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

Aberdeen Funds

(Exact name of registrant as specified in charter)

1735 Market Street, 32^nd Floor

Philadelphia, PA 19103

(Address of principal executive offices) (Zip code)

Lucia Sitar, Esquire

c/o Aberdeen Asset Management Inc.

1735 Market Street, 32^nd Floor

Philadelphia, PA 19103

(Name and address of agent for service)

With Copies to:

Rose F. DiMartino, Esquire

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

Registrant’s telephone number, including area code: 877-332-7806

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

Item 1. Reports to Stockholders.

Aberdeen Funds

Equity Series

Semiannual Report

April 30, 2012

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

Aberdeen Asia-Pacific Smaller Companies Fund

Aberdeen China Opportunities Fund

Aberdeen Emerging Markets Fund

Aberdeen Emerging Markets Institutional Fund

Aberdeen Equity Long-Short Fund

Aberdeen Global Equity Fund

Aberdeen Global Natural Resources Fund

Aberdeen Global Small Cap Fund

Aberdeen International Equity Fund

Aberdeen Small Cap Fund

Aberdeen U.S. Equity Fund

Aberdeen U.S. Equity II Fund

Table of Contents

Letter to Shareholders	Page 1
Market Review	Page 3
Aberdeen Asia-Pacific (ex-Japan) Equity Fund	Page 4
Aberdeen Asia-Pacific Smaller Companies Fund	Page 9
Aberdeen China Opportunities Fund	Page 15
Aberdeen Emerging Markets Fund	Page 19
Aberdeen Emerging Markets Institutional Fund	Page 24
Aberdeen Equity Long-Short Fund	Page 30
Aberdeen Global Equity Fund	Page 38
Aberdeen Global Natural Resources Fund	Page 43
Aberdeen Global Small Cap Fund	Page 47
Aberdeen International Equity Fund	Page 52
Aberdeen Small Cap Fund	Page 57
Aberdeen U.S. Equity Fund	Page 63
Aberdeen U.S. Equity II Fund	Page 68
Financial Statements	Page 73
Notes to Financial Statements	Page 124
Shareholder Expense Examples	Page 144
Supplemental Information	Page 146

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 www.aberdeen-asset.us. 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, 1735 Market Street, 32^nd Floor, Philadelphia, PA 19103.

Aberdeen Asset Management Inc. (AAMI) has been registered as an investment advisor under the Investment Advisers Act of 1940 since August 23, 1995.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Aberdeen Funds file 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 on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.aberdeen-asset.us or upon request without charge.

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 www.aberdeen-asset.us 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 on the Commission’s website at www.sec.gov.

Letter to Shareholders

April 30, 2012

Dear Valued Shareholder:

Welcome to the Aberdeen Funds Semiannual Report covering the activities for the six-month period ended April 30, 2012.

Market Overview

During the reporting period, the performance of the global securities markets was again dominated by the ongoing sovereign debt crisis in the Eurozone. The European Central Bank entered a second phase of its Long-Term Refinancing Operation (LTRO) in an effort to provide much-needed funding for the peripheral European countries, most notably Greece. Late in the period, there was speculation that Greece would exit the euro, fanning fears of an exodus by other financially troubled Eurozone nations. Despite weathering virtually daily gyrations, major global equity and fixed income market indices recorded positive returns during the period. Shares of North American companies outperformed their global equity counterparts on the strength of generally improving economic data and generally positive corporate earnings reports.

I would also like to direct you to the website for our investment conference titled “Beyond the U.S. — Time for investors to allocate more internationally?”, which was held on June 7, 2012 in New York City. Read panel summaries, listen to recorded audio feeds and watch video of the conference, which hosted a panel of highly distinguished and noteworthy speakers. You can visit the conference website at http://www.aberdeen-asset.us/aam.nsf/usconference/home.

Aberdeen Product Developments

The Aberdeen Asia Bond Fund and its sister fund, the Aberdeen Asia-Pacific (ex-Japan) Equity Fund, opened new retail share classes on Feb. 27 2012, making these strategies more widely available in various U.S. distribution channels. We believe that Aberdeen’s local presence and long history (over 20 years) of investing in Asia can provide some reassurance to U.S. investors seeking to diversify their investment portfolios, and we are pleased to now make this capability available to all U.S. investors.

We were delighted that the Aberdeen Asia Bond Fund (formerly known as the Aberdeen Asia Bond Institutional Fund) was recognized at the 2012 Lipper Fund Awards as the “Best International Income Fund over Three Years” among 27 funds for the three-year period ended December 31, 2011. Lipper, a leading global provider of mutual fund information, based the award on the calculation of consistent return, a quantitative metric that incorporates risk-adjusted return and strength of the fund’s performance trend. We believe the award validates Aberdeen’s Asia Bond investment process: a clearly defined, consistent investment discipline which is applied rigorously for each of our mutual fund portfolios. It also acknowledges our Asia Bond investment team’s hard work which, we believe, produces strong returns for our clients over the long term.

On Friday, May 18, 2012, The Aberdeen Emerging Markets Fund merged into the Aberdeen Emerging Markets Institutional Fund. The two funds had identical investment strategies and objectives and were managed by the same investment team. The financial and performance history of the Aberdeen Emerging Markets Institutional Fund, which is the larger of the two funds, is the continuing performance history after the reorganization, and the combined fund is known as the Aberdeen Emerging Markets Fund.

Investing in Our Community

In May 2012, Aberdeen sponsored the Aberdeen Dad Vail Regatta for the third consecutive year. Thousands of collegiate rowers from across the U.S. and Canada competed in this historic, two-day event along Philadelphia’s Schuylkill River. Aberdeen will continue its sponsorship of the Dad Vail regatta into 2013, the event’s 75^th anniversary.

In June 2012, Aberdeen concluded its second annual Aberdeen Financial Literacy project. Schools from the Philadelphia region took part in the 10-week competition as students managed simulated portfolios, trading real stocks and bonds with some guidance from visiting Aberdeen “ambassadors.” Participating teams were invited to Aberdeen’s Philadelphia office to present their investment strategies and meet with Aberdeen portfolio managers and staff. The winning school was presented with a $5,000 donation.

Looking ahead

If the last months have shown us anything, it is that global markets remain as uncertain as ever. The sovereign debt crisis that continues to afflict the Eurozone and its periphery remains a major concern in the coming quarters. Though the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) seems to have created some respite in the short term, it is a far cry from the long-term solution that is needed in the Eurozone. Conversely, the U.S. economy proved to be a standout performer over the period and seems to be continuing its economic recovery, albeit at a modest pace and with unemployment remaining above 8%. Economic growth in China, while slowing, is still higher than that in developed markets and, in our view, is indicative of a “soft landing” scenario. In this context, we believe that the U.S. and China will be the

2012 Semiannual Report

1

Letter to Shareholders (concluded)

main drivers of global growth in the coming quarters. With the upcoming conclusions of the Federal Reserve’s “Operation Twist” and the Bank of England’s asset purchase program, along with the uncertainty of a third LTRO in Europe, we believe global markets may be left vulnerable to further bouts of volatility.

Anne Richards, Aberdeen Group’s Chief Investment Officer, provides you with a detailed insight on the marketplace in the Global Market Review and Outlook on the following page.

We thank you for your investment with us.

Yours sincerely,

Gary Marshall

President

Aberdeen Funds

Semiannual Report 2012

2

Market Review

Most major global equity market indices moved higher for the six-month period ended April 30, 2012. Market moves were dictated primarily by investors’ reaction to the ever-changing news regarding the sovereign debt crisis in the Eurozone, as well as economic data , particularly from the U.S. Equity performance was boosted by vast liquidity injections from the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) for lenders; bond-buying programs by the central banks of the UK and Japan; and the U.S. Federal Reserve’s pledge to maintain short-term interest rates at or near their current historical low levels until 2014. Several developed economies, particularly those in Japan and Europe, contracted in the final quarter of 2011, weighed down by weak export growth. Asia fared relatively well, but was not immune from weakening demand in the West.

The U.S. was the top performer among the global stock markets during the semiannual period, with the broader-market S&P 500 Index gaining 12.8% versus the respective 3.0% and 4.0% returns of the MSCI All-Country World ex. US and MSCI Emerging Markets indices. The upturn was spurred mainly by the release of improving U.S. economic data, along with generally upbeat corporate earnings reports, offsetting fresh concerns about the problems in the Eurozone. While elevated retail gasoline prices remain a risk to consumption, there is no evidence as of yet that they are constraining final demand – indices of consumer confidence rose towards the end of the reporting period, and there has been no significant downturn in consumer and business spending. On a cautionary note, the drop in the unemployment rate during the reporting period partially reflected a shrinking pool of jobseekers as more people stopped looking for employment. Additionally, non-farm payroll growth has slowed and the jobless rate remains above its five-year average of around 6%.

European equities, as represented by the MSCI Europe Index, underperformed versus their global peers for the reporting period amid the ongoing fiscal crisis in the region. A second financial bailout of Greece took place in March. This package included private investors accepting over 70% in losses on their current holdings of government debt and provided Greece with access to an additional €130 billion (roughly US$160 billion) in International Monetary Fund (IMF) and Eurozone funding. On the economic front, the purchasing managers’ surveys in both Germany and France fell to three-year lows in May of this year, signaling a downturn in manufacturing output. Furthermore, growth in the peripheral European countries –most notably Greece, Ireland, Italy, Portugal and Spain – is weaker as they struggle with a combination of tight credit, poor sentiment, private sector debt repayment and public sector austerity. Within the Asia-Pacific region, the Bank of Japan announced a new commitment to monetary easing aimed at achieving a goal of 1% inflation. We believe that the central bank’s easing, along with an increase in the nation’s trade deficit, may lead to further weakness in the Japanese yen, but potentially could have a positive impact on the equity market.

The MSCI Emerging Markets Index moved higher during the reporting period but underperformed versus the MSCI World Index, the global developed market benchmark. The Eurozone debt situation and deteriorating growth in the developed markets weighed on investor sentiment early in the period. However, the markets recovered from the collective sell-off at the beginning of 2012, as ample liquidity injections from several developed-market central banks lifted investor sentiment. Economic growth in China, while slowing, is still higher than that in developed markets and, in our view, is indicative of a “soft landing” scenario. Furthermore, Chinese industrial production and retail sales both remain healthy. Should the growth outlook deteriorate, however, we feel that the Chinese government has additional policy tools at its disposal in its effort to stimulate growth. Late in the semiannual period, India’s central bank cut its benchmark interest rate by a larger-than-expected 0.5%, but warned that inflation pressures limited room for further easing.

The global fixed income markets, as measured by the Barclays Capital Global Aggregate Bond Index, posted a modest gain of 1.0% for the semiannual period. The U.S. market outperformed its global counterparts despite encountering substantial intra- and inter-day volatility along the way. The combination of stronger macroeconomic data and the successful completion of the ECB’s second LTRO initially pushed U.S. Treasury yields higher, but they subsequently declined late in the reporting period amid the re-emergence of contagion fears from the European debt crisis. Near the end of the semiannual period, Standard and Poor’s downgraded Spain’s long-term credit rating by two notches to BBB+, prompting worries about the government facing higher borrowing costs. Following a strong start to 2012, the U.S. high yield market cooled off slightly in March and April. Lower-quality bonds were the strongest performers as CCC rated credits outperformed versus BB and single-B issues.

In our view, the LTROs have bought the Eurozone some time, the usefulness of which should not be underestimated. The pro-austerity New Democracy party won a narrow majority in Greece’s national election in June, mitigating (at least temporarily) fears of the country’s possible departure from the Eurozone. However, New Democracy’s victory does not offer a solution to the country’s huge fiscal and social problems – there is a long hard road ahead for the Greek people. The twin stimuli of the Federal Reserve’s “Operation Twist” in the U.S. and the Bank of England’s asset purchase program in the UK are coming to an end, and we are uncertain about a third LTRO in Europe. In our opinion, all of these factors could lead to greater uncertainty within markets and make them vulnerable to more bouts of volatility. Nonetheless, we believe that, overall, global economic growth looks to be reasonably supported in the short term, albeit on a slower trajectory than its recent pace.

Anne Richards

Chief Investment Officer

Aberdeen Asset Management

2012 Semiannual Report

3

Aberdeen Asia-Pacific (ex-Japan) Equity Fund (Unaudited)

The Aberdeen Asia-Pacific (ex-Japan) Equity Fund (Class A shares at NAV net of fees) returned 7.72% for the six-month period ended April 30, 2012, versus the 4.26% return of its benchmark, the MSCI AC Asia Pacific ex Japan Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Pacific ex Japan Funds (consisting of 101 funds) was 5.53% for the period.

Asian stock markets rebounded during the reporting period. Just before the start of the period, markets had fallen to their lowest level in more than a year, as sentiment was dented by a slew of bad news. These included the worsening sovereign debt crisis in the Eurozone and stalling economic growth across the developed world. Investors were also spooked by a possible “hard landing” in China, as well as the fallout from the unprecedented downgrade of America’s sovereign debt rating, which coincided with the end of quantitative easing in the U.S. But that soon gave way to optimism amid Europe’s receding debt worries, apparent improvement in the U.S. economy, and an infusion of liquidity by central banks in Europe, the UK and Japan. In addition, the U.S. Federal Reserve pledged to keep interest rates low until 2014. However, oil prices spiked on the back of tensions over Iran’s nuclear ambitions – renewing inflationary fears. Towards the end of the period, sentiment was further dented by political uncertainty in Europe, as well as by renewed growth worries in the U.S. and China.

At the stock level, Hong Kong holdings Swire Pacific, ASM Pacific Technology and Dairy Farm were top contributors to the Fund’s relative return. Conglomerate Swire Pacific’s shares outperformed after lagging in the first quarter of 2012. Its property division continued to perform well on the back of positive rental reversion and high occupancy, but profits were pared by Cathay Pacific’s lower contributions. Meanwhile, both ASM Pacific Technology, which posted record sales in 2011, and Dairy Farm were lifted by positive quarterly earnings news.

The primary detractors from relative performance were Indian holdings Infosys and Housing Development Finance Corp (HDFC), along with Australia’s QBE Insurance. Both Infosys and HDFC lagged the Indian domestic market despite posting good results for the December quarter, while QBE Insurance suffered record catastrophe claims and was weighed down by low yields on its investment portfolio.

In portfolio activity, we sold Korean retailer Shinsegae. Conversely, we established a new position in Singapore-headquartered conglomerate Keppel Corporation, which has a growing pipeline of business in its key offshore and marine division.

The Fund’s largest absolute stock weightings are Singapore’s Oversea-Chinese Banking Corp, Korea’s Samsung Electronics, and UK-listed miner Rio Tinto. Oversea-Chinese Banking Corp is a proxy for domestic consumption growth in Asia with a meaningful presence in Singapore, Malaysia and Indonesia, and a small but increasing footprint in China and Vietnam. The company is able to differentiate itself with a full suite of products ranging from core lending to insurance and wealth management while remaining conservative. Rio Tinto is a mining company with a focused management looking to maximize shareholder value. We also hold Samsung Electronics, a leading Korean semiconductor company that is also a major player in mobile phones and TFT-LCDs. In our view, it has a strong competitive position across each of its three business segments.

Portfolio Management:

Aberdeen Asia-Pacific Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks may be enhanced in developing market counties.

Concentrating investments in the Asian region subjects the Fund to more volatility and greater risk of loss than geographically diverse funds. Please read the prospectus for more detailed information regarding these risks.

Semiannual Report 2012

4

Aberdeen Asia-Pacific (ex-Japan) Equity Fund (Unaudited)

Average Annual Total Return (For periods ended April 30, 2012)		Six Months†		1 Yr.			Inception1
Class A2,6	w/o SC		7.72%		(3.51%	)		8.85%
	w/SC4		1.54%		(9.04%	)		6.26%
Class C2,6	w/o SC		7.63%		(3.59%	)		8.81%
	w/SC5		6.63%		(4.49%	)		8.81%
Class R2,3,6	w/o SC		7.72%		(3.51%	)		8.85%
Institutional Service Class3	w/o SC		7.73%		(3.50%	)		8.85%
Institutional Class3	w/o SC		7.82%		(3.42%	)		8.89%

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.

† Not Annualized

1 Fund commenced operations on November 16, 2009.

2 Returns before the first offering of Class A, Class C and Class R (February 28, 2012) are based on the previous performance of the Institutional Class.

The performance of the Institutional Class is substantially similar to what Class A, Class C and Class R would have produced because both classes invest in the same portfolio of securities. Returns for Class A, C and R shares would only differ to the extent of the differences in expenses of the classes.

3 Not subject to any sales charges.

4 A 5.75% front-end sales charge was deducted.

5 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

6 Class commenced operations on February 28, 2012.

2012 Semiannual Report

5

Aberdeen Asia-Pacific (ex-Japan) Equity Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Institutional Class shares of the Aberdeen Asia-Pacific (ex-Japan) Equity Fund, the Morgan Stanley Capital International All Country (MSCI AC) Asia Pacific ex Japan 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 MSCI AC Asia Pacific ex Japan Index is a free float-adjusted, market capitalization-weighted index that monitors the performance of stocks from the Asia Pacific region excluding the country of Japan. As of April 30, 2012 the MSCI AC Asia Pacific ex Japan Index consisted of the following developed markets countries: Australia, Hong Kong, New Zealand and Singapore; and the following emerging markets countries: China, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Sri Lanka, Taiwan and Thailand.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	93.5%
Preferred Stocks	4.1%
Repurchase Agreement	2.3%
Other assets in excess of liabilities	0.1%
	100.0%

Top Industries
Commercial Banks	19.5%
Real Estate Management & Development	12.3%
Semiconductors & Semiconductor Equipment	9.4%
Metals & Mining	7.2%
Insurance	5.7%
Oil, Gas & Consumable Fuels	5.4%
Industrial Conglomerates	5.1%
Construction Materials	4.7%
Wireless Telecommunication Services	4.6%
Food & Staples Retailing	3.9%
Other	22.2%
	100.0%

Top Holdings*
Oversea-Chinese Banking Corp. Ltd.	4.3%
Samsung Electronics Co. Ltd., Preferred Shares	4.1%
Rio Tinto PLC — London Listing	4.1%
Jardine Strategic Holdings Ltd.	4.0%
QBE Insurance Group Ltd.	3.7%
Housing Development Finance Corp. Ltd.	3.5%
Taiwan Semiconductor Manufacturing Co. Ltd.	3.4%
Standard Chartered PLC — London Listing	3.4%
City Developments Ltd.	3.3%
Swire Pacific Ltd., Class A	3.2%
Other	63.0%
	100.0%

Top Countries
Hong Kong	22.5%
Singapore	19.1%
India	12.2%
Australia	11.9%
China	5.5%
Taiwan	5.3%
Thailand	5.2%
Republic of South Korea	5.0%
United Kingdom	4.1%
Malaysia	3.4%
Other	5.8%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

Semiannual Report 2012

6

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (93.5%)
AUSTRALIA (11.9%)
Commercial Banks (3.4%)
Standard Chartered PLC — London Listing (a)		585,992	$	14,324,947
Food & Staples Retailing (1.7%)
Woolworths Ltd. (a)		265,556		7,160,392
Insurance (3.7%)
QBE Insurance Group Ltd. (a)		1,115,150		16,000,229
Metals & Mining (3.1%)
BHP Billiton PLC — London Listing (a)		408,073		13,136,623
				50,622,191
CHINA (5.5%)
Oil, Gas & Consumable Fuels (2.8%)
PetroChina Co. Ltd., H Shares (a)		7,906,000		11,813,403
Wireless Telecommunication Services (2.7%)
China Mobile Ltd. (a)		1,061,500		11,750,762
				23,564,165
HONG KONG (22.5%)
Commercial Banks (4.0%)
HSBC Holdings PLC (a)		1,277,654		11,552,999
Wing Hang Bank Ltd. (a)		502,049		5,322,611
				16,875,610
Distributors (1.4%)
Li & Fung Ltd. (a)		2,844,000		6,064,665
Food & Staples Retailing (1.3%)
Dairy Farm International Holdings Ltd. (a)		549,000		5,669,902
Industrial Conglomerates (4.0%)
Jardine Strategic Holdings Ltd. (a)		535,500		17,189,016
Insurance (2.0%)
AIA Group Ltd. (a)		2,452,600		8,695,160
Real Estate Management & Development (7.9%)
Hang Lung Group Ltd. (a)		1,011,000		6,298,969
Hang Lung Properties Ltd. (a)		1,333,000		4,909,346
Sun Hung Kai Properties Ltd. (a)		516,700		6,195,588
Swire Pacific Ltd., Class A (a)		1,163,000		13,694,518
Swire Pacific Ltd., Class B (a)		120,000		273,247
Swire Properties Ltd.		823,100		2,254,371
				33,626,039
Semiconductors & Semiconductor Equipment (1.9%)
ASM Pacific Technology Ltd. (a)		592,400		8,003,454
				96,123,846
INDIA (12.2%)
Automobiles (1.5%)
Hero Motocorp Ltd. (a)		153,000		6,476,286
Commercial Banks (1.2%)
ICICI Bank Ltd. (a)		246,200	$	4,121,539
ICICI Bank Ltd. ADR		26,800		908,252
				5,029,791
Construction Materials (2.1%)
Grasim Industries Ltd. (a)		42,024		2,041,005
Grasim Industries Ltd. GDR, REG S (a)(b)		20,080		979,103
UltraTech Cement Ltd.		211,142		5,697,228
UltraTech Cement Ltd. GDR, REG S (b)		330		8,913
				8,726,249
Information Technology Services (3.0%)
Infosys Ltd. (a)		269,250		12,485,035
Infosys Ltd. ADR		10,390		491,966
				12,977,001
Pharmaceuticals (0.9%)
GlaxoSmithKline Pharmaceuticals Ltd. (a)		92,230		3,718,921
Thrifts & Mortgage Finance (3.5%)
Housing Development Finance Corp. Ltd. (a)		1,181,373		15,051,550
				51,979,798
INDONESIA (1.2%)
Household Products (1.2%)
PT Unilever Indonesia Tbk (a)		2,428,500		5,238,707
MALAYSIA (3.4%)
Commercial Banks (2.4%)
CIMB Group Holdings Bhd (a)		2,174,400		5,313,593
Public Bank Bhd (Foreign Mkt) (a)		1,046,800		4,726,327
				10,039,920
Tobacco (1.0%)
British American Tobacco Bhd (a)		234,500		4,300,279
				14,340,199
PHILIPPINES (2.2%)
Commercial Banks (1.1%)
Bank of the Philippine Islands (a)		2,668,462		4,642,795
Real Estate Management & Development (1.1%)
Ayala Land, Inc. (a)		9,612,700		4,862,810
				9,505,605
REPUBLIC OF SOUTH KOREA (0.9%)
Food & Staples Retailing (0.9%)
E-Mart Co. Ltd. (a)		15,470		3,670,964
SINGAPORE (19.1%)
Aerospace & Defense (2.3%)
Singapore Technologies Engineering Ltd. (a)		4,068,000		9,879,008
Airlines (1.4%)
Singapore Airlines Ltd. (a)		705,000		6,076,295

See accompanying notes to financial statements.

2012 Semiannual Report

7

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

	Shares or Principal Amount		Value
Commercial Banks (7.4%)
Oversea-Chinese Banking Corp. Ltd. (a)		2,563,864	$	18,514,904
United Overseas Bank Ltd. (a)		840,945		13,047,590
				31,562,494
Diversified Telecommunication Services (2.4%)
Singapore Telecommunications Ltd. (a)		4,095,000		10,293,279
Electronic Equipment Instruments & Components (1.2%)
Venture Corp. Ltd. (a)		738,000		5,111,828
Industrial Conglomerates (1.1%)
Keppel Corp. Ltd. (a)		527,000		4,687,521
Real Estate Management & Development (3.3%)
City Developments Ltd. (a)		1,691,000		13,813,802
				81,424,227
TAIWAN (5.3%)
Semiconductors & Semiconductor Equipment (3.4%)
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		4,890,000		14,453,049
Wireless Telecommunication Services (1.9%)
Taiwan Mobile Co. Ltd. (a)		2,470,100		7,960,126
				22,413,175
THAILAND (5.2%)
Construction Materials (2.6%)
Siam Cement PCL, Foreign Shares (a)		721,800		9,803,588
Siam Cement PCL NVDR (a)		120,000		1,363,323
				11,166,911
Oil, Gas & Consumable Fuels (2.6%)
PTT Exploration & Production PCL, Foreign Shares (a)		1,879,000		10,827,009
				21,993,920
UNITED KINGDOM (4.1%)
Metals & Mining (4.1%)
Rio Tinto PLC — London Listing (a)		311,740		17,474,509
Total Common Stocks				398,351,306
PREFERRED STOCKS (4.1%)
REPUBLIC OF SOUTH KOREA (4.1%)
Semiconductors & Semiconductor Equipment (4.1%)
Samsung Electronics Co. Ltd., Preferred Shares (a)		24,647		17,565,024
Total Preferred Stocks				17,565,024
REPURCHASE AGREEMENT (2.3%)
UNITED STATES (2.3%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $10,092,022 collateralized by U.S. Treasury Note, maturing 11/30/14; total market value of $10,295,138	$	10,092,000	$	10,092,000
Total Repurchase Agreement				10,092,000
Total Investments (Cost $409,801,002) (c)—99.9%				426,008,330
Other assets in excess of liabilities—0.1%				239,423
Net Assets—100.0%			$	426,247,753

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) Denotes a restricted security.

(c) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

See accompanying notes to financial statements.

Semiannual Report 2012

8

Aberdeen Asia-Pacific Smaller Companies Fund (Unaudited)

The Aberdeen Asia-Pacific Smaller Companies Fund (Class A shares at NAV) returned 14.67% for the six-month period ended April 30, 2012, versus the 2.57% return of its benchmark, the MSCI AC Asia ex Japan Small Cap Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Pacific ex Japan Funds (consisting of 101 funds) was 5.53% for the period.

Asian stock markets rebounded during the reporting period. Just before the start of the period, markets had fallen to their lowest level in more than a year, as sentiment was dented by a slew of bad news. These included the worsening sovereign debt crisis in the Eurozone and stalling economic growth across the developed world. Investors were also spooked by a possible “hard landing” in China, as well as the fallout from the unprecedented downgrade of America’s sovereign debt rating, which coincided with the end of quantitative easing in the U.S. But that soon gave way to optimism amid Europe’s receding debt worries, apparent improvement in the U.S. economy, and an infusion of liquidity by central banks in Europe, the UK and Japan. In addition, the U.S. Federal Reserve pledged to keep interest rates low until 2014. However, oil prices spiked on the back of tensions over Iran’s nuclear ambitions – renewing inflationary fears. Towards the end of the period, sentiment was further dented by political uncertainty in Europe, as well as by renewed growth worries in the U.S. and China.

At the stock level, the most notable contributors to the Fund’s relative return included property management and development company Cebu Holdings, which benefited from the recovery in the Philippine economy, driven by steady consumption and an improving fiscal position. Also contributing to performance was Siam Makro, Thailand’s biggest cash-and-carry domestic wholesaler, which saw net income rise sharply during the semiannual period as consumer spending recovered from the widespread flooding. Malaysia’s United Plantations posted solid full-year 2011 results on the back of higher palm kernel prices, and declared a special dividend payout.

The main detractors from the Fund’s relative performance were Gujarat Gas, Aitken Spence and BS Financial Group. Shares of Gujarat Gas fell on the back of weaker quarterly earnings stemming from rising gas prices, which hurt its profit margins. Despite posting relatively positive quarterly results, conglomerate Aitken Spence’s stock price was hurt by the sale of its Colombo port stake and a significant devaluation of the Sri Lankan rupee. The broader Sri Lankan market also lagged given the tough macroeconomic environment. Finally, Korean bank BS Financial Group’s shares fell during the reporting period, tracking the decline in the broader market.

During the review period, we introduced Yingde Gases, a well-established industrial gas company in China, and initiated a position in Korean retailer Shinsegae after it spun off its discount store operations. Conversely, we sold Malaysia-listed property management and development company SP Setia in the open market after a major shareholder made an offer that was at a decent premium over its traded share price. We also exited the Fund’s position in Thailand’s Home Products Centre on valuation grounds and China’s ENN Energy on concerns over the impact of its proposed acquisition of China Gas Holdings on interest costs after incurring so much debt.

The Fund’s largest absolute stock weightings are ASM International, Malaysia’s Aeon Co. and Singapore’s Bukit Sembawang Estates. We believe that ASM International is a relatively inexpensive way to access its Hong Kong-based subsidiary – ASM Pacific Technology, which is a world leader in the manufacture of semiconductor-production equipment. We feel that the subsidiary has a good track record and a robust balance sheet. The subsidiary, in our view, also maintains its considerable lead over its rivals by consistently investing throughout the business cycle. Aeon is a well-managed Malaysian company that offers exposure to the retail sector. In our view, the company has proved itself capable of funding expansion through its healthy cash flows. Finally, Bukit Sembawang Estates is a high-end residential property developer in Singapore that holds a low-cost land bank, and its share price trades at a substantial discount to what we believe is its intrinsic value.

Portfolio Management:

Aberdeen Asia-Pacific Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Foreign securities are generally more volatile, harder to price and less liquid than U.S. securities. Equity stocks of small and mid-cap companies carry greater risk, and more volatility than equity stocks of large-cap companies.

Concentrating investments in the Asia-Pacific region subject the fund to more volatility and greater risk of loss than geographically diverse funds.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

9

Aberdeen Asia-Pacific Smaller Companies Fund (Unaudited)

Average Annual Total Return (For periods ended April 30, 2012)		Six Months†		Inception†,1
Class A	w/o SC		14.67%		2.63%
	w/SC2		8.03%		(3.27%	)
Class C	w/o SC		14.18%		1.97%
	w/SC3		13.18%		0.97%
Class R4	w/o SC		14.52%		2.38%
Institutional Service Class4	w/o SC		14.81%		2.87%
Institutional Class4	w/o SC		14.81%		2.87%

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.

† Not Annualized

1 Fund commenced operations on June 28, 2011.

2 A 5.75% front-end sales charge was deducted.

3 A 1.00% CDSC was deducted from the six month and inception to date returns because it is charged when you sell Class C shares within the first year after purchase.

4 Not subject to any sales charges.

Semiannual Report 2012

10

Aberdeen Asia-Pacific Smaller Companies Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Asia-Pacific Smaller Companies Fund, Morgan Stanley Capital International All Country (MSCI AC) Asia Pacific ex Japan Small Cap 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 MSCI AC Asia Pacific ex Japan Small Cap Index is a free float-adjusted, small market capitalization-weighted index that captures small cap representation across 4 of 5 Developed Markets countries (excluding Japan) and 10 Emerging Markets countries in the Asia Pacific region. Developed Markets countries in the index include: Australia, Hong Kong, New Zealand and Singapore. Emerging Markets countries include: China, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Sri Lanka, Taiwan and Thailand.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	96.7%
Repurchase Agreement	4.1%
Liabilities in excess of other assets	(0.8%	)
	100.0%

Top Industries
Commercial Banks	11.8%
Real Estate Management & Development	7.9%
Food Products	5.9%
Electronic Equipment Instruments & Components	5.3%
Hotels, Restaurants & Leisure	5.2%
Construction Materials	4.4%
Information Technology Services	4.0%
Beverages	3.8%
Multiline Retail	3.7%
Real Estate Investment Trusts (REIT)	3.2%
Other	44.8%
	100.0%

Top Holdings*
ASM International NV	2.6%
Aeon Co. (M) Bhd	2.5%
Bukit Sembawang Estates Ltd.	2.4%
United Plantations Bhd	2.4%
Venture Corp. Ltd.	2.3%
Dah Sing Financial Holdings Ltd.	2.3%
CDL Hospitality Trusts	2.1%
Oriental Holdings Bhd	2.1%
BS Financial Group, Inc.	2.1%
DGB Financial Group, Inc.	2.0%
Other	77.2%
	100.0%

Top Countries
Singapore	19.3%
Malaysia	18.1%
Thailand	11.6%
Hong Kong	11.0%
India	8.7%
Indonesia	5.7%
Republic of South Korea	5.3%
Australia	4.6%
United States	4.1%
China	3.5%
Other	8.1%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

11

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Asia-Pacific Smaller Companies Fund

	Shares or Principal Amount		Value
COMMON STOCKS (96.7%)
AUSTRALIA (4.6%)
Commercial Services & Supplies (1.1%)
Cabcharge Australia Ltd. (a)		33,000	$	219,296
Information Technology Services (1.3%)
Iress Market Technology Ltd. (a)		36,100		252,377
Real Estate Investment Trust (REIT) (1.1%)
BWP Trust (a)		117,000		227,153
Specialty Retail (1.1%)
ARB Corp. Ltd. (a)		21,345		211,715
				910,541
CHINA (3.5%)
Chemicals (1.3%)
Yingde Gases (a)		221,500		256,979
Oil, Gas & Consumable Fuels (1.2%)
Green Dragon Gas Ltd.*		27,450		235,041
Real Estate Management & Development (1.0%)
Yanlord Land Group Ltd. (a)		222,000		206,975
				698,995
HONG KONG (11.0%)
Commercial Banks (2.4%)
Dah Sing Banking Group Ltd. (a)		29,200		30,177
Dah Sing Financial Holdings Ltd. (a)		126,000		450,149
				480,326
Consumer Finance (0.9%)
AEON Credit Service (Asia) Co. Ltd. (a)		100,000		83,144
Public Financial Holdings Ltd. (a)		250,000		107,633
				190,777
Diversified Telecommunication Services (0.2%)
Asia Satellite Telecommunications Holdings Ltd. (a)		14,000		39,889
Hotels, Restaurants & Leisure (2.1%)
Cafe de Coral Holdings Ltd. (a)		66,000		180,804
Hongkong & Shanghai Hotels Ltd. (The) (a)		175,500		229,657
				410,461
Marine (1.4%)
Pacific Basin Shipping Ltd. (a)		512,000		267,934
Specialty Retail (1.5%)
Giordano International Ltd. (a)		328,000		284,756
Textiles, Apparel & Luxury Goods (1.5%)
Texwinca Holdings Ltd. (a)		236,000		288,103
Transportation Infrastructure (1.0%)
Hong Kong Aircraft Engineering Co. Ltd. (a)		14,000		195,282
				2,157,528
	Shares or Principal Amount		Value
INDIA (8.7%)
Chemicals (1.7%)
Castrol (India) Ltd. (a)		25,150	$	238,182
Kansai Nerolac Paints Ltd. (a)		5,777		102,013
				340,195
Gas Utilities (1.1%)
Gujarat Gas Co. Ltd. (a)		34,670		211,888
Information Technology Services (2.7%)
CMC Ltd. (a)		14,910		257,405
Mphasis Ltd. (a)		37,450		261,730
				519,135
Personal Products (1.4%)
Godrej Consumer Products Ltd. (a)		27,100		276,779
Pharmaceuticals (1.8%)
Aventis Pharma Ltd. (a)		6,250		260,821
Piramal Healthcare Ltd. (a)		11,400		95,241
				356,062
				1,704,059
INDONESIA (5.7%)
Beverages (2.0%)
Multi Bintang Indonesia Tbk PT		7,000		399,794
Commercial Banks (1.8%)
Bank OCBC Nisp Tbk PT* (a)		1,110,000		149,909
Bank Permata Tbk PT* (a)		1,173,000		196,242
				346,151
Construction Materials (1.9%)
Holcim Indonesia Tbk PT (a)		1,350,000		377,542
				1,123,487
MALAYSIA (18.1%)
Air Freight & Logistics (0.8%)
POS Malaysia Bhd (a)		179,000		161,002
Automobiles (2.1%)
Oriental Holdings Bhd (a)		194,200		411,328
Beverages (1.8%)
Fraser & Neave Holdings Bhd (a)		28,100		176,613
Guinness Anchor Bhd (a)		39,300		168,095
				344,708
Commercial Banks (1.0%)
Alliance Financial Group Bhd (a)		157,000		204,230
Construction Materials (1.4%)
Lafarge Malayan Cement Bhd (a)		33,400		79,189
Tasek Corp. Bhd (a)		70,000		200,067
				279,256

See accompanying notes to financial statements.

Semiannual Report 2012

12

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Asia-Pacific Smaller Companies Fund

	Shares or Principal Amount		Value
Diversified Financial Services (1.0%)
Bursa Malaysia Bhd (a)		88,000	$	196,065
Food Products (4.0%)
United Malacca Bhd (a)		128,500		324,122
United Plantations Bhd (a)		54,100		463,315
				787,437
Hotels, Restaurants & Leisure (1.0%)
Shangri-La Hotels Malaysia Bhd		188,500		185,012
Household Durables (1.1%)
Panasonic Manufacturing Malaysia Bhd (a)		28,000		209,750
Media (0.4%)
Star Publications Malaysia Bhd (a)		75,300		79,469
Multiline Retail (2.5%)
Aeon Co. (M) Bhd (a)		157,800		494,253
Real Estate Management & Development (1.0%)
YNH Property Bhd (a)		300,000		199,089
				3,551,599
NETHERLANDS (2.6%)
Semiconductors & Semiconductor Equipment (2.6%)
ASM International NV (a)		14,750		522,181
PHILIPPINES (1.9%)
Hotels, Restaurants & Leisure (0.8%)
Jollibee Foods Corp. (a)		59,820		158,550
Real Estate Management & Development (0.4%)
Cebu Holdings, Inc. (a)		361,000		71,152
Transportation Infrastructure (0.5%)
Asian Terminals, Inc.		435,200		93,287
Water Utilities (0.2%)
Manila Water Co., Inc. (a)		82,700		48,367
				371,356
REPUBLIC OF SOUTH KOREA (5.3%)
Commercial Banks (4.1%)
BS Financial Group, Inc. (a)		40,000		409,590
DGB Financial Group, Inc. (a)		34,500		401,587
				811,177
Multiline Retail (1.2%)
Shinsegae Co. Ltd. (a)		1,019		223,236
				1,034,413
SINGAPORE (19.3%)
Air Freight & Logistics (1.0%)
Singapore Post Ltd. (a)		240,000		196,749
Consumer Finance (0.9%)
Hong Leong Finance Ltd. (a)		85,000		170,784
	Shares or Principal Amount		Value
Electronic Equipment Instruments & Components (3.7%)
Venture Corp. Ltd. (a)		65,000	$	450,229
WBL Corp. Ltd. (a)		100,000		276,376
				726,605
Food Products (1.0%)
Petra Foods Ltd.		96,000		191,612
Health Care Providers & Services (1.5%)
Raffles Medical Group Ltd. (a)		160,000		298,414
Pharmaceuticals (1.4%)
Eu Yan Sang International Ltd. (a)		500,000		273,773
Real Estate Investment Trust (REIT) (2.1%)
CDL Hospitality Trusts (a)		278,000		424,005
Real Estate Management & Development (4.3%)
Bukit Sembawang Estates Ltd. (a)		125,000		473,887
Wheelock Properties (Singapore) Ltd. (a)		270,000		376,175
				850,062
Road & Rail (1.9%)
ComfortDelGro Corp. Ltd. (a)		290,000		358,001
SBS Transit Ltd. (a)		9,500		12,971
				370,972
Transportation Infrastructure (1.5%)
SATS Ltd. (a)		140,000		294,746
				3,797,722
SRI LANKA (3.3%)
Commercial Banks (0.8%)
Commercial Bank of Ceylon PLC		190,755		154,535
Industrial Conglomerates (1.7%)
Aitken Spence & Co. PLC		187,000		158,707
John Keells Holdings PLC (a)		110,000		171,895
				330,602
Oil, Gas & Consumable Fuels (0.8%)
Chevron Lubricants Lanka PLC		119,600		156,871
				642,008
THAILAND (11.6%)
Commercial Banks (1.7%)
Tisco Financial Group PCL, Foreign Shares* (a)		239,000		325,629
Construction Materials (1.1%)
Siam City Cement PCL, Foreign Shares (a)		20,100		214,662
Electronic Equipment Instruments & Components (1.6%)
Hana Microelectronics PCL, Foreign Shares (a)		441,600		320,959
Food & Staples Retailing (2.6%)
Big C Supercenter PCL, Foreign Shares (a)		21,500		132,468
Siam Makro PCL, Foreign Shares (a)		31,300		388,904
				521,372

See accompanying notes to financial statements.

2012 Semiannual Report

13

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Asia-Pacific Smaller Companies Fund

	Shares or Principal Amount		Value
Health Care Providers & Services (1.3%)
Bumrungrad Hospital PCL, Foreign Shares (a)		131,500	$	260,381
Hotels, Restaurants & Leisure (1.1%)
Minor International PCL, Foreign Shares (a)		455,400		208,240
Media (1.0%)
BEC World PCL, Foreign Shares (a)		120,000		200,579
Real Estate Management & Development (1.2%)
Central Pattana PCL, Foreign Shares (a)		140,900		229,317
				2,281,139
UNITED KINGDOM (1.1%)
Food Products (0.9%)
MP Evans Group PLC		21,279		171,805
Hotels, Restaurants & Leisure (0.2%)
Millennium & Copthorne Hotels PLC		5,768		45,488
				217,293
Total Common Stocks				19,012,321
REPURCHASE AGREEMENT (4.1%)
UNITED STATES (4.1%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $811,002 collateralized by U.S. Treasury Bond, maturing 11/15/41; total market value of $830,505	$	811,000		811,000
Total Repurchase Agreement				811,000
Total Investments (Cost $19,315,270) (b)—100.8%				19,823,321
Liabilities in excess of other assets—(0.8)%				(152,040	)
Net Assets—100.0%			$	19,671,281

* Non-income producing security.

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Semiannual Report 2012

14

Aberdeen China Opportunities Fund (Unaudited)

The Aberdeen China Opportunities Fund (Class A shares at NAV net of fees) returned 9.19% for the six-month period ended April 30, 2012, versus the 7.21% return of its benchmark, the MSCI Zhong Hua Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of China Region Funds (consisting of 101 funds) was 3.58% for the period.

The MSCI Zhong Hua Index posted positive returns during the reporting period thanks largely to hopes of looser domestic monetary policy. Ebbing inflation alongside cooling home prices gave the central bank room for maneuver, and it lowered lenders’ reserve requirement ratios twice – once in November 2011 (the first cut in three years) and again in February 2012. Broadly positive earnings news and apparent improvement in the U.S. economy further lifted investor sentiment. Optimism, however, was tempered by uncertainty in Europe and fears over a domestic economic hard landing. Although first-quarter gross domestic product (GDP) expanded by 8.1% year-over-year, it was the slowest pace of growth in nearly three years. Investors also fretted over sliding house prices on the back of the strict curbs that the Chinese government placed on the purchases of properties in an effort to discourage real estate speculation. At the end of the semiannual period, the government cut its 2012 GDP growth target rate to 7.5%, the lowest since 2004, to allow the economy to shift towards more consumption-driven growth.

At the stock level, the key contributors to Fund performance were semiconductor equipment supplier ASM Pacific Technology, retailer Aeon Stores Hong Kong, and Asia Satellite Telecom. ASM Pacific Technology’s stock price gained on the back of record sales in 2011 and a stable order outlook for 2012. News of privatization plans boosted Asia Satellite Telecom, while Aeon Stores Hong Kong benefited from relatively positive results driven primarily by its businesses in China.

The main detractors from Fund performance at the stock level were cement maker Huaxin Cement, whose fourth-quarter earnings were weaker than expected, and Sun Hung Kai Properties, which was hurt by news that three of its directors were being investigated by Hong Kong’s anti-corruption body. The property developer’s operations, however, have remained unaffected. The Fund’s lack of exposure to Tencent Holdings, which is a constituent of the benchmark MSCI Zhong Hua Index, also hindered performance as it posted better-than-expected fourth-quarter revenues. The Internet company’s alliance with industry powerhouses SOHU and Baidu to offer online video services in China further lifted its stock price.

During the reporting period, we sold ENN Energy on our concerns that its joint bid with Sinopec for China Gas could lead to higher debts and undermine its balance sheet. Conversely, we introduced Hong Kong-listed luggage manufacturer Samsonite, a globally recognized brand whose restructuring efforts, in our view, should help it take advantage of the travel boom in Asia.

At the end of the reporting period, the Fund’s largest absolute stock weightings included Jardine Strategic Holdings, Swire Pacific, and China Mobile. Singapore-listed Jardine Strategic is a Hong Kong-based conglomerate with interests mainly in greater China and some parts of Southeast Asia. Another conglomerate, Hong Kong-listed Swire Pacific, has been increasing exposure to China through its aviation, industrial and real estate businesses. China Mobile, the largest mobile telecom operator on the mainland, has been facing intense domestic competition following industry reform. However, we believe that the telecom is well positioned to continue its healthy growth given its solid financials and the government’s push to stimulate domestic consumption.

Portfolio Management:

Aberdeen Asia Pacific Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Foreign securities are generally more volatile, harder to price and less liquid than U.S. securities. Equity stocks of small and mid-cap companies carry greater risk, and more volatility than equity stocks of large-cap companies.

Concentrating investments in China and Hong Kong subject the fund to more volatility and greater risk of loss than geographically diverse funds.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

15

Aberdeen China Opportunities Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			5 Yr.		Inception2
Class A	w/o SC		9.19%		(4.25%	)		6.51%		16.35%
	w/SC3		2.90%		(9.77%	)		5.26%		15.47%
Class C	w/o SC		8.79%		(4.92%	)		5.75%		15.50%
	w/SC4		7.79%		(5.87%	)		5.75%		15.50%
Class R5	w/o SC		9.01%		(4.58%	)		6.27%		16.03%
Institutional Service Class5	w/o SC		9.34%		(3.98%	)		6.81%		16.63%
Institutional Class5	w/o SC		9.28%		(4.02%	)		6.76%		16.63%

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.

† Not Annualized

1 Returns incorporate the performance of a predecessor fund (the “Predecessor Fund”) from inception to June 23, 2008. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Fund commenced operations on June 29, 2004.

3 A 5.75% front-end sales charge was deducted.

4 A 1.00% (CDSC) was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Not subject to any sales charges.

Semiannual Report 2012

16

Aberdeen China Opportunities Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen China Opportunities Fund, Morgan Stanley Capital International (MSCI) Zhong Hua 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 MSCI Zhong Hua Index is free float-adjusted, market capitalization-weighted index that is an aggregate of two thirds of the MSCI Hong Kong Index and one third of the MSCI China Free Index. The MSCI Hong Kong Index is designed to measure the performance of the large and mid cap segments of the Hong Kong market. The MSCI China Free Index includes mid and small cap China companies that are listed on the Hong Kong exchange.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	98.8%
Repurchase Agreement	0.7%
Other assets in excess of liabilities	0.5%
	100.0%

Top Industries
Real Estate Management & Development	17.2%
Commercial Banks	15.9%
Oil, Gas & Consumable Fuels	8.9%
Industrial Conglomerates	7.7%
Food & Staples Retailing	5.3%
Wireless Telecommunication Services	4.5%
Semiconductors & Semiconductor Equipment	4.1%
Distributors	3.9%
Insurance	3.6%
Road & Rail	3.5%
Other	25.4%
	100.0%

Top Holdings*
Jardine Strategic Holdings Ltd.	7.7%
Swire Pacific Ltd., Class B	6.0%
China Mobile Ltd.	4.5%
Standard Chartered PLC (HK Listing)	4.2%
PetroChina Co. Ltd., H Shares	4.1%
ASM Pacific Technology Ltd.	4.1%
Li & Fung Ltd.	3.9%
HSBC Holdings PLC	3.7%
AIA Group Ltd.	3.6%
CNOOC Ltd.	3.6%
Other	54.6%
	100.0%

Top Countries
Hong Kong	70.9%
China	27.9%
United States	0.7%
Other	0.5%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

17

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen China Opportunities Fund

	Shares or Principal Amount		Value
COMMON STOCKS (98.8%)
CHINA (27.9%)
Chemicals (1.9%)
Yingde Gases (a)		683,000	$	792,401
Commercial Banks (3.1%)
China Merchants Bank Co. Ltd., A Shares (a)		665,000		1,287,177
Construction Materials (1.6%)
Huaxin Cement Co. Ltd., B Shares (a)		345,000		659,130
Energy Equipment & Services (0.3%)
Greka Drilling Ltd.*		225,000		131,455
Food & Staples Retailing (2.7%)
China Resources Enterprise Ltd. (a)		308,000		1,114,862
Media (1.0%)
Charm Communications, Inc., ADR		44,470		442,476
Metals & Mining (2.3%)
Baoshan Iron & Steel Co. Ltd., A Shares (a)		1,240,000		983,756
Oil, Gas & Consumable Fuels (8.9%)
CNOOC Ltd. (a)		720,000		1,521,467
Green Dragon Gas Ltd.*		58,000		496,625
PetroChina Co. Ltd., H Shares (a)		1,136,000		1,697,448
				3,715,540
Real Estate Management & Development (1.6%)
Yanlord Land Group Ltd. (a)		740,000		689,917
Wireless Telecommunication Services (4.5%)
China Mobile Ltd. (a)		168,500		1,865,288
				11,682,002
HONG KONG (70.9%)
Commercial Banks (12.8%)
Dah Sing Banking Group Ltd. (a)		669,600		691,998
HSBC Holdings PLC (a)		169,951		1,536,757
Standard Chartered PLC (HK Listing) (a)		72,508		1,777,429
Wing Hang Bank Ltd. (a)		127,862		1,355,564
				5,361,748
Containers & Packaging (0.5%)
Hung Hing Printing Group Ltd. (a)		1,288,000		212,668
Distributors (3.9%)
Li & Fung Ltd. (a)		774,380		1,651,320
Diversified Telecommunication Services (2.0%)
Asia Satellite Telecommunications Holdings Ltd. (a)		289,000		823,415
Food & Staples Retailing (2.6%)
Convenience Retail Asia Ltd. (a)		502,000		268,558
Dairy Farm International Holdings Ltd. (a)		81,000		836,543
				1,105,101
Hotels, Restaurants & Leisure (2.6%)
Hongkong & Shanghai Hotels Ltd. (The) (a)		822,315		1,076,072
	Shares or Principal Amount		Value
Industrial Conglomerates (7.7%)
Jardine Strategic Holdings Ltd. (a)		100,000	$	3,209,900
Insurance (3.6%)
AIA Group Ltd. (a)		429,400		1,522,344
Marine (1.5%)
Pacific Basin Shipping Ltd. (a)		1,173,000		613,842
Multiline Retail (2.4%)
AEON Stores (Hong Kong) Co. Ltd. (a)		351,000		993,677
Real Estate Management & Development (15.6%)
Hang Lung Group Ltd. (a)		230,000		1,433,000
Hang Lung Properties Ltd. (a)		70,000		257,805
Sun Hung Kai Properties Ltd. (a)		124,131		1,488,416
Swire Pacific Ltd., Class B (a)		1,100,000		2,504,767
Swire Properties Ltd.		300,400		822,759
				6,506,747
Road & Rail (3.5%)
MTR Corp. Ltd. (a)		413,844		1,467,753
Semiconductors & Semiconductor Equipment (4.1%)
ASM Pacific Technology Ltd. (a)		125,500		1,695,532
Specialty Retail (3.0%)
Giordano International Ltd. (a)		1,422,000		1,234,524
Textiles, Apparel & Luxury Goods (3.1%)
Samsonite International SA* (a)		243,500		469,728
Texwinca Holdings Ltd. (a)		684,000		835,010
				1,304,738
Transportation Infrastructure (2.0%)
Hong Kong Aircraft Engineering Co. Ltd. (a)		60,400		842,502
				29,621,883
Total Common Stocks				41,303,885
REPURCHASE AGREEMENT (0.7%)
UNITED STATES (0.7%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $301,001 collateralized by U.S. Treasury Note, maturing 11/30/14; total market value of $310,856	$	301,000		301,000
Total Repurchase Agreement				301,000
Total Investments (Cost $34,314,122) (b)—99.5%				41,604,885
Other assets in excess of liabilities—0.5%				204,194
Net Assets—100.0%			$	41,809,079

* Non-income producing security.

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

ADR American Depositary Receipt

See accompanying notes to financial statements.

Semiannual Report 2012

18

Aberdeen Emerging Markets Fund (Unaudited)

The Aberdeen Emerging Markets Fund (Class A shares at NAV net of fees) returned 8.12% for the six-month period ended April 30, 2012, versus the 4.02% return of its benchmark, the MSCI Emerging Markets Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Emerging Markets Funds (consisting of 524 funds) was 4.92% for the period.

Emerging market equities posted positive returns over the reporting period. Initially Europe’s deepening debt crisis and deteriorating growth in the developed world weighed on investor sentiment. However, the markets recovered from the collective sell-off at the beginning of 2012, due to ample liquidity injections from developed central banks, which eased contagion fears. The stock market rebound continued until February amid the return of global risk appetite. Improving U.S. economic data and the Federal Reserve’s commitment to maintain loose monetary policy further bolstered sentiment. Towards the end of the period, however, a series of subdued economic data from relatively larger developing countries Brazil, China and India, along with fresh Eurozone worries, pared gains.

The key contributors to the Fund’s relative return among individual stock positions were Mexican bank Banorte, Brazilian fuels and chemicals company Ultrapar, and Argentine pipe-maker Tenaris, as all three delivered solid corporate results during the semiannual period. Robust loan growth and improvement in asset quality supported Banorte. Ultrapar posted healthy growth in volume and net revenues in all its divisions, while Tenaris benefited from double-digit sales growth and profit margin expansion. Additionally, shares of Turkish retailer BIM were lifted by the company’s improved outlook for 2012.

The main detractors from Fund performance for the reporting period were two of our Indian holdings, Infosys and Housing Development and Finance Corp (HDFC). IT software services company Infosys posted weak March-quarter results and moderated its guidance for the next financial year on muted growth expectations for its core North American and European markets. Mortgage lender HDFC declined in line with the weaker domestic macroeconomic environment despite posting relatively positive quarterly earnings. Brazilian bank Banco Bradesco was another detractor from relative performance, as shares of the company were hampered by worries over weak credit growth and the central bank's interest rate cuts.

During the reporting period, we added to the Fund’s positions in Banco Bradesco and South African brewer SABMiller.

The Fund’s largest individual stock holdings at the end of the reporting period were Samsung Electronics, Vale and China Mobile. Samsung Electronics is a leading Korean semiconductor company and a major player in mobile phones and TFT-LCDs. In our view, it has a strong competitive position across each of its three business segments. The telecoms division has benefited from the success of its Galaxy products, as well as its strategy of providing affordable smartphones for emerging market consumers. While its fiscal year 2011 results declined from the previous year due to a lower contribution from its memory unit, the telecoms division performed well. Brazilian miner Vale is the world’s lowest-cost iron ore producer and, over the years, has made acquisitions to diversify its asset base. During its 2011 fiscal year, the company posted record-high operating margins, operating revenues and net earnings, among others. The company achieved these results despite short-term headwinds, such as a tax dispute with the Brazilian government and the problem of docking its mega Valemax ships in China. Vale also paid US$9 billion in dividends last year, another historical high, and repurchased US$3 billion in stock. We feel that China’s continued, albeit slower, economic expansion and global supply constraints should drive future growth. China Mobile is the largest mobile telecom operator in an under-penetrated domestic environment. While sector restructuring has led to fierce competition, it is still the market leader in terms of subscriber base and profitability, and we believe that its robust balance sheet should support future network development.

Portfolio Management:

Aberdeen Global Emerging Markets Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in emerging market countries.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

19

Aberdeen Emerging Markets Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			5 Yr.		10 Yr.
Class A	w/o SC		8.12%		(2.20%	)		5.25%		14.66%
	w/SC2		1.91%		(7.83%	)		4.02%		13.98%
Class C3	w/o SC		7.76%		(2.85%	)		4.57%		13.91%
	w/SC4		6.76%		(3.82%	)		4.57%		13.91%
Class R5,6	w/o SC		8.03%		(2.44%	)		5.01%		14.33%

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.

† Not Annualized

1 Returns prior to June 23, 2008 incorporate the performance of a predecessor fund (the “Predecessor Fund”). The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 A 5.75% front-end sales charge was deducted.

3 A front-end sales charge that formerly applied to Class C shares of the Predecessor Fund was eliminated on April 1, 2004. Returns before that date have not been adjusted to eliminate the effect of the sales charge.

4 A 1.00% (CDSC) was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Returns before the first offering of Class R shares (December 30, 2003) by the Predecessor Fund are based on the previous performance of Class B shares of the Predecessor Fund. This performance is substantially similar to what Class R shares would have produced because all classes invest in the same portfolio of securities. Returns for Class R shares have been adjusted to eliminate sales charges that do not apply to that class, but have not been adjusted to reflect any lower expenses.

6 Not subject to any sales charges.

Semiannual Report 2012

20

Aberdeen Emerging Markets Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Emerging Markets Fund, Morgan Stanley Capital International (MSCI) Emerging Markets Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 is a free float-adjusted, market capitalization-weighted index that captures large and mid cap representation across 21 Emerging Markets (EM) countries. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	82.4%
Preferred Stocks	14.7%
Repurchase Agreement	3.0%
Liabilities in excess of other assets	(0.1%	)
	100.0%

Top Industries
Commercial Banks	21.4%
Oil, Gas & Consumable Fuels	13.8%
Semiconductors & Semiconductor Equipment	7.8%
Real Estate Management & Development	7.4%
Wireless Telecommunication Services	6.0%
Food & Staples Retailing	4.7%
Automobiles	4.6%
Beverages	4.5%
Construction Materials	4.0%
Metals & Mining	3.9%
Other	21.9%
	100.0%

Top Holdings*
Samsung Electronics Co. Ltd., Preferred Shares	4.2%
China Mobile Ltd.	3.9%
Vale SA ADR, Preferred Shares	3.9%
Taiwan Semiconductor Manufacturing Co. Ltd.	3.6%
Banco Bradesco SA ADR, Preferred Shares	3.4%
Petroleo Brasileiro SA ADR, Preferred Shares	3.2%
PetroChina Co. Ltd., H Shares	3.1%
Fomento Economico Mexicano SAB de CV ADR	3.0%
LUKOIL OAO ADR	2.8%
PT Astra International Tbk	2.8%
Other	66.1%
	100.0%

Top Countries
Brazil	17.4%
India	12.4%
Mexico	7.3%
China	7.0%
Hong Kong	6.9%
Thailand	5.6%
Republic of South Korea	5.3%
South Africa	5.2%
Turkey	4.9%
Taiwan	4.9%
Other	23.1%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

21

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Fund

	Shares or Principal Amount		Value
COMMON STOCKS (82.4%)
AUSTRALIA (2.4%)
Commercial Banks (2.4%)
Standard Chartered PLC — London Listing (a)		325,125	$	7,947,887
BRAZIL (6.9%)
Multiline Retail (1.2%)
Lojas Renner SA		126,189		4,056,134
Oil, Gas & Consumable Fuels (2.8%)
Ultrapar Participacoes SA		402,000		9,131,810
Real Estate Management & Development (1.3%)
Multiplan Empreendimentos Imobiliarios SA		174,851		4,127,847
Tobacco (1.6%)
Souza Cruz SA		348,945		5,435,132
				22,750,923
CHILE (1.6%)
Commercial Banks (1.6%)
Banco Santander Chile ADR		67,000		5,481,270
CHINA (7.0%)
Oil, Gas & Consumable Fuels (3.1%)
PetroChina Co. Ltd., H Shares (a)		6,887,200		10,291,079
Wireless Telecommunication Services (3.9%)
China Mobile Ltd. (a)		1,176,100		13,019,379
				23,310,458
HONG KONG (6.9%)
Insurance (2.0%)
AIA Group Ltd. (a)		1,876,000		6,650,950
Real Estate Management & Development (4.9%)
Hang Lung Group Ltd. (a)		1,199,000		7,470,290
Swire Pacific Ltd., Class A (a)		355,000		4,180,184
Swire Pacific Ltd., Class B (a)		1,540,000		3,506,674
Swire Properties Ltd.		456,400		1,250,024
				16,407,172
				23,058,122
HUNGARY (1.7%)
Pharmaceuticals (1.7%)
Richter Gedeon Nyrt. (a)		32,013		5,532,308
INDIA (12.4%)
Automobiles (1.8%)
Hero Motocorp Ltd. (a)		141,500		5,989,506
Commercial Banks (1.3%)
ICICI Bank Ltd. (a)		199,900		3,346,449
ICICI Bank Ltd. ADR		31,000		1,050,590
				4,397,039
Construction Materials (1.9%)
Grasim Industries Ltd. (a)		18,262	$	886,942
Grasim Industries Ltd. GDR, REG S (a)(b)		13,359		651,386
UltraTech Cement Ltd.		156,901		4,233,647
UltraTech Cement Ltd. GDR, REG S (b)		13,918		375,925
				6,147,900
Household Products (0.9%)
Hindustan Unilever Ltd. (a)		390,443		3,069,921
Information Technology Services (2.5%)
Infosys Ltd. (a)		147,000		6,816,342
Infosys Ltd. ADR		31,000		1,467,850
				8,284,192
Pharmaceuticals (0.9%)
GlaxoSmithKline Pharmaceuticals Ltd. (a)		73,563		2,966,226
Thrifts & Mortgage Finance (2.3%)
Housing Development Finance Corp. Ltd. (a)		609,000		7,759,102
Wireless Telecommunication Services (0.8%)
Bharti Airtel Ltd. (a)		419,117		2,462,963
				41,076,849
INDONESIA (2.8%)
Automobiles (2.8%)
PT Astra International Tbk (a)		1,210,000		9,317,924
ITALY (2.3%)
Energy Equipment & Services (2.3%)
Tenaris SA ADR		193,600		7,587,184
MALAYSIA (2.4%)
Commercial Banks (2.4%)
CIMB Group Holdings Bhd (a)		1,929,000		4,713,908
Public Bank Bhd (Foreign Mkt) (a)		745,800		3,367,305
				8,081,213
MEXICO (7.3%)
Beverages (3.0%)
Fomento Economico Mexicano SAB de CV ADR		120,501		9,791,911
Commercial Banks (2.6%)
Grupo Financiero Banorte SAB de CV		1,797,695		8,669,709
Food & Staples Retailing (0.6%)
Organizacion Soriana SAB de CV, Class B*		746,000		2,120,147
Transportation Infrastructure (1.1%)
Grupo Aeroportuario del Sureste SAB de CV ADR, B Shares		44,000		3,604,040
				24,185,807
PHILIPPINES (2.5%)
Commercial Banks (1.1%)
Bank of the Philippine Islands (a)		2,087,829		3,632,565

See accompanying notes to financial statements.

Semiannual Report 2012

22

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Fund

	Shares or Principal Amount		Value
Diversified Financial Services (0.2%)
Ayala Corp. (a)		50,000	$	508,179
Real Estate Management & Development (1.2%)
Ayala Land, Inc. (a)		7,911,800		4,002,370
				8,143,114
POLAND (1.7%)
Commercial Banks (1.7%)
Bank Pekao SA (a)		118,000		5,568,164
REPUBLIC OF SOUTH KOREA (1.1%)
Food & Staples Retailing (1.1%)
E-Mart Co. Ltd. (a)		15,103		3,583,877
RUSSIA (2.8%)
Oil, Gas & Consumable Fuels (2.8%)
LUKOIL OAO ADR		153,000		9,348,025
SOUTH AFRICA (5.2%)
Beverages (1.5%)
SABMiller PLC (a)		120,081		5,030,669
Food & Staples Retailing (1.4%)
Massmart Holdings Ltd. (a)		218,083		4,692,827
Specialty Retail (2.3%)
Truworths International Ltd. (a)		719,798		7,690,913
				17,414,409
TAIWAN (4.9%)
Semiconductors & Semiconductor Equipment (3.6%)
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		4,010,308		11,853,002
Wireless Telecommunication Services (1.3%)
Taiwan Mobile Co. Ltd. (a)		1,347,000		4,340,832
				16,193,834
THAILAND (5.6%)
Commercial Banks (1.6%)
Siam Commercial Bank PCL, Foreign Shares (a)		1,084,800		5,288,676
Construction Materials (2.1%)
Siam Cement PCL, Foreign Shares (a)		464,900		6,314,337
Siam Cement PCL NVDR (a)		60,000		681,661
				6,995,998
Oil, Gas & Consumable Fuels (1.9%)
PTT Exploration & Production PCL, Foreign Shares (a)		1,095,800		6,314,123
				18,598,797
TURKEY (4.9%)
Commercial Banks (3.3%)
Akbank T.A.S. (a)		2,194,001		8,155,906
Turkiye Garanti Bankasi A.S.* (a)		814,000		2,996,773
				11,152,679
Food & Staples Retailing (1.6%)
BIM Birlesik Magazalar A.S. (a)		124,331	$	5,185,709
				16,338,388
Total Common Stocks				273,518,553
PREFERRED STOCKS (14.7%)
BRAZIL (10.5%)
Commercial Banks (3.4%)
Banco Bradesco SA ADR, Preferred Shares		701,080		11,238,312
Metals & Mining (3.9%)
Vale SA ADR, Preferred Shares		590,000		12,761,700
Oil, Gas & Consumable Fuels (3.2%)
Petroleo Brasileiro SA ADR, Preferred Shares		483,000		10,703,280
				34,703,292
REPUBLIC OF SOUTH KOREA (4.2%)
Semiconductors & Semiconductor Equipment (4.2%)
Samsung Electronics Co. Ltd., Preferred Shares (a)		19,800		14,110,743
Total Preferred Stocks				48,814,035
REPURCHASE AGREEMENT (3.0%)
UNITED STATES (3.0%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $9,901,022, collateralized by U.S. Treasury Note, maturing 11/30/14; total market value $10,100,194	$	9,901,000		9,901,000
Total Repurchase Agreement				9,901,000
Total Investments (Cost $288,751,633) (c)—100.1%				332,233,588
Liabilities in excess of other assets—(0.1)%				(237,779	)
Net Assets—100.0%			$	331,995,809

* Non-income producing security.

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) Denotes a restricted security.

(c) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

See accompanying notes to financial statements.

2012 Semiannual Report

23

Aberdeen Emerging Markets Institutional Fund (Unaudited)

The Aberdeen Emerging Markets Institutional Fund (Institutional shares) returned 8.67% for the six-month period ended April 30, 2012, versus the 4.02% return of its benchmark, the MSCI Emerging Markets Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Emerging Markets Funds (consisting of 524 funds) was 4.92% for the period.

Emerging market equities posted positive returns over the reporting period. Initially Europe’s deepening debt crisis and deteriorating growth in the developed world weighed on investor sentiment. However, the markets recovered from the collective sell-off at the beginning of 2012, due to ample liquidity injections from developed central banks, which eased contagion fears. The stock market rebound continued until February amid the return of global risk appetite. Improving U.S. economic data and the Federal Reserve’s commitment to maintain loose monetary policy further bolstered sentiment. Towards the end of the period, however, a series of subdued economic data from relatively larger developing countries Brazil, China and India, along with fresh Eurozone worries, pared gains.

The key contributors to the Fund’s relative return among individual stock positions were Mexican bank Banorte, Brazilian fuels and chemicals company Ultrapar, and Argentine pipe-maker Tenaris, as all three delivered solid corporate results during the semiannual period. Robust loan growth and improvement in asset quality supported Banorte. Ultrapar posted healthy growth in volume and net revenues in all its divisions, while Tenaris benefited from double-digit sales growth and profit margin expansion. Additionally, shares of Turkish retailer BIM were lifted by the company’s improved outlook for 2012.

The main detractors from Fund performance for the reporting period were two of our Indian holdings, Infosys and Housing Development and Finance Corp (HDFC). IT software services company Infosys posted weak March-quarter results and moderated its guidance for the next financial year on muted growth expectations for its core North American and European markets. Mortgage lender HDFC declined in line with the weaker domestic macroeconomic environment despite posting relatively positive quarterly earnings. Brazilian bank Banco Bradesco was another detractor from relative performance, as shares of the company were hampered by worries over weak credit growth and the central bank’s interest rate cuts.

During the reporting period, we added to the Fund’s positions in Banco Bradesco and South African brewer SABMiller.

The Fund’s largest individual stock holdings at the end of the reporting period were Samsung Electronics, Vale and China Mobile. Samsung Electronics is a leading Korean semiconductor company and a major player in mobile phones and TFT-LCDs. In our view, it has a strong competitive position across each of its three business segments. The telecoms division has benefited from the success of its Galaxy products, as well as its strategy of providing affordable smartphones for emerging market consumers. While its fiscal year 2011 results declined from the previous year due to a lower contribution from its memory unit, the telecoms division performed well. Brazilian miner Vale is the world’s lowest-cost iron ore producer and, over the years, has made acquisitions to diversify its asset base. During its 2011 fiscal year, the company posted record-high operating margins, operating revenues and net earnings, among others. The company achieved these results despite short-term headwinds, such as a tax dispute with the Brazilian government and the problem of docking its mega Valemax ships in China. Vale also paid US$9 billion in dividends last year, another historical high, and repurchased US$3 billion in stock. We feel that China’s continued, albeit slower, economic expansion and global supply constraints should drive future growth. China Mobile is the largest mobile telecom operator in an under-penetrated domestic environment. While sector restructuring has led to fierce competition, it is still the market leader in terms of subscriber base and profitability, and we believe that its robust balance sheet should support future network development.

Portfolio Management:

Aberdeen Global Emerging Markets Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks may be enhanced in developing market counties.

Please read the prospectus for more detailed information regarding these risks.

Semiannual Report 2012

24

Aberdeen Emerging Markets Institutional Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			Inception2
Institutional Service Class3,4	w/o SC		8.50%		(1.50%	)		10.18%
Institutional Class4	w/o SC		8.67%		(1.15%	)		10.24%

† Not Annualized

1 Returns presented for the Fund for periods prior to November 24, 2009 reflect the performance of the predecessor fund, the Aberdeen Emerging Markets Fund, a series of The Advisors’ Inner Circle Fund II (the “Advisors’ Predecessor Fund”). The Fund has adopted the performance of the Advisors’ Predecessor Fund as the result of a reorganization in which the Fund acquired all the assets, subject to the liabilities, of the Advisors’ Predecessor Fund. The Fund and the Advisors’ Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Fund commenced operations on May 12, 2007.

3 Returns before the first offering of the Institutional Service Class (November 24, 2009) are based on the previous performance of the Institutional Class Shares. This performance is substantially similar to what Institutional Service Class would have produced because both classes invest in the same portfolio of securities. Returns for the Institutional Service Class shares would only differ to the extent of the differences in expenses of the two classes.

4 Not subject to any sales charges.

2012 Semiannual Report

25

Aberdeen Emerging Markets Institutional Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Institutional Class shares of the Aberdeen Emerging Markets Institutional Fund, Morgan Stanley Capital International (MSCI) Emerging Markets 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 MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index that captures large and mid cap representation across 21 Emerging Markets (EM) countries. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	82.6%
Preferred Stocks	14.3%
Repurchase Agreement	3.0%
Other assets in excess of liabilities	0.1%
	100.0%

Top Industries
Commercial Banks	21.3%
Oil, Gas & Consumable Fuels	13.3%
Semiconductors & Semiconductor Equipment	8.1%
Real Estate Management & Development	7.3%
Wireless Telecommunication Services	6.1%
Automobiles	4.8%
Beverages	4.7%
Food & Staples Retailing	4.1%
Construction Materials	3.9%
Metals & Mining	3.9%
Other	22.5%
	100.0%

Top Holdings*
Samsung Electronics Co. Ltd., Preferred Shares	4.4%
China Mobile Ltd.	4.1%
Vale SA ADR, Preferred Shares	3.9%
Taiwan Semiconductor Manufacturing Co. Ltd.	3.7%
Fomento Economico Mexicano SAB de CV ADR	3.2%
Banco Bradesco SA ADR, Preferred Shares	3.0%
PetroChina Co. Ltd., H Shares	3.0%
Petroleo Brasileiro SA ADR, Preferred Shares	3.0%
PT Astra International Tbk	2.9%
LUKOIL OAO ADR	2.8%
Other	66.0%
	100.0%

Top Countries
Brazil	16.8%
India	12.3%
Mexico	7.3%
China	7.1%
Hong Kong	7.0%
Republic of South Korea	5.4%
South Africa	5.3%
Thailand	5.3%
Turkey	5.1%
Taiwan	5.0%
Other	23.4%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

Semiannual Report 2012

26

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Institutional Fund

	Shares or Principal Amount		Value
COMMON STOCKS (82.6%)
AUSTRALIA (2.4%)
Commercial Banks (2.4%)
Standard Chartered PLC — London Listing (a)		6,492,750	$	158,719,399
BRAZIL (6.9%)
Multiline Retail (1.3%)
Lojas Renner SA		2,670,521		85,839,426
Oil, Gas & Consumable Fuels (2.7%)
Ultrapar Participacoes SA		7,744,000		175,912,284
Real Estate Management & Development (1.1%)
Multiplan Empreendimentos Imobiliarios SA		3,184,484		75,178,648
Tobacco (1.8%)
Souza Cruz SA		7,636,000		118,937,565
				455,867,923
CHILE (1.7%)
Commercial Banks (1.7%)
Banco Santander Chile ADR		1,396,000		114,206,760
CHINA (7.1%)
Oil, Gas & Consumable Fuels (3.0%)
PetroChina Co. Ltd., H Shares (a)		132,782,000		198,407,197
Wireless Telecommunication Services (4.1%)
China Mobile Ltd. (a)		23,892,500		264,489,010
				462,896,207
HONG KONG (7.0%)
Insurance (2.0%)
AIA Group Ltd. (a)		37,389,000		132,554,572
Real Estate Management & Development (5.0%)
Hang Lung Group Ltd. (a)		21,850,000		136,134,987
Hang Lung Properties Ltd. (a)		3,419,000		12,591,939
Swire Pacific Ltd., Class A (a)		10,300,000		121,284,210
Swire Pacific Ltd., Class B (a)		14,405,000		32,801,061
Swire Properties Ltd.		7,616,700		20,861,216
				323,673,413
				456,227,985
HUNGARY (1.6%)
Hotels, Restaurants & Leisure (0.0%)
Danubius Hotel and SpA PLC* (a)		2,039		26,269
Pharmaceuticals (1.6%)
Richter Gedeon Nyrt. (a)		572,455		98,928,479
Richter Gedeon Nyrt. GDR (a)(b)		41,000		7,110,751
				106,039,230
				106,065,499
INDIA (12.3%)
Automobiles (1.9%)
Hero Motocorp Ltd. (a)		2,916,315		123,443,726
Commercial Banks (1.1%)
ICICI Bank Ltd. (a)		4,321,000	$	72,336,188
ICICI Bank Ltd. ADR		1,100		37,279
				72,373,467
Construction Materials (1.9%)
Grasim Industries Ltd. (a)		545,630		26,499,942
UltraTech Cement Ltd.		3,675,217		99,168,094
				125,668,036
Household Products (1.0%)
Hindustan Unilever Ltd. (a)		7,940,000		62,429,537
Information Technology Services (2.5%)
Infosys Ltd. (a)		3,594,515		166,676,492
Pharmaceuticals (0.8%)
GlaxoSmithKline Pharmaceuticals Ltd. (a)		1,249,356		50,376,848
Thrifts & Mortgage Finance (2.4%)
Housing Development Finance Corp. Ltd. (a)		12,500,000		159,259,076
Wireless Telecommunication Services (0.7%)
Bharti Airtel Ltd. (a)		7,443,553		43,742,421
				803,969,603
INDONESIA (2.9%)
Automobiles (2.9%)
PT Astra International Tbk (a)		24,362,000		187,605,995
ITALY (2.3%)
Energy Equipment & Services (2.3%)
Tenaris SA ADR		3,847,100		150,767,849
MALAYSIA (2.4%)
Commercial Banks (2.4%)
CIMB Group Holdings Bhd (a)		38,440,600		93,937,508
Public Bank Bhd (Foreign Mkt) (a)		13,524,500		61,063,439
				155,000,947
MEXICO (7.3%)
Beverages (3.2%)
Fomento Economico Mexicano SAB de CV ADR		2,589,000		210,382,140
Commercial Banks (2.8%)
Grupo Financiero Banorte SAB de CV		37,414,200		180,436,747
Food & Staples Retailing (0.4%)
Organizacion Soriana SAB de CV, Class B*		9,853,779		28,004,629
Household Durables (0.0%)
Consorcio ARA SAB de CV		3,467,000		1,104,568
Transportation Infrastructure (0.9%)
Grupo Aeroportuario del Sureste SAB de CV ADR, B Shares		718,015		58,812,609
				478,740,693

See accompanying notes to financial statements.

2012 Semiannual Report

27

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Institutional Fund

	Shares or Principal Amount		Value
PHILIPPINES (2.5%)
Commercial Banks (1.2%)
Bank of the Philippine Islands (a)		43,184,217	$	75,135,219
Diversified Financial Services (0.1%)
Ayala Corp. (a)		673,000		6,840,091
Real Estate Management & Development (1.2%)
Ayala Land, Inc. (a)		160,552,000		81,219,002
				163,194,312
POLAND (1.7%)
Commercial Banks (1.7%)
Bank Pekao SA (a)		2,355,073		111,130,795
REPUBLIC OF SOUTH KOREA (1.0%)
Commercial Banks (0.1%)
BS Financial Group, Inc. (a)		232,010		2,375,723
DGB Financial Group, Inc. (a)		155,190		1,806,446
				4,182,169
Food & Staples Retailing (0.6%)
E-Mart Co. Ltd. (a)		180,316		42,788,207
Multiline Retail (0.3%)
Shinsegae Co. Ltd. (a)		100,684		22,057,191
				69,027,567
RUSSIA (2.8%)
Oil, Gas & Consumable Fuels (2.8%)
LUKOIL OAO ADR		3,066,000		187,327,081
SOUTH AFRICA (5.3%)
Beverages (1.5%)
SABMiller PLC (a)		2,389,600		100,109,817
Food & Staples Retailing (1.4%)
Massmart Holdings Ltd. (a)		4,286,716		92,243,851
Specialty Retail (2.4%)
Truworths International Ltd. (a)		14,381,737		153,666,289
				346,019,957
TAIWAN (5.0%)
Semiconductors & Semiconductor Equipment (3.7%)
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		81,149,809		239,849,119
Wireless Telecommunication Services (1.3%)
Taiwan Mobile Co. Ltd. (a)		26,482,255		85,341,512
				325,190,631
THAILAND (5.3%)
Commercial Banks (1.5%)
Siam Commercial Bank PCL, Foreign Shares (a)		19,700,000	$	96,042,512
Construction Materials (2.0%)
Siam Cement PCL, Foreign Shares (a)		8,599,900		116,805,045
Siam Cement PCL NVDR (a)		1,158,000		13,156,065
				129,961,110
Oil, Gas & Consumable Fuels (1.8%)
PTT Exploration & Production PCL, Foreign Shares (a)		20,578,200		118,573,900
				344,577,522
TURKEY (5.1%)
Commercial Banks (3.4%)
Akbank T.A.S. (a)		38,828,333		144,339,146
Turkiye Garanti Bankasi A.S.* (a)		21,890,000		80,588,903
				224,928,049
Food & Staples Retailing (1.7%)
BIM Birlesik Magazalar A.S. (a)		2,682,368		111,878,602
				336,806,651
Total Common Stocks				5,413,343,376
PREFERRED STOCKS (14.3%)
BRAZIL (9.9%)
Commercial Banks (3.0%)
Banco Bradesco SA ADR, Preferred Shares		12,401,180		198,790,915
Metals & Mining (3.9%)
Vale SA ADR, Preferred Shares		11,630,000		251,556,900
Oil, Gas & Consumable Fuels (3.0%)
Petroleo Brasileiro SA ADR, Preferred Shares		8,837,000		195,827,920
				646,175,735
REPUBLIC OF SOUTH KOREA (4.4%)
Semiconductors & Semiconductor Equipment (4.4%)
Samsung Electronics Co. Ltd., Preferred Shares (a)		406,893		289,977,899
Total Preferred Stocks				936,153,634

See accompanying notes to financial statements.

Semiannual Report 2012

28

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Institutional Fund

	Shares or Principal Amount		Value
REPURCHASE AGREEMENT (3.0%)
UNITED STATES (3.0%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $194,952,433, collateralized by $185,820,000 U.S. Treasury Notes, maturing 6/30/16-4/30/19; total market value of $198,852,455	$	194,952,000	$	194,952,000
Total Repurchase Agreement				194,952,000
Total Investments (Cost $5,652,037,987) (c)—99.9%				6,544,449,010
Other assets in excess of liabilities—0.1%				3,579,598
Net Assets—100.0%			$	6,548,028,608

* Non-income producing security.

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) Denotes a restricted security.

(c) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

See accompanying notes to financial statements.

2012 Semiannual Report

29

Aberdeen Equity Long-Short Fund (Unaudited)

The Aberdeen Equity Long-Short Fund (Class A shares at NAV net of fees) returned 3.28% for the six-month period ended April 30, 2012, versus 0.02% for its benchmark, the Citigroup 3-Month Treasury Bill Index, and 12.77% for the broad-market Standard & Poor’s (S&P) 500 Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Long/Short Equity Funds (consisting of 179 funds) was 4.22% for the period.

Major North American equity market indices moved higher during the six-month period ended April 30, 2012. All 10 sectors within the broader-market S&P 500 Index recorded positive returns for the period, led by consumer discretionary, information technology and financials, as the more cyclical sectors performed well during a period of increased risk appetite in the market. Investor optimism arose following the release of improving U.S. economic data, along with generally positive corporate earnings reports, which accompanied at least temporary solutions to the sovereign debt crisis in the Eurozone. These factors more than offset a decline in April amid evidence of a possible slowdown in U.S. economic growth, as well as Standard and Poor’s two-level downgrade of Spain’s credit rating from A to BBB+. U.S. gross domestic product (GDP) grew by a lower-than-expected annualized rate of 2.2% in the first quarter of 2012, down from the 3.0% increase in the previous quarter. Consumer spending rose significantly for the period, benefiting from higher store traffic due to unusually warm winter weather in most of the U.S. The unemployment rate decreased 0.8% to 8.1% between October and April; however, non-farm payroll growth slowed and the lower rate partially reflected a shrinking pool of jobseekers as more people stopped looking for employment. Finally, the 2.7% annualized rise in the Consumer Price Index in April was fueled mainly by higher oil and retail gasoline prices, as inflation remains above the Federal Reserve’s 2% target rate.

The Fund’s long positions bolstered performance during a period of relatively strong equity market returns, particularly in the energy and industrials sectors. Holdings in Berry Petroleum and EOG Resources in the energy sector benefited from rising energy prices and relatively good production results. Aerospace component maker BE Aerospace saw continued strong order growth during the reporting period and shares of paint and coatings manufacturer Valspar rose on the back of improving global demand for paint and coatings. Handset and PC maker Apple posted record-high earnings for the second quarter of its 2012 fiscal year as its iOs ecosystem mobile operating platform drove new purchases. Retail drugstore operator and pharmacy benefit manager CVS Caremark gained market share from a competitor that was embroiled in a dispute with a major prescription drug plan. Fund performance also was enhanced by a short position in Chesapeake Energy, which was hampered by low natural gas prices and concerns about the sustainability of its drilling operations. The short exposure to Altera Corp. had a positive impact as the company experienced weakness in its end markets for communications equipment chips. Global healthcare services company Cardinal Health saw a slowdown in profitability at its drug distributor.

During the period, the equity market rose consistently with little volatility. Consequently, shares of many of the Fund’s short positions moved higher as a result of the equity market gains, thereby hindering the Fund’s absolute return. Among the individual detractors were short positions in retailer Lululemon Athletica; credit card company Discover Financial Services, which was held as the short side of a paired position; online auction company eBay, which rallied on strength in its payment-processing network Paypal; and diversified industrial company Illinois Tool Works. We retain the short positions in each of these companies as we believe that they are overvalued relative to the level of economic activity we see in the marketplace.

During the reporting period, we adjusted the Fund’s holdings by adding to short positions in companies that we generally believe are overvalued and at risk of posting results that do not meet the market’s expectations. These included Quality Systems, a software company selling electronic health records software into what we believe to be a crowded market; Lululemon, which we believe is overvalued and faces high expectations from investors; and CA Inc., a software company focused on what we feel is a shrinking legacy computer system market. We exited several long positions, including MetLife, a life insurer which we believe may have capital concerns, and NetApp, a storage hardware company, which we replaced in the portfolio with EMC Corp. We also sold the Fund’s long holding in Urban Outfitters, a specialty apparel retailer which has experienced significant problems with its growth strategy. Additionally, we exited a short position in Capella Education. The Fund’s net and gross exposures were similar at both the beginning and the end of the semiannual period. However, we feel that, as the result of our portfolio management activity, including the transactions noted previously, the net exposure to the economy was reduced. The long weighting in the energy sector declined during the period, while there was an overall increase in the long position in the information technology sector, though with a smaller exposure to hardware sales. After the generally uninterrupted climb in the North American equity markets amid a relatively calm political environment in Europe and the U.S., we view the risks of an increase in volatility as fairly substantial. We feel that this will result in sharper moves in the markets in both directions than those we saw during the last several months of the reporting period. Therefore, we have begun to adjust position sizes to give us room to add to our highest-conviction long positions should we believe that their valuations become more attractive, while seeking to take what we believe are appropriately weighted short positions in companies that we view as most at risk of share price declines. We continue to monitor a list of potentially weak companies as possible short positions should the generally favorable tenor of the U.S. economy begin to slow due to general economic concerns, such as European financial issues or fears about impending fiscal belt-tightening in the U.S.

At the end of the reporting period, the Fund maintained a net long position. The largest individual long holdings were IT services provider Cognizant Technology Solutions, and cable and media company Comcast. Cognizant Technology’s sales continue to benefit from the tailwinds of corporate outsourcing and cost-cutting measures, particularly in the financial services, healthcare and manufacturing

Semiannual Report 2012

30

Aberdeen Equity Long-Short Fund (Unaudited) (concluded)

sectors. Comcast is benefiting from steady growth in average revenue per user (ARPU) attributable largely to an increase in sales of “bundled” cable services (i.e., TV, broadband and phone).

Our most significant short exposures included industrial products and equipment maker Illinois Tool Works and defense contractor Northrop Grumman Corp. Illinois Tool Works has a portfolio of products which we believe are both economically sensitive and less differentiated. We view this combination as leaving less room for strategic improvement than we see in many of the other industrials we hold on the long side. We believe that Northrop Grumman’s core defense business is likely to grow slowly at best, and looming cuts in the U.S. government defense budget could hinder the company’s growth going forward.

Portfolio Management:

Aberdeen North American Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. The Citigroup 3-Month Treasury Bill Index is the Fund’s actual benchmark.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

The strategy used by the portfolio managers involves securities transactions, such as short-selling and leverage, which may cause the Fund to have greater risk and volatility.

A short position will lose value as the security’s price increases. Theoretically, the loss on a short sale can be unlimited. Leverage will also increase market exposure and magnify risk.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

31

Aberdeen Equity Long-Short Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.		10 Yr.
Class A	w/o SC		3.28%			(1.40%	)		1.26%		3.81%
	w/SC2		(2.64%	)		(7.03%	)		0.06%		3.20%
Class C3	w/o SC		2.83%			(2.20%	)		0.53%		3.06%
	w/SC4		1.83%			(3.16%	)		0.53%		3.06%
Class R5,7	w/o SC		3.18%			(1.61%	)		0.98%		3.57%
Institutional Service Class7,8	w/o SC		3.33%			(1.38%	)		1.44%		3.98%
Institutional Class6,7	w/o SC		3.41%			(1.21%	)		1.51%		4.02%

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

† Not Annualized

1 Returns incorporate the performance of a predecessor fund (the “Predecessor Fund”) from June 22, 2003 to June 22, 2008. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Returns prior to June 22, 2003 reflect the performance of another predecessor fund (the “Second Predecessor Fund”), which was acquired by the Predecessor Fund. The Second Predecessor Fund commenced operations for its Class C and Class R shares on December 31, 1997, and commenced operations for its Class A shares on October 31, 2001. Please see footnotes for the relevant classes and consult the Fund’s prospectus for more detail.

2 A 5.75% front-end sales charge was deducted.

3 A front-end sales charge that formerly applied to Class C shares of the Predecessor Fund was eliminated on April 1, 2004. Returns before that date have not been adjusted to eliminate the effect of the front-end sales charge.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Returns through June 22, 2003 are based on the previous performance of the Class B shares of the Second Predecessor Fund; for the period from June 23, 2003 to February 26, 2004 (prior to the commencement of operations of the Class R shares) the returns of Class R shares are based on the previous performance of the Predecessor Fund’s Class B shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is similar to what Class R shares would have produced because all classes invest in the same portfolio of securities. Returns for Class R shares have been adjusted to eliminate sales charges that do not apply to that class but have not been adjusted to reflect its lower expenses.

6 Returns through June 22, 2003 are based on the previous performance of the Second Predecessor Fund Class R shares and for the period from June 23, 2003 to June 28, 2004 (prior to the commencement of operations of the Institutional Class) are based on the previous performance of the Class A shares of the Predecessor Fund. Excluding the effects of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because all classes invest in the same portfolio of securities. Returns for Institutional Class shares have been adjusted to eliminate sales charges that do not apply to that class but have not been adjusted to reflect its lower expenses.

7 Not subject to any sales charges.

8 Returns before the first offering of the Institutional Service Class (November 1, 2009) are based on the previous performance of the Institutional Class. The performance is substantially similar to what the Institutional Service Class would have produced because both classes invest in the same portfolio of securities. Returns for the Institutional Service Class shares have not been adjusted to reflect the expenses of the Institutional Service Class shares.

