SA 16,664     714,143  
Schneider Electric SE 9,400     1,499,824  
      3,530,106  
      9,469,650  
GERMANY (6.1%)
Financials (1.8%)
Deutsche Boerse AG 8,000     1,378,602  
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 3,113     899,452  
      2,278,054  
Health Care (0.8%)
Bayer AG 16,100     1,041,804  
Information Technology (1.1%)
Infineon Technologies AG 33,900     1,359,408  
Materials (1.0%)
Linde PLC (a) 4,700     1,343,434  
Utilities (1.4%)
RWE AG 48,880     1,856,064  
      7,878,764  
HONG KONG (1.0%)
Financials (1.0%)
Hong Kong Exchanges & Clearing Ltd. 22,100     1,332,874  
INDONESIA (1.0%)
Communication Services (1.0%)
Telkom Indonesia Persero Tbk PT 6,062,000     1,339,366  
ITALY (1.2%)
Utilities (1.2%)
Enel SpA 155,000     1,539,046  
JAPAN (2.1%)
Financials (1.1%)
Mitsubishi UFJ Financial Group, Inc. 263,900     1,403,974  
Real Estate (1.0%)
GLP J-REIT 800     1,341,019  
      2,744,993  
NETHERLANDS (2.4%)
Consumer Staples (1.3%)
Heineken NV 14,600     1,693,592  
Information Technology (1.1%)
ASML Holding NV 2,100     1,363,197  
      3,056,789  

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 2021 Semi-Annual Report 7

 

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)

Aberdeen Dynamic Dividend Fund

 

  Shares or
Principal
Amount		     Value  
COMMON STOCKS (continued)  
NORWAY (0.9%)  
Communication Services (0.9%)  
Telenor ASA 67,300     $    1,198,948  
SINGAPORE (1.2%)  
Financials (1.2%)  
Oversea-Chinese Banking Corp. Ltd. 168,155     1,537,193  
SOUTH KOREA (0.7%)  
Materials (0.7%)  
LG Chem Ltd. 1,100     918,266  
SPAIN (1.2%)  
Industrials (1.2%)  
Ferrovial SA 53,183     1,509,918  
SWITZERLAND (2.9%)  
Consumer Staples (1.0%)  
Nestle SA 10,300     1,229,106  
Financials (0.9%)  
Zurich Insurance Group AG 2,900     1,189,750  
Health Care (1.0%)  
Roche Holding AG 4,000     1,304,622  
      3,723,478  
TAIWAN (1.3%)  
Information Technology (1.3%)  
Taiwan Semiconductor
Manufacturing Co. Ltd., ADR		 13,700     1,599,338  
UNITED KINGDOM (5.7%)  
Communication Services (1.5%)  
Vodafone Group PLC, ADR 103,300     1,957,535  
Consumer Staples (0.9%)  
Unilever PLC 19,600     1,144,744  
Health Care (2.5%)  
AstraZeneca PLC, ADR 31,700     1,682,319  
Dechra Pharmaceuticals PLC 26,400     1,470,784  
      3,153,103  
Industrials (0.8%)  
Melrose Industries PLC 477,774     1,075,562  
      7,330,944  
UNITED STATES (49.9%)  
Communication Services (2.4%)  
Alphabet, Inc., Class C (a) 1,000     2,410,120  
Cineworld Group PLC (a) 485,000     648,317  
      3,058,437  

 

  Shares or
Principal
Amount		     Value  
Consumer Discretionary (7.6%)  
Aptiv PLC (a) 9,300     $    1,338,177  
Genuine Parts Co. 13,000     1,624,610  
Las Vegas Sands Corp. (a) 21,000     1,286,460  
Lowe's Cos., Inc. 10,000     1,962,500  
Target Corp. 10,200     2,114,052  
TJX Cos., Inc. (The) 20,100     1,427,100  
      9,752,899  
Consumer Staples (4.3%)  
Coca-Cola Co. (The) 24,900     1,344,102  
Kraft Heinz Co. (The) 31,000     1,279,990  
Mondelez International, Inc., Class A 25,600     1,556,736  
PepsiCo, Inc. 9,200     1,326,272  
      5,507,100  
Energy (1.1%)  
Williams Cos., Inc. (The) 57,900     1,410,444  
Financials (7.2%)  
Bank of America Corp. 44,500     1,803,585  
Blackstone Group, Inc. (The), Class A 16,100     1,424,689  
Charles Schwab Corp. (The) 23,400     1,647,360  
Goldman Sachs Group, Inc. (The) 5,200     1,811,940  
Huntington Bancshares, Inc. 75,800     1,161,256  
JPMorgan Chase & Co. 9,400     1,445,814  
      9,294,644  
Health Care (6.4%)  
AbbVie, Inc. 19,103     2,129,985  
Bristol-Myers Squibb Co. 22,200     1,385,724  
Eli Lilly & Co. 7,300     1,334,221  
Medtronic PLC 13,600     1,780,512  
UnitedHealth Group, Inc. 3,900     1,555,320  
      8,185,762  
Industrials (4.6%)  
Aerojet Rocketdyne Holdings, Inc. 26,300     1,228,736  
FedEx Corp. 6,300     1,828,953  
Lockheed Martin Corp. 3,500     1,331,960  
Norfolk Southern Corp. 5,600     1,563,744  
      5,953,393  
Information Technology (11.1%)  
Apple, Inc. 29,400     3,864,924  
Avast PLC (b) 235,800     1,555,646  
Broadcom, Inc. 4,400     2,007,280  
Cisco Systems, Inc. 26,800     1,364,388  
Fidelity National Information Services, Inc. 9,700     1,483,130  
Intel Corp. 22,800     1,311,684  
Microsoft Corp. 10,800     2,723,544  
      14,310,596  

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

 

82021 Semi-Annual Report  

 

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Dynamic Dividend Fund

 

   Shares or
Principal
Amount		   Value 
COMMON STOCKS (continued)          
UNITED STATES (continued)          
Real Estate (2.5%)          
American Tower Corp., REIT   6,000   $1,528,620 
Digital Realty Trust, Inc.   7,700    1,188,187 
GEO Group, Inc. (The), REIT   80,000    440,800 
         3,157,607 
Utilities (2.7%)          
CMS Energy Corp.   11,300    727,607 
FirstEnergy Corp.   31,100    1,179,312 
NextEra Energy, Inc.   19,500    1,511,445 
         3,418,364 
         64,049,246 
Total Common Stocks        124,476,509 
PREFERRED STOCKS (1.9%)          
SOUTH KOREA (1.9%)          
Information Technology (1.9%)          
Samsung Electronics Co. Ltd.   36,800    2,416,081 
Total Preferred Stocks        2,416,081 
   Shares or
Principal
Amount		   Value 
SHORT-TERM INVESTMENT (0.1%)                
UNITED STATES (0.1%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c)   77,805   $77,805 
Total Short-Term Investment        77,805 
Total Investments
(Cost $93,486,521) (d)—98.9%		        126,970,395 
Other Assets in Excess of Liabilities—1.1%        1,434,060 
Net Assets—100.0%       $128,404,455 

 

(a)Non-income producing security.
(b)Denotes a security issued under Regulation S or Rule 144A.
(c)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(d)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
ADRAmerican Depositary Receipt
PLCPublic Limited Company
REITReal Estate Investment Trust

 

 

 

At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:

 

Sale Contracts
Settlement Date		 Counterparty Amount
Purchased		 Amount
Sold		 Fair Value Unrealized
Depreciation		  
United States Dollar/Euro  
07/14/2021 State Street Bank and Trust USD3,097,373 EUR2,600,000 $3,130,421 $(33,048)  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

  2021 Semi-Annual Report  9

  

 

 

 

Aberdeen Emerging Markets Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		       Six
Month†		   1 Yr.   5 Yr.   10 Yr.
Class A   w/o SC   24.28%   62.14%   11.77%   4.89%
    w/SC2   17.17%   52.76%   10.46%   4.27%
Class C   w/o SC   23.96%   61.41%   11.18%   4.34%
    w/SC3   22.96%   60.41%   11.18%   4.34%
Class R4   w/o SC   24.20%   61.96%   11.59%   4.66%
Institutional Service Class4   w/o SC   24.53%   62.78%   12.15%   5.07%
Institutional Class4   w/o SC   24.61%   63.00%   12.31%   5.27%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not Annualized
1Returns before the first offering of Class A, Class C and Class R (May 21, 2012) are based on the previous performance of the Institutional Class. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Class A, Class C and Class R would have produced because all classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses of the classes.
2A 5.75% front-end sales charge was deducted.
3A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4Not subject to any sales charges.

 

Performance of a $1,000,000* Investment (as of April 30, 2021)

 

*  Minimum Initial Investment

 

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Emerging Markets Fund, Morgan Stanley

 

Capital International (MSCI) Emerging Markets Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets (EM) countries. With 1,424 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

102021 Semi-Annual Report  

 

 

 

 

 

Aberdeen Emerging Markets Fund (Unaudited)

 

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

Asset Allocation
Common Stocks   88.0%
Preferred Stocks   10.7%
Short-Term Investment   1.7%
Liabilities in Excess of Other Assets   (0.4%)
    100.0%

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors
Information Technology   27.2%*
Consumer Discretionary   19.9%
Financials   17.5%
Materials   10.1%
Industrials   5.3%
Communication Services   5.2%
Consumer Staples   5.0%
Energy   2.6%
Health Care   2.6%
Real Estate   2.3%
Other   2.3%
    100.0%

 

*As of April 30, 2021, the Fund's holdings in the Information Technology sector were allocated to four industries: Semiconductors & Semiconductor Equipment (13.3%), Technology Hardware, Storage & Peripherals (9.2%), Electronic Equipment Instruments & Components (2.5%) and Information Technology Services (2.2%).

 

Top Holdings*
Taiwan Semiconductor Manufacturing Co. Ltd.   9.2%
Samsung Electronics Co. Ltd.   9.2%
Alibaba Group Holding Ltd.   5.0%
Tencent Holdings Ltd.   4.4%
Naspers Ltd., N Shares   3.1%
Housing Development Finance Corp. Ltd.   2.6%
LONGi Green Energy Technology Co. Ltd., A Shares   2.6%
Vale SA, ADR   2.5%
LG Chem Ltd.   2.4%
Tata Consultancy Services Ltd.   2.2%
Other   56.8%
    100.0%

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries
China   34.7%
South Korea   13.0%
India   10.3%
Taiwan   10.2%
Brazil   6.0%
South Africa   4.3%
Russia   4.2%
Mexico   4.0%
Hong Kong   4.0%
Indonesia   1.9%
Other   7.4%
    100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 11

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Fund

 

  Shares or
Principal
Amount		   Value  
COMMON STOCKS (88.0%)  
BRAZIL (4.5%)  
Consumer Discretionary (1.0%)  
MercadoLibre, Inc. (a) 33,991   $ 53,399,181  
Industrials (1.0%)  
Rumo SA (a) 6,312,472     23,241,583  
WEG SA 4,462,023     28,758,098  
      51,999,681  
Materials (2.5%)  
Vale SA, ADR 6,775,108     136,315,173  
      241,714,035  
CHINA (34.7%)  
Communication Services (4.7%)  
Autohome, Inc., ADR 171,561     15,908,852  
Tencent Holdings Ltd. 2,948,400     235,199,738  
      251,108,590  
Consumer Discretionary (13.7%)  
Alibaba Group Holding Ltd. (a) 9,271,800     268,026,369  
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect) (b) 1,828,403     87,742,515  
Li Ning Co. Ltd. 6,587,500     53,462,052  
Meituan, B Shares (a)(c) 2,585,800     98,969,642  
Midea Group Co. Ltd., A Shares (Stock Connect) (b) 5,054,316     62,424,599  
New Oriental Education & Technology Group, Inc., ADR (a) 3,028,040     46,207,890  
Prosus NV (a) 377,950     41,019,517  
Shenzhou International Group Holdings Ltd. 3,322,600     73,093,850  
      730,946,434  
Consumer Staples (1.1%)  
Kweichow Moutai Co. Ltd., A Shares (Stock Connect) (b) 188,815     58,332,785  
Financials (3.1%)  
China Merchants Bank Co. Ltd., H Shares 11,508,500     92,441,002  
Ping An Insurance Group Co. of China Ltd., H Shares 6,745,500     73,541,221  
      165,982,223  
Health Care (2.6%)  
Hangzhou Tigermed Consulting Co. Ltd., A Shares (b) 1,234,495     29,720,490  
Hangzhou Tigermed Consulting Co. Ltd., H Shares (a)(c) 200,700     3,932,755  
Wuxi Biologics Cayman, Inc. (a)(c) 7,381,500     103,619,973  
      137,273,218  
Industrials (3.8%)  
China Conch Venture Holdings Ltd. 7,463,500     35,215,047  
NARI Technology Co. Ltd., A Shares (Stock Connect) (b) 14,054,314     69,212,898  

 

  Shares or
Principal
Amount		   Value  
Shanghai International Airport Co. Ltd., A Shares (Stock Connect) (b) 5,370,772   $ 40,693,638  
Sungrow Power Supply Co. Ltd., A Shares (b) 2,594,877     35,795,877  
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares 13,016,800     21,447,422  
      202,364,882  
Information Technology (2.6%)  
LONGi Green Energy Technology Co. Ltd., A Shares (b) 8,937,299     136,338,709  
Materials (0.5%)  
Yunnan Energy New Material Co. Ltd., A Shares (b) 1,261,275     26,093,409  
Real Estate (1.6%)  
China Resources Land Ltd. 18,686,000     87,489,169  
Utilities (1.0%)  
China Resources Gas Group Ltd. 10,320,000     55,837,165  
      1,851,766,584  
HONG KONG (4.0%)  
Consumer Staples (0.9%)  
Budweiser Brewing Co. APAC Ltd. (c) 15,046,100     47,411,826  
Financials (3.1%)  
AIA Group Ltd. 7,076,000     89,812,631  
Hong Kong Exchanges & Clearing Ltd. 1,233,565     74,397,569  
      164,210,200  
      211,622,026  
INDIA (10.3%)  
Consumer Staples (1.8%)  
Hindustan Unilever Ltd. 1,471,531     46,598,992  
ITC Ltd. 18,918,245     51,608,172  
      98,207,164  
Financials (5.1%)  
Housing Development Finance Corp. Ltd. 4,216,682     138,063,533  
Kotak Mahindra Bank Ltd. (a) 2,690,777     63,171,306  
SBI Life Insurance Co. Ltd. (c) 5,582,446     69,884,699  
      271,119,538  
Information Technology (2.2%)  
Tata Consultancy Services Ltd. 2,822,297     115,663,894  
Materials (1.2%)  
UltraTech Cement Ltd. 748,488     63,076,966  
      548,067,562  
INDONESIA (1.9%)  
Financials (1.9%)  
Bank Central Asia Tbk PT 26,294,600     58,209,934  
Bank Rakyat Indonesia Persero Tbk PT 158,554,800     44,369,175  
      102,579,109  

 

 

 

See accompanying Notes to Financial Statements.

 

12 2021 Semi-Annual Report  

 

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Fund

 

  Shares or
Principal
Amount		   Value  
COMMON STOCKS (continued)  
MACAU (1.4%)  
Consumer Discretionary (1.4%)  
Sands China Ltd. (a) 15,761,600   $ 74,584,829  
MEXICO (4.0%)  
Consumer Staples (1.2%)  
Fomento Economico Mexicano SAB de CV, ADR 822,096     63,712,440  
Financials (1.3%)  
Grupo Financiero Banorte SAB de CV, Class O 11,847,619     67,271,221  
Industrials (0.5%)  
Grupo Aeroportuario del Sureste SAB de CV, Class B (a) 1,676,167     28,384,871  
Materials (1.0%)  
Grupo Mexico SAB de CV, Class B 11,632,300     52,760,810  
      212,129,342  
NETHERLANDS (1.6%)  
Information Technology (1.6%)  
ASML Holding NV 127,000     82,440,968  
PHILIPPINES (1.1%)  
Financials (0.4%)  
Bank of the Philippine Islands 13,044,794     22,423,847  
Real Estate (0.7%)  
Ayala Land, Inc. 57,213,500     38,170,247  
      60,594,094  
POLAND (0.7%)  
Consumer Discretionary (0.7%)  
Allegro.eu SA (a)(c) 2,562,219     39,282,583  
RUSSIA (4.2%)  
Communication Services (0.5%)  
Yandex N.V., Class A (a) 410,630     26,916,796  
Energy (2.6%)  
LUKOIL PJSC, ADR 770,958     59,548,796  
Novatek PJSC 4,489,295     80,801,164  
      140,349,960  
Financials (1.1%)  
Sberbank of Russia PJSC 14,593,556     57,511,958  
      224,778,714  
SOUTH AFRICA (4.3%)  
Consumer Discretionary (3.1%)  
Naspers Ltd., N Shares 723,940     164,754,256  
Materials (1.2%)  
Anglo American Platinum Ltd. 453,720     61,960,312  
      226,714,568  

 

  Shares or
Principal
Amount		   Value  
SOUTH KOREA (3.8%)  
Information Technology (1.4%)  
Samsung SDI Co. Ltd. 133,408   $ 77,867,592  
Materials (2.4%)  
LG Chem Ltd. 151,632     126,580,493  
      204,448,085  
TAIWAN (10.2%)  
Communication Services (0.0%)  
Sea Ltd., ADR (a) 3,689     931,620  
Information Technology (10.2%)  
Hon Hai Precision Industry Co. Ltd. 12,390,000     50,935,862  
Taiwan Semiconductor Manufacturing Co. Ltd. 23,322,017     491,152,510  
      542,088,372  
      543,019,992  
UNITED KINGDOM (1.3%)  
Materials (1.3%)  
Mondi PLC 2,563,640     69,764,948  
Total Common Stocks     4,693,507,439  
PREFERRED STOCKS (10.7%)  
BRAZIL (1.5%)  
Financials (1.5%)  
Banco Bradesco SA, ADR, Preferred Shares, 1.94% 18,572,657     80,791,060  
SOUTH KOREA (9.2%)  
Information Technology (9.2%)  
Samsung Electronics Co. Ltd. 7,473,964     490,698,290  
Total Preferred Stocks     571,489,350  
SHORT-TERM INVESTMENT (1.7%)  
UNITED STATES (1.7%)  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (d) 92,841,462     92,841,462  
Total Short-Term Investment     92,841,462  
Total Investments
(Cost $3,721,712,782) (e)—100.4%		     5,357,838,251  
Liabilities in Excess of Other Assets—(0.4)%     (23,075,786)  
Net Assets—100.0%   $ 5,334,762,465  

 

(a)Non-income producing security.
(b)China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(c)Denotes a security issued under Regulation S or Rule 144A.
(d)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(e)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
ADRAmerican Depositary Receipt
PLCPublic Limited Company

 

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 13

 

 

 

 

Aberdeen Emerging Markets Sustainable Leaders Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		   Six
Month†		 1 Yr. 5 Yr. 10 Yr.
Class A w/o SC 22.57% 42.28% 10.72% 4.55%
  w/SC2 15.52% 34.07% 9.41% 3.93%
Class C w/o SC 22.18% 41.39% 9.98% 3.84%
  w/SC3 21.18% 40.39% 9.98% 3.84%
Class R4 w/o SC 22.43% 41.95% 10.42% 4.28%
Institutional Service Class4 w/o SC 22.76% 42.63% 11.08% 4.82%
Institutional Class4 w/o SC 22.79% 42.77% 11.14% 4.91%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen International Equity Fund to Aberdeen Emerging Markets Sustainable Leaders Fund. Please consult the Fund's prospectus for more detail.
2A 5.75% front-end sales charge was deducted.
3A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4Not subject to any sales charges.

 

Performance of a $10,000 Investment (as of April 30, 2021) 

 

 

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Emerging Markets Sustainable Leaders Fund, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net Dividends), the MSCI All Country World ex-US Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ending April 30, 2021. Effective December 1, 2020, the MSCI Emerging Markets Index (Net Dividends) replaced the MSCI All Country Word ex U.S. Index (Net Dividends) as the Fund's primary benchmark in connection with the Fund's change in investment strategy. Unlike the Fund, the returns for these unmanaged indexes do 

not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets (EM) countries. With 1,424 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

 

The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries. With 2,359 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway,Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India,Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

14 2021 Semi-Annual Report  

 

 

 

 

 

Aberdeen Emerging Markets Sustainable Leaders Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

Asset Allocation  
Common Stocks 88.6%  
Preferred Stocks 10.2%  
Short-Term Investment 2.1%  
Liabilities in Excess of Other Assets (0.9%)  
 

100.0%

  

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors  
Information Technology 31.0%*  
Financials 18.9%  
Consumer Discretionary 17.8%  
Industrials 8.8%  
Communication Services 5.2%  
Materials 4.5%  
Health Care 4.4%  
Consumer Staples 3.4%  
Real Estate 3.4%  
Utilities 1.4%  
Other 1.2%  
  100.0%  

 

* As of April 30, 2021, the Fund's holdings in the Information Technology sector were allocated to Five industries: Semiconductors & Semiconductor Equipment (12.8%), Technology Hardware, Storage & Peripherals (8.7%), Electronic Equipment Instruments & Components (4.6%), Information Technology Services (2.9%) and Software (2.0%).

 

 

Top Holdings*  
Samsung Electronics Co. Ltd. 8.7%  
Taiwan Semiconductor Manufacturing Co. Ltd. 8.2%  
Alibaba Group Holding Ltd. 5.9%  
Tencent Holdings Ltd. 4.9%  
Naspers Ltd., N Shares 3.8%  
Housing Development Finance Corp. Ltd. 2.7%  
LONGi Green Energy Technology Co. Ltd., A Shares 2.4%  
Sberbank of Russia PJSC, ADR 2.4%  
Samsung SDI Co. Ltd. 2.2%  
Wuxi Biologics Cayman, Inc. 2.1%  
Other 56.7%  
  100.0%  

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries  
China 32.3%  
South Korea 12.9%  
Taiwan 10.6%  
India 10.1%  
Brazil 6.4%  
Mexico 4.0%  
South Africa 3.8%  
Russia 3.4%  
Hong Kong 3.4%  
United States 2.1%  
Other 11.0%  
  100.0%  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 15

 

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Sustainable Leaders Fund

 

  Shares or
Principal
Amount		     Value
COMMON STOCKS (88.6%)        
BRAZIL (4.9%)
Consumer Discretionary (1.0%)
MercadoLibre, Inc. (a) 1,505   $ 2,364,325  
Health Care (0.5%)
Notre Dame Intermedica Participacoes SA 78,800     1,178,943  
Industrials (2.2%)
Rumo SA (a) 747,900     2,753,656  
WEG SA 335,080     2,159,618  
    4,913,274  
Real Estate (1.2%)
Multiplan Empreendimentos Imobiliarios SA 630,800     2,674,372  
    11,130,914  
CHILE (0.6%)
Financials (0.6%)
Banco Santander Chile, ADR 65,300     1,452,272  
CHINA (32.3%)
Communication Services (5.2%)
Autohome, Inc., ADR 7,301     677,021  
Tencent Holdings Ltd. 140,600     11,215,942  
    11,892,963  
Consumer Discretionary (10.6%)
Alibaba Group Holding Ltd. (a) 465,700     13,462,314  
Meituan, B Shares (a)(b) 94,400     3,613,092  
Midea Group Co. Ltd., A Shares (Stock Connect) (c) 231,729     2,862,027  
New Oriental Education & Technology Group, Inc., ADR (a) 120,000     1,831,200  
Zhongsheng Group Holdings Ltd. 313,000     2,367,513  
    24,136,146  
Financials (3.2%)
China Merchants Bank Co. Ltd., H Shares 491,000     3,943,914  
Ping An Insurance Group Co. of China Ltd.,
H Shares		 314,500     3,428,762  
    7,372,676  
Health Care (3.1%)
Hangzhou Tigermed Consulting Co. Ltd.,
H Shares (a)(b)		 116,500     2,282,840  
Wuxi Biologics Cayman, Inc. (a)(b) 335,000     4,702,661  
    6,985,501  
Industrials (4.8%)
Centre Testing International Group Co. Ltd.,
A Shares (c)		 556,580     2,807,449  
China Conch Venture Holdings Ltd. 728,500     3,437,283  
Sungrow Power Supply Co. Ltd., A Shares (c) 180,642     2,491,925  
Xinjiang Goldwind Science & Technology Co. Ltd.,
H Shares		 1,371,800     2,260,277  
    10,996,934  

 

  Shares or
Principal
Amount		   Value
Information Technology (4.3%)
GDS Holdings Ltd., ADR (a) 25,500   $ 2,115,735  
Glodon Co. Ltd., A Shares (c) 188,093     2,114,681  
LONGi Green Energy Technology Co. Ltd., A Shares (c) 360,804     5,504,074  
    9,734,490  
Real Estate (1.1%)
China Vanke Co. Ltd., H Shares 686,200     2,399,577  
    73,518,287  
HONG KONG (3.4%)
Financials (3.4%)
AIA Group Ltd. 288,500     3,661,807  
Hong Kong Exchanges & Clearing Ltd. 66,300     3,998,621  
    7,660,428  
INDIA (10.1%)
Consumer Staples (1.0%)
Hindustan Unilever Ltd. 69,000     2,185,024  
Financials (3.9%)
Housing Development Finance Corp. Ltd. 188,300     6,165,360  
Kotak Mahindra Bank Ltd. (a) 118,400     2,779,674  
    8,945,034  
Health Care (0.8%)
Syngene International Ltd. (a)(b) 257,300     1,923,870  
Information Technology (2.0%)
Tata Consultancy Services Ltd. 109,300     4,479,353  
Materials (1.0%)
Asian Paints Ltd. 67,100     2,287,615  
Utilities (1.4%)
Power Grid Corp. of India Ltd. 1,081,200     3,212,288  
    23,033,184  
INDONESIA (1.8%)
Consumer Discretionary (0.7%)
Ace Hardware Indonesia Tbk PT 16,492,300     1,689,067  
Financials (1.1%)
Bank Central Asia Tbk PT 1,083,400     2,398,388  
    4,087,455  
KAZAKHSTAN (1.1%)
Financials (1.1%)
Kaspi.KZ JSC., GDR (b)(f) 30,177     2,565,045  
MEXICO (4.0%)
Consumer Staples (1.4%)
Arca Continental SAB de CV 587,300     3,159,887  
Financials (1.7%)
Grupo Financiero Banorte SAB de CV, Class O 706,500     4,011,533  

 

 

 

See accompanying Notes to Financial Statements.

 

16 2021 Semi-Annual Report  

 

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Sustainable Leaders Fund

 

  Shares or
Principal
Amount		    Value
COMMON STOCKS (continued)      
MEXICO (continued)
Industrials (0.9%)
Grupo Aeroportuario del Centro Norte
    SAB de CV, ADR (a)		 39,500   $ 1,964,335  
    9,135,755  
NETHERLANDS (2.1%)
Information Technology (2.1%)
ASM International NV 6,856     2,079,952  
ASML Holding NV 4,027     2,614,093  
    4,694,045  
PHILIPPINES (1.1%)
Real Estate (1.1%)
Ayala Land, Inc. 3,750,500     2,502,163  
POLAND (1.6%)
Consumer Discretionary (0.7%)
Allegro.eu SA (a)(b) 108,570     1,664,538  
Industrials (0.9%)
InPost SA (a) 100,445     1,914,045  
    3,578,583  
RUSSIA (3.4%)
Consumer Staples (1.0%)
X5 Retail Group, GDR 76,300     2,342,410  
Financials (2.4%)
Sberbank of Russia PJSC, ADR 340,000     5,361,800  
    7,704,210  
SAUDI ARABIA (1.0%)
Consumer Discretionary (1.0%)
Delivery Hero SE (a)(b) 14,200     2,252,698  
SOUTH AFRICA (3.8%)
Consumer Discretionary (3.8%)
Naspers Ltd., N Shares 38,040     8,657,143  
SOUTH KOREA (4.2%)
Information Technology (2.2%)
Samsung SDI Co. Ltd. 8,650     5,048,833  
Materials (2.0%)
LG Chem Ltd. 5,460     4,557,939  
    9,606,772  
TAIWAN (10.6%)
Communication Services (0.0%)
Sea Ltd., ADR (a) 158     39,901  

 

  Shares or
Principal
Amount		   Value
Information Technology (10.6%)
Chroma ATE, Inc. 459,000   $ 3,171,824  
Hon Hai Precision Industry Co. Ltd. 524,000     2,154,188  
Taiwan Semiconductor Manufacturing Co. Ltd. 887,000     18,679,871  
    24,005,883  
    24,045,784  
TURKEY (1.1%)
Information Technology (1.1%)
Logo Yazilim Sanayi Ve Ticaret AS 129,700     2,535,743  
UNITED KINGDOM (1.5%)
Materials (1.5%)
Mondi PLC 128,000     3,483,295  
Total Common Stocks   201,643,776  
PREFERRED STOCKS (10.2%)
BRAZIL (1.5%)
Financials (1.5%)
Banco Bradesco SA, ADR, Preferred Shares, 1.94% 764,401     3,325,144  
SOUTH KOREA (8.7%)
Information Technology (8.7%)
Samsung Electronics Co. Ltd. 301,700     19,807,919  
Total Preferred Stocks   23,133,063  
SHORT-TERM INVESTMENT (2.1%)
UNITED STATES (2.1%)
State Street Institutional U.S. Government
Money Market Fund, Premier Class, 0.03% (d)		 4,848,528     4,848,528  
Total Short-Term Investment   4,848,528  
Total Investments
(Cost $207,679,946) (e)—100.9%		   229,625,367  
Liabilities in Excess of Other Assets—(0.9)%   (2,108,484 )
Net Assets—100.0% $ 227,516,883  

 

(a) Non-income producing security.
(b) Denotes a security issued under Regulation S or Rule 144A.
(c) China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(d) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(e) See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
(f) Illiquid security.

ADR American Depositary Receipt
GDR Global Depositary Receipt
PLC Public Limited Company

 

 

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 17

 

 

 

 

 

Aberdeen Global Equity Fund (Unaudited)

 

 

Average Annual Total Return
(For periods ended April 30, 2021)		   Six
Month†		 1 Yr. 5 Yr. 10 Yr.
Class A w/o SC 27.10% 43.50% 11.81% 6.32%
  w/SC1 19.76% 35.29% 10.49% 5.69%
Class C w/o SC 26.65% 42.44% 11.08% 5.63%
  w/SC2 25.65% 41.44% 11.08% 5.63%
Class R3 w/o SC 26.87% 42.95% 11.40% 5.99%
Institutional Service Class3,4 w/o SC 27.22% 43.84% 12.10% 6.64%
Institutional Class3 w/o SC 27.27% 43.89% 12.16% 6.67%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1A 5.75% front-end sales charge was deducted.
2A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
3Not subject to any sales charges.
4Returns before the first offering of the Institutional Service Class (December 19, 2011) are based on the previous performance of the Fund's Class A shares. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what the Institutional Service Class would have produced because both classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses of the classes.

 

Performance of a $10,000 Investment (as of April 30, 2021)

 

 

 

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Global Equity Fund, Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended

 

April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

 

The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With 2,986 constituents, the index covers approximately 85% of the global investable equity opportunity set. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

18 2021 Semi-Annual Report  

 

 

 

 

Aberdeen Global Equity Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

April 30, 2021 (Unaudited)

 

 

Asset Allocation  
Common Stocks 98.2%
Short-Term Investment 1.8%
Other Assets in Excess of Liabilities –%
  100.0%

 

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

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors
Information Technology 20.1%
Consumer Staples 19.0%
Health Care 17.2%
Consumer Discretionary 12.4%
Financials 12.1%
Communication Services 6.4%
Materials 5.1%
Industrials 4.9%
Real Estate 1.0%
Other 1.8%
  100.0%

 

Top Holdings*
Microsoft Corp. 4.1%
Visa, Inc., Class A 3.7%
Alphabet, Inc., Class A 3.6%
AIA Group Ltd. 3.4%
Diageo PLC 3.1%
Amazon.com, Inc. 3.1%
Nestle SA 3.1%
Intercontinental Exchange, Inc. 3.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR 2.9%
Boston Scientific Corp. 2.9%
Other 67.1%
  100.0%

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 
Top Countries
United States 47.3%
United Kingdom 11.8%
Netherlands 5.2%
Switzerland 5.0%
France 4.8%
Japan 4.3%
Hong Kong 3.4%
Australia 3.0%
Taiwan 2.9%
China 2.8%
Other 9.5%
  100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 19

 

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Global Equity Fund

 

   Shares or
Principal
Amount		   Value 
COMMON STOCKS (98.2%)          
AUSTRALIA (3.0%)          
Health Care (2.0%)          
CSL Ltd.   2,800   $584,905 
Real Estate (1.0%)          
Goodman Group, REIT   21,200    309,150 
         894,055 
BRAZIL (1.1%)          
Consumer Staples (1.1%)          
Raia Drogasil SA   66,500    321,969 
CHINA (2.8%)          
Communication Services (2.8%)          
Tencent Holdings Ltd.   10,700    853,560 
DENMARK (2.7%)          
Health Care (2.7%)          
Genmab AS (a)   1,400    513,747 
Novo Nordisk AS, Class B   4,200    309,823 
         823,570 
FRANCE (4.8%)          
Consumer Discretionary (2.8%)          
LVMH Moet Hennessy Louis Vuitton SE   1,100    828,685 
Industrials (2.0%)          
Schneider Electric SE   3,800    606,312 
         1,434,997 
HONG KONG (3.4%)          
Financials (3.4%)          
AIA Group Ltd.   81,100    1,029,367 
INDIA (1.8%)          
Financials (1.8%)          
Housing Development Finance Corp. Ltd.   16,300    533,698 
JAPAN (4.3%)          
Information Technology (2.9%)          
Keyence Corp.   1,800    864,095 
Materials (1.4%)          
Shin-Etsu Chemical Co. Ltd.   2,600    438,885 
         1,302,980 
NETHERLANDS (5.2%)          
Consumer Staples (2.6%)          
Heineken NV   6,900    800,396 
Information Technology (2.6%)          
ASML Holding NV   1,200    778,970 
         1,579,366 

 

 

   Shares or
Principal
Amount		   Value 
SINGAPORE (2.0%)          
Financials (2.0%)          
Oversea-Chinese Banking Corp. Ltd.   67,017   $612,638 
SWEDEN (1.9%)          
Industrials (1.9%)          
Atlas Copco AB, A Shares   9,400    570,016 
SWITZERLAND (5.0%)          
Consumer Staples (3.0%)          
Nestle SA   7,700    918,846 
Health Care (2.0%)          
Roche Holding AG   1,800    587,080 
         1,505,926 
TAIWAN (2.9%)          
Information Technology (2.9%)          
Taiwan Semiconductor Manufacturing Co. Ltd., ADR   7,600    887,224 
UNITED KINGDOM (11.8%)          
Consumer Staples (3.1%)          
Diageo PLC   21,100    947,208 
Health Care (6.5%)          
Abcam PLC (a)   24,800    523,340 
AstraZeneca PLC   7,400    787,685 
Dechra Pharmaceuticals PLC   6,100    339,840 
Genus PLC   4,300    301,997 
         1,952,862 
Materials (2.2%)          
Croda International PLC   7,140    667,018 
         3,567,088 
UNITED STATES (45.5%)          
Communication Services (3.6%)          
Alphabet, Inc., Class A (a)   460    1,082,610 
Consumer Discretionary (9.6%)          
Amazon.com, Inc. (a)   270    936,204 
Booking Holdings, Inc. (a)   180    443,894 
NIKE, Inc., Class B   5,700    755,934 
TJX Cos., Inc. (The)   10,800    766,800 
         2,902,832 
Consumer Staples (9.2%)          
Costco Wholesale Corp.   1,690    628,832 
Estee Lauder Cos., Inc. (The), Class A   2,600    815,880 
PepsiCo, Inc.   5,050    728,008 
Procter & Gamble Co. (The)   4,600    613,732 
         2,786,452 

 

 

 

See accompanying Notes to Financial Statements.

 

20 2021 Semi-Annual Report  

 

 

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Global Equity Fund

 

   Shares or
Principal
Amount		   Value 
COMMON STOCKS (continued)          
UNITED STATES (continued)          
Financials (4.9%)          
CME Group, Inc.   2,800   $565,572 
Intercontinental Exchange, Inc.   7,700    906,367 
         1,471,939 
Health Care (4.0%)          
AbbVie, Inc.   2,900    323,350 
Boston Scientific Corp. (a)   20,200    880,720 
         1,204,070 
Industrials (1.0%)          
Deere & Co.   820    304,097 
Information Technology (11.7%)          
Autodesk, Inc. (a)   1,900    554,629 
Fidelity National Information Services, Inc.   4,000    611,600 
Microsoft Corp.   4,900    1,235,682 
Visa, Inc., Class A   4,800    1,121,088 
         3,522,999 
Materials (1.5%)          
Linde PLC   1,600    457,344 
         13,732,343 
Total Common Stocks        29,648,797 

 

 

  Shares or
Principal
Amount		   Value 
SHORT-TERM INVESTMENT (1.8%)          
UNITED STATES (1.8%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (b)   544,482   $544,482 
Total Short-Term Investment        544,482 
Total Investments
(Cost $20,590,893) (c)—100.0%		        30,193,279 
Other Assets in Excess of Liabilities—0.0%       4,679 
Net Assets—100.0%       $30,197,958 

 

(a)Non-income producing security.
(b)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(c)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
ADRAmerican Depositary Receipt
PLCPublic Limited Company
REITReal Estate Investment Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 21

 

 

 

 

 

Aberdeen Global Infrastructure Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		     Six
Month†		   1 Yr.   5 Yr.   10 Yr.  
Class A w/o SC     26.49%     35.69%     10.01%     N.A.  
  w/SC2     19.22%     27.90%     8.72%     N.A.  
Institutional Class3 w/o SC     26.69%     36.02%     10.29%     7.93%  

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail.
2A 5.75% front-end sales charge was deducted.
3Not subject to any sales charges.

 

Performance of a $1,000,000 Investment* (as of April 30, 2021)

 

 

 

*  Minimum Initial Investment

 

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Global Infrastructure Fund, Morgan Stanley Capital International All Country World Index (MSCI ACWI) (Net Dividends), S&P Global Infrastructure Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With 2,986 constituents, the index covers approximately 85% of the global investable equity opportunity set. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

 

S&P Global Infrastructure Index is a total return index that is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. Net Total Return (NTR) indexes include reinvestments of all dividends minus taxes.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

 

22 2021 Semi-Annual Report  

 

 

 

 

Aberdeen Global Infrastructure Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

Asset Allocation
Common Stocks   96.1%
Short-Term Investment   3.7%
Other Assets in Excess of Liabilities   0.2%
    100.0%

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors
Industrials   33.7 %*
Utilities   29.6 %**
Communication Services   16.8 %
Energy   7.4 %
Real Estate   5.8 %
Materials   2.0 %
Consumer Discretionary   0.8 %
Other   3.9 %
    100.0 %

 

*As of April 30, 2021, the Fund's holdings in the Industrials sector were allocated to four industries: Transportation Infrastructure (14.3%), Road & Rail (9.7%), Construction & Engineering (7.5%) and Commercial Services & Supplies (2.2%).
**As of April 30, 2021, the Fund's holdings in the Utilities sector were allocated to five industries: Multi-Utilities (9.6%), Electric Utilities (9.2%), Independent Power & Renewable Electricity Producers (8.1%), Gas Utilities (1.9%) and Water Utilities (0.8%).

 
Top Holdings*
Cellnex Telecom SA   3.5%
Ferrovial SA   3.0%
Enbridge, Inc.   2.7%
EDP Renovaveis SA   2.6%
CCR SA   2.5%
American Tower Corp., REIT   2.5%
Kansas City Southern   2.4%
Kinder Morgan, Inc.   2.4%
Vinci SA   2.4%
Enel SpA   2.4%
Other   73.6%
    100.0%

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries
United States   39.9%
Spain   7.8%
France   6.9%
Brazil   5.9%
Italy   5.9%
Germany   4.9%
China   4.2%
Canada   4.1%
United Kingdom   3.5%
Mexico   3.4%
Other   13.5%
    100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 23

 

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Global Infrastructure Fund

 

   Shares or
Principal
Amount		   Value 
COMMON STOCKS (96.1%)
ARGENTINA (1.6%)
Industrials (1.0%)
Corp. America Airports SA (a)(b)   93,025   $536,754 
Materials (0.6%)          
Loma Negra Cia Industrial Argentina SA, ADR   55,800    326,430 
         863,184 
BRAZIL (5.9%)          
Communication Services (1.0%)          
Telefonica Brasil SA, ADR   63,800    505,934 
Industrials (3.9%)          
CCR SA   592,200    1,312,596 
Rumo SA (a)   210,100    773,557 
         2,086,153 
Utilities (1.0%)          
Omega Geracao SA (a)   74,000    534,016 
         3,126,103 
CANADA (4.1%)          
Energy (2.8%)          
Enbridge, Inc.   37,600    1,450,284 
Industrials (1.3%)          
Canadian Pacific Railway Ltd.   1,900    708,947 
         2,159,231 
CHINA (4.2%)          
Industrials (3.4%)          
China Everbright Environment Group Ltd.   800,333    503,093 
COSCO SHIPPING Ports Ltd.   881,775    740,685 
Zhejiang Expressway Co. Ltd., Class H   626,100    544,239 
         1,788,017 
Utilities (0.8%)          
Beijing Enterprises Water Group Ltd.   1,154,000    440,753 
         2,228,770 
FRANCE (6.9%)          
Industrials (3.7%)          
Eiffage SA (a)   6,000    657,225 
Vinci SA   11,600    1,272,864 
         1,930,089 
Utilities (3.2%)          
Engie SA (a)   50,900    758,178 
Veolia Environnement SA   29,800    950,472 
         1,708,650 
         3,638,739 
GERMANY (4.9%)          
Communication Services (1.1%)          
Vantage Towers AG (a)   19,145    592,920 

   Shares or
Principal
Amount		   Value 
Industrials (1.4%)
Fraport AG Frankfurt Airport Services Worldwide (a)   10,900   $722,955 
Utilities (2.4%)          
RWE AG   32,700    1,241,679 
         2,557,554 
INDONESIA (2.1%)          
Communication Services (2.1%)          
Sarana Menara Nusantara Tbk PT   6,482,600    511,317 
Tower Bersama Infrastructure Tbk PT   3,115,700    600,684 
         1,112,001 
ITALY (5.9%)          
Communication Services (0.9%)          
Infrastrutture Wireless Italiane SpA (c)   43,400    506,368 
Industrials (1.2%)          
Atlantia SpA (a)   32,600    635,544 
Materials (1.4%)          
Buzzi Unicem SpA   27,100    723,079 
Utilities (2.4%)          
Enel SpA   126,200    1,253,081 
         3,118,072 
JAPAN (0.8%)          
Industrials (0.8%)          
East Japan Railway Co.   6,100    417,775 
LUXEMBOURG (1.2%)          
Communication Services (1.2%)          
SES SA, ADR   85,900    651,171 
MALAYSIA (1.1%)          
Industrials (1.1%)          
Malaysia Airports Holdings Bhd   406,900    594,253 
MEXICO (3.4%)          
Industrials (1.5%)          
Promotora y Operadora de Infraestructura
    SAB de CV		   101,700    782,543 
Utilities (1.9%)          
Infraestructura Energetica Nova SAB de CV (a)   232,300    997,685 
         1,780,228 
NETHERLANDS (1.0%)          
Communication Services (1.0%)          
Koninklijke KPN NV   159,100    548,833 
NORWAY (1.0%)          
Communication Services (1.0%)          
Telenor ASA   28,600    509,508 
PHILIPPINES (1.9%)          
Industrials (1.9%)          
International Container Terminal Services, Inc.   370,000    998,205 

 

 

See accompanying Notes to Financial Statements.

 

24 2021 Semi-Annual Report  

 

 

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Global Infrastructure Fund

 

      Shares or
Principal
Amount		       Value  
COMMON STOCKS (continued)
PORTUGAL (2.6%)
Utilities (2.6%)
EDP Renovaveis SA   56,500   $1,346,315 
SPAIN (7.8%)          
Communication Services (3.5%)          
Cellnex Telecom SA (c)   32,214    1,822,154 
Industrials (4.3%)          
Aena SME SA (a)(c)   4,000    695,182 
Ferrovial SA   55,682    1,580,868 
         2,276,050 
         4,098,204 
UNITED KINGDOM (3.5%)          
Communication Services (1.6%)          
Vodafone Group PLC   448,900    847,164 
Utilities (1.9%)          
National Grid PLC, ADR   16,200    1,020,276 
         1,867,440 
UNITED STATES (36.2%)          
Communication Services (3.4%)          
DISH Network Corp., Class A (a)   15,200    680,808 
Shenandoah Telecommunications Co.   5,400    255,204 
T-Mobile US, Inc. (a)   6,400    845,632 
         1,781,644 
Consumer Discretionary (0.8%)          
TravelCenters of America, Inc. (a)   16,100    442,589 
Energy (4.6%)          
Kinder Morgan, Inc.   75,100    1,280,455 
Williams Cos., Inc. (The)   47,600    1,159,536 
         2,439,991 
Industrials (8.2%)          
Dycom Industries, Inc. (a)   4,800    450,288 
Kansas City Southern   4,400    1,285,724 
Norfolk Southern Corp.   4,200    1,172,808 
Union Pacific Corp.   3,300    732,897 
Waste Connections, Inc.   5,700    678,927 
         4,320,644 

    Shares or
Principal
Amount		    Value  
Real Estate (5.8%)          
American Tower Corp., REIT   5,100   $1,299,327 
CoreCivic, Inc., REIT   49,100    381,507 
Crown Castle International Corp., REIT   6,400    1,209,984 
GEO Group, Inc. (The), REIT (b)   27,800    153,178 
         3,043,996 
Utilities (13.4%)          
American Electric Power Co., Inc. (d)   7,900    700,809 
Atlantica Sustainable Infrastructure PLC   25,400    979,170 
Clearway Energy, Inc., Class C   24,500    702,905 
CMS Energy Corp.   16,900    1,088,191 
Evergy, Inc.   14,900    953,153 
FirstEnergy Corp.   24,400    925,248 
NextEra Energy, Inc.   12,800    992,128 
Vistra Corp.   41,400    698,418 
         7,040,022 
         19,068,886 
Total Common Stocks        50,684,472 
SHORT-TERM INVESTMENT (3.7%)          
UNITED STATES (3.7%)          
State Street Institutional U.S. Government
  Money Market Fund, Premier Class, 0.03% (e)		   1,950,101    1,950,101 
Total Short-Term Investment        1,950,101 
Total Investments
  (Cost $41,568,252) (f)—99.8%		        52,634,573 
Other Assets in Excess of Liabilities—0.2%        89,395 
Net Assets—100.0%       $52,723,968 

 

(a)Non-income producing security.
(b)All or a portion of the securities are on loan. The total value of all securities on loan is $686,139. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(c)Denotes a security issued under Regulation S or Rule 144A.
(d)All or a portion of the security has been designated as collateral for unrealized depreciation on forward foreign currency contracts.
(e)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(f)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
ADRAmerican Depositary Receipt
PLCPublic Limited Company
REITReal Estate Investment Trust

 

 

At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:

 

Sale Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value   Unrealized
Depreciation		 
United States Dollar/Hong Kong Dollar
07/14/2021		  Citibank N.A.  USD1,798,586  HKD 14,000,000  $1,802,657   $(4,071)

 

*  Certain contracts with different trade dates and like characteristics have been shown net.

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 25

 

 

 

 

 

 

 

 

Aberdeen International Real Estate Equity Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		     Six
Month†		   1 Yr.   5 Yr.   10 Yr.  
Class A w/o SC   18.90%   21.14%   4.27%   N.A.  
                               w/SC2   12.04%   14.15%   3.04%   N.A.  
Institutional Class3 w/o SC   19.03%   21.47%   4.52%   0.48%  

  

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail.
2A 5.75% front-end sales charge was deducted.
3Not subject to any sales charges.

 

 

Performance of a $1,000,000 Investment* (as of April 30, 2021)

 

 

 

*  Minimum Initial Investment

 

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen International Real Estate Equity Fund, the Morgan Stanley Capital International (MSCI) EAFE Index (Net Dividends), FTSE EPRA/NAREIT Global ex US Index (Net

 

 

 

Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

 

The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, excluding the US and Canada. With 844 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country. Developed Markets countries in the MSCI EAFE Index include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

 

FTSE EPRA/NAREIT Global ex-U.S. Index is a total return index that is designed to represent general trends in eligible real estate equities outside the United States.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

26 2021 Semi-Annual Report  

 

 

 

 

Aberdeen International Real Estate Equity Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

Asset Allocation  
Common Stocks   98.6 %  
Short-Term Investment   – %  
Other Assets in Excess of Liabilities   1.4 %  
    100.0 %  

 

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

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Sub-Industries As a Percentage of
Net Assets		  
Diversified Real Estate Activities   17.8 %  
Real Estate Operating Companies   16.5 %  
Office REITs   15.1 %  
Real Estate Development   13.6 %  
Industrial REITs   9.9 %  
Diversified REITs   8.7 %  
Retail REITs   7.7 %  
Specialized REITs   4.7 %  
Residential REITs   1.6 %  
Hotels, Resorts & Cruise Lines   1.2 %  
Other   3.2 %  
    100.0 %  

 

 

 

Top Holdings*  
Vonovia SE   6.4 %  
Mitsui Fudosan Co. Ltd., REIT   5.0 %  
Sun Hung Kai Properties Ltd.   5.0 %  
Segro PLC   3.0 %  
Nippon Building Fund, Inc., REIT   2.9 %  
Instone Real Estate Group AG   2.6 %  
Link REIT   2.6 %  
Prologis, Inc., REIT   2.5 %  
Tokyu Fudosan Holdings Corp.   2.3 %  
CapitaLand Ltd.   2.2 %  
Other   65.5 %  
    100.0 %  

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries  
Japan   21.8 %  
Hong Kong   13.3 %  
Germany   13.1 %  
China   9.5 %  
United States   7.9 %  
Singapore   6.6 %  
Australia   6.3 %  
United Kingdom   5.4 %  
Sweden   3.9 %  
Canada   3.1 %  
Other   9.1 %  
    100.0 %  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 27

 

 

 

 

 

 

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen International Real Estate Equity Fund

 

 

  Shares or
Principal
Amount		   Value
COMMON STOCKS (98.6%)
AUSTRALIA (6.3%)
Real Estate (6.3%)
Charter Hall Group 24,067   $ 259,978
Dexus, REIT 54,292     426,181
GDI Property Group, REIT 208,372     170,877
Lendlease Corp., Ltd. 15,856     154,940
Mirvac Group, REIT 193,131     400,171
      1,412,147
BRAZIL (0.5%)
Consumer Discretionary (0.5%)
Cyrela Brazil Realty SA Empreendimentos e Participacoes 25,048     108,500
CANADA (3.1%)
Real Estate (3.1%)
Allied Properties Real Estate Investment Trust 9,578     332,345
Canadian Apartment Properties, REIT 8,056     358,117
      690,462
CHINA (9.5%)
Industrials (0.4%)
Times Neighborhood Holdings Ltd. 101,000     77,689
Real Estate (9.1%)
China Overseas Land & Investment Ltd. 50,629     128,135
China Resources Land Ltd. 67,971     318,245
KWG Living Group Holdings Ltd. (a) 155,000     158,846
Logan Group Co., Ltd. 289,273     459,498
Longfor Group Holdings Ltd. (b) 18,068     112,229
Sunac China Holdings Ltd. 103,014     399,567
Times China Holdings Ltd. 324,312     461,591
      2,038,111
      2,115,800
GERMANY (13.1%)
Real Estate (13.1%)
alstria office REIT-AG 14,527     260,103
Deutsche Wohnen SE 5,278     285,533
Instone Real Estate Group AG (a)(b) 19,441     578,046
TAG Immobilien AG 11,839     366,134
Vonovia SE 21,791     1,431,771
      2,921,587
HONG KONG (13.3%)
Real Estate (13.3%)
ESR Cayman Ltd. (a)(b)(c) 115,549     394,623
Link REIT 60,461     570,332
Shimao Group Holdings Ltd. 161,704     467,089
Sino Land Co. Ltd. 30,000     44,569
Sun Hung Kai Properties Ltd. 73,811     1,110,291
Swire Properties Ltd. 132,000     393,908
      2,980,812

 

 

 

  Shares or
Principal
Amount		   Value
JAPAN (21.8%)
Real Estate (21.8%)
Canadian Solar Infrastructure
    Fund, Inc., UNIT		 137   $ 161,833
CRE Logistics REIT, Inc., REIT 207     342,556
Daiwa Office Investment Corp., REIT 43     310,726
Invincible Investment Corp., REIT 607     218,137
Japan Excellent, Inc. 233     325,813
Kenedix Retail REIT Corp., REIT 90     230,523
LaSalle Logiport REIT 70     113,599
Mitsui Fudosan Co. Ltd., REIT 51,850     1,127,182
Mitsui Fudosan Logistics Park, Inc., REIT 46     238,086
Nippon Building Fund, Inc., REIT 100     656,299
Sankei Real Estate, Inc., REIT 170     189,621
Tokyu Fudosan Holdings Corp. 92,600     515,405
United Urban Investment Corp. 302     450,845
      4,880,625
MEXICO (2.2%)
Real Estate (2.2%)
Corp Inmobiliaria Vesta SAB de CV, REIT 111,276     217,861
Prologis Property Mexico SA de CV, REIT 124,330     268,214
      486,075
NETHERLANDS (0.8%)
Real Estate (0.8%)
Unibail-Rodamco-Westfield (a) 2,214     182,327
PHILIPPINES (1.1%)
Real Estate (1.1%)
Ayala Land, Inc. 279,392     186,398
Megaworld Corp. 1,019,705     66,576
      252,974
SINGAPORE (6.6%)
Real Estate (6.6%)
Ascendas India Trust, UNIT 226,500     241,328
CapitaLand Integrated Commercial Trust, REIT 270,600     436,576
CapitaLand Ltd. 173,600     483,938
Lendlease Global Commercial REIT 499,800     305,606
      1,467,448
SOUTH KOREA (0.7%)
Real Estate (0.7%)
ESR Kendall Square REIT Co. Ltd. (a) 27,246     157,805
SPAIN (2.4%)
Real Estate (2.4%)
Inmobiliaria Colonial Socimi SA, REIT 38,748     393,078
Merlin Properties Socimi SA 13,161     145,460
      538,538

 

 

 

See accompanying Notes to Financial Statements.

 

28 2021 Semi-Annual Report  

 

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen International Real Estate Equity Fund

 

 

 

   Shares or
Principal
Amount		   Value 
COMMON STOCKS (continued)          
SWEDEN (3.9%)          
Consumer Discretionary (1.2%)          
Pandox AB (a)   15,009   $262,062 
Real Estate (2.7%)          
Catena AB   2,557    123,900 
Fabege AB   14,578    217,347 
Kungsleden AB   21,952    255,228 
         596,475 
         858,537 
UNITED KINGDOM (5.4%)          
Real Estate (5.4%)          
Land Securities Group PLC   24,390    243,050 
LondonMetric Property PLC, REIT   92,414    287,948 
Segro PLC   48,743    677,166 
South Asian Real Estate Pvt. Ltd. (a)(b)(c)(d)   2,000,000    – 
         1,208,164 
UNITED STATES (7.9%)          
Real Estate (7.9%)          
Alexandria Real Estate Equities, Inc.   1,775    321,452 
Digital Realty Trust, Inc.   2,721    419,878 
Equinix, Inc., REIT   650    468,494 
Prologis, Inc., REIT   4,834    563,306 
         1,773,130 
Total Common Stocks        22,034,931 

 

   Shares or
Principal
Amount		   Value 
SHORT-TERM INVESTMENT (0.0%)          
UNITED STATES (0.0%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (e)   2,841   $2,841 
Total Short-Term Investment        2,841 
Total Investments
(Cost $31,713,002) (f)—98.6%		        22,037,772 
Other Assets in Excess of Liabilities—1.4%        322,558 
Net Assets—100.0%       $22,360,330 

 

(a)Non-income producing security.
(b)Denotes a security issued under Regulation S or Rule 144A.
(c)Illiquid security.
(d)Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 2(a) of the accompanying Notes to Financial Statements for inputs used.
(e)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(f)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
PLCPublic Limited Company
REITReal Estate Investment Trust

 

At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:

 

Sale Contracts
Settlement Date*		   Counterparty   Amount
Purchased		   Amount
Sold		   Fair Value   Unrealized
Appreciation		  
United States Dollar/Japanese Yen  
05/06/2021   Societe Generale   USD61,786   JPY6,732,433   $61,602   $184  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 29

 

 

 

 

Aberdeen International Small Cap Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		   Six
Month†		 1 Yr. 5 Yr. 10 Yr.
Class A w/o SC 24.78% 58.57% 14.51% 9.65%
  w/SC2 17.61% 49.44% 13.16% 9.01%
Class C w/o SC 24.41% 57.53% 13.77% 8.91%
  w/SC3 23.41% 56.53% 13.77% 8.91%
Class R4 w/o SC 24.58% 58.09% 14.15% 9.33%
Institutional Class4 w/o SC 24.99% 59.16% 14.90% 10.01%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1The Fund changed its investment strategy effective February 29, 2016. Performance information for periods prior to February 29, 2016 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail.
2A 5.75% front-end sales charge was deducted.
3A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4Not subject to any sales charges.

 

Performance of a $10,000 Investment (as of April 30, 2021)

 

 

 

Comparative performance of $10,000 invested in Class A shares of the Aberdeen International Small Cap Fund, Morgan Stanley Capital Index (MSCI) All Country World (ACWI) ex-USA Small Cap Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period

 

ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. With 4,419 constituents, the index covers approximately 14% of the global equity opportunity set outside the US. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

 

30 2021 Semi-Annual Report  

 

 

 

 

Aberdeen International Small Cap Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

Asset Allocation  
Common Stocks   94.6 %  
Short-Term Investment   4.5 %  
Other Assets in Excess of Liabilities   0.9 %  
    100.0 %  

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors  
Industrials   23.6 %  
Health Care   21.8 %  
Consumer Discretionary   17.5 %  
Information Technology   15.1 %  
Consumer Staples   8.2 %  
Financials   3.2 %  
Communication Services   2.9 %  
Real Estate   1.2 %  
Materials   1.1 %  
Other   5.4 %  
    100.0 %  

 

 

Top Holdings*  
CyberArk Software Ltd.   3.5 %  
Interparfums SA   3.4 %  
Dino Polska SA   3.4 %  
Dechra Pharmaceuticals PLC   3.3 %  
Hypoport SE   3.3 %  
Genus PLC   3.2 %  
Brunello Cucinelli SpA   3.2 %  
Kornit Digital Ltd.   3.1 %  
Nova Measuring Instruments Ltd.   3.1 %  
Nabtesco Corp.   2.9 %  
Other   67.6 %  
    100.0 %  

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries  
Israel   12.6 %  
United Kingdom   10.9 %  
Japan   9.2 %  
United States   7.4 %  
India   6.9 %  
Switzerland   4.8 %  
Germany   4.7 %  
Taiwan   4.2 %  
China   4.2 %  
Brazil   4.1 %  
Other   31.0 %  
    100.0 %  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 31

 

 

 

 

 

Statement of Investments

April 30, 2021 (Unaudited)
Aberdeen International Small Cap Fund

 

  Shares or
Principal
Amount		   Value  
COMMON STOCKS (94.6%)  
AUSTRALIA (3.5%)  
Consumer Discretionary (1.5%)  
ARB Corp. Ltd. 105,700   $ 3,171,244  
Information Technology (2.0%)  
Altium Ltd. 183,800     4,191,684  
        7,362,928  
BRAZIL (4.1%)  
Consumer Discretionary (4.1%)  
Afya Ltd., Class A (a) 246,100     5,515,101  
Arezzo Industria e Comercio SA 235,900     3,285,286  
        8,800,387  
CANADA (4.0%)  
Consumer Staples (1.4%)  
Jamieson Wellness, Inc. (b) 97,900     3,072,840  
Industrials (2.6%)  
Ritchie Bros Auctioneers, Inc. 86,300     5,489,808  
        8,562,648  
CHINA (4.2%)  
Consumer Discretionary (4.2%)  
Baozun, Inc., Class A (a) 415,600     4,833,897  
China Education Group Holdings Ltd. 1,717,000     4,145,220  
        8,979,117  
DENMARK (2.5%)  
Information Technology (2.5%)  
SimCorp A/S 39,700     5,249,109  
FRANCE (3.4%)  
Consumer Staples (3.4%)  
Interparfums SA (a) 104,809     7,245,379  
GERMANY (4.7%)  
Communication Services (1.5%)  
CTS Eventim AG & Co. KGaA (a) 46,300     3,195,631  
Financials (3.2%)  
Hypoport SE (a) 11,500     6,930,439  
        10,126,070  
HONG KONG (2.3%)  
Industrials (2.3%)  
Kerry Logistics Network Ltd. 1,606,900     4,823,367  
INDIA (6.9%)  
Communication Services (1.4%)  
Affle India Ltd. (a) 40,800     3,036,478  

 

  Shares or
Principal
Amount		   Value  
Health Care (5.5%)  
Sanofi India Ltd. 54,200   $ 5,512,072  
Syngene International Ltd. (a)(b) 823,600     6,158,178  
        11,670,250  
        14,706,728  
INDONESIA (2.9%)  
Consumer Discretionary (1.7%)  
Ace Hardware Indonesia Tbk PT 35,410,600     3,626,594  
Real Estate (1.2%)  
Pakuwon Jati Tbk PT (a) 70,410,900     2,580,122  
        6,206,716  
ISRAEL (12.6%)  
Consumer Discretionary (2.8%)  
Maytronics Ltd. 295,800     6,023,212  
Industrials (3.2%)  
Kornit Digital Ltd. (a) 68,400     6,686,784  
Information Technology (6.6%)  
CyberArk Software Ltd. (a) 53,200     7,474,600  
Nova Measuring Instruments Ltd. (a) 69,974     6,603,447  
        14,078,047  
        26,788,043  
ITALY (3.2%)  
Consumer Discretionary (3.2%)  
Brunello Cucinelli SpA (a) 132,300     6,734,501  
JAPAN (9.2%)  
Health Care (2.5%)  
Asahi Intecc Co. Ltd. 194,600     5,238,022  
Industrials (6.7%)  
Nabtesco Corp. 138,800     6,245,934  
Nihon M&A Center, Inc. 158,100     4,130,322  
TechnoPro Holdings, Inc. 54,000     3,971,219  
        14,347,475  
        19,585,497  
MEXICO (1.3%)  
Industrials (1.3%)  
Grupo Aeroportuario del Sureste SAB de CV, Class B (a) 164,400     2,784,014  
POLAND (3.4%)  
Consumer Staples (3.4%)  
Dino Polska SA (a)(b) 111,100     7,208,054  
ROMANIA (2.5%)  
Information Technology (2.5%)  
Endava PLC, ADR (a) 58,900     5,332,806  

 

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

  

322021 Semi-Annual Report  

 

 

 

 

Statement of Investments (concluded)

April 30, 2021 (Unaudited)
Aberdeen International Small Cap Fund

 

  Shares or
Principal
Amount		   Value  
COMMON STOCKS (continued)  
SOUTH KOREA (1.1%)  
Materials (1.1%)  
Chunbo Co. Ltd. 7,207   $ 1,175,304  
Hansol Chemical Co. Ltd. 5,731     1,275,159  
        2,450,463  
SWITZERLAND (4.8%)  
Health Care (2.8%)  
Tecan Group AG 12,200     5,944,883  
Industrials (2.0%)  
VAT Group AG (b) 14,900     4,254,905  
        10,199,788  
TAIWAN (4.2%)  
Industrials (2.7%)  
Voltronic Power Technology Corp. 129,000     5,863,078  
Information Technology (1.5%)  
Chroma ATE, Inc. 451,000     3,116,541  
        8,979,619  
UNITED KINGDOM (10.9%)  
Health Care (8.1%)  
Abcam PLC (a) 157,700     3,327,854  
Dechra Pharmaceuticals PLC 126,000     7,019,654  
Genus PLC 98,429     6,912,843  
        17,260,351  
Industrials (2.8%)  
Rotork PLC 772,700     3,672,643  
Ultra Electronics Holdings PLC 80,157     2,239,431  
        5,912,074  
        23,172,425  

 

  Shares or
Principal
Amount		   Value  
UNITED STATES (2.9%)  
Health Care (2.9%)  
Inmode Ltd. (a) 71,500   $ 6,172,595  
Total Common Stocks       201,470,254  
SHORT-TERM INVESTMENT (4.5%)  
UNITED STATES (4.5%)  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c) 9,660,487     9,660,487  
Total Short-Term Investment       9,660,487  
Total Investments
(Cost $156,996,435) (d)—99.1%		       211,130,741  
Other Assets in Excess of Liabilities—0.9%       1,984,043  
Net Assets—100.0%     $ 213,114,784  

 

(a)Non-income producing security.
(b)Denotes a security issued under Regulation S or Rule 144A.
(c)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(d)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
ADRAmerican Depositary Receipt
PLCPublic Limited Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 33

 

 

 

 

Aberdeen Realty Income & Growth Fund (Unaudited)

 

 

 

Average Annual Total Return1
 (For periods ended April 30, 2021)		     Six
Month†		  1 Yr.  5 Yr.  10 Yr.  
Class A  w/o SC  28.53%  33.47%  7.66%  N.A.  
   w/SC2  21.11%  25.83%  6.39%  N.A.  
Institutional Class3  w/o SC  28.63%  33.92%  7.93%  8.92%  

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail.
2A 5.75% front-end sales charge was deducted.
3Not subject to any sales charges.

 

Performance of a $1,000,000 Investment* (as of April 30, 2021)

 

 

 

*  Minimum Initial Investment

 

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Realty Income & Growth Fund, the Morgan Stanley Capital International (MSCI) US REIT Index, the S&P 500® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for

 

these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.

 

The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market. With 138 constituents, it represents about 99% of the US REIT universe and securities are classified under the Equity REITs Industry (under the Real Estate Sector) according to the Global Industry Classification Standard (GICS®), have core real estate exposure (i.e., only selected Specialized REITs are eligible) and carry REIT tax status. This index reinvests as much as possible of a company's dividend distributions. The reinvested amount is equal to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indexes do not, however, include any tax credits.