Semiannual Report 2012

32

Aberdeen Equity Long-Short Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Equity Long-Short Fund, the S&P 500^® Index, the Citigroup 3-Month Treasury Bill Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 500^® Index is a market capitalization-weighted index that includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The Citigroup 3-Month Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. The Citigroup 3-Month Treasury Bill Indexes consist of the last three three-month Treasury bill issues.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Long Positions
Asset Allocation
Common Stocks	77.1%
Repurchase Agreement	23.2%
Liabilities in excess of other assets	(0.3%	)
	100.0%

Top Industries
Information Technology Services	5.8%
Chemicals	5.4%
Software	4.5%
Oil, Gas & Consumable Fuels	4.4%
Diversified Financial Services	4.1%
Communications Equipment	3.3%
Machinery	3.2%
Food Products	3.1%
Road & Rail	2.9%
Aerospace & Defense	2.9%
Other	60.4%
	100.0%

Top Holdings*
Cognizant Technology Solutions Corp., Class A	2.6%
Comcast Corp., Class A	2.6%
QUALCOMM, Inc.	2.5%
Oracle Corp.	2.5%
Warnaco Group, Inc. (The)	2.3%
PepsiCo, Inc.	2.3%
IntercontinentalExchange, Inc.	2.1%
Target Corp.	2.1%
Emerson Electric Co.	2.0%
Solera Holdings, Inc.	2.0%
Other	77.0%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

33

Portfolio Summary (as a percentage of net assets)(concluded)

April 30, 2012 (Unaudited)

Aberdeen Equity Long-Short Fund

Short Positions
Asset Allocation
Common Stocks	29.0%
Exchange Traded Funds	6.3%
Other assets in excess of liabilities	64.7%
	100.0%

Top Industries
Machinery	2.9%
Hotels, Restaurants & Leisure	2.5%
Commercial Banks	2.1%
Aerospace & Defense	2.1%
Food Products	2.0%
Oil, Gas & Consumable Fuels	1.8%
Consumer Finance	1.7%
Insurance	1.5%
Health Care	1.5%
Household Durables	1.4%
Other	80.5%
	100.0%

Top Holdings
Illinois Tool Works, Inc.	2.3%
Northrop Grumman Corp.	2.1%
Campbell Soup Co.	2.0%
Discover Financial Services	1.7%
Allstate Corp. (The)	1.5%
Boston Scientific Corp.	1.5%
Market Vectors Semiconductor ETF	1.5%
Materials Select Sector SPDR Fund	1.5%
Darden Restaurants, Inc.	1.4%
Leggett & Platt, Inc.	1.4%
Other	83.1%
	100.0%

Semiannual Report 2012

34

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Equity Long-Short Fund

	Shares or Principal Amount		Value
COMMON STOCKS — LONG POSITIONS (77.1%)
Aerospace & Defense (2.9%)
BE Aerospace, Inc.*		156,300	$	7,350,789
Precision Castparts Corp.		47,400		8,359,938
				15,710,727
Auto Components (1.4%)
BorgWarner, Inc.*		97,500		7,706,400
Beverages (2.3%)
PepsiCo, Inc.		182,400		12,038,400
Biotechnology (1.1%)
Gilead Sciences, Inc.*		113,300		5,892,733
Capital Markets (1.3%)
State Street Corp.		152,000		7,025,440
Chemicals (5.4%)
Potash Corp. of Saskatchewan, Inc.		237,000		10,067,760
Praxair, Inc.		88,100		10,193,170
Valspar Corp.		164,000		8,388,600
				28,649,530
Commercial Services & Supplies (1.2%)
Clean Harbors, Inc.*		95,700		6,530,568
Communications Equipment (3.3%)
Cisco Systems, Inc.		211,000		4,251,650
QUALCOMM, Inc.		212,597		13,572,193
				17,823,843
Computers & Peripherals (2.8%)
Apple, Inc.*		13,600		7,945,664
EMC Corp.*		250,000		7,052,500
				14,998,164
Diversified Financial Services (4.1%)
IntercontinentalExchange, Inc.*		86,000		11,441,440
JPMorgan Chase & Co.		241,650		10,386,117
				21,827,557
Electric Utilities (1.3%)
ITC Holdings Corp.		89,500		6,932,670
Electrical Equipment (2.0%)
Emerson Electric Co.		206,500		10,849,510
Energy Equipment & Services (1.9%)
Schlumberger Ltd.		134,600		9,979,244
Food & Staples Retailing (1.9%)
CVS Caremark Corp.		232,400		10,369,688
Food Products (3.1%)
Kellogg Co.		173,800		8,789,066
TreeHouse Foods, Inc.*		135,000		7,763,850
				16,552,916
Health Care (2.5%)
Hill-Rom Holdings, Inc.		189,300	$	6,142,785
St. Jude Medical, Inc.		186,700		7,229,024
				13,371,809
Health Care Providers & Services (1.6%)
Aetna, Inc.		193,300		8,512,932
Hotels, Restaurants & Leisure (1.9%)
Starwood Hotels & Resorts Worldwide, Inc.		170,000		10,064,000
Information Technology Services (5.8%)
Alliance Data Systems Corp.*		63,800		8,197,662
Cognizant Technology Solutions Corp., Class A*		190,600		13,974,792
Visa, Inc., Class A		73,520		9,041,490
				31,213,944
Insurance (1.6%)
Aspen Insurance Holdings Ltd.		294,000		8,326,080
Internet Software & Services (1.2%)
Yahoo!, Inc.*		425,000		6,604,500
Life Sciences Tools & Services (1.9%)
Waters Corp.*		122,000		10,261,420
Machinery (3.2%)
Deere & Co.		115,700		9,529,052
Wabtec Corp.		99,000		7,700,220
				17,229,272
Media (2.6%)
Comcast Corp., Class A		454,500		13,784,985
Multiline Retail (2.1%)
Target Corp.		196,000		11,356,240
Oil, Gas & Consumable Fuels (4.4%)
Apache Corp.		62,500		5,996,250
Berry Petroleum Co., Class A		167,600		7,634,180
EOG Resources, Inc.		91,100		10,003,691
				23,634,121
Road & Rail (2.9%)
Canadian National Railway Co.		102,000		8,698,560
Kansas City Southern		91,423		7,041,399
				15,739,959
Software (4.5%)
Oracle Corp.		455,000		13,372,450
Solera Holdings, Inc.		231,766		10,415,564
				23,788,014
Specialty Retail (1.5%)
Staples, Inc.		530,000		8,162,000
Textiles, Apparel & Luxury Goods (2.3%)
Warnaco Group, Inc. (The)*		231,700		12,270,832

See accompanying notes to financial statements.

2012 Semiannual Report

35

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Equity Long-Short Fund

	Shares or Principal Amount		Value
Tobacco (1.1%)
Philip Morris International, Inc.		64,500	$	5,773,395
Total Common Stocks — Long Positions				412,980,893
REPURCHASE AGREEMENT (23.2%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $124,457,277 collateralized by U.S. Treasury Note, maturing 07/31/16; total market value of $126,947,526	$	124,457,000		124,457,000
Total Repurchase Agreement				124,457,000
Total Investments (Cost $484,930,966) (a)—100.3%				537,437,893
Liabilities in excess of other assets—(0.3)%				(1,533,673	)
Net Assets—100.0%			$	535,904,220

* Non-income producing security.

(a) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

See accompanying notes to financial statements.

Semiannual Report 2012

36

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Equity Long-Short Fund

	Shares or Principal Amount		Value
COMMON STOCKS — SHORT POSITIONS (29.0%)
Aerospace & Defense (2.1%)
Northrop Grumman Corp.		181,200	$	11,466,336
Commercial Banks (2.1%)
Fifth Third Bancorp		440,400		6,266,892
TCF Financial Corp.		458,400		5,257,848
				11,524,740
Consumer Finance (1.7%)
Discover Financial Services		262,000		8,881,800
Diversified Financial Services (0.8%)
Bank of America Corp.		528,700		4,287,757
Electronic Equipment Instruments & Components (0.6%)
Badger Meter, Inc.		87,300		3,224,862
Food Products (2.0%)
Campbell Soup Co.		314,400		10,636,152
Health Care (1.5%)
Boston Scientific Corp.*		1,292,900		8,093,554
Health Care Providers & Services (1.0%)
Cardinal Health, Inc.		133,000		5,621,910
Health Care Technology (0.7%)
Quality Systems, Inc.		105,000		3,927,000
Hotels, Restaurants & Leisure (2.5%)
Bally Technologies, Inc.*		114,400		5,554,120
Darden Restaurants, Inc.		152,700		7,647,216
				13,201,336
Household Durables (1.4%)
Leggett & Platt, Inc.		341,200		7,427,924
Insurance (1.5%)
Allstate Corp. (The)		244,100		8,135,853
Internet Software & Services (1.3%)
eBay, Inc.*		163,700		6,719,885
Machinery (2.9%)
Astec Industries, Inc.*		99,100		3,100,839
Illinois Tool Works, Inc.		218,600		12,543,268
				15,644,107
Oil, Gas & Consumable Fuels (1.8%)
Chesapeake Energy Corp.		274,200		5,056,248
Denbury Resources, Inc.*		250,000		4,760,000
				9,816,248
Pharmaceuticals (0.8%)
Eli Lilly & Co.		100,900		4,176,251
Semiconductors & Semiconductor Equipment (1.1%)
Altera Corp.		158,400		5,634,288
Software (1.0%)
CA, Inc.		200,000		5,269,885
Specialty Retail (0.8%)
Hibbett Sports, Inc.*		69,300		4,138,596
Textiles, Apparel & Luxury Goods (1.4%)
Lululemon Athletica, Inc.*		99,700		7,391,758
Total Common Stocks — Short Positions				155,220,242
EXCHANGE TRADED FUNDS — SHORT POSITIONS (6.3%)
Equity Funds (6.3%)
iShares Russell 2000 Value Index Fund		75,000		5,389,500
Market Vectors Semiconductor ETF*		230,000		7,955,700
Materials Select Sector SPDR Fund		212,700		7,799,709
SPDR S&P Oil & Gas Exploration & Production ETF		115,300		6,501,767
SPDR S&P Retail ETF		98,500		6,081,390
				33,728,066
Total Exchange Traded Funds — Short Positions				33,728,066
Total Securities Sold Short (Proceeds $164,900,349) — 35.3%			$	188,948,308

* Non-income producing security.

See accompanying notes to financial statements.

2012 Semiannual Report

37

Aberdeen Global Equity Fund (Unaudited)

The Aberdeen Global Equity Fund (Class A shares at NAV net of fees) returned 7.96% for the six-month period ended April 30, 2012, versus the 7.87% return of its benchmark, the MSCI World Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Global Large-Cap Core Funds (consisting of 120 funds) was 7.40% for the period.

Global equities, as measured by the MSCI World Index, posted gains during the reporting period, largely driven by vast liquidity injections from the European Central Bank’s Long-Term Refinancing Operation for lenders, as well as the bond-buying programs by the central banks of the UK and Japan. The U.S. Federal Reserve’s pledge to keep interest rates at a low until 2014 also lifted confidence. On the economic front, developed economies, particularly those in Japan and Europe, shrank in the final quarter of 2011, weighed down by weak export growth. In comparison, the UK was hurt by lower investments. Bucking the trend was the U.S., where consumer and business spending underpinned growth. Asia fared relatively well, but was not immune from weakening demand in the West. The economies of both China and India slowed, although their growth rates exceeded market forecasts. Towards the end of the period, stock market gains were trimmed by renewed worries over uncertainty in Europe on both the macroeconomic and political fronts.

The top individual stock contributors to the Fund’s relative return for the semiannual period included U.S. tobacco company Philip Morris International, Taiwan Semiconductor Manufacturing Co. (TSMC), and Korea’s Samsung Electronics. Philip Morris was supported by solid earnings, thanks to its defensive characteristics. TSMC’s management offered an upbeat business outlook for the remainder of 2012 because of fast growth in mobile computing devices, which flows through to semiconductor demand. Samsung Electronics was boosted by record profits for the first quarter of 2012, attributable mainly to its telecommunications division.

The main detractors from the Fund’s relative performance included our holdings in Australia’s QBE Insurance and Brazil’s Banco Bradesco. QBE Insurance’s profits were hampered by record catastrophe claims, as well as low yields on its investment portfolio. We view the performance as largely driven by events beyond management’s control and, therefore, remain comfortable with the Fund’s position in the insurer. Shares of Banco Bradesco declined on concerns over delinquency rates in the banking sector. The lack of exposure to U.S. technology company Apple also detracted from the Fund’s relative performance, as its share price was boosted by its release of the iPad 3. The company also announced its first dividend in 17 years and a US$10 billion stock buyback.

During the period, we introduced a few companies at what we viewed as attractive valuations. These included Canadian fertilizer producer Potash Corp, which is a market leader that, in our view, benefits from a strong asset base and robust long-term demand drivers, and Hong Kong-based insurance group AIA, which we believe is a high-quality company that we feel has good growth prospects in Asia. We also initiated positions in Brazilian miner Vale and U.S. cable and media company Comcast. While diverse in their operations, both companies benefit from the ability to generate solid cash flows, which we believe could lead to attractive dividend payouts. Against this, we sold Japan’s Takeda Pharmaceutical because we feel it has a deteriorating business outlook.

At the end of the reporting period, the Fund’s largest absolute stock weightings included TSMC, Swiss drug-maker Roche, and British telecom Vodafone. TSMC is the world’s largest dedicated semiconductor foundry and is the lowest-cost producer in the industry. The company has a cash-rich balance sheet and a relatively attractive dividend yield. Roche has one of the highest earnings visibilities within the pharmaceutical sector, driven by the synergies from its Genentech acquisition, as well as its existing stable of products. Vodafone is the biggest global mobile operator by revenue, with Europe accounting for the bulk. Its broad collection of overseas assets includes a 44% stake in U.S.-based Verizon Wireless.

Portfolio Management:

Aberdeen Global Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in developing market countries.

Please read the prospectus for more detailed information regarding these risks.

Semiannual Report 2012

38

Aberdeen Global Equity Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			5 Yr.			10 Yr.
Class A	w/o SC		7.96%		(1.91%	)		(1.22%	)		6.92%
	w/SC2		1.75%		(7.57%	)		(2.38%	)		6.29%
Class C3	w/o SC		7.66%		(2.56%	)		(1.89%	)		6.18%
	w/SC4		6.66%		(3.52%	)		(1.89%	)		6.18%
Class R5,6	w/o SC		7.93%		(2.00%	)		(1.41%	)		6.48%
Institutional Service Class6,7	w/o SC		8.11%		(1.77%	)		(1.19%	)		6.93%
Institutional Class6,8	w/o SC		8.21%		(1.52%	)		(1.03%	)		7.02%

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.

† Not Annualized

1 Returns prior to June 23, 2008 incorporate the performance of a predecessor fund (the “Predecessor Fund”). The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 A 5.75% front-end sales charge was deducted.

3 A front-end sales charge that formerly applied to Class C shares of the Predecessor Fund was eliminated on April 1, 2004. Returns before that date have not been adjusted to eliminate the effect of the sales charge.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Returns before the first offering of Class R shares (October 1, 2003) by the Predecessor Fund are based on the previous performance of Class B shares of the Predecessor Fund. This performance is substantially similar to what Class R shares would have produced, because all classes invest in the same portfolio of securities. Returns for Class R shares have been adjusted to eliminate sales charges that do not apply to that class, but have not been adjusted to reflect its lower expenses.

6 Not subject to any sales charges.

7 Returns before the first offering of the Institutional Service Class (December 19, 2011) are based on the previous performance of the Institutional Class. The performance of the Institutional Class is substantially similar to what the Institutional Service Class would have produced because both classes invest in the same portfolio of securities. Returns for Institutional Service Class shares would only differ to the extent of the differences in expenses of the class.

8 Returns before the first offering of Institutional Class shares (June 29, 2004) by the Predecessor Fund are based on the previous performance of Institutional Service Class (which does not currently have assets) shares of the Predecessor Fund. This performance is substantially similar to what the Institutional Class shares would have produced because both classes invest in the same portfolio of securities. Returns for the Institutional Class have not been adjusted to reflect its lower expenses.

2012 Semiannual Report

39

Aberdeen Global Equity Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Global Equity Fund, Morgan Stanley Capital International (MSCI) World Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 World Index is a free float-adjusted, market capitalization-weighted index that captures large and mid cap representation across 24 Developed Markets (DM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	90.3%
Preferred Stocks	7.9%
Repurchase Agreement	1.0%
Other assets in excess of liabilities	0.8%
	100.0%

Top Industries
Pharmaceuticals	10.3%
Oil, Gas & Consumable Fuels	10.2%
Commercial Banks	10.1%
Tobacco	7.2%
Semiconductors & Semiconductor Equipment	6.6%
Insurance	6.2%
Wireless Telecommunication Services	5.8%
Beverages	4.5%
Food Products	4.5%
Energy Equipment & Services	4.0%
Other	30.6%
	100.0%
Top Holdings*
Vodafone Group PLC	4.2%
Roche Holding AG	4.1%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	3.9%
Philip Morris International, Inc.	3.6%
British American Tobacco PLC	3.6%
Standard Chartered PLC—London Listing	3.3%
Johnson & Johnson	3.3%
Tenaris SA ADR	3.0%
Royal Dutch Shell PLC, B Shares	2.9%
Novartis AG	2.9%
Other	65.2%
	100.0%

Top Countries
United States	24.2%
United Kingdom	15.8%
Switzerland	12.4%
Japan	6.8%
Australia	5.6%
Italy	5.4%
Brazil	5.2%
Sweden	4.7%
Taiwan	3.9%
China	3.1%
Other	12.9%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

Semiannual Report 2012

40

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Global Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (90.3%)
AUSTRALIA (5.6%)
Commercial Banks (3.3%)
Standard Chartered PLC — London Listing (a)		71,800	$	1,755,196
Insurance (2.3%)
QBE Insurance Group Ltd. (a)		84,300		1,209,541
				2,964,737
CANADA (3.1%)
Chemicals (1.0%)
Potash Corp. of Saskatchewan, Inc.		11,700		497,444
Road & Rail (2.1%)
Canadian National Railway Co.		13,200		1,126,446
				1,623,890
CHINA (3.1%)
Oil, Gas & Consumable Fuels (1.5%)
PetroChina Co. Ltd., H Shares (a)		530,000		791,943
Wireless Telecommunication Services (1.6%)
China Mobile Ltd. (a)		78,500		868,992
				1,660,935
FRANCE (1.2%)
Electrical Equipment (1.2%)
Schneider Electric SA (a)		9,900		609,799
HONG KONG (2.0%)
Insurance (1.0%)
AIA Group Ltd. (a)		148,800		527,538
Real Estate Management & Development (1.0%)
Swire Pacific Ltd., Class A (a)		46,500		547,545
				1,075,083
ITALY (5.4%)
Energy Equipment & Services (3.0%)
Tenaris SA ADR		41,000		1,606,790
Oil, Gas & Consumable Fuels (2.4%)
Eni SpA (a)		58,100		1,290,971
				2,897,761
JAPAN (6.8%)
Chemicals (1.7%)
Shin-Etsu Chemical Co. Ltd. (a)		15,700		906,199
Machinery (1.6%)
FANUC Corp. (a)		4,900		826,387
Office Electronics (2.0%)
Canon, Inc. (a)		23,500		1,065,204
Real Estate Management & Development (1.5%)
Daito Trust Construction Co. Ltd. (a)		8,900		800,360
				3,598,150
MEXICO (2.2%)
Beverages (2.2%)
Fomento Economico Mexicano SAB de CV ADR		14,600	$	1,186,396
SINGAPORE (0.9%)
Real Estate Management & Development (0.9%)
City Developments Ltd. (a)		61,000		498,310
SWEDEN (4.7%)
Commercial Banks (2.1%)
Nordea Bank AB (a)		129,900		1,149,668
Communications Equipment (1.5%)
Telefonaktiebolaget LM Ericsson, B Shares* (a)		80,600		799,024
Machinery (1.1%)
Atlas Copco AB, A Shares (a)		23,900		568,736
				2,517,428
SWITZERLAND (12.4%)
Food Products (2.5%)
Nestle SA (a)		22,100		1,354,493
Insurance (2.9%)
Zurich Financial Services AG* (a)		6,200		1,519,017
Pharmaceuticals (7.0%)
Novartis AG (a)		28,100		1,551,576
Roche Holding AG (a)		11,900		2,174,850
				3,726,426
				6,599,936
TAIWAN (3.9%)
Semiconductors & Semiconductor Equipment (3.9%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		134,520		2,095,822
UNITED KINGDOM (15.8%)
Commercial Banks (2.0%)
HSBC Holdings PLC (a)		116,400		1,050,763
Metals & Mining (0.9%)
Rio Tinto PLC (a)		8,600		482,071
Multi-Utilities (2.2%)
Centrica PLC (a)		227,500		1,131,929
Oil, Gas & Consumable Fuels (2.9%)
Royal Dutch Shell PLC, B Shares (a)		42,500		1,555,268
Tobacco (3.6%)
British American Tobacco PLC (a)		37,600		1,928,485
Wireless Telecommunication Services (4.2%)
Vodafone Group PLC (a)		807,300		2,234,574
				8,383,090

See accompanying notes to financial statements.

2012 Semiannual Report

41

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Global Equity Fund

	Shares or Principal Amount		Value
UNITED STATES (23.2%)
Aerospace & Defense (1.9%)
United Technologies Corp.		12,400	$	1,012,336
Beverages (2.3%)
PepsiCo, Inc.		18,800		1,240,800
Energy Equipment & Services (1.0%)
Schlumberger Ltd.		7,300		541,222
Food & Staples Retailing (2.6%)
CVS Caremark Corp.		30,700		1,369,834
Food Products (2.0%)
Kraft Foods, Inc., Class A		26,600		1,060,542
Health Care Providers & Services (1.4%)
Quest Diagnostics, Inc.		12,800		738,432
Media (1.1%)
Comcast Corp., Class A		19,100		579,303
Oil, Gas & Consumable Fuels (1.9%)
EOG Resources, Inc.		9,200		1,010,252
Pharmaceuticals (3.3%)
Johnson & Johnson		26,800		1,744,412
Software (2.1%)
Oracle Corp.		38,600		1,134,454
Tobacco (3.6%)
Philip Morris International, Inc.		21,700		1,942,367
				12,373,954
Total Common Stocks				48,085,291
PREFERRED STOCKS (7.9%)
BRAZIL (5.2%)
Commercial Banks (2.7%)
Banco Bradesco SA ADR, Preferred Shares		90,000		1,442,700
Metals & Mining (1.0%)
Vale SA ADR, Preferred Shares		23,833		515,508
Oil, Gas & Consumable Fuels (1.5%)
Petroleo Brasileiro SA ADR, Preferred Shares		37,200		824,352
				2,782,560
REPUBLIC OF SOUTH KOREA (2.7%)
Semiconductors & Semiconductor Equipment (2.7%)
Samsung Electronics Co. Ltd., GDR, Preferred Shares (a)(b)		3,900		1,412,235
Total Preferred Stocks				4,194,795
REPURCHASE AGREEMENT (1.0%)
UNITED STATES (1.0%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $525,001, collateralized by U.S.Treasury Note, maturing 4/30/19; total market value of $536,625	$	525,000	$	525,000
Total Repurchase Agreement				525,000
Total Investments (Cost $45,228,351) (c)—99.2%				52,805,086
Other assets in excess of liabilities—0.8%				431,732
Net Assets—100.0%			$	53,236,818

* Non-income producing security.

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) Denotes a restricted security.

(c) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

ADR American Depositary Receipt

GDR Global Depositary Receipt

See accompanying notes to financial statements.

Semiannual Report 2012

42

Aberdeen Global Natural Resources Fund (Unaudited)

The Aberdeen Global Natural Resources Fund (Class A shares at NAV) returned 3.72% for the six-month period ended April 30, 2012, versus the –1.27% return of its benchmark, the S&P Global Natural Resources Index. For broader comparison, the average return of the Fund’s Lipper peer category of Global Natural Resources Funds (consisting of 147 funds) was –1.59% for the period.

Global natural resources equities posted modest losses during the reporting period as worries over the global economic recovery offset positive sentiment regarding expansionary central bank policy. Early in the period, gold prices rallied as investors sought refuge against market turbulence arising from the Eurozone debt crisis, but later retreated as investors’ risk appetite returned. This was compounded by the U.S. Federal Reserve’s signal that monetary policy would remain accommodative and improvement in sentiment, particularly in the U.S. and China. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) cut its 2012 forecasts for global oil demand in light of the weakening economic outlook for industrialized nations. Subsequently, Iran suspended crude oil exports to the UK and France in response to the European Union’s ban on its oil imports amid escalating tensions over its nuclear program, driving oil prices higher. At the end of the semiannual period, oil prices slid amid rising U.S. crude stockpiles, along with progress in talks with Iran.

At the individual stock level, U.S.-based oil and gas exploration and production company EOG Resources and Italian exchange-listed pipe-maker Tenaris added the most to the Fund’s relative return, as both companies benefited from the rally in crude oil prices. In addition, EOG increased its output of petroleum liquids, while Tenaris posted upbeat quarterly results during the reporting period, boosted by resilient demand and better margins. Dutch oil and gas services company Fugro also contributed positively to performance, as it posted solid earnings during the semiannual period and, in our view, is well-positioned to benefit from an estimated investment of US$600 billion in the development of new oil and natural gas fields in 2012.

The primary individual stock detractor from Fund performance was the holding in Canadian gold producer Goldcorp, as well as the lack of exposure to U.S. oil company Exxon Mobil and Syngenta, a Swiss producer of crop protection products and seeds. Exxon Mobil was boosted by higher energy prices, while Syngenta’s relatively positive results were driven by robust demand from emerging markets. Despite reporting strong fourth-quarter 2011 results, Goldcorp forecast a relatively disappointing business outlook due to the decline in gold prices over the past six months.

During the semiannual period, we introduced Canadian fertilizer maker Potash Corp. of Saskatchewan as we feel that it has high-quality assets and may benefit from long-term demand growth. Conversely, we exited the Fund’s positions in Tidewater, a U.S.-based provider of offshore supply vessels and marine support services, and UK gas utility group Centrica. We also trimmed Brazilian oil company Petrobras and used the proceeds to add to miner Vale, which we feel has a relatively attractive valuation.

The Fund’s largest absolute stock weightings at the end of the reporting period included Vale, Tenaris and EOG Resources. Brazilian miner Vale is the world’s lowest-cost iron ore producer and, in recent years, has made acquisitions to diversify its asset base. We feel that the company may gain from the growing demand for commodities over the long term. Italian exchange-listed pipe-maker Tenaris has a strong balance sheet and has benefited from increased investment in global oil extraction. In our view, U.S. oil and gas exploration and production company EOG Resources’ expansion of its oil reserve base may lead to solid production growth, which we believe is reflected in its recent sound earnings and cash flow.

Portfolio Management:

Aberdeen Global Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Investing 25% or more of the Fund’s net assets in natural resources industries subjects the Fund to greater risk of loss and is considerably more volatile compared to investments that are diversified across a greater number of industries.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in developing market countries.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

43

Aberdeen Global Natural Resources Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.			Inception2
Class A	w/o SC		3.72%			(12.94%	)		(0.39%	)		13.32%
	w/SC3		(2.24%	)		(17.95%	)		(1.56%	)		12.47%
Class C	w/o SC		3.32%			(13.63%	)		(1.06%	)		12.53%
	w/SC4		2.32%			(14.49%	)		(1.06%	)		12.53%
Class R5	w/o SC		3.60%			(13.13%	)		(0.58%	)		13.05%
Institutional Service Class5	w/o SC		3.90%			(12.69%	)		(0.06%	)		13.64%
Institutional Class5	w/o SC		3.84%			(12.71%	)		(0.07%	)		13.65%

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.

† Not Annualized

1 Returns incorporate the performance of a predecessor fund (the “Predecessor Fund”) from inception to June 23, 2008. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Predecessor Fund commenced operations on June 29, 2004.

3 A 5.75% front-end sales charge was deducted.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Not subject to any sales charges.

Semiannual Report 2012

44

Aberdeen Global Natural Resources Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Global Natural Resources Fund, S&P Global Natural Resources Sector 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 Global Natural Resources Index™ includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified, liquid and investable equity exposure across 3 primary commodity-related sectors: Agribusiness, Energy, and Metals & Mining.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	98.0%
Repurchase Agreement	1.6%
Other assets in excess of liabilities	0.4%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	30.8%
Chemicals	24.2%
Metals & Mining	22.6%
Energy Equipment & Services	14.5%
Road & Rail	3.4%
Transportation Infrastructure	2.5%
Other	2.0%
	100.0%

Top Holdings*
Vale SA ADR	6.6%
Tenaris SA ADR	6.6%
EOG Resources, Inc.	5.9%
Royal Dutch Shell PLC, B Shares	5.0%
Eni SpA	4.8%
Shin-Etsu Chemical Co. Ltd.	4.8%
BHP Billiton PLC—London Listing	4.6%
Rio Tinto PLC	4.5%
Schlumberger Ltd.	4.5%
PetroChina Co. Ltd., H Shares	4.4%
Other	48.3%
	100.0%

Top Countries
United States	18.9%
Canada	13.3%
United Kingdom	11.8%
Brazil	11.8%
Italy	11.4%
France	5.8%
Japan	4.8%
Australia	4.6%
China	4.4%
Thailand	3.7%
Other	9.5%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

45

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Global Natural Resources Fund

	Shares or Principal Amount		Value
COMMON STOCKS (98.0%)
AUSTRALIA (4.6%)
Metals & Mining (4.6%)
BHP Billiton PLC — London Listing (a)		74,000	$	2,382,197
BRAZIL (11.8%)
Metals & Mining (6.6%)
Vale SA ADR		156,000		3,463,200
Oil, Gas & Consumable Fuels (2.7%)
Petroleo Brasileiro SA ADR		59,100		1,391,214
Transportation Infrastructure (2.5%)
Wilson Sons Ltd. BDR		87,000		1,300,789
				6,155,203
CANADA (13.3%)
Chemicals (3.0%)
Potash Corp. of Saskatchewan, Inc.		36,300		1,542,024
Metals & Mining (6.9%)
Barrick Gold Corp.		46,300		1,871,909
Goldcorp, Inc.		44,800		1,715,629
				3,587,538
Road & Rail (3.4%)
Canadian National Railway Co.		21,000		1,790,880
				6,920,442
CHILE (2.2%)
Chemicals (2.2%)
Sociedad Quimica y Minera de Chile SA ADR		20,100		1,171,629
CHINA (4.4%)
Oil, Gas & Consumable Fuels (4.4%)
PetroChina Co. Ltd., H Shares (a)		1,546,000		2,310,084
FRANCE (5.8%)
Chemicals (3.8%)
Air Liquide SA (a)		15,400		1,980,857
Oil, Gas & Consumable Fuels (2.0%)
Total SA (a)		21,400		1,027,277
				3,008,134
GERMANY (3.5%)
Chemicals (3.5%)
Linde AG (a)		10,700		1,831,446
ITALY (11.4%)
Energy Equipment & Services (6.6%)
Tenaris SA ADR		88,100		3,452,639
Oil, Gas & Consumable Fuels (4.8%)
Eni SpA (a)		111,700		2,481,952
				5,934,591
	Shares or Principal Amount		Value
JAPAN (4.8%)
Chemicals (4.8%)
Shin-Etsu Chemical Co. Ltd. (a)		43,000	$	2,481,947
NETHERLANDS (3.4%)
Energy Equipment & Services (3.4%)
Fugro NV CVA (a)		24,300		1,776,411
THAILAND (3.7%)
Oil, Gas & Consumable Fuels (3.7%)
PTT Exploration & Production PCL, Foreign Shares (a)		335,800		1,934,917
UNITED KINGDOM (11.8%)
Metals & Mining (4.5%)
Rio Tinto PLC (a)		42,000		2,354,300
Oil, Gas & Consumable Fuels (7.3%)
BG Group PLC (a)		50,100		1,182,118
Royal Dutch Shell PLC, B Shares (a)		72,200		2,642,126
				3,824,244
				6,178,544
UNITED STATES (17.3%)
Chemicals (6.9%)
Monsanto Co.		17,200		1,310,296
Praxair, Inc.		19,800		2,290,860
				3,601,156
Energy Equipment & Services (4.5%)
Schlumberger Ltd.		31,500		2,335,410
Oil, Gas & Consumable Fuels (5.9%)
EOG Resources, Inc.		28,300		3,107,623
				9,044,189
Total Common Stocks				51,129,734
REPURCHASE AGREEMENT (1.6%)
UNITED STATES (1.6%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $816,002 collateralized by U.S. Treasury Note, maturing 11/30/14; total market value of $832,463	$	816,000		816,000
Total Repurchase Agreement				816,000
Total Investments (Cost $46,772,552) (b)—99.6%				51,945,734
Other assets in excess of liabilities—0.4%				226,932
Net Assets—100.0%			$	52,172,666

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

ADR American Depositary Receipt

BDR Brazilian Depositary Receipt

CVA Dutch Certificate

See accompanying notes to financial statements.

Semiannual Report 2012

46

Aberdeen Global Small Cap Fund (Unaudited)

The Aberdeen Global Small Cap Fund (Class A shares at NAV net of fees) returned 11.91% for the six-month period ended April 30, 2012, versus the 9.30% return of its benchmark, the MSCI World Small Cap Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Global Small/Mid-Cap Funds (consisting of 94 funds) was 8.51% for the period.

The MSCI World Small Cap Index outperformed the large-cap MSCI World Index during the reporting period. Equities worldwide posted gains largely driven by vast liquidity injections from the European Central Bank’s Long-Term Refinancing Operation for lenders, as well as the bond-buying programs by the central banks of the UK and Japan. The U.S. Federal Reserve’s pledge to keep interest rates at a low until 2014 also lifted confidence. On the economic front, developed economies, particularly those in Japan and Europe, shrank in the final quarter of 2011, weighed down by weak export growth. In comparison, the UK was hurt by lower investments. Bucking the trend was the U.S., where consumer and business spending underpinned growth. Asia fared relatively well, but was not immune from weakening demand in the West. The economies of both China and India slowed, although their growth rates exceeded market forecasts. Towards the end of the period, stock market gains were trimmed by renewed worries over uncertainty in Europe on both the macroeconomic and political fronts.

The main individual stock contributors to the Fund’s relative return included Siam Makro, Thailand’s biggest cash-and-carry domestic wholesaler, Hong Kong-based satellite operator Asia Satellite Telecom Holdings, and Mexican airport operator Grupo Aeroportuario. Siam Makro’s net income rose sharply as consumer spending rebounded after the widespread flooding in Thailand. Asia Satellite posted robust full-year 2011 results driven by increased sales of satellite transponders, as well as profit margin improvement, while rising passenger traffic underpinned Grupo Aeroportuario’s relatively solid first-quarter 2012 earnings.

Among the key stock detractors were Wincor Nixdorf, a German supplier of electronic cash registers, Japanese cosmetics and health food retailer Dr.Ci:Labo, and Indian pharmaceutical company Aventis Pharma. Wincor Nixdorf’s half-year interim results disappointed following the sustained downturn in the financial services industry. The company’s banking hardware sales were lower across all regions. The share price of Dr.Ci:Labo fell following its lackluster second-quarter 2012 performance attributed to a decline in wholesale channel sales and stiff competition in the lower-price cosmetics segment. Aventis’ profits for the first quarter of 2012 were weighed down by hefty acquisition expenses.

During the period, we exited the Fund’s positions in Hungarian pharmaceutical company Gedeon Richter, U.S. energy services company Tidewater, Singapore IT company Venture Corp., UK munitions manufacturer Chemring Group, Italian utility Hera, Japanese mushroom producer Hokuto Corp., South African retailer Massmart Holdings, and U.S. drug manufacturing group Perrigo. Conversely, we introduced what we believe are several well-managed companies at attractive valuations, including U.S. salt producer Compass Minerals International, UK manufacturing and research group Oxford Instruments, clothing producer Warnaco, and French animal drug company Société Virbac.

The Fund’s largest absolute stock weightings at the end of the semiannual period were Hong Kong-based satellite operator Asia Satellite Telecom Holdings, which owns and operates three satellites located in prime geo-stationary positions over the Asian continent and provides access to two-thirds of the world’s population; Germany’s Fuchs Petrolub, a global manufacturer and distributor of lubricants and related specialty products; and Brazilian marine services provider Wilson Sons, which has key activities in port operations, towage, shipbuilding, and offshore equipment and services.

Portfolio Management:

Aberdeen Global Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Equity stocks of small-cap companies carry greater risk and more volatility than equity stocks of more established mid or large cap companies.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in developing market countries.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

47

Aberdeen Global Small Cap Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			5 Yr.			10 Yr.
Class A2	w/o SC		11.91%		(0.07%	)		(0.71%	)		4.81%
	w/SC3		5.49%		(5.81%	)		(1.88%	)		4.19%
Class C	w/o SC		11.54%		(0.78%	)		(1.43%	)		4.04%
	w/SC4		10.54%		(1.76%	)		(1.43%	)		4.04%
Class R5,8	w/o SC		11.75%		(0.38%	)		(0.96%	)		4.53%
Institutional Service Class6,8	w/o SC		12.11%		(0.21%	)		(0.58%	)		4.88%
Institutional Class7,8	w/o SC		12.12%		(0.26%	)		(0.59%	)		4.87%

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.

† Not Annualized

1 Returns presented for the Fund for periods prior to July 20, 2009 reflect the performance of the predecessor fund, the Credit Suisse Global Small Cap Fund, Inc. (the “Predecessor Fund”). The Fund has adopted the performance of the Predecessor Fund as the result of a reorganization in which the Fund acquired all the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Class A returns for periods prior to July 20, 2009, are based on the performance of Common Class shares of the Predecessor Fund, which were exchanged for Class A shares of the Fund in the reorganization. Class A and Class B shares of the Predecessor Fund were also exchanged for Class A shares of the Fund in the reorganization.

3 A 5.75% front-end sales charge was deducted.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Returns for Class R shares are based on the performance of Adviser Class shares of the Predecessor Fund, which were exchanged for Class R shares of the Fund in the reorganization. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Class R shares would have produced because both classes invest in the same portfolio of securities. Returns have been adjusted to eliminate sales charges that do not apply to Class R shares, but have not been adjusted to reflect its lower expenses.

6 Returns before the first offering of Institutional Service Class shares (September 16, 2009) are based on the previous performance of Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Institutional Service Class shares would have produced because both classes invest in the same portfolio of securities. Returns have been adjusted to eliminate sales charges that do not apply to Institutional Service Class shares, but have not been adjusted to reflect the difference in expenses.

7 Returns before the first offering of Institutional Class shares (July 20, 2009) are based on the previous performance of Common Class shares of the Predecessor Fund. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Institutional Class shares would have produced because both classes invest in the same portfolio of securities. Returns have been adjusted to eliminate sales charges that do not apply to Institutional Class shares, but have not been adjusted to reflect its lower expenses.

8 Not subject to any sales charges.

Semiannual Report 2012

48

Aberdeen Global Small Cap Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Global Small Cap Fund, Morgan Stanley Capital International (MSCI) World Small Cap Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 World Small Cap Index is a free float-adjusted, market capitalization-weighted index comprised of small cap companies from 24 developed market countries which include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	95.4%
Preferred Stocks	2.3%
Repurchase Agreement	1.9%
Rights	0.1%
Other assets in excess of liabilities	0.3%
	100.0%

Top Industries
Chemicals	9.8%
Machinery	7.5%
Pharmaceuticals	7.0%
Transportation Infrastructure	6.4%
Food Products	5.6%
Energy Equipment & Services	5.0%
Commercial Banks	5.0%
Health Care	4.4%
Health Care Providers & Services	4.4%
Hotels, Restaurants & Leisure	4.2%
Other	40.7%
	100.0%

Top Holdings*
Asia Satellite Telecommunications Holdings Ltd.	4.0%
Fuchs Petrolub AG	3.6%
Wilson Sons Ltd. BDR	3.5%
Siam Makro PCL, Foreign Shares	3.3%
Calbee, Inc.	3.2%
Fugro NV CVA	3.0%
Grupo Aeroportuario del Sureste SAB de CV, Class B	2.9%
Dr. Ci:Labo Co. Ltd.	2.7%
Lojas Renner SA	2.6%
Silgan Holdings, Inc.	2.5%
Other	68.7%
	100.0%

Top Countries
United Kingdom	16.4%
United States	11.8%
Japan	11.6%
Brazil	10.4%
Hong Kong	8.4%
Germany	7.4%
India	6.4%
Thailand	5.4%
Singapore	3.5%
Netherlands	3.0%
Other	15.7%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

49

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Global Small Cap Fund

	Shares or Principal Amount		Value
COMMON STOCKS (95.4%)
BRAZIL (10.4%)
Health Care Providers & Services (2.3%)
OdontoPrev SA		256,800	$	1,370,122
Multiline Retail (2.6%)
Lojas Renner SA		47,800		1,536,451
Real Estate Management & Development (2.0%)
Multiplan Empreendimentos Imobiliarios SA		50,300		1,187,472
Transportation Infrastructure (3.5%)
Wilson Sons Ltd. BDR		139,354		2,083,566
				6,177,611
EGYPT (2.5%)
Commercial Banks (2.5%)
National Societe Generale Bank SAE (a)		309,209		1,463,516
FRANCE (1.1%)
Pharmaceuticals (1.1%)
Virbac SA (a)		4,000		672,764
GERMANY (7.4%)
Chemicals (6.1%)
Fuchs Petrolub AG (a)		38,500		2,148,263
Symrise AG (a)		50,900		1,475,191
				3,623,454
Computers & Peripherals (1.3%)
Wincor Nixdorf AG (a)		19,790		767,835
				4,391,289
HONG KONG (8.4%)
Diversified Telecommunication Services (4.0%)
Asia Satellite Telecommunications Holdings Ltd. (a)		841,000		2,396,165
Hotels, Restaurants & Leisure (2.0%)
Cafe de Coral Holdings Ltd. (a)		436,000		1,194,398
Semiconductors & Semiconductor Equipment (2.4%)
ASM Pacific Technology Ltd. (a)		104,300		1,409,116
				4,999,679
INDIA (6.4%)
Chemicals (2.0%)
Castrol (India) Ltd. (a)		126,300		1,196,118
Pharmaceuticals (4.4%)
Aventis Pharma Ltd. (a)		32,800		1,368,789
GlaxoSmithKline Pharmaceuticals Ltd. (a)		30,000		1,209,668
				2,578,457
				3,774,575
JAPAN (11.6%)
Food Products (3.2%)
Calbee, Inc. (a)		30,800	$	1,863,891
Health Care (4.4%)
Asahi Intecc Co. Ltd. (a)		49,600		1,338,318
Sysmex Corp. (a)		32,000		1,286,024
				2,624,342
Machinery (1.3%)
Nabtesco Corp. (a)		35,600		759,977
Personal Products (2.7%)
Dr. Ci:Labo Co. Ltd. (a)		350		1,626,285
				6,874,495
MEXICO (2.9%)
Transportation Infrastructure (2.9%)
Grupo Aeroportuario del Sureste SAB de CV, Class B		208,300		1,710,094
NETHERLANDS (3.0%)
Energy Equipment & Services (3.0%)
Fugro NV CVA (a)		24,200		1,769,101
PHILIPPINES (2.5%)
Commercial Banks (2.5%)
Bank of the Philippine Islands (a)		841,673		1,464,407
SINGAPORE (3.5%)
Health Care Providers & Services (2.1%)
Raffles Medical Group Ltd. (a)		656,000		1,223,497
Real Estate Management & Development (1.4%)
Wheelock Properties (Singapore) Ltd. (a)		590,000		822,013
				2,045,510
SOUTH AFRICA (1.7%)
Specialty Retail (1.7%)
Truworths International Ltd. (a)		94,100		1,005,442
SWITZERLAND (2.4%)
Food Products (2.4%)
Barry Callebaut AG* (a)		1,500		1,444,051
THAILAND (5.4%)
Food & Staples Retailing (3.3%)
Siam Makro PCL, Foreign Shares (a)		157,600		1,958,184
Independent Power Producers & Energy Traders (2.1%)
Electricity Generating PCL, Foreign Shares (a)		380,500		1,210,385
				3,168,569

See accompanying notes to financial statements.

Semiannual Report 2012

50

Statement of Investments(concluded)

April 30, 2012 (Unaudited)

Aberdeen Global Small Cap Fund

	Shares or Principal Amount		Value
UNITED KINGDOM (16.3%)
Capital Markets (2.0%)
Close Brothers Group PLC (a)		97,700	$	1,169,546
Chemicals (1.7%)
Victrex PLC (a)		43,800		1,032,145
Electronic Equipment Instruments & Components (1.1%)
Oxford Instruments PLC (a)		31,200		619,918
Energy Equipment & Services (2.0%)
John Wood Group PLC (a)		91,311		1,159,506
Hotels, Restaurants & Leisure (2.2%)
Millennium & Copthorne Hotels PLC (a)		168,500		1,328,832
Household Products (1.3%)
PZ Cussons PLC		140,800		759,320
Machinery (4.6%)
Rotork PLC (a)		21,800		781,106
Spirax-Sarco Engineering PLC (a)		19,900		745,027
Weir Group PLC (The) (a)		42,300		1,170,935
				2,697,068
Pharmaceuticals (1.4%)
Dechra Pharmaceuticals PLC		113,800		852,326
				9,618,661
UNITED STATES (9.9%)
Containers & Packaging (2.5%)
Silgan Holdings, Inc.		34,000		1,491,580
Electric Utilities (1.4%)
ITC Holdings Corp.		10,500		813,330
Electronic Equipment Instruments & Components (1.8%)
Rofin-Sinar Technologies, Inc.*		43,600		1,098,720
Machinery (1.6%)
RBC Bearings, Inc.*		19,900		932,912
Metals & Mining (1.1%)
Compass Minerals International, Inc.		8,200		627,464
Textiles, Apparel & Luxury Goods (1.5%)
Warnaco Group, Inc. (The)*		16,400		868,544
				5,832,550
Total Common Stocks				56,412,314
PREFERRED STOCKS (2.3%)
CHILE (2.3%)
Beverages (2.3%)
Embotelladora Andina SA, Preferred Shares		253,700		1,344,071
Total Preferred Stocks				1,344,071
RIGHTS (0.1%)
UNITED KINGDOM (0.1%)
Pharmaceuticals (0.1%)
Dechra Pharmaceuticals PLC, expiring 5/15/2012*		34,140	$	86,987
Total Rights				86,987
REPURCHASE AGREEMENT (1.9%)
UNITED STATES (1.9%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $1,102,002, collateralized by U.S.Treasury Note, maturing 11/30/14; total market value of $1,127,513	$	1,102,000		1,102,000
Total Repurchase Agreement				1,102,000
Total Investments (Cost $42,733,627) (b)—99.7%				58,945,372
Other assets in excess of liabilities—0.3%				188,655
Net Assets—100.0%			$	59,134,027

* Non-income producing security.

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

BDR Brazilian Depositary Receipt

CVA Dutch Certificate

See accompanying notes to financial statements.

2012 Semiannual Report

51

Aberdeen International Equity Fund (Unaudited)

The Aberdeen International Equity Fund (Class A shares at NAV net of fees) returned 6.02% for the six-month period ended April 30, 2012, versus the 2.97% return of its benchmark, the MSCI AC World ex-U.S. Index during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of International Large-Cap Core Funds (consisting of 355 funds) was 3.92% for the period.

Equities worldwide posted decent gains during the reporting period, largely driven by vast liquidity injections from the European Central Bank’s Long-Term Refinancing Operation for lenders, as well as the bond-buying programs by the central banks of the UK and Japan. The U.S. Federal Reserve’s pledge to keep interest rates at a low until 2014 also lifted confidence. On the economic front, developed economies, particularly those in Japan and Europe, shrank in the final quarter of 2011, weighed down by weak export growth. In comparison, the UK was hurt by lower investments. Bucking the trend was the U.S., where consumer and business spending underpinned growth. Asia fared relatively well, but was not immune from weakening demand in the West. The economies of both China and India slowed, although their growth rates exceeded market forecasts. Towards the end of the period, stock market gains were trimmed by renewed worries over uncertainty in Europe on both the macroeconomic and political fronts.

The top contributors to the Fund’s relative return for the semiannual period included Taiwan Semiconductor Manufacturing Co. (TSMC), Korea’s Samsung Electronics, and Italian exchange-listed pipe-maker Tenaris. TSMC’s management offered an upbeat business outlook for the remainder of 2012 because of fast growth in mobile computing devices, which flows through to semiconductor demand. Samsung Electronics was boosted by record profits for the first quarter of 2012, attributable mainly to its telecommunications division. Tenaris benefited from the rise in crude oil prices during the review period.

The main detractors from relative performance included holdings in Australia’s QBE Insurance, Brazil’s Banco Bradesco, and Spanish insurer Mapfre. QBE Insurance’s profits were hampered by record catastrophe claims, as well as low yields on its investment portfolio. Shares of Banco Bradesco declined during the period on concerns over delinquency rates in the banking sector. Mapfre’s stock price was weighed down by persistent anxieties over the debt crisis in the country and the region.

Significant portfolio transactions during the reporting period included the introduction of Brazilian miner Vale, German chemical company Linde, and Canadian fertilizer producer Potash Corp. at what we believe are reasonable valuations. We feel that these companies benefit from strong asset bases and generate solid cash flows. Potash Corp. is a market leader that also gains from what we feel are robust long-term demand drivers. We also initiated a position in Hong Kong-based insurance group AIA, which we believe is a high-quality company with good growth prospects in Asia. Conversely, we exited the Fund’s position in Japan’s Takeda Pharmaceutical because we feel it has a deteriorating business outlook.

At the end of the reporting period, the Fund’s largest absolute stock weightings included British telecom Vodafone, Swiss drug-maker Roche, and British American Tobacco (BAT). Vodafone is the largest global mobile operator by revenue, with Europe accounting for the bulk. Its broad collection of overseas assets includes a 44% stake in U.S.-based Verizon Wireless. Roche has one of the highest earnings visibilities within the sector, driven by the synergies from its Genentech acquisition, as well as its existing stable of products. BAT has exposure to the higher-growth emerging markets, robust cash flows, and an extensive cost-cutting program.

Portfolio Management:

Aberdeen Global Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in developing market countries.

Please read the prospectus for more detailed information regarding these risks.

Semiannual Report 2012

52

Aberdeen International Equity Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.			10 Yr.
Class A	w/o SC		6.02%			(4.38%	)		(0.17%	)		9.12%
	w/SC2		(0.05%	)		(9.86%	)		(1.34%	)		8.47%
Class C4	w/o SC		5.65%			(5.07%	)		(0.84%	)		8.34%
	w/SC5		4.65%			(6.00%	)		(0.84%	)		8.34%
Class R3,7	w/o SC		5.85%			(4.59%	)		(0.37%	)		8.79%
Institutional Service Class7	w/o SC		6.09%			(4.17%	)		0.08%			9.40%
Institutional Class6,7	w/o SC		6.14%			(4.11%	)		0.13%			9.43%

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.

† Not Annualized

1 Returns prior to June 23, 2008 incorporate the performance of a predecessor fund (the “Predecessor Fund”). The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 A 5.75% front-end sales charge was deducted.

3 Returns before the first offering of Class R shares (December 30, 2003) by the Predecessor Fund are based on the previous performance of Class B shares of the Predecessor Fund. This performance is substantially similar to what Class R shares would have produced because all classes invest in the same portfolio of securities. Returns for Class R shares have been adjusted to eliminate sales charges that do not apply to that class, but have not been adjusted to reflect any lower expenses.

4 A front-end sales charge that formerly applied to Class C shares of the Predecessor Fund was eliminated on April 1, 2004. Returns before that date have not been adjusted to eliminate the effect of the sales charge.

5 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

6 Returns before the first offering of Institutional Class shares (June 29, 2004) by the Predecessor Fund are based on the performance of Institutional Service Class shares of the Predecessor Fund. This performance is substantially similar to what the Institutional Class shares would have produced because both classes invest in the same portfolio of securities. Returns for Institutional Class shares have not been adjusted to reflect its lower expenses.

7 Not subject to any sales charges.

2012 Semiannual Report

53

Aberdeen International Equity Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen International Equity Fund, the Morgan Stanley Capital International All Country (MSCI AC) World ex-U.S. Index and the Consumer Price Index (CPI) over a 10-year period ending April 30, 2012. 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 AC World ex-U.S. Index is a free float-adjusted, market capitalization-weighted index that measures the performance of the stocks of companies in 23 of 24 Developed Markets (DM) countries (excluding the US) and 21 Emerging Markets (EM) countries. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	87.6%
Preferred Stocks	9.4%
Repurchase Agreement	2.2%
Other assets in excess of liabilities	0.8%
	100.0%

Top Industries
Commercial Banks	11.6%
Oil, Gas & Consumable Fuels	9.2%
Semiconductors & Semiconductor Equipment	8.9%
Pharmaceuticals	8.6%
Insurance	7.3%
Wireless Telecommunication Services	7.2%
Tobacco	4.5%
Machinery	4.1%
Real Estate Management & Development	4.1%
Chemicals	4.0%
Other	30.5%
	100.0%

Top Holdings*
Vodafone Group PLC	4.7%
Roche Holding AG	4.6%
British American Tobacco PLC	4.5%
Samsung Electronics Co. Ltd., GDR, Preferred Shares	4.2%
Novartis AG	4.0%
Nestle SA	3.4%
Standard Chartered PLC — London Listing	3.3%
Tenaris SA ADR	3.2%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	3.0%
QBE Insurance Group Ltd.	2.8%
Other	62.3%
	100.0%

Top Countries
United Kingdom	18.4%
Switzerland	15.7%
Australia	7.1%
Japan	7.0%
Italy	5.9%
Singapore	5.2%
Brazil	5.1%
Taiwan	4.6%
France	4.6%
Sweden	4.5%
Other	21.9%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

Semiannual Report 2012

54

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen International Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (87.6%)
AUSTRALIA (7.1%)
Commercial Banks (3.3%)
Standard Chartered PLC — London Listing (a)		1,131,000	$	27,648,014
Insurance (2.8%)
QBE Insurance Group Ltd. (a)		1,665,318		23,894,067
Metals & Mining (1.0%)
BHP Billiton PLC — London Listing (a)		259,500		8,353,784
				59,895,865
CANADA (4.0%)
Chemicals (1.0%)
Potash Corp. of Saskatchewan, Inc.		191,900		8,158,931
Diversified Telecommunication Services (0.9%)
TELUS Corp.		133,800		8,033,282
Road & Rail (2.1%)
Canadian National Railway Co.		206,600		17,630,592
				33,822,805
CHINA (4.4%)
Oil, Gas & Consumable Fuels (1.9%)
PetroChina Co. Ltd., H Shares (a)		10,928,000		16,328,974
Wireless Telecommunication Services (2.5%)
China Mobile Ltd. (a)		1,877,285		20,781,469
				37,110,443
FRANCE (4.6%)
Electrical Equipment (1.3%)
Schneider Electric SA (a)		179,500		11,056,455
Food & Staples Retailing (2.0%)
Casino Guichard-Perrachon SA* (a)		165,600		16,270,039
Multi-Utilities (1.3%)
GDF Suez (a)		471,000		10,844,415
				38,170,909
GERMANY (1.0%)
Chemicals (1.0%)
Linde AG (a)		47,100		8,061,786
HONG KONG (2.3%)
Insurance (1.0%)
AIA Group Ltd. (a)		2,247,600		7,968,377
Real Estate Management & Development (1.3%)
Swire Pacific Ltd., Class A (a)		954,500		11,239,396
				19,207,773
ITALY (5.9%)
Energy Equipment & Services (3.2%)
Tenaris SA ADR		689,332		27,014,921

	Shares or Principal Amount		Value
Oil, Gas & Consumable Fuels (2.7%)
Eni SpA (a)		1,020,100	$	22,666,427
				49,681,348
JAPAN (7.0%)
Chemicals (2.0%)
Shin-Etsu Chemical Co. Ltd. (a)		286,899		16,559,726
Machinery (1.3%)
FANUC Corp. (a)		65,900		11,114,066
Office Electronics (2.2%)
Canon, Inc. (a)		402,449		18,242,132
Real Estate Management & Development (1.5%)
Daito Trust Construction Co. Ltd. (a)		139,000		12,500,010
				58,415,934
MEXICO (2.1%)
Beverages (2.1%)
Fomento Economico Mexicano SAB de CV ADR		213,900		17,381,514
SINGAPORE (5.2%)
Commercial Banks (1.9%)
Oversea-Chinese Banking Corp. Ltd. (a)		2,250,184		16,249,669
Diversified Telecommunication Services (2.0%)
Singapore Telecommunications Ltd. (a)		6,656,000		16,736,510
Real Estate Management & Development (1.3%)
City Developments Ltd. (a)		1,330,000		10,864,788
				43,850,967
SPAIN (0.8%)
Insurance (0.8%)
Mapfre SA (a)		2,462,300		7,128,124
SWEDEN (4.5%)
Commercial Banks (1.9%)
Nordea Bank AB (a)		1,781,900		15,770,536
Communications Equipment (1.6%)
Telefonaktiebolaget LM Ericsson, B Shares* (a)		1,380,000		13,680,567
Machinery (1.0%)
Atlas Copco AB, A Shares (a)		337,500		8,031,316
				37,482,419
SWITZERLAND (15.7%)
Food Products (3.4%)
Nestle SA (a)		458,600		28,107,251
Insurance (2.7%)
Zurich Financial Services AG* (a)		93,200		22,834,255
Machinery (1.0%)
Schindler Holding AG (a)		68,000		8,800,378

See accompanying notes to financial statements.

2012 Semiannual Report

55

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen International Equity Fund

	Shares or Principal Amount		Value
Pharmaceuticals (8.6%)
Novartis AG (a)		603,600		33,328,519
Roche Holding AG (a)		213,300		38,982,815
				72,311,334
				132,053,218
TAIWAN (4.6%)
Semiconductors & Semiconductor Equipment (4.6%)
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		4,651,000		13,746,653
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		1,583,400		24,669,372
				38,416,025
UNITED KINGDOM (18.4%)
Commercial Banks (1.9%)
HSBC Holdings PLC (a)		1,785,200		16,115,311
Machinery (0.8%)
Weir Group PLC (The) (a)		254,500		7,044,986
Metals & Mining (1.5%)
Rio Tinto PLC (a)		222,100		12,449,761
Multi-Utilities (2.0%)
Centrica PLC (a)		3,394,700		16,890,376
Oil, Gas & Consumable Fuels (3.0%)
Royal Dutch Shell PLC, A Shares (a)		190,800		6,805,059
Royal Dutch Shell PLC, B Shares (a)		497,300		18,198,465
				25,003,524
Tobacco (4.5%)
British American Tobacco PLC (a)		729,100		37,395,174
Wireless Telecommunication Services (4.7%)
Vodafone Group PLC (a)		14,171,400		39,225,860
				154,124,992
Total Common Stocks				734,804,122
PREFERRED STOCKS (9.4%)
BRAZIL (5.1%)
Commercial Banks (2.6%)
Banco Bradesco SA ADR, Preferred Shares		1,343,800		21,541,114
Metals & Mining (0.9%)
Vale SA ADR, Preferred Shares		367,920		7,958,110
Oil, Gas & Consumable Fuels (1.6%)
Petroleo Brasileiro SA ADR, Preferred Shares		611,100		13,541,976
				43,041,200
REPUBLIC OF SOUTH KOREA (4.3%)
Semiconductors & Semiconductor Equipment (4.3%)
Samsung Electronics Co. Ltd., GDR, Preferred Shares (a)(b)		98,100		35,522,848
				35,522,848
Total Preferred Stocks				78,564,048
REPURCHASE AGREEMENT (2.2%)
UNITED STATES (2.2%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, in the amount of $18,701,042 collateralized by U.S. Treasury Note, maturing 6/30/16; total market value of $19,076,644	$	18,701,000		18,701,000
Total Repurchase Agreement				18,701,000
Total Investments (Cost $724,196,408) (c)—99.2%				832,069,170
Other assets in excess of liabilities—0.8%				6,445,014
Net Assets—100.0%			$	838,514,184

* Non-income producing security.

(a) Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Board of Trustees.

(b) Denotes a restricted security.

(c) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

ADR American Depositary Receipt

GDR Global Depositary Receipt

See accompanying notes to financial statements.

Semiannual Report 2012

56

Aberdeen Small Cap Fund (Unaudited)

The Aberdeen Small Cap Fund (Class A shares at NAV net of fees) returned 13.16% for the six-month period ended April 30, 2012, versus 11.02% for its benchmark, the Russell 2000 Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Small-Cap Core Funds (consisting of 699 funds) was 10.58% for the period.

Major North American equity market indices moved higher during the six-month period ended April 30, 2012. Shares of small-cap companies, as measured by the Russell 2000 Index, modestly underperformed the large-cap, broader-market S&P 500 Index for the period. All 10 sectors within the Russell 2000 Index, the small-cap benchmark, recorded positive returns for the period, led by consumer discretionary, financials and healthcare, as the more cyclical sectors performed well during a period of increased risk appetite in the market. Investor optimism arose following the release of improving U.S. economic data, along with generally positive corporate earnings reports, which accompanied at least temporary solutions to the sovereign debt crisis in the Eurozone. These factors more than offset a decline in April amid evidence of a possible slowdown in U.S. economic growth, as well as Standard and Poor’s two-level downgrade of Spain’s credit rating from A to BBB+. U.S. gross domestic product (GDP) grew by a lower-than-expected annualized rate of 2.2% in the first quarter of 2012, down from the 3.0% increase in the previous quarter. Consumer spending rose significantly for the period, benefiting from higher store traffic due to unusually warm winter weather in most of the U.S. The unemployment rate decreased 0.8% to 8.1% between October and April; however, non-farm payroll growth slowed and the lower rate partially reflected a shrinking pool of jobseekers as more people stopped looking for employment. Finally, the 2.7% annualized rise in the Consumer Price Index in April was fueled mainly by higher oil and retail gasoline price, as inflation remains above the Federal Reserve’s 2% target rate.

Fund performance for the period was enhanced mainly by stock selection in the consumer discretionary, financials and energy sectors. The primary contributors among individual holdings included Sabra Health Care REIT, a healthcare real estate investment trust; paint and coatings maker Valspar Corp.; and apparel retailer Ascena Retail Group. Sabra Health Care significantly rebounded from a poor showing in the previous six months as the outlook for its customers became clearer and, in our view, the valuation became more attractive. Valspar benefited from pricing strength, a moderation in raw materials costs, and improved business demand. Shares of Ascena Retail Group performed well in early 2012 due to a year-over-year increase in same-store sales and an improved business outlook for the full fiscal year.

Stock selection in healthcare and telecommunication services, as well as the portfolio’s overall positioning in the consumer staples sector, hindered Fund performance. The most notable individual stock detractors were automobile insurance claims software company Solera Holdings; industrial manufacturing firm Dynamic Materials; and electronic components maker Silicon Laboratories. Solera Holdings has substantial exposure to Europe, where the economic environment has weakened. Additionally, the company announced the loss of a large U.S. account to a competitor due to its adherence to its pricing policy. However, Solera continued to post relatively positive results due to healthy revenue growth. While there was no significant negative company-specific news regarding Dynamic Materials, shares of the company moved lower on investor concerns over its future order book and backlog. A relatively difficult business environment continued to hamper the outlook for Silicon Laboratories during the period, prompting the departure of its CEO. Late in the semiannual period, however, management announced the implementation of a share repurchase plan and offered a relatively upbeat business outlook for the 2012 fiscal year.

During the period, we initiated positions in financial holding company Boston Private Financial and branded snack foods and beverage company J&J Snack Foods, each of which had a market cap of $1 billion or less at the end of the reporting period. We exited positions in financial services provider CapitalSource and fast-casual restaurant chain operator Panera Bread following periods of strong share price performance and what we viewed as their increasingly full valuations. We exited telecommunications equipment provider Tellabs, healthcare services provider LHC Group, and Harsco Corp. following what we deemed poor execution and poor business outlooks over the long term. Additionally, we trimmed positions in travel software vendor Concur Technologies, paint and coatings manufacturer Valspar, and specialty retailer Zumiez following their strong price performance.

At the end of the reporting period, the Fund’s largest absolute stock positions included Silgan Holdings, a provider of disposable food and beverage containers to consumer staples companies; fuse maker Littelfuse; and enterprise information solutions provider Micros Systems. We believe that Silgan has leading market share in a consolidating industry and recently has benefited from accretive acquisitions. In our view, the business is relatively sheltered from volatile raw material prices, as the vast majority of its contracts have built-in cost pass-throughs. Littelfuse, in our opinion, has benefited from a steady reduction in inventories. Additionally, the company recently introduced additions to both its fuse and circuit breaker product lines. Micros Systems continues to expand and has grown its business through new product introductions and market share gains globally. Much of the company’s sales growth in recent years has been derived from its higher-margin, software as a service (SaaS) revenues. Management anticipates that this mix shift towards higher-margin segments will continue.

Portfolio Management:

Aberdeen North American Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

2012 Semiannual Report

57

Aberdeen Small Cap Fund (Unaudited) (concluded)

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Equity stocks of small-cap companies carry greater risk and more volatility than equity stocks of more established mid- or large-cap companies.

The fund may invest in foreign securities. Foreign securities are more volatile, harder to price and less liquid than U.S. securities.

Please read the prospectus for more detailed information regarding these risks.

Semiannual Report 2012

58

Aberdeen Small Cap Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			5 Yr.			10 Yr.
Class A	w/o SC		13.16%		(4.27%	)		(2.13%	)		7.87%
	w/SC2		6.64%		(9.76%	)		(3.28%	)		7.24%
Class C4	w/o SC		12.80%		(4.90%	)		(2.79%	)		7.17%
	w/SC5		11.80%		(5.85%	)		(2.79%	)		7.17%
Class R3,7	w/o SC		13.02%		(4.42%	)		(2.31%	)		7.61%
Institutional Service Class7	w/o SC		13.32%		(3.96%	)		(1.78%	)		8.19%
Institutional Class6,7	w/o SC		13.28%		(3.97%	)		(1.84%	)		8.17%

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.

† Not Annualized

1 Returns prior to June 23, 2008 incorporate the performance of the predecessor fund (the “Predecessor Fund”). The Fund and the Predecessor Fund have similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 A 5.75% front-end sales charge was deducted.

3 Returns before the first offering of Class R shares (December 30, 2003) by the Predecessor Fund are based on the previous performance of Class B shares of the Predecessor Fund. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Class R shares would have produced because all classes invest in the same portfolio of securities. Returns for Class R have been adjusted to eliminate sales charges that do not apply, but have not been adjusted to reflect lower class-level expenses, if any.

4 A front-end sales charge that formerly applied to Class C shares of the Predecessor Fund was eliminated on April 1, 2004. Returns before that date have not been adjusted to eliminate the effect of the sales charges.

5 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

6 Returns before the first offering of Institutional Class shares (June 29, 2004) by the Predecessor Fund are based on the previous performance of Institutional Service Class shares of the Predecessor Fund. This performance is substantially similar to what the Institutional Class shares would have produced because both classes invest in the same portfolio of securities. Returns for the Institutional Class have not been adjusted to reflect its lower expenses.

7 Not subject to any sales charges.

2012 Semiannual Report

59

Aberdeen Small Cap Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Small Cap Fund, the Russell 2000^® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 is a total market capitalization-weighted index that measures the performance of the small-cap segment of the U.S. equity universe.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	99.0%
Repurchase Agreement	1.2%
Liabilities in excess of other assets	(0.2%	)
	100.0%

Top Industries
Commercial Banks	8.0%
Machinery	7.8%
Software	7.8%
Metals & Mining	7.6%
Real Estate Investment Trusts (REIT)	4.8%
Electronic Equipment Instruments & Components	4.6%
Specialty Retail	4.5%
Food Products	4.4%
Insurance	4.1%
Textiles, Apparel & Luxury Goods	4.1%
Other	42.3%
	100.0%

Top Holdings*
Silgan Holdings, Inc.	2.5%
Littelfuse, Inc.	2.5%
MICROS Systems, Inc.	2.5%
Warnaco Group, Inc. (The)	2.4%
AMERISAFE, Inc.	2.3%
Berry Petroleum Co., Class A	2.3%
Beacon Roofing Supply, Inc.	2.2%
Wabtec Corp.	2.2%
Compass Minerals International, Inc.	2.2%
Kaiser Aluminum Corp.	2.1%
Other	76.8%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

60

Semiannual Report 2012

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Small Cap Fund

	Shares or Principal Amount		Value
COMMON STOCKS (99.0%)
Aerospace & Defense (1.2%)
BE Aerospace, Inc.*		40,869	$	1,922,069
Auto Components (1.8%)
Drew Industries, Inc.*		99,555		2,964,748
Building Products (2.0%)
Gibraltar Industries, Inc.*		238,451		3,223,858
Chemicals (1.5%)
Valspar Corp.		49,830		2,548,804
Commercial Banks (8.0%)
Bank of the Ozarks, Inc.		91,260		2,819,934
Boston Private Financial Holdings, Inc.		314,100		2,927,412
Canadian Western Bank		119,200		3,461,910
Univest Corp. of Pennsylvania		88,020		1,417,122
Wintrust Financial Corp.		72,874		2,632,938
				13,259,316
Commercial Services & Supplies (1.8%)
Clean Harbors, Inc.*		43,614		2,976,219
Communications Equipment (1.2%)
Finisar Corp.*		124,540		2,057,401
Containers & Packaging (2.5%)
Silgan Holdings, Inc.		95,286		4,180,197
Electric Utilities (1.6%)
ITC Holdings Corp.		34,060		2,638,288
Electronic Equipment Instruments & Components (4.6%)
Littelfuse, Inc.		66,174		4,147,124
Rofin-Sinar Technologies, Inc.*		134,398		3,386,830
				7,533,954
Energy Equipment & Services (3.2%)
TETRA Technologies, Inc.*		310,200		2,701,842
Tidewater, Inc.		46,460		2,556,694
				5,258,536
Food Products (4.4%)
J&J Snack Foods Corp.		34,800		1,950,888
Smithfield Foods, Inc.*		106,160		2,225,114
TreeHouse Foods, Inc.*		52,600		3,025,026
				7,201,028
Health Care (3.4%)
Hill-Rom Holdings, Inc.		77,300		2,508,385
Teleflex, Inc.		49,820		3,122,219
				5,630,604
Health Care Providers & Services (1.9%)
IPC The Hospitalist Co., Inc.*		82,840		3,181,884
Hotels, Restaurants & Leisure (1.9%)
Penn National Gaming, Inc.*		70,540		3,172,889
Household Durables (1.3%)
Ethan Allen Interiors, Inc.		89,100	$	2,067,120
Information Technology Services (3.3%)
Heartland Payment Systems, Inc.		112,700		3,433,969
Syntel, Inc.		33,000		1,976,370
				5,410,339
Insurance (4.1%)
AMERISAFE, Inc.*		143,860		3,843,939
Aspen Insurance Holdings Ltd.		105,000		2,973,600
				6,817,539
Machinery (7.8%)
Actuant Corp.		118,700		3,236,949
Dynamic Materials Corp.		149,047		2,724,579
RBC Bearings, Inc.*		70,342		3,297,633
Wabtec Corp.		46,070		3,583,325
				12,842,486
Metals & Mining (7.6%)
Compass Minerals International, Inc.		46,800		3,581,136
Kaiser Aluminum Corp.		67,000		3,522,190
Materion Corp.*		108,900		2,690,919
Worthington Industries, Inc.		158,000		2,818,720
				12,612,965
Oil, Gas & Consumable Fuels (3.4%)
Approach Resources, Inc.*		50,000		1,794,000
Berry Petroleum Co., Class A		82,970		3,779,283
				5,573,283
Pharmaceuticals (1.1%)
Viropharma, Inc.*		85,890		1,868,108
Real Estate Investment Trusts (REIT) (4.8%)
DuPont Fabros Technology, Inc.		74,500		2,022,675
Healthcare Realty Trust, Inc.		145,808		3,131,956
Sabra Healthcare REIT, Inc.		163,004		2,728,687
				7,883,318
Real Estate Management & Development (1.3%)
Jones Lang LaSalle, Inc.		26,210		2,095,227
Semiconductors & Semiconductor Equipment (2.7%)
Silicon Laboratories, Inc.*		59,500		2,111,655
Teradyne, Inc.*		134,000		2,306,140
				4,417,795
Software (7.8%)
Advent Software, Inc.*		118,030		3,185,630
Concur Technologies, Inc.*		43,208		2,443,844
MICROS Systems, Inc.*		70,567		4,010,323
Solera Holdings, Inc.		70,460		3,166,472
				12,806,269

See accompanying notes to financial statements.

2012 Semiannual Report

61

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Small Cap Fund

	Shares or Principal Amount		Value
Specialty Retail (4.5%)
Ascena Retail Group, Inc.*		155,084	$	3,176,120
Monro Muffler Brake, Inc.		72,100		2,974,846
Zumiez, Inc.*		34,278		1,256,632
				7,407,598
Textiles, Apparel & Luxury Goods (4.1%)
G-III Apparel Group Ltd.*		107,000		2,872,950
Warnaco Group, Inc. (The)*		74,000		3,919,040
				6,791,990
Trading Companies & Distributors (2.2%)
Beacon Roofing Supply, Inc.*		137,430		3,668,007
Wireless Telecommunication Services (2.0%)
Shenandoah Telecommunications Co.		289,830		3,231,604
Total Common Stocks				163,243,443
REPURCHASE AGREEMENT (1.2%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $2,033,005, collateralized by U.S. Treasury Note, maturing 11/30/14; total market value of $2,075,888	$	2,033,000		2,033,000
Total Repurchase Agreement				2,033,000
Total Investments (Cost $141,106,459) (a)—100.2%				165,276,443
Liabilities in excess of other assets—(0.2)%				(381,213	)
Net Assets—100.0%			$	164,895,230

* Non-income producing security.

(a) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Semiannual Report 2012

62

Aberdeen U.S. Equity Fund (Unaudited)

The Aberdeen U.S. Equity Fund (Class A shares at NAV net of fees) returned 9.93% for the six-month period ended April 30, 2012, versus 12.77% for its benchmark, the Standard & Poor’s (S&P) 500^® Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Large-Cap Core Funds (consisting of 1,072 funds) was 11.62% for the period.

Major North American equity market indices moved higher during the six-month period ended April 30, 2012. All 10 sectors within the broader-market S&P 500 Index recorded positive returns for the period, led by consumer discretionary, information technology and financials, as the more cyclical sectors performed well during a period of increased risk appetite in the market. Investor optimism arose following the release of improving U.S. economic data, along with generally positive corporate earnings reports, which accompanied at least temporary solutions to the sovereign debt crisis in the Eurozone. These factors more than offset a decline in April amid evidence of a possible slowdown in U.S. economic growth, as well as Standard and Poor’s two-level downgrade of Spain’s credit rating from A to BBB+. U.S. gross domestic product (GDP) grew by a lower-than-expected annualized rate of 2.2% in the first quarter of 2012, down from the 3.0% increase in the previous quarter. Consumer spending rose significantly for the period, benefiting from higher store traffic due to unusually warm winter weather in most of the U.S. The unemployment rate decreased 0.8% to 8.1% between October and April; however, non-farm payroll growth slowed and the lower rate partially reflected a shrinking pool of jobseekers as more people stopped looking for employment. Finally, the 2.7% annualized rise in the Consumer Price Index in April was fueled mainly by higher oil and retail gasoline prices, as inflation remains above the Federal Reserve’s 2% target rate.

Stock selection in the information technology, healthcare and industrials sectors had a negative impact on Fund performance for the semiannual period. The largest individual stock detractors were automobile insurance claims software company Solera Holdings; enterprise software company Oracle Corp.; and packaged foods company Kellogg. Solera Holdings has a sizeable portion of its business in Europe, where the economic environment has weakened. Additionally, the company announced the loss of a U.S. account to a competitor due to its adherence to its pricing policy. Nonetheless, Solera continued to post relatively positive results which included revenue growth. Oracle Corp.’s second-quarter 2012 results were hampered by unexpected delays in the approval process for new software licenses due to more cautious spending among customers. The company’s subsequent third-quarter earnings report showed an improving trend for product licenses, but growth remains below historical rates while the company’s hardware business also continued to show weakness. The weakness in the hardware segment was expected as legacy products acquired from Sun Microsystems are phased out. Shares of Kellogg, along with those of its peers in the consumer staples sector, underperformed the overall market during a period of increasing investor risk appetite. However, the company’s internal net sales were up for the same period on strength in pricing and product mix.

Fund performance was bolstered by stock selection in the consumer discretionary sector, as well as the portfolio’s overall positioning in the energy sector. The absence of exposure to utilities also had a positive impact as that sector underperformed the broader market during a period of generally rising stock prices. The primary contributors among individual holdings included discount apparel retailer TJX Companies; media and cable company Comcast; and payment-processing services provider Visa. TJX Companies benefited from an increase in overall sales during the period. The company continues to experience higher customer traffic as consumers seek value amid this slowly recovering economy. Comcast garnered generally positive results for the last two quarters of its 2011 fiscal year and the first reporting period of 2012. The company also saw increases in its average revenue per user (ARPU) and the percentage of customers purchasing more than one product. Visa benefited as the impact of the debit card reforms enacted last year has not been as onerous as investors initially had feared. Additionally, the company posted better-than-expected results for the first quarter of its 2012 fiscal year, bolstered primarily by healthy year-over-year revenue growth. Management increased its profit outlook for the current fiscal year. The company continued to see a rise in credit card transaction volumes during the second quarter.

We did not establish any new positions in the Fund during the semiannual period. We exited our positions in multi-lines insurer MetLife, truck maker Paccar, and specialty apparel retailer Urban Outfitters. Additions to existing holdings included EMC Corp. and TJX Companies. We reduced positions in oil and gas company Apache Corp., diversified financial services company JPMorgan Chase & Co., and pharmacy chain operator and pharmacy benefit manager CVS Caremark, among others.

At the end of the reporting period, the Fund’s largest absolute stock positions were packaged foods producer Kraft Foods, Oracle Corp., and TJX Companies. Investors have continued to view favorably Kraft Foods’ plan to split into separately traded snacks and groceries businesses, which is scheduled for late 2012. Oracle has continued to experience revenue and profit margin growth, bolstered by several hardware and software deals with companies prominent in cloud computing. The firm also generates significant amount of stable and growing recurring revenues and maintains a strong balance sheet with a significant cash position. As we noted previously, TJX Companies has benefited from a steady increase in sales buoyed by value-conscious consumers in an environment of relatively weak economic growth.

Portfolio Management:

Aberdeen North American Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

2012 Semiannual Report

63

Aberdeen U.S. Equity Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			5 Yr.		10 Yr.
Class A	w/o SC		9.93%		(1.32%	)		1.75%		6.53%
	w/SC2		3.62%		(6.95%	)		0.55%		5.90%
Class C4	w/o SC		9.57%		(1.95%	)		1.09%		5.80%
	w/SC5		8.57%		(2.93%	)		1.09%		5.80%
Class R3,7	w/o SC		9.91%		(1.46%	)		1.65%		6.29%
Institutional Service Class7,8	w/o SC		10.18%		(0.99%	)		2.10%		6.84%
Institutional Class6,7	w/o SC		10.18%		(0.99%	)		2.10%		6.84%

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.

† Not Annualized

1 Returns prior to June 23, 2008 incorporate the performance of a predecessor fund (the “Predecessor Fund”). After February 28, 2009, in connection with the change in name of the Fund, the Fund no longer used a growth style for investing and became diversified so that it invests in a larger number of companies. Please consult the Fund’s prospectus for more detail.

2 A 5.75% front-end sales charge was deducted.

3 Returns before the first offering of Class R shares (October 1, 2003) by the Predecessor Fund are based on the previous performance of Class B shares of the Predecessor Fund. This performance is substantially similar to what the Class R shares would have produced, because all classes invest in the same portfolio of securities. Returns for Class R shares have been adjusted to eliminate sales charges that do not apply to that class, but have not been adjusted to reflect its lower expenses.

4 A front-end sales charge that formerly applied to Class C shares of the Predecessor Fund was eliminated on April 1, 2004. Returns before that date have not been adjusted to eliminate the effect of the sales charge.

5 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

6 Returns before the first offering of Institutional Class shares (June 29, 2004) by the Predecessor Fund are based on previous performance of Institutional Service Class shares of the Predecessor Fund. This performance is substantially similar to what the Institutional Class shares would have produced because both classes invest in the same portfolio of securities. Returns for Institutional Class shares have not been adjusted to reflect its lower expenses.

7 Not subject to any sales charges.

8 Returns before the first offering of the Institutional Service Class (October 10, 2011) are based on the previous performance of the Institutional Class. The performance of the Institutional Class is substantially similar to what the Institutional Service Class would have produced because both classes invest in the same portfolio of securities. Returns for the Institutional Service Class shares would only differ to the extent of the differences in expenses of the two classes.

Semiannual Report 2012

64

Aberdeen U.S. Equity Fund (Unaudited)

Performance of a $10,000 Investment(as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen U.S. Equity Fund, S&P 500^® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 500^® Index is a market capitalization-weighted index that includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	98.3%
Repurchase Agreement	1.7%
Liabilities in excess of other assets	—%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	7.0%
Information Technology Services	6.8%
Food Products	5.6%
Software	5.5%
Chemicals	4.9%
Specialty Retail	4.5%
Commercial Banks	4.1%
Communications Equipment	4.0%
Diversified Financial Services	3.8%
Health Care Providers & Services	3.4%
Other	50.4%
	100.0%

Top Holdings*
Kraft Foods, Inc., Class A	3.2%
Oracle Corp.	3.0%
TJX Cos., Inc.	2.9%
Comcast Corp., Class A	2.9%
Exxon Mobil Corp.	2.9%
Canadian National Railway Co.	2.8%
PepsiCo, Inc.	2.7%
Johnson & Johnson	2.6%
Philip Morris International, Inc.	2.6%
CVS Caremark Corp.	2.5%
Other	71.9%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

Amounts listed as “–” are 0% or round to 0%

2012 Semiannual Report

65

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen U.S. Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (98.3%)
Aerospace & Defense (3.2%)
Bombardier, Inc., Class B		1,300,784	$	5,504,153
United Technologies Corp.		62,402		5,094,499
				10,598,652
Auto Components (1.4%)
BorgWarner, Inc.*		59,766		4,723,905
Beverages (2.7%)
PepsiCo, Inc.		134,933		8,905,578
Biotechnology (1.5%)
Gilead Sciences, Inc.*		96,500		5,018,965
Capital Markets (3.2%)
Charles Schwab Corp. (The)		337,200		4,821,960
State Street Corp.		127,805		5,907,147
				10,729,107
Chemicals (4.9%)
Monsanto Co.		40,215		3,063,579
Potash Corp. of Saskatchewan, Inc.		115,620		4,911,537
Praxair, Inc.		72,671		8,408,035
				16,383,151
Commercial Banks (4.1%)
Royal Bank of Canada		91,764		5,303,241
Wells Fargo & Co.		248,975		8,323,234
				13,626,475
Communications Equipment (4.0%)
Cisco Systems, Inc.		250,400		5,045,560
QUALCOMM, Inc.		132,100		8,433,264
				13,478,824
Computers & Peripherals (2.5%)
EMC Corp.*		297,029		8,379,188
Diversified Financial Services (3.8%)
IntercontinentalExchange, Inc.*		49,086		6,530,401
JPMorgan Chase & Co.		148,607		6,387,129
				12,917,530
Diversified Telecommunication Services (2.1%)
TELUS Corp.		86,784		5,210,466
TELUS Corp., Non-Voting Shares		29,384		1,725,135
				6,935,601
Electrical Equipment (2.0%)
Emerson Electric Co.		129,971		6,828,676
Energy Equipment & Services (2.8%)
Schlumberger Ltd.		84,135		6,237,769
Tidewater, Inc.		60,498		3,329,205
				9,566,974
Food & Staples Retailing (2.5%)
CVS Caremark Corp.		190,702	$	8,509,123
Food Products (5.6%)
Kellogg Co.		158,248		8,002,601
Kraft Foods, Inc., Class A		267,502		10,665,305
				18,667,906
Health Care (3.3%)
Baxter International, Inc.		129,707		7,187,065
St. Jude Medical, Inc.		100,142		3,877,498
				11,064,563
Health Care Providers & Services (3.4%)
Aetna, Inc.		122,527		5,396,089
Quest Diagnostics, Inc.		104,910		6,052,258
				11,448,347
Hotels, Restaurants & Leisure (1.6%)
Starwood Hotels & Resorts Worldwide, Inc.		91,155		5,396,376
Household Products (2.5%)
Procter & Gamble Co. (The)		130,612		8,312,148
Industrial Conglomerates (1.5%)
3M Co.		55,654		4,973,242
Information Technology Services (6.8%)
Alliance Data Systems Corp.*		51,288		6,589,995
Cognizant Technology Solutions Corp., Class A*		113,700		8,336,484
Visa, Inc., Class A		63,090		7,758,808
				22,685,287
Insurance (1.5%)
Aflac, Inc.		111,856		5,037,994
Internet Software & Services (1.4%)
Yahoo!, Inc.*		309,000		4,801,860
Machinery (2.1%)
Deere & Co.		83,817		6,903,168
Media (2.9%)
Comcast Corp., Class A		317,000		9,614,610
Oil, Gas & Consumable Fuels (7.0%)
Apache Corp.		45,735		4,387,816
EOG Resources, Inc.		58,145		6,384,902
Exxon Mobil Corp.		109,853		9,484,708
Hess Corp.		59,298		3,091,798
				23,349,224
Pharmaceuticals (2.6%)
Johnson & Johnson		135,946		8,848,725
Road & Rail (2.8%)
Canadian National Railway Co.		109,042		9,299,102

See accompanying notes to financial statements.

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Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen U.S. Equity Fund

	Shares or Principal Amount		Value
Software (5.5%)
Oracle Corp.		342,000	$	10,051,380
Solera Holdings, Inc.		187,872		8,442,968
				18,494,348
Specialty Retail (4.5%)
Staples, Inc.		339,000		5,220,600
TJX Cos., Inc.		234,466		9,779,577
				15,000,177
Tobacco (2.6%)
Philip Morris International, Inc.		95,712		8,567,181
Total Common Stocks				329,066,007
REPURCHASE AGREEMENT (1.7%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $5,727,013, collateralized by U.S.Treasury Note, maturing 11/30/14; total market value of $5,843,044	$	5,727,000		5,727,000
Total Repurchase Agreement				5,727,000
Total Investments (Cost $281,271,000) (a)—100.0%				334,793,007
Liabilities in excess of other assets—0.0%				(78,553	)
Net Assets—100.0%			$	334,714,454

* Non-income producing security.

(a) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

See accompanying notes to financial statements.

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67

Aberdeen U.S. Equity II Fund (Unaudited)

The Aberdeen U.S. Equity II Fund (Class A shares at NAV net of fees) returned 10.08% for the six-month period ended April 30, 2012, versus 12.77% for its benchmark, the Standard & Poor’s (S&P) 500^® Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Large-Cap Core Funds (consisting of 1,072 funds) was 11.62% for the period.

Major North American equity market indices moved higher during the six-month period ended April 30, 2012. All 10 sectors within the broader-market S&P 500 Index recorded positive returns for the period, led by consumer discretionary, information technology and financials, as the more cyclical sectors performed well during a period of increased risk appetite in the market. Investor optimism arose following the release of improving U.S. economic data, along with generally positive corporate earnings reports, which accompanied at least temporary solutions to the sovereign debt crisis in the Eurozone. These factors more than offset a decline in April amid evidence of a possible slowdown in U.S. economic growth, as well as Standard and Poor’s two-level downgrade of Spain’s credit rating from A to BBB+. U.S. gross domestic product (GDP) grew by a lower-than-expected annualized rate of 2.2% in the first quarter of 2012, down from the 3.0% increase in the previous quarter. Consumer spending rose significantly for the period, benefiting from higher store traffic due to unusually warm winter weather in most of the U.S. The unemployment rate decreased 0.8% to 8.1% between October and April; however, non-farm payroll growth slowed and the lower rate partially reflected a shrinking pool of jobseekers as more people stopped looking for employment. Finally, the 2.7% annualized rise in the Consumer Price Index in April was fueled mainly by higher oil and retail gasoline prices, as inflation remains above the Federal Reserve’s 2% target rate.

Stock selection in the information technology, healthcare and industrials sectors had a negative impact on Fund performance for the semiannual period. The largest individual stock detractors were automobile insurance claims software company Solera Holdings; enterprise software company Oracle Corp.; and packaged foods company Kellogg. Solera Holdings has a sizeable portion of its business in Europe, where the economic environment has weakened. Additionally, the company announced the loss of a U.S. account to a competitor due to its adherence to its pricing policy. Nonetheless, Solera continued to post relatively positive results which included revenue growth. Oracle Corp.’s second-quarter 2012 results were hampered by unexpected delays in the approval process for new software licenses due to more cautious spending among customers. The company’s subsequent third-quarter earnings report showed an improving trend for product licenses, but growth remains below historical rates while the company’s hardware business also continued to show weakness. The weakness in the hardware segment was expected as legacy products acquired from Sun Microsystems are phased out. Shares of Kellogg, along with those of its peers in the consumer staples sector, underperformed the overall market during a period of increasing investor risk appetite. However, the company’s internal net sales were up for the same period on strength in pricing and product mix.

Fund performance was bolstered by stock selection in the consumer discretionary sector, as well as the portfolio’s overall positioning in the energy sector. The absence of exposure to utilities also had a positive impact as that sector underperformed the broader market during a period of generally rising stock prices. The primary contributors among individual holdings included discount apparel retailer TJX Companies; media and cable company Comcast; and payment-processing services provider Visa. TJX Companies benefited from an increase in overall sales during the period. The company continues to experience higher customer traffic as consumers seek value amid this slowly recovering economy. Comcast garnered generally positive results for the last two quarters of its 2011 fiscal year and the first reporting period of 2012. The company also saw increases in its average revenue per user (ARPU) and the percentage of customers purchasing more than one product. Visa benefited as the impact of the debit card reforms enacted last year has not been as onerous as investors initially had feared. Additionally, the company posted better-than-expected results for the first quarter of its 2012 fiscal year, bolstered primarily by healthy year-over-year revenue growth. Management increased its profit outlook for the current fiscal year. The company continued to see a rise in credit card transaction volumes during the second quarter.

We did not establish any new positions in the Fund during the semiannual period. We exited our positions in multi-lines insurer MetLife, truck maker Paccar, and specialty apparel retailer Urban Outfitters. Additions to existing holdings included EMC Corp. and TJX Companies. We reduced positions in oil and gas company Apache Corp., diversified financial services company JPMorgan Chase & Co., and pharmacy chain operator and pharmacy benefit manager CVS Caremark, among others.

At the end of the reporting period, the Fund’s largest absolute stock positions were packaged foods producer Kraft Foods, Oracle Corp., and TJX Companies. Investors have continued to view favorably Kraft Foods’ plan to split into separately traded snacks and groceries businesses, which is scheduled for late 2012. Oracle has continued to experience revenue and profit margin growth, bolstered by several hardware and software deals with companies prominent in cloud computing. The firm also generates significant amount of stable and growing recurring revenues and maintains a strong balance sheet with a significant cash position. As we noted previously, TJX Companies has benefited from a steady increase in sales buoyed by value-conscious consumers in an environment of relatively weak economic growth.

Portfolio Management:

Aberdeen North American Equity Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

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68

Aberdeen U.S. Equity II Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			5 Yr.			10 Yr.
Class A	w/o SC		10.08%		3.61%			0.30%			4.79%
	w/SC2		3.73%		(2.35%	)		(0.88%	)		4.17%
Class C	w/o SC		9.53%		2.80%			(0.47%	)		3.99%
	w/SC3		8.53%		1.80%			(0.47%	)		3.99%

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.

† Not Annualized

1 Returns prior to October 7, 2011 incorporate the performance of a predecessor fund (the “Predecessor Fund”). Please consult the Fund’s prospectus for more detail.

2 A 5.75% front-end sales charge was deducted.

3 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

2012 Semiannual Report

69

Aberdeen U.S. Equity II Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen U.S. Equity II Fund, S&P 500^® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 500^® Index is a market capitalization-weighted index that includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Common Stocks	97.9%
Repurchase Agreement	2.5%
Liabilities in excess of other assets	(0.4%	)
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	7.0%
Information Technology Services	6.8%
Food Products	5.6%
Software	5.5%
Chemicals	4.8%
Specialty Retail	4.5%
Communications Equipment	4.0%
Commercial Banks	4.0%
Diversified Financial Services	3.8%
Health Care Providers & Services	3.4%
Other	50.6%
	100.0%

Top Holdings*
Kraft Foods, Inc., Class A	3.2%
Oracle Corp.	3.0%
TJX Cos., Inc.	2.9%
Comcast Corp., Class A	2.9%
Exxon Mobil Corp.	2.9%
Canadian National Railway Co.	2.8%
PepsiCo, Inc.	2.6%
Johnson & Johnson	2.6%
Philip Morris International, Inc.	2.6%
CVS Caremark Corp.	2.5%
Other	72.0%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

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70

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen U.S. Equity II Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.9%)
Aerospace & Defense (3.2%)
Bombardier, Inc., Class B		273,157	$	1,155,840
United Technologies Corp.		13,036		1,064,259
				2,220,099
Auto Components (1.4%)
BorgWarner, Inc.*		12,538		991,003
Beverages (2.6%)
PepsiCo, Inc.		28,130		1,856,580
Biotechnology (1.5%)
Gilead Sciences, Inc.*		20,200		1,050,602
Capital Markets (3.2%)
Charles Schwab Corp. (The)		70,700		1,011,010
State Street Corp.		26,902		1,243,410
				2,254,420
Chemicals (4.8%)
Monsanto Co.		8,310		633,056
Potash Corp. of Saskatchewan, Inc.		24,248		1,030,055
Praxair, Inc.		14,834		1,716,294
				3,379,405
Commercial Banks (4.0%)
Royal Bank of Canada		18,347		1,060,313
Wells Fargo & Co.		52,368		1,750,662
				2,810,975
Communications Equipment (4.0%)
Cisco Systems, Inc.		52,600		1,059,890
QUALCOMM, Inc.		27,500		1,755,600
				2,815,490
Computers & Peripherals (2.5%)
EMC Corp.*		61,762		1,742,306
Diversified Financial Services (3.8%)
IntercontinentalExchange, Inc.*		10,241		1,362,463
JPMorgan Chase & Co.		31,044		1,334,271
				2,696,734
Diversified Telecommunication Services (2.1%)
TELUS Corp.		18,114		1,087,555
TELUS Corp., Non-Voting Shares		6,150		361,067
				1,448,622
Electrical Equipment (2.0%)
Emerson Electric Co.		27,231		1,430,717
Energy Equipment & Services (2.8%)
Schlumberger Ltd.		17,677		1,310,573
Tidewater, Inc.		12,448		685,013
				1,995,586
Food & Staples Retailing (2.5%)
CVS Caremark Corp.		40,043	$	1,786,719
Food Products (5.6%)
Kellogg Co.		32,895		1,663,500
Kraft Foods, Inc., Class A		56,141		2,238,342
				3,901,842
Health Care (3.3%)
Baxter International, Inc.		27,303		1,512,859
St. Jude Medical, Inc.		20,999		813,081
				2,325,940
Health Care Providers & Services (3.4%)
Aetna, Inc.		25,673		1,130,639
Quest Diagnostics, Inc.		21,973		1,267,622
				2,398,261
Hotels, Restaurants & Leisure (1.6%)
Starwood Hotels & Resorts Worldwide, Inc.		19,079		1,129,477
Household Products (2.5%)
Procter & Gamble Co. (The)		27,225		1,732,599
Industrial Conglomerates (1.5%)
3M Co.		11,475		1,025,406
Information Technology Services (6.8%)
Alliance Data Systems Corp.*		11,134		1,430,608
Cognizant Technology Solutions Corp., Class A*		23,600		1,730,352
Visa, Inc., Class A		13,086		1,609,316
				4,770,276
Insurance (1.5%)
Aflac, Inc.		23,271		1,048,126
Internet Software & Services (1.4%)
Yahoo!, Inc.*		64,000		994,560
Machinery (2.0%)
Deere & Co.		17,446		1,436,853
Media (2.9%)
Comcast Corp., Class A		66,900		2,029,077
Oil, Gas & Consumable Fuels (7.0%)
Apache Corp.		9,574		918,530
EOG Resources, Inc.		12,119		1,330,787
Exxon Mobil Corp.		23,094		1,993,936
Hess Corp.		12,465		649,925
				4,893,178
Pharmaceuticals (2.6%)
Johnson & Johnson		28,370		1,846,603
Road & Rail (2.8%)
Canadian National Railway Co.		22,696		1,935,515

See accompanying notes to financial statements.

2012 Semiannual Report

71

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen U.S. Equity II Fund

	Shares or Principal Amount		Value
Software (5.5%)
Oracle Corp.		71,000	$	2,086,690
Solera Holdings, Inc.		38,982		1,751,851
				3,838,541
Specialty Retail (4.5%)
Staples, Inc.		71,000		1,093,400
TJX Cos., Inc.		49,106		2,048,211
				3,141,611
Tobacco (2.6%)
Philip Morris International, Inc.		20,067		1,796,197
Total Common Stocks				68,723,320
REPURCHASE AGREEMENT (2.5%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $1,766,004, collateralized by U.S.Treasury Note, maturing 11/30/14; total market value $1,801,913	$	1,766,000		1,766,000
Total Repurchase Agreement				1,766,000
Total Investments (Cost $59,159,372) (a)—100.4%				70,489,320
Liabilities in excess of other assets—(0.4)%				(257,314	)
Net Assets—100.0%			$	70,232,006

* Non-income producing security.

(a) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

See accompanying notes to financial statements.

Semiannual Report 2012

72

Statements of Assets and Liabilities (Unaudited)

April 30, 2012

	Aberdeen Asia-Pacific (ex-Japan) Equity Fund		Aberdeen Asia-Pacific Smaller Companies Fund		Aberdeen China Opportunities Fund			Aberdeen Emerging Markets Fund		Aberdeen Emerging Markets Institutional Fund
Assets:
Investments, at value	$	415,916,330	$	19,012,321	$	41,303,885		$	322,332,588	$	6,349,497,010
Repurchase agreements, at value		10,092,000		811,000		301,000			9,901,000		194,952,000
Total investments		426,008,330		19,823,321		41,604,885			332,233,588		6,544,449,010
Foreign currency, at value		2,013,757		14,246		71,500			196,517		5,345,297
Cash		311		376		952			426		835
Interest and dividends receivable		2,183,059		63,275		201,443			1,259,463		24,474,639
Receivable for capital shares issued		472,013		33,368		17,343			1,745,274		15,345,075
Unrealized appreciation on spot foreign currency exchange contracts		940		373		–			–		52,020
Receivable from adviser		–		18,652		6,336			27,385		–
Prepaid expenses		108,355		110,667		51,814			174,822		424,038
Total assets		430,786,765		20,064,278		41,954,273			335,637,475		6,590,090,914
Liabilities:
Payable for investments purchased		3,155,394		240,551		–			1,870,999		18,138,404
Accrued foreign capital gains tax		696,508		63,659		403			803,934		16,603,267
Payable for capital shares redeemed		198,794		52,055		38,139			501,715		2,207,308
Accrued expenses and other payables:
Investment advisory fees		371,566		19,570		42,619			277,453		4,711,838
Administration fees		9,017		400		907			7,029		139,261
Administrative services fees		39		–		1,254			670		31,780
Transfer agent fees		18,012		931		12,251			13,512		59,429
Distribution fees		15		50		13,704			77,027		–
Printing fees		48,672		313		17,521			61,850		7,121
Legal fees		8,890		144		663			4,340		91,800
Fund accounting fees		6,343		1,838		1,827			2,787		27,376
Custodian fees		16,398		1,697		2,135			12,016		27,496
Other		9,364		11,789		13,771			8,334		17,226
Total liabilities		4,539,012		392,997		145,194			3,641,666		42,062,306
Net Assets	$	426,247,753	$	19,671,281	$	41,809,079		$	331,995,809	$	6,548,028,608
Cost:
Investments	$	399,709,002	$	18,504,270	$	34,013,122		$	278,850,633	$	5,457,085,987
Repurchase agreements		10,092,000		811,000		301,000			9,901,000		194,952,000
Foreign currency		2,013,587		14,246		70,866			196,505		5,316,353
Represented by:
Capital	$	400,730,020	$	19,152,546	$	51,981,538		$	286,289,042	$	5,650,790,696
Accumulated net investment income		3,753,689		43,776		125,537			1,036,982		28,563,183
Accumulated net realized gain/(loss) from investments and foreign currency transactions		6,246,659		31,378		(17,589,057	)		1,993,218		(7,103,087	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		15,517,385		443,581		7,291,061			42,676,567		875,777,816
Net Assets	$	426,247,753	$	19,671,281	$	41,809,079		$	331,995,809	$	6,548,028,608
Net Assets:
Class A Shares	$	21,048	$	177,521	$	26,129,901		$	309,373,353	$	–
Class C Shares		10,113		10,198		9,798,254			16,330,156		–
Class R Shares		10,122		10,308		1,091,630			6,292,300		–
Institutional Service Class Shares		2,573,692		11,391		3,719,468			–		275,742,875
Institutional Class Shares		423,632,778		19,461,863		1,069,826			–		6,272,285,733
Total	$	426,247,753	$	19,671,281	$	41,809,079		$	331,995,809	$	6,548,028,608

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

See accompanying notes to financial statements.

2012 Semiannual Report

73

Statements of Assets and Liabilities (Unaudited) (continued)

April 30, 2012

	Aberdeen Asia-Pacific (ex-Japan) Equity Fund			Aberdeen Asia-Pacific Smaller Companies Fund			Aberdeen China Opportunities Fund			Aberdeen Emerging Markets Fund			Aberdeen Emerging Markets Institutional Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,863			17,352			1,283,313			15,312,329			–
Class C Shares		896			1,003			494,959			839,396			–
Class R Shares		896			1,009			54,166			325,728			–
Institutional Service Class Shares		227,752			1,111			181,967			–			18,976,679
Institutional Class Shares		37,469,177			1,898,258			52,304			–			431,366,017
Total		37,700,584			1,918,733			2,066,709			16,477,453			450,342,696
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	11.30		$	10.23		$	20.36		$	20.20		$	–
Class C Shares (a)	$	11.29		$	10.17		$	19.80		$	19.45		$	–
Class R Shares	$	11.30		$	10.22	(b)	$	20.15		$	19.32		$	–
Institutional Service Class Shares	$	11.30		$	10.25		$	20.44		$	–		$	14.53
Institutional Class Shares	$	11.31		$	10.25		$	20.45		$	–		$	14.54
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.99		$	10.85		$	21.60		$	21.43		$	–
Maximum Sales Charge:
Class A Shares		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.

(b) The NAV shown above differs from the traded NAV on April 30, 2012 due to financial statement rounding.

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

See accompanying notes to financial statements.

Semiannual Report 2012

74

Statements of Assets and Liabilities (Unaudited) (continued)

April 30, 2012

	Aberdeen Equity Long-Short Fund			Aberdeen Global Equity Fund			Aberdeen Global Natural Resources Fund			Aberdeen Global Small Cap Fund			Aberdeen International Equity Fund
Assets:
Investments, at value	$	412,980,893		$	52,280,086		$	51,129,734		$	57,843,372		$	813,368,170
Repurchase agreements, at value		124,457,000			525,000			816,000			1,102,000			18,701,000
Total investments		537,437,893			52,805,086			51,945,734			58,945,372			832,069,170
Foreign currency, at value		–			–			–			608,084			119,160
Cash		185,241,151	*		272			433			171			997
Receivable for investments sold		8,978,976			41,921			597,903			71,707			–
Interest and dividends receivable		149,296			452,769			155,081			270,790			6,917,081
Receivable for capital shares issued		689,571			20,713			261,412			3,243			1,816,222
Receivable from adviser		–			13,238			–			20,771			–
Prepaid expenses		110,126			16,953			48,701			30,592			28,593
Total assets		732,607,013			53,350,952			53,009,264			59,950,730			840,951,223
Liabilities:
Securities sold short, at value		188,948,308			–			–			–			–
Payable for investments purchased		5,965,383			–			393,437			482,485			–
Payable for capital shares redeemed		779,223			20,550			325,679			10,593			1,359,890
Payable for dividends on securities sold short		241,868			–			–			–			–
Accrued foreign capital gains tax		–			–			10,961			181,905			–
Unrealized depreciation on spot foreign currency exchange contracts		–			–			–			2,525			–
Accrued expenses and other payables:
Investment advisory fees		636,638			38,860			31,412			60,054			744,425
Administration fees		11,649			1,149			1,131			1,278			18,010
Administrative services fees		195			2,018			6,053			4,044			87,951
Transfer agent fees		18,850			623			17,734			16,556			28,365
Distribution fees		31,363			11,201			14,781			11,091			70,651
Printing fees		43,770			6,646			13,005			28,513			51,614
Legal fees		4,010			737			1,187			1,106			12,003
Fund accounting fees		6,765			4,790			3,375			1,998			8,515
Custodian fees		963			323			2,387			2,019			27,234
Other		13,808			27,237			15,456			12,536			28,381
Total liabilities		196,702,793			114,134			836,598			816,703			2,437,039
Net Assets	$	535,904,220		$	53,236,818		$	52,172,666		$	59,134,027		$	838,514,184
Cost:
Investments	$	360,473,966		$	44,703,351		$	45,956,552		$	41,631,627		$	705,495,408
Repurchase agreements		124,457,000			525,000			816,000			1,102,000			18,701,000
Foreign currency		–			–			–			598,586			117,919
Proceeds:
Securities sold short	$	164,900,349		$	–		$	–		$	–		$	–
Represented by:
Capital	$	511,713,049		$	65,459,049		$	79,087,276		$	60,573,788		$	898,718,874
Accumulated net investment income/(loss)		(3,944,455	)		292,759			60,005			155,181			5,193,683
Accumulated net realized loss from investments and foreign currency transactions		(323,342	)		(20,110,477	)		(32,136,942	)		(17,636,024	)		(173,443,406	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		28,458,968			7,595,487			5,162,327			16,041,082			108,045,033
Net Assets	$	535,904,220		$	53,236,818		$	52,172,666		$	59,134,027		$	838,514,184
Net Assets:
Class A Shares	$	83,398,584		$	35,991,126		$	32,122,220		$	53,154,150		$	208,753,575
Class C Shares		15,922,569			3,721,307			7,203,161			250,534			31,366,386
Class R Shares		2,072,874			2,133,488			5,557,491			210,753			10,162,252
Institutional Service Class Shares		7,975,841			978			1,542,598			40,673			229,767,839
Institutional Class Shares		426,534,352			11,389,919			5,747,196			5,477,917			358,464,132
Total	$	535,904,220		$	53,236,818		$	52,172,666		$	59,134,027		$	838,514,184

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

See accompanying notes to financial statements.

2012 Semiannual Report

75

Statements of Assets and Liabilities (Unaudited) (continued)

April 30, 2012

	Aberdeen Equity Long-Short Fund			Aberdeen Global Equity Fund			Aberdeen Global Natural Resources Fund			Aberdeen Global Small Cap Fund			Aberdeen International Equity Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		7,301,099			3,018,233			1,914,830			2,228,304			15,285,918
Class C Shares		1,969,983			327,104			450,669			11,084			2,420,386
Class R Shares		186,656			184,944			336,387			9,139			774,899
Institutional Service Class Shares		689,902			82			90,795			1,704			16,508,176
Institutional Class Shares		36,775,674			954,282			337,617			229,659			25,668,500
Total		46,923,314			4,484,645			3,130,298			2,479,890			60,657,879
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	11.42	(a)	$	11.92		$	16.78		$	23.85		$	13.66
Class C Shares (b)	$	8.08		$	11.38		$	15.98		$	22.60		$	12.96
Class R Shares	$	11.11		$	11.54		$	16.52		$	23.06		$	13.11
Institutional Service Class Shares	$	11.56		$	11.93		$	16.99		$	23.87		$	13.92
Institutional Class Shares	$	11.60		$	11.94		$	17.02		$	23.85		$	13.97	(a)
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	12.12		$	12.65		$	17.80		$	25.31		$	14.49
Maximum Sales Charge:
Class A Shares		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%

* The cash amount reported for the Aberdeen Equity Long-Short Fund is restricted from investing as it represents the amount due to the Prime Broker relating to the open short positions at April 30, 2012.

(a) The NAV shown above differs from the traded NAV on April 30, 2012 due to financial statement rounding.

(b) 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.

Semiannual Report 2012

76

Statements of Assets and Liabilities (Unaudited) (continued)

April 30, 2012

	Aberdeen Small Cap Fund			Aberdeen U.S. Equity Fund			Aberdeen U.S. Equity II Fund
Assets:
Investments, at value	$	163,243,443		$	329,066,007		$	68,723,320
Repurchase agreements, at value		2,033,000			5,727,000			1,766,000
Total investments		165,276,443			334,793,007			70,489,320
Foreign currency, at value		31,699			–			–
Cash		910			306			819
Interest and dividends receivable		16,755			231,666			47,608
Receivable for capital shares issued		118,879			22,830			6,372
Receivable from adviser		7,498			42,916			20,503
Prepaid expenses		5,948			70,550			76,529
Total assets		165,458,132			335,161,275			70,641,151
Liabilities:
Payable for capital shares redeemed		186,932			143,423			293,057
Accrued expenses and other payables:
Investment advisory fees		120,837			205,909			43,317
Administration fees		3,609			7,303			4,358
Administrative services fees		13,845			–			–
Transfer agent fees		111,390			8,424			4,825
Distribution fees		47,085			48,775			15,557
Printing fees		52,339			9,313			6,236
Legal fees		2,622			1,989			828
Fund accounting fees		4,930			5,780			2,246
Custodian fees		2,366			6,510			4,971
Other		16,947			9,395			33,750
Total liabilities		562,902			446,821			409,145
Net Assets	$	164,895,230		$	334,714,454		$	70,232,006
Cost:
Investments	$	139,073,459		$	275,544,000		$	57,393,372
Repurchase agreements		2,033,000			5,727,000			1,766,000
Foreign currency		31,517			–			–
Represented by:
Capital	$	605,959,378		$	341,881,014		$	83,255,176
Accumulated net investment income/(loss)		(538,660	)		323,475			45,692
Accumulated net realized loss from investments and foreign currency transactions		(464,695,654	)		(61,012,238	)		(24,398,839	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		24,170,166			53,522,203			11,329,977
Net Assets	$	164,895,230		$	334,714,454		$	70,232,006
Net Assets:
Class A Shares	$	88,009,851		$	198,985,564		$	68,426,938
Class C Shares		33,979,990			9,227,172			1,805,068
Class R Shares		2,429,864			900,007			–
Institutional Service Class Shares		14,298,200			122,334,916			–
Institutional Class Shares		26,177,325			3,266,795			–
Total	$	164,895,230		$	334,714,454		$	70,232,006

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

See accompanying notes to financial statements.

2012 Semiannual Report

77

Statements of Assets and Liabilities (Unaudited) (concluded)

April 30, 2012

	Aberdeen Small Cap Fund			Aberdeen U.S. Equity Fund			Aberdeen U.S. Equity II Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		5,533,192			20,070,832			4,959,258
Class C Shares		2,366,863			1,010,643			166,492
Class R Shares		162,756			94,649			–
Institutional Service Class Shares		866,566			11,859,352			–
Institutional Class Shares		1,590,085			316,698			–
Total		10,519,462			33,352,174			5,125,750
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	15.91		$	9.91		$	13.80
Class C Shares (a)	$	14.36		$	9.13		$	10.84
Class R Shares	$	14.93		$	9.51		$	–
Institutional Service Class Shares	$	16.50		$	10.32		$	–
Institutional Class Shares	$	16.46		$	10.32		$	–
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	16.88		$	10.51		$	14.64
Maximum Sales Charge:
Class A Shares		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.

Semiannual Report 2012

78

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2012

	Aberdeen Asia-Pacific (ex-Japan) Equity Fund			Aberdeen Asia-Pacific Smaller Companies Fund			Aberdeen China Opportunities Fund			Aberdeen Emerging Markets Fund			Aberdeen Emerging Markets Institutional Fund
INVESTMENT INCOME:
Dividend income	$	6,211,531		$	116,847		$	784,883		$	4,080,106		$	75,093,237
Interest income		13,421			84			217			1,356			23,703
Foreign tax withholding		(105,553	)		(3,732	)		–			(275,213	)		(5,358,048	)
		6,119,399			113,199			785,100			3,806,249			69,758,892
Expenses:
Investment advisory fees		1,939,500			50,943			271,646			1,602,919			25,083,310
Administration fees		51,128			1,028			5,729			40,232			734,944
Distribution fees Class A		5			167			35,581			359,525			–
Distribution fees Class C		17			47			46,511			64,745			–
Distribution fees Class R		9			28			2,484			11,873			–
Administrative services fees Class A		–			–			3,313			128,531			–
Administrative services fees Class R		–			–			382			2,412			–
Administrative service fees Institutional Service Class		118			–			27			–			306,474
Custodian fees		103,701			6,780			11,749			72,093			1,141,231
Transfer agent fees		108,075			6,706			44,942			323,194			356,571
Fund accounting fees		26,123			2,613			5,245			15,901			260,051
Registration and filing fees		20,842			21,732			25,592			53,852			155,768
Printing fees		31,809			773			8,680			104,886			4,152
Legal fees		9,124			115			1,555			7,094			122,205
Trustee fees		8,527			57			927			6,099			109,224
Audit fees		12,504			13,938			13,194			12,422			14,802
Other		21,634			5,029			5,141			5,452			227,207
Total expenses before reimbursed/waived expenses		2,333,116			109,956			482,698			2,811,230			28,515,939
Expenses reimbursed		–			(43,096	)		(42,347	)		(76,388	)		(89,836	)
Recoupment of expenses previously reimbursed		32,565			–			–			–			–
Net expenses		2,365,681			66,860			440,351			2,734,842			28,426,103
Net Investment Income		3,753,718			46,339			344,749			1,071,407			41,332,789
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:
Realized gain/(loss) on investment transactions and securities sold short		6,791,737			56,716			2,862,286			18,748,629			(1,633,547	)
Realized gain/(loss) on foreign currency transactions		(186,903	)		(25,338	)		3,578			(78,158	)		(1,592,797	)
Net realized gain/(loss) from investments and foreign currency transactions		6,604,834			31,378			2,865,864			18,670,471			(3,226,344	)
Net change in unrealized appreciation/depreciation on investment transactions		12,995,672			683,386			780,453			9,062,941			454,625,060
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(238,845	)		(62,372	)		(2,313	)		(308,589	)		(5,742,990	)
Net change in unrealized appreciation/depreciation from investments and translation of assets and liabilities denominated in foreign currencies		12,756,827			621,014			778,140			8,754,352			448,882,070
Net realized/unrealized gain from investments and foreign currency transactions		19,361,661			652,392			3,644,004			27,424,823			445,655,726
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,115,379		$	698,731		$	3,988,753		$	28,496,230		$	486,988,515

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

See accompanying notes to financial statements.

2012 Semiannual Report

79

Statements of Operations (Unaudited) (continued)

For the Six Months Ended April 30, 2012

	Aberdeen Equity Long-Short Fund			Aberdeen Global Equity Fund			Aberdeen Global Natural Resources Fund			Aberdeen Global Small Cap Fund			Aberdeen International Equity Fund
INVESTMENT INCOME:
Dividend income	$	1,526,290		$	1,059,052		$	541,849		$	660,136		$	15,581,572
Interest income		14,516			49			5			162			2,497
Foreign tax withholding		(16,107	)		(55,974	)		(31,868	)		(38,443	)		(1,050,977	)
Other income		–			–			–			569			3,674
		1,524,699			1,003,127			509,986			622,424			14,536,766
Expenses:
Investment advisory fees		2,963,509			217,520			192,171			340,777			2,498,273
Administration fees		67,992			6,374			7,241			7,187			77,461
Distribution fees Class A		110,963			41,164			41,608			62,695			214,987
Distribution fees Class C		82,470			17,635			38,401			1,176			142,224
Distribution fees Class R		5,219			2,776			13,400			472			24,300
Administrative services fees Class A		18,886			5,337			13,688			11,293			89,874
Administrative services fees Class R		78			10			1,108			90			2,271
Administrative service fees Institutional Service Class		8,685			–			112			–			148,584
Dividend expense for securities sold short		1,749,387			–			–			–			–
Transfer agent fees		184,379			43,575			59,443			59,777			220,501
Registration and filing fees		14,368			62,883			29,376			32,874			41,623
Printing fees		36,792			9,909			7,262			16,515			44,879
Custodian fees		3,969			8,647			4,996			10,944			42,310
Fund accounting fees		23,119			5,680			3,042			5,835			30,058
Audit fees		14,719			12,923			12,167			12,936			14,719
Legal fees		15,197			1,246			1,369			1,276			13,381
Trustee fees		10,954			1,016			1,246			1,164			12,505
Other		25,915			5,059			6,190			5,967			29,025
Total expenses before reimbursed/waived expenses		5,336,601			441,754			432,820			570,978			3,646,975
Expenses reimbursed		–			(81,000	)		(6,047	)		(140,843	)		–
Recoupment of expenses previously reimbursed		132,553			–			–			–			183,176
Net expenses		5,469,154			360,754			426,773			430,135			3,830,151
Net Investment Income/(Loss)		(3,944,455	)		642,373			83,213			192,289			10,706,615
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:
Realized gain/(loss) on investment transactions and securities sold short		2,647,841			71,303			1,126,642			392,675			(575,252	)
Realized gain/(loss) on foreign currency transactions		(302	)		(6,305	)		9,253			(16,551	)		(9,888	)
Net realized gain/(loss) from investments and foreign currency transactions		2,647,539			64,998			1,135,895			376,124			(585,140	)
Net change in unrealized appreciation/depreciation on investment transactions		35,364,014			3,752,034			659,413			5,866,094			22,290,672
Net change in unrealized appreciation/depreciation on securities sold short		(17,169,394	)		–			–			–			–
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			6,191			(10,254	)		(144,987	)		11,889
Net change in unrealized appreciation/depreciation from investments and translation of assets and liabilities denominated in foreign currencies		18,194,620			3,758,225			649,159			5,721,107			22,302,561
Net realized/unrealized gain from investments and foreign currency transactions		20,842,159			3,823,223			1,785,054			6,097,231			21,717,421
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,897,704		$	4,465,596		$	1,868,267		$	6,289,520		$	32,424,036

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

See accompanying notes to financial statements.

Semiannual Report 2012

80

Statements of Operations (Unaudited) (concluded)

For the Six Months Ended April 30, 2012

	Aberdeen Small Cap Fund			Aberdeen U.S. Equity Fund			Aberdeen U.S. Equity II Fund
INVESTMENT INCOME:
Dividend income	$	730,561		$	3,072,711		$	639,914
Interest income		212			194			65
Foreign tax withholding		(5,464	)		(55,594	)		(11,513	)
Other income		50,263			61,431			279
		775,572			3,078,742			628,745
Expenses:
Investment advisory fees		760,842			1,235,323			258,472
Administration fees		22,626			44,131			14,951
Distribution fees Class A		111,536			243,709			83,952
Distribution fees Class C		172,672			45,592			8,822
Distribution fees Class R		7,076			2,179			–
Administrative services fees Class A		37,157			17,641			685
Administrative services fees Class R		654			4			–
Administrative service fees Institutional Service Class		11			17,546			–
Transfer agent fees		189,010			112,023			42,868
Registration and filing fees		49,499			55,419			32,141
Printing fees		32,435			57,745			15,412
Audit fees		12,167			11,240			12,308
Fund accounting fees		8,193			16,197			1,261
Custodian fees		4,161			10,122			5,511
Legal fees		3,440			9,855			3,314
Trustee fees		3,822			6,990			1,513
Other		9,847			22,008			2,064
Total expenses before reimbursed/waived expenses		1,425,148			1,907,724			483,274
Expenses reimbursed		(110,916	)		(98,665	)		(79,649	)
Reimbursement of costs by administrators		–			(35,191	)		(685	)
Net expenses		1,314,232			1,773,868			402,940
Net Investment Income/(Loss)		(538,660	)		1,304,874			225,805
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:
Realized gain on investment transactions and securities sold short		8,853,589			11,094,219			2,193,695
Realized gain/(loss) on foreign currency transactions		1,792			(8,781	)		(2,978	)
Net realized gain from investments and foreign currency transactions		8,855,381			11,085,438			2,190,717
Net change in unrealized appreciation/depreciation on investment transactions		12,881,237			19,512,660			4,186,397
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(516	)		(83	)		(12	)
Net change in unrealized appreciation/depreciation from investments and translation of assets and liabilities denominated in foreign currencies		12,880,721			19,512,577			4,186,385
Net realized/unrealized gain from investments and foreign currency transactions		21,736,102			30,598,015			6,377,102
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,197,442		$	31,902,889		$	6,602,907

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

See accompanying notes to financial statements.

2012 Semiannual Report

81

Statements of Changes in Net Assets

	Aberdeen Asia-Pacific (ex-Japan) Equity Fund						Aberdeen Asia-Pacific Smaller Companies Fund						Aberdeen China Opportunities Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(a)			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	3,753,718		$	8,437,996		$	46,339		$	6,303		$	344,749		$	383,218
Net realized gain/(loss) from investments and foreign currency transactions		6,604,834			18,696,728			31,378			(3,783	)		2,865,864			6,483,908
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		12,756,827			(47,091,395	)		621,014			(177,433	)		778,140			(10,938,329	)
Changes in net assets resulting form operations		23,115,379			(19,956,671	)		698,731			(174,913	)		3,988,753			(4,071,203	)
Distributions to Shareholders From:
Net investment income:
Class A		–			–			(69	)		–			(267,220	)		(227,351	)
Class B(b)		–			–			–			–			–			(2,711	)
Class C		–			–			–			–			(50,366	)		(13,336	)
Class R		–			–			(1	)		–			(7,446	)		(5,210	)
Institutional Service Class		(50,852	)		(22,612	)		(9	)		–			(35,437	)		(42,610	)
Institutional Class		(7,809,944	)		(3,008,203	)		(1,303	)		–			(11,312	)		(15,502	)
Net realized gains:
Class A		–			–			(310	)		–			–			–
Class C		–			–			(22	)		–			–			–
Class R		–			–			(22	)		–			–			–
Institutional Service Class		(124,060	)		(1,527	)		(23	)		–			–			–
Institutional Class		(19,029,050	)		(203,044	)		(3,390	)		–			–			–
Change in net assets from shareholder distributions		(27,013,906	)		(3,235,386	)		(5,149	)		–			(371,781	)		(306,720	)
Change in net assets from capital transactions		(7,004,470	)		106,269,411			17,393,616			1,758,996			(1,730,146	)		(8,018,844	)
Change in net assets		(10,902,997	)		83,077,354			18,087,198			1,584,083			1,886,826			(12,396,767	)
Net Assets:
Beginning of period		437,150,750			354,073,396			1,584,083			–			39,922,253			52,319,020
End of period	$	426,247,753		$	437,150,750		$	19,671,281		$	1,584,083		$	41,809,079		$	39,922,253
Accumulated net investment income/(loss) at end of period	$	3,753,689		$	7,860,767		$	43,776		$	(1,181	)	$	125,537		$	152,569

(a) For the period from June 28, 2011 (commencement of operations) through October 31, 2011.

(b) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

See accompanying notes to financial statements.

Semiannual Report 2012

82

Statements of Changes in Net Assets (continued)

	Aberdeen Asia-Pacific (ex-Japan) Equity Fund						Aberdeen Asia-Pacific Smaller Companies Fund						Aberdeen China Opportunities Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(a)			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	20,922	(c)	$	–		$	36,239		$	128,277		$	8,779,858		$	9,559,876
Proceeds from conversion of Class B Shares(b)		–			–			–			–			–			3,378,365
Dividends reinvested		–			–			339			–			212,187			166,089
Cost of shares redeemed(d)		–			–			–			–			(10,379,250	)		(12,540,150	)
Total Class A		20,922			–			36,578			128,277			(1,387,205	)		564,180
Class B Shares(b)
Proceeds from shares issued		–			–			–			–			–			8,431
Dividends reinvested		–			–			–			–			–			1,900
Cost of shares converted to Class A Shares		–			–			–			–			–			(3,378,365	)
Cost of shares redeemed(d)		–			–			–			–			–			(109,454	)
Total Class B		–			–			–			–			–			(3,477,488	)
Class C Shares
Proceeds from shares issued		10,000	(c)		–			–			10,000			831,295			2,057,937
Dividends reinvested		–			–			22			–			29,923			8,494
Cost of shares redeemed(d)		–			–			–			–			(957,831	)		(6,247,746	)
Total Class C		10,000			–			22			10,000			(96,613	)		(4,181,315	)
Class R Shares
Proceeds from shares issued		10,000	(c)		–			13,830			10,000			294,939			1,046,701
Dividends reinvested		–			–			23			–			3,624			2,471
Cost of shares redeemed(d)		–			–			(13,719	)		–			(216,925	)		(620,475	)
Total Class R		10,000			–			134			10,000			81,638			428,697
Institutional Service Class Shares
Proceeds from shares issued		47,163			134,466			1,000			10,000			169,216			403,458
Dividends reinvested		171,801			21,087			31			–			34,115			41,479
Cost of shares redeemed(d)		(237,944	)		(456,100	)		–			–			(264,280	)		(1,750,572	)
Total Institutional Service Class		(18,980	)		(300,547	)		1,031			10,000			(60,949	)		(1,305,635	)
Institutional Class Shares
Proceeds from shares issued		95,240,842			338,943,358			18,253,456			1,640,045			195,631			839,345
Dividends reinvested		8,292,378			532,666			4,693			–			1,283			1,910
Cost of shares redeemed(d)		(110,559,632	)		(232,906,066	)		(902,298	)		(39,326	)		(463,931	)		(888,538	)
Total Institutional Class		(7,026,412	)		106,569,958			17,355,851			1,600,719			(267,017	)		(47,283	)
Change in net assets from capital transactions:	$	(7,004,470	)	$	106,269,411		$	17,393,616		$	1,758,996		$	(1,730,146	)	$	(8,018,844	)

(a) For the period from June 28, 2011 (commencement of operations) through October 31, 2011.

(b) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(c) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

(d) Includes redemption fees, if any.

See accompanying notes to financial statements.

2012 Semiannual Report

83

Statements of Changes in Net Assets (continued)

	Aberdeen Asia-Pacific (ex-Japan) Equity Fund						Aberdeen Asia-Pacific Smaller Companies Fund						Aberdeen China Opportunities Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011(a)			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
SHARE TRANSACTIONS:
Class A Shares
Issued		1,863	(c)		–			3,559			13,753			459,798			458,990
Issued in conversion from Class B Shares(b)		–			–			–			–			–			164,718
Reinvested		–			–			40			–			10,882			8,185
Redeemed		–			–			–			–			(520,757	)		(615,853	)
Total Class A Shares		1,863			–			3,599			13,753			(50,077	)		16,040
Class B Shares(b)
Issued		–			–			–			–			–			403
Reinvested		–			–			–			–			–			93
Redeemed in conversion to Class A Shares		–			–			–			–			–			(169,242	)
Redeemed		–			–			–			–			–			(5,295	)
Total Class B Shares		–			–			–			–			–			(174,041	)
Class C Shares
Issued		896	(c)		–			–			1,000			43,593			100,276
Reinvested		–			–			3			–			1,601			416
Redeemed		–			–			–			–			(50,860	)		(318,754	)
Total Class C Shares		896			–			3			1,000			(5,666	)		(218,062	)
Class R Shares
Issued		896	(c)		–			1,358			1,000			15,134			51,339
Reinvested		–			–			3			–			188			122
Redeemed		–			–			(1,352	)		–			(11,085	)		(29,811	)
Total Class R Shares		896			–			9			1,000			4,237			21,650
Institutional Service Class Shares
Issued		4,246			11,311			108			1,000			8,590			19,087
Reinvested		17,657			1,766			3			–			1,737			2,035
Redeemed		(22,038	)		(38,204	)		–			–			(13,600	)		(83,752	)
Total Institutional Service Class Shares		(135	)		(25,127	)		111			1,000			(3,273	)		(62,630	)
Institutional Class Shares
Issued		8,696,126			28,230,237			1,828,680			164,089			9,836			39,380
Reinvested		851,374			44,612			543			(3,964	)		66			94
Redeemed		(10,387,525	)		(19,676,128	)		(91,090	)		–			(23,608	)		(43,263	)
Total Institutional Class Shares		(840,025	)		8,598,721			1,738,133			160,125			(13,706	)		(3,789	)
Total change in shares:		(836,505	)		8,573,594			1,741,855			176,878			(68,485	)		(420,832	)

(a) For the period from June 28, 2011 (commencement of operations) through October 31, 2011.

(b) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(c) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

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

See accompanying notes to financial statements.

Semiannual Report 2012

84

Statements of Changes in Net Assets (continued)

	Aberdeen Emerging Markets Fund						Aberdeen Emerging Markets Institutional Fund						Aberdeen Equity Long-Short Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income/(loss)	$	1,071,407		$	1,865,413		$	41,332,789		$	72,262,163		$	(3,944,455	)	$	(7,684,435	)
Net realized gain/(loss) from investments and foreign currency transactions		18,670,471			11,291,087			(3,226,344	)		44,221,580			2,647,539			5,513,621
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		8,754,352			(21,773,539	)		448,882,070			(259,318,242	)		18,194,620			(4,405,760	)
Changes in net assets resulting form operations		28,496,230			(8,617,039	)		486,988,515			(142,834,499	)		16,897,704			(6,576,574	)
Distributions to Shareholders From:
Net investment income:
Class A		(233,111	)		(1,409,406	)		–			–			–			–
Class C		(465	)		(22,161	)		–			–			–			–
Class R		(1,544	)		(25,544	)		–			–			–			–
Institutional Service Class		–			–			(2,744,103	)		(1,704,335	)		–			–
Institutional Class		–			–			(63,220,634	)		(26,761,484	)		–			–
Net realized gains:
Class A		–			–			–			–			(920,293	)		–
Class C		–			–			–			–			(238,771	)		–
Class R		–			–			–			–			(21,361	)		–
Institutional Service Class		–			–			(2,269,376	)		–			(76,853	)		–
Institutional Class		–			–			(43,737,299	)		–			(3,875,819	)		–
Change in net assets from shareholder distributions		(235,120	)		(1,457,111	)		(111,971,412	)		(28,465,819	)		(5,133,097	)		–
Change in net assets from capital transactions		47,136,364			69,991,502			1,362,017,990			2,093,592,284			19,898,103			56,013,726
Change in net assets		75,397,474			59,917,352			1,737,035,093			1,922,291,966			31,662,710			49,437,152
Net Assets:
Beginning of period		256,598,335			196,680,983			4,810,993,515			2,888,701,549			504,241,510			454,804,358
End of period	$	331,995,809		$	256,598,335		$	6,548,028,608		$	4,810,993,515		$	535,904,220		$	504,241,510
Accumulated net investment income/(loss) at end of period	$	1,036,982		$	200,695		$	28,563,183		$	53,195,131		$	(3,944,455	)	$	–

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

See accompanying notes to financial statements.

2012 Semiannual Report

85

Statements of Changes in Net Assets (continued)

	Aberdeen Emerging Markets Fund						Aberdeen Emerging Markets Institutional Fund						Aberdeen Equity Long-Short Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	143,873,542		$	168,511,803		$	–		$	–		$	11,370,720		$	49,091,570
Proceeds from conversion of Class B Shares(a)		–			2,340,238			–			–			–			973,756
Dividends reinvested		208,620			1,253,232			–			–			780,785			–
Cost of shares redeemed(b)		(102,373,760	)		(102,522,577	)		–			–			(24,050,860	)		(60,913,940	)
Total Class A		41,708,402			69,582,696			–			–			(11,899,355	)		(10,848,614	)
Class B Shares(a)
Proceeds from shares issued		–			72,159			–			–			–			100
Cost of shares converted to Class A Shares		–			(2,340,238	)		–			–			–			(973,756	)
Cost of shares redeemed(b)		–			(269,760	)		–			–			–			(126,540	)
Total Class B		–			(2,537,839	)		–			–			–			(1,100,196	)
Class C Shares
Proceeds from shares issued		5,722,758			5,796,578			–			–			949,527			2,875,471
Dividends reinvested		261			11,304			–			–			92,459			–
Cost of shares redeemed(b)		(1,685,417	)		(3,132,579	)		–			–			(2,691,614	)		(8,755,249	)
Total Class C		4,037,602			2,675,303			–			–			(1,649,628	)		(5,879,778	)
Class R Shares
Proceeds from shares issued		2,316,758			2,935,339			–			–			232,365			1,580,569
Dividends reinvested		911			15,092			–			–			21,361			–
Cost of shares redeemed(b)		(927,309	)		(2,679,089	)		–			–			(467,984	)		(781,579	)
Total Class R		1,390,360			271,342			–			–			(214,258	)		798,990
Institutional Service Class Shares
Proceeds from shares issued		–			–			29,644,148			121,349,706			709,253			9,200,567
Dividends reinvested		–			–			5,012,334			1,655,488			76,853			–
Cost of shares redeemed(b)		–			–			(24,591,473	)		(11,267,333	)		(1,363,808	)		(1,691,582	)
Total Institutional Service Class		–			–			10,065,009			111,737,861			(577,702	)		7,508,985
Institutional Class Shares
Proceeds from shares issued		–			–			1,553,446,199			2,432,756,734			76,685,483			205,919,955
Dividends reinvested		–			–			88,919,909			20,060,989			1,393,752			–
Cost of shares redeemed(b)		–			–			(290,413,127	)		(470,963,300	)		(43,840,189	)		(140,385,616	)
Total Institutional Class		–			–			1,351,952,981			1,981,854,423			34,239,046			65,534,339
Change in net assets from capital transactions:	$	47,136,364		$	69,991,502		$	1,362,017,990		$	2,093,592,284		$	19,898,103		$	56,013,726

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(b) Includes redemption fees, if any.

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

See accompanying notes to financial statements.

Semiannual Report 2012

86

Statements of Changes in Net Assets (continued)

	Aberdeen Emerging Markets Fund						Aberdeen Emerging Markets Institutional Fund						Aberdeen Equity Long-Short Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
SHARE TRANSACTIONS:
Class A Shares
Issued		7,620,727			8,777,971			–			–			1,008,881			4,333,642
Issued in conversion from Class B Shares(a)		–			122,526			–			–			–			84,307
Reinvested		11,639			65,882			–			–			71,175			–
Redeemed		(5,192,990	)		(5,280,033	)		–			–			(2,132,592	)		(5,391,378	)
Total Class A Shares		2,439,376			3,686,346			–			–			(1,052,536	)		(973,429	)
Class B Shares(a)
Issued		–			3,822			–			–			–			9
Redeemed in conversion to Class A Shares		–			(130,216	)		–			–			–			(88,764	)
Redeemed		–			(14,442	)		–			–			–			(11,598	)
Total Class B Shares		–			(140,836	)		–			–			–			(100,353	)
Class C Shares
Issued		302,759			305,049			–			–			118,466			351,332
Reinvested		15			627			–			–			11,869			–
Redeemed		(92,463	)		(170,306	)		–			–			(337,240	)		(1,078,403	)
Total Class C Shares		210,311			135,370			–			–			(206,905	)		(727,071	)
Class R Shares
Issued		122,117			155,600			–			–			21,104			142,766
Reinvested		54			826			–			–			2,000			–
Redeemed		(49,488	)		(142,920	)		–			–			(42,762	)		(69,689	)
Total Class R Shares		72,683			13,506			–			–			(19,658	)		73,077
Institutional Service Class Shares
Issued		–			–			2,242,790			8,697,468			61,612			804,507
Reinvested		–			–			398,120			117,078			6,924			–
Redeemed		–			–			(1,848,238	)		(837,936	)		(119,943	)		(147,286	)
Total Institutional Service Class Shares		–			–			792,672			7,976,610			(51,407	)		657,221
Institutional Class Shares
Issued		–			–			112,598,133			173,224,763			6,703,631			18,070,421
Reinvested		–			–			7,068,355			1,419,745			125,225			–
Redeemed		–			–			(21,260,816	)		(33,808,383	)		(3,854,534	)		(12,287,187	)
Total Institutional Class Shares		–			–			98,405,672			140,836,125			2,974,322			5,783,234
Total change in shares:		2,722,370			3,694,386			99,198,344			148,812,735			1,643,816			4,712,679

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

2012 Semiannual Report

87

Statements of Changes in Net Assets (continued)

	Aberdeen Global Equity Fund						Aberdeen Global Natural Resources Fund						Aberdeen Global Small Cap Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	642,373		$	781,058		$	83,213		$	688,163		$	192,289		$	827,675
Net realized gain from investments and foreign currency transactions		64,998			2,225,760			1,135,895			5,409,612			376,124			2,423,263
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		3,758,225			(1,788,912	)		649,159			(5,158,881	)		5,721,107			(2,590,442	)
Changes in net assets resulting form operations		4,465,596			1,217,906			1,868,267			938,894			6,289,520			660,496
Distributions to Shareholders From:
Net investment income:
Class A		(279,840	)		(490,612	)		(103,579	)		(308,556	)		(803,572	)		(403,699	)
Class B(a)		–			(1,219	)		–			–			–			–
Class C		(19,746	)		(32,928	)		(15,942	)		(9,762	)		(2,143	)		(167	)
Class R		(7,504	)		(9,375	)		(13,445	)		(42,186	)		(2,552	)		(1,100	)
Institutional Service Class		(5	)		–			(7,282	)		(18,381	)		(677	)		(13	)
Institutional Class		(112,693	)		(198,896	)		(39,471	)		(120,195	)		(63,210	)		(28,827	)
Change in net assets from shareholder distributions		(419,788	)		(733,030	)		(179,719	)		(499,080	)		(872,154	)		(433,806	)
Change in net assets from capital transactions		10,187,884			2,225,220			(10,013,712	)		(33,903,184	)		(748,790	)		(1,857,885	)
Change in net assets		14,233,692			2,710,096			(8,325,164	)		(33,463,370	)		4,668,576			(1,631,195	)
Net Assets:
Beginning of period		39,003,126			36,293,030			60,497,830			93,961,200			54,465,451			56,096,646
End of period	$	53,236,818		$	39,003,126		$	52,172,666		$	60,497,830		$	59,134,027		$	54,465,451
Accumulated net investment income at end of period	$	292,759		$	70,174		$	60,005		$	156,511		$	155,181		$	835,046

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

Semiannual Report 2012

88

Statements of Changes in Net Assets (continued)

	Aberdeen Global Equity Fund						Aberdeen Global Natural Resources Fund						Aberdeen Global Small Cap Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,339,400		$	1,155,611		$	1,852,332		$	7,079,034		$	278,971		$	1,764,595
Proceeds from conversion of Class B Shares(a)		–			824,299			–			2,271,956			–			–
Proceeds of shares issued in connection with fund merger		9,998,530			–			–			–			–			–
Dividends reinvested		259,902			457,951			85,667			257,914			762,623			382,671
Cost of shares redeemed(b)		(3,957,949	)		(5,079,103	)		(5,877,833	)		(27,049,514	)		(3,666,730	)		(7,330,393	)
Total Class A		7,639,883			(2,641,242	)		(3,939,834	)		(17,440,610	)		(2,625,136	)		(5,183,127	)
Class B Shares(a)
Proceeds from shares issued		–			753			–			39,712			–			–
Dividends reinvested		–			549			–			–			–			–
Cost of shares converted to Class A Shares		–			(824,299	)		–			(2,271,956	)		–			–
Cost of shares redeemed(b)		–			(45,152	)		–			(179,013	)		–			–
Total Class B		–			(868,149	)		–			(2,411,257	)		–			–
Class C Shares
Proceeds from shares issued		125,485			279,247			353,512			1,684,967			16,023			101,255
Proceeds of shares issued in connection with fund merger		1,499,264			–			–			–			–			–
Dividends reinvested		10,016			15,826			7,921			5,260			759			69
Cost of shares redeemed(b)		(676,101	)		(932,766	)		(1,758,289	)		(8,009,642	)		(30,107	)		(28,494	)
Total Class C		958,664			(637,693	)		(1,396,856	)		(6,319,415	)		(13,325	)		72,830
Class R Shares
Proceeds from shares issued		1,119,812			106,785			1,803,609			3,481,433			15,917			104,454
Proceeds of shares issued in connection with fund merger		392,195			–			–			–			–			–
Dividends reinvested		649			454			2,386			7,297			2,374			1,027
Cost of shares redeemed(b)		(75,242	)		(366,184	)		(2,099,334	)		(6,645,958	)		(11,218	)		(74,984	)
Total Class R		1,437,414			(258,945	)		(293,339	)		(3,157,228	)		7,073			30,497
Institutional Service Class Shares
Proceeds from shares issued		–			–			21,194			276,883			2,710			32,944
Proceeds of shares issued in connection with fund merger		871			–			–			–			–			–
Dividends reinvested		5			–			6,976			17,913			677			13
Cost of shares redeemed(b)		–			–			(99,764	)		(2,137,573	)		(568	)		–
Total Institutional Service Class		876			–			(71,594	)		(1,842,777	)		2,819			32,957
Institutional Class Shares
Proceeds from shares issued		17,390			6,788,712			146,088			2,059,660			1,821,151			3,179,530
Proceeds of shares issued in connection with fund merger		61,984			–			–			–			–			–
Dividends reinvested		109,052			171,013			32,444			102,124			63,210			28,826
Cost of shares redeemed(b)		(37,379	)		(328,476	)		(4,490,621	)		(4,893,681	)		(4,582	)		(19,398	)
Total Institutional Class		151,047			6,631,249			(4,312,089	)		(2,731,897	)		1,879,779			3,188,958
Change in net assets from capital transactions:	$	10,187,884		$	2,225,220		$	(10,013,712	)	$	(33,903,184	)	$	(748,790	)	$	(1,857,885	)

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(b) Includes redemption fees, if any.

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

See accompanying notes to financial statements.

2012 Semiannual Report

89

Statements of Changes in Net Assets (continued)

	Aberdeen Global Equity Fund						Aberdeen Global Natural Resources Fund						Aberdeen Global Small Cap Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
SHARE TRANSACTIONS:
Class A Shares
Issued		115,698			100,362			112,307			401,554			12,689			78,311
Issued in conversion from Class B Shares(a)		–			70,816			–			122,742			–			–
Issued in connection with fund merger		936,268			–			–			–			–			–
Reinvested		22,578			40,218			5,477			15,248			38,092			17,308
Redeemed		(343,480	)		(441,711	)		(356,042	)		(1,547,878	)		(165,710	)		(324,406	)
Total Class A Shares		731,064			(230,315	)		(238,258	)		(1,008,334	)		(114,929	)		(228,787	)
Class B Shares(a)
Issued		–			70			–			2,382			–			–
Reinvested		–			51			–			–			–			–
Redeemed in conversion to Class A Shares		–			(74,513	)		–			(128,857	)		–			–
Redeemed		–			(4,290	)		–			(10,678	)		–			–
Total Class B Shares		–			(78,682	)		–			(137,153	)		–			–
Class C Shares
Issued		11,567			25,083			22,386			103,202			798			4,717
Issued in connection with fund merger		146,942			–			–			–			–			–
Reinvested		894			1,442			537			336			40			3
Redeemed		(61,552	)		(84,512	)		(111,342	)		(478,707	)		(1,487	)		(1,360	)
Total Class C Shares		97,851			(57,987	)		(88,419	)		(375,169	)		(649	)		3,360
Class R Shares
Issued		98,417			9,607			108,668			200,921			783			4,824
Issued in connection with fund merger		37,943			–			–			–			–			–
Reinvested		57			41			157			440			123			48
Redeemed		(6,635	)		(33,196	)		(127,456	)		(386,853	)		(556	)		(3,398	)
Total Class R Shares		129,782			(23,548	)		(18,631	)		(185,492	)		350			1,474
Institutional Service Class Shares
Issued		–			–			1,257			15,223			124			1,508
Issued in connection with fund merger		81			–			–			–			–			–
Reinvested		1			–			429			1,045			34			1
Redeemed		–			–			(6,050	)		(115,663	)		(25	)		–
Total Institutional Service Class Shares		82			–			(4,364	)		(99,395	)		133			1,509
Institutional Class Shares
Issued		1,490			597,534			8,576			118,557			78,961			146,166
Issued in connection with fund merger		5,802			–			–			–			–			–
Reinvested		9,581			15,022			2,018			5,947			3,162			1,304
Redeemed		(3,325	)		(28,269	)		(278,255	)		(272,308	)		(220	)		(854	)
Total Institutional Class Shares		13,548			584,287			(267,661	)		(147,804	)		81,903			146,616
Total change in shares:		972,327			193,755			(617,333	)		(1,953,347	)		(33,192	)		(75,828	)

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

Semiannual Report 2012

90

Statements of Changes in Net Assets (continued)

	Aberdeen International Equity Fund						Aberdeen Small Cap Fund						Aberdeen U.S. Equity Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income/(loss)	$	10,706,615		$	9,742,780		$	(538,660	)	$	566,182		$	1,304,874		$	(77,743	)
Net realized gain/(loss) from investments and foreign currency transactions		(585,140	)		16,619,083			8,855,381			43,019,323			11,085,438			8,145,336
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		22,302,561			(20,187,708	)		12,880,721			(31,148,068	)		19,512,577			19,367,423
Changes in net assets resulting form operations		32,424,036			6,174,155			21,197,442			12,437,437			31,902,889			27,435,016
Distributions to Shareholders From:
Net investment income:
Class A		(1,596,024	)		(3,321,921	)		–			(819,955	)		(532,389	)		–
Class B(a)(b)		–			(6,990	)		–			(21,819	)		–			–
Class C		(196,747	)		(485,026	)		–			(215,173	)		(7,463	)		–
Class R		(81,073	)		(207,988	)		–			(32,088	)		(1,704	)		–
Institutional Service Class		(2,207,764	)		(4,924,438	)		–			(107,247	)		(428,552	)		–
Institutional Class		(2,057,066	)		(315,466	)		–			(379,506	)		(11,291	)		–
Change in net assets from shareholder distributions		(6,138,674	)		(9,261,829	)		–			(1,575,788	)		(981,399	)		–
Change in net assets from capital transactions		380,792,802			19,369,893			(37,416,754	)		(79,199,217	)		(28,933,566	)		263,656,180
Change in net assets		407,078,164			16,282,219			(16,219,312	)		(68,337,568	)		1,987,924			291,091,196
Net Assets:
Beginning of period		431,436,020			415,153,801			181,114,542			249,452,110			332,726,530			41,635,334
End of period	$	838,514,184		$	431,436,020		$	164,895,230		$	181,114,542		$	334,714,454		$	332,726,530
Accumulated net investment income/(loss) at end of period	$	5,193,683		$	625,742		$	(538,660	)	$	–		$	323,475		$	–

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(b) Effective October 7, 2011, Class B & Common Class shares of the U.S. Equity Predecessor Fund were exchanged for Class A shares, and the Fund does not offer Class B and Common Class shares.

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

See accompanying notes to financial statements.

2012 Semiannual Report

91

Statements of Changes in Net Assets (continued)

	Aberdeen International Equity Fund						Aberdeen Small Cap Fund						Aberdeen U.S. Equity Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	62,694,464		$	61,212,989		$	3,926,681		$	19,064,682		$	1,810,455		$	8,122,688
Proceeds from conversion of Class B Shares(a)		–			5,400,264			–			8,218,782			–			2,210,126
Proceeds of shares issued in connection with fund merger		–			–			–			–			–			165,677,933
Dividends reinvested		1,376,578			2,799,950			–			623,874			469,867			–
Cost of shares redeemed(c)		(22,333,271	)		(48,062,709	)		(19,095,518	)		(62,250,180	)		(17,627,184	)		(21,852,691	)
Total Class A		41,737,771			21,350,494			(15,168,837	)		(34,342,842	)		(15,346,862	)		154,158,056
Class B Shares(a)
Proceeds from shares issued		–			7,231			–			22,453			–			11,402
Dividends reinvested		–			3,847			–			16,190			–			–
Cost of shares converted to Class A Shares		–			(5,400,264	)		–			(8,218,782	)		–			(2,210,126	)
Cost of shares redeemed(c)		–			(174,485	)		–			(643,471	)		–			(266,882	)
Total Class B		–			(5,563,671	)		–			(8,823,610	)		–			(2,465,606	)
Class C Shares
Proceeds from shares issued		5,227,394			2,736,654			674,278			2,037,607			211,774			391,830
Proceeds of shares issued in connection with fund merger		–			–			–			–			–			901,712
Dividends reinvested		117,507			278,489			–			125,247			2,753			–
Cost of shares redeemed(c)		(3,667,336	)		(10,857,494	)		(6,267,796	)		(17,271,994	)		(1,188,650	)		(3,691,611	)
Total Class C		1,677,565			(7,842,351	)		(5,593,518	)		(15,109,140	)		(974,123	)		(2,398,069	)
Class R Shares
Proceeds from shares issued		1,370,189			2,518,413			387,553			1,716,497			38,174			152,096
Dividends reinvested		72,554			182,256			–			6,062			7			–
Cost of shares redeemed(c)		(2,112,471	)		(2,468,164	)		(1,622,359	)		(4,405,899	)		(84,442	)		(334,000	)
Total Class R		(669,728	)		232,505			(1,234,806	)		(2,683,340	)		(46,261	)		(181,904	)
Institutional Service Class Shares
Proceeds from shares issued		26,759,802			28,100,138			2,236,789			8,019,200			1,637,885			308,591
Proceeds of shares issued in connection with fund merger		3,627,995			–			–			–			–			115,255,456
Dividends reinvested		2,144,155			4,754,995			–			6,427			411,851			–
Cost of shares redeemed(c)		(33,875,088	)		(23,466,499	)		(4,969,802	)		(6,303,847	)		(14,221,196	)		(723,863	)
Total Institutional Service Class		(1,343,136	)		9,388,634			(2,733,013	)		1,721,780			(12,171,460	)		114,840,184
Institutional Class Shares
Proceeds from shares issued		64,359,677			4,591,897			2,552,892			11,009,068			478,054			1,239,505
Proceeds of shares issued in connection with fund merger		281,502,697			–			–			–			–			–
Dividends reinvested		1,983,207			146,242			–			298,918			8,127			–
Cost of shares redeemed(c)		(8,455,251	)		(2,933,857	)		(15,239,472	)		(31,270,051	)		(881,041	)		(1,535,986	)
Total Institutional Class		339,390,330			1,804,282			(12,686,580	)		(19,962,065	)		(394,860	)		(296,481	)
Change in net assets from capital transactions:	$	380,792,802		$	19,369,893		$	(37,416,754	)	$	(79,199,217	)	$	(28,933,566	)	$	263,656,180

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(c) Includes redemption fees, if any.

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

See accompanying notes to financial statements.

Semiannual Report 2012

92

Statements of Changes in Net Assets (continued)

	Aberdeen International Equity Fund						Aberdeen Small Cap Fund						Aberdeen U.S. Equity Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
SHARE TRANSACTIONS:
Class A Shares
Issued		4,700,803			4,425,348			258,416			1,278,537			191,218			838,105
Issued in conversion from Class B Shares(a)		–			393,604			–			518,209			–			227,613
Issued in connection with fund merger		–			–			–			–			–			20,007,315
Reinvested		103,787			210,635			–			40,704			51,347			–
Redeemed		(1,707,785	)		(3,601,056	)		(1,281,591	)		(4,215,711	)		(1,873,155	)		(2,127,003	)
Total Class A Shares		3,096,805			1,428,531			(1,023,175	)		(2,378,261	)		(1,630,590	)		18,946,030
Class B Shares(a)
Issued		–			570			–			1,644			–			1,339
Reinvested		–			306			–			1,176			–			–
Redeemed in conversion to Class A Shares		–			(416,602	)		–			(572,307	)		–			(247,724	)
Redeemed		–			(13,858	)		–			(46,831	)		–			(31,693	)
Total Class B Shares		–			(429,584	)		–			(616,318	)		–			(278,078	)
Class C Shares
Issued		412,437			214,083			50,181			146,778			25,104			45,998
Issued in connection with fund merger		–			–			–			–			–			117,968
Reinvested		9,228			21,881			–			9,005			339			–
Redeemed		(294,918	)		(846,435	)		(462,740	)		(1,271,662	)		(138,002	)		(434,172	)
Total Class C Shares		126,747			(610,471	)		(412,559	)		(1,115,879	)		(112,559	)		(270,206	)
Class R Shares
Issued		107,710			196,080			27,058			120,944			4,267			17,502
Reinvested		5,710			14,244			–			421			1			–
Redeemed		(170,941	)		(192,596	)		(116,861	)		(306,519	)		(9,334	)		(36,456	)
Total Class R Shares		(57,521	)		17,728			(89,803	)		(185,154	)		(5,066	)		(18,954	)
Institutional Service Class Shares
Issued		2,006,090			2,042,298			142,813			516,327			168,857			34,448
Issued in connection with fund merger		261,566			–			–			–			–			13,384,931
Reinvested		159,530			351,492			–			405			42,964			–
Redeemed		(2,511,445	)		(1,719,171	)		(313,153	)		(431,406	)		(1,448,728	)		(323,120	)
Total Institutional Service Class Shares		(84,259	)		674,619			(170,340	)		85,326			(1,236,907	)		13,096,259
Institutional Class Shares
Issued		4,822,389			341,778			166,450			708,236			51,704			128,181
Issued in connection with fund merger		20,229,035			–			–			–			–			–
Reinvested		142,442			10,803			–			18,904			844			–
Redeemed		(615,839	)		(214,708	)		(992,220	)		(2,036,807	)		(90,175	)		(158,658	)
Total Institutional Class Shares		24,578,027			137,873			(825,770	)		(1,309,667	)		(37,627	)		(30,477	)
Total change in shares:		27,659,799			1,218,696			(2,521,647	)		(5,519,953	)		(3,022,749	)		31,444,574

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

2012 Semiannual Report

93

Statements of Changes in Net Assets (continued)

	Aberdeen U.S. Equity II Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	225,805		$	550,278
Net realized gain from investments and foreign currency transactions		2,190,717			5,616,091
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		4,186,385			1,903,441
Changes in net assets resulting form operations		6,602,907			8,069,810
Distributions to Shareholders From:
Net investment income:
Class A		(177,871	)		(466,761	)
Class B(a)(b)		–			(106	)
Class C		(2,243	)		(117	)
Common Class(b)		–			(95,539	)
Change in net assets from shareholder distributions		(180,114	)		(562,523	)
Change in net assets from capital transactions		(6,307,938	)		(22,718,762	)
Change in net assets		114,855			(15,211,475	)
Net Assets:
Beginning of period		70,117,151			85,328,626
End of period	$	70,232,006		$	70,117,151
Accumulated net investment income at end of period	$	45,692		$	1

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(b) Effective October 7, 2011, Class B & Common Class shares of the U.S. Equity II Predecessor Fund were exchanged for Class A shares, and the Fund does not offer Class B and Common Class shares.

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

See accompanying notes to financial statements.

Semiannual Report 2012

94

Statements of Changes in Net Assets (continued)

	Aberdeen U.S. Equity II Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	863,776		$	3,449,039
Proceeds of shares issued in connection with fund merger		–			12,479,061
Dividends reinvested		159,267			419,284
Cost of shares redeemed(c)		(7,208,016	)		(20,643,953	)
Total Class A		(6,184,973	)		(4,296,569	)
Class B Shares(a)
Proceeds from shares issued		–			219,666
Cost of shares converted to Class A Shares		–			(1,491,139	)
Cost of shares redeemed(c)		–			(1,034,356	)
Total Class B		–			(2,305,829	)
Class C Shares
Proceeds from shares issued		29,728			44,582
Dividends reinvested		1,496			–
Cost of shares redeemed(c)		(154,189	)		(3,345,036	)
Total Class C		(122,965	)		(3,300,454	)
Common Class Shares
Proceeds from shares issued		–			411,928
Dividends reinvested		–			92,909
Cost of shares redeemed in connection with fund merger		–			(10,987,922	)
Cost of shares redeemed		–			(2,332,825	)
Total Common Class Shares		–			(12,815,910	)
Change in net assets from capital transactions:	$	(6,307,938	)	$	(22,718,762	)

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(c) Includes redemption fees, if any.

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

See accompanying notes to financial statements.

2012 Semiannual Report

95

Statements of Changes in Net Assets (concluded)

	Aberdeen U.S. Equity II Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
SHARE TRANSACTIONS:
Class A Shares
Issued		65,867			277,720
Issued in connection with fund merger		–			1,084,730
Reinvested		12,540			36,172
Redeemed		(555,640	)		(1,665,723	)
Total Class A Shares		(477,233	)		(267,101	)
Class B Shares(a)
Issued		–			22,264
Redeemed in conversion to Class A Shares		–			(162,957	)
Redeemed		–			(104,394	)
Total Class B Shares		–			(245,087	)
Class C Shares
Issued		2,813			4,252
Reinvested		155			–
Redeemed		(14,748	)		(348,787	)
Total Class C Shares		(11,780	)		(344,535	)
Common Class Shares
Issued		–			33,404
Reinvested		–			8,121
Redeemed in connection with fund merger		–			(966,879	)
Redeemed		–			(191,669	)
Total Common Class Shares		–			(1,117,023	)
Total change in shares:		(489,013	)		(1,973,746	)

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

Semiannual Report 2012

96

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Financial Highlights

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

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

			Investment Activities								Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (a)		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
Period Ended April 30, 2012*(g)	$	11.26	$	0.07	$	(0.03	)	$	0.04		$	–		$	–		$	–		$	–	$	11.30
Class C Shares
Period Ended April 30, 2012*(g)		11.26		0.05		(0.02	)		0.03			–			–			–			–		11.29
Class R Shares
Period Ended April 30, 2012*(g)		11.26		0.06		(0.02	)		0.04			–			–			–			–		11.30
Institutional Service Class Shares
Six Months Ended April 30, 2012*		11.34		0.11		0.64			0.75			(0.23	)		(0.56	)		(0.79	)		–		11.30
Year Ended October 31, 2011		11.81		0.23		(0.60	)		(0.37	)		(0.09	)		(0.01	)		(0.10	)		–		11.34
Period Ended October 31, 2010(h)		10.00		0.21		1.60			1.81			–			–			–			–		11.81
Institutional Class Shares
Six Months Ended April 30, 2012*		11.34		0.10		0.66			0.76			(0.23	)		(0.56	)		(0.79	)		–		11.31
Year Ended October 31, 2011		11.82		0.24		(0.62	)		(0.38	)		(0.09	)		(0.01	)		(0.10	)		–		11.34
Period Ended October 31, 2010(h)		10.00		0.23		1.59			1.82			–			–			–			–		11.82

* 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.

Semiannual Report 2012

98

Financial Highlights (continued)

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

Aberdeen Asia-Pacific (ex-Japan) Equity Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover (f)
	0.36	%	$	21		1.42	%		3.59	%		1.42	%		11.14	%
	0.27	%		10		2.17	%		2.84	%		2.17	%		11.14	%
	0.36	%		10		1.67	%		3.34	%		1.67	%		11.14	%
	7.73	%		2,574		1.23	%		1.97	%		1.23	%		11.14	%
	(3.20	%)		2,584		1.23	%		1.95	%		1.23	%		25.31	%
	18.10	%		2,989		1.23	%		1.94	%		1.76	%		1.15	%
	7.82	%		423,633		1.22	%		1.94	%		1.22	%		11.14	%
	(3.28	%)		434,567		1.23	%		2.04	%		1.23	%		25.31	%
	18.20	%		351,085		1.24	%		2.23	%		1.30	%		1.15	%

(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) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

(h) For the period from November 16, 2009 (commencement of operations) through October 31, 2010.

2012 Semiannual Report

99

Financial Highlights (continued)

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

Aberdeen Asia-Pacific Smaller Companies Fund

			Investment Activities								Distributions
	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gains (Losses) on Invest- ments			Total from Invest- ment Activities			Net Invest- ment Income			Net Realized Gains			Total Distri- butions			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*	$	8.95	$	0.04	$	1.26		$	1.30		$	–		$	(0.02	)	$	(0.02	)	$	10.23
Period Ended October 31, 2011(g)		10.00		0.01		(1.06	)		(1.05	)		–			–			–			8.95
Class C Shares
Six Months Ended April 30, 2012*		8.93		0.01		1.25			1.26			–			(0.02	)		(0.02	)		10.17
Period Ended October 31, 2011(g)		10.00		0.01		(1.08	)		(1.07	)		–			–			–			8.93
Class R Shares
Six Months Ended April 30, 2012*		8.94		0.03		1.28			1.31			(0.01	)		(0.02	)		(0.03	)		10.22
Period Ended October 31, 2011(g)		10.00		0.02		(1.08	)		(1.06	)		–			–			–			8.94
Institutional Service Class Shares
Six Months Ended April 30, 2012*		8.96		0.05		1.27			1.32			(0.01	)		(0.02	)		(0.03	)		10.25
Period Ended October 31, 2011(g)		10.00		0.04		(1.08	)		(1.04	)		–			–			–			8.96
Institutional Class Shares
Six Months Ended April 30, 2012*		8.96		0.06		1.26			1.32			(0.01	)		(0.02	)		(0.03	)		10.25
Period Ended October 31, 2011(g)		10.00		0.04		(1.08	)		(1.04	)		–			–			–			8.96

* 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.

Semiannual Report 2012

100

Financial Highlights (continued)

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

Aberdeen Asia-Pacific Smaller Companies Fund (concluded)

			Ratios/Supplemental Data
Total Return(b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets(d)			Ratio of Net Investment Income to Average Net Assets(d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover(f)
	14.67	%	$	178		1.95	%		0.89	%		3.05	%		5.23	%
	(10.50	%)		123		1.95	%		0.43	%		19.61	%		1.68	%
	14.18	%		10		2.70	%		0.14	%		3.80	%		5.23	%
	(10.70	%)		9		2.70	%		0.19	%		20.48	%		1.68	%
	14.52	%		10		2.20	%		0.59	%		3.30	%		5.23	%
	(10.60	%)		9		2.20	%		0.69	%		19.98	%		1.68	%
	14.81	%		11		1.70	%		1.16	%		2.80	%		5.23	%
	(10.40	%)		9		1.70	%		1.19	%		19.48	%		1.68	%
	14.81	%		19,462		1.70	%		1.19	%		2.80	%		5.23	%
	(10.40	%)		1,434		1.70	%		1.19	%		19.48	%		1.68	%

(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) For the period from June 28, 2011 (commencement of operations) through October 31, 2011.

2012 Semiannual Report

101

Financial Highlights (continued)

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

Aberdeen China Opportunities 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			Tax Return of Capital			Total Distri- butions			Redemp- tion Fees		Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	18.81	$	0.17		$	1.54		$	1.71		$	(0.17	)	$	–		$	–		$	(0.17	)	$	0.01	$	20.36
Year Ended October 31, 2011(f)		20.66		0.21			(1.91	)		(1.70	)		(0.16	)		–			–			(0.16	)		0.01		18.81
Year Ended October 31, 2010(f)		16.40		0.14			4.21			4.35			(0.09	)		–			–			(0.09	)		–		20.66
Year Ended October 31, 2009		9.92		0.12			6.50			6.62			(0.12	)		–			(0.02	)		(0.14	)		–		16.40
Year Ended October 31, 2008		37.00		0.10			(19.99	)		(19.89	)		(0.12	)		(5.95	)		(1.12	)		(7.19	)		–		9.92
Year Ended October 31, 2007(f)		15.86		0.01			22.07			22.08			(0.05	)		(0.92	)		–			(0.97	)		0.03		37.00
Class C Shares
Six Months Ended April 30, 2012*(f)		18.30		0.09			1.50			1.59			(0.10	)		–			–			(0.10	)		0.01		19.80
Year Ended October 31, 2011(f)		20.09		0.02			(1.80	)		(1.78	)		(0.02	)		–			–			(0.02	)		0.01		18.30
Year Ended October 31, 2010(f)		15.97		0.01			4.11			4.12			–			–			–			–			–		20.09
Year Ended October 31, 2009		9.69		0.04			6.31			6.35			(0.05	)		–			(0.02	)		(0.07	)		–		15.97
Year Ended October 31, 2008		36.42		(0.11	)		(19.53	)		(19.64	)		(0.02	)		(5.95	)		(1.12	)		(7.09	)		–		9.69
Year Ended October 31, 2007(f)		15.70		(0.16	)		21.77			21.61			–			(0.92	)		–			(0.92	)		0.03		36.42
Class R Shares
Six Months Ended April 30, 2012*(f)		18.62		0.13			1.53			1.66			(0.14	)		–			–			(0.14	)		0.01		20.15
Year Ended October 31, 2011(f)		20.46		0.14			(1.88	)		(1.74	)		(0.11	)		–			–			(0.11	)		0.01		18.62
Year Ended October 31, 2010(f)		16.26		0.17			4.10			4.27			(0.07	)		–			–			(0.07	)		–		20.46
Year Ended October 31, 2009		9.85		0.09			6.45			6.54			(0.11	)		–			(0.02	)		(0.13	)		–		16.26
Year Ended October 31, 2008		36.78		–			(19.78	)		(19.78	)		(0.09	)		(5.94	)		(1.12	)		(7.15	)		–		9.85
Year Ended October 31, 2007(f)		15.79		(0.08	)		21.97			21.89			(0.01	)		(0.92	)		–			(0.93	)		0.03		36.78
Institutional Service Class Shares
Six Months Ended April 30, 2012*(f)		18.88		0.19			1.55			1.74			(0.19	)		–			–			(0.19	)		0.01		20.44
Year Ended October 31, 2011(f)		20.73		0.22			(1.87	)		(1.65	)		(0.21	)		–			–			(0.21	)		0.01		18.88
Year Ended October 31, 2010(f)		16.44		0.18			4.25			4.43			(0.14	)		–			–			(0.14	)		–		20.73
Year Ended October 31, 2009		9.94		0.10			6.57			6.67			(0.15	)		–			(0.02	)		(0.17	)		–		16.44
Year Ended October 31, 2008		37.11		0.08			(19.98	)		(19.90	)		(0.21	)		(5.94	)		(1.12	)		(7.27	)		–		9.94
Year Ended October 31, 2007(f)		15.88		0.06			22.14			22.20			(0.08	)		(0.92	)		–			(1.00	)		0.03		37.11
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		18.90		0.19			1.54			1.73			(0.19	)		–			–			(0.19	)		0.01		20.45
Year Ended October 31, 2011(f)		20.74		0.25			(1.89	)		(1.64	)		(0.21	)		–			–			(0.21	)		0.01		18.90
Year Ended October 31, 2010(f)		16.49		0.18			4.21			4.39			(0.14	)		–			–			(0.14	)		–		20.74
Year Ended October 31, 2009		9.97		0.31			6.37			6.68			(0.14	)		–			(0.02	)		(0.16	)		–		16.49
Year Ended October 31, 2008		37.18		0.20			(20.14	)		(19.94	)		(0.21	)		(5.94	)		(1.12	)		(7.27	)		–		9.97
Year Ended October 31, 2007(f)		15.91		0.07			22.17			22.24			(0.08	)		(0.92	)		–			(1.00	)		0.03		37.18

* Unaudited

(a) Excludes sales charge.

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

(c) Annualized for periods less than one year.

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

See accompanying notes to financial statements.

Semiannual Report 2012

102

Financial Highlights (continued)

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

Aberdeen China Opportunities Fund (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	9.19	%	$	26,130		1.89	%		1.75	%		2.09	%		16.23	%
	(8.20	%)		25,086		1.89	%		1.02	%		2.12	%		20.44	%
	26.58	%		27,216		1.88	%		0.77	%		2.18	%		27.91	%
	66.96	%		20,812		1.86	%		1.00	%		2.75	%		103.66	%
	(64.82	%)		13,461		1.82	%		0.47	%		2.06	%		122.49	%
	145.79	%		61,791		1.88	%		0.06	%		1.88	%		127.10	%
	8.79	%		9,798		2.62	%		0.93	%		2.82	%		16.23	%
	(8.78	%)		9,161		2.62	%		0.11	%		2.84	%		20.44	%
	25.74	%		14,438		2.62	%		0.03	%		2.90	%		27.91	%
	65.61	%		15,622		2.62	%		0.20	%		3.46	%		103.66	%
	(65.08	%)		7,261		2.56	%		(0.32	%)		2.79	%		122.49	%
	143.94	%		36,340		2.62	%		(0.68	%)		2.62	%		127.10	%
	9.01	%		1,092		2.20	%		1.35	%		2.39	%		16.23	%
	(8.44	%)		930		2.20	%		0.71	%		2.43	%		20.44	%
	26.30	%		578		2.12	%		0.95	%		2.43	%		27.91	%
	66.59	%		151		2.10	%		0.82	%		2.96	%		103.66	%
	(64.88	%)		61		2.06	%		0.19	%		2.23	%		122.49	%
	144.93	%		430		2.13	%		(0.27	%)		2.13	%		127.10	%
	9.34	%		3,719		1.63	%		1.92	%		1.82	%		16.23	%
	(7.92	%)		3,498		1.62	%		1.08	%		1.84	%		20.44	%
	27.00	%		5,138		1.62	%		1.03	%		1.91	%		27.91	%
	67.29	%		4,814		1.62	%		1.24	%		2.53	%		103.66	%
	(64.72	%)		4,058		1.56	%		0.55	%		1.78	%		122.49	%
	146.46	%		21,424		1.62	%		0.20	%		1.62	%		127.10	%
	9.28	%		1,070		1.62	%		1.95	%		1.82	%		16.23	%
	(7.91	%)		1,247		1.62	%		1.20	%		1.84	%		20.44	%
	26.73	%		1,448		1.62	%		0.98	%		1.87	%		27.91	%
	67.25	%		3,391		1.62	%		1.30	%		2.57	%		103.66	%
	(64.71	%)		6,086		1.56	%		0.86	%		1.86	%		122.49	%
	146.44	%		17,182		1.63	%		0.29	%		1.63	%		127.10	%

(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.

2012 Semiannual Report

103

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)			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, 2012*(f)	$	18.70	$	0.07		$	1.45		$	1.52		$	(0.02	)	$	–		$	–		$	(0.02	)	$	–	$	20.20
Year Ended October 31, 2011(f)		19.62		0.18			(0.98	)		(0.80	)		(0.13	)		–			–			(0.13	)		0.01		18.70
Year Ended October 31, 2010(f)		14.83		0.14			4.77			4.91			(0.12	)		–			–			(0.12	)		–		19.62
Year Ended October 31, 2009		9.41		0.10			5.41			5.51			(0.07	)		–			(0.02	)		(0.09	)		–		14.83
Year Ended October 31, 2008		27.95		0.13			(14.75	)		(14.62	)		(0.08	)		(3.17	)		(0.67	)		(3.92	)		–		9.41
Year Ended October 31, 2007		17.82		0.06			12.90			12.96			(0.05	)		(2.79	)		–			(2.84	)		0.01		27.95
Class C Shares
Six Months Ended April 30, 2012*(f)		18.05		0.01			1.39			1.40			–			–			–			–			–		19.45
Year Ended October 31, 2011(f)		18.94		0.07			(0.94	)		(0.87	)		(0.03	)		–			–			(0.03	)		0.01		18.05
Year Ended October 31, 2010(f)		14.34		0.03			4.61			4.64			(0.04	)		–			–			(0.04	)		–		18.94
Year Ended October 31, 2009		9.10		0.10			5.14			5.24			–			–			–			–			–		14.34
Year Ended October 31, 2008		27.22		–			(14.29	)		(14.29	)		–			(3.17	)		(0.66	)		(3.83	)		–		9.10
Year Ended October 31, 2007		17.49		(0.04	)		12.55			12.51			–			(2.79	)		–			(2.79	)		0.01		27.22
Class R Shares
Six Months Ended April 30, 2012*(f)		17.89		0.05			1.39			1.44			(0.01	)		–			–			(0.01	)		–		19.32
Year Ended October 31, 2011(f)		18.78		0.13			(0.94	)		(0.81	)		(0.09	)		–			–			(0.09	)		0.01		17.89
Year Ended October 31, 2010(f)		14.21		0.09			4.57			4.66			(0.09	)		–			–			(0.09	)		–		18.78
Year Ended October 31, 2009		9.03		0.11			5.13			5.24			(0.04	)		–			(0.02	)		(0.06	)		–		14.21
Year Ended October 31, 2008		27.03		0.11			(14.19	)		(14.08	)		(0.08	)		(3.17	)		(0.67	)		(3.92	)		–		9.03
Year Ended October 31, 2007		17.32		0.03			12.48			12.51			(0.02	)		(2.79	)		–			(2.81	)		0.01		27.03

* Unaudited

(a) Excludes sales charge.

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

(c) Annualized for periods less than one year.

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

See accompanying notes to financial statements.

Semiannual Report 2012

104

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 (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	8.12	%	$	309,373		1.76	%		0.73	%		1.81	%		18.60	%
	(4.02	%)		240,717		1.78	%		0.93	%		1.79	%		13.02	%
	33.26	%		180,228		1.79	%		0.84	%		1.95	%		15.30	%
	58.67	%		104,513		1.77	%		0.89	%		2.27	%		92.99	%
	(59.99	%)		28,684		1.70	%		0.61	%		1.77	%		104.15	%
	82.20	%		102,204		1.76	%		0.31	%		1.77	%		70.09	%
	7.76	%		16,330		2.42	%		0.13	%		2.47	%		18.60	%
	(4.52	%)		11,354		2.42	%		0.35	%		2.44	%		13.02	%
	32.37	%		9,352		2.42	%		0.17	%		2.58	%		15.30	%
	57.63	%		6,453		2.42	%		0.65	%		3.13	%		92.99	%
	(60.26	%)		7,905		2.38	%		(0.01	%)		2.46	%		104.15	%
	81.04	%		21,994		2.42	%		(0.35	%)		2.43	%		70.09	%
	8.03	%		6,292		2.02	%		0.52	%		2.07	%		18.60	%
	(4.21	%)		4,527		2.07	%		0.67	%		2.09	%		13.02	%
	32.84	%		4,497		2.05	%		0.57	%		2.21	%		15.30	%
	58.08	%		3,057		2.17	%		0.94	%		2.85	%		92.99	%
	(60.03	%)		2,031		1.84	%		0.79	%		2.06	%		104.15	%
	81.85	%		1,819		1.98	%		0.16	%		1.98	%		70.09	%

(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.

2012 Semiannual Report

105

Financial Highlights (continued)

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

Aberdeen Emerging Markets Institutional Fund

			Investment Activities								Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (a)		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
Institutional Service Class Shares
Six Months Ended April 30, 2012*	$	13.68	$	0.08	$	1.04		$	1.12		$	(0.15	)	$	(0.12	)	$	(0.27	)	$	–	$	14.53
Year Ended October 31, 2011		14.29		0.22		(0.70	)		(0.48	)		(0.13	)		–			(0.13	)		–		13.68
Period Ended October 31, 2010(g)		11.65		0.08		2.78			2.86			(0.22	)		–			(0.22	)		–		14.29
Institutional Class Shares
Six Months Ended April 30, 2012*		13.70		0.10		1.04			1.14			(0.18	)		(0.12	)		(0.30	)		–		14.54
Year Ended October 31, 2011		14.28		0.26		(0.71	)		(0.45	)		(0.13	)		–			(0.13	)		–		13.70
Year Ended October 31, 2010		10.92		0.21		3.37			3.58			(0.22	)		–			(0.22	)		–		14.28
Year Ended October 31, 2009		6.80		0.16		4.16			4.32			(0.05	)		(0.15	)		(0.20	)		–		10.92
Year Ended October 31, 2008		12.67		0.19		(5.73	)		(5.54	)		(0.21	)		(0.12	)		(0.33	)		–		6.80
Period Ended October 31, 2007(h)		10.00		0.07		2.60			2.67			–			–			–			–		12.67

* 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.

Semiannual Report 2012

106

Financial Highlights (continued)

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

Aberdeen Emerging Markets Institutional Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)				Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover (f)
	8.50	%		$	275,743		1.24	%		1.20	%		1.25	%		0.11	%
	(3.41	%)			248,725		1.21	%		1.55	%		1.29	%		1.51	%
	25.04	%			145,837		0.95	%		0.65	%		1.04	%		1.03	%
	8.67	%			6,272,286		1.01	%		1.50	%		1.01	%		0.11	%
	(3.14	%)			4,562,269		0.95	%		1.87	%		1.03	%		1.51	%
	33.20	%			2,742,864		0.95	%		1.70	%		1.05	%		1.03	%
	65.59	%			982,836		0.95	%		1.90	%		1.14	%		9.00	%
	(44.80	%)			189,074		0.95	%		1.80	%		1.19	%		13.00	%
	26.70	%			227,686		0.95	%		1.29	%		1.26	%		4.00	%

(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) For the period from November 24, 2009 (commencement of operations) through October 31, 2010.

(h) For the period from May 11, 2007 (commencement of operations) through October 31, 2007.

2012 Semiannual Report

107

Financial Highlights (continued)

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

Aberdeen Equity Long-Short 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			Tax Return of Capital			Total Distri- butions			Redemp- tion Fees		Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(g)	$	11.17	$	(0.10	)	$	0.46		$	0.36		$	–		$	(0.11	)	$	–		$	(0.11	)	$	–	$	11.42
Year Ended October 31, 2011(g)		11.35		(0.20	)		0.02			(0.18	)		–			–			–			–			–		11.17
Year Ended October 31, 2010(g)		10.66		(0.18	)		0.87			0.69			–			–			–			–			–		11.35
Year Ended October 31, 2009		10.47		(0.16	)		0.35			0.19			–			–			–			–			–		10.66
Year Ended October 31, 2008		11.89		(0.02	)		(1.38	)		(1.40	)		(0.01	)		–			(0.01	)		(0.02	)		–		10.47
Year Ended October 31, 2007(g)		10.30		0.14			1.62			1.76			(0.17	)		–			–			(0.17	)		–		11.89
Class C Shares
Six Months Ended April 30, 2012*(g)		7.97		(0.10	)		0.32			0.22			–			(0.11	)		–			(0.11	)		–		8.08
Year Ended October 31, 2011(g)		8.16		(0.20	)		0.01			(0.19	)		–			–			–			–			–		7.97
Year Ended October 31, 2010(g)		7.71		(0.19	)		0.64			0.45			–			–			–			–			–		8.16
Year Ended October 31, 2009		7.62		(0.17	)		0.26			0.09			–			–			–			–			–		7.71
Year Ended October 31, 2008		8.71		(0.07	)		(1.02	)		(1.09	)		–			–			–			–			–		7.62
Year Ended October 31, 2007(g)		7.59		0.05			1.19			1.24			(0.12	)		–			–			(0.12	)		–		8.71
Class R Shares
Six Months Ended April 30, 2012*(g)		10.88		(0.11	)		0.45			0.34			–			(0.11	)		–			(0.11	)		–		11.11
Year Ended October 31, 2011(g)		11.08		(0.23	)		0.03			(0.20	)		–			–			–			–			–		10.88
Year Ended October 31, 2010(g)		10.43		(0.22	)		0.87			0.65			–			–			–			–			–		11.08
Year Ended October 31, 2009		10.26		(0.18	)		0.35			0.17			–			–			–			–			–		10.43
Year Ended October 31, 2008		11.69		(0.02	)		(1.40	)		(1.42	)		–			–			(0.01	)		(0.01	)		–		10.26
Year Ended October 31, 2007(g)		10.11		0.09			1.60			1.69			(0.11	)		–			–			(0.11	)		–		11.69
Institutional Service Class Shares
Six Months Ended April 30, 2012*(g)		11.30		(0.09	)		0.46			0.37			–			(0.11	)		–			(0.11	)		–		11.56
Year Ended October 31, 2011(g)		11.47		(0.21	)		0.04			(0.17	)		–			–			–			–			–		11.30
Period Ended October 31, 2010(g)(h)		10.79		(0.10	)		0.78			0.68			–			–			–			–			–		11.47
Institutional Class Shares
Six Months Ended April 30, 2012*(g)		11.33		(0.08	)		0.46			0.38			–			(0.11	)		–			(0.11	)		–		11.60
Year Ended October 31, 2011(g)		11.48		(0.17	)		0.02			(0.15	)		–			–			–			–			–		11.33
Year Ended October 31, 2010(g)		10.75		(0.15	)		0.88			0.73			–			–			–			–			–		11.48
Year Ended October 31, 2009		10.53		(0.14	)		0.36			0.22			–			–			–			–			–		10.75
Year Ended October 31, 2008		11.94		0.01			(1.38	)		(1.37	)		(0.03	)		–			(0.01	)		(0.04	)		–		10.53
Year Ended October 31, 2007(g)		10.34		0.15			1.65			1.80			(0.20	)		–			–			(0.20	)		–		11.94

* 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.