 

The S&P 500® Index represents large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available U.S. market capitalization.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

 

 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

342021 Semi-Annual Report  

 

 

 

 

 

Aberdeen Realty Income & Growth Fund (Unaudited)

 

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

 

Asset Allocation   
Common Stocks  99.5%
Short-Term Investment  –%
Other Assets in Excess of Liabilities  0.5%
   100.0%

 

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

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Sub - Industries  As a Percentage of
Net Assets
Specialized REITs  22.6%
Retail REITs  17.8%
Residential REITs  16.8%
Industrial REITs  13.4%
Office REITs  9.5%
Health Care REITs  8.8%
Hotel & Resort REITs  8.4%
Diversified REITs  2.2%
Other  0.5%
   100.0%

 

 

Top Holdings*   
Prologis, Inc., REIT  9.4%
Equinix, Inc., REIT  6.1%
Welltower, Inc.  4.8%
Simon Property Group, Inc., REIT  4.5%
Public Storage  4.1%
Realty Income Corp., REIT  4.0%
Equity Residential, REIT  3.6%
Digital Realty Trust, Inc., REIT  3.3%
Invitation Homes, Inc.  3.2%
AvalonBay Communities, Inc.  3.1%
Other  53.9%
   100.0%

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries   
United States  99.5%
Other  0.5%
   100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 35

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)

Aberdeen Realty Income & Growth Fund

 

  Shares or
Principal
Amount		   Value
COMMON STOCKS (99.5%)
UNITED STATES (99.5%)
Diversified REITs (2.2%)
Empire State Realty Trust, Inc.   38,796   $ 441,887
STORE Capital Corp.   20,827     745,398
      1,187,285
Health Care REITs (8.8%)
Omega Healthcare Investors, Inc.   20,396     775,048
Ventas, Inc.   24,925     1,382,341
Welltower, Inc.   34,436     2,583,733
      4,741,122
Hotel & Resort REITs (8.4%)
DiamondRock Hospitality Co. (a)   90,941     947,605
Host Hotels & Resorts, Inc. (a)   83,268     1,512,147
MGM Growth Properties LLC   29,797     1,073,288
Sunstone Hotel Investors, Inc. (a)   77,045     1,013,912
      4,546,952
Industrial REITs (13.4%)
Duke Realty Corp.   24,129     1,122,481
Prologis, Inc.   43,384     5,055,537
STAG Industrial, Inc.   27,652     1,009,575
      7,187,593
Office REITs (9.5%)
Alexandria Real Estate Equities, Inc.   7,730     1,399,903
Boston Properties, Inc.   9,897     1,082,237
Cousins Properties, Inc.   24,224     888,294
Highwoods Properties, Inc.   17,738     794,485
Hudson Pacific Properties, Inc.   14,933     419,766
Vornado Realty Trust   11,609     531,112
      5,115,797
Residential REITs (16.8%)
American Homes 4 Rent   25,656     950,298
AvalonBay Communities, Inc.   8,736     1,677,312
Equity LifeStyle Properties, Inc.   3,895     270,313
Equity Residential   25,936     1,925,229
Invitation Homes, Inc.   49,197     1,724,847
Sun Communities, Inc.   9,194     1,533,835
UDR, Inc.   20,373     946,326
      9,028,160
Retail REITs (17.8%)
Agree Realty Corp.   10,639     748,560
Brixmor Property Group, Inc.   40,026     894,181
Kimco Realty Corp.   47,525     998,025
National Retail Properties, Inc.   23,095     1,072,070
Realty Income Corp.   30,775     2,128,091
Simon Property Group, Inc.   19,893     2,421,774
SITE Centers Corp.   46,723     689,164
Spirit Realty Capital, Inc.   13,090     622,299
      9,574,164

 

 

  Shares or
Principal
Amount		   Value
Specialized REITs (22.6%)
American Tower Corp.   2,238   $ 570,175
Digital Realty Trust, Inc.   11,692     1,804,192
Equinix, Inc., REIT   4,585     3,304,685
Extra Space Storage, Inc.   8,292     1,232,937
Gaming and Leisure Properties, Inc.   27,012     1,255,788
Life Storage, Inc.   8,855     850,611
Public Storage   7,791     2,190,518
Sabra Health Care REIT, Inc.   26,860     488,046
SBA Communications Corp.   1,619     485,247
      12,182,199
      53,563,272
Total Common Stocks     53,563,272
SHORT-TERM INVESTMENT (0.0%)
UNITED STATES (0.0%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (b)   3,899     3,899
Total Short-Term Investment     3,899
Total Investments
(Cost $37,905,740) (c)—99.5%		     53,567,171
Other Assets in Excess of Liabilities—0.5%     255,635
Net Assets—100.0%   $ 53,822,806

 

(a)Non-income producing security.
(b)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(c)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

REIT    Real Estate Investment Trust

 

 

See accompanying Notes to Financial Statements.

 

 

 

362021 Semi-Annual Report  

 

 

 

 

 

Aberdeen U.S. Small Cap Equity Fund (Unaudited)

 

 

 

Average Annual Total Return
(For periods ended April 30, 2021)		   Six
Month†		 1 Yr. 5 Yr. 10 Yr.
Class A w/o SC 39.63% 65.83% 15.46% 13.25%
  w/SC1 31.59% 56.31% 14.10% 12.59%
Class C w/o SC 39.23% 64.78% 14.68% 12.48%
  w/SC2 38.23% 63.78% 14.68% 12.48%
Class R3 w/o SC 39.49% 65.28% 15.08% 12.95%
Institutional Service Class3 w/o SC 39.85% 66.27% 15.78% 13.58%
Institutional Class3 w/o SC 39.90% 66.41% 15.82% 13.62%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1A 5.75% front-end sales charge was deducted.
2A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
3Not subject to any sales charges.

 

Performance of a $1,000,000 Investment (as of April 30, 2021)

 

 

 

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen U.S. Small Cap Equity Fund, the

 

 

Russell 2000® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The Russell 2000® Index measures performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and it represents approximately 8% of the U.S. market. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased barometer for the small-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. 

 
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 37

 

 

 

 

 

Aberdeen U.S. Small Cap Equity Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

 

Asset Allocation  
Common Stocks   97.8 %  
Short-Term Investment   2.3 %  
Liabilities in Excess of Other Assets   (0.1 %)  
    100.0 %  

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors  
Industrials   22.5 %  
Information Technology   18.8 %  
Financials   15.9 %  
Health Care   13.8 %  
Consumer Discretionary   11.1 %  
Consumer Staples   7.4 %  
Materials   5.1 %  
Communication Services   1.9 %  
Real Estate   1.3 %  
Other   2.2 %  
    100.0 %  

 

 

Top Holdings*  
Atkore, Inc.   2.8 %  
Medpace Holdings, Inc.   2.7 %  
Kaiser Aluminum Corp.   2.5 %  
Perficient, Inc.   2.5 %  
First Interstate BancSystem, Inc., Class A   2.5 %  
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   2.4 %  
LCI Industries   2.4 %  
RBC Bearings, Inc.   2.3 %  
Werner Enterprises, Inc.   2.3 %  
PJT Partners, Inc., Class A   2.3 %  
Other   75.3 %  
    100.0 %  

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries  
United States   89.4 %  
Canada   3.3 %  
Israel   3.2 %  
India   2.1 %  
Singapore   2.1 %  
Other   (0.1 %)  
    100.0 %  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38 2021 Semi-Annual Report  

 

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen U.S. Small Cap Equity Fund

 

 

   Shares or
Principal
Amount		   Value 
COMMON STOCKS (97.8%)          
CANADA (3.3%)          
Consumer Staples (1.9%)          
Jamieson Wellness, Inc. (a)   673,855   $21,150,653 
Financials (1.4%)          
TMX Group Ltd.   134,959    14,872,226 
         36,022,879 
INDIA (2.1%)          
Information Technology (2.1%)          
WNS Holdings Ltd., ADR (b)   315,934    22,883,100 
ISRAEL (3.2%)          
Information Technology (3.2%)          
Cognyte Software Ltd. (b)   453,997    11,862,942 
CyberArk Software Ltd. (b)   165,623    23,270,031 
         35,132,973 
SINGAPORE (2.1%)          
Information Technology (2.1%)          
Kulicke & Soffa Industries, Inc.   397,267    22,584,629 
UNITED STATES (87.1%)          
Communication Services (1.9%)          
Cogent Communications Holdings, Inc.   268,281    20,257,899 
Consumer Discretionary (11.1%)          
Dorman Products, Inc. (b)   225,263    22,341,584 
Fox Factory Holding Corp. (b)   101,339    15,528,175 
Helen of Troy Ltd. (b)   58,950    12,450,830 
LCI Industries   175,927    25,773,305 
LGI Homes, Inc. (b)   100,110    16,596,236 
National Vision Holdings, Inc. (b)   267,133    13,466,175 
Stride, Inc. (b)   496,186    14,205,805 
         120,362,110 
Consumer Staples (5.5%)          
BJ's Wholesale Club Holdings, Inc. (b)   451,057    20,148,716 
J&J Snack Foods Corp.   137,214    22,586,797 
Performance Food Group Co. (b)   290,022    17,024,291 
         59,759,804 
Financials (14.5%)          
AMERISAFE, Inc.   222,286    13,799,515 
First Interstate BancSystem, Inc., Class A   565,965    26,583,376 
Glacier Bancorp, Inc.   274,203    16,164,267 
Hamilton Lane, Inc., Class A   180,675    16,342,054 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   503,828    26,400,587 
Live Oak Bancshares, Inc.   238,226    15,236,935 
PJT Partners, Inc., Class A   341,306    25,096,230 
PRA Group, Inc. (b)   484,999    18,274,762 
         157,897,726 

 

 

    Shares or
Principal
Amount		    Value 
Health Care (13.8%)          
Addus HomeCare Corp. (b)   161,676   $17,105,321 
AMN Healthcare Services, Inc. (b)   159,991    12,687,286 
Heska Corp. (b)   102,849    18,785,370 
Inmode Ltd. (b)   184,869    15,959,741 
Integer Holdings Corp. (b)   247,578    23,242,623 
Ligand Pharmaceuticals, Inc. (b)   136,888    19,970,590 
Medpace Holdings, Inc. (b)   172,284    29,233,149 
US Physical Therapy, Inc.   121,203    13,629,277 
         150,613,357 
Industrials (22.5%)          
Ameresco, Inc., Class A (b)   270,029    14,254,831 
ASGN, Inc. (b)   188,198    19,794,666 
Atkore, Inc. (b)   387,963    30,369,744 
Casella Waste Systems, Inc., Class A (b)   303,026    20,336,075 
Gibraltar Industries, Inc. (b)   268,117    24,629,228 
Hub Group, Inc., Class A (b)   334,910    22,010,285 
Mercury Systems, Inc. (b)   257,993    19,411,393 
RBC Bearings, Inc. (b)   127,499    25,427,125 
Saia, Inc. (b)   68,320    16,021,040 
Shyft Group, Inc.   485,805    17,207,213 
Tetra Tech, Inc.   74,727    9,537,407 
Werner Enterprises, Inc.   547,095    25,292,202 
         244,291,209 
Information Technology (11.4%)          
Evo Payments, Inc., Class A (b)   450,985    12,857,582 
Model N, Inc. (b)   422,932    16,824,235 
Onto Innovation, Inc. (b)   223,681    15,326,622 
Perficient, Inc. (b)   413,351    27,119,959 
Rapid7, Inc. (b)   233,032    18,933,850 
Verint Systems, Inc. (b)   299,224    14,533,310 
Workiva, Inc. (b)   199,522    18,755,068 
         124,350,626 
Materials (5.1%)          
Graphic Packaging Holding Co.   1,311,213    24,323,001 
Kaiser Aluminum Corp.   226,757    27,317,416 
Neenah, Inc.   75,037    3,989,717 
         55,630,134 
Real Estate (1.3%)          
Terreno Realty Corp., REIT   221,904    14,317,246 
         947,480,111 
Total Common Stocks        1,064,103,692 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 39

 

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen U.S. Small Cap Equity Fund

 

 

 

   Shares or
Principal
Amount		   Value 
SHORT-TERM INVESTMENT (2.3%)          
UNITED STATES (2.3%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c)   24,793,535   $24,793,535 
Total Short-Term Investment        24,793,535 
Total Investments
(Cost $864,945,510) (d)—100.1%		        1,088,897,227 
Liabilities in Excess of Other Assets—(0.1)%        (1,200,726)
Net Assets—100.0%       $1,087,696,501 

 

 

(a)Denotes a security issued under Regulation S or Rule 144A.
(b)Non-income producing security.
(c)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(d)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
ADRAmerican Depositary Receipt
REITReal Estate Investment Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

 40 2021 Semi-Annual Report  

 

 

 

 

 

Aberdeen U.S. Sustainable Leaders Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		   Six
Month†		 1 Yr. 5 Yr. 10 Yr.
Class A w/o SC 24.86% 45.18% 17.69% 12.15%
  w/SC2 17.69% 36.87% 16.31% 11.49%
Class C w/o SC 24.42% 44.23% 16.87% 11.35%
  w/SC3 23.42% 43.23% 16.87% 11.35%
Institutional Service Class4,5 w/o SC 24.99% 45.51% 17.94% 12.40%
Institutional Class4 w/o SC 25.00% 45.53% 18.04% 12.48%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

† Not annualized
1 The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen U.S. Multi-Cap Equity Fund to Aberdeen U.S. Sustainable Leaders Fund. Returns prior to October 9, 2011 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. Please consult the Fund's prospectus for more detail.
2 A 5.75% front-end sales charge was deducted.
3 A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4 Not subject to any sales charges.
5 Returns before the first offering of the Institutional Service Class (October 10, 2011) are based on the previous performance of the Institutional Class of the Predecessor Fund. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what the Institutional Service Class would have produced because both classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses of the two classes.

 

 

Performance of a $10,000 Investment (as of April 30, 2021)

 

 

 

 

Comparative performance of $10,000 invested in Class A shares of the Aberdeen U.S. Sustainable Leaders Fund, Russell 3000® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

  2021 Semi-Annual Report 41

 

 

 

 

Aberdeen U.S. Sustainable Leaders Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

Asset Allocation  
Common Stocks 98.4%  
Short-Term Investment 1.7%  
Liabilities in Excess of Other Assets (0.1%)  
  100.0%  

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors  
Information Technology 28.7%*  
Industrials 18.7%  
Financials 14.4%  
Health Care 8.3%  
Consumer Discretionary 6.9%  
Real Estate 6.2%  
Utilities 5.1%  
Consumer Staples 4.8%  
Materials 2.8%  
Communication Services 2.5%  
Other 1.6%  
  100.0%  

 

* As of April 30, 2021, the Fund's holdings in the Information Technology sector were allocated to four industries: Software (18.8%) Diversified Financial Services (4.2%) Diversified Telecommunication Services (4.1%) and Energy-Alternate Sources (1.6%).

 

 
Top Holdings*  
Microsoft Corp. 8.5%  
Tetra Tech, Inc. 4.6%  
Mastercard, Inc., Class A 4.2%  
TMX Group Ltd. 4.2%  
NICE Ltd., ADR 4.1%  
Burlington Stores, Inc. 4.0%  
Adobe, Inc. 4.0%  
Trex Co., Inc. 3.7%  
American Tower Corp., REIT 3.6%  
American Express Co. 3.6%  
Other 55.5%  
  100.0%  

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 
Top Countries  
United States 85.7%  
Canada 6.9%  
Israel 4.1%  
Ireland 3.4%  
Other (0.1%)  
  100.0%  

 

 

 

 

 

 

42 2021 Semi-Annual Report  

 

 

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen U.S. Sustainable Leaders Fund

 

 

  Shares or
Principal
Amount		 Value
COMMON STOCKS (98.4%)
CANADA (6.9%)
Consumer Staples (2.8%)
Jamieson Wellness, Inc. (a) 415,176   $ 13,031,355  
Financials (4.1%)
TMX Group Ltd. 177,121     19,518,399  
           
      32,549,754  
         
IRELAND (3.4%)
Health Care (3.4%)
ICON PLC (b) 72,821     15,798,516  
ISRAEL (4.1%)
Information Technology (4.1%)
NICE Ltd., ADR (b) 80,622     19,448,445  
UNITED STATES (84.0%)
Communication Services (2.5%)
Cable One, Inc. 6,614     11,839,060  
Consumer Discretionary (6.9%)
Burlington Stores, Inc. (b) 57,863     18,882,433  
Pool Corp. 31,540     13,326,281  
      32,208,714  
Consumer Staples (2.0%)
Colgate-Palmolive Co. 117,674     9,496,292  
Financials (10.3%)
American Express Co. 108,885     16,697,515  

Hannon Armstrong Sustainable Infrastructure
Capital, Inc.

 134,422     7,043,713  
Huntington Bancshares, Inc. 688,064     10,541,140  
SVB Financial Group (b) 24,933     14,257,437  
      48,539,805  
Health Care (4.9%)
Bristol-Myers Squibb Co. 209,927     13,103,643  
Integer Holdings Corp. (b) 106,622     10,009,674  
      23,113,317  
Industrials (18.7%)
Atkore, Inc. (b) 155,124     12,143,107  
IHS Markit Ltd. 109,755     11,807,443  
Kansas City Southern 41,790     12,211,456  
Tetra Tech, Inc. 169,916     21,686,379  
Trex Co., Inc. (b) 160,496     17,331,963  
Waste Management, Inc. 91,633     12,642,605  
      87,822,953  
Information Technology (24.6%)
Adobe, Inc. (b) 36,504     18,556,443  
Akamai Technologies, Inc. (b) 147,645     16,049,012  
Autodesk, Inc. (b) 46,745     13,645,333  
Mastercard, Inc., Class A 51,903     19,830,060  

 

 

  Shares or
Principal
Amount		 Value
Microsoft Corp. 158,584   $ 39,991,713  
SolarEdge Technologies, Inc. (b) 27,819     7,331,419  
      115,403,980  
Materials (2.8%)
Ecolab, Inc. 58,727     13,161,895  
Real Estate (6.2%)
Alexandria Real Estate Equities, Inc. 66,574     12,056,551  
American Tower Corp., REIT 67,058     17,084,367  
      29,140,918  
Utilities (5.1%)
American Water Works Co., Inc. 99,639     15,542,688  
NextEra Energy, Inc. 107,393     8,324,031  
    23,866,719  
    394,593,653  
Total Common Stocks     462,390,368  
SHORT-TERM INVESTMENT (1.7%)
UNITED STATES (1.7%)
State Street Institutional U.S. Government
Money Market Fund, Premier Class, 0.03% (c)		 7,835,829     7,835,829  
Total Short-Term Investment     7,835,829  

Total Investments

  (Cost $384,849,739) (d)—100.1%

     470,226,197  
Liabilities in Excess of Other Assets—(0.1)%     (264,005 )
Net Assets—100.0%   $ 469,962,192  

 

(a) Denotes a security issued under Regulation S or Rule 144A.
(b) Non-income producing security.
(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(d) See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 43

 

 

 

 

 

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		   Six
Month†		 1 Yr. 5 Yr. 10 Yr.
Class A w/o SC 33.37% 49.26% 15.94% 8.58%
  w/SC2 25.74% 40.68% 14.57% 7.94%
Class C w/o SC 32.67% 47.95% 15.08% 7.81%
  w/SC3 31.95% 47.15% 15.08% 7.81%
Class R4 w/o SC 33.23% 48.99% 15.57% 8.20%
Institutional Service Class4 w/o SC 33.58% 49.50% 16.15% 8.72%
Institutional Class4 w/o SC 33.69% 49.71% 16.34% 8.93%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen Focused U.S. Equity Fund to Aberdeen U.S. Sustainable Leaders Smaller Companies Fund. The Fund changed its investment strategies effective November 15, 2017. Performance information for periods prior to November 15, 2017 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail.
2A 5.75% front-end sales charge was deducted.
3A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4Not subject to any sales charges.

 

Performance of a $10,000 Investment (as of April 30, 2021)

 

 

Comparative performance of $10,000 invested in Class A shares of the Aberdeen U.S. Sustainable Leaders Smaller Companies Fund, the S&P 500® Index, the Russell 2500® Index, and the Consumer Price 

Index (CPI) over a 10-year period ended April 30, 2021. Effective December 1, 2020, the Russell 2500® Index replaced the S&P 500® Index as the Fund's primary benchmark in connection with the Fund's change in investment strategy. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The Russell 2500® Index measures the performance of the small to midcap segment of the US equity universe, commonly referred to as "smid" cap. The Russell 2500® Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.

 

The S&P 500® Index represents large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available U.S. market capitalization.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

44 2021 Semi-Annual Report  

 

 

 

 

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

Asset Allocation
Common Stocks   99.0%
Short-Term Investment   1.7%
Liabilities in Excess of Other Assets   (0.7%)
    100.0%

 

The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.

 

Top Sectors
Information Technology   24.2%
Industrials   23.6%
Financials   14.3%
Health Care   10.3%
Consumer Discretionary   10.3%
Real Estate   4.0%
Communication Services   4.0%
Consumer Staples   3.5%
Utilities   2.8%
Materials   2.0%
Other   1.0%
    100.0%

 

Top Holdings*
JB Hunt Transport Services, Inc.   4.1%
Burlington Stores, Inc.   4.0%
Trex Co., Inc.   3.9%
Pegasystems, Inc.   3.7%
Tetra Tech, Inc.   3.6%
Jamieson Wellness, Inc.   3.5%
NICE Ltd., ADR   3.5%
ICON PLC   3.5%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   3.3%
Akamai Technologies, Inc.   3.2%
Other   63.7%
    100.0%

 

*  For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries
United States   81.6%
Canada   9.5%
Israel   6.2%
Ireland   3.4%
Other   (0.7%)
    100.0%

 

 

 

  2021 Semi-Annual Report 45


 

 

  

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund

 

  Shares or
Principal
Amount		   Value
COMMON STOCKS (99.0%)
Communication Services (4.0%)
Cable One, Inc. 150   $ 268,500  
Cogent Communications Holdings, Inc. 5,115     386,234  
        654,734  
Consumer Discretionary (10.3%)
Burlington Stores, Inc. (a) 2,025     660,818  
Fox Factory Holding Corp. (a) 1,697     260,031  
LGI Homes, Inc. (a) 2,529     419,258  
Pool Corp. 836     353,227  
        1,693,334  
Consumer Staples (3.5%)
Jamieson Wellness, Inc. (b) 18,530     581,611  
Financials (14.3%)
First Interstate BancSystem, Inc., Class A 7,816     367,117  
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 10,469     548,576  
Huntington Bancshares, Inc. 29,946     458,773  
PJT Partners, Inc., Class A 6,439     473,460  
TMX Group Ltd. 4,524     498,536  
        2,346,462  
Health Care (10.3%)
AMN Healthcare Services, Inc. (a) 4,564     361,925  
ICON PLC (a) 2,612     566,673  
Integer Holdings Corp. (a) 4,994     468,837  
Ligand Pharmaceuticals, Inc. (a) 2,066     301,409  
        1,698,844  
Industrials (23.6%)
Ameresco, Inc., Class A (a) 6,351     335,270  
Atkore, Inc. (a) 6,446     504,593  
Chart Industries, Inc. (a) 2,532     406,715  
JB Hunt Transport Services, Inc. 3,993     681,645  
Kansas City Southern 819     239,320  
Ritchie Bros Auctioneers, Inc. 7,767     493,981  
Tetra Tech, Inc. 4,643     592,586  
Trex Co., Inc. (a) 5,910     638,221  
        3,892,331  
Information Technology (24.2%)
Akamai Technologies, Inc. (a) 4,892     531,760  
Cree, Inc. (a) 2,918     290,108  
CyberArk Software Ltd. (a) 3,147     442,153  
NICE Ltd., ADR (a) 2,394     577,505  
Onto Innovation, Inc. (a) 4,654     318,892  
Paylocity Holding Corp. (a) 1,752     338,556  
Pegasystems, Inc. 4,777     606,392  
Rapid7, Inc. (a) 5,400     438,750  
SolarEdge Technologies, Inc. (a) 1,688     444,856  
        3,988,972  

 

  Shares or
Principal
Amount		   Value
Materials (2.0%)
Graphic Packaging Holding Co. 17,620   $ 326,851  
Real Estate (4.0%)
QTS Realty Trust, Inc., Class A, REIT 5,006     332,849  
Terreno Realty Corp., REIT 5,133     331,181  
        664,030  
Utilities (2.8%)
Essential Utilities, Inc. 9,852     464,325  
Total Common Stocks       16,311,494  
SHORT-TERM INVESTMENT (1.7%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c) 283,024     283,024  
Total Short-Term Investment       283,024  
Total Investments
(Cost $14,677,271) (d)—100.7%		       16,594,518  
Liabilities in Excess of Other Assets—(0.7)%       (109,746 )
Net Assets—100.0%     $ 16,484,772  

 

(a)Non-income producing security.
(b)Denotes a security issued under Regulation S or Rule 144A.
(c)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(d)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
ADRAmerican Depositary Receipt
PLCPublic Limited Company
REITReal Estate Investment Trust

 

 

See accompanying Notes to Financial Statements.

 

46 2021 Semi-Annual Report  

 

 

 

 

 

Statements of Assets and Liabilities (Unaudited)

April 30, 2021

 

   Aberdeen
China A
Share
Equity Fund		   Aberdeen
Dynamic
Dividend Fund		   Aberdeen
Emerging
Markets Fund		   Aberdeen
Emerging
Markets
Sustainable
Leaders Fund		   Aberdeen
Global
Equity
Fund		 
Assets:
Investments, at value  $94,013,700   $126,892,590   $5,264,996,789   $224,776,839   $29,648,797 
Short-term investments, at value   3,263,753    77,805    92,841,462    4,848,528    544,482 
Foreign currency, at value   81,554    292,514    284,200    434,047    7,614 
Receivable for investments sold   –    2,022,177    9,151,281    2,448,782    – 
Interest and dividends receivable   117    406,738    7,261,301    413,281    23,078 
Receivable for capital shares issued   712,179    33,978    3,972,174    50,957    268 
Receivable from Adviser   15,638    8,302    128,452    10,919    13,644 
Tax reclaim receivable   –    443,104    205,385    352,466    28,995 
Securities lending income receivable   6,748    –    –    –    – 
Prepaid expenses   46,578    –    110,630    40,047    36,678 
Total assets   98,140,267    130,177,208    5,378,951,674    233,375,866    30,303,556 
                          
Liabilities:
Payable for investments purchased   –    1,513,556    13,415,358    3,673,463    – 
Unrealized depreciation on forward foreign currency exchange contracts   –    33,048    –    –    – 
Payable for capital shares redeemed   54,318    5,000    3,359,382    1,670,317    94 
Accrued foreign capital gains tax   –    –    19,359,200    157,799    – 
Accrued expenses and other payables:
Investment advisory fees   63,967    104,863    3,979,182    151,200    22,124 
Custodian fees   38,739    34,840    2,357,310    62,226    11,193 
Sub-transfer agent and administrative services fees   –    7,531    371,815    12,748    2,091 
Interest expense on line of credit   –    –    –    –    110 
Administration fees   6,020    7,661    353,705    15,120    1,967 
Fund accounting fees   1,667    6,139    236,618    11,485    1,445 
Legal fees   682    5,052    190,761    10,456    991 
Printing fees   766    –    188,166    12,707    2,677 
Distribution fees   9,390    841    93,110    9,545    6,093 
Transfer agent fees   3,679    10,047    68,923    22,873    10,090 
Audit fees   19,016    8,712    20,025    16,016    19,016 
Other accrued expenses   15,611    35,463    195,654    33,028    27,707 
Total liabilities   213,855    1,772,753    44,189,209    5,858,983    105,598 
Net Assets  $97,926,412   $128,404,455   $5,334,762,465   $227,516,883   $30,197,958 
                          
Cost:
Investments  $86,980,756   $93,408,716   $3,628,871,320   $202,831,418   $20,046,411 
Short-term investment   3,263,753    77,805    92,841,462    4,848,528    544,482 
Foreign currency   81,554    293,548    284,635    435,308    7,594 
Represented by:
Capital  $90,614,700   $95,979,639   $3,462,842,036   $165,103,032   $22,804,596 
Distributable earnings   7,311,712    32,424,816    1,871,920,429    62,413,851    7,393,362 
Net Assets  $97,926,412   $128,404,455   $5,334,762,465   $227,516,883   $30,197,958 
                          
Net Assets:
Class A Shares  $19,626,186   $5,117,465   $123,137,661   $24,759,096   $27,166,965 
Class C Shares   3,960,391    –    14,278,788    2,582,053    224,194 
Class R Shares   5,977,451    –    134,875,142    6,253,357    938,515 
Institutional Service Class Shares   931,735    –    459,741,224    99,297,939    316,093 
Institutional Class Shares   67,430,649    123,286,990    4,602,729,650    94,624,438    1,552,191 
Total  $97,926,412   $128,404,455   $5,334,762,465   $227,516,883   $30,197,958 

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 47

 

 

 

 

 

Statements of Assets and Liabilities (Unaudited) (concluded)

April 30, 2021

 

 

   Aberdeen
China A
Share
Equity Fund		   Aberdeen
Dynamic
Dividend Fund		   Aberdeen
Emerging
Markets Fund		   Aberdeen
Emerging
Markets
Sustainable
Leaders Fund		   Aberdeen
Global
Equity
Fund		 
Shares Outstanding (unlimited number of shares authorized):
Class A Shares   500,997    1,087,839    5,941,882    1,283,458    1,618,379 
Class C Shares (a)   106,935    –    695,607    142,889    14,427 
Class R Shares   156,675    –    6,588,250    340,933    58,984 
Institutional Service Class Shares   23,630    –    22,103,567    5,042,225    18,529 
Institutional Class Shares   1,702,514    26,193,705    220,561,797    4,783,118    92,126 
Total   2,490,751    27,281,544    255,891,103    11,592,623    1,802,445 
                          
Net asset value and redemption price per share (Net assets by class
divided by shares outstanding by class, respectively):		                         
Class A Shares  $39.17   $4.70   $20.72   $19.29   $16.79 
Class C Shares (a)  $37.04   $–   $20.53   $18.07   $15.54 
Class R Shares  $38.15   $–   $20.47   $18.34   $15.91 
Institutional Service Class Shares  $39.43   $–   $20.80   $19.69   $17.06 
Institutional Class Shares  $39.61   $4.71   $20.87   $19.78   $16.85 
Maximum offering price per share (100%/(100% – maximum
sales charge) of net asset value adjusted to the nearest cent):		                         
Class A Shares  $41.56   $4.99   $21.98   $20.47   $17.81 
Maximum Sales Charge:                         
Class A Shares   5.75%   5.75%   5.75%   5.75%   5.75%

 

(a)  For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

48 2021 Semi-Annual Report  

 

 

 

 

 

Statements of Assets and Liabilities (Unaudited)

 

April 30, 2021

 

    Aberdeen
Global
Infrastructure
Fund		   Aberdeen
International
Real Estate
Equity Fund		   Aberdeen
International
Small Cap
Fund		   Aberdeen
Realty
Income &
Growth Fund		   Aberdeen
U.S. Small Cap
Equity
Fund		  
Assets:  
Investments, at value   $ 50,684,472     $ 22,034,931     $ 201,470,254     $ 53,563,272     $ 1,064,103,692  
Short-term investments, at value     1,950,101       2,841       9,660,487       3,899       24,793,535  
Foreign currency, at value     30,505       29,459       487,834       –       –  
Receivable for investments sold     13,548       429,778       5,376,974       1,946,890       4,460,820  
Receivable for capital shares issued     50,093       –       357,794       287       1,206,721  
Interest and dividends receivable     141,955       129,513       339,348       38,559       201,035  
Receivable from Adviser     14,838       13,926       18,852       24,775       38,109  
Unrealized appreciation on forward foreign currency exchange contracts     –       184       –       –       –  
Tax reclaim receivable     29,817       37,171       62,753       –       –  
Securities lending income receivable     285       –       –       –       49  
Prepaid expenses     –       8,063       28,123       –       64,413  
Total assets     52,915,614       22,685,866       217,802,419       55,577,682       1,094,868,374  
Liabilities:  
Payable for investments purchased     53,746       159,854       4,219,651       1,636,970       5,076,035  
Unrealized depreciation on forward foreign currency exchange contracts     4,071       –       –       –       –  
Payable for capital shares redeemed     4,339       1,988       62,782       1,246       858,800  
Accrued foreign capital gains tax     –       –       60,201       –       –  
Accrued expenses and other payables:  
Investment advisory fees     35,529       18,432       136,057       42,612       708,612  
Custodian fees     23,241       69,549       74,356       7,359       25,440  
Sub-transfer agent and administrative services fees     1,924       2,765       10,949       3,568       88,823  
Interest expense on line of credit     –       61       –       3,594       –  
Audit fees     20,021       20,473       20,023       19,977       19,016  
Distribution fees     1,314       152       20,368       1,191       71,739  
Printing fees     –       –       9,620       –       83,112  
Administration fees     2,983       896       13,636       2,708       69,628  
Transfer agent fees     6,876       5,364       13,369       6,617       45,005  
Fund accounting fees     3,663       1,699       7,589       2,850       42,927  
Legal fees     3,307       526       5,667       3,878       34,089  
Other accrued expenses     30,632       43,777       33,367       22,306       48,647  
Total liabilities     191,646       325,536       4,687,635       1,754,876       7,171,873  
Net Assets   $ 52,723,968     $ 22,360,330     $ 213,114,784     $ 53,822,806     $ 1,087,696,501  
Cost:  
Investments   $ 39,618,151     $ 31,710,161     $ 147,335,948     $ 37,901,841     $ 840,151,975  
Short-term investment     1,950,101       2,841       9,660,487       3,899       24,793,535  
Foreign currency     30,506       29,215       487,972       –       –  
Represented by:  
Capital   $ 41,798,141     $ 105,045,124     $ 149,922,408     $ 31,936,795     $ 751,333,607  
Distributable earnings (accumulated loss)     10,925,827       (82,684,794 )     63,192,376       21,886,011       336,362,894  
Net Assets   $ 52,723,968     $ 22,360,330     $ 213,114,784     $ 53,822,806     $ 1,087,696,501  
Net Assets:  
Class A Shares   $ 11,654,563     $ 39,400     $ 92,800,219     $ 949,717     $ 159,920,051  
Class C Shares     –       –       787,071       –       44,313,914  
Class R Shares     –       –       2,223,786       –       4,450,829  
Institutional Service Class Shares     –       –       –       –       38,336,975  
Institutional Class Shares     41,069,405       22,320,930       117,303,708       52,873,089       840,674,732  
Total   $ 52,723,968     $ 22,360,330     $ 213,114,784     $ 53,822,806     $ 1,087,696,501  

 

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 49

 

 

 

 

Statements of Assets and Liabilities (Unaudited) (concluded)

April 30, 2021

 

    Aberdeen
Global
Infrastructure
Fund		   Aberdeen
International
Real Estate
Equity Fund		   Aberdeen
International
Small Cap
Fund		   Aberdeen
Realty
Income &
Growth Fund		   Aberdeen
U.S. Small Cap
Equity
Fund		  
Shares Outstanding (unlimited number of shares authorized):  
Class A Shares     492,096       1,897       2,463,587       67,704       3,625,352  
Class C Shares (a)     –       –       23,289       –       1,247,351  
Class R Shares     –       –       63,033       –       113,317  
Institutional Service Class Shares     –       –       –       –       803,940  
Institutional Class Shares     1,731,555       1,082,363       3,089,493       3,754,720       17,606,952  
Total     2,223,651       1,084,260       5,639,402       3,822,424       23,396,912  

Net asset value and redemption price per share (Net assets by class

  
divided by shares outstanding by class, respectively):  
Class A Shares   $ 23.68     $ 20.77     $ 37.67     $ 14.03     $ 44.11  
Class C Shares (a)   $ –     $ –     $ 33.80     $ –     $ 35.53  
Class R Shares   $ –     $ –     $ 35.28     $ –     $ 39.28  
Institutional Service Class Shares   $ –     $ –     $ –     $ –     $ 47.69  
Institutional Class Shares   $ 23.72     $ 20.62     $ 37.97     $ 14.08     $ 47.75  

Maximum offering price per share (100%/(100% – maximum

  
sales charge) of net asset value adjusted to the nearest cent):  
Class A Shares   $ 25.12     $ 22.04     $ 39.97     $ 14.89     $ 46.80  
Maximum Sales Charge:  
Class A Shares     5.75 %     5.75 %     5.75 %     5.75 %     5.75 %

 

(a)  For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

50 2021 Semi-Annual Report

 

 

 

 

 

Statements of Assets and Liabilities (Unaudited)

 

April 30, 2021

 

    Aberdeen
U.S. Sustainable
Leaders Fund		   Aberdeen
U.S. Sustainable
Leaders Smaller
Companies Fund		  
Assets:  
Investments, at value   $ 462,390,368     $ 16,311,494  
Short-term investments, at value     7,835,829       283,024  
Interest and dividends receivable     247,681       6  
Receivable from Adviser     49,552       29,753  
Receivable for investments sold     –       31,676  
Receivable for capital shares issued     325       –  
Prepaid expenses     27,723       49,341  
Total assets     470,551,478       16,705,294  
Liabilities:  
Payable for investments purchased     –       155,050  
Payable for capital shares redeemed     30,757       91  
Accrued expenses and other payables:  
Investment advisory fees     285,650       10,057  
Distribution fees     63,968       3,283  
Transfer agent fees     34,609       4,604  
Audit fees     15,513       17,526  
Administration fees     30,469       1,073  
Sub-transfer agent and administrative services fees     21,271       1,457  
Fund accounting fees     21,580       884  
Custodian fees     17,451       2,895  
Printing fees     15,072       4,940  
Legal fees     16,757       545  
Other accrued expenses     36,189       18,117  
Total liabilities     589,286       220,522  
Net Assets   $ 469,962,192     $ 16,484,772  
Cost:  
Investments   $ 377,013,910     $ 14,394,247  
Short-term investment     7,835,829       283,024  
Represented by:  
Capital   $ 283,614,249     $ 9,558,491  
Distributable earnings     186,347,943       6,926,281  
Net Assets   $ 469,962,192     $ 16,484,772  
Net Assets:  
Class A Shares   $ 311,282,337     $ 8,890,197  
Class C Shares     1,058,262       543,456  
Class R Shares     –       2,557,699  
Institutional Service Class Shares     144,049,931       360,304  
Institutional Class Shares     13,571,662       4,133,116  
Total   $ 469,962,192     $ 16,484,772  

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 51

 

 

 

 

Statements of Assets and Liabilities (Unaudited) (concluded)

 

April 30, 2021

 

   Aberdeen
U.S. Sustainable
Leaders Fund		   Aberdeen
U.S. Sustainable
Leaders Smaller
Companies Fund		 
Shares Outstanding (unlimited number of shares authorized):
Class A Shares   20,341,717    920,793 
Class C Shares   86,623    411,285 
Class R Shares   –    307,277 
Institutional Service Class Shares   8,630,973    35,447 
Institutional Class Shares   808,650    389,470 
Total   29,867,963    2,064,272 
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):          
Class A Shares  $15.30   $9.65 
Class C Shares (a)  $12.22   $1.32 
Class R Shares  $–   $8.32 
Institutional Service Class Shares  $16.69   $10.16 
Institutional Class Shares  $16.78   $10.61 
Maximum offering price per share (100%/(100% – maximum sales charge) of net asset value adjusted to the nearest cent):          
Class A Shares  $16.23   $10.24 
Maximum Sales Charge:          
Class A Shares   5.75%   5.75%

 

(a)  For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52 2021 Semi-Annual Report

 

 

 

 

Statements of Operations (Unaudited)

 

For the Six-Month Period Ended April 30, 2021

 

   Aberdeen
China A
Share
Equity Fund		   Aberdeen
Dynamic
Dividend Fund		   Aberdeen
Emerging
Markets Fund		   Aberdeen
Emerging
Markets
Sustainable
Leaders Fund		   Aberdeen
Global
Equity
Fund		 
INVESTMENT INCOME:                         
Dividend income  $117,867   $5,197,003   $39,251,770   $1,852,973   $191,976 
Interest income   570    108    15,712    285    59 
Securities lending income, net   21,613    –    1,468    268    – 
Foreign tax withholding   (11,063)   (185,290)   (5,097,574)   (250,964)   (12,638)
Other income   13    –    –    –    – 
Total Income   129,000    5,011,821    34,171,376    1,602,562    179,397 
EXPENSES:                         
Investment advisory fees   244,674    603,321    22,776,199    888,983    129,104 
Trustee fees   961    4,419    167,268    8,365    1,049 
Administration fees   23,028    48,266    2,024,551    88,898    11,476 
Legal fees   1,113    4,986    188,852    9,538    1,276 
Audit fees   17,912    17,580    18,921    17,912    17,912 
Printing fees   2,819    9,023    195,682    33,424    5,231 
Custodian fees   14,529    20,748    880,219    23,229    4,191 
Transfer agent fees   12,621    25,641    299,675    71,324    28,498 
Distribution fees Class A   20,311    5,891    155,410    31,202    32,188 
Distribution fees Class C   13,624    –    70,653    13,463    1,106 
Distribution fees Class R   12,620    –    333,629    10,106    2,295 
Sub-transfer agent fees Institutional Class   5,523    38,177    1,771,392    20,913    361 
Sub-transfer agent and administrative service fees Class A   4,837    1,671    155,410    16,051    11,297 
Sub-transfer agent fees Class C   1,304    –    5,480    1,383    251 
Sub-transfer agent and administrative service fees Class R   2,548    –    87,558    2,504    684 
Sub-transfer agent and administrative service fees Institutional Service Class   374    –    324,759    29,649    145 
Fund accounting fees   1,151    2,413    101,228    4,445    574 
Registration and filing fees   36,212    16,214    70,049    33,750    32,897 
Other   14,841    19,718    283,224    50,229    19,930 
Interest expense (Note 10)   –    –    –    1,692    – 
Total operating expenses before reimbursed/waived expenses   431,002    818,068    29,910,159    1,357,060    300,465 
Expenses reimbursed   (91,714)   (57,585)   (1,060,624)   (18,307)   (82,047)
Net expenses   339,288    760,483    28,849,535    1,338,753    218,418 
Net Investment Income/(Loss)   (210,288)   4,251,338    5,321,841    263,809    (39,021)
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:                    
Realized gain on investment transactions   590,855    3,665,850    318,956,945    70,298,837    2,879,818 
Realized gain/(loss) on forward foreign currency exchange contracts   –    (36,871)   –    –    – 
Realized gain/(loss) on foreign currency transactions   8,559    14,895    (1,219,164)   (676,394)   (2,614)
Net realized gain from investments and foreign currency transactions   599,414    3,643,874    317,737,781    69,622,443    2,877,204 
Net change in unrealized appreciation/(depreciation) on investment transactions (including $0, $0, $, $157,799 and $167,483 change in deferred capital gains tax, respectively)   3,012,645    23,909,626    655,620,766    (25,379,811)   3,867,271 
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange rate contracts   –    (55,622)   –    –    – 
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies   (126)   3,430    (2,529)   (7,155)   (1,113)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies   3,012,519    23,857,434    655,618,237    (25,386,966)   3,866,158 
Net realized/unrealized gain from investments and foreign currency transactions   3,611,933    27,501,308    973,356,018    44,235,477    6,743,362 
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS  $3,401,645   $31,752,646   $978,677,859   $44,499,286   $6,704,341 

          

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

2021 Semi-Annual Report 53

 

 

 

 

Statements of Operations (Unaudited) (continued)

 

For the Six-Month Period Ended April 30, 2021

 

   Aberdeen
Global
Infrastructure
Fund		   Aberdeen
International
Real Estate
Equity Fund		   Aberdeen
International
Small Cap
Fund		   Aberdeen
Realty
Income &
Growth Fund		   Aberdeen
U.S. Small Cap
Equity
Fund		 
INVESTMENT INCOME:                         
Dividend income  $658,411   $353,101   $838,987   $825,138   $4,033,135 
Interest income   39    41    633    15    3,418 
Securities lending income, net   1,168    –    –    31    25,111 
Foreign tax withholding   (39,767)   (19,033)   (88,396)   –    (39,331)
Total Income   619,851    334,109    751,224    825,184    4,022,333 
EXPENSES:                         
Investment advisory fees   201,013    110,681    719,933    247,516    3,762,525 
Trustee fees   2,314    919    5,630    1,951    30,999 
Administration fees   18,919    8,854    71,503    19,801    368,814 
Legal fees   2,672    1,198    6,684    9,220    35,060 
Audit fees   19,439    19,191    18,919    18,695    17,912 
Printing fees   7,019    10,517    13,323    8,767    76,895 
Custodian fees   13,658    31,078    27,800    2,831    9,515 
Transfer agent fees   14,626    12,677    46,595    14,739    104,631 
Distribution fees Class A   13,173    33    117,843    1,387    189,609 
Distribution fees Class C   –    –    3,375    –    214,836 
Distribution fees Class R   –    –    4,920    –    10,419 
Sub-transfer agent fees Institutional Class   13,186    14,343    29,988    18,212    318,238 
Sub-transfer agent and administrative service fees Class A   3,912    33    50,871    259    95,398 
Sub-transfer agent fees Class C   –    –    414    –    19,696 
Sub-transfer agent and administrative service fees Class R   –    –    1,509    –    2,589 
Sub-transfer agent and administrative service fees Institutional Service Class   –    –    –    –    22,700 
Fund accounting fees   946    443    3,575    990    18,441 
Registration and filing fees   16,008    17,105    29,968    15,750    38,291 
Other   13,844    13,625    27,222    12,751    56,957 
Interest expense (Note 10)   –    267    178    1,597    – 
Total operating expenses before reimbursed/waived expenses   340,729    240,964    1,180,250    374,466    5,393,525 
Expenses reimbursed   (93,329)   (89,031)   (116,701)   (123,966)   (304,020)
Net expenses   247,400    151,933    1,063,549    250,500    5,089,505 
Net Investment Income/(Loss)   372,451    182,176    (312,325)   574,684    (1,067,172)
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:                         
Realized gain on investment transactions   2,042,071    827,068    11,038,689    6,097,143    121,982,306 
Realized gain/(loss) on forward foreign currency exchange contracts   7,523    (834)   –    –    – 
Realized gain/(loss) on foreign currency transactions   (10,836)   (1,407)   (16,672)   –    (6,839)
Net realized gain from investments and foreign currency transactions   2,038,758    824,827    11,022,017    6,097,143    121,975,467 
Net change in unrealized appreciation/(depreciation) on investment transactions   8,576,736    2,807,473    25,592,864    6,006,509    168,312,549 
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange rate contracts   (3,913)   184    –    –    – 
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies   2,871    670    (3,620)   –    335 
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies   8,575,694    2,808,327    25,589,244    6,006,509    168,312,884 
Net realized/unrealized gain from investments and foreign currency transactions   10,614,452    3,633,154    36,611,261    12,103,652    290,288,351 
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS  $10,986,903   $3,815,330   $36,298,936   $12,678,336   $289,221,179 

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

54 2021 Semi-Annual Report

 

 

 

 

 

Statements of Operations (Unaudited) (concluded)

 

For the Six-Month Period Ended April 30, 2021

 

    Aberdeen
U.S. Sustainable
Leaders Fund 		    Aberdeen
U.S. Sustainable
Leaders Smaller
Companies Fund		  
INVESTMENT INCOME:                    
Dividend income     $ 2,156,596       $ 52,375  
Interest income     64       33  
Securities lending income, net     555       74  
Foreign tax withholding     (44,921 )     (1,127 )
Total Income     2,112,294       51,355  
EXPENSES:
Investment advisory fees     1,646,565       58,278  
Trustee fees     16,427       585  
Administration fees     175,634       6,216  
Legal fees     19,369       686  
Audit fees     17,409       19,422  
Printing fees     45,188       20,358  
Custodian fees     7,191       1,088  
Transfer agent fees     112,152       12,821  
Distribution fees Class A     364,272       10,594  
Distribution fees Class C     5,469       2,540  
Distribution fees Class R     –       5,774  
Sub-transfer agent fees Class A     58,283       2,939  
Sub-transfer agent and administrative service fees Institutional Class     2,999       2,783  
Sub-transfer agent fees Class C     624       283  
Sub-transfer agent and administrative service fees Class R     –       1,580  
Sub-transfer agent and administrative service fees Institutional Service Class     45,457       237  
Fund accounting fees     8,782       311  
Registration and filing fees     29,042       32,672  
Other     34,835       10,902  
Interest expense (Note 10)     –       8  
Total operating expenses before reimbursed/waived expenses     2,589,698       190,077  
Expenses reimbursed     (140,338 )     (96,471 )
Net expenses     2,449,360       93,606  
Net Investment Loss     (337,066 )     (42,251 )
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:
Realized gain on investment transactions     101,440,429       5,057,514  
Realized gain/(loss) on foreign currency transactions     (48,425 )     97  
Net realized gain from investments and foreign currency transactions     101,392,004       5,057,611  
Net change in unrealized appreciation/(depreciation) on investment transactions     (4,264,962 )     (600,269 )
Net change in unrealized appreciation/(depreciation) from investments and translation of assets
and liabilities denominated in foreign currencies		     (4,264,962 )     (600,269 )
Net realized/unrealized gain from investments and foreign currency transactions     97,127,042       4,457,342  
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS     $ 96,789,976       $ 4,415,091  
                 

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report 55

 

 

 

 

Statements of Changes in Net Assets

 

 

     Aberdeen China   Aberdeen Dynamic   Aberdeen Emerging 
     A Share Equity Fund   Dividend Fund   Markets Fund 
     Six-Month        Six-Month        Six-Month     
     Period Ended   Year Ended   Period Ended   Year Ended   Period Ended   Year Ended 
     April 30, 2021    October 31,    April 30, 2021    October 31,    April 30, 2021    October 31,  
     (Unaudited)   2020   (Unaudited)   2020   (Unaudited)   2020 
  FROM INVESTMENT ACTIVITIES:                              
  Operations:                              
  Net investment income/(loss)  $(210,288)  $24,580   $4,251,338   $6,149,688   $5,321,841   $23,274,353 
  Net realized gain/(loss) from investments and foreign currency transactions   599,414    384,145    3,643,874    (2,337,283)   317,737,781    50,486,945 
  Net change in unrealized appreciation/ (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies   3,012,519    3,899,201    23,857,434    (5,975,683)   655,618,237    220,304,236 
  Changes in net assets resulting from operations   3,401,645    4,307,926    31,752,646    (2,163,278)   978,677,859    294,065,534 
  Distributions to Shareholders From:                              
  Distributable earnings:                              
  Class A   (187,758)   (365,061)   (123,880)   (254,850)   (840,787)   (1,951,827)
  Class C   (30,331)   (36,488)   –    –    (95,512)   (124,024)
  Class R   (60,627)   (117,596)   –    –    (929,422)   (1,539,762)
  Institutional Service Class   (10,077)   (23,077)   –    –    (3,669,233)   (5,613,349)
  Institutional Class   (227,834)   (187,398)   (3,173,466)   (6,902,794)   (36,648,250)   (84,695,780)
  Change in net assets from shareholder distributions   (516,627)   (729,620)   (3,297,346)   (7,157,644)   (42,183,204)   (93,924,742)
  Change in net assets from capital transactions   74,794,077    2,582,964    (4,285,494)   (13,040,733)   388,913,826    (1,167,570,408)
  Change in net assets   77,679,095    6,161,270    24,169,806    (22,361,655)   1,325,408,481    (967,429,616)
  Net Assets:                              
  Beginning of period   20,247,317    14,086,047    104,234,649    126,596,304    4,009,353,984    4,976,783,600 
  End of period  $97,926,412   $20,247,317   $128,404,455   $104,234,649   $5,334,762,465   $4,009,353,984 
                                 

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

562021 Semi-Annual Report

 

 

 

 

Statements of Changes in Net Assets (continued)

 

 

     Aberdeen China
A Share Equity Fund		   Aberdeen Dynamic
Dividend Fund		   Aberdeen Emerging
Markets Fund		 
     Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
  CAPITAL TRANSACTIONS:                                                
  Class A Shares                                                
  Proceeds from shares issued  $9,702,200   $2,357,438   $415,471   $1,102,207   $17,632,570   $28,076,891 
  Dividends reinvested   148,240    281,529    87,530    184,731    582,889    1,470,556 
  Cost of shares redeemed   (2,578,346)   (2,901,024)   (360,245)   (1,351,440)   (27,458,140)   (62,257,358)
  Total Class A   7,272,094    (262,057)   142,756    (64,502)   (9,242,681)   (32,709,911)
  Class C Shares                              
  Proceeds from shares issued   3,802,163    338,722    –    –    928,339    1,701,259 
  Dividends reinvested   29,772    28,425    –    –    77,269    93,528 
  Cost of shares redeemed   (531,944)   (769,429)   –    –    (1,208,995)   (6,398,572)
  Total Class C   3,299,991    (402,282)   –    –    (203,387)   (4,603,785)
  Class R Shares                              
  Proceeds from shares issued   3,641,967    2,291,996    –    –    5,046,260    8,471,911 
  Dividends reinvested   60,456    115,553    –    –    926,091    1,516,758 
  Cost of shares redeemed   (1,457,913)   (2,457,975)   –    –    (11,269,867)   (15,309,881)
  Total Class R   2,244,510    (50,426)   –    –    (5,297,516)   (5,321,212)
  Institutional Service Class Shares                              
  Proceeds from shares issued   237,747    7,204    –    –    22,416,405    244,923,207 
  Dividends reinvested   10,017    22,310    –    –    3,668,031    5,612,010 
  Cost of shares redeemed   (44,285)   (88,301)   –    –    (13,307,104)   (213,562,876)
  Total Institutional Service Class   203,479    (58,787)   –    –    12,777,332    36,972,341 
  Institutional Class Shares                              
  Proceeds from shares issued   63,146,146    8,980,315    3,458,485    4,802,370    860,521,813    549,097,142 
  Dividends reinvested   226,673    186,013    2,670,129    5,669,817    27,712,844    63,089,194 
  Cost of shares redeemed   (1,598,816)   (5,809,812)   (10,556,864)   (23,448,418)   (497,354,579)   (1,774,094,177)
  Total Institutional Class   61,774,003    3,356,516    (4,428,250)   (12,976,231)   390,880,078    (1,161,907,841)
  Change in net assets from capital transactions:  $74,794,077   $2,582,964   $(4,285,494)  $(13,040,733)  $388,913,826   $(1,167,570,408)
                                 

 

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

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report 57

 

 

 

 

 

Statements of Changes in Net Assets (concluded)

 

 

     Aberdeen China
A Share Equity Fund		   Aberdeen Dynamic
Dividend Fund		   Aberdeen Emerging
Markets Fund		 
     Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
  SHARE TRANSACTIONS:                                              
  Class A Shares                                              
  Issued   241,622    82,454    94,914    280,952    852,719    1,950,715 
  Reinvested   3,997    11,176    19,796    48,510    29,999    92,430 
  Redeemed   (65,769)   (111,590)   (81,185)   (376,261)   (1,347,692)   (4,417,229)
  Total Class A Shares   179,850    (17,960)   33,525    (46,799)   (464,974)   (2,374,084)
  Class C Shares                              
  Issued   102,712    11,921    –    –    44,120    107,678 
  Reinvested   847    1,182    –    –    4,008    5,893 
  Redeemed   (14,862)   (29,096)   –    –    (59,316)   (435,106)
  Total Class C Shares   88,697    (15,993)   –    –    (11,188)   (321,535)
  Class R Shares                              
  Issued   98,093    78,882    –    –    246,541    603,346 
  Reinvested   1,672    4,690    –    –    48,234    96,302 
  Redeemed   (40,295)   (93,279)   –    –    (556,930)   (1,014,731)
  Total Class R Shares   59,470    (9,707)   –    –    (262,155)   (315,083)
  Institutional Service Class Shares                              
  Issued   5,824    240    –    –    1,069,594    18,091,619 
  Reinvested   268    882    –    –    188,297    352,513 
  Redeemed   (1,186)   (3,489)   –    –    (651,330)   (16,305,879)
  Total Institutional Service Class Shares   4,906    (2,367)   –    –    606,561    2,138,253 
  Institutional Class Shares                              
  Issued   1,593,309    335,208    766,206    1,259,907    41,342,155    38,370,060 
  Reinvested   6,051    7,329    603,755    1,485,417    1,418,989    3,955,435 
  Redeemed   (40,431)   (250,650)   (2,398,763)   (6,098,779)   (24,201,628)   (127,492,592)
  Total Institutional Class Shares   1,558,929    91,887    (1,028,802)   (3,353,455)   18,559,516    (85,167,097)
  Total change in shares:   1,891,852    45,860    (995,277)   (3,400,254)   18,427,760    (86,039,546)

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

58 2021 Semi-Annual Report

 

 

 

 

Statements of Changes in Net Assets

 

 

     Aberdeen Emerging Markets
Sustainable Leaders Fund		   Aberdeen Global
Equity Fund		   Aberdeen Global
Infrastructure Fund		 
     Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
  FROM INVESTMENT ACTIVITIES:                              
  Operations:                              
  Net investment income/(loss)  $263,809   $694,787   $(39,021)  $(17,817)  $372,451   $2,420,686 
  Net realized gain/(loss) from investments and foreign currency transactions   69,622,443    (735,983)   2,877,204    (96,034)   2,038,758    (633,944)
  Net change in unrealized appreciation/ (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies   (25,386,966)   17,504,289    3,866,158    1,508,899    8,575,694    (9,646,398)
  Changes in net assets resulting from operations   44,499,286    17,463,093    6,704,341    1,395,048    10,986,903    (7,859,656)
  Distributions to Shareholders From:                              
  Distributable earnings:                              
  Class A   (3,298)   (234,561)   –    (868,962)   (171,103)   (378,080)
  Class C   –    (2,997)   –    (16,881)   –    – 
  Class R   –    (27,395)   –    (41,507)   –    – 
  Institutional Service Class   (243,818)   (1,139,978)   –    (9,300)   –    – 
  Institutional Class   (207,630)   (1,343,116)   –    (48,762)   (631,583)   (2,878,797)
  Tax return of capital:                              
  Class A   –    –    –    –    –    (76,914)
  Institutional Class   –    –    –    –    –    (529,317)
  Change in net assets from shareholder
distributions		   (454,746)   (2,748,047)   –    (985,412)   (802,686)   (3,863,108)
  Change in net assets from capital transactions   (33,900,866)   (15,793,228)   (1,723,114)   (5,758,382)   694,291    (46,649,052)
  Change in net assets   10,143,674    (1,078,182)   4,981,227    (5,348,746)   10,878,508    (58,371,816)
  Net Assets:                              
  Beginning of period   217,373,209    218,451,391    25,216,731    30,565,477    41,845,460    100,217,276 
  End of period  $227,516,883   $217,373,209   $30,197,958   $25,216,731   $52,723,968   $41,845,460 

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 59

 

 

 

 

Statements of Changes in Net Assets (continued)

 

 

     Aberdeen Emerging Markets
Sustainable Leaders Fund		   Aberdeen Global
Equity Fund		   Aberdeen Global
Infrastructure Fund		 
     Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
  CAPITAL TRANSACTIONS:                              
  Class A Shares                              
  Proceeds from shares issued  $1,268,444   $1,898,121   $213,811   $710,053   $910,900   $575,513 
  Dividends reinvested   2,916    203,648    –    778,955    138,559    371,684 
  Cost of shares redeemed   (2,730,976)   (6,865,084)   (1,491,590)   (6,114,296)   (855,341)   (2,849,843)
  Total Class A   (1,459,616)   (4,763,315)   (1,277,779)   (4,625,288)   194,118    (1,902,646)
  Class C Shares                              
  Proceeds from shares issued   73,812    140,962    200    8,871    –    – 
  Dividends reinvested   –    2,522    –    10,950    –    – 
  Cost of shares redeemed   (471,867)   (2,249,490)   (33,187)   (449,273)   –    – 
  Total Class C   (398,055)   (2,106,006)   (32,987)   (429,452)   –    – 
  Class R Shares                              
  Proceeds from shares issued   2,784,271    225,464    127,453    126,197    –    – 
  Dividends reinvested   –    23,945    –    27,447    –    – 
  Cost of shares redeemed   (487,952)   (1,231,526)   (307,247)   (832,866)   –    – 
  Total Class R   2,296,319    (982,117)   (179,794)   (679,222)   –    – 
  Institutional Service Class Shares                              
  Proceeds from shares issued   2,609,538    1,498,932    –    5,350    –    – 
  Dividends reinvested   230,323    1,083,091    –    9,300    –    – 
  Cost of shares redeemed   (5,224,181)   (11,008,743)   (1,525)   (37,522)   –    – 
  Total Institutional Service Class   (2,384,320)   (8,426,720)   (1,525)   (22,872)   –    – 
  Institutional Class Shares                              
  Proceeds from shares issued   16,817,716    9,234,936    229,586    390,387    3,613,830    3,078,861 
  Dividends reinvested   206,400    1,336,975    –    46,409    619,269    1,682,504 
  Cost of shares redeemed   (48,979,310)   (10,086,981)   (460,615)   (438,344)   (3,732,926)   (49,507,771)
  Total Institutional Class   (31,955,194)   484,930    (231,029)   (1,548)   500,173    (44,746,406)
  Change in net assets from capital transactions:  $(33,900,866)  $(15,793,228)  $(1,723,114)  $(5,758,382)  $694,291   $(46,649,052)

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60 2021 Semi-Annual Report

 

 

 

 

Statements of Changes in Net Assets (concluded)

 

 

   Aberdeen Emerging Markets
Sustainable Leaders Fund		   Aberdeen Global
Equity Fund		   Aberdeen Global
Infrastructure Fund		 
   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
SHARE TRANSACTIONS:                              
Class A Shares                              
Issued   66,169    127,940    13,934    54,833    40,559    27,759 
Reinvested   161    13,284    –    58,392    6,343    18,598 
Redeemed   (143,854)   (463,845)   (95,088)   (490,494)   (38,578)   (145,137)
Total Class A Shares   (77,524)   (322,621)   (81,154)   (377,269)   8,324    (98,780)
Class C Shares                              
Issued   4,195    9,880    13    742    –    – 
Reinvested   –    174    –    878    –    – 
Redeemed   (25,807)   (160,311)   (2,330)   (38,162)   –    – 
Total Class C Shares   (21,612)   (150,257)   (2,317)   (36,542)   –    – 
Class R Shares                              
Issued   151,621    15,925    8,480    10,421    –    – 
Reinvested   –    1,638    –    2,159    –    – 
Redeemed   (27,271)   (86,681)   (21,060)   (68,244)   –    – 
Total Class R Shares   124,350    (69,118)   (12,580)   (55,664)   –    – 
Institutional Service Class Shares                              
Issued   128,633    100,099    –    400    –    – 
Reinvested   12,443    69,340    –    688    –    – 
Redeemed   (268,252)   (729,057)   (94)   (2,735)   –    – 
Total Institutional Service Class Shares   (127,176)   (559,618)   (94)   (1,647)   –    – 
Institutional Class Shares                              
Issued   853,211    607,377    14,607    30,957    161,058    149,493 
Reinvested   11,097    85,266    –    3,482    28,317    84,247 
Redeemed   (2,716,758)   (663,191)   (28,937)   (35,898)   (171,042)   (2,500,768)
Total Institutional Class Shares   (1,852,450)   29,452    (14,330)   (1,459)   18,333    (2,267,028)
Total change in shares:   (1,954,412)   (1,072,162)   (110,475)   (472,581)   26,657    (2,365,808)

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

2021 Semi-Annual Report 61

 

 

 

 

Statements of Changes in Net Assets

 

 

   Aberdeen International
Real Estate Equity Fund		   Aberdeen International
Small Cap Fund		   Aberdeen Realty
Income & Growth Fund		 
   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020(a)		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
FROM INVESTMENT ACTIVITIES:                              
Operations:                              
Net investment income/(loss)  $182,176   $706,225   $(312,325)  $(272,690)  $574,684   $1,203,062 
Net realized gain/(loss) from investments and foreign currency transactions   824,827    449,431    11,022,017    (1,298,863)   6,097,143    7,265,239 
Net change in unrealized appreciation/ (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies   2,808,327    (7,020,109)   25,589,244    16,867,212    6,006,509    (21,294,723)
Changes in net assets resulting from operations   3,815,330    (5,864,453)   36,298,936    15,295,659    12,678,336    (12,826,422)
Distributions to Shareholders From:                              
Distributable earnings:                              
Class A   (447)   (19,990)   –    (4,124,107)   (129,129)   (356,849)
Class C   –    –    –    (37,679)   –    – 
Class R   –    –    –    (106,923)   –    – 
Institutional Service Class   –    –    –    (2,247)   –    – 
Institutional Class   (772,267)   (6,392,314)   –    (1,888,315)   (5,928,737)   (10,781,178)
Change in net assets from shareholder distributions   (772,714)   (6,412,304)   –    (6,159,271)   (6,057,866)   (11,138,027)
Change in net assets from capital transactions   (1,273,311)   (23,819,904)   37,722,150    16,139,945    (1,003,011)   (5,403,350)
Change in net assets   1,769,305    (36,096,661)   74,021,086    25,276,333    5,617,459    (29,367,799)
Net Assets:                              
Beginning of period   20,591,025    56,687,686    139,093,698    113,817,365    48,205,347    77,573,146 
End of period  $22,360,330   $20,591,025   $213,114,784   $139,093,698   $53,822,806   $48,205,347 

 

(a)Effective February 28, 2020, the Institutional Service Class had zero assets. On February 28, 2020, the Aberdeen International Small Cap Fund ceased offering Institutional Service Class Shares.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62 2021 Semi-Annual Report

 

 

 

 

Statements of Changes in Net Assets (continued)

 

 

   Aberdeen International
Real Estate Equity Fund		   Aberdeen International
Small Cap Fund		   Aberdeen Realty
Income & Growth Fund		 
   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020(a)		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
CAPITAL TRANSACTIONS:                              
Class A Shares                              
Proceeds from shares issued  $17,982   $17,400   $22,438,149   $22,475,177   $93,910   $600,041 
Dividends reinvested   259    1,728    –    4,009,366    115,322    267,327 
Cost of shares redeemed   (3,899)   (139,211)   (42,151,323)   (17,795,163)   (1,429,433)   (453,190)
Total Class A   14,342    (120,083)   (19,713,174)   8,689,380    (1,220,201)   414,178 
Class C Shares                              
Proceeds from shares issued   –    –    118,650    44,253    –    – 
Dividends reinvested   –    –    –    37,679    –    – 
Cost of shares redeemed   –    –    (22,494)   (371,746)   –    – 
Total Class C   –    –    96,156    (289,814)   –    – 
Class R Shares                              
Proceeds from shares issued   –    –    335,568    756,991    –    – 
Dividends reinvested   –    –    –    104,980    –    – 
Cost of shares redeemed   –    –    (167,290)   (1,322,375)   –    – 
Total Class R   –    –    168,278    (460,404)   –    – 
Institutional Service Class Shares                              
Proceeds from shares issued   –    –    –    1,597    –    – 
Dividends reinvested   –    –    –    2,247    –    – 
Cost of shares redeemed   –    –    –    (41,337)   –    – 
Total Institutional Service Class   –    –    –    (37,493)   –    – 
Institutional Class Shares                              
Proceeds from shares issued   36,315    220,196    68,504,679    22,918,036    676,248    1,740,144 
Dividends reinvested   750,678    3,228,360    –    1,887,586    5,767,173    10,093,031 
Cost of shares redeemed   (2,074,646)   (27,148,377)   (11,333,789)   (16,567,346)   (6,226,231)   (17,650,703)
Total Institutional Class   (1,287,653)   (23,699,821)   57,170,890    8,238,276    217,190    (5,817,528)
Change in net assets from capital transactions:  $(1,273,311)  $(23,819,904)  $37,722,150   $16,139,945   $(1,003,011)  $(5,403,350)

 

(a)Effective February 28, 2020, the Institutional Service Class had zero assets. On February 28, 2020, the Aberdeen International Small Cap Fund ceased offering Institutional Service Class Shares.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 63

 

 

 

 

 

Statements of Changes in Net Assets (concluded)

 

 

 

     Aberdeen International
Real Estate Equity Fund		   Aberdeen International
Small Cap Fund		   Aberdeen Realty
Income & Growth Fund		 
     Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020(a)		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
  SHARE TRANSACTIONS:                        
  Class A Shares                                                
  Issued   883    944    630,373    853,368    7,660    44,651 
  Reinvested   13    81    –    143,243    9,578    18,007 
  Redeemed   (195)   (7,307)   (1,167,390)   (690,453)   (108,407)   (34,005)
  Total Class A Shares   701    (6,282)   (537,017)   306,158    (91,169)   28,653 
  Class C Shares                              
  Issued   –    –    3,571    1,695    –    – 
  Reinvested   –    –    –    1,488    –    – 
  Redeemed   –    –    (695)   (15,376)   –    – 
  Total Class C Shares   –    –    2,876    (12,193)   –    – 
  Class R Shares                              
  Issued   –    –    10,000    31,007    –    – 
  Reinvested   –    –    –    3,989    –    – 
  Redeemed   –    –    (5,213)   (50,260)   –    – 
  Total Class R Shares   –    –    4,787    (15,264)   –    – 
  Institutional Service Class Shares                              
  Issued   –    –    –    56    –    – 
  Reinvested   –    –    –    80    –    – 
  Redeemed   –    –    –    (1,607)   –    – 
  Total Institutional Service Class Shares   –    –    –    (1,471)   –    – 
  Institutional Class Shares                              
  Issued   1,830    11,184    1,878,118    859,355    52,640    122,029 
  Reinvested   39,077    149,877    –    67,222    477,345    688,954 
  Redeemed   (104,542)   (1,382,002)   (314,361)   (648,619)   (492,876)   (1,267,890)
  Total Institutional Class Shares   (63,635)   (1,220,941)   1,563,757    277,958    37,109    (456,907)
  Total change in shares:   (62,934)   (1,227,223)   1,034,403    555,188    (54,060)   (428,254)

 

(a) Effective February 28, 2020, the Institutional Service Class had zero assets. On February 28, 2020, the Aberdeen International Small Cap Fund ceased offering Institutional Service Class Shares.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

  

 

 

 

 

64 2021 Semi-Annual Report

 

 

 

 

Statements of Changes in Net Assets

 

 

 

    Aberdeen U.S. Small Cap
Equity Fund		   Aberdeen U.S. Sustainable
Leaders Fund		   Aberdeen U.S. Sustainable
Leaders Smaller Companies Fund		 
   

Six-Month

Period Ended
April 30, 2021
(Unaudited)

  
Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		  
Year Ended
October 31,
2020(a)		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
  FROM INVESTMENT ACTIVITIES:                                              
  Operations:                                              
  Net investment loss  $(1,067,172)  $(2,939,644)  $(337,066)  $(627,102)  $(42,251)  $(45,591)
  Net realized gain from investments and foreign currency transactions   121,975,467    60,922,317    101,392,004    48,986,120    5,057,611    3,119,651 
  Net change in unrealized appreciation/ (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies   168,312,884    (4,343,412)   (4,264,962)   13,838,958    (600,269)   (994,426)
  Changes in net assets resulting from
operations		   289,221,179    53,639,261    96,789,976    62,197,976    4,415,091    2,079,634 
  Distributions to Shareholders From:                              
  Distributable earnings:                              
  Class A   (8,820,880)   (11,473,361)   (32,838,262)   (24,589,062)   (901,851)   (516,902)
  Class C   (3,106,149)   (4,244,876)   (162,943)   (156,405)   (230,092)   (1,046,758)
  Class R   (263,620)   (421,143)   –    (1,083)   (271,918)   (128,715)
  Institutional Service Class   (2,057,615)   (2,799,098)   (13,939,695)   (10,744,381)   (32,120)   (28,367)
  Institutional Class   (35,151,160)   (42,054,120)   (1,285,641)   (818,661)   (382,181)   (203,205)
  Change in net assets from shareholder distributions   (49,399,424)   (60,992,598)   (48,226,541)   (36,309,592)   (1,818,162)   (1,923,947)
  Change in net assets from capital transactions   114,506,906    (119,902,008)   22,684,797    1,017,750    (2,173)   (6,463,943)
  Change in net assets   354,328,661    (127,255,345)   71,248,232    26,906,134    2,594,756    (6,308,256)
  Net Assets:                              
  Beginning of period   733,367,840    860,623,185    398,713,960    371,807,826    13,890,016    20,198,272 
  End of period  $1,087,696,501   $733,367,840   $469,962,192   $398,713,960   $16,484,772   $13,890,016 

 

(a) Effective March 31, 2020, the Class R had zero assets. On April 7, 2020, the Aberdeen U.S. Sustainable Leaders Fund ceased offering Class R Shares.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 65

 

 

 

 

Statements of Changes in Net Assets (continued)

 

 

 

    Aberdeen U.S. Small Cap
Equity Fund		   Aberdeen U.S. Sustainable
Leaders Fund		   Aberdeen U.S. Sustainable
Leaders Smaller Companies Fund		 
    Six-Month
Period Ended
April 30, 2021
(Unaudited)		  
Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020(a)		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
  CAPITAL TRANSACTIONS:                                              
  Class A Shares                                                
  Proceeds from shares issued  $12,045,193   $16,227,633   $1,624,302   $2,958,841   $226,816   $1,202,461 
  Dividends reinvested   7,112,684    9,715,490    29,872,297    22,321,664    763,859    388,246 
  Cost of shares redeemed   (23,700,345)   (58,094,309)   (16,525,279)   (25,099,337)   (1,230,106)   (2,708,909)
  Total Class A   (4,542,468)   (32,151,186)   14,971,320    181,168    (239,431)   (1,118,202)
  Class C Shares                              
  Proceeds from shares issued   2,380,929    2,708,476    1,376    148,630    6,520    89,627 
  Dividends reinvested   2,630,798    3,470,356    157,978    120,441    227,027    1,034,134 
  Cost of shares redeemed   (8,054,395)   (16,088,725)   (332,124)   (600,552)   (135,907)   (4,863,444)
  Total Class C   (3,042,668)   (9,909,893)   (172,770)   (331,481)   97,640    (3,739,683)
  Class R Shares                              
  Proceeds from shares issued   312,087    803,669    –    1,786    141,725    276,677 
  Dividends reinvested   246,182    276,258    –    –    271,918    128,715 
  Cost of shares redeemed   (727,040)   (2,713,095)   –    (13,850)   (180,412)   (472,535)
  Total Class R   (168,771)   (1,633,168)   –    (12,064)   233,231    (67,143)
  Institutional Service Class Shares                              
  Proceeds from shares issued   2,912,042    7,326,377    1,061,687    674,167    18,922    3,000 
  Dividends reinvested   1,986,418    2,719,643    13,645,836    10,474,284    32,120    28,367 
  Cost of shares redeemed   (7,948,328)   (19,150,853)   (7,962,644)   (11,541,725)   (92,160)   (192,119)
  Total Institutional Service Class   (3,049,868)   (9,104,833)   6,744,879    (393,274)   (41,118)   (160,752)
  Institutional Class Shares                              
  Proceeds from shares issued   211,978,829    167,070,278    1,368,187    3,061,512    76,965    340,696 
  Dividends reinvested   29,290,180    35,496,582    1,257,892    796,937    369,548    197,284 
  Cost of shares redeemed   (115,958,328)   (269,669,788)   (1,484,711)   (2,285,048)   (499,008)   (1,916,143)
  Total Institutional Class   125,310,681    (67,102,928)   1,141,368    1,573,401    (52,495)   (1,378,163)
  Change in net assets from capital transactions:  $114,506,906   $(119,902,008)  $22,684,797   $1,017,750   $(2,173)  $(6,463,943)

 

(a) Effective March 31, 2020, the Class R had zero assets. On April 7, 2020, the Aberdeen U.S. Sustainable Leaders Fund ceased offering Class R Shares.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

66 2021 Semi-Annual Report

 

 

 

 

 

Statements of Changes in Net Assets (concluded)

 

 

 

   Aberdeen U.S. Small Cap
Equity Fund		   Aberdeen U.S. Sustainable
Leaders Fund		   Aberdeen U.S. Sustainable
Leaders Smaller Companies Fund		 
  Six-Month
Period Ended
April 30, 2021
(Unaudited)		  
Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		  
Year Ended
October 31,
2020(a)		   Six-Month
Period Ended
April 30, 2021
(Unaudited)		   Year Ended
October 31,
2020		 
SHARE TRANSACTIONS:                              
Class A Shares                              
Issued   298,058    507,911    113,692    230,734    25,355    155,754 
Reinvested   185,082    301,069    2,159,963    1,777,203    88,205    51,018 
Redeemed   (574,088)   (1,895,512)   (1,140,829)   (1,950,163)   (136,218)   (380,378)
Total Class A Shares   (90,948)   (1,086,532)   1,132,826    57,774    (22,658)   (173,606)
Class C Shares                              
Issued   72,585    104,097    113    13,302    5,241    58,896 
Reinvested   84,809    130,563    14,271    11,570    190,779    590,934 
Redeemed   (242,589)   (643,327)   (28,369)   (54,864)   (72,524)   (2,637,390)
Total Class C Shares   (85,195)   (408,667)   (13,985)   (29,992)   123,496    (1,987,560)
Class R Shares                              
Issued   8,646    28,406    –    154    17,858    40,328 
Reinvested   7,188    9,503    –    –    36,401    19,240 
Redeemed   (20,495)   (94,848)   –    (1,329)   (22,398)   (70,135)
Total Class R Shares   (4,661)   (56,939)   –    (1,175)   31,861    (10,567)
Institutional Service Class Shares                              
Issued   65,522    230,034    69,252    50,790    1,944    344 
Reinvested   47,854    78,557    905,497    774,153    3,526    3,564 
Redeemed   (184,217)   (576,967)   (510,687)   (845,170)   (10,251)   (24,322)
Total Institutional Service Class Shares   (70,841)   (268,376)   464,062    (20,227)   (4,781)   (20,414)
Institutional Class Shares                              
Issued   4,662,036    5,167,805    86,211    210,706    7,915    41,379 
Reinvested   704,938    1,025,616    83,029    58,641    38,859    23,913 
Redeemed   (2,639,881)   (8,464,657)   (94,675)   (169,900)   (50,399)   (231,032)
Total Institutional Class Shares   2,727,093    (2,271,236)   74,565    99,447    (3,625)   (165,740)
Total change in shares:   2,475,448    (4,091,750)   1,657,468    105,827    124,293    (2,357,887)

 

(a)Effective March 31, 2020, the Class R had zero assets. On April 7, 2020, the Aberdeen U.S. Sustainable Leaders Fund ceased offering Class R Shares.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

  2021 Semi-Annual Report 67

 

 

 

 

Financial Highlights

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen China A Share Equity Fund

 

            Investment Activities       Distributions        
    Net
Asset
Value,
Beginning
of Period		     Net
Investment
Income
(Loss)
(a)		     Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		     Total
from
Investment
Activities		     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		     Net
Asset
Value,
End of
Period		    
Class A Shares                                                                  
Six Months Ended April 30, 2021*   $ 33.90     $ (0.18 )   $ 5.98     $ 5.80     $ –     $ (0.53 )   $ (0.53 )   $ 39.17    
Year Ended October 31, 2020     25.61       0.08       9.29       9.37       – (h)     (1.08 )     (1.08 )     33.90    
Year Ended October 31, 2019     19.86       0.07       5.72       5.79       (0.04 )     –       (0.04 )     25.61    
Year Ended October 31, 2018     22.48       0.06       (2.45 )     (2.39 )     (0.23 )     –       (0.23 )     19.86    
Year Ended October 31, 2017     18.46       0.20       4.02       4.22       (0.20 )     –       (0.20 )     22.48    
Year Ended October 31, 2016     17.94       0.19       0.33       0.52       –       –       –       18.46    
Class C Shares                                                                  
Six Months Ended April 30, 2021*     32.18       (0.29 )     5.68       5.39       –       (0.53 )     (0.53 )     37.04    
Year Ended October 31, 2020     24.52       (0.09 )     8.83       8.74       –       (1.08 )     (1.08 )     32.18    
Year Ended October 31, 2019     19.12       (0.21 )     5.61       5.40       –       –       –       24.52    
Year Ended October 31, 2018     21.59       (0.09 )     (2.35 )     (2.44 )     (0.03 )     –       (0.03 )     19.12    
Year Ended October 31, 2017     17.64       0.03       3.92       3.95       –       –       –       21.59    
Year Ended October 31, 2016     17.26       0.06       0.32       0.38       –       –       –       17.64    
Class R Shares                                                                  
Six Months Ended April 30, 2021*     33.07       (0.23 )     5.84       5.61       –       (0.53 )     (0.53 )     38.15    
Year Ended October 31, 2020     25.08       (0.06 )     9.13       9.07       –       (1.08 )     (1.08 )     33.07    
Year Ended October 31, 2019     19.48       0.02       5.58       5.60       –       –       –       25.08    
Year Ended October 31, 2018     22.07       0.04       (2.46 )     (2.42 )     (0.17 )     –       (0.17 )     19.48    
Year Ended October 31, 2017     18.13       0.15       3.94       4.09       (0.15 )     –       (0.15 )     22.07    
Year Ended October 31, 2016     17.68       0.16       0.29       0.45       –       –       –       18.13    
Institutional Service Class Shares                                                                  
Six Months Ended April 30, 2021*     34.11       (0.14 )     6.01       5.87       (0.02 )     (0.53 )     (0.55 )     39.43    
Year Ended October 31, 2020     25.75       0.15       9.34       9.49       (0.05 )     (1.08 )     (1.13 )     34.11    
Year Ended October 31, 2019     19.98       0.11       5.76       5.87       (0.10 )     –       (0.10 )     25.75    
Year Ended October 31, 2018     22.62       0.11       (2.46 )     (2.35 )     (0.29 )     –       (0.29 )     19.98    
Year Ended October 31, 2017     18.55       0.22       4.08       4.30       (0.23 )     –       (0.23 )     22.62    
Year Ended October 31, 2016     18.00       0.22       0.33       0.55       –       –       –       18.55    
Institutional Class Shares                                                                  
Six Months Ended April 30, 2021*     34.26       (0.09 )     6.01       5.92       (0.04 )     (0.53 )     (0.57 )     39.61    
Year Ended October 31, 2020     25.85       0.05       9.51       9.56       (0.07 )     (1.08 )     (1.15 )     34.26    
Year Ended October 31, 2019     20.03       0.26       5.64       5.90       (0.08 )     –       (0.08 )     25.85    
Year Ended October 31, 2018     22.65       0.05       (2.38 )     (2.33 )     (0.29 )     –       (0.29 )     20.03    
Year Ended October 31, 2017     18.58       0.19       4.13       4.32       (0.25 )     –       (0.25 )     22.65    
Year Ended October 31, 2016     18.00       0.26       0.32       0.58       –       –       –       18.58    

 

*  Unaudited

(a)Net investment income/(loss) is based on average shares outstanding during the period.
(b)Excludes sales charge.
(c)Not annualized for periods less than one year.
(d)Annualized for periods less than one year.
(e)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

68  2021 Semi-Annual Report  

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen China A Share Equity Fund (concluded)

 

    Ratios/Supplemental Data     
          
          
Total Return
(b)(c)		   Net Assets
at End of Period
(000's)		  Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		   Ratio of Net
Investment Income (Loss)
to Average Net Assets
(d)		  Portfolio Turnover
(c)(f)
17.20%(g)   $19,626    1.30%      1.60%        (0.94%)   2.69%
38.06%(g)   10,888    1.32%(i)   2.55%(i)   0.28%   56.48%
29.21%   8,685    1.60%(i)   3.19%(i)   0.30%   115.09%
(10.76%)   5,978    1.95%(i)   3.01%(i)   0.27%   26.13%
23.15%   7,492    1.97%(i)   3.04%(i)   0.98%   23.58%
2.90%   7,301    1.95%(i)   2.84%(i)   1.10%   15.75%
                           
16.84%   3,960    1.99%      2.38%       (1.59%)   2.69%
37.13%   587    1.99%(i)   3.37%(i)   (0.37%)   56.48%
28.24%   839    2.38%(i)   3.99%(i)   (0.96%)   115.09%
(11.32%)   1,568    2.62%(i)   3.81%(i)   (0.42%)   26.13%
22.39%   2,437    2.62%(i)   3.83%(i)   0.14%   23.58%
2.20%   3,609    2.62%(i)   3.60%(i)   0.37%   15.75%
                           
17.05%(g)   5,977    1.59%      1.89%        (1.23%)   2.69%
37.63%(g)   3,215    1.62%(i)   2.85%(i)   (0.23%)   56.48%
28.75%   2,682    1.92%(i)   3.52%(i)   0.07%   115.09%
(11.07%)   1,664    2.27%(i)   3.33%(i)   0.18%   26.13%
22.77%   1,851    2.31%(i)   3.38%(i)   0.74%   23.58%
2.55%   1,378    2.28%(i)   3.17%(i)   0.95%   15.75%
                           
17.32%   932    1.08%      1.38%       (0.74%)   2.69%
38.37%   639    1.09%(i)   2.32%(i)   0.55%   56.48%
29.52%   543    1.40%(i)   2.96%(i)   0.45%   115.09%
(10.57%)   532    1.72%(i)   2.78%(i)   0.49%   26.13%
23.54%   620    1.71%(i)   2.78%(i)   1.12%   23.58%
3.06%   735    1.79%(i)   2.68%(i)   1.29%   15.75%
                           
17.39%   67,431    0.99%      1.32%       (0.48%)   2.69%
38.55%   4,919    0.99%(i)   2.34%(i)   0.20%   56.48%
29.59%   1,336    1.16%(i)   2.97%(i)   1.09%   115.09%
(10.46%)   299    1.62%(i)   2.78%(i)   0.21%   26.13%
23.62%   927    1.62%(i)   2.78%(i)   0.94%   23.58%
3.22%   1,575    1.62%(i)   2.56%(i)   1.47%   15.75%

 

(f)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.
(h)Less than $0.005 per share.
(i)Includes interest expense that amounts to less than 0.01%

 

 

 

 

 

  2021 Semi-Annual Report 69

 

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Dynamic Dividend Fund

 

              Investment Activities       Distributions                  
      Net
Asset
Value,
Beginning
of Period		       Net
Investment
Income		       Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		       Total
from
Invest-
ment
Activities		       Net
Invest-
ment
Income		       Tax
Return
of
Capital		       Total
Distri-
butions		       Redemption
Fees		       Net
Asset
Value,
End of
Period		  
Class A Shares                                                                        
Six Months Ended April 30, 2021*   $ 3.68     $ 0.15 (f)   $ 0.98     $ 1.13     $ (0.11 )   $ –     $ (0.11 )   $ –     $ 4.70  
Year Ended October 31, 2020     3.99       0.20 (f)     (0.28 )     (0.08 )     (0.23 )     –       (0.23 )     –       3.68  
Year Ended October 31, 2019     3.85       0.23 (f)     0.14       0.37       (0.23 )     –       (0.23 )     –       3.99  
Year Ended October 31, 2018(h)     4.04       0.17 (f)     (0.13 )     0.04       (0.23 )     0.00 (i)     (0.23 )     0.00 (i)     3.85  
Year Ended October 31, 2017     3.49       0.22       0.56       0.78       (0.22 )     (0.01 )     (0.23 )     0.00 (i)     4.04  
Year Ended October 31, 2016     3.73       0.18       (0.19 )     (0.01 )     (0.21 )     (0.02 )     (0.23 )     0.00 (i)     3.49  
Institutional Class Shares                                                                        
Six Months Ended April 30, 2021*     3.69       0.15 (f)     0.99       1.14       (0.12 )     –       (0.12 )     –       4.71  
Year Ended October 31, 2020     4.00       0.21 (f)     (0.28 )     (0.07 )     (0.24 )     –       (0.24 )     –       3.69  
Year Ended October 31, 2019     3.85       0.24 (f)     0.15       0.39       (0.24 )     –       (0.24 )     –       4.00  
Year Ended October 31, 2018(h)     4.04       0.18 (f)     (0.13 )     0.05       (0.24 )     0.00 (i)     (0.24 )     0.00 (i)     3.85  
Year Ended October 31, 2017     3.49       0.22       0.57       0.79       (0.23 )     (0.01 )     (0.24 )     0.00 (i)     4.04  
Year Ended October 31, 2016     3.73       0.21       (0.21 )     0.00       (0.22 )     (0.02 )     (0.24 )     0.00 (i)     3.49  

 

*Unaudited
(a)Excludes sales charge.
(b)Not annualized for periods less than one year.
(c)Annualized for periods less than one year.
(d)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

70  2021 Semi-Annual Report  

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Dynamic Dividend Fund (concluded)

 

                     
                                           
                  Ratios/Supplemental Data            
                               
Total Return
(a)(b)		     Net Assets
at End of Period
(000's)		     Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(c)		     Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(c)(d)		     Ratio of Net
Investment Income
to Average Net Assets
(c)		     Portfolio Turnover
(b)(e)
31.07 %   $ 5,117       1.50 %     1.60 %     6.84 %     35.97 %
(2.04 %)(g)     3,885       1.50 %     1.60 %     5.20 %     85.01 %
10.02 %(g)     4,399       1.50 %     1.61 %     6.00 %     105.70 %
0.79 %     4,505       1.52 %(j)     1.60 %(j)     4.17 %     66.16 %
22.92 %     3,379       1.54 %(j)     1.58 %(j)     6.14 %     82.00 %
(0.06 %)     3,865       1.55 %(j)     1.56 %(j)     5.02 %     88.00 %
                                         
31.14 %     123,287       1.25 %     1.35 %     7.06 %     35.97 %
(1.77 %)     100,350       1.25 %     1.35 %     5.37 %     85.01 %
10.60 %     122,197       1.25 %     1.33 %     6.21 %     105.70 %
1.02 %     135,262       1.28 %(j)     1.35 %(j)     4.44 %     66.16 %
23.22 %     160,696       1.29 %(j)     1.33 %(j)     5.95 %     82.00 %
0.18 %     151,200       1.30 %(j)     1.31 %(j)     6.13 %     88.00 %

 

(e)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)Net investment income/(loss) is based on average shares outstanding during the period.
(g)The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.
(h)Beginning with the year ended October 31, 2018, the Fund has been audited by KPMG LLP. Previous years were audited by different independent registered public accounting firms.
(i)Less than $0.005 per share.
(j)Includes interest expense that amounts to 0.03%, 0.04% and 0.01% for Class A and Institutional Class for the years ended October 31, 2018, October 31, 2017 and October 31, 2016 respectively.

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 71

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Emerging Markets Fund

 

         

 Investment Activities

    Distributions      
    Net
Asset
Value,
Beginning
of Period		    Net
Investment
Income
(Loss)
(a)		    Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		    Total
from
Investment
Activities		    Net
Investment
Income		    Net
Realized
Gains		    Total
Distributions		    Net
Asset
Value,
End of
Period		 
Class A Shares                                        
Six Months Ended April 30, 2021*   $16.79    $(0.02)   $ 4.09    $ 4.07    $      –    $(0.14)   $(0.14)   $20.72 
Year Ended October 31, 2020   15.30    0.01    1.71    1.72    (0.22)   (0.01)   (0.23)   16.79 
Year Ended October 31, 2019   13.12    0.07    2.26    2.33    (0.13)   (0.02)   (0.15)   15.30 
Year Ended October 31, 2018   15.74    0.07    (2.53)   (2.46)   (0.16)   –    (0.16)   13.12 
Year Ended October 31, 2017   13.53    0.10    2.22    2.32    (0.11)   –    (0.11)   15.74 
Year Ended October 31, 2016   12.22    0.11    1.33    1.44    –(h)   (0.13)   (0.13)   13.53 
Class C Shares                                        
Six Months Ended April 30, 2021*   16.68    (0.08)   4.07    3.99    –    (0.14)   (0.14)   20.53 
Year Ended October 31, 2020   15.18    (0.06)   1.69    1.63    (0.12)   (0.01)   (0.13)   16.68 
Year Ended October 31, 2019   12.97    –(h)   2.24    2.24    (0.01)   (0.02)   (0.03)   15.18 
Year Ended October 31, 2018   15.55    –(h)   (2.51)   (2.51)   (0.07)   –    (0.07)   12.97 
Year Ended October 31, 2017   13.35    0.02    2.21    2.23    (0.03)   –    (0.03)   15.55 
Year Ended October 31, 2016   12.14    0.03    1.31    1.34    –    (0.13)   (0.13)   13.35 
Class R Shares                                        
Six Months Ended April 30, 2021*   16.60    (0.04)   4.05    4.01    –    (0.14)   (0.14)   20.47 
Year Ended October 31, 2020   15.14    –(h)   1.68    1.68    (0.21)   (0.01)   (0.22)   16.60 
Year Ended October 31, 2019   13.00    0.07    2.21    2.28    (0.12)   (0.02)   (0.14)   15.14 
Year Ended October 31, 2018   15.61    0.06    (2.52)   (2.46)   (0.15)   –    (0.15)   13.00 
Year Ended October 31, 2017   13.43    0.08    2.19    2.27    (0.09)   –    (0.09)   15.61 
Year Ended October 31, 2016   12.17    0.08    1.31    1.39    –    (0.13)   (0.13)   13.43 
Institutional Service Class Shares                                        
Six Months Ended April 30, 2021*   16.85    0.01    4.11    4.12    (0.03)   (0.14)   (0.17)   20.80 
Year Ended October 31, 2020   15.37    0.07    1.70    1.77    (0.28)   (0.01)   (0.29)   16.85 
Year Ended October 31, 2019   13.19    0.23    2.16    2.39    (0.19)   (0.02)   (0.21)   15.37 
Year Ended October 31, 2018   15.78    0.14    (2.55)   (2.41)   (0.18)   –    (0.18)   13.19 
Year Ended October 31, 2017   13.55    0.14    2.23    2.37    (0.14)   –    (0.14)   15.78 
Year Ended October 31, 2016   12.22    0.14    1.33    1.47    (0.01)   (0.13)   (0.14)   13.55 
Institutional Class Shares                                        
Six Months Ended April 30, 2021*   16.90    0.03    4.12    4.15    (0.04)   (0.14)   (0.18)   20.87 
Year Ended October 31, 2020   15.39    0.09    1.72    1.81    (0.29)   (0.01)   (0.30)   16.90 
Year Ended October 31, 2019   13.20    0.13    2.27    2.40    (0.19)   (0.02)   (0.21)   15.39 
Year Ended October 31, 2018   15.81    0.15    (2.55)   (2.40)   (0.21)   –    (0.21)   13.20 
Year Ended October 31, 2017   13.58    0.17    2.22    2.39    (0.16)   –    (0.16)   15.81 
Year Ended October 31, 2016   12.24    0.16    1.33    1.49    (0.02)   (0.13)   (0.15)   13.58 

 

*  Unaudited

(a)  Net investment income/(loss) is based on average shares outstanding during the period.

(b)  Excludes sales charge.

(c)  Not annualized for periods less than one year.

(d)  Annualized for periods less than one year.

 

Amounts listed as “–” are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

 

 

 

72 2021 Semi-Annual Report  

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Emerging Markets Fund (concluded)

 

    Ratios/Supplemental Data 
Total Return
(b)(c)		   Net Assets
at End of Period
(000's)		    Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		   Ratio of Net
Investment Income (Loss)
to Average Net Assets
(d)		   Portfolio Turnover
(c)(f)
                          
24.28%   $   123,138    1.57%   1.57%   (0.23%)   19.00%
11.31%   107,572    1.59%(g)   1.59%(g)   0.09%   26.13%
17.89%   134,382    1.59%(g)   1.59%(g)   0.46%   14.86%
(15.80%)   143,297    1.59%(g)   1.59%(g)   0.49%   20.39%
17.39%   208,084    1.56%   1.56%   0.70%   16.55%
12.04%   188,315    1.48%(g)   1.49%(g)   0.91%   9.19%
                          
23.96%   14,279    2.10%   2.14%   (0.76%)   19.00%
10.74%   11,786    2.10%(g)   2.19%(g)   (0.40%)   26.13%
17.26%   15,611    2.10%(g)   2.20%(g)   (0.03%)   14.86%
(16.20%)   15,886    2.10%(g)   2.21%(g)   –(i)   20.39%
16.75%   28,618    2.10%   2.28%   0.16%   16.55%
11.26%   25,054    2.10%(g)   2.20%(g)   0.28%   9.19%
                          
24.20%   134,875    1.70%   1.70%   (0.36%)   19.00%
11.13%   113,707    1.73%(g)   1.73%(g)   0.01%   26.13%
17.72%   108,487    1.75%(g)   1.75%(g)   0.48%   14.86%
(15.93%)   89,874    1.75%(g)   1.75%(g)   0.40%   20.39%
17.13%   79,767    1.78%   1.78%   0.55%   16.55%
11.65%   47,410    1.77%(g)   1.78%(g)   0.69%   9.19%
                          
24.53%   459,741    1.22%   1.22%   0.13%   19.00%
   11.64%(j)   362,229    1.24%(g)   1.24%(g)   0.50%   26.13%
   18.38%(j)   297,466    1.24%(g)   1.24%(g)   1.55%   14.86%
(15.48%)   118,917    1.16%(g)   1.16%(g)   0.89%   20.39%
17.75%   205,880    1.28%   1.28%   0.96%   16.55%
12.25%    333,964    1.28%(g)   1.29%(g)   1.13%   9.19%
                          
24.61%   4,602,730    1.10%   1.15%   0.25%   19.00%
11.86%   3,414,059    1.10%(g)   1.18%(g)   0.59%   26.13%
18.45%   4,420,838    1.10%(g)   1.16%(g)   0.91%   14.86%
(15.38%)   5,511,182    1.10%(g)   1.14%(g)   1.00%   20.39%
17.89%   8,179,870    1.10%   1.13%   1.17%   16.55%
   12.41%(j)   7,365,757    1.10%(g)   1.14%(g)   1.32%   9.19%

 

(e)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g)  Includes interest expense that amounts to less than 0.01%.

(h)  Less than $0.005 per share.

(i)  Amount is less than 0.005%.

(j)  The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

 

 

 

 

 

  2021 Semi-Annual Report 73

 

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Emerging Markets Sustainable Leaders Fund

 

          Investment Activities       Distributions           
      Net
Asset
Value,
Beginning
of Period		       Net
Investment
Income
(Loss)
(a)		       Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		       Total
from
Investment
Activities		       Net
Investment
Income		       Total
Distributions		       Net
Asset
Value,
End of
Period		  
Class A Shares                                                        
Six Months Ended April 30, 2021*   $ 15.74     $       – (g)   $    3.55     $    3.55     $        – (g)   $        – (g)   $ 19.29  
Year Ended October 31, 2020     14.68       – (g)     1.21       1.21       (0.15 )     (0.15 )     15.74  
Year Ended October 31, 2019     13.28       0.12       1.57       1.69       (0.29 )     (0.29 )     14.68  
Year Ended October 31, 2018     15.04       0.15       (1.78 )     (1.63 )     (0.13 )     (0.13 )     13.28  
Year Ended October 31, 2017     12.70       0.15       2.36       2.51       (0.17 )     (0.17 )     15.04  
Year Ended October 31, 2016     12.52       0.18       0.04       0.22       (0.04 )     (0.04 )     12.70  
Class C Shares                                                        
Six Months Ended April 30, 2021*     14.79       (0.06 )     3.34       3.28       –       –       18.07  
Year Ended October 31, 2020     13.76       (0.08 )     1.12       1.04       (0.01 )     (0.01 )     14.79  
Year Ended October 31, 2019     12.44       0.03       1.48       1.51       (0.19 )     (0.19 )     13.76  
Year Ended October 31, 2018     14.09       0.04       (1.66 )     (1.62 )     (0.03 )     (0.03 )     12.44  
Year Ended October 31, 2017     11.89       0.04       2.23       2.27       (0.07 )     (0.07 )     14.09  
Year Ended October 31, 2016     11.79       0.08       0.03       0.11       (0.01 )     (0.01 )     11.89  
Class R Shares                                                        
Six Months Ended April 30, 2021*     14.98       (0.02 )     3.38       3.36       –       –       18.34  
Year Ended October 31, 2020     13.97       (0.03 )     1.14       1.11       (0.10 )     (0.10 )     14.98  
Year Ended October 31, 2019     12.65       0.08       1.50       1.58       (0.26 )     (0.26 )     13.97  
Year Ended October 31, 2018   14.33    0.10    (1.68)   (1.58)   (0.10)   (0.10)   12.65 
Year Ended October 31, 2017   12.11    0.10    2.25    2.35    (0.13)   (0.13)   14.33 
Year Ended October 31, 2016   11.97    0.12    0.05    0.17    (0.03)   (0.03)   12.11 
Institutional Service Class Shares                                   
Six Months Ended April 30, 2021*   16.08    0.03    3.63    3.66    (0.05)   (0.05)   19.69 
Year Ended October 31, 2020   15.00    0.06    1.22    1.28    (0.20)   (0.20)   16.08 
Year Ended October 31, 2019   13.58    0.17    1.60    1.77    (0.35)   (0.35)   15.00 
Year Ended October 31, 2018   15.37    0.20    (1.80)   (1.60)   (0.19)   (0.19)   13.58 
Year Ended October 31, 2017   12.98    0.19    2.41    2.60    (0.21)   (0.21)   15.37 
Year Ended October 31, 2016   12.77    0.20    0.05    0.25    (0.04)   (0.04)   12.98 
Institutional Class Shares                                   
Six Months Ended April 30, 2021*   16.15    0.03    3.65    3.68    (0.05)   (0.05)   19.78 
Year Ended October 31, 2020   15.06    0.06    1.23    1.29    (0.20)   (0.20)   16.15 
Year Ended October 31, 2019   13.63    0.17    1.61    1.78    (0.35)   (0.35)   15.06 
Year Ended October 31, 2018   15.43    0.21    (1.82)   (1.61)   (0.19)   (0.19)   13.63 
Year Ended October 31, 2017   13.04    0.20    2.42    2.62    (0.23)   (0.23)   15.43 
Year Ended October 31, 2016   12.82    0.22    0.05    0.27    (0.05)   (0.05)   13.04 

 

*  Unaudited

(a)  Net investment income/(loss) is based on average shares outstanding during the period.

(b)  Excludes sales charge.

(c)  Not annualized for periods less than one year.

(d)  Annualized for periods less than one year.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

74 2021 Semi-Annual Report

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Emerging Markets Sustainable Leaders Fund (concluded)

 

                Ratios/Supplemental Data                
                                 
                                 
Total Return
(b)(c)		     Net Assets
at End of Period
(000's)		       Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		     Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		     Ratio of Net
Investment Income (Loss)
to Average Net Assets
(d)		     Portfolio Turnover
(c)(f)
                                         
22.57%     $  24,759       1.49 %(h)     1.49 %(h)     (0.03 %)     104.79 %
8.24%     21,418       1.49 %(h)     1.49 %(h)     0.02 %     37.50 %
13.13%     24,719       1.52 %(i)     1.52 %(i)     0.89 %     28.30 %
(10.93%)     24,957       1.38 %     1.38 %     0.99 %     20.75 %
20.05%     39,619       1.39 %     1.39 %     1.09 %     13.11 %
1.76%     47,736       1.39 %(h)     1.39 %(h)     1.49 %     27.99 %
                                         
22.18%     2,582       2.11 %(h)     2.21 %(h)     (0.68 %)     104.79 %
7.56%(j)     2,432       2.10 %(h)     2.20 %(h)     (0.55 %)     37.50 %
12.43%(j)     4,330       2.12 %(i)     2.24 %(i)     0.21 %     28.30 %
(11.54%)     8,074       2.10 %     2.10 %     0.27 %     20.75 %
19.27%     12,375       2.10 %     2.18 %     0.35 %     13.11 %
0.97%     14,400       2.10 %(h)     2.12 %(h)     0.70 %     27.99 %
                                         
22.43%     6,253       1.75 %(h)     1.75 %(h)     (0.18 %)     104.79 %
7.97%     3,244       1.74 %(h)     1.74 %(h)     (0.22 %)     37.50 %
12.80%     3,992       1.79 %(i)     1.79 %(i)     0.58 %     28.30 %
(11.14%)   5,041    1.64%   1.64%   0.74%   20.75%
19.70%   7,335    1.70%   1.70%   0.75%   13.11%
1.42%   7,647    1.67%(h)   1.67%(h)   1.08%   27.99%
                          
22.76%   99,298    1.17%(h)   1.17%(h)   0.28%   104.79%
8.58%(j)   83,121    1.15%(h)   1.15%(h)   0.36%   37.50%
13.49%(j)   85,934    1.16%(i)   1.16%(i)   1.23%   28.30%
(10.58%)   84,902    1.06%   1.06%   1.31%   20.75%
20.46%   106,424    1.08%   1.08%   1.35%   13.11%
2.01%   101,655    1.14%(h)   1.14%(h)   1.62%   27.99%
                          
22.79%   94,624    1.11%(h)   1.15%(h)   0.31%   104.79%
8.63%(j)   107,158    1.10%(h)   1.13%(h)   0.41%   37.50%
13.55%(j)   99,475    1.12%(i)   1.13%(i)   1.21%   28.30%
(10.56%)   272,152    1.02%   1.02%   1.37%   20.75%
20.47%   367,341    1.02%   1.02%   1.43%   13.11%
2.14%   286,659    1.04%(h)   1.04%(h)   1.75%   27.99%

 

(e)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)Less than $0.005 per share.
(h)Includes interest expense that amounts to less than 0.01%.
(i)Includes interest expense that amounts to 0.02% for Class C and Institutional class. Includes interest expense that amounts to 0.01% for Class A, Class R and Institutional Service Class.
(j)The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 75

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Global Equity Fund

 

        Investment Activities   Distributions    
    Net
Asset
Value,
Beginning
of Period		     Net
Investment
Income
(Loss)
(a)		     Net
Realized
and
Unrealized
Gains
(Losses) on
Investments 		     Total
from
Investment
Activities		     Net
Investment
Income		     Net
Realized
Gains		     Total
Distributions		     Net
Asset
Value,
End of
Period		  
Class A Shares                                                
Six Months Ended April 30, 2021*   $ 13.21     $(0.02 )   $ 3.60     $ 3.58     $       –     $       –     $       –     $16.79  
Year Ended October 31, 2020   12.87     (0.01 )   0.77     0.76     (0.08 )   (0.34 )   (0.42 )   13.21  
Year Ended October 31, 2019   12.75     0.08     1.08     1.16     (0.09 )   (0.95 )   (1.04 )   12.87  
Year Ended October 31, 2018   14.66     0.09     (0.72 )   (0.63 )   (0.10 )   (1.18 )   (1.28 )   12.75  
Year Ended October 31, 2017   12.35     0.10     2.30     2.40     (0.09 )   –     (0.09 )   14.66  
Year Ended October 31, 2016   12.15     0.10     0.13     0.23     (0.03 )   –     (0.03 )   12.35  
Class C Shares                                                
Six Months Ended April 30, 2021*   12.27     (0.07 )   3.34     3.27     –     –     –     15.54  
Year Ended October 31, 2020   11.98     (0.08 )   0.71     0.63     –     (0.34 )   (0.34 )   12.27  
Year Ended October 31, 2019   11.93     0.01     0.99     1.00     –     (0.95 )   (0.95 )   11.98  
Year Ended October 31, 2018   13.78     – (i)   (0.67 )   (0.67 )   –     (1.18 )   (1.18 )   11.93  
Year Ended October 31, 2017   11.65     0.01     2.18     2.19     (0.06 )   –     (0.06 )   13.78  
Year Ended October 31, 2016   11.52     0.02     0.12     0.14     (0.01 )   –     (0.01 )   11.65  
Class R Shares                                                
Six Months Ended April 30, 2021*   12.54     (0.04 )   3.41     3.37     –     –     –     15.91  
Year Ended October 31, 2020   12.21     (0.05 )   0.73     0.68     (0.01 )   (0.34 )   (0.35 )   12.54  
Year Ended October 31, 2019   12.15     0.03     1.01     1.04     (0.03 )   (0.95 )   (0.98 )   12.21  
Year Ended October 31, 2018   14.04     0.03     (0.68 )   (0.65 )   (0.06 )   (1.18 )   (1.24 )   12.15  
Year Ended October 31, 2017   11.88     0.04     2.22     2.26     (0.10 )   –     (0.10 )   14.04  
Year Ended October 31, 2016   11.71     0.08     0.11     0.19     (0.02 )   –     (0.02 )   11.88  
Institutional Service Class Shares                                                
Six Months Ended April 30, 2021*   13.41     – (i)   3.65     3.65     –     –     –     17.06  
Year Ended October 31, 2020   13.05     0.02     0.80     0.82     (0.12 )   (0.34 )   (0.46 )   13.41  
Year Ended October 31, 2019   12.94     0.11     1.08     1.19     (0.13 )   (0.95 )   (1.08 )   13.05  
Year Ended October 31, 2018   14.87     0.13     (0.73 )   (0.60 )   (0.15 )   (1.18 )   (1.33 )   12.94  
Year Ended October 31, 2017   12.53     0.13     2.34     2.47     (0.13 )   –     (0.13 )   14.87  
Year Ended October 31, 2016   12.30     0.14     0.13     0.27     (0.04 )   –     (0.04 )   12.53  
Institutional Class Shares                                                
Six Months Ended April 30, 2021*   13.24     – (i)   3.61     3.61     –     –     –     16.85  
Year Ended October 31, 2020   12.88     0.03     0.79     0.82     (0.12 )   (0.34 )   (0.46 )   13.24  
Year Ended October 31, 2019   12.77     0.13     1.06     1.19     (0.13 )   (0.95 )   (1.08 )   12.88  
Year Ended October 31, 2018   14.69     0.14     (0.73 )   (0.59 )   (0.15 )   (1.18 )   (1.33 )   12.77  
Year Ended October 31, 2017   12.40     0.16     2.26     2.42     (0.13 )   –     (0.13 )   14.69  
Year Ended October 31, 2016   12.16     0.14     0.14     0.28     (0.04 )   –     (0.04 )   12.40  

 

*Unaudited
(a)Net investment income/(loss) is based on average shares outstanding during the period.
(b)Excludes sales charge.
(c)Not annualized for periods less than one year.
(d)Annualized for periods less than one year.
(e)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

762021 Semi-Annual Report

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Global Equity Fund (concluded)

 

      Ratios/Supplemental Data  
         
         
         
Total Return
(b)(c)		   Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		   Ratio of Net
Investment Income (Loss)
to Average Net Assets
(d)		   Portfolio Turnover
(c)(f)
                                 
27.10 %   $  27,167     1.53 %   2.10 %   (0.28 %)   15.84 %
5.93 %(g)   22,455     1.53 %(h)   2.17 %(h)   (0.06 %)   29.04 %
10.40 %(g)   26,719     1.53 %(h)   2.07 %(h)   0.66 %   32.68 %
(4.97 %)   27,530     1.53 %   1.92 %   0.67 %   22.06 %
19.58 %   34,296     1.56 %(h)   1.68 %(h)   0.71 %   24.98 %
1.93 %   48,350     1.56 %(h)   1.63 %(h)   0.82 %   21.59 %
                                 
26.65 %   224     2.19 %   2.98 %   (0.94 %)   15.84 %
5.24 %   205     2.19 %(h)   3.04 %(h)   (0.68 %)   29.04 %
9.62 %   638     2.19 %(h)   2.95 %(h)   0.05 %   32.68 %
(5.53 %)   1,713     2.19 %   2.77 %   0.02 %   22.06 %
18.85 %   2,181     2.19 %(h)   2.51 %(h)   0.06 %   24.98 %
1.24 %   1,495     2.19 %(h)   2.36 %(h)   0.20 %   21.59 %
                                 
26.87 %   939     1.84 %   2.41 %   (0.58 %)   15.84 %
5.58 %   898     1.91 %(h)   2.55 %(h)   (0.42 %)   29.04 %
9.83 %   1,554     1.94 %(h)   2.48 %(h)   0.26 %   32.68 %
(5.27 %)   2,120     1.94 %   2.33 %   0.26 %   22.06 %
19.15 %   3,107     1.90 %(h)   2.02 %(h)   0.31 %   24.98 %
1.64 %   1,348     1.84 %(h)   1.91 %(h)   0.66 %   21.59 %
                                 
27.22 %   316     1.29 %   1.86 %   (0.03 %)   15.84 %
6.25 %   250     1.29 %(h)   1.93 %(h)   0.18 %   29.04 %
10.56 %   265     1.29 %(h)   1.83 %(h)   0.88 %   32.68 %
(4.65 %)   460     1.26 %   1.65 %   0.94 %   22.06 %
19.97 %   570     1.29 %(h)   1.41 %(h)   0.94 %   24.98 %
2.26 %   1     1.19 %(h)   1.26 %(h)   1.17 %   21.59 %
                                 
27.27 %   1,552     1.19 %   1.81 %   0.04 %   15.84 %
6.39 %   1,409     1.19 %(h)   1.88 %(h)   0.27 %   29.04 %
10.71 %   1,390     1.19 %(h)   1.77 %(h)   1.01 %   32.68 %
(4.63 %)   2,104     1.19 %   1.62 %   1.01 %   22.06 %
19.75 %   2,699     1.19 %(h)   1.32 %(h)   1.21 %   24.98 %
2.36 %   36,167     1.19 %(h)   1.27 %(h)   1.19 %   21.59 %

 

(f)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.
(h)Includes interest expense that amounts to less than 0.01%.
(i)Less than $0.005 per share.

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 77

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Global Infrastructure Fund

 

          Investment Activities     Distributions              
    Net
Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net
Realized
and
Unrealized
Gains
(Losses)
on Invest-
ments		 Total
from
Invest-
ment
Activities		   Net
Invest-
ment
Income		 Net
Realized
Gains		 Tax
Return
of
Capital		 Total
Distri-
butions		   Redemp-
tion Fees		 Net
Asset
Value,
End of
Period
Class A Shares                                                            
Six Months Ended April 30, 2021*   $19.03     $ 0.15 (f)   $ 4.86     $ 5.01     $(0.36 )   $       –     $       –     $(0.36 )   $      –     $23.68  
Year Ended October 31, 2020   21.93     0.53 (f)   (2.59 )   (2.06 )   (0.56 )   (0.14 )   (0.14 )   (0.84 )   –     19.03  
Year Ended October 31, 2019   18.82     0.30 (f)   3.48     3.78     (0.64 )   (0.03 )   –     (0.67 )   –     21.93  
Year Ended October 31, 2018(g)   20.65     0.46 (f)   (1.54 )   (1.08 )   (0.71 )   (0.04 )   –     (0.75 )   0.00 (h)   18.82  
Year Ended October 31, 2017   17.55     0.66     3.15     3.81     (0.71 )   –     –     (0.71 )   0.00 (h)   20.65  
Year Ended October 31, 2016   17.63     0.76     (0.12 )   0.64     (0.72 )   –     –     (0.72 )   0.00 (h)   17.55  
Institutional Class Shares                                                            
Six Months Ended April 30, 2021*   19.05     0.18 (f)   4.87     5.05     (0.38 )   –     –     (0.38 )   –     23.72  
Year Ended October 31, 2020   21.97     0.58 (f)   (2.60 )   (2.02 )   (0.62 )   (0.14 )   (0.14 )   (0.90 )   –     19.05  
Year Ended October 31, 2019   18.85     0.34 (f)   3.50     3.84     (0.69 )   (0.03 )   –     (0.72 )   –     21.97  
Year Ended October 31, 2018(g)   20.68     0.54 (f)   (1.57 )   (1.03 )   (0.76 )   (0.04 )   –     (0.80 )   0.00 (h)   18.85  
Year Ended October 31, 2017   17.58     0.70     3.16     3.86     (0.76 )   –     –     (0.76 )   0.00 (h)   20.68  
Year Ended October 31, 2016   17.66     0.81     (0.13 )   0.68     (0.76 )   –     –     (0.76 )   0.00 (h)   17.58  

 

*Unaudited
(a)Excludes sales charge.
(b)Not annualized for periods less than one year.
(c)Annualized for periods less than one year.
(d)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

782021 Semi-Annual Report

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Global Infrastructure Fund (concluded)

 

      Ratios/Supplemental Data
       
       
       
Total Return
(a)(b)		   Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(c)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(c)(d)		   Ratio of Net
Investment Income
to Average Net Assets
(c)		   Portfolio Turnover
(b)(e)
                     
26.49 %   $  11,655     1.24 %   1.64 %   1.38 %    15.19 %
(9.49 %)   9,206     1.33 %   1.55 %   2.61 %    23.76 %  
20.41 %   12,776     1.45 %   1.59 %   1.46 %    31.62 %  
(5.39 %)   12,310     1.45 %   1.58 %   2.29 %    48.54 %  
22.13 %   20,132     1.46 %(i)   1.58 %(i)   3.48 %    77.00 %  
3.75 %   16,105     1.46 %(i)   1.54 %(i)   4.34 %    58.00 %  
                                 
26.69 %   41,069     0.99 %   1.38 %   1.63 %    15.19 %  
(9.30 %)   32,640     1.08 %   1.27 %   2.90 %    23.76 %  
20.73 %   87,441     1.20 %   1.31 %   1.68 %    31.62 %  
(5.13 %)   95,025     1.20 %   1.32 %(i)   2.70 %    48.54 %  
22.39 %   115,567     1.21 %(i)   1.33 %(i)   3.56 %    77.00 %  
4.01 %   134,220     1.21 %(i)   1.29 %(i)   4.56 %    58.00 %  

 

(f)Net investment income/(loss) is based on average shares outstanding during the period.
(g)Beginning with the year ended October 31, 2018, the Fund has been audited by KPMG LLP. Previous years were audited by different independent registered public accounting firms.
(h)Less than $0.005 per share.
(i)Includes interest expense that amounts to less than 0.01% for Class A and Institutional Class for the years ended October 31, 2017 and October 31, 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 79

 

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen International Real Estate Equity Fund

 

         Investment Activities     Distributions      
    Net
Asset
Value,
Beginning
of Period		    Net
Investment Income  		    Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		    Total
from
Investment
Activities		    Net
Investment
Income		    Total
Distributions		    Redemption Fees    Net
Asset
Value,
End of
Period		 
Class A Shares                                        
Six Months Ended April 30, 2021*  $ 17.80   $ 0.15(f)  $  3.19   $  3.34   $ (0.37)  $ (0.37)  $      –   $ 20.77 
Year Ended October 31, 2020   23.71    0.30(f)   (3.52)   (3.22)   (2.69)   (2.69)   –    17.80 
Year Ended October 31, 2019   20.02    0.33(f)   3.99    4.32    (0.63)   (0.63)   –    23.71 
Year Ended October 31, 2018(h)   22.82    0.14(f)   (2.46)   (2.32)   (0.48)   (0.48)   0.00(i)   20.02 
Year Ended October 31, 2017   19.33    0.02    3.47    3.49    –    –    0.00(i)   22.82 
Year Ended October 31, 2016   21.79    0.08    (1.12)   (1.04)   (1.42)   (1.42)   0.00(i)   19.33 
Institutional Class Shares                                        
Six Months Ended April 30, 2021*   17.95    0.16(f)   3.20    3.36    (0.69)   (0.69)   –    20.62 
Year Ended October 31, 2020   23.87    0.35(f)   (3.53)   (3.18)   (2.74)   (2.74)   –    17.95 
Year Ended October 31, 2019   20.17    0.38(f)   4.01    4.39    (0.69)   (0.69)   –    23.87 
Year Ended October 31, 2018(h)   22.99    0.21(f)   (2.49)   (2.28)   (0.54)   (0.54)   0.00(i)   20.17 
Year Ended October 31, 2017   19.46    0.20    3.36    3.56    (0.03)   (0.03)   0.00(i)   22.99 
Year Ended October 31, 2016   21.92    0.17    (1.16)   (0.99)   (1.47)   (1.47)   0.00(i)   19.46 

 

*  Unaudited

(a)  Excludes sales charge.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(e)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(f)  Net investment income/(loss) is based on average shares outstanding during the period.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

80 2021 Semi-Annual Report

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen International Real Estate Equity Fund (concluded)

 

         Ratios/Supplemental Data    
              
Total Return (a)(b)  Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(c)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(c)(d)		   Ratio of Net
Investment Income
to Average Net Assets
(c)		  Portfolio Turnover
(b)(e)
                         
18.90%  $      39    1.62%(g)   2.55%(g)   1.54%  40.59%
(15.48%)  21    1.65%(g)   1.98%(g)   1.58%  57.05%
22.29%  177    1.62%(g)   1.65%(g)   1.51%  60.73%
(10.52%)  135    1.63%(g)   1.67%(g)   0.62%  89.59%
18.05%  176    1.61%(g)   1.62%(g)   0.75%  60.00%
(4.99%)  125    1.57%(g)   1.60%(g)   0.54%  33.00%
                         
19.03%  22,321    1.37%(g)   2.18%(g)   1.65%  40.59%
(15.27%)  20,570    1.40%(g)   1.73%(g)   1.74%  57.05%
22.57%(j)  56,510    1.37%(g)   1.40%(g)   1.74%  60.73%
(10.35%)  97,453    1.38%(g)   1.39%(g)   0.89%  89.59%
18.36%  117,484    1.35%(g)   1.37%(g)   0.94%  60.00%
(4.70%)  107,744    1.34%(g)   1.37%(g)   0.75%  33.00%

 

(g) Includes interest expense that amounts to less than 0.01% for Class A and Institutional Class for the six months ended April 30, 2021. Includes interest expense that amounts to 0.02%, 0.01%, 0.02%, less than 0.01% and less than 0.01% for Class A and Institutional Class for the years ended October 31, 2020, October 31, 2019, October 31, 2018, October 31, 2017 and October 31, 2016, respectively.
(h) Beginning with the year ended October 31, 2018, the Fund has been audited by KPMG LLP. Previous years were audited by different independent registered public accounting firms.
(i) Less than $0.005 per share.
(j) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 81

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen International Small Cap Fund

 

        Investment Activities   Distributions      
                     
                     
   Net
Asset
Value,
Beginning
of Period		    Net
Investment
Income
(Loss)
(a)		   Net
Realized
and
Unrealized
Gains
(Losses)
on Investments		   Total
from
Investment
Activities		   Net
Investment
Income		   Net
Realized
Gains		   Total
Distributions 		   Net
Asset
Value,
End of
Period		  
Class A Shares                                  
Six Months Ended April 30, 2021*  $      30.18    $     (0.10)  $     7.59   $     7.49   $     –   $      –   $       –   $       37.67  
Year Ended October 31, 2020  28.11    (0.09)  3.63   3.54   (0.34)  (1.13)  (1.47)  30.18  
Year Ended October 31, 2019  29.23    0.23   3.03   3.26   (0.65)  (3.73)  (4.38)  28.11  
Year Ended October 31, 2018  31.35    0.47   (1.56)  (1.09)  (0.17)  (0.86)  (1.03)  29.23  
Year Ended October 31, 2017  25.97    0.11   5.49   5.60   (0.14)  (0.08)  (0.22)  31.35  
Year Ended October 31, 2016  26.87    0.13   1.61   1.74   (0.12)  (2.52)  (2.64)  25.97  
Class C Shares                                  
Six Months Ended April 30, 2021*  27.16    (0.18)  6.82   6.64   –   –   –   33.80  
Year Ended October 31, 2020  25.43    (0.25)  3.27   3.02   (0.16)  (1.13)  (1.29)  27.16  
Year Ended October 31, 2019  26.73    (0.04)  2.84   2.80   (0.37)  (3.73)  (4.10)  25.43  
Year Ended October 31, 2018  28.78    0.20   (1.39)  (1.19)  –   (0.86)  (0.86)  26.73  
Year Ended October 31, 2017  23.88    (0.04)  5.02   4.98   –   (0.08)  (0.08)  28.78  
Year Ended October 31, 2016  25.04    (0.05)  1.50   1.45   (0.09)  (2.52)  (2.61)  23.88  
Class R Shares                                  
Six Months Ended April 30, 2021*  28.31    (0.13)  7.10   6.97   –   –   –   35.28  
Year Ended October 31, 2020  26.46    (0.15)  3.40   3.25   (0.27)  (1.13)  (1.40)  28.31  
Year Ended October 31, 2019  27.74    0.12   2.88   3.00   (0.55)  (3.73)  (4.28)  26.46  
Year Ended October 31, 2018  29.82    0.30   (1.43)  (1.13)  (0.09)  (0.86)  (0.95)  27.74  
Year Ended October 31, 2017  24.77    0.04   5.20   5.24   (0.11)  (0.08)  (0.19)  29.82  
Year Ended October 31, 2016  25.81    0.05   1.53   1.58   (0.10)  (2.52)  (2.62)  24.77  
Institutional Class Shares                                  
Six Months Ended April 30, 2021*  30.37    (0.02)  7.62   7.60   –   –   –   37.97  
Year Ended October 31, 2020  28.25    0.01   3.65   3.66   (0.41)  (1.13)  (1.54)  30.37  
Year Ended October 31, 2019  29.33    0.27   3.11   3.38   (0.73)  (3.73)  (4.46)  28.25  
Year Ended October 31, 2018  31.43    0.58   (1.57)  (0.99)  (0.25)  (0.86)  (1.11)  29.33  
Year Ended October 31, 2017  26.04    0.19   5.49   5.68   (0.21)  (0.08)  (0.29)  31.43  
Year Ended October 31, 2016  26.87    0.18   1.65   1.83   (0.14)  (2.52)  (2.66)  26.04  

 

*     Unaudited

(a)  Net investment income/(loss) is based on average shares outstanding during the period.

(b)  Excludes sales charge.

(c)  Not annualized for periods less than one year.

(d)  Annualized for periods less than one year.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

82 2021 Semi-Annual Report

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen International Small Cap Fund (concluded)

 

                        Ratios/Supplemental Data                  
Total Return
(b)(c)		     Net Assets
at End of Period
(000's)		       Ratio of
Expenses (Net of
Reimbursement/
Waivers and
Excluding Accruals for
Estimated Tax Due
on Foreign Tax
Refund Recoveries)
to Average Net Assets		     Ratio of Expenses
(Net of
Reimbursements/
Waivers) to
Average Net Assets
(d)		     Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		     Ratio of
Net
Investment
Income (Loss) to
Average
Net Assets
(d)		     Portfolio
Turnover
(c)(f)
                                                   
24.82 %(g)     $ 92,800       1.35 %     1.35 %(h)     1.44 %(h)     (0.56 %)     26.74 % 
13.02 %     90,560       –       1.40 %     1.61 %     (0.33 %)     29.65 % 
13.93 %     75,754       –       1.49 %(h)     1.82 %(h)     0.86 %     35.37 % 
(3.68 %)     49,391       –       1.53 %(h)     1.88 %(h)     1.48 %     18.07 % 
21.79 %     59,477       –       1.63 %(h)     2.07 %(h)     0.40 %     20.60 % 
7.53 %(g)     51,530       –       1.63 %(h)     2.09 %(h)     0.53 %     36.40 % 
                                                   
24.45 %(g)     787       –       1.99 %(h)     2.21 %(h)     (1.15 %)     26.74 % 
12.27 %     554       –       2.05 %     2.38 %     (1.02 %)     29.65 % 
13.21 %     829       –       2.15 %(h)     2.59 %(h)     (0.17 %)     35.37 % 
(4.31 %)     565       –       2.22 %(h)     2.65 %(h)     0.69 %     18.07 % 
20.94 %     1,591       –       2.30 %(h)     2.84 %(h)     (0.17 %)     20.60 % 
6.85 %     1,175       –       2.30 %(h)     2.86 %(h)     (0.20 %)     36.40 % 
24.62 %(g)     2,224       –       1.64 %(h)     1.74 %(h)     (0.82 %)     26.74 % 
                                                   
12.68 %     1,649       –       1.69 %     1.90 %     (0.61 %)     29.65 % 
13.62 %     1,945       –       1.80 %(h)     2.13 %(h)     0.47 %     35.37 % 
(3.98 %)     2,309       –       1.84 %(h)     2.19 %(h)     1.02 %     18.07 % 
21.34 %     1,707       –       1.99 %(h)     2.43 %(h)     0.14 %     20.60 % 
7.20 %(g)     947       –       1.95 %(h)     2.41 %(h)     0.20 %     36.40 % 
                                                   
25.02 %(g)     117,304       –       0.99 %(h)     1.16 %(h)     (0.09 %)     26.74 % 
13.41 %     46,330       –       1.04 %     1.35 %     0.03 %     29.65 % 
14.39 %     35,248       –       1.15 %(h)     1.57 %(h)     1.01 %     35.37 % 
(3.34 %)     12,418       –       1.20 %(h)     1.61 %(h)     1.84 %     18.07 % 
22.14 %     17,141       –       1.30 %(h)     1.79 %(h)     0.69 %     20.60 % 
7.92 %     19,840       –       1.30 %(h)     1.79 %(h)     0.71 %     36.40 % 

 

(e)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(f)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(g)  The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(h)  Includes interest expense that amounts to less than 0.01%.

 

 

 

 

 

 

 

2021 Semi-Annual Report 83

 

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Realty Income & Growth Fund

  

         Investment Activities    Distributions           
    Net
Asset
Value,
Beginning
of Period		    Net
Investment
Income
(Loss)		    Net
Realized
and
Unrealized
Gains
(Losses)
on Invest-
ments		    Total
from
Invest-
ment
Activities		    Net
Invest-
ment
Income		    Net
Realized
Gains		    Total
Distri-
butions		    Redemp-
tion Fees		    Net
Asset
Value,
End of
Period		 
Class A Shares                                             
Six Months Ended April 30, 2021*  $ 12.40   $ 0.13(f)  $ 3.13   $ 3.26   $ (0.09)  $ (1.54)  $ (1.63)  $      –   $14.03 
Year Ended October 31, 2020   17.98    0.25(f)   (3.17)   (2.92)   (0.60)   (2.06)   (2.66)   –    12.40 
Year Ended October 31, 2019   21.38    0.32(f)   3.28    3.60    (0.52)   (6.48)   (7.00)   –    17.98 
Year Ended October 31, 2018(h)   22.93    0.47(f)   (0.74)   (0.27)   (0.69)   (0.59)   (1.28)   0.00(i)   21.38 
Year Ended October 31, 2017   22.09    (0.41)   2.42    2.01    (0.70)   (0.47)   (1.17)   0.00(i)   22.93 
Year Ended October 31, 2016   21.97    0.45    0.63    1.08    (0.50)   (0.46)   (0.96)   0.00(i)   22.09 
Institutional Class Shares                                             
Six Months Ended April 30, 2021*   12.44    0.15(f)   3.13    3.28    (0.10)   (1.54)   (1.64)   –    14.08 
Year Ended October 31, 2020   18.02    0.28(f)   (3.16)   (2.88)   (0.64)   (2.06)   (2.70)   –    12.44 
Year Ended October 31, 2019   21.41    0.36(f)   3.29    3.65    (0.56)   (6.48)   (7.04)   –    18.02 
Year Ended October 31, 2018(h)   22.97    0.54(f)   (0.76)   (0.22)   (0.75)   (0.59)   (1.34)   0.00(i)   21.41 
Year Ended October 31, 2017   22.11    0.20    1.88    2.08    (0.75)   (0.47)   (1.22)   0.00(i)   22.97 
Year Ended October 31, 2016   22.00    0.49    0.64    1.13    (0.56)   (0.46)   (1.02)   0.00(i)   22.11 

 

*     Unaudited

(a)  Excludes sales charge.

(b)  Not annualized for periods less than one year.

(c)  Annualized for periods less than one year.

(d)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(e)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

84 2021 Semi-Annual Report

  

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Realty Income & Growth Fund (concluded)

 

          Ratios/Supplemental Data        
                   
Total Return
(a)(b)		  Net Assets
at End of Period
(000's)		  Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(c)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(c)(d)		   Ratio of Net
Investment Income
to Average Net Assets
(c)		   Portfolio
Turnover
(b)(e)
28.53%  $ 950      1.26%(g)   1.73%(g)   2.08%   26.83%
(18.12%)   1,971      1.30%(g)   1.71%(g)   1.84%   22.61%
25.65%   2,341      1.28%(g)   1.71%(g)   1.83%   20.70%
(1.35%)   1,751      1.34%(g)   1.71%(g)   2.16%   42.71%
9.37%   1,565      1.46%(g)   1.65%(g)   0.66%   7.00%
4.90%   2,807      1.58%(g)   1.59%(g)   2.07%   15.00%
                            
28.63%   52,873      1.01%(g)   1.51%(g)   2.33%   26.83%
(17.85%)   46,235      1.05%(g)   1.48%(g)   2.05%   22.61%
25.97%   75,232      1.03%(g)   1.39%(g)   2.10%   20.70%
(1.15%)   83,573      1.10%(g)   1.45%(g)   2.46%   42.71%
9.65%   107,042      1.21%(g)   1.40%(g)   0.92%   7.00%
5.15%   107,916      1.35%(g)   1.36%(g)   2.28%   15.00%

 

(f) Net investment income/(loss) is based on average shares outstanding during the period.
(g) Includes interest expense that amounts to 0.01% for Class A and Institutional Class for the six months ended April 30, 2021. Includes interest expense that amounts to 0.05%, 0.03%, 0.10%, 0.10% and 0.06% for Class A and Institutional Class for the years ended October 31, 2020, October 31, 2019, October 31, 2018, 0ctober 31, 2017 and October 31, 2016 respectively.
(h) Beginning with the year ended October 31, 2018, the Fund has been audited by KPMG LLP. Previous years were audited by different independent registered public accounting firms.
(i) Less than $0.005 per share.

 

 

 

 

2021 Semi-Annual Report 85

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen U.S. Small Cap Equity Fund

  

        Investment Activities     Distributions      
    Net
Asset
Value,
Beginning
of Period		    Net
Investment
Income
(Loss)
(a)		    Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		    Total
from
Investment
Activities		    Net
Investment
Income		    Net
Realized
Gains		    Total
Distributions		    Net
Asset
Value,
End of
Period		 
Class A Shares                                        
Six Months Ended April 30, 2021*  $ 33.55   $ (0.10)  $ 13.04   $ 12.94   $    –   $ (2.38)  $ (2.38)  $ 44.11 
Year Ended October 31, 2020   33.19    (0.20)   3.08    2.88    –    (2.52)   (2.52)   33.55 
Year Ended October 31, 2019   35.39    (0.10)   1.78    1.68    –(h)   (3.88)   (3.88)   33.19 
Year Ended October 31, 2018   35.61    (0.08)   (0.14)   (0.22)   –    –    –    35.39 
Year Ended October 31, 2017   28.71    (0.11)   7.01    6.90    –    –    –    35.61 
Year Ended October 31, 2016   26.62    (0.09)   2.18    2.09    –    –    –    28.71 
Class C Shares                                        
Six Months Ended April 30, 2021*   27.48    (0.18)   10.61    10.43    –    (2.38)   (2.38)   35.53 
Year Ended October 31, 2020   27.79    (0.33)   2.54    2.21    –    (2.52)   (2.52)   27.48 
Year Ended October 31, 2019   30.53    (0.27)   1.41    1.14    –    (3.88)   (3.88)   27.79 
Year Ended October 31, 2018   30.94    (0.30)   (0.11)   (0.41)   –    –    –    30.53 
Year Ended October 31, 2017   25.12    (0.30)   6.12    5.82    –    –    –    30.94 
Year Ended October 31, 2016   23.46    (0.24)   1.90    1.66    –    –    –    25.12 
Class R Shares                                        
Six Months Ended April 30, 2021*   30.12    (0.13)   11.67    11.54    –    (2.38)   (2.38)   39.28 
Year Ended October 31, 2020   30.14    (0.27)   2.77    2.50    –    (2.52)   (2.52)   30.12 
Year Ended October 31, 2019   32.64    (0.19)   1.57    1.38    –    (3.88)   (3.88)   30.14 
Year Ended October 31, 2018   32.97    (0.18)   (0.15)   (0.33)   –    –    –    32.64 
Year Ended October 31, 2017   26.67    (0.21)   6.51    6.30    –    –    –    32.97 
Year Ended October 31, 2016   24.78    (0.13)   2.02    1.89    –    –    –    26.67 
Institutional Service Class Shares                                        
Six Months Ended April 30, 2021*   36.06    (0.05)   14.06    14.01    –    (2.38)   (2.38)   47.69 
Year Ended October 31, 2020   35.41    (0.12)   3.29    3.17    –    (2.52)   (2.52)   36.06 
Year Ended October 31, 2019   37.39    (0.01)   1.93    1.92    (0.02)   (3.88)   (3.90)   35.41 
Year Ended October 31, 2018   37.51    0.01    (0.13)   (0.12)   –    –    –    37.39 
Year Ended October 31, 2017   30.17    (0.03)   7.37    7.34    –    –    –    37.51 
Year Ended October 31, 2016   27.90    (0.02)   2.29    2.27    –    –    –    30.17 
Institutional Class Shares                                        
Six Months Ended April 30, 2021*   36.09    (0.03)   14.07    14.04    –    (2.38)   (2.38)   47.75 
Year Ended October 31, 2020   35.40    (0.09)   3.30    3.21    –    (2.52)   (2.52)   36.09 
Year Ended October 31, 2019   37.37    0.01    1.92    1.93    (0.02)   (3.88)   (3.90)   35.40 
Year Ended October 31, 2018   37.49    0.02    (0.14)   (0.12)   –    –    –    37.37 
Year Ended October 31, 2017   30.14    (0.02)   7.37    7.35    –    –    –    37.49 
Year Ended October 31, 2016   27.87    –(h)   2.27    2.27    –    –    –    30.14 

 

*  Unaudited

(a)  Net investment income/(loss) is based on average shares outstanding during the period.

(b)  Excludes sales charge.

(c)  Not annualized for periods less than one year.

(d)  Annualized for periods less than one year.