Semiannual Report 2012

108

Financial Highlights (continued)

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

Aberdeen Equity Long-Short Fund (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Dividend Expense (c)(e)			Portfolio Turnover (f)
	3.28	%	$	83,399		2.33	%		(1.74	%)		2.33	%		0.68	%		20.55	%
	(1.58	%)		93,352		2.32	%		(1.75	%)		2.40	%		0.63	%		62.65	%
	6.57	%		105,897		2.15	%		(1.61	%)		2.15	%		0.43	%		152.09	%
	1.81	%		116,575		2.29	%		(1.56	%)		3.01	%		0.55	%		359.27	%
	(11.77	%)		90,320		2.14	%		(0.29	%)		2.60	%		0.41	%		574.27	%
	17.26	%		45,037		2.53	%		1.25	%		2.69	%		0.69	%		608.98	%
	2.83	%		15,923		3.04	%		(2.44	%)		3.04	%		0.68	%		20.55	%
	(2.33	%)		17,345		3.04	%		(2.47	%)		3.13	%		0.62	%		62.65	%
	5.84	%		23,685		2.88	%		(2.35	%)		2.88	%		0.43	%		152.09	%
	1.18	%		27,523		3.01	%		(2.27	%)		3.75	%		0.55	%		359.27	%
	(12.49	%)		31,287		2.87	%		(0.95	%)		3.33	%		0.41	%		574.27	%
	16.44	%		24,768		3.24	%		0.57	%		3.39	%		0.69	%		608.98	%
	3.18	%		2,073		2.54	%		(1.95	%)		2.54	%		0.68	%		20.55	%
	(1.81	%)		2,245		2.61	%		(2.07	%)		2.68	%		0.67	%		62.65	%
	6.23	%		1,477		2.51	%		(2.05	%)		2.51	%		0.51	%		152.09	%
	1.66	%		100		2.51	%		(1.78	%)		3.22	%		0.55	%		359.27	%
	(12.18	%)		76		2.46	%		(0.93	%)		3.30	%		0.41	%		574.27	%
	16.78	%		1		2.88	%		0.85	%		3.08	%		0.69	%		608.98	%
	3.33	%		7,976		2.25	%		(1.66	%)		2.25	%		0.68	%		20.55	%
	(1.48	%)		8,380		2.37	%		(1.90	%)		2.40	%		0.77	%		62.65	%
	6.30	%		965		2.04	%		(1.53	%)		2.04	%		0.43	%		152.09	%
	3.41	%		426,534		2.04	%		(1.44	%)		2.04	%		0.68	%		20.55	%
	(1.31	%)		382,920		2.06	%		(1.50	%)		2.14	%		0.64	%		62.65	%
	6.79	%		321,696		1.88	%		(1.36	%)		1.88	%		0.43	%		152.09	%
	2.09	%		146,026		1.98	%		(1.30	%)		2.60	%		0.55	%		359.27	%
	(11.55	%)		14,230		1.86	%		0.09	%		2.25	%		0.41	%		574.27	%
	17.60	%		23,894		2.25	%		1.40	%		2.43	%		0.69	%		608.98	%

(e) Indicates the dividend expense charged for the period to average net assets.

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

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

(h) For the period from November 2, 2009 (commencement of operations) through October 31, 2010.

2012 Semiannual Report

109

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)			Net Realized and Unrealized Gains (Losses) on Invest- ments			Total from Invest- ment Activities			Net Invest- ment Income			Tax Return of Capital			Total Distri- butions			Redemp- tion Fees		Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	11.14	$	0.15		$	0.73		$	0.88		$	(0.10	)	$	–		$	(0.10	)	$	–	$	11.92
Year Ended October 31, 2011(f)		11.00		0.22			0.13			0.35			(0.21	)		–			(0.21	)		–		11.14
Year Ended October 31, 2010(f)		9.82		0.16			1.19			1.35			(0.17	)		–			(0.17	)		–		11.00
Year Ended October 31, 2009(f)		8.54		0.15			1.28			1.43			(0.15	)		–			(0.15	)		–		9.82
Year Ended October 31, 2008		15.37		0.05			(6.84	)		(6.79	)		(0.03	)		(0.01	)		(0.04	)		–		8.54
Year Ended October 31, 2007		11.62		–			3.77			3.77			(0.03	)		–			(0.03	)		0.01		15.37
Class C Shares
Six Months Ended April 30, 2012*(f)		10.63		0.11			0.70			0.81			(0.06	)		–			(0.06	)		–		11.38
Year Ended October 31, 2011(f)		10.50		0.13			0.13			0.26			(0.13	)		–			(0.13	)		–		10.63
Year Ended October 31, 2010(f)		9.39		0.08			1.14			1.22			(0.11	)		–			(0.11	)		–		10.50
Year Ended October 31, 2009(f)		8.17		0.10			1.22			1.32			(0.10	)		–			(0.10	)		–		9.39
Year Ended October 31, 2008		14.78		(0.09	)		(6.52	)		(6.61	)		–			–			–			–		8.17
Year Ended October 31, 2007		11.22		(0.07	)		3.62			3.55			–			–			–			0.01		14.78
Class R Shares
Six Months Ended April 30, 2012*(f)		10.78		0.16			0.69			0.85			(0.09	)		–			(0.09	)		–		11.54
Year Ended October 31, 2011(f)		10.65		0.18			0.13			0.31			(0.18	)		–			(0.18	)		–		10.78
Year Ended October 31, 2010(f)		9.51		0.14			1.16			1.30			(0.16	)		–			(0.16	)		–		10.65
Year Ended October 31, 2009(f)		8.27		0.13			1.24			1.37			(0.13	)		–			(0.13	)		–		9.51
Year Ended October 31, 2008		14.91		0.02			(6.63	)		(6.61	)		(0.02	)		(0.01	)		(0.03	)		–		8.27
Year Ended October 31, 2007		11.30		–			3.62			3.62			(0.02	)		–			(0.02	)		0.01		14.91
Institutional Service Class Shares
Period Ended April 30, 2012*(f)(g)		10.56		0.14			1.30			1.44			(0.07	)		–			(0.07	)		–		11.93
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		11.15		0.16			0.75			0.91			(0.12	)		–			(0.12	)		–		11.94
Year Ended October 31, 2011(f)		11.01		0.26			0.12			0.38			(0.24	)		–			(0.24	)		–		11.15
Year Ended October 31, 2010(f)		9.82		0.13			1.26			1.39			(0.20	)		–			(0.20	)		–		11.01
Period from July 1, 2009 through October 31, 2009(f)(h)		8.38		0.03			1.44			1.47			(0.03	)		–			(0.03	)		–		9.82
Period from November 1, 2008 through April 22, 2009(f)(h)		8.67		0.09			(1.31	)		(1.22	)		(0.05	)		–			(0.05	)		–		7.40
Year Ended October 31, 2008		15.61		0.07			(6.94	)		(6.87	)		(0.06	)		(0.01	)		(0.07	)		–		8.67
Year Ended October 31, 2007		11.78		0.03			3.84			3.87			(0.05	)		–			(0.05	)		0.01		15.61

* 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.

Semiannual Report 2012

110

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 (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	7.96	%	$	35,991		1.50	%		2.65	%		1.83	%		26.52	%
	3.12	%		25,480		1.61	%		1.89	%		1.83	%		25.44	%
	13.97	%		27,691		1.61	%		1.56	%		1.96	%		23.44	%
	17.13	%		29,014		1.64	%		1.88	%		2.58	%		155.38	%
	(44.28	%)		28,598		1.52	%		0.36	%		1.71	%		241.73	%
	32.61	%		61,525		1.58	%		0.02	%		1.58	%		257.25	%
	7.66	%		3,721		2.21	%		1.94	%		2.55	%		26.52	%
	2.43	%		2,437		2.32	%		1.18	%		2.54	%		25.44	%
	13.17	%		3,017		2.32	%		0.85	%		2.67	%		23.44	%
	16.35	%		3,880		2.32	%		1.22	%		3.25	%		155.38	%
	(44.72	%)		5,218		2.25	%		(0.40	%)		2.38	%		241.73	%
	31.73	%		21,935		2.32	%		(0.80	%)		2.32	%		257.25	%
	7.93	%		2,133		1.71	%		2.85	%		2.05	%		26.52	%
	2.85	%		595		1.82	%		1.59	%		2.04	%		25.44	%
	13.82	%		838		1.82	%		1.46	%		2.18	%		23.44	%
	16.88	%		714		1.83	%		1.68	%		2.78	%		155.38	%
	(44.42	%)		762		1.77	%		0.15	%		2.00	%		241.73	%
	32.16	%		1,048		1.84	%		(0.70	%)		1.85	%		257.25	%
	13.60	%		1		1.18	%		3.24	%		1.51	%		26.52	%
	8.21	%		11,390		1.22	%		2.89	%		1.55	%		26.52	%
	3.40	%		10,491		1.32	%		2.29	%		1.54	%		25.44	%
	14.35	%		3,925		1.32	%		1.30	%		1.69	%		23.44	%
	17.49	%		1		1.32	%		1.01	%		2.19	%		155.38	%
	(14.05	%)		–		1.32	%		2.60	%		2.25	%		155.38	%
	(44.16	%)		1		1.26	%		0.62	%		1.42	%		241.73	%
	33.01	%		2		1.32	%		0.26	%		1.32	%		257.25	%

(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) For the period from December 19, 2011 (commencement of operations) through April 30, 2012.

(h) There were no shareholders in the class for the period from April 23, 2009 through June 30, 2009. The financial highlights information presented is for two separate periods of time when shareholders were invested in the class.

2012 Semiannual Report

111

Financial Highlights (continued)

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

Aberdeen Global Natural Resources Fund

			Investment Activities									Distributions
	Net Asset Value, Beginning of Period		Net Invest- ment 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, 2012*(f)	$	16.23	$	0.03		$	0.57		$	0.60		$	(0.05	)	$	–		$	(0.05	)	$	–	$	16.78
Year Ended October 31, 2011(f)		16.60		0.17			(0.41	)		(0.24	)		(0.13	)		–			(0.13	)		–		16.23
Year Ended October 31, 2010(f)		15.02		(0.01	)		1.59			1.58			–			–			–			–		16.60
Year Ended October 31, 2009		12.69		0.06			2.34			2.40			(0.05	)		(0.02	)		(0.07	)		–		15.02
Year Ended October 31, 2008		25.35		0.03			(8.14	)		(8.11	)		(0.06	)		(4.49	)		(4.55	)		–		12.69
Year Ended October 31, 2007		20.31		(0.03	)		7.88			7.85			–			(2.82	)		(2.82	)		0.01		25.35
Class C Shares
Six Months Ended April 30, 2012*(f)		15.50		(0.02	)		0.53			0.51			(0.03	)		–			(0.03	)		–		15.98
Year Ended October 31, 2011(f)		15.86		0.04			(0.38	)		(0.34	)		(0.02	)		–			(0.02	)		–		15.50
Year Ended October 31, 2010(f)		14.44		(0.10	)		1.52			1.42			–			–			–			–		15.86
Year Ended October 31, 2009		12.24		(0.02	)		2.25			2.23			(0.01	)		(0.02	)		(0.03	)		–		14.44
Year Ended October 31, 2008		24.70		(0.15	)		(7.82	)		(7.97	)		–			(4.49	)		(4.49	)		–		12.24
Year Ended October 31, 2007		19.98		(0.17	)		7.70			7.53			–			(2.82	)		(2.82	)		0.01		24.70
Class R Shares
Six Months Ended April 30, 2012*(f)		15.99		0.02			0.55			0.57			(0.04	)		–			(0.04	)		–		16.52
Year Ended October 31, 2011(f)		16.36		0.13			(0.40	)		(0.27	)		(0.10	)		–			(0.10	)		–		15.99
Year Ended October 31, 2010(f)		14.82		(0.03	)		1.57			1.54			–			–			–			–		16.36
Year Ended October 31, 2009		12.53		0.04			2.31			2.35			(0.04	)		(0.02	)		(0.06	)		–		14.82
Year Ended October 31, 2008		25.10		(0.01	)		(8.04	)		(8.05	)		(0.03	)		(4.49	)		(4.52	)		–		12.53
Year Ended October 31, 2007		20.19		(0.06	)		7.78			7.72			–			(2.82	)		(2.82	)		0.01		25.10
Institutional Service Class Shares
Six Months Ended April 30, 2012*(f)		16.43		0.06			0.58			0.64			(0.08	)		–			(0.08	)		–		16.99
Year Ended October 31, 2011(f)		16.81		0.19			(0.38	)		(0.19	)		(0.19	)		–			(0.19	)		–		16.43
Year Ended October 31, 2010(f)		15.15		0.05			1.61			1.66			–			–			–			–		16.81
Year Ended October 31, 2009		12.81		0.10			2.36			2.46			(0.10	)		(0.02	)		(0.12	)		–		15.15
Year Ended October 31, 2008		25.53		0.10			(8.23	)		(8.13	)		(0.10	)		(4.49	)		(4.59	)		–		12.81
Year Ended October 31, 2007		20.39		–			7.95			7.95			–			(2.82	)		(2.82	)		0.01		25.53
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		16.47		0.05			0.58			0.63			(0.08	)		–			(0.08	)		–		17.02
Year Ended October 31, 2011(f)		16.85		0.23			(0.42	)		(0.19	)		(0.19	)		–			(0.19	)		–		16.47
Year Ended October 31, 2010(f)		15.19		0.05			1.61			1.66			–			–			–			–		16.85
Year Ended October 31, 2009		12.83		0.13			2.34			2.47			(0.09	)		(0.02	)		(0.11	)		–		15.19
Year Ended October 31, 2008		25.57		0.09			(8.24	)		(8.15	)		(0.10	)		(4.49	)		(4.59	)		–		12.83
Year Ended October 31, 2007		20.41		0.02			7.95			7.97			–			(2.82	)		(2.82	)		0.01		25.57

* 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.

Semiannual Report 2012

112

Financial Highlights (continued)

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

Aberdeen Global Natural Resources Fund (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	3.72	%	$	32,122		1.49	%		0.37	%		1.51	%		4.09	%
	(1.45	%)		34,936		1.45	%		0.96	%		1.49	%		6.30	%
	10.52	%		52,490		1.42	%		(0.05	%)		1.42	%		105.24	%
	19.03	%		56,663		1.56	%		0.42	%		1.76	%		90.12	%
	(39.68	%)		43,189		1.33	%		0.01	%		1.33	%		137.42	%
	43.54	%		38,497		1.44	%		(0.19	%)		1.44	%		188.25	%
	3.32	%		7,203		2.16	%		(0.30	%)		2.18	%		4.09	%
	(2.17	%)		8,353		2.13	%		0.24	%		2.16	%		6.30	%
	9.83	%		14,501		2.08	%		(0.69	%)		2.08	%		105.24	%
	18.29	%		12,758		2.16	%		(0.19	%)		2.37	%		90.12	%
	(40.10	%)		8,224		2.04	%		(0.69	%)		2.05	%		137.42	%
	42.55	%		14,273		2.16	%		(0.90	%)		2.16	%		188.25	%
	3.60	%		5,557		1.70	%		0.20	%		1.72	%		4.09	%
	(1.69	%)		5,677		1.67	%		0.73	%		1.71	%		6.30	%
	10.39	%		8,841		1.60	%		(0.20	%)		1.60	%		105.24	%
	18.85	%		6,034		1.66	%		0.32	%		1.87	%		90.12	%
	(39.80	%)		4,135		1.56	%		(0.19	%)		1.58	%		137.42	%
	43.11	%		2,704		1.73	%		(0.52	%)		1.73	%		188.25	%
	3.90	%		1,543		1.18	%		0.69	%		1.20	%		4.09	%
	(1.18	%)		1,564		1.12	%		1.09	%		1.16	%		6.30	%
	10.96	%		3,271		1.08	%		0.30	%		1.08	%		105.24	%
	19.45	%		3,318		1.16	%		0.80	%		1.36	%		90.12	%
	(39.52	%)		2,119		1.06	%		0.27	%		1.08	%		137.42	%
	43.92	%		1,339		1.19	%		0.04	%		1.19	%		188.25	%
	3.84	%		5,747		1.16	%		0.65	%		1.18	%		4.09	%
	(1.17	%)		9,968		1.12	%		1.32	%		1.16	%		6.30	%
	10.93	%		12,686		1.08	%		0.33	%		1.08	%		105.24	%
	19.51	%		10,567		1.16	%		0.85	%		1.38	%		90.12	%
	(39.54	%)		15,710		1.04	%		0.33	%		1.06	%		137.42	%
	43.99	%		20,768		1.16	%		0.11	%		1.16	%		188.25	%

(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.

2012 Semiannual Report

113

Financial Highlights (continued)

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

Aberdeen Global Small Cap Fund

			Investment Activities									Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Unrealized Gains (Losses) on Invest- ments			Total from Invest- ment Activities			Net Invest- ment Income			Tax Return of Capital			Total Distri- butions			Redemp- tion Fees		Net Asset Value, End of Period
Class A Shares(g)
Six Months Ended April 30, 2012*	$	21.68	$	0.07		$	2.45		$	2.52		$	(0.35	)	$	–		$	(0.35	)	$	–	$	23.85
Year Ended October 31, 2011		21.67		0.31			(0.14	)		0.17			(0.16	)		–			(0.16	)		–		21.68
Year Ended October 31, 2010		15.73		0.16			5.78			5.94			–			–			–			–		21.67
Year Ended October 31, 2009		13.16		(0.01	)		2.71			2.70			(0.08	)		(0.05	)		(0.13	)		–		15.73
Year Ended October 31, 2008		26.02		0.08			(12.75	)		(12.67	)		(0.19	)		–			(0.19	)		–		13.16
Year Ended October 31, 2007		23.19		0.15			2.68			2.83			–			–			–			–		26.02
Class C Shares
Six Months Ended April 30, 2012*		20.46		(0.01	)		2.34			2.33			(0.19	)		–			(0.19	)		–		22.60
Year Ended October 31, 2011		20.47		0.17			(0.16	)		0.01			(0.02	)		–			(0.02	)		–		20.46
Year Ended October 31, 2010		14.97		0.02			5.48			5.50			–			–			–			–		20.47
Year Ended October 31, 2009		12.57		(0.08	)		2.56			2.48			(0.03	)		(0.05	)		(0.08	)		–		14.97
Year Ended October 31, 2008		24.84		(0.08	)		(12.19	)		(12.27	)		–			–			–			–		12.57
Year Ended October 31, 2007		22.31		(0.06	)		2.59			2.53			–			–			–			–		24.84
Class R Shares(h)
Six Months Ended April 30, 2012*		20.95		0.04			2.36			2.40			(0.29	)		–			(0.29	)		–		23.06
Year Ended October 31, 2011		20.98		0.24			(0.13	)		0.11			(0.14	)		–			(0.14	)		–		20.95
Year Ended October 31, 2010		15.26		0.09			5.63			5.72			–			–			–			–		20.98
Year Ended October 31, 2009		12.76		(0.02	)		2.60			2.58			(0.03	)		(0.05	)		(0.08	)		–		15.26
Year Ended October 31, 2008		25.23		0.02			(12.37	)		(12.35	)		(0.12	)		–			(0.12	)		–		12.76
Year Ended October 31, 2007		22.54		0.05			2.64			2.69			–			–			–			–		25.23
Institutional Service Class Shares
Six Months Ended April 30, 2012*		21.74		0.11			2.44			2.55			(0.42	)		–			(0.42	)		–		23.87
Year Ended October 31, 2011		21.60		0.24			0.11			0.35			(0.21	)		–			(0.21	)		–		21.74
Year Ended October 31, 2010		15.74		0.20			5.66			5.86			–			–			–			–		21.60
Period Ended October 31, 2009(i)		16.23		(0.01	)		(0.48	)		(0.49	)		–			–			–			–		15.74
Institutional Class Shares
Six Months Ended April 30, 2012*		21.72		0.15			2.40			2.55			(0.42	)		–			(0.42	)		–		23.85
Year Ended October 31, 2011		21.69		0.38			(0.14	)		0.24			(0.21	)		–			(0.21	)		–		21.72
Year Ended October 31, 2010		15.75		0.21			5.73			5.94			–			–			–			–		21.69
Period Ended October 31, 2009(j)		13.91		–			1.84			1.84			–			–			–			–		15.75

* 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.

Semiannual Report 2012

114

Financial Highlights (continued)

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

Aberdeen Global Small Cap Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover (f)
	11.91	%	$	53,154		1.59	%		0.66	%		2.11	%		12.86	%
	0.76	%		50,797		1.56	%		1.38	%		2.04	%		21.77	%
	37.76	%		55,746		1.55	%		0.88	%		2.35	%		36.05	%
	20.80	%		46,225		1.55	%		(0.09	%)		2.60	%		184.14	%
	(49.01	%)		15,101		1.56	%		0.37	%		2.57	%		139.00	%
	12.20	%		37,316		1.65	%		0.58	%		2.21	%		98.00	%
	11.54	%		251		2.30	%		(0.06	%)		2.82	%		12.86	%
	0.04	%		240		2.30	%		0.79	%		2.74	%		21.77	%
	36.74	%		171		2.30	%		0.13	%		3.09	%		36.05	%
	19.96	%		179		2.30	%		(0.66	%)		3.67	%		184.14	%
	(49.40	%)		184		2.31	%		(0.41	%)		3.33	%		139.00	%
	11.34	%		502		2.40	%		(0.24	%)		2.96	%		98.00	%
	11.75	%		211		1.89	%		0.42	%		2.41	%		12.86	%
	0.53	%		184		1.85	%		1.09	%		2.34	%		21.77	%
	37.48	%		153		1.80	%		0.50	%		2.60	%		36.05	%
	20.45	%		127		1.82	%		(0.16	%)		3.37	%		184.14	%
	(49.14	%)		224		1.81	%		0.11	%		2.90	%		139.00	%
	11.93	%		841		1.90	%		0.23	%		2.46	%		98.00	%
	12.11	%		41		1.30	%		1.01	%		1.81	%		12.86	%
	0.98	%		34		1.30	%		1.11	%		1.80	%		21.77	%
	38.06	%		1		1.30	%		1.13	%		2.02	%		36.05	%
	(3.02	%)		1		1.42	%		(0.38	%)		1.45	%		184.14	%
	12.12	%		5,478		1.30	%		1.33	%		1.81	%		12.86	%
	1.03	%		3,210		1.30	%		1.70	%		1.74	%		21.77	%
	37.78	%		25		1.30	%		1.09	%		2.15	%		36.05	%
	13.23	%		1		1.35	%		(0.07	%)		1.96	%		184.14	%

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

(g) Prior to July 20, 2009, these shares were the Common Shares of the Predecessor Fund.

(h) Prior to July 20, 2009, these shares were the Advisor Shares of the Predecessor Fund.

(i) For the period from September 16, 2009 (commencement of operations) through October 31, 2009.

(j) For the period from July 20, 2009 (commencement of operations) through October 31, 2009.

2012 Semiannual Report

115

Financial Highlights (continued)

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

Aberdeen International Equity 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			Tax Return of Capital			Total Distri- butions			Redemp- tion Fees		Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	13.00	$	0.20		$	0.57		$	0.77		$	(0.11	)	$	–		$	–		$	(0.11	)	$	–	$	13.66
Year Ended October 31, 2011(f)		13.02		0.30			(0.04	)		0.26			(0.28	)		–			–			(0.28	)		–		13.00
Year Ended October 31, 2010(f)		11.37		0.21			1.66			1.87			(0.22	)		–			–			(0.22	)		–		13.02
Year Ended October 31, 2009(f)		9.36		0.18			2.00			2.18			(0.17	)		–			–			(0.17	)		–		11.37
Year Ended October 31, 2008		18.87		0.11			(9.02	)		(8.91	)		(0.09	)		(0.49	)		(0.02	)		(0.60	)		–		9.36
Year Ended October 31, 2007		13.35		0.03			6.02			6.05			(0.03	)		(0.50	)		–			(0.53	)		–		18.87
Class C Shares
Six Months Ended April 30, 2012*(f)		12.35		0.14			0.56			0.70			(0.09	)		–			–			(0.09	)		–		12.96
Year Ended October 31, 2011(f)		12.38		0.19			(0.03	)		0.16			(0.19	)		–			–			(0.19	)		–		12.35
Year Ended October 31, 2010(f)		10.84		0.12			1.58			1.70			(0.16	)		–			–			(0.16	)		–		12.38
Year Ended October 31, 2009(f)		8.93		0.12			1.90			2.02			(0.11	)		–			–			(0.11	)		–		10.84
Year Ended October 31, 2008		18.10		0.01			(8.64	)		(8.63	)		(0.03	)		(0.49	)		(0.02	)		(0.54	)		–		8.93
Year Ended October 31, 2007		12.90		(0.05	)		5.75			5.70			–			(0.50	)		–			(0.50	)		–		18.10
Class R Shares
Six Months Ended April 30, 2012*(f)		12.49		0.17			0.56			0.73			(0.11	)		–			–			(0.11	)		–		13.11
Year Ended October 31, 2011(f)		12.51		0.25			(0.01	)		0.24			(0.26	)		–			–			(0.26	)		–		12.49
Year Ended October 31, 2010(f)		10.95		0.18			1.59			1.77			(0.21	)		–			–			(0.21	)		–		12.51
Year Ended October 31, 2009(f)		9.02		0.07			2.02			2.09			(0.16	)		–			–			(0.16	)		–		10.95
Year Ended October 31, 2008		18.24		0.09			(8.73	)		(8.64	)		(0.07	)		(0.49	)		(0.02	)		(0.58	)		–		9.02
Year Ended October 31, 2007		12.95		–			5.82			5.82			(0.03	)		(0.50	)		–			(0.53	)		–		18.24
Institutional Service Class Shares
Six Months Ended April 30, 2012*(f)		13.25		0.20			0.59			0.79			(0.12	)		–			–			(0.12	)		–		13.92
Year Ended October 31, 2011(f)		13.26		0.33			(0.04	)		0.29			(0.30	)		–			–			(0.30	)		–		13.25
Year Ended October 31, 2010(f)		11.58		0.24			1.69			1.93			(0.25	)		–			–			(0.25	)		–		13.26
Year Ended October 31, 2009(f)		9.54		0.13			2.12			2.25			(0.21	)		–			–			(0.21	)		–		11.58
Year Ended October 31, 2008		19.19		0.15			(9.18	)		(9.03	)		(0.11	)		(0.49	)		(0.02	)		(0.62	)		–		9.54
Year Ended October 31, 2007		13.55		0.07			6.12			6.19			(0.05	)		(0.50	)		–			(0.55	)		–		19.19
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		13.29		0.38			0.43			0.81			(0.13	)		–			–			(0.13	)		–		13.97
Year Ended October 31, 2011(f)		13.30		0.34			(0.03	)		0.31			(0.32	)		–			–			(0.32	)		–		13.29
Year Ended October 31, 2010(f)		11.59		0.29			1.65			1.94			(0.23	)		–			–			(0.23	)		–		13.30
Year Ended October 31, 2009(f)		9.53		0.24			2.03			2.27			(0.21	)		–			–			(0.21	)		–		11.59
Year Ended October 31, 2008		19.19		0.15			(9.19	)		(9.04	)		(0.11	)		(0.49	)		(0.02	)		(0.62	)		–		9.53
Year Ended October 31, 2007		13.55		0.08			6.11			6.19			(0.05	)		(0.50	)		–			(0.55	)		–		19.19

* 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.

Semiannual Report 2012

116

Financial Highlights (continued)

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

Aberdeen International Equity Fund (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	6.02	%	$	208,754		1.46	%		3.02	%		1.46	%		5.01	%
	1.96	%		158,454		1.57	%		2.22	%		1.57	%		22.15	%
	16.73	%		140,052		1.57	%		1.73	%		1.58	%		22.61	%
	23.64	%		146,312		1.59	%		1.95	%		1.87	%		135.26	%
	(48.64	%)		179,247		1.48	%		0.86	%		1.55	%		138.64	%
	46.74	%		163,800		1.57	%		0.21	%		1.57	%		135.54	%
	5.65	%		31,366		2.11	%		2.24	%		2.11	%		5.01	%
	1.29	%		28,322		2.24	%		1.48	%		2.24	%		22.15	%
	15.88	%		35,944		2.24	%		1.06	%		2.25	%		22.61	%
	22.91	%		37,587		2.24	%		1.30	%		2.52	%		135.26	%
	(49.02	%)		44,374		2.19	%		0.11	%		2.25	%		138.64	%
	45.59	%		61,851		2.26	%		(0.46	%)		2.26	%		135.54	%
	5.85	%		10,162		1.66	%		2.65	%		1.66	%		5.01	%
	1.87	%		10,395		1.75	%		1.97	%		1.75	%		22.15	%
	16.39	%		10,195		1.74	%		1.55	%		1.75	%		22.61	%
	23.49	%		10,209		1.75	%		0.66	%		1.86	%		135.26	%
	(48.79	%)		720		1.71	%		0.58	%		1.78	%		138.64	%
	46.37	%		725		1.80	%		(0.17	%)		1.80	%		135.54	%
	6.09	%		229,768		1.24	%		3.07	%		1.24	%		5.01	%
	2.19	%		219,773		1.37	%		2.38	%		1.37	%		22.15	%
	16.91	%		211,007		1.36	%		1.98	%		1.36	%		22.61	%
	24.04	%		163,396		1.28	%		1.23	%		1.39	%		135.26	%
	(48.54	%)		11,548		1.18	%		1.09	%		1.34	%		138.64	%
	47.13	%		7,256		1.24	%		0.47	%		1.24	%		135.54	%
	6.14	%		358,464		1.04	%		5.48	%		1.04	%		5.01	%
	2.32	%		14,491		1.24	%		2.50	%		1.24	%		22.15	%
	16.97	%		12,669		1.24	%		2.41	%		1.23	%		22.61	%
	24.22	%		9,484		1.24	%		2.47	%		1.51	%		135.26	%
	(48.48	%)		7,809		1.17	%		1.09	%		1.28	%		138.64	%
	47.13	%		9,125		1.24	%		0.54	%		1.24	%		135.54	%

(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.

2012 Semiannual Report

117

Financial Highlights (continued)

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

Aberdeen Small Cap 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			Tax Return of Capital			Total Distri- butions			Capital Contri- butions from Advisor/ Custodian		Redemp- tion Fees		Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	14.06	$	(0.04	)	$	1.89		$	1.85		$	–		$	–		$	–		$	–		$	–	$	–	$	15.91
Year Ended October 31, 2011(f)		13.65		0.04			0.47			0.51			(0.10	)		–			–			(0.10	)		–		–		14.06
Year Ended October 31, 2010(f)		10.77		(0.07	)		2.95			2.88			–			–			–			–			–		–		13.65
Year Ended October 31, 2009		9.63		0.01			1.14			1.15			–			–			(0.01	)		(0.01	)		–		–		10.77
Year Ended October 31, 2008		22.50		0.06			(8.54	)		(8.48	)		(0.05	)		(4.34	)		–			(4.39	)		–		–		9.63
Year Ended October 31, 2007		21.30		0.03			2.16			2.19			(0.13	)		(0.89	)		–			(1.02	)		0.02		0.01		22.50
Class C Shares
Six Months Ended April 30, 2012*(f)		12.73		(0.08	)		1.71			1.63			–			–			–			–			–		–		14.36
Year Ended October 31, 2011(f)		12.42		(0.05	)		0.42			0.37			(0.06	)		–			–			(0.06	)		–		–		12.73
Year Ended October 31, 2010(f)		9.86		(0.14	)		2.70			2.56			–			–			–			–			–		–		12.42
Year Ended October 31, 2009		8.86		(0.10	)		1.10			1.00			–			–			–			–			–		–		9.86
Year Ended October 31, 2008		21.16		(0.06	)		(7.90	)		(7.96	)		–			(4.34	)		–			(4.34	)		–		–		8.86
Year Ended October 31, 2007		20.14		(0.12	)		2.03			1.91			(0.03	)		(0.89	)		–			(0.92	)		0.02		0.01		21.16
Class R Shares
Six Months Ended April 30, 2012*(f)		13.21		(0.05	)		1.77			1.72			–			–			–			–			–		–		14.93
Year Ended October 31, 2011(f)		12.84		0.03			0.42			0.45			(0.08	)		–			–			(0.08	)		–		–		13.21
Year Ended October 31, 2010(f)		10.16		(0.09	)		2.77			2.68			–			–			–			–			–		–		12.84
Year Ended October 31, 2009		9.07		(0.04	)		1.13			1.09			–			–			–			–			–		–		10.16
Year Ended October 31, 2008		21.51		0.02			(8.08	)		(8.06	)		(0.04	)		(4.34	)		–			(4.38	)		–		–		9.07
Year Ended October 31, 2007		20.43		(0.01	)		2.05			2.04			(0.10	)		(0.89	)		–			(0.99	)		0.02		0.01		21.51
Institutional Service Class Shares
Six Months Ended April 30, 2012*(f)		14.56		(0.02	)		1.96			1.94			–			–			–			–			–		–		16.50
Year Ended October 31, 2011(f)		14.10		0.06			0.51			0.57			(0.11	)		–			–			(0.11	)		–		–		14.56
Year Ended October 31, 2010(f)		11.10		(0.04	)		3.04			3.00			–			–			–			–			–		–		14.10
Year Ended October 31, 2009		9.89		0.02			1.23			1.25			–			–			(0.04	)		(0.04	)		–		–		11.10
Year Ended October 31, 2008		22.97		0.11			(8.77	)		(8.66	)		(0.08	)		(4.34	)		–			(4.42	)		–		–		9.89
Year Ended October 31, 2007		21.72		0.08			2.19			2.27			(0.16	)		(0.89	)		–			(1.05	)		0.02		0.01		22.97
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		14.53		(0.02	)		1.95			1.93			–			–			–			–			–		–		16.46
Year Ended October 31, 2011(f)		14.07		0.10			0.47			0.57			(0.11	)		–			–			(0.11	)		–		–		14.53
Year Ended October 31, 2010(f)		11.08		(0.03	)		3.02			2.99			–			–			–			–			–		–		14.07
Year Ended October 31, 2009		9.90		0.04			1.18			1.22			–			–			(0.04	)		(0.04	)		–		–		11.08
Year Ended October 31, 2008		22.99		0.12			(8.79	)		(8.67	)		(0.08	)		(4.34	)		–			(4.42	)		–		–		9.90
Year Ended October 31, 2007		21.73		0.13			2.17			2.30			(0.18	)		(0.89	)		–			(1.07	)		0.02		0.01		22.99

* 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.

Semiannual Report 2012

118

Financial Highlights (continued)

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

Aberdeen Small Cap Fund (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	13.16	%	$	88,010		1.48	%		(0.59	%)		1.61	%		9.76	%
	3.65	%		92,187		1.44	%		0.28	%		1.59	%		41.48	%
	26.74	%		121,975		1.35	%		(0.57	%)		1.65	%		24.37	%
	12.02	%		100,062		1.35	%		(0.09	%)		2.02	%		146.24	%
	(45.56	%)		231,150		1.40	%		0.34	%		1.52	%		158.57	%
	10.60	%(g)		760,257		1.34	%		0.16	%		1.34	%		214.83	%
	12.80	%		33,980		2.15	%		(1.25	%)		2.28	%		9.76	%
	2.94	%		35,391		2.11	%		(0.33	%)		2.26	%		41.48	%
	25.96	%		48,374		2.04	%		(1.27	%)		2.35	%		24.37	%
	11.29	%		46,698		2.04	%		(0.83	%)		2.75	%		146.24	%
	(45.97	%)		66,081		2.10	%		(0.36	%)		2.21	%		158.57	%
	9.79	%(g)		242,038		2.05	%		(0.56	%)		2.05	%		214.83	%
	13.02	%		2,430		1.69	%		(0.73	%)		1.83	%		9.76	%
	3.45	%		3,336		1.65	%		0.18	%		1.80	%		41.48	%
	26.38	%		5,622		1.55	%		(0.78	%)		1.85	%		24.37	%
	12.02	%		4,563		1.45	%		(0.35	%)		2.17	%		146.24	%
	(45.71	%)		4,825		1.59	%		0.11	%		1.74	%		158.57	%
	10.28	%(g)		9,193		1.62	%		(0.15	%)		1.62	%		214.83	%
	13.32	%		14,298		1.15	%		(0.24	%)		1.28	%		9.76	%
	4.00	%		15,100		1.12	%		0.40	%		1.26	%		41.48	%
	27.03	%		13,422		1.04	%		(0.31	%)		1.35	%		24.37	%
	12.79	%		14,358		0.77	%		0.35	%		1.49	%		146.24	%
	(45.44	%)		14,009		1.11	%		0.65	%		1.24	%		158.57	%
	10.77	%(g)		39,345		1.14	%		0.38	%		1.14	%		214.83	%
	13.28	%		26,177		1.15	%		(0.20	%)		1.28	%		9.76	%
	4.01	%		35,100		1.11	%		0.67	%		1.26	%		41.48	%
	26.99	%		52,428		1.04	%		(0.20	%)		1.29	%		24.37	%
	12.47	%		10,354		1.04	%		0.23	%		1.76	%		146.24	%
	(45.43	%)		26,454		1.09	%		0.71	%		1.24	%		158.57	%
	10.88	%(g)		70,111		1.04	%		0.36	%		1.05	%		214.83	%

(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) Includes payment from the Investment Adviser/Custodian which increased the total return by 0.07%.

2012 Semiannual Report

119

Financial Highlights (continued)

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

Aberdeen U.S. Equity 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, 2012*(f)	$	9.04	$	0.03		$	0.87		$	0.90		$	(0.03	)	$	–		$	(0.03	)	$	–	$	9.91
Year Ended October 31, 2011(f)		8.64		(0.01	)		0.41			0.40			–			–			–			–		9.04
Year Ended October 31, 2010(f)		7.60		(0.01	)		1.05			1.04			–			–			–			–		8.64
Year Ended October 31, 2009		6.49		(0.02	)		1.13			1.11			–			–			–			–		7.60
Year Ended October 31, 2008		12.36		(0.07	)		(4.04	)		(4.11	)		–			(1.76	)		(1.76	)		–		6.49
Year Ended October 31, 2007		9.57		(0.08	)		2.87			2.79			–			–			–			–		12.36
Class C Shares
Six Months Ended April 30, 2012*(f)		8.34		–			0.80			0.80			(0.01	)		–			(0.01	)		–		9.13
Year Ended October 31, 2011(f)		8.02		(0.06	)		0.38			0.32			–			–			–			–		8.34
Year Ended October 31, 2010(f)		7.10		(0.05	)		0.97			0.92			–			–			–			–		8.02
Year Ended October 31, 2009		6.09		(0.06	)		1.07			1.01			–			–			–			–		7.10
Year Ended October 31, 2008		11.80		(0.13	)		(3.82	)		(3.95	)		–			(1.76	)		(1.76	)		–		6.09
Year Ended October 31, 2007		9.19		(0.15	)		2.76			2.61			–			–			–			–		11.80
Class R Shares
Six Months Ended April 30, 2012*(f)		8.67		0.02			0.84			0.86			(0.02	)		–			(0.02	)		–		9.51
Year Ended October 31, 2011(f)		8.31		(0.01	)		0.37			0.36			–			–			–			–		8.67
Year Ended October 31, 2010(f)		7.32		(0.02	)		1.01			0.99			–			–			–			–		8.31
Year Ended October 31, 2009		6.23		–			1.09			1.09			–			–			–			–		7.32
Year Ended October 31, 2008		11.97		(0.08	)		(3.90	)		(3.98	)		–			(1.76	)		(1.76	)		–		6.23
Year Ended October 31, 2007		9.29		(0.10	)		2.78			2.68			–			–			–			–		11.97
Institutional Service Class Shares
Six Months Ended April 30, 2012*(f)		9.40		0.05			0.90			0.95			(0.03	)		–			(0.03	)		–		10.32
Period Ended October 31, 2011(f)(g)		8.61		–			0.79			0.79			–			–			–			–		9.40
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		9.40		0.05			0.90			0.95			(0.03	)		–			(0.03	)		–		10.32
Year Ended October 31, 2011(f)		8.96		0.03			0.41			0.44			–			–			–			–		9.40
Year Ended October 31, 2010(f)		7.85		0.03			1.08			1.11			–			–			–			–		8.96
Year Ended October 31, 2009		6.67		0.01			1.17			1.18			–			–			–			–		7.85
Year Ended October 31, 2008		12.64		(0.02	)		(4.19	)		(4.21	)		–			(1.76	)		(1.76	)		–		6.67
Year Ended October 31, 2007		9.75		(0.04	)		2.93			2.89			–			–			–			–		12.64

* 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.

Semiannual Report 2012

120

Financial Highlights (continued)

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

Aberdeen U.S. Equity Fund (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	9.93	%	$	198,986		1.15	%		0.72	%		1.21	%		11.91	%
	4.63	%		196,095		1.41	%		(0.07	%)		1.70	%		48.65	%
	13.68	%		23,810		1.56	%		(0.06	%)		1.73	%		29.02	%
	17.10	%		31,871		1.59	%		(0.23	%)		2.06	%		173.05	%
	(38.63	%)		39,294		1.52	%		(0.63	%)		1.59	%		364.06	%
	29.29	%		84,973		1.50	%		(0.69	%)		1.51	%		334.26	%
	9.57	%		9,227		1.90	%		(0.03	%)		1.96	%		11.91	%
	3.99	%		9,364		2.19	%		(0.65	%)		2.44	%		48.65	%
	12.96	%		11,179		2.21	%		(0.71	%)		2.37	%		29.02	%
	16.58	%		13,512		2.21	%		(0.85	%)		2.69	%		173.05	%
	(39.18	%)		16,889		2.21	%		(1.32	%)		2.29	%		364.06	%
	28.40	%		34,820		2.21	%		(1.40	%)		2.21	%		334.26	%
	9.91	%		900		1.40	%		0.47	%		1.46	%		11.91	%
	4.33	%		865		1.70	%		(0.15	%)		1.95	%		48.65	%
	13.52	%		986		1.71	%		(0.23	%)		1.88	%		29.02	%
	17.50	%		811		1.34	%		0.01	%		1.82	%		173.05	%
	(38.83	%)		922		1.71	%		(0.83	%)		1.80	%		364.06	%
	28.85	%		1,734		1.81	%		(1.02	%)		1.81	%		334.26	%
	10.18	%		122,335		0.90	%		0.97	%		0.96	%		11.91	%
	9.18	%		123,074		0.90	%		0.00	%		1.13	%		48.65	%
	10.18	%		3,267		0.90	%		0.97	%		0.96	%		11.91	%
	4.91	%		3,330		1.19	%		0.35	%		1.44	%		48.65	%
	14.14	%		3,446		1.21	%		0.32	%		1.37	%		29.02	%
	17.69	%		6,518		1.21	%		0.19	%		1.68	%		173.05	%
	(38.56	%)		4,200		1.21	%		(0.30	%)		1.30	%		364.06	%
	29.64	%		4,736		1.21	%		(0.39	%)		1.22	%		334.26	%

(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) For the period from October 7, 2011 (commencement of operations) through October 31, 2011.

2012 Semiannual Report

121

Financial Highlights (continued)

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

Aberdeen U.S. Equity II Fund

			Investment Activities									Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			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, 2012*	$	12.57	$	0.04		$	1.22		$	1.26		$	(0.03	)	$	–		$	–		$	(0.03	)	$	–	$	13.80
Year Ended October 31, 2011(g)		11.51		0.11			1.05			1.16			(0.10	)		–			–			(0.10	)		–		12.57
Year Ended October 31, 2010		9.22		(0.03	)		2.32			2.29			–			–			–			–			–		11.51
Year Ended October 31, 2009		9.32		(0.01	)		(0.08	)		(0.09	)		–			–			(0.01	)		(0.01	)		–		9.22
Year Ended October 31, 2008		22.57		0.01			(5.60	)		(5.59	)		–			(7.66	)		–			(7.66	)		–		9.32
Year Ended October 31, 2007		24.44		(0.08	)		2.18			2.10			(0.11	)		(3.86	)		–			(3.97	)		–		22.57
Class C Shares
Six Months Ended April 30, 2012*		9.90		–			0.95			0.95			(0.01	)		–			–			(0.01	)		–		10.84
Year Ended October 31, 2011(g)		9.06		–			0.85			0.85			(0.01	)		–			–			(0.01	)		–		9.90
Year Ended October 31, 2010		7.31		(0.08	)		1.83			1.75			–			–			–			–			–		9.06
Year Ended October 31, 2009		7.44		(0.06	)		(0.07	)		(0.13	)		–			–			–			–			–		7.31
Year Ended October 31, 2008		19.80		(0.07	)		(4.63	)		(4.70	)		–			(7.66	)		–			(7.66	)		–		7.44
Year Ended October 31, 2007		21.97		(0.22	)		1.92			1.70			(0.01	)		(3.86	)		–			(3.87	)		–		19.80

* 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.

Semiannual Report 2012

122

Financial Highlights (concluded)

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

Aberdeen U.S. Equity II Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover (f)
	10.08	%	$	68,427		1.15	%		0.67	%		1.38	%		11.76	%
	10.12	%		68,352		1.33	%		0.85	%		1.72	%		199.37	%
	24.84	%		65,650		1.55	%		(0.24	%)		1.67	%		322.00	%
	(1.01	%)		60,426		1.55	%		(0.14	%)		1.85	%		423.00	%
	(34.44	%)		79,414		1.47	%		0.10	%		1.47	%		195.00	%
	9.61	%		169,076		1.35	%		(0.38	%)		1.35	%		262.00	%
	9.53	%		1,805		1.90	%		(0.08	%)		2.13	%		11.76	%
	9.39	%		1,765		2.11	%		0.01	%		2.47	%		199.37	%
	23.94	%		4,736		2.30	%		(0.99	%)		2.42	%		322.00	%
	(1.73	%)		6,232		2.30	%		(0.91	%)		2.60	%		423.00	%
	(34.95	%)		6,318		2.23	%		(0.66	%)		2.23	%		195.00	%
	8.74	%		15,305		2.10	%		(1.14	%)		2.10	%		262.00	%

(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) Credit Suisse Large Cap Blend II Fund (“U.S. Equity II Predecessor Fund”) was reorganized into Aberdeen U.S. Equity II Fund on October 7, 2011. Information presented for the periods prior to October 7, 2011 reflects the U.S. Equity II Predecessor Fund.

2012 Semiannual Report

123

Notes to Financial Statements

April 30, 2012 (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, 2012, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. As of April 30, 2012, the Trust operated twenty-five (25) 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 thirteen (13) funds listed below (each a “Fund”; collectively, the “Funds”):

– Aberdeen Asia-Pacific (ex-Japan) Equity Fund (“Asia-Pacific (ex-Japan) Equity Fund”) (formerly Aberdeen Asia-Pacific (ex-Japan) Equity Institutional Fund)

– Aberdeen Asia-Pacific Smaller Companies Fund (“Asia-Pacific Smaller Companies Fund”)

– Aberdeen China Opportunities Fund (“China Opportunities Fund”)

– Aberdeen Emerging Markets Fund (“Emerging Markets Fund”)*

– Aberdeen Emerging Markets Institutional Fund (“Emerging Markets Institutional Fund”)*

– Aberdeen Equity Long-Short Fund (“Equity Long-Short Fund”)

– Aberdeen Global Equity Fund (“Global Equity Fund”)**

– Aberdeen Global Natural Resources Fund (“Global Natural Resources Fund”)

– Aberdeen Global Small Cap Fund (“Global Small Cap Fund”)

– Aberdeen International Equity Fund (“International Equity Fund”)****

– Aberdeen Small Cap Fund (“Small Cap Fund”)

– Aberdeen U.S. Equity Fund (“U.S. Equity Fund”)

– Aberdeen U.S. Equity II Fund (“U.S. Equity II Fund”)

* At the close of business on May 18, 2012, the Emerging Markets Fund was reorganized into the Emerging Markets Institutional Fund. Immediately following the reorganization, the Emerging Markets Institutional Fund changed its name to Aberdeen Emerging Markets Fund. Because the reorganization occurred after April 30, 2012, financial information is provided for each of these funds in this report. For further information, please see below, Subsequent Events and Fund Reorganizations.

** On December 16, 2011, the Global Equity Fund acquired the assets and assumed the liabilities of the Aberdeen Global Financial Services Fund (the “Global Financial Services Fund”). The Global Equity Fund is considered the accounting survivor of the reorganization.

In connection with the reorganization, the Global Financial Services Fund’s Class A, Class C, Class R, Institutional Service Class and Institutional Class shares were converted into Class A, Class C, Class R, Institutional Service Class and Institutional Class shares of the Global Equity Fund, respectively.

The following is a summary of the net assets converted and net asset value per share issued as of December 16, 2011.

	Shares Issued of the Aberdeen Global Equity Fund		Net Assets Reorganized from the Aberdeen Global Financial Services Fund		Net Asset Value Per Shares Issued of the Aberdeen Global Equity Fund
Class A		936,268	$	9,998,530	$	10.68
Class C		146,942		1,499,264		10.20
Class R		37,943		392,195		10.34
Institutional Service Class***		81		871		10.68
Institutional Class		5,802		61,984		10.68

*** The Global Equity Fund issued shares to the Institutional Service Class (“the class”) shareholders with an NAV of $10.68. However, the NAV calculation above for the class does not result in an NAV of $10.68 due to rounding.

**** On February 24, 2012, the International Equity Fund acquired the assets and assumed the liabilities of the Aberdeen International Equity Institutional Fund (the “International Equity Institutional Fund”). The International Equity Fund is considered the accounting survivor of the reorganization.

In connection with the reorganization, the International Equity Institutional Fund’s Institutional Service Class and Institutional Class shares were converted into Institutional Service Class and Institutional Class shares of the International Equity Fund, respectively.

Semiannual Report 2012

124

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

The following is a summary of the net assets converted and net asset value per share issued as of February 24, 2012.

	Shares Issued of the Aberdeen International Equity Fund		Net Assets Reorganized from the Aberdeen International Equity Institutional Fund		Net Asset Value Per Shares Issued of the Aberdeen International Equity Fund
Class A		–	$	–	$	–
Class C		–		–		–
Class R		–		–		–
Institutional Service Class		261,566		3,627,995		13.87
Institutional Class		20,229,035		281,502,697		13.92

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted 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

Securities for which market quotations are readily available are valued at current market value as of the “Valuation Time.” The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). Equity securities are valued at the last quoted sale price. If there is no sale price available, the last quoted mean price provided by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) is used. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange on which each security trades. Investment companies that do not trade on an exchange are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is principally traded or by application of a valuation factor by an independent pricing service to the last sales price as further discussed below. 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 approved by the Board.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board. In the event such quotes are not available from such pricing agents, then the security may be priced based on bid quotations from broker-dealers. Short-term debt securities of sufficient credit quality, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates fair value.

Forward foreign currency contracts are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by a Board approved pricing agent. Forward exchange rate quotations are available for regularly scheduled settlement dates such as on a 1, 2, 3, 4, 5, 6, 9, and 12-month basis. No quotations are offered for interim settlement dates. An interpolated fair value is derived when the life of the contract is not the same as a life for which quotations are offered.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ Investment Adviser or designee, are valued at fair value under procedures approved by the Board. In addition, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Funds’ equity securities that are traded on a foreign exchange or market which closes prior to the Funds’ Valuation Time are fair valued by an independent pricing service. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security. If the pricing service is unable to provide a fair value for a security, the security will continue to be valued at the last sale price at the close of the exchange on which it is principally traded, subject to adjustment

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125

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

by the Funds’ Pricing Committee. When the fair value prices are utilized, the value assigned to the foreign securities may not be quoted or published prices of the securities on their primary markets. For the six months ended April 30, 2012, there have been no significant changes to the valuation procedures approved by the Board.

The Funds are required to disclose information regarding the fair value measurements of a Fund’s assets and liabilities. Fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. The disclosure requirements utilize a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. 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 such 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, which are based on the best information available in the circumstances.

The three-tier 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, credit risk, etc.)

• Level 3–significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

Generally, equity securities valued at the last quoted sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade are categorized as Level 1 securities. Securities valued at fair value by applying a valuation factor are generally categorized as Level 2. The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2012:

	LEVEL 1–Quoted Prices ($)*		LEVEL 2–Other Significant Observable Inputs ($)*		LEVEL 3–Significant Unobservable Inputs ($)*		Total ($)
Asia-Pacific (ex-Japan) Equity Fund
Investments in Securities
Common Stocks		19,164,318		379,186,988		–		398,351,306
Preferred Stocks		–		17,565,024		–		17,565,024
Repurchase Agreement		–		10,092,000		–		10,092,000
		19,164,318		406,844,012		–		426,008,330
Asia-Pacific Smaller Companies Fund
Investments in Securities
Common Stocks		1,792,152		17,220,169		–		19,012,321
Repurchase Agreement		–		811,000		–		811,000
		1,792,152		18,031,169		–		19,823,321

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126

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

	LEVEL 1–Quoted Prices ($)*			LEVEL 2–Other Significant Observable Inputs ($)*		LEVEL 3–Significant Unobservable Inputs ($)*		Total ($)
China Opportunities Fund
Investments in Securities
Common Stocks		1,893,315			39,410,570		–		41,303,885
Repurchase Agreement		–			301,000		–		301,000
		1,893,315			39,711,570		—		41,604,885
Emerging Markets Fund
Investments in Securities
Common Stocks		79,986,233			193,532,320		–		273,518,553
Preferred Stocks		34,703,292			14,110,743		–		48,814,035
Repurchase Agreement		–			9,901,000		–		9,901,000
		114,689,525			217,544,063		–		332,233,588
Emerging Markets Institutional Fund
Investments in Securities
Common Stocks		1,532,497,371			3,880,846,005		–		5,413,343,376
Preferred Stocks		646,175,735			289,977,899		–		936,153,634
Repurchase Agreement		–			194,952,000		–		194,952,000
		2,178,673,106			4,365,775,904		–		6,544,449,010
Equity Long-Short Fund
Investments in Securities
Common Stocks—Long Positions		412,980,893			–		–		412,980,893
Repurchase Agreement		–			124,457,000		–		124,457,000
Common Stocks—Short Positions		(155,220,242	)		–		–		(155,220,242	)
Exchange Traded Funds—Short Positions		(33,728,066	)		–		–		(33,728,066	)
		224,032,585			124,457,000		–		348,489,585
Global Equity Fund
Investments in Securities
Common Stocks		18,886,852			29,198,439		–		48,085,291
Preferred Stocks		2,782,560			1,412,235		–		4,194,795
Repurchase Agreement		–			525,000		–		525,000
		21,669,412			31,135,674		–		52,805,086
Global Natural Resources Fund
Investments in Securities
Common Stocks		26,744,102			24,385,632		–		51,129,734
Repurchase Agreement		–			816,000		–		816,000
		26,744,102			25,201,632		–		51,945,734

2012 Semiannual Report

127

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

	LEVEL 1–Quoted Prices ($)*		LEVEL 2–Other Significant Observable Inputs ($)*		LEVEL 3–Significant Unobservable Inputs ($)*		Total ($)
Global Small Cap Fund
Investments in Securities
Common Stocks		16,542,286		39,870,028		–		56,412,314
Preferred Stocks		1,344,071		–		–		1,344,071
Rights		86,987		–		–		86,987
Repurchase Agreement		–		1,102,000		–		1,102,000
		17,973,344		40,972,028		–		58,945,372
International Equity Fund
Investments in Securities
Common Stocks		102,888,612		631,915,510		–		734,804,122
Preferred Stocks		43,982,400		34,581,648		–		78,564,048
Repurchase Agreement		–		18,701,000		–		18,701,000
		146,871,012		685,198,158		–		832,069,170
Small Cap Fund
Investments in Securities
Common Stocks		163,243,443		–		–		163,243,443
Repurchase Agreement		–		2,033,000		–		2,033,000
		163,243,443		2,033,000		—		165,276,443
U.S. Equity Fund
Investments in Securities
Common Stocks		329,066,007		–		–		329,066,007
Repurchase Agreement		–		5,727,000		–		5,727,000
		329,066,007		5,727,000		–		334,793,007
U.S. Equity II Fund
Investments in Securities
Common Stocks		68,723,320		–		–		68,723,320
Repurchase Agreement		–		1,766,000		–		1,766,000
		68,723,320		1,766,000		–		70,489,320

* For the six months ended April 30, 2012, there were no significant transfers in or out of Level 1 and Level 2 fair value measurements.

There were no Level 3 securities held in the Funds during the six months ended April 30, 2012. For detailed descriptions, see the accompanying Statements of Investments.

For the six months ended April 30, 2012, there have been no significant changes to the fair valuation methodologies.

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

(b) Repurchase Agreements

The Funds may enter into repurchase agreements. It is each Fund’s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by the Fund may be delayed or limited.

Semiannual Report 2012

128

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

(c) 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.

(d) Foreign Currency Translation

Foreign currency amounts are translated into U.S. dollars at the current rate of exchange as of the Valuation Time to determine the value of investments, assets and liabilities. 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 Statement of Operations.

(e) 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 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. Their use allows the separation of decision making between markets and currencies. The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forwards prices are received daily from an independent pricing provider. When the forward contract is closed, the 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 unrealized and realized gains and losses are reported on the Statement of Operations. The Funds 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. For the six months ended April 30, 2012, the Funds did not hold any forward contracts.

(f) Short Sales

During the period, the Equity Long-Short Fund engaged in short-selling of portfolio securities. Certain of the Funds are authorized to engage in short selling of portfolio securities, which obligates a Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will segregate or earmark cash, other liquid assets and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date. The collateral for securities sold short includes the deposits with brokers and securities held long as shown in the Statement of Investments for the Fund.

(g) Security Transactions, Investment Income and Expenses

Securities 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 is recorded on the ex-dividend date except for certain dividends on foreign securities, which are recorded as soon as a Fund is informed after the ex-dividend date. Interest income is recorded on an accrual basis using the effective interest method. 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 all or certain Funds of the Trust. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

(h) Distributions

Distributions from net investment income, if any, are declared and paid quarterly for all Funds, except for Asia-Pacific (ex-Japan) Equity Fund, Asia-Pacific Smaller Companies Fund, and Global Small Cap Fund, for which distributions from net income 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.

2012 Semiannual Report

129

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. Permanent differences, if any (e.g., reclassification of net operating losses, return of capital distributions, foreign exchange gain/loss reclassifications and passive foreign investment company adjustments) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in capital.

(i) Federal Income Taxes

Each Fund intends to qualify or 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, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially 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 four fiscal years up to the most recent fiscal year ended October 31 are subject to such review.

(j) Earnings Credits

Each Fund’s custodial arrangements include a provision to reduce their custodial fees by the amount of earnings credits recognized on cash deposits in demand deposit accounts.

3. Agreements and Transactions with Affiliates

(a) Investment Adviser

Under the Investment Advisory Agreement with the Trust, Aberdeen Asset Management Inc. (“Aberdeen” or the “Adviser”) manages the Funds in accordance with the policies and procedures established by the Board. Subadvisers manage a portion of certain of the Funds’ investments and have the responsibility for making all investment decisions for the portion of a Fund’s assets they manage. The Subadviser(s) for the Funds are as follows:

Fund	Subadviser
Asia-Pacific (ex-Japan) Equity Fund	Aberdeen Asset Management Asia Limited (“AAMAL”)
Asia-Pacific Smaller Companies Fund	AAMAL
China Opportunities Fund	AAMAL and Aberdeen Asset Managers Limited (“AAML”)
Emerging Markets Fund	AAMAL and AAML
Emerging Markets Institutional Fund	AAMAL and AAML
Global Equity Fund	AAMAL and AAML
Global Natural Resources Fund*	AAML
Global Small Cap Fund	AAMAL and AAML
International Equity Fund	AAMAL and AAML

* Prior to March 1, 2012, the Adviser provided investment advisory services to the Global Natural Resources Fund using AAML personnel. Effective March 1, 2012, AAML serves as subadviser to the Global Natural Resources Fund pursuant to a subadvisory agreement with the Adviser. Counsel to the Trust has provided a legal opinion confirming that the restructuring of personnel and subadvisory arrangement is not deemed an assignment under the 1940 Act.

On March 1, 2012, Aberdeen Asset Management Investment Services Limited (“AAMISL”), which previously was the sub-adviser to the Funds for which AAML now serves as sub-adviser, merged into AAML. AAML assumed the sub-adviser responsibility of the Funds for which AAMISL was sub-adviser. There was no change to the portfolio management team or the level or nature of the services provided to the Funds for which AAMISL served as sub-adviser as a result of the merger and the same resources available to AAMISL for the management and compliance oversight of the Fund are available to AAML.

The Equity Long-Short Fund, Small Cap Fund, U.S. Equity Fund and U.S. Equity II Fund are not currently managed by a subadviser.

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130

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee paid monthly based on that Fund’s average daily net assets according to the following schedule:

Fund	Fee Schedule
Asia-Pacific (ex-Japan) Equity Fund		On all assets	1.00%
Asia-Pacific Smaller Companies Fund		Up to $500 million	1.30%
		$500 million up to $2 billion	1.25%
		On $2 billion and more	1.15%
China Opportunities Fund		Up to $500 million	1.25%
		$500 million up to $2 billion	1.20%
		On $2 billion and more	1.15%
Emerging Markets Fund		Up to $500 million	1.05%
		$500 million up to $2 billion	1.00%
		On $2 billion and more	0.95%
Emerging Markets Institutional Fund		On all assets	0.90%
Equity Long-Short Fund		Up to $1 billion	1.15%
		On $1 billion and more	1.00%
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 Natural Resources Fund		Up to $500 million	0.70%
		$500 million up to $2 billion	0.65%
		On $2 billion and more	0.60%
Global Small Cap Fund		Up to $100 million	1.25%
		On $100 million and more	1.00%
International Equity Fund(a)		On all assets	0.80%
Small Cap Fund		Up to $100 million	0.95%
		On $100 million and more	0.80%
U.S. Equity Fund		Up to $500 million	0.75%
		$500 million up to $2 billion	0.70%
		On $2 billion and more	0.65%
U.S. Equity II Fund		Up to $500 million	0.75%
		$500 million up to $2 billion	0.70%
		On $2 billion and more	0.65%

(a) Prior to February 24, 2012, International Equity Fund paid a fee based on schedule below. Effective February 24, 2012 the fee calculation changed to the fee schedule as shown above.

International Equity Fund	Up to $500 million	0.90%
	$500 million up to $2 billion	0.85%
	On $2 billion and more	0.80%

2012 Semiannual Report

131

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

From such fees, pursuant to the sub-advisory agreements, the Adviser pays fees to the subadvisers, if any. For the six months ended April 30, 2012, the Adviser paid the following amounts to the subadvisers (amounts shown as paid to AAML include amounts paid to AAMISL prior to March 1, 2012):

Fund		Amount
Asia-Pacific (ex-Japan) Equity Fund	AAMAL		$1,745,550
Asia-Pacific Smaller Companies Fund	AAMAL		7,062
China Opportunities Fund	AAMAL		206,369
Emerging Markets Fund	AAMAL		686,939
	AAML		686,939
Emerging Markets Institutional Fund	AAMAL		11,247,063
	AAML		11,247,063
Global Equity Fund	AAML		122,868
Global Natural Resources Fund*	AAML		56,144
Global Small Cap Fund	AAML		179,941
International Equity Fund	AAML		2,248,446

* For the period March 1, 2012 to April 30, 2012. Prior to March 1, 2012, the Adviser provided investment advisory services to the Global Natural Resources Fund using AAML personnel. Effective March 1, 2012, AAML serves as subadviser to the Global Natural Resources Fund pursuant to a subadvisory agreement with the Adviser.

Aberdeen entered into a written contract (“Expense Limitation Agreement”) with the Trust on behalf of the Funds that is effective through the dates listed below, and can only be terminated by the Board. The Expense Limitation Agreement limits operating expenses (excluding any interest, taxes, brokerage fees, short sale dividend expenses, acquired fund fees and expenses, 12b-1 fees, administrative services fees and extraordinary expenses), that accrue daily, from exceeding the amounts listed below:

	Effective Through			Limit
Asia-Pacific (ex-Japan) Equity Fund		2/27/2013			1.25%
Asia-Pacific Smaller Companies Fund		2/27/2013			1.70%
China Opportunities Fund		2/27/2013			1.62%
Emerging Markets Fund		2/27/2013			1.42%
Emerging Markets Institutional Fund		2/27/2013	(a)		1.10%
Equity Long-Short Fund		2/27/2013			1.40%
Global Equity Fund		2/27/2013	(b)		1.19%
Global Natural Resources Fund		2/27/2013			1.16%
Global Small Cap Fund		2/27/2013			1.30%
International Equity Fund		2/27/2013	(c)		1.10%
Small Cap Fund		2/27/2013			1.15%
U.S. Equity Fund		10/10/2013			0.90%
U.S. Equity II Fund		10/10/2013			0.90%

(a) Through November 23, 2011, the fee cap was 0.95%.

(b) Prior to the reorganization described in “1. Organization” above, the fee cap was 1.32%.

(c) Prior to the reorganization described in “1. Organization” above, the fee cap was 1.24%.

Aberdeen may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made for fees waived prior to March 1, 2011 (except for the Global Small Cap Fund, which is prior to July 20, 2011) unless:

(i) the Fund’s assets exceed $100 million;

(ii) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and

(iii) the payment of such reimbursement is approved by the Board on a quarterly basis.

Semiannual Report 2012

132

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

For fees waived after March 1, 2011 (July 20, 2011 for Global Small Cap Fund) no reimbursement will be made unless:

(i) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and

(ii) the payment of such reimbursement is approved by the Board on a quarterly basis (the “Reimbursement Requirements”).

If the Board approves any changes in the waiver terms or limitations, reimbursements are only permitted to the extent that the terms of the Expense Limitation Agreement that were in effect at the time of the waiver are met at the time that reimbursement is approved. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by Aberdeen is not permitted.

As of April 30, 2012, 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 2009 (Expires 10/31/12)			Amount Fiscal Year 2010 (Expires 10/31/13)			Amount Fiscal Year 2011 (Expires 10/31/14)		Amount Six Months Ended April 30, 2012 (Expires 4/30/15)		Total*
Asia-Pacific (ex-Japan) Equity Fund	$	–		$	–	**	$	–	$	–	$	–
Asia-Pacific Smaller Companies Fund		–			–			97,496		43,096		140,592
China Opportunities Fund		172,182			124,703			113,122		42,347		452,354
Emerging Markets Fund		178,042			227,462			39,632		76,388		521,524
Emerging Markets Institutional Fund(a)		–			1,664,469	***		3,060,360		89,836		4,814,665
Equity Long-Short Fund		–			–			–		–		–
Global Equity Fund		144,966			117,768			89,842		81,000		433,576
Global Natural Resources Fund		78,894			–			23,135		6,047		108,076
Global Small Cap Fund		37,901	****		411,769			263,692		140,843		854,205
International Equity Fund		–			–			–		–		–
Small Cap Fund		720,398			607,252			355,279		110,916		1,793,845
U.S. Equity Fund		130,036			81,398			157,356		98,665		467,455
U.S. Equity II Fund		–			–			44,430		79,650		124,080

(a) For the period November 1, 2009 through November 22, 2009, the Advisor’s Predecessor Fund received voluntary fee waivers totaling $37,285. These amounts are not subject to future repayment by the funds.

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

** Expenses waived or reimbursed under the terms of the Expense Limitation Agreement during the period November 16, 2009 to October 31, 2010.

*** Expenses waived or reimbursed under the terms of the Expense Limitation Agreement during the period November 23, 2009 to October 31, 2010.

**** Expenses waived or reimbursed under the terms of the Expense Limitation Agreement during the period July 20, 2009 to October 31, 2009. For the period November 1, 2008 through July 19, 2009, the Global Small Cap Predecessor Fund received voluntary fee waivers from its adviser totaling $486,400. This amount is not subject to future repayment by the Fund.

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

2012 Semiannual Report

133

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

In accordance with the Funds’ Expense Limitation Agreement and criteria, as described above, the Adviser recaptured the following amounts for which they previously reimbursed the Funds:

Fund	Amount Paid to the Adviser
Asia-Pacific (ex-Japan) Equity Fund	$	28,485
Asia-Pacific Smaller Companies Fund		–
China Opportunities Fund		–
Emerging Markets Fund		–
Emerging Markets Institutional Fund		–
Equity Long-Short Fund		132,554
Global Equity Fund		–
Global Natural Resources Fund		–
Global Small Cap Fund		–
International Equity Fund		135,679
Small Cap Fund		–
U.S. Equity Fund		–
U.S. Equity II Fund		–

At April 30, 2012, the Funds had liabilities payable to the Adviser for recapture of previously reimbursed expenses as follows:

Fund	Amount Paid to the Adviser
Asia-Pacific (ex-Japan) Equity Fund	$	4,080
Asia-Pacific Smaller Companies Fund		–
China Opportunities Fund		–
Emerging Markets Fund		–
Emerging Markets Institutional Fund		–
Equity Long-Short Fund		–
Global Equity Fund		–
Global Natural Resources Fund		–
Global Small Cap Fund		–
International Equity Fund		47,497
Small Cap Fund		–
U.S. Equity Fund		–
U.S. Equity II Fund		–

(b) Fund Administration

Under the terms of the Fund Administration Agreement in effect during the period, 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 Fund Administration, the Funds pay Aberdeen a combined annual fee based on the Trust’s average daily net assets as set forth in the fee schedule below. The fees are then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund and are paid to Aberdeen.

Combined Fee Schedule*
Up to $500 million	0.065%
$500 million up to $2 billion	0.045%
$2 billion or more	0.020%

* The asset-based fees are subject to an annual minimum fee.

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

Semiannual Report 2012

134

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

(c) Sub-Administrator and Fund Accountant

Aberdeen has entered into a Sub-Administration Agreement with State Street Bank and Trust Company (“State Street”) whereby State Street assists Aberdeen in providing certain of the administration services for the Funds, including certain fund accounting services. For its services, State Street receives an asset-based fee plus certain out-of-pocket expenses from the Administrator.

(d) Transfer Agent

Boston Financial Data Services, Inc. (“BFDS”) serves as Transfer Agent to the Funds.

(e) Distributor

The Trust and Aberdeen Fund Distributors LLC (the “Distributor” or “AFD”) 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”) under Rule 12b-1 of the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate AFD, as the Funds’ Distributor, for expenses associated with the distribution of certain classes of shares of the Funds of the Trust. Although actual distribution expenses may be more or less, under the Plan the Funds of the Trust pay the Distributor an annual fee in an amount that will not exceed the following amounts:

Fund	Class A Shares		Class C Shares (a)		Class R Shares
Asia-Pacific (ex-Japan) Equity Fund		0.25%		1.00%		0.50%
Asia-Pacific Smaller Companies Fund		0.25%		1.00%		0.50%
China Opportunities Fund		0.25%		1.00%		0.50%
Emerging Markets Fund		0.25%		1.00%		0.50%
Emerging Markets Institutional Fund		N/A		N/A		N/A
Equity Long-Short Fund		0.25%		1.00%		0.50%
Global Equity Fund		0.25%		1.00%		0.50%
Global Natural Resources Fund		0.25%		1.00%		0.50%
Global Small Cap Fund		0.25%		1.00%		0.50%
International Equity Fund		0.25%		1.00%		0.50%
Small Cap Fund		0.25%		1.00%		0.50%
U.S. Equity Fund		0.25%		1.00%		0.50%
U.S. Equity II 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% imposed on certain redemptions of Class C (and up to 1% 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 series of the Trust, which have a maximum front-end sales charge of 5.75% and 1.00% on Class C shares of the series of the Trust (on the deferred sales charge assessed on sales within one year of purchase). For the six months ended April 30, 2012, AFD retained commissions of $102,289 from front-end sales charges of Class A shares and from CDSC fees from Class C (and certain Class A) shares of the Trust.

Under the terms of the current Administrative Services Plan, a series of the Trust is permitted to enter into Servicing Agreements with servicing organizations, such as broker-dealers, and financial institutions, which agree to provide certain administrative support services in connection with the Class A, Class R and Institutional Service Class shares of the series of the Trust (as applicable). These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class A, Class R and Institutional Service Class shares of each of the Funds

2012 Semiannual Report

135

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

(as applicable). The amount of expenses incurred under the terms of the Administrative Services Plan during the six months ended April 30, 2012 were as follows:

Fund	Amount
Asia-Pacific (ex-Japan) Equity Fund	$	118
Asia-Pacific Smaller Companies Fund		–
China Opportunities Fund		3,722
Emerging Markets Fund		130,943
Emerging Markets Institutional Fund		306,474
Equity Long-Short Fund		27,649
Global Equity Fund		5,347
Global Natural Resources Fund		14,908
Global Small Cap Fund		11,383
International Equity Fund		240,729
Small Cap Fund		37,822
U.S. Equity Fund		35,191
U.S. Equity II Fund		685

4. Short-Term Trading Fees

The Funds assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within 90 calendar days of purchase (within 30 calendar days for the U.S. Equity Fund and U.S. Equity II Fund). The redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions and other trading costs, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

For the six months ended April 30, 2012, the Funds had the following contributions to capital due to collection of redemption fees:

Fund	Class A Shares		Class C Shares		Class R Shares		Institutional Service Class Shares		Institutional Class Shares
Asia-Pacific (ex-Japan) Equity Fund	$	–	$	–	$	–	$	10	$	1,491
Asia-Pacific Smaller Companies Fund		–		–		–		–		–
China Opportunities Fund		7,850		2,693		287		1,029		334
Emerging Markets Fund		26,306		1,203		433		–		–
Emerging Markets Institutional Fund		–		–		–		15,488		310,176
Equity Long-Short Fund		5,905		1,092		138		517		25,796
Global Equity Fund		5		1		–		–		2
Global Natural Resources Fund		583		134		92		27		107
Global Small Cap Fund		67		–		–		–		4
International Equity Fund		5,522		911		308		7,177		5,025
Small Cap Fund		10,012		3,883		300		1,737		3,090
U.S. Equity Fund		603		28		3		377		10
U.S. Equity II Fund		1,945		49		–		–		–

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

Semiannual Report 2012

136

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

For the year ended October 31, 2011, the Funds had the following contributions to capital due to collection of redemption fees:

Fund	Class A Shares		Class B Shares		Class C Shares		Class R Shares		Institutional Service Class Shares		Institutional Class Shares
Asia-Pacific (ex-Japan) Equity Fund	$	–	$	–	$	–	$	–	$	177	$	24,708
Asia-Pacific Smaller Companies Fund		–		–		–		–		–		–
China Opportunities Fund		11,316		553		5,366		329		1,710		609
Emerging Markets Fund		113,566		224		6,676		2,835		–		–
Emerging Markets Institutional Fund		–		–		–		–		15,555		273,641
Equity Long-Short Fund		33,146		51		6,480		639		1,535		121,890
Global Equity Fund		18		–		2		–		–		7
Global Natural Resources Fund		6,684		54		1,851		1,279		317		1,803
Global Small Cap Fund		2,495		–		11		8		–		145
International Equity Fund		6,043		61		1,291		402		8,665		530
Small Cap Fund		8,391		125		3,049		323		1,103		3,496
U.S. Equity Fund		2,454		14		322		31		1,103		121
U.S. Equity II Fund		882		–		–		156		–		–

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

5. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2012, were as follows:

Fund	Purchases		Sales
Asia-Pacific (ex-Japan) Equity Fund	$	43,724,416	$	87,379,331
Asia-Pacific Smaller Companies Fund		17,200,060		426,182
China Opportunities Fund		6,831,951		9,081,671
Emerging Markets Fund		99,507,636		55,068,341
Emerging Markets Institutional Fund		1,246,620,838		5,977,667
Equity Long-Short Fund		81,684,316		93,422,951
Global Equity Fund		12,899,281		12,666,917
Global Natural Resources Fund		2,242,153		12,962,689
Global Small Cap Fund		6,971,663		8,424,886
International Equity Fund		119,051,358		29,737,406
Small Cap Fund		16,709,065		56,167,432
U.S. Equity Fund		39,013,296		69,485,572
U.S. Equity II Fund		8,054,671		14,879,130

6. Portfolio Investment Risks

(a) Risks Associated with Foreign Securities and Currencies

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

2012 Semiannual Report

137

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

(b) Risks Associated with Emerging Markets

The emerging countries’ securities markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. A high proportion of the securities of many companies in emerging countries may be held by a limited number of persons, which may limit the number of securities available for investment by a Fund. The limited liquidity of emerging country securities markets may also affect a Fund’s ability to acquire or dispose of securities at the price and time it wishes to do so.

(c) Risks Associated with European Markets

A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and without Europe. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund’s investments.

7. 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, based on experience, the risk of loss from such claims is considered remote.

8. Tax Information

As of April 30, 2012, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asia-Pacific (ex-Japan) Equity Fund	$	410,062,019	$	33,576,658	$	(17,630,347	)	$	15,946,311
Asia-Pacific Smaller Companies Fund		19,320,459		1,140,688		(637,826	)		502,862
China Opportunities Fund		34,404,330		8,378,038		(1,177,483	)		7,200,555
Emerging Markets Fund		290,269,434		48,585,066		(6,620,912	)		41,964,154
Emerging Markets Institutional Fund		5,668,692,427		1,055,464,864		(179,708,281	)		875,756,583
Equity Long-Short Fund		487,392,848		56,798,505		(6,753,460	)		50,045,045
Global Equity Fund		45,236,421		8,531,901		(963,236	)		7,568,665
Global Natural Resources Fund		47,114,598		5,964,883		(1,133,747	)		4,831,136
Global Small Cap Fund		42,733,627		16,819,311		(607,566	)		16,211,745
International Equity Fund		726,315,690		119,822,987		(14,069,507	)		105,753,480
Small Cap Fund		141,899,253		29,794,380		(6,417,190	)		23,377,190
U.S. Equity Fund		281,959,366		54,057,935		(1,224,294	)		52,833,641
U.S. Equity II Fund		59,211,509		11,560,575		(282,764	)		11,277,811

Semiannual Report 2012

138

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

The tax character of distributions paid during the fiscal year ended October 31, 2011 was as follows (Total distributions paid differ from the Statement 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 Gain

Total Taxable Distributions

Tax Exempt Distributions

Return of Capital

Total Distributions Paid

Asia-Pacific (ex-Japan) Equity Fund

$

3,235,386

$

–

$

3,235,386

$

–

$

–

$

3,235,386

Asia-Pacific Smaller Companies Fund

–

–

–

–

–

–

China Opportunities Fund

306,720

–

306,720

–

–

306,720

Emerging Markets Fund

1,457,111

–

1,457,111

–

–

1,457,111

Emerging Markets Institutional Fund

28,465,819

–

28,465,819

–

–

28,465,819

Equity Long-Short Fund

–

–

–

–

–

–

Global Equity Fund

733,030

–

733,030

–

–

733,030

Global Natural Resources Fund

499,080

–

499,080

–

–

499,080

Global Small Cap Fund

433,806

–

433,806

–

–

433,806

International Equity Fund

9,261,829

–

9,261,829

–

–

9,261,829

Small Cap Fund

1,575,788

–

1,575,788

–

–

1,575,788

U.S. Equity Fund

2,337,320

4,183,440

6,520,760

–

–

6,520,760

U.S. Equity II Fund

562,523

–

562,523

–

–

562,523

As of October 31, 2011, the components of accumulated earnings (deficit) on a tax basis were as follows:

Fund	Undistributed Tax Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses**			Unrealized Appreciation/ Depreciation*			Total Accumulated Earnings (Deficit)
Asia-Pacific (ex-Japan) Equity Fund	$	–	$	21,963,323	$	5,050,528	$	27,013,851	$	–	$	–		$	2,402,410		$	29,416,261
Asia-Pacific Smaller Companies Fund		–		3,767		–		3,767		–		–			(178,614	)		(174,847	)
China Opportunities Fund		–		152,568		–		152,568		–		(20,344,445	)		6,402,444			(13,789,433	)
Emerging Markets Fund		–		200,695		–		200,695		–		(15,748,538	)		32,993,500			17,445,657
Emerging Markets Institutional Fund		–		65,964,462		46,006,519		111,970,981		–		–			410,249,828			522,220,809
Equity Long-Short Fund		–		–		5,133,087		5,133,087		–		–			7,293,477			12,426,564
Global Equity Fund		–		70,174		–		70,174		–		(20,151,530	)		5,428,010			(14,653,346	)
Global Natural Resources Fund		–		156,511		–		156,511		–		(32,814,055	)		4,054,386			(28,603,158	)
Global Small Cap Fund		–		835,046		–		835,046		–		(18,012,147	)		10,319,975			(6,857,126	)
International Equity Fund		–		625,741		–		625,741		–		(170,385,857	)		61,330,964			(108,429,152	)
Small Cap Fund		–		–		–		–		–		(473,088,316	)		10,826,727			(462,261,589	)
U.S. Equity Fund		–		–		–		–		–		(71,091,967	)		33,003,917			(38,088,050	)
U.S. Equity II Fund		–		–		–		–		–		(26,376,002	)		6,930,037			(19,445,965	)

* The difference between the book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to: tax deferral of losses on wash sales; the difference between book and tax amortization methods for premium and market discount.

** As of October 31, 2011, 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:

2012 Semiannual Report

139

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

Fund	Amount		Expires
China Opportunities Fund	$	20,344,445		2017
Emerging Markets Fund		15,748,538		2017
Global Equity Fund		9,874,409		2016
Global Equity Fund		10,277121		2017
Global Natural Resources Fund		32,814,055		2017
Global Small Cap		1,101,568		2016
Global Small Cap		16,910,579		2017
International Equity Fund		24,011,968		2015
International Equity Fund		41,161,658		2016
International Equity Fund		105,212,231		2017
Small Cap Fund		18,819,219		2015
Small Cap Fund		148,666,987		2016
Small Cap Fund		305,602,110		2017
U.S. Equity Fund		9,032,095		2015
U.S. Equity Fund		62,059,872		2016
U.S. Equity Fund II		26,376,002		2017

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

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

9. Significant Shareholders

As of April 30, 2012, the following 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
Asia-Pacific (ex-Japan) Equity Fund		20.1	%		2
Asia-Pacific Smaller Companies Fund		15.7			2
China Opportunities Fund		27.2			3
Emerging Markets Fund		16.5			2
Emerging Markets Institutional Fund		45.1			3
Equity Long-Short Fund		58.6			3
Global Equity Fund		39.4			3
Global Natural Resources Fund		50.8			4
Global Small Cap Fund		28.6			2
International Equity Fund		51.9			4
Small Cap Fund		22.8			3
U.S. Equity Fund		18.2			2
U.S. Equity II Fund		–			–

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

Semiannual Report 2012

140

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

10. Recent Accounting Pronouncements

Fair Valuation

In May 2011, FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact ASU No. 2011-04 may have on financial statement disclosures.

11. Fund Reorganizations

Effective December 16, 2011, the Global Equity Fund acquired all of the assets and assumed all of the liabilities of the Global Financial Services Fund. The acquisition was accomplished by a tax-free exchange as follows:

1,536,706 shares of the Global Financial Services Fund, fair valued at $11,952,844 for 1,127,036 shares of the Global Equity Fund.

The investment portfolio and cash of the Global Financial Services Fund with a fair value of $11,952,844 were the principal assets acquired by the Global Equity Fund. For financial reporting purposes, assets received and shares issued by the Global Equity Fund were recorded at value; however, the cost basis of the investments received from the Global Financial Services Fund was carried forward to align ongoing reporting of the Global Equity Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Global Equity Fund acquired capital loss carryovers of $29,786,034 (subject to future annual limitations). Immediately prior to the merger, the net assets of the Global Financial Services Fund were $11,952,844.

Assuming that the Global Equity merger had been completed on November 1, 2010, the pro forma results of operations for the year ended October 31, 2011 are as follows:

Net investment gain	$	1,183,725
Net realized and unrealized loss from investments		(3,308,204)
Net decrease in net assets resulting from operations		(2,124,479)

Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practical to separate the amounts of revenue and earnings of the Global Financial Services Fund that have been reflected in the statements of operations since December 16, 2011 for the Global Equity Fund.

2012 Semiannual Report

141

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

The chart below shows a summary of net assets, shares outstanding, net asset value per share, net unrealized appreciation/(depreciation), and accumulated net realized gains/(losses), before and after the reorganization.

	Before Reorganization						After Reorganization
	Aberdeen Global Financial Services Fund			Aberdeen Global Equity Fund			Aberdeen Global Equity Fund
Net Assets:
Class A/Class A	$	9,998,530		$	24,263,514		$	34,262,044
Class C/Class C		1,499,264			2,341,425			3,840,689
Class R/Class R		392,195			579,350			971,545
Institutional Service Class/Institutional Service Class		871			–			871
Institutional Class/Institutional Class		61,984			10,095,848			10,157,832
Shares Outstanding:
Class A/Class A		1,280,382			2,272,055			3,208,323
Class C/Class C		197,178			229,481			376,423
Class R/Class R		51,204			56,049			93,992
Institutional Service Class/Institutional Service Class		111			–			82
Institutional Class/Institutional Class		7,831			944,977			950,779
Net Asset Value per Share:
Class A/Class A		7.81			10.68			10.68
Class C/Class C		7.60			10.20			10.20
Class R/Class R		7.66			10.34			10.34
Institutional Service Class/Institutional Service Class		7.88			–			10.68
Institutional Class/Institutional Class		7.92			10.68			10.68
Net unrealized appreciation/(depreciation)		(1,618,981	)		3,834,973			2,215,992
Accumulated net realized loss		(29,871,168	)		(20,120,413	)		(20,120,413	)

Effective February 24, 2012, the International Equity Fund acquired all of the assets and assumed all of the liabilities of the International Equity Institutional Fund. The acquisition was accomplished by a tax-free exchange as follows:

21,886,425 shares of the International Equity Institutional Fund, fair valued at $285,130,692 for 20,490,601 shares of the International Equity Fund.

The investment portfolio and cash of the International Equity Institutional Fund, with a fair value of $285,130,692 were the principal assets acquired by the International Equity Fund. For financial reporting purposes, assets received and shares issued by the International Equity Fund were recorded at value; however, the cost basis of the investments received from the International Equity Institutional Fund was carried forward to align ongoing reporting of the International Equity Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The International Equity Fund acquired capital loss carryovers of $3,850,268 (subject to future annual limitations). Immediately prior to the merger, the net assets of the International Equity Institutional Fund were $285,130,692.

Assuming that the International Equity merger had been completed on November 1, 2010, the pro forma results of operations for the year ended October 31, 2011 are as follows:

Net investment gain	$	15,809,837
Net realized and unrealized loss from investments		(6,065,478)
Net increase in net assets resulting from operations		9,744,359

Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practical to separate the amounts of revenue and earnings of the International Equity Institutional Fund that have been reflected in the statements of operations since February 24, 2012 for the International Equity Fund.

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142

Notes to Financial Statements (concluded)

April 30, 2012 (Unaudited)

The chart below shows a summary of net assets, shares outstanding, net asset value per share, net unrealized appreciation/(depreciation), and accumulated net realized gains/(losses), before and after the reorganization.

	Before Reorganization						After Reorganization
	Aberdeen International Equity Institutional Fund			Aberdeen International Equity Fund			Aberdeen International Equity Fund
Net Assets:
Class A/Class A		–		$	175,997,132		$	175,997,132
Class C/Class C		–			29,301,893			29,301,893
Class R/Class R		–			9,755,535			9,755,535
Institutional Service Class/Institutional Service Class		3,627,995			239,255,306			242,883,301
Institutional Class/Institutional Class		281,502,697			59,048,188			340,550,885
Shares Outstanding:
Class A/Class A		–			12,927,081			12,927,081
Class C/Class C		–			2,265,622			2,265,622
Class R/Class R		–			745,830			745,830
Institutional Service Class/Institutional Service Class		278,208			17,249,410			17,510,975
Institutional Class/Institutional Class		21,608,217			4,243,255			24,472,290
Net Asset Value per Share:
Class A/Class A		–			13.61			13.61
Class C/Class C		–			12.93			12.93
Class R/Class R		–			13.08			13.08
Institutional Service Class/Institutional Service Class		13.04			13.87			13.87
Institutional Class/Institutional Class		13.03			13.92			13.92
Net unrealized appreciation		21,926,567			87,254,451			109,181,018
Accumulated net realized loss		(12,992,576	)		(172,282,954	)		(172,282,954	)

12. 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, 2012.