 

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

  

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

86 2021 Semi-Annual Report

 

 

 

  

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen U.S. Small Cap Equity Fund (concluded)

  

           Ratios/Supplemental Data         
                      
                      
Total Return
(b)(c)		   Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		   Ratio of Net
Investment Income (Loss)
to Average Net Assets
(d)		  Portfolio Turnover
(c)(f)		  
                      
39.63%  $ 159,920    1.36%   1.36%   (0.48%)  43.27%  
8.97%   124,673    1.40%(g)   1.40%(g)   (0.62%)  60.67%  
7.15%   159,391    1.41%(g)   1.41%(g)   (0.33%)  55.00%  
(0.62%)   224,804    1.35%(g)   1.35%(g)   (0.23%)  38.28%  
24.03%   316,766    1.38%   1.38%   (0.33%)  42.71%  
7.85%   259,556    1.46%   1.39%   (0.33%)  32.20%  
                            
39.23%   44,314    1.99%   2.07%   (1.10%)  43.27%  
8.25%   36,621    2.05%(g)   2.10%(g)   (1.26%)  60.67%  
6.41%   48,382    2.10%(g)   2.10%(g)   (0.99%)  55.00%  
(1.33%)   75,913    2.06%(g)   2.06%(g)   (0.95%)  38.28%  
23.17%   95,913    2.10%   2.10%   (1.05%)  42.71%  
7.08%   78,109    2.15%   2.12%   (0.96%)  32.20%  
                            
39.49%   4,451    1.60%   1.60%   (0.72%)  43.27%  
8.59%   3,554    1.75%(g)   1.75%(g)   (0.96%)  60.67%  
6.78%   5,272    1.75%(g)   1.75%(g)   (0.65%)  55.00%  
(1.00%)   8,430    1.72%(g)   1.72%(g)   (0.55%)  38.28%  
23.62%(i)   20,595    1.72%   1.72%   (0.67%)  42.71%  
7.63%(i)   13,722    1.68%   1.65%   (0.49%)  32.20%  
                            
39.85%   38,337    1.10%   1.10%   (0.21%)  43.27%  
9.24%   31,548    1.13%(g)   1.13%(g)   (0.35%)  60.67%  
7.44%   40,476    1.12%(g)   1.12%(g)   (0.04%)  55.00%  
(0.32%)   50,163    1.08%(g)   1.08%(g)   0.03%  38.28%  
24.33%(i)   61,897    1.13%   1.13%   (0.08%)  42.71%  
8.14%   47,421    1.14%   1.13%   (0.06%)  32.20%  
                            
39.90%   840,675    0.99%   1.07%   (0.12%)  43.27%  
9.37%   536,973    1.04%(g)   1.10%(g)   (0.27%)  60.67%  
7.48%   607,103    1.11%(g)   1.11%(g)   0.03%  55.00%  
(0.32%)   1,263,907    1.07%(g)   1.07%(g)   0.04%  38.28%  
24.39%   1,467,787    1.10%   1.10%   (0.06%)  42.71%  
8.15%(i)   746,112    1.14%   1.12%   0.01%  32.20%  

  

(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g) Includes interest expense that amounts to less than 0.01%.
(h) Less than $0.005 per share.
(i) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 87

 

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen U.S. Sustainable Leaders Fund

 

       Investment Activities   Distributions     
   Net
Asset
Value,
Beginning
of Period		   Net
Investment
Income
(Loss)
(a)		   Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		   Total
from
Investment
Activities		   Net
Investment
Income		   Net
Realized
Gains		   Total
Distributions		   Net
Asset
Value,
End of
Period		 
Class A Shares                                        
Six Months Ended April 30, 2021*  $ 13.79   $ (0.02)  $   3.26   $   3.24   $      –   $ (1.73)  $ (1.73)  $ 15.30 
Year Ended October 31, 2020   12.95    (0.03)   2.17    2.14    (0.01)   (1.29)   (1.30)   13.79 
Year Ended October 31, 2019   12.53    0.01    1.79    1.80    (0.02)   (1.36)   (1.38)   12.95 
Year Ended October 31, 2018   13.05    0.02    0.83    0.85    (0.04)   (1.33)   (1.37)   12.53 
Year Ended October 31, 2017   12.13    0.04    2.34    2.38    (0.02)   (1.44)   (1.46)   13.05 
Year Ended October 31, 2016   12.52    0.03    0.21    0.24    (0.02)   (0.61)   (0.63)   12.13 
Class C Shares                                        
Six Months Ended April 30, 2021*   11.36    (0.05)   2.64    2.59    –    (1.73)   (1.73)   12.22 
Year Ended October 31, 2020   10.94    (0.10)   1.81    1.71    –    (1.29)   (1.29)   11.36 
Year Ended October 31, 2019   10.87    (0.06)   1.49    1.43    –    (1.36)   (1.36)   10.94 
Year Ended October 31, 2018   11.53    (0.06)   0.73    0.67    –    (1.33)   (1.33)   10.87 
Year Ended October 31, 2017   10.93    (0.04)   2.08    2.04    –    (1.44)   (1.44)   11.53 
Year Ended October 31, 2016   11.40    (0.05)   0.19    0.14    –    (0.61)   (0.61)   10.93 
Institutional Service Class Shares                                        
Six Months Ended April 30, 2021*   14.89    –(h)   3.53    3.53    –    (1.73)   (1.73)   16.69 
Year Ended October 31, 2020   13.88    –(h)   2.34    2.34    (0.04)   (1.29)   (1.33)   14.89 
Year Ended October 31, 2019   13.33    0.04    1.92    1.96    (0.05)   (1.36)   (1.41)   13.88 
Year Ended October 31, 2018   13.79    0.05    0.88    0.93    (0.06)   (1.33)   (1.39)   13.33 
Year Ended October 31, 2017   12.74    0.06    2.46    2.52    (0.03)   (1.44)   (1.47)   13.79 
Year Ended October 31, 2016   13.09    0.05    0.24    0.29    (0.03)   (0.61)   (0.64)   12.74 
Institutional Class Shares                                        
Six Months Ended April 30, 2021*   14.96    –(h)   3.55    3.55    –    (1.73)   (1.73)   16.78 
Year Ended October 31, 2020   13.93    0.01    2.35    2.36    (0.04)   (1.29)   (1.33)   14.96 
Year Ended October 31, 2019   13.37    0.04    1.93    1.97    (0.05)   (1.36)   (1.41)   13.93 
Year Ended October 31, 2018   13.82    0.06    0.89    0.95    (0.07)   (1.33)   (1.40)   13.37 
Year Ended October 31, 2017   12.76    0.08    2.46    2.54    (0.04)   (1.44)   (1.48)   13.82 
Year Ended October 31, 2016   13.10    0.06    0.24    0.30    (0.03)   (0.61)   (0.64)   12.76 

 

*Unaudited
(a)Net investment income/(loss) is based on average shares outstanding during the period.
(b)Excludes sales charge.
(c)Not annualized for periods less than one year.
(d)Annualized for periods less than one year.

 

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

 

See accompanying Notes to Financial Statements.

 

 

88 2021 Semi-Annual Report

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen U.S. Sustainable Leaders Fund (concluded)

 

    Ratios/Supplemental Data
     
     
Total Return
(b)(c)		   Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		  Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		  Ratio of Net
Investment Income (Loss)
to Average Net Assets
(d)		  Portfolio Turnover
(c)(f)
                  
24.86%  $ 311,282   1.19%  1.25%  (0.23%)  91.89%
17.50%   264,977   1.19%  1.26%  (0.24%)  49.68%
17.60%   247,926   1.19%  1.27%  0.06%  47.13%
 6.63%   233,717   1.19%(g)  1.25%(g)  0.14%  38.68%
21.13%   242,085   1.19%(g)  1.26%(g)  0.29%  33.79%
 2.25%   225,723   1.19%(g)  1.28%(g)  0.21%  63.11%
                  
24.42%   1,058   1.90%  2.07%  (0.93%)  91.89%
16.71%   1,143   1.90%  2.08%  (0.94%)  49.68%
16.75%   1,428   1.90%  2.11%  (0.58%)  47.13%
 5.88%   2,963   1.90%(g)  2.07%(g)  (0.56%)  38.68%
20.26%   3,544   1.90%(g)  2.09%(g)  (0.40%)  33.79%
 1.56%   5,883   1.90%(g)  2.08%(g)  (0.50%)  63.11%
                  
24.99%   144,050   0.97%  1.03%  (0.01%)  91.89%
17.79%   121,611   0.97%  1.04%  (0.01%)  49.68%
17.84%   113,600   0.97%  1.05%  0.29%  47.13%
 6.90%   106,337   0.97%(g)  1.03%(g)  0.36%  38.68%
21.33%   109,418   0.98%(g)  1.05%(g)  0.49%  33.79%
2.52%   101,549   1.00%(g)  1.09%(g)  0.40%  63.11%
                  
25.00%   13,572   0.90%  1.01%  0.06%  91.89%
17.89%   10,982   0.90%  1.01%  0.05%  49.68%
17.90%   8,839   0.90%  1.03%  0.34%  47.13%
 6.99%   6,801   0.90%(g)  1.01%(g)  0.43%  38.68%
21.45%   6,507   0.90%(g)  1.01%(g)  0.59%  33.79%
 2.63%   6,742   0.90%(g)  1.02%(g)  0.50%  63.11%

 

(e)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)Includes interest expense that amounts to less than 0.01%.
(h)Less than $0.005 per share.

 

 

2021 Semi-Annual Report 89

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund

 

       Investment Activities   Distributions     
   Net
Asset
Value,
Beginning
of Period		   Net
Investment
Income
(Loss)
(a)		   Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		   Total
from
Investment
Activities		   Net
Investment
Income		   Net
Realized
Gains		   Total
Distributions		   Net
Asset
Value,
End of
Period		 
Class A Shares                                        
Six Months Ended April 30, 2021*  $ 8.08   $(0.03)  $ 2.61   $ 2.58   $      –(i)  $ (1.01)  $ (1.01)  $ 9.65 
Year Ended October 31, 2020   7.59    (0.01)   0.96    0.95    –(i)   (0.46)   (0.46)   8.08 
Year Ended October 31, 2019   6.85    0.01    1.09    1.10    –    (0.36)   (0.36)   7.59 
Year Ended October 31, 2018   8.52    0.02    0.62    0.64    –    (2.31)   (2.31)   6.85 
Year Ended October 31, 2017   8.81    (0.12)   0.90    0.78    –    (1.07)   (1.07)   8.52 
Year Ended October 31, 2016   10.30    (0.15)   (0.04)   (0.19)   –    (1.30)   (1.30)   8.81 
Class C Shares                                        
Six Months Ended April 30, 2021*   1.84    (0.01)   0.50    0.49    –    (1.01)   (1.01)   1.32 
Year Ended October 31, 2020   2.08    (0.02)   0.25    0.23    (0.01)   (0.46)   (0.47)   1.84 
Year Ended October 31, 2019   2.17    (0.01)   0.28    0.27    –    (0.36)   (0.36)   2.08 
Year Ended October 31, 2018   4.22    (0.01)   0.27    0.26    –    (2.31)   (2.31)   2.17 
Year Ended October 31, 2017   4.92    (0.09)   0.46    0.37    –    (1.07)   (1.07)   4.22 
Year Ended October 31, 2016   6.38    (0.12)   (0.04)   (0.16)   –    (1.30)   (1.30)   4.92 
Class R Shares                                        
Six Months Ended April 30, 2021*   7.09    (0.03)   2.27    2.24    –    (1.01)   (1.01)   8.32 
Year Ended October 31, 2020   6.73    (0.03)   0.85    0.82    –    (0.46)   (0.46)   7.09 
Year Ended October 31, 2019   6.13    (0.01)   0.97    0.96    –    (0.36)   (0.36)   6.73 
Year Ended October 31, 2018   7.88    –(i)   0.56    0.56    –    (2.31)   (2.31)   6.13 
Year Ended October 31, 2017   8.25    (0.13)   0.83    0.70    –    (1.07)   (1.07)   7.88 
Year Ended October 31, 2016   9.76    (0.17)   (0.04)   (0.21)   –    (1.30)   (1.30)   8.25 
Institutional Service Class Shares                                        
Six Months Ended April 30, 2021*   8.45    (0.02)   2.74    2.72    –    (1.01)   (1.01)   10.16 
Year Ended October 31, 2020   7.92    –(i)   1.00    1.00    (0.01)   (0.46)   (0.47)   8.45 
Year Ended October 31, 2019   7.11    0.03    1.14    1.17    –    (0.36)   (0.36)   7.92 
Year Ended October 31, 2018   8.75    0.04    0.63    0.67    –    (2.31)   (2.31)   7.11 
Year Ended October 31, 2017   9.00    (0.10)   0.92    0.82    –    (1.07)   (1.07)   8.75 
Year Ended October 31, 2016   10.48    (0.14)   (0.04)   (0.18)   –    (1.30)   (1.30)   9.00 
Institutional Class Shares                                        
Six Months Ended April 30, 2021*   8.78    (0.01)   2.85    2.84    –    (1.01)   (1.01)   10.61 
Year Ended October 31, 2020   8.20    0.01    1.04    1.05    (0.01)   (0.46)   (0.47)   8.78 
Year Ended October 31, 2019   7.34    0.04    1.18    1.22    –    (0.36)   (0.36)   8.20 
Year Ended October 31, 2018   8.95    0.05    0.65    0.70    –    (2.31)   (2.31)   7.34 
Year Ended October 31, 2017   9.17    (0.10)   0.95    0.85    –    (1.07)   (1.07)   8.95 
Year Ended October 31, 2016   10.64    (0.13)   (0.04)   (0.17)   –    (1.30)   (1.30)   9.17 

 

*Unaudited
(a)Net investment income/(loss) is based on average shares outstanding during the period.
(b)Excludes sales charge.
(c)Not annualized for periods less than one year.
(d)Annualized for periods less than one year.
(e)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)Indicates the dividend expense charged for the period to average net assets.

 

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

 

See accompanying Notes to Financial Statements.

 

 

90 2021 Semi-Annual Report

 

 

Financial Highlights (concluded)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (concluded)

 

   Ratios/Supplemental Data
Total Return
(b)(c)		  Net Assets
at End of Period
(000's)		  Ratio of Expenses
(Net of
Reimbursements/
Waivers) to
Average Net Assets
(d)		  Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		  Ratio of
Net
Investment
Income (Loss)
to Average
Net Assets
(d)		  Dividend
Expense
(f)(g)		  Portfolio Turnover
(c)(h)
                   
33.37%  $ 8,890  1.22%(j)  2.42%(j)  (0.56%)  –  128.21%
12.88%  7,618  1.24%(j)  2.13%(j)  (0.17%)  –    45.98%
17.62%  8,481  1.25%  2.09%  0.20%  –    54.04%
8.32%  7,466  1.32%(j)  2.03%(j)  0.34%  0.04%  112.97%
9.69%  9,479  2.80%(j)  3.22%(j)  (1.39%)  1.18%  35.38%
(1.68%)  11,397  3.04%  3.28%  (1.70%)  1.45%  36.34%
                   
32.67%  543  1.90%(j)  3.21%(j)  (1.25%)  –  128.21%
11.83%  528  1.90%(j)  2.84%(j)  (0.85%)  –    45.98%
17.22%  4,734  1.90%  2.83%  (0.48%)  –    54.04%
7.45%  1,345  1.97%(j)  2.77%(j)  (0.32%)  0.04%  112.97%
8.89%  1,837  3.47%(j)  4.09%(j)  (2.05%)  1.21%    35.38%
(2.35%)  3,430  3.69%  4.02%  (2.33%)  1.44%  36.34%
                   
33.23%  2,558  1.54%(j)  2.74%(j)  (0.88%)  –  128.21%
12.54%  1,952  1.43%(j)  2.32%(j)  (0.37%)  –    45.98%
17.39%  1,924  1.55%  2.39%  (0.09%)  –    54.04%
7.89%  1,895  1.69%(j)  2.40%(j)  (0.04%)  0.04%  112.97%
9.35%  2,269  3.14%(j)  3.56%(j)  (1.72%)  1.18%    35.38%
(2.01%)  2,633  3.34%  3.58%  (2.01%)  1.44%    36.34%
                   
33.58%  360  1.05%(j)  2.25%(j)  (0.40%)  –  128.21%
12.96%  340  1.04%(j)  1.93%(j)  0.02%  –    45.98%
17.96%  480  1.05%  1.89%  0.45%  –    54.04%
8.50%  679  1.07%(j)  1.79%(j)  0.55%  0.04%  112.97%
9.96%  840  2.62%(j)  3.04%(j)  (1.21%)  1.17%    35.38%
(1.54%)  693  2.85%  3.10%  (1.54%)  1.43%    36.34%
                   
33.69%  4,133  0.90%(j)  2.24%(j)  (0.24%)  –  128.21%
13.14%  3,451  0.90%(j)  1.94%(j)  0.17%  –    45.98%
18.10%  4,580  0.90%  1.89%  0.58%  –    54.04%
8.69%  5,583  0.98%(j)  1.83%(j)  0.63%  0.06%  112.97%
10.12%  12,413  2.56%(j)  3.07%(j)  (1.13%)  1.30%    35.38%
(1.40%)  52,527  2.71%  3.01%  (1.36%)  1.46%    36.34%

 

(g)Dividend expense ratio includes broker related expenses for securities sold short.
(h)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(i)Less than $0.005 per share.
(j)Includes interest expense that amounts to less than 0.01% for Class A, Class C, Class R, Institutional Service Class and Institutional Class for the six months ended April 30, 2021. Includes interest expense that amounts to less than 0.01% for Class A, Class C, Class R, Institutional Service Class and Institutional Class for the years ended October 31, 2020 and October 31, 2018. Includes interest expense that amounts to 0.01% for Class A, Class C, Class R, Institutional Service Class and Institutional Class for the year ended October 31, 2017.

 

  2021 Semi-Annual Report 91

 

 

 

Notes to Financial Statements

 

April 30, 2021 (Unaudited)

 

1. Organization

 

Aberdeen Funds (the "Trust") was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of April 30, 2021, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of April 30, 2021, the Trust operated seventeen (17) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the twelve (12) funds listed below (each a "Fund"; collectively, the "Funds"):

 

  –  Aberdeen China A Share Equity Fund ("China A Share Equity Fund")
  – Aberdeen Dynamic Dividend Fund ("Dynamic Dividend Fund")
  –  Aberdeen Emerging Markets Fund ("Emerging Markets Fund")
  – Aberdeen Emerging Markets Sustainable Leaders Fund (formerly, Aberdeen International Equity Fund) ("Emerging Markets Sustainable Leaders Fund")
  – Aberdeen Global Equity Fund ("Global Equity Fund")
  – Aberdeen Global Infrastructure Fund ("Global Infrastructure Fund")
  – Aberdeen International Real Estate Equity Fund ("International Real Estate Equity Fund")
  –  Aberdeen International Small Cap Fund ("International Small Cap Fund")
  –  Aberdeen Realty Income & Growth Fund ("Realty Income & Growth Fund")
  –  Aberdeen U.S. Small Cap Equity Fund ("U.S. Small Cap Equity Fund")
  – Aberdeen U.S. Sustainable Leaders Fund (formerly, Aberdeen U.S. Multi-Cap Equity Fund) ("U.S. Sustainable Leaders Fund")
  – Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (formerly, Aberdeen Focused U.S. Equity Fund) ("U.S. Sustainable Leaders Smaller Companies Fund")

 

2. Summary of Significant Accounting Policies

 

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles in the United States of America ("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 Funds are maintained in U.S. Dollars.

 

a.Security Valuation

The Funds value their securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' 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.

 

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.

 

In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America, the Funds disclose the fair value of their 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

 

92  2021 Semi-Annual Report

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

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 a 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. A security using any of these pricing methodologies is determined to be a Level 1 investment.

 

Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider approved by the Board. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is 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 approved by the Board of Trustees of the Trust (the "Board"). 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 Aberdeen Standard Investments, Inc. ("Aberdeen", the "Adviser" or "ASII") 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 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 for 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. Each Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 NAV. Generally, these investment types are categorized as Level 1 investments.

 

Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).

 

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 closed before the Valuation Time), the security is valued at fair value as determined by the Funds' pricing committee (the "Pricing Committee"), taking into account the relevant factors and surrounding circumstances using Valuation and Liquidity Procedures approved by the Board. A security that has been fair valued by the Pricing Committee 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 in active markets for identical investments;
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
•Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

 

A summary of standard inputs is listed below:

 

Security Type   Standard Inputs
Foreign equities utilizing a fair
value factor		   Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening
and closing prices of each security.

 

  2021 Semi-Annual Report 93

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

The following is a summary of the inputs used as of April 30, 2021 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

Please refer to the Statements of Investments for a detailed breakout of the security types:

 

Investments, at Value  LEVEL 1 – Quoted
Prices ($)		   LEVEL 2 – Other
Significant Observable
Inputs ($)		   LEVEL 3 – Significant
Unobservable
Inputs ($)		   Total ($) 
China A Share Equity Fund                    
Investments in Securities                    
Common Stocks   0    88,222,037    –    88,222,037 
Exchange-Traded Funds   5,791,663    –    –    5,791,663 
Short-Term Investment   3,263,753    –    –    3,263,753 
    9,055,416    88,222,037    –    97,277,453 
Dynamic Dividend Fund                    
Investments in Securities                    
Common Stocks   80,123,335    44,353,174    –    124,476,509 
Preferred Stocks   –    2,416,081    –    2,416,081 
Short-Term Investment   77,805    –    –    77,805 
Other Financial Instruments                    
Liabilities                    
Forward Foreign Currency
Exchange Contracts		   –    (33,048)   –    (33,048) 
    80,201,140    46,736,207    –    126,937,347 
Emerging Markets Fund                    
Investments in Securities                    
Common Stocks   712,404,862    3,981,102,577    –    4,693,507,439 
Preferred Stocks   80,791,060    490,698,290    –    571,489,350 
Short-Term Investment   92,841,462    –    –    92,841,462 
    886,037,384    4,471,800,867    –    5,357,838,251 
Emerging Markets Sustainable Leaders Fund                    
Investments in Securities                    
Common Stocks   43,713,931    157,929,845    –    201,643,776 
Preferred Stocks   3,325,144    19,807,919    –    23,133,063 
Short-Term Investment   4,848,528    –    –    4,848,528 
    51,887,603    177,737,764    –    229,625,367 
Global Equity Fund                    
Investments in Securities                    
Common Stocks   15,804,716    13,844,081    –    29,648,797 
Short-Term Investment   544,482    –    –    544,482 
    16,349,198    13,844,081    –    30,193,279 

 

 

 

 

 

 

 

 

 

 

94 2021 Semi-Annual Report

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

Investments, at Value  LEVEL 1 – Quoted
Prices ($)		   LEVEL 2 – Other
Significant Observable
Inputs ($)		   LEVEL 3 – Significant
Unobservable
Inputs ($)		   Total ($) 
Global Infrastructure Fund                    
Investments in Securities                    
Common Stocks   29,957,143    20,727,329    –    50,684,472 
Money Market Funds   1,950,101    –    –    1,950,101 
Other Financial Instruments                    
Liabilities                    
Forward Foreign Currency
Exchange Contracts		   –    (4,071)   –    (4,071)
    31,907,244    20,723,258    –    52,630,502 
International Real Estate Equity Fund                    
Investments in Securities                    
Common Stocks   3,388,469    18,646,462    0    22,034,931 
Short-Term Investment   2,841    –    –    2,841 
Other Financial Instruments                    
Assets                    
Forward Foreign Currency
Exchange Contracts		   –    184    –    184 
    3,391,310    18,646,646    0    22,037,956 
International Small Cap Fund                    
Investments in Securities                    
Common Stocks   72,460,631    129,009,623    –    201,470,254 
Short-Term Investment   9,660,487    –    –    9,660,487 
    82,121,118    129,009,623    –    211,130,741 
Realty Income & Growth Fund                    
Investments in Securities                    
Common Stocks   53,563,272    –    –    53,563,272 
Short-Term Investment   3,899    –    –    3,899 
    53,567,171    –    –    53,567,171 
U.S. Small Cap Equity Fund                    
Investments in Securities                    
Common Stocks   1,064,103,692    –    –    1,064,103,692 
Money Market Funds   24,793,535    –    –    24,793,535 
    1,088,897,227    –    –    1,088,897,227 
U.S. Sustainable Leaders Fund                    
Investments in Securities                    
Common Stocks   462,390,368    –    –    462,390,368 
Short-Term Investment   7,835,829    –    –    7,835,829 
    470,226,197    –    –    470,226,197 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 95

 

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

Investments, at Value  LEVEL 1 – Quoted
Prices ($)		   LEVEL 2 – Other
Significant Observable
Inputs ($)		   LEVEL 3 – Significant
Unobservable
Inputs ($)		   Total ($) 
U.S. Sustainable Leaders Smaller Companies Fund              
Investments in Securities                  
Common Stocks   16,311,494   –   –    16,311,494 
Short-Term Investment   283,024   –   –    283,024 
    16,594,518   –   –    16,594,518 

 

For the six-month period ended April 30, 2021, there were no significant changes to the fair valuation methodologies. Level 3 investments held during and at the end of the six-month period in relation to net assets were not significant (0.0% of total net assets) and accordingly, a reconciliation of Level 3 assets for the period ended April 30, 2021 is not presented. The valuation technique used at April 30, 2021 was fair valuation at zero pursuant to procedures approved by the Fund's Board of Directors.

 

b.    Restricted Securities

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds 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 Funds, but resale of such securities in the U.S. is permitted only in limited circumstances.

 

c.    Foreign Currency Translation

Foreign securities, currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies within the Statements of Operations.

 

d.    Rights Issues and Warrants

Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company's discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.

 

e.    Derivative Financial Instruments

Certain Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities.

 

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to the benchmark. The use of forward contracts allows the separation of decision-making between markets and their currencies. The forward contract is marked-to market daily and the change in market value is recorded by a Fund as unrealized appreciation/(depreciation). Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statements of Operations. During the period, the Funds used forward contracts for the purposes of efficient portfolio management and managing active

 

96  2021 Semi-Annual Report  

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

currency risk relative to the benchmark, the latter of which involves both hedging currency risk and adding currency risk in excess of underlying bond positions.

 

While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund's portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.

 

Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.

 

Summary of Derivative Instruments

Certain Funds may use derivatives for various purposes as noted above. The following is a summary of the location of fair value amounts of derivatives, not accounted for as hedging instruments, as of April 30, 2021:

    Location on the Statement of Assets and Liabilities
Derivative Instrument Risk Type   Asset Derivatives   Liability Derivatives
Foreign Exchange Risk   Unrealized appreciation on forward foreign currency exchange contracts   Unrealized depreciation on forward foreign currency exchange contracts

 

The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2021:

 

                 Asset Derivatives 
Funds    Total Value at
April 30, 2021		     Over-the-Counter
Credit Default
Swaps
(Credit risk)		     Centrally Cleared
Credit Default
Swaps
(Credit Risk)		     Centrally Cleared
Interest Rate
Swaps
(Interest Rate
Risk)		     Forward
Foreign
Exchange
Contracts
(Foreign
Exchange
Risk)		     Futures
Contracts
(Interest Rate
Risk)		 
Aberdeen International Real Estate Equity Fund  $184   $–   $–   $–     $184   $– 

 

                     Liabilities Derivatives 
Funds   Total Value at
April 30, 2021		    Over-the-Counter
Credit Default
Swaps
(Credit risk)		    Centrally Cleared
Credit Default
Swaps
(Credit Risk)		    Centrally Cleared
Interest Rate
Swaps
(Interest Rate
Risk)		    Forward
Foreign
Exchange
Contracts
(Foreign
Exchange
Risk)		    Futures
Contracts
(Interest Rate
Risk)		 
Aberdeen Dynamic Dividend Fund  $33,048   $–   $–   $–   $33,048   $– 
Aberdeen Global Infrastructure Fund   4,071    –    –    –    4,071    – 

 

  2021 Semi-Annual Report 97

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

Certain funds have transactions that may be subject to enforceable master netting arrangements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of April 30, 2021 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

 

           Gross Amounts Not Offset
in Statement of
Assets & Liabilities		         Gross Amounts Not Offset
in Statement of
Assets and Liabilities		 
     Gross Amounts
of Assets
Presented in
Statement of
Financial Position		     Financial
Instruments		     Collateral
Received(1)		     Net Amount(3)   Gross Amounts
of Liabilities
Presented in
Statement of
Financial Position		     Financial
Instruments		     Collateral
Pledged(1)		   Net Amount(3) 
Description    Assets   Liabilities 
Dynamic Dividend Fund                                              

Forward foreign currency(2)

State Street Bank and Trust

  $–   $–   $–   $–   $33,048   $–   $–   $33,048 

 

1  In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

2  Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement.

3  Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.

 

           Gross Amounts Not Offset
in Statement of
Assets & Liabilities		         Gross Amounts Not Offset
in Statement of
Assets and Liabilities		 
     Gross Amounts
of Assets
Presented in
Statement of
Financial Position		     Financial
Instruments		     Collateral
Received(1)		     Net Amount(3)   Gross Amounts
of Liabilities
Presented in
Statement of
Financial Position		     Financial
Instruments		     Collateral
Pledged(1)		   Net Amount(3) 
Description    Assets   Liabilities 
Global Infrastructure Fund                                              

Forward foreign currency(2)

Citibank N.A.

  $–     $–   $–     $–   $4,071     $–     $–   $4,071 

 

1  In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

2  Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement.

3  Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.

 

           Gross Amounts Not Offset
in Statement of
Assets & Liabilities		           Gross Amounts Not Offset
in Statement of
Assets and Liabilities		 
     Gross Amounts
of Assets
Presented in
Statement of
Financial Position		     Financial
Instruments		     Collateral
Received(1)		   Net Amount(3)     Gross Amounts
of Liabilities
Presented in
Statement of
Financial Position		     Financial
Instruments		     Collateral
Pledged(1)		     Net Amount(3) 
Description    Assets     Liabilities 
International Real Estate Equity Fund                                               

Forward foreign currency(2)

Societe Generale

  $184   $–   $–   $184   $–   $–   $–   $– 

 

1  In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

2  Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement.

3  Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.

 

98  2021 Semi-Annual Report  

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

The following is a summary of the location of realized gain/(loss) and net change in unrealized appreciation/(depreciation) on derivatives in the Statement of Operations for the six-month period ended April 30, 2021:

 

Derivative Instrument Risk Type   Location on the Statement of Operations
Foreign Exchange Risk   Realized gain/(loss) on forward foreign currency exchange contracts/
Net change in unrealized appreciation/(depreciation) on forward
foreign currency exchange contracts

 

The following is a summary of the effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2021:

 

             
            Realized Gain or (Loss) on Derivatives
Recognized in the Statement of Operations		      
Funds   Total   Credit Default
Swaps
(Credit Risk)		   Interest Rate
Swaps
(Interest Rate
Risk)		   Forward
Foreign
Exchange
Contracts
(Foreign
Exchange
Risk)		   Futures
Contracts
(Interest Rate
Risk)		   Interest Rate
Swaps
(Interest Rate
Risk)(2) 		  
Aberdeen Dynamic Dividend Fund   $ (36,871)   $–   $–   $(36,871)   $–   $–  
Aberdeen Global Infrastructure Fund   7,523   –   –   7,523   –   –  
Aberdeen International Real Estate
Equity Fund		   (834)   –   –   (834)   –   –  

 

 

        Change in Unrealized
Appreciation/(Depreciation)
on Derivatives Recognized in
the Statement of Operations		  
Funds   Total   Credit Default
Swaps
(Credit Risk)		   Forward
Foreign
Exchange
Contracts
(Foreign
Exchange
Risk)		   Futures
Contracts
(Interest Rate
Risk)		  
Aberdeen Dynamic Dividend Fund   $ (55,622)   $ –   $ (55,622)   $ –  
Aberdeen Global Infrastructure Fund   (3,913)   –   (3,913)   –  
Aberdeen International Real Estate Equity Fund   184   –   184   –  

 

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the six-month period ended April 30, 2021. The table below summarizes the weighted average values of derivatives holdings by the Funds during the six-month period ended April 30, 2021.

 

Fund   Purchase Forward
Foreign Currency
Contracts
(Average Notional
Value)		   Sale Forward Foreign
Currency Contracts
(Average Notional
Value)		  
Dynamic Dividend Fund   $                –   $2,904,490  
Global Infrastructure Fund   2,127,298   6,056,273  
International Real Estate Equity Fund   279,319   8,811  

 

  2021 Semi-Annual Report 99

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

f.Security Transactions, Investment Income and Expenses

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions.

 

Interest income and expenses are recorded on an accrual basis. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of month-end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is based on the average net asset value of that class' shares in proportion to the average net assets of the relevant Fund when incurred. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

 

g.Distributions

Distributions from net investment income, if any, are declared and paid annually for all Funds except the Dynamic Dividend Fund, which declares and pays monthly, and the Global Infrastructure Fund and Realty Income & Growth Fund, which declare and pay quarterly. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any.

 

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies and loss deferrals.

 

h.Federal Income Taxes

Each Fund intends to continue to qualify as a "regulated investment company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required. Management of the Funds 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 Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.

 

i.Foreign Withholding Tax

Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes and are recorded on the Statement of Operations. The Funds file for tax reclaims for the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statement of Assets and Liabilities. Foreign tax authorities can examine previously filed withholding tax reclaims for various periods of time, depending on the statute of limitations in each foreign jurisdiction. In some cases, amounts that have been refunded by foreign tax authorities and received by the Funds are still subject to such review.

 

The Dynamic Dividend Fund has received requests from the German Federal Tax Office for additional documents and information relating to withholding tax refunds that the Fund has previously received and recorded. The tax refunds previously received amount to approximately 0.76% of the Dynamic Dividend Fund's net assets as of April 30, 2021. The Dynamic Dividend Fund may be required to return certain amounts or pay a settlement in connection with this request. The amount of such potential repayment or settlement is uncertain and management cannot make an estimate at this time, and as such, has not recorded any amount in the financial statements. The Dynamic Dividend Fund's net asset value and performance may be materially adversely affected if such repayment or settlement is determined at a future date.

 

In addition, the Funds may be subject to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Funds accrue such taxes when the related income is earned.

 

In addition, when the Funds sell securities within certain countries in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required under GAAP, the Funds accrue deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments.

 

100 2021 Semi-Annual Report  

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

j.Securities Lending

Through an agreement with BNP Paribas as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require the borrower to mark to market such collateral on a daily basis so that the market value of such collateral does not fall below 100% of the market value of the portfolio securities so loaned.

 

Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent.

 

The Funds continue to own the loaned securities. However, securities lending involves certain risks including the event of default or insolvency of the borrower and possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and, therefore, this amount is not presented on the Funds' Statements of Investments.

 

At April 30, 2021, the market value of loaned securities and collateral received were as follows:

 

Fund   Value of
Securities Loaned		   Value of
Cash Collateral		   Value of
Non-cash Collateral		  
China A Share Equity Fund   $ 1,776,693   $ –   $ 1,844,960  
Global Infrastructure Fund   686,139   –   728,108  

 

3. Agreements and Transactions with Affiliates

 

a.Investment Adviser

Under the Investment Advisory Agreement with the Trust, Aberdeen manages the Funds in accordance with the policies and procedures established by the Board.

 

For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule:

 

Fund   Fee Schedule    
China A Share Equity Fund   Up to $500 million                    0.85 %  
    $500 million up to $2 billion   0.80 %  
    On $2 billion and more   0.75 %  
Dynamic Dividend Fund   Up to $250 million   1.00 %  
    On $250 million and more   0.95 %  
Emerging Markets Fund   On all assets   0.90 %  
Emerging Markets Sustainable Leaders Fund   On all assets   0.80 %  
Global Equity Fund   Up to $500 million   0.90 %  
    $500 million up to $2 billion   0.85 %  
    On $2 billion and more   0.80 %  
Global Infrastructure Fund   Up to $250 million   0.85 %  
    $250 million up to $750 million   0.80 %  
    $750 million to $1 billion   0.75 %  
    On $1 billion and more   0.65 %  
International Real Estate Equity Fund   On all assets   1.00 %  
International Small Cap Fund   Up to $100 million   0.85 %  
    On $100 million and more   0.75 %  
Realty Income & Growth Fund   Up to $250 million   1.00 %  
    $250 million up to $750 million   0.95 %  
    $750 million up to $1 billion   0.90 %  
    On $1 billion and more   0.80 %  

 

  2021 Semi-Annual Report 101

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

Fund  Fee Schedule    
U.S. Small Cap Equity Fund  Up to $100 million                        0.95%
   On $100 million and more   0.80%
U.S. Sustainable Leaders Fund  Up to $500 million   0.75%
   $500 million up to $2 billion   0.70%
   On $2 billion and more   0.65%
U.S. Sustainable Leaders Smaller Companies Fund  Up to $500 million   0.75%
   $500 million up to $2 billion   0.70%
   On $2 billion and more   0.65%

  

The Adviser has engaged the services of affiliates Aberdeen Standard Investments (Asia) Limited ("ASIAL") and Aberdeen Asset Managers Limited ("AAML") as subadvisers (the "Subadvisers") pursuant to subadvisory agreements. The Subadvisers manage a portion of certain Funds' investments and have the responsibility for making all investment decisions for the portion of a Fund's assets they manage. Pursuant to the subadvisory agreements, the Adviser pays fees to the Subadvisers.

 

The Trust and Aberdeen have entered into written contracts ("Expense Limitation Agreements") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the tables below. For each Fund this contractual limitation may not be terminated before February 28, 2022 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For each Fund except the Dynamic Dividend Fund and Global Infrastructure Fund, this limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, acquired fund fees and expenses, Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares, and Institutional Service Class shares and extraordinary expenses. The Expense Limitation Agreement with respect to the Dynamic Dividend Fund and Global Infrastructure Fund excludes certain expenses, including any interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

 

Fund  Limit 
China A Share Equity Fund   0.99% 
Emerging Markets Fund   1.10% 
Emerging Markets Sustainable Leaders Fund   1.10% 
Global Equity Fund   1.19% 
International Small Cap Fund   0.99% 
U.S. Small Cap Equity Fund   0.99% 
U.S. Sustainable Leaders Fund   0.90% 
U.S. Sustainable Leaders Smaller Companies Fund   0.90% 

 

Fund  Class A
Limit		   Institutional
Class Limit		 
Dynamic Dividend Fund   1.50%   1.25% 
Global Infrastructure Fund   1.24%   0.99% 
International Real Estate Equity Fund   1.62%   1.37% 
Realty Income & Growth Fund   1.25%   1.00% 

 

Aberdeen may request and receive reimbursement from a Fund of the advisory 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 Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause a class 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 Adviser, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by Aberdeen is not permitted.

 

102  2021 Semi-Annual Report  

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

As of April 30, 2021, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to Aberdeen for each Fund, based on expenses reimbursed by Aberdeen, including adjustments described above, would be:

 

Fund  Amount
Fiscal Year
2018
(Expires 10/31/21)		   Amount
Fiscal Year
2019
(Expires 10/31/22)		   Amount
Fiscal Year
2020
(Expires 10/31/23)		   Amount
Six Months Ended
April 30, 2021
(Expires 4/30/24)		   Total* 
China A Share Equity Fund  $      77,461   $     185,225   $      194,764   $         91,714   $       549,164 
Dynamic Dividend Fund   78,360    110,958    114,147    57,585    361,050 
Emerging Markets Fund   1,556,454    2,912,999    2,887,668    1,060,624    8,417,745 
Emerging Markets Sustainable Leaders Fund   (1,153)   25,257    32,170    18,307    74,581 
Global Equity Fund   83,316    177,160    173,186    82,047    515,709 
Global Infrastructure Fund   72,598    115,230    162,223    93,329    443,380 
International Real Estate Equity Fund   11,346    30,943    134,634    89,031    265,954 
International Small Cap Fund   129,926    302,551    291,518    116,701    840,696 
Realty Income & Growth Fund   160,149    282,123    254,885    123,966    821,123 
U.S. Small Cap Equity Fund   –    –    327,286    304,020    631,306 
U.S. Sustainable Leaders Fund   131,769    284,126    257,392    140,338    813,625 
U.S. Sustainable Leaders Smaller Companies Fund   74,227    175,904    164,571    96,471    511,173 

 

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

 

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

 

b.Fund Administration

Under the terms of the Fund Administration Agreement, Aberdeen provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays Aberdeen an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with Aberdeen, State Street Bank and Trust Company ("State Street") provides sub-administration services with respect to the Funds. Aberdeen pays State Street for providing such services.

 

c.Distributor and Shareholder Servicing

The Trust and Aberdeen Fund Distributors, LLC (the "Distributor") are parties to the current Underwriting Agreement (the "Underwriting Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares.

 

The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate the Distributor, for expenses associated with the distribution-related and/or shareholder services provided by such entities. These fees are paid to the Distributor and are either kept or paid to shareholders' financial advisors or other intermediaries for distribution and shareholder services. Although actual distribution expenses may be more or less, under the Plan, the Funds pay the Distributor an annual fee of the following amounts, based on the total net assets of each, respective class:

 

Fund  Class A
Shares		   Class C
Shares (a)		   Class R
Shares (a)		 
China A Share Equity Fund   0.25%    1.00%    0.50% 
Dynamic Dividend Fund   0.25%    –    – 
Emerging Markets Fund   0.25%    1.00%    0.50% 
Emerging Markets Sustainable Leaders Fund   0.25%    1.00%    0.50% 
Global Equity Fund   0.25%    1.00%    0.50% 
Global Infrastructure Fund   0.25%    –    – 
International Real Estate Equity Fund   0.25%    –    – 

 

  2021 Semi-Annual Report 103

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

Fund  Class A
Shares		   Class C
Shares (a)		   Class R
Shares (a)		 
International Small Cap Fund   0.25%    1.00%    0.50% 
Realty Income & Growth Fund   0.25%    –    – 
U.S. Small Cap Equity Fund   0.25%    1.00%    0.50% 
U.S. Sustainable Leaders Fund   0.25%    1.00%    – 
U.S. Sustainable Leaders Smaller Companies Fund   0.25%    1.00%    0.50% 

 

(a)  0.25% of which is service fees.

 

The Adviser or an affiliate of the Adviser may pay additional amounts from its own resources to dealers or other financial intermediaries, for aid in distribution or for aid in providing administrative services to shareholders.

 

Pursuant to the current Underwriting Agreement, the Distributor will also receive the proceeds of contingent deferred sales charges ("CDSCs") of 1.00% imposed on certain redemptions of Class C (and up to 1.00% for certain Class A) shares.

 

In addition, the Distributor will re-allow to dealers 5.00% of sales charges on Class A shares of the Funds, which have a maximum front-end sales charge of 5.75% and the Distributor or the Adviser may compensate broker dealers or financial intermediaries from its own resources at the rate of 1.00% on sales of Class C shares of the Funds, which have a maximum CDSC of 1.00% (the CDSC assessed on sales within one year of purchase). The amount the Distributor retained for commissions from front-end sales charges and CDSC fees for the six-month period ended April 30, 2021 was as follows:

 

Fund  Commissions retained
from front-end
sales charges of
Class A shares		   Commissions retained
from CDSC fees of
Class C (and certain
Class A) shares		 
China A Share Equity Fund  $108,956   $   737 
Dynamic Dividend Fund   6,050    – 
Emerging Markets Fund   16,282    – 
Emerging Markets Sustainable Leaders Fund   82    – 
Global Equity Fund   667    – 
Global Infrastructure Fund   12,720    – 
International Small Cap Fund   10,901    – 
Realty Income & Growth Fund   1,110    – 
U.S. Small Cap Equity Fund   22,045    686 
U.S. Sustainable Leaders Fund   6,719    16 
U.S. Sustainable Leaders Smaller Companies Fund   2,803    54 
Total Retained  $188,335   $1,493 

 

d.Administrative Services Fees/Transfer Agent Out-of-Pocket Expenses

The Funds may pay and/or reimburse administrative services fees/transfer agent out-of-pocket expenses to certain broker-dealers and financial intermediaries who provide administrative support services to beneficial shareholders on behalf of the Funds (sometimes referred to as "sub-transfer agency fees"), subject to certain limitations approved by the Board. These fees may be in addition to Rule 12b-1 fees. Sub-transfer agency fees generally include, but are not limited to, costs associated with omnibus accounting, recordkeeping, networking, sub-transfer agency or other administrative or shareholder services.

 

Class A, Class R and Institutional Service Class shares of the Funds pay for such services pursuant to an Administrative Services Plan adopted by the Board. Under the Administrative Services Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual administrative services fee of 0.25% for Class A, Class R and Institutional Service Class shares. Under an amendment to the Administrative Services Plan that is in effect until at least February 28, 2022, a Fund may pay a maximum of 0.15% for contracts with fees that are calculated as a percentage of Fund assets and a maximum of $16 per account for contracts with fees that are calculated on a dollar per account basis. Class C and Institutional Class shares may also pay for the services described above directly, as these classes are not subject to an Administrative Services Plan.

 

104  2021 Semi-Annual Report  

 

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

The aggregate amount of sub-transfer agent and administrative service fees paid during the six-month period ended April 30, 2021 was as follows:

  

Fund  Class A   Class C   Class R   Institutional
Service		   Institutional 
China A Share Equity Fund   $     4,837    $   1,304    $    2,548    $        374   $5,523 
Dynamic Dividend Fund   1,671    –    –    –    38,177 
Emerging Markets Fund   155,410    5,480    87,558    324,759    1,771,392 
Emerging Markets Sustainable Leaders Fund   16,051    1,383    2,504    29,649    20,913 
Global Equity Fund   11,297    251    684    145    361 
Global Infrastructure Fund   3,912    –    –    –    13,186 
International Real Estate Equity Fund   33    –    –    –    14,343 
International Small Cap Fund   50,871    414    1,509    –    29,988 
Realty Income & Growth Fund   259    –    –    –    18,212 
U.S. Small Cap Equity Fund   95,398    19,696    2,589    22,700    318,238 
U.S. Sustainable Leaders Fund   58,283    624    –    45,457    2,999 
U.S. Sustainable Leaders Smaller Companies Fund   2,939    283    1,580    237    2,783 

 

e.Purchase/Sale Transactions Between Affiliates

The Funds are permitted to buy or sell securities with funds that have a common investment adviser (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 Investment Company Act of 1940 ("Rule 17a-7"). During the six month period ended April 30, 2021, the Funds did not engage in any of these trades.

 

4. Investment Transactions

 

Purchases and sales of securities (excluding short-term securities) for the six-month period ended April 30, 2021, were as follows:

 

Fund  Purchases   Sales 
China A Share Equity Fund  $73,645,330   $1,477,728 
Dynamic Dividend Fund   42,450,840    46,652,942 
Emerging Markets Fund   1,231,787,105    920,341,641 
Emerging Markets Sustainable Leaders Fund   224,878,948    260,986,856 
Global Equity Fund   4,423,832    6,493,377 
Global Infrastructure Fund   7,034,988    8,371,261 
International Real Estate Equity Fund   8,804,152    10,931,631 
International Small Cap Fund   73,888,791    45,785,395 
Realty Income & Growth Fund   13,303,927    19,978,743 
U.S. Small Cap Equity Fund   432,869,272    382,351,161 
U.S. Sustainable Leaders Fund   394,309,482    415,531,689 
U.S. Sustainable Leaders Smaller Companies Fund   19,487,097    21,519,872 

 

 

5. Portfolio Investment Risks

 

a.Concentration Risk

The Global Infrastructure Fund, International Real Estate Equity Fund and Realty Income & Growth Fund are subject to concentration risk. Each Fund's strategy of concentrating in companies in a specific industry means that its performance will be closely tied to the performance of a particular market segment. Each Fund's concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on each Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.

 

  2021 Semi-Annual Report 105

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

b.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 Adviser 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.

 

c.Dividend Strategy Risk

The Dynamic Dividend Fund and Realty Income & Growth Fund are subject to dividend strategy risk. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. The Fund's emphasis on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. The Fund may hold securities for short periods of time related to the dividend payment periods and may experience loss during these periods.

 

d.Emerging Markets Risk

The risks of investing in emerging market countries is a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because the countries may have less stable governments, more volatile currencies and less established markets (see "Foreign Securities Risk" below).

 

e.Equity-Linked Notes

The China A Share Equity Fund may invest in equity-linked notes, which are generally subject to the same risks as the foreign equity securities or the basket of foreign securities they are linked to. If the linked security(ies) declines in value, the note may return a lower amount at maturity. The trading price of an equity-linked note also depends on the value of the linked security(ies).

 

f.Equity Securities Risk

The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline).

 

g.Exchange-Traded Fund Risk

To the extent that the China A Share Equity Fund invests in ETFs, the Fund may be subject to, among other risks, tracking error risk and passive and, in some cases, active management investment risk. An active secondary market in ETF shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions or other reasons. There can be no assurance that an ETF's shares will continue to be listed on an active exchange. In addition, Fund shareholders bear both their proportionate share of the Fund's expenses and similar expenses incurred through the Fund's ownership of the ETF.

 

h.Foreign Currency Exposure Risk

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact a Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.

 

i.Foreign Securities Risk

Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

 

Asian Risk. Parts of the Asian region may be subject to a greater degree of economic, political and social instability than is the case in the United States and Europe. Some Asian countries can be characterized as emerging markets or newly industrialized and may experience more volatile economic cycles than developed countries. The developing nature of securities markets in many countries in the Asian region may lead to a lack of liquidity while some countries have restricted the flow of money in and out of the country. Some countries in Asia have historically experienced political uncertainty, corruption, military intervention and social unrest. To the extent a Fund invests heavily in Asian issuers, the Fund may be more volatile than a fund which is broadly diversified geographically.

 

106 2021 Semi-Annual Report  

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

China Risk. Concentrating investments in China subjects the China A Shares Equity Fund to additional risks, and may make it significantly more volatile than geographically diverse mutual funds. Additional risks associated with investments in China include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund's investments.

 

China A Shares Risk. Trading in China A Shares through Stock Connect and the QFII Programs involves additional risks. Stock Connect is subject to a daily quota (the "Daily Quota"), which limits the maximum net purchases under Stock Connect each day and, as such, buy orders for China A Shares would be rejected once the Daily Quota is exceeded (although the Fund will be permitted to sell China A Shares regardless of the Daily Quota balance). Further, Stock Connect, which relies on the connectivity of the Shanghai or Shenzhen markets with Hong Kong, is subject to operational risk, regulations that are relatively untested and are subject to change, and extended market closures for holidays or otherwise. During an extended market closure, the Fund's ability to trade in China A Shares will be impacted which may affect the Fund's performance. The QFII Programs are subject to the risk that the Adviser may have its QFII Programs license revoked or restricted with respect to the Fund or the Fund may be impacted by the rules, restrictions and quota limitations connected to reliance on a QFII Programs license.

 

j.Illiquid Securities Risk

Illiquid securities are assets that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the asset. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value.

 

The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of a Fund's portfolio holdings. These procedures and tests take into account a Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during both normal and reasonable foreseeable stressed conditions, relevant market, trading and other factors, and monitor whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to assist a Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures and tests will enable a Fund to ensure that it has sufficient liquidity to meet redemption requests.

 

k.Impact of Large Redemptions and Purchases of Fund Shares

Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause a Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of a Fund and result in credit line borrowing fees and/or overdraft charges to the Fund until the sales of portfolio securities necessary to cover the redemption request settle.

 

l.Infrastructure-Related Investment Risk

Because the Global Infrastructure Fund concentrates its investments in infrastructure-related entities, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Infrastructure related entities are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.

 

m.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.

 

n.LIBOR Risk

A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate ("LIBOR") as a "benchmark" or "reference rate" for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued or the regulator will announce that it is no longer sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups

 

  2021 Semi-Annual Report 107

 

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

have suggested alternative reference rates, such as European Interbank Offered Rate ("EURIBOR"), Sterling Overnight Interbank Average Rate ("SONIA") and Secured Overnight Financing Rate ("SOFR"), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

 

o.Management Risk

Each Fund is subject to the risk that the Adviser or Subadviser (as applicable) may make poor security selections. The Adviser, Subadviser and their portfolio managers apply their own investment techniques and risk analyses in making investment decisions for a Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the Adviser or Subadviser may select securities that underperform the relevant market of other funds with similar investment objectives and strategies.

 

p.Market Risk

Markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact the securities markets and cause the Fund to lose value.

 

One such event is the COVID-19 pandemic, which has caused major disruptions to economies and markets around the world, including the markets in which the Fund invests, and which has and may continue to negatively impact the value of certain of the Fund's investments . Although vaccines for COVID-19 and variants thereof are becoming more widely available, the COVID-19 pandemic and impacts thereof may continue for an extended period of time and may vary from market to market. To the extent the impacts of COVID-19 continue, the Fund may experience negative impacts to its business that could exacerbate other risks to which the Fund is subject. Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.

 

In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events.

 

For example, whether or not the Fund invests in securities of issuers located in Europe (whether the EU, Eurozone or UK) or with significant exposure to European, EU, Eurozone or UK issuers or countries, the unavoidable uncertainties and events related to the UK's departure from the EU ("Brexit") could negatively affect the value and liquidity of a Fund's investments, increase taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the Fund's business, results of operations and financial condition.

 

The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.

 

q.Mid-Cap Securities Risk

Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies.

 

r.Non-Diversified Fund Risk

The Realty Income & Growth Fund's performance may be more volatile than a diversified fund because it may invest a greater percentage of its total assets in the securities of a single issuer.

 

108 2021 Semi-Annual Report

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

s.Non-U.S. Taxation Risk

Income, proceeds and gains received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes.

 

If, at the close of its taxable year, more than 50% of the value of a Fund's total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If a Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Even if a Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction.

 

t.Passive Foreign Investment Company Tax Risk

Equity investments by a Fund in certain "passive foreign investment companies" ("PFICs") could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. A Fund may BE ABLE elect to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the company's income and net capital gains annually. A Fund may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. Because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

 

u.Portfolio Turnover Risk

The Dynamic Dividend Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains taxable at ordinary income tax rates.

 

v.Qualified Dividend Income Tax Risk

With respect to the Dynamic Dividend Fund, favorable U.S. federal tax treatment of Fund distributions may be adversely affected, changed or repealed by future changes in tax laws.

 

w.REIT and Real Estate Risk

Investment in real estate investment trusts ("REITs") and real estate involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include: declines in the value of real estate; risks related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income, neighborhood values or the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions. REITs' share prices may decline because of adverse developments affecting the real estate industry including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases risk. Certain REITs charge management fees, which may result in layering the management fee paid by the fund.

 

x.Sector Risk

To the extent that a 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.

 

Industrials Sector Risk. To the extent that the industrial sector represents a significant portion of a Fund's holdings, the Fund will be sensitive to changes in, and its performance may be adversely impacted by issues impacting this sector. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity

 

2021 Semi-Annual Report 109

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.

 

Information Technology Sector Risk. To the extent that the information technology sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

 

Utility Sector Risk. When interest rates go up, the value of securities issued by utilities companies historically has gone down. In most countries and localities, the utilities sector is regulated by governmental entities, which can increase costs and delays for new projects and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of utilities has resulted in increased competition and reduced profitability for certain companies, and increased the risk that a particular company will become bankrupt or fail completely. Reduced profitability, as well as new uses for or additional need of funds (such as for expansion, operations or stock buybacks), could result in reduced dividend payout rates for utilities companies. In addition, utilities companies face the risk of increases in the cost and reduced availability of fuel (such as oil, coal, natural gas or nuclear energy) and potentially high interest costs for borrowing to finance new projects.

 

y.Small-Cap Securities Risk

Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk.

 

z.Sustainable Investing Risk

A Fund's "Sustainable Leaders" strategy could cause it to perform differently compared to funds that do not have such strategy. ESG considerations may be linked to long-term rather than short-term returns. The criteria related to a Fund's Sustainable Leaders strategy, including the exclusion of securities of companies that engage in certain business activities, may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the companies identified as sustainable leaders by the Adviser do not operate as expected when addressing ESG issues. There are significant differences in interpretations of what it means for a company to have positive ESG characteristics. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.

 

aa.Valuation Risk

The price that a 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 a Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A 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.

 

Please read the Funds' prospectus for more detailed information regarding these and other risks.

 

6. Contingencies

 

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

 

110 2021 Semi-Annual Report

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

7. Tax Information

 

As of April 30, 2021, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

 

   Tax Cost of
Securities		   Unrealized
Appreciation		   Unrealized
Depreciation		   Net
Unrealized
Appreciation/
(Depreciation)		 
China A Share Equity Fund  $90,354,862   $10,750,935   $(3,828,344)  $6,922,591 
Dynamic Dividend Fund   95,021,981    35,944,734    (3,996,320)   31,948,414 
Emerging Markets Fund   3,819,967,907    1,685,522,324    (147,651,980)   1,537,870,344 
Emerging Markets Sustainable Leaders Fund   207,679,943    26,885,936    (4,940,512)   21,945,424 
Global Equity Fund   20,597,236    9,598,916    (2,873)   9,596,043 
Global Infrastructure Fund   41,657,198    12,976,121    (1,998,746)   10,977,375 
International Real Estate Equity Fund   32,105,978    2,870,308    (12,938,514)   (10,068,206)
International Small Cap Fund   157,260,558    55,827,121    (1,956,938)   53,870,183 
Realty Income & Growth Fund   38,349,497    15,354,704    (137,030)   15,217,674 
U.S. Small Cap Equity Fund   871,957,993    222,991,268    (6,052,034)   216,939,234 
U.S. Sustainable Leaders Fund   384,849,739    89,675,190    (4,298,732)   85,376,458 
U.S. Sustainable Leaders Smaller Companies Fund   14,677,270    2,155,783    (238,535)   1,917,248 

 

The tax character of distributions paid during the fiscal year ended October 31, 2020 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

 

   Distributions Paid From 
Fund  Ordinary
Income*		   Net Long Term
Capital Gains*		   Total
Taxable
Distributions		   Tax Exempt
Distributions		   Return of
Capital		   Total
Distributions Paid		 
China A Share Equity Fund   $         14,078    $       715,542    $        729,620    $                  –    $               –    $       729,620 
Dynamic Dividend Fund   7,157,644    –    7,157,644    –    –    7,157,644 
Emerging Markets Fund   91,341,000    2,583,742    93,924,742    –    –    93,924,742 
Emerging Markets Sustainable Leaders Fund   2,748,047    –    2,748,047    –    –    2,748,047 
Global Equity Fund   186,711    798,701    985,412    –    –    985,412 
Global Infrastructure Fund   2,807,721    449,156    3,256,877    –    606,231    3,863,108 
International Real Estate Equity Fund   6,412,304    –    6,412,304    –    –    6,412,304 
International Small Cap Fund   1,686,730    4,472,541    6,159,271    –    –    6,159,271 
Realty Income & Growth Fund   1,259,953    9,878,074    11,138,027    –    –    11,138,027 
U.S. Small Cap Equity Fund   1,296,552    59,696,046    60,992,598    –    –    60,992,598 
U.S. Sustainable Leaders Fund   2,144,740    34,164,852    36,309,592    –    –    36,309,592 
U.S. Sustainable Leaders Smaller Companies Fund   289,373    1,634,574    1,923,947    –    –    1,923,947 

 

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

 

As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:

  

Fund   Undistributed
Tax Exempt
Income		   Undistributed
Ordinary
Income		   Undistributed
Long-Term
Capital
Gains		   Accumulated
Earnings		   Distributions
Payable		   Late Year
Ordinary and
Post-October
Capital Loss
Deferrals		   Other
Temporary
Differences		   Unrealized
Appreciation/
(Depreciation)*		   Accumulated
Capital and
Other
Losses**		   Total
Accumulated
Earnings/
(Deficit)
China A Share Equity Fund   $             –   $ 53,375   $ 463,245   $    –   $        –   $      –   $         –   $ 3,910,074   $ –   $ 4,426,694
Dynamic Dividend Fund     –     41,955     –     –     –     –     –     8,140,112     (4,212,551)     3,969,516
Emerging Markets Fund     –     8,624,100     33,395,452     –     –     –     –     893,406,222     –     935,425,774

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 111

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

Fund  Undistributed
Tax Exempt
Income		   Undistributed
Ordinary
Income		   Undistributed
Long-Term
Capital
Gains		   Accumulated
Earnings		   Distributions
Payable		   Late Year
Ordinary and
Post-October
Capital Loss
Deferrals		   Other
Temporary
Differences		   Unrealized
Appreciation/
(Depreciation)*		   Accumulated
Capital and
Other
Losses**		   Total
Accumulated
Earnings/
(Deficit)		 
Emerging Markets Sustainable Leaders Fund  $              –   $454,641   $      –   $     –   $        –   $–   $     –   $46,451,581   $(28,536,910)  $18,369,312 
Global Equity Fund   –    –    –    –    –    (6,837)   –    5,731,003    (5,035,145)   689,021 
Global Infrastructure Fund   –    –    –    –    –    –    –    2,388,685    (1,647,075)   741,610 
International Real Estate Equity Fund   –    772,710    –    –    –    –    –    (12,896,038)   (73,604,082)   (85,727,410)
International Small Cap Fund   –    –    –    –    –    –    –    28,201,129    (1,307,689)   26,893,440 
Realty Income & Growth Fund   –    –    5,677,152    –    –    –    –    9,588,389    –    15,265,541 
U.S. Small Cap Equity Fund   –    7,615,775    41,783,419    –    –    –    –    47,141,945    –    96,541,139 
U.S. Sustainable Leaders Fund   –    11,862,193    36,363,926    –    –    –    –    89,558,389    –    137,784,508 
U.S. Sustainable Leaders
Smaller Companies Fund		   –    169,188    1,648,858    –    –    –    –    2,511,306    –    4,329,352 

 

*  The difference between the book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to passive foreign investment companies and tax deferral of losses on wash sales.

 

**  As of October 31, 2020, for Federal income tax purposes, these Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations, with no expiration.

 

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of each respective Fund with no expiration.

 

Fund  Amount   Expires
Dynamic Dividend Fund   $    4,212,551   Unlimited (Short-Term)
Emerging Markets Sustainable Leaders Fund   6,922,759   Unlimited (Short-Term)
Emerging Markets Sustainable Leaders Fund   21,614,151   Unlimited (Long-Term)
Global Equity Fund   271,921   Unlimited (Short-Term)
Global Equity Fund   4,763,224   Unlimited (Long-Term)
Global Infrastructure Fund   1,647,075   Unlimited (Short-Term)
International Real Estate Equity Fund   5,452,642   Unlimited (Short-Term)
International Real Estate Equity Fund   68,151,440   Unlimited (Long-Term)
International Small Cap Fund   1,307,689   Unlimited (Short-Term)

 

8. Significant Shareholders

 

As of April 30, 2021, the Funds had shareholders with the percentage ownership indicated, which are considered significant shareholders (holdings greater than 5.0%) for financial reporting purposes:

 

Fund  Record
Ownership %		   Number of
Account Owners		 
China A Share Equity Fund   54.7%   2 
Dynamic Dividend Fund   49.0    5 
Emerging Markets Fund   62.7    4 
Emerging Markets Sustainable Leaders Fund   40.9    4 
Global Equity Fund   19.4    1 
Global Infrastructure Fund   60.4    4 
International Real Estate Equity Fund   62.0    4 
International Small Cap Fund   60.5    3 
Realty Income & Growth Fund   52.7    3 

 

112 2021 Semi-Annual Report

 

 

 

Notes to Financial Statements (concluded)

 

April 30, 2021 (Unaudited)

 

Fund  Record
Ownership %		   Number of
Account Owners		 
U.S. Small Cap Equity Fund   43.9%   5 
U.S. Sustainable Leaders Fund   12.0    1 
U.S. Sustainable Leaders Smaller Companies Fund   20.8    3 

 

9. Line of Credit

 

The Trust, on behalf of each of the funds of the Trust (including the Funds) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street Bank and Trust Company (the "Bank"), subject to annual renewal. The Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.

 

The Funds are subject to an up-front fee of 2.5 basis points (0.025%) on the full facility amount, which was paid upon closing of the credit facility. Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on that day (not less than zero) plus 1.25% or (b) the One-Month LIBOR as in effect on that day (not less than zero) plus 1.25%. In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. In 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement reference rate. As such, the potential effect of a transition away from LIBOR on the Fund's payment obligations under the revolving credit facility cannot yet be determined. For each Fund that borrowed under the Credit Facility during the six-month period ended April 30, 2021, the following table shows the average outstanding daily balance of the days the Fund utilized the Credit Facility and the average weighted interest rate paid by the Fund during the six-month period ended April 30, 2021.

 

   Average Outstanding
Daily Balance		   Average Weighted
Interest Rate		   Days
Utilized		 
Dynamic Dividend Fund   334,882    1.38%   43 
Emerging Markets Sustainable Leaders Fund   6,767,574    1.39%   6 
Global Infrastructure Fund   120,346    1.39%   21 
International Real Estate Equity Fund   239,557    1.38%   27 
International Small Cap Fund   1,425,000    1.40%   3 
Realty Income & Growth Fund   540,874    1.43%   86 
U.S. Sustainable Leaders Smaller Companies Fund   200,000    1.38%   1 

 

10. Recent Accounting Pronouncements

 

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. Management is assessing the impact of Rule 18f-4 on the Funds.

 

11. 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 April 30, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 113

 

 

 

 

Shareholder Expense Examples (Unaudited)

 

 

 

As a shareholder of the Aberdeen Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, transfer agent out-of-pocket expenses, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Aberdeen Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2020 and continued to hold your shares at the end of the reporting period, April 30, 2021.

 

Actual Expenses

 

The table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Actual Expenses Paid During Period" for the class of a Fund that you own to estimate the expenses you paid on your account during the period.

 

Hypothetical Example for Comparison Purposes

 

The table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of a Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the information for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

 

    Beginning Account
Value,
November 1, 2020		   Actual
Ending Account
Value,
April 30, 2021		   Hypothetical
Ending Account
Value		   Actual Expenses
Paid During
Period1 		   Hypothetical
Expenses
Paid During
Period12 		   Annualized
Expense
Ratio**		  
China A Share Equity Fund Class A $   1,000.00   $ 1,171.60   $ 1,018.35   $   7.00   $   6.51     1.30 %  
  Class C $   1,000.00   $ 1,168.40   $ 1,014.93   $ 10.70   $   9.94     1.99 %  
  Class R $   1,000.00   $ 1,170.20   $ 1,016.91   $   8.56   $   7.95     1.59 %  
  Institutional Service Class $   1,000.00   $ 1,173.20   $ 1,019.44   $   5.82   $   5.41     1.08 %  
  Institutional Class $   1,000.00   $ 1,173.90   $ 1,019.89   $   5.34   $   4.96     0.99 %  
Dynamic Dividend Fund Class A $   1,000.00   $ 1,310.70   $ 1,017.36   $   8.59   $   7.50     1.50 %  
  Institutional Class $   1,000.00   $ 1,311.40   $ 1,018.60   $   7.16   $   6.26     1.25 %  
Emerging Markets Fund Class A $   1,000.00   $ 1,242.80   $ 1,017.01   $   8.73   $   7.85     1.57 %  
  Class C $   1,000.00   $ 1,239.60   $ 1,014.38   $ 11.66   $ 10.49     2.10 %  
  Class R $   1,000.00   $ 1,242.00   $ 1,016.36   $   9.45   $   8.50     1.70 %  
  Institutional Service Class $   1,000.00   $ 1,245.30   $ 1,018.75   $   6.79   $   6.11     1.22 %  
  Institutional Class $   1,000.00   $ 1,246.10   $ 1,019.34   $   6.13   $   5.51     1.10 %  
Emerging Markets Sustainable Leaders Fund Class A $   1,000.00   $ 1,225.70   $ 1,017.41   $   8.22   $   7.45     1.49 %  
  Class C $   1,000.00   $ 1,221.80   $ 1,014.33   $ 11.62   $ 10.54     2.11 %  
  Class R $   1,000.00   $ 1,224.30   $ 1,016.12   $   9.65   $   8.75     1.75 %  
  Institutional Service Class $   1,000.00   $ 1,227.60   $ 1,018.99   $   6.46   $   5.86     1.17 %  
  Institutional Class $   1,000.00   $ 1,227.90   $ 1,019.29   $   6.13   $   5.56     1.11 %  
Global Equity Fund Class A $   1,000.00   $ 1,271.00   $ 1,017.21   $   8.62   $   7.65     1.53 %  
  Class C $   1,000.00   $ 1,266.50   $ 1,013.94   $ 12.31   $ 10.94     2.19 %  
  Class R $   1,000.00   $ 1,268.70   $ 1,015.67   $ 10.35   $   9.20     1.84 %  
  Institutional Service Class $   1,000.00   $ 1,272.20   $ 1,018.40   $   7.27   $   6.46     1.29 %  
  Institutional Class $   1,000.00   $ 1,272.70   $ 1,018.89   $   6.71   $   5.96     1.19 %  
Global Infrastructure Fund Class A $   1,000.00   $ 1,264.90   $ 1,018.65   $   6.96   $   6.21     1.24 %  
  Institutional Class $   1,000.00   $ 1,266.90   $ 1,019.89   $   5.56   $   4.96     0.99 %  
International Real Estate Equity Fund Class A $   1,000.00   $ 1,189.00   $ 1,016.76   $   8.79   $   8.10     1.62 %  
  Institutional Class $   1,000.00     $ 1,190.30     $ 1,018.00   $   7.44     $   6.85     1.37 %  

 

1142021 Semi-Annual Report

 

 

 

 

Shareholder Expense Examples (Unaudited) (concluded)

 

 

 

    Beginning Account
Value,
November 1, 2020		   Actual
Ending Account
Value,
April 30, 2021		   Hypothetical
Ending Account
Value		   Actual Expenses
Paid During
Period1 		   Hypothetical
Expenses
Paid During
Period12 		   Annualized
Expense
Ratio**		  
International Small Cap Fund Class A $ 1,000.00   $ 1,247.80   $ 1,018.10   $   7.52   $ 6.76     1.35 %  
  Class C $ 1,000.00   $ 1,244.10   $ 1,014.93   $ 11.07   $ 9.94     1.99 %  
  Class R $ 1,000.00   $ 1,245.80   $ 1,016.66   $   9.13   $ 8.20     1.64 %  
  Institutional Class $ 1,000.00   $ 1,249.90   $ 1,019.89   $   5.52   $ 4.96     0.99 %  
Realty Income & Growth Fund Class A $ 1,000.00   $ 1,285.30   $ 1,018.55   $   7.14   $ 6.31     1.26 %  
  Institutional Class $ 1,000.00   $ 1,286.30   $ 1,019.79   $   5.73   $ 5.06     1.01 %  
U.S. Small Cap Equity Fund Class A $ 1,000.00   $ 1,396.30   $ 1,018.05   $   8.08   $ 6.81     1.36 %  
  Class C $ 1,000.00   $ 1,392.30   $ 1,014.93   $ 11.80   $ 9.94     1.99 %  
  Class R $ 1,000.00   $ 1,394.90   $ 1,016.86   $   9.50   $ 8.00     1.60 %  
  Institutional Service Class $ 1,000.00   $ 1,398.50   $ 1,019.34   $   6.54   $ 5.51     1.10 %  
  Institutional Class $ 1,000.00   $ 1,399.00   $ 1,019.89   $   5.89   $ 4.96     0.99 %  
U.S. Sustainable Leaders Fund Class A $ 1,000.00   $ 1,248.60   $ 1,018.89   $   6.63   $ 5.96     1.19 %  
  Class C $ 1,000.00   $ 1,244.20   $ 1,015.37   $ 10.57   $ 9.49     1.90 %  
  Institutional Service Class $ 1,000.00   $ 1,249.90   $ 1,019.98   $   5.41   $ 4.86     0.97 %  
  Institutional Class $ 1,000.00   $ 1,250.00   $ 1,020.33   $   5.02   $ 4.51     0.90 %  
U.S. Sustainable Leaders Smaller Companies Fund Class A $ 1,000.00   $ 1,333.70   $ 1,018.75   $   7.06   $ 6.11     1.22 %  
  Class C $ 1,000.00   $ 1,326.70   $ 1,015.37   $ 10.96   $ 9.49     1.90 %  
  Class R $ 1,000.00   $ 1,332.30   $ 1,017.16   $   8.91   $ 7.70     1.54 %  
  Institutional Service Class $ 1,000.00   $ 1,335.80   $ 1,019.59   $   6.08   $ 5.26     1.05 %  
  Institutional Class   $ 1,000.00     $ 1,336.90     $ 1,020.33     $   5.21     $ 4.51     0.90 %  

 

**  The expense ratio presented represents a six-month, annualized ratio.

1  Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).

2  Represents the hypothetical 5% return before expenses.

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report115

 

 

 

 

Liquidity Risk Management Program (Unaudited)

 

 

 

The Funds have adopted and implemented a liquidity risk management program (the "Liquidity Program") consistent with the requirements of Rule 22e-4 under the 1940 Act (the "Liquidity Rule"). "Liquidity Risk" is defined as the risk that a fund could not meet redemption requests "without significant dilution of remaining investors' interests in the fund." Aberdeen Standard Investments Inc., the investment adviser and administrator to the Funds, has been approved and designated by the Board of Trustees (the "Board") as the administrator of the Liquidity Program (the "Administrator") and has retained a third party to perform certain functions, including liquidity analytics and providing market data. The Administrator has formed a Liquidity Risk Management Committee (the "Committee") to help implement and carry out the day-to-day operations of the Liquidity Program.

 

As required by the Liquidity Rule, at a meeting on March 17, 2021, the Board received a written annual report on the operation and effectiveness of the Liquidity Program for the period from February 1, 2020 to January 31, 2021 (the "Reporting Period"). The annual report provided, among other items, an overview of the Liquidity Program including:

 

•information regarding the Committee and the monthly discussions by the Committee of various items including, but not limited to, the following:

 

oReview and analysis of appropriate liquidity categories for portfolio investments

 

oReview of highly liquid investment minimum ("HLIM") and reasonably anticipated trading sizes ("RATS")

 

oReview of current and upcoming market events, such as market closures, that may impact liquidity

 

oReview of large shareholder concentrations that may impact liquidity in the event of redemption

 

•the monitoring and classification of portfolio holdings in four liquidity categories (including the operation of the HLIM and any breaches); and

 

•enhancements to the Liquidity Program during the Reporting Period, which included:

 

omonthly liquidity reports being provided to portfolio managers

 

oevaluation and change in the RATS of Aberdeen Emerging Markets Fund based on shareholder concentration and the nature of securities held in the fund's portfolio

 

ochanges to the Liquidity Program to address regulatory guidance relating to the closure of a foreign securities market for seven or more calendar days due to a foreign holiday.

 

The annual report concluded that the Liquidity Program was reasonably designed to assess and manage the Funds' Liquidity Risk pursuant to the Liquidity Rule.

 

There can be no assurance that the Liquidity Program will achieve its objectives under all circumstances in the future. Please refer to your Fund's Prospectus and Statement of Additional Information for more information regarding the risks of investing in a Fund, including a Fund's exposure to liquidity risk and other risks to which the Funds may be subject.

 

1162021 Semi-Annual Report

 

 

 

 

Management Information

 

 

 

 

Trustees

Radhika Ajmera

Stephen Bird

P. Gerald Malone, Chairman

Neville J. Miles

Rahn K. Porter

Steven N. Rappaport

Warren C. Smith

 

Investment Adviser

Aberdeen Standard Investments Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

 

Fund Administrator

Aberdeen Standard Investments Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

 

Transfer Agent

DST Asset Manager Solutions, Inc.

430 W. 7th Street, Ste. 219534

Kansas City, MO 64105-1407

Distributor

Aberdeen Fund Distributors LLC

1900 Market Street, Suite 200

Philadelphia, PA 19103

 

Sub-Administrator, Custodian & Fund Accountant

State Street Bank and Trust Company

1 Lincoln Street

Boston, MA 02111

 

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103

 

Fund Counsel

Dechert LLP

1900 K Street N.W.

Washington, D.C. 20006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aberdeen Standard Investments Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

aberdeen-asset.us

 

AOE-0140-SAR

 

 

 

 

 

 

 

 

 

 

Aberdeen Funds
Fixed Income Series

 

Semi-Annual Report

April 30, 2021

 

Aberdeen Emerging Markets Debt Fund

Class A – AKFAX n Class C – AKFCX n Class R – AKFRX n Institutional Class – AKFIX n Institutional Service Class – AKFSX

Aberdeen Global Absolute Return Strategies Fund

Class A – CUGAX n Class C – CGBCX n Institutional Class – AGCIX n Institutional Service Class – CGFIX

Aberdeen Intermediate Municipal Income Fund

Class A – NTFAX n Class C – GTICX n Institutional Class – ABEIX n Institutional Service Class – ABESX

Aberdeen Short Duration High Yield Municipal Fund

Class A – AAHMX n Class C – ACHMX n Institutional Class – AHYMX

Aberdeen Ultra Short Municipal Income Fund

Class A – ATOAX n Class A1 – ATOBX n Institutional Class – ATOIX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of Contents

 

 

Aberdeen Emerging Markets Debt Fund Page 1
Aberdeen Global Absolute Return Strategies Fund Page 8
Aberdeen Intermediate Municipal Income Fund Page 22
Aberdeen Short Duration High Yield Municipal Fund Page 27
Aberdeen Ultra Short Municipal Income Fund Page 37
Financial Statements Page 43
Notes to Financial Statements Page 62
Shareholder Expense Examples Page 83
Liquidity Risk Management Program Page 84

 

 

Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a prospectus, or download a prospectus at https://www.aberdeenstandard.com/en-us/us/investor/fund-centre. Please read it carefully before investing any money.

 

Investing in mutual funds involves risk, including possible loss of principal.

 

Aberdeen Funds is distributed by Aberdeen Fund Distributors LLC, Member FINRA, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

 

Aberdeen Standard Investments Inc. (ASII) has been registered as an investment adviser under the Investment Advisers Act of 1940 since August 23, 1995.

 

The complete schedule of portfolio holdings for each fund of Aberdeen Funds (each a "Fund" and collectively, the "Funds") is included in the Funds' semi-annual and annual reports to shareholders. Aberdeen Funds also files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT filings are available on the Commission's website at http://www.sec.gov and the Funds make the information on the exhibit to Form N-PORT available to shareholders on upon request without charge by calling 1-866-667-9231.

 

Statement Regarding Availability of Proxy Voting Record.
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-667-9231. The information is also included in the Funds' Statement of Additional Information, which is available on the Funds' website at https://www.aberdeenstandard.com/en-us/us/investor/fund-centre and on the Commission's website at www.sec.gov.

 

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available by August 30 of the relevant year: (i) upon request and without charge by calling 1-866-667-9231; and (ii) on the Commission's website at www.sec.gov.

  

 

 

 

Aberdeen Emerging Markets Debt Fund (Unaudited)

 

 

Average Annual Total Return
(For periods ended April 30, 2021)		    Six
Month†		 1 Yr. 5 Yr. Inception1
Class A  w/o SC 5.45% 18.93% 4.83% 3.03%
   w/SC2 2.24% 15.32% 4.19% 2.66%
Class C  w/o SC 5.34% 18.31% 4.20% 2.36%
   w/SC3 4.34% 17.31% 4.20% 2.36%
Class R4  w/o SC 5.38% 18.60% 4.57% 2.78%
Institutional Service Class4  w/o SC 5.63% 19.20% 5.19% 3.36%
Institutional Class4  w/o SC 5.62% 19.29% 5.20% 3.35%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1The Fund commenced operations on November 1, 2012.
2A 3.00% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%.
3A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4Not subject to any sales charges.

 

Performance of a $1,000,000 Investment* (as of April 30, 2021)

 

 

 

*  Minimum Initial Investment

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Emerging Markets Debt Fund, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and the Consumer Price Index (CPI) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The J.P. Morgan EMBI Global Diversified Index is an alternatively weighted index that assigns a larger weight to less liquid issues from countries with smaller debt stocks and limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries' eligible current face amounts of debt outstanding. The index consists of U.S. dollar-denominated Brady bonds, Eurobonds, and traded loans issued by sovereign and quasi-sovereign entities issued in emerging markets countries.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 1

 

 

 

 

Aberdeen Emerging Markets Debt Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

Asset Allocation    
Government Bonds   73.5%
Corporate Bonds   23.2%
Short-Term Investment   3.0%
Warrants   –%
Other Assets in Excess of Liabilities   0.3%
    100.0%

 

Amounts listed as "–" are 0% or round to 0%

 

The following chart summarizes the composition of the Fund's portfolio, expressed as a percentage of net assets. The industries listed below may include more than one industry group. As of April 30, 2021, the Fund did not have more than 25% of its assets invested in any industry group.

 

Top Industries    
Oil, Gas & Consumable Fuels   5.7%
Commercial Banks   2.9%
Electric Utilities   2.5%
Transportation   1.7%
Real Estate   1.5%
Diversified Financial Services   1.3%
Chemicals   1.3%
Energy Equipment & Services   1.1%
Airlines   0.7%
Diversified Telecommunication Services   0.7%
Other   80.6%
    100.0%

 

 

Top Holdings*    
Mexican Bonos, Series M 03/05/2026   2.9%
Brazil Notas do Tesouro Nacional, Series F 01/01/2031   2.9%
Qatar Government International Bond 03/14/2049   2.6%
Brazil Notas do Tesouro Nacional, Series B 08/15/2024   2.4%
Russian Federal Bond – OFZ 09/16/2026   2.3%
Bahamas Government International Bond 11/21/2028   2.2%
Saudi Government International Bond 04/17/2049   2.2%
Ukraine Government International Bond 09/01/2024   1.9%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 01/25/2049   1.7%
Georgian Railway JSC 07/11/2022   1.7%
Other   77.2%
    100.0%

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top Countries    
Mexico   8.6%
Brazil   6.3%
Qatar   5.0%
United Arab Emirates   4.7%
Egypt   4.5%
Ukraine   4.0%
South Africa   3.8%
United States   3.0%
Indonesia   3.0%
Argentina   2.8%
Other   54.3%
    100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 2021 Semi-Annual Report

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund

 

   Shares or
Principal
Amount		   Value
(US$)		 
CORPORATE BONDS (23.2%)
BRAZIL (0.6%)
Food Products (0.6%)
BRF SA (USD), 4.88%, 01/24/2030 (a)  $260,000   $266,984 
CHINA (1.4%)
Investment Companies (0.4%)
Huarong Finance 2019 Co. Ltd. (USD),
2.13%, 09/30/2023 (a)		   215,000    164,475 
Real Estate (1.0%)
Longfor Group Holdings Ltd. (USD),
3.95%, 09/16/2029 (a)		   230,000    240,951 
Shimao Group Holdings Ltd. (USD),
6.13%, 02/21/2024 (a)		   200,000    208,800 
         449,751 
         614,226 
COLOMBIA (0.6%)
Commercial Banks (0.5%)
Bancolombia SA, (fixed rate to 10/18/2022, variable rate thereafter) (USD),
4.88%, 10/18/2027		   200,000    203,502 
Oil, Gas & Consumable Fuels (0.1%)
Ecopetrol SA (USD), 6.88%, 04/29/2030   50,000    60,625 
         264,127 
GEORGIA (1.7%)
Transportation (1.7%)
Georgian Railway JSC (USD),
7.75%, 07/11/2022 (a)		   680,000    717,400 
INDIA (0.6%)
Commercial Banks (0.6%)
HDFC Bank Ltd. (INR),
8.10%, 03/22/2025 (a)(b)		   20,000,000    279,053 
INDONESIA (3.0%)
Electric Utilities (1.7%)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (USD),
6.25%, 01/25/2049 (a)		   587,000    728,761 
Oil, Gas & Consumable Fuels (0.6%)
Pertamina Persero PT (USD),
5.63%, 05/20/2043 (a)		   200,000    230,835 
Sovereign Agency (0.7%)
Lembaga Pembiayaan Ekspor Indonesia (USD),
3.88%, 04/06/2024 (a)		   290,000    309,575 
         1,269,171 
KAZAKHSTAN (0.5%)
Oil, Gas & Consumable Fuels (0.5%)
Tengizchevroil Finance Co. International Ltd.
(USD), 4.00%, 08/15/2026 (a)(c)		   200,000    216,000 

 

   Shares or
Principal
Amount		   Value
(US$)		 
KUWAIT (0.7%)
Chemicals (0.7%)
MEGlobal Canada ULC, REGS (USD),
5.00%, 05/18/2025 (a)		  $250,000   $279,687 
MEXICO (4.5%)
Commercial Banks (0.6%)
BBVA Bancomer SA., (fixed rate to 09/13/2029, variable rate thereafter)
(USD), 5.88%, 09/13/2034 (a)		   230,000    251,275 
Oil, Gas & Consumable Fuels (3.3%)
Petroleos Mexicanos
(USD), 6.88%, 08/04/2026   50,000    54,350 
(USD), 6.50%, 03/13/2027   500,000    528,750 
(USD), 6.84%, 01/23/2030   180,000    184,950 
(USD), 6.50%, 06/02/2041   330,000    296,370 
(USD), 6.95%, 01/28/2060   420,000    371,658 
         1,436,078 
Real Estate Investment Trust (REIT) Funds (0.6%)
Trust F/1401 (USD), 6.39%, 01/15/2050 (a)   220,000    250,912 
         1,938,265 
MOROCCO (0.6%)
Chemicals (0.6%)
OCP SA (USD), 6.88%, 04/25/2044 (a)   200,000    240,752 
NIGERIA (0.5%)
Engineering & Construction (0.5%)
IHS Netherlands Holdco BV (USD),
8.00%, 09/18/2027 (a)		   200,000    217,000 
OMAN (0.5%)
Oil, Gas & Consumable Fuels (0.5%)
OQ SAOC (USD), 5.13%, 05/06/2028 (a)   200,000    202,500 
PANAMA (0.5%)
Commercial Banks (0.5%)
Global Bank Corp., (fixed rate to 04/16/2028, variable rate thereafter) (USD),
5.25%, 04/16/2029 (a)		   198,000    206,363 
PERU (1.0%)
Metals & Mining (0.5%)
Nexa Resources SA (USD),
5.38%, 05/04/2027 (a)		   200,000    214,200 
Oil, Gas & Consumable Fuels (0.5%)
Petroleos del Peru SA (USD),
5.63%, 06/19/2047 (a)		   200,000    206,000 
         420,200 
SOUTH AFRICA (1.5%)
Diversified Telecommunication Services (0.7%)
MTN Mauritius Investments Ltd. (USD),
6.50%, 10/13/2026 (a)		   250,000    283,062 

 

See accompanying Notes to Financial Statements.

 

 

2021 Semi-Annual Report 3

 

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund

 

   Shares or
Principal
Amount		   Value
(US$)		 
CORPORATE BONDS (continued)
SOUTH AFRICA (continued)
Electric Utilities (0.8%)
Eskom Holdings SOC Ltd. (USD),
7.13%, 02/11/2025 (a)		  $330,000   $345,114 
         628,176 
TUNISIA (0.7%)
Commercial Banks (0.7%)
Banque Centrale de Tunisie International Bond (EUR), 6.38%, 07/15/2026 (a)   269,000    304,292 
UKRAINE (0.5%)
Iron/Steel (0.5%)
Metinvest BV (USD), 8.50%, 04/23/2026 (a)   200,000    221,000 
UNITED ARAB EMIRATES (3.6%)
Airlines (0.7%)
Zahidi Ltd. (USD), 4.50%, 03/22/2028 (a)(c)   305,063    311,829 
Diversified Financial Services (1.3%)
ICD Sukuk Co. Ltd. (USD),
5.00%, 02/01/2027 (a)		   500,000    558,900 
Energy Equipment & Services (1.1%)
Abu Dhabi Crude Oil Pipeline LLC (USD),
4.60%, 11/02/2047 (a)(c)		   200,000    229,040 
Galaxy Pipeline Assets Bidco Ltd. (USD),
2.63%, 03/31/2036 (a)(c)		   264,000    255,762 
         484,802 
Real Estate (0.5%)
MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable rate thereafter) (USD),
5.50%, 09/07/2022 (a)(d)		   200,000    205,976 
         1,561,507 
VENEZUELA (0.2%)
Oil, Gas & Consumable Fuels (0.2%)
Petroleos de Venezuela SA
(USD), 6.00%, 05/16/2024 (a)(c)(e)   1,140,000    49,590 
(USD), 6.00%, 11/15/2026 (a)(c)(e)   525,236    22,848 
         72,438 
Total Corporate Bonds        9,919,141 
GOVERNMENT BONDS (73.5%)
ANGOLA (1.0%)
Angolan Government International Bond
(USD), 9.50%, 11/12/2025 (a)		   380,000    416,518 
ARGENTINA (2.8%)
Argentine Republic Government International Bond
(USD), 1.00%, 07/09/2029   174,073    65,976 
VRN (USD), 0.13%, 07/09/2030 (f)   1,912,000    693,100 
VRN (USD), 0.13%, 07/09/2035 (f)   1,395,403    439,566 
(USD), 0.00%, 12/15/2035   533,627    3,735 
         1,202,377 

 

   Shares or
Principal
Amount		   Value
(US$)		 
ARMENIA (1.1%)          
Republic of Armenia International Bond          
(USD), 7.15%, 03/26/2025 (a)  $200,000   $221,720 
(USD), 3.95%, 09/26/2029 (a)   260,000    248,677 
         470,397 
BAHAMAS (2.3%)          
Bahamas Government International Bond
(USD), 6.00%, 11/21/2028 (a)		   970,000    962,725 
BARBADOS (0.3%)          
Barbados Government International Bond
(USD), 6.50%, 10/01/2029 (a)(c)		   123,400    125,560 
BELARUS (2.0%)          
Republic of Belarus International Bond (USD),
6.88%, 02/28/2023 (a)		   215,000    219,455 
Republic of Belarus Ministry of Finance          
(USD), 5.88%, 02/24/2026 (a)   300,000    290,119 
(USD), 6.38%, 02/24/2031 (a)   380,000    361,509 
         871,083 
BELIZE (0.3%)          
Belize Government International Bond (USD),
4.94%, 02/20/2034 (a)(b)(c)(g)		   295,492    116,719 
BENIN (1.3%)          
Benin Government International Bond          
(EUR), 4.88%, 01/19/2032 (a)(c)   350,000    420,956 
(EUR), 6.88%, 01/19/2052 (a)(c)   100,000    126,234 
         547,190 
BRAZIL (5.7%)          
Brazil Notas do Tesouro Nacional          
Series B (BRL), 6.00%, 08/15/2024 (h)   1,400,000    1,009,472 
Series F (BRL), 10.00%, 01/01/2029   899,000    175,349 
Series F (BRL), 10.00%, 01/01/2031   6,370,000    1,237,842 
         2,422,663 
CZECH REPUBLIC (1.0%)          
Czech Republic Government Bond (CZK),
1.00%, 06/26/2026 (a)		   9,460,000    428,593 
DOMINICAN REPB. (0.7%)          
Dominican Republic International Bond (USD),
5.95%, 01/25/2027 (a)		   260,000    295,100 
DOMINICAN REPUBLIC (2.4%)          
Dominican Republic International Bond          
(USD), 6.85%, 01/27/2045 (a)   600,000    682,500 
(USD), 5.88%, 01/30/2060 (a)   360,000    359,100 
         1,041,600 
ECUADOR (1.7%)          
Ecuador Government International Bond          
VRN (USD), 0.50%, 07/31/2030 (a)(c)(f)   646,240    539,611 
VRN (USD), 0.50%, 07/31/2035 (a)(c)(f)   279,589    190,123 
         729,734 

 

See accompanying Notes to Financial Statements.

 

 

4 2021 Semi-Annual Report

 

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund

 

   Shares or
Principal
Amount		   Value
(US$)		 
GOVERNMENT BONDS (continued)
EGYPT (4.5%)
Egypt Government International Bond
(USD), 7.60%, 03/01/2029 (a)  $320,000   $346,864 
(EUR), 5.63%, 04/16/2030 (a)   160,000    192,914 
(USD), 7.90%, 02/21/2048 (a)   625,000    613,825 
(USD), 8.70%, 03/01/2049 (a)   400,000    416,377 
(USD), 8.88%, 05/29/2050 (a)   340,000    357,291 
         1,927,271 
EL SALVADOR (2.5%)
El Salvador Government International Bond
(USD), 5.88%, 01/30/2025 (a)   395,000    406,771 
(USD), 8.63%, 02/28/2029 (a)   380,000    425,220 
(USD), 9.50%, 07/15/2052 (a)   216,000    244,620 
         1,076,611 
GABON (0.5%)
Gabon Government International Bond (USD),
6.95%, 06/16/2025 (a)		   220,000    233,974 
GEORGIA (0.5%)
Georgia Government International Bond (USD),
2.75%, 04/22/2026 (a)		   200,000    200,532 
GHANA (2.4%)
Ghana Government International Bond (USD),
7.75%, 04/07/2029 (a)(c)		   336,000    343,308 
Ghana Government International Bond
(USD), 8.63%, 04/07/2034 (a)(c)   246,000    253,690 
(USD), 7.88%, 02/11/2035 (a)(c)   223,000    219,334 
(USD), 8.95%, 03/26/2051 (a)(c)   200,000    198,040 
         1,014,372 
HONDURAS (0.4%)
Honduras Government International Bond
(USD), 5.63%, 06/24/2030 (a)		   150,000    157,500 
IRAQ (1.3%)
Iraq International Bond
(USD), 6.75%, 03/09/2023 (a)   280,000    284,676 
(USD), 5.80%, 01/15/2028 (a)   272,125    262,356 
         547,032 
IVORY COAST (1.0%)
Ivory Coast Government International Bond
(EUR), 4.88%, 01/30/2032 (a)(c)   250,000    301,662 
(EUR), 6.88%, 10/17/2040 (a)(c)   100,000    129,906 
         431,568 
JORDAN (0.5%)
Jordan Government International Bond (USD),
4.95%, 07/07/2025 (a)		   210,000    217,140 
KENYA (1.0%)
Kenya Government International Bond (USD),
7.00%, 05/22/2027 (a)(c)		   410,000    445,543 

 

   Shares or
Principal
Amount		   Value
(US$)		 
MEXICO (4.1%)
Mexican Bonos
Series M20 (MXN), 10.00%, 12/05/2024  $2,600,000   $146,402 
Series M (MXN), 5.75%, 03/05/2026   25,806,600    1,262,430 
Series M (MXN), 7.75%, 05/29/2031   5,500,000    288,092 
(MXN), 10.00%, 11/20/2036   900,000    55,173 
         1,752,097 
MOROCCO (0.8%)
Morocco Government International Bond
(EUR), 1.50%, 11/27/2031 (a)		   310,000    349,657 
NIGERIA (1.3%)
Nigeria Government International Bond
(USD), 7.63%, 11/21/2025 (a)   253,000    287,787 
(USD), 6.50%, 11/28/2027 (a)   260,000    274,690 
         562,477 
OMAN (0.5%)
Oman Government International Bond (USD),
6.25%, 01/25/2031 (a)		   200,000    215,000 
PAKISTAN (0.7%)
Pakistan Government International Bond (USD),
7.38%, 04/08/2031 (a)		   287,000    301,350 
PARAGUAY (1.0%)
Paraguay Government International Bond
(USD), 2.74%, 01/29/2033 (a)(c)   200,000    190,500 
(USD), 6.10%, 08/11/2044 (a)   200,000    240,000 
         430,500 
QATAR (5.0%)
Qatar Government International Bond
(USD), 4.00%, 03/14/2029 (a)   250,000    284,000 
(USD), 3.75%, 04/16/2030 (a)   200,000    223,940 
(USD), 5.10%, 04/23/2048 (a)   400,000    506,894 
(USD), 4.82%, 03/14/2049 (a)   925,000    1,135,586 
         2,150,420 
ROMANIA (1.5%)
Romanian Government International Bond
(EUR), 2.00%, 01/28/2032 (a)   160,000    193,322 
(EUR), 3.38%, 01/28/2050 (a)   370,000    464,191 
         657,513 
RUSSIA (2.3%)
Russian Federal Bond – OFZ (RUB),
7.75%, 09/16/2026		   69,465,000    972,616 
RWANDA (1.1%)
Rwanda International Government Bond (USD),
6.63%, 05/02/2023 (a)		   450,000    473,827 
SAUDI ARABIA (2.2%)
Saudi Government International Bond (USD),
5.00%, 04/17/2049 (a)		   770,000    928,728 

 

See accompanying Notes to Financial Statements.

 

 

2021 Semi-Annual Report 5

 

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund

 

   Shares or
Principal
Amount		   Value
(US$)		 
GOVERNMENT BONDS (continued)
SENEGAL (0.9%)
Senegal Government International Bond
(EUR), 4.75%, 03/13/2028 (a)(c)  $100,000   $124,745 
(USD), 6.25%, 05/23/2033 (a)(c)   260,000    272,350 
         397,095 
SERBIA (1.3%)
Serbia International Bond (EUR),
3.13%, 05/15/2027 (a)		   410,000    541,845 
SOUTH AFRICA (2.3%)
Republic of South Africa Government Bond,
Series 2040 (ZAR), 9.00%, 01/31/2040		   12,500,000    712,929 
Republic of South Africa Government International Bond (USD),
6.25%, 03/08/2041		   200,000    209,920 
South Africa Government Bond,
Series 2037 (ZAR), 8.50%, 01/31/2037		   1,150,000    64,294 
         987,143 
TUNISIA (1.4%)
Banque Centrale de Tunisie International Bond
(EUR), 6.75%, 10/31/2023 (a)   200,000    233,184 
(EUR), 5.63%, 02/17/2024 (a)   317,000    361,670 
         594,854 
TURKEY (1.9%)
Turkey Government International Bond
(USD), 6.13%, 10/24/2028   560,000    551,684 
(USD), 5.95%, 01/15/2031   264,000    248,994 
         800,678 
UKRAINE (3.5%)
Ukraine Government International Bond
(USD), 7.75%, 09/01/2024 (a)   750,000    804,375 
(EUR), 6.75%, 06/20/2026 (a)   310,000    399,085 
(USD), 0.00%, 05/31/2040 (a)(i)   270,000    284,513 
         1,487,973 
UNITED ARAB EMIRATES (1.1%)
Finance Department Government of Sharjah
(USD), 4.00%, 07/28/2050 (a)		   233,000    203,563 
Sharjah Sukuk Program Ltd. (USD),
4.23%, 03/14/2028 (a)		   245,000    268,275 
         471,838 
URUGUAY (2.2%)
Uruguay Government International Bond
(UYU), 4.38%, 12/15/2028 (c)(h)   22,095,039    599,066 
(USD), 5.10%, 06/18/2050 (c)   270,000    338,493 
         937,559 
UZBEKISTAN (1.2%)
Republic of Uzbekistan Bond
(USD), 4.75%, 02/20/2024 (a)   300,000    319,788 
(USD), 3.70%, 11/25/2030 (a)   212,000    210,672 
         530,460 

 

   Shares or
Principal
Amount		   Value
(US$)		 
VENEZUELA (0.0%)
Venezuela Government International Bond
(USD), 9.25%, 05/07/2028 (a)(b)(e)		  $165,000   $16,830 
Total Government Bonds        31,442,262 
WARRANTS (0.0%)
BRAZIL (0.0%)
OAS S.A. (b)(j)(k)   29,232    — 
UNITED STATES (0.0%)
CANADACO, Series A (b)(j)(k)   92,840    — 
Total Warrants        0 
SHORT-TERM INVESTMENT (3.0%)
UNITED STATES (3.0%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (l)   1,281,641    1,281,641 
Total Short-Term Investment        1,281,641 
Total Investments
(Cost $43,701,549) (m)—99.7%		        42,643,044 
Other Assets in Excess of Liabilities—0.3%        122,260 
Net Assets—100.0%        $42,765,304 

 

(a)Denotes a security issued under Regulation S or Rule 144A.
(b)Illiquid security.
(c)Sinkable security.
(d)Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.
(e)Security is in default.
(f)Indicates a stepped coupon bond. This bond was issued with a low coupon that gradually increases over the life of the bond.
(g)Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash.
(h)Inflation linked security.
(i)Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(j)Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.
(k)Non-Income Producing Security.
(l)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(m)See accompanying Notes to Financial Statements for tax unrealized appreciation/depreciation of securities.

 

BRLBrazilian Real
EUREuro Currency
IDRIndonesian Rupiah
INRIndian Rupee
MXNMexican Peso
PLCPublic Limited Company
PLNPolish Zloty
RUBRussian Ruble
USDU.S. Dollar
UYUUruguayan Peso
ZARSouth African Rand

 

See accompanying Notes to Financial Statements.

 

6 2021 Semi-Annual Report

 

 

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund

 

At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:

 

Purchase Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
Crech Koruna/United States Dollar                
07/14/2021  JPMorgan Chase Bank N.A.  CZK 10,232,000  USD 470,770  $    475,811  $  5,041 
Euro/United States Dollar                    
07/14/2021  UBS AG  EUR 428,000  USD 513,050  515,309  2,259 
Indian Rupee/United States Dollar                    
06/02/2021  Barclays Bank plc  INR 42,210,000  USD 570,837  566,873  (3,964)
06/02/2021  UBS AG  INR 37,432,000  USD 506,111  502,705  (3,406)
Indonesian Rupiah/United States Dollar                    
06/02/2021  UBS AG  IDR 6,714,121,000  USD 463,014  463,124  110 
MXN/United States Dollar                    
07/14/2021  UBS AG  MXN 3,500,000  USD 171,681  171,438  (243)
New Russian Ruble/United States Dollar                  
06/02/2021  Barclays Bank plc  RUB 3,532,000  USD 45,878  46,819  941 
07/14/2021  UBS AG  RUB 34,524,000  USD 455,991  454,846  (1,145)
South African Rand/United States Dollar                
07/14/2021  UBS AG  ZAR 1,250,000  USD 84,423  85,381  958 
            $3,282,306  $    551 

 

 

Sale Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
United States Dollar/Brazilian Real                
06/02/2021  Barclays Bank plc  USD 807,096  BRL 4,550,000  $     835,394  $  (28,298)
06/02/2021  Royal Bank Of Canada  USD 242,217  BRL 1,375,000  252,454  (10,237)
06/02/2021  UBS AG  USD 1,478,603  BRL 8,009,000  1,470,477  8,126 
United States Dollar/Crech Koruna                    
07/14/2021  Deutsche Bank AG  USD 482,033  CZK 10,298,000  478,880  3,153 
United States Dollar/Euro                    
07/14/2021  JPMorgan Chase Bank N.A.  USD 4,562,865  EUR 3,830,000  4,611,292  (48,427)
United States Dollar/MXN                    
07/14/2021  Citibank N.A.  USD 822,281  MXN 16,765,000  821,188  1,093 
07/14/2021  UBS AG  USD 302,780  MXN 6,088,000  298,204  4,576 
United States Dollar/New Russian Ruble                    
06/02/2021  Barclays Bank plc  USD 941,762  RUB 71,108,000  942,593  (831)
06/02/2021  UBS AG  USD 115,084  RUB 8,526,000  113,019  2,065 
United States Dollar/PLN                    
07/14/2021  UBS AG  USD 469,962  PLN 1,803,000  475,665  (5,703)
United States Dollar/South African Rand                    
07/14/2021  JPMorgan Chase Bank N.A.  USD 869,702  ZAR 12,775,000  872,590  (2,888)
            $11,171,756  $  (77,371)
Unrealized appreciation on forward foreign currency exchange contracts        $   28,322 
Unrealized depreciation on forward foreign currency exchange contracts        (105,142)

 

*    Certain contracts with different trade dates and like characteristics have been shown net.

 

 

 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 7

 

 

Aberdeen Global Absolute Return Strategies Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		     Six
Month†		  1 Yr.  5 Yr.  10 Yr.
Class A  w/o SC  2.52%  7.10%  3.39%  1.71%
   w/SC2  (0.58%)  3.93%  2.76%  1.39%
Class C  w/o SC  2.14%  6.35%  2.66%  0.98%
   w/SC3  1.14%  5.35%  2.66%  0.98%
Institutional Service Class4  w/o SC  2.66%  7.22%  3.58%  1.85%
Institutional Class4  w/o SC  2.67%  7.41%  3.65%  1.98%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1The Fund changed its investment objective and principal investment strategies, including its 80% investment policy, effective November 15, 2019. The Fund also previously changed its investment objective and strategies effective August 15, 2016. Performance information for periods prior to November 15, 2019 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail.
2A 3.00% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%.
3A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4Not subject to any sales charges.

 

Performance of a $1,000,000 Investment* (as of April 30, 2021)

 

 

*      Minimum Initial Investment 

Comparative performance of $1,000,000 invested in Institutional Service Class shares of the Aberdeen Global Absolute Return Strategies Fund, the ICE BofA Merrill Lynch 3-Month U.S. Treasury Note Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The ICE BofA Merrill Lynch 3-Month U.S. Treasury Note Index is an unmanaged index tracking 3-month U.S. Treasury securities.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

 

8 2021 Semi-Annual Report

 

 

Aberdeen Global Absolute Return Strategies Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

Asset Allocation   
U.S. Treasuries  41.9%
Certificates of Deposit  22.6%
Money Market Funds  17.2%
Common Stocks  14.1%
Government Bonds  3.9%
Preferred Stocks  0.1%
Other Assets in Excess of Liabilities  0.2%
   100.0%

 

Top Holdings*   
Republic of South Africa Government Bond  3.9%
Trimble, Inc.  0.3%
ASML Holding NV  0.3%
HP, Inc.  0.3%
Mitsubishi Electric Corp.  0.3%
Proto Labs, Inc.  0.3%
Emerson Electric Co.  0.3%
Schneider Electric SE  0.2%
FANUC Corp.  0.2%
Advantest Corp.  0.2%
Other  93.7%
   100.0%

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

Top Countries   
United States  67.2%
France  12.3%
Netherlands  7.9%
Canada  4.1%
South Africa  3.9%
Japan  2.0%
China  0.5%
Germany  0.4%
Australia  0.3%
United Kingdom  0.2%
Other  1.2%
   100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  2021 Semi-Annual Report 9

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

 

   Shares or
Principal
Amount		  Value
(US$)
COMMON STOCKS (14.1%)       
AUSTRALIA (0.3%)       
Materials (0.3%)       
BHP Group Ltd.  367  $     13,358 
Galaxy Resources Ltd. (a)  5,734  17,183 
Glencore PLC  3,298  13,434 
MMG Ltd. (a)  16,000  10,336 
Pilbara Minerals Ltd. (a)  13,863  12,069 
      66,380 
CANADA (0.3%)       
Industrials (0.1%)       
Canadian National Railway Co.  212  22,824 
Materials (0.2%)       
First Quantum Minerals Ltd.  620  14,290 
Nutrien Ltd.  355  19,596 
West Fraser Timber Co. Ltd.  229  17,681 
      51,567 
      74,391 
CHILE (0.1%)       
Materials (0.1%)       
Antofagasta PLC  523  13,473 
CHINA (0.5%)       
Communication Services (0.3%)       
NetEase, Inc., ADR  246  27,567 
Tencent Holdings Ltd.  400  31,909 
      59,476 
Financials (0.1%)       
China Construction Bank Corp., Class H  28,000  22,102 
Materials (0.1%)       
China Molybdenum Co. Ltd. H Shares  21,000  14,184 
Ganfeng Lithium Co. Ltd. H Shares (b)  1,000  13,396 
      27,580 
      109,158 
FRANCE (1.0%)       
Communication Services (0.1%)       
Ubisoft Entertainment SA (a)  240  18,011 
Consumer Discretionary (0.1%)       
LVMH Moet Hennessy Louis Vuitton SE  28  21,094 
Consumer Staples (0.1%)       
L'Oreal SA  58  23,749 
Health Care (0.2%)       
EssilorLuxottica SA  126  20,972 
Sanofi  227  23,799 
      44,771 

   Shares or
Principal
Amount		  Value
(US$)
Industrials (0.3%)       
Schneider Electric SE  366  $       58,398 
Vinci SA  199  21,836 
      80,234 
Materials (0.1%)       
Eramet SA (a)  251  18,076 
Utilities (0.1%)       
Suez SA  784  18,738 
      224,673 
GERMANY (0.4%)       
Consumer Discretionary (0.3%)       
Adidas AG (a)  64  19,767 
Bayerische Motoren Werke AG  204  20,443 
Daimler AG  236  21,004 
HelloFresh SE (a)  216  17,918 
      79,132 
Industrials (0.1%)       
Brenntag SE  207  18,583 
      97,715 
HONG KONG (0.2%)       
Consumer Discretionary (0.1%)       
Galaxy Entertainment Group Ltd. (a)  2,000  17,556 
Industrials (0.1%)       
Jardine Matheson Holdings Ltd.  300  20,145 
      37,701 
JAPAN (2.0%)       
Communication Services (0.3%)       
Capcom Co., Ltd.  800  25,954 
Konami Holdings Corp.  400  23,859 
Nexon Co., Ltd.  900  29,769 
      79,582 
Consumer Discretionary (0.2%)       
Bandai Namco Holdings, Inc.  300  22,014 
Sony Group Corp.  200  19,996 
      42,010 
Industrials (0.6%)       
FANUC Corp.  200  46,056 
Kubota Corp.  800  18,821 
Mitsubishi Electric Corp.  3,900  60,093 
      124,970 
Information Technology (0.9%)       
Advantest Corp.  600  56,721 
Seiko Epson Corp.  3,400  58,009 
Tokyo Electron Ltd.  100  45,419 
Yaskawa Electric Corp.  1,200  55,314 
      215,463 
      462,025 

 

See accompanying Notes to Financial Statements.

 

10 2021 Semi-Annual Report

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

   Shares or
Principal
Amount		  Value
(US$)
COMMON STOCKS (continued)       
MALAYSIA (0.1%)       
Materials (0.1%)       
Lynas Rare Earths Ltd. (a)  3,128  $    13,172 
NETHERLANDS (0.4%)       
Consumer Staples (0.1%)       
Heineken NV  182  21,112 
Information Technology (0.2%)       
ASML Holding NV  94  61,020 
Materials (0.1%)       
AMG Advanced Metallurgical Group NV  429  16,432 
      98,564 
RUSSIA (0.1%)       
Materials (0.1%)       
MMC Norilsk Nickel PJSC, ADR  407  13,903 
SOUTH KOREA (0.1%)       
Consumer Discretionary (0.1%)       
Hyundai Motor Co.  104  19,776 
SWITZERLAND (0.2%)       
Consumer Staples (0.1%)       
Nestle SA  203  24,224 
Health Care (0.1%)       
Roche Holding AG  70  22,831 
      47,055 
TAIWAN (0.1%)       
Communication Services (0.1%)       
Sea Ltd., ADR (a)  132  33,335 
UNITED KINGDOM (0.2%)       
Industrials (0.1%)       
CNH Industrial NV  1,251  18,570 
Pentair PLC  296  19,095 
      37,665 
Materials (0.1%)       
Anglo American PLC  312  13,229 
      50,894 
UNITED STATES (8.1%)       
Communication Services (0.8%)       
Activision Blizzard, Inc.  326  29,728 
Alphabet, Inc., Class A (a)  9  21,182 
AT&T, Inc.  786  24,688 
Electronic Arts, Inc.  209  29,695 
Take-Two Interactive Software, Inc. (a)  125  21,922 
Twitter, Inc. (a)  319  17,615 
Verizon Communications, Inc.  404  23,347 
Zynga, Inc. (a), Class A  2,201  23,815 
      191,992 

   Shares or
Principal
Amount		  Value
(US$)
Consumer Discretionary (0.5%)       
Ford Motor Co. (a)  1,829  $    21,107 
McDonald's Corp.  90  21,247 
Starbucks Corp.  180  20,608 
Target Corp.  113  23,421 
TJX Cos., Inc. (The)  309  21,939 
      108,322 
Consumer Staples (0.7%)       
Archer-Daniels-Midland Co.  320  20,202 
Bunge Ltd.  231  19,501 
Costco Wholesale Corp.  63  23,442 
CVS Health Corp.  311  23,760 
Mondelez International, Inc., Class A  400  24,324 
Procter & Gamble Co. (The)  172  22,948 
Walmart, Inc.  169  23,645 
      157,822 
Financials (0.2%)       
Intercontinental Exchange, Inc.  196  23,071 
Marsh & McLennan Cos., Inc.  184  24,969 
      48,040 
Health Care (0.9%)       
Abbott Laboratories  197  23,656 
Boston Scientific Corp. (a)  509  22,192 
IDEXX Laboratories, Inc. (a)  35  19,215 
Johnson & Johnson  142  23,108 
Medtronic PLC  163  21,340 
Merck & Co., Inc.  300  22,350 
Regeneron Pharmaceuticals, Inc. (a)  42  20,214 
UnitedHealth Group, Inc.  60  23,928 
Waters Corp. (a)  63  18,892 
      194,895 
Industrials (1.6%)       
Advanced Drainage Systems, Inc.  168  18,759 
AGCO Corp.  129  18,824 
AO Smith Corp.  280  18,970 
Boeing Co. (a)  89  20,854 
Danaher Corp.  87  22,093 
Deere & Co.  51  18,913 
Donaldson Co., Inc.  309  19,430 
Eaton Corp. PLC  151  21,582 
Emerson Electric Co.  648  58,637 
MasTec, Inc. (a)  189  19,724 
PACCAR, Inc.  227  20,403 
Proto Labs, Inc. (a)  536  60,064 
SiteOne Landscape Supply, Inc. (a)  108  19,373 
Valmont Industries, Inc.  81  19,995 
      357,621 
Information Technology (2.7%)       
Accenture PLC, Class A  82  23,778 
Adobe, Inc. (a)  46  23,384 
Advanced Micro Devices, Inc. (a)  302  24,649 
Cisco Systems, Inc.  452  23,011 
Fiserv, Inc. (a)  168  20,180 

 

See accompanying Notes to Financial Statements.

 

  2021 Semi-Annual Report 11

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

   Shares or
Principal
Amount		  Value
(US$)
COMMON STOCKS (continued)       
UNITED STATES (continued)       
Information Technology (continued)       
Global Payments, Inc.  98  $       21,034 
HP, Inc.  1,766  60,238 
IPG Photonics Corp. (a)  264  57,317 
Lam Research Corp.  92  57,081 
Microsoft Corp.  164  41,357 
MKS Instruments, Inc.  320  57,315 
NVIDIA Corp.  55  33,021 
TE Connectivity Ltd.  163  21,919 
Teradyne, Inc.  458  57,287 
Trimble, Inc. (a)  956  78,392 
Zebra Technologies Corp., Class A (a)  38  18,534 
      618,497 
Materials (0.5%)       
Albemarle Corp.  90  15,135 
Avery Dennison Corp.  95  20,346 
CF Industries Holdings, Inc.  406  19,744 
Linde PLC  73  20,866 
Sensient Technologies Corp.  234  19,244 
Tronox Holdings PLC  693  14,692 
      110,027 
Real Estate (0.1%)       
Equinix, Inc., REIT  29  20,902 
Utilities (0.1%)       
NextEra Energy, Inc.  293  22,710 
      1,830,828 
Total Common Stocks     3,193,043 
GOVERNMENT BONDS (3.9%)       
SOUTH AFRICA (3.9%)       
Republic of South Africa Government Bond       
Series R186 (ZAR), 10.50%, 12/21/2026  $  3,812,000  300,150 
Series 2030 (ZAR), 8.00%, 01/31/2030  4,588,000  292,310 
Series 2032 (ZAR), 8.25%, 03/31/2032  4,913,000  298,133 
      890,593 
Total Government Bonds     890,593 
PREFERRED STOCKS (0.1%)       
CHILE (0.1%)       
Materials (0.1%)       
Sociedad Quimica y Minera de Chile SA, ADR, Preferred Shares  248  13,079 
Total Preferred Stocks     13,079 
SHORT-TERM INVESTMENT (81.7%)       
CERTIFICATES OF DEPOSIT (22.6%)       
CANADA (3.8%)       
Bank Of Montreal (USD), 0.01%, 05/04/2021  857,279  857,279 

   Shares or
Principal
Amount		  Value
(US$)
FRANCE (11.3%)       
BNP Paribas (USD), 0.03%, 05/03/2021  $   859,083  $     859,083 
Credit Agricole SA (USD), 0.02%, 05/04/2021  854,105  854,105 
Societe Generale SA (USD), 0.03%, 05/03/2021  850,487  850,487 
      2,563,675 
NETHERLANDS (7.5%)       
ING Bank NV (USD), 0.01%, 05/04/2021  853,625  853,625 
Rabobank Nederland NV (USD),
0.02%, 05/04/2021		  858,192  858,192 
      1,711,817 
Total Certificates of Deposit     5,132,771 
MONEY MARKET FUNDS (17.2%)       
UNITED STATES (17.2%)       
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c)  3,905,009  3,905,009 
Total Money Market Funds     3,905,009 
U.S. TREASURIES (41.9%)       
U.S. Treasury Bill       
(USD), 0.08%, 05/13/2021 (d)  2,000,000  1,999,998 
(USD), 0.07%, 06/17/2021 (d)(e)  1,000,000  999,984 
(USD), 0.05%, 07/01/2021 (d)  500,000  499,990 
(USD), 0.04%, 08/05/2021 (d)(e)  4,500,000  4,499,790 
(USD), 0.02%, 11/04/2021 (d)  1,500,000  1,499,731 
      9,499,493 
Total U.S. Treasuries     9,499,493 
Total Short-Term Investment     18,537,273 
Total Investments
(Cost $22,538,914) (f)—99.8%		     22,633,988 
Other Assets in Excess of Liabilities—0.2%     36,740 
Net Assets—100.0%     $22,670,728 

 

(a)Non-income producing security.
(b)Denotes a security issued under Regulation S or Rule 144A.
(c)Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021.
(d)The rate shown is the discount yield at the time of purchase.
(e)All or a portion of the security has been designated as collateral for swap contracts.
(f)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

ADRAmerican Depositary Receipt
AUDAustralian Dollar
BRLBrazilian Real
CADCanadian Dollar
CHFSwiss Franc
CNYChinese Yuan Renminbi
COPColombian Peso
DKKDanish Krone
EUREuro Currency
GBPBritish Pound Sterling
HKDHong Kong Dollar
HUFHungarian Forint

 

See accompanying Notes to Financial Statements.

 

12 2021 Semi-Annual Report

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

IDR Indonesian Rupiah PLC Public Limited Company
INR Indian Rupee REIT Real Estate Investment Trust
JPY Japanese Yen RON Romanian Leu
KRW South Korean Won RUB Russian Ruble
MXN Mexican Peso SEK Swedish Krona
MYR Malaysian Ringgit THB Thai Baht
NOK Norwegian Krone TWD New Taiwan Dollar
NZD New Zealand Dollar USD U.S. Dollar
PEN Peruvian Sol ZAR South African Rand

 

At April 30, 2021, the Fund held the following futures contracts:

Futures Contracts  Number of
Contracts
Long/(Short)		   Expiration
Date		  Notional
Amount		   Market
Value		   Unrealized
Appreciation/
(Depreciation)		 
LONG CONTRACT POSITIONS                       
TOPIX Index   3   06/10/2021  $    540,997   $    521,960   $ (19,037)
United States Treasury Note 6%—Ultra Bond   13   06/21/2021   2,428,079    2,416,781    (11,298)
                     $ (30,335)
SHORT CONTRACT POSITIONS                       
Euro BUXL 30 Future   (9)  06/08/2021  $(2,219,696)  $(2,184,608)  $  35,088 
United States Treasury Note 6%—10 year Ultra   (34)  06/21/2021   (5,027,965)   (4,948,594)   79,371 
                     $114,459 
                     $  84,124 

  

At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:

Purchase Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
Australian Dollar/United States Dollar                   
05/11/2021  Citibank N.A.  AUD 125,483  USD 96,969  $     96,667  $      (302)
05/11/2021  HSBC Bank plc  AUD 67,033  USD 51,815   51,639   (176)
05/11/2021  JPMorgan Chase Bank N.A.  AUD 66,214  USD 51,454   51,009   (445)
05/14/2021  Barclays Bank plc  AUD 385,000  USD 298,935   296,593   (2,342)
05/14/2021  JPMorgan Chase Bank N.A.  AUD 380,000  USD 293,860   292,741   (1,119)
06/15/2021  Barclays Bank plc  AUD 253,000  USD 196,471   194,933   (1,538)
Brazilian Real/United States Dollar                   
05/07/2021  Citibank N.A.  BRL 1,776,000  USD 327,433   326,863   (570)
05/11/2021  Citibank N.A.  BRL 330,724  USD 60,435   60,847   412 
05/11/2021  Goldman Sachs & Co.  BRL 498,216  USD 89,296   91,662   2,366 
07/15/2021  Citibank N.A.  BRL 1,267,000  USD 229,139   231,794   2,655 
British Pound/United States Dollar                   
05/11/2021  Barclays Bank plc  GBP 482  USD 672   665   (7)
05/11/2021  Goldman Sachs & Co.  GBP 2,239  USD 3,111   3,092   (19)
05/11/2021  HSBC Bank plc  GBP 123,669  USD 171,493   170,793   (700)
05/11/2021  JPMorgan Chase Bank N.A.  GBP 23,079  USD 32,655   31,873   (782)
05/11/2021  Royal Bank of Canada  GBP 357,155  USD 493,690   493,249   (441)
05/14/2021  Citibank N.A.  GBP 66,000  USD 92,023   91,150   (873)
05/14/2021  JPMorgan Chase Bank N.A.  GBP 93,000  USD 127,882   128,438   556 
06/14/2021  Barclays Bank plc  GBP 280,000  USD 385,876   386,724   848 
06/14/2021  Citibank N.A.  GBP 141,000  USD 196,275   194,743   (1,532)

 

 

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report   13

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Purchase Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
Canadian Dollar/United States Dollar                      
05/11/2021  Barclays Bank plc  CAD 38,761  USD 31,017  $    31,536  $       519 
05/11/2021  HSBC Bank plc  CAD 51,889  USD 41,429   42,216   787 
05/14/2021  JPMorgan Chase Bank N.A.  CAD 175,000  USD 138,604   142,378   3,774 
06/14/2021  JPMorgan Chase Bank N.A.  CAD 370,000  USD 291,984   301,050   9,066 
Chinese Renminbi/United States Dollar                      
05/14/2021  HSBC Bank plc  CNY 242,216  USD 36,980   37,431   451 
Colombian Peso/United States Dollar                      
05/07/2021  Goldman Sachs & Co.  COP 755,000,000  USD 212,428   201,129   (11,299)
07/15/2021  Goldman Sachs & Co.  COP 273,000,000  USD 75,265   72,504   (2,761)
07/15/2021  Royal Bank of Canada  COP 276,000,000  USD 74,049   73,301   (748)
Crech Koruna/United States Dollar                      
05/07/2021  HSBC Bank plc  CZK 1,891,000  USD 88,345   87,910   (435)
07/15/2021  Citibank N.A.  CZK 630,000  USD 29,543   29,296   (247)
07/15/2021  JPMorgan Chase Bank N.A.  CZK 655,000  USD 30,284   30,459   175 
Danish Krone/United States Dollar                      
05/11/2021  Goldman Sachs & Co.  DKK 231,917  USD 37,933   37,498   (435)
05/11/2021  HSBC Bank plc  DKK 166,416  USD 26,984   26,907   (77)
05/11/2021  JPMorgan Chase Bank N.A.  DKK 73,899  USD 12,104   11,949   (155)
05/11/2021  Royal Bank of Canada  DKK 735  USD 118   119   1 
Euro/United States Dollar                      
05/11/2021  Goldman Sachs & Co.  EUR 163,198  USD 199,227   196,229   (2,998)
05/11/2021  HSBC Bank plc  EUR 29,749  USD 35,743   35,770   27 
05/11/2021  JPMorgan Chase Bank N.A.  EUR 444,613  USD 534,138   534,602   464 
05/11/2021  Royal Bank of Canada  EUR 218,694  USD 263,915   262,957   (958)
05/14/2021  Citibank N.A.  EUR 250,000  USD 293,447   300,618   7,171 
05/14/2021  Goldman Sachs & Co.  EUR 118,000  USD 144,648   141,892   (2,756)
05/24/2021  JPMorgan Chase Bank N.A.  EUR 1,550,000  USD 1,848,564   1,864,198   15,634 
Hong Kong Dollar/United States Dollar                      
05/11/2021  Citibank N.A.  HKD 43,786  USD 5,631   5,637   6 
05/11/2021  Goldman Sachs & Co.  HKD 515,487  USD 66,431   66,365   (66)
05/11/2021  HSBC Bank plc  HKD 1,169,001  USD 150,640   150,500   (140)
Hungarian Forint/United States Dollar                      
05/07/2021  Royal Bank of Canada  HUF 48,920,000  USD 166,240   163,384   (2,856)
07/15/2021  Citibank N.A.  HUF 17,300,000  USD 57,593   57,725   132 
07/15/2021  Goldman Sachs & Co.  HUF 16,900,000  USD 56,868   56,391   (477)
Indian Rupee/United States Dollar                      
05/07/2021  HSBC Bank plc  INR 10,580,000  USD 143,087   142,711   (376)
05/11/2021  Citibank N.A.  INR 8,520,000  USD 115,320   114,794   (526)
05/11/2021  HSBC Bank plc  INR 34,570,000  USD 466,432   465,777   (655)
06/11/2021  HSBC Bank plc  INR 11,900,000  USD 162,015   159,607   (2,408)
07/15/2021  Citibank N.A.  INR 3,750,000  USD 49,631   50,051   420 
07/15/2021  HSBC Bank plc  INR 3,630,000  USD 48,473   48,450   (23)
Indonesian Rupiah/United States Dollar                      
05/07/2021  Goldman Sachs & Co.  IDR 5,610,000,000  USD 396,158   388,721   (7,437)
07/15/2021  Citibank N.A.  IDR 1,970,000,000  USD 135,609   135,113   (496)
07/15/2021  HSBC Bank plc  IDR 2,030,000,000  USD 138,020   139,228   1,208 

 

 

 

See accompanying Notes to Financial Statements.

 

14  2021 Semi-Annual Report

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Purchase Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
Japanese Yen/United States Dollar                      
05/11/2021  Barclays Bank plc  JPY 1,913,721  USD 17,557  $    17,511  $        (46)
05/11/2021  Citibank N.A.  JPY 2,306,777  USD 22,055   21,108   (947)
05/11/2021  Goldman Sachs & Co.  JPY 13,483,854  USD 123,710   123,381   (329)
05/11/2021  JPMorgan Chase Bank N.A.  JPY 9,487,211  USD 87,289   86,811   (478)
05/11/2021  Royal Bank of Canada  JPY 1,510,933  USD 14,003   13,825   (178)
05/14/2021  Barclays Bank plc  JPY 35,600,000  USD 340,156   325,759   (14,397)
05/14/2021  Citibank N.A.  JPY 4,990,000  USD 47,772   45,661   (2,111)
Malaysian Ringgit/United States Dollar                     
05/07/2021  Barclays Bank plc  MYR 462,600  USD 114,163   112,914   (1,249)
07/15/2021  Barclays Bank plc  MYR 324,000  USD 78,928   78,873   (55)
Mexican Peso/United States Dollar                      
05/07/2021  Barclays Bank plc  MXN 6,850,000  USD 335,036   338,045   3,009 
06/01/2021  Citibank N.A.  MXN 6,350,000  USD 304,659   312,522   7,863 
06/01/2021  Goldman Sachs & Co.  MXN 5,880,000  USD 279,983   289,390   9,407 
06/02/2021  Goldman Sachs & Co.  MXN 6,528,000  USD 311,894   321,247   9,353 
06/03/2021  Citibank N.A.  MXN 7,072,000  USD 338,286   347,980   9,694 
06/11/2021  Citibank N.A.  MXN 3,430,000  USD 164,913   168,626   3,713 
07/15/2021  Citibank N.A.  MXN 4,720,000  USD 234,626   231,170   (3,456)
New Russian Ruble/United States Dollar                   
05/07/2021  HSBC Bank plc  RUB 13,930,000  USD 181,903   185,180   3,277 
07/15/2021  Citibank N.A.  RUB 4,950,000  USD 64,250   65,206   956 
07/15/2021  Goldman Sachs & Co.  RUB 4,550,000  USD 60,676   59,937   (739)
New Taiwan Dollar/United States Dollar                     
05/12/2021  Barclays Bank plc  TWD 563,656  USD 20,381   20,222   (159)
New Zealand Dollar/United States Dollar                     
05/14/2021  HSBC Bank plc  NZD 537,000  USD 388,279   384,252   (4,027)
Norwegian Krone/United States Dollar                      
05/14/2021  Citibank N.A.  NOK 1,220,000  USD 144,598   146,571   1,973 
05/14/2021  Goldman Sachs & Co.  NOK 2,107,000  USD 244,766   253,136   8,370 
Peruvian Nouveau Sol/United States Dollar                   
05/07/2021  Citibank N.A.  PEN 361,200  USD 99,152   95,433   (3,719)
07/15/2021  Citibank N.A.  PEN 127,000  USD 35,089   33,586   (1,503)
07/15/2021  Goldman Sachs & Co.  PEN 135,000  USD 35,908   35,701   (207)
Romanian Leu/United States Dollar                      
05/07/2021  JPMorgan Chase Bank N.A.  RON 546,600  USD 135,001   133,428   (1,573)
07/15/2021  Goldman Sachs & Co.  RON 194,000  USD 46,954   47,237   283 
07/15/2021  JPMorgan Chase Bank N.A.  RON 188,000  USD 46,206   45,776   (430)
South African Rand/United States Dollar                     
05/07/2021  HSBC Bank plc  ZAR 3,945,000  USD 260,461   271,913   11,452 
07/15/2021  Goldman Sachs & Co.  ZAR 1,280,000  USD 89,357   87,419   (1,938)
07/15/2021  JPMorgan Chase Bank N.A.  ZAR 1,260,000  USD 87,744   86,053   (1,691)
South Korean Won/United States Dollar                     
05/10/2021  Citibank N.A.  KRW 798,360,000  USD 723,552   714,953   (8,599)
05/11/2021  Barclays Bank plc  KRW 336,000,000  USD 300,375   300,703   328 
05/11/2021  HSBC Bank plc  KRW 434,586,879  USD 386,669   388,934   2,265 
06/11/2021  Barclays Bank plc  KRW 197,000,000  USD 174,527   176,259   1,732 
07/16/2021  HSBC Bank plc  KRW 255,640,000  USD 229,056   228,780   (276)

 

 

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report 15

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Purchase Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)
Swedish Krona/United States Dollar                      
05/11/2021  Goldman Sachs & Co.  SEK 248,213  USD 29,742  $       29,323  $     (419)
05/14/2021  Barclays Bank plc  SEK 955,000  USD 109,494   112,824   3,330 
05/14/2021  Goldman Sachs & Co.  SEK 1,250,000  USD 148,154   147,675   (479)
05/14/2021  HSBC Bank plc  SEK 2,780,000  USD 332,754   328,429   (4,325)
06/14/2021  Goldman Sachs & Co.  SEK 1,645,000  USD 195,562   194,402   (1,160)
Swiss Franc/United States Dollar                      
05/11/2021  HSBC Bank plc  CHF 6,945  USD 7,585   7,606   21 
05/11/2021  JPMorgan Chase Bank N.A.  CHF 34,489  USD 37,537   37,771   234 
05/14/2021  Barclays Bank plc  CHF 353,400  USD 388,778   387,069   (1,709)
05/14/2021  JPMorgan Chase Bank N.A.  CHF 42,100  USD 47,481   46,111   (1,370)
Thai Baht/United States Dollar                      
05/07/2021  JPMorgan Chase Bank N.A.  THB 6,870,000  USD 228,759   220,634   (8,125)
05/11/2021  Goldman Sachs & Co.  THB 14,419,857  USD 477,374   463,095   (14,279)
05/11/2021  HSBC Bank plc  THB 5,110,000  USD 169,738   164,108   (5,630)
06/11/2021  Goldman Sachs & Co.  THB 5,540,000  USD 179,742   177,895   (1,847)
07/15/2021  Barclays Bank plc  THB 2,480,000  USD 79,031   79,623   592 
07/15/2021  Goldman Sachs & Co.  THB 2,450,000  USD 78,390   78,660   270 
                $18,872,605  $(11,831)

 

Sale Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
United States Dollar/Australian Dollar                      
05/10/2021  Goldman Sachs & Co.  USD 760,697  AUD 987,240  $    760,529  $      168 
05/11/2021  Goldman Sachs & Co.  USD 104,287  AUD 134,787   103,834   453 
05/11/2021  JPMorgan Chase Bank N.A.  USD 143,995  AUD 188,357   145,103   (1,108)
05/14/2021  Barclays Bank plc  USD 145,591  AUD 191,000   147,141   (1,550)
05/14/2021  Goldman Sachs & Co.  USD 293,369  AUD 385,000   296,593   (3,224)
05/14/2021  JPMorgan Chase Bank N.A.  USD 144,746  AUD 189,000   145,600   (854)
07/16/2021  HSBC Bank plc  USD 169,711  AUD 218,760   168,572   1,139 
United States Dollar/Brazilian Real                      
05/07/2021  Citibank N.A.  USD 223,326  BRL 1,295,000   238,338   (15,012)
05/07/2021  Royal Bank of Canada  USD 88,381  BRL 481,000   88,525   (144)
05/11/2021  Citibank N.A.  USD 296,148  BRL 1,660,000   305,408   (9,260)
05/11/2021  HSBC Bank plc  USD 319,977  BRL 1,709,955   314,599   5,378 
05/11/2021  JPMorgan Chase Bank N.A.  USD 125,625  BRL 676,000   124,371   1,254 
06/11/2021  Royal Bank of Canada  USD 184,814  BRL 1,040,000   190,806   (5,992)
United States Dollar/British Pound                      
05/11/2021  Barclays Bank plc  USD 831  GBP 603   832   (1)
05/11/2021  Goldman Sachs & Co.  USD 13,191  GBP 9,352   12,915   276 
05/11/2021  JPMorgan Chase Bank N.A.  USD 64,242  GBP 46,131   63,709   533 
05/11/2021  Royal Bank of Canada  USD 644,358  GBP 471,791   651,567   (7,209)
05/14/2021  Citibank N.A.  USD 72,905  GBP 53,000   73,196   (291)
05/14/2021  Royal Bank of Canada  USD 92,118  GBP 67,000   92,531   (413)
06/14/2021  Goldman Sachs & Co.  USD 390,041  GBP 280,000   386,724   3,317 

 

 

 

See accompanying Notes to Financial Statements.