On December 6, 2011, the Board of Trustees of Aberdeen Funds (the “Trust”), on behalf of the Emerging Markets Fund, approved the reorganization of the Emerging Markets Fund into the Emerging Markets Institutional Fund, which was renamed Aberdeen Emerging Markets Fund immediately following the reorganization. Shareholders of the Emerging Markets Fund received additional information about the reorganization. The reorganization closed on May 18, 2012.

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143

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 redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, 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, 2011 and continued to hold your shares at the end of the reporting period, April 30, 2012.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, 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 in the first line of each Class under the heading entitled “Expenses Paid During Period” 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 the 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) or redemption fees. 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.

Actual Expense Example of a $1,000 investment April 30, 2012	Beginning Account Value, November 1, 2011		Actual Ending Account Value, April 30, 2012		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*1		Annualized Expense Ratio**
Aberdeen Asia-Pacific (ex-Japan) Equity Fund
Class A2	$	1,000.00	$	1,003.60	$	1,017.80	$	2.45	$	7.12		1.42%
Class C2		1,000.00		1,002.70		1,014.07		3.74		10.87		2.17%
Class R2		1,000.00		1,003.60		1,016.56		2.88		8.37		1.67%
Institutional Service Class		1,000.00		1,077.30		1,018.75		6.35		6.17		1.23%
Institutional Class		1,000.00		1,078.20		1,018.80		6.30		6.12		1.22%
Aberdeen Asia-Pacific Smaller Companies Fund
Class A		1,000.00		1,146.70		1,015.17		10.41		9.77		1.95%
Class C		1,000.00		1,141.80		1,011.44		14.38		13.50		2.70%
Class R		1,000.00		1,145.20		1,013.92		11.73		11.02		2.20%
Institutional Service Class		1,000.00		1,148.10		1,016.41		9.08		8.52		1.70%
Institutional Class		1,000.00		1,148.10		1,016.41		9.08		8.52		1.70%
Aberdeen China Opportunities Fund
Class A		1,000.00		1,091.90		1,015.47		9.83		9.47		1.89%
Class C		1,000.00		1,087.90		1,011.84		13.60		13.11		2.62%
Class R		1,000.00		1,090.10		1,013.92		11.43		11.02		2.20%
Institutional Service Class		1,000.00		1,093.40		1,016.76		8.48		8.17		1.63%
Institutional Class		1,000.00		1,092.80		1,016.81		8.43		8.12		1.62%
Aberdeen Emerging Markets Fund
Class A		1,000.00		1,081.20		1,016.11		9.11		8.82		1.76%
Class C		1,000.00		1,077.60		1,012.83		12.50		12.11		2.42%
Class R		1,000.00		1,080.30		1,014.82		10.45		10.12		2.02%

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144

Shareholder Expense Examples (Unaudited) (concluded)

Actual Expense Example of a $1,000 investment April 30, 2012	Beginning Account Value, November 1, 2011		Actual Ending Account Value, April 30, 2012		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*1		Annualized Expense Ratio**
Aberdeen Emerging Markets Institutional Fund
Institutional Service Class	$	1,000.00	$	1,085.00	$	1,018.70	$	6.43	$	6.22		1.24%
Institutional Class		1,000.00		1,086.70		1,019.84		5.24		5.07		1.01%
Aberdeen Equity Long-Short Fund
Class A		1,000.00		1,032.80		1,013.28		11.78		11.66		2.33%
Class C		1,000.00		1,028.30		1,009.75		15.33		15.19		3.04%
Class R		1,000.00		1,031.80		1,012.23		12.83		12.71		2.54%
Institutional Service Class		1,000.00		1,033.30		1,013.68		11.37		11.27		2.25%
Institutional Class		1,000.00		1,034.10		1,014.72		10.32		10.22		2.04%
Aberdeen Global Equity Fund
Class A		1,000.00		1,079.60		1,017.40		7.76		7.52		1.50%
Class C		1,000.00		1,076.60		1,013.87		11.41		11.07		2.21%
Class R		1,000.00		1,079.30		1,016.36		8.84		8.57		1.71%
Institutional Service Class		1,000.00		1,136.00		1,019.00		4.68		5.92		1.18%
Institutional Class		1,000.00		1,082.10		1,018.80		6.32		6.12		1.22%
Aberdeen Global Natural Resources Fund
Class A		1,000.00		1,037.20		1,017.45		7.55		7.47		1.49%
Class C		1,000.00		1,033.20		1,014.12		10.92		10.82		2.16%
Class R		1,000.00		1,036.00		1,016.41		8.61		8.52		1.70%
Institutional Service Class		1,000.00		1,039.00		1,019.00		5.98		5.92		1.18%
Institutional Class		1,000.00		1,038.40		1,019.10		5.88		5.82		1.16%
Aberdeen Global Small Cap Fund
Class A		1,000.00		1,119.10		1,016.96		8.38		7.97		1.59%
Class C		1,000.00		1,115.40		1,013.43		12.10		11.51		2.30%
Class R		1,000.00		1,117.50		1,015.47		9.95		9.47		1.89%
Institutional Service Class		1,000.00		1,121.10		1,018.40		6.86		6.52		1.30%
Institutional Class		1,000.00		1,121.20		1,018.40		6.86		6.52		1.30%
Aberdeen International Equity Fund
Class A		1,000.00		1,060.20		1,017.60		7.48		7.32		1.46%
Class C		1,000.00		1,056.50		1,014.37		10.79		10.57		2.11%
Class R		1,000.00		1,058.50		1,016.61		8.50		8.32		1.66%
Institutional Service Class		1,000.00		1,060.90		1,018.70		6.35		6.22		1.24%
Institutional Class		1,000.00		1,061.40		1,019.69		5.33		5.22		1.04%
Aberdeen Small Cap Fund
Class A		1,000.00		1,131.60		1,017.50		7.84		7.42		1.48%
Class C		1,000.00		1,128.00		1,014.17		11.38		10.77		2.15%
Class R		1,000.00		1,130.20		1,016.46		8.95		8.47		1.69%
Institutional Service Class		1,000.00		1,133.20		1,019.15		6.10		5.77		1.15%
Institutional Class		1,000.00		1,132.80		1,019.15		6.10		5.77		1.15%
Aberdeen U.S. Equity Fund
Class A		1,000.00		1,099.30		1,019.15		6.00		5.77		1.15%
Class C		1,000.00		1,095.70		1,015.42		9.90		9.52		1.90%
Class R		1,000.00		1,099.10		1,017.90		7.31		7.02		1.40%
Institutional Service Class		1,000.00		1,101.80		1,020.39		4.70		4.52		0.90%
Institutional Class		1,000.00		1,101.80		1,020.39		4.70		4.52		0.90%
Aberdeen U.S. Equity II Fund
Class A		1,000.00		1,100.80		1,019.15		6.01		5.77		1.15%
Class C		1,000.00		1,095.30		1,015.42		9.90		9.52		1.90%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 182/366 (to reflect the one-half year period).

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

1 Represents the hypothetical 5% return before expenses.

2 Information shown reflects values using the expense ratios and rates of return for the period February 28, 2012 (commencement of operations) to April 30, 2012.

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145

Supplemental Information (Unaudited)

Board of Trustees’ Consideration of Sub-Advisory Agreement

At an in-person meeting of the Board of Trustees (the “Board” or the “Trustees”) of the Aberdeen Funds (the “Trust”) held on September 6, 2011, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an initial two-year period the Trust’s sub-advisory agreement (the “Sub-Advisory Agreement”) among the Trust, Aberdeen Asset Management Inc. (“AAMI”) and Aberdeen Asset Managers Limited (“AAML”) with respect to the following series of the Trust:

Aberdeen China Opportunities Fund

Aberdeen Global Natural Resources Fund

Aberdeen Emerging Markets Fund

Aberdeen International Equity Fund

Aberdeen Global Equity Fund

Aberdeen Global Small Cap Fund

Aberdeen Emerging Markets Institutional Fund

(each a “Fund” and collectively, the “Funds”)

AAML is an affiliate of AAMI. AAMI and AAML are sometimes referred to collectively as the “Advisers.”

Representatives of management informed the Board that it planned to merge Aberdeen Asset Management Investment Services Limited (“AAMISL”) into AAML as part of Aberdeen Asset Management PLC’s initiative to consolidate certain Aberdeen advisory entities and that the merger was anticipated to take place in the first quarter of 2012. Accordingly, AAMISL’s sub-advisory responsibilities would be transferred to AAML upon consummation of the merger. Management explained that there will be no change to the Funds’ portfolio managers, as AAMISL portfolio managers are also currently employees of AAML.

In considering whether to approve the Sub-Advisory Agreement, the Board took into account certain information and materials that the Board received and considered in connection with its recent approval of the renewal of the Funds’ investment advisory agreements and investment sub-advisory agreements (the “Agreements”) in June 2011. That approval, on which the Board voted at its meeting held in person on June 7, 2011, followed a process during which the Board considered a variety of factors, including for example, the experience and qualifications of the portfolio management teams and the Funds’ performance. The information considered by the Board included: (i) information on the investment performance of the Funds and the performance of peer groups of funds as selected by an independent third-party provider of investment company data, and the Funds’ performance benchmarks; (ii) information on the Funds’ advisory fees and other expenses, including information comparing each Fund’s expenses to those of a peer group of funds and information about any applicable expense limitations and fee “breakpoints”; (iii) sales and redemption data with respect to each Fund; (iv) information about the profitability of the Agreements to the Advisers; (v) a report prepared by the Advisers in response to a request submitted by the Independent Trustees’ independent legal counsel on behalf of such Trustees; and (vi) a memorandum from counsel on the responsibilities of the Board of Trustees in considering for approval the investment advisory and investment sub-advisory arrangements under the 1940 Act and Delaware law.

At the June 2011 meeting at which the Board of Trustees, including the Independent Trustees, approved the continuation of the Agreements, the Board also considered other matters discussed below. The Board noted that this information was relevant to its consideration of the Sub-Advisory Agreement in view of the similarity of the services to be provided, and the personnel who would be responsible for providing such services, to the Funds by AAML. The Board also noted that management provided an update regarding this information at the September 2011 meeting. These matters included: (i) AAMI’s and its affiliates’ financial results and financial condition; (ii) each Fund’s investment objective and strategies; (iii) AAMI’s and its affiliates’ investment personnel and operations; (iv) the procedures employed to determine the value of the Funds’ assets; (v) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with AAMI and its affiliates, and the use, if any, of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services; (vi) the resources devoted to, and the record of compliance with, the Funds’ investment policies and restrictions, policies on personal securities transactions and other compliance policies; and (viii) possible conflicts of interest. The Board also considered the nature, extent and quality of the services provided to the Funds by AAMI’s affiliates. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from AAMI and its affiliates.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide information relating to the services provided by the Advisers, including detailed information about the Funds’ investment performance. This information generally includes, among other things, third-party performance rankings for various periods (including prior to the Advisers’ management of the Funds) comparing each Fund against its peer group, total return information for various periods, and details of sales and redemptions of Fund shares for the period. The Board also receives periodic presentations from the portfolio management teams in connection with the performance of the Funds.

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Supplemental Information (Unaudited) (continued)

The Independent Trustees were advised by separate independent legal counsel throughout the process. The Independent Trustees also consulted in executive sessions with counsel to the Independent Trustees regarding consideration of the proposed approval of the Sub-Advisory Agreement. In considering whether to approve the Sub-Advisory Agreement, the Board of Trustees, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Sub-Advisory Agreement included the factors listed below.

The nature, extent and quality of the services to be provided to the Funds under the Sub-Advisory Agreement. The Trustees considered the nature, extent and quality of the services to be provided by AAML to the Funds and the resources to be dedicated to the Funds by AAML. The Board considered, among other things, AAMI’s and its affiliates’ investment experience, including the growth and development of their Far East operations as well as the Aberdeen Group’s global investment management activities, including in emerging markets, and the Aberdeen Group’s growth in Australia. The Board also considered the background and experience of AAML’s senior management personnel and the qualifications, background and responsibilities of the portfolio managers that would be primarily responsible for the day-to-day portfolio management services for the Funds. The Board also considered that it will receive information on a regular basis from the Trust’s Chief Compliance Officer regarding AAML’s compliance policies and procedures. The Board also considered AAML’s and its affiliates’ risk management processes. The Board was also mindful that AAMI will focus on the monitoring of the performance of the Funds and address performance matters. The Board also took into account its knowledge of management and the quality of the performance of its duties through Board meetings, discussion and reports during the preceding year.

The Board considered management’s discussion that the services to be provided by AAML under the Sub-Advisory Agreement would not change from those currently provided by AAMISL. In particular, the Board also considered the fact that AAMISL employees currently providing services to the Funds would continue to provide services to the Funds under the Sub-Advisory Agreement with AAML. With respect to the Global Natural Resources Fund, the Board noted that the Fund is not currently sub-advised and that AAMI employees manage the Fund’s assets. The Board noted that following the merger, AAML would act as sub-adviser to the Global Natural Resources Fund and that the AAMI employees currently providing services to the Fund would continue to provide services to the Fund under the Sub-Advisory Agreement with AAML.

After reviewing these and related factors, the Board concluded that the nature, extent and quality of the services to be provided were extensive in nature and of high quality and supported the approval of the Sub-Advisory Agreement.

Investment performance of the Funds. The Board considered certain comparative performance data that, among other information, was provided to them in connection with the 2011 annual contract review, as well as more recent quarterly performance information for the periods ended June 30, 2011. In particular, the Trustees received information about the performance of the Funds over various time periods, including information which compared the performance of the Funds to the performance of peer groups of funds and each Fund’s performance benchmark. The Trustees also considered the performance of the Funds compared to the performance of comparable funds or accounts managed by AAMI and its affiliates to the extent available. In addition, the Trustees also reviewed data prepared by an independent third party which analyzed the performance of the Funds using a variety of performance metrics.

The Trustees considered that AAMI and its affiliates had commenced management of the each of the Funds upon their reorganizations into the Trust, and noted that performance comparisons over a shorter period of time are less meaningful than longer-term performance. The Trustees also considered AAMI’s and its affiliates’ performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of AAMI to Trustee concerns about performance and the willingness of AAMI and its affiliates to take steps intended to improve performance. The Trustees also considered the performance of the AAMI and its affiliates since they commenced management of the Funds.

The Board also considered management’s discussion that because the Funds’ portfolio management teams and research support is not changing, the performance of the Funds is not expected to be impacted as a result of the transition to AAML.

In addition to the foregoing, the Trustees considered the specific factors set forth below with respect to the performance of each Fund for the periods ended March 31, 2011:

Aberdeen China Opportunities Fund. The Board noted that the Fund outperformed its peer group average and benchmark for the 1-, 3- and 5- year periods.

Aberdeen Global Natural Resources Fund (formerly, Aberdeen Natural Resources Fund). The Board noted that the Fund underperformed its peer group average and benchmark for the 1-, 3- and 5- year periods. The Board took into account management’s discussion of the Fund’s performance and the factors that contributed to the Fund’s underperformance. The Board also noted the recent changes implemented to the Fund’s investment strategy, as well as the peer group in which the Fund is placed. The Board also noted the Fund’s more recent improved performance relative to its benchmark. The Board concluded that it will continue to monitor the Fund’s performance and any actions taken by AAMI and its affiliates to continue to improve performance.

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Supplemental Information (Unaudited) (concluded)

Aberdeen Emerging Markets Fund. The Board noted that the Fund outperformed its peer group average for the 1-, 3-, 5- and 10- year periods. The Board also noted that the Fund outperformed its benchmark for the 1- year period, and underperformed its benchmark for the 3-, 5- and 10- year periods.

Aberdeen Global Equity Fund. The Board noted that the Fund underperformed its peer group average and benchmark for the 1- and 3- year periods, and outperformed its peer group average and benchmark for the 5- and 10- year periods. The Board took into account management’s discussion of factors that contributed to the Fund’s underperformance over the shorter terms, including the impact of current market conditions.

Aberdeen Global Small Cap Fund. The Board noted that the Fund outperformed its peer group average for the 1- and 3- year periods, and underperformed its peer group average for the 5- and 10- year periods. The Board also noted that the Fund outperformed its benchmark for the 1- year period and underperformed its benchmark for the 3-, 5- and 10- year periods. The Board noted management’s discussion of the Fund’s underperformance versus its peer group and benchmark over the longer-term, including the fact that the Advisers only recently commenced managing the Fund on July 20, 2009, and that performance prior to that date represents the performance of the Fund’s previous adviser. The Board noted the Fund’s strong relative performance for the more recent periods since the Advisers began managing the Fund.

Aberdeen International Equity Fund. The Board noted that the Fund outperformed its peer group average for the 1-, 3-, 5- and 10- year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 5- and 10- year periods and underperformed its benchmark for the 3- year period.

Aberdeen Emerging Markets Institutional Fund. The Board noted that the Fund outperformed its peer group average and benchmark for the 1- and 3- year periods.

After reviewing these and related factors, the Board concluded that each Fund’s overall performance was satisfactory, or where noted above, appropriate action was being taken to address performance, and supported the approval of the Sub-Advisory Agreement.

The costs of the services to be provided and profits to be realized by AAML and its affiliates from their relationships with the Funds. In considering the sub-advisory fee to be paid by AAMI to AAML, the Trustees took into consideration certain comparative expense information that was provided to them in connection with the 2011 annual contract review. The Board noted that the proposed sub-advisory fees under the Sub-Advisory Agreement were identical to the fees payable under the AAMISL sub-advisory agreement. The Trustees also noted that the sub-advisory fees for the Funds would be paid by AAMI, not the Funds, out of its advisory fee. In this regard, the Trustees noted that the addition of AAML as a sub-adviser to the Global Natural Resources Fund would not increase the advisory fee paid by the Fund. The Trustees also noted that the advisory fees paid by the other Funds would also not change as a result of the merger.

In considering the anticipated profitability to the Sub-Adviser and its affiliates of their relationships with the Fund, the Board noted that the proposed sub-advisory fees under the Sub-Advisory Agreement would be paid by AAMI out of the advisory fee that it receives from the Funds. The Board also took into account that the proposed sub-advisory fees were identical to the fees paid to AAMISL, and that as a result, AAMI’s and its affiliates’ profitability is not anticipated to change as a result of the new Sub-Advisory Agreement.

After reviewing these and related factors, the Board concluded that the proposed sub-advisory fees were fair and reasonable, and that the costs of these services generally and the related estimated profitability of AAML and its affiliates from their relationships with the Funds were reasonable and supported the approval of the Sub-Advisory Agreement.

Economies of Scale. The Board noted management’s discussion of the Funds’ advisory fee structure. The Board also considered the potential effect of each Fund’s growth and size on fees, noting that if a Fund’s assets increase over time, the Fund may realize other economies of scale if assets increase proportionally more than certain other fixed expenses. However, because the sub-advisory fees are paid by AAMI and not the Funds, the Board determined that the potential economies of scale with respect to AAML’s management of the Funds was not a material factor in approving the Sub-Advisory Agreement. Nevertheless, the Board noted that any breakpoints in a Fund’s advisory fee schedule would continue to exist after the transition to AAML.

After reviewing these and related factors, the Board concluded that the proposed sub-advisory fee structures were reasonable and supported the approval of the Sub-Advisory Agreement.

*        *        *

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the approval of the Sub-Advisory Agreement would be in the best interest of each of the Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Sub-Advisory Agreement for an initial two-year period.

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148

Privacy Policy Notice

Aberdeen’s U.S. registered open-end and closed-end investment companies (the “Funds”) appreciate the privacy concerns and expectations of our shareholders. We are committed to maintaining a high level of privacy and confidentiality when it comes to your personal information and we use that information only where permitted by law.

We provide this privacy notice to you so that you may understand our policy with regard to the collection and disclosure of nonpublic personal information (“Information”) pertaining to you.

Collection of Information

The type of personal information we collect depends on the products or services you request and may include the following:

• Information received from you on account applications, agreements, questionnaires or other forms (which may include your name, address, phone number, social security or taxpayer identification number, and birth date);

• Information about your transactions with us, our affiliates, or others (which may include account balances and investment activity);

• Information received from you in written, telephonic or electronic communications with us, our affiliates or others.

Disclosure of Information

We do not disclose any Information about our customers or former customers to third parties, except as permitted by law. We may disclose all of the Information we collect, as described above, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing arrangements.

Access to Information

We restrict access to your Information except to the extent necessary to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your Information.

Our privacy policy applies only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of a Fund, we consider you to be a customer of that Fund. Shareholders purchasing or owning shares of a Fund through their bank, broker or other financial institution should consult that financial institution’s privacy policies. If you own shares or receive investment services through a relationship with a third-party broker, bank, investment adviser or other financial service provider, that third-party’s privacy policies may apply to you and the Funds’ may not.

Management Information

Trustees

P. Gerald Malone, Chairman

Martin J. Gilbert

Richard H. McCoy

Neville J. Miles

Peter D. Sacks

John T. Sheehy

Warren C. Smith

John F. Solan, Jr.

Officers

Gary Marshall, President and Chief Executive Officer

Jeffrey Cotton, Chief Compliance Officer, Vice President

Andrea Melia, Treasurer and Chief Financial Officer

Megan Kennedy, Secretary and Vice President

Lucia Sitar, Vice President

Alan Goodson, Vice President

Paul Griffiths, Vice President

Adam McCabe, Vice President

Jennifer Nichols, Vice President

Hugh Young, Vice President

Megan Mooney, Assistant Treasurer

Brian O’Neill, Assistant Treasurer

Investment Manager

Aberdeen Asset Management Inc.

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Fund Administrator

Aberdeen Asset Management Inc.

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Transfer Agent

Boston Financial Data Services, Inc.

30 Dan Road

Canton, MA 02021

Distributor

Aberdeen Fund Distributors LLC

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Sub-Administrator, Custodian & Fund Accountant

State Street Bank and Trust Company

1 Lincoln Street

Boston, MA 02111

Independent Accountants

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Counsel

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019-6099

AOE-0200-0612

Aberdeen Funds

P.O. Box 55930

Boston, MA 02205-5930

Aberdeen Funds

Fixed Income Series

Semiannual Report

April 30, 2012

Aberdeen Asia Bond Fund

Aberdeen Core Fixed Income Fund

Aberdeen Emerging Markets Debt Local Currency Fund

Aberdeen Global Fixed Income Fund

Aberdeen Tax-Free Income Fund

Aberdeen Ultra-Short Duration Bond Fund

Aberdeen U.S. High Yield Bond Fund

Table of Contents

Letter to Shareholders	Page 1
Market Review	Page 3
Aberdeen Asia Bond Fund	Page 4
Aberdeen Core Fixed Income Fund	Page 15
Aberdeen Emerging Markets Debt Local Currency Fund	Page 25
Aberdeen Global Fixed Income Fund	Page 32
Aberdeen Tax-Free Income Fund	Page 45
Aberdeen Ultra-Short Duration Bond Fund	Page 51
Aberdeen U.S. High Yield Bond Fund	Page 58
Financial Statements	Page 65
Notes to Financial Statements	Page 94
Shareholder Expense Examples	Page 115
Supplemental Information	Page 117

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 www.aberdeen-asset.us. 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, 1735 Market Street, 32^nd Floor, Philadelphia, PA 19103.

Aberdeen Asset Management Inc. (AAMI) has been registered as an investment advisor under the Investment Advisers Act of 1940 since August 23,1995.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Aberdeen Funds file 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 on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.aberdeen-asset.us or upon request without charge.

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 www.aberdeen-asset.us 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 on the Commission’s website at www.sec.gov.

Letter to Shareholders

April 30, 2012

Dear Valued Shareholder:

Welcome to the Aberdeen Funds Semiannual Report covering the activities for the six-month period ended April 30, 2012.

Market Overview

During the reporting period, the performance of the global securities markets was again dominated by the ongoing sovereign debt crisis in the Eurozone. The European Central Bank entered a second phase of its Long-Term Refinancing Operation (LTRO) in an effort to provide much-needed funding for the peripheral European countries, most notably Greece. Late in the period, there was speculation that Greece would exit the euro, fanning fears of an exodus by other financially troubled Eurozone nations. Despite weathering virtually daily gyrations, major global equity and fixed income market indices recorded positive returns during the period. Shares of North American companies outperformed their global equity counterparts on the strength of generally improving economic data and generally positive corporate earnings reports.

I would also like to direct you to the website for our investment conference titled “Beyond the U.S. – Time for investors to allocate more internationally?”, which was held on June 7, 2012 in New York City. Read panel summaries, listen to recorded audio feeds and watch video of the conference, which hosted a panel of highly distinguished and noteworthy speakers. You can visit the conference website at http://www.aberdeen-asset.us/aam.nsf/usconference/home.

Aberdeen Product Developments

The Aberdeen Asia Bond fund and its sister fund, the Aberdeen Asia-Pacific (ex-Japan) Equity Fund, opened new retail share classes on Feb. 27 2012, making these strategies more widely available in various U.S. distribution channels. We believe that Aberdeen’s local presence and long history (over 20 years) of investing in Asia can provide some reassurance to U.S. investors seeking to diversify their investment portfolios, and we are pleased to now make this capability available to all U.S. investors.

We were delighted that the Aberdeen Asia Bond Fund (formerly known as the Aberdeen Asia Bond Institutional Fund) was recognized at the 2012 Lipper Fund Awards as the “Best International Income Fund over Three Years” among 27 funds for the three-year period ended December 31, 2011. Lipper, a leading global provider of mutual fund information, based the award on the calculation of consistent return, a quantitative metric that incorporates risk-adjusted return and strength of the fund’s performance trend. We believe the award validates Aberdeen’s Asia Bond investment process: a clearly defined, consistent investment discipline which is applied rigorously for each of our mutual fund portfolios. It also acknowledges our Asia Bond investment team’s hard work which, we believe, produces strong returns for our clients over the long term.

On Friday, May 18, 2012, The Aberdeen Emerging Markets Fund merged into the Aberdeen Emerging Markets Institutional Fund. The two funds had identical investment strategies and objectives and were managed by the same investment team. The financial and performance history of the Aberdeen Emerging Markets Institutional Fund, which is the larger of the two funds, is the continuing performance history after the reorganization, and the combined fund is known as the Aberdeen Emerging Markets Fund.

Investing in Our Community

In May 2012, Aberdeen sponsored the Aberdeen Dad Vail Regatta for the third consecutive year. Thousands of collegiate rowers from across the U.S. and Canada competed in this historic, two-day event along Philadelphia’s Schuylkill River. Aberdeen will continue its sponsorship of the Dad Vail regatta into 2013, the event’s 75^th anniversary.

In June 2012, Aberdeen concluded its second annual Aberdeen Financial Literacy project. Schools from the Philadelphia region took part in the 10-week competition as students managed simulated portfolios, trading real stocks and bonds with some guidance from visiting Aberdeen “ambassadors.” Participating teams were invited to Aberdeen’s Philadelphia office to present their investment strategies and meet with Aberdeen portfolio managers and staff. The winning school was presented with a $5,000 donation.

Looking ahead

If the last months have shown us anything, it is that global markets remain as uncertain as ever. The sovereign debt crisis that continues to afflict the Eurozone and its periphery remains a major concern in the coming quarters. Though the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) seems to have created some respite in the short term, it is a far cry from the long-term solution that is needed in the Eurozone. Conversely, the U.S. economy proved to be a standout performer over the period and seems to be continuing its economic recovery, albeit at a modest pace and with unemployment remaining above 8%. Economic growth in China, while slowing, is still higher than that in developed markets and, in our view, is indicative of a “soft landing” scenario. In this context, we believe that the U.S. and China will be the main drivers of global growth in the coming quarters. With the upcoming conclusions of the Federal Reserve’s “Operation Twist” and the Bank of

2012 Semiannual Report

1

Letter to Shareholders (concluded)

England’s asset purchase program, along with the uncertainty of a third LTRO in Europe, we believe global markets may be left vulnerable to further bouts of volatility.

Anne Richards, Aberdeen Group’s Chief Investment Officer, provides you with a detailed insight on the marketplace in the Global Market Review and Outlook on the following page.

We thank you for your investment with us.

Yours sincerely,

Gary Marshall

President

Aberdeen Funds

Semiannual Report 2012

2

Market Review

Most major global equity market indices moved higher for the six-month period ended April 30, 2012. Market moves were dictated primarily by investors’ reaction to the ever-changing news regarding the sovereign debt crisis in the Eurozone, as well as economic data, particularly from the U.S. Equity performance was boosted by vast liquidity injections from the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) for lenders; bond-buying programs by the central banks of the UK and Japan; and the U.S. Federal Reserve’s pledge to maintain short-term interest rates at or near their current historical low levels until 2014. Several developed economies, particularly those in Japan and Europe, contracted in the final quarter of 2011, weighed down by weak export growth. Asia fared relatively well, but was not immune from weakening demand in the West.

The U.S. was the top performer among the global stock markets during the semiannual period, with the broader-market S&P 500 Index gaining 12.8% versus the respective 3.0% and 4.0% returns of the MSCI All-Country World ex. US and MSCI Emerging Markets indices. The upturn was spurred mainly by the release of improving U.S. economic data, along with generally upbeat corporate earnings reports, offsetting fresh concerns about the problems in the Eurozone. While elevated retail gasoline prices remain a risk to consumption, there is no evidence as of yet that they are constraining final demand—indices of consumer confidence rose towards the end of the reporting period, and there has been no significant downturn in consumer and business spending. On a cautionary note, the drop in the unemployment rate during the reporting period partially reflected a shrinking pool of jobseekers as more people stopped looking for employment. Additionally, non-farm payroll growth has slowed and the jobless rate remains above its five-year average of around 6%.

European equities, as represented by the MSCI Europe Index, underperformed versus their global peers for the reporting period amid the ongoing fiscal crisis in the region. A second financial bailout of Greece took place in March. This package included private investors accepting over 70% in losses on their current holdings of government debt and provided Greece with access to an additional €130 billion (roughly US$160 billion) in International Monetary Fund (IMF) and Eurozone funding. On the economic front, the purchasing managers’ surveys in both Germany and France fell to three-year lows in May of this year, signaling a downturn in manufacturing output. Furthermore, growth in the peripheral European countries–most notably Greece, Ireland, Italy, Portugal and Spain–is weaker as they struggle with a combination of tight credit, poor sentiment, private sector debt repayment and public sector austerity. Within the Asia-Pacific region, the Bank of Japan announced a new commitment to monetary easing aimed at achieving a goal of 1% inflation. We believe that the central bank’s easing, along with an increase in the nation’s trade deficit, may lead to further weakness in the Japanese yen, but potentially could have a positive impact on the equity market.

The MSCI Emerging Markets Index moved higher during the reporting period but underperformed versus the MSCI World Index, the global developed market benchmark. The Eurozone debt situation and deteriorating growth in the developed markets weighed on investor sentiment early in the period. However, the markets recovered from the collective sell-off at the beginning of 2012, as ample liquidity injections from several developed-market central banks lifted investor sentiment. Economic growth in China, while slowing, is still higher than that in developed markets and, in our view, is indicative of a “soft landing” scenario. Furthermore, Chinese industrial production and retail sales both remain healthy. Should the growth outlook deteriorate, however, we feel that the Chinese government has additional policy tools at its disposal in its effort to stimulate growth. Late in the semiannual period, India’s central bank cut its benchmark interest rate by a larger-than-expected 0.5%, but warned that inflation pressures limited room for further easing.

The global fixed income markets, as measured by the Barclays Capital Global Aggregate Bond Index, posted a modest gain of 1.0% for the semiannual period. The U.S. market outperformed its global counterparts despite encountering substantial intra- and inter-day volatility along the way. The combination of stronger macroeconomic data and the successful completion of the ECB’s second LTRO initially pushed U.S. Treasury yields higher, but they subsequently declined late in the reporting period amid the re-emergence of contagion fears from the European debt crisis. Near the end of the semiannual period, Standard and Poor’s downgraded Spain’s long-term credit rating by two notches to BBB+, prompting worries about the government facing higher borrowing costs. Following a strong start to 2012, the U.S. high yield market cooled off slightly in March and April. Lower-quality bonds were the strongest performers as CCC rated credits outperformed versus BB and single-B issues.

In our view, the LTROs have bought the Eurozone some time, the usefulness of which should not be underestimated. The pro-austerity New Democracy party won a narrow majority in Greece’s national election in June, mitigating (at least temporarily) fears of the country’s possible departure from the Eurozone. However, New Democracy’s victory does not offer a solution to the country’s huge fiscal and social problems—there is a long hard road ahead for the Greek people. The twin stimuli of the Federal Reserve’s “Operation Twist” in the U.S. and the Bank of England’s asset purchase program in the UK are coming to an end, and we are uncertain about a third LTRO in Europe. In our opinion, all of these factors could lead to greater uncertainty within markets and make them vulnerable to more bouts of volatility. Nonetheless, we believe that, overall, global economic growth looks to be reasonably supported in the short term, albeit on a slower trajectory than its recent pace.

Anne Richards

Chief Investment Officer

Aberdeen Asset Management

2012 Semiannual Report

3

Aberdeen Asia Bond Fund (Unaudited)

The Aberdeen Asia Bond Fund (Institutional shares at NAV net of fees) returned 2.13% for the semiannual period ended April 30, 2012, versus the 2.00% return of its benchmark, the HSBC Asian Local Bond Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of International Income Funds (consisting of 114 funds) was 1.42% for the period.

Asian financial markets were resilient through the volatility seen during the reporting period. Initially, the deepening European debt crisis challenged sentiment, while in Asia, weaker economic data, particularly in China, deepened concerns over a sharper regional slowdown. But massive liquidity injections in Europe eased concerns over escalating systemic risk. Elsewhere, U.S. economic data were unexpectedly positive, while the Federal Reserve committed to low interest rates until the end of 2014. Towards the end of period, however, inflation concerns were fueled by a sharp rise in oil prices amid tensions over Iran’s nuclear ambitions. A spike in Spanish bond yields revived Eurozone contagion fears, while lackluster U.S. jobs data cast fresh doubt on the nascent recovery. Local currency bond markets were well supported. Indonesian bonds outperformed versus the overall HSBC Asian Local Bond Index on the back of interest rate cuts and sovereign credit rating upgrades. Tight fiscal discipline and a stable growth outlook underpinned the Philippine market. Most Asian currencies appreciated against the U.S. dollar. The Taiwan dollar was the best relative performer due to signs of a pick-up in exports and expectations that inflation risks would compel the central bank to be more accommodative of the currency’s strength. In contrast, the Indian rupee was weighed down by inflation concerns and supply pressures, as well as the country’s fiscal and current account deficits. The Asian credit sector posted robust gains as high-yield bonds recovered after falling sharply in the third quarter of 2011 on the general deterioration in risk appetite and liquidity.

The allocation to the credit sector was a positive contributor to Fund performance as credit spreads narrowed. Liquidity conditions improved dramatically after the European Central Bank’s long-term refinancing operation (LTRO) program alleviated financial and sovereign funding concerns. Although the Chinese high-yield sector suffered rating downgrades, this had already been priced into the securities held by the Fund. Our local market interest rate strategies made a relatively small positive contribution to relative performance. The overweight versus the benchmark HSBC Asian Local Bond Index to Malaysia, Indonesia and the Philippines enhanced Fund performance, although the short duration positions in Indonesia and the Philippines pared gains. The move to a short duration position in Thailand during November also aided performance. The main driver of outperformance from the currency strategy was the overweight to Asian currencies against the U.S. dollar. Post-LTRO, Asian currencies rallied, in particular the Malaysian ringgit and Singapore dollar, and these positions contributed positively to performance.

Underweights to the Hong Kong dollar and Taiwan dollar bond market detracted from the Fund’s relative return for the semiannual period. The portfolio’s exposure to the Indian rupee was also negative given the currency’s volatility. The rupee weakened as domestic macroeconomic conditions deteriorated, but later rallied when the central bank announced currency trading curbs. Our primary use of derivatives was foreign exchange (FX) forwards to hedge the currency exposure of U.S. dollar-denominated credit back into Asian currencies. We also employed FX forwards to take positions in Asian currencies against the Japanese yen and the euro. These strategies detracted marginally from performance.

Post-LTRO, we added to the Fund’s Asian currency exposure, namely the Malaysian ringgit. We also increased our Singapore dollar position in April, in anticipation of a tightening policy stance. We initiated a position in Thai inflation-linked bonds as inflation and supply fears surfaced, but pared exposure to the Singapore and Hong Kong markets. In Asian credit, we increased our exposure to higher-quality issuers, particularly quasi-sovereigns.

Asian currencies have started to see greater volatility and what we believe to be a move away from their underlying fundamentals. Consequently, we have sought to reduce exposure to the more susceptible currencies, in particular the Indonesian rupiah, Korean won and the Philippine peso, and rotated into currencies where we have more conviction, such as the Singapore dollar and the Malaysian ringgit. The Fund also is overweight relative to its benchmark to the Chinese yuan, but short Taiwan and Hong Kong dollars, as well as the Thai baht. The Fund remains positioned in an effort to benefit from the medium-term appreciation of Asian currencies, though we are mindful that global risks may force us to adopt a more defensive short-term positioning. We have also positioned the Fund with an overall short duration bias. The portfolio is underweight versus the benchmark to China, Hong Kong, Taiwan and Singapore, but overweight to India and Indonesia, albeit with a short duration position in both countries. Other overweights include Korea, where the Fund holds inflation-protected securities, and Malaysia. In Asian credit, we prefer investment-grade bonds versus their high-yield counterparts. At the sector level, we favor financials, real estate and utilities, but the portfolio is underweight oil and gas, consumer services and quasi-sovereign issues.

Portfolio Management:

Aberdeen Asia Fixed Income Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Semiannual Report 2012

4

Aberdeen Asia Bond Fund (Unaudited) (concluded)

Risk Considerations

Fixed income securities are subject to certain risks including, but not limited to interest rate and credit risks. The Fund invests in foreign securities. Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks may be enhanced in developing market counties.

Concentrating investments in the Asian region subjects the Fund to more volatility and greater risk of loss than geographically diverse funds.

The Fund may hold larger positions in fewer securities than other funds, which may cause a single security’s increase or decrease in value to have a greater impact on the Fund’s value and total return.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

5

Aberdeen Asia Bond Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.		Inception2
Class A3	w/o SC		2.12%			0.98%			6.02%		6.02%
	w/SC4		(2.24%	)		(3.29%	)		5.11%		5.11%
Class C3	w/o SC		2.02%			0.88%			6.00%		6.00%
	w/SC5		1.02%			(0.08%	)		6.00%		6.00%
Class R3,6	w/o SC		2.11%			0.98%			6.02%		6.02%
Institutional Service Class6	w/o SC		2.12%			0.87%			5.97%		5.97%
Institutional Class6	w/o SC		2.13%			1.00%			6.02%		6.02%

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.

† Not Annualized

1 Returns presented for the Fund for periods prior to July 20, 2009 reflect the performance of the predecessor fund, the Asia Bond Portfolio (the “Predecessor Fund”), a series of the Credit Suisse Institutional Fund, Inc. The Fund has adopted the performance of the Predecessor Fund as the result of a reorganization in which the Fund acquired all the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Fund commenced operations on May 1, 2007.

3 Returns before the first offering of Class A, Class C and Class R (February 28, 2012) are based on the previous performance of the Institutional Class. The performance of Class A, Class C and Class R is substantially similar to what the Institutional Class would have produced because the classes invest in the same portfolio of securities. Returns for the Institutional Class shares would only differ to the extent of the differences in expenses of the classes. Returns for Class A, Class C and Class R have not been adjusted to reflect the expenses of the Institutional Class.

4 A 4.25% front-end sales charge was deducted.

5 A 1.00% CDSC was deducted from the six month and one year return because it is charged when Class C shares are sold within the first year after purchase.

6 Not subject to any sales charges.

Semiannual Report 2012

6

Aberdeen Asia Bond Fund (Unaudited)

Performance of a $10,000 Investment (as April 30, 2012)

Comparative performance of $10,000 invested in the Institutional Class shares of the Aberdeen Asia Bond Fund, the HSBC Asian Local Bond Index (ALBI) 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 HSBC ALBI is a market capitalization-weighted index that tracks the USD total return performance of liquid bonds, denominated in local currencies of China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Sovereign Bonds	61.2%
Eurodollar Bonds	23.6%
Non-Eurodollar Bonds	5.5%
Sovereign Agencies	3.3%
Repurchase Agreement	2.6%
Credit-Linked Notes	2.3%
Other assets in excess of liabilities	1.5%
	100.0%

Top Industries
Commercial Banks	7.8%
Electric Utilities	3.4%
Real Estate Management & Development	3.0%
Investment Companies	2.7%
Diversified Financial Services	2.4%
Oil, Gas & Consumable Fuels	2.1%
Diversified Holding Companies	2.0%
Holding Companies-Diversified Operations	1.2%
Gas Utilities	0.8%
Chemicals	0.7%
Other	73.9%
	100.0%
Top Holdings*
Korea Treasury Bond, Series 1703 03/10/17	4.7%
Korea Treasury Bond, Series 2106 06/10/21	3.6%
Korea Monetary Stabilization Bond, Series 1308 08/02/13	3.0%
Indonesia Treasury Bond, Series FR30 05/15/16	2.7%
Thailand Government Bond 03/08/19	2.6%
China Government Bond 06/24/20	2.2%
Malaysia Government Bond, Series 0207 02/15/17	2.1%
Malaysia Government Bond, Series 0111 07/15/21	2.0%
Temasek Financial (I) Ltd. 02/19/20	2.0%
Indonesia Treasury Bond, Series FR55 09/15/16	2.0%
Other	73.1%
	100.0%

Top Countries
Republic of South Korea	19.8%
Indonesia	14.8%
Malaysia	14.3%
Singapore	9.8%
Philippines	8.9%
China	8.1%
India	7.8%
Thailand	6.0%
Hong Kong	5.4%
United States	2.6%
Other	2.5%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

7

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Asia Bond Fund

	Shares or Principal Amount		Value
EURODOLLAR BONDS (23.6%)
CHINA (3.2%)
Apparel (0.2%)
Texhong Textile Group Ltd., Series REGS (USD), 7.63%, 01/19/16 (a)	$	1,050,000	$	887,250
Building Materials (0.5%)
China Shanshui Cement Group Ltd. (USD), 10.50%, 04/27/17 (a)		1,650,000		1,666,500
West China Cement Ltd., Series REGS (USD), 7.50%, 01/25/16 (a)		1,100,000		929,500
				2,596,000
Gas Utilities (0.8%)
China Resources Gas Group Ltd. (USD), 4.50%, 04/05/22 (a)		1,100,000		1,090,773
ENN Energy Holdings Ltd., Series REGS (USD), 6.00%, 05/13/21 (a)		2,150,000		2,059,648
Talent Yield Investments Ltd. (USD), 4.50%, 04/25/22 (a)		600,000		594,526
				3,744,947
Real Estate Management & Development (1.7%)
Agile Property Holdings Ltd., Series REGS (USD), 8.88%, 04/28/17 (a)		1,750,000		1,675,625
Central China Real Estate Ltd.
Series REGS (USD), 12.25%, 10/20/15 (a)		650,000		660,985
Series REGS (USD), 12.25%, 10/20/15 (a)		450,000		454,500
China Overseas Finance Cayman Island II Ltd. (USD), 5.50%, 11/10/20 (a)		1,500,000		1,507,104
Country Garden Holdings Co.
Series REGS (USD), 11.75%, 09/10/14 (a)		700,000		747,250
Series REGS (USD), 11.75%, 09/10/14 (a)		50,000		53,375
Series REGS (USD), 11.13%, 02/23/18 (a)		500,000		500,850
Series REGS (USD), 11.13%, 02/23/18 (a)		400,000		400,480
Longfor Properties Co. Ltd., Series REGS (USD), 9.50%, 04/07/16 (a)		550,000		567,875
Yanlord Land Group Ltd., Series REGS (USD), 10.63%, 03/29/18 (a)		1,900,000		1,752,750
				8,320,794
				15,548,991
HONG KONG (5.4%)
Chemicals (0.3%)
Fufeng Group Ltd., Series REGS (USD), 7.63%, 04/13/16 (a)		1,900,000		1,638,750
Commercial Banks (1.1%)
Wing Hang Bank Ltd.
(USD), EMTN, 6.00%, 04/20/17 (b)(c)		3,400,000		3,190,172
(USD), EMTN, 6.00%, 04/20/17 (b)(c)		2,150,000		2,017,315
				5,207,487
Diversified Holding Companies (2.0%)
Hutchison Whampoa International Ltd.
Series REGS (USD), 4.63%, 09/11/15 (a)		300,000		320,768
Series REGS (USD), 7.63%, 04/09/19 (a)	$	4,250,000	$	5,248,593
Series REGS (USD), 7.45%, 11/24/33 (a)		200,000		270,397
Series REGS (USD), 7.45%, 11/24/33 (a)		100,000		135,199
Swire Pacific MTN Financing Ltd.
(USD), EMTN, 6.25%, 04/18/18		1,100,000		1,268,810
(USD), EMTN, 5.50%, 08/19/19		2,000,000		2,212,970
				9,456,737
Holding Companies-Diversified Operations (0.7%)
Fita International Ltd. (USD), 7.00%, 02/10/20		3,150,000		3,262,883
Real Estate Management & Development (1.3%)
Henson Finance Ltd. (USD), 5.50%, 09/17/19		3,200,000		3,266,118
Hongkong Land Finance (Cayman Island) Co. Ltd. (USD), EMTN, 4.50%, 10/07/25		3,350,000		3,271,607
				6,537,725
				26,103,582
INDIA (2.6%)
Commercial Banks (1.6%)
Axis Bank Ltd. (USD), EMTN, 5.25%, 09/30/15		2,350,000		2,406,687
Bank of Baroda, Series REGS (USD), 5.00%, 08/24/16 (a)		1,750,000		1,791,051
ICICI Bank Ltd.
Series REGS (USD), EMTN, 4.75%, 11/25/16 (a)		950,000		939,971
Series REGS (USD), 6.38%, 04/30/22 (a)(c)		2,850,000		2,629,125
				7,766,834
Diversified Financial Services (0.3%)
Indian Railway Finance Corp. Ltd. (USD), 4.41%, 03/30/16		1,300,000		1,312,724
Electric Utilities (0.7%)
NTPC Ltd.
(USD), EMTN, 5.88%, 03/02/16		1,050,000		1,125,947
(USD), EMTN, 5.63%, 07/14/21 (a)		2,400,000		2,450,640
				3,576,587
				12,656,145
INDONESIA (1.5%)
Coal (0.3%)
Adaro Indonesia PT, Series REGS (USD), 7.63%, 10/22/19 (a)		1,600,000		1,742,080
Diversified Telecommunication Services (0.3%)
Indosat Palapa Co. BV, Series REGS (USD), 7.38%, 07/29/20 (a)		1,250,000		1,375,000
Electric Utilities (0.5%)
Majapahit Holding BV
Series REGS (USD), 8.00%, 08/07/19 (a)		1,250,000		1,493,750
Series REGS (USD), 8.00%, 08/07/19 (a)		350,000		418,250
Series REGS (USD), 7.88%, 06/29/37 (a)		300,000		372,000
Series REGS (USD), 7.88%, 06/29/37 (a)		200,000		248,000
				2,532,000

See accompanying notes to financial statements.

Semiannual Report 2012

8

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Asia Bond Fund

	Shares or Principal Amount		Value
Oil, Gas & Consumable Fuels (0.4%)
Pertamina Persero PT, Series REGS (USD), 5.25%, 05/23/21 (a)	$	1,800,000	$	1,854,000
				7,503,080
MALAYSIA (2.7%)
Commercial Banks (1.3%)
AMBB Capital (L) Ltd. (USD), 6.77%, 01/27/16 (b)(c)		2,300,000		2,242,519
Public Bank Bhd (USD), 6.84%, 08/22/36 (c)		900,000		915,809
SBB Capital Corp. (USD), 6.62%, 11/02/15 (b)(c)		3,100,000		3,034,413
				6,192,741
Electric Utilities (0.2%)
TNB Capital (L) Ltd., Series REGS (USD), 5.25%, 05/05/15 (a)		1,100,000		1,193,314
Oil, Gas & Consumable Fuels (1.2%)
PETRONAS Capital Ltd.
Series REGS (USD), 5.25%, 08/12/19 (a)		1,200,000		1,363,896
Series REGS (USD), 5.25%, 08/12/19 (a)		200,000		227,316
PETRONAS Global Sukuk Ltd., Series REGS (USD), 4.25%, 08/12/14 (a)		3,850,000		4,053,769
				5,644,981
				13,031,036
PHILIPPINES (1.1%)
Diversified Telecommunication Services (0.3%)
Philippine Long Distance Telephone Co.
(USD), EMTN, 8.35%, 03/06/17		900,000		1,066,500
(USD), EMTN, 8.35%, 03/06/17		100,000		118,500
				1,185,000
Electric Utilities (0.3%)
Power Sector Assets & Liabilites Management Corp., Series REGS (USD), 6.88%, 11/02/16 (a)(d)		1,250,000		1,437,500
Holding Companies-Diversified Operations (0.5%)
Alliance Global Group Inc. (USD), 6.50%, 08/18/17		2,350,000		2,462,800
				5,085,300
REPUBLIC OF SOUTH KOREA (4.3%)
Commercial Banks (2.5%)
Hana Bank, Series REGS (USD), 4.00%, 11/03/16 (a)		900,000		930,297
National Agricultural Cooperative Federation, Series REGS (USD), 4.25%, 01/28/16 (a)		2,600,000		2,717,611
Shinhan Bank
Series REGS (USD), 4.13%, 10/04/16 (a)		1,200,000		1,251,164
Series REGS (USD), 5.66%, 03/02/35 (a)(c)		2,350,000		2,366,370
(USD), 6.82%, 09/20/36 (c)		1,650,000		1,697,253
Standard Chartered First Bank Korea Ltd., Series REGS (USD), 7.27%, 03/03/34 (a)(c)		2,690,000		2,770,700
				11,733,395
Diversified Financial Services (0.9%)
Hyundai Capital Services, Inc.
Series REGS (USD), 6.00%, 05/05/15 (a)	$	2,600,000	$	2,847,650
Series REGS (USD), 6.00%, 05/05/15 (a)		1,000,000		1,095,250
Series REGS (USD), 4.38%, 07/27/16 (a)		450,000		474,757
				4,417,657
Electric Utilities (0.9%)
Korea South-East Power Co. Ltd.
Series REGS (USD), 6.00%, 05/25/16 (a)		3,600,000		3,986,579
(USD), EMTN, 3.63%, 01/29/17 (a)		450,000		457,183
				4,443,762
				20,594,814
SINGAPORE (1.5%)
Commercial Banks (0.4%)
Oversea-Chinese Banking Corp. Ltd. (USD), EMTN, 3.75%, 11/15/22 (c)		2,050,000		2,039,057
Investment Companies (0.7%)
Temasek Financial (I) Ltd., Series REGS (USD), 4.30%, 10/25/19 (a)		3,250,000		3,608,092
Semiconductors & Semiconductor Equipment (0.4%)
STATS ChipPAC Ltd., Series REGS (USD), 7.50%, 08/12/15 (a)		1,600,000		1,720,000
				7,367,149
THAILAND (1.3%)
Commercial Banks (0.9%)
Bangkok Bank PCL
Series REGS (USD), 4.80%, 10/18/20 (a)		950,000		968,841
Series REGS (USD), 9.03%, 03/15/29 (a)		1,450,000		1,754,500
Series REGS (USD), 9.03%, 03/15/29 (a)		600,000		726,000
Kasikornbank PCL, Series REGS (USD), 8.25%, 08/21/16 (a)		900,000		998,500
				4,447,841
Oil, Gas & Consumable Fuels (0.4%)
PTTEP Australia International Finance Pty Ltd., Series REGS (USD), 4.15%, 07/19/15 (a)		750,000		779,366
PTTEP Canada International Finance Ltd., Series REGS (USD), EMTN, 5.69%, 04/05/21 (a)		850,000		919,528
				1,698,894
				6,146,735
Total Eurodollar Bonds				114,036,832
NON-EURODOLLAR BONDS (5.5%)
CHINA (0.5%)
Chemicals (0.4%)
Sinochem Offshore Capital Co. Ltd. (CNH), 1.80%, 01/18/14		12,000,000		1,843,818

See accompanying notes to financial statements.

2012 Semiannual Report

9

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Asia Bond Fund

	Shares or Principal Amount		Value
Oil, Gas & Consumable Fuels (0.1%)
China Petroleum & Chemical Corp., Series WW (CNY), 0.80%, 02/20/14	$	4,500,000	$	667,490
				2,511,308
INDIA (1.8%)
Diversified Financial Services (1.0%)
Rural Electrification Corp. Ltd., Series 103 (INR), 9.35%, 10/19/16		258,000,000		4,846,733
Electric Utilities (0.8%)
Power Grid Corp. of India Ltd., Series B (INR), 9.25%, 12/26/16		216,250,000		4,077,950
				8,924,683
MALAYSIA (0.2%)
Diversified Financial Services (0.2%)
Danga Captial Bhd (CNH), 2.90%, 10/20/14 (a)		5,000,000		783,926
SINGAPORE (3.0%)
Investment Companies (2.0%)
Temasek Financial (I) Ltd. (SGD), MTN, 3.27%, 02/19/20		11,000,000		9,606,818
Real Estate (0.3%)
CapitaMalls Asia Treasury Ltd. (SGD), EMTN, 3.95%, 08/24/17		1,750,000		1,437,568
Real Estate Investment Trust (REIT) Funds (0.7%)
CMT MTN Pte. Ltd.
(SGD), MTN, 2.85%, 09/01/14		2,000,000		1,642,122
(USD), EMTN, 4.32%, 04/08/15		1,500,000		1,568,347
				3,210,469
				14,254,855
Total Non-Eurodollar Bonds				26,474,772
CREDIT-LINKED NOTES (2.3%)
INDIA (1.2%)
Sovereign (1.2%)
India Government Bonds, Deutsche Bank AG London Credit-Linked Notes (USD), EMTN, 5.16%, 05/22/14 (c)		7,000,000		5,963,179
INDONESIA (1.1%)
Sovereign (1.1%)
Indonesia Government Bonds, Barclays Bank PLC Credit-Linked Notes (IDR), EMTN, 9.50%, 06/17/15		41,000,000,000		5,049,997
Total Credit-Linked Notes				11,013,176
SOVEREIGN BONDS (61.2%)
CHINA (4.4%)
China Government Bond
(CNY), 3.60%, 02/17/16		30,000,000		4,845,845
(CNY), 3.41%, 06/24/20		68,000,000		10,705,371
(CNH), 2.48%, 12/01/20	$	12,000,000	$	1,853,668
Series 1124 (CNY), 3.57%, 11/17/21		24,000,000		3,802,826
				21,207,710
INDIA (2.2%)
India Government Bond
(INR), 7.49%, 04/16/17		300,000,000		5,476,093
(INR), 8.33%, 06/07/36		295,000,000		5,275,725
				10,751,818
INDONESIA (12.2%)
Indonesia Government International Bond
Series REGS (USD), 11.63%, 03/04/19 (a)		1,800,000		2,655,000
Series REGS (USD), 11.63%, 03/04/19 (a)		50,000		73,750
Series REGS (USD), 5.88%, 03/13/20 (a)		1,200,000		1,368,000
Series REGS (USD), 4.88%, 05/05/21 (a)		1,550,000		1,666,250
Series REGS (USD), 6.63%, 02/17/37 (a)		2,900,000		3,498,125
Indonesia Treasury Bond
Series FR27 (IDR), 9.50%, 06/15/15		27,100,000,000		3,346,385
Series FR30 (IDR), 10.75%, 05/15/16		98,500,000,000		12,888,929
Series FR55 (IDR), 7.38%, 09/15/16		80,800,000,000		9,543,113
Series FR31 (IDR), 11.00%, 11/15/20		12,500,000,000		1,821,681
Series FR53 (IDR), 8.25%, 07/15/21		23,000,000,000		2,908,291
Series FR35 (IDR), 12.90%, 06/15/22		35,000,000,000		5,712,489
Series FR40 (IDR), 11.00%, 09/15/25		24,000,000,000		3,651,016
Series FR54 (IDR), 9.50%, 07/15/31		9,000,000,000		1,261,747
Series FR58 (IDR), 8.25%, 06/15/32		35,800,000,000		4,512,050
Perusahaan Penerbit SBSN
Series REGS (USD), 8.80%, 04/23/14 (a)		2,000,000		2,229,014
Series REGS (USD), 8.80%, 04/23/14 (a)		400,000		445,803
Series REGS (USD), 4.00%, 11/21/18 (a)		1,650,000		1,670,625
				59,252,268
MALAYSIA (11.4%)
1Malaysia Sukuk Global Bhd, Series REGS (USD), 3.93%, 06/04/15 (a)		1,050,000		1,118,010
Malaysia Government Bond
Series 0409 (MYR), 3.74%, 02/27/15		18,500,000		6,204,512
Series 0312 (MYR), 3.20%, 10/15/15		26,000,000		8,584,416
Series 1/06 (MYR), 4.26%, 09/15/16		19,500,000		6,699,139
Series 0207 (MYR), 3.81%, 02/15/17		30,000,000		10,128,837
Series 0210 (MYR), 4.01%, 09/15/17		25,900,000		8,828,134
Series 0111 (MYR), 4.16%, 07/15/21		28,700,000		9,944,683
Series 0311 (MYR), 4.39%, 04/15/26		4,000,000		1,400,215
Wakala Global Sukuk Bhd, Series REGS (USD), 2.99%, 07/06/16 (a)		2,150,000		2,213,735
				55,121,681
PHILIPPINES (7.8%)
Philippine Government Bond
Series 7-48 (PHP), 7.00%, 01/27/16		261,300,000		6,781,725
Series R102 (PHP), 7.38%, 03/03/21		130,000,000		3,566,357
Series 1054 (PHP), 6.38%, 01/19/22		270,000,000		6,956,024
Series 2017 (PHP), 8.00%, 07/19/31		200,000,000		5,898,740

See accompanying notes to financial statements.

Semiannual Report 2012

10

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Asia Bond Fund

	Shares or Principal Amount		Value
Philippine Government International Bond
(USD), 8.88%, 03/17/15	$	1,100,000	$	1,304,875
(USD), 9.38%, 01/18/17		100,000		129,750
(USD), 9.88%, 01/15/19		2,450,000		3,454,500
(USD), 6.50%, 01/20/20		1,050,000		1,281,000
(USD), 10.63%, 03/16/25		2,400,000		3,900,000
(USD), 7.75%, 01/14/31		2,050,000		2,854,625
(USD), 7.75%, 01/14/31		1,150,000		1,601,375
				37,728,971
REPUBLIC OF SOUTH KOREA (14.0%)
Korea Monetary Stabilization Bond
Series 1308 (KRW), 3.90%, 08/02/13		16,300,000,000		14,485,809
Series 1402 (KRW), 3.47%, 02/02/14		4,000,000,000		3,538,377
Korea Treasury Bond
Series 1703 (KRW), 3.50%, 03/10/17		26,000,000,000		22,952,355
Series 2106 (KRW), 4.25%, 06/10/21		19,000,000,000		17,382,051
Korea Treasury Inflation Linked Bond, Series 2106 (KRW), 1.50%, 06/10/21 (e)		6,500,000,000		6,199,852
Republic of Korea
(USD), 5.13%, 12/07/16		350,000		394,807
(USD), 7.13%, 04/16/19		2,400,000		3,011,076
				67,964,327
SINGAPORE (3.5%)
Singapore Government Bond
(SGD), 4.00%, 09/01/18		4,200,000		4,042,087
(SGD), 2.50%, 06/01/19		5,239,000		4,605,248
(SGD), 3.25%, 09/01/20		8,880,000		8,169,686
				16,817,021
SRI LANKA (1.0%)
Sri Lanka Government International Bond
Series REGS (USD), 7.40%, 01/22/15 (a)		750,000		800,625
Series REGS (USD), 6.25%, 10/04/20 (a)		1,850,000		1,882,375
Series REGS (USD), 6.25%, 07/27/21 (a)		1,950,000		1,979,318
				4,662,318
THAILAND (4.7%)
Thailand Government Bond
(THB), 3.63%, 05/22/15		155,000,000		5,050,545
(THB), 4.13%, 11/18/16		101,900,000		3,371,432
(THB), 3.45%, 03/08/19		400,000,000		12,745,236
(THB), 1.20%, 07/14/21 (e)		49,200,000		1,649,303
				22,816,516
Total Sovereign Bonds				296,322,630
SOVEREIGN AGENCIES (3.3%)
REPUBLIC OF SOUTH KOREA (1.5%)
Export-Import Bank of Korea
(USD), 4.00%, 01/11/17		950,000		997,134
(USD), 5.00%, 04/11/22		600,000		644,463
Korea Expressway Corp., Series REGS (USD), 4.50%, 03/23/15 (a)		2,350,000		2,469,279
Korea Finance Corp.
(USD), 3.25%, 09/20/16	$	1,700,000	$	1,716,521
(USD), 4.63%, 11/16/21		1,300,000		1,349,760
				7,177,157
SINGAPORE (1.8%)
Housing & Development Board
(SGD), MTN, 2.02%, 02/22/16		5,000,000		4,191,936
(SGD), MTN, 3.95%, 07/15/18		5,000,000		4,600,828
				8,792,764
Total Sovereign Agencies				15,969,921
REPURCHASE AGREEMENT (2.6%)
UNITED STATES (2.6%)
State Street Bank, 0.08%, dated 04/30/12, due 05/01/12, repurchase price $12,479,028, collateralized by $12,095,000 U.S. Treasury Notes, maturing 2/28/14-11/30/14; total market value of $12,734,754		12,479,000		12,479,000
Total Repurchase Agreement				12,479,000
Total Investments (Cost $462,823,484) (f)—98.5%				476,296,331
Other assets in excess of liabilities—1.5%				7,391,110
Net Assets—100.0%			$	483,687,441

(a) Denotes a restricted security.

(b) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely.

(c) Variable or Floating Rate Security. Rate disclosed is as of April 30, 2012.

(d) This security is government guaranteed.

(e) Inflation linked security.

(f) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

CNH Chinese Yuan Renminbi Offshore

CNY Chinese Yuan Renminbi

EMTN Euro Medium Term Note

EUR Euro Currency

HKD Hong Kong Dollar

IDR Indonesian Rupiah

INR Indian Rupee

KRW South Korean Won

MTN Medium Term Note

MYR Malaysian Ringgit

PHP Philippine Peso

REIT Real Estate Investment Trust

SGD Singapore Dollar

THB Thai Baht

TWD New Taiwanese Dollar

USD U.S. Dollar

See accompanying notes to financial statements.

2012 Semiannual Report

11

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Asia Bond Fund

At April 30, 2012, the Fund held the following futures contracts:

Futures Contracts	Counterparty		Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation/ (Depreciation)
United States Treasury Note 6%-2 year		Credit Suisse		132			06/29/12	$	37,391
United States Treasury Note 6%-2 year		Credit Suisse		(310	)		06/29/12		(77,501	)
United States Treasury Note 6%-5 year		Credit Suisse		(75	)		06/29/12		(40,781	)
United States Treasury Note 6%-10 year		Credit Suisse		214			06/20/12		193,937
United States Treasury Note 6%-10 year		Credit Suisse		(24	)		06/20/12		(40,234	)
United States Treasury Bond 6%-30 year		Credit Suisse		31			06/20/12		36,122
								$	108,934

At April 30, 2012, 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)
Chinese Yuan Renminbi/United States Dollar 07/13/12	Credit Suisse	CNY		71,178,700	USD		11,300,000	$	11,282,204	$	(17,796	)
07/13/12	Deutsche Bank	CNY		86,520,360	USD		13,700,000		13,713,940		13,940
01/30/13	UBS	CNY		86,077,100	USD		13,700,000		13,588,285		(111,715	)
Chinese Yuan Renminbi Offshore/United States Dollar
05/23/12	Credit Suisse	CNH		7,064,750	USD		1,100,000		1,120,249		20,249
05/23/12	Deutsche Bank	CNH		126,904,330	USD		19,800,000		20,123,074		323,074
05/23/12	Royal Bank of Canada	CNH		80,485,100	USD		12,600,000		12,762,429		162,429
05/23/12	Standard Chartered Bank	CNH		49,114,850	USD		7,700,000		7,788,085		88,085
05/23/12	UBS	CNH		112,348,950	USD		17,500,000		17,815,041		315,041
08/23/12	Credit Suisse	CNH		71,438,600	USD		11,300,000		11,282,929		(17,071	)
08/23/12	Deutsche Bank	CNH		234,089,580	USD		37,050,000		36,971,834		(78,166	)
08/23/12	Royal Bank of Canada	CNH		24,751,350	USD		3,900,000		3,909,199		9,199
Euro Currency/United States Dollar
06/06/12	Deutsche Bank	EUR		530,102	USD		700,000		701,784		1,784
06/06/12	State Street	EUR		11,170,791	USD		14,600,000		14,788,617		188,617
Hong Kong Dollar/United States Dollar
09/07/12	Deutsche Bank	HKD		73,699,100	USD		9,500,000		9,503,796		3,796
09/07/12	Standard Chartered Bank	HKD		25,607,340	USD		3,300,000		3,302,170		2,170
Indian Rupee/United States Dollar
05/09/12	Credit Suisse	INR		36,260,000	USD		700,000		687,336		(12,664	)
05/09/12	Deutsche Bank	INR		330,000,000	USD		6,600,000		6,255,406		(344,594	)
07/16/12	Deutsche Bank	INR		613,740,000	USD		12,000,000		11,474,612		(525,388	)
Indonesian Rupiah/United States Dollar
06/05/12	Deutsche Bank	IDR		17,527,500,000	USD		1,900,000		1,907,095		7,095
06/05/12	Standard Chartered Bank	IDR		274,263,850,000	USD		31,450,000		29,841,524		(1,608,476	)
06/05/12	State Street	IDR		75,638,000,000	USD		8,500,000		8,229,861		(270,139	)
06/05/12	UBS	IDR		74,073,700,000	USD		8,300,000		8,059,657		(240,343	)
09/13/12	Credit Suisse	IDR		21,436,000,000	USD		2,300,000		2,308,778		8,778
09/13/12	Deutsche Bank	IDR		35,644,000,000	USD		3,800,000		3,839,060		39,060
09/13/12	Royal Bank of Canada	IDR		41,262,500,000	USD		4,400,000		4,444,204		44,204
09/13/12	Standard Chartered Bank	IDR		59,752,000,000	USD		6,389,000		6,435,627		46,627
09/13/12	UBS	IDR		103,991,600,000	USD		11,000,000		11,200,482		200,482
03/01/13	Deutsche Bank	IDR		15,240,000,000	USD		1,600,000		1,607,080		7,080
03/01/13	Royal Bank of Canada	IDR		73,612,000,000	USD		7,700,000		7,762,494		62,494
03/01/13	Standard Chartered Bank	IDR		156,832,500,000	USD		16,500,000		16,538,219		38,219

See accompanying notes to financial statements.

Semiannual Report 2012

12

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Asia Bond Fund

Purchase Contracts Settlement Date*	Counterparty		Amount Purchased			Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
Malaysian Ringgit/United States Dollar
06/28/12	Credit Suisse	MYR		88,441,000	USD		28,700,000	$	29,143,839	$	443,839
06/28/12	Deutsche Bank	MYR		92,549,140	USD		29,990,000		30,497,589		507,589
06/28/12	HSBC	MYR		8,290,350	USD		2,700,000		2,731,907		31,907
06/28/12	Standard Chartered Bank	MYR		77,747,190	USD		25,188,000		25,619,923		431,923
06/28/12	State Street	MYR		3,833,400	USD		1,200,000		1,263,215		63,215
06/28/12	UBS	MYR		16,325,250	USD		5,300,000		5,379,636		79,636
New Taiwan Dollar/United States Dollar
05/24/12	Deutsche Bank	TWD		5,604,000	USD		200,000		192,504		(7,496	)
Philippine Peso/United States Dollar
08/23/12	Deutsche Bank	PHP		141,306,000	USD		3,300,000		3,339,005		39,005
08/23/12	Royal Bank of Canada	PHP		782,780,200	USD		18,200,000		18,496,790		296,790
08/23/12	Standard Chartered Bank	PHP		546,583,800	USD		12,670,000		12,915,561		245,561
08/23/12	UBS	PHP		422,560,000	USD		9,800,000		9,984,928		184,928
Singapore Dollar/United States Dollar
06/21/12	Credit Suisse	SGD		10,260,180	USD		8,200,000		8,291,676		91,676
06/21/12	Deutsche Bank	SGD		125,765,008	USD		99,960,000		101,635,908		1,675,908
06/21/12	Royal Bank of Canada	SGD		9,377,047	USD		7,500,000		7,577,979		77,979
06/21/12	UBS	SGD		3,888,485	USD		3,100,000		3,142,446		42,446
South Korean Won/United States Dollar
09/20/12	Credit Suisse	KRW		10,598,730,000	USD		9,300,000		9,310,547		10,547
09/20/12	Royal Bank of Canada	KRW		2,850,000,000	USD		2,500,000		2,503,607		3,607
09/20/12	Standard Chartered Bank	KRW		55,939,268,000	USD		48,580,000		49,140,336		560,336
Thai Baht/United States Dollar
06/07/12	Deutsche Bank	THB		119,620,800	USD		3,900,000		3,888,468		(11,532	)
06/07/12	HSBC	THB		282,009,000	USD		9,100,000		9,167,159		67,159
06/07/12	Royal Bank of Canada	THB		82,822,500	USD		2,700,000		2,692,279		(7,721	)
06/07/12	Standard Chartered Bank	THB		242,392,500	USD		7,980,000		7,879,361		(100,639	)
06/07/12	UBS	THB		179,493,000	USD		5,800,000		5,834,710		34,710
								$	649,874,444	$	3,117,444

Sale Contracts Settlement Date*	Counterparty		Amount Purchased		Amount Sold			Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/Chinese Yuan Renminbi
07/13/12	Credit Suisse	USD		11,300,000		CNY	71,178,700	$	11,282,204	$	17,796
07/13/12	Deutsche Bank	USD		2,600,000		CNY	16,411,460		2,601,304		(1,304	)
07/13/12	State Street	USD		11,300,000		CNY	71,026,150		11,258,024		41,976
07/13/12	UBS	USD		2,400,000		CNY	15,172,800		2,404,970		(4,970	)
01/30/13	UBS	USD		3,500,000		CNY	22,158,500		3,497,981		2,019
United States Dollar/Chinese Yuan Renminbi Offshore
05/23/12	Credit Suisse	USD		3,600,000		CNH	23,121,000		3,666,270		(66,270	)
05/23/12	Deutsche Bank	USD		20,200,000		CNH	128,001,180		20,296,999		(96,999	)
05/23/12	HSBC	USD		2,400,000		CNH	15,147,600		2,401,937		(1,937	)
05/23/12	Standard Chartered Bank	USD		16,800,000		CNH	107,260,770		17,008,217		(208,217	)
05/23/12	UBS	USD		1,078,000		CNH	6,865,452		1,088,647		(10,647	)
08/23/12	Credit Suisse	USD		11,300,000		CNH	71,438,600		11,282,929		17,071
08/23/12	Deutsche Bank	USD		3,300,000		CNH	20,934,210		3,306,325		(6,325	)
08/23/12	Royal Bank of Canada	USD		5,900,000		CNH	37,450,460		5,914,882		(14,882	)
08/23/12	Standard Chartered Bank	USD		9,050,000		CNH	57,422,840		9,069,296		(19,296	)
United States Dollar/Euro Currency
06/06/12	Royal Bank of Canada	USD		16,600,000		EUR	12,311,115		16,298,252		301,748

See accompanying notes to financial statements.

2012 Semiannual Report

13

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Asia Bond Fund

Sale Contracts Settlement Date*	Counterparty		Amount Purchased		Amount Sold			Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/Hong Kong Dollar
09/07/12	Deutsche Bank	USD		9,400,000		HKD	72,898,920	$	9,400,610	$	(610	)
09/07/12	Royal Bank of Canada	USD		12,600,000		HKD	97,696,620		12,598,373		1,627
United States Dollar/Indian Rupee
05/09/12	Credit Suisse	USD		4,800,000		INR	248,376,000		4,708,160		91,840
05/09/12	Deutsche Bank	USD		2,700,000		INR	140,008,500		2,653,969		46,031
05/09/12	HSBC	USD		1,600,000		INR	83,856,000		1,589,555		10,445
05/09/12	Standard Chartered Bank	USD		2,000,000		INR	104,560,000		1,982,016		17,984
05/09/12	UBS	USD		800,000		INR	40,944,000		776,125		23,875
07/16/12	Deutsche Bank	USD		3,800,000		INR	194,351,000		3,633,627		166,373
United States Dollar/Indonesian Rupiah
06/05/12	Credit Suisse	USD		18,300,000		IDR	168,726,000,000		18,358,383		(58,383	)
06/05/12	Deutsche Bank	USD		13,400,000		IDR	123,389,400,000		13,425,494		(25,494	)
06/05/12	Standard Chartered Bank	USD		12,500,000		IDR	114,419,300,000		12,449,494		50,506
06/05/12	State Street	USD		2,300,000		IDR	21,160,000,000		2,302,333		(2,333	)
06/05/12	UBS	USD		9,500,000		IDR	88,765,000,000		9,658,155		(158,155	)
09/13/12	Credit Suisse	USD		1,800,000		IDR	16,776,000,000		1,806,870		(6,870	)
09/13/12	Standard Chartered Bank	USD		11,920,000		IDR	112,513,300,000		12,118,316		(198,316	)
09/13/12	UBS	USD		12,450,000		IDR	115,939,050,000		12,487,288		(37,288	)
United States Dollar/Malaysian Ringgit
06/28/12	Credit Suisse	USD		28,200,000		MYR	86,186,500		28,400,917		(200,917	)
06/28/12	Deutsche Bank	USD		39,510,000		MYR	121,908,360		40,172,292		(662,292	)
06/28/12	HSBC	USD		1,100,000		MYR	3,377,550		1,112,999		(12,999	)
06/28/12	Royal Bank of Canada	USD		4,300,000		MYR	13,232,850		4,360,603		(60,603	)
06/28/12	UBS	USD		5,300,000		MYR	16,319,950		5,377,891		(77,891	)
United States Dollar/New Taiwan Dollar
05/24/12	UBS	USD		200,000		TWD	5,592,800		192,119		7,881
United States Dollar/Philippine Peso
08/23/12	Credit Suisse	USD		1,100,000		PHP	47,267,000		1,116,901		(16,901	)
08/23/12	Deutsche Bank	USD		5,900,000		PHP	252,865,000		5,975,101		(75,101	)
08/23/12	Royal Bank of Canada	USD		11,490,000		PHP	494,196,390		11,677,667		(187,667	)
08/23/12	Standard Chartered Bank	USD		700,000		PHP	30,156,000		712,574		(12,574	)
08/23/12	UBS	USD		11,600,000		PHP	498,856,000		11,787,773		(187,773	)
United States Dollar/Singapore Dollar
06/21/12	Credit Suisse	USD		10,600,000		SGD	13,314,988		10,760,393		(160,393	)
06/21/12	Deutsche Bank	USD		3,300,000		SGD	4,150,080		3,353,851		(53,851	)
06/21/12	Royal Bank of Canada	USD		27,500,000		SGD	34,474,667		27,860,405		(360,405	)
06/21/12	Standard Chartered Bank	USD		10,000,000		SGD	12,531,920		10,127,564		(127,564	)
06/21/12	State Street	USD		2,100,000		SGD	2,641,695		2,134,863		(34,863	)
06/21/12	UBS	USD		1,300,000		SGD	1,630,655		1,317,800		(17,800	)
United States Dollar/South Korean Won
09/20/12	Credit Suisse	USD		4,300,000		KRW	4,935,330,000		4,335,483		(35,483	)
09/20/12	Royal Bank of Canada	USD		16,700,000		KRW	19,179,980,000		16,848,820		(148,820	)
09/20/12	Standard Chartered Bank	USD		7,030,000		KRW	8,082,973,000		7,100,558		(70,558	)
09/20/12	State Street	USD		4,600,000		KRW	5,281,720,000		4,639,773		(39,773	)
09/20/12	UBS	USD		11,400,000		KRW	13,114,560,000		11,520,600		(120,600	)
United States Dollar/Thai Baht
06/07/12	Credit Suisse	USD		5,000,000		THB	154,535,000		5,023,410		(23,410	)
06/07/12	Deutsche Bank	USD		1,300,000		THB	40,391,000		1,312,975		(12,975	)
06/07/12	HSBC	USD		5,400,000		THB	165,067,000		5,365,770		34,230
06/07/12	Standard Chartered Bank	USD		9,433,000		THB	286,527,375		9,314,036		118,964
06/07/12	UBS	USD		2,600,000		THB	80,600,000		2,620,033		(20,033	)
								$	475,850,176	$	(2,689,176	)

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

See accompanying notes to financial statements.

Semiannual Report 2012

14

Aberdeen Core Fixed Income Fund (Unaudited)

The Aberdeen Core Fixed Income Fund (Class A shares at NAV net of fees) returned 3.40% for the six-month period ended April 30, 2012, versus the 2.44% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Intermediate Investment-Grade Debt Funds (consisting of 607 funds) was 3.23% for the period.

During the semiannual period, all sectors of the U.S. fixed income market (as measured by the Barclays Capital U.S. Aggregate Bond Index) produced positive absolute returns and outperformed relative to comparable-duration U.S. Treasuries. However, there was substantial intra- and inter-day volatility. Investors appeared to be focused on two factors, neither of which constituted “new news.” One issue was the Eurozone sovereign debt crisis and the debatable success of attempts by the various European entities to stem liquidity concerns and begin to implement austerity programs. Investors also expressed concerns about the trajectory and strength of the U.S. economic recovery, as recent data appear to provide mixed signals compared to the generally positive tone and sentiment of the economic indicators released in the second half of 2011. Consequently, U.S. economic data reports or announcements from Europe brought significant daily yield/price fluctuations in the U.S. bond market, as investors quickly moved to implement “risk-on” or “risk-off” trades. U.S. Treasury yields ended the period with mixed results, as the 30-year bond yield barely moved (down 2 basis points from 3.13% to 3.11%), while the 10-year note experienced a much more dramatic change (ending at 1.92% vs. 2.11% at the start of the six-month period).

Fund performance for the semiannual period was enhanced by both security selection and an overweight relative to its benchmark, the Barclays Capital U.S. Aggregate Bond Index, in corporate bonds. The primary contributors within the sector were financials, TMT (technology, media and telecom) and industrials. The portfolio’s exposure to the securitized sectors – including commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS) – also had a positive impact on the Fund’s relative performance. The Fund’s relative overweight to taxable municipals also boosted performance over period.

Regarding the use of derivatives, the Fund employed U.S. Treasury futures as hedges against interest-rate risk during the period. These hedges had minimal impact on performance.

Fund performance was hampered by an underweight versus the benchmark index to US Treasury and agency/sovereign government securities. Additionally, the exposure to agency MBS modestly detracted from the Fund’s relative return for the period.

During the reporting period, we reduced the Fund’s weighting in U.S. Treasury securities due to their relatively low yields. We increased the allocation to agency MBS, both for pass-through issues and collateralized mortgage obligations (CMOs), as we believe that these securities offer attractive potential risk-adjusted returns. Within the corporate sector, we continued to rotate into non-U.S. banks that we believe are stable and well-capitalized and have modest or no exposure to peripheral European sovereign borrowers. We also marginally shortened maturities among our corporate holdings. We maintained the portfolio’s positioning in the taxable municipal bond sector, which has continued to benefit from a favorable supply/demand environment. In the CMBS sector, we made relatively modest changes to the holdings, selling some of the last cash-flow securities but retaining exposure to AM bonds (the second of three basic classes of AAA rated tranches within structured CMBS) that we continue to believe offer strong risk-adjusted characteristics compared to other investment-grade fixed income alternatives.

At the end of the semiannual period, the Fund’s largest positions were in MBS, corporates and U.S. Treasury securities. The most notable overweights compared to the benchmark Barclays Capital U.S. Aggregate Bond Index were corporate bonds, ABS, CMBS and taxable municipal issues. The Fund’s most significant relative underweights were in U.S. Treasury and U.S. agency securities. We have continued to increase the agency MBS exposure as we believe that it is an attractive, high-quality sector with good liquidity and attractive yields relative to U.S. Treasuries. The taxable municipal sector has performed well since the discontinuation of the Build America Bond (BAB) program at the end of 2010. We anticipate that we will reduce the Fund’s overweight position in municipals as the supply/demand equation moves towards historically normal levels.

Portfolio Management:

Aberdeen U.S. Fixed Income Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Fixed income securities are subject to certain risks including, but not limited to interest rate, credit, prepayment, and extension risk.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in emerging market countries.

The Fund may invest in derivatives which can be volatile and may affect fund performance.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

15

Aberdeen Core Fixed Income Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.		5 Yr.		10 Yr.
Class A2	w/o SC		3.40%			6.93%		5.90%		5.22%
	w/SC4		(1.03%	)		2.36%		4.99%		4.77%
Class C	w/o SC		3.12%			6.25%		5.17%		4.49%
	w/SC5		2.12%			5.25%		5.17%		4.49%
Institutional Service Class6,7	w/o SC		3.62%			7.17%		6.18%		5.47%
Institutional Class3,6	w/o SC		3.62%			7.18%		6.16%		5.46%

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.

† Not Annualized

1 Pacific Capital High Grade Core Fixed Income Fund (the “Predecessor Fund”) was reorganized into the Aberdeen Core Fixed Income Fund (the “Fund”) on July 12, 2010. Returns presented for the Fund for periods prior to July 12, 2010 reflect the performance of the Predecessor Fund. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Class A shares of the Fund acquired the assets of the Class A and Class B shares of the Predecessor Fund. Returns through July 12, 2010 are based on the performance of Class A shares of the Predecessor Fund.

3 Institutional Class shares of the Fund acquired the assets of the Class Y shares of the Predecessor Fund. Returns prior to July 12, 2010 are based on the performance of Class Y shares of the Predecessor Fund.

4 A 4.25% front-end sales charge was deducted.

5 A 1.00% CDSC was deducted from the six month and one year return because it is charged when Class C shares are sold within the first year after purchase.

6 Not subject to any sales charges.

7 Returns before the first offering of the Institutional Service Class Shares (July 12, 2010) are based on the previous performance of the Institutional Class. The performance is substantially similar to what Institutional Service Class Shares would have produced because both classes invest in the same portfolio of securities. Returns for the Institutional Service Class shares have not been adjusted to reflect the expenses of the Institutional Service Class shares.

Semiannual Report 2012

16

Aberdeen Core Fixed Income Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Core Fixed Income Fund, Barclays Capital U.S. Aggregate Bond Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
U.S. Agencies Mortgage Backed	35.3%
Corporate Bonds	21.9%
U.S. Treasury Obligations	15.4%
Foreign Non-Government Bonds	7.7%
Residential Mortgage-Backed Securities	7.2%
Repurchase Agreement	6.4%
Commercial Mortgage-Backed Securities	5.6%
Municipal Bonds	3.6%
Asset-Backed Securities	2.9%
Liabilities in excess of other assets	(6.0%	)
	100.0%

Top Industries
Commercial Banks	5.6%
Diversified Financial Services	4.2%
Oil, Gas & Consumable Fuels	2.9%
Metals & Mining	1.9%
Diversified Telecommunication Services	1.8%
Electric Utilities	1.5%
Real Estate	1.4%
Insurance	1.3%
Media	1.3%
Paper & Forest Products	1.0%
Other	77.1%
	100.0%

Top Holdings*
U.S. Treasury Notes 03/31/14	10.1%
U.S. Treasury Bond 11/15/41	3.1%
Federal Home Loan Mortgage Corp., Pool # A60299 05/01/37	1.1%
Xerox Corp. 04/01/16	0.9%
U.S. Treasury Notes 02/15/22	0.9%
U.S. Treasury Notes 02/28/19	0.9%
FUEL Trust 04/15/16	0.8%
SBA Tower Trust 04/15/17	0.8%
Federal National Mortgage Association, Pool # 735676 07/01/35	0.8%
Federal National Mortgage Association, Pool # AK6299 03/01/42	0.8%
Other	79.8%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

17

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Core Fixed Income Fund

	Shares or Principal Amount		Value
ASSET-BACKED SECURITIES (2.9%)
AUSTRALIA (0.1%)
SMART Trust, Series 2011-2USA, Class A4A (USD), 2.31%, 04/14/17 (a)	$	110,000	$	111,545
UNITED STATES (2.8%)
Capital One Multi-Asset Execution Trust
Series 2004-B3, Class B3 (USD), 0.97%, 01/18/22 (b)		205,000		196,410
Series 2006-B1, Class B1 (USD), 0.52%, 01/15/19 (b)		165,000		161,461
Chesapeake Funding LLC, Series 2011-2A, Class A (USD), 1.49%, 04/07/24 (a)(b)		200,000		201,217
CNH Wholesale Master Note Trust, Series 2011-1, Class B (USD), 1.91%, 12/15/15 (a)(b)		100,000		99,968
CPS Auto Trust, Series 2011-A, Class A (USD), 2.82%, 04/16/18 (a)		136,833		136,547
Dominos Pizza Master Issuer LLC, Series 2012-1A, Class A2, ABS (USD), 5.22%, 01/25/42 (a)		268,988		279,283
Mid-State Trust, Series 2010-1, Class M (USD), 5.25%, 12/15/45 (a)		478,997		483,671
Santander Drive Auto Receivables Trust
Series 2010-2, Class C (USD), 3.89%, 07/17/17		100,000		102,092
Series 2011-4, Class B (USD), 2.90%, 05/16/16		134,000		136,151
Tax Liens Securitization Trust, Series 2010-1A, Class 1A2 (USD), 2.00%, 04/15/18 (a)		156,012		156,106
World Financial Network Credit Card Master Trust
Series 2010-A, Class M (USD), 5.20%, 04/15/19		360,000		389,411
Series 2012-A, Class A (USD), 3.14%, 01/17/23		369,000		374,228
				2,716,545
Total Asset-Backed Securities				2,828,090
COMMERCIAL MORTGAGE-BACKED SECURITIES (5.6%)
UNITED STATES (5.6%)
Bear Stearns Commercial Mortgage Securities
Series 2006-PW13, Class AM (USD), 5.58%, 09/11/41 (b)		250,000		265,145
Series 2007-PW17, Class AMFL, CMO, FRN (USD), 0.93%, 06/11/50 (a)(b)		125,000		101,381
Series 2007-PW17, Class A4 (USD), 5.69%, 06/11/50 (b)		150,000		172,182
Series 2007-PW17, Class AM (USD), 5.92%, 06/11/50 (b)		250,000		259,904
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class AM (USD), 5.46%, 10/15/49		225,000		239,230
Series 2007-C6, Class AM (USD), 5.89%, 12/10/49 (b)		300,000		309,856
Commercial Mortgage Pass Through Certificates
Series 2011-THL, Class B (USD), 4.55%, 06/09/28 (a)		100,000		101,773
Series 2006-C7, Class AM (USD), 5.77%, 06/10/46 (b)		75,000		76,654
Series 2007-C9, Class AM (USD), 5.65%, 12/10/49 (b)		484,000		505,662
Series 2007-C9, Class A4 (USD), 5.81%, 12/10/49 (b)		205,000		237,518
Extended Stay America Trust, Series 2010-ESHA, Class B (USD), 4.22%, 11/05/27 (a)	$	270,000	$	274,120
GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4 (USD), 5.54%, 12/10/49		650,000		712,716
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB19, Class ASB (USD), 5.91%, 02/12/49 (b)		285,639		309,598
Series 2007-LD11, Class A4 (USD), 6.00%, 06/15/49 (b)		630,000		696,811
Series 2007-LD11, Class ASB (USD), 6.00%, 06/15/49 (b)		288,138		306,882
Series 2007-CB20, Class ASB (USD), 5.69%, 02/12/51		186,136		201,967
Series 2007-CB20, Class AM (USD), 6.09%, 02/12/51 (b)		240,000		250,431
Series 2007-LD12, Class A4 (USD), 5.88%, 02/15/51 (b)		150,000		168,443
Morgan Stanley Capital I, Series 2003-IQ5, Class C (USD), 5.44%, 04/15/38 (b)		300,000		305,974
				5,496,247
Total Commercial Mortgage-Backed Securities				5,496,247
RESIDENTIAL MORTGAGE-BACKED SECURITIES (7.2%)
UNITED KINGDOM (1.6%)
Fosse Master Issuer PLC, Series 2011-1A, Class A2 (USD), 1.87%, 10/18/54 (a)(b)		200,000		201,125
Holmes Master Issuer PLC
Series 2010-1A, Class A2 (USD), 1.87%, 10/15/54 (a)(b)		125,000		125,660
Series 2012-1A, Class A2, CMO, FRN, REGS (USD), 2.12%, 10/15/54 (a)(b)		275,000		277,207
Permanent Master Issuer PLC, Series 2011-2A, Class 1A3 (USD), 2.07%, 07/15/42 (a)(b)		250,000		251,880
Silverstone Master Issuer PLC
Series 2011-1A, Class 1A (USD), 2.02%, 01/21/55 (a)(b)		270,000		271,680
Series 2012-1A, Class 2A1, CMO, FRN (USD), 2.12%, 01/21/55 (a)(b)		460,000		463,457
				1,591,009
UNITED STATES (5.6%)
Banc of America Funding Corp., Series 2009-R6, Class 3A1 (USD), 2.32%, 01/26/37 (a)(b)		193,579		190,044
BCAP LLC Trust, Series 2009-RR6, Class 3A1 (USD), 4.01%, 12/26/37 (a)(b)		611,848		602,161
Citigroup Mortgage Loan Trust, Inc.
Series 2009-6, Class 6A1 (USD), 0.49%, 07/25/36 (a)(b)		678,933		622,380
Series 2009-5, Class 7A1 (USD), 0.59%, 07/25/36 (a)(b)		329,684		308,131
Series 2009-6, Class 11A1 (USD), 0.59%, 05/25/37 (a)(b)		209,230		200,725
Credit Suisse Mortgage Capital Certificates
Series 2009-3R, Class 25A1 (USD), 2.81%, 07/27/36 (a)(b)		467,779		462,930

See accompanying notes to financial statements.