 

162021 Semi-Annual Report

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Sale Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
United States Dollar/Canadian Dollar                   
05/11/2021  HSBC Bank plc  USD 23,399  CAD 29,477  $      23,982  $    (583)
05/11/2021  JPMorgan Chase Bank N.A.  USD 110,398  CAD 139,808   113,745   (3,347)
05/14/2021  Goldman Sachs & Co.  USD 74,439  CAD 93,000   75,664   (1,225)
05/14/2021  JPMorgan Chase Bank N.A.  USD 66,084  CAD 82,000   66,714   (630)
06/14/2021  Barclays Bank plc  USD 686,050  CAD 852,000   693,230   (7,180)
United States Dollar/Chinese Renminbi                   
05/14/2021  HSBC Bank plc  USD 37,108  CNY 242,216   37,431   (323)
United States Dollar/Colombian Peso                   
05/07/2021  Goldman Sachs & Co.  USD 61,518  COP 221,000,000   58,874   2,644 
05/07/2021  Royal Bank of Canada  USD 149,555  COP 534,000,000   142,255   7,300 
05/11/2021  Citibank N.A.  USD 119,910  COP 427,000,000   113,731   6,179 
05/11/2021  Goldman Sachs & Co.  USD 299,203  COP 1,090,000,000   290,319   8,884 
05/11/2021  JPMorgan Chase Bank N.A.  USD 168,971  COP 597,000,000   159,010   9,961 
06/11/2021  Goldman Sachs & Co.  USD 162,726  COP 579,000,000   153,983   8,743 
United States Dollar/Crech Koruna                     
05/07/2021  Citibank N.A.  USD 28,012  CZK 601,000   27,940   72 
05/07/2021  JPMorgan Chase Bank N.A.  USD 58,618  CZK 1,290,000   59,970   (1,352)
United States Dollar/Danish Krone                     
05/11/2021  JPMorgan Chase Bank N.A.  USD 57,469  DKK 355,009   57,401   68 
05/11/2021  Royal Bank of Canada  USD 19,134  DKK 117,952   19,071   63 
United States Dollar/Euro                      
05/11/2021  Goldman Sachs & Co.  USD 51,768  EUR 44,106   53,033   (1,265)
05/11/2021  HSBC Bank plc  USD 96,280  EUR 80,271   96,518   (238)
05/11/2021  Royal Bank of Canada  USD 1,337,975  EUR 1,110,451   1,335,206   2,769 
05/14/2021  Citibank N.A.  USD 143,084  EUR 118,000   141,892   1,192 
05/14/2021  Royal Bank of Canada  USD 302,255  EUR 250,000   300,618   1,637 
05/24/2021  JPMorgan Chase Bank N.A.  USD 1,885,401  EUR 1,550,000   1,864,198   21,203 
06/04/2021  JPMorgan Chase Bank N.A.  USD 5,424  EUR 4,490   5,402   22 
06/10/2021  Barclays Bank plc  USD 67,731  EUR 57,000   68,578   (847)
06/10/2021  Citibank N.A.  USD 345,298  EUR 285,000   342,891   2,407 
United States Dollar/Hong Kong Dollar                   
05/11/2021  Barclays Bank plc  USD 37,974  HKD 294,356   37,896   78 
05/11/2021  Citibank N.A.  USD 3,547  HKD 27,585   3,551   (4)
05/11/2021  Goldman Sachs & Co.  USD 84,898  HKD 658,284   84,749   149 
05/11/2021  HSBC Bank plc  USD 222,591  HKD 1,725,106   222,094   497 
United States Dollar/Hungarian Forint                   
05/07/2021  Citibank N.A.  USD 110,727  HUF 34,120,000   113,955   (3,228)
05/07/2021  Goldman Sachs & Co.  USD 49,828  HUF 14,800,000   49,429   399 
United States Dollar/Indian Rupee                      
05/07/2021  Barclays Bank plc  USD 98,572  INR 7,260,000   97,929   643 
05/07/2021  JPMorgan Chase Bank N.A.  USD 45,346  INR 3,320,000   44,783   563 
United States Dollar/Indonesian Rupiah                   
05/07/2021  HSBC Bank plc  USD 387,564  IDR 5,610,000,000   388,721   (1,157)
05/11/2021  Barclays Bank plc  USD 168,083  IDR 2,380,000,000   165,112   2,971 
05/11/2021  HSBC Bank plc  USD 416,178  IDR 5,980,000,000   414,860   1,318 
06/11/2021  HSBC Bank plc  USD 174,562  IDR 2,550,000,000   175,648   (1,086)

 

 

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report17

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Sale Contracts
Settlement Date*		   Counterparty   Amount
Purchased		   Amount
Sold		   Fair Value   Unrealized
Appreciation/
(Depreciation)		  
United States Dollar/Japanese Yen
05/11/2021   Barclays Bank plc   USD 14,490   JPY 1,570,407   $      14,370   $     120  
05/11/2021   Royal Bank of Canada   USD 704,058   JPY 73,977,355     676,915     27,143  
05/14/2021   Goldman Sachs & Co.   USD 88,835   JPY 9,460,000     86,564     2,271  
05/14/2021   Royal Bank of Canada   USD 285,974   JPY 31,130,000     284,856     1,118  
United States Dollar/Malaysian Ringgit
05/07/2021   Barclays Bank plc   USD 112,210   MYR 462,600     112,914     (704 )
United States Dollar/Mexican Peso
05/07/2021   Citibank N.A.   USD 227,275   MXN 4,850,000     239,346     (12,071 )
05/07/2021   HSBC Bank plc   USD 96,971   MXN 2,000,000     98,699     (1,728 )
06/02/2021   Citibank N.A.   USD 314,075   MXN 6,528,000     321,247     (7,172 )
06/03/2021   Citibank N.A.   USD 340,208   MXN 7,072,000     347,980     (7,772 )
United States Dollar/New Russian Ruble
05/07/2021   Goldman Sachs & Co.   USD 60,309   RUB 4,480,000     59,555     754  
05/07/2021   JPMorgan Chase Bank N.A.   USD 127,355   RUB 9,450,000     125,625     1,730  
06/10/2021   Goldman Sachs & Co.   USD 69,859   RUB 5,200,000     68,860     999  
United States Dollar/New Taiwan Dollar
05/12/2021   Citibank N.A.   USD 20,263   TWD 559,625     20,078     185  
United States Dollar/New Zealand Dollar
05/14/2021   Barclays Bank plc   USD 192,030   NZD 265,000     189,622     2,408  
05/14/2021   Goldman Sachs & Co.   USD 194,868   NZD 272,000     194,631     237  
06/14/2021   HSBC Bank plc   USD 392,397   NZD 542,750     388,328     4,069  
United States Dollar/Norwegian Krone
05/14/2021   HSBC Bank plc   USD 384,241   NOK 3,327,000     399,707     (15,466 )
United States Dollar/Peruvian Nouveau Sol
05/07/2021   Barclays Bank plc   USD 69,081   PEN 255,400     67,479     1,602  
05/07/2021   Goldman Sachs & Co.   USD 28,962   PEN 105,800     27,954     1,008  
United States Dollar/Romanian Leu
05/07/2021   Citibank N.A.   USD 92,008   RON 378,600     92,419     (411 )
05/07/2021   JPMorgan Chase Bank N.A.   USD 41,699   RON 168,000     41,010     689  
United States Dollar/South African Rand
05/07/2021   Goldman Sachs & Co.   USD 169,522   ZAR 2,614,000     180,173     (10,651 )
05/07/2021   Royal Bank of Canada   USD 90,936   ZAR 1,331,000     91,741     (805 )
05/11/2021   Barclays Bank plc   USD 289,955   ZAR 4,400,000     303,113     (13,158 )
05/11/2021   HSBC Bank plc   USD 117,250   ZAR 1,770,000     121,934     (4,684 )
05/11/2021   JPMorgan Chase Bank N.A.   USD 1,077,341   ZAR 16,282,277     1,121,674     (44,333 )
06/11/2021   HSBC Bank plc   USD 166,397   ZAR 2,490,000     170,823     (4,426 )
07/06/2021   Goldman Sachs & Co.   USD 276,619   ZAR 4,194,600     286,798     (10,179 )
United States Dollar/South Korean Won
05/11/2021   HSBC Bank plc   USD 130,259   KRW 145,388,814     130,116     143  
United States Dollar/Swedish Krona                              
05/11/2021   JPMorgan Chase Bank N.A.   USD 29,611   SEK 247,641     29,255     356  
05/11/2021   Royal Bank of Canada   USD 69   SEK 567     67     2  
05/14/2021   Citibank N.A.   USD 192,460   SEK 1,580,000     186,661     5,799  
05/14/2021   Goldman Sachs & Co.   USD 404,675   SEK 3,405,000     402,267     2,408  

 

 

 

See accompanying Notes to Financial Statements.

 

182021 Semi-Annual Report

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Sale Contracts
Settlement Date*		  Counterparty  Amount
Purchased		  Amount
Sold		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
United States Dollar/Swiss Franc                   
05/11/2021  Goldman Sachs & Co.  USD 50,164  CHF 45,555  $       49,890  $      274 
05/11/2021  JPMorgan Chase Bank N.A.  USD 37,399  CHF 33,323   36,495   904 
05/14/2021  Citibank N.A.  USD 147,748  CHF 133,000   145,671   2,077 
05/14/2021  Goldman Sachs & Co.  USD 192,128  CHF 170,000   186,196   5,932 
05/14/2021  HSBC Bank plc  USD 102,003  CHF 92,500   101,313   690 
06/14/2021  Barclays Bank plc  USD 392,726  CHF 356,700   391,016   1,710 
United States Dollar/Thai Baht                     
05/07/2021  Goldman Sachs & Co.  USD 154,515  THB 4,760,000   152,870   1,645 
05/07/2021  HSBC Bank plc  USD 69,882  THB 2,110,000   67,764   2,118 
05/11/2021  Goldman Sachs & Co.  USD 122  THB 3,665   118   4 
05/11/2021  HSBC Bank plc  USD 58,003  THB 1,746,196   56,079   1,924 
                $20,481,469  $(38,484)

 

At April 30, 2021, the Fund's open forward foreign cross currency contracts were as follows:

 

Purchase / Sale
Settlement Date		  Counterparty  Amount
Purchased		  Amount
Sold		  Contract
Value		  Fair Value  Unrealized
Appreciation/
(Depreciation)		 
Euro / Japanese Yen                          
06/04/2021  Goldman Sachs & Co.  EUR 754,935  JPY 97,500,000  $910,866  $   926,715  $   15,849 
Japanese Yen / Euro                          
06/04/2021  Royal Bank of Canada  JPY 97,500,000  EUR 750,444   917,604   907,157   (10,447)
                    $1,833,872  $     5,402 
Unrealized appreciation on forward foreign currency exchange contracts                 $ 303,242 
Unrealized depreciation on forward foreign currency exchange contracts                 $(348,155)

 

* Certain contracts with different trade dates and like characteristics have been shown net.

 

At April 30, 2021, the Fund held the following centrally cleared credit default swaps:

 

Expiration
Date		  Notional
Amount		   Credit Index  Fixed Rate  Implied
Credit
Spread*		  Frequency of
Payments Made		  Premiums
Paid
(Received)		   Value   Unrealized
Appreciation/
(Depreciation)		 
Buy Protection:                            
06/20/2026  240,000   CDX.NA.HY  Equal to (5.00)%  N/A  Quarterly  $(23,840)  $(24,952)  $(1,112)
                   $(23,840)  $(24,952)  $(1,112)
Sell Protection:                            
06/20/2026  2,365,210   CDX.NA.HY
  Equal to 5.00%  2.87%  Quarterly  $201,161   $245,898   $44,737 
06/20/2026  1,964,000   iTraxx Europe Crossover
  Equal to 5.00%  2.49%  Quarterly  251,975   293,660   41,685 
06/20/2026  652,000   iTraxx Europe Sub Financials  Equal to 1.00%  1.08%  Quarterly  (6,618)  (2,184)  4,434 
                   $446,518   $537,374   $90,856 

 

*Implied credit spreads, represented in absolute terms, are utilized in determining the market value of credit default swaps agreements on corporate issues or sovereign issues and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made prior to entering into the agreement. For credit default swap with asset-backed securities or credit indices as the underlying assets, the quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

 

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report 19

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

At April 30, 2021, the Fund held the following centrally cleared interest rate swaps:

 

Currency   Notional
Amount		   Expiration
Date		   Receive (Pay)
Floating Rate		   Floating
Rate Index		   Fixed
Rate		   Frequency of
Payments Made		   Premiums
Paid
(Received)		   Value   Unrealized
Appreciation/
(Depreciation)		  
EUR     $ 984,369   03/15/2026   Receive   12-month Euro CPI     1.33 %   Annually   $ —   $ 12,675   $ 12,675  
EUR       492,184   03/15/2026   Receive   12-month Euro CPI     1.33 %   Annually     —     6,417     6,417  
EUR       984,369   03/15/2026   Receive   12-month Euro CPI     1.32 %   Annually     —     13,630     13,630  
EUR       268,604   03/15/2026   Receive   12-month Euro CPI     1.44 %   Annually     —     1,630     1,630  
EUR       492,185   03/15/2026   Receive   12-month Euro CPI     1.37 %   Annually     —     5,063     5,063  
EUR       492,184   03/15/2026   Receive   12-month Euro CPI     1.38 %   Annually     —     4,744     4,744  
EUR       492,185   03/15/2026   Receive   12-month Euro CPI     1.38 %   Annually     —     4,824     4,824  
EUR       492,184   03/15/2026   Receive   12-month Euro CPI     1.39 %   Annually     —     4,584     4,584  
EUR       402,906   03/15/2026   Receive   12-month Euro CPI     1.38 %   Annually     —     3,916     3,916  
EUR       402,906   03/15/2026   Receive   12-month Euro CPI     1.38 %   Annually     —     3,851     3,851  
EUR       402,906   03/15/2026   Receive   12-month Euro CPI     1.41 %   Annually     —     3,165     3,165  
EUR       402,906   03/15/2026   Receive   12-month Euro CPI     1.41 %   Annually     —     3,099     3,100  
EUR       402,905   03/15/2026   Receive   12-month Euro CPI     1.44 %   Annually     —     2,511     2,511  
EUR       268,604   03/15/2026   Receive   12-month Euro CPI     1.44 %   Annually     —     1,674     1,674  
EUR       268,603   03/15/2026   Receive   12-month Euro CPI     1.43 %   Annually     —     1,718     1,718  
EUR       436,250   03/15/2026   Receive   12-month Euro CPI     1.47 %   Annually     —     1,726     1,726  
EUR       1,308,750   03/15/2026   Receive   12-month Euro CPI     1.52 %   Quarterly     —     1,131     1,131  
EUR       1,745,000   04/15/2026   Receive   12-month Euro CPI     1.28 %   Annually     —     3,630     3,630  
GBP       355,000   11/15/2029   Receive   12-month UK RPI     3.47 %   Annually     (15,053 )   (5,061 )   9,992  
GBP       516,000   11/15/2029   Receive   12-month UK RPI     3.47 %   Annually     (16,912 )   (7,356 )   9,556  
USD       2,520,000   03/23/2031   Receive   3-month LIBOR     1.73 %   Annually     —     (29,253 )   (29,253 )
USD       1,280,000   04/29/2031   Receive   3-month LIBOR     1.59 %   Annually     —     5,264     5,264  
USD       1,280,000   05/04/2031   Receive   3-month LIBOR     1.65 %   Annually     —     (2,434 )   (2,434 )
USD       35,500   09/02/2050   Receive   12-month CPI     2.06 %   Quarterly     —     4,858     4,858  
USD       35,500   09/02/2050   Receive   12-month CPI     2.06 %   Quarterly     —     4,886     4,886  
    $  (31,965 ) $ 50,892   $ 82,858  
USD       11,750,000   04/30/2025   Pay   3-month LIBOR     1.43 %   Annually         $ —   $ (3,721 )     $ (3,721 )
USD       5,875,000   05/01/2025   Pay   3-month LIBOR     1.45 %   Annually     —     (545 )   (545 )
USD       5,875,000   05/07/2025   Pay   3-month LIBOR     1.50 %   Annually     —     2,015     2,015  
GBP       1,865,000   01/15/2026   Pay   12-month UK RPI     3.35 %   Annually     —     (37,948 )   (37,948 )
GBP       1,865,000   01/15/2026   Pay   12-month UK RPI     3.35 %   Annually     —     (39,205 )   (39,205 )
GBP       1,450,000   02/15/2026   Pay   12-month UK RPI     3.42 %   Annually     —     (21,410 )   (21,410 )
GBP       2,790,000   11/15/2029   Pay   12-month UK RPI     3.47 %   Annually     —     39,773     39,773  
USD       1,090,000   02/26/2031   Pay   12-month CPI     2.28 %   Annually     —     (33,193 )   (33,193 )
USD       2,180,000   03/01/2031   Pay   12-month CPI     2.28 %   Annually     —     (67,607 )   (67,607 )
USD       1,090,000   03/02/2031   Pay   12-month CPI     2.22 %   Quarterly     —     (40,014 )   (40,014 )
USD       35,500   09/02/2050   Pay   12-month CPI     2.06 %   Quarterly     991     (4,858 )   (5,849 )
USD       35,500   09/02/2050   Pay   12-month CPI     2.06 %   Quarterly     955     (4,886 )   (5,841 )
USD       505,000   04/28/2051   Pay   3-month LIBOR     1.99 %   Quarterly     —     (7,280 )   (7,280 )

 

 

 

See accompanying Notes to Financial Statements.

 

20       2021 Semi-Annual Report

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Currency   Notional
Amount		   Expiration
Date		   Receive (Pay)
Floating Rate		   Floating
Rate Index		   Fixed
Rate		   Frequency of
Payments Made		   Premiums
Paid
(Received)		   Value   Unrealized
Appreciation/
(Depreciation)		  
USD     $ 252,500   04/29/2051   Pay   3-month LIBOR     2.00%   Quarterly   $ —   $ (2,866 ) $ (2,866 )
USD       252,500   05/04/2051   Pay   3-month LIBOR     2.07%   Quarterly     —     927     926  
    $ 1,946   $ (220,818 ) $ (222,765 )
             $  (30,019 )       $ (169,926 )         $  (139,907 )

 

At April 30, 2021, the Fund held the following written options:

Description   Notional
Amount		     Cost     Value     Unrealized
Value		  
CALL OPTIONS WRITTEN (0.0%)
10-year Interest Rate Swap Call, expiring 10/18/2021, Pay 0.53%, Receive 3-month LIBOR   $  (1,245,000 )   $ (6,598 )   $ (3,975 )   $ 2,623  
10-year Interest Rate Swap Call, expiring 10/18/2021, Pay 0.54%, Receive 3-month LIBOR     (1,245,000 )     (6,723 )     (3,975 )     2,748  
            $ (7,950 )   $ 5,371  
PUT OPTIONS WRITTEN (0.1%)
10-year Interest Rate Swap Put, expiring 10/18/2021, Pay 0.66%, Receive 3-month LIBOR   $ (1,245,000 )   $ (9,089 )   $ (8,695 )   $ 394  
10-year Interest Rate Swap Put, expiring 10/18/2021, Pay 0.73%, Receive 3-month LIBOR     (1,245,000 )     (8,217 )     (8,695 )     (478 )
            $ (17,390 )            $ (84 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

2021 Semi-Annual Report      21

 

 

 

Aberdeen Intermediate Municipal Income Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		       Six
Month†		   1 Yr.   5 Yr.   10 Yr.  
Class A   w/o SC   3.18 %   8.08 %   2.24 %   3.21 %  
    w/SC2   0.59 %   5.39 %   1.73 %   2.94 %  
Class C   w/o SC   2.81 %   7.30 %   1.47 %   2.44 %  
    w/SC3   1.81 %   6.30 %   1.47 %   2.44 %  
Institutional Service Class4   w/o SC   3.31 %   8.35 %   2.49 %   3.47 %  
Institutional Class4,5   w/o SC   3.31 %   8.35 %   2.51 %   3.48 %  

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1The Fund changed its investment strategy effective February 28, 2019. Performance information for periods prior to February 28, 2019 does not reflect such investment policy. An unaffiliated party served as the subadviser for the Fund from June 23, 2008 to February 27, 2011. Please consult the Fund's prospectus for more detail.
2A 2.50% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%.
3A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase.
4Not subject to any sales charge. Returns before the first offering of the Institutional Class and Institutional Service Class shares (February 25, 2013) are based on the previous performance of Class D shares. Returns of each class have not been adjusted to reflect the expenses applicable to the respective classes. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what the Institutional Service Class, and Institutional Class shares would have produced because all classes invest in the same portfolio of securities. Returns for the Institutional Service Class, and Institutional Class shares would only differ to the extent of the differences in expenses of the classes.
5Effective February 25, 2013, all Class D shares of the Fund were converted into Institutional Class shares of the Fund.

 

Performance of a $10,000 Investment (as of April 30, 2021)

 

 

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Intermediate Municipal Income Fund, the ICE BofA Merrill Lynch 1-22 Year U.S. Municipal Securities Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The ICE BofA Merrill Lynch 1-22 Year U.S. Municipal Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Municipal Securities Index including all securities with a remaining term to final maturity less than 22 years, calculated on a total return basis. The ICE BofA U.S. Municipal Securities Index tracks the performance of U.S. dollar-denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

 

22      2021 Semi-Annual Report

 

 

 

Aberdeen Intermediate Municipal Income Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

Asset Allocation
Municipal Bonds   100.0 %
Short-Term Investment   0.1 %
Liabilities in Excess of Other Assets   (0.1) %
    100.0 %
       
Top Holdings*
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B 07/01/2027   9.2 %
Columbia Industrial Development Board Revenue Bonds (Alabama Power Co.) 11/01/2021   4.2 %
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A 12/15/2034   3.9 %
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030   3.1 %
Meridian MS Revenue Bonds 03/01/2033   2.4 %
Metropolitan Transportation Authority Revenue Bonds, Series C-1 11/15/2027   2.1 %
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D 12/15/2026   2.1 %
State Health & Educational Facilities Authority Revenue Bonds, Series F 07/01/2027   2.0 %
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A 05/15/2023   2.0 %
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A 02/15/2042   1.8 %
Other   67.2 %
    100.0 %

 

*For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

 

 

Top States  
Texas   18.4 %  
New York   15.4 %  
Alabama   5.8 %  
Wisconsin   5.0 %  
New Jersey   4.9 %  
Florida   4.2 %  
Mississippi   3.9 %  
Pennsylvania   3.9 %  
California   3.6 %  
Michigan   3.4 %  
Other   31.5 %  
    100.0 %  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report      23

 

 

 

  

Statement of Investments

April 30, 2021 (Unaudited)
Aberdeen Intermediate Municipal Income Fund

 

  Shares or
Principal
 Amount 		   Value
(US$)		  
MUNICIPAL BONDS (100.0%)          
Alabama (5.8%)          
Black Belt Energy Gas District Revenue Bonds,
Series A, 4.00%, 08/01/2047 (a)		  $ 1,000,000  $ 1,039,337  
Columbia Industrial Development Board Revenue Bonds (Alabama Power Co.),
0.09%, 11/01/2021 (a)		   2,700,000   2,700,000  
        3,739,337  
California (3.6%)          
Bay Area Toll Authority Revenue Bonds,
Series A, 2.95%, 04/01/2047 (a)		   350,000   385,606  
Los Angeles Community College District General Obligation Unlimited Bonds,
Series I, 4.00%, 08/01/2029		   400,000   471,658  
M-S-R Energy Authority Gas Revenue Bonds
Series B, 6.13%, 11/01/2029		   490,000   626,261  
Series A, 6.50%, 11/01/2039   500,000   818,534  
        2,302,059  
Connecticut (2.0%)          
State Health & Educational Facilities Authority Revenue Bonds, Series F, 5.00%, 07/01/2027   1,135,000   1,307,683  
District of Columbia (1.0%)          
Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030   500,000   616,274  
Florida (4.2%)          
City of Tampa Revenue Bonds (Baycare Health Care System), Series A, 4.00%, 11/15/2033   1,000,000   1,023,504  
Florida Development Finance Corp. Revenue Bonds (Imagine School at Broward) ,
5.00%, 12/15/2039 (b)		   500,000   589,638  
Palm Beach County Revenue Bonds
(Provident Group – LU Properties LLC – LYNN University Housing Project),
Series A, 5.00%, 06/01/2057		   600,000   607,077  
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc.
Project), 5.00%, 01/01/2039		   160,000   175,366  
Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023   250,000   277,564  
        2,673,149  
Georgia (1.2%)          
Floyd County Development Authority Revenue Bonds (Georgia Power Co.),
0.10%, 09/01/2026 (a)		   400,000   400,000  
Main Street Natural Gas, Inc. Revenue Bonds,
Series A, 5.00%, 05/15/2035		   250,000   343,649  
        743,649  
Hawaii (1.1%)          
City & County Honolulu HI Wastewater System
Revenue Bonds, Series A, 5.00%, 07/01/2047		   560,000   681,805  

 

 

  Shares or
Principal
 Amount 		   Value
(US$)		  
Illinois (2.5%)          
Illinois Finance Authority Revenue Bonds (Carle Foundation), Series A, 6.00%, 08/15/2041  $ 500,000 $ 508,185  
Illinois Finance Authority Revenue Bonds(Plymouth Place Obligated Group),
5.00%, 05/15/2041		   200,000   234,669  
State of Illinois General Obligation Unlimited Bonds, Series D, 5.00%, 11/01/2021   815,000   833,232  
        1,576,086  
Indiana (1.2%)          
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032   750,000   788,329  
Kansas (1.6%)          
Kansas Hospital Loan City of Holton Revenue Bonds (Rural Health Resources of Jackson Co., Inc. Project), 2.50%, 07/01/2021   1,000,000   1,000,624  
Kentucky (2.1%)          
Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048 (a)   500,000   548,226  
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN,
0.09%, 11/01/2036 (a)		   800,000   800,000  
        1,348,226  
Louisiana (2.0%)          
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Glen Retirement System), Series A
5.00%, 01/01/2022		   160,000   161,052  
5.00%, 01/01/2023   170,000   172,610  
Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100, 05/15/2026),
3.00%, 05/15/2031		   10,000   11,109  
New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport),
5.00%, 01/01/2028		   500,000   633,961  
New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.),
5.00%, 10/01/2027		   250,000   313,324  
        1,292,056  
Maryland (3.1%)          
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.70%, 03/01/2030 (a)   2,000,000   2,000,000  
Massachusetts (1.0%)          
Massachusetts Development Finance Agency Revenue Bonds, Series A, 5.00%, 07/01/2036   500,000   617,803  

 

 

See accompanying Notes to Financial Statements.

 

24 2021 Semi-Annual Report

 

 

 

  

Statement of Investments (continued)

April 30, 2021 (Unaudited)
Aberdeen Intermediate Municipal Income Fund

 

  Shares or
Principal
Amount 		   Value
(US$)		  
MUNICIPAL BONDS (continued)          
Michigan (3.4%)          
Flint Hospital Building Authority Revenue Bonds
4.00%, 07/01/2035		 $  1,000,000    $ 1,098,599  
4.00%, 07/01/2038   750,000   816,391  
Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024   295,000   301,845  
        2,216,835  
Mississippi (3.9%)          
Meridian MS Revenue Bonds,
4.20%, 03/01/2033 (b)		   1,453,764   1,514,168  
Mississippi Business Finance Corp. Revenue Bonds (Gulf Power Company Project),
AMT, VRDN, 0.11%, 12/01/2049 (a)		   1,000,000   1,000,000  
        2,514,168  
Missouri (0.3%)          
State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.),
4.00%, 08/01/2036		   165,000   191,717  
Nebraska (1.2%)          
Central Plains Energy Project, Gas Project Revenue Bonds (Project No.3),
5.00%, 09/01/2021		   750,000   761,541  
New Hampshire (1.0%)          
New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College)
5.00%, 08/01/2035		   250,000   310,125  
5.00%, 08/01/2036   245,000   303,530  
        613,655  
New Jersey (4.9%)          
New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey)
Series F (Pre-refunded @ $100.000000, 07/01/2026),
4.00%, 07/01/2033		   70,000   82,148  
Series F, 4.00%, 07/01/2033   30,000   33,929  
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034   2,000,000   2,484,543  
Newark Housing Authority Revenue Bonds (Newark Redevelopment Project),
4.00%, 01/01/2037		   500,000   560,848  
        3,161,468  
New York (15.4%)          
City of Elmira General Obligation Limited Bonds
5.00%, 07/01/2025 (b)		   105,000   114,825  
5.00%, 07/01/2033 (b)   625,000   686,589  
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031   145,000   161,440  
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042   1,000,000   1,185,695  

  Shares or
Principal
Amount 		   Value
(US$)		  
Metropolitan Transportation Authority
Revenue Bonds
Series A-1, 5.00%, 11/15/2027		 $  695,000    $ 834,049  
Series C-1, 5.00%, 11/15/2027   1,150,000   1,359,305  
Series A-2, VRN, 5.00%, 11/15/2045 (a)   400,000   515,549  
Nassau County Local Economic Assistance Corp.Revenue Bonds (Catholic Health Services),
5.00%, 07/01/2030		   1,000,000   1,121,752  
New York City Water & Sewer System
Revenue Bonds, Series EE, 5.00%, 06/15/2037		   295,000   361,564  
New York State Dormitory Authority
Revenue Bonds (State University Educational Facilities 3rd Generation),
Series A, 5.50%, 05/15/2023		   1,160,000   1,280,019  
New York Transportation Development Corp.
Revenue Bonds, AMT, 4.00%, 10/31/2034		   250,000   295,730  
Port Authority of New York & New Jersey
Revenue Bonds, AMT, 5.00%, 07/15/2033		   400,000   512,956  
Port Authority of New York & New Jersey
Revenue Bonds, 5.00%, 10/15/2042		   560,000   675,658  
Village of Valley Stream General Obligation Limited Notes, Series A, 6.50%, 05/20/2021   800,000   802,132  
        9,907,263  
Ohio (0.4%)          
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed
Revenue Bonds, 5.00%, 06/01/2055		   110,000   123,568  
Ohio Air Quality Development Authority
Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029		   135,000   144,560  
        268,128  
Pennsylvania (3.9%)          
Montgomery County Industrial Development Authority Revenue Bonds (Imagine School at Broward) , 4.00%, 12/01/2037   300,000   329,550  
Pennsylvania Turnpike Commission Revenue Bonds, Series A, 5.25%, 07/15/2029   850,000   1,135,602  
School Dist. of the City of Erie, General Obligation Limited Bonds, Series A, (AGM ST
AID WITHHLDG), 5.00%, 04/01/2034		   825,000   1,042,628  
        2,507,780  
Puerto Rico (2.1%)          
Commonwealth of Puerto Rico General Obligation Unlimited Bonds, Series A, (AGM),
5.25%, 07/01/2024		   615,000   622,104  
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds, (AGC-ICC), 5.50%, 07/01/2022   250,000   264,007  
Electric Power Authority Revenue Bonds,
Series V, 5.25%, 07/01/2026		   100,000   110,077  
Highway & Transportation Authority Revenue Bonds, (AGC), 5.50%, 07/01/2031   300,000   364,741  
        1,360,929  

 

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report 25

 

 

 

 

Statement of Investments (concluded)

April 30, 2021 (Unaudited)
Aberdeen Intermediate Municipal Income Fund

 

  Shares or
Principal
Amount 		   Value
(US$)		  
MUNICIPAL BONDS (continued)          
Rhode Island (1.3%)          
Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045 $  750,000    $ 811,997  
South Carolina (1.8%)          
City of Rock Hill SC Combined Utility System Revenue Bonds
5.00%, 01/01/2025		   500,000   580,662  
5.00%, 01/01/2026   500,000   599,497  
        1,180,159  
Tennessee (2.4%)          
Knox County Health Educational & Housing Facilities Board Revenue Bonds (University Health System, Inc.), 5.00%, 09/01/2036   500,000   576,432  
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project),
5.00%, 10/01/2034		   360,000   424,870  
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023   500,000   554,659  
        1,555,961  
Texas (18.4%)          
Harris County Health Facilities Development Corp.
Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity,
Series B, 5.75%, 07/01/2027		   4,850,000   5,895,541  
Matagorda County Navigation District No. 1
Revenue Bonds, Series B-1, 4.00%, 06/01/2030		   1,000,000   1,049,876  
Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Railport Terminal II LLC),
4.00%, 01/01/2050 (b)		   1,000,000   1,036,259  
Port of Port Arthur Navigation District Revenue Bonds, 0.10%, 04/01/2040 (a)   400,000   400,000  
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds
(Baylor Scott & White Obligated Group),
5.00%, 11/15/2029		   800,000   960,776  
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health Resources Obligated Group),
Series A, 4.00%, 02/15/2036		   1,000,000   1,118,401  
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds,
Series D, 6.25%, 12/15/2026		   1,140,000   1,339,183  
        11,800,036  
Utah (1.1%)          
Salt Lake City Corp. Airport Revenue Bonds,
Series B, 5.00%, 07/01/2042		   100,000   120,360  
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy),
Series A, 4.50%, 04/15/2048 (a)(b)		   570,000   584,864  
        705,224  

 

  Shares or
Principal
Amount 		   Value
(US$)		  
Washington (0.3%)          
State Housing Finance Commission Revenue Bonds (Transforming Age Project),
Series A, 5.00%, 01/01/2024 (b)		 $  180,000    $ 192,650  
West Virginia (0.8%)          
Monongalia County Building Commission
Revenue Bonds, 6.50%, 07/01/2041		   500,000   503,453  
Wisconsin (5.0%)          
Public Finance Authority Revenue Bonds
5.00%, 06/15/2029		   530,000   647,855  
5.00%, 06/15/2034   425,000   507,286  
Public Finance Authority Revenue Bonds,
5.00%, 07/01/2038		   1,000,000   1,155,633  
Wisconsin Health & Educational Facilities Authority Revenue Bonds, (Pre-refunded @
$100, 07/15/2021), Series A, 5.00%, 07/15/2028		   500,000   504,789  
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035   250,000   302,851  
Wisconsin Health & Educational Facilities Authority Revenue Bonds (St. Camillus Health System), 5.00%, 11/01/2021   120,000   121,309  
        3,239,723  
Total Municipal Bonds       64,179,767  
SHORT-TERM INVESTMENT (0.1%)          
UNITED STATES (0.1%)          
BlackRock Liquidity Funds MuniCash Portfolio, 
Institutional Shares		   88,885   88,902  
Total Short-Term Investment       88,902  
Total Investments
(Cost $59,662,781) (c)—100.1%		       64,268,669  
Liabilities in Excess of Other Assets—(0.1)%       (51,552 )
Net Assets—100.0%     $  64,217,117  

 

(a)Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(b)Denotes a security issued under Regulation S or Rule 144A.
(c)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

  

See accompanying Notes to Financial Statements.

 

26 2021 Semi-Annual Report

 

 

 

 

Aberdeen Short Duration High Yield Municipal Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		       Six
Month†		   1 Yr.   5 Yr.   Inception2  
Class A   w/o SC   3.70%   7.38%   2.65%   3.27%  
    w/SC3   1.07%   4.70%   2.13%   2.94%  
Class C   w/o SC   4.73%   8.45%   2.86%   3.40%  
Institutional Class4   w/o SC   3.83%   7.65%   2.91%   3.53%  

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1The Fund changed its investment strategy effective February 28, 2019. Performance information for periods prior to February 28, 2019 does not reflect the Fund's current investment strategy. Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund had substantially similar investment objectives and strategies prior to the Fund's adoption of its current investment strategies on February 28, 2019. Please consult the Fund's prospectus for more detail.
2Predecessor Fund commenced operations on May 31, 2013.
3A 2.50% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%.
4Not subject to any sales charges.

 

Performance of a $1,000,000 Investment* (as of April 30, 2021)


 

*  Minimum Initial Investment

 

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Short Duration High Yield Municipal Fund, The S&P Municipal Bond Short Intermediate Index, a blended benchmark of 30% Bloomberg Barclays 1-10 Year Municipal Bond Index/70% Bloomberg Barclays 1-10 Year Municipal High Yield Index (the "Blended Index") and the Consumer Price Index (CPI) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

The S&P Municipal Bond Short Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of one year and a maximum maturity of up to, but not including, eight years as measured from the Rebalancing Date.

 

Bloomberg Barclays 1-10 Year Municipal Bond Index is an unmanaged index composed of investment-grade municipal bonds with maturity dates of more than one year and less than 10 years.

 

Bloomberg Barclays 1-10 Year Municipal High Yield Index is a sub-index of the Bloomberg Barclays Municipal High Yield Bond Index composed of issues with effective maturity dates of 1-10 years and excludes purpose class of Other. The Bloomberg Barclays Municipal High Yield Bond Index is a flagship measure of the non-investment grade and non-rated USD-denominated tax exempt bond market.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

2021 Semi-Annual Report        27

 

 

 

Aberdeen Short Duration High Yield Municipal Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

 

Asset Allocation  
Municipal Bonds   99.7 %  
Short-Term Investment   0.1 %  
Other Assets in Excess of Liabilities   0.2 %  
    100.0 %  
         
Top Holdings*  
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030   3.8 %  
Meridian MS Revenue Bonds 03/01/2033   2.6 %  
Arizona Industrial Development Authority Revenue Bonds (Legacy Cares, Inc.), Series A 07/01/2030   2.0 %  
Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A 09/01/2022   2.0 %  
Appling County Georgia Development Authority Pollution Control Revenue Bonds (Georgia Power Company Plant Hatch Project), VRDN 09/01/2041   2.0 %  
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds 06/01/2055   2.0 %  
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A 11/01/2032   1.5 %  
Dekalb Country Housing Authority Revenue Bonds (Highlands At East Atlanta Apartments Project) 09/01/2036   1.5 %  
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project) 11/01/2058   1.5 %  
Metropolitan Transportation Authority Revenue Bonds 11/15/2035   1.5 %  
Other   79.6 %  
    100.0 %  

 

*     For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top States  
New York   12.9 %  
Mississippi   8.0 %  
Georgia   5.7 %  
Florida   5.7 %  
Wisconsin   5.7 %  
Illinois   5.5 %  
Maryland   5.5 %  
Pennsylvania   4.4 %  
Texas   4.4 %  
Puerto Rico   4.2 %  
Other   38.0 %  
    100.0 %  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28     2021 Semi-Annual Report

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

   Shares or
Principal
Amount		   Value
(US$)		 
MUNICIPAL BONDS (99.7%)          
Alabama (3.6%)          
Alabama Industrial Development Solid Waste Disposal Revenue Bonds (OfficeMax, Inc.),
6.45%, 12/01/2023		  $750,000   $750,989 
Columbia Industrial Development Board
Revenue Bonds (Alabama Power Co.),
0.08%, 11/01/2021 (a)		   3,400,000    3,400,000 
Health Care Authority for Baptist Health
Revenue Bonds, Series D, 5.00%, 11/15/2021		   850,000    852,737 
Industrial Development Board Of The Town Of West Jefferson Solid Waste Disposal Revenue Bonds (Alabama Power Company Miller Plant Project),
0.08%, 12/01/2038 (a)		   4,300,000    4,300,000 
Jemison Water & Sewer Revenue Bonds,
Series A, 3.50%, 03/01/2026		   290,000    305,339 
Walker County Economic & Industrial Development Authority Revenue Bonds (Alabama Power Co.), 0.08%, 12/01/2036 (a)   2,100,000    2,100,000 
         11,709,065 
Arizona (3.8%)          
Arizona Industrial Development Authority
Revenue Bonds (Great Lakes Senior Living Communities LLC Project Third Tier), Series C
5.13%, 01/01/2034 (b)		   775,000    690,089 
5.13%, 01/01/2035 (b)   815,000    726,017 
Arizona Industrial Development Authority
Revenue Bonds (Kaizen Education Foundation)
5.00%, 07/01/2022 (b)		   385,000    399,820 
5.00%, 07/01/2023 (b)   405,000    433,018 
Arizona Industrial Development Authority
Revenue Bonds (Legacy Cares, Inc.),
Series A, 6.75%, 07/01/2030 (b)		   6,000,000    6,551,986 
Arizona Industrial Development Authority
Revenue Bonds (Somerset Academy of
Las Vegas), 3.00%, 12/15/2031 (b)		   655,000    678,683 
La Paz County Industrial Development Authority
Revenue Bonds (Charter School Solutions),
Series A, 5.00%, 02/15/2026 (b)		   500,000    558,714 
Maricopa County Industrial Development Authority Revenue Bonds (Ottawa University),
5.00%, 10/01/2026 (b)		   300,000    318,079 
5.13%, 10/01/2030 (b)   425,000    470,889 
Maricopa County Industrial Development Authority Revenue Bonds (Paragon
Management, Inc.)
2.88%, 07/01/2021 (b)		   135,000    135,269 
4.00%, 07/01/2026 (b)   1,250,000    1,337,492 
Phoenix Industrial Development Authority Education Facility Revenue Bonds (Freedom Academy, Inc.), 3.88%, 07/01/2021 (b)   55,000    55,211 
         12,355,267 

 

   Shares or
Principal
Amount		   Value
(US$)		 
Arkansas (1.2%)          
Arkansas Public Housing Authority Municipal Series 1 LLC Revenue Bonds, 3.75%,
09/01/2026 (a)(b)(c)		  $975,000   $972,050 
County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A
5.00%, 09/01/2025		   1,000,000    1,116,269 
5.00%, 09/01/2026   1,490,000    1,688,557 
         3,776,876 
California (2.2%)          
California Municipal Finance Authority
Revenue Bonds (Highlands Community Charter and Technical Schools),
4.00%, 11/15/2021 (b)		   1,650,000    1,652,757 
California Municipal Finance Authority
Revenue Bonds (Simpson University),
Series A 5.00%, 10/01/2026		   40,000    41,007 
5.13%, 10/01/2030   1,020,000    1,054,877 
California Municipal Finance Authority
Revenue Bonds (United Airlines, Inc.),
4.00%, 07/15/2029		   3,000,000    3,451,935 
California Municipal Finance Authority
Revenue Notes (Empire Springs Charter School, Inc.), 4.00%, 09/15/2021 (b)		   1,050,000    1,057,924 
         7,258,500 
Colorado (0.5%)          
Colorado Health Facilities Authority Revenue Bonds, Series B
5.00%, 05/15/2028		   400,000    437,344 
5.00%, 05/15/2028   100,000    104,757 
Colorado Health Facilities Authority Revenue Bonds (Frasier Meadows Manor, Inc.)
5.00%, 05/15/2025		   320,000    349,876 
Series B, 5.00%, 05/15/2029   585,000    639,616 
         1,531,593 
Connecticut (1.9%)          
City of West Haven General Obligation Unlimited Bonds
Series A, 5.00%, 11/01/2025		   325,000    373,667 
Series B, 5.00%, 11/01/2025   240,000    275,939 
Series A, 5.00%, 11/01/2026   325,000    380,910 
Series B, 5.00%, 11/01/2026   200,000    234,406 
Series A, 5.00%, 11/01/2027   635,000    755,498 
Series B, 5.00%, 11/01/2027   200,000    237,952 
State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group)
Series B-2, 2.75%, 01/01/2026 (b)		   650,000    656,590 
Series B-1, 3.25%, 01/01/2027 (b)   750,000    764,834 
Series A, 5.00%, 01/01/2030 (b)   500,000    567,571 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report     29

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

   Shares or
Principal
Amount		   Value
(US$)		 
MUNICIPAL BONDS (continued)          
Connecticut (continued)          
State Health & Educational Facilities Authority Revenue Bond (University of Hartford)
5.00%, 07/01/2025		  $400,000   $458,143 
5.00%, 07/01/2026   575,000    673,796 
5.00%, 07/01/2027   430,000    513,771 
5.00%, 07/01/2029   300,000    368,948 
         6,262,025 
Delaware (0.3%)          
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.11%, 10/01/2029 (a)   900,000    900,000 
Florida (5.7%)          
Broward County Industrial Development Revenue Bonds (Florida Power & Light Co.),
0.09%, 06/01/2045 (a)		   2,180,000    2,180,000 
Capital Trust Agency, Inc., Zero Coupon%, 01/01/2024   248,055    4,961 
Capital Trust Agency, Inc. Revenue Bonds (Educational Growth Fund LLC),
Series A-1, 3.38%, 07/01/2031 (b)		   1,745,000    1,810,263 
Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), 4.50%, 01/01/2035 (b)   300,000    329,986 
Celebration Pointe Community Development District No.1 Special Assessment Revenue Bonds, 4.75%, 05/01/2024   50,000    53,480 
City of Atlantic Beach Health Care Facilities Revenue Bonds (Naval Continuing Care Retirement Foundation, Inc.), Series A, 5.00%, 11/15/2021   200,000    203,684 
County of Bay Revenue Bonds (Florida Power & Light Co.), 0.11%, 06/01/2050 (a)   1,000,000    1,000,000 
County Of Lake Florida Retirement Facility Revenue Bonds (Waterman Communities, Inc.)
Series B-3, 3.38%, 08/15/2026		   1,000,000    1,005,229 
Series B-2, 3.75%, 08/15/2027   1,500,000    1,507,755 
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project),
Series A 4.00%, 12/15/2029 (b)		   530,000    593,434 
5.00%, 12/15/2034 (b)   530,000    631,357 
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts Charter School Project),
Series A, 5.00%, 06/15/2024 (b)		   100,000    98,106 
Florida Development Finance Corp. Solid Waste Revenue Bonds (Waste Pro USA, Inc.)
5.00%, 05/01/2029 (b)		   2,000,000    2,155,410 
5.00%, 08/01/2029 (a)(b)   2,000,000    2,071,656 
Lee County Industrial Development Authority Revenue Bonds (Florida Light & Power Co.),
Series A, 0.09%, 12/01/2046 (a)		   400,000    400,000 

 

   Shares or
Principal
Amount		   Value
(US$)		 
Palm Beach County Revenue Bonds (Provident Group – LU Properties LLC – LYNN University Housing Project), Series A
4.25%, 06/01/2031		  $1,200,000   $1,209,756 
5.00%, 06/01/2057   400,000    404,720 
Palm Beach County Revenue Bonds (Provident Group – PBAU Properties LLC – Palm Beach Atlantic University Housing Project),
Series A, 5.00%, 04/01/2029 (b)		   1,440,000    1,614,263 
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project)
Series A, 5.00%, 01/01/2029		   400,000    446,599 
5.00%, 01/01/2039   240,000    263,049 
St. Lucie County Pollution Control Revenue Bonds (Florida Power & Light Co.),
0.06%, 09/01/2028 (a)		   300,000    300,000 
Village Community Development District #12, Special Assessment Revenue Bonds,
2.88%, 05/01/2021		   170,000    170,000 
         18,453,708 
Georgia (5.7%)          
Appling County Georgia Development Authority Pollution Control Revenue Bonds, VRDN, 0.10%, 09/01/2029 (a)   1,200,000    1,200,000 
Appling County Georgia Development Authority Pollution Control Revenue Bonds (Georgia Power Company Plant Hatch Project), VRDN, 0.10%, 09/01/2041 (a)   6,400,000    6,400,000 
Dekalb Country Housing Authority Revenue Bonds (Highlands At East Atlanta Apartments Project),
1.82%, 09/01/2036 (a)(b)		   5,000,000    4,992,441 
Development Authority of Burke County Revenue Bonds (Georgia Power Co.),
0.10%, 11/01/2052 (a)		   500,000    500,000 
Development Authority of Monroe County Revenue Bonds (Georgia Power Co.),
0.10%, 11/01/2048 (a)		   1,765,000    1,765,000 
Development Authority of Monroe County Revenue Bonds (Gulf Power Co. Project),
AMT, VRDN, 0.09%, 10/01/2049 (a)		   300,000    300,000 
Floyd County Development Authority Revenue Bonds (Georgia Power Co.),
0.10%, 09/01/2026 (a)		   600,000    600,000 
Main Street Natural Gas, Inc. Revenue Bonds, Series A
5.00%, 05/15/2030		   200,000    251,207 
5.00%, 05/15/2036   1,970,000    2,731,000 
         18,739,648 
Guam (0.0%)          
Guam International Airport Authority Revenue Bonds (Antonio B. Won Pat International Airport Authority),
Series C, 5.00%, 10/01/2021		   80,000    81,470 

 

 

 

See accompanying Notes to Financial Statements.

 

 

30     2021 Semi-Annual Report

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 
   Shares or
Principal
Amount		   Value
(US$)		 
MUNICIPAL BONDS (continued)          
Idaho (0.3%)          
Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026  $800,000   $846,234 
Idaho Housing & Finance Association Revenue Bonds (Victory Charter School),
Series A, 4.00%, 07/01/2026		   130,000    138,084 
         984,318 
Illinois (5.5%)          
Chicago Board of Education General Obligation Unlimited Bonds
Series C, 5.00%, 12/01/2022		   600,000    639,435 
Series A, 5.00%, 12/01/2028   200,000    252,921 
Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds,
Series A, 4.00%, 12/01/2033		   600,000    683,704 
Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026   400,000    473,746 
Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori School), 5.00%, 02/01/2024   160,000    166,688 
Illinois Finance Authority Revenue Bonds (Benedictine University)
5.00%, 10/01/2025		   1,035,000    1,153,902 
5.00%, 10/01/2028   120,000    137,835 
5.00%, 10/01/2029   200,000    231,141 
5.00%, 10/01/2030   100,000    116,227 
Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC), Series A
5.00%, 02/15/2027		   420,000    473,280 
5.00%, 02/15/2028   400,000    453,299 
5.00%, 02/15/2029   520,000    587,684 
5.00%, 02/15/2030   335,000    377,574 
5.00%, 02/15/2031   370,000    415,661 
5.00%, 02/15/2032   225,000    252,079 
Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation)
5.00%, 12/01/2028		   250,000    292,663 
5.00%, 12/01/2029   315,000    366,632 
Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group)
5.00%, 05/15/2032		   275,000    333,995 
5.00%, 05/15/2033   290,000    350,507 
5.00%, 05/15/2034   300,000    360,402 
5.00%, 05/15/2035   315,000    376,594 
5.00%, 05/15/2036   330,000    392,621 
Metropolitan Pier & Exposition Authority Revenue Bonds
5.00%, 12/15/2025		   295,000    345,361 
5.00%, 12/15/2027   100,000    122,418 
State of Illinois General Obligation Unlimited Bonds
5.00%, 08/01/2021		   50,000    50,562 
5.00%, 08/01/2024   2,000,000    2,109,707 
Series D, 5.00%, 11/01/2026   2,780,000    3,315,342 
4.00%, 02/01/2030   745,000    840,639 

 

 

   Shares or
Principal
Amount		   Value
(US$)		 
Village of Matteson Revenue Bonds
5.00%, 12/01/2026		  $150,000   $179,613 
5.00%, 12/01/2027   150,000    183,367 
5.00%, 12/01/2028   350,000    430,140 
Village of Matteson Tax Allocation Bonds, 6.50%, 12/01/2035   1,220,000    1,339,896 
Village of Willow Springs General Obligation Unlimited Bonds, Series C, 4.45%, 12/15/2021   285,000    285,855 
         18,091,490 
Indiana (1.1%)          
City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024   105,000    112,525 
Hammond Local Public Improvement Bond Bank Revenue Bonds, Series B,
4.63%, 07/15/2023 (b)		   1,080,000    1,133,389 
Indiana Finance Authority Revenue Bonds
(Earlham College, Inc.), 5.00%, 10/01/2032		   2,250,000    2,364,988 
         3,610,902 
Kansas (0.6%)          
Kansas Hospital Loan City of Holton Revenue Bonds (Rural Health Resources of Jackson Co.,
Inc. Project), 2.50%, 07/01/2021		   2,000,000    2,001,248 
Kentucky (1.8%)          
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of Kentucky, Inc.),
Series C, 0.14%, 05/01/2034 (a)		   1,000,000    1,000,000 
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC),
Series A, AMT, VRDN, 0.09%, 11/01/2036 (a)		   3,800,000    3,800,000 
Louisville Regional Airport Authority Revenue Bonds (United Parcel Service, Inc.),
0.07%, 01/01/2029 (a)		   1,000,000    1,000,000 
         5,800,000 
Louisiana (1.7%)          
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Provident Group – ULM Properties LLC – University Of Louisiana At Manroe Project),
Series A, 5.00%, 07/01/2029 (b)		   1,000,000    1,068,882 
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (St. James Place of Baton Rouge), Series A, 5.50%, 11/15/2025   250,000    268,791 
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project), Series A
5.00%, 01/01/2024		   180,000    183,986 
5.00%, 01/01/2025   370,000    380,173 
5.00%, 01/01/2026   390,000    401,226 
5.00%, 01/01/2027   410,000    421,560 
5.00%, 01/01/2028   430,000    442,226 
5.00%, 01/01/2029   450,000    461,773 

 

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report      31

 

 

 

 

Statement of Investments (continued)

 

 April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

   Shares or
Principal
Amount		  Value
(US$)		  
MUNICIPAL BONDS (continued)       
Louisiana (continued)       
Louisiana Local Government Environmental Facilities & Community Development Authority Student Housing Revenue Bonds (Provident Group – ULM Properties LLC – University Of Louisiana At Manroe Project),
Series A, 5.00%, 07/01/2039 (b)		  $    1,000,000  $     1,026,893 
Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School Project),
Series A, 5.00%, 04/01/2030 (b)		  400,000  430,656 
Parish of St. Charles Gulf Opportunity Zone Revenue Bonds (Valero Project),
4.00%, 12/01/2040 (a)		  315,000  327,038 
      5,413,204 
Maryland (5.5%)       
Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers Project), 4.20%, 07/01/2024  85,000  88,361 
Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University), Series A
5.00%, 09/01/2027 (b)		  1,495,000  1,656,666 
5.00%, 09/01/2032 (b)  740,000  831,915 
Maryland Economic Development Corp. Revenue Bonds (CONSOL Marine Terminal, Inc.), 5.75%, 09/01/2025  1,445,000  1,459,924 
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.70%, 03/01/2030 (a)  12,510,000  12,510,000 
The Mayor and Council of Rockville Economic Development Revenue Bonds (King Farm Presbyterian Retirement Community, Inc.)
Series A-2, 5.00%, 11/01/2025		  705,000  758,616 
5.00%, 11/01/2027  600,000  647,978 
      17,953,460 
Massachusetts (1.6%)       
Lynn Housing Authority & Neighborhood Development Revenue Bonds,
4.00%, 10/01/2022		  330,000  337,127 
Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.),
4.00%, 11/15/2023 (b)		  635,000  653,955 
Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.)
4.00%, 10/01/2025 (b)		  500,000  545,798 
4.00%, 10/01/2026 (b)  500,000  545,197 
4.00%, 10/01/2027 (b)  450,000  489,934 
Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024  1,500,000  1,628,922 
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue), Series A
5.00%, 07/01/2033		  500,000  622,378 
5.00%, 07/01/2034  300,000  372,397 
      5,195,708 

   Shares or
Principal
Amount		  Value
(US$)		  
Michigan (1.4%)
Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024  $       500,000  $        548,891 
Charyl Stockwell Academy Revenue Bonds,
4.88%, 10/01/2023		  55,000  56,653 
Kalamazoo Economic Development Corp. Revenue Bonds (Heritage Community of Kalamazoo Obligated Group)
2.63%, 05/15/2025		  1,130,000  1,133,764 
5.00%, 05/15/2032  1,915,000  2,175,951 
Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez Academy Project), 4.00%, 02/01/2029  700,000  755,400 
      4,670,659 
Minnesota (1.8%)       
Rice County Educational Facility Revenue Bonds (Shattuck-St Mary's School),
Series A, 5.00%, 08/01/2022 (b)		  960,000  983,686 
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project),
5.85%, 11/01/2058 (a)(b)		  4,500,000  4,845,580 
      5,829,266 
Mississippi (8.0%)       
Meridian MS Revenue Bonds,
4.20%, 03/01/2033 (b)		  8,247,261  8,589,934 
Mississippi Business Finance Corp. Revenue Bonds (Huntington Ingalls Industries, Inc.), 4.55%, 12/01/2028  980,000  980,003 
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.)
0.10%, 12/01/2027 (a)		  300,000  300,000 
0.10%, 05/01/2028 (a)  4,300,000  4,300,000 
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT,
0.10%, 07/01/2025 (a)		  4,300,000  4,300,000 
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America),
Series A, 1.56%, 11/01/2032 (a)		  5,000,000  5,000,000 
Mississippi Development Bank Revenue Bonds (Hancock County Gomesa Project),
4.55%, 11/01/2039 (b)		  2,000,000  2,168,880 
Mississippi Pearl General Obligation Unlimited Bonds, 3.00%, 07/15/2022  630,000  629,248 
      26,268,065 
Missouri (1.1%)       
Platte County Industrial Development Authority Transportation Revenue Bonds, 5.00%, 12/01/2025  675,000  324,000 
Saint Louis County Missouri Industrial Development Authority Revenue Bonds (Ranken-Jordan Pediatric Specialty Hospital)
4.00%, 11/15/2021		  555,000  559,445 
5.00%, 11/15/2022  625,000  648,124 

 

 

See accompanying Notes to Financial Statements.

 

 

32 2021 Semi-Annual Report

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

   Shares or
Principal
Amount		  Value
(US$)		  
MUNICIPAL BONDS (continued)       
Missouri (continued)       
State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.)
3.00%, 08/01/2021		  $        140,000  $        140,732 
3.00%, 08/01/2023  140,000  146,761 
4.00%, 08/01/2025  150,000  167,819 
4.00%, 08/01/2027  440,000  505,361 
4.00%, 08/01/2029  385,000  448,158 
4.00%, 08/01/2031  310,000  363,910 
4.00%, 08/01/2036  275,000  319,528 
      3,623,838 
Nebraska (0.2%)       
Scotts Bluff County Hospital Authority Revenue Bonds (Regional West Medical Center), Series A, 5.00%, 02/01/2022  615,000  630,386 
Nevada (0.6%)       
City of Carson Hospital Revenue Bonds (Carson Tahoe Regional Healthcare)
5.00%, 09/01/2027		  605,000  749,196 
5.00%, 09/01/2029  620,000  760,545 
Nevada Department of Business & Industry Revenue Bonds (Doral Academy of Nevada),
Series A, 3.13%, 07/15/2022 (b)(d)		  320,000  323,180 
      1,832,921 
New Jersey (2.3%)       
New Jersey Economic Development Authority Revenue Bonds, 5.00%, 06/15/2021  2,000,000  2,010,805 
New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter School Project), Series A, 4.75%, 08/01/2024 (b)  90,000  95,341 
New Jersey Economic Development Authority Revenue Bonds (United Airlines, Inc.)
5.50%, 04/01/2028		  55,000  55,191 
Series B, AMT, 5.63%, 11/15/2030  455,000  510,265 
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2032  2,175,000  2,716,210 
South Jersey Port Corp. Revenue Bonds, Series B
5.00%, 01/01/2026		  300,000  354,112 
5.00%, 01/01/2027  250,000  301,997 
5.00%, 01/01/2028  255,000  313,688 
State of New Jersey General Obligation Unlimited Bonds, Series A, 5.00%, 06/01/2029  1,000,000  1,302,314 
      7,659,923 
New York (12.9%)       
Amherst Development Corp. Revenue Bonds (Daemen College)
5.00%, 10/01/2025		  600,000  676,121 
5.00%, 10/01/2026  630,000  722,586 
Brookhaven Local Development Corp. Revenue Bonds (Active Retirement Community, Inc.)
5.00%, 11/01/2021		  300,000  306,170 
5.00%, 11/01/2022  250,000  265,153 

   Shares or
Principal
Amount		  Value
(US$)		  
Buffalo & Erie County Industrial Land Development Corp. Revenue Bonds (Charter School for Applied Technologies Project), 4.00%, 06/01/2022  $       895,000  $        903,492 
Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project), Series A
4.00%, 06/01/2022 (b)		  190,000  195,830 
5.00%, 06/01/2023 (b)  370,000  398,567 
5.00%, 06/01/2024 (b)  390,000  432,607 
5.00%, 06/01/2025 (b)  410,000  467,212 
5.00%, 06/01/2026 (b)  430,000  496,249 
5.00%, 06/01/2027 (b)  450,000  517,393 
5.00%, 06/01/2032 (b)  500,000  565,312 
City of Elmira General Obligation Limited Bonds
5.00%, 07/01/2025 (b)		  1,375,000  1,503,665 
5.00%, 07/01/2033 (b)  2,635,000  2,894,659 
City of Ogdensburg General Obligation Limited Notes, 3.25%, 03/11/2022  415,849  416,920 
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031  455,000  506,589 
Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project),
Series A, 5.50%, 09/01/2022		  6,500,000  6,524,556 
Metropolitan Transportation Authority Revenue Bonds
Series B-2, 5.00%, 05/15/2021		  500,000  500,751 
Series D, 5.00%, 11/15/2021  1,000,000  1,025,168 
5.00%, 09/01/2022  2,000,000  2,124,197 
5.00%, 11/15/2022  1,050,000  1,125,192 
5.00%, 11/15/2035  4,000,000  4,748,816 
Series A-2, VRN, 5.00%, 11/15/2045 (a)  1,600,000  2,062,198 
Nassau County Tobacco Settlement Corp. Revenue Bonds,
Series A-2, 5.25%, 06/01/2026 (d)		  1,150,000  1,178,832 
New York City Industrial Development Agency Revenue Bonds (Yankee Stadium LLC),
(AGM), 2.50%, 03/01/2037		  3,000,000  3,056,696 
New York State Dormitory Authority Revenue Bonds (Touro College And University System Obligated Group),
Series A, 4.00%, 01/01/2023		  445,000  465,242 
New York State Dormitory Authority Revenue Bonds (Yeshiva University)
5.00%, 09/01/2021		  1,025,000  1,027,309 
5.00%, 09/01/2022  1,640,000  1,643,607 
5.00%, 09/01/2038  730,000  730,723 
New York State Environmental Facilities Corp. Revenue Bonds (Casella Waste Systems, Inc.),
2.75%, 09/01/2050 (a)		  1,000,000  1,033,634 
Suffolk County Economic Development Corp. Revenue Bonds (St Johnland Assisted Living, Inc.), 4.63%, 11/01/2031 (b)  1,020,000  1,037,180 
Village of Johnson City General Obligation Limited Bonds
5.00%, 10/01/2021		  115,000  116,323 
5.00%, 10/01/2022  115,000  119,285 

 

 

See accompanying Notes to Financial Statements.

 

 

  2021 Semi-Annual Report 33

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

   Shares or
Principal
Amount		  Value
(US$)		  
MUNICIPAL BONDS (continued)
New York (continued)       
Village of Valley Stream General Obligation Limited Notes, Series A, 6.50%, 05/20/2021  $    2,250,000  $     2,255,996 
      42,044,230 
North Carolina (0.3%)       
North Carolina Capital Facilities Finance Agency Revenue Bonds (Johnson & Wales University), Series A, 5.00%, 04/01/2028  795,000  856,151 
Ohio (2.4%)       
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, 5.00%, 06/01/2055  5,640,000  6,335,677 
Cleveland-Cuyahoga County Port Authority Revenue Bonds,
5.00%, 12/01/2028		  225,000  244,154 
Ohio Air Quality Development Authority Revenue Bonds (AK Steel Corp.), 6.75%, 06/01/2024  200,000  204,496 
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A
2.88%, 02/01/2026		  1,000,000  1,046,090 
3.25%, 09/01/2029  140,000  149,914 
      7,980,331 
Oregon (0.5%)       
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.10%, 06/15/2027 (a)  1,700,000  1,700,000 
Pennsylvania (4.4%)       
Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Bonds,
5.00%, 05/01/2022 (b)		  660,000  685,215 
Dauphin County General Authority Revenue Bonds (Harrisburg University of Science and Technology Project)
4.00%, 10/15/2022 (b)		  475,000  482,009 
4.25%, 10/15/2026 (b)  1,250,000  1,310,651 
5.00%, 10/15/2027 (b)  1,650,000  1,791,710 
5.00%, 10/15/2030 (b)  3,000,000  3,157,932 
Delaware County Industrial Development Authority Revenue Bonds (CCSA Foundation),
Series A, 4.38%, 06/01/2026 (b)		  2,185,000  2,359,779 
Indiana County Hospital Authority Revenue Bonds (Indiana Regional Medical Center),
Series A, 5.00%, 06/01/2023		  100,000  107,159 
Montgomery County Industrial Development Authority Revenue Bonds (Waverly Heights, Ltd. Project)
4.00%, 12/01/2027		  180,000  205,199 
4.00%, 12/01/2028  200,000  226,690 
4.00%, 12/01/2029  100,000  112,719 
4.00%, 12/01/2035  300,000  330,678 
4.00%, 12/01/2036  100,000  110,029 
4.00%, 12/01/2038  300,000  329,063 

   Shares or
Principal
Amount		  Value
(US$)		  
Philadelphia Authority for Industrial Development Revenue Bonds (Discovery Charter School Project), 5.00%, 04/01/2022  $       150,000  $        154,220 
Philadelphia School District General Obligation Limited Bonds, Series F, 5.00%, 09/01/2024  2,000,000  2,276,514 
Pottsville Hospital Facilities Authority Health Center Revenue Bonds (Lehigh Valley Health Network Obligated Group),
5.75%, 07/01/2022 (b)		  100,000  103,580 
Scranton School District General Obligation Limited Bonds
Series B, 5.00%, 06/01/2023		  100,000  109,314 
Series B, 5.00%, 06/01/2024  100,000  113,489 
Series B, 5.00%, 06/01/2025  100,000  117,286 
Series D, 5.00%, 06/01/2027  345,000  405,550 
      14,488,786 
Puerto Rico (4.2%)       
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds
Series A, 5.50%, 07/01/2021		  615,000  617,663 
(AGC-ICC), 5.50%, 07/01/2022  1,580,000  1,668,522 
Series A, 5.00%, 07/01/2027  110,000  113,065 
Electric Power Authority Revenue Bonds,
Series V, 5.25%, 07/01/2026		  1,290,000  1,419,993 
Puerto Rico Electric Power Authority Revenue Bonds       
Series SS, 5.00%, 07/01/2022  260,000  263,754 
Series PP, 5.00%, 07/01/2023  205,000  208,453 
Series SS, 5.25%, 07/01/2023 (d)  2,340,000  2,464,034 
Series PP, 5.00%, 07/01/2024  835,000  853,087 
Series UU, 5.00%, 07/01/2024  300,000  308,359 
Puerto Rico Highway & Transportation Authority Revenue Bonds
Series BB, 5.25%, 07/01/2022		  100,000  105,315 
Series L, 5.25%, 07/01/2023  520,000  547,563 
Series E, 5.50%, 07/01/2023  200,000  217,053 
Series D, 5.00%, 07/01/2027  145,000  149,040 
(AGM-CR), 5.50%, 07/01/2030  1,000,000  1,203,729 
Puerto Rico Public Buildings Authority Revenue Bonds
Series F, 5.25%, 07/01/2021		  1,200,000  1,208,338 
6.00%, 07/01/2023 (d)  1,000,000  1,071,890 
(NATL COMWLTH GTD), 6.00%, 07/01/2025  1,095,000  1,230,471 
      13,650,329 
Rhode Island (0.4%)       
Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group), Series B
5.00%, 09/01/2022		  680,000  711,094 
5.00%, 09/01/2023  500,000  539,188 
      1,250,282 

 

 

See accompanying Notes to Financial Statements.

 

 

34 2021 Semi-Annual Report

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

   Shares or
Principal
Amount		  Value
(US$)		  
MUNICIPAL BONDS (continued)       
South Carolina (0.1%)       
South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), 5.25%, 02/01/2027 (b)(e)  $    1,060,000  $        424,000 
Tennessee (0.1%)       
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project)
5.00%, 10/01/2029		  300,000  352,445 
5.00%, 10/01/2034  90,000  106,218 
      458,663 
Texas (4.4%)       
Bexar County Health Facilities Development Corp. Revenue Bonds (Army Retirement Residence Obligation Group)
5.00%, 07/15/2023		  300,000  317,447 
5.00%, 07/15/2024  150,000  162,169 
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue Bonds, 5.00%, 12/01/2021  500,000  510,267 
Calhoun County Navigation Industrial Development Authority Revenue Notes (Max Midstream Texas LLC), Series A, 7.00%, 07/27/2021 (a)(b)  3,000,000  2,999,887 
Decatur Hospital Authority Revenue Bonds (Wise Regional Health System),
Series A, 5.00%, 09/01/2023		  75,000  82,143 
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds (Brazos Presbyterian Homes, Inc.), 5.00%, 01/01/2027  895,000  983,068 
New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.)
Series C, 4.00%, 07/01/2021		  275,000  274,172 
Series C, 5.00%, 07/01/2023  300,000  292,806 
Series D, 6.00%, 07/01/2026  110,000  105,201 
Port Beaumont Navigation District Revenue Bonds (Jefferson Railport Terminal II LLC),
Series A, 3.63%, 01/01/2035 (b)		  1,500,000  1,552,225 
SA Energy Acquisition Public Facility Corp. Revenue Bonds
5.50%, 08/01/2022		  80,000  85,060 
5.50%, 08/01/2023  50,000  55,522 
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Buckingham Senior Living Community, Inc.)
Series A, 4.50%, 11/15/2021 (c)(e)		  695,000  314,487 
Series B-1, 5.63%, 11/15/2024  1,765,000  1,768,088 
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds
Series C, 1.57%, 12/15/2026 (a)(d)		  1,500,000  1,500,183 
Series D, 6.25%, 12/15/2026  2,050,000  2,408,179 
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds
5.00%, 12/15/2029		  250,000  321,292 
5.00%, 12/15/2030  375,000  488,939 

   Shares or
Principal
Amount		  Value
(US$)		  
Texas Public Finance Authority Revenue Bonds (Texas Southern University),
5.00%, 11/01/2021		  $       100,000  $       102,137 
      14,323,272 
U. S. Virgin Islands (0.4%)       
Virgin Islands Public Finance Authority Revenue Bonds, Series A, 5.00%, 10/01/2032  1,210,000  1,271,120 
Utah (3.6%)       
Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School), Series A
4.50%, 10/15/2028 (b)		  500,000  516,009 
4.63%, 10/15/2048 (a)(b)  1,000,000  1,021,098 
Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation) 3.63%, 06/15/2021 (b)(d)  195,000  195,345 
3.25%, 06/15/2031 (b)  535,000  546,113 
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy),
Series A, 4.50%, 04/15/2048 (a)(b)		  3,000,000  3,078,232 
Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.),
Series A, 4.75%, 05/15/2048 (a)(b)		  4,310,000  4,363,993 
Utah Water Finance Agency Revenue Bonds,
Series B, 0.09%, 10/01/2037 (a)		  2,145,000  2,145,000 
      11,865,790 
Washington (1.4%)       
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A
5.00%, 01/01/2024 (b)		  180,000  192,650 
5.00%, 01/01/2028 (b)  440,000  503,133 
5.00%, 01/01/2029 (b)  465,000  530,011 
5.00%, 01/01/2034 (b)  745,000  834,091 
Washington State Housing Finance Commission Revenue Bonds (Mirabella),
6.00%, 10/01/2022 (b)		  535,000  562,889 
Washington State Housing Finance Commission Revenue Bonds (Presbyterian Retirement Communities Northwest Obligated Group), 5.00%, 01/01/2023 (b)  35,000  36,113 
Washington State Housing Finance Commission Revenue Bonds (Spokane International Academy), Series A
4.00%, 07/01/2025 (b)		  355,000  385,703 
4.00%, 07/01/2026 (b)  285,000  313,239 
4.00%, 07/01/2027 (b)  295,000  326,315 
4.00%, 07/01/2028 (b)  305,000  338,609 
4.00%, 07/01/2029 (b)  320,000  355,468 
Washington State Housing Finance Commission Revenue Bonds (Wesley Homes Lea Hill LLC),
3.20%, 07/01/2021 (b)		  120,000  120,034 
      4,498,255 

 

 

See accompanying Notes to Financial Statements.

 

 

  2021 Semi-Annual Report 35

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

   Shares or
Principal
Amount		  Value
(US$)		  
MUNICIPAL BONDS (continued)       
West Virginia (0.5%)       
Glenville State College Board of Governors Revenue Bonds, 3.25%, 06/01/2022  $      340,000  $        340,209 
Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project),
4.00%, 09/01/2023		  1,235,000  1,239,141 
      1,579,350 
Wisconsin (5.7%)       
Public Finance Authority Revenue Bonds
Series A, 5.00%, 10/01/2024 (b)		  2,100,000  2,352,227 
6.00%, 01/01/2027  4,100,000  4,253,625 
Series A, 5.00%, 10/01/2029 (b)  500,000  618,167 
Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.)
Series B-2, 3.00%, 03/01/2026 (b)		  790,000  790,391 
3.50%, 03/01/2027 (b)  4,000,000  4,001,940 
Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1,
4.50%, 01/01/2035 (b)		  1,000,000  1,099,954 
Wisconsin Health & Educational Facilities Authority Revenue Bond
5.00%, 11/01/2022		  120,000  123,813 
5.00%, 11/01/2023  360,000  378,134 
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Barton College), Series A
5.00%, 03/01/2023		  850,000  870,760 
5.00%, 03/01/2028  1,190,000  1,284,493 
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College)
5.00%, 01/01/2026		  685,000  761,434 
5.00%, 01/01/2027  830,000  927,253 
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School)
5.00%, 06/15/2022		  185,000  191,914 
5.00%, 06/15/2024  210,000  234,291 
5.00%, 06/15/2026  230,000  269,256 
5.00%, 06/15/2027  160,000  191,114 
Wisconsin Public Finance Authority Revenue Bonds (Roseman University of Health Sciences), 5.00%, 04/01/2022  100,000  103,145 
      18,451,911 
Total Municipal Bonds     325,476,010 

   Shares or
Principal
Amount		  Value
(US$)		  
SHORT-TERM INVESTMENT (0.1%)       
UNITED STATES (0.1%)       
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares   $       269,442  $        269,496 
Total Short-Term Investment     269,496 
Total Investments
(Cost $318,427,061) (f)—99.8%		     325,745,506 
Other Assets in Excess of Liabilities—0.2%     729,453 
Net Assets—100.0%     $ 326,474,959 

 

(a)Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(b)Denotes a security issued under Regulation S or Rule 144A.
(c)Illiquid security.
(d)All or a portion of the security has been designated as collateral for when issued trading. When-issued trading is trading in securities that have been authorized but not yet been issued.
(e)Security is in default.
(f)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

 

 

See accompanying Notes to Financial Statements.

 

 

36 2021 Semi-Annual Report

 

 

Aberdeen Ultra Short Municipal Income Fund (Unaudited)

 

 

Average Annual Total Return1
(For periods ended April 30, 2021)		       Six
Month†		   1 Yr.   5 Yr.   10 Yr.
Class A   w/o SC   0.11%   0.42%   0.80%   0.66%
    w/SC2   0.11%   0.42%   0.80%   0.66%
Class A13   w/o SC   0.11%   0.42%   0.82%   0.67%
    w/SC2   (0.38%)   (0.07%)   0.72%   0.62%
Institutional Class4   w/o SC   0.19%   0.53%   1.04%   0.91%

 

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

 

†Not annualized
1Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail.
2A front-end sales charge was eliminated effective July, 1, 2020. Prior to that a 0.50% front-end sales charge was deducted.
3Returns before the first offering of Class A1 (February 28, 2019) are based on the previous performance of Class A. Returns of the class have not been adjusted to reflect the expenses applicable to the respective classes. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Class A would have produced because all classes invest in the same portfolio of securities. Returns for Class A shares would only differ to the extent of the difference in expenses of the classes.
4Not subject to any sales charges.

 

 

*  Minimum Initial Investment

 

Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Ultra Short Municipal Income Fund, Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 

Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index is a total return benchmark of BAA3 ratings or better designed to measure returns for tax exempt assets.

 

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

 

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report       37

 

 

 

Aberdeen Ultra Short Municipal Income Fund (Unaudited)

 

 

Portfolio Summary (as a percentage of net assets)

 

April 30, 2021 (Unaudited)

 

Asset Allocation
Municipal Bonds   98.2%  
Certificates of Deposit   3.3%  
Short-Term Investment   –%  
Liabilities in Excess of Other Assets   (1.5%)  
    100.0%  

 

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

 

Top Holdings*
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A 11/01/2032   5.4 %
Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), AMT, FRN 05/01/2050   4.8 %
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group) 08/01/2045   4.4 %
Montgomery County Higher Education and Health Authority Thomas Jefferson University Variable Rate Revenue Bonds, VRDN 09/01/2050   4.2 %
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030   3.7 %
Indiana Finance Authority Environmental Improvement Revenue Bonds (ArcelorMittal USA, Inc.) 08/01/2030   3.3 %
Black Belt Energy Gas District Revenue Bonds, FRN 12/01/2048   1.8 %
City of Yonkers General Obligation Unlimited Notes 06/30/2021   1.7 %
Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group), VRDN 08/15/2031   1.7 %
Palomar Pomerado Health Care Certificates of Participation, Series C 11/01/2036   1.7 %
Other   67.3 %
    100.0 %

 

*     For the purpose of listing top holdings, Short-Term Investments are included as part of Other.

 

Top States
New York   17.9 %
Pennsylvania   10.5 %
Texas   9.4 %
Mississippi   8.7 %
California   6.4 %
Kentucky   5.5 %
Indiana   4.5 %
Alabama   4.5 %
New Jersey   4.4 %
Maryland   4.3 %
Other   23.9 %
    100.0 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38      2021 Semi-Annual Report

 

 

 

Statement of Investments

 

April 30, 2021 (Unaudited)
Aberdeen Ultra Short Municipal Income Fund

 

  Shares or
Principal
Amount		   Value
(US$)		  
MUNICIPAL BONDS (98.2%)  
Alabama (4.5%)  
Black Belt Energy Gas District Revenue Bonds, FRN, 0.98%, 12/01/2048 (a) $ 20,000,000   $ 20,189,206  
Health Care Authority for Baptist Health Revenue Bonds, Series B
0.30%, 11/15/2037 (a)		   7,350,000     7,350,000  
0.22%, 11/01/2042 (a)   18,600,000     18,600,000  
Southeast Alabama Gas Supply District Revenue Bonds, Series A, VRN, 4.00%, 06/01/2049 (a)   5,145,000     5,664,467  
      51,803,673  
Arizona (0.8%)  
Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 0.35%, 09/01/2024 (a)   7,900,000     7,901,791  
Pinal County Industrial Development Authority Revenue Bonds (State of Arizona Department of Corrections), 4.00%, 10/01/2021   1,000,000     1,011,814  
      8,913,605  
Arkansas (0.4%)  
City of Blytheville Revenue Bonds (Nucor Corp. Project), 0.14%, 01/02/2033 (a)   4,700,000     4,700,000  
California (6.4%)  
California Infrastructure & Economic Development Bank Revenue Bonds (DesertXpress Enterprises LLC), AMT, FRN, 144A, 0.45%, 01/01/2050 (a)(b)   12,500,000     12,501,175  
California Pollution Control Financing Authority Revenue Bonds (Republic Services, Inc.) AMT, FRN, 0.18%, 11/01/2042 (a)(b)   6,500,000     6,499,743  
Series 2017-A1, 0.18%, 11/01/2042 (a)(b)   6,500,000     6,499,743  
California Statewide Communities Development Authority Revenue Bonds (Catholic Healthcare West), Series E, 0.25%, 07/01/2040 (a)   1,225,000     1,225,000  
California Statewide Communities Development Authority Revenue Bonds (Dignity Health Obligated Group), Series D, 0.14%, 07/01/2041 (a)   1,675,000     1,675,000  
California Statewide Communities Development Authority Revenue Bonds (Westgate Pasadena Apartments Project), Series B, 0.22%, 04/01/2042 (a)   8,935,000     8,935,000  
Contra Costa Country California School Tax and Revenue Anticipation Notes, 2.00%, 12/01/2021   4,500,000     4,541,767  
Palomar Pomerado Health Care Certificates of Participation
Series B, 0.69%, 11/01/2036 (a)		   4,425,000     4,425,000  
Series C, 0.69%, 11/01/2036 (a)   19,650,000     19,650,000  
Series A, 0.76%, 11/01/2036 (a)   7,100,000     7,100,000  
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.26%, 02/01/2036 (a)(b)   740,000     740,000  
      73,792,428  

 

  Shares or
Principal
Amount		   Value
(US$)		  
Connecticut (1.0%)  
City of Bridgeport General Obligation Unlimited Notes, 1.50%, 12/09/2021 $ 4,200,000   $ 4,222,345  
City of West Haven General Obligation Unlimited Bonds, Series B, 2.00%, 09/30/2021   4,800,000     4,823,218  
East Hartford Conn Housing Authority Multi Family Housing Revenue Bonds (Veterans Terrace Project), 0.25%, 06/01/2023   2,100,000     2,099,664  
      11,145,227  
Delaware (0.6%)  
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.11%, 10/01/2029 (a)   4,400,000     4,400,000  
Sussex County Revenue Bonds (Baywood LLC), Series A, 0.16%, 11/01/2027 (a)   2,100,000     2,100,000  
      6,500,000  
Florida (3.2%)  
County of Bay Revenue Bonds (Florida Power & Light Co.), 0.11%, 06/01/2050 (a)   5,760,000     5,760,000  
County of Broward FL Revenue Bonds (Florida Power & Light Co.), Series B, 0.11%, 12/01/2048 (a)   13,300,000     13,300,000  
Florida Development Finance Corp. Revenue Bonds (Shands Jacksonville Medical Center Obligated Group), Series B, 0.37%, 02/01/2029 (a)   15,107,000     15,107,000  
Miami-Dade County Industrial Development Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 0.55%, 11/01/2041 (a)   2,750,000     2,752,024  
      36,919,024  
Georgia (0.2%)  
Development Authority of Burke County Revenue Bonds (Georgia Power Co.), 0.10%, 11/01/2052 (a)   1,500,000     1,500,000  
Development Authority of Burke County Revenue Bonds (Georgia Transmission Corp.), 2.75%, 01/01/2052   1,000,000     998,405  
      2,498,405  
Illinois (2.6%)  
Illinois Finance Authority Revenue Bonds (Bohler-Uddeholm Corp. Project), 0.83%, 02/01/2037 (a)   10,000,000     10,000,000  
Illinois Finance Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 0.55%, 11/01/2044 (a)   6,000,000     6,004,416  
Illinois Housing Development Authority Revenue Bonds (Pedcor Investments-2002-LV LP), AMT, VRDN, 0.12%, 05/01/2042 (a)   1,725,000     1,725,000  

 

 

 

See accompanying Notes to Financial Statements.

 

 

2021 Semi-Annual Report    39

 

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Ultra Short Municipal Income Fund

 

  Shares or
Principal
Amount		   Value
(US$)		  
MUNICIPAL BONDS (continued)  
Illinois (continued)  
State of Illinois
4.88%, 05/01/2021		 $ 750,000   $ 750,000  
Series A, 5.00%, 10/01/2021   750,000     764,200  
State of Illinois General Obligation Bonds,
Series C 4.00%, 03/01/2022		   5,000,000     5,148,718  
4.00%, 03/01/2023   5,000,000     5,316,554  
      29,708,888  
Indiana (4.5%)  
Hammond Local Public Improvement Bond Bank Revenue Bonds, 2.00%, 12/31/2021   1,170,000     1,179,389  
Indiana Finance Authority Environmental Improvement Revenue Bonds (ArcelorMittal USA, Inc.), 0.15%, 08/01/2030 (a)   38,000,000     38,000,000  
Indianapolis Multifamily Housing Revenue Bonds (Forest Ridge),
Series A, AMT, VRDN, 0.15%, 11/01/2042 (a)		   12,900,000     12,900,000  
      52,079,389  
Kansas (1.1%)  
City of Burlington Environmental Improvement Revenue Bonds (Kansas City Power & Light Co.)
Series A, 0.16%, 09/01/2035 (a)		   5,000,000     5,000,000  
Series B, 0.16%, 09/01/2035 (a)   5,000,000     5,000,000  
City of Dodge City Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.34%, 03/01/2027 (a)   1,000,000     1,000,000  
City of Liberal Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.34%, 02/01/2029 (a)   1,000,000     1,000,000  
      12,000,000  
Kentucky (5.5%)  
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.11%, 07/01/2060 (a)   14,000,000     14,000,000  
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020B-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.11%, 07/01/2060 (a)   14,000,000     14,000,000  
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of Kentucky, Inc.), Series C, 0.14%, 05/01/2034 (a)   13,965,000     13,965,000  
Kentucky Economic Development Finance Authority Revenue Bonds (Republic Services, Inc.), Series A, AMT, FRN, 0.20%, 04/01/2031 (a)   2,400,000     2,400,000  
Kentucky Public Energy Authority Revenue Bonds Series A, 4.00%, 04/01/2048 (a)   2,300,000     2,521,839  
VRN, 4.00%, 12/01/2049 (a)   12,000,000     13,537,893  
Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 0.30%, 08/15/2023 (a)   2,100,000     2,099,940  
      62,524,672  

 

  Shares or
Principal
Amount		   Value
(US$)		  
Louisiana (1.7%)  
Louisiana Public Facilities Authority Revenue Bonds (St Mary's Dominican High School Corp.), Series B, 0.20%, 07/01/2033 (a) $ 200,000   $ 200,000  
North Webster Parish Industrial District Revenue Bonds (Continental Structural Plastics of Louisiana LLC), 2.04%, 09/01/2021 (a)   250,000     250,000  
Parish of State James Revenue Bonds (Nucor Steel Louisiana LLC), VRDN, 0.14%, 11/01/2040 (a)   11,500,000     11,500,000  
Plaquemines Port Harbor & Terminal District Revenue Bonds (International Marine Terminal Partnership Project), Series A,
0.35%, 03/15/2025 (a)		   7,500,000     7,498,705  
      19,448,705  
Maryland (4.3%)  
Maryland Economic Development Corp. Revenue Bonds (Linemark Printing/501 Prince George's Boulevard Obligated Group), 0.32%, 12/01/2033 (a)   5,470,000     5,470,000  
Maryland Economic Development Corp. Revenue Bonds (Redrock LLC Facility),
0.35%, 11/01/2022 (a)		   340,000     340,000  
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.70%, 03/01/2030 (a)   42,405,000     42,405,000  
Washington County Revenue Bonds (Conservit, Inc.), 0.32%, 02/01/2023 (a)   830,000     830,000  
      49,045,000  
Michigan (1.7%)  
Michigan State Housing Development Authority Revenue Bonds, Series A, AMT, VRDN, 0.11%, 10/01/2037 (a)   11,910,000     11,910,000  
Waterford School District General Obligation Limited Bonds, 4.00%, 08/24/2021   7,120,000     7,198,644  
      19,108,644  
Mississippi (8.7%)  
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue Bonds,
Series C, 0.30%, 05/01/2037 (a)		   14,792,000     14,792,000  
Mississippi Business Finance Corp. Revenue Bonds (Gulf Power Company Project), AMT, VRDN, 0.11%, 12/01/2049 (a)   8,900,000     8,900,000  
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.)
0.10%, 12/01/2027 (a)		   1,500,000     1,500,000  
0.10%, 05/01/2028 (a)   5,900,000     5,900,000  
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT, 0.10%, 07/01/2025 (a)   4,300,000     4,300,000  
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 1.56%, 11/01/2032 (a)   62,000,000     62,000,000  
Mississippi Business Finance Corp. Revenue Bonds (Tri-State Truck Center, Inc.), 0.23%, 03/01/2033 (a)   2,300,000     2,300,000  
      99,692,000  

 

 

 

See accompanying Notes to Financial Statements.

 

 

40    2021 Semi-Annual Report

 

 

 

Statement of Investments (continued)

 

April 30, 2021 (Unaudited)
Aberdeen Ultra Short Municipal Income Fund

 

  Shares or
Principal
Amount		   Value
(US$)		  
MUNICIPAL BONDS (continued)  
Montana (0.5%)  
Mizuho Floater/Residual Trust Revenue Bonds, VRDN 0.31%, 06/01/2034 (a)(b) $ 4,510,000   $ 4,510,000  
0.31%, 06/01/2034 (a)(b)   1,110,000     1,110,000  
      5,620,000  
Nevada (0.4%)  
State of Nevada Department of Business & Industry Revenue Bonds (DesertXpress Enterprises LLC), AMT, FRN, 144A, 0.50%, 01/01/2050 (a)(b)   5,000,000     5,000,865  
New Jersey (4.4%)  
Bordentown Sewage Authority Revenue Bonds, Series J, (BAM), 5.00%, 12/01/2021   500,000     512,842  
Borough of Bloomingdale NJ General Obligation Unlimited Notes, 1.50%, 02/24/2022   7,592,200     7,673,108  
Borough of East Rutherford NJ General Obligation Unlimited Notes, 2.00%, 04/07/2022   5,895,075     5,987,849  
Borough of Westville NJ General Obligation Unlimited Notes, Series A, 2.00%, 04/28/2022   5,090,000     5,176,659  
City of Newark General Obligation Unlimited Bonds
Series B, 2.00%, 10/05/2021		   1,160,000     1,168,412  
Series C, 2.00%, 10/05/2021   4,200,000     4,230,458  
City of Newark General Obligation Unlimited Notes, 3.50%, 07/27/2021   6,750,000     6,800,321  
City of Orange Township General Obligation Unlimited Notes, Series E, 2.00%, 06/15/2021   7,200,000     7,213,069  
City of Orange Township NJ General Obligation Unlimited Notes, Series A, 1.00%, 03/31/2022   5,000,000     5,024,516  
Gloucester County Improvement Authority Revenue Bonds (Rowan University), 0.60%, 03/01/2024   2,325,000     2,326,630  
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.21%, 12/15/2028 (a)(b)   4,835,000     4,835,000  
      50,948,864  
New York (17.9%)  
Cairo-Durham Central School District General Obligation Unlimited Notes, 1.00%, 06/29/2021   6,500,000     6,507,876  
City of Cortland General Obligation Unlimited Notes, 1.25%, 11/12/2021   7,045,000     7,078,226  
City of Long Beach General Obligation Limited Notes, 1.50%, 02/22/2022   4,250,000     4,282,628  
City of New York General Obligation Limited Bonds, VRDN
0.22%, 04/01/2042 (a)		   5,000,000     5,000,000  
0.22%, 04/01/2042 (a)   4,000,000     4,000,000  
City of Schenectady General Obligation Limited Notes, 1.00%, 05/06/2022   7,447,551     7,501,061  
City of Yonkers General Obligation Unlimited Notes, 2.00%, 06/30/2021   20,000,000     20,049,910  

 

  Shares or
Principal
Amount		   Value
(US$)		  
County of Suffolk New York General Obligation Limited Bonds
2.00%, 07/22/2021		 $ 7,000,000   $ 7,027,310  
2.00%, 08/19/2021   3,500,000     3,517,595  
2.00%, 09/24/2021   10,000,000     10,066,480  
East Ramapo central School District New York Revenue Anticipation Notes, 1.25%, 05/05/2022   2,000,000     2,017,953  
East Ramapo central School District New York Revenue Budget Notes, 1.25%, 05/05/2022   1,100,000     1,109,874  
Hastings-On-Hudson Union Free School District General Obligation Unlimited Notes, 1.50%, 03/04/2022   15,000,000     15,164,076  
Metropolitan Transportation Authority Revenue Bonds
5.00%, 05/15/2021		   3,000,000     3,004,508  
5.00%, 05/15/2021   5,230,000     5,237,859  
Series B-2, 5.00%, 05/15/2021   8,800,000     8,813,224  
Series C-2, 5.00%, 09/01/2021   1,250,000     1,269,186  
5.00%, 11/15/2021   1,000,000     1,025,168  
Series B, 5.00%, 11/15/2021   700,000     717,618  
Series D, 5.00%, 11/15/2021   700,000     717,618  
Series F, 5.00%, 11/15/2021   1,000,000     1,025,168  
4.00%, 02/01/2022   14,550,000     14,943,956  
Series B-1, 5.00%, 05/15/2022   10,000,000     10,484,306  
5.00%, 09/01/2022   9,760,000     10,366,079  
New York City General Obligation Unlimited Bonds
Series A-4, 0.23%, 08/01/2026 (a)		   1,550,000     1,550,000  
Series C-4, 0.18%, 10/01/2027 (a)   8,950,000     8,950,000  
Series J-2, 0.25%, 06/01/2036 (a)   2,050,000     2,050,000  
Series J-3, 0.25%, 06/01/2036 (a)   17,325,000     17,325,000  
New York City Industrial Development Agency Revenue Bonds (Novelty Crystal Corp.), 0.51%, 12/01/2034 (a)   1,200,000     1,200,000  
Oneida County Industrial Development Agency Revenue Bonds (Champion Home Builders Co. Facility), 0.31%, 06/01/2029 (a)   6,820,000     6,820,000  
Triborough Bridge & Tunnel Authority Revenue Bonds, Series B4A, 0.39%, 01/01/2032 (a)   4,000,000     4,000,426  
Village of Clayton NY General Obligation Limited Bonds, 2.00%, 10/21/2021   2,925,000     2,944,874  
Village of Johnson City General Obligation Limited Bonds, 1.50%, 10/01/2021   9,609,886     9,643,344  
      205,411,323  
North Carolina (0.3%)  
Hertford County Industrial Facilities & Pollution Control Financing Authority Revenue Bonds (Nucor Corp.),
Series A, 0.14%, 11/01/2033 (a)		   3,700,000     3,700,000  
Oklahoma (2.9%)  
Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group ), VRDN
0.17%, 08/15/2031 (a)		   13,770,000     13,770,000  
0.17%, 08/15/2031 (a)   19,750,000     19,750,000  
      33,520,000  

 

 

 

 See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report      41

 

 

 

Statement of Investments (concluded)

 

April 30, 2021 (Unaudited)
Aberdeen Ultra Short Municipal Income Fund

 

  Shares or
Principal
Amount		   Value
(US$)		  
MUNICIPAL BONDS (continued)  
Oregon (0.0%)  
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.10%, 06/15/2027 (a) $ 100,000   $ 100,000  
Pennsylvania (10.5%)  
Delaware Valley Regional Finance Authority Local Government Revenue Bonds, 2020 Series C, R-Floats Weekly Rate Mode (Pa), 0.14%, 11/01/2055 (a)   12,150,000     12,150,000  
Franklin County Industrial Development Authority Revenue Bonds (Precast System LLC), Series A, 0.35%, 11/01/2021 (a)   50,000     50,000  
Montgomery County Higher Education and Health Authority Thomas Jefferson University Variable Rate Revenue Bonds, VRDN, 0.17%, 09/01/2050 (a)(c)   48,030,000     48,030,000  
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group), 0.18%, 08/01/2045 (a)   50,000,000     50,000,000  
Philadelphia Authority for Industrial Development Revenue Bonds (Thomas Jefferson University Obligated Group), Series 2017B, 0.17%, 09/01/2050 (a)   10,000,000     10,000,000  
      120,230,000  
South Carolina (0.2%)  
South Carolina Jobs-Economic Development Authority Revenue Bonds (Prisma Health Obligated Group), VRDN, 0.17%, 05/01/2048 (a)   2,225,000     2,225,000  
Tennessee (0.1%)  
Wilson County Industrial Development Board Revenue Bonds (Kenwal Steel Tennessee LLC), 0.40%, 06/01/2037 (a)   915,000     915,000  
Texas (9.4%)  
Katy Independent School District Refunding Bonds, Series C, 0.36%, 08/15/2036 (a)   4,320,000     4,320,251  
Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), AMT, FRN, 0.18%, 05/01/2050 (a)   55,000,000     55,000,000  
Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP)
0.17%, 04/01/2028 (a)		   7,000,000     7,000,000  
0.17%, 01/01/2030 (a)   11,800,000     11,800,000  
State of Texas Tax and Revenue Anticipation Notes, AMT, VRDN, 0.09%, 12/01/2038 (a)   3,155,000     3,155,000  
Texas Department of Housing & Community Affairs Revenue Bonds, AMT, VRDN
0.12%, 09/01/2036 (a)		   11,930,000     11,930,000  
0.12%, 09/01/2038 (a)   11,945,000     11,945,000  
Texas Municipal Gas Acquisition & Supply Corp III Revenue Bonds
5.00%, 12/15/2021		   1,150,000     1,183,199  
5.00%, 12/15/2022   1,150,000     1,235,933  
      107,569,383  

 

  Shares or
Principal
Amount		   Value
(US$)		  
Washington (0.3%)  
Port of Grays Harbor Industrial Development Corp. Revenue Bonds (Murphy Co.), 0.10%, 11/01/2026 (a) $ 3,000,000   $ 3,000,000  
West Virginia (1.0%)  
West Virginia Hospital Finance Authority Revenue Bonds (West Virginia United Health System Obligated Group), Series E, 0.16%, 06/01/2033 (a)   11,085,000     11,085,000  
Wisconsin (3.1%)  
Appleton Redevelopment Authority Revenue Bonds (Fox Cities Performing Arts Center, Inc.), Series B, 0.14%, 06/01/2036 (a)   9,200,000     9,200,000  
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.26%, 12/15/2040 (a)(b)   2,230,000     2,230,000  
Town of Red Cedar Revenue Bonds (Covia Solutions, Inc.), AMT, VRDN, 0.11%, 09/01/2027 (a)   10,000,000     10,000,000  
Wisconsin Health & Educational Facilities Authority Revenue Bonds, 0.18%, 02/15/2053 (a)   14,290,000     14,290,000  
      35,720,000  
Total Municipal Bonds     1,124,925,095  
SHORT-TERM INVESTMENT (3.3%)  
UNITED STATES (3.3%)  
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares   137,894     137,922  
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.15%, 06/03/2021   24,465,000     24,465,000  
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.15%, 05/03/2021   13,600,000     13,600,000  
Total Short-Term Investment     38,202,922  
Total Investments
(Cost $1,162,227,465) (d)—101.5%		     1,163,128,017  
Liabilities in Excess of Other Assets—(1.5)%     (17,542,208 )
Net Assets—100.0%   $ 1,145,585,809  

 

 

(a)Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(b)Denotes a security issued under Regulation S or Rule 144A.
(c)Illiquid security.
(d)See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

FRN     Floating Rate Note

 

 

See accompanying Notes to Financial Statements.

 

 

42      2021 Semi-Annual Report

 

 

 

 

Statements of Assets and Liabilities (Unaudited)

 

April 30, 2021

 

  Aberdeen
Emerging
Markets Debt
Fund		   Aberdeen
Global
Absolute Return
Strategies Fund		   Aberdeen
Intermediate
Municipal
Income Fund		   Aberdeen
Short Duration
High Yield
Municipal Fund		   Aberdeen
Ultra Short
Municipal
Income Fund		  
Assets:                              
Investments, at value $  41,350,447   $   4,096,715   $ 64,179,767   $ 325,476,010   $ 1,124,925,095  
Short-term investments, at value   1,281,641     18,537,273     88,902     269,496     38,202,922  
Cash   –     –     –     600,048     –  
Foreign currency, at value   10,820     174,015     –     –     –  
Cash collateral pledged for futures   –     136,329     –     –     –  
Cash at broker for forward foreign currency contracts   90,000     –     –     –     –  
Interest and dividends receivable   588,819     25,350     800,959     3,623,494     3,188,397  
Receivable for investments sold   194,000     736,386     –     1,312,428     1,400,108  
Receivable for capital shares issued   42,590     88     –     464,958     895,537  
Receivable from Adviser   17,736     27,859     17,807     123,676     243,879  
Unrealized appreciation on forward foreign currency exchange contracts   28,322     303,242     –     –     –  
Tax reclaim receivable   –     1,279     –     –     –  
Prepaid expenses   28,315     30,851     35,579     43,416     95,718  
Total assets   43,632,690     24,069,387     65,123,014     331,913,526     1,168,951,656  
Liabilities:  
Due to custodian   120     –     –     –     1,400,108  
Payable for investments purchased   639,952     736,386     790,248     4,954,842     19,958,726  
Unrealized depreciation on forward foreign currency exchange contracts   105,142     348,155     –     –     –  
Distributions payable   –     –     4,553     22,633     2,333  
Payable for capital shares redeemed   7,921     23,517     4,500     136,502     1,222,308  
Variation margin payable for centrally cleared swaps   –     7,293     –     –     –  
Variation margin payable for futures contracts   –     1,526     –     –     –  
Written options outstanding, at value   –     25,340     –     –     –  
Accrued expenses and other payables:  
Investment advisory fees   21,714     11,209     22,427     171,134     353,221  
Custodian fees   26,559     187,057     5,167     13,025     36,261  
Administration fees   2,895     1,495     4,222     25,497     74,385  
Audit fees   22,539     21,318     20,829     16,108     25,406  
Legal fees   2,597     1,035     3,062     29,422     50,615  
Fund accounting fees   2,658     1,194     3,564     15,037     56,893  
Sub-transfer agent and administrative services fees   1,364     1,367     880     8,609     38,898  
Distribution fees   1,685     844     1,586     6,663     21,971  
Transfer agent fees   2,741     3,333     14,279     1,727     7,058  
Printing fees   2,173     5,757     2,922     –     –  
Other accrued expenses   27,326     21,833     27,658     37,368     117,664  
Total liabilities   867,386     1,398,659     905,897     5,438,567     23,365,847  
Net Assets   $  42,765,304     $ 22,670,728     $ 64,217,117     $326,474,959     $ 1,145,585,809  
   
Cost:  
Investments $  42,419,908   $   4,001,815   $ 59,573,879   $ 318,157,565   $ 1,124,024,543  
Short-term investment   1,281,641     18,537,099     88,902     269,496     38,202,922  
Foreign currency   10,776     173,333     –     –     –  
Premiums on written options   –     30,627     –     –     –  
Represented by:  
Capital $  47,656,372   $ 21,889,576   $ 59,913,254   $ 328,338,387   $ 1,145,292,938  
Distributable earnings (accumulated loss)   (4,891,068 )    781,152     4,303,863     (1,863,428 )    292,871  
Net Assets   $  42,765,304     $ 22,670,728     $ 64,217,117     $ 326,474,959     $ 1,145,585,809  
   
Net Assets:  
Class A Shares $       252,432   $   1,555,219   $   6,642,717   $  20,625,792   $    214,170,220  
Class A1 Shares   –     –     –     –     558,346  
Class C Shares   17,262     719,316     274,919     10,157     –  
Class R Shares   4,017,723     –     –     –     –  
Institutional Service Class Shares   83,972     7,407,966     20,157     –     –  
Institutional Class Shares   38,393,915     12,988,227     57,279,324     305,839,010     930,857,243  
Total   $  42,765,304     $ 22,670,728   $ 64,217,117     $ 326,474,959     $ 1,145,585,809  
                               

 

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

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report 43

 

 

 

  

Statements of Assets and Liabilities (Unaudited) (concluded)

 

April 30, 2021

 

  Aberdeen
Emerging
Markets Debt
Fund		   Aberdeen
Global
Absolute Return
Strategies Fund		   Aberdeen
Intermediate
Municipal
Income Fund		   Aberdeen
Short Duration
High Yield
Municipal Fund		   Aberdeen
Ultra Short
Municipal
Income Fund		  
Shares Outstanding (unlimited number of shares authorized):                              
Class A Shares   26,715     147,654     670,743     2,013,917     21,204,348  
Class A1 Shares   –     –     –     –     55,245  
Class C Shares   1,834     69,755     27,810     992     –  
Class R Shares   427,556     –     –     –     –  
Institutional Service Class Shares   8,863     699,300     2,033     –     –  
Institutional Class Shares   4,048,791     1,216,810     5,779,088     29,858,019     92,689,750  
Total   4,513,759     2,133,519     6,479,674     31,872,928     113,949,343  
 
Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively):                              
Class A Shares $ 9.45   $ 10.53   $ 9.90   $ 10.24   $ 10.10  
Class A1 Shares (b) $ –   $ –   $ –   $ –   $ 10.11  
Class C Shares (a) $ 9.41   $ 10.31   $ 9.89   $ 10.24   $ –  
Class R Shares $ 9.40   $ –   $ –   $ –   $ –  
Institutional Service Class Shares $ 9.47   $ 10.59   $ 9.91   $ –   $ –  
Institutional Class Shares $ 9.48   $ 10.67   $ 9.91   $ 10.24   $ 10.04  
Maximum Offering Price Per Share (100%/(100% – maximum sales charge) of net asset value adjusted to the nearest cent):                              
Class A Shares $ 9.74   $ 10.86   $ 10.15   $ 10.50   $ –  
Class A1 Shares   –     –     –     –     10.15  
Maximum Sales Charge:  
Class A Shares   3.00 (c)%    3.00 (c)%    2.50 (d)%    2.50 (d)%   0.50 % 
Class A1 Shares   – %   – %    – %   – %    0.50 % 

 

(a)For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year due to contingent deferred sales charge.
(b)Unless you are otherwise eligible to purchase Class A1 shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.25% will be charged on Class A1 shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.
(c)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.
(d)Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.75% will be charged on Class A shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid.
  
Amountslisted as "–" are $0 or round to $0.

 

See accompanying Notes to Financial Statements.

 

44 2021 Semi-Annual Report

  

 

 

 

Statements of Operations (Unaudited)

 

For the Six-Month Period Ended April 30, 2021

 

  Aberdeen
Emerging
Markets Debt
Fund		   Aberdeen
Global
Absolute Return
Strategies Fund		   Aberdeen
Intermediate
Municipal
Income Fund		   Aberdeen
Short Duration
High Yield
Municipal Fund		   Aberdeen
Ultra Short
Municipal
Income Fund		  
INVESTMENT INCOME:  
Dividend income   $            –     $     34,687     $          10     $              39     $              34  
Interest income   1,236,678     27,410     1,044,277     5,118,650     3,643,754  
Foreign tax withholding   (93 )    (1,512 )    –     –     –  
Total Income   1,236,585     60,585     1,044,287     5,118,689     3,643,788  
EXPENSES:  
Investment advisory fees   142,518     67,313     136,508     998,289     2,919,740  
Trustee fees   1,998     857     2,553     11,086     43,407  
Administration fees   19,002     8,975     25,696     124,840     467,158  
Legal fees   2,266     967     2,892     72,711     49,855  
Audit fees   21,435     30,212     19,725     20,926     24,274  
Printing fees   3,335     6,008     4,450     16,304     30,024  
Custodian fees   9,953     69,833     1,951     4,859     13,572  
Transfer agent fees   6,242     8,144     30,592     13,837     25,711  
Distribution fees Class A   365     1,585     8,235     26,605     300,718  
Distribution fees Class A1   –     –     –     –     692  
Distribution fees Class C   490     3,148     1,355     36     –  
Distribution fees Class R   9,461     –     –     –     –  
Sub-transfer agent Institutional Class   6,487     1,942     2,240     78,804     307,083  
Sub-transfer agent and administrative service fees Class A   174     354     389     6,034     69,114  
Sub-transfer agent and administrative service fees Class A1   –     –     –     –     7  
Sub-transfer agent Class C   40     205     48     1     –  
Sub-transfer agent and administrative service fees Class R   2,838     –     –     –     –  
Sub-transfer agent and administrative service fees Institutional Service Class   22     4,912     –     –     –  
Fund accounting fees   950     449     1,285     6,242     23,358  
Registration and filing fees   32,961     27,383     27,982     31,415     73,176  
Other   16,326     16,196     16,459     25,728     76,158  
Total expenses before reimbursed/waived expenses   276,863     248,483     282,360     1,437,717     4,424,047  
Interest Expense (a)   611     –     –     –     27  
Total operating expenses before reimbursed/waived expenses   277,474     248,483     282,360     1,437,717     4,424,074  
Expenses reimbursed   (109,119 )    (165,561 )    (111,783 )    (396,748 )    (1,606,186 ) 
Net expenses   168,355     82,922     170,577     1,040,969     2,817,888  
Net Investment Income/(Loss)   1,068,230     (22,337 )    873,710     4,077,720     825,900  
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:  
Realized gain/(loss) on investment transactions   1,373,912     1,226,405     (296,841 )    (1,813,051 )    (244,671 ) 
Realized gain/(loss) on futures contracts   –     (75,274 )    –     –     –  
Written options   –     31,554     –     –     –  
Realized gain/(loss) on swap contracts   –     (16,843 )    –     –     –  
Realized gain/(loss) on forward foreign currency exchange contracts   (378,196 )    (315,817 )    –     –     –  
Realized gain/(loss) on foreign currency transactions   (326 )    156,161     –     –     –  
Net realized gain/(loss) from investments, futures contracts, swap contracts, forward foreign currency contracts and foreign currency transactions   995,390     1,006,186     (296,841 )    (1,813,051 )    (244,671 ) 
Net change in unrealized appreciation/(depreciation) on investment transactions   1,062,412     (328,114 )    1,554,303     9,206,546     1,445,144  
Net change in unrealized appreciation/(depreciation) on swap contracts   –     (93,119 )   –     –     –  
Net change in unrealized appreciation/(depreciation) on futures contracts   –     68,369     –     –     –  
Net change in unrealized appreciation/(depreciation) on written options   –     94,052     –     –     –  
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange rate contracts   (175,096 )    (145,759 )    –     –     –  
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies   12,601     (381 )    –     –     –  
Net change in unrealized appreciation/(depreciation) from investments, futures contracts, swap contracts, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies   899,917     (404,952 )    1,554,303     9,206,546     1,445,144  
Net realized/unrealized gain from investments, futures contracts, swaps and foreign currency transactions   1,895,307     601,234     1,257,462     7,393,495     1,200,473  
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS   $2,963,537     $578,897     $2,131,172     $11,471,215     $2,026,373  

 

(a)  See Note 9 for additional information.

 

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

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report 45

 

 

 

 

Statements of Changes in Net Assets

 

 

 

   Aberdeen Emerging
Markets Debt Fund		   Aberdeen Global Absolute
Return Strategies Fund		   Aberdeen Intermediate
Municipal Income Fund (a)		 
   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		 
FROM INVESTMENT ACTIVITIES:                              
Operations:                              
Net investment income/(loss)   $ 1,068,230    $2,518,037    $  (22,337)   $  145,516    $  873,710    $  1,965,910 
Net realized gain/(loss) from investments, futures contracts, swap contracts, forward foreign currency contracts and foreign currency transactions   995,390    (1,044,552)   1,006,186    164,840    (296,841)   106,838 
Net change in unrealized appreciation/ (depreciation) on investments, futures contracts, swap contracts, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies   899,917    (2,428,644)   (404,952)   468,325    1,554,303    (1,362,746)
Changes in net assets resulting from operations   2,963,537    (955,159)   578,897    778,681    2,131,172    710,002 
Distributions to Shareholders From:                              
Distributable earnings:                              
Class A   (9,701)   (18,526)   (2,060)   (11,744)   (92,924)   (194,812)
Class C   (3,466)   (4,497)   (401)   (287)   (2,823)   (5,382)
Class R   (111,790)   (135,904)   –    –    –    (102)
Institutional Service Class   (2,623)   (1,479)   (17,552)   (172,288)   (305)   (613)
Institutional Class   (1,293,664)   (1,863,463)   (47,938)   (260,575)   (884,429)   (1,863,887)
Change in net assets from shareholder distributions   (1,421,244)   (2,023,869)   (67,951)   (444,894)   (980,481)   (2,064,796)
Change in net assets from capital transactions   (11,182,780)   3,508,099    384,641    8,688,209    (1,907,806)   (4,736,370)
Change in net assets   (9,640,487)   529,071    895,587    9,021,996    (757,115)   (6,091,164)
Net Assets:                              
Beginning of period   52,405,791    51,876,720    21,775,141    12,753,145    64,974,232    71,065,396 
End of period   $42,765,304    $52,405,791    $22,670,728    $21,775,141    $64,217,117    $64,974,232 

 

(a)Effective February 28, 2020, Class R had zero assets. On February 28, 2020, the Aberdeen Intermediate Municipal Income Fund ceased offering Class R Shares.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46 2021 Semi-Annual Report

 

 

 

 

Statements of Changes in Net Assets (continued)

 

 

 

   Aberdeen Emerging
Markets Debt Fund		   Aberdeen Global Absolute
Return Strategies Fund		   Aberdeen Intermediate
Municipal Income Fund (a)		 
   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		 
CAPITAL TRANSACTIONS:                              
Class A Shares                              
Proceeds from shares issued   $     29,000    $     352,813    $     599,977    $     479,659    $     56,978    $    168,732 
Dividends reinvested   6,983    17,316    1,986    11,491    67,545    136,429 
Cost of shares redeemed   (92,159)   (898,944)   (149,725)   (230,065)   (269,682)   (1,018,550)
Total Class A   (56,176)   (528,815)   452,238    261,085    (145,159)   (713,389)
Class C Shares                              
Proceeds from shares issued   –    159,820    150,000    591,129    1,496    38,410 
Dividends reinvested   3,466    4,497    401    287    2,836    5,363 
Cost of shares redeemed   (128,689)   (122,537)   (111,906)   (70,992)   (3,874)   (21,015)
Total Class C   (125,223)   41,780    38,495    520,424    458    22,758 
Class R Shares                              
Proceeds from shares issued   641,317    463,579    –    –    –    – 
Dividends reinvested   111,790    135,904    –    –    –    81 
Cost of shares redeemed (b)   (382,703)   (1,102,856)   –    –    –    (11,652)
Total Class R   370,404    (503,373)   –    –    –    (11,571)
Institutional Service Class Shares                              
Proceeds from shares issued   417    63,322    405,751    630,476    –    20,956 
Dividends reinvested   2,623    1,479    17,235    169,159    306    582 
Cost of shares redeemed   (90)   (5,359)   (1,351,519)   (1,691,964)   (15)   (19,111)
Total Institutional Service Class   2,950    59,442    (928,533)   (892,329)   291    2,427 
Institutional Class Shares                              
Proceeds from shares issued   3,893,374    9,083,124    1,306,465    11,383,780    664,415    1,689,260 
Dividends reinvested   1,282,262    1,832,746    47,855    260,091    711,529    1,499,054 
Cost of shares redeemed   (16,550,371)   (6,476,805)   (531,879)   (2,844,842)   (3,139,340)   (7,224,909)
Total Institutional Class   (11,374,735)   4,439,065    822,441    8,799,029    (1,763,396)   (4,036,595)
Change in net assets from capital transactions:   $(11,182,780)    $ 3,508,099    $384,641    $8,688,209    $(1,907,806)   $(4,736,370)

 

(a)Effective February 28, 2020, Class R had zero assets. On February 28, 2020, the Aberdeen Intermediate Municipal Income Fund ceased offering Class R Shares.
(b)Includes redemption fees, if any.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 47

 

 

 

 

Statements of Changes in Net Assets (concluded)

 

 

 

   Aberdeen Emerging
Markets Debt Fund		   Aberdeen Global Absolute
Return Strategies Fund		   Aberdeen Intermediate
Municipal Income Fund (a)		 
   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		 
SHARE TRANSACTIONS:                              
Class A Shares                              
Issued   3,045    37,203    56,884    47,338    5,734    17,181 
Reinvested   725    1,819    188    1,142    6,842    13,932 
Redeemed   (9,731)   (93,968)   (14,148)   (22,856)   (27,340)   (103,981)
Total Class A Shares   (5,961)   (54,946)   42,924    25,624    (14,764)   (72,868)
Class C Shares                              
Issued   –    16,467    14,515    58,660    152    3,885 
Reinvested   361    478    39    29    288    549 
Redeemed   (13,912)   (12,960)   (10,594)   (7,137)   (392)   (2,133)
Total Class C Shares   (13,551)   3,985    3,960    51,552    48    2,301 
Class R Shares                              
Issued   68,015    49,525    –    –    –    – 
Reinvested   11,669    14,469    –    –    –    9 
Redeemed   (40,649)   (121,144)   –    –    –    (1,150)
Total Class R Shares   39,035    (57,150)   –    –    –    (1,141)
Institutional Service Class Shares                              
Issued   43    6,558    37,774    62,094    –    2,067 
Reinvested   272    157    1,623    16,748    31    59 
Redeemed   (9)   (590)   (127,731)   (166,979)   (2)   (2,068)
Total Institutional Service Class Shares   306    6,125    (88,334)   (88,137)   29    58 
Institutional Class Shares                              
Issued   401,547    967,952    122,263    1,110,411    67,249    172,791 
Reinvested   132,877    194,571    4,472    25,574    72,021    152,982 
Redeemed   (1,702,599)   (719,093)   (49,354)   (275,955)   (317,536)   (737,200)
Total Institutional Class Shares   (1,168,175)   443,430    77,381    860,030    (178,266)   (411,427)
Total change in shares:   (1,148,346)   341,444    35,931    849,069    (192,953)   (483,077)

 

(a)Effective February 28, 2020, Class R had zero assets. On February 28, 2020, the Aberdeen Intermediate Municipal Income Fund ceased offering Class R Shares.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

48 2021 Semi-Annual Report

 

 

 

 

Statements of Changes in Net Assets

 

 

 

   Aberdeen Short Duration
High Yield Municipal Fund		   Aberdeen Ultra Short
Municipal Income Fund		 
   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		 
FROM INVESTMENT ACTIVITIES:                    
Operations:                    
Net investment income   $   4,077,720    $   8,038,965    $        825,900    $      9,180,811 
Net realized gain/(loss) from investments, futures contracts, swap contracts, forward foreign currency contracts and foreign currency transactions   (1,813,051)   (1,967,350)   (244,671)   7,091 
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, swap contracts, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies   9,206,546    (5,731,312)   1,445,144    (628,850)
Changes in net assets resulting from operations   11,471,215    340,303    2,026,373    8,559,052 
Distributions to Shareholders From:                    
Distributable earnings:                    
Class A   (249,993)   (713,836)   (29,326)   (1,509,615)
Class A1   –    –    (67)   (437)
Class C   (52)   –    –    – 
Institutional Class   (3,780,598)   (7,291,360)   (793,823)   (7,684,814)
Change in net assets from shareholder distributions   (4,030,643)   (8,005,196)   (823,216)   (9,194,866)
Change in net assets from capital transactions   26,465,101    42,940,733    (47,666,830)   307,268,709 
Change in net assets   33,905,673    35,275,840    (46,463,673)   306,632,895 
Net Assets:                    
Beginning of period   292,569,286    257,293,446    1,192,049,482    885,416,587 
End of period   $326,474,959    $292,569,286    $1,145,585,809    $1,192,049,482 

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 49

 

 

 

 

Statements of Changes in Net Assets (concluded)

 

 

 

   Aberdeen Short Duration
High Yield Municipal Fund		   Aberdeen Ultra Short
Municipal Income Fund		 
   Six-Month
Period Ended
April 30,
2021
(Unaudited)		   Year Ended
October 31,
2020		   Six-Month
Period Ended
April 30,
2020
(Unaudited)		   Year Ended
October 31,
2020		 
CAPITAL TRANSACTIONS:                    
Class A Shares                    
Proceeds from shares issued   $  3,678,262    $   6,852,944    $  38,502,603    $  248,534,228 
Dividends reinvested   243,140    698,600    29,517    1,489,406 
Cost of shares redeemed   (6,246,442)   (11,919,000)   (87,713,777)   (191,270,157)
Total Class A   (2,325,040)   (4,367,456)   (49,181,657)   58,753,477 
Class A1 Shares                    
Proceeds from shares issued   –    –    –    522,320 
Dividends reinvested   –    –    70    436 
Cost of shares redeemed   –    –    (15)   – 
Total Class A1   –    –    55    522,756 
Class C Shares                    
Proceeds from shares issued   10,000    –    –    – 
Dividends reinvested   44    –    –    – 
Cost of shares redeemed   –    –    –    – 
Total Class C   10,044    –    –    – 
Institutional Class Shares                    
Proceeds from shares issued   97,799,255    156,905,352    518,790,878    951,189,708 
Dividends reinvested   2,896,098    5,941,741    682,412    6,439,517 
Cost of shares redeemed   (71,915,256)   (115,538,904)   (517,958,518)   (709,636,749)
Total Institutional Class   28,780,097    47,308,189    1,514,772    247,992,476 
Change in net assets from capital transactions:   $26,465,101    $ 42,940,733    $ (47,666,830)   $ 307,268,709 
SHARE TRANSACTIONS:                    
Class A Shares                    
Issued   361,437    673,668    3,813,266    24,628,361 
Reinvested   23,913    69,375    2,924    147,584 
Redeemed   (614,458)   (1,190,504)   (8,686,298)   (18,956,286)
Total Class A Shares   (229,108)   (447,461)   (4,870,108)   5,819,659 
Class A1 Shares                    
Issued   –    –    –    51,715 
Reinvested   –    –    7    43 
Redeemed   –    –    (2)   – 
Total Class A1 Shares   –    –    5    51,758 
Class C Shares                    
Issued   988    –    –    – 
Reinvested   4    –    –    – 
Redeemed   –    –    –    – 
Total Class C Shares   992    –    –    – 
Institutional Class Shares                    
Issued   9,606,976    15,559,801    51,670,607    94,804,201 
Reinvested   284,692    590,112    67,969    641,628 
Redeemed   (7,062,911)   (11,531,243)   (51,596,606)   (70,726,848)
Total Institutional Class Shares   2,828,757    4,618,670    141,970    24,718,981 
Total change in shares:   2,600,641    4,171,209    (4,728,133)   30,590,398 

 

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

 

See accompanying Notes to Financial Statements.

 

50 2021 Semi-Annual Report

 

 

 

Financial Highlights

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Emerging Markets Debt Fund

 

      Investment Activities   Distributions    
  Net
Asset
Value,
Beginning
of Period		   Net
Investment
Income
(a)		   Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		   Total
from
Investment
Activities		   Net
Investment
Income		   Tax
Return
of
Capital		   Total
Distributions		   Net
Asset
Value,
End of
Period
Class A Shares                                                              
Six Months Ended April 30, 2021* $  9.24     $ 0.20     $  0.31     $  0.51     $(0.30 )   $       –     $(0.30 )   $  9.45  
Year Ended October 31, 2020   9.72       0.43       (0.58 )     (0.15 )     (0.33 )     –       (0.33 )     9.24  
Year Ended October 31, 2019   8.97       0.50       0.62       1.12       (0.37 )     –       (0.37 )     9.72  
Year Ended October 31, 2018   10.27       0.47       (1.26 )     (0.79 )     (0.51 )     –       (0.51 )     8.97  
Year Ended October 31, 2017   9.73       0.49       0.30       0.79       (0.25 )     –       (0.25 )     10.27  
Year Ended October 31, 2016   8.77       0.57       0.65       1.22       (0.22 )     (0.04 )     (0.26 )     9.73  
Class C Shares                                                              
Six Months Ended April 30, 2021*   9.19       0.16       0.34       0.50       (0.28 )     –       (0.28 )     9.41  
Year Ended October 31, 2020   9.69       0.36       (0.58 )     (0.22 )     (0.28 )     –       (0.28 )     9.19  
Year Ended October 31, 2019   8.90       0.44       0.64       1.08       (0.29 )     –       (0.29 )     9.69  
Year Ended October 31, 2018   10.22       0.43       (1.28 )     (0.85 )     (0.47 )     –       (0.47 )     8.90  
Year Ended October 31, 2017   9.68       0.44       0.29       0.73       (0.19 )     –       (0.19 )     10.22  
Year Ended October 31, 2016   8.76       0.57       0.59       1.16       (0.21 )     (0.03 )     (0.24 )     9.68  
Class R Shares                                                              
Six Months Ended April 30, 2021*   9.19       0.19       0.31       0.50       (0.29 )     –       (0.29 )     9.40  
Year Ended October 31, 2020   9.69       0.39       (0.57 )     (0.18 )     (0.32 )     –       (0.32 )     9.19  
Year Ended October 31, 2019   8.93       0.47       0.64       1.11       (0.35 )     –       (0.35 )     9.69  
Year Ended October 31, 2018   10.25       0.46       (1.28 )     (0.82 )     (0.50 )     –       (0.50 )     8.93  
Year Ended October 31, 2017   9.72       0.47       0.30       0.77       (0.24 )     –       (0.24 )     10.25  
Year Ended October 31, 2016   8.77       0.51       0.69       1.20       (0.22 )     (0.03 )     (0.25 )     9.72  
Institutional Service Class Shares                                                          
Six Months Ended April 30, 2021*   9.25       0.22       0.31       0.53       (0.31 )     –       (0.31 )     9.47  
Year Ended October 31, 2020   9.76       0.46       (0.59 )     (0.13 )     (0.38 )     –       (0.38 )     9.25  
Year Ended October 31, 2019   8.99       0.53       0.65       1.18       (0.41 )     –       (0.41 )     9.76  
Year Ended October 31, 2018   10.30       0.52       (1.28 )     (0.76 )     (0.55 )     –       (0.55 )     8.99  
Year Ended October 31, 2017   9.75       0.54       0.30       0.84       (0.29 )     –       (0.29 )     10.30  
Year Ended October 31, 2016   8.78       0.64       0.61       1.25       (0.24 )     (0.04 )     (0.28 )     9.75  
Institutional Class Shares                                                          
Six Months Ended April 30, 2021*   9.26       0.21       0.32       0.53       (0.31 )     –       (0.31 )     9.48  
Year Ended October 31, 2020   9.76       0.46       (0.58 )     (0.12 )     (0.38 )     –       (0.38 )     9.26  
Year Ended October 31, 2019   8.99       0.51       0.67       1.18       (0.41 )     –       (0.41 )     9.76  
Year Ended October 31, 2018   10.29       0.52       (1.28 )     (0.76 )     (0.54 )     –       (0.54 )     8.99  
Year Ended October 31, 2017   9.74       0.54       0.29       0.83       (0.28 )     –       (0.28 )     10.29  
Year Ended October 31, 2016   8.77       0.65       0.60       1.25       (0.24 )     (0.04 )     (0.28 )     9.74  

 

*     Unaudited

(a)  Net investment income/(loss) is based on average shares outstanding during the period.

(b)  Excludes sales charge.

(c)  Not annualized for periods less than one year.

(d)  Annualized for periods less than one year.

(e)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

 

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

 

See accompanying Notes to Financial Statements.

 

 

2021 Semi-Annual Report 51

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Emerging Markets Debt Fund (concluded)

 

  Ratios/Supplemental Data
                 
Total Return
(b)(c)		   Net Assets
at End of Period
(000's)		 Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		 Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(e)		 Ratio of Net
Investment Income
to Average Net Assets
(d)		 Portfolio Turnover
(c)(f)
     
5.45 %   $      252       1.02 %(g)     1.45 %(g)     4.14 %     35.98 %
(1.53 %)     302       1.02 %(g)     1.44 %(g)     4.57 %     63.45 %
12.81 %     852       1.07 %     1.61 %     5.37 %     71.06 %
(7.91 %)     1,050       1.31 %     1.93 %     4.78 %     56.02 %
8.21 %     1,987       1.37 %     2.15 %     4.85 %     64.37 %
14.45 %(h)     247       1.20 %(g)     1.79 %(g)     5.88 %     103.26 %
     
5.34 %     17       1.65 %(g)     2.17 %(g)     3.40 %     35.98 %
(2.34 %)     141       1.65 %(g)     2.16 %(g)     3.90 %     63.45 %
12.36 %     110       1.70 %     2.31 %     4.75 %     71.06 %
(8.58 %)     304       1.90 %     2.58 %     4.52 %     56.02 %
7.57 %     261       1.90 %     2.75 %     4.46 %     64.37 %
13.62 %(h)     390       1.90 %(g)     2.53 %(g)     6.39 %     103.26 %
     
5.38 %     4,018       1.30 %(g)     1.73 %(g)     3.99 %     35.98 %
(1.94 %)     3,572       1.30 %(g)     1.72 %(g)     4.28 %     63.45 %
12.69 %     4,318       1.31 %     1.85 %     5.05 %     71.06 %
(8.25 %)     3,826       1.55 %     2.17 %     4.79 %     56.02 %
7.96 %     2,934       1.56 %     2.34 %     4.72 %     64.37 %
14.22 %(h)     1,493       1.40 %(g)     1.99 %(g)     5.04 %     103.26 %
     
5.63 %     84       0.71 %(g)     1.14 %(g)     4.60 %     35.98 %
(1.36 %)     79       0.65 %     1.07 %     4.96 %     63.45 %
13.43 %     24       0.68 %     1.22 %     5.66 %     71.06 %
(7.63 %)     20       0.89 %     1.52 %     5.38 %     56.02 %
8.67 %     22       0.90 %     1.68 %     5.43 %     64.37 %
14.76 %(h)     20       0.90 %(g)     1.49 %(g)     7.01 %     103.26 %
     
5.62 %     38,394       0.65 %(g)     1.11 %(g)     4.50 %     35.98 %
(1.29 %)     48,312       0.65 %(g)     1.10 %(g)     4.95 %     63.45 %
13.40 %     46,573       0.67 %     1.25 %     5.43 %     71.06 %
(7.58 %)     18,720       0.90 %     1.58 %     5.41 %     56.02 %
8.62 %     18,365       0.90 %     1.76 %     5.42 %     64.37 %
14.78 %(h)     16,825       0.90 %(g)     1.49 %(g)     7.37 %     103.26 %

 

(f)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)Includes interest expense that amounts to less than 0.01%.
(h)Included within Net Realized and Unrealized Gains (Losses) on Investments per share is a payment from affiliate. If such payment was excluded, the total return would have been 14.33% for Class A Shares, 13.15% for Class C Shares, 13.87% for Class R Shares, 14.41% for Institutional Service Class Shares and 14.31% for Institutional Class Shares.

 

 

 

52 2021 Semi-Annual Report

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Global Absolute Return Strategies Fund

 

          Investment Activities   Distributions      
    Net
Asset
Value,
Beginning
of Period		     Net
Investment
Income
(Loss)
(a)		   Net
Realized
and
Unrealized
Gains on
Investments		   Total
from
Investment
Activities		   Net
Investment
Income		   Net
Realized
Gains		   Total
Distributions		   Net
Asset
Value,
End of
Period
Class A Shares                                                          
Six Months Ended April 30, 2021*   $10.29     $(0.02 )   $0.28     $0.26     $(0.02 )   $     –     $(0.02 )   $10.53  
Year Ended October 31, 2020     10.13       0.04       0.29       0.33       (0.17 )     –       (0.17 )     10.29  
Year Ended October 31, 2019     10.41       0.17       0.25       0.42       (0.60 )     (0.10 )     (0.70 )     10.13  
Year Ended October 31, 2018     10.22       0.17       0.05       0.22       –       (0.03 )     (0.03 )     10.41  
Year Ended October 31, 2017     10.18       0.13       0.02       0.15       –       (0.11 )     (0.11 )     10.22  
Year Ended October 31, 2016     9.41       0.13 (h)     0.67       0.80       (0.03 )     –       (0.03 )     10.18  
Class C Shares                                                                
Six Months Ended April 30, 2021*     10.10       (0.06 )     0.28       0.22       (0.01 )     –       (0.01 )     10.31  
Year Ended October 31, 2020     9.87       (0.07 )     0.32       0.25       (0.02 )     –       (0.02 )     10.10  
Year Ended October 31, 2019     10.09       0.10       0.24       0.34       (0.46 )     (0.10 )     (0.56 )     9.87  
Year Ended October 31, 2018     9.97       0.09       0.06       0.15       –       (0.03 )     (0.03 )     10.09  
Year Ended October 31, 2017     10.01       0.06       0.01       0.07       –       (0.11 )     (0.11 )     9.97  
Year Ended October 31, 2016     9.30       0.05 (h)     0.68       0.73       (0.02 )     –       (0.02 )     10.01  
Institutional Service Class Shares                                                          
Six Months Ended April 30, 2021*     10.35       (0.01 )     0.28       0.27       (0.03 )     –       (0.03 )     10.59  
Year Ended October 31, 2020     10.20       0.06       0.29       0.35       (0.20 )     –       (0.20 )     10.35  
Year Ended October 31, 2019     10.47       0.19       0.27       0.46       (0.63 )     (0.10 )     (0.73 )     10.20  
Year Ended October 31, 2018     10.26       0.18       0.06       0.24       –       (0.03 )     (0.03 )     10.47  
Year Ended October 31, 2017     10.21       0.15       0.01       0.16       –       (0.11 )     (0.11 )     10.26  
Year Ended October 31, 2016     9.42       0.14 (h)     0.68       0.82       (0.03 )     –       (0.03 )     10.21  
Institutional Class Shares                                                            
Six Months Ended April 30, 2021*     10.43       (0.01 )     0.29       0.28       (0.04 )     –       (0.04 )     10.67  
Year Ended October 31, 2020     10.30       0.08       0.26       0.34       (0.21 )     –       (0.21 )     10.43  
Year Ended October 31, 2019     10.55       0.20       0.27       0.47       (0.62 )     (0.10 )     (0.72 )     10.30  
Year Ended October 31, 2018     10.33       0.20       0.05       0.25       –       (0.03 )     (0.03 )     10.55  
Year Ended October 31, 2017     10.26       0.16       0.02       0.18       –       (0.11 )     (0.11 )     10.33  
Year Ended October 31, 2016     9.46       0.16 (h)     0.68       0.84       (0.04 )     –       (0.04 )     10.26  

 

*      Unaudited

(a)  Net investment income/(loss) is based on average shares outstanding during the period.

(b)  Excludes sales charge.

(c)  Not annualized for periods less than one year.

(d)  Annualized for periods less than one year.

(e)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

 

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

 

See accompanying Notes to Financial Statements.