Semiannual Report 2012

18

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Core Fixed Income Fund

	Shares or Principal Amount		Value
Series 2009-12R, Class 6A1 (USD), 6.00%, 05/27/37 (a)	$	335,727	`$	341,018
Series 2009-2R, Class 2A5 (USD), 4.77%, 06/26/37 (a)(b)		352,173		346,497
Series 2009-3R, Class 28A1 (USD), 4.65%, 08/27/37 (a)(b)		136,400		130,704
FREMF Mortgage Trust, Series 2012-K501, Class C (USD), 3.49%, 11/25/46 (b)		145,000		137,657
JP Morgan Re-Remic
Series 2009-7, Class 11A1 (USD), 2.84%, 09/27/36 (a)(b)		261,110		249,951
Series 2009-7, Class 2A1 (USD), 6.00%, 02/27/37 (a)(b)		92,451		93,747
Series 2009-7, Class 13A1 (USD), 4.86%, 06/27/37 (a)(b)		252,481		248,172
Series 2009-7, Class 14A1 (USD), 4.95%, 07/27/37 (a)(b)		684,143		666,663
Series 2009-7, Class 1A1 (USD), 5.44%, 08/27/37 (a)(b)		322,978		319,729
MASTR Asset Securitization Trust, Series 2003-8, Class 3A13, CMO (USD), 5.25%, 09/25/33		112,211		113,483
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10 (USD), 2.06%, 01/15/22		470,121		477,274
				5,511,266
Total Residential Mortgage-Backed Securities				7,102,275
CORPORATE BONDS (21.9%)
UNITED STATES (21.9%)
Advertising (0.5%)
Interpublic Group of Cos., Inc. (USD), 10.00%, 07/15/17		145,000		165,119
Omnicom Group, Inc. (USD), 4.45%, 08/15/20		270,000		292,841
				457,960
Biotechnology (0.3%)
Life Technologies Corp. (USD), 6.00%, 03/01/20		235,000		273,250
Chemicals (0.6%)
CF Industries, Inc.
(USD), 6.88%, 05/01/18		170,000		197,625
(USD), 7.13%, 05/01/20		120,000		143,400
Eastman Chemical Co. (USD), 4.50%, 01/15/21		245,000		261,616
				602,641
Commercial Banks (2.4%)
AgriBank FCB, Series AI (USD), 9.13%, 07/15/19		250,000		321,210
Citigroup, Inc.
(USD), 4.45%, 01/10/17		345,000		360,388
(USD), 8.50%, 05/22/19		20,000		24,850
Discover Bank (USD), BKNT, 8.70%, 11/18/19		410,000		517,135
Goldman Sachs Group, Inc. (USD), 5.75%, 01/24/22		440,000		459,445
JPMorgan Chase & Co.
(USD), 4.35%, 08/15/21		330,000		345,518
(USD), 5.40%, 01/06/42		115,000		124,143
Wells Fargo & Co. (USD), MTN, 3.50%, 03/08/22		225,000		227,898
				2,380,587
Computers & Peripherals (0.2%)
Hewlett-Packard Co. (USD), 6.00%, 09/15/41	$	148,000	$	163,589
Diversified Financial Services (4.2%)
American Honda Finance Corp. (USD), 1.45%, 02/27/15 (a)		415,000		417,771
Blackstone Holdings Finance Co. LLC (USD), 6.63%, 08/15/19 (a)		345,000		373,479
FUEL Trust (USD), 4.21%, 04/15/16 (a)		750,000		783,161
General Electric Capital Corp. (USD), MTN, 4.65%, 10/17/21		585,000		636,050
General Electric Capital Corp. / LJ VP Holdings LLC (USD), 3.80%, 06/18/19 (a)		250,000		251,795
HSBC Finance Corp.
(USD), 5.50%, 01/19/16		425,000		461,238
(USD), 6.68%, 01/15/21		180,000		194,397
International Lease Finance Corp. (USD), 6.50%, 09/01/14 (a)		285,000		302,813
John Deere Capital Corp. (USD), 2.25%, 04/17/19		135,000		136,347
Raymond James Financial, Inc. (USD), 5.63%, 04/01/24		270,000		278,501
Utility Contract Funding LLC (USD), 7.94%, 10/01/16 (a)		260,693		280,863
				4,116,415
Diversified Telecommunication Services (1.8%)
AT&T, Inc. (USD), 5.55%, 08/15/41		190,000		216,889
Crown Castle Towers LLC (USD), 6.11%, 01/15/20 (a)		467,000		533,301
Juniper Networks, Inc. (USD), 5.95%, 03/15/41		95,000		109,361
Qwest Corp.
(USD), 7.50%, 06/15/23		80,000		80,700
(USD), 7.25%, 09/15/25		40,000		44,200
SBA Tower Trust (USD), 5.10%, 04/15/17 (a)		710,000		772,627
				1,757,078
Electric Utilities (1.3%)
Appalachian Power Co., Series L (USD), 5.80%, 10/01/35		110,000		124,374
Entergy Gulf States, Inc. (USD), 6.20%, 07/01/33		214,000		213,456
Oncor Electric Delivery Co. LLC (USD), 4.55%, 12/01/41 (a)		205,000		187,606
Progress Energy, Inc. (USD), 3.15%, 04/01/22		205,000		204,731
Public Service Co. of New Mexico (USD), 7.95%, 05/15/18		180,000		220,359
SCANA Corp. (USD), MTN, 4.75%, 05/15/21		150,000		160,039
Southern California Edison Co. (USD), 4.05%, 03/15/42		130,000		130,242
				1,240,807
Electronics (0.3%)
Agilent Technologies, Inc. (USD), 6.50%, 11/01/17		220,000		267,931
Jabil Circuit, Inc. (USD), 8.25%, 03/15/18		55,000		64,075
				332,006
Energy Equipment & Services (0.8%)
El Paso Pipeline Partners Operating Co. LLC
(USD), 6.50%, 04/01/20		135,000		155,074
(USD), 5.00%, 10/01/21		85,000		89,798

See accompanying notes to financial statements.

2012 Semiannual Report

19

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Core Fixed Income Fund

	Shares or Principal Amount		Value
Energy Transfer Partners LP
(USD), 6.13%, 02/15/17	$	150,000	$	167,258
(USD), 5.20%, 02/01/22		110,000		117,248
Enterprise Products Operating LLC (USD), 4.85%, 08/15/42		90,000		88,464
Williams Partners LP (USD), 7.25%, 02/01/17		180,000		218,189
				836,031
Food & Staples (0.2%)
CVS Caremark Corp. (USD), 5.75%, 05/15/41		155,000		180,391
Gas Utilities (0.2%)
Sempra Energy (USD), 2.30%, 04/01/17		240,000		246,172
Healthcare Providers & Services (0.6%)
Cigna Corp. (USD), 5.38%, 02/15/42		185,000		195,918
Highmark, Inc. (USD), 6.13%, 05/15/41 (a)		125,000		131,778
Humana, Inc. (USD), 6.30%, 08/01/18		200,000		232,848
				560,544
Information Technology Services (0.3%)
International Business Machines Corp. (USD), 1.95%, 07/22/16		300,000		309,717
Insurance (1.0%)
American International Group, Inc. (USD), 3.80%, 03/22/17		300,000		309,845
Nationwide Mutual Insurance Co. (USD), 9.38%, 08/15/39 (a)		175,000		223,731
Prudential Financial, Inc. (USD), MTN, 5.63%, 05/12/41		135,000		141,277
Transatlantic Holdings, Inc. (USD), 5.75%, 12/14/15		300,000		324,112
				998,965
Media (1.3%)
CBS Corp. (USD), 8.88%, 05/15/19		255,000		339,887
DIRECTV Holdings LLC
(USD), 5.88%, 10/01/19		205,000		235,885
(USD), 5.15%, 03/15/42 (a)		145,000		141,766
Discovery Communications LLC (USD), 6.35%, 06/01/40		115,000		138,701
Time Warner Cable, Inc. (USD), 4.00%, 09/01/21		295,000		306,283
Time Warner, Inc. (USD), 6.10%, 07/15/40		70,000		79,725
				1,242,247
Metals & Mining (0.5%)
Freeport-McMoRan Copper & Gold, Inc. (USD), 3.55%, 03/01/22		335,000		331,008
Newmont Mining Corp. (USD), 4.88%, 03/15/42		215,000		208,922
				539,930
Office/Business Equipment (0.9%)
Xerox Corp. (USD), MTN, 7.20%, 04/01/16		760,000		887,923
Oil & Gas Services (0.1%)
Weatherford International Ltd. (USD), 4.50%, 04/15/22		110,000		113,536
Oil, Gas & Consumable Fuels (1.4%)
Anadarko Petroleum Corp. (USD), 6.38%, 09/15/17	$	170,000	$	202,030
Apache Corp. (USD), 4.75%, 04/15/43		185,000		197,123
Marathon Oil Corp. (USD), 6.00%, 10/01/17		250,000		294,562
Marathon Petroleum Corp. (USD), 5.13%, 03/01/21		140,000		155,290
Nabors Industries, Inc. (USD), 4.63%, 09/15/21		110,000		116,780
Noble Energy, Inc. (USD), 6.00%, 03/01/41		160,000		183,500
Rowan Cos., Inc. (USD), 7.88%, 08/01/19		155,000		186,541
				1,335,826
Paper & Forest Products (1.0%)
Domtar Corp. (USD), 4.40%, 04/01/22		235,000		236,373
Georgia-Pacific LLC (USD), 8.00%, 01/15/24		235,000		306,522
International Paper Co. (USD), 7.95%, 06/15/18		330,000		413,289
				956,184
Pharmaceuticals (0.2%)
Medco Health Solutions, Inc. (USD), 7.13%, 03/15/18		160,000		197,572
Real Estate (1.4%)
Boston Properties LP (USD), 5.88%, 10/15/19		205,000		237,483
Simon Property Group LP
(USD), 6.10%, 05/01/16		205,000		235,336
(USD), 6.13%, 05/30/18		135,000		159,408
UDR, Inc.
(USD), MTN, 4.25%, 06/01/18		235,000		249,714
Series 0001 (USD), MTN, 4.63%, 01/10/22		90,000		94,132
WEA Finance LLC (USD), 6.75%, 09/02/19 (a)		330,000		386,800
				1,362,873
Specialty Retail (0.2%)
Lowe’s Cos., Inc. (USD), 4.65%, 04/15/42		140,000		141,825
Wal-Mart Stores, Inc. (USD), 5.63%, 04/15/41		40,000		48,812
				190,637
Transportation (0.2%)
CSX Corp. (USD), 4.75%, 05/30/42		160,000		160,524
				21,443,405
Total Corporate Bonds				21,443,405
FOREIGN NON-GOVERNMENT BONDS (7.7%)
AUSTRALIA (1.5%)
Commercial Banks (1.0%)
Commonwealth Bank of Australia (USD), 1.95%, 03/16/15		500,000		504,773
National Australia Bank (USD), MTN, 2.00%, 03/09/15		500,000		502,651
				1,007,424
Metals & Mining (0.5%)
BHP Billiton Finance USA Ltd. (USD), 1.63%, 02/24/17		205,000		206,268
Rio Tinto Finance USA Ltd. (USD), 6.50%, 07/15/18		175,000		216,541
				422,809
				1,430,233

See accompanying notes to financial statements.

Semiannual Report 2012

20

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Core Fixed Income Fund

	Shares or Principal Amount		Value
BRAZIL (0.3%)
Oil, Gas & Consumable Fuels (0.3%)
Petrobras International Finance Co. — Pifco (USD), 3.50%, 02/06/17	$	280,000	$	287,772
CANADA (0.5%)
Metals & Mining (0.5%)
Barrick Gold Corp. (USD), 5.25%, 04/01/42 (a)		250,000		262,476
Teck Resources Ltd.
(USD), 6.25%, 07/15/41		50,000		55,423
(USD), 5.20%, 03/01/42		85,000		82,745
Xstrata Finance Canada Ltd. (USD), 3.60%, 01/15/17 (a)		134,000		139,215
				539,859
CAYMAN ISLANDS (0.9%)
Computers & Peripherals (0.6%)
Seagate HDD Cayman (USD), 6.88%, 05/01/20		180,000		193,050
Seagate Technology International (USD), 10.00%, 05/01/14 (a)		413,000		465,657
				658,707
Oil, Gas & Consumable Fuels (0.3%)
Noble Holding International Ltd. (USD), 2.50%, 03/15/17		270,000		273,948
				932,655
FRANCE (0.8%)
Beverages (0.3%)
Pernod-Ricard SA (USD), 4.45%, 01/15/22 (a)		350,000		362,969
Electric Utilities (0.2%)
EDF SA (USD), 4.60%, 01/27/20 (a)		165,000		177,602
Oil, Gas & Consumable Fuels (0.3%)
Total Capital International SA (USD), 1.50%, 02/17/17		275,000		274,859
				815,430
ISRAEL (0.2%)
Pharmaceuticals (0.2%)
Teva Pharmaceutical Finance IV BV (USD), 3.65%, 11/10/21		215,000		222,795
NETHERLANDS (0.7%)
Commercial Banks (0.7%)
ABN Amro Bank (USD), 4.25%, 02/02/17 (a)		320,000		323,741
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (USD), 3.38%, 01/19/17		190,000		196,050
ING Bank (USD), 3.75%, 03/07/17 (a)		200,000		197,568
				717,359
REPUBLIC OF IRELAND (0.3%)
Insurance (0.3%)
Willis Group Holdings PLC (USD), 4.13%, 03/15/16		270,000		282,704
SWEDEN (0.8%)
Commercial Banks (0.8%)
Nordea Bank AB (USD), 3.13%, 03/20/17 (a)	$	310,000	$	312,976
Svenska Handelsbanken AB (USD), 2.88%, 04/04/17		425,000		432,112
				745,088
SWITZERLAND (0.4%)
Commercial Banks (0.4%)
UBS AG
(USD), MTN, 3.88%, 01/15/15		250,000		259,392
(USD), MTN, 5.88%, 12/20/17		100,000		110,846
				370,238
UNITED KINGDOM (1.3%)
Commercial Banks (0.3%)
HSBC Holdings PLC (USD), 4.00%, 03/30/22		240,000		243,827
Metals & Mining (0.4%)
Anglo American Capital PLC (USD), 2.63%, 04/03/17 (a)		400,000		402,092
Oil, Gas & Consumable Fuels (0.6%)
BG Energy Capital PLC (USD), 4.00%, 10/15/21 (a)		200,000		213,883
BP Capital Markets PLC (USD), 2.25%, 11/01/16		385,000		396,098
				609,981
				1,255,900
Total Foreign Non-Government Bonds				7,600,033
MUNICIPAL BONDS (3.6%)
UNITED STATES (3.6%)
ARIZONA (0.1%)
Glendale Municipal Property Corp., Revenue Bonds, Series B (USD), 6.08%, 07/01/25		95,000		108,851
CALIFORNIA (0.9%)
Bay Area Toll Authority Revenue Bonds (Build America Bonds) Series S1 (USD), 6.79%, 04/01/30		315,000		389,038
San Diego County California Regional Transportation Commission Revenue Bonds (Build America Bonds) (USD), 5.91%, 04/01/48		255,000		331,898
University of California General Obligation Unlimited Bonds, Series AD (USD), 4.86%, 05/15/12		180,000		183,488
				904,424
GEORGIA (0.7%)
Municipal Electric Authority of Georgia Revenue Bonds (Build America Bonds) (USD), 6.64%, 04/01/57		570,000		647,451
ILLINOIS (0.7%)
Chicago Transit Authority Sales Tax Receipts Revenue Bonds (Build America Bonds), Series B (USD), 6.20%, 12/01/40		605,000		696,004

See accompanying notes to financial statements.

2012 Semiannual Report

21

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Core Fixed Income Fund

	Shares or Principal Amount		Value
NEW YORK (0.6%)
New York City Municipal Water Finance Authority Revenue Bonds (Build America Bonds) (USD), 5.44%, 06/15/43	$	470,000	$	572,075
OHIO (0.6%)
American Municipal Power, Inc. Revenue Bonds (Build America Bonds) (USD), 5.94%, 02/15/47		505,000		560,474
				3,489,279
Total Municipal Bonds				3,489,279
U.S. AGENCIES MORTGAGE BACKED (35.3%)
UNITED STATES (35.3%)
Federal Home Loan Mortgage Corp.
Pool # G12121 (USD), 5.50%, 04/01/21		372,498		405,299
Series 3835, Class VC (USD), 4.00%, 06/15/22		278,207		299,066
Series 3793, Class LV (USD), 4.00%, 11/15/23		166,180		177,414
TBA (USD), 3.00%, 05/01/27		490,000		510,978
Series 3755, Class ML (USD), 5.50%, 06/15/29		338,400		369,593
Series 2904, Class PD, CMO (USD), 5.50%, 03/15/33		210,000		219,023
Pool # G01589 (USD), 5.00%, 09/01/33		291,270		315,590
Series 3028, Class ME (USD), 5.00%, 02/15/34		500,000		544,257
Series 3659, Class VG (USD), 5.00%, 09/15/34		300,000		340,430
Pool # G08028 (USD), 6.00%, 12/01/34		132,261		147,497
Pool # G01840 (USD), 5.00%, 07/01/35		386,290		418,423
Pool # G06788 (USD), 5.50%, 10/01/35		320,075		351,445
Pool # G02168 (USD), 6.00%, 04/01/36		489,749		541,880
Series 3349, Class HE, CMO (USD), 5.50%, 07/15/36		445,000		496,640
Pool # A60299 (USD), 6.50%, 05/01/37		940,419		1,064,503
Pool # A81046 (USD), 6.00%, 08/01/38		126,800		140,690
Pool # G04877 (USD), 6.00%, 10/01/38		389,233		436,382
Series 3864, Class AB (USD), 4.00%, 06/15/39		296,927		315,668
Series 3715, Class PC (USD), 4.50%, 08/15/40		450,000		506,676
Series 3923, Class PQ (USD), 4.00%, 09/15/40		265,000		283,442
Pool # A94362 (USD), 4.00%, 10/01/40		542,659		579,384
Pool # A96374 (USD), 4.00%, 01/01/41		489,163		521,504
Series 4017, Class MA (USD), 3.00%, 03/15/41		463,330		488,449
Pool # Q03019 (USD), 4.00%, 09/01/41		436,707		465,579
Pool # G06784 (USD), 3.50%, 10/01/41		338,580		351,323
Pool # Q04017 (USD), 4.00%, 10/01/41		236,855		250,442
Series 3980, Class EP, CMO (USD), 5.00%, 01/15/42		394,367		441,268
Pool # Q06531 (USD), 4.00%, 03/01/42		308,871		328,471
Series 4012, Class KW (USD), 3.50%, 03/15/42		415,000		417,672
TBA (USD), 3.50%, 05/01/42		660,000		684,028
Federal National Mortgage Association
Series 2011-34, Class VA (USD), 4.00%, 06/25/22		488,021		519,784
Pool # 993565 (USD), 4.00%, 04/01/24		279,453		297,378
Pool # AL0302 (USD), 5.00%, 04/01/24		256,101		277,537
Pool # AK3264 (USD), 3.00%, 02/01/27		519,162		542,854
Pool # AK6769 (USD), 3.50%, 03/01/27		418,122		441,730
Pool # AK6972 (USD), 3.50%, 03/01/27		293,376		312,796
Pool # 555424 (USD), 5.50%, 05/01/33		495,114		545,805
Series 2005-33, Class QD (USD), 5.00%, 01/25/34		624,000		673,205
Pool # 357632 (USD), 5.50%, 10/01/34	$	188,563	$	207,633
Pool # 190354 (USD), 5.50%, 12/01/34		521,901		574,682
Pool # AD0308 (USD), 5.00%, 03/01/35		643,867		700,243
Pool # 735676 (USD), 5.00%, 07/01/35		695,682		756,595
Pool # 903749 (USD), 6.00%, 10/01/36		476,565		532,506
Pool # AD0114 (USD), 5.00%, 07/01/37		600,567		653,152
Pool # 995050 (USD), 6.00%, 09/01/37		271,902		301,482
Pool # 995049 (USD), 5.50%, 02/01/38		291,245		320,153
Series 2011-76, Class PB (USD), 2.50%, 04/25/39		388,076		397,388
Series 2011-27, Class JQ (USD), 4.00%, 09/25/39		607,705		640,129
Series 2011-122, Class TA, CMO (USD), 4.00%, 10/25/39		519,000		540,006
Pool # AC8518 (USD), 5.00%, 12/01/39		383,044		416,703
Series 2011-2, Class PD (USD), 4.00%, 12/25/39		185,000		198,276
Series 2011-31, Class PB (USD), 4.00%, 01/25/40		130,000		139,500
Series 2012-11, Class PM, CMO (USD), 4.00%, 11/25/40		490,000		513,718
Series 2012-11, Class PW, CMO (USD), 4.00%, 11/25/40		270,000		282,645
Series 2012-40, Class GC (USD), 4.50%, 12/25/40		380,000		413,013
Series 2011-124, Class JM (USD), 4.00%, 02/25/41		403,114		429,499
Series 2011-2, Class PL (USD), 4.00%, 02/25/41		320,000		342,736
Series 2011-6, Class PH (USD), 4.00%, 02/25/41		420,000		449,021
Series 2012-21, Class PJ (USD), 4.00%, 03/25/41		376,898		402,207
Pool # AI5595 (USD), 5.00%, 07/01/41		291,650		320,199
Pool # AB3690 (USD), 4.00%, 10/01/41		411,112		435,466
Pool # AJ1472 (USD), 4.00%, 10/01/41		243,803		258,245
Series 2012-16, Class K (USD), 4.00%, 10/25/41		357,380		378,279
Pool # AJ7686 (USD), 4.00%, 12/01/41		509,213		543,993
Pool # AK3774 (USD), 4.00%, 03/01/42		279,258		296,542
Pool # AK6299 (USD), 4.00%, 03/01/42		694,020		739,476
Pool # AK4827 (USD), 3.50%, 04/01/42		400,000		415,867
Pool # AK6866 (USD), 4.00%, 04/01/42		339,650		359,770
Pool # AK7900 (USD), 4.00%, 04/01/42		359,876		381,195
Series 2012-32, Class CY (USD), 3.50%, 04/25/42		425,000		444,266
TBA (USD), 3.50%, 05/01/42		350,000		363,398
Pool # AO2099 (USD), 4.00%, 05/01/42		665,000		704,393
Series 2012-44, Class GA (USD), 4.00%, 05/25/42		455,000		491,540
Series 2009-85, Class LC (USD), 4.50%, 10/25/49		445,000		493,948
Government National Mortgage Association
Series 2011-45, Class VE (USD), 4.50%, 04/20/22		304,375		321,315
Series 2009-13, Class ND (USD), 4.50%, 02/16/33		157,761		168,311
Series 2012-3, Class LA, CMO (USD), 3.50%, 03/20/38		484,090		523,933
Series 2010-128, Class JC (USD), 4.00%, 06/20/39		180,000		199,712
Series 2012-52, Class PM (USD), 3.50%, 12/20/39		290,000		311,931
Series 2012-14, Class PA, CMO (USD), 4.00%, 11/20/40		415,330		451,927
Pool # 783356 (USD), 6.00%, 06/20/41		202,080		228,639
Pool # 769101 (USD), 4.00%, 07/20/41		473,451		511,508
				34,579,245
Total U.S. Agencies Mortgage Backed				34,579,245

See accompanying notes to financial statements.

Semiannual Report 2012

22

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Core Fixed Income Fund

	Shares or Principal Amount		Value
U.S. TREASURY OBLIGATIONS (15.4%)
UNITED STATES (15.4%)
U.S. Treasury Bond (USD), 3.13%, 11/15/41	$	3,067,000	$	3,076,584
U.S. Treasury Notes
(USD), 0.75%, 05/31/12 (c)		50,000		50,023
(USD), 0.25%, 03/31/14		9,885,000		9,883,844
(USD), 0.38%, 04/15/15		150,000		149,988
(USD), 1.38%, 02/28/19		855,000		860,878
(USD), 1.50%, 03/31/19		157,000		159,134
(USD), 2.00%, 02/15/22		865,000		871,488
				15,051,939
Total U.S. Treasury Obligations				15,051,939
REPURCHASE AGREEMENT (6.4%)
UNITED STATES (6.4%)
State Street Bank, 0.08%, dated 04/30/12, due 05/01/12, repurchase price $6,292,014 collateralized by $6,095,000 U.S. Treasury Note, maturing 11/30/14; market value of $6,422,606		6,292,000		6,292,000
Total Repurchase Agreement				6,292,000
Total Investments (Cost $101,447,090) (d)—106.0%				103,882,513
Liabilities in excess of other assets—(6.0)%				(5,912,782	)
Net Assets—100.0%			$	97,969,731

(a) Denotes a restricted security.

(b) Variable or Floating Rate Security. Rate disclosed is as of April 30, 2012.

(c) A security or a portion of the security was used to cover the margin requirement for futures contracts.

(d) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

BKNT Bank Note

MTN Medium Term Note

REIT Real Estate Investment Trust

TBA Securities purchased on a forward commitment basis with an appropriate principal amount and no definitive maturity date. The actual principal and maturity date will be determined upon settlement date.

USD U.S. Dollar

See accompanying notes to financial statements.

2012 Semiannual Report

23

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Core Fixed Income Fund

At April 30, 2012, the Fund held the following futures contracts:

Futures Contracts	Counterparty	Number of Contracts Long (Short)			Expiration Date		Unrealized Depreciation
United States Treasury Note 6%-5 year	UBS		(4	)		06/29/12	$	(2,666	)
United States Treasury Note 6%-10 year	UBS		(6	)		06/20/12		(8,545	)
							$	(11,211	)

See accompanying notes to financial statements.

Semiannual Report 2012

24

Aberdeen Emerging Markets Debt Local Currency Fund (Unaudited)

The Aberdeen Emerging Markets Debt Local Currency Fund (Class A shares at NAV net of fees) returned 4.18% for the six-month period ended April 30, 2012, versus the 4.06% return of its benchmark, the JPMorgan GBI-EM Global Diversified Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Emerging Markets Debt Funds (consisting of 187 funds) was 5.49% for the period.

Emerging market debt experienced mixed fortunes throughout the reporting period. After a turbulent autumn and indiscriminate risk-aversion sparked by the Eurozone debt crisis in late 2011, emerging market assets rebounded strongly in the new year. The JPMorgan GBI-EM Global Diversified Index increased 4.06% over the period under review. Towards the end of 2011, the European debt crisis escalated and was the dominating event in global bond markets. Despite various summits, new technocratic governments, fiscal rules and stress tests, among other events, the crisis remains unresolved. At the beginning of 2012, global risk appetite improved thanks to a liquidity injection via the initial Long-Term Refinancing Operation (LTRO) by the European Central Bank, benefitting emerging market assets. Emerging market debt performed particularly well towards the end of the semiannual period despite lingering concerns about Spain’s fiscal and growth outlook, and the impact from the pending French election. Over the period, the Colombian peso, Argentine peso, Russian ruble and Turkish lira were the best-performing emerging market currencies. Commodity-linked currencies also performed well. The worst-performing emerging market currencies were the Brazilian real, Indian rupee and Indonesian rupiah. In the bond segment of the market, the European, Middle Eastern and African (EMEA) regions recorded strong performance, led by Russia, South Africa and Turkey. These securities outperformed the broader JPMorgan GBI-EM Global Diversified Index in the first quarter of 2012, recovering from initial poor performance due to the market’s perception that they are highly correlated with the troubled Eurozone economies. Colombia and Peru also performed well, although Brazil and Thailand both posted negative returns over the period.

The Fund’s underweight positions relative to the benchmark to the Malaysian ringgit and Indonesian rupiah, as well as an underweight allocation to Thai bonds, were positive contributors to performance over the period. A position in Uruguayan inflation-linked notes, which are not represented in the benchmark index, and an overweight to South Africa, also bolstered Fund performance.

Fund performance was hindered by relative underweight positions in the Colombian peso, and in Polish and Russian bonds. A position in Qatar, which is not represented in the benchmark index, was also a detractor from performance.

The Fund’s overweight positions versus the benchmark JPMorgan GBI-EM Global Diversified Index in the Brazilian real and Malaysian ringgit, along with an underweight position to the Indonesian rupiah, bolstered performance for the reporting period. Conversely, underweight positions in the Colombian peso, Russian ruble and Hungarian forint all detracted from performance.

Over the reporting period, we increased the Fund’s Latin America bond holdings, favoring Mexico and Brazil, while also reducing the Fund’s exposure to Latin American foreign exchange, removing our Chilean peso and Colombian peso positions. In the Europe, Middle East and Africa (EMEA) region, we positioned the Fund with an overweight in the South African rand and reduced the Russian ruble underweight. We also initiated a position in Turkish inflation-linked bonds, which had lagged their nominal bond counterparts, and allowed the position in Egyptian local currency treasury bills to mature in the run-up to the country’s parliamentary elections.

At the end of the semiannual period, the Fund remained underweight versus the benchmark JPMorgan GBI-EM Global Diversified Index in Asia, especially Thailand and Indonesia, where we feel that value remains elusive. We increased the portfolio’s Malaysia exposure over the period, increasing both the bond and FX positions, while also exiting the Indian rupee holding.

Portfolio Management:

Aberdeen Emerging Markets Debt Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Fixed income securities are subject to certain risks including, but not limited to interest rate, credit, prepayment, and extension risk.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in emerging market countries.

The Fund may invest in derivatives which can be volatile and may affect fund performance.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

25

Aberdeen Emerging Markets Debt Local Currency Fund (Unaudited)

Average Annual Total Return (For periods ended April 30, 2012)		Six Months†			Inception†1
Class A	w/o SC		4.18%			(1.65%	)
	w/SC2		(0.22%	)		(5.79%	)
Class C	w/o SC		3.68%			(2.48%	)
	w/SC3		2.68%			(3.43%	)
Class R4	w/o SC		4.16%			(1.80%	)
Institutional Service Class4	w/o SC		4.28%			(1.50%	)
Institutional Class4	w/o SC		4.28%			(1.50%	)

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.

† Not annualized.

1 Fund commenced operations on May 2, 2011.

2 A 4.25% front-end sales charge was deducted.

3 A 1.00% CDSC was deducted from the six month and 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 charge.

Semiannual Report 2012

26

Aberdeen Emerging Markets Debt Local Currency Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Emerging Markets Debt Local Currency Fund, J.P. Morgan Government Bond Index Emerging Markets (GBI EM) Global Diversified Index and the Consumer Price Index (CPI) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect and fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The J.P. Morgan GBI EM Global Diversified Index is a market capitalization-weighted index that measures the performance of local currency denominated, fixed rate, government debt issued in Emerging Markets. The Index consists of debt instruments from the following countries: Brazil, Chile, Columbia, Hungary, Indonesia, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Thailand, and Turkey.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Sovereign Bonds	80.1%
Foreign Non-Government Bonds	7.0%
Repurchase Agreement	6.0%
Eurodollar Bonds	5.1%
Other assets in excess of liabilities	1.8%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	5.5%
Commercial Banks	4.3%
Chemicals	0.5%
Other	89.7%
	100.0%

Top Holdings*
South Africa Government Bond, Series R203 09/15/17	7.9%
Mexico Fixed Rate Bonds, Series M10 12/13/18	5.7%
Poland Government Bond, Series 1017 10/25/17	4.8%
Indonesia Treasury Bond, Series FR54 07/15/31	4.5%
Banco Votorantim SA, Series REGS 05/16/16	4.3%
Turkey Government Bond 06/17/15	3.8%
Gazprom OAO Via RBS AG, Series REGS 03/01/13	3.3%
Hungary Government Bond, Series 22, Class A 06/24/22	3.2%
Turkey Government Bond, Series CPI 04/01/20	3.1%
Peru Government Bond 08/12/20	3.0%
Other	56.4%
	100.0%

Top Countries
South Africa	13.8%
Mexico	13.0%
Poland	10.0%
Turkey	9.9%
Brazil	8.7%
Russia	7.5%
Indonesia	6.0%
United States	6.0%
Thailand	4.8%
Malaysia	4.4%
Other	15.9%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

27

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Debt Local Currency Fund

	Shares or Principal Amount		Value
EURODOLLAR BONDS (5.1%)
QATAR (1.8%)
Sovereign (1.8%)
Qatar Government International Bond, Series REGS (USD), 5.15%, 04/09/14 (a)	$	500,000	$	535,000
RUSSIA (3.3%)
Oil, Gas & Consumable Fuels (3.3%)
Gazprom OAO Via RBS AG, Series REGS (USD), 9.63%, 03/01/13 (a)		920,000		977,574
Total Eurodollar Bonds				1,512,574
FOREIGN NON-GOVERNMENT BONDS (7.0%)
BRAZIL (4.3%)
Commercial Banks (4.3%)
Banco Votorantim SA, Series REGS (BRL), EMTN, 6.25%, 05/16/16 (a)(b)		2,200,000		1,250,324
CHINA (0.5%)
Chemicals (0.5%)
Sinochem Offshore Capital Co. Ltd. (CNH), 1.80%, 01/18/14		1,000,000		153,651
MEXICO (2.2%)
Oil, Gas & Consumable Fuels (2.2%)
Petroleos Mexicanos (MXN), 9.10%, 01/27/20		7,800,000		657,161
Total Foreign Non-Government Bonds				2,061,136
SOVEREIGN BONDS (80.1%)
ARGENTINA (3.0%)
Republic of Argentina, Series VII (USD), 7.00%, 09/12/13		900,000		886,925
BRAZIL (4.4%)
Brazilian Government International Bond
(BRL), 12.50%, 01/05/16		530,000		333,657
(BRL), 12.50%, 01/05/22		620,000		426,095
(BRL), 10.25%, 01/10/28		840,000		520,221
				1,279,973
EGYPT (0.6%)
Egypt Government International Bond, Series REGS (EGP), 8.75%, 07/18/12 (a)		1,200,000		184,608
HUNGARY (3.2%)
Hungary Government Bond, Series 22, Class A (HUF), 7.00%, 06/24/22		219,600,000		941,443
INDONESIA (6.0%)
Indonesia Treasury Bond
Series FR43 (IDR), 10.25%, 07/15/22		3,029,000,000		427,882
Series FR54 (IDR), 9.50%, 07/15/31		9,556,000,000		1,339,695
				1,767,577
MALAYSIA (4.4%)
Malaysia Government Bond
Series 0312 (MYR), 3.20%, 10/15/15		1,400,000		462,238
Series 0210 (MYR), 4.01%, 09/15/17	$	1,550,000	$	528,325
Series 0111 (MYR), 4.16%, 07/15/21		900,000		311,854
				1,302,417
MEXICO (10.8%)
Mexico Fixed Rate Bonds
Series M10 (MXN), 7.25%, 12/15/16		7,000,000		581,772
Series M10 (MXN), 8.50%, 12/13/18		19,000,000		1,697,254
Series M (MXN), 8.00%, 06/11/20		1,300,000		112,928
Series M20 (MXN), 10.00%, 12/05/24		5,200,000		523,718
Series M30 (MXN), 8.50%, 11/18/38		3,000,000		259,262
				3,174,934
PERU (3.0%)
Peru Government Bond (PEN), 7.84%, 08/12/20		2,000,000		893,986
POLAND (10.0%)
Poland Government Bond
Series 0413 (PLN), 5.25%, 04/25/13		2,300,000		733,333
Series 1015 (PLN), 6.25%, 10/24/15		1,430,000		475,403
Series 1017 (PLN), 5.25%, 10/25/17		4,430,000		1,424,542
Series 1021 (PLN), 5.75%, 10/25/21		1,000,000		324,929
				2,958,207
RUSSIA (4.2%)
Russian Foreign Bond — Eurobond
(RUB), 7.85%, 03/10/18 (a)		25,000,000		887,395
Series REGS (RUB), 7.85%, 03/10/18 (a)		10,000,000		354,958
				1,242,353
SOUTH AFRICA (13.8%)
Eskom Holdings Ltd., Series E170 (ZAR), 13.50%, 08/01/20		4,500,000		775,901
South Africa Government Bond
Series R203 (ZAR), 8.25%, 09/15/17		17,200,000		2,335,050
Series R186 (ZAR), 10.50%, 12/21/26		3,400,000		522,683
Series R213 (ZAR), 7.00%, 02/28/31		4,000,000		439,481
				4,073,115
THAILAND (4.8%)
Thailand Government Bond
(THB), 5.25%, 05/12/14		3,300,000		111,028
(THB), 2.80%, 10/10/17		24,800,000		768,772
(THB), 1.20%, 07/14/21 (b)		14,079,310		465,962
(THB), 3.65%, 12/17/21		1,600,000		51,550
				1,397,312
TURKEY (9.9%)
Turkey Government Bond
(TRY), 7.00%, 10/01/14 (b)		285,359		178,486
(TRY), 10.00%, 06/17/15		1,950,000		1,134,747
(TRY), 10.50%, 01/15/20		1,170,000		715,157
Series CPI (TRY), 4.00%, 04/01/20 (b)		1,518,814		900,695
				2,929,085

See accompanying notes to financial statements.

Semiannual Report 2012

28

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Debt Local Currency Fund

	Shares or Principal Amount		Value
URUGUAY (2.0%)
Uruguay Government International Bond
(UYU), 5.00%, 09/14/18 (b)	$	3,099,301	$	181,407
(UYU), 4.25%, 04/05/27 (b)		7,217,203		401,569
				582,976
Total Sovereign Bonds				23,614,911
REPURCHASE AGREEMENT (6.0%)
UNITED STATES (6.0%)
State Street Bank, 0.08%, dated 04/30/12, due 05/01/12, repurchase price $1,750,004, collateralized by U.S. Treasury Bond, maturing 11/15/41; total market value of $1,788,389		1,750,000		1,750,000
Total Repurchase Agreement				1,750,000
Total Investments (Cost $29,378,854) (c)—98.2%				28,938,621
Other assets in excess of liabilities—1.8%				541,793
Net Assets—100.0%			$	29,480,414

(a) Denotes a restricted security.

(b) Inflation linked security.

(c) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

BRL Brazilian Real

CNH Chinese Yuan Renminbi Offshore

COP Colombian Peso

EGP Egyptian Pound

EMTN Euro Medium Term Note

HUF Hungarian Forint

IDR Indonesian Rupiah

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

PEN Peruvian Nuevo Sol

PLN Polish Zloty

REIT Real Estate Investment Trust

RUB New Russian Ruble

THB Thai Baht

TRY Turkish Lira

USD U.S. Dollar

UYU Uruguayan Peso

ZAR South African Rand

See accompanying notes to financial statements.

2012 Semiannual Report

29

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Debt Local Currency Fund

At April 30, 2012, 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)
Brazilian Real/United States Dollar
06/04/12	JPMorgan Chase	BRL		1,677,000	USD		955,900	$	874,280	$	(81,620	)
06/04/12	Royal Bank of Scotland	BRL		89,000	USD		47,953		46,399		(1,554	)
Colombian Peso/United States Dollar
06/04/12	Barclays Bank PLC	COP		499,837,000	USD		279,481		282,429		2,948
Hungarian Forint/United States Dollar
07/20/12	Royal Bank of Scotland	HUF		98,816,000	USD		447,901		451,220		3,319
Indonesian Rupiah/United States Dollar
06/04/12	JPMorgan Chase	IDR		7,680,255,000	USD		824,062		835,719		11,657
06/04/12	UBS	IDR		878,563,000	USD		95,310		95,600		290
Malaysian Ringgit/United States Dollar
06/04/12	JPMorgan Chase	MYR		1,136,000	USD		367,400		374,856		7,456
06/04/12	Royal Bank of Scotland	MYR		5,904,000	USD		1,942,370		1,948,193		5,823
Mexican Peso/United States Dollar
07/20/12	Morgan Stanley	MXN		4,065,000	USD		306,545		309,873		3,328
07/20/12	Royal Bank of Canada	MXN		2,607,000	USD		197,624		198,730		1,106
New Russian Ruble/United States Dollar
06/04/12	Royal Bank of Scotland	RUB		1,290,000	USD		43,830		43,720		(110	)
06/04/12	UBS	RUB		52,658,000	USD		1,792,936		1,784,654		(8,282	)
Peruvian Nouveau Sol/United States Dollar
06/04/12	JPMorgan Chase	PEN		997,000	USD		373,198		377,680		4,482
06/04/12	UBS	PEN		162,000	USD		60,448		61,368		920
Polish Zloty/United States Dollar
07/20/12	Royal Bank of Scotland	PLN		195,000	USD		61,009		61,328		319
South African Rand/United States Dollar
07/20/12	Royal Bank of Scotland	ZAR		319,000	USD		40,693		40,576		(117	)
South Korean Won/United States Dollar
06/04/12	Barclays Bank PLC	KRW		598,865,000	USD		526,942		529,266		2,324
Thai Baht/United States Dollar
07/20/12	Royal Bank of Scotland	THB		5,162,000	USD		166,392		167,413		1,021
Turkish Lira/United States Dollar
07/20/12	UBS	TRY		520,000	USD		290,958		291,221		263
								$	8,774,525	$	(46,427	)

See accompanying notes to financial statements.

Semiannual Report 2012

30

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Emerging Markets Debt Local Currency Fund

Sale Contracts Settlement Date*	Counterparty		Amount Purchased			Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/Colombian Peso
06/04/12	UBS	USD		280,552	COP		499,837,000	$	282,429	$	(1,877	)
United States Dollar/Indonesian Rupiah
06/04/12	Royal Bank of Scotland	USD		302,399	IDR		2,804,143,000		305,130		(2,731	)
United States Dollar/Mexican Peso
07/20/12	Royal Bank of Scotland	USD		44,668	MXN		585,000		44,594		74
United States Dollar/New Russian Ruble
06/04/12	Royal Bank of Scotland	USD		415,117	RUB		12,406,000		420,457		(5,340	)
06/04/12	UBS	USD		209,198	RUB		6,293,000		213,279		(4,081	)
United States Dollar/Peruvian Nouveau Sol
06/04/12	UBS	USD		1,238,862	PEN		3,323,000		1,258,807		(19,945	)
United States Dollar/Polish Zloty
07/20/12	JPMorgan Chase	USD		97,673	PLN		313,000		98,439		(766	)
07/20/12	Royal Bank of Canada	USD		74,231	PLN		239,000		75,166		(935	)
United States Dollar/South African Rand
07/20/12	Morgan Stanley	USD		83,754	ZAR		671,000		85,350		(1,596	)
07/20/12	Royal Bank of Scotland	USD		242,974	ZAR		1,941,000		246,892		(3,918	)
United States Dollar/Thai Baht
07/20/12	Royal Bank of Canada	USD		526,394	THB		16,284,000		528,119		(1,725	)
07/20/12	Royal Bank of Scotland	USD		290,073	THB		9,029,000		292,826		(2,753	)
United States Dollar/Turkish Lira
07/20/12	Royal Bank of Canada	USD		611,011	TRY		1,118,000		626,125		(15,114	)
								$	4,477,613	$	(60,707	)

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

See accompanying notes to financial statements.

2012 Semiannual Report

31

Aberdeen Global Fixed Income Fund (Unaudited)

The Aberdeen Global Fixed Income Fund (Class A shares at NAV net of fees) returned 1.13% for the annual period ended April 30, 2012, versus 0.96% for its benchmark, the Barclays Capital Global Aggregate Bond Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Global Income Funds (consisting of 193 funds) was 2.80% for the period.

During the reporting period, global fixed income markets were dominated by ongoing events surrounding the European debt crisis. In December 2011, 17 Eurozone nations agreed to a new treaty enshrining tougher fiscal rules. The UK refused to join the agreement largely due to European governments’ insistence on including some form of financial services transaction tax. The end of 2011 saw the European Central Bank (ECB) execute the first of two long-term refinancing operations (LTRO). We believe the provision had a significant impact on yield spreads for sovereign and bank issuers in particular and removed, at least temporarily, the systemic risk to the European financial system. A second bailout of Greece took place in March. This package included private investors accepting over 70% in losses on their current holdings of government debt and triggered credit default swap contracts. Greece was also given access to an additional €130 billion (roughly US$164 billion) in International Monetary Fund (IMF) and Eurozone funding. The UK and Spain slipped back into recession, with Standard and Poor’s downgrading Spain’s long-term credit rating by two notches to BBB+. By the end of the reporting period, elections in France and a disagreement between the parties in Holland took center stage in Europe, with other various European elections on the way. In the U.S, the bipartisan Congressional “supercommittee” failed to reach an agreement on how to reduce the U.S. budget deficit and fiscal debt. Consequently, US$1.2 trillion of cuts are scheduled to be triggered automatically in 2013. In January 2012, the Federal Open Market Committee (FOMC) announced that it was projecting weaker growth and inflation data over the next 12 to 18 months and also stated that it expected the federal funds target rate to remain near zero until late 2014. April’s Federal Reserve commentary from Chairman Ben Bernanke and Vice Chairman Janet Yellen appeared to us to have a more dovish tone than that of the FOMC minutes of its Fed meeting on March 13. Credit markets were mixed over the period under review. Improved investor sentiment enabled several banks to tap the market for long- term funding; this eased refinance risk and improved liquidity across the sector. Moody's continued to push bank credit ratings lower, citing the uncertain macroeconomic outlook in Europe. This led to a substantial widening of credit spreads in subordinated financial issues following their outperformance versus the overall market in the first quarter of 2012. The combination of stronger U.S. macroeconomic data and the successful completion of the ECB’s second LTRO pushed U.S. Treasury yields higher, but they subsequently declined amid the re-emergence of the European debt crisis late in the semiannual period.

Fund performance for the semiannual period benefited from its positioning in the peripheral European markets, foreign currency exposure and credit strategy. In terms of peripheral markets, the Fund was underweight relative to the benchmark Barclays Capital Global Aggregate Bond Index in Italian and Spanish government bonds which enhanced performance during bouts of volatility in the Eurozone. In terms of currency management, we used forward currency contracts to position the Fund with relatively longer exposure versus the benchmark to the Mexican peso, which benefited from the rally in emerging markets currencies over the reporting period. The Fund’s relatively aggressive credit quality positioning also had a positive impact on performance, as the introduction of yet more liquidity measures and the subsequent increased investor appetite in the asset class, leading to tighter credit spreads. The strongest performers among Fund holdings were those securities that had performed poorly in the third quarter of 2011, such as subordinated European financials.

During the period, the Fund was positioned with relatively shorter duration targets versus the benchmark in five- 10- and 30-year U.S. Treasuries and 10-year UK gilts (UK government securities). These positions were achieved using interest rate futures to hedge the duration risk in the Fund. However, bouts of investor risk-aversion caused a flight to safety in core sovereign bonds, pushing yields lower (and prices higher). Consequently, the Fund’s relatively short duration in these securities detracted from performance.

There were no significant changes to management strategy over the semiannual period. Changes to sector positioning included a modest increase in U.S. agency mortgage-backed securities (MBS) in an effort to move the Fund to a neutral position relative to the benchmark in this sector. The Fund was also an active participant in the new-issue market, particularly at the beginning of 2012, as issues were launched with generous premiums to entice investors. We subsequently sold these positions following their strong performance.

At the end of the reporting period, the Fund was underweight versus the benchmark Barclays Capital Global Aggregate Bond Index to the government, sovereign and supranational sectors. Conversely, there were relative overweight positions in the mortgage, asset-backed securities (ABS) and covered bond sectors. Within the U.S. securitized sector, the Fund had an overweight position to commercial mortgage-backed securities (CMBS) and non-agency MBS. Within Europe, the Fund was overweight the covered bond sector and financials through subordinated debt, mainly in Europe.

Portfolio Management:

Aberdeen Global Fixed Income Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Semiannual Report 2012

32

Aberdeen Global Fixed Income Fund (Unaudited) (concluded)

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Fixed income securities are subject to certain risks including, but not limited to interest rate, credit, prepayment, and extension risk.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in emerging market countries.

The Fund may invest in derivatives which can be volatile and may affect fund performance.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

33

Aberdeen Global Fixed Income Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.		10 Yr.
Class A	w/o SC		1.13%			1.19%			5.72%		6.14%
	w/SC2		(3.21%	)		(3.10%	)		4.81%		5.68%
Class C	w/o SC		0.77%			0.43%			4.92%		5.63%
	w/SC3		(0.22%	)		(0.55%	)		4.92%		5.63%
Institutional Service Class4,6	w/o SC		1.17%			1.35%			5.94%		6.37%
Institutional Class5,6	w/o SC		1.27%			1.47%			5.97%		6.39%

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.

† Not annualized.

1 Returns presented for the Fund for periods prior to July 20, 2009 reflect the performance of the predecessor fund, the Credit Suisse Global Fixed Income Fund, Inc. (the “Predecessor Fund”). The Fund has adopted the performance of the Predecessor Fund as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 A 4.25% front-end sales charge was deducted.

3 A 1.00% CDSC was deducted from the six month and one year return because it is charged when Class C shares are sold within the first year after purchase.

4 Institutional Service Class shares acquired the assets of the Common Class and Advisor Class shares of the Predecessor Fund. The performance presented reflects the performance of Common Class shares of the Predecessor Fund, as Advisor shares were not available for investment at the time of the reorganization.

5. Returns before the first offering of the Institutional Class Shares (July 20, 2009) are based on the previous performance of the Institutional Service Class Shares. This performance is substantially similar to what Institutional Class shares would have produced because both classes invest in the same portfolio of securities. Returns have not been adjusted to reflect Institutional Class shares expenses.

6 Not subject to any sales charges.

Semiannual Report 2012

34

Aberdeen Global Fixed Income Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Global Fixed Income Fund, the Barclays Capital Global Aggregate Bond Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 Barclays Capital Global Aggregate Index is a broad-based index that measures the global investment grade fixed-rate debt markets; the Index includes the following security types: Taxable municipal securities, including Build America Bonds (BAB), fixed-rate bullet, putable and callable bonds, soft bullets, original issue zero coupon and underwritten MTN, Enhanced Equipment Trust Certificates, Certificates of Deposit, and fixed-rate and fixed to floating capital securities.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Sovereign Bonds	40.0%
Foreign Non-Government Bonds	16.9%
U.S. Agencies Mortgage Backed	10.6%
Corporate Bonds	8.6%
U.S. Treasury Obligations	8.2%
Repurchase Agreement	3.1%
Residential Mortgage-Backed Securities	2.8%
Commercial Mortgage-Backed Securities	2.5%
Municipal Bonds	1.8%
Covered Bonds	1.7%
Asset-Backed Securities	1.7%
Yankee Dollars	0.1%
Other assets in excess of liabilities	2.0%
	100.0%

Top Industries
Commercial Banks	11.0%
Diversified Financial Services	3.0%
Diversified Telecommunication Services	2.5%
Insurance	1.2%
Oil, Gas & Consumable Fuels	0.9%
Food & Staples	0.9%
Electric Utilities	0.8%
Media	0.5%
Real Estate	0.5%
Government Agencies	0.5%
Other	78.2%
	100.0%
Top Holdings*
Japan Government 20 Year Bond, Series 62 06/20/23	4.3%
Japan Government 5 Year Bond, Series 81 03/20/14	4.2%
Singapore Government Bond 07/01/14	3.7%
Japan Government 10 Year Bond, Series 275 12/20/15	2.8%
Japan Government 5 Year Bond, Series 92 09/20/15	2.5%
U.S. Treasury Notes 03/31/14	2.4%
Svenska Handelsbanken AB 04/04/17	1.5%
Bundesrepublik Deutschland 01/04/22	1.4%
European Investment Bank 10/15/17	1.4%
Japan Government 10 Year Bond, Series 297 12/20/18	1.3%
Other	74.5%
	100.0%

Top Countries
United States	39.3%
Japan	17.1%
United Kingdom	9.5%
Germany	4.3%
Spain	3.9%
Singapore	3.7%
France	3.4%
Netherlands	3.2%
Sweden	2.8%
Canada	2.4%
Other	10.4%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

35

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
ASSET-BACKED SECURITIES (1.7%)
ITALY (0.3%)
Romulus Finance SRL, Series A1 (EUR), 4.94%, 02/20/13	$	70,000	$	90,343
UNITED STATES (1.4%)
Capital One Multi-Asset Execution Trust
Series 2004-B3, Class B3 (USD), 0.97%, 01/18/22 (a)		35,000		33,534
Series 2006-B1, Class B1 (USD), 0.52%, 01/15/19 (a)		105,000		102,748
CPS Auto Trust, Series 2010-A, Class A (USD), 2.89%, 03/15/16 (b)		28,557		28,592
Dominos Pizza Master Issuer LLC, Series 2012-1A, Class A2, ABS (USD), 5.22%, 01/25/42 (b)		49,812		51,719
Ford Credit Auto Owner Trust, Series 2009-B, Class A3 (USD), 2.79%, 08/15/13		7,028		7,042
Santander Drive Auto Receivables Trust
Series 2010-2, Class C (USD), 3.89%, 07/17/17		16,000		16,335
Series 2011-4, Class B (USD), 2.90%, 05/16/16		41,000		41,658
SLM Student Loan Trust 2003-10, Series REGS (EUR), 1.43%, 12/15/27 (a)(b)		100,000		111,181
World Financial Network Credit Card Master Trust
Series 2010-A, Class M (USD), 5.20%, 04/15/19		45,000		48,676
Series 2012-A, Class A (USD), 3.14%, 01/17/23		28,000		28,397
				469,882
Total Asset-Backed Securities				560,225
COMMERCIAL MORTGAGE-BACKED SECURITIES (2.5%)
UNITED STATES (2.5%)
Americold LLC Trust, Series 2010-ARTA, Class A2FL (USD), 2.50%, 01/14/29 (a)(b)		100,000		101,227
Bear Stearns Commercial Mortgage Securities
Series 2006-PW13, Class AM (USD), 5.58%, 09/11/41 (a)		25,000		26,515
Series 2005-PWR9, Class AAB (USD), 4.80%, 09/11/42		25,650		26,810
Series 2007-PW17, Class AM (USD), 5.92%, 06/11/50 (a)		25,000		25,990
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class AM (USD), 5.46%, 10/15/49		20,000		21,265
Series 2007-C6, Class A4 (USD), 5.70%, 12/10/49 (a)		30,000		34,444
Series 2007-C6, Class AM (USD), 5.70%, 12/10/49 (a)		40,000		41,314
Commercial Mortgage Pass Through Certificates
Series 2006-C7, Class AM (USD), 5.77%, 06/10/46 (a)		25,000		25,551
Series 2007-C9, Class AM (USD), 5.65%, 12/10/49 (a)		20,000		20,895
Series 2007-C9, Class A4 (USD), 5.81%, 12/10/49 (a)		10,000		11,586
GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4 (USD), 5.54%, 12/10/49		70,000		76,754
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4 (USD), 5.44%, 03/10/39		15,000		16,599
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-LDP7, Class AM (USD), 6.06%, 04/15/45 (a)	$	50,000	$	53,990
Series 2007-LD11, Class A4 (USD), 6.00%, 06/15/49 (a)		30,000		33,182
Series 2007-LD11, Class ASB (USD), 6.00%, 06/15/49 (a)		48,023		51,147
Series 2007-CB20, Class AM (USD), 5.88%, 02/12/51 (a)		50,000		52,173
Series 2007-LD12, Class ASB (USD), 5.83%, 02/15/51 (a)		75,093		81,743
Series 2007-LD12, Class A4 (USD), 5.88%, 02/15/51 (a)		40,000		44,918
Wachovia Bank Commercial Mortgage Trust
Series 2006-C29, Class AM (USD), 5.34%, 11/15/48		40,000		40,143
Series 2007-C32, Class APB (USD), 5.93%, 06/15/49 (a)		32,000		33,887
				820,133
Total Commercial Mortgage-Backed Securities				820,133
RESIDENTIAL MORTGAGE-BACKED SECURITIES (2.8%)
UNITED KINGDOM (0.3%)
Arkle Master Issuer PLC, Series 2010-2A, Class 1A1 (USD), 1.90%, 05/17/60 (a)(b)		100,000		100,372
UNITED STATES (2.5%)
BCAP LLC Trust
Series 2009-RR4, Class 3A1 (USD), 2.47%, 04/26/37 (a)(b)		37,845		36,178
Series 2009-RR6, Class 3A1 (USD), 4.01%, 12/26/37 (a)(b)		53,671		52,821
Series 2009-RR2, Class A1 (USD), 4.44%, 01/21/38 (a)(b)		96,256		96,326
Credit Suisse Mortgage Capital Certificates
Series 2009-12R, Class 15A1 (USD), 6.00%, 05/27/36 (b)		37,925		37,892
Series 2009-3R, Class 25A1 (USD), 2.81%, 07/27/36 (a)(b)		49,711		49,195
Series 2009-8R, Class 5A1 (USD), 5.74%, 05/26/37 (a)(b)		73,438		75,630
Series 2009-12R, Class 6A1 (USD), 6.00%, 05/27/37 (b)		59,246		60,180
Series 2009-2R, Class 2A5 (USD), 4.77%, 06/26/37 (a)(b)		45,000		44,275
Series 2009-3R, Class 30A1 (USD), 5.16%, 07/27/37 (a)(b)		49,903		50,680
Series 2009-3R, Class 28A1 (USD), 4.65%, 08/27/37 (a)(b)		21,313		20,423
FREMF Mortgage Trust, Series 2012-K501, Class C (USD), 3.49%, 11/25/46 (a)		10,000		9,493
JP Morgan Re-Remic
Series 2009-8, Class A1 (USD), 4.99%, 04/20/36 (a)(b)		55,133		55,955
Series 2009-7, Class 2A1 (USD), 6.00%, 02/27/37 (a)(b)		61,634		62,497

See accompanying notes to financial statements.

Semiannual Report 2012

36

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
Series 2009-7, Class 14A1 (USD), 4.95%, 07/27/37 (a)(b)	$	52,626	$	51,282
Series 2009-7, Class 17A1 (USD), 6.02%, 07/27/37 (a)(b)		61,031		61,140
Series 2009-7, Class 1A1 (USD), 5.44%, 08/27/37 (a)(b)		46,140		45,676
Residential Funding Mortgage Securities I, Inc., Series 2004-S9, Class 1A6 (USD), 5.50%, 12/25/34		1,743		1,743
				811,386
Total Residential Mortgage-Backed Securities				911,758
CORPORATE BONDS (8.6%)
UNITED STATES (8.6%)
Advertising (0.3%)
Omnicom Group, Inc. (USD), 4.45%, 08/15/20		80,000		86,768
Chemicals (0.3%)
CF Industries, Inc.
(USD), 6.88%, 05/01/18		55,000		63,937
(USD), 7.13%, 05/01/20		20,000		23,900
				87,837
Commercial Banks (1.0%)
Citigroup, Inc.
(USD), 2.65%, 03/02/15		120,000		119,744
(USD), 4.45%, 01/10/17		60,000		62,676
Goldman Sachs Group, Inc. (USD), 5.13%, 01/15/15		60,000		63,108
JPMorgan Chase & Co. (USD), 3.45%, 03/01/16		75,000		78,532
				324,060
Computers & Peripherals (0.3%)
Brocade Communications Systems, Inc. (USD), 6.63%, 01/15/18		45,000		47,250
Hewlett-Packard Co. (USD), 3.75%, 12/01/20		60,000		60,592
				107,842
Diversified Financial Services (1.1%)
Blackstone Holdings Finance Co. LLC (USD), 6.63%, 08/15/19 (b)		58,000		62,788
ERAC USA Finance LLC (USD), 6.20%, 11/01/16 (b)		45,000		51,499
HSBC Finance Corp. (USD), 6.68%, 01/15/21		50,000		53,999
International Lease Finance Corp. (USD), 6.50%, 09/01/14 (b)		70,000		74,375
John Deere Capital Corp. (USD), 2.25%, 04/17/19		110,000		111,098
				353,759
Diversified Telecommunication Services (0.4%)
Juniper Networks, Inc. (USD), 5.95%, 03/15/41		15,000		17,268
Qwest Corp.
(USD), 7.50%, 06/15/23		40,000		40,350
(USD), 7.25%, 09/15/25		20,000		22,100
SBA Tower Trust (USD), 5.10%, 04/15/42 (b)		55,000		59,851
				139,569
	Shares or Principal Amount		Value
Electric Utilities (0.4%)
FirstEnergy Corp., Series C (USD), 7.38%, 11/15/31	$	20,000	$	25,127
Ipalco Enterprises, Inc. (USD), 5.00%, 05/01/18		35,000		34,825
Oncor Electric Delivery Co. LLC (USD), 4.55%, 12/01/41 (b)		70,000		64,061
				124,013
Electronics (0.2%)
Agilent Technologies, Inc. (USD), 6.50%, 11/01/17		35,000		42,625
Jabil Circuit, Inc. (USD), 5.63%, 12/15/20		40,000		42,000
				84,625
Energy Equipment & Services (0.3%)
Boardwalk Pipelines LP (USD), 5.75%, 09/15/19		5,000		5,565
El Paso Pipeline Partners Operating Co. LLC (USD), 5.00%, 10/01/21		30,000		31,693
Energy Transfer Partners LP (USD), 5.20%, 02/01/22		50,000		53,295
				90,553
Food & Staples (0.1%)
CVS Caremark Corp. (USD), 5.75%, 05/15/41		15,000		17,457
Health Care Equipment & Supplies (0.4%)
Boston Scientific Corp. (USD), 6.00%, 01/15/20		65,000		75,905
CareFusion Corp. (USD), 5.13%, 08/01/14		45,000		48,636
				124,541
Healthcare Providers & Services (0.1%)
Humana, Inc. (USD), 6.30%, 08/01/18		25,000		29,106
Information Technology Services (0.2%)
Affiliated Computer Services, Inc. (USD), 5.20%, 06/01/15		50,000		54,194
Insurance (0.5%)
American International Group, Inc. (USD), 4.88%, 09/15/16		55,000		58,653
Nationwide Mutual Insurance Co. (USD), 9.38%, 08/15/39 (b)		41,000		52,417
Prudential Financial, Inc. (USD), MTN, 4.50%, 11/16/21		52,000		55,467
				166,537
Media (0.5%)
CBS Corp. (USD), 8.88%, 05/15/19		45,000		59,980
DIRECTV Holdings LLC (USD), 5.88%, 10/01/19		50,000		57,533
Time Warner Cable, Inc. (USD), 5.88%, 11/15/40		55,000		60,672
				178,185
Metals & Mining (0.1%)
Barrick North America Finance LLC (USD), 6.80%, 09/15/18		35,000		43,063
Multi-Utilities (0.2%)
CMS Energy Corp. (USD), 6.55%, 07/17/17		65,000		73,494

See accompanying notes to financial statements.

2012 Semiannual Report

37

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
Oil, Gas & Consumable Fuels (0.9%)
Anadarko Petroleum Corp. (USD), 6.38%, 09/15/17	$	40,000	$	47,536
Apache Corp. (USD), 4.75%, 04/15/43		125,000		133,191
Marathon Petroleum Corp. (USD), 5.13%, 03/01/21		20,000		22,184
Nabors Industries, Inc. (USD), 4.63%, 09/15/21		25,000		26,541
Noble Energy, Inc. (USD), 6.00%, 03/01/41		35,000		40,141
Rowan Cos., Inc. (USD), 7.88%, 08/01/19		30,000		36,105
				305,698
Paper & Forest Products (0.3%)
Georgia-Pacific LLC (USD), 8.00%, 01/15/24		30,000		39,131
International Paper Co. (USD), 7.95%, 06/15/18		60,000		75,143
				114,274
Pharmaceuticals (0.1%)
Medco Health Solutions, Inc. (USD), 7.13%, 03/15/18		35,000		43,219
Real Estate (0.5%)
HCP, Inc. (USD), 3.75%, 02/01/16		50,000		52,217
UDR, Inc. (USD), MTN, 4.25%, 06/01/18		70,000		74,383
WEA Finance LLC (USD), 6.75%, 09/02/19 (b)		40,000		46,885
				173,485
Specialty Retail (0.2%)
Lowe's Cos., Inc. (USD), 3.80%, 11/15/21		15,000		15,823
Wal-Mart Stores, Inc. (USD), 3.25%, 10/25/20		40,000		42,578
				58,401
Tobacco (0.2%)
Philip Morris International, Inc. (EUR), EMTN, 5.75%, 03/24/16		50,000		76,663
				2,857,343
Total Corporate Bonds				2,857,343
COVERED BONDS (1.7%)
SWEDEN (0.3%)
Commercial Banks (0.3%)
Swedish Covered Bond Corp. (EUR), EMTN, 3.00%, 02/03/15		60,000		83,393
UNITED KINGDOM (1.4%)
Commercial Banks (1.0%)
Abbey National Treasury Services PLC (EUR), EMTN, 3.13%, 06/30/14 (b)		100,000		136,909
Royal Bank of Scotland PLC (The) (EUR), EMTN, 2.75%, 06/18/13		150,000		202,280
				339,189
Diversified Financial Services (0.4%)
Nationwide Building Society (EUR), EMTN, 3.88%, 12/05/13		100,000		138,165
				477,354
Total Covered Bonds				560,747
	Shares or Principal Amount		Value
FOREIGN NON-GOVERNMENT BONDS (16.9%)
AUSTRALIA (0.5%)
Commercial Banks (0.3%)
Commonwealth Bank of Australia (USD), 3.25%, 03/17/16 (b)	$	100,000	$	103,834
Metals & Mining (0.2%)
Rio Tinto Finance USA Ltd. (USD), 6.50%, 07/15/18		55,000		68,056
				171,890
BELGIUM (0.4%)
Beverages (0.3%)
Anheuser-Busch InBev NV (EUR), EMTN, 4.00%, 04/26/18 (b)		50,000		73,640
Food Products (0.1%)
Delhaize Group SA (USD), 5.70%, 10/01/40		42,000		38,897
				112,537
CANADA (0.0%)
Metals & Mining (0.0%)
Teck Resources Ltd. (USD), 6.25%, 07/15/41		10,000		11,085
DENMARK (0.4%)
Diversified Telecommunication Services (0.4%)
TDC AS (EUR), EMTN, 3.75%, 03/02/22		100,000		137,604
FRANCE (2.1%)
Commercial Banks (0.8%)
BPCE SFH — Societe de Financement de l'Habitat (EUR), 3.63%, 05/12/16 (b)		100,000		140,884
Societe Generale SFH (EUR), EMTN, 3.25%, 06/06/16 (b)		100,000		139,235
				280,119
Diversified Financial Services (0.2%)
Caisse Refinancement de l'Habitat (EUR), EMTN, 4.00%, 01/10/22		50,000		71,338
Electric Utilities (0.3%)
EDF SA
(USD), 4.60%, 01/27/20 (b)		25,000		26,909
(EUR), EMTN, 4.63%, 04/26/30		50,000		68,985
				95,894
Government Agency (0.5%)
Agence Francaise de Developpement (EUR), 4.62%, 07/20/16 (a)(c)		150,000		165,793
Insurance (0.3%)
AXA SA (GBP), EMTN, 6.67%, 07/06/16 (a)(c)		50,000		62,482
Groupama SA (EUR), 4.38%, 07/06/15 (a)(c)		50,000		26,143
				88,625
				701,769

See accompanying notes to financial statements.

Semiannual Report 2012

38

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
GERMANY (0.4%)
Diversified Financial Services (0.4%)
Volkswagen Leasing GMBH (EUR), EMTN, 3.25%, 05/10/18	$	100,000	$	140,124
ITALY (0.9%)
Commercial Banks (0.4%)
UniCredit SpA (EUR), EMTN, 4.25%, 07/31/18 (b)		100,000		133,861
Diversified Telecommunication Services (0.5%)
Telecom Italia Capital SA (USD), 5.25%, 10/01/15		35,000		35,612
Telecom Italia Finance SA (EUR), EMTN, 7.75%, 01/24/33		90,000		119,672
				155,284
				289,145
MEXICO (0.4%)
Diversified Telecommunication Services (0.4%)
America Movil SAB de CV (EUR), EMTN, 4.13%, 10/25/19		100,000		144,019
NETHERLANDS (1.6%)
Auto Manufacturers (0.3%)
BMW Finance NV (GBP), EMTN, 3.38%, 12/14/18		48,000		79,847
Commercial Banks (1.3%)
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (USD), 3.38%, 01/19/17		90,000		92,866
ING Bank NV (EUR), EMTN, 6.13%, 05/29/23 (a)		50,000		62,685
Nederlandse Waterschapsbank NV (USD), EMTN, 3.00%, 03/17/15		270,000		280,805
				436,356
				516,203
NORWAY (0.4%)
Commercial Banks (0.4%)
Terra Boligkreditt (EUR), EMTN, 2.13%, 08/31/15		100,000		134,781
SPAIN (3.0%)
Commercial Banks (1.2%)
Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (EUR), 4.38%, 11/05/14		100,000		133,230
Caja de Ahorros y Monte de Piedad de Madrid (EUR), 3.50%, 03/14/13		200,000		263,876
				397,106
Diversified Telecommunication Services (0.8%)
Telefonica Emisiones SAU (EUR), EMTN, 4.97%, 02/03/16		200,000		271,743
Gas Utilities (0.4%)
Gas Natural Capital Markets SA (EUR), EMTN, 4.38%, 11/02/16		100,000		131,817
	Shares or Principal Amount		Value
Insurance (0.2%)
Mapfre SA (EUR), 5.92%, 07/24/37 (a)	$	50,000	$	44,112
Software (0.4%)
Amadeus Capital Markets SA (EUR), EMTN, 4.88%, 07/15/16		100,000		137,928
				982,706
SUPRANATIONAL (0.3%)
Supranational (0.3%)
Eurofima (AUD), MTN, 6.00%, 03/30/22		90,000		94,006
SWEDEN (1.5%)
Commercial Banks (1.5%)
Svenska Handelsbanken AB (USD), 2.88%, 04/04/17		500,000		508,367
UNITED KINGDOM (4.4%)
Commercial Banks (2.5%)
Abbey National Treasury Services PLC (EUR), EMTN, 3.63%, 10/05/17 (b)		100,000		138,838
Barclays Bank PLC (EUR), EMTN, 6.00%, 01/14/21		50,000		61,512
HSBC Capital Funding LP (EUR), 5.37%, 03/24/14 (a)(c)		50,000		60,824
Lloyds TSB Bank PLC
(EUR), EMTN, 4.13%, 04/06/16		100,000		142,610
(GBP), EMTN, 6.75%, 10/24/18		50,000		88,247
Royal Bank of Scotland Group PLC (EUR), EMTN, 5.25%, 05/15/13		200,000		272,207
Royal Bank of Scotland PLC (EUR), EMTN, 6.93%, 04/09/18		50,000		61,883
				826,121
Diversified Financial Services (0.9%)
Nationwide Building Society
(EUR), EMTN, 3.75%, 01/20/15		50,000		68,507
(EUR), EMTN, 6.75%, 07/22/20		60,000		72,219
Network Rail Infrastructure Finance PLC, Series REGS (GBP), EMTN, 2.50%, 03/07/14 (b)(d)		100,000		167,548
				308,274
Food & Staples (0.8%)
Tesco PLC
(EUR), EMTN, 5.88%, 09/12/16		100,000		154,886
(GBP), EMTN, 6.13%, 02/24/22		50,000		93,465
				248,351
Insurance (0.2%)
Aviva PLC, FRN (EUR), EMTN, 6.88%, 05/22/38 (a)		50,000		60,493
				1,443,239
UNITED STATES (0.6%)
Commercial Banks (0.3%)
SG Capital Trust III (EUR), 5.42%, 11/10/13 (a)(c)		100,000		106,587

See accompanying notes to financial statements.

2012 Semiannual Report

39

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
Specialty Retail (0.3%)
Wal-Mart Stores, Inc. (EUR), 4.88%, 09/21/29	$	50,000	$	80,811
				187,398
Total Foreign Non-Government Bonds				5,574,873
MUNICIPAL BONDS (1.8%)
UNITED STATES (1.8%)
California (0.6%)
Bay Area Toll Authority Revenue Bonds (Build America Bonds) Series S1 (USD), 6.79%, 04/01/30		25,000		30,876
San Diego County California Regional Transportation Commission Revenue Bonds (Build America Bonds) (USD), 5.91%, 04/01/48		60,000		78,094
University of California General Obligation Unlimited Bonds, Series AD (USD), 4.86%, 05/15/12		100,000		101,938
				210,908
Georgia (0.2%)
Municipal Electric Authority of Georgia Revenue Bonds (Build America Bonds) (USD), 6.64%, 04/01/57		55,000		62,473
Illinois (0.2%)
Chicago Transit Authority Sales Tax Receipts Revenue Bonds (Build America Bonds), Series B (USD), 6.20%, 12/01/40		55,000		63,273
New York (0.6%)
Metropolitan Transportation Authority Revenue Bonds (Build America Bonds) (USD), 6.09%, 11/15/40		55,000		67,749
New York City Municipal Water Finance Authority Revenue Bonds (Build America Bonds) (USD), 5.44%, 06/15/43		40,000		48,687
Port Authority of New York & New Jersey Revenue Bonds (USD), 6.04%, 12/01/29		65,000		83,478
				199,914
Ohio (0.2%)
American Municipal Power-Ohio, Inc. Revenue Bonds (Build America Bonds) (USD), 7.83%, 02/15/41		55,000		74,750
				611,318
Total Municipal Bonds				611,318
SOVEREIGN BONDS (40.0%)
AUSTRALIA (0.4%)
Australia Government Bond (AUD), 6.00%, 02/15/17		115,000		135,060
AUSTRIA (0.5%)
Austria Government Bond, Series 976 (EUR), 6.25%, 07/15/27		90,000		162,378
CANADA (2.4%)
Canadian Government Bond (CAD), 4.00%, 06/01/17	$	350,000	$	394,749
Series WL43 (CAD), 5.75%, 06/01/29		260,000		381,821
				776,570
DENMARK (0.2%)
Denmark Government Bond (DKK), 4.50%, 11/15/39		300,000		76,690
FINLAND (0.1%)
Finland Government Bond (EUR), 3.50%, 04/15/21		30,000		44,278
FRANCE (1.3%)
France Government Bond OAT
(EUR), 3.25%, 10/25/21		280,000		381,688
(EUR), 4.75%, 04/25/35		40,000		61,701
				443,389
GERMANY (3.9%)
Bundesobligation
Series 158 (EUR), 1.75%, 10/09/15		100,000		139,022
Series 161 (EUR), 1.25%, 10/14/16		50,000		68,323
Bundesrepublik Deutschland
(EUR), 4.25%, 07/04/17		70,000		109,395
Series 07 (EUR), 4.00%, 01/04/18		60,000		93,459
(EUR), 2.00%, 01/04/22		340,000		467,165
Series 98 (EUR), 4.75%, 07/04/28		50,000		87,152
Series 03 (EUR), 4.75%, 07/04/34		40,000		73,889
Series 07 (EUR), 4.25%, 07/04/39		61,000		110,388
FMS Wertmanagement, EMTN (EUR), 2.25%, 07/14/14 (d)		100,000		136,973
				1,285,766
ITALY (1.2%)
Buoni Poliennali Del Tesoro
(EUR), 3.75%, 08/01/15		160,000		211,220
(EUR), 5.00%, 09/01/40		160,000		183,688
				394,908
JAPAN (17.1%)
Japan Government 10 Year Bond
Series 275 (JPY), 1.40%, 12/20/15		70,000,000		915,484
Series 297 (JPY), 1.40%, 12/20/18		33,000,000		438,282
Japan Government 20 Year Bond, Series 62 (JPY), 0.80%, 06/20/23		115,000,000		1,406,139
Japan Government 30 Year Bond
Series 10 (JPY), 1.10%, 03/20/33		30,000,000		334,211
Series 30 (JPY), 2.30%, 03/20/39		25,000,000		342,655
Japan Government 5 Year Bond
Series 81 (JPY), 0.80%, 03/20/14		110,000,000		1,395,556
Series 92 (JPY), 0.30%, 09/20/15		65,000,000		817,888
				5,650,215

See accompanying notes to financial statements.

Semiannual Report 2012

40

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
NETHERLANDS (1.6%)
Netherlands Government Bond
(EUR), 4.50%, 07/15/17	$	60,000	$	91,844
(EUR), 4.00%, 07/15/18		100,000		151,072
(EUR), 3.50%, 07/15/20		200,000		295,230
				538,146
POLAND (0.3%)
Poland Government Bond, Series 0415 (PLN), 5.50%, 04/25/15		310,000		100,374
SINGAPORE (3.7%)
Singapore Government Bond (SGD), 3.63%, 07/01/14		1,400,000		1,214,389
SPAIN (0.9%)
Instituto de Credito Oficial (GBP), EMTN, 4.50%, 03/07/13 (b)(d)		30,000		48,735
Spain Government Bond
(EUR), 5.50%, 04/30/21		77,000		100,176
(EUR), 4.80%, 01/31/24		105,000		124,880
(EUR), 4.70%, 07/30/41		30,000		31,281
				305,072
SUPRANATIONAL (2.1%)
Council of Europe Development Bank (AUD), MTN, 5.63%, 12/14/15		100,000		106,895
European Investment Bank (EUR), EMTN, 4.75%, 10/15/17		300,000		455,985
European Union, Series REGS (EUR), EMTN, 3.00%, 09/04/26 (b)		100,000		130,742
				693,622
SWEDEN (1.0%)
Swedish Government Bond, Series 1046 (SEK), 5.50%, 10/08/12		2,100,000		317,782
UNITED KINGDOM (3.3%)
United Kingdom Treasury Gilt
(GBP), 2.75%, 01/22/15		130,000		223,499
(GBP), 6.00%, 12/07/28		105,000		244,283
(GBP), 4.25%, 03/07/36		130,000		246,126
(GBP), 4.25%, 09/07/39		200,000		379,038
				1,092,946
Total Sovereign Bonds				13,231,585
U.S. AGENCIES MORTGAGE BACKED (10.6%)
UNITED STATES (10.6%)
Federal Home Loan Mortgage Corp.
Pool # G13774 (USD), 5.50%, 12/01/20		48,233		52,510
Series 3793, Class LV (USD), 4.00%, 11/15/23		27,697		29,569
Series 3755, Class ML (USD), 5.50%, 06/15/29		27,868		30,437
Pool # C91293 (USD), 5.00%, 03/01/30		28,595		30,974
Series 2904, Class PD, CMO (USD), 5.50%, 03/15/33		25,000		26,074
Series 3659, Class VG (USD), 5.00%, 09/15/34	$	45,000	$	51,065
Series 3074, Class WJ (USD), 5.00%, 10/15/34		85,000		92,211
Pool # G01840 (USD), 5.00%, 07/01/35		81,899		88,712
Series 3349, Class HE, CMO (USD), 5.50%, 07/15/36		45,000		50,222
Series 3864, Class AB (USD), 4.00%, 06/15/39		34,933		37,137
Series 3715, Class PC (USD), 4.50%, 08/15/40		40,000		45,038
Series 3923, Class PQ (USD), 4.00%, 09/15/40		40,000		42,784
Pool # A94362 (USD), 4.00%, 10/01/40		50,162		53,557
Pool # A95803 (USD), 4.00%, 12/01/40		47,159		50,659
Series 4017, Class MA (USD), 3.00%, 03/15/41		19,928		21,009
Pool # G06784 (USD), 3.50%, 10/01/41		42,323		43,915
Pool # Q04017 (USD), 4.00%, 10/01/41		38,670		40,888
Pool # Q04603 (USD), 4.00%, 11/01/41		53,914		57,257
Series 3980, Class EP, CMO (USD), 5.00%, 01/15/42		53,556		59,925
Pool # Q06531 (USD), 4.00%, 03/01/42		29,891		31,788
Series 4012, Class KW (USD), 3.50%, 03/15/42		65,000		65,419
TBA (USD), 3.50%, 05/01/42		25,000		25,910
Federal National Mortgage Association
Pool # 685200 (USD), 5.00%, 03/01/18		44,831		48,751
Series 2011-34, Class VA (USD), 4.00%, 06/25/22		13,812		14,711
Pool # 993565 (USD), 4.00%, 04/01/24		25,638		27,282
Pool # AK3264 (USD), 3.00%, 02/01/27		79,110		82,721
Pool # AK6972 (USD), 3.50%, 03/01/27		39,780		42,413
Pool # 555531 (USD), 5.50%, 06/01/33		23,287		25,671
Pool # 773425 (USD), 5.00%, 06/01/34		19,676		21,398
Pool # 357632 (USD), 5.50%, 10/01/34		30,136		33,183
Pool # AD0308 (USD), 5.00%, 03/01/35		30,773		33,467
Pool # 735676 (USD), 5.00%, 07/01/35		55,597		60,466
Pool # 891386 (USD), 5.50%, 10/01/35		85,278		93,743
Pool # 888367 (USD), 7.00%, 03/01/37		35,628		41,355
Pool # 995199 (USD), 6.00%, 05/01/37		27,247		30,330
Pool # 959642 (USD), 6.00%, 11/01/37		27,242		30,419
Pool # 960128 (USD), 6.00%, 11/01/37		31,168		34,559
Pool # 966202 (USD), 6.00%, 12/01/37		52,293		57,982
Pool # 995049 (USD), 5.50%, 02/01/38		45,881		50,435
Pool # 890149 (USD), 6.50%, 10/01/38		34,512		39,130
Pool # 995228 (USD), 6.50%, 11/01/38		51,181		58,205
Series 2010-56, Class BD (USD), 5.00%, 12/25/38		50,000		55,013
Pool # 890101 (USD), 6.00%, 02/01/39		13,085		14,611
Series 2011-76, Class PB (USD), 2.50%, 04/25/39		59,704		61,137
Series 2011-27, Class JQ (USD), 4.00%, 09/25/39		32,976		34,736
Series 2011-2, Class PD (USD), 4.00%, 12/25/39		60,000		64,306
Series 2011-31, Class PB (USD), 4.00%, 01/25/40		45,000		48,288
Pool # AE8388 (USD), 4.50%, 11/01/40		26,339		28,984
Pool # AE9107 (USD), 4.50%, 11/01/40		34,045		37,464
Series 2012-11, Class PM, CMO (USD), 4.00%, 11/25/40		50,000		52,420
Series 2012-40, Class GC (USD), 4.50%, 12/25/40		60,000		65,213
Series 2011-124, Class JM (USD), 4.00%, 02/25/41		58,282		62,096
Series 2011-6, Class PH (USD), 4.00%, 02/25/41		65,000		69,491
Series 2012-21, Class PJ (USD), 4.00%, 03/25/41		59,510		63,506
Pool # AI5595 (USD), 5.00%, 07/01/41		48,608		53,366
Series 2012-16, Class WH (USD), 4.00%, 07/25/41		45,000		47,995
Pool # AJ1422 (USD), 5.00%, 09/01/41		62,290		68,016
Pool # AB3690 (USD), 4.00%, 10/01/41		82,222		87,093
Pool # AJ1472 (USD), 4.00%, 10/01/41		34,132		36,154

See accompanying notes to financial statements.

2012 Semiannual Report

41

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
Series 2012-16, Class K (USD), 4.00%, 10/25/41	$	59,563	$	63,046
Series 2012-10, Class PC (USD), 4.50%, 11/25/41		34,549		36,992
Pool # AK3774 (USD), 4.00%, 03/01/42		24,934		26,477
Pool # AK4827 (USD), 3.50%, 04/01/42		45,000		46,785
Pool # AK7900 (USD), 4.00%, 04/01/42		54,981		58,238
Series 2012-32, Class CY (USD), 3.50%, 04/25/42		55,000		57,493
Pool # AO2099 (USD), 4.00%, 05/01/42		65,000		68,850
Series 2012-44, Class GA (USD), 4.00%, 05/25/42		65,000		70,220
Series 2009-85, Class LC (USD), 4.50%, 10/25/49		30,000		33,300
Government National Mortgage Association
Series 2011-45, Class VE (USD), 4.50%, 04/20/22		23,059		24,342
Series 2009-13, Class ND (USD), 4.50%, 02/16/33		12,408		13,238
Series 2012-24, Class MN (USD), 4.00%, 11/20/39		49,688		54,167
Series 2012-52, Class PM (USD), 3.50%, 12/20/39		45,000		48,403
Pool # 783356 (USD), 6.00%, 06/20/41		40,416		45,728
Pool # 769101 (USD), 4.00%, 07/20/41		38,649		41,756
				3,492,205
Total U.S. Agencies Mortgage Backed				3,492,205
U.S. TREASURY OBLIGATIONS (8.2%)
UNITED STATES (8.2%)
U.S. Treasury Bond
(USD), 4.38%, 05/15/41		286,000		358,707
(USD), 3.13%, 11/15/41		45,000		45,141
U.S. Treasury Notes
(USD), 0.13%, 09/30/13		158,000		157,753
(USD), 0.25%, 01/31/14		55,000		55,002
(USD), 0.25%, 02/28/14		56,000		55,998
(USD), 0.25%, 03/31/14		790,000		789,908
(USD), 0.25%, 02/15/15		149,000		148,499
(USD), 0.38%, 03/15/15		100,000		100,000
(USD), 0.38%, 04/15/15		240,000		239,981
(USD), 0.88%, 02/28/17		90,000		90,436
(USD), 1.00%, 03/31/17		229,000		231,290
(USD), 2.00%, 11/15/21		300,000		303,281
(USD), 2.00%, 02/15/22		146,000		147,095
				2,723,091
Total U.S. Treasury Obligations				2,723,091
YANKEE DOLLARS (0.1%)
UNITED KINGDOM (0.1%)
Electric Utilities (0.1%)
Western Power Distribution Holdings Ltd. (USD), 7.25%, 12/15/17 (b)		25,000		28,966
Total Yankee Dollars				28,966
REPURCHASE AGREEMENT (3.1%)
UNITED STATES (3.1%)
State Street Bank, 0.08%, dated 04/30/12, due 05/01/12, repurchase price $1,004,002, collateralized by U.S. Treasury Note, maturing 11/30/14; total market value of $1,027,406	$	1,004,000	$	1,004,000
Total Repurchase Agreement				1,004,000
Total Investments (Cost $30,960,840) (e)—98.0%				32,376,244
Other assets in excess of liabilities—2.0%				673,991
Net Assets—100.0%			$	33,050,235

(a) Variable or Floating Rate Security. Rate disclosed is as of April 30, 2012.

(b) Denotes a restricted security.

(c) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely.

(d) This security is government guaranteed.

(e) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

CZK Czech Koruna

DKK Danish Krone

EMTN Euro Medium Term Note

EUR Euro Currency

GBP British Pound Sterling

JPY Japanese Yen

KRW South Korean Won

MTN Medium Term Note

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PLN Polish Zloty

REIT Real Estate Investment Trust

SEK Swedish Krona

SGD Singapore Dollar

TBA Securities purchased on a forward commitment basis with an appropriate principal amount and no definitive maturity date. The actual principal and maturity date will be determined upon settlement date.

USD U.S. Dollar

ZAR South African Rand

See accompanying notes to financial statements.

Semiannual Report 2012

42

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

At April 30, 2012, the Fund held the following futures contracts:

Futures Contracts	Counterparty		Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation/ (Depreciation)
Japan Government 10 Year Bond Mini Futures		JPMorgan Chase		9			06/08/12	$	9,095
Ultra Long United States Treasury Bond Future		JPMorgan Chase		(2	)		06/20/12		(5,441	)
United Kingdom Gilt Bond Futures		JPMorgan Chase		(6	)		06/27/12		(12,443	)
United States Treasury Note 6%-2 year		JPMorgan Chase		(1	)		06/29/12		(109	)
United States Treasury Note 6%-5 year		JPMorgan Chase		5			06/29/12		5,664
United States Treasury Note 6%-10 year		JPMorgan Chase		(12	)		06/20/12		(16,423	)
United States Treasury Bond 6%-30 year		JPMorgan Chase		(1	)		06/20/12		(4,000	)
								$	(23,657	)

At April 30, 2012, 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 07/20/12		Barclays Bank PLC	AUD		107,000		USD	109,516	$	110,585	$	1,069
British Pound/United States Dollar 07/20/12		Citibank N.A.	GBP		150,000		USD	240,824		243,318		2,494
Canadian Dollar/United States Dollar 07/20/12		Barclays Bank PLC	CAD		161,000		USD	160,629		162,691		2,062
Czech Koruna/United States Dollar 07/20/12		Barclays Bank PLC	CZK		950,000		USD	49,852		50,401		549
Danish Krone/United States Dollar 07/20/12		Citibank N.A.	DKK		209,000		USD	36,601		37,212		611
Euro Currency/United States Dollar 07/20/12		Citibank N.A.	EUR		509,000		USD	663,834		674,044		10,210
Japanese Yen/United States Dollar 07/20/12		Citibank N.A.	JPY		79,012,000		USD	981,871		990,394		8,523
Malaysian Ringgit/United States Dollar 06/04/12		JPMorgan Chase	MYR		280,000		USD	92,593		92,394		(199	)
Mexican Peso/United States Dollar 07/20/12		Citibank N.A.	MXN		1,292,000		USD	96,531		98,489		1,958
07/20/12		Deutsche Bank	MXN		4,338,194		USD	328,999		330,698		1,699
New Zealand Dollar/United States Dollar 07/20/12		Deutsche Bank	NZD		52,000		USD	42,379		42,299		(80	)
Norwegian Krone/United States Dollar 07/20/12		Deutsche Bank	NOK		321,000		USD	54,953		55,921		968
South African Rand/United States Dollar 07/20/12		Deutsche Bank	ZAR		631,000		USD	77,891		80,262		2,371
South Korean Won/United States Dollar 06/04/12		JPMorgan Chase	KRW		383,000,000		USD	338,579		338,489		(90	)
									$	3,307,197	$	32,145

See accompanying notes to financial statements.