 

2021 Semi-Annual Report 53

 

 

 

Financial Highlights (continued)

 

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Global Absolute Return Strategies Fund (concluded)

 

    Ratios/Supplemental Data
     
Total Return
(b)(c)		   Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(e)(d)		   Ratio of Net
Investment
Income (Loss)
to Average Net Assets
(d)		   Portfolio Turnover
(c)(f)
                                           
2.52 %   $    1,555       0.96 %     2.42 %     (0.40 %)     249.48 %
3.26 %     1,078       0.97 %(g)     2.52 %(g)     0.35 %     238.35 %
4.41 %     802       1.18 %(g)     3.04 %(g)     1.69 %     53.05 %
2.10 %     1,119       1.12 %(g)     2.79 %(g)     1.60 %     62.39 %
1.53 %     806       1.17 %(g)     2.74 %(g)     1.29 %     91.26 %
8.55 %(h)     1,824       1.13 %(g)     2.34 %(g)     1.38 %(h)     219.22 %
2.14 %     719       1.65 %     3.17 %     (1.12 %)     249.48 %
2.54 %     664       1.66 %(g)     3.30 %(g)     (0.69 %)     238.35 %
3.68 %     141       1.86 %(g)     3.83 %(g)     1.02 %     53.05 %
1.45 %     277       1.85 %(g)     3.65 %(g)     0.86 %     62.39 %
0.75 %(i)     247       1.85 %(g)     3.53 %(g)     0.62 %     91.26 %
7.87 %(h)     403       1.85 %(g)     3.15 %(g)     0.52 %(h)     219.22 %
2.56 %(i)     7,408       0.78 %     2.23 %     (0.24 %)     249.48 %
3.45 %(i)     8,148       0.80 %(g)     2.35 %(g)     0.62 %     238.35 %
4.72 %     8,934       1.00 %(g)     2.86 %(g)     1.86 %     53.05 %
2.29 %     9,768       0.96 %(g)     2.63 %(g)     1.75 %     62.39 %
1.62 %     10,553       1.02 %(g)     2.59 %(g)     1.47 %     91.26 %
8.76 %(h)     10,940       1.01 %(g)     2.22 %(g)     1.43 %(h)     219.22 %
2.67 %     12,988       0.65 %     2.14 %     (0.11 %)     249.48 %
3.34 %(i)     11,885       0.66 %(g)     2.24 %(g)     0.74 %     238.35 %
4.82 %(i)     2,876       0.86 %(g)     2.84 %(g)     1.98 %     53.05 %
2.47 %     5,521       0.85 %(g)     2.70 %(g)     1.94 %     62.39 %
1.81 %(i)     1,685       0.85 %(g)     2.56 %(g)     1.60 %     91.26 %
8.87 %(h)     2,583       0.85 %(g)     2.12 %(g)     1.61 %(h)     219.22 %

 

(f)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)Interest expense is less than 0.001%.
(h)Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of a one-time reimbursement for overbilling of prior years' custodian out-of-pocket fees. If such amounts were excluded, the impact to Net Investment Income per share would be $0.01, $0.01, $0.01 and $0.01, the impact to Total Return would be 0.11%, 0.11%, 0.11% and 0.11%, and the impact to Ratio of Net Investment Income to Average Net Assets would be, 0.20%, 0.11%, 0.09% and 0.16% for Class A, Class C, Institutional Service Class and Institutional Class, respectively.
(i)The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

 

54 2021 Semi-Annual Report

 

 

 

 

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Intermediate Municipal Income Fund

 

        Investment Activities Distributions    
               
    Net
Asset
Value,
Beginning
of Period		   Net
Investment
Income
(a)		   Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		   Total
from
Investment
Activities		   Net
Investment
Income		   Net
Realized
Gains		   Total
Distributions		   Net
Asset
Value,
End of
Period
Class A Shares                                            
Six Months Ended April 30, 2021*   $ 9.73   $ 0.12     $ 0.19     $ 0.31     $ (0.12 )   $ (0.02 )   $ (0.14 )   $ 9.90  
Year Ended October 31, 2020   9.92   0.26     (0.18 )   0.08     (0.26 )   (0.01 )   (0.27 )   9.73  
Year Ended October 31, 2019   9.54   0.28     0.38     0.66     (0.28 )   – (h)   (0.28 )   9.92  
Year Ended October 31, 2018   9.89   0.29     (0.35 )   (0.06 )   (0.29 )   –     (0.29 )   9.54  
Year Ended October 31, 2017   10.11   0.29     (0.22 )   0.07     (0.29 )   –     (0.29 )   9.89  
Year Ended October 31, 2016   10.19   0.30     (0.08 )   0.22     (0.30 )   –     (0.30 )   10.11  
Class C Shares                                              
Six Months Ended April 30, 2021*   9.71   0.09     0.20     0.29     (0.09 )   (0.02 )   (0.11 )   9.89  
Year Ended October 31, 2020   9.91   0.18     (0.19 )   (0.01 )   (0.18 )   (0.01 )   (0.19 )   9.71  
Year Ended October 31, 2019   9.52   0.21     0.39     0.60     (0.21 )   – (h)   (0.21 )   9.91  
Year Ended October 31, 2018   9.87   0.21     (0.35 )   (0.14 )   (0.21 )   –     (0.21 )   9.52  
Year Ended October 31, 2017   10.09   0.22     (0.22 )   –     (0.22 )   –     (0.22 )   9.87  
Year Ended October 31, 2016   10.18   0.23     (0.09 )   0.14     (0.23 )   –     (0.23 )   10.09  
Class R Shares                                              
Year Ended October 31, 2020   9.93   –     (9.86 )   (9.86 )   (0.06 )   (0.01 )   (0.07 )   –  
Year Ended October 31, 2019   9.54   0.25     0.40     0.65     (0.26 )   – (h)   (0.26 )   9.93  
Year Ended October 31, 2018   9.90   0.26     (0.36 )   (0.10 )   (0.26 )   –     (0.26 )   9.54  
Year Ended October 31, 2017   10.12   0.27     (0.23 )   0.04     (0.26 )   –     (0.26 )   9.90  
Year Ended October 31, 2016   10.20   0.28     (0.08 )   0.20     (0.28 )   –     (0.28 )   10.12  
Institutional Service Class Shares                                              
Six Months Ended April 30, 2021*   9.74   0.13     0.19     0.32     (0.13 )   (0.02 )   (0.15 )   9.91  
Year Ended October 31, 2020   9.93   0.28     (0.18 )   0.10     (0.28 )   (0.01 )   (0.29 )   9.74  
Year Ended October 31, 2019   9.54   0.30     0.40     0.70     (0.31 )   – (h)   (0.31 )   9.93  
Year Ended October 31, 2018   9.89   0.31     (0.35 )   (0.04 )   (0.31 )   –     (0.31 )   9.54  
Year Ended October 31, 2017   10.12   0.31     (0.23 )   0.08     (0.31 )   –     (0.31 )   9.89  
Year Ended October 31, 2016   10.20   0.33     (0.08 )   0.25     (0.33 )   –     (0.33 )   10.12  
Institutional Class Shares                                              
Six Months Ended April 30, 2021*   9.74   0.13     0.19     0.32     (0.13 )   (0.02 )   (0.15 )   9.91  
Year Ended October 31, 2020   9.93   0.28     (0.18 )   0.10     (0.28 )   (0.01 )   (0.29 )   9.74  
Year Ended October 31, 2019   9.55   0.30     0.39     0.69     (0.31 )   – (h)   (0.31 )   9.93  
Year Ended October 31, 2018   9.90   0.31     (0.35 )   (0.04 )   (0.31 )   –     (0.31 )   9.55  
Year Ended October 31, 2017   10.12   0.32     (0.23 )   0.09     (0.31 )   –     (0.31 )   9.90  
Year Ended October 31, 2016   10.20   0.33     (0.08 )   0.25     (0.33 )   –     (0.33 )   10.12  

 

*Unaudited
(a)Net investment income/(loss) is based on average shares outstanding during the period.
(b)Excludes sales charge.
(c)Not annualized for periods less than one year.
(d)Annualized for periods less than one year.
(e)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

2021 Semi-Annual Report 55

 

 

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Intermediate Municipal Income Fund (concluded)

 

      Ratios/Supplemental Data
       
Total Return
(b)(c)		   Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(d)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(e)(d)		   Ratio of Net
Investment Income
to Average Net Assets
(d)		   Portfolio Turnover
(c)(f)
                                         
3.18 %   $ 6,643       0.76 %     1.10 %     2.49 %     27.60 %
0.83 %   6,670       0.76 %(g)     1.09 %(g)     2.63 %     55.63 %
7.05 %   7,526       0.76 %(g)     1.16 %(g)     2.84 %     58.33 %
(0.65 %)   7,141       0.80 %     1.08 %     2.95 %     14.38 %
0.72 %   9,084       0.88 %(g)     1.05 %(g)     2.92 %     16.25 %
2.19 %   10,798       0.88 %     1.03 %     2.96 %     10.71 %
                                         
2.91 %(i)   275       1.50 %     1.88 %     1.75 %     27.60 %
(0.01 %)   270       1.50 %(g)     1.87 %(g)     1.89 %     55.63 %
6.39 %   252       1.50 %(g)     1.93 %(g)     2.12 %     58.33 %
(1.39 %)   279       1.55 %     1.87 %     2.20 %     14.38 %
(0.02 %)   542       1.62 %(g)     1.83 %(g)     2.21 %     16.25 %
1.36 %   851       1.62 %     1.82 %     2.24 %     10.71 %
                                         
–     –       – (g)     – (g)     –       –  
6.91 %   11       1.00 %(g)     1.39 %(g)     2.60 %     58.33 %
(1.00 %)   11       1.04 %     1.32 %     2.71 %     14.38 %
0.47 %   11       1.12 %(g)     1.29 %(g)     2.67 %     16.25 %
1.96 %   11       1.12 %     1.27 %     2.72 %     10.71 %
                                         
3.31 %   20       0.50 %     0.84 %     2.74 %     27.60 %
1.09 %   20       0.50 %(g)     0.83 %(g)     2.87 %     55.63 %
7.43 %   19       0.50 %(g)     0.90 %(g)     3.10 %     58.33 %
(0.40 %)   18       0.54 %     0.82 %     3.21 %     14.38 %
0.79 %   18       0.69 %(g)     0.86 %(g)     3.10 %     16.25 %
2.48 %   28       0.62 %     0.77 %     3.22 %     10.71 %
                                       
3.31 %   57,279       0.50 %     0.85 %     2.75 %     27.60 %
1.10 %   58,015       0.50 %(g)     0.84 %(g)     2.89 %     55.63 %
7.32 %   63,256       0.50 %(g)     0.90 %(g)     3.11 %     58.33 %
(0.39 %)   65,428       0.54 %     0.83 %     3.21 %     14.38 %
0.98 %   71,362       0.62 %(g)     0.79 %(g)     3.18 %     16.25 %
2.47 %   79,279       0.62 %     0.77 %     3.23 %     10.71 %

 

(f)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g)Interest expense is less than 0.001%.
(h)Less than $0.005 per share.
(i)The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

 

 

 

 

 

 

 

 

56 2021 Semi-Annual Report

 

 

 

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Short Duration High Yield Municipal Fund

 

        Investment Activities Distributions  
             
    Net
Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Total
from
Investment
Activities		   Net
Investment
Income		   Tax
Return
of
Capital		   Total
Distributions		   Redemption
Fees		   Net
Asset
Value,
End of
Period
Class A Shares                                            
Six Months Ended April 30, 2021*   $ 9.99   $ 0.12 (f)   $ 0.37     $ (0.12 )   $       –     $ (0.12 )   $        –     $ 10.24  
Year Ended October 31, 2020   10.25   0.29 (f)   0.02     (0.28 )   –     (0.28 )   –     9.99  
Year Ended October 31, 2019   10.07   0.30 (f)   0.48     (0.30 )   –     (0.30 )   –     10.25  
Year Ended October 31, 2018(h)   10.24   0.31 (f)   0.14     (0.31 )   0.00 (i)   (0.31 )   0.00 (i)   10.07  
Year Ended October 31, 2017   10.34   0.28     0.18     (0.28 )   –     (0.28 )   0.00 (i)   10.24  
Year Ended October 31, 2016   10.29   0.32     0.36     (0.31 )   –     (0.31 )   0.00 (i)   10.34  
Class C Shares(j)                                            
Six Months Ended April 30, 2021*   10.13   0.06 (f)   0.17     (0.06 )   –     (0.06 )   –     10.24  
Institutional Class Shares                                            
Six Months Ended April 30, 2021*   9.99   0.13 (f)   0.38     (0.13 )   –     (0.13 )   –     10.24  
Year Ended October 31, 2020   10.25   0.31 (f)   0.05     (0.31 )   –     (0.31 )   –     9.99  
Year Ended October 31, 2019   10.07   0.32 (f)   0.50     (0.32 )   –     (0.32 )   –     10.25  
Year Ended October 31, 2018(h)   10.24   0.33 (f)   0.17     (0.34 )   0.00 (i)   (0.34 )   0.00 (i)   10.07  
Year Ended October 31, 2017   10.34   0.31     0.21     (0.31 )   –     (0.31 )   0.00 (i)   10.24  
Year Ended October 31, 2016   10.29   0.34     0.39     (0.34 )   –     (0.34 )   0.00 (i)   10.34  

 

*Unaudited
(a)Excludes sales charge.
(b)Not annualized for periods less than one year.
(c)Annualized for periods less than one year.
(d)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)Net investment income/(loss) is based on average shares outstanding during the period.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 57

 

 

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Short Duration High Yield Municipal Fund (concluded)

 

      Ratios/Supplemental Data
       
Total Return
(a)(b)		   Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(c)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(d)(c)		   Ratio of Net
Investment Income
to Average Net Assets
(c)		   Portfolio Turnover
(b)(e)
       
3.70 %   $ 20,626       0.90 %     1.16 %     2.38 %     36.19 %
0.25 %   22,417       0.90 %(g)     1.12 %(g)     2.84 %     149.01 %
4.78 %   27,577       0.90 %     1.13 %     2.96 %     104.52 %
1.42 %   29,433       0.91 %(g)     1.11 %(g)     3.03 %     86.19 %
1.82 %   50,906       0.90 %(g)     1.09 %(g)     2.78 %     151.00 %
3.58 %   35,705       0.93 %(g)     1.12 %(g)     3.03 %     132.00 %
       
4.73 %   10       1.65 %     1.89 %     1.64 %     36.19 %
       
3.83 %   305,839       0.65 %     0.90 %     2.63 %     36.19 %
0.51 %   270,153       0.65 %(g)     0.87 %(g)     3.07 %     149.01 %
5.05 %   229,716       0.65 %(g)     0.90 %(g)     3.19 %     104.52 %
1.67 %   177,810       0.66 %(g)     0.87 %(g)     3.27 %     86.19 %
2.08 %   207,427       0.65 %(g)     0.84 %(g)     3.04 %     151.00 %
3.84 %   153,300       0.68 %(g)     0.88 %(g)     3.28 %     132.00 %

 

(g)Includes interest expense that amounts to less than 0.01% for the years ended October 31, 2020 and October 31, 2017. Includes interest expense that amounts to 0.01% for the years ended October 31, 2018 and October 31, 2016.
(h)Beginning with the year ended October 31, 2018, the Fund was audited by KPMG LLP. Previous years were audited by a different independent registered public accounting firm.
(i)Less than $0.005 per share.
(j)For the period from December 21, 2020 (commencement of operations) through April 30, 2021.

 

 

 

 

 

 

 

 

58 2021 Semi-Annual Report

 

 

 

Financial Highlights (continued)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Ultra Short Municipal Income Fund

 

        Investment Activities Distributions  
             
    Net
Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net
Realized
and
Unrealized
Gains
(Losses) on
Investments		   Total
from
Investment
Activities		   Net
Investment
Income		   Total
Distributions		   Redemption
Fees		   Net
Asset
Value,
End of
Period
Class A Shares                                              
Six Months Ended April 30, 2021*   $ 10.09     $     – (f)(g)   $ 0.01     $ 0.01     $      – (g)   $     – (g)   $      –     $ 10.10
Year Ended October 31, 2020   10.10     0.07 (f)   – (g)   0.07     (0.08 )   (0.08 )   –     10.09
Year Ended October 31, 2019   10.09     0.13 (f)   0.01     0.14     (0.13 )   (0.13 )   –     10.10
Year Ended October 31, 2018(i)   10.09     0.11 (f)   0.00     0.11     (0.11 )   (0.11 )   0.00 (g)   10.09
Year Ended October 31, 2017   10.09     0.06     (0.00 )(g)   0.06     (0.06 )   (0.06 )   0.00 (g)   10.09
Year Ended October 31, 2016   10.10     0.04     (0.01 )   0.03     (0.04 )   (0.04 )   0.00 (g)   10.09
Class A1 Shares                                              
Six Months Ended April 30, 2021*   10.10     – (f)(g)   0.01     0.01     – (g)   – (g)   –     10.11
Year Ended October 31, 2020   10.10     0.03 (f)   0.05     0.08     (0.08 )   (0.08 )   –     10.10
Year Ended October 31, 2019(j)   10.10     0.08     – (g)   0.08     (0.08 )   (0.08 )   –     10.10
Institutional Class Shares                                              
Six Months Ended April 30, 2021*   10.03     0.01 (f)   0.01     0.02     (0.01 )   (0.01 )   –     10.04
Year Ended October 31, 2020   10.04     0.10 (f)   (0.01 )   0.09     (0.10 )   (0.10 )   –     10.03
Year Ended October 31, 2019   10.04     0.15 (f)   –     0.15     (0.15 )   (0.15 )   –     10.04
Year Ended October 31, 2018(i)   10.04     0.13 (f)   0.00     0.13     (0.13 )   (0.13 )   0.00 (g)   10.04
Year Ended October 31, 2017   10.04     0.09     (0.00 )(g)   0.09     (0.09 )   (0.09 )   0.00 (g)   10.04
Year Ended October 31, 2016   10.04     0.06     (0.00 )(g)   0.06     (0.06 )   (0.06 )   0.00 (g)   10.04

 

*Unaudited
(a)Excludes sales charge.
(b)Not annualized for periods less than one year.
(c)Annualized for periods less than one year.
(d)During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

 

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

 

See accompanying Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 59

 

 

Financial Highlights (concluded)

Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated

 

Aberdeen Ultra Short Municipal Income Fund (concluded)

 

      Ratios/Supplemental Data
       
Total Return
(a)(b)		   Net Assets
at End of Period
(000's)		   Ratio of Expenses
(Net of Reimbursements/
Waivers)
to Average Net Assets
(c)		   Ratio of Expenses
(Prior to Reimbursements)
to Average Net Assets
(c)(d)		  
Ratio of Net
Investment Income
to Average Net Assets
(c)		   Portfolio Turnover
(b)(e)
       
0.11 %   $ 214,170       0.61 %(h)     0.95 %(h)     0.02 %     118.47 %
0.69 %   263,068       0.70 %(h)     0.94 %(h)     0.72 %     299.40 %
1.36 %   204,501       0.70 %     0.95 %     1.25 %     231.49 %
1.09 %   223,255       0.70 %     0.92 %     1.08 %     177.63 %
0.62 %   211,265       0.69 %     0.90 %     0.62 %     214.00 %
0.29 %   206,259       0.68 %     0.99 %     0.39 %     143.00 %
         
0.11 %   558       0.60 %(h)     0.89 %(h)     0.03 %     118.47 %
0.79 %   558       0.70 %(h)     0.90 %(h)     0.34 %     299.40 %
0.81 %   35       0.70 %     0.94 %     1.13 %     231.49 %
         
0.19 %   930,857       0.45 %(h)     0.71 %(h)     0.17 %     118.47 %
0.94 %   928,424       0.45 %(h)     0.71 %(h)     0.98 %     299.40 %
1.51 %   680,881       0.45 %     0.72 %     1.50 %     231.49 %
1.34 %   802,312       0.45 %     0.67 %     1.32 %     177.63 %
0.87 %   896,624       0.44 %     0.65 %     0.86 %     214.00 %
0.64 %   905,843       0.43 %     0.74 %     0.64 %     143.00 %

 

(f)Net investment income/(loss) is based on average shares outstanding during the period.
(g)Less than $0.005 per share.
(h)Includes interest expense that amounts to less than 0.01%.
(i)Beginning with the year ended October 31, 2018, the Fund was audited by KPMG LLP. Previous years were audited by a different independent registered public accounting firm.
(j)For the period from February 28, 2019 (commencement of operations) through October 31, 2019.

 

 

 

 

 

 

 

 

 

 

60 2021 Semi-Annual Report

 

 

 

 

Notes to Financial Statements

 

April 30, 2021 (Unaudited)

 

1. Organization

 

Aberdeen Funds (the "Trust") was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of April 30, 2021, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of April 30, 2021, the Trust operated seventeen (17) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the five (5) funds listed below (each a "Fund"; collectively, the "Funds"):

 

–  Aberdeen Emerging Markets Debt Fund ("Emerging Markets Debt Fund")

–  Aberdeen Global Absolute Return Strategies Fund ("Global Absolute Return Strategies Fund")*

–  Aberdeen Intermediate Municipal Income Fund ("Intermediate Municipal Income Fund")

–  Aberdeen Short Duration High Yield Municipal Fund ("Short Duration High Yield Municipal Fund")

–  Aberdeen Ultra Short Municipal Income Fund ("Ultra Short Municipal Income Fund")

 

2. Summary of Significant Accounting Policies

 

The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles in the United States of America ("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 Funds are maintained in U.S. Dollars.

 

a.      Security Valuation 

The Funds value their securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' 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.

 

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.

 

In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America, the Funds disclose the fair value of their 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.

 

Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider approved by the Board. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has

 

2021 Semi-Annual Report 61

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is 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 approved by the Board of Trustees of the Trust (the "Board"). 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 Aberdeen Standard Investments Inc. ("Aberdeen," the "Adviser" or "ASII") 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 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 for 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. Each Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value ("NAV"). Generally, these investment types are categorized as Level 1 investments.

 

Derivative instruments are generally valued according to the following procedures. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments. Forward currency exchange contracts are generally valued based on the current spot exchange rates and the forward exchange rate points (ex. 1-month, 3-month) that are obtained from an approved pricing agent. Based on the actual settlement dates of the forward contracts held, an interpolated value of the forward points is combined with the spot exchange rate to derive the valuation. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund's assets are determined in good faith in accordance with the Valuation Procedures.

 

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 closed before the Valuation Time (as defined below)), the security is valued at fair value as determined by the Funds' Pricing Committee (the "Pricing Committee"), taking into account the relevant factors and surrounding circumstances using Valuation and Liquidity Procedures approved by the Board. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Pricing Committee 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 in active markets for identical investments;
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or
•Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

 

A summary of standard inputs is listed below:

 

Security Type  Standard Inputs
Debt and other fixed-income securities  Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity.
Foreign equities utilizing a fair value factor  Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security.
Forward foreign currency contracts  Forward exchange rate quotations.
Swap agreements  Market information pertaining to the underlying reference assets, i.e., credit spreads, credit event probabilities, fair values, forward rates, and volatility measures.

 

62 2021 Semi-Annual Report

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

The following is a summary of the inputs used as of April 30, 2021 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

Please refer to the Statements of Investments for a detailed breakout of the security types:

 

Investments, at Value  Level 1   Level 2   Level 3   Total 
Emerging Markets Debt Fund
Investments in Securities                    
Corporate Bonds   $                –    $     9,919,141    $     –    $     9,919,141 
Government Bonds   –    31,442,262    –    31,442,262 
Money Market Funds   1,281,641    –    –    1,281,641 
Other Financial Instruments                    
Assets                    
Forward Foreign Currency Exchange Contracts   –    28,322    –    28,322 
Liabilities                    
Forward Foreign Currency Exchange Contracts   –    (105,142)   –    (105,142)
    $ 1,281,641    $     41,284,583    $     –    $     42,566,224 
Global Absolute Return Strategies Fund                    
Investments in Securities                    
Common Stocks   $ 2,017,037    $     1,176,006    $     –    $      3,193,043 
Government Bonds   –    890,593    –    890,593 
Preferred Stocks   13,079    –    –    13,079 
Certificates of Deposit   –    5,132,771    –    5,132,771 
Money Market Funds   3,905,009    –    –    3,905,009 
U.S. Treasuries   –    9,499,493    –    9,499,493 
Other Financial Instruments                    
Assets                    
Futures Contracts   114,459    –    –    114,459 
Forward Foreign Currency Exchange Contracts   –    303,242    –    303,242 
Centrally Cleared Credit Default Swap Contracts   –    90,856    –    90,856 
Centrally Cleared Interest Rate Swap Agreements   –    157,259    –    157,259 
Written Options   5,765    –    –    5,765 
Liabilities                    
Futures Contracts   (30,335)   –    –    (30,335)
Forward Foreign Currency Exchange Contracts   –    (348,155)   –    (348,155)
Centrally Cleared Credit Default Swap Contracts   –    (1,112)   –    (1,112)
Centrally Cleared Interest Rate Swap Agreements   –    (297,166)   –    (297,166)
Written Options   (478)   –    –    (478)
    $ 6,024,536    $     16,603,787    $     –    $     22,628,323 
Intermediate Municipal Income Fund                    
Investments in Securities                    
Municipal Bonds   $                 –    $     64,179,767    $     –    $     64,179,767 
Short-Term Investment   88,902    –    –    88,902 
    $       88,902    $     64,179,767    $     –    $     64,268,669 
                     

 

 

2021 Semi-Annual Report 63

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

Investments, at Value  Level 1   Level 2   Level 3   Total 
Short Duration High Yield Municipal Fund                    
Investments in Securities                    
Municipal Bonds   $               –    $   325,476,010    $     –    $  325,476,010 
Short-Term Investment   269,496    –    –    269,496 
    $   269,496    $   325,476,010    $     –    $  325,745,506 
Ultra Short Municipal Income Fund                    
Investments in Securities                    
Municipal Bonds   $               –    $1,124,925,095    $     –    $1,124,925,095 
Short-Term Investment   137,922    38,065,000    –    38,202,922 
    $   137,922    $1,162,990,095    $     –    $1,163,128,017 
                     

 

For the six-month period ended April 30, 2021, there were no significant changes to the fair valuation methodologies. Level 3 investments held by the Emerging Markets Debt Fund, at the beginning, during and at the end of the six-month period in relation to net assets were not significant (0.00% of total net assets) and accordingly, a reconciliation determined of Level 3 assets for the period ended April 30, 2021 is not presented.

 

b.      Restricted Securities 

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds 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. Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances.

 

c.       Foreign Currency Translation 

Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments within the Statements of Operations.

 

d.       Derivative Financial Instruments 

Certain Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities.

 

Forward Foreign Currency Exchange Contracts 

A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to the benchmark. The use of forward contracts allows the separation of decision-making between markets and their currencies. The forward contract is marked-to market daily and the change in market value is recorded by a Fund as unrealized appreciation/(depreciation). Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statements of Operations. During the period, the Funds used forward contracts for the purposes of efficient portfolio management and managing active currency risk relative to the benchmark, the latter of which involves both hedging currency risk and adding currency risk in excess of underlying bond positions.

 

 

64 2021 Semi-Annual Report

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund's portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.

 

Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.

 

Futures Contracts

Certain Funds may invest in financial futures contracts ("futures contracts") for the purpose of hedging their existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish a Fund's positions may not exceed 5% of a Fund's NAV after taking into account unrealized profits and unrealized losses on any such contract into which it has entered.

 

Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as "initial margin". Subsequent payments, known as "variation margin," are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract expires or is closed, the gain/(loss) is realized and is presented in the Statements of Operations as a net realized gain/(loss) on futures contracts. Futures contracts are valued daily at their last quoted sale price on the exchange on which they are traded.

 

A "sale" of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A "purchase" of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

 

There are significant risks associated with a Fund's use of futures contracts, including the following: (1) the success of a hedging strategy may depend on the ability of a Fund's investment adviser and/or sub-adviser to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the movement in the price of futures contracts, interest rates and the value/market value of the securities held by a Fund; (3) there may not be a liquid secondary market for a futures contract; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts. In addition, should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss.

 

For the six-month period ended April 30, 2021, the Fund invested in futures for both investment and hedging purposes.

 

Swaps

A swap is an agreement that obligates two parties to exchange a series of cash flows and/or meet certain obligations at specified intervals based upon or calculated by reference to changes in specified prices or rates (interest rates in the case of interest rate swaps, currency exchange rates in the case of currency swaps) or the occurrence of a credit event with respect to an underlying reference obligation (in the case of a credit default swap) for a specified amount of an underlying asset or notional principal amount. A Fund will enter into swaps only on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the amount of the difference between the two payments. Except for currency swaps and credit default swaps, the notional principal amount is used solely to calculate the payment streams but is not exchanged. With respect to currency swaps, actual principal amounts of currencies may be exchanged by the counterparties at the initiation, and again upon the termination of the transaction.

 

Traditionally, swaps were customized, privately negotiated agreements executed between two parties ("OTC Swaps") but since 2013, certain swaps are required to be cleared pursuant to rules and regulations related to the Dodd – Frank Wall Street Reform and Consumer Protection Act ("Dodd Frank") and/or Regulation (EU) No 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories ("EMIR") ("Cleared Swaps"). Like OTC Swaps, Cleared Swaps are negotiated bilaterally. Unlike OTC Swaps, the act of clearing results in two swaps executed between each of the parties and a central counterparty ("CCP"), and thus the counterparty credit exposure of the parties is to the CCP rather than to one another. Upon entering into a Cleared Swap, a Fund is required to pledge an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as "initial margin". Subsequent payments, known as "variation

 

 

2021 Semi-Annual Report 65

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

margin," are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract matures or is terminated, the gain or loss is realized and is presented in the Statements of Operations as a net realized gain or loss on swap contracts. As of March 2017, a Fund may be required to provide variation and/or initial margin for OTC Swaps pursuant to further rules and regulations related to Dodd Frank and EMIR. The margin requirements associated with OTC Swaps and Cleared Swaps may not be the same.

 

Entering into swap agreements involves, to varying degrees, elements of credit, market and interest rate risk in excess of the amounts reported on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform and that there may be unfavorable changes in the value of the index or securities underlying the agreement. The Funds' maximum risk of loss from counterparty risk related to swaps is the fair value of the contract. This risk is mitigated by the posting of collateral by the counterparties to the Funds to cover the Funds' exposure to the counterparty.

 

Credit Default Swaps

A credit default swap is an agreement whereby one party, the buyer, is obligated to pay the other party, the seller, a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. A Fund might use credit default swap contracts to limit or to reduce risk exposure of the Fund to defaults of corporate and sovereign issues (i.e., to reduce risk when the Fund owns or has exposure to such issuers). A Fund also might use credit default swap contracts to create direct or synthetic short or long exposure to domestic or foreign corporate debt securities or certain sovereign debt securities to which the Fund is not otherwise exposed.

 

During the six-month period ended April 30, 2021, the Aberdeen Global Absolute Return Strategies Fund held credit default swaps to implement investment views and hedge the Fund's exposure to the credit market.

 

Interest Rate Swaps

A Fund uses interest rate swap contracts to manage its exposure to interest rates. Interest rate swap contracts typically represent the exchange between a Fund and a counterparty of respective commitments to make variable rate and fixed rate payments with respect to a notional amount of principal. Interest rate swap contracts may have a term that is greater than one year, but typically require periodic interim settlement in cash, at which time the specified value of the variable interest rate is reset for the next settlement period. Net payments of interest are recorded as realized gains or losses. During the period that the swap contract is open, the contract is marked-to-market as the net amount due to or from a Fund and changes in the value of swap contracts are recorded as unrealized gains or losses.

 

During the six-month period ended April 30, 2021, the Aberdeen Global Absolute Return Strategies Fund held interest rate swaps to implement investment views and hedge interest rate risk.

 

Summary of Derivative Instruments

Certain Funds may use derivatives for various purposes as noted above. The following is a summary of the location of fair value amounts of derivatives, not accounted for as hedging instruments, as of April 30, 2021:

 

   Location on the Statement of Assets and Liabilities
Derivative Instrument Risk Type  Asset Derivatives  Liability Derivatives
       
Equity Risk  Investments, at value Over-the-counter interest rate swaps and  Written options, outstanding at value Over-the-counter interest rate swaps and
   total return equity swaps, at value  total return equity swaps, at value
Interest Rate Risk  Variation margin receivable for centrally cleared swap contracts  Variation margin payable for centrally cleared swap contracts
   Variation margin receivable for futures contracts  Variation margin payable for futures contracts
Credit Risk  Variation margin receivable for centrally cleared swap contracts  Variation margin payable for centrally cleared swap contracts
Foreign Exchange Risk  Unrealized appreciation on forward foreign currency exchange contracts  Unrealized depreciation on forward foreign currency exchange contracts

 

 

 

66 2021 Semi-Annual Report

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2021:

 

    Asset Derivatives  
Funds   Total Value at
April 30, 2021		   Written Options,
at value
(Equity Risk)		   Centrally Cleared
Credit Default
Swaps
(Credit Risk)*		   Centrally Cleared
Interest Rate
Swaps
(Interest Rate
Risk)*		   Forward
Foreign
Exchange
Contracts
(Foreign
Exchange
Risk)		   Futures
Contracts
(Interest Rate
Risk)*		  
Aberdeen Emerging Markets Debt Fund   $    28,322   $         –   $          –   $            –   $  28,322   $           –  
Aberdeen Global Absolute Return Strategies Fund   665,816   –   90,856   157,259   303,242   114,459  

 

    Liabilities Derivatives  
Funds   Total Value at
April 30, 2021		   Written Options,
at value
(Equity Risk)		   Centrally Cleared
Credit Default
Swaps
(Credit Risk)*		   Centrally Cleared
Interest Rate
Swaps
(Interest Rate
Risk)*		   Forward
Foreign
Exchange
Contracts
(Foreign
Exchange
Risk)		   Futures
Contracts
(Interest Rate
Risk)*		  
Aberdeen Emerging Markets Debt Fund   $105,142   $         –   $        –   $            –   $105,142   $         –  
Aberdeen Global Absolute Return Strategies Fund   702,108   25,340   1,112   297,166   348,155   30,335  

*  The values shown reflect unrealized appreciation/(depreciation) and the values shown in the Statement of Assets and Liabilities reflects variation margin.

Certain funds have transactions that may be subject to enforceable master netting arrangements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of April 30, 2021 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

        Gross Amounts Not Offset
in Statement of
Assets & Liabilities		       Gross Amounts Not Offset
in Statement of
Assets and Liabilities		  
    Gross Amounts
of Assets
Presented in
Statement of
Financial Position		   Financial
Instruments		   Collateral
Received(1)		   Net Amount(3)   Gross Amounts
of Liabilities
Presented in
Statement of
Financial Position		   Financial
Instruments		   Collateral
Pledged(1)		   Net Amount(3)  
Description   Assets   Liabilities  
Emerging Markets Debt Fund  
Forward foreign currency(2)                                                  
Barclays Bank plc   $    941   $    (941 ) $   –   $     –   $33,093   $    (941 ) $(32,152 ) $       –  
Citibank N.A.     1,093     –     –     1,093     –     –     –     –  
Deutsche Bank AG     3,153     –     –     3,153     –     –     –     –  
JPMorgan Chase Bank N.A.     5,041     (5,041 )   –     –     51,315     (5,041 )   –     46,274  
Royal Bank Of Canada     –     –     –     –     10,237     –     (10,237 )   –  
UBS AG     18,094     (10,497 )   –     7,597     10,497     (10,497 )   –     –  

 

1In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
2Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement.
3Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.

 

 

2021 Semi-Annual Report 67

 

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

        Gross Amounts Not Offset
in Statement of
Assets & Liabilities		       Gross Amounts Not Offset
in Statement of
Assets and Liabilities		  
    Gross Amounts
of Assets
Presented in
Statement of
Financial Position		   Financial
Instruments		   Collateral
Received(1)		   Net Amount(3)   Gross Amounts
of Liabilities
Presented in
Statement of
Financial Position		   Financial
Instruments		   Collateral
Pledged(1)		   Net Amount(3)  
Description   Assets   Liabilities  
Global Absolute Return Strategies Fund  
Forward foreign currency(2)                                                  
Barclays Bank plc   $19,890   $(19,890 ) $     –   $      –   $     44,942   $ (19,890 ) $     –   $    25,052  
Citibank N.A.     52,906     (52,906 )   –     –     80,102     (52,906 )   –     27,196  
Goldman Sachs & Co.     86,463     (76,189 )   –     10,274     76,189     (76,189 )   –     –  
HSBC Bank plc     36,764     (36,764 )   –     –     48,939     (36,764 )   –     12,175  
JPMorgan Chase Bank N.A.     67,186     (67,186 )   –     –     67,792     (67,186 )   –     606  
Royal Bank of Canada     40,033     (30,191 )   –     9,842     30,191     (30,191 )   –     –  

 

1In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
2Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement.
3Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.

The following is a summary of the location of realized gain/(loss) and net change in unrealized appreciation/(depreciation) on derivatives in the Statement of Operations for the six-month period ended April 30, 2021:

 

Derivative Instrument Risk Type   Location on the Statement of Operations
Equity Risk   Realized gain/(loss) on investment transactions
Realized gain/(loss) on written options
Realized gain/(loss) on swap contracts
Credit Risk   Realized gain/(loss) on swap contracts
Net change in unrealized appreciation/(depreciation) on swap contracts
Interest Rate Risk   Realized gain/(loss) on future contracts transactions
Net change in unrealized appreciation/(depreciation) on futures contracts
Realized gain/(loss) on swap contracts Net change in unrealized appreciation/(depreciation) on swap contracts
Foreign Exchange Risk   Realized gain/(loss) on forward foreign currency exchange contracts
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts

 

The following is a summary of the effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2021:

 

    Realized Gain or (Loss) on Derivatives
Recognized in the Statement of Operations
Funds   Total   Investment
transactions
(Equity Risk)*		   Written
Options,
(Equity Risk)		   Credit Default
Swaps
(Credit Risk)		  
Interest Rate
Swaps
(Interest Rate
Risk)		   Forward
Foreign
Exchange
Contracts
(Foreign
Exchange
Risk)		   Futures
Contracts
(Interest Rate
Risk)		  
Aberdeen Emerging Markets Debt Fund   $(378,196 ) $       –   $       –   $        –   $         –   $(378,196 ) $       –  
Aberdeen Global Absolute Return Strategies Fund     (365,984 )   10,396     31,554     242,417     (259,260 )   (315,817 )   (75,274 )

 

 

 

 

 

68 2021 Semi-Annual Report

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

    Change in Unrealized Appreciation/(Depreciation)
on Derivatives Recognized in the Statement of Operations		  
Funds   Total   Investment
transactions
(Equity Risk)*		   Written
Options,
(Equity Risk)		   Credit Default
Swaps
(Credit Risk)		  
Interest Rate
Swaps
(Interest Rate
Risk)		   Forward
Foreign
Exchange
Contracts
(Foreign
Exchange
Risk)		   Futures
Contracts
(Interest Rate
Risk)		  
Aberdeen Emerging Markets Debt Fund   $(175,096 ) $       –   $       –   $        –   $        –   $(175,096 ) $       –  
Aberdeen Global Absolute Return Strategies Fund     (167,047 )   (90,590 )   94,052     (249,190 )   156,071     (145,759 )   68,369  

 

*  Represents realized gain and change in unrealized appreciation for purchased options during the period.

 

Information about derivatives reflected as of the date of this report is generally indicative of the type of, activity for the six-month period ended April 30, 2021. The table below summarizes the weighted average values of derivatives holdings by the Funds during the six-month period ended April 30, 2021.

 

Fund   Purchase
Forward
Foreign
Currency
Contracts
(Average
Notional
Value)		   Sale Forward
Foreign
Currency
Contracts
(Average
Notional
Value)		   Forward
Foreign
Cross Currency
Contracts
(Average
Notional
Value)		   Long
Future
Contracts
(Average
Notional
Value)		   Short
Future
Contracts
(Average
Notional
Value)		   Buy Protection
Credit Default
Swap
(Average
Notional
Value)		   Sell Protection
Credit Default
Swap
(Average
Notional
Value)		   Interest Rate
Swap
Contracts
(Average
Notional
Value)		   Total Return
Equity
Swaps
(Average
Notional
Value)		  
Emerging Markets Debt Fund   $  4,459,079   $11,862,236   $         –   $         –   $         –   $          –   $          –   $           –   $        –  
Global Absolute Return Strategies Fund   12,842,300     14,353,494     3,107,219     5,681,978     4,969,103     8,868,346     8,476,356     31,554,413     884,198  

 

Fund   Call Purchased
Options
(Average
Notional
Value)		   Put Purchased
Options
(Average
Notional
Value)		   Call Written
Options
(Average
Notional
Value)		   Put Written
Options
(Average
Notional
Value)		   Call Purchased
Swaptions
(Average
Notional
Value)		   Put Purchased
Swaptions
(Average
Notional
Value)		   Call Written
Swaptions
(Average
Notional
Value)		   Put Written
Swaptions
(Average
Notional
Value)		  
Emerging Markets Debt Fund   $      –   $     –   $     –   $      –   $     –   $        –   $       –   $        –  
Global Absolute Return Strategies Fund     11,407     7,437     7,437     11,407     –     508,235     13,322     285,590  

 

e.   Security Transactions, Investment Income and Expenses

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions.

 

Interest income and expenses are recorded on an accrual basis. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of the month end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is based on the total net asset value of that class's shares in proportion to the total net assets of the relevant Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

 

f.    Distributions

Distributions from net investment income, if any, are declared and paid quarterly for the Emerging Markets Debt Fund. Distributions from net investment income, if any, are declared daily and paid monthly for the Short Duration High Yield Municipal Fund, the Intermediate Municipal Income Fund and the Ultra Short Municipal Income Fund. During the fiscal year ended October 31, 2020, and prior to changing its name, distributions from net investment income were declared and paid quarterly for Aberdeen Global Absolute Return Strategies Fund. Effective November 15, 2019, distributions from net investment income, if any, are declared and paid annually. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date.

 

 

2021 Semi-Annual Report 69

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies and loss deferrals.

 

g.   Federal Income Taxes

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

Each 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 Funds 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 Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.

 

h.   Securities Lending

Through an agreement with BNP Paribas as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require the borrower to mark to market such collateral on a daily basis so that the market value of such collateral does not fall below 100% of the market value of the portfolio securities so loaned.

Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent.

The Funds continue to own the loaned securities and continue to recognize unrealized gains and losses on the securities on loan. However, securities lending involves certain risks, including the event of default or insolvency of the borrower, which could delay or restrict a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and therefore, this amount is not presented on the Funds' Statements of Investments.

 

At April 30, 2021, the Funds did not have any securities on loan.

 

3. Agreements and Transactions with Affiliates

 

a.   Investment Adviser

Under the Investment Advisory Agreement with the Trust, the Adviser manages the Funds in accordance with the policies and procedures established by the Board.

 

 

 

 

 

 

 

 

 

 

 

 

70 2021 Semi-Annual Report

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule:

Fund   Fee Schedule    
Emerging Markets Debt Fund   Up to $500 million   0.600%  
On $500 million and more   0.550%  
Global Absolute Return Strategies Fund   Up to $500 million   0.600%  
$500 million up to $1 billion   0.550%  
On $1 billion and more   0.500%  
Intermediate Municipal Income Fund   Up to $250 million   0.425%  
$250 million up to $1 billion   0.375%  
On $1 billion and more   0.355%  
Short Duration High Yield Municipal Fund   Up to $250 million   0.650%  
On $250 million and more   0.600%  
Ultra Short Municipal Income Fund   Up to $2.5 billion   0.500%  
On $2.5 billion and more   0.450%  

The Adviser has engaged the services of affiliate Aberdeen Asset Managers Limited (on behalf of Emerging Markets Debt Fund and Global Absolute Return Strategies Fund) as subadviser (the "Subadviser") pursuant to subadvisory agreements. The Subadviser manages a portion of the applicable Fund's investments and have the responsibility for making all investment decisions for the portion of such Fund's assets they manage. Pursuant to the subadvisory agreement, the Adviser pays fees to the Subadviser, if any.

The Trust and Aberdeen have entered into a written contract ("Expense Limitation Agreement") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the tables below. For each Fund this contractual limitation may not be terminated before February 28, 2022 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For each Fund except the Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund, this limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, acquired fund fees and expenses, Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares and Institutional Service Class shares and extraordinary expenses. The Expense Limitation Agreement with respect to the Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund excludes certain expenses, including any interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.

Fund   Limit  
Emerging Markets Debt Fund   0.65%  
Global Absolute Return Strategies Fund*   0.65%  
Intermediate Municipal Income Fund   0.50%  

 

Fund   Class A
Limit		   Class A1
Limit		   Class C
Limit		     Institutional
Class Limit		  
Short Duration High Yield Municipal Fund   0.90 %     –     1.65%     0.65%
Ultra Short Municipal Income Fund   0.70 %     0.70 %     –       0.45%

Aberdeen may request and receive reimbursement from a Fund of the advisory 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 Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause a class 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 Adviser, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by Aberdeen is not permitted.

 

 

 

2021 Semi-Annual Report 71

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

As of April 30, 2021, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements for each Fund, based on expenses reimbursed by Aberdeen would be:

 

Fund   Amount
Fiscal Year
2018
(Expires 10/31/21)		   Amount
Fiscal Year
2019
(Expires 10/31/22)		   Amount
Fiscal Year
2020
(Expires 10/31/23)		  
Amount
Six Months Ended
April 30, 2021
(Expires 4/30/24)		   Total*  
Emerging Markets Debt Fund   $    80,039   $   206,464   $    229,330   $   109,119   $   624,952  
Global Absolute Return Strategies Fund     123,164     260,488     347,710     165,561     896,923  
Intermediate Municipal Income Fund     129,791     288,577     233,940     111,783     764,091  
Short Duration High Yield Municipal Fund     280,141     557,878     582,868     396,748     1,817,635  
Ultra Short Municipal Income Fund     1,157,542     2,481,831     2,517,221     1,494,871     7,651,465  

 

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

 

In accordance with the Funds' Expense Limitation Agreement and criteria, as described above, the Adviser did not recapture any expenses for which it previously reimbursed the Funds. Accordingly, at April 30, 2021, the Funds did not have liabilities payable to the Adviser for recapture of previously reimbursed expenses.

 

b.   Fund Administration

Under the terms of the Fund Administration Agreement, Aberdeen provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays Aberdeen an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with Aberdeen, State Street Bank and Trust Company ("State Street") provides sub-administration services with respect to the Funds. Aberdeen pays State Street for providing such services.

 

c.   Distributor and Shareholder Servicing

The Trust and Aberdeen Fund Distributors, LLC (the "Distributor") are parties to the current Underwriting Agreement (the "Underwriting Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares.

 

The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate the Distributor, for expenses associated with the distribution-related and/or shareholder services provided by such entities. These fees are paid to the Distributor and are either kept or paid to shareholders' financial advisors or other intermediaries for distribution and shareholder services. Although actual distribution expenses may be more or less, under the Plan, the Funds pay the Distributor an annual fee of the following amounts, based on the total net assets of each, respective class:

 

Fund   Class A
Shares		   Class A1
Shares		   Class C
Shares (a)		  
Class R Shares (a)		  
Emerging Markets Debt Fund     0.25 %     –     1.00%     0.50%
Global Absolute Return Strategies Fund     0.25 %     –     1.00%     –  
Intermediate Municipal Income Fund     0.25 %     –     1.00%     –  
Short Duration High Yield Municipal Fund     0.25 %     –     1.00%     –  
Ultra Short Municipal Income Fund     0.25 %     0.25%     –     –  

(a)  0.25% of which is service fees.

The Adviser or an affiliate of the Adviser may pay additional amounts from its own resources to dealers or other financial intermediaries, for aid in distribution or for aid in providing administrative services to shareholders.

Pursuant to the current Underwriting Agreement, the Distributor will also receive the proceeds of contingent deferred sales charges ("CDSCs") of 1.00% imposed on certain redemptions of Class C (and up to 1.00% for certain Class A) shares.

 

72 2021 Semi-Annual Report

 

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

The Distributor re-allows to dealer 2.50% of sales charges on Class A shares of the Emerging Markets Debt Fund and Global Absolute Return Strategies Fund; 2.00% of sales charges on Class A shares of the Intermediate Municipal Income Fund and Short Duration High Yield Municipal Fund; 0.50% of sales charges on Class A1 of the Ultra Short Municipal Income Fund. In addition, the Distributor or Adviser may compensate broker dealers or financial intermediaries for sales of Class C shares from its own resources at the rate of 1.00% on sales of Class C shares, which have a maximum CDSC of 1.00% (the CDSC assessed on sales within one year of purchase). The amount the Distributor retained for commissions from front-end sales charges and CDSC fees for the six-month period ended April 30, 2021 was as follows:

 

Fund   Commissions Retained
from Front-End Sales
Charges of Class A
and Class A1 Shares		   Commissions Retained
from CDSC Fees of
Class C (Certain Class A
and Class A1) Shares
Emerging Markets Debt Fund   $   –   $       –
Global Absolute Return Strategies Fund   46   –
Intermediate Municipal Income Fund   17   –
Short Duration High Yield Municipal Fund   –   1,790
Ultra Short Municipal Income Fund   –   –
Total Retained   60   1,790

 

d.Administrative Services Fees/Transfer Agent Out-of-Pocket Expenses

The Funds may pay and/or reimburse administrative services fees/transfer agent out-of-pocket expenses to certain broker-dealers and financial intermediaries who provide administrative support services to beneficial shareholders on behalf of the Funds (sometimes referred to as "sub-transfer agency fees"), subject to certain limitations approved by the Board. These fees may be in addition to Rule 12b-1 fees. Sub-transfer agency fees generally include, but are not limited to, costs associated with omnibus accounting, recordkeeping, networking, sub-transfer agency or other administrative or shareholder services.

 

Class A, Class A1, Class R and Institutional Service Class shares of the Funds pay for such services pursuant to an Administrative Services Plan adopted by the Board. Under the Administrative Services Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual sub-transfer agent and administrative services fee of 0.25% for Class A, Class A1, Class R and Institutional Service Class shares. Under an amendment to the Administrative Services Plan that is in effect until at least February 28, 2022, the administrative service fee is limited to a maximum of 0.15% for contracts with fees that are calculated as a percentage of Fund assets and a maximum of $16 per account for contracts with fees that are calculated on a dollar per account basis. Class C and Institutional Class shares may also pay for the services described above directly, as these classes are not subject to an Administrative Services Plan.

 

The aggregate amount of sub-transfer agent and administrative service fees paid during the six-month period ended April 30, 2021 was as follows:

 

Fund   Class A   Class A1   Class C   Class R   Institutional
Service		   Institutional
Emerging Markets Debt Fund   $     174   $      –   $  40   $2,838   $     22   $    6,487
Global Absolute Return Strategies Fund   354   –   205   –   4,912   1,942
Intermediate Municipal Income Fund   389   –   48   –   –   2,240
Short Duration High Yield Municipal fund   6,034   –   1   –   –   78,804
Ultra Short Municipal Income Fund   69,114   7   –   –   –   307,083

 

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

 

e.Purchase/Sale Transactions Between Affiliates

The Funds are permitted to buy or sell securities with funds that have a common investment adviser (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 Investment Company Act of 1940 ("Rule 17a-7"). During the six-month period ended April 30, 2021, the Funds did not engage in any of these trades.

 

 

 

 

2021 Semi-Annual Report 73

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

4. Investment Transactions

 

Purchases and sales of securities (excluding short-term securities) for the six-month period ended April 30, 2021, were as follows:

Fund   Purchases   Sales
Emerging Markets Debt Fund   $      16,410,883   $      27,786,783
Global Absolute Return Strategies Fund   11,051,702   13,578,655
Intermediate Municipal Income Fund   17,413,928   21,783,244
Short Duration High Yield Municipal Fund   139,368,904   110,799,273
Ultra Short Municipal Income Fund   1,251,366,671   1,459,713,214

 

5. Portfolio Investment Risks

 

a.Absolute Return Strategy Risk

The Global Absolute Return Strategies Fund is subject to risks related to its absolute return strategy. Absolute return funds employ certain techniques that are intended to reduce risk and volatility in the portfolio and provide protection against a decline in the fund's assets. They are not designed to outperform stocks and bonds in strong markets and there is no guarantee of positive returns or that the Fund's objective will be achieved.

 

b.Credit Default Swap Risk

The Global Absolute Return Strategies Fund may buy or sell credit default swaps. Credit default swap contracts, a type of derivative instrument, particularly selling credit default swaps, involve special risks and may result in losses to the Fund.

 

c.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 Adviser 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.

 

d.Derivatives Risk (including Options, Futures and Swaps)

Certain Funds are subject to Derivatives Risk. Derivatives are speculative and may hurt the Fund's performance. The potential benefits to be derived from the Fund's options, futures and derivatives strategy are dependent upon the portfolio managers' ability to discern pricing inefficiencies and predict trends in these markets, which decisions could prove to be inaccurate.

 

Speculative Exposure Risk. To the extent that a derivative or practice is not used as a hedge, the Fund is directly exposed to its risks. Gains or losses from speculative positions in a derivative may be much greater than the derivative's original cost. For example, potential losses from writing uncovered call options and from speculative short sales are unlimited.

 

Hedged Exposure Risk. Losses generated by a derivative or practice used by the Fund for hedging purposes should be substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can also reduce or eliminate gains.

 

Correlation Risk. The Fund is exposed to the risk that changes in the value of a hedging instrument will not match those of the investment being hedged.

 

Counterparty Risk. Derivative transactions depend on the creditworthiness of the counterparty and the counterparty's ability to fulfill its contractual obligations.

 

Other Derivatives Risks. Fixed income derivatives are subject to interest rate risk. In addition, certain derivatives may be subject to illiquid securities risk, mispricing or valuation complexity, market risk and management risk. The Fund may need to sell portfolio securities at inopportune times to satisfy margin or payment obligations under derivatives investments. Changes in regulation relating to the Fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

 

e.Emerging Markets Risk

The risks of investing in emerging market countries are a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because the countries may have less stable governments, more volatile currencies and less established markets (see "Foreign Securities Risk" below).

 

 

74 2021 Semi-Annual Report

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

f.Equity Securities Risk

The Global Absolute Return Strategies Fund may invest in equity securities. The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline).

 

g.Fixed Income Securities Risk

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

 

h.Foreign Currency Exposure Risk

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact a Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.

 

i.Foreign Securities Risk

Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

 

j.High-Yield Bonds and Other Lower-Rated Securities Risk

A 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.

 

k.Illiquid Securities Risk

Illiquid securities are assets that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the asset. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value. Over recent years, the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity.

 

The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of a Fund's portfolio holdings. These procedures and tests take into account a Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during both normal and reasonable foreseeable stressed conditions, relevant market, trading and other factors, and monitor whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to assist a Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures and tests will enable a Fund to ensure that it has sufficient liquidity to meet redemption requests.

 

l.Impact of Large Redemptions and Purchases of Fund Shares

Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause a Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to a Fund until the sales of portfolio securities necessary to cover the redemption request settle.

 

 

 

 

2021 Semi-Annual Report 75

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

m.Interest Rate Risk

Each 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 each Fund's net assets. Each Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Interest rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a 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.

 

n.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.

 

o.LIBOR Risk

A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate ("LIBOR") as a "benchmark" or "reference rate" for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued or the regulator will announce that it is no longer sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offered Rate ("EURIBOR"), Sterling Overnight Interbank Average Rate ("SONIA") and Secured Overnight Financing Rate ("SOFR"), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

 

p.Management Risk

Each Fund is subject to the risk that the Adviser or Subadviser (as applicable) may make poor security selections. The Adviser, Subadviser and their portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve the desired results for a Fund. In addition, the Adviser or Subadviser may select securities that underperform the relevant market or other funds with similar investment objectives and strategies.

 

q.Market Risk

Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in those markets in which a Fund invests.

 

The illness caused by a novel coronavirus (COVID-19) has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund's investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, including the Fund, are not known. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time.

 

r.Municipal Securities Risk

The Intermediate Municipal Income Fund, Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund (the "Municipal Funds") are subject to municipal securities risk. Municipal bonds can be significantly affected by political and economic changes, including

 

 

76 2021 Semi-Annual Report

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

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 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, a 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 a 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 this may have a significant impact on the Fund's investment performance.

 

s.Non-Diversified Fund Risk

The Emerging Market Debt Fund's performance may be more volatile than a diversified fund because it may invest a greater percentage of its total assets in the securities of a single issuer.

 

t.Non-Hedging Foreign Currency Trading Risk

Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Adviser's expectations may produce significant losses to certain Funds.

 

u.Portfolio Turnover Risk

Certain Funds may engage in active and frequent trading of portfolio securities to achieve its investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains taxable at ordinary income tax rates.

 

v.Private Placements and Other Restricted Securities Risk

The Emerging Markets Debt Fund and Short Duration High Yield Municipal Fund are subject to Private Placements Risk. Investments in private placements and other restricted securities, including Regulation S Securities and Rule 144A Securities, could have the effect of increasing the Fund's level of illiquidity. Private placements and restricted securities may be less liquid than other investments because such securities may not always be readily sold in broad public markets and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value.

 

w.Puerto Rico and U.S. Territories Risk

The Aberdeen Short Duration High Yield Municipal Fund is subject to Puerto Rico and U.S. territories risk to the extent that it invests in municipal obligations of such territories. Certain municipal issuers in Puerto Rico have experienced financial difficulties over recent years. These financial difficulties have been exacerbated by the impact of severe weather events, including Hurricane Maria in 2017. Additionally, all three ratings agencies have maintained a negative outlook on Puerto Rico's credit rating, which means that additional downgrades of securities issued by Puerto Rico are possible in the future. Puerto Rican financial difficulties could potentially lead to less liquidity for its bonds, wider spreads, and greater risk of default for Puerto Rican municipal securities, and consequently may affect the Fund's performance to the extent it invests in Puerto Rican municipal securities. As with Puerto Rican municipal securities, events in any of the other territories where the Fund is invested may affect the Fund's investments and its performance.

 

x.Tender Option Bonds Risk

The Municipal Funds are subject to Tender Option Bonds Risk. Tender option bonds are synthetic floating-rate or variable-rate securities issued when long-term bonds are purchased in the primary or secondary market and then deposited into a trust. Tender option bonds may be considered derivatives, and may expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, especially the risk of increased volatility.

 

y.Tobacco Related Bonds Risk

The Aberdeen Short Duration High Yield Municipal Fund is subject to Tobacco Related Bonds Risk. In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, the MSA, to settle claims against them by 46 states and six other U.S. jurisdictions. The

 

2021 Semi-Annual Report 77

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

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 Funds 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 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.

 

z.Sector Risk

To the extent that a 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.

 

Financials Sector Risk. To the extent that the financials sector is represented by a significant portion of a Fund's portfolio, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets as well as cyber-attacks.

 

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

 

aa.Sovereign Debt Risk

The Emerging Markets Debt Fund and Global Absolute Return Strategies Fund are subject to Sovereign Debt Risk. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of a foreign government's debt securities held by the Fund and impact an issuer's ability and willingness to pay interest or repay principal when due. The Fund may have limited recourse to compel payment in the event of a default. A foreign government's default on its debt securities may cause the value of securities held by the Fund to decline significantly.

 

bb.U.S. Government Securities Risk

Securities issued by U.S. Government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. The U.S. Government does not guarantee the net asset value of a Fund's shares.

 

cc.Valuation Risk

The price that a 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 a Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A 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.

 

dd.Variable and Floating Rate Securities Risk

Certain Funds are subject to Variable and Floating Rate Securities Risk. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. Variable rate demand obligations ("VRDOs") are floating rate securities that combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.

 

ee.Yield Risk

The Ultra Short Municipal Income Fund is subject to Yield Risk. The amount of income received by the Fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the Fund's expenses could absorb all or a significant portion of the Fund's income. If interest rates increase, the Fund's yield may not increase proportionately. For example, the Adviser may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed.

 

Please read the Funds' prospectus for more detailed information regarding these and other risks.

 

 

78 2021 Semi-Annual Report

 

 

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

 

6. Contingencies

 

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

 

7. Tax Information

 

As of April 30, 2021, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

 

  Tax Cost of
Securities		   Unrealized
Appreciation		   Unrealized
Depreciation		   Net
Unrealized
Appreciation/
(Depreciation)		  
Emerging Markets Debt Fund $   44,246,889   $1,358,279   $ (2,962,124 ) $(1,603,845 )
Global Absolute Return Strategies Fund   22,371,160     756,486     (493,658 )   262,828  
Intermediate Municipal Income Fund   59,662,797     4,653,371     (47,499 )   4,605,872  
Short Duration High Yield Municipal Fund   318,451,092     9,341,700     (2,047,286 )   7,294,414  
Ultra Short Municipal Income Fund   1,162,247,168     929,640     (48,791 )   880,849  

 

The tax character of distributions paid during the fiscal year ended October 31, 2020 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):

 

    Distributions Paid From  
Fund   Ordinary
Income*		   Net Long Term
Capital Gains*		   Total
Taxable
Distributions		   Tax Exempt
Distributions		   Return of
Capital		   Total
Distributions Paid		  
Emerging Markets Debt Fund   $2,023,869   $         –   $2,023,869   $           –   $          –   $2,023,869  
Global Absolute Return Strategies Fund     444,894     –     444,894     –     –     444,894  
Intermediate Municipal Income Fund     5,378     98,884     104,262     1,960,534     –     2,064,796  
Short Duration High Yield Municipal Fund     94,431     –     94,431     7,910,765     –     8,005,196  
Ultra Short Municipal Income Fund     9,380     –     9,380     9,185,486     –     9,194,866  

 

As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:

 

Fund Undistributed
Tax Exempt
Income		 Undistributed
Ordinary
Income		 Undistributed
Long-Term
Capital
Gains		   Accumulated
Earnings		 Distributions
Payable		 Late Year
Ordinary and
Post-October
Capital Loss
Deferrals		 Other
Temporary
Differences		   Unrealized
Appreciation/
(Depreciation)*		   Accumulated
Capital and
Other
Losses**		   Total
Accumulated
Earnings/
(Deficit)		    
Emerging Markets Debt Fund $       – $1,288,463 $         –   $     – $    – $    – $(130,906 ) $(2,484,022 ) $(5,106,896 ) $(6,433,361 )  
Global Absolute Return Strategies Fund – 67,932 –   –   – – (80 ) 498,029   (295,675 ) 270,206    
Intermediate Municipal Income Fund 5,026 – 106,844   –   – – (10,227 ) 3,051,529   –   3,153,172    
Short Duration High Yield Municipal Fund 166,066 – –   –   – – (40,941 ) (1,949,974 ) (7,479,151 ) (9,304,000 )  
Ultra Short Municipal Income Fund 4,615 – –   –   – – (17,255 ) (558,119 ) (339,529 ) (910,288 )  

 

*The difference between the book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales.

 

**As of October 31, 2020, for Federal income tax purposes, these Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations, with no expiration.

 

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

 

 

 

2021 Semi-Annual Report 79

 

 

 

Notes to Financial Statements (continued)

 

April 30, 2021 (Unaudited)

 

 

As of October 31, 2020, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations.

 

Fund Amount   Expires  
Emerging Markets Debt Fund $    969,025     Unlimited (Short-Term)  
Emerging Markets Debt Fund   4,137,871     Unlimited (Long-Term)  
Global Absolute Return Strategies Fund   295,675     Unlimited (Long-Term)  
Short Duration High Yield Municipal Fund   3,998,361     Unlimited (Short-Term)  
Short Duration High Yield Municipal Fund   3,480,790     Unlimited (Long-Term)  
Ultra Short Municipal Income Fund   339,529     Unlimited (Short-Term)  

 

8. Significant Shareholders

 

As of April 30, 2021, the Funds had shareholders with the percentage ownership indicated, which are considered significant shareholders (holdings greater than 5.0%) for financial reporting purposes:

 

Fund Record
Ownership %		     Number of
Account Owners		  
Emerging Markets Debt Fund   90.0%     5  
Global Absolute Return Strategies Fund   72.3        3  
Intermediate Municipal Income Fund   –        –  
Short Duration High Yield Municipal Fund   61.7        5  
Ultra Short Municipal Income Fund   81.5        7  

 

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

 

9. Line of Credit

 

The Trust, on behalf of each of the funds of the Trust ( including the Funds) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street Bank and Trust Company (the "Bank"), subject to annual renewal. The Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.

 

The Funds are subject to an up-front fee of 2.5 basis points (0.025%) on the full facility amount, which was paid upon closing of the credit facility. Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on that day (not less than zero) plus 1.25% or (b) the One-Month LIBOR as in effect on that day (not less than zero) plus 1.25%. In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. In 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement reference rate. As such, the potential effect of a transition away from LIBOR on the Fund's payment obligations under the revolving credit facility cannot yet be determined. For each Fund that borrowed under the Credit Facility during the six-month period ended April 30, 2021, the following table shows the average outstanding daily balance of the days the Fund utilized the Credit Facility and the average weighted interest rate paid by the Fund during the six-month period ended April 30, 2021.

 

  Average Outstanding
Daily Balance		   Average Weighted
Interest Rate		   Days
Utilized		  
Emerging Markets Debt Fund $ 1,831,617     1.40%     8  
Ultra Short Municipal Income Fund   243,096     1.41%     6  

 

 

 

 

 

 

80 2021 Semi-Annual Report

 

 

 

Notes to Financial Statements (concluded)

 

April 30, 2021 (Unaudited)

 

 

10. Recent Accounting Pronouncements

 

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. Management is assessing the impact of Rule 18f-4 on the Funds.

 

11. 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 April 30, 2021, except as noted below.

 

On May 3, 2021, the Board approved an Agreement and Plan of Reorganization (the "Agreement") between Aberdeen Funds, on behalf of the Global Absolute Return Strategies Fund, and Aberdeen Investment Funds, on behalf of the Aberdeen Total Return Bond Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Aberdeen Total Return Bond Fund in exchange for corresponding shares of the Global Absolute Return Strategies Fund equal in value to the net assets of the Aberdeen Total Return Bond Fund on the day the reorganization is effective. Subject to approval by the shareholders of the Aberdeen Total Return Bond Fund, the reorganization is expected to take place by the end of October 2021.

 

The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the Global Absolute Return Strategies Fund, the Aberdeen Total Return Bond Fund or their shareholders.

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 81

 

 

 

Shareholder Expense Examples (Unaudited)

 

 

 

As a shareholder of the Aberdeen Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, transfer agent out-of-pocket expenses, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Aberdeen Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2020 and continued to hold your shares at the end of the reporting period, April 30, 2021.

 

Actual Expenses

 

The table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Actual Expenses Paid During Period" for the class of a Fund that you own to estimate the expenses you paid on your account during the period.

 

Hypothetical Example for Comparison Purposes

 

The table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of a Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the information for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

 

        Beginning Account
Value,
November 1, 2020		   Actual
Ending Account
Value,
April 30, 2021		   Hypothetical
Ending Account
Value		   Actual Expenses
Paid During
Period1 		   Hypothetical
Expenses
Paid During
Period12 		   Annualized
Expense
Ratio**		  
Emerging Markets Debt Fund   Class A   $1,000.00   $1,054.50   $1,019.74   $5.20   $5.11     1.02%  
    Class C   $1,000.00   $1,053.40   $1,016.61   $8.40   $8.25     1.65%  
    Class R   $1,000.00   $1,053.80   $1,018.35   $6.62   $6.51     1.30%  
    Institutional Service Class   $1,000.00   $1,056.30   $1,021.27   $3.62   $3.56     0.71%  
    Institutional Class   $1,000.00   $1,056.20   $1,021.57   $3.31   $3.26     0.65%  
Global Absolute Return Strategies Fund   Class A   $1,000.00   $1,025.20   $1,020.03   $4.82   $4.81     0.96%  
    Class C   $1,000.00   $1,021.40   $1,016.61   $8.27   $8.25     1.65%  
    Institutional Service Class   $1,000.00   $1,026.60   $1,020.93   $3.92   $3.91     0.78%  
    Institutional Class   $1,000.00   $1,026.70   $1,021.57   $3.27   $3.26     0.65%  
Intermediate Municipal Income Fund   Class A   $1,000.00   $1,031.80   $1,021.03   $3.83   $3.81     0.76%  
    Class C   $1,000.00   $1,028.10   $1,017.36   $7.54   $7.50     1.50%  
    Class R   $1,000.00   $1,000.00   $1,024.80   $     –   $     –     –  
    Institutional Service Class   $1,000.00   $1,033.10   $1,022.32   $2.52   $2.51     0.50%  
    Institutional Class   $1,000.00   $1,033.10   $1,022.32   $2.52   $2.51     0.50%  
Short Duration High Yield Municipal Fund   Class A   $1,000.00   $1,037.00   $1,020.33   $4.55   $4.51     0.90%  
    Class C3   $1,000.00   $1,047.30   $1,018.79   $6.14 4 $6.06 4   1.21%  
    Institutional Class   $1,000.00   $1,038.30   $1,021.57   $3.29   $3.26     0.65%  
Ultra Short Municipal Income Fund   Class A   $1,000.00   $1,001.10   $1,021.77   $3.03   $3.06     0.61%  
    Class A1   $1,000.00   $1,001.10   $1,021.82   $2.98   $3.01     0.60%  
    Institutional Class   $1,000.00   $1,001.90   $1,022.56   $2.23   $2.26     0.45%  

 

**The expense ratio presented represents a six-month, annualized ratio.
1Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).
2Represents the hypothetical 5% return before expenses.
3Information shown reflects values using the expense ratios and rates of return for the period December 21, 2020 (commencement of operations) to April 30, 2021.
4Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 131/365 (to reflect the commencement of operations to period end).

 

 

 

 

 

 

 

 

 

82 2021 Semi-Annual Report

 

 

 

 

Liquidity Risk Management Program (Unaudited)

 

 

 

The Funds have adopted and implemented a liquidity risk management program (the "Liquidity Program") consistent with the requirements of Rule 22e-4 under the 1940 Act (the "Liquidity Rule"). "Liquidity Risk" is defined as the risk that a fund could not meet redemption requests "without significant dilution of remaining investors' interests in the fund." Aberdeen Standard Investments Inc., the investment adviser and administrator to the Funds, has been approved and designated by the Board of Trustees (the "Board") as the administrator of the Liquidity Program (the "Administrator") and has retained a third party to perform certain functions, including liquidity analytics and providing market data. The Administrator has formed a Liquidity Risk Management Committee (the "Committee") to help implement and carry out the day-to-day operations of the Liquidity Program.

 

As required by the Liquidity Rule, at a meeting on March 17, 2021, the Board received a written annual report on the operation and effectiveness of the Liquidity Program for the period from February 1, 2020 to January 31, 2021 (the "Reporting Period"). The annual report provided, among other items, an overview of the Liquidity Program including:

 

•information regarding the Committee and the monthly discussions by the Committee of various items including, but not limited to, the following:

 

oReview and analysis of appropriate liquidity categories for portfolio investments

 

oReview of highly liquid investment minimum ("HLIM") and reasonably anticipated trading sizes ("RATS")

 

oReview of current and upcoming market events, such as market closures, that may impact liquidity

 

oReview of large shareholder concentrations that may impact liquidity in the event of redemption

 

•the monitoring and classification of portfolio holdings in four liquidity categories (including the operation of the HLIM and any breaches); and

 

•enhancements to the Liquidity Program during the Reporting Period, which included:

 

omonthly liquidity reports being provided to portfolio managers

 

oevaluation and change in the RATS of Aberdeen Emerging Markets Fund based on shareholder concentration and the nature of securities held in the fund's portfolio

 

ochanges to the Liquidity Program to address regulatory guidance relating to the closure of a foreign securities market for seven or more calendar days due to a foreign holiday.

 

The annual report concluded that the Liquidity Program was reasonably designed to assess and manage the Funds' Liquidity Risk pursuant to the Liquidity Rule.

 

There can be no assurance that the Liquidity Program will achieve its objectives under all circumstances in the future. Please refer to your Fund's Prospectus and Statement of Additional Information for more information regarding the risks of investing in a Fund, including a Fund's exposure to liquidity risk and other risks to which the Funds may be subject.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 Semi-Annual Report 83

 

 

 

Management Information

 

 

 

Trustees

Radhika Ajmera

Stephen Bird

P. Gerald Malone, Chairman

Neville J. Miles

Rahn K. Porter

Steven N. Rappaport

Warren C. Smith

 

Investment Adviser

Aberdeen Standard Investments Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

 

Fund Administrator

Aberdeen Standard Investments Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

 

Transfer Agent

DST Asset Manager Solutions, Inc.

430 W. 7th Street, Ste. 219534

Kansas City, MO 64105-1407

 

Distributor

Aberdeen Fund Distributors LLC

1900 Market Street, Suite 200

Philadelphia, PA 19103

 

Sub-Administrator, Custodian & Fund Accountant

State Street Bank and Trust Company

1 Lincoln Street

Boston, MA 02111

 

Independent Registered Public Accounting Firm

KPMG LLP

1601 Market Street

Philadelphia, PA 19103

 

Fund Counsel

Dechert LLP

1900 K Street N.W.

Washington, DC 20006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aberdeen Standard Investments Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

aberdeenstandard.com/us

 

AOE-0143-SAR 

 

 

 

Item 2. Code of Ethics.

 

Not applicable – for annual reports only.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable – for annual reports only.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable – for annual reports only.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable – for annual reports only.

 

Item 6. Investments.

 

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

 

(b) Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

During the period ended April 30, 2021, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

 

Item 11. Controls and Procedures.

 

(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 (17 CFR 240.13a-15(b) or 240.15d15(b)).

 

   
   

 

(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 second fiscal quarter of the period covered by this report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13. Exhibits.

 

(a)(1) Not applicable.

 

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(3) Not applicable.

 

(a)(4) Not applicable.

 

(b) Certifications pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

   
   

 

SIGNATURES

 

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.

 

Aberdeen Funds

 

By: /s/ Bev Hendry  

Bev Hendry

Principal Executive Officer of

Aberdeen Funds

 

Date: July 8, 2021

 

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/ Bev Hendry  

Bev Hendry

Principal Executive Officer of

Aberdeen Funds

 

Date: July 8, 2021

 

By: /s/Andrea Melia  

Andrea Melia

Principal Financial Officer of

Aberdeen Funds

 

Date: July 8, 2021