2012 Semiannual Report

43

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Global Fixed Income Fund

Sale Contracts Settlement Date*	Counterparty			Amount Purchased		Amount Sold			Fair Value		Unrealized Depreciation
United States Dollar/British Pound 07/20/12		Citibank N.A.	USD		218,336		GBP	138,000	$	223,852	$	(5,516	)
07/20/12		UBS	USD		344,621		GBP	214,000		347,133		(2,512	)
United States Dollar/Euro Currency 07/20/12		UBS	USD		118,895		EUR	90,000		119,183		(288	)
United States Dollar/Japanese Yen 07/20/12		UBS	USD		207,758		JPY	16,780,000		210,333		(2,575	)
United States Dollar/Polish Zloty 07/20/12		Deutsche Bank	USD		21,487		PLN	70,000		22,015		(528	)
United States Dollar/Singapore Dollar 07/20/12		Deutsche Bank	USD		1,136,186		SGD	1,424,000		1,150,991		(14,805	)
United States Dollar/Swedish Krona 07/20/12		Deutsche Bank	USD		464,927		SEK	3,185,000		472,426		(7,499	)
United States Dollar/Swiss Franc 07/20/12		Barclays Bank PLC	USD		430,365		CHF	397,000		437,858		(7,493	)
									$	2,983,791	$	(41,216	)

At April 30, 2012, 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 Depreciation
Euro Currency/Swiss Franc 03/22/13	Citibank N.A.		EUR	251,170		CHF	301,000	$	330,012	$	329,935	$	(77	)

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

See accompanying notes to financial statements.

Semiannual Report 2012

44

Aberdeen Tax-Free Income Fund (Unaudited)

The Aberdeen Tax-Free Income Fund (Class A shares at NAV net of fees) returned 5.30% for the six-month period ended April 30, 2012, versus the 5.50% return of its benchmark, the Barclays Capital Municipal Bond Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of General Municipal Debt Funds (consisting of 242 funds) was 6.58% for the period.

During the semiannual period, municipal new-issue volumes were somewhat heavy, although the market was more than able to absorb it. Refunding issuance continued to play a dominant role throughout the primary market. From January through April 2012, refunding issuance accounted for approximately 45% of all new-issue supply. New money issuance was up year-over-year through the first four months of 2012, albeit in comparison to the prior periods’ record-low issuance. State and local government fiscal austerity continues to be embraced by issuers across the U.S., further dampening municipal borrowing. Cash inflows continued at a strong pace into the municipal market. Municipal yields hit record lows during the period, although they bounced higher by the end of April. Yields as a percentage of comparable-duration U.S. Treasuries, however, did not decline to record levels. Given the deteriorating European sovereign debt situation, concern about a tepid U.S. economic recovery, and the very strong technical backdrop, the municipal market remained well bid. Economic data generally improved over the semiannual period. Unemployment declined from 9.0% to 8.1%, and consumer confidence indices rose sharply. However, non-farm payroll growth slowed and the lower rate partially reflected a shrinking pool of jobseekers as more people stopped looking for employment. Additionally, the underemployment numbers remained particularly high at 14.5% as of the end of the semiannual period. While the Federal Reserve has indicated the desire to keep rates low for a prolonged period, several members of the Federal Open Market Committee have expressed concerns about this policy and the timing of withdrawal of accommodative measures.

Lower-quality bonds outperformed higher-quality issues as investors looked for more yield in a low interest-rate environment. Consequently, the Fund’s overweight versus the benchmark Barclays Capital Municipal Bond Index in higher-quality prerefunded securities detracted from performance for the reporting period.

Fund performance for the semiannual period was bolstered by positions in healthcare, industrial development, water and sewer, and leases. Holdings in the long end of the yield curve, particularly zero coupon bonds, also provided positive relative returns.

During the reporting period, we allocated a portion of the Fund’s cash position to repurchase agreements (short-term contracts in which a seller of securities agrees to buy them back at a specific time and price). These securities had minimal impact on Fund performance for the period.

During the period, we increased the Fund’s exposure to healthcare and industrial development sectors and reduced positions in education and prerefunded issues.

At the end of the semiannual period, the Fund’s largest absolute weightings were in general obligation bonds, and education and prerefunded issues. The portfolio is focused on the intermediate segment of the yield curve, while we feel that the front end provides little value and are refraining from adding much duration in the long end. Despite relatively low yields, we believe municipal market technicals remain strong. The Federal Reserve’s low-rate environment is expected to continue, and we feel that the uncertainty surrounding the U.S. economic recovery and the crisis in Europe should provide a flight to safety, keeping Treasury rates low.

Portfolio Management:

Aberdeen U.S. Fixed Income Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Fixed income securities are subject to certain risks including, but not limited to interest rate, credit, prepayment, and extension risk.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in emerging market countries.

The Fund may invest in derivatives which can be volatile and may affect fund performance.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

45

Aberdeen Tax-Free Income Fund (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.		5 Yr.		10 Yr.
Class A	w/o SC		5.30%		10.32%		4.70%		4.55%
	w/SC3		0.81%		5.67%		3.79%		4.09%
Class C2,6	w/o SC		4.92%		9.51%		3.97%		3.80%
	w/SC4		3.92%		8.51%		3.97%		3.80%
Class D	w/o SC		5.43%		10.59%		4.98%		4.82%
	w/SC5		0.66%		5.64%		4.02%		4.34%

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.

† Not annualized.

1 Returns presented for the Fund for periods prior to June 23, 2008 reflect the performance of a predecessor fund (the “Predecessor Fund”). The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Returns through September 4, 2003 incorporate the performance of the Predecessor Fund’s Class Y shares. Excluding the effects of any fee waivers or reimbursements, this performance is substantially similar to what Class C shares would have produced because all classes invest in the same portfolio of securities.

3 A 4.25% front-end sales charge was deducted.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when Class C shares are sold within the first year after purchase.

5 A 4.50% front-end sales charge was deducted.

6 A front-end sales charge that formerly applied to Class C shares was eliminated on April 1, 2004. Returns before that date have not been adjusted to eliminate the effect of the sales charge.

Semiannual Report 2012

46

Aberdeen Tax-Free Income Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class D shares of the Aberdeen Tax-Free Income Fund, the Barclays Capital Municipal Bond Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2012. 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 Barclays Capital Municipal Bond Index covers the USD-denominated long-term tax exempt bond market covering four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Municipal Bonds	98.5%
Repurchase Agreement	2.0%
Liabilities in excess of other assets	(0.5%	)
	100.0%

Top Holdings*
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Escrowed to Maturity, Series B 07/01/27	6.0%
Pennsylvania Turnpike Commission Revenue Bonds, Series A 07/15/29	4.3%
Indiana Toll Road Commission Revenue Bonds, Escrowed to Maturity 01/01/15	3.4%
State of Texas General Obligation Unlimited Bonds (Transportation Commission-Mobility Fund) 04/01/20	2.5%
Fort Bend Independent School District General Obligation Unlimited Bonds, Escrowed to Maturity 02/15/18	2.4%
New York State Dormitory Authority Revenue Bonds (State University Dormitory Facilities), Series A 07/01/39	2.3%
University of California Revenue Bonds, Series Q 05/15/29	2.3%
Commonwealth of Massachusetts General Obligation Limited Bonds, Series D 10/01/18	2.2%
Municipal Electric Authority of Georgia Revenue Bonds, Unrefunded, Series V 01/01/18	2.1%
Texas A&M University Revenue Bonds (Financing System), Series A 05/15/25	2.1%
Other	70.4%
	100.0%

Top States
Texas	24.7%
California	16.7%
New York	7.8%
Washington	7.2%
Pennsylvania	6.2%
Massachusetts	4.3%
Georgia	4.1%
New Jersey	3.6%
Indiana	3.4%
Illinois	2.6%
Other	19.4%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

47

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Tax-Free Income Fund

	Shares or Principal Amount		Value
MUNICIPAL BONDS (98.5%)
Alaska (1.0%)
City of Valdez Revenue Bonds Pipelines Project, Series B, 5.00%, 01/01/21	$	1,000,000	$	1,163,110
Arizona (1.8%)
City of Tempe General Obligation Unlimited Bonds, 5.00%, 07/01/22		1,900,000		2,168,888
California (16.7%)
Brea Redevelopment Agency Tax Allocation Bonds, Series A, 0.00%, 08/01/25 (a)		1,000,000		483,300
Cabrillo Community College District General Obligation Unlimited Bonds, Series B, 0.00%, 08/01/37 (a)		2,500,000		615,500
California Educational Facilities Authority Revenue Bonds (California Institute of Technology), 5.00%, 11/01/39		1,000,000		1,102,290
Centinela Valley Union High School District General Obligation Unlimited Bonds, Series A, 0.00%, 08/01/34 (a)		2,750,000		611,572
Cypress School District General Obligation Unlimited Bonds, Series B-1, 0.00%, 08/01/31 (a)		1,740,000		596,611
Franklin-Mckinley School District General Obligation Unlimited Bonds, 0.00%, 08/01/35 (a)		1,600,000		467,904
Long Beach Unified School District General Obligation Unlimited Bonds, Series B, 0.00%, 08/01/35 (a)		2,000,000		605,080
Los Angeles Community College District General Obligation Unlimited Bonds, Series A, 5.50%, 08/01/25		1,000,000		1,193,240
Los Angeles County Sanitation Districts Financing Authority Revenue Bonds (Capital Project), Series A, 5.00%, 10/01/22		1,300,000		1,372,098
M-S-R Energy Authority Gas Revenue Bonds, Series B, 6.125%, 11/01/29		500,000		581,720
M-S-R Energy Authority Revenue Bonds, Series A, 6.50%, 11/01/39		500,000		612,280
Magnolia School District General Obligation Unlimited Bonds, 0.00%, 08/01/36 (a)		2,500,000		633,975
Portola Valley School District General Obligation Unlimited Bonds, 5.00%, 08/01/29		1,000,000		1,127,940
Rancho Cucamonga Redevelopment Agency (Rancho Redevelopment Project), 5.375%, 09/01/25		500,000		500,225
Riverside County Asset Leasing Corp., Lease Revenue Bonds (County Administrative Center Refunding Project), 5.00%, 11/01/27		1,000,000		1,093,990
San Francisco City & County Public Utilities Commission Revenue Bonds, Series F, 5.00%, 11/01/24		300,000		357,585
Santa Clara Unified School District General Obligation Unlimited Bonds, 5.00%, 07/01/26		465,000		519,117
State of California General Obligation Unlimited Bonds
Series A, 5.00%, 07/01/22		1,100,000		1,246,630
5.00%, 03/01/26		2,000,000		2,164,640
Turlock Irrigation District Revenue Bonds, 5.00%, 01/01/29	$	1,000,000	$	1,096,310
University of California Revenue Bonds, Series Q, 5.25%, 05/15/29		2,320,000		2,638,072
				19,620,079
Connecticut (1.9%)
City of Harford General Obligation Unlimited Bonds, Series A
5.00%, 08/15/15		100,000		112,887
5.00%, 08/15/16		1,870,000		2,151,416
				2,264,303
Florida (2.0%)
CityPlace Community Development District, Special Assessment & Revenue Refunding Bonds, 5.00%, 05/01/19		1,000,000		1,128,030
Escambia County, Solid Waste Disposal Revenue Bonds (Gulf Power Company Project), 1.35%, 04/01/39 (b)		1,165,000		1,168,157
				2,296,187
Georgia (4.1%)
Cherokee County General Obligation Unlimited Bonds, 5.00%, 04/01/21		500,000		612,265
Forsyth County General Obligation Unlimited Bonds, Series A, 5.00%, 03/01/28		100,000		115,396
Georgia Local Government Certificate of Participation (Grantor Trust), Series A, 4.75%, 06/01/28		936,000		933,885
Municipal Electric Authority of Georgia Revenue Bonds
Escrowed to Maturity, Series V, 6.60%, 01/01/18		465,000		557,433
Prerefunded, Series V, 6.60%, 01/01/18		55,000		60,917
Unrefunded, Series V, 6.60%, 01/01/18		2,230,000		2,509,776
				4,789,672
Illinois (2.6%)
Illinois Finance Authority Revenue Bonds (Carle Foundation), Series A, 6.00%, 08/15/41		500,000		544,870
Illinois Finance Authority Revenue Bonds (University of Chicago), Series A, 5.00%, 07/01/27		1,165,000		1,280,731
Illinois State Toll Highway Authority Revenue Bonds, Prerefunded, Sr. Priority, Series A-2, 5.00%, 01/01/27		1,000,000		1,177,840
				3,003,441
Indiana (3.4%)
Indiana Toll Road Commission Revenue Bonds, Escrowed to Maturity, 9.00%, 01/01/15		3,515,000		4,008,822
Louisiana (1.4%)
East Baton Rouge Parish Sales Tax Revenue Bonds (Road & Street Improvement), 5.00%, 08/01/24		540,000		642,319

See accompanying notes to financial statements.

Semiannual Report 2012

48

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Tax-Free Income Fund

	Shares or Principal Amount		Value
Saint John The Baptist Parish Revenue Bonds, 5.125%, 06/01/37	$	1,000,000	$	1,035,860
				1,678,179
Massachusetts (4.3%)
Commonwealth of Massachusetts General Obligation Limited Bonds, Series D
5.50%, 10/01/16		1,000,000		1,201,850
5.50%, 10/01/18		2,000,000		2,519,280
5.50%, 08/01/19		1,000,000		1,275,170
				4,996,300
Michigan (1.7%)
Grand Rapids Building Authority Revenue Bonds, 5.00%, 08/01/20		900,000		1,049,508
State of Michigan General Obligation Unlimited Bonds (Environmental Protection Program), Partially Prerefunded, 6.25%, 11/01/12		870,000		895,822
				1,945,330
Minnesota (0.5%)
University of Minnesota Revenue Bonds, Series A, 5.25%, 04/01/29		500,000		577,495
Mississippi (1.0%)
Mississippi Development Bank Revenue Bonds (Jackson Public School District), 5.50%, 04/01/22		1,000,000		1,175,900
Nebraska (0.7%)
Central Plains Energy Project, Gas Project Revenue Bonds (Project No.3), 5.00%, 09/01/21		750,000		826,283
New Hampshire (1.9%)
New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College), 5.25%, 06/01/39		1,000,000		1,135,670
New Hampshire Health & Education Facilities Authority Revenue Bonds (University Systems), Series A, 5.00%, 07/01/23		1,000,000		1,145,310
				2,280,980
New Jersey (3.6%)
New Jersey Economic Development Authority Revenue Bonds, Series BB, 5.25%, 09/01/24		2,000,000		2,299,640
New Jersey State Turnpike Authority Revenue Bonds, Escrowed to Maturity, Series C, 6.50%, 01/01/16		610,000		680,803
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.75%, 06/15/17		1,000,000		1,214,050
				4,194,493
New York (7.8%)
New York City Transitional Finance Authority Revenue Bonds, Series D, 5.00%, 02/01/23		2,000,000		2,071,840
New York Local Government Assistance Corp. Revenue Bonds, Series E, 6.00%, 04/01/14	$	645,000	$	688,995
New York State Dormitory Authority Revenue Bonds (State University Dormitory Facilities), Series A, 5.00%, 07/01/39		2,500,000		2,688,050
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A, 5.50%, 05/15/23		1,160,000		1,478,304
Oneida County Industrial Development Agency Revenue Bonds (Hamilton College Civic Facilities), 5.00%, 09/15/27		1,000,000		1,123,100
Tompkins County Industrial Development Agency Revenue Bonds (Cornell University Civic Facilities), Series A, 5.25%, 07/01/30		1,000,000		1,157,840
				9,208,129
North Carolina (0.1%)
North Carolina Housing Finance Agency Revenue Bonds (Single Family), Series AA, 6.25%, 03/01/17		140,000		140,039
North Dakota (0.8%)
City of Grand Forks, Health Care System Revenue Bonds (Altru Health System Obligated Group), 4.50%, 12/01/32		1,000,000		1,000,740
Ohio (0.8%)
Ohio Air Quality Development Authority Revenue Bonds, 5.75%, 06/01/33(b)		800,000		905,824
Pennsylvania (6.2%)
Pennsylvania Higher Educational Facilities Authority Revenue Bonds (University of Pennsylvania), Series A, 5.00%, 09/01/19		800,000		987,976
Pennsylvania Turnpike Commission Revenue Bonds, Series A, 5.25%, 07/15/29		4,100,000		5,075,390
Unionville-Chadds Ford School District General Obligation Limited Bonds, Series A, 5.00%, 06/01/22		1,000,000		1,218,430
				7,281,796
Puerto Rico (1.0%)
Commonwealth of Puerto Rico General Obligation Unlimited Bonds (Public Improvement), Series A, 5.50%, 07/01/17		250,000		282,730
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, Series C, 5.00%, 08/01/22		750,000		898,403
				1,181,133
South Carolina (0.3%)
University of South Carolina Revenue Bonds, Series A, 5.00%, 06/01/30		350,000		386,369
Tennessee (0.5%)
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/23		500,000		553,090

See accompanying notes to financial statements.

2012 Semiannual Report

49

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Tax-Free Income Fund

	Shares or Principal Amount		Value
Texas (24.7%)
City of Houston General Obligation Limited Bonds (Public Improvement), Series A, 5.00%, 03/01/30	$	1,575,000	$	1,772,253
City of Houston Revenue Bonds, Series A, 5.25%, 05/15/20		1,500,000		1,633,080
Dallas Area Rapid Transit Revenue Bonds, 5.00%, 12/01/36		1,250,000		1,352,275
Dallas/Fort Worth International Airport, Joint Revenue Refunding Bonds, Series B, 5.00%, 11/01/20		1,000,000		1,204,690
Fort Bend Independent School District General Obligation Unlimited Bonds, Escrowed to Maturity, 5.00%, 02/15/18		2,300,000		2,820,030
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Escrowed to Maturity, Series B, 5.75%, 07/01/27		5,325,000		7,005,250
Lower Colorado River Authority Revenue Bonds, Escrowed to Maturity, Series B, 6.00%, 01/01/17		1,245,000		1,527,142
SA Energy Acquisition Public Facility Corp. Revenue Bonds (Gas Supply), 5.25%, 08/01/16		500,000		539,735
San Antonio Water Revenue Bonds, Prerefunded, 5.00%, 05/15/25		115,000		115,186
San Antonio Water Revenue Bonds, Unrefunded, 5.00%, 05/15/25		885,000		886,434
State of Texas General Obligation Unlimited Bonds (Transportation Commission-Mobility Fund), 5.00%, 04/01/20		2,500,000		2,963,550
State of Texas General Obligation Unlimited Bonds (Water Financial Assistance), Series C, 5.25%, 08/01/18		1,050,000		1,301,517
State of Texas Transportation Commission Revenue Bonds, 5.00%, 04/01/27		1,500,000		1,714,755
Texas A&M University Revenue Bonds (Financing System), Series A, 5.00%, 05/15/25		2,065,000		2,417,826
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D, 6.25%, 12/15/26		500,000		596,525
University of North Texas Revenue Bonds (Financing System), Series A, 5.00%, 04/15/28		1,000,000		1,131,980
				28,982,228
Washington (7.2%)
City of Seattle Revenue Bonds
4.50%, 08/01/19		1,000,000		1,078,400
5.00%, 02/01/26		1,000,000		1,134,110
County of King General Obligation Limited Bonds, 5.00%, 01/01/25		2,000,000		2,262,340
State of Washington General Obligation Unlimited Bonds
Series R-2010A, 5.00%, 01/01/22		2,000,000		2,404,180
Series D, 5.00%, 01/01/24		1,250,000		1,394,850
Series C, 5.00%, 01/01/26		200,000		227,934
				8,501,814
Wisconsin (0.5%)
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series A, 5.00%, 07/15/28	$	500,000	$	540,940
Total Municipal Bonds				115,671,564
REPURCHASE AGREEMENT (2.0%)
United States (2.0%)
State Street Bank, 0.08%, dated 04/30/12, due 05/01/12, repurchase price $2,312,005, collateralized by U.S. Treasury Note, maturing 11/30/14; total market value of $2,360,400		2,312,000		2,312,000
Total Repurchase Agreement				2,312,000
Total Investments (Cost $106,030,208) (c)—100.5%				117,983,564
Liabilities in excess of other assets—(0.5)%				(589,250	)
Net Assets—100.0%			$	117,394,314

(a) Issued with a zero coupon.

(b) Variable or Floating Rate Security. Rate disclosed is as of April 30, 2012.

(c) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

Distribution of investments, as a percentage of securities at value, is as follows: (Unaudited)

Industry	Percent		Value
General Obligation		25.4%	$	29,931,846
Higher Education		14.4%		16,990,883
Transportation		11.7%		13,871,660
General		10.1%		11,973,475
Medical		7.7%		9,091,800
School District		7.3%		8,600,659
Development		5.1%		6,062,130
Power		4.9%		5,733,668
Water		4.7%		5,498,493
Education		2.9%		3,401,930
Utilities		1.9%		2,264,467
Airport		1.0%		1,204,690
Pollution		0.8%		905,824
Single Family Housing		0.1%		140,039
Cash		2.0%		2,312,000
		100.0%	$	117,983,564

See accompanying notes to financial statements.

Semiannual Report 2012

50

Aberdeen Ultra-Short Duration Bond Fund (Unaudited)

The Aberdeen Ultra-Short Duration Bond Fund (Class A shares at NAV net of fees) returned 0.67% for the six-month period ended April 30, 2012, versus the 0.05% return of its benchmark, the Bank of America Merrill Lynch 1-Year Treasury Bill Index, during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Ultra-Short Obligation Funds (consisting of 83 funds) was 0.87% for the period.

During the semiannual period, all spread sectors (investment-grade securities other than Treasuries) of the U.S. fixed income market produced positive absolute returns and outperformed relative to comparable-duration U.S. Treasuries. However, there was substantial intra- and inter-day volatility. Investors appeared to be focused on two factors, neither of which constituted “new news.” One issue was the Eurozone sovereign debt crisis and the debatable success of attempts by the various European fiscal entities to stem liquidity concerns and begin to implement austerity programs. Investors also expressed concerns about the trajectory and strength of the U.S. economic recovery, as recent data appear to provide mixed signals compared to the generally positive tone and sentiment of the economic indicators released in the second half of 2011. Consequently, U.S. economic data reports or announcements from Europe brought significant daily yield/price fluctuations in the U.S. bond market, as investors quickly moved to implement “risk-on” or “risk-off” trades. Short-term U.S. Treasury yields ended the period virtually unchanged, with the two-year note two basis points higher at 0.26%, while the three-year note yield decreased by one basis point to 0.37%.

Given the rebound in risk appetite during the reporting period, all spread sectors bolstered Fund performance for the semiannual period. The strongest performers were banks and finance companies, which reversed their losses from late 2011 as the European sovereign debt crisis subsided. The primary contributors among individual holdings in the sector included International Lease Finance, HSBC Finance, and Goldman Sachs. Other corporate issues also performed well as investors increased their allocation to securities of companies in these sectors given their perceived lower risk and volatility characteristics. The top contributors to Fund performance were utilities, basic materials and consumer non-cyclical. The most notable contributors among individual positions included Entergy Louisiana, Aristotle Holdings, and SAB Miller Holdings. In addition to corporate debt, the Fund’s allocation to AAA rated asset-backed securities (ABS) enhanced performance as the sector continued to benefit from strong credit quality and stable cash flows, which have led to relatively low credit-spread volatility.

The Fund held no derivative positions during the reporting period.

No spread sectors detracted from Fund performance during the reporting period as holdings in all sectors outperformed relative to the benchmark Bank of America Merrill Lynch 1-Year Treasury Bill Index.

At the beginning of the reporting period, the European Central Bank announced the Long-Term Refinancing Operation (LTRO), which relieved the short-term funding pressure on European banks. Consequently, short-term funding pressures on European banks subsided and risk assets rallied. We subsequently added bank debt as we believed that these securities were inexpensive relative to our perceived intrinsic value. New positions included Citigroup, Wells Fargo and Deutsche Bank. During the latter half of the reporting period, European sovereign debt began to weaken again. Spain became the focus as its sovereign debt yields rose and Standard and Poor’s downgraded the country’s debt. Therefore, we reduced the Fund’s overall weighting in higher-beta (relatively riskier) banks which performed well during the period, including Abbey National Bank and Morgan Stanley. We also exited positions in many high-quality industrial and technology companies which also had reached our perceived intrinsic values during the spread rally, including Google and Colgate Palmolive.

At the end of the reporting period, the Fund’s largest absolute positions were in corporate bonds, U.S. agency securities and AAA rated ABS. Within the corporate sector, the Fund’s largest overweight versus the benchmark Bank of America Merrill Lynch 1-Year Treasury Bill Index was in industrials. The most significant overweight in the ABS sector was to automobile loans. We maintain the Fund’s underweight to U.S. Treasuries due to their low absolute yields. At the end of the semiannual period, the Fund’s effective duration stood at 0.9 years, as we do not feel that interest rates will increase in the near term given the ongoing macroeconomic and European sovereign debt risks.

Portfolio Management:

Aberdeen U.S. Fixed Income Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Fixed income securities are subject to certain risks including, but not limited to interest rate, credit, prepayment, and extension risk.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in emerging market countries.

The Fund may invest in derivatives which can be volatile and may affect fund performance.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

51

Aberdeen Ultra-Short Duration Bond Fund (Unaudited)

Average Annual Total Return (For periods ended April 30, 2012)		Six Months†			1 Yr.			Inception1
Class A3	w/o SC		0.67%			0.87%			0.85%
	w/SC2		(3.57%	)		(3.38%	)		(2.17%	)
Institutional Service Class3,4	w/o SC		0.62%			0.82%			0.82%
Institutional Class4	w/o SC		0.72%			0.92%			0.89%

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.

† Not annualized.

1 Fund commenced operations on November 30, 2010.

2 A 4.25% front-end sales charge was deducted.

3 Returns before the first offering of Class A (November 22, 2011), and the Institutional Service Class (January 20,2012) are based on the previous performance of the Institutional Class. The performance of Class A and the Institutional Service Class is substantially similar to what the Institutional Class would have produced because the classes invest in the same portfolio of securities. Returns for the Institutional Class shares would only differ to the extent of the differences in expenses of the classes.

4 Not subject to any sales charges.

Semiannual Report 2012

52

Aberdeen Ultra-Short Duration Bond Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative Performance of $10,000 invested in Institutional Class shares of the Aberdeen Ultra-Short Duration Bond Fund, the Bank of America Merrill Lynch 1-Year Treasury Bill 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 Bank of America Merrill Lynch 1-Year Treasury Bill Index is a capitalization-weighted based index comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, 1 year from the rebalancing date.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net asset)

April 30, 2012 (Unaudited)

Asset Allocation
Corporate Bonds	47.4%
U.S. Agency Debentures	20.5%
Foreign Non-Government Bonds	11.9%
U.S. Treasury Obligations	8.7%
Asset-Backed Securities	7.3%
Commercial Paper	2.3%
Repurchase Agreement	2.2%
Yankee Dollars	0.4%
Liabilities in excess of other assets	(0.7%	)
	100.0%

Top Industries
Commercial Banks	11.5%
Electric Utilities	9.7%
Diversified Financial Services	8.8%
Insurance	5.0%
Oil, Gas & Consumable Fuels	3.6%
Metals & Mining	2.9%
Pharmaceuticals	2.5%
Diversified Telecommunication Services	2.3%
Beverages	2.1%
Energy Equipment & Services	1.9%
Other	49.7%
	100.0%

Top Holdings*
Federal Home Loan Mortgage Corp. Discount Note 01/07/13	6.4%
U.S. Treasury Notes 03/31/13	4.3%
Federal Home Loan Bank Discount Note 10/04/12	4.0%
U.S. Treasury Notes 03/31/14	2.2%
JPMorgan Chase & Co., Series 3 12/26/12	2.1%
General Electric Capital Corp. 12/21/12	2.1%
U.S. Treasury Bill 03/07/13	2.1%
Federal Home Loan Mortgage Corp. 08/28/12	1.7%
Federal National Mortgage Association 09/17/12	1.4%
Federal Home Loan Bank Discount Note 05/04/12	1.3%
Other	72.4%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

53

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Ultra-Short Duration Bond Fund

	Shares or Principal Amount		Value
ASSET-BACKED SECURITIES (7.3%)
UNITED STATES (7.3%)
Ally Master Owner Trust, Series 2010-2, Class A (USD), 4.25%, 04/15/17 (a)	$	500,000	$	539,137
Avis Budget Rental Car Funding AESOP LLC, Series 2010-4A, Class A (USD), 2.09%, 04/20/15 (a)		300,000		303,236
Capital One Multi-Asset Execution Trust, Series 2006-A12, Class A (USD), 0.30%, 07/15/16 (b)		100,000		99,874
Chesapeake Funding LLC, Series 2011-2A, Class A (USD), 1.49%, 04/07/24 (a)(b)		200,000		201,217
CitiFinancial Auto Issuance Trust, Series 2009-1, Class A3 (USD), 2.59%, 10/15/13 (a)		120,296		120,814
CNH Wholesale Master Note Trust, Series 2011-1A, Class A (USD), 1.04%, 12/15/15 (a)(b)		300,000		300,865
Ford Credit Floorplan Master Owner Trust
Series 2010-1, Class A (USD), 1.89%, 12/15/14 (a)(b)		200,000		201,922
Series 2010-5, Class A1 (USD), 1.50%, 09/15/15		200,000		201,749
Series 2010-5, Class A2 (USD), 0.94%, 09/15/15 (b)		100,000		100,558
GE Capital Credit Card Master Note Trust, Series 2011-1, Class A (USD), 0.79%, 01/15/17 (b)		500,000		503,200
GE Dealer Floorplan Master Note Trust, Series 2009-2A, Class A (USD), 1.79%, 10/20/14 (a)(b)		200,000		201,311
GE Equipment Transportation LLC, Series 2012-1, Class A4 (USD), 1.23%, 01/22/20		135,000		135,589
Santander Drive Auto Receivables Trust, Series 2010-A, Class A4 (USD), 2.39%, 06/15/17 (a)		220,000		224,869
World Financial Network Credit Card Master Trust
Series 2009-B, Class A (USD), 3.79%, 05/15/16		176,000		177,158
Series 2009-D, Class A (USD), 4.66%, 05/15/17		100,000		104,491
				3,415,990
Total Asset-Backed Securities				3,415,990
CORPORATE BONDS (47.4%)
ISRAEL (0.8%)
Pharmaceuticals (0.8%)
Teva Pharmaceutical Finance Co. BV (USD), 1.42%, 11/08/13 (b)		390,000		393,635
UNITED STATES (46.6%)
Auto Parts & Equipment (0.5%)
Johnson Controls, Inc. (USD), 0.94%, 02/04/14 (b)		225,000		225,351
Beverages (2.1%)
Anheuser-Busch InBev Worldwide, Inc.
(USD), 3.00%, 10/15/12		100,000		101,121
(USD), 1.02%, 01/27/14 (b)		205,000		206,244
Coca-Cola Co. (USD), 0.42%, 03/14/14 (b)		350,000		350,134
SABMiller Holdings, Inc. (USD), 1.85%, 01/15/15 (a)	$	340,000	$	344,780
				1,002,279
Chemicals (1.5%)
EI du Pont de Nemours & Co. (USD), 5.00%, 01/15/13		533,000		549,371
Rohm and Haas Co. (USD), 5.60%, 03/15/13		125,000		130,046
				679,417
Commercial Banks (5.7%)
Citigroup, Inc. (USD), 5.30%, 10/17/12		350,000		356,914
Goldman Sachs Group, Inc.
(USD), 1.53%, 02/07/14 (b)		200,000		195,920
(USD), MTN, 6.00%, 05/01/14		200,000		212,683
JPMorgan Chase & Co. Series 3 (USD), 0.72%, 12/26/12 (b)(c)		1,000,000		1,003,713
(USD), MTN, 1.27%, 01/24/14 (b)		400,000		402,006
Wells Fargo & Co.
(USD), 0.69%, 06/15/12 (b)(c)		230,000		230,150
(USD), 4.95%, 10/16/13		250,000		263,230
				2,664,616
Computers & Peripherals (0.6%)
Hewlett-Packard Co. (USD), 0.89%, 05/30/14 (b)		300,000		296,400
Cosmetics/Personal Care (0.9%)
Procter & Gamble Co.
(USD), 1.38%, 08/01/12		75,000		75,154
(USD), 0.55%, 11/14/12 (b)		200,000		200,232
(USD), 0.45%, 02/06/14 (b)		160,000		160,057
				435,443
Diversified Financial Services (8.8%)
American Honda Finance Corp. (USD), 1.45%, 02/27/15 (a)		350,000		352,337
Boeing Capital Corp. (USD), 5.80%, 01/15/13		120,000		124,518
Caterpillar Financial Services Corp. (USD), MTN, 1.38%, 05/20/14		230,000		233,564
ERAC USA Finance LLC (USD), 2.25%, 01/10/14 (a)		75,000		75,480
General Electric Capital Corp.
(USD), MTN, 0.47%, 12/21/12 (b)(c)		1,000,000		1,001,971
(USD), GMTN, 2.63%, 12/28/12 (c)		200,000		203,220
(USD), MTN, 1.10%, 04/07/14 (b)		440,000		439,698
Harley-Davidson Funding Corp., Series B (USD), 5.25%, 12/15/12 (a)		70,000		71,643
HSBC Finance Corp. (USD), 0.72%, 01/15/14 (b)		200,000		194,951
International Lease Finance Corp. (USD), 6.50%, 09/01/14 (a)		215,000		228,437
John Deere Capital Corp. (USD), 5.10%, 01/15/13		150,000		154,886
MassMutual Global Funding II (USD), 0.97%, 09/27/13 (a)(b)		100,000		100,175
National Rural Utilities Cooperative Finance Corp.
(USD), 4.75%, 03/01/14		125,000		134,030
(USD), 1.00%, 02/02/15		150,000		150,781

See accompanying notes to financial statements.

Semiannual Report 2012

54

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Ultra-Short Duration Bond Fund

	Shares or Principal Amount		Value
Toyota Motor Credit Corp. (USD), MTN, 1.00%, 02/17/15	$	350,000	$	350,595
USAA Capital Corp. (USD), 1.05%, 09/30/14 (a)		315,000		312,431
				4,128,717
Diversified Telecommunication Services (2.3%)
AT&T, Inc. (USD), 0.88%, 02/13/15		350,000		349,014
Cisco Systems, Inc. (USD), 1.63%, 03/14/14		340,000		347,393
Verizon Communications, Inc. (USD), 1.25%, 11/03/14		350,000		353,786
				1,050,193
Electric Utilities (8.2%)
Ameren Corp. (USD), 8.88%, 05/15/14		75,000		84,641
Appalachian Power Co., Series O (USD), 5.65%, 08/15/12		250,000		253,347
Cleveland Electric Illuminating Co. (USD), 5.65%, 12/15/13		110,000		117,240
Commonwealth Edison Co. (USD), 1.63%, 01/15/14		170,000		172,646
Consolidated Edison Co. of New York, Inc., Series 02-B (USD), 4.88%, 02/01/13		257,000		265,280
Detroit Edison Co., Series J (USD), 6.40%, 10/01/13		400,000		428,942
Duke Energy Ohio, Inc. (USD), 5.70%, 09/15/12		150,000		152,849
Entergy Louisiana LLC (USD), 1.88%, 12/15/14		345,000		352,075
Florida Power Corp. (USD), 4.80%, 03/01/13		100,000		103,520
MidAmerican Energy Holdings Co. (USD), 3.15%, 07/15/12		400,000		402,068
Oncor Electric Delivery Co. LLC (USD), 6.38%, 01/15/15		230,000		258,394
PECO Energy Co. (USD), 4.75%, 10/01/12		500,000		508,621
PSEG Power LLC (USD), 2.50%, 04/15/13		25,000		25,419
Public Service Electric & Gas Co., Series G (USD), MTN, 0.85%, 08/15/14		400,000		401,701
Southern California Edison Co. (USD), 0.92%, 09/15/14 (b)		320,000		320,185
				3,846,928
Electrical Equipment (0.4%)
Emerson Electric Co. (USD), 4.50%, 05/01/13		187,000		194,292
Energy Equipment & Services (1.5%)
Enbridge Energy Partners LP, Series B (USD), 4.75%, 06/01/13		90,000		93,428
Energy Transfer Partners LP (USD), 5.95%, 02/01/15		190,000		208,345
Enterprise Products Operating LLC (USD), 4.60%, 08/01/12		400,000		404,007
				705,780
Food Products (0.2%)
Kroger Co. (USD), 5.00%, 04/15/13		100,000		103,887
Gas Utilities (0.5%)
Sempra Energy (USD), 1.23%, 03/15/14 (b)		250,000		250,223
Healthcare Providers & Services (0.3%)
Quest Diagnostics, Inc. (USD), 1.32%, 03/24/14 (b)	$	140,000	$	141,123
Information Technology Services (0.8%)
International Business Machines Corp. (USD), 0.55%, 02/06/15		380,000		378,156
Insurance (4.4%)
21st Century Insurance Group (USD), 5.90%, 12/15/13		75,000		79,207
American International Group, Inc. (USD), 3.00%, 03/20/15		300,000		305,161
MetLife Institutional Funding II (USD), 1.37%, 04/04/14 (a)(b)		400,000		401,404
New York Life Global Funding (USD), 0.73%, 04/04/14 (a)(b)		400,000		399,510
Principal Life Income Funding Trusts (USD), MTN, 5.30%, 04/24/13		450,000		470,158
Prudential Financial, Inc.
(USD), MTN, 2.75%, 01/14/13		230,000		233,235
Series B (USD), MTN, 4.75%, 04/01/14		170,000		179,997
				2,068,672
Media (1.7%)
Comcast Corp. (USD), 5.30%, 01/15/14		300,000		321,781
COX Communications, Inc. (USD), 7.13%, 10/01/12		100,000		102,687
Walt Disney Co., Series E (USD), 0.88%, 12/01/14		350,000		351,490
				775,958
Metals & Mining (0.1%)
Nucor Corp. (USD), 5.00%, 12/01/12		48,000		49,162
Office/Business Equipment (1.1%)
Xerox Corp.
(USD), 5.50%, 05/15/12		150,000		150,227
(USD), 1.87%, 09/13/13 (b)		340,000		342,476
				492,703
Oil & Gas Services (0.2%)
Cameron International Corp. (USD), 1.41%, 06/02/14 (b)		95,000		95,140
Oil, Gas & Consumable Fuels (1.5%)
EOG Resources, Inc. (USD), 6.13%, 10/01/13		400,000		429,460
Phillips 66 (USD), 1.95%, 03/05/15 (a)		250,000		252,431
				681,891
Pharmaceuticals (0.7%)
Aristotle Holding, Inc. (USD), 2.75%, 11/21/14 (a)		175,000		179,866
GlaxoSmithKline Capital, Inc. (USD), 4.85%, 05/15/13		135,000		141,221
				321,087

See accompanying notes to financial statements.

2012 Semiannual Report

55

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen Ultra-Short Duration Bond Fund

	Shares or Principal Amount		Value
Real Estate (0.5%)
HCP, Inc. (USD), 2.70%, 02/01/14	$	125,000	$	126,831
Mack-Cali Realty LP (USD), 5.13%, 02/15/14		105,000		109,752
				236,583
Semiconductors (0.8%)
Texas Instruments, Inc. (USD), 1.38%, 05/15/14		350,000		355,745
Specialty Retail (0.9%)
Target Corp. (USD), 1.13%, 07/18/14		390,000		394,381
Transportation (0.4%)
Burlington Northern Santa Fe LLC (USD), 5.90%, 07/01/12		200,000		201,725
				21,775,852
Total Corporate Bonds				22,169,487
FOREIGN NON-GOVERNMENT BONDS (11.9%)
AUSTRALIA (2.4%)
Commercial Banks (1.6%)
National Australia Bank Ltd. (USD), 1.42%, 07/25/14 (a)(b)		400,000		401,936
Westpac Banking Corp. (USD), 1.20%, 03/31/14 (a)(b)		350,000		350,635
				752,571
Metals & Mining (0.8%)
BHP Billiton Finance USA Ltd.
(USD), 5.50%, 04/01/14		55,000		60,001
(USD), 1.00%, 02/24/15		300,000		300,846
				360,847
				1,113,418
CANADA (4.9%)
Commercial Banks (2.8%)
Bank of Montreal (USD), MTN, 0.94%, 04/29/14 (b)		400,000		400,605
Bank of Nova Scotia (USD), 1.51%, 01/12/15 (b)		235,000		238,420
Royal Bank of Canada (USD), 1.45%, 10/30/14		350,000		354,628
Toronto-Dominion Bank (USD), MTN, 0.92%, 11/01/13 (b)		300,000		301,609
				1,295,262
Energy Equipment & Services (0.4%)
TransCanada PipeLines Ltd. (USD), 0.88%, 03/02/15		175,000		175,376
Metals & Mining (0.7%)
Barrick Gold Corp. (USD), 1.75%, 05/30/14		350,000		354,928
Oil, Gas & Consumable Fuels (1.0%)
Talisman Energy, Inc. (USD), 5.13%, 05/15/15		220,000		240,081
Total Capital Canada Ltd. (USD), 1.63%, 01/28/14		235,000		239,186
				479,267
				2,304,833
FRANCE (1.2%)
Electric Utilities (0.2%)
EDF SA (USD), 5.50%, 01/26/14 (a)	$	100,000	$	106,784
Pharmaceuticals (1.0%)
Sanofi-Aventis (USD), 0.78%, 03/28/14 (b)		435,000		437,050
				543,834
GERMANY (0.5%)
Commercial Banks (0.5%)
Deutsche Bank AG (USD), GMTN, 4.88%, 05/20/13		245,000		254,440
NETHERLANDS (0.5%)
Commercial Banks (0.5%)
ING Bank NV (USD), 2.38%, 06/09/14 (a)		225,000		223,369
UNITED KINGDOM (2.4%)
Commercial Banks (0.4%)
Barclays Bank PLC (USD), 2.50%, 01/23/13		200,000		201,866
Food Products (0.4%)
TESCO PLC (USD), 2.00%, 12/05/14 (a)		175,000		177,606
Metals & Mining (1.1%)
Rio Tinto Finance USA PLC (USD), 1.13%, 03/20/15		500,000		499,674
Oil, Gas & Consumable Fuels (0.5%)
BP Capital Markets PLC (USD), 1.10%, 12/06/13 (b)		250,000		252,094
				1,131,240
Total Foreign Non-Government Bonds				5,571,134
U.S. AGENCY DEBENTURES (20.5%)
UNITED STATES (20.5%)
Federal Home Loan Bank Discount Note
(USD), 0.00%, 05/04/12 (d)		600,000		599,995
(USD), 0.00%, 05/18/12 (d)		450,000		449,978
(USD), 0.00%, 10/04/12 (d)		1,900,000		1,899,012
(USD), 0.00%, 10/31/12 (d)		525,000		524,680
Federal Home Loan Mortgage Corp.
(USD), 1.00%, 08/28/12		800,000		802,234
(USD), 0.21%, 11/04/13 (b)		500,000		500,067
Federal Home Loan Mortgage Corp. Discount Note
(USD), 0.00%, 06/27/12 (d)		448,000		446,973
(USD), 0.00%, 09/19/12 (d)		600,000		599,789
(USD), 0.00%, 01/07/13 (d)		3,000,000		2,997,075
Federal National Mortgage Association
(USD), 0.27%, 09/17/12 (b)		650,000		650,307
(USD), 0.26%, 11/23/12 (b)		130,000		130,078
				9,600,188
Total U.S. Agency Debentures				9,600,188

See accompanying notes to financial statements.

Semiannual Report 2012

56

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen Ultra-Short Duration Bond Fund

	Shares or Principal Amount		Value
U.S. TREASURY OBLIGATIONS (8.7%)
UNITED STATES (8.7%)
U.S. Treasury Bill (USD), 0.17%, 03/07/13	$	1,000,000	$	998,538
U.S. Treasury Notes
(USD), 0.75%, 05/31/12		50,000		50,023
(USD), 0.75%, 03/31/13		2,000,000		2,010,156
(USD), 0.25%, 03/31/14		1,000,000		999,883
Total U.S. Treasury Obligations				4,058,600
YANKEE DOLLARS (0.4%)
CANADA (0.4%)
Electric Utilities (0.2%)
TransAlta Corp. (USD), 5.75%, 12/15/13		100,000		106,145
Metals & Mining (0.2%)
Xstrata Canada Corp. (USD), 7.35%, 06/05/12		60,000		60,280
				166,425
Total Yankee Dollars				166,425
COMMERCIAL PAPER (2.3%)
FRANCE (1.1%)
Electric Utilities (1.1%)
EDF SA (USD), 0.42%, 06/08/12		500,000		499,778
UNITED KINGDOM (0.6%)
Oil, Gas & Consumable Fuels (0.6%)
BP Capital Markets PLC (USD), 0.78%, 01/03/13		300,000		299,436
UNITED STATES (0.6%)
Insurance (0.6%)
Prudential PLC (USD), 0.80%, 09/13/12		300,000		299,296
Total Commercial Paper				1,098,510
REPURCHASE AGREEMENT (2.2%)
UNITED STATES (2.2%)
State Street Bank, 0.08%, dated 04/30/12, due 05/01/12, repurchase price $1,015,002 collateralized by U.S.Treasury Note, maturing 8/15/41; total market value of $1,035,900		1,015,000		1,015,000
Total Repurchase Agreement				1,015,000
Total Investments (Cost $46,949,915) (e)—100.7%				47,095,334
Liabilities in excess of other assets—(0.7)%				(315,623	)
Net Assets—100.0%			$	46,779,711

(a) Denotes a restricted security.

(b) Variable or Floating Rate Security. Rate disclosed is as of April 30, 2012.

(c) FDIC Guaranteed.

(d) Issued with a zero coupon.

(e) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

GMTN Global Medium Term Note

MTN Medium Term Note

REIT Real Estate Investment Trust

USD U.S. Dollar

See accompanying notes to financial statements.

2012 Semiannual Report

57

Aberdeen U.S. High Yield Bond Fund (Unaudited)

The Aberdeen U.S. High Yield Bond Fund (Class A shares at NAV) returned 0.13% from the date of its inception on February 27, 2012, to the end of the semiannual period on April 30, 2012, versus the 0.84% return of its benchmark, the Bank of America Merrill Lynch U.S. High Yield Master II Index, during the same period. For broader comparison, the average return of the Fund’s Morningstar peer category of High Yield Bond Funds (consisting of 572 funds) was 0.82% for the period.*

After a very strong start to 2012, the U.S. high yield market cooled off slightly during March and April. Performance during the period was strongest in the lower-quality spectrum of the market as CCC rated credits outperformed versus BB and single B issues. New issuance in the high yield market remains robust. Through the first four months of 2012, the volume of new issues stood at nearly $130 billion and was on track to surpass the record issuance of $302 billion in 2010. Refinancing continued to comprise the majority of primary market new-issuance activity for the year to date.

Aberdeen’s high yield investment process

Aberdeen’s U.S. High Yield team employs a research-driven investment strategy that seeks what we believe are high total return opportunities (both current income and capital appreciation) while maintaining rigorous control of downside risk. The U.S. High Yield team draws input from our investment teams globally, including the fixed income teams in London, Singapore and Sydney, and from the Aberdeen equity teams. Consequently, we construct portfolios seeking high-yield investment opportunities that we believe can generate strong risk-adjusted returns over a market cycle. A defining feature of our investment process is the heavy emphasis on downside risk, as measured by capital at risk (CAR)—the difference between a security’s current market price and our estimate of its value in a distressed scenario.

We believe that value in the high-yield market can be defined as excess yield net of anticipated default losses. Given the inherently volatile nature of the asset class, experienced managers may be able to generate competitive returns using a disciplined investment process that is built on a foundation of fundamental research. At Aberdeen, our focus on protecting the downside seeks to outperform versus the Fund’s peers in down markets and produce strong risk-adjusted returns over a market cycle.

Outlook and portfolio positioning

The Bank of America Merrill Lynch U.S. High Yield Master II Index ended the reporting period with a weighted average yield to worst (the lowest yield that a buyer can expect among the reasonable alternatives, such as yield to maturity, yield to call, and yield to

* Source: Morningstar via Strategic Insight

refunding) of just below 7%, which we believe is a level where the yield-focused high-yield investors tend to take a step back and wait for a more attractive entry point. We believe the market could trade to its record tight yield of 6.6% since, in our opinion, high-yield company balance sheets collectively are as healthy as any time in the history of the asset class. However, even in that scenario, there currently remains very little capital appreciation upside for the broad market.

Nonetheless, the Fund is constructed with capital appreciation potential in every security in the portfolio, as our bottom-up investment process is designed to take advantage of opportunities in securities that in our opinion have been mispriced in the market. Additionally, we believe the Fund is positioned well if history repeats itself and we experience a rise in yields over the next few months. We feel that our focus on downside protection using our capital at risk methodology should dampen any volatility that may appear in the market.

Portfolio Management:

Aberdeen U.S. High Yield Team

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

Fixed income securities are subject to certain risks including, but not limited to interest rate, credit, prepayment, and extension risk.

Foreign securities are more volatile, harder to price and less liquid than U.S. securities. These risks are enhanced in emerging market countries.

The Fund may invest in derivatives which can be volatile and may affect fund performance.

Please read the prospectus for more detailed information regarding these risks.

Semiannual Report 2012

58

Aberdeen U.S. High Yield Bond Fund (Unaudited)

Average Annual Total Return (For period ended April 30, 2012)		Inception†1
Class A2	w/o SC		0.13%
	w/SC2		(4.09%	)
Class C	w/o SC		–
	w/SC3		(0.99%	)
Class R4	w/o SC		0.09%
Institutional Service Class4	w/o SC		0.17%
Institutional Class4	w/o SC		0.17%

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.

† Not annualized.

1 Fund commenced operations on February 28, 2012.

2 A 4.25% front-end sales charge was deducted.

3 A 1.00% CDSC was deducted from the six month and 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 charge.

2012 Semiannual Report

59

Aberdeen U.S. High Yield Bond Fund (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative Performance of $10,000 invested in Class A shares of the Aberdeen U.S. High Yield Bond Fund, the Bank of America Merrill Lynch U.S. High Yield Master II 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 Bank of America Merrill Lynch U.S. High Yield Master II Index is a market capitalization-weighted index that tracks the performance of below investment grade corporate debt publicly issued in the US domestic market.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

Investment returns 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 and does 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.

Portfolio Summary (as a percentage of net assets)

April 30, 2012 (Unaudited)

Asset Allocation
Corporate Bonds	76.0%
Foreign Non-Government Bonds	11.8%
Repurchase Agreement	11.7%
Convertible Bonds	1.4%
Liabilities in excess of other assets	(0.9%	)
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	14.7%
Diversified Telecommunication Services	10.7%
Coal	7.5%
Healthcare Providers & Services	5.5%
Commercial Services & Supplies	5.4%
Diversified Financial Services	3.8%
Electric Utilities	3.6%
Lodging	2.9%
Metals & Mining	2.9%
Home Builders	2.7%
Other	40.3%
	100.0%

Top Holdings*
Sprint Nextel Corp. 11/15/21	2.8%
Venoco, Inc. 02/15/19	2.2%
Arch Coal, Inc. 06/15/21	1.9%
Radnet Management, Inc. 04/01/18	1.7%
Alpha Natural Resources, Inc. 06/01/21	1.7%
Clearwire Communications LLC 12/01/17	1.6%
Intelsat Luxembourg SA, PIK 02/04/17	1.6%
Hercules Offshore, Inc. 04/01/19	1.6%
Norcraft Cos. LP 12/15/15	1.5%
Marina District Finance Co., Inc. 08/15/18	1.5%
Other	81.9%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

Semiannual Report 2012

60

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen U.S. High Yield Bond Fund

	Shares or Principal Amount		Value
CORPORATE BONDS (76.0%)
UNITED STATES (76.0%)
Aerospace & Defense (0.9%)
AAR Corp. (USD), 7.25%, 01/15/22 (a)	$	105,000	$	106,707
Apparel (0.9%)
Hanesbrands, Inc. (USD), 6.38%, 12/15/20		50,000		51,625
Levi Strauss & Co. (USD), 6.88%, 05/01/22 (a)		55,000		56,238
				107,863
Auto Parts & Equipment (0.9%)
Tenneco, Inc. (USD), 6.88%, 12/15/20		100,000		107,500
Building Materials (1.2%)
Nortek, Inc. (USD), 8.50%, 04/15/21		140,000		138,250
Chemicals (1.2%)
Taminco Global Chemical Corp. (USD), 9.75%, 03/31/20 (a)		135,000		141,075
Coal (7.5%)
Alpha Natural Resources, Inc. (USD), 6.25%, 06/01/21		210,000		195,825
Arch Coal, Inc. (USD), 7.25%, 06/15/21 (a)		250,000		223,125
Consol Energy, Inc. (USD), 6.38%, 03/01/21		155,000		145,700
Peabody Energy Corp. (USD), 6.25%, 11/15/21 (a)		140,000		141,750
Westmoreland Coal Co. (USD), 10.75%, 02/01/18 (a)		175,000		165,375
				871,775
Commercial Services & Supplies (5.4%)
CoreLogic, Inc. (USD), 7.25%, 06/01/21 (a)		40,000		42,100
DynCorp International, Inc. (USD), 10.38%, 07/01/17		155,000		132,912
PHH Corp. (USD), 9.25%, 03/01/16		165,000		168,300
RSC Equipment Rental Inc. (USD), 10.25%, 11/15/19		40,000		45,000
ServiceMaster Co. (USD), 7.10%, 03/01/18		155,000		145,506
TransUnion Holding Co., Inc., PIK (USD), 9.63%, 06/15/18 (a)		85,000		91,163
				624,981
Diversified Financial Services (2.3%)
International Lease Finance Corp. (USD), 6.25%, 05/15/19		170,000		171,677
Nationstar Mortgage LLC
(USD), 10.88%, 04/01/15		75,000		80,250
(USD), 9.63%, 05/01/19 (a)		15,000		15,413
				267,340
Diversified Telecommunication Services (9.1%)
Alaska Communications Systems Group, Inc. (USD), 6.25%, 05/01/18 (a)		175,000		129,062
Cincinnati Bell, Inc. (USD), 8.38%, 10/15/20		115,000		115,000
Clearwire Communications LLC (USD), 12.00%, 12/01/17 (a)		250,000		186,250
Cricket Communications, Inc.
(USD), 10.00%, 07/15/15		110,000		114,675
(USD), 7.75%, 10/15/20		115,000		107,813

	Shares or Principal Amount		Value
Sprint Nextel Corp. (USD), 11.50%, 11/15/21 (a)	$	300,000	$	318,750
Windstream Corp. (USD), 7.75%, 10/01/21		80,000		85,800
				1,057,350
Electric Utilities (3.6%)
Edison Mission Energy (USD), 7.00%, 05/15/17		255,000		159,375
Energy Future Holdings Corp. (USD), 10.00%, 01/15/20		80,000		87,100
GenOn Energy, Inc. (USD), 9.88%, 10/15/20		180,000		169,200
				415,675
Electronics (1.0%)
Jabil Circuit, Inc. (USD), 8.25%, 03/15/18		95,000		110,675
Energy Equipment & Services (0.9%)
Chesapeake Midstream Partners LP (USD), 5.88%, 04/15/21		110,000		104,500
Entertainment (1.4%)
Greektown Superholdings, Inc., Series A (USD), 13.00%, 07/01/15		150,000		165,563
Environmental Control (1.8%)
Covanta Holding Corp. (USD), 6.38%, 10/01/22		95,000		97,718
EnergySolutions, Inc. (USD), 10.75%, 08/15/18		110,000		114,125
				211,843
Food & Staples (1.3%)
HOA Restaurant Group LLC (USD), 11.25%, 04/01/17 (a)		150,000		146,625
Food Products (1.2%)
Post Holdings, Inc. (USD), 7.38%, 02/15/22 (a)		135,000		140,400
Healthcare Providers & Services (5.5%)
Acadia Healthcare Co., Inc. (USD), 12.88%, 11/01/18		90,000		98,100
Apria Healthcare Group, Inc. (USD), 12.38%, 11/01/14		140,000		136,850
Community Health Systems, Inc. (USD), 8.00%, 11/15/19 (a)		50,000		52,750
HCA, Inc. (USD), 6.50%, 02/15/20		60,000		64,200
Radnet Management, Inc. (USD), 10.38%, 04/01/18		200,000		198,500
Tenet Healthcare Corp. (USD), 8.00%, 08/01/20		85,000		88,400
				638,800
Home Builders (2.7%)
KB Home (USD), 8.00%, 03/15/20		140,000		136,675
Meritage Homes Corp. (USD), 7.00%, 04/01/22 (a)		100,000		101,500
Ryland Group, Inc. (The) (USD), 6.63%, 05/01/20		40,000		39,500
Standard Pacific Corp. (USD), 10.75%, 09/15/16		25,000		28,750
				306,425
Home Furnishings (1.5%)
Norcraft Cos. LP (USD), 10.50%, 12/15/15		190,000		177,650
Information Technology Services (0.7%)
SunGard Data Systems, Inc. (USD), 7.63%, 11/15/20		80,000		85,300

See accompanying notes to financial statements.

2012 Semiannual Report

61

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen U.S. High Yield Bond Fund

	Shares or Principal Amount		Value
Lodging (2.9%)
Boyd Gaming Corp. (USD), 9.13%, 12/01/18	$	80,000	$	84,000
Mandalay Resort Group (USD), 7.63%, 07/15/13		75,000		76,781
Marina District Finance Co., Inc. (USD), 9.88%, 08/15/18		180,000		172,800
				333,581
Media (0.5%)
CCO Holdings LLC (USD), 6.63%, 01/31/22		55,000		57,544
Oil & Gas Services (1.3%)
Forbes Energy Services Ltd. (USD), 9.00%, 06/15/19		155,000		150,350
Oil, Gas & Consumable Fuels (13.8%)
Antero Resources Finance Corp. (USD), 7.25%, 08/01/19 (a)		125,000		128,750
Carrizo Oil & Gas, Inc. (USD), 8.63%, 10/15/18		85,000		90,100
Chaparral Energy, Inc.
(USD), 8.25%, 09/01/21		100,000		106,500
(USD), 7.63%, 11/15/22 (a)		90,000		91,575
Comstock Resources, Inc. (USD), 8.38%, 10/15/17		100,000		98,500
EV Energy Partners LP (USD), 8.00%, 04/15/19		80,000		81,600
EXCO Resources, Inc. (USD), 7.50%, 09/15/18		200,000		170,500
Hercules Offshore, Inc. (USD), 10.25%, 04/01/19 (a)		180,000		179,100
Laredo Petroleum, Inc. (USD), 7.38%, 05/01/22 (a)		15,000		15,525
Oasis Petroleum, Inc. (USD), 6.50%, 11/01/21		100,000		102,000
Petroleum Development Corp. (USD), 12.00%, 02/15/18		130,000		140,400
Quicksilver Resources, Inc. (USD), 7.13%, 04/01/16		145,000		132,675
Venoco, Inc. (USD), 8.88%, 02/15/19		275,000		257,812
				1,595,037
Packaging & Containers (1.5%)
Pretium Packaging LLC (USD), 11.50%, 04/01/16		110,000		114,400
Sealed Air Corp. (USD), 8.38%, 09/15/21 (a)		50,000		56,750
				171,150
Paper & Forest Products (0.8%)
Monaco SpinCo, Inc. (USD), 6.75%, 04/30/20 (a)		85,000		87,975
Software (1.5%)
Fidelity National Information Services, Inc. (USD), 5.00%, 03/15/22 (a)		55,000		55,000
First Data Corp., PIK (USD), 10.55%, 09/24/15		110,000		111,925
				166,925
Specialty Retail (1.3%)
99 Cents Only Stores (USD), 11.00%, 12/15/19 (a)		140,000		151,550
Transportation (1.1%)
Commercial Barge Line Co. (USD), 12.50%, 07/15/17		35,000		39,331
Navios Maritime Holdings, Inc. (USD), 8.13%, 02/15/19		95,000		84,313
				123,644
Trucking & Leasing (0.3%)
NESCO LLC (USD), 11.75%, 04/15/17 (a)		35,000		35,525
Total Corporate Bonds				8,799,578
FOREIGN NON-GOVERNMENT BONDS (11.8%)
AUSTRALIA (1.0%)
Metals & Mining (1.0%)
FMG Resources August 2006 Pty Ltd. (USD), 6.88%, 04/01/22 (a)		110,000		111,650
AUSTRIA (1.1%)
Oil, Gas & Consumable Fuels (0.9%)
OGX Austria GmbH (USD), 8.50%, 06/01/18 (a)		100,000		103,750
Paper & Forest Products (0.2%)
Sappi Papier Holding GmbH (USD), 6.63%, 04/15/21 (a)		27,000		25,447
				129,197
BERMUDA (1.5%)
Diversified Financial Services (1.5%)
Aircastle Ltd. (USD), 7.63%, 04/15/20 (a)		170,000		172,550
CANADA (1.9%)
Metals & Mining (1.9%)
New Gold, Inc. (USD), 7.00%, 04/15/20 (a)		55,000		56,237
Taseko Mines Ltd. (USD), 7.75%, 04/15/19		170,000		161,500
				217,737
CAYMAN ISLANDS (2.3%)
Computers & Peripherals (0.7%)
Seagate HDD Cayman (USD), 7.00%, 11/01/21 (a)		80,000		86,800
Investment Companies (1.6%)
Offshore Group Investments Ltd.
(USD), 11.50%, 08/01/15		110,000		120,313
(USD), 11.50%, 08/01/15 (a)		55,000		60,156
				180,469
				267,269
FRANCE (0.5%)
Oil & Gas Services (0.5%)
Cie Generale de Geophysique — Veritas (USD), 6.50%, 06/01/21		55,000		56,650
LUXEMBOURG (3.5%)
Apparel (1.1%)
Boardriders SA (EUR), 8.88%, 12/15/17 (a)		100,000		135,679
Diversified Telecommunication Services (1.6%)
Intelsat Luxembourg SA, PIK (USD), 11.50%, 02/04/17		175,000		182,438

See accompanying notes to financial statements.

Semiannual Report 2012

62

Statement of Investments (continued)

April 30, 2012 (Unaudited)

Aberdeen U.S. High Yield Bond Fund

	Shares or Principal Amount		Value
Packaging & Containers (0.8%)
Greif Luxembourg Finance SCA (EUR), 7.38%, 07/15/21 (a)	$	65,000	$	90,235
				408,352
Total Foreign Non-Government Bonds				1,363,405
CONVERTIBLE BONDS (1.4%)
UNITED STATES (1.4%)
Oil, Gas & Consumable Fuels (1.4%)
GMX Resources, Inc. (USD), 4.50%, 05/01/15		340,000		154,700
Total Convertible Bonds				154,700
REPURCHASE AGREEMENT (11.7%)
UNITED STATES (11.7%)
State Street Bank, 0.08%, dated 04/30/12, due 05/01/12, repurchase price $1,355,003, collateralized by a U.S. Treasury Note, maturing 04/30/19; total market value of $1,386,281		1,355,000		1,355,000
Total Repurchase Agreement				1,355,000
Total Investments (Cost $11,781,198) (b)—100.9%				11,672,683
Liabilities in excess of other assets—(0.9)%				(102,408	)
Net Assets—100.0%			$	11,570,275

(a) Denotes a restricted security.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

EUR Euro Currency

PIK Payment In Kind

USD U.S. Dollar

See accompanying notes to financial statements.

2012 Semiannual Report

63

Statement of Investments (concluded)

April 30, 2012 (Unaudited)

Aberdeen U.S. High Yield Bond Fund

At April 30, 2012, 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 Currency
07/20/12	State Street	USD	230,692	EUR		175,008	$	231,754	$	(1,062	)

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

See accompanying notes to financial statements.

Semiannual Report 2012

64

Statements of Assets and Liabilities (Unaudited)

April 30, 2012

	Aberdeen Asia Bond Fund		Aberdeen Core Fixed Income Fund		Aberdeen Emerging Markets Debt Local Currency Fund		Aberdeen Global Fixed Income Fund		Aberdeen Tax-Free Income Fund
Assets:
Investments, at value	$	463,817,331	$	97,590,513	$	27,188,621	$	31,372,244	$	115,671,564
Repurchase agreements, at value		12,479,000		6,292,000		1,750,000		1,004,000		2,312,000
Total investments		476,296,331		103,882,513		28,938,621		32,376,244		117,983,564
Foreign currency, at value		1,459,225		–		386,975		371,800		–
Cash		91,507		1,015		912		72		859
Cash collateral pledged for futures		463,292		–		–		188,851		–
Interest receivable		5,600,765		569,222		529,179		326,958		1,453,997
Unrealized appreciation on forward foreign currency exchange contracts		7,421,550		–		45,330		32,514		–
Receivable for investments sold		569,278		988,444		669,513		275,162		–
Receivable for capital shares issued		795,287		1,089		29,857		31,025		4,220
Variation margin receivable for futures contracts		113,813		–		–		–		–
Receivable from adviser		13,056		3,776		24,531		6,940		–
Prepaid expenses		100,747		98,420		64,312		35,368		6,807
Total assets		492,924,851		105,544,479		30,689,230		33,644,934		119,449,447
Liabilities:
Payable for investments purchased		659,723		6,619,092		1,015,985		459,738		1,823,815
Unrealized depreciation on forward foreign currency exchange contracts		6,993,282		–		152,464		41,662		–
Payable for capital shares redeemed		581,244		866,596		–		18,914		32,023
Payable to broker		630,000		–		–		–		–
Distributions payable		–		43,783		–		–		95,832
Accrued foreign capital gains tax		26,251		–		–		–		–
Payable for variation margin on futures contracts		–		875		–		22,051		–
Unrealized depreciation on spot foreign currency exchange contracts		–		–		259		–		–
Accrued expenses and other payables:
Investment advisory fees		228,327		24,014		19,101		16,178		64,233
Administration fees		12,147		2,129		635		717		2,544
Administrative services fees		1,329		126		4		12,799		12
Transfer agent fees		29,409		2,334		3,093		2,776		2,029
Distribution fees		16		1,337		629		1,414		4,048
Printing fees		31,722		1,944		357		479		11,109
Legal fees		10,794		1,490		148		356		1,736
Fund accounting fees		8,865		2,983		229		892		2,503
Custodian fees		18,080		114		381		2,711		174
Other		6,221		7,931		15,531		14,012		15,075
Total liabilities		9,237,410		7,574,748		1,208,816		594,699		2,055,133
Net Assets	$	483,687,441	$	97,969,731	$	29,480,414	$	33,050,235	$	117,394,314
Cost:
Investments	$	450,344,484	$	95,155,090	$	27,628,854	$	29,956,840	$	103,718,208
Repurchase agreements		12,479,000		6,292,000		1,750,000		1,004,000		2,312,000
Foreign currency		1,460,025		–		384,034		392,010		–

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

See accompanying notes to financial statements.

2012 Semiannual Report

65

Statements of Assets and Liabilities (Unaudited) (continued)

April 30, 2012

	Aberdeen Asia Bond Fund			Aberdeen Core Fixed Income Fund			Aberdeen Emerging Markets Debt Local Currency Fund			Aberdeen Global Fixed Income Fund			Aberdeen Tax-Free Income Fund
Represented by:
Capital	$	468,235,123		$	94,327,706		$	30,475,706		$	33,138,330		$	105,186,865
Accumulated net investment income/(loss)		6,519,177			(37,313	)		372,944			(161,478	)		(90,940	)
Accumulated net realized gain/(loss) from investments, futures contracts, swaps and foreign currency transactions		(5,037,872	)		1,255,126			(824,691	)		(1,313,594	)		345,033
Net unrealized appreciation/(depreciation) on investments, futures contracts, forwards and translation of assets and liabilities denominated in foreign currencies		13,971,013			2,424,212			(543,545	)		1,386,977			11,953,356
Net Assets	$	483,687,441		$	97,969,731		$	29,480,414		$	33,050,235		$	117,394,314
Net Assets:
Class A Shares	$	29,056		$	4,223,701		$	478,882		$	2,855,423		$	10,853,349
Class C Shares		10,043			598,117			369,833			1,010,040			2,235,870
Class D Shares		–			–			–			–			104,305,095
Class R Shares		10,051			–			663,278			–			–
Institutional Service Class Shares		10,323,973			20,438			9,849			29,138,520			–
Institutional Class Shares		473,314,318			93,127,475			27,958,572			46,252			–
Total	$	483,687,441		$	97,969,731		$	29,480,414		$	33,050,235		$	117,394,314
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,655			381,439			50,492			274,084			1,016,273
Class C Shares		919			54,103			39,123			97,487			209,590
Class D Shares		–			–			–			–			9,756,256
Class R Shares		919			–			69,927			–			–
Institutional Service Class Shares		943,850			1,835			1,038			2,794,445			–
Institutional Class Shares		43,251,327			8,358,714			2,946,486			4,430			–
Total		44,199,670			8,796,091			3,107,066			3,170,446			10,982,119
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	10.94		$	11.07		$	9.48	(a)	$	10.42		$	10.68
Class C Shares(b)	$	10.93		$	11.06		$	9.45		$	10.36		$	10.67
Class D Shares	$	–		$	–		$	–		$	–		$	10.69
Class R Shares	$	10.94		$	–		$	9.49		$	–		$	–
Institutional Service Class Shares	$	10.94		$	11.14		$	9.49		$	10.43		$	–
Institutional Class Shares	$	10.94		$	11.14		$	9.49		$	10.44		$	–
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.43		$	11.56		$	9.90		$	10.88		$	11.15
Class D Shares	$	–		$	–		$	–		$	–		$	11.19
Maximum Sales Charge:
Class A Shares		4.25	%		4.25	%		4.25	%		4.25	%		4.25	%
Class D Shares		–	%		–	%		–	%		–	%		4.50	%

(a) The NAV shown above differs from the traded NAV on April 30, 2012 due to financial statement rounding.

(b) 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.

Semiannual Report 2012

66

Statements of Assets and Liabilities (Unaudited) (continued)

April 30, 2012

	Aberdeen Ultra-Short Duration Bond Fund		Aberdeen U.S. High Yield Bond Fund
Assets:
Investments, at value	$	46,080,334	$	10,317,683
Repurchase agreements, at value		1,015,000		1,355,000
Total investments		47,095,334		11,672,683
Cash		2,023		903
Interest receivable		156,912		231,577
Receivable for investments sold		–		297,249
Receivable from adviser		7,357		12,312
Receivable for capital shares issued		–		770
Unrealized appreciation on spot foreign currency exchange contracts		–		78
Prepaid expenses		50,047		4
Total assets		47,311,673		12,215,576
Liabilities:
Payable for investments purchased		470,578		623,741
Distributions payable		18,041		1,696
Unrealized depreciation on forward foreign currency exchange contracts		–		1,062
Accrued expenses and other payables:
Investment advisory fees		7,323		5,617
Administration fees		974		249
Administrative services fees		19		–
Transfer agent fees		17,465		6,530
Distribution fees		11		19
Printing fees		581		74
Legal fees		572		81
Fund accounting fees		666		262
Custodian fees		271		581
Other		15,461		5,389
Total liabilities		531,962		645,301
Net Assets	$	46,779,711	$	11,570,275
Cost:
Investments	$	45,934,915	$	10,426,198
Repurchase agreements		1,015,000		1,355,000
Represented by:
Capital	$	46,622,168	$	11,668,765
Accumulated net investment income		381		305
Accumulated net realized gain from investments, futures contracts, swaps and foreign currency transactions		11,743		10,672
Net unrealized appreciation/(depreciation) on investments, futures contracts, forwards and translation of assets and liabilities denominated in foreign currencies		145,419		(109,467	)
Net Assets	$	46,779,711	$	11,570,275
Net Assets:
Class A Shares	$	51,918	$	31,987
Class C Shares		–		9,997
Class R Shares		–		10,005
Institutional Service Class Shares		7,702		10,014
Institutional Class Shares		46,720,091		11,508,272
Total	$	46,779,711	$	11,570,275

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

See accompanying notes to financial statements.

2012 Semiannual Report

67

Statements of Assets and Liabilities (Unaudited) (concluded)

April 30, 2012

	Aberdeen Ultra-Short Duration Bond Fund			Aberdeen U.S. High Yield Bond Fund
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		5,168			3,229
Class C Shares		–			1,009
Class R Shares		–			1,010
Institutional Service Class Shares		768			1,011
Institutional Class Shares		4,654,781			1,161,619
Total		4,660,717			1,167,878
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	10.05		$	9.91
Class C Shares(a)	$	–		$	9.91
Class R Shares	$	–		$	9.91
Institutional Service Class Shares	$	10.03		$	9.91
Institutional Class Shares	$	10.04		$	9.91
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.50		$	10.35
Maximum Sales Charge:
Class A Shares		4.25	%		4.25	%

(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.

Semiannual Report 2012

68

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2012

	Aberdeen Asia Bond Fund			Aberdeen Core Fixed Income Fund			Aberdeen Emerging Markets Debt Local Currency Fund			Aberdeen Global Fixed Income Fund			Aberdeen Tax-Free Income Fund
INVESTMENT INCOME:
Interest income	$	13,798,903		$	1,701,873		$	956,582		$	511,719		$	2,446,550
Foreign tax withholding		(691,767	)		(8	)		(9,572	)		(516	)		–
Other income		–			21			–			–			–
		13,107,136			1,701,886			947,010			511,203			2,446,550
Expenses:
Investment advisory fees		1,566,855			151,087			114,100			101,130			246,629
Administration fees		82,699			13,297			3,769			4,445			15,301
Distribution fees Class A		6			5,140			474			3,830			13,330
Distribution fees Class C		17			1,702			1,714			5,008			10,684
Distribution fees Class R		9			–			495			–			–
Administrative services fees Class A		–			226			30			84			433
Administrative service fees Institutional Service Class		11,059			–			–			26,744			–
Transfer agent fees		176,452			14,001			18,558			16,217			33,691
Registration and filing fees		32,749			39,035			99,110			33,193			33,972
Custodian fees		148,034			4,317			16,014			9,313			814
Audit fees		18,012			14,585			15,436			17,543			12,798
Printing fees		29,181			2,260			1,222			4,750			8,870
Fund accounting fees		27,366			2,950			1,356			1,761			5,562
Legal fees		15,518			4,081			778			1,019			4,241
Trustee fees		13,500			2,222			468			753			2,521
Other		26,606			22,550			2,604			4,637			6,625
Total expenses before reimbursed/waived expenses		2,148,063			277,453			276,128			230,427			395,471
Expenses reimbursed		(13,056	)		(18,573	)		(145,053	)		(34,638	)		–
Recoupment of expenses previously reimbursed		–			–			–			–			23,582
Net expenses		2,135,007			258,880			131,075			195,789			419,053
Net Investment Income		10,972,129			1,443,006			815,935			315,414			2,027,497
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:
Realized gain/(loss) on investment transactions		7,580,036			1,299,274			(532,849	)		112,268			345,044
Realized gain/(loss) on swap contracts		(435,510	)		–			–			–			–
Realized gain/(loss) on futures contracts transactions		657,825			(485	)		–			(92,240	)		–
Realized gain/(loss) on foreign currency transactions		(3,117,630	)		–			(290,405	)		(9,371	)		–
Net realized gain/(loss) from investments, futures contracts, swaps and foreign currency transactions		4,684,721			1,298,789			(823,254	)		10,657			345,044
Net change in unrealized appreciation/depreciation on investment transactions		(5,327,458	)		851,095			829,009			2,457			3,760,863
Net change in unrealized appreciation/depreciation on swap contracts		402,830			–			–			–			–
Net change in unrealized appreciation/depreciation on futures contracts		146,987			(11,211	)		–			(6,228	)		–
Net change in unrealized appreciation/depreciation on foreign currency transactions		1,416,440			–			83,529			34,780			–
Net change in unrealized appreciation/depreciation from investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(3,361,201	)		839,884			912,538			31,009			3,760,863
Net realized/unrealized gain from investments, futures contracts, swaps and foreign currency transactions		1,323,520			2,138,673			89,284			41,666			4,105,907
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,295,649		$	3,581,679		$	905,219		$	357,080		$	6,133,404

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

See accompanying notes to financial statements.

2012 Semiannual Report

69

Statements of Operations (Unaudited) (concluded)

For the Six Months Ended April 30, 2012

	Aberdeen Ultra-Short Duration Bond Fund			Aberdeen U.S. High Yield Bond Fund (a)
INVESTMENT INCOME:
Interest income	$	206,044		$	138,518
		206,044			138,518
Expenses:
Investment advisory fees		36,836			11,450
Administration fees		4,855			500
Distribution fees Class A		57			13
Distribution fees Class C		–			17
Distribution fees Class R		–			8
Administrative services fees Class A		19			–
Registration and filing fees		78,777			10,891
Transfer agent fees		20,406			7,561
Audit fees		13,688			6,301
Fund accounting fees		2,375			265
Custodian fees		1,483			894
Legal fees		959			1,260
Printing fees		506			1,260
Trustee fees		882			91
Other		3,398			679
Total expenses before reimbursed/waived expenses		164,241			41,190
Expenses reimbursed		(90,494	)		(25,885	)
Net expenses		73,747			15,305
Net Investment Income		132,297			123,213
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:
Realized gain on investment transactions		13,548			10,574
Realized gain on futures contracts transactions		180			–
Realized gain on foreign currency transactions		–			98
Net realized gain from investments, futures contracts, swaps and foreign currency transactions		13,728			10,672
Net change in unrealized appreciation/depreciation on investment transactions		144,523			(108,515	)
Net change in unrealized appreciation/depreciation on futures contracts		(1,606	)		–
Net change in unrealized appreciation/depreciation on foreign currency transactions		–			(952	)
Net change in unrealized appreciation/depreciation from investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		142,917			(109,467	)
Net realized/unrealized gain/(loss) from investments, futures contracts, swaps and foreign currency transactions		156,645			(98,795	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	288,942		$	24,418

(a) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

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

See accompanying notes to financial statements.

Semiannual Report 2012

70

Statements of Changes in Net Assets

	Aberdeen Asia Bond Fund						Aberdeen Core Fixed Income Fund						Aberdeen Emerging Markets Debt Local Currency Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011 (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	10,972,129		$	21,092,534		$	1,443,006		$	3,846,693		$	815,935		$	473,184
Net realized gain/(loss) from investments, futures contracts, swaps and foreign currency transactions		4,684,721			11,888,717			1,298,789			1,136,332			(823,254	)		(95,417	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(3,361,201	)		(6,194,935	)		839,884			(2,452,537	)		912,538			(1,456,083	)
Changes in net assets resulting form operations		12,295,649			26,786,316			3,581,679			2,530,488			905,219			(1,078,316	)
Distributions to Shareholders From:
Net investment income:
Class A		–			–			(53,799	)		(109,124	)		(7,330	)		(1,500	)
Class C		–			–			(3,198	)		(1,252	)		(6,075	)		(3,540	)
Class R		–			–			–			–			(3,535	)		(129	)
Institutional Service Class		(231,854	)		(326,117	)		(213	)		(44	)		(202	)		(148	)
Institutional Class		(16,433,017	)		(43,860,158	)		(1,385,796	)		(4,217,350	)		(566,796	)		(323,458	)
Net realized gains:
Class A		–			–			(33,783	)		(182,356	)		–			–
Class C		–			–			(1,655	)		(1,055	)		–			–
Institutional Service Class		–			–			(111	)		(64	)		–			–
Institutional Class		–			–			(878,383	)		(9,964,434	)		–			–
Change in net assets from shareholder distributions		(16,664,871	)		(44,186,275	)		(2,356,938	)		(14,475,679	)		(583,938	)		(328,775	)
Change in net assets from capital transactions		(167,249,044	)		134,971,552			(7,256,491	)		(69,832,048	)		(1,604,983	)		32,171,207
Change in net assets		(171,618,266	)		117,571,593			(6,031,750	)		(81,777,239	)		(1,283,702	)		30,764,116
Net Assets:
Beginning of period		655,305,707			537,734,114			104,001,481			185,778,720			30,764,116			–
End of period	$	483,687,441		$	655,305,707		$	97,969,731		$	104,001,481		$	29,480,414		$	30,764,116
Accumulated net investment income/(loss) at end of period	$	6,519,177		$	12,211,919		$	(37,313	)	$	(37,313	)	$	372,944		$	140,947

(a) For the period from May 2, 2011 (commencement of operations) through October 31, 2011.

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

See accompanying notes to financial statements.

2012 Semiannual Report

71

Statements of Changes in Net Assets (continued)

	Aberdeen Asia Bond Fund						Aberdeen Core Fixed Income Fund						Aberdeen Emerging Markets Debt Local Currency Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011 (a)
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	28,855		$	–		$	474,680		$	1,643,725		$	477,537		$	138,147
Dividends reinvested		–			–			76,361			251,252			7,041			641
Cost of shares redeemed(b)		–			–			(640,257	)		(462,719	)		(102,195	)		(56,193	)
Total Class A		28,855			–			(89,216	)		1,432,258			382,383			82,595
Class C Shares
Proceeds from shares issued		10,000			–			455,064			236,770			15,000			358,223
Dividends reinvested		–			–			4,508			1,536			4,348			2,385
Cost of shares redeemed(b)		–			–			(58,376	)		(63,905	)		(225	)		–
Total Class C		10,000			–			401,196			174,401			19,123			360,608
Class R Shares
Proceeds from shares issued		10,000			–			–			–			646,197			10,000
Dividends reinvested		–			–			–			–			3,535			129
Cost of shares redeemed(b)		–			–			–			–			(2,407	)		–
Total Class R		10,000			–			–			–			647,325			10,129
Institutional Service Class Shares
Proceeds from shares issued		1,910,301			8,006,100			15,315			3,540			–			10,000
Dividends reinvested		231,854			326,117			317			106			202			148
Cost of shares redeemed(b)		(863,605	)		(801,201	)		–			–			–			–
Total Institutional Service Class		1,278,550			7,531,016			15,632			3,646			202			10,148
Institutional Class Shares
Proceeds from shares issued		64,350,192			399,214,146			32,962,784			52,966,682			8,340,875			31,459,200
Dividends reinvested		15,452,900			41,463,374			2,254,320			6,178,025			524,653			248,527
Cost of shares redeemed(b)		(248,379,541	)		(313,236,984	)		(42,801,207	)		(130,587,060	)		(11,519,544	)		—
Total Institutional Class		(168,576,449	)		127,440,536			(7,584,103	)		(71,442,353	)		(2,654,016	)		31,707,727
Change in net assets from capital transactions:	$	(167,249,044	)	$	134,971,552		$	(7,256,491	)	$	(69,832,048	)	$	(1,604,983	)	$	32,171,207

(a) For the period from May 2, 2011 (commencement of operations) through October 31, 2011.

(b) Includes redemption fees, if any.

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

See accompanying notes to financial statements.

Semiannual Report 2012

72

Statements of Changes in Net Assets (continued)

	Aberdeen Asia Bond Fund						Aberdeen Core Fixed Income Fund						Aberdeen Emerging Markets Debt Local Currency Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011 (a)
SHARE TRANSACTIONS:
Class A Shares
Issued		2,655			–			43,221			152,082			52,374			14,131
Reinvested		–			–			6,998			23,564			770			68
Redeemed		–			–			(58,460	)		(43,193	)		(10,815	)		(6,036	)
Total Class A Shares		2,655			–			(8,241	)		132,453			42,329			8,163
Class C Shares
Issued		919			–			41,558			21,898			1,606			36,806
Reinvested		–			–			413			144			482			254
Redeemed		–			–			(5,326	)		(6,059	)		(25	)		–
Total Class C Shares		919			–			36,645			15,983			2,063			37,060
Class R Shares
Issued		919			–			–			–			68,792			1,000
Reinvested		–			–			–			–			376			14
Redeemed		–			–			–			–			(255	)		–
Total Class R Shares		919			–			–			–			68,913			1,014
Institutional Service Class Shares
Issued		177,979			722,523			1,384			323			–			1,000
Reinvested		22,251			30,164			29			10			22			16
Redeemed		(80,492	)		(73,136	)		–			–			–			–
Total Institutional Service Class Shares		119,738			679,551			1,413			333			22			1,016
Institutional Class Shares
Issued		5,972,170			36,464,540			2,980,026			4,838,067			896,910			3,232,273
Reinvested		1,482,540			3,863,893			205,364			575,692			57,871			26,340
Redeemed		(22,969,803	)		(28,414,988	)		(3,873,176	)		(12,025,183	)		(1,266,908	)		–
Total Institutional Class Shares		(15,515,093	)		11,913,445			(687,786	)		(6,611,424	)		(312,127	)		3,258,613
Total change in shares:		(15,390,862	)		12,592,996			(657,969	)		(6,462,655	)		(198,800	)		3,305,866

(a) For the period from May 2, 2011 (commencement of operations) through October 31, 2011.

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

See accompanying notes to financial statements.

2012 Semiannual Report

73

Statements of Changes in Net Assets (continued)

	Aberdeen Global Fixed Income Fund						Aberdeen Tax-Free Income Fund						Aberdeen Ultra-Short Duration Bond Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011 (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	315,414		$	866,834		$	2,027,497		$	4,205,281		$	132,297		$	162,076
Net realized gain from investments, futures contracts, swaps and foreign currency transactions		10,657			313,511			345,044			134,119			13,728			19,069
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		31,009			(772,772	)		3,760,863			(612,047	)		142,917			2,502
Changes in net assets resulting form operations		357,080			407,573			6,133,404			3,727,353			288,942			183,647
Distributions to Shareholders From:
Net investment income:
Class A		(58,137	)		(183,217	)		(174,845	)		(332,043	)		(85	)		–
Class B(b)		–			–			–			(6,822	)		–			–
Class C		(15,723	)		(51,512	)		(27,084	)		(58,402	)		–			–
Class D		–			–			(1,825,568	)		(3,807,744	)		–			–
Institutional Service Class		(570,096	)		(1,736,777	)		–			–			(16	)		–
Institutional Class		(745	)		(1,539	)		–			–			(132,192	)		(162,079	)
Net realized gains:
Class A		–			–			(12,368	)		(20,102	)		(33	)		–
Class B(b)		–			–			–			(1,656	)		–			–
Class C		–			–			(2,470	)		(5,164	)		–			–
Class D		–			–			(119,292	)		(221,024	)		–			–
Institutional Class		–			–			–			–			(20,641	)		–
Change in net assets from shareholder distributions		(644,701	)		(1,973,045	)		(2,161,627	)		(4,452,957	)		(152,967	)		(162,079	)
Change in net assets from capital transactions		(2,088,626	)		(4,972,890	)		(1,149,436	)		(8,462,529	)		11,470,801			35,151,367
Change in net assets		(2,376,247	)		(6,538,362	)		2,822,341			(9,188,133	)		11,606,776			35,172,935
Net Assets:
Beginning of period		35,426,482			41,964,844			114,571,973			123,760,106			35,172,935			–
End of period	$	33,050,235		$	35,426,482		$	117,394,314		$	114,571,973		$	46,779,711		$	35,172,935
Accumulated net investment income/(loss) at end of period	$	(161,478	)	$	167,809		$	(90,940	)	$	(90,940	)	$	381		$	377

(a) For the period from November 30, 2010 (commencement of operations) to October 31, 2011.

(b) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

Semiannual Report 2012

74

Statements of Changes in Net Assets (continued)

	Aberdeen Global Fixed Income Fund						Aberdeen Tax-Free Income Fund						Aberdeen Ultra-Short Duration Bond Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011 (a)
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	104,412		$	417,701		$	968,833		$	1,261,929		$	78,787		$	–
Proceeds from conversion of Class B Shares(b)		–			–			–			658,079			–			–
Dividends reinvested		37,909			126,104			118,330			227,979			118			–
Cost of shares redeemed(c)		(432,761	)		(1,263,193	)		(794,660	)		(1,784,151	)		(27,247	)		–
Total Class A		(290,440	)		(719,388	)		292,503			363,836			51,658			–
Class B Shares(b)
Proceeds from shares issued		–			–			–			14,015			–			–
Dividends reinvested		–			–			–			5,573			–			–
Cost of shares converted to Class A Shares		–			–			–			(658,079	)		–			–
Cost of shares redeemed(c)		–			–			–			(173,875	)		–			–
Total Class B		–			–			–			(812,366	)		–			–
Class C Shares
Proceeds from shares issued		77,752			352,967			287,600			259,082			–			–
Dividends reinvested		9,780			24,891			6,580			12,988			–			–
Cost of shares redeemed(c)		(128,470	)		(513,142	)		(198,617	)		(1,015,461	)		–			–
Total Class C		(40,938	)		(135,284	)		95,563			(743,391	)		–			–
Class D
Proceeds from shares issued		–			–			462,149			1,379,233			–			–
Dividends reinvested		–			–			1,428,714			3,038,659			–			–
Cost of shares redeemed(c)		–			–			(3,428,365	)		(11,688,500	)		–			–
Total Class D Shares		–			–			(1,537,502	)		(7,270,608	)		–			–
Institutional Service Class Shares
Proceeds from shares issued		739,427			3,299,837			–			–			7,655			–
Dividends reinvested		537,007			1,641,003			–			–			16			–
Cost of shares redeemed(c)		(3,041,705	)		(9,072,372	)		–			–			–			–
Total Institutional Service Class		(1,765,271	)		(4,131,532	)		–			–			7,671			–
Institutional Class Shares
Proceeds from shares issued		11,569			11,800			–			–			15,731,100			58,221,900
Dividends reinvested		703			1,514			–			–			12,373			8,418
Cost of shares redeemed(c)		(4,249	)		–			–			–			(4,332,001	)		(23,078,951	)
Total Institutional Class		8,023			13,314			–			–			11,411,472			35,151,367
Change in net assets from capital transactions:	$	(2,088,626	)	$	(4,972,890	)	$	(1,149,436	)	$	(8,462,529	)	$	11,470,801		$	35,151,367

(a) For the period from November 30, 2010 (commencement of operations) to October 31, 2011.

(b) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(c) Includes redemption fees, if any.

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

See accompanying notes to financial statements.

2012 Semiannual Report

75

Statements of Changes in Net Assets (continued)

	Aberdeen Global Fixed Income Fund						Aberdeen Tax-Free Income Fund						Aberdeen Ultra-Short Duration Bond Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011 (a)
SHARE TRANSACTIONS:
Class A Shares
Issued		10,087			39,366			91,507			123,209			7,870			–
Issued in conversion from Class B Shares(b)		–			–			–			66,205			–			–
Reinvested		3,717			12,455			11,175			22,624			12			–
Redeemed		(41,870	)		(122,044	)		(74,749	)		(176,323	)		(2,714	)		–
Total Class A Shares		(28,066	)		(70,223	)		27,933			35,715			5,168			–
Class B Shares(b)
Issued		–			–			–			1,395			–			–
Reinvested		–			–			–			562			–			–
Redeemed in conversion to Class A Shares		–			–			–			(66,241	)		–			–
Redeemed		–			–			–			(17,514	)		–			–
Total Class B Shares		–			–			–			(81,798	)		–			–
Class C Shares
Issued		7,593			33,700			27,025			25,626			–			–
Reinvested		964			2,477			622			1,292			–			–
Redeemed		(12,617	)		(48,765	)		(18,750	)		(102,082	)		–			–
Total Class C Shares		(4,060	)		(12,588	)		8,897			(75,164	)		–			–
Class D Shares
Issued		–			–			43,374			136,539			–			–
Reinvested		–			–			134,788			301,589			–			–
Redeemed		–			–			(324,628	)		(1,162,791	)		–			–
Total Class D Shares		–			–			(146,466	)		(724,663	)		–			–
Institutional Service Class Shares
Issued		71,598			314,036			–			–			766			–
Reinvested		52,646			161,323			–			–			2			–
Redeemed		(294,914	)		(871,733	)		–			–			–			–
Total Institutional Service Class Shares		(170,670	)		(396,374	)		–			–			768			–
Institutional Class Shares
Issued		1,127			1,146			–			–			1,568,647			5,822,455
Reinvested		69			148			–			–			1,236			841
Redeemed		(407	)		–			–			–			(432,395	)		(2,308,198	)
Total Institutional Class Shares		789			1,294			–			–			1,137,488			3,515,098
Total change in shares:		(202,007	)		(477,891	)		(109,636	)		(845,910	)		1,143,424			3,515,098

(a) For the period from November 30, 2010 (commencement of operations) to October 31, 2011.

(b) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

Semiannual Report 2012

76

Statements of Changes in Net Assets (continued)

	Aberdeen U.S. High Yield Bond Fund
	Period Ended April 30, 2012 (Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	123,213
Net realized gain from investments, futures contracts, swaps and foreign currency transactions		10,672
Net change in unrealized appreciation/depreciation on investments, futures contracts, swaps and translation of assets and liabilities denominated in foreign currencies		(109,467	)
Changes in net assets resulting form operations		24,418
Distributions to Shareholders From:
Net investment income:
Class A		(329	)
Class C		(90	)
Class R		(99	)
Institutional Service Class		(107	)
Institutional Class		(122,283	)
Change in net assets from shareholder distributions		(122,908	)
Change in net assets from capital transactions		11,668,765
Change in net assets		11,570,275
Net Assets:
Beginning of period		–
End of period	$	11,570,275
Accumulated net investment income at end of period	$	305

(a) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

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

See accompanying notes to financial statements.

2012 Semiannual Report

77

Statements of Changes in Net Assets (continued)

	Aberdeen U.S. High Yield Bond Fund
	Period Ended April 30, 2012 (Unaudited) (a)
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	31,783
Dividends reinvested		329
Total Class A		32,112
Class C Shares
Proceeds from shares issued		10,000
Dividends reinvested		90
Total Class C		10,090
Class R Shares
Proceeds from shares issued		10,000
Dividends reinvested		99
Total Class R		10,099
Institutional Service Class Shares
Proceeds from shares issued		10,000
Dividends reinvested		107
Total Institutional Service Class		10,107
Institutional Class Shares
Proceeds from shares issued		11,485,770
Dividends reinvested		120,587
Total Institutional Class		11,606,357
Change in net assets from capital transactions:	$	11,668,765

(a) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

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

See accompanying notes to financial statements.

Semiannual Report 2012

78

Statements of Changes in Net Assets (concluded)

	Aberdeen U.S. High Yield Bond Fund
	Period Ended April 30, 2012 (Unaudited) (a)
SHARE TRANSACTIONS:
Class A Shares
Issued		3,196
Reinvested		33
Total Class A Shares		3,229
Class C Shares
Issued		1,000
Reinvested		9
Total Class C Shares		1,009
Class R Shares
Issued		1,000
Reinvested		10
Total Class R Shares		1,010
Institutional Service Class Shares
Issued		1,000
Reinvested		11
Total Institutional Service Class Shares		1,011
Institutional Class Shares
Issued		1,149,451
Reinvested		12,168
Total Institutional Class Shares		1,161,619
Total change in shares:		1,167,878

(a) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

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

See accompanying notes to financial statements.

2012 Semiannual Report

79

Financial Highlights

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

Aberdeen Asia Bond Fund

			Investment Activities								Distributions
	Net Asset Value, Beginning of Period		Net Investment Income(a)		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
Period Ended April 30, 2012*(g)	$	10.92	$	0.06	$	(0.04	)	$	0.02		$	–		$	–		$	–		$	–		$	–	$	10.94
Class C Shares
Period Ended April 30, 2012*(g)		10.92		0.05		(0.04	)		0.01			–			–			–			–			–		10.93
Class R Shares
Period Ended April 30, 2012*(g)		10.92		0.06		(0.04	)		0.02			–			–			–			–			–		10.94
Institutional Service Class Shares
Six Months Ended April 30, 2012*		10.99		0.18		0.04			0.22			(0.27	)		–			–			(0.27	)		–		10.94
Year Ended October 31, 2011		11.44		0.39		0.03			0.42			(0.87	)		–			–			(0.87	)		–		10.99
Period Ended October 31, 2010(h)		10.36		0.37		0.86			1.23			(0.15	)		–			–			(0.15	)		–		11.44
Institutional Class Shares
Six Months Ended April 30, 2012*		11.00		0.19		0.03			0.22			(0.28	)		–			–			(0.28	)		–		10.94
Year Ended October 31, 2011		11.44		0.42		0.03			0.45			(0.89	)		–			–			(0.89	)		–		11.00
Year Ended October 31, 2010		10.04		0.42		1.13			1.55			(0.15	)		–			–			(0.15	)		–		11.44
Year Ended October 31, 2009		7.94		0.37		2.05			2.42			–			–			(0.32	)		(0.32	)		–		10.04
Year Ended October 31, 2008		10.23		0.43		(2.41	)		(1.98	)		(0.17	)		(0.01	)		(0.13	)		(0.31	)		–		7.94
Period Ended October 31, 2007(i)		10.00		0.22		0.18			0.40			(0.17	)		–			–			(0.17	)		–		10.23

* 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.

Semiannual Report 2012

80

Financial Highlights (continued)

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

Aberdeen Asia Bond Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net  Assets (d)(e)			Portfolio Turnover (f)
	0.19	%	$	29		0.96	%		3.49	%		0.99	%		33.78	%
	0.09	%		10		1.67	%		2.63	%		1.68	%		33.78	%
	0.18	%		10		1.19	%		3.11	%		1.20	%		33.78	%
	2.12	%		10,324		0.91	%		3.30	%		0.92	%		33.78	%
	3.75	%		9,059		0.91	%		3.57	%		0.92	%		71.15	%
	12.20	%		1,654		0.65	%		4.02	%		0.80	%		42.77	%
	2.13	%		473,314		0.68	%		3.50	%		0.68	%		33.78	%
	3.97	%		646,246		0.66	%		3.84	%		0.67	%		71.15	%
	15.55	%		536,080		0.65	%		3.88	%		0.71	%		42.77	%
	30.73	%		253,573		0.65	%		4.10	%		0.68	%		83.54	%
	(19.87	%)		278,400		0.61	%		4.22	%		0.61	%		96.00	%
	4.05	%		438,353		0.65	%		4.41	%		0.66	%		18.00	%

(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) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

(h) For the period from January 5, 2010 (commencement of operations) through October 31, 2010.

(i) For the period from May 1, 2007 (commencement of operations) through October 31, 2007.

2012 Semiannual Report

81

Financial Highlights (continued)

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

Aberdeen Core Fixed Income Fund

			Investment Activities						Distributions
	Net Asset Value, Beginning of Period		Net Investment Income		Net Realized and Unrealized Gains on Invest- ments		Total from Invest- ment Activities		Net Invest- ment Income			Net Realized Gains			Total Distri- butions			Net Asset Value, End of Period
Class A Shares(f)
Six Months Ended April 30, 2012*(g)	$	10.94	$	0.14	$	0.22	$	0.36	$	(0.14	)	$	(0.09	)	$	(0.23	)	$	11.07
Year Ended October 31, 2011(g)		11.61		0.35		0.08		0.43		(0.39	)		(0.71	)		(1.10	)		10.94
Period Ended October 31, 2010(g)(h)		11.44		0.12		0.14		0.26		(0.09	)		–			(0.09	)		11.61
Year Ended July 31, 2010(g)		10.99		0.41		0.43		0.84		(0.38	)		(0.01	)		(0.39	)		11.44
Year Ended July 31, 2009(g)		10.70		0.44		0.28		0.72		(0.43	)		–			(0.43	)		10.99
Year Ended July 31, 2008		10.62		0.48		0.07		0.55		(0.47	)		–			(0.47	)		10.70
Year Ended July 31, 2007		10.61		0.50		–		0.50		(0.49	)		–			(0.49	)		10.62
Class C Shares(f)
Six Months Ended April 30, 2012*(g)		10.92		0.10		0.23		0.33		(0.10	)		(0.09	)		(0.19	)		11.06
Year Ended October 31, 2011(g)		11.57		0.25		0.12		0.37		(0.31	)		(0.71	)		(1.02	)		10.92
Period Ended October 31, 2010(g)(h)		11.42		0.09		0.13		0.22		(0.07	)		–			(0.07	)		11.57
Year Ended July 31, 2010(g)		10.97		0.31		0.45		0.76		(0.30	)		(0.01	)		(0.31	)		11.42
Year Ended July 31, 2009(g)		10.67		0.36		0.29		0.65		(0.35	)		–			(0.35	)		10.97
Year Ended July 31, 2008		10.60		0.40		0.06		0.46		(0.39	)		–			(0.39	)		10.67
Year Ended July 31, 2007		10.59		0.42		–		0.42		(0.41	)		–			(0.41	)		10.60
Institutional Service Class Shares(f)
Six Months Ended April 30, 2012*(g)		10.99		0.16		0.24		0.40		(0.16	)		(0.09	)		(0.25	)		11.14
Year Ended October 31, 2011(g)		11.61		0.39		0.12		0.51		(0.42	)		(0.71	)		(1.13	)		10.99
Period Ended October 31, 2010(g)(h)		11.47		0.13		0.12		0.25		(0.11	)		–			(0.11	)		11.61
Period Ended July 31, 2010(g)(i)		11.40		0.02		0.07		0.09		(0.02	)		–			(0.02	)		11.47
Institutional Class Shares(f)
Six Months Ended April 30, 2012*(g)		11.00		0.16		0.23		0.39		(0.16	)		(0.09	)		(0.25	)		11.14
Year Ended October 31, 2011(g)		11.67		0.39		0.07		0.46		(0.42	)		(0.71	)		(1.13	)		11.00
Period Ended October 31, 2010(g)(h)		11.51		0.13		0.13		0.26		(0.10	)		–			(0.10	)		11.67
Year Ended July 31, 2010(g)		11.05		0.41		0.47		0.88		(0.41	)		(0.01	)		(0.42	)		11.51
Year Ended July 31, 2009(g)		10.76		0.47		0.28		0.75		(0.46	)		–			(0.46	)		11.05
Year Ended July 31, 2008		10.68		0.51		0.07		0.58		(0.50	)		–			(0.50	)		10.76
Year Ended July 31, 2007		10.67		0.53		–		0.53		(0.52	)		–			(0.52	)		10.68

* 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.

Semiannual Report 2012

82

Financial Highlights (continued)

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

Aberdeen Core Fixed Income Fund (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	3.40	%	$	4,224		0.76	%		2.62	%		0.80	%		197.38	%
	4.24	%		4,262		0.74	%		3.24	%		0.79	%		377.38	%
	2.31	%		2,985		0.72	%		4.19	%		0.72	%		166.80	%
	7.81	%		3,085		1.07	%		3.38	%		1.35	%		84.40	%
	6.93	%		3,356		1.01	%		4.10	%		1.31	%		46.98	%
	5.21	%		3,259		0.94	%		4.42	%		1.24	%		65.72	%
	4.75	%		3,115		0.93	%		4.67	%		1.23	%		66.38	%
	3.12	%		598		1.50	%		1.88	%		1.54	%		197.38	%
	3.56	%		191		1.49	%		2.37	%		1.54	%		377.38	%
	2.04	%		17		1.47	%		3.25	%		1.47	%		166.80	%
	7.03	%		10		1.80	%		2.78	%		1.95	%		84.40	%
	6.24	%		462		1.76	%		3.36	%		1.91	%		46.98	%
	4.34	%		860		1.69	%		3.67	%		1.84	%		65.72	%
	3.98	%		964		1.68	%		3.90	%		1.83	%		66.38	%
	3.62	%		20		0.50	%		2.89	%		0.54	%		197.38	%
	4.55	%		5		0.43	%		3.58	%		0.54	%		377.38	%
	2.32	%		1		0.39	%		4.58	%		0.39	%		166.80	%
	0.79	%		1		0.33	%		3.31	%		0.38	%		84.40	%
	3.62	%		93,127		0.50	%		2.88	%		0.54	%		197.38	%
	4.49	%		99,545		0.49	%		3.53	%		0.54	%		377.38	%
	2.28	%		182,775		0.47	%		4.43	%		0.47	%		166.80	%
	8.12	%		196,885		0.76	%		3.64	%		0.90	%		84.40	%
	7.15	%		198,268		0.76	%		4.32	%		0.91	%		46.98	%
	5.44	%		278,815		0.69	%		4.64	%		0.84	%		65.72	%
	4.98	%		308,116		0.68	%		4.88	%		0.83	%		66.38	%

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

(f) Information presented for the periods prior to July 12, 2010, reflects the Pacific Capital High Grade Core Fixed Income Fund.

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

(h) The Fund changed its fiscal year end from July 31 to October 31. This line represents the period from August 1, 2010 to October 31, 2010.

(i) For the period from July 12, 2010 (commencement of operations) through July 31, 2010.

2012 Semiannual Report

83

Financial Highlights (continued)

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

Aberdeen Emerging Markets Debt Local Currency Fund

			Investment Activities								Distributions
	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gains (Losses) on Invest- ments			Total from Invest- ment Activities			Net Invest- ment Income			Total Distri- butions			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*	$	9.30	$	0.25	$	0.12		$	0.37		$	(0.19	)	$	(0.19	)	$	9.48
Period Ended October 31, 2011(g)		10.00		0.21		(0.77	)		(0.56	)		(0.14	)		(0.14	)		9.30
Class C Shares
Six Months Ended April 30, 2012*		9.28		0.22		0.11			0.33			(0.16	)		(0.16	)		9.45
Period Ended October 31, 2011(g)		10.00		0.18		(0.77	)		(0.59	)		(0.13	)		(0.13	)		9.28
Class R Shares
Six Months Ended April 30, 2012*		9.30		0.24		0.14			0.38			(0.19	)		(0.19	)		9.49
Period Ended October 31, 2011(g)		10.00		0.20		(0.77	)		(0.57	)		(0.13	)		(0.13	)		9.30
Institutional Service Class Shares
Six Months Ended April 30, 2012*		9.30		0.26		0.13			0.39			(0.20	)		(0.20	)		9.49
Period Ended October 31, 2011(g)		10.00		0.22		(0.77	)		(0.55	)		(0.15	)		(0.15	)		9.30
Institutional Class Shares
Six Months Ended April 30, 2012*		9.31		0.26		0.12			0.38			(0.20	)		(0.20	)		9.49
Period Ended October 31, 2011(g)		10.00		0.23		(0.77	)		(0.54	)		(0.15	)		(0.15	)		9.31

* 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.

Semiannual Report 2012

84

Financial Highlights (continued)

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

Aberdeen Emerging Markets Debt Local Currency Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover (f)
	4.18	%	$	479		1.17	%		5.56	%		2.19	%		26.15	%
	(5.60	%)		76		1.15	%		4.50	%		2.07	%		34.36	%
	3.68	%		370		1.90	%		4.74	%		2.92	%		26.15	%
	(5.94	%)		344		1.90	%		3.80	%		2.80	%		34.36	%
	4.16	%		663		1.40	%		5.18	%		2.42	%		26.15	%
	(5.73	%)		9		1.40	%		4.11	%		2.33	%		34.36	%
	4.28	%		10		0.90	%		5.74	%		1.92	%		26.15	%
	(5.54	%)		9		0.90	%		4.60	%		1.83	%		34.36	%
	4.28	%		27,959		0.90	%		5.74	%		1.92	%		26.15	%
	(5.54	%)		30,325		0.90	%		4.67	%		1.82	%		34.36	%

(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) For the period from May 2, 2011 (commencement of operations) through October 31, 2011.

2012 Semiannual Report

85

Financial Highlights (continued)

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

Aberdeen Global Fixed Income Fund

			Investment Activities								Distributions
	Net Asset Value, Beginning of Period		Net Invest- ment Income(a)		Net Realized and Unrealized Gains (Losses) on Invest- ments			Total from Invest- ment Activities			Net Invest- ment Income			Total Distri- butions			Redemp- tion Fees		Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*	$	10.50	$	0.09	$	0.02		$	0.11		$	(0.19	)	$	(0.19	)	$	–	$	10.42
Year Ended October 31, 2011		10.89		0.22		(0.10	)		0.12			(0.51	)		(0.51	)		–		10.50
Year Ended October 31, 2010		10.42		0.23		0.53			0.76			(0.29	)		(0.29	)		–		10.89
Year Ended October 31, 2009		9.08		0.26		1.76			2.02			(0.68	)		(0.68	)		–		10.42
Year Ended October 31, 2008		10.27		0.33		(0.96	)		(0.63	)		(0.56	)		(0.56	)		–		9.08
Year Ended October 31, 2007		9.78		0.31		0.40			0.71			(0.22	)		(0.22	)		–		10.27
Class C Shares
Six Months Ended April 30, 2012*		10.44		0.06		0.02			0.08			(0.16	)		(0.16	)		–		10.36
Year Ended October 31, 2011		10.84		0.14		(0.10	)		0.04			(0.44	)		(0.44	)		–		10.44
Year Ended October 31, 2010		10.38		0.15		0.54			0.69			(0.23	)		(0.23	)		–		10.84
Year Ended October 31, 2009		9.07		0.19		1.75			1.94			(0.63	)		(0.63	)		–		10.38
Year Ended October 31, 2008		10.25		0.24		(0.94	)		(0.70	)		(0.48	)		(0.48	)		–		9.07
Year Ended October 31, 2007		9.77		0.23		0.40			0.63			(0.15	)		(0.15	)		–		10.25
Institutional Service Class Shares(g)
Six Months Ended April 30, 2012*		10.51		0.10		0.02			0.12			(0.20	)		(0.20	)		–		10.43
Year Ended October 31, 2011		10.90		0.24		(0.09	)		0.15			(0.54	)		(0.54	)		–		10.51
Year Ended October 31, 2010		10.44		0.26		0.52			0.78			(0.32	)		(0.32	)		–		10.90
Year Ended October 31, 2009		9.09		0.29		1.75			2.04			(0.69	)		(0.69	)		–		10.44
Year Ended October 31, 2008		10.27		0.35		(0.95	)		(0.60	)		(0.58	)		(0.58	)		–		9.09
Year Ended October 31, 2007		9.79		0.33		0.40			0.73			(0.25	)		(0.25	)		–		10.27
Institutional Class Shares
Six Months Ended April 30, 2012*		10.52		0.11		0.02			0.13			(0.21	)		(0.21	)		–		10.44
Year Ended October 31, 2011		10.91		0.25		(0.10	)		0.15			(0.54	)		(0.54	)		–		10.52
Year Ended October 31, 2010		10.45		0.24		0.53			0.77			(0.31	)		(0.31	)		–		10.91
Period Ended October 31, 2009(h)		9.80		0.07		0.63			0.70			(0.05	)		(0.05	)		–		10.45

* 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.

Semiannual Report 2012

86

Financial Highlights (continued)

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

Aberdeen Global Fixed Income Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover (f)
	1.13	%	$	2,855		1.21	%		1.83	%		1.41	%		59.15	%
	1.34	%		3,172		1.22	%		2.13	%		1.38	%		199.69	%
	7.53	%		4,053		1.20	%		2.22	%		1.69	%		256.30	%
	23.12	%		3,827		1.23	%		2.69	%		2.04	%		186.07	%
	(6.63	%)		3,986		1.20	%		3.17	%		2.00	%		62.00	%
	7.42	%		5,120		1.20	%		3.13	%		1.90	%		138.00	%
	0.77	%		1,010		1.95	%		1.08	%		2.16	%		59.15	%
	0.51	%		1,060		1.95	%		1.38	%		2.11	%		199.69	%
	6.76	%		1,237		1.95	%		1.44	%		2.45	%		256.30	%
	22.17	%		916		1.95	%		1.95	%		2.76	%		186.07	%
	(7.25	%)		667		1.95	%		2.42	%		2.75	%		62.00	%
	6.53	%		637		1.95	%		2.38	%		2.65	%		138.00	%
	1.17	%		29,139		1.13	%		1.90	%		1.34	%		59.15	%
	1.58	%		31,156		0.99	%		2.33	%		1.31	%		199.69	%
	7.66	%		36,649		0.95	%		2.47	%		1.44	%		256.30	%
	23.42	%		40,289		0.95	%		3.01	%		1.77	%		186.07	%
	(6.29	%)		42,034		0.95	%		3.42	%		1.74	%		62.00	%
	7.57	%		57,151		0.95	%		3.37	%		1.65	%		138.00	%
	1.27	%		46		0.95	%		2.08	%		1.16	%		59.15	%
	1.60	%		38		0.95	%		2.35	%		1.11	%		199.69	%
	7.64	%		26		0.95	%		2.29	%		1.47	%		256.30	%
	7.12	%		5		0.95	%		2.44	%		1.44	%		186.07	%

(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) Formerly the Common Class Shares of the Global Fixed Income Predecessor Fund.

(h) For the period from July 20, 2009 (commencement of operations) through October 31, 2009.

2012 Semiannual Report

87

Financial Highlights (continued)

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

Aberdeen Tax-Free Income 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			Total Distri- butions			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	10.32	$	0.17	$	0.37		$	0.54		$	(0.17	)	$	(0.01	)	$	(0.18	)	$	10.68
Year Ended October 31, 2011(f)		10.37		0.35		(0.03	)		0.32			(0.35	)		(0.02	)		(0.37	)		10.32
Year Ended October 31, 2010(f)		10.06		0.39		0.27			0.66			(0.35	)		–			(0.35	)		10.37
Year Ended October 31, 2009		9.38		0.39		0.68			1.07			(0.39	)		–			(0.39	)		10.06
Year Ended October 31, 2008		10.23		0.41		(0.72	)		(0.31	)		(0.41	)		(0.13	)		(0.54	)		9.38
Year Ended October 31, 2007		10.50		0.43		(0.25	)		0.18			(0.43	)		(0.02	)		(0.45	)		10.23
Class C Shares
Six Months Ended April 30, 2012*(f)		10.31		0.13		0.37			0.50			(0.13	)		(0.01	)		(0.14	)		10.67
Year Ended October 31, 2011(f)		10.34		0.27		(0.01	)		0.26			(0.27	)		(0.02	)		(0.29	)		10.31
Year Ended October 31, 2010(f)		10.04		0.30		0.27			0.57			(0.27	)		–			(0.27	)		10.34
Year Ended October 31, 2009		9.36		0.31		0.68			0.99			(0.31	)		–			(0.31	)		10.04
Year Ended October 31, 2008		10.20		0.34		(0.71	)		(0.37	)		(0.34	)		(0.13	)		(0.47	)		9.36
Year Ended October 31, 2007		10.48		0.35		(0.26	)		0.09			(0.35	)		(0.02	)		(0.37	)		10.20
Class D Shares
Six Months Ended April 30, 2012*(f)		10.33		0.19		0.37			0.56			(0.19	)		(0.01	)		(0.20	)		10.69
Year Ended October 31, 2011(f)		10.37		0.37		(0.02	)		0.35			(0.37	)		(0.02	)		(0.39	)		10.33
Year Ended October 31, 2010(f)		10.06		0.41		0.27			0.68			(0.37	)		–			(0.37	)		10.37
Year Ended October 31, 2009		9.38		0.41		0.68			1.09			(0.41	)		–			(0.41	)		10.06
Year Ended October 31, 2008		10.23		0.44		(0.72	)		(0.28	)		(0.44	)		(0.13	)		(0.57	)		9.38
Year Ended October 31, 2007		10.50		0.45		(0.25	)		0.20			(0.45	)		(0.02	)		(0.47	)		10.23

* 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.

Semiannual Report 2012

88

Financial Highlights (continued)

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

Aberdeen Tax-Free Income Fund (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	5.30	%	$	10,853		0.94	%		3.28	%		0.94	%		6.13	%
	3.20	%		10,200		0.94	%		3.44	%		0.94	%		11.48	%
	6.64	%		9,879		0.93	%		3.43	%		0.94	%		15.29	%
	11.55	%		9,023		0.92	%		3.93	%		1.11	%		39.66	%
	(3.22	%)		7,707		0.96	%		4.10	%		1.02	%		8.07	%
	1.72	%		8,251		0.93	%		4.13	%		0.93	%		39.25	%
	4.92	%		2,236		1.68	%		2.54	%		1.68	%		6.13	%
	2.64	%		2,069		1.68	%		2.69	%		1.68	%		11.48	%
	5.77	%		2,854		1.68	%		2.70	%		1.69	%		15.29	%
	10.74	%		3,900		1.68	%		3.17	%		1.87	%		39.66	%
	(3.85	%)		3,012		1.70	%		3.40	%		1.79	%		8.07	%
	0.87	%		1,470		1.68	%		3.38	%		1.68	%		39.25	%
	5.43	%		104,305		0.68	%		3.54	%		0.68	%		6.13	%
	3.57	%		102,304		0.68	%		3.69	%		0.68	%		11.48	%
	6.91	%		110,180		0.68	%		3.68	%		0.69	%		15.29	%
	11.81	%		110,362		0.68	%		4.19	%		0.88	%		39.66	%
	(2.96	%)		108,236		0.70	%		4.37	%		0.76	%		8.07	%
	1.97	%		127,774		0.68	%		4.37	%		0.68	%		39.25	%

(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.

2012 Semiannual Report

89

Financial Highlights (continued)

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

Aberdeen Ultra-Short Duration Bond Fund

			Investment Activities							Distributions
	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gains (Losses) on Invest- ments			Total from Invest - ment Activities		Net Invest- ment Income			Net Realized Gains			Total Distri- butions			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(g)	$	10.00	$	0.02	$	0.06		$	0.08	$	(0.02	)	$	(0.01	)	$	(0.03	)	$	10.05
Institutional Service Class Shares
Period Ended April 30, 2012*(h)		10.00		0.02		0.03			0.05		(0.02	)		–			(0.02	)		10.03
Institutional Class Shares
Six Months Ended April 30, 2012*		10.00		0.04		0.05			0.09		(0.04	)		(0.01	)		(0.05	)		10.04
Period Ended October 31, 2011(i)		10.00		0.05		(0.01	)		0.04		(0.04	)		–			(0.04	)		10.00

* 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.

Semiannual Report 2012

90

Financial Highlights (continued)

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

Aberdeen Ultra-Short Duration Bond Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover (f)
	0.73	%	$	52		0.74	%		0.37	%		1.22	%		38.25	%
	0.50	%		8		0.40	%		0.73	%		0.88	%		38.25	%
	0.72	%		46,720		0.40	%		0.72	%		0.89	%		38.25	%
	0.54	%		35,173		0.40	%		0.52	%		0.74	%		166.41	%

(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) For the period from November 22, 2011 (commencement of operations) through April 30, 2012.

(h) For the period from January 20, 2012 (commencement of operations) through April 30, 2012.

(i) For the period from November 30, 2010 (commencement of operations) to October 31, 2011.

2012 Semiannual Report

91

Financial Highlights (continued)

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

Aberdeen U.S. High Yield Bond Fund

			Investment Activities							Distributions
	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Unrealized Gains (Losses) on Invest- ments			Total from Invest- ment Activities		Net Invest- ment Income			Total Distri- butions			Net Asset Value, End of Period
Class A Shares
Period Ended April 30, 2012*(g)	$	10.00	$	0.11	$	(0.10	)	$	0.01	$	(0.10	)	$	(0.10	)	$	9.91
Class C Shares
Period Ended April 30, 2012*(g)		10.00		0.09		(0.09	)		–		(0.09	)		(0.09	)		9.91
Class R Shares
Period Ended April 30, 2012*(g)		10.00		0.10		(0.09	)		0.01		(0.10	)		(0.10	)		9.91
Institutional Service Class Shares
Period Ended April 30, 2012*(g)		10.00		0.11		(0.09	)		0.02		(0.11	)		(0.11	)		9.91
Institutional Class Shares
Period Ended April 30, 2012*(g)		10.00		0.11		(0.09	)		0.02		(0.11	)		(0.11	)		9.91

* 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.

Semiannual Report 2012

92

Financial Highlights (continued)

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

Aberdeen U.S. High Yield Bond Fund (concluded)

			Ratios/Supplemental Data
Total Return (b)(c)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (d)			Ratio of Net Investment Income to Average Net Assets (d)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e)			Portfolio Turnover (f)
	0.13	%	$	32		1.05	%		6.69	%		2.41	%		32.55	%
	–			10		1.80	%		5.40	%		3.15	%		32.55	%
	0.09	%		10		1.30	%		5.90	%		2.66	%		32.55	%
	0.17	%		10		0.80	%		6.40	%		2.15	%		32.55	%
	0.17	%		11,508		0.80	%		6.46	%		2.16	%		32.55	%

(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) For the period from February 28, 2012 (commencement of operations) through April 30, 2012.

2012 Semiannual Report

93

Notes to Financial Statements

April 30, 2012 (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, 2012, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. As of April 30, 2012, the Trust operated twenty-five (25) 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 seven (7) funds listed below (each a “Fund”; collectively, the “Funds”):

– Aberdeen Asia Bond Fund (“Asia Bond Fund”) (formerly Aberdeen Asia Bond Institutional Fund)

– Aberdeen Core Fixed Income Fund (“Core Fixed Income Fund”)

– Aberdeen Emerging Markets Debt Local Currency Fund (“Emerging Markets Debt Local Currency Fund”)

– Aberdeen Global Fixed Income Fund (“Global Fixed Income Fund”)

– Aberdeen Tax-Free Income Fund (“Tax-Free Income Fund”)

– Aberdeen Ultra-Short Duration Bond Fund (“Ultra-Short Duration Bond Fund”)

– Aberdeen U.S. High Yield Bond Fund (“U.S. High Yield Bond Fund”)

The Aberdeen U.S. High Yield Bond Fund commenced operations on February 28, 2012.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted 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

Securities for which market quotations are readily available are valued at current market value as of the “Valuation Time.” The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). Equity securities are valued at the last quoted sale price. If there is no sale price available, the last quoted mean price provided by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) is used. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange on which each security trades. Investment companies that do not trade on an exchange are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is principally traded or by application of a valuation factor by an independent pricing service to the last sales price as further discussed below. 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 approved by the Board.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board. In the event such quotes are not available from such pricing agents, then the security may be priced based on bid quotations from broker-dealers. Short-term debt securities of sufficient credit quality, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates fair value.

Forward foreign currency contracts are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by a Board approved pricing agent. Forward exchange rate quotations are available for regularly scheduled settlement dates such as on a 1, 2, 3, 4, 5, 6, 9, and 12-month basis. No quotations are offered for interim settlement dates. An interpolated fair value is derived when the life of the contract is not the same as a life for which quotations are offered.

Future contracts traded on an exchange are valued at settlement price.

Swap agreements are valued daily based on the terms of the swap agreement by an independent pricing service provider.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Board. In addition, fair value determinations are required for securities whose value is affected by a

Semiannual Report 2012

94

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

“significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time. For the six months ended April 30, 2012, there have been no significant changes to the valuation procedures approved by the Board.

The Funds are required to disclose information regarding the fair value measurements of a Fund’s assets and liabilities. Fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. The disclosure requirements utilize a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. 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 such 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, which are based on the best information available in the circumstances.

The three-tier 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, credit risk, etc.)

• Level 3-significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

Generally, debt and other fixed-income securities are categorized as Level 2. For derivative instruments, exchange-traded derivatives, i.e., future contracts, are generally categorized as Level 1 and over-the-counter derivative instruments, i.e., forward contracts and swap contracts, are generally categorized as Level 2. The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2012:

	LEVEL 1–Quoted Prices ($)*			LEVEL 2–Other Significant Observable Inputs ($)*			LEVEL 3–Significant Unobservable Inputs ($)*		Total ($)
Asia Bond Fund
Investments in Securities
Eurodollar Bonds		–			114,036,832			–		114,036,832
Non-Eurodollar Bonds		–			26,474,772			–		26,474,772
Credit-Linked Notes		–			11,013,176			–		11,013,176
Sovereign Bonds		–			296,322,630			–		296,322,630
Sovereign Agencies		–			15,969,921			–		15,969,921
Repurchase Agreement		–			12,479,000			–		12,479,000
Other Financial Instruments
Assets
Futures Contracts		267,450			–			–		267,450
Forward Foreign Currency Exchange Contracts		–			7,421,550			–		7,421,550
Liabilities
Futures Contracts		(158,516	)		–			–		(158,516	)
Forward Foreign Currency Exchange Contracts		–			(6,993,282	)		–		(6,993,282	)
		108,934			476,724,599			–		476,833,533

2012 Semiannual Report

95

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

	LEVEL 1–Quoted Prices ($)*			LEVEL 2–Other Significant Observable Inputs ($)*			LEVEL 3–Significant Unobservable Inputs ($)*		Total ($)
Core Fixed Income Fund
Investments in Securities
Asset-Backed Securities		–			2,828,090			–		2,828,090
Commercial Mortgage-Backed Securities		–			5,496,247			–		5,496,247
Residential Mortgage-Backed Securities		–			7,102,275			–		7,102,275
Corporate Bonds		–			21,443,405			–		21,443,405
Foreign Non-Government Bonds		–			7,600,033			–		7,600,033
Municipal Bonds		–			3,489,279			–		3,489,279
U.S. Agencies Mortgage Backed		–			34,579,245			–		34,579,245
U.S. Treasury Obligations		–			15,051,939			–		15,051,939
Repurchase Agreement		–			6,292,000			–		6,292,000
Other Financial Instruments
Liabilities
Futures Contracts		(11,211	)		–			–		(11,211	)
		(11,211	)		103,882,513			–		103,871,302
Emerging Markets Debt Local Currency Fund
Investments in Securities
Eurodollar Bonds		–			1,512,574			–		1,512,574
Foreign Non-Government Bonds		–			2,061,136			–		2,061,136
Sovereign Bonds		–			23,614,911			–		23,614,911
Repurchase Agreement		–			1,750,000			–		1,750,000
Other Financial Instruments
Assets
Forward Foreign Currency Exchange Contracts		–			45,330			–		45,330
Liabilities
Forward Foreign Currency Exchange Contracts		–			(152,464	)		–		(152,464	)
		–			28,831,487			–		28,831,487

Semiannual Report 2012

96

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

	LEVEL 1–Quoted Prices ($)*			LEVEL 2–Other Significant Observable Inputs ($)*			LEVEL 3–Significant Unobservable Inputs ($)*		Total ($)
Global Fixed Income Fund
Investments in Securities
Asset-Backed Securities		–			560,225			–		560,225
Commercial Mortgage-Backed Securities		–			820,133			–		820,133
Residential Mortgage-Backed Securities		–			911,758			–		911,758
Corporate Bonds		–			2,857,343			–		2,857,343
Covered Bonds		–			560,747			–		560,747
Foreign Non-Government Bonds		–			5,574,873			–		5,574,873
Municipal Bonds		–			611,318			–		611,318
Sovereign Bonds		–			13,231,585			–		13,231,585
U.S. Agencies Mortgage Backed		–			3,492,205			–		3,492,205
U.S. Treasury Obligations		–			2,723,091			–		2,723,091
Yankee Dollars		–			28,966			–		28,966
Repurchase Agreement		–			1,004,000			–		1,004,000
Other Financial Instruments
Assets
Futures Contracts		14,759			–			–		14,759
Forward Foreign Currency Exchange Contracts		–			32,514			–		32,514
Liabilities
Futures Contracts		(38,416	)		–			–		(38,416	)
Forward Foreign Currency Exchange Contracts		–			(41,662	)		–		(41,662	)
		(23,657	)		32,367,096			–		32,343,439
Tax-Free Income Fund
Investments in Securities
Municipal Bonds		–			115,671,564			–		115,671,564
Repurchase Agreement		–			2,312,000			–		2,312,000
		–			117,983,564			–		117,983,564
Ultra-Short Duration Bond Fund
Investments in Securities
Asset-Backed Securities		–			3,415,990			–		3,415,990
Corporate Bonds		–			22,169,487			–		22,169,487
Foreign Non-Government Bonds		–			5,571,134			–		5,571,134
U.S. Agency Debentures		–			9,600,188			–		9,600,188
U.S. Treasury Obligations		–			3,060,062			–		3,060,062
Yankee Dollars		–			166,425			–		166,425
U.S. Treasury Bills		–			998,538			–		998,538
Commercial Paper		–			1,098,510			–		1,098,510
Repurchase Agreement		–			1,015,000			–		1,015,000
		–			47,095,334			–		47,095,334

2012 Semiannual Report

97

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

	LEVEL 1–Quoted Prices ($)*		LEVEL 2–Other Significant Observable Inputs ($)*			LEVEL 3–Significant Unobservable Inputs ($)*		Total ($)
U.S. High Yield Bond Fund
Investments in Securities
Corporate Bonds		–		8,715,265			–		8,715,265
Foreign Non-Government Bonds		–		1,447,718			–		1,447,718
Convertible Bonds		–		154,700			–		154,700
Repurchase Agreement		–		1,355,000			–		1,355,000
Other Financial Instruments
Liabilities
Forward Foreign Currency Exchange Contracts		–		(1,062	)		–		(1,062	)
		–		11,671,621			–		11,671,621

* For the six months ended April 30, 2012, there were no significant transfers in or out of Level 1 and Level 2 fair value measurements.

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

For detailed descriptions, see the accompanying Statements of Investments.

For the six months ended April 30, 2012, there have been no significant changes to the fair valuation methodologies.

(b) Repurchase Agreements

The Funds may enter into repurchase agreements. It is each Fund’s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by the Fund may be delayed or limited.

(c) 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 (the “1933 Act”), 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.

(d) Foreign Currency Translation

Foreign currency amounts are translated into U.S. dollars at the current rate of exchange as of the Valuation Time to determine the value of investments, assets and liabilities. 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 Statement of Operations.

(e) Derivative Financial Instruments

The Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate or 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 Statement 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 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. Their use allows the separation of decision making between markets and their currencies. The forward contract is

Semiannual Report 2012

98

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts’ prices are received daily from an independent pricing provider. When the forward contract is closed, the 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 unrealized and realized gains and losses are reported on the Statement of Operations. The Funds 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. During the six month period, forward contracts were used to both neutralize the currency exposure of Funds relative to their benchmark and to manage foreign exchange exposure.

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 the Fund’s positions may not exceed 5% of the Fund’s net asset value (“NAV”) after taking into account unrealized profits and unrealized losses on any such contract it has entered into.

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 (“initial margin deposit”). 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 or (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 Statement 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.

Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value/market value of the underlying hedged assets. During the six month period, futures contracts were used to manage the interest rate risks and raise the efficiency of the Fund.

Swaps

Certain Funds enter into swaps to efficiently gain or hedge interest rate or currency risk. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates 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 net amount of the difference between the two payments. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net interest payment to be received by a Fund, and/or the termination value at the end of the contract. Therefore, a Fund considers the creditworthiness of each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. A Fund records unrealized gains/(losses) on a daily basis representing the value and the current net receivable or payable relating to open swap contracts. Net amounts received or paid on the swap contract are recorded as realized gains/(losses). Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts. Realized gains/(losses) from terminated swaps are included in net realized gains/(losses) on swap contracts transactions.

Certain Funds are a party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter derivative and foreign exchange contracts, entered into by certain Funds and the counterparty. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

Credit Default Swaps

Certain Funds use credit default swap contracts to limit or reduce risk exposure of defaults of corporate and sovereign issuers (i.e., to reduce risk when a Fund owns or has exposure to such issuers), or to create direct or synthetic short or long exposure to domestic or foreign corporate debt securities or certain sovereign debt securities to which a Fund is not otherwise exposed. As the seller in a credit

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

default swap contract, a Fund would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty in the event of a default (or similar event) by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, a Fund would receive from the counterparty a periodic stream of payments over the term of the contract, provided that no event of default (or similar event) occurs. If no event of default (or similar event) occurs, a Fund would keep the stream of payments and would have no payment of obligations. As the seller in a credit default swap contract, a Fund effectively would add economic leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap. As the purchaser in a credit default swap contract, a Fund would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment might expire worthless. It also would involve credit risk that the seller may fail to satisfy its payment obligations to a Fund in the event of a default (or similar event). As the purchaser in a credit default swap contract, a Fund’s investment would generate income only in the event of an actual default (or similar event) by the issuer of the underlying obligation. During the six months ended April 30, 2012, credit default swaps were used to adjust certain Fund’s exposure to the high yield bond sector and/or sell/buy protection on the credit risk of individual issuers. Credit default swaps were also used as a substitute for purchasing or selling securities or for non-hedging purposes to seek to enhance potential gains.

Interest Rate Swaps

Certain Funds may invest in interest rate swap contracts. 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. Swap contracts may have a term of one to ten years, 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. 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 in accordance with the terms of the contract based on the closing level of the relevant index or security and interest accrual through valuation date. Changes in the value of swap contracts are recorded as unrealized gains or losses. Periodic cash settlements on interest rate swaps are recorded as realized gains or losses.

Entering into a swap contract involves, to varying degrees, elements of credit, market and interest rate risk in excess of the amounts reported in the statement of assets and liabilities. Notional principal amounts are used to express the extent of involvement in the transactions, but are not delivered under the contracts. Accordingly, credit risk is limited to any amounts receivable from the counterparty. To reduce credit risk from potential counterparty default, a Fund enters into swap contracts with counterparties whose creditworthiness has been approved by the Board. A Fund bears the interest rate and market risk arising from any change in index or security values or interest rates. During the six months ended April 30, 2012, interest rate swap contracts were used to manage the interest rate risks and raise the efficiency of the Funds.

Summary of Derivative Instruments

Each Fund may use derivatives for various purposes as noted above. The following is a summary of the fair value of Derivative Instruments, not accounted for as hedging instruments, as of April 30, 2012:

Asia Bond Fund	Asset Derivatives			Liability Derivatives
	Period ended April 30, 2012			Period ended April 30, 2012
Derivatives not accounted for as hedging instruments and risk exposure	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Forward foreign exchange contracts (foreign exchange risk)	Unrealized appreciation on forward currency exchange contracts	$	7,421,550	Unrealized depreciation on forward currency exchange contracts	$	6,993,282
Futures contracts (interest rate risk)*	Unrealized appreciation on futures contracts		267,450	Unrealized depreciation on futures contracts		158,516
Total		$	7,689,000		$	7,151,798

* Includes cumulative appreciation/depreciation on futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six month period ended April 30, 2012

Derivatives not accounted for as hedging instruments under Statement 133 (a)	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation/ Depreciation on Derivatives
Interest rate swaps (interest rate risk)	Realized/Unrealized Gain/(Loss) from Investments, Futures Contracts and Foreign Currency Transactions	$	(435,510	)	$	402,830
Forward foreign exchange contracts (foreign exchange risk)			(2,756,107	)		1,521,214
Futures contracts (interest rate risk)			657,825			146,987
Total		$	(2,533,792	)	$	2,071,031

Core Fixed Income Fund	Asset Derivatives			Liability Derivatives
	Period ended April 30, 2012			Period ended April 30, 2012
Derivatives not accounted for as hedging instruments and risk exposure	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (interest rate risk)*	Unrealized appreciation on futures contracts	$	–	Unrealized depreciation on futures contracts	$	11,211
Total		$	–		$	11,211

* Includes cumulative appreciation/depreciation on futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the six month period ended April 30, 2012

Derivatives not accounted for as hedging instruments under Statement 133 (a)	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation/ Depreciation on Derivatives
Futures contracts (interest rate risk)	Realized/Unrealized Gain/(Loss) from Investments, Futures Contracts and Foreign Currency Transactions	$	(485	)		$(11,211)
Total		$	(485	)	$	(11,211	)

Emerging Markets Debt Local Currency Fund	Asset Derivatives			Liability Derivatives
	Period ended April 30, 2012			Period ended April 30, 2012
Derivatives not accounted for as hedging instruments and risk exposure	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Forward foreign exchange contracts (foreign exchange risk)	Unrealized appreciation on forward currency exchange contracts	$	45,330	Unrealized depreciation on forward currency exchange contracts	$	152,464
Total		$	45,330		$	152,464

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six month period ended April 30, 2012

Derivatives not accounted for as hedging instruments under Statement 133 (a)	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation/ Depreciation on Derivatives
Forward foreign exchange contracts (foreign exchange risk)	Realized/Unrealized Gain/(Loss) from Investments, Futures Contracts and Foreign Currency Transactions	$	(287,620	)		$125,913
Total		$	(287,620	)	$	125,913

Global Fixed Income Fund	Asset Derivatives			Liability Derivatives
	Period ended April 30, 2012			Period ended April 30, 2012
Derivatives not accounted for as hedging instruments and risk exposure	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Forward foreign exchange contracts (foreign exchange risk)	Unrealized appreciation on forward currency exchange contracts	$	32,514	Unrealized depreciation on forward currency exchange contracts	$	41,662
Futures contracts (interest rate risk)*	Unrealized appreciation on futures contracts		14,759	Unrealized depreciation on futures contracts		38,416
Total		$	47,273		$	80,078

* Includes cumulative appreciation/depreciation on futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the six month period ended April 30, 2012

Derivatives not accounted for as hedging instruments under Statement 133 (a)	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation/ Depreciation on Derivatives
Forward foreign exchange contracts (foreign exchange risk)	Realized/Unrealized Gain/(Loss) from Investments, Futures Contracts and Foreign Currency Transactions	$	18,131			$18,449
Futures contracts (interest rate risk)			(92,240	)		(6,228)
Total		$	(74,109	)	$	12,221

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

Ultra-Short Duration Bond Fund

The Effect of Derivative Instruments on the Statement of Operations for the six month period ended April 30, 2012

Derivatives not accounted for as hedging instruments under Statement 133 (a)	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation/ Depreciation on Derivatives
Futures contracts (interest rate risk)	Realized/Unrealized Gain/(Loss) from Investments, Futures Contracts and Foreign Currency Transactions	$	180		$(1,606)
Total		$	180	$	(1,606	)

U.S. High Yield Bond Fund	Asset Derivatives			Liability Derivatives
	Period ended April 30, 2012			Period ended April 30, 2012
Derivatives not accounted for as hedging instruments and risk exposure	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Forward foreign exchange contracts (foreign exchange risk)	Unrealized appreciation on forward currency exchange contracts	$	–	Unrealized depreciation on forward currency exchange contracts	$	1,062
Total		$	–		$	1,062

The Effect of Derivative Instruments on the Statement of Operations for the six month period ended April 30, 2012

Derivatives not accounted for as hedging instruments under Statement 133 (a)	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation/ Depreciation on Derivatives
Forward foreign exchange contracts (foreign exchange risk)	Realized/Unrealized Gain/(Loss) from Investments, Futures Contracts and Foreign Currency Transactions	$	(1,655	)		$(1,062)
Total		$	(1,655	)	$	(1,062	)

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

The Funds value derivatives at fair value, as described in this note, and recognize changes in fair value currently in the results of operations. Accordingly, the Funds do not follow hedge accounting even for derivatives employed as economic hedges.

For the Asia Bond Fund, information about futures contracts reflected as of the date of this report is generally indicative of the type of activity for the period ended April 30, 2012. The volume of activity varied during the period. In the beginning of the second quarter, the Fund increased its short position in the 2-year US Treasury note futures and took a short position in the 5-year US Treasury note futures; both increased the short position of the Fund. The quarterly weighted average contracts and notional values were as follows:

Quarter	Weighted Average Contracts	Weighted Average Notional Value
Quarter-ended January 31, 2012	285	$24,933,333
Quarter-ended April 30, 2012	(63)	(23,333,333)

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

Information about forward currency contracts reflected as of the date of this report is generally indicative of the type of activity for the period ended April 30, 2012. However, the Fund also held JPY Forward contracts during the first quarter. The volume of activity varied throughout the period. The quarterly weighted average notional values were as follows:

Quarter	Weighted Average Notional Value
Quarter-ended January 31, 2012	$1,089,927,947
Quarter-ended April 30, 2012	1,109,425,188

Earlier in the year, the Fund also held a KRW interest rate swap contract. The notional was KRW 5,000,000,000. The Fund sold out of the position in February.

For the Core Fixed Income Fund, information about futures contracts is reflective of the type and activity of future contracts held during the period. The Fund did not invest in any futures contracts until January 2012.

For the Emerging Markets Debt Local Currency Fund, information about forwards contracts reflected as of the date of this report is generally indicative of the type of forwards held during April. In prior months, the Emerging Markets Debt Local Currency Fund also held CLP, EGP, and INR forward contracts. The volume of activity was varied throughout the period. The quarterly weighted average contracts and notional values were as follows:

Quarter	Weighted Average Notional Value
Quarter-ended January 31, 2012	$25,827,816
Quarter-ended April 30, 2012	20,479,087

For the Global Fixed Income Fund, information about futures contracts reflected as of the date of this report is generally indicative of the type of activity for April. During the period ended April 30, 2012, the Fund also held positions in German Euro Bund futures. The volume of activity varied throughout the period. The quarterly weighted average contracts and notional values were as follows:

Quarter	Weighted Average Contracts	Weighted Average Notional Value
Quarter-ended January 31, 2012	(26)	$(2,680,147)
Quarter-ended April 30, 2012	(7)	(922,076)

Information about forward currency contracts reflected as of the date of this report is generally indicative of the type of activity for the period ended April 30, 2012, except that the Fund also invested in CLP, HUF, and TWD forward contracts during the period, but sold out of those positions before April 30, 2012. The volume of activity varied throughout the period. The quarterly weighted average notional values were as follows:

Quarter	Weighted Average Notional Value
Quarter-ended January 31, 2012	$8,960,859
Quarter-ended April 30, 2012	9,484,453

The Ultra-Short Duration Bond Fund sold out of all of its derivative positions prior to April 30, 2012. The Fund held a short position of 7 2-year US Treasury Note Futures that had a notional value of ($1,400,000).

For the U.S. High Yield Bond Fund, information about forward currency contracts reflected as of the date of this report is generally indicative of the type and activity for the period ended April 30, 2012.

(f) Credit-Linked Notes

The Asia Bond Fund invests in credit-linked securities, which are unstructured, unleveraged pass-through vehicles to an underlying security denominated in a local currency, used for the purposes of efficiently managing access to the market and interest rate risk. For instance, the Fund may invest in credit-linked securities as a cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

term of the security. However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par value (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that the Fund would receive. A Fund’s investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is also expected that the securities will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

(g) Mortgage Dollar Rolls

The Global Fixed Income Fund may invest in mortgage dollar rolls. Mortgage dollar rolls are arrangements in which the Global Fixed Income Fund would sell mortgage-backed securities for delivery in the current month and simultaneously contract to purchase substantially similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the mortgage-backed securities. The Fund could potentially receive gains on the difference between the current sales price and the lower price for the future purchase as well as by any interest earned on the proceeds of the initial sale. At the time the Global Fixed Income Fund enters into a mortgage dollar roll, it would set aside permissible liquid assets in a segregated account to secure its obligation for the forward commitment to buy mortgage-backed securities. Depending on whether the segregated assets are cash equivalent or some other type of security, entering into mortgage dollar rolls may subject the Global Fixed Income Fund to additional interest rate sensitivity. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage

dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date.

(h) Security Transactions, Investment Income and Expenses

Securities 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 is recorded on the ex-dividend date except for certain dividends on foreign securities, which are recorded as soon as a Fund is informed after the ex-dividend date. Interest income is recorded on an accrual basis using the effective interest method. 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 all or certain funds of the Trust (including the Funds). For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

(i) Distributions

Distributions from net investment income, if any, are declared and paid quarterly for the Asia Bond Fund, the Emerging Markets Debt Local Currency Fund and the Global Fixed Income Fund. Distributions from net investment income are declared and paid monthly for the U.S. High Yield Bond Fund. Distributions from net investment income are declared daily and paid monthly for the Core Fixed Income Fund, the Tax-Free Income Fund and the Ultra-Short Duration Bond Fund. 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.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. Permanent differences, if any (e.g., reclassification of net operating losses, return of capital distributions, foreign exchange gain/loss reclassifications and passive foreign investment company adjustments) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in capital.

(j) Federal Income Taxes

Each Fund intends to qualify or 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, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

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 four fiscal years up to the most recent fiscal year ended October 31 are subject to such review.

(k) Earnings Credits

Each Fund’s custodial arrangements include a provision to reduce their custodial fees by the amount of earnings credits recognized on cash deposits in demand deposit accounts.

3. Agreements and Transactions with Affiliates

(a) Investment Adviser

Under the Investment Advisory Agreement with the Trust, Aberdeen Asset Management Inc. (“Aberdeen” or the “Adviser”) manages the Funds in accordance with the policies and procedures established by the Board. Subadvisers manage a portion of certain of the Funds’ investments and have the responsibility for making all investment decisions for the portion of a Fund’s assets they manage. The Subadviser(s) for the Funds are as follows:

Fund	Subadviser
Asia Bond Fund	Aberdeen Asset Management Asia Limited (“AAMAL”) and Aberdeen Asset Managers Limited (“AAML”)
Emerging Markets Debt Local Currency Fund	AAML
Global Fixed Income Fund	AAMAL and AAML

On March 1, 2012, Aberdeen Asset Management Investment Services Limited (“AAMISL”), which previously was the sub-adviser to the Funds for which AAML now serves as sub-adviser, merged into AAML. AAML assumed the sub-adviser responsibility of the Funds for which AAMISL was sub-adviser. There was no change to the portfolio management team or the level or nature of the services provided to the Funds for which AAMISL served as sub-adviser as a result of the merger and the same resources available to AAMISL for the management and compliance oversight of the Fund are available to AAML.

The Core Fixed Income Fund, the U.S. High Yield Bond Fund, the Tax-Free Income Fund and the Ultra-Short Duration Bond Fund are not currently managed by a subadviser.

For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee paid monthly based on that Fund’s average daily net assets according to the following schedule:

Fund	Fee Schedule
Asia Bond Fund		On all assets	0.500%
Core Fixed Income Fund		Up to $2 billion	0.300%
		$2 billion up to $5 billion	0.275%
		On $5 billion and more	0.250%
Emerging Markets Debt Local Currency Fund		Up to $500 million	0.800%
		On $500 million and more	0.750%
Global Fixed Income Fund		Up to $500 million	0.600%
		$500 million up to $1 billion	0.550%
		On $1 billion and more	0.500%
Tax-Free Income Fund		Up to $250 million	0.425%
		$250 million up to $1 billion	0.375%
		On $1 billion and more	0.355%
Ultra-Short Duration Bond Fund		On all assets	0.200%
U.S. High Yield Bond Fund		Up to$500 million	0.600%
		$500 million and more	0.550%

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

From such fees, pursuant to the sub-advisory agreements, the Adviser pays fees to the subadvisers, if any. For the six months ended April 30, 2012, the Adviser paid the following amounts to the subadvisers (amounts shown as paid to AAML include amounts paid to AAMISL prior to March 1, 2012):

Fund		Amount
Asia Bond Fund	AAMAL		$1,398,419
Global Fixed Income Fund	AAML		59,843

Aberdeen entered into a written contract (“Expense Limitation Agreement”) with the Trust on behalf of the Funds that is effective through the dates listed below, and can only be terminated by the Board. The Expense Limitation Agreement limits operating expenses (excluding any interest, taxes, brokerage fees, short sale dividend expenses, acquired fund fees and expenses, 12b-1 fees, administrative services fees and extraordinary expenses), that accrue daily, from exceeding the amounts listed below:

Fund	Effective Through		Limit
Asia Bond Fund		2/27/2013		0.70%
Core Fixed Income Fund		2/27/2013		0.50%
Emerging Markets Debt Local Currency Fund		2/27/2013		0.90%
Global Fixed Income Fund		2/27/2013		0.95%
Tax-Free Income Fund		2/27/2013		0.68%
Ultra-Short Duration Bond Fund		2/27/2013		0.40%
U.S. High Yield Bond Fund		2/27/2013		0.80%

Aberdeen may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made for fees waived prior to March 1, 2011 (except for the Global Fixed Income

Fund and Asia Bond Fund, which is prior to July 20, 2011, and the Ultra-Short Duration Bond Fund and Core Fixed Income Fund, which is prior to December 1, 2011) unless:

(i) the Fund’s assets exceed $100 million;

(ii) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and

(iii) the payment of such reimbursement is approved by the Board on a quarterly basis.

For fees waived after March 1, 2011 (July 20, 2011 for the Global Fixed Income Fund and the Asia Bond Fund and December 1, 2011 for the Ultra-Short Duration Bond Fund and the Core Fixed Income Fund) no reimbursement will be made unless:

(i) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and

(ii) the payment of such reimbursement is approved by the Board on a quarterly basis (the “Reimbursement Requirements”).

If the Board approves any changes in the waiver terms or limitations, reimbursements are only permitted to the extent that the terms of the Expense Limitation Agreement that were in effect at the time of the waiver are met at the time that reimbursement is approved. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by Aberdeen is not permitted.

2012 Semiannual Report

107

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

As of April 30, 2012, 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 2009 (Expires 10/31/12)			Amount Fiscal Year 2010 (Expires 10/31/13)		Amount Fiscal Year 2011 (Expires 10/31/14)			Amount Six Months Ended April 30, 2012 (Expires 4/30/15)		Total*
Asia Bond Fund	$	16,455	**	$	241,501	$	51,292		$	13,056	$	322,304
Core Fixed Income Fund		–			–		46,885	***		18,573		65,458
Emerging Markets Debt Local Currency Fund		–			–		93,266			145,053		238,319
Global Fixed Income Fund		45,134	****		207,588		62,004			34,638		349,364
Tax-Free Income Fund		87,420			11,519		844			–		99,783
Ultra-Short Duration Bond Fund		–			–		106,549	***		90,494		197,043
U.S. High Yield Bond Fund		–			–		–			25,885		25,885

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

** Expenses waived or reimbursed under the terms of the Expense Limitation Agreement during the period July 20, 2009 to October 31, 2009.

*** Expenses waived or reimbursed under the terms of the Expense Limitation Agreement during the period November 30, 2010 to October 31, 2011.

**** Expenses waived or reimbursed under the terms of the Expense Limitation Agreement during the period July 20, 2009 to October 31, 2009. For the period November 1, 2008 through July 19, 2009, the Global Fixed Income Predecessor Fund received voluntary fee waivers from its adviser totaling $306,969. This amount is not subject to future repayment by the Fund.

In accordance with the Funds’ Expense Limitation Agreement and criteria, as described above, the Adviser recaptured the following amounts for which they previously reimbursed the Funds:

Fund	Amount Paid to the Adviser
Asia Bond Fund	$	–
Core Fixed Income Fund		4,252
Emerging Markets Debt Local Currency Fund		–
Global Fixed Income Fund		–
Tax-Free Income Fund		9,904
Ultra-Short Duration Bond Fund		–
U.S. High Yield Bond Fund		–

At April 30, 2012, the Funds had liabilities payable to the Adviser for recapture of previously reimbursed expenses as follows:

Fund	Amount to the Adviser
Asia Bond Fund	$	–
Core Fixed Income Fund		–
Emerging Markets Debt Local Currency Fund		–
Global Fixed Income Fund		–
Tax-Free Income Fund		13,678
Ultra-Short Duration Bond Fund		–
U.S. High Yield Bond Fund		–

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

(b) Fund Administration

Under the terms of the Fund Administration Agreement in effect during the period, 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 Fund Administration, the Funds pay Aberdeen a combined annual fee based on the Trust’s average daily

Semiannual Report 2012

108

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

net assets as set forth in the fee schedule below. The fees are then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund and are paid to Aberdeen.

Combined Fee Schedule*
Up to $500 million	0.065%
$500 million up to $2 billion	0.045%
$2 billion or more	0.020%

* The asset-based fees are subject to an annual minimum fee.

(c) Sub-Administrator and Fund Accountant

Aberdeen has entered into a Sub-Administration Agreement with State Street Bank and Trust Company (“State Street”) whereby State Street assists Aberdeen in providing certain of the administration services for the Funds, including certain fund accounting services. For its services, State Street receives an asset-based fee plus certain out-of-pocket expenses from the Administrator.

(d) Transfer Agent

Boston Financial Data Services, Inc. (“BFDS”) serves as Transfer Agent to the Funds.

(e) Distributor

The Trust and Aberdeen Fund Distributors LLC (the “Distributor” or “AFD”) 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”) under Rule 12b-1 of the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate AFD, as the Funds’ Distributor, for expenses associated with the distribution of certain classes of shares of the Funds of the Trust. Although actual distribution expenses may be more or less, under the Plan the Funds of the Trust pay the Distributor an annual fee in an amount that will not exceed the following amounts:

Fund	Class A Shares		Class C Shares(a)		Class R Shares(a)
Asia Bond Fund		0.25%		1.00%		0.50%
Core Fixed Income Fund		0.25%		1.00%		0.50%
Emerging Markets Debt Local Currency Fund		0.25%		1.00%		0.50%
Global Fixed Income Fund		0.25%		1.00%		0.50%
Tax-Free Income Fund		0.25%		1.00%		N/A
Ultra-Short Duration Bond Fund		0.25%		1.00%		0.50%
U.S. High Yield Bond 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% imposed on certain redemptions of Class C (and up to 1% 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 series of the Trust, which have a maximum front-end sales charge of 5.75% and 1.00% on Class C shares of the series of the Trust (on the deferred sales charge assessed on sales within one year of purchase). For the six months ended April 30, 2012, AFD retained commissions of $102,289 from front-end sales charges of Class A shares and from CDSC fees from Class C (and certain Class A) shares of the Trust.

Under the terms of the current Administrative Services Plan, a series of the Trust is permitted to enter into Servicing Agreements with servicing organizations, such as broker-dealers, and financial institutions, which agree to provide certain administrative support services in connection with the Class A, Class D, Class R and Institutional Service Class shares of the series of the Trust (as applicable). These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class A, Class D, Class R and Institutional Service Class shares of

2012 Semiannual Report

109

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

each of the Funds (as applicable). The amount of expenses incurred under the terms of the Administrative Services Plan during the six months ended April 30, 2012 were as follows:

Fund	Amount
Asia Bond Fund	$	11,059
Core Fixed Income Fund		226
Emerging Markets Debt Local Currency Fund		30
Global Fixed Income Fund		26,828
Tax-Free Income Fund		433
Ultra-Short Duration Bond Fund		19
U.S. High Yield Bond Fund		–

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

4. Short-Term Trading Fees

The Funds, except the Ultra-Short Duration Bond Fund, assess a 2.00% redemption fee on all classes of shares that are sold or exchanged within a specified period following purchase (within 15 calendar days for the Core Fixed Income Fund, the Emerging Markets Debt Local Currency Fund and the U.S. High Yield Bond Fund, within 30 calendar days for the Global Fixed Income Fund and the Asia Bond Fund and within 7 calendar days for the Tax-Free Income Fund). The redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions and other trading costs, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

For the six months ended April 30, 2012, the Funds had the following contributions to capital due to collection of redemption fees:

Fund

Class A Shares

Class C Shares

Class D Shares

Class R Shares

Institutional Service Class Shares

Institutional Class Shares

Asia Bond Fund

$

–

$

–

$

–

$

–

$

14

$

935

Core Fixed Income Fund

–

–

–

–

–

–

Emerging Markets Debt Local Currency Fund

–

–

–

–

–

–

Global Fixed Income Fund

51

17

–

–

499

–

Tax-Free Income Fund

–

–

–

–

–

–

Ultra-Short Duration Bond Fund

–

–

–

–

–

–

U.S. High Yield Bond Fund

–

–

–

–

–

–

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

For the year ended October 31, 2011, the Funds had the following contributions to capital due to collection of redemption fees:

Fund

Class A Shares

Class B Shares

Class C Shares

Class D Shares

Class R Shares

Institutional Service Class Shares

Institutional Class Shares

Asia Bond Fund

$

–

$

–

$

–

$

–

$

–

$

22

$

1,429

Core Fixed Income Fund

–

–

–

–

–

–

–

Emerging Markets Debt Local Currency Fund

–

–

–

–

–

–

–

Global Fixed Income Fund

15

–

5

–

–

138

–

Tax-Free Income Fund

–

–

–

–

–

–

–

Ultra-Short Duration Bond Fund

–

–

–

–

–

–

–

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

Semiannual Report 2012

110

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

5. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2012, were as follows:

Fund	Purchases		Sales
Asia Bond Fund	$	195,749,076	$	315,832,602
Core Fixed Income Fund		195,503,095		198,838,826
Emerging Markets Debt Local Currency Fund		6,957,565		7,538,824
Global Fixed Income Fund		19,249,394		21,704,403
Tax-Free Income Fund		8,351,703		7,036,770
Ultra-Short Duration Bond Fund		29,647,122		13,520,914
U.S. High Yield Bond Fund		13,257,607		2,849,448

6. Portfolio Investment Risks

(a) Interest Rate Risk

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, a Fund’s fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk.

(b) Credit Risk

Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions or financial guaranty assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if a Fund concentrates its letters of credit in any one financial institution, the risk of credit quality deterioration increases.

(c) Risks Associated with Foreign Securities and Currencies

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

(d) Risks Associated with Mortgage-backed Securities

The value of mortgage-backed securities can fall if the owners of the underlying mortgages default or pay off their mortgages sooner than expected, which could happen when interest rates rise.

(e) Risks Associated with Asset-backed Securities

Payment of interest and repayment of principal may be impacted by the cash flows generated by the assets backing these securities. The value of a Fund’s asset-backed securities may also be affected by changes in interest rates, the availability of information concerning the interests in and structure of the pools of purchase contracts, financing leases or sales agreements that are represented by these securities, the creditworthiness of the underlying securities or the servicing agent of the pool, the originator of the loans or receivables, or the entities that provide any supporting letters of credit, surety bonds, or other credit enhancements.

(f) Risks Associated with Emerging Markets

The emerging countries’ securities markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. A high proportion of the securities of many companies in emerging countries may be held by a limited number of persons, which may limit the number of securities available for investment by a Fund. The limited liquidity of emerging country securities markets may also affect a Fund’s ability to acquire or dispose of securities at the price and time it wishes to do so.

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111

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

(g) Risks Associated with European Markets

A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and without Europe. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund’s investments.

7. 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, based on experience, the risk of loss from such claims is considered remote.

8. Tax Information

As of April 30, 2012, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asia Bond Fund	$	463,212,028	$	16,956,231	$	(3,871,928	)	$	13,084,303
Core Fixed Income Fund		101,499,056		2,518,025		(134,568	)		2,383,457
Emerging Markets Debt Local Currency Fund		29,378,854		337,067		(777,300	)		(440,233	)
Global Fixed Income Fund		30,974,026		1,733,780		(331,562	)		1,402,218
Tax-Free Income Fund		106,030,208		11,985,387		(32,031	)		11,953,356
Ultra-Short Duration Bond Fund		46,949,915		172,780		(27,361	)		145,419
U.S. High Yield Bond Fund		11,781,686		76,339		(185,342	)		(109,003	)

The tax character of distributions paid during the fiscal year ended October 31, 2011 was as follows (Total distributions paid differ from the Statement 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 Gain		Total Taxable Distributions		Tax Exempt Distributions		Return of Capital		Total Distributions Paid
Asia Bond Fund	$	44,186,275	$	–	$	44,186,275	$	–	$	–	$	44,186,275
Core Fixed Income Fund		6,439,472		8,036,207		14,475,679		–		–		14,475,679
Emerging Markets Debt Local Currency Fund		238,300		–		238,300		–		90,475		328,775
Global Fixed Income Fund		1,973,045		–		1,973,045		–		–		1,973,045
Tax-Free Income Fund		3,357		247,946		251,303		4,201,654		–		4,452,957
Ultra-Short Duration Bond Fund		162,079		–		162,079		–		–		162,079

Semiannual Report 2012

112

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

As of October 31, 2011, the components of accumulated earnings (deficit) on a tax basis were as follows:

Fund	Undistributed Tax Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses**			Unrealized Appreciation/ Depreciation*			Total Accumulated Earnings (Deficit)
Asia Bond Fund	$	–	$	13,047,129	$	–	$	13,047,129	$	–	$	(9,512,361	)	$	16,286,771		$	19,821,539
Core Fixed Income Fund		–		–		913,930		913,930		–		–			1,540,665			2,454,595
Emerging Markets Debt Local Currency Fund		–		–		–		–		–		–			(1,316,573	)		(1,316,573	)
Global Fixed Income Fund		–		355,663		–		355,663		–		(1,301,987	)		1,365,024			418,700
Tax-Free Income Fund		9,598		–		134,119		143,717		–		–			8,192,493			8,336,210
Ultra-Short Duration Bond Fund		–		20,672		–		20,672		–		–			896			21,568

* The difference between the book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to: tax deferral of losses on wash sales; the difference between book and tax amortization methods for premium and market discount.

** As of October 31, 2011, 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
Asia Bond Fund	$	6,073,650		2016
Asia Bond Fund		3,438,711		2017
Global Fixed Income Fund		1,084,487		2014
Global Fixed Income Fund		217,500		2015

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

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

9. Significant Shareholders

As of April 30, 2012, the following 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
Asia Bond Fund		68.9	%	3
Core Fixed Income Fund		91.7		1
Emerging Markets Debt Local Currency Fund		90.6		5
Global Fixed Income Fund		50.5		3
Tax-Free Income Fund		–		–
Ultra-Short Duration Bond Fund		79.0		3
U.S. High Yield Bond Fund		97.4		2

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

10. Recent Accounting Pronouncements

Fair Valuation

In May 2011, FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value

2012 Semiannual Report

113

Notes to Financial Statements (concluded)

April 30, 2012 (Unaudited)

measurements in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact ASU No. 2011-04 may have on financial statement disclosures.

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, 2012.

Semiannual Report 2012

114

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 redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, 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, 2011 and continued to hold your shares at the end of the reporting period, April 30, 2012.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, 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 in the first line of each Class under the heading entitled “Expenses Paid During Period” 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 the 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) or redemption fees. 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, 2011		Actual Ending Account Value, April 30, 2012		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*1		Annualized Expense Ratio**
Aberdeen Asia Bond Fund
Class A2	$	1,000.00	$	1,001.90	$	1,020.09	$	1.65	$	4.82		0.96%
Class C2		1,000.00		1,000.90		1,016.56		2.88		8.37		1.67%
Class R2		1,000.00		1,001.80		1,018.95		2.05		5.97		1.19%
Institutional Service Class		1,000.00		1,021.20		1,020.34		4.57		4.57		0.91%
Institutional Class		1,000.00		1,021.30		1,021.48		3.42		3.42		0.68%
Aberdeen Core Fixed Income Fund
Class A		1,000.00		1,034.00		1,021.08		3.84		3.82		0.76%
Class C		1,000.00		1,031.20		1,017.40		7.58		7.52		1.50%
Institutional Service Class		1,000.00		1,036.20		1,022.38		2.53		2.51		0.50%
Institutional Class		1,000.00		1,036.20		1,022.38		2.53		2.51		0.50%
Aberdeen Emerging Markets Debt Local Currency Fund
Class A		1,000.00		1,041.80		1,019.05		5.94		5.87		1.17%
Class C		1,000.00		1,036.80		1,015.42		9.62		9.52		1.90%
Class R		1,000.00		1,041.60		1,017.90		7.11		7.02		1.40%
Institutional Service Class		1,000.00		1,042.80		1,020.39		4.57		4.52		0.90%
Institutional Class		1,000.00		1,042.80		1,020.39		4.57		4.52		0.90%
Aberdeen Global Fixed Income Fund
Class A		1,000.00		1,011.30		1,018.85		6.05		6.07		1.21%
Class C		1,000.00		1,007.70		1,015.17		9.73		9.77		1.95%
Institutional Service Class		1,000.00		1,011.70		1,019.24		5.65		5.67		1.13%
Institutional Class		1,000.00		1,012.70		1,020.14		4.75		4.77		0.95%

2012 Semiannual Report

115

Shareholder Expense Examples (Unaudited) (concluded)

	Beginning Account Value, November 1, 2011		Actual Ending Account Value, April 30, 2012		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*1		Annualized Expense Ratio**
Aberdeen Tax-Free Income Fund
Class A	$	1,000.00	$	1,053.00	$	1,020.19	$	4.80	$	4.72		0.94%
Class C		1,000.00		1,049.20		1,016.51		8.56		8.42		1.68%
Class D		1,000.00		1,054.30		1,021.48		3.47		3.42		0.68%
Aberdeen Ultra-Short Duration Bond Fund
Class A3		1,000.00		1,007.30		1,021.18		3.27		3.72		0.74%
Institutional Service Class4		1,000.00		1,005.00		1,022.87		1.12		2.01		0.40%
Institutional Class		1,000.00		1,007.20		1,022.87		2.00		2.01		0.40%
Aberdeen U.S. High Yield Bond Fund2
Class A		1,000.00		1,001.30		1,019.64		1.78		5.27		1.05%
Class C		1,000.00		1,000.00		1,015.91		3.05		9.02		1.80%
Class R		1,000.00		1,000.90		1,018.40		2.20		6.52		1.30%
Institutional Service Class		1,000.00		1,001.70		1,020.89		1.36		4.02		0.80%
Institutional Class		1,000.00		1,001.70		1,020.89		1.36		4.02		0.80%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 182/366 (to reflect the one-half year period).

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

1 Represents the hypothetical 5% return before expenses.

2 Information shown reflects values using the expense ratios and rates of return for the period February 28, 2012 (commencement of operations) to April 30, 2012.

3 Information shown reflects values using the expense ratios and rates of return for the period November 22, 2011 (commencement of operations) to April 30, 2012.

4 Information shown reflects values using the expense ratios and rates of return for the period January 20, 2012 (commencement of operations) to April 30, 2012.

Semiannual Report 2012

116

Supplemental Information (Unaudited)

Board of Trustees’ Consideration of Sub-Advisory Agreement

At an in-person meeting of the Board of Trustees (the “Board” or the “Trustees”) of the Aberdeen Funds (the “Trust”) held on September 6, 2011, the Board, including a majority of the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an initial two-year period the Trust’s sub-advisory agreement (the “Sub-Advisory Agreement”) among the Trust, Aberdeen Asset Management Inc. (“AAMI” or the “Adviser”) and Aberdeen Asset Managers Limited (“AAML”) with respect to the following series of the Trust:

Aberdeen Asia Bond Fund

Aberdeen Global Fixed Income Fund

Aberdeen Emerging Markets Debt Local Currency Fund

(for purposes of this section, each a “Fund” and collectively, the “Funds”)

AAML is an affiliate of AAMI. AAMI and AAML are sometimes referred to collectively as the “Advisers.”

Representatives of management informed the Board that it plans to merge Aberdeen Asset Management Investment Services Limited (“AAMISL”) into AAML as part of Aberdeen Asset Management PLC’s initiative to consolidate certain Aberdeen advisory entities and that the merger was anticipated to take place in the first quarter of 2012. Accordingly, AAMISL’s sub-advisory responsibilities would be transferred to AAML upon consummation of the merger. Management explained that there would be no change to the Funds’ portfolio managers, as AAMISL portfolio managers are also currently employees of AAML.

In considering whether to approve the Sub-Advisory Agreement, the Board took into account certain information and materials that the Board received and considered in connection with its recent approval of the renewal of the Funds’ investment advisory agreements and investment sub-advisory agreements (the “Agreements”) in June 2011. That approval, on which the Board voted at its meeting held in person on June 7, 2011, followed a process during which the Board considered a variety of factors, including for example, the experience and qualifications of the portfolio management teams and the Funds’ performance. The information considered by the Board included: (i) information on the investment performance of the Funds and the performance of peer groups of funds as selected by an independent third-party provider of investment company data, and the Funds’ performance benchmarks; (ii) information on the Funds’ advisory fees and other expenses, including information comparing each Fund’s expenses to those of a peer group of funds and information about any applicable expense limitations and fee “breakpoints”; (iii) sales and redemption data with respect to each Fund; (iv) information about the profitability of the Agreements to the Advisers; (v) a report prepared by the Advisers in response to a request submitted by the Independent Trustees’ independent legal counsel on behalf of such Trustees; and (vi) a memorandum from counsel on the responsibilities of the Board of Trustees in considering for approval the investment advisory and investment sub-advisory arrangements under the 1940 Act and Delaware law.

At the June 2011 meeting at which the Board of Trustees, including the Independent Trustees, approved the continuation of the Agreements, the Board also considered other matters discussed below. The Board noted that this information was relevant to its consideration of the Sub-Advisory Agreement in view of the similarity of the services to be provided, and the personnel who would be responsible for providing such services, to the Funds by AAML. The Board also noted that management provided an update regarding this information at the September 2011 meeting. These matters included: (i) AAMI’s and its affiliates’ financial results and financial condition; (ii) each Fund’s investment objective and strategies; (iii) AAMI’s and its affiliates’ investment personnel and operations; (iv) the procedures employed to determine the value of the Funds’ assets; (v) the allocation of the Funds’ brokerage, if any, including, if applicable, allocations to brokers affiliated with AAMI and its affiliates, and the use, if any, of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services; (vi) the resources devoted to, and the record of compliance with, the Funds’ investment policies and restrictions, policies on personal securities transactions and other compliance policies; and (viii) possible conflicts of interest. The Board also considered the nature, extent and quality of the services provided to the Funds by AAMI’s affiliates. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from AAMI and its affiliates.

In addition to the materials requested by the Trustees in connection with their annual consideration of the continuation of the Agreements, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide information relating to the services provided by the Advisers, including detailed information about the Funds’ investment performance. This information generally includes, among other things, third-party performance rankings for various periods (including prior to the Advisers’ management of the Funds) comparing each Fund against its peer group, total return information for various periods, and details of sales and redemptions of Fund shares for the period. The Board also receives periodic presentations from the portfolio management teams in connection with the performance of the Funds.

The Independent Trustees were advised by separate independent legal counsel throughout the process. The Independent Trustees also consulted in executive sessions with counsel to the Independent Trustees regarding consideration of the proposed approval of the Sub-Advisory Agreement. In considering whether to approve the Sub-Advisory Agreement, the Board of Trustees, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different

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Supplemental Information (Unaudited) (continued)

weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Sub-Advisory Agreement included the factors listed below.

The nature, extent and quality of the services to be provided to the Funds under the Sub-Advisory Agreement. The Trustees considered the nature, extent and quality of the services to be provided by AAML to the Funds and the resources to be dedicated to the Funds by AAML. The Board considered, among other things, AAMI’s and its affiliates’ investment experience, including the growth and development of their Far East operations as well as the Aberdeen Group’s global investment management activities, including in emerging markets, and the Aberdeen Group’s growth in Australia. The Board also considered the background and experience of AAML’s senior management personnel and the qualifications, background and responsibilities of the portfolio managers that would be primarily responsible for the day-to-day portfolio management services for the Funds. The Board also considered that it will receive information on a regular basis from the Trust’s Chief Compliance Officer regarding AAML’s compliance policies and procedures. The Board also considered AAML’s and its affiliates’ risk management processes. The Board was also mindful that AAMI will focus on the monitoring of the performance of the Funds and address performance matters. The Board also took into account its knowledge of management and the quality of the performance of its duties through Board meetings, discussion and reports during the preceding year.

The Board considered management’s discussion that the services to be provided by AAML under the Sub-Advisory Agreement would not change from those currently provided by AAMISL. In particular, the Board also considered the fact that AAMISL employees currently providing services to the Funds would continue to provide services to the Funds under the Sub-Advisory Agreement with AAML.

After reviewing these and related factors, the Board concluded that the nature, extent and quality of the services to be provided were extensive in nature and of high quality and supported the approval of the Sub-Advisory Agreement.

Investment performance of the Funds. The Board considered certain comparative performance data that, among other information, was provided to them in connection with the 2011 annual contract review, as well as more recent quarterly performance information for the periods ended June 30, 2011. In particular, the Trustees received information about the performance of the Funds over various time periods, including information which compared the performance of the Funds to the performance of peer groups of funds and each Fund’s performance benchmark. The Trustees also considered the performance of the Funds compared to the performance of comparable funds or accounts managed by AAMI and its affiliates to the extent available. In addition, the Trustees also reviewed data prepared by an independent third party which analyzed the performance of the Funds using a variety of performance metrics.

The Trustees considered that AAMI and its affiliates had commenced management of the each of the Funds upon their reorganizations into the Trust (except for the Aberdeen Emerging Markets Debt Local Currency Fund which commenced operations in May 2011), and noted that performance comparisons over a shorter period of time are less meaningful than longer-term performance. The Trustees also considered AAMI’s and its affiliates’ performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of AAMI to Trustee concerns about performance and the willingness of AAMI and its affiliates to take steps intended to improve performance. The Trustees also considered the performance of the AAMI and its affiliates since they commenced management of the Funds.

The Board also considered management’s discussion that because the Funds’ portfolio management teams and research support is not changing, the performance of the Funds is not expected to be impacted as a result of the transition to AAML.

In addition to the foregoing, the Trustees considered the specific factors set forth below with respect to the performance of each Fund for the periods ended March 31, 2011:

Aberdeen Global Fixed Income Fund. The Board noted that the Fund underperformed its peer group average for the 1-, 3- and 5- year periods. The Board also noted that the Fund underperformed its benchmark for the 1- and 5- year periods, and outperformed its benchmark for the 3- year period. The Board noted management’s explanations concerning the Fund’s underperformance versus its peer group and benchmark, including the fact that AAMI and its affiliates recently commenced managing the Fund on July 20, 2009, and that performance prior to that date represents the performance of the Fund’s previous adviser. The Board concluded that it will continue to monitor the Fund’s performance and any actions taken by AAMI and its affiliates to continue to improve performance.

Aberdeen Asia Bond Fund. The Board noted that the Fund outperformed its peer group average for the 1- and 3- year periods. The Board also noted that the Fund underperformed its benchmark for the 1- year period and outperformed its benchmark for the for the 3- year period.

Aberdeen Emerging Markets Debt Local Currency Fund. The Board noted that the Fund recently commenced operations on May 2, 2011, and therefore has a limited performance history.

After reviewing these and related factors, the Board concluded that each Fund’s overall performance was satisfactory, or where noted above, appropriate action was being taken to address performance, and supported the approval of the Sub-Advisory Agreement.

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Supplemental Information(Unaudited) (continued)

The costs of the services to be provided and profits to be realized by AAML and its affiliates from their relationships with the Funds. In considering the sub-advisory fee to be paid by AAMI to AAML, the Trustees took into consideration certain comparative expense information that was provided to them in connection with the 2011 annual contract review. The Board noted that the proposed sub-advisory fees under the Sub-Advisory Agreement were identical to the fees payable under the AAMISL sub-advisory agreement. The Trustees also noted that the sub-advisory fees for the Funds would be paid by AAMI, not the Funds, out of its advisory fee.

In considering the anticipated profitability to the Sub-Adviser and its affiliates of their relationships with the Fund, the Board noted that the proposed sub-advisory fees under the Sub-Advisory Agreement would be paid by AAMI out of the advisory fee that it receives from the Funds. The Board also took into account that the proposed sub-advisory fees were identical to the fees paid to AAMISL, and that as a result, AAMI’s and its affiliates’ profitability is not anticipated to change as a result of the new Sub-Advisory Agreement.

After reviewing these and related factors, the Board concluded that the proposed sub-advisory fees were fair and reasonable, and that the costs of these services generally and the related estimated profitability of AAML and its affiliates from their relationships with the Funds were reasonable and supported the approval of the Sub-Advisory Agreement.

Economies of Scale. The Board noted management’s discussion of the Funds’ advisory fee structure. The Board also considered the potential effect of each Fund’s growth and size on fees, noting that if a Fund’s assets increase over time, the Fund may realize other economies of scale if assets increase proportionally more than certain other fixed expenses. However, because the sub-advisory fees are paid by AAMI and not the Funds, the Board determined that the potential economies of scale with respect to AAML’s management of the Funds was not a material factor in approving the Sub-Advisory Agreement. Nevertheless, the Board noted that any breakpoints in a Fund’s advisory fee schedule would continue to exist after the transition to AAML.

After reviewing these and related factors, the Board concluded that the proposed sub-advisory fee structures were reasonable and supported the approval of the Sub-Advisory Agreement.

* * *

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including the Independent Trustees, concluded that the approval of the Sub-Advisory Agreement would be in the best interest of each of the Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Sub-Advisory Agreement for an initial two-year period.

Aberdeen U.S. High Yield Bond Fund

Board of Trustees’ Consideration of Advisory Agreement

Aberdeen U.S. High Yield Bond Fund is a new investment portfolio of the Trust. At an in-person meeting of the Board held on December 6, 2011, the Board, including a majority of the Independent Trustees, approved for an initial two-year period the proposed investment advisory agreement with Aberdeen Asset Management Inc. with respect to the Fund (for purposes of this section, the “Agreement”).

In considering the Agreement, the Board reviewed a variety of information provided by the Adviser relating to the Fund, the Agreement and the Adviser, including comparative performance, fee and expense information and other information regarding the nature, extent and quality of services to be provided by the Adviser under the Agreement. The materials provided to the Board included, among other items: (i) information on the Fund’s advisory fee and other expenses, including information comparing the Fund’s proposed expenses to those of a peer group of funds and information about any applicable expense limitations and fee “breakpoints”; (ii) information about the expected profitability of the Agreement to the Adviser; and (iii) a memorandum from counsel on the responsibilities of the Board of Trustees in considering for approval the investment advisory arrangements under the 1940 Act and Delaware law. The Board of Trustees, including the Independent Trustees, also considered other matters such as (i) the Adviser’s financial condition; (ii) the performance of comparable funds or accounts managed by the Adviser as compared to a peer group of comparable funds; (iii) the Fund’s investment objective and strategies; (iv) the Adviser’s investment personnel and operations; (v) arrangements relating to the distribution of the Fund’s shares and the related costs; (vi) the procedures employed to determine the value of the Fund’s assets; (vii) the allocation of the Fund’s brokerage, if any, including, if applicable, allocations to brokers affiliated with the Adviser and the use, if any, of “soft” commission dollars to pay Fund expenses and to pay for research and other similar services; (viii) the resources devoted to, and the record of compliance by other funds of the Trust with, the investment policies and restrictions, policies on personal securities transactions and other compliance policies; (ix) any “fall-out” benefits to the Adviser and its affiliates (i.e., ancillary benefits realized by the Adviser and its affiliates from the Adviser’s relationship with the Trust); and (x) possible conflicts of interest. The Board also considered the nature, extent and quality of the services to be provided to the Fund by the Adviser’s affiliates. Throughout the process, the Trustees were afforded the opportunity to ask questions of and request additional materials from the Adviser.

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Supplemental Information (Unaudited) (continued)

In addition to the materials requested by the Trustees in connection with their consideration of the approval of the Agreement, the Trustees receive materials in advance of each regular quarterly meeting of the Board that provide information relating to the services provided by the Adviser, including detailed information about investment performance. This information generally includes, among other things, third-party performance rankings for various periods comparing each fund against its peer group, total return information for various periods, and details of sales and redemptions of fund shares for the period. The Board also receives periodic presentations from the portfolio management team in connection with the performance of the funds in the Trust.

At the meeting held on December 6, 2011, the Agreement was approved for an initial two-year period. The Independent Trustees were advised by separate independent legal counsel throughout the process. The Independent Trustees also consulted in executive session with counsel to the Independent Trustees regarding consideration of the approval of the Agreement. In considering whether to approve the Agreement, the Board of Trustees, including the Independent Trustees, did not identify any single factor as determinative. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Matters considered by the Trustees, including the Independent Trustees, in connection with their approval of the Agreement included the factors listed below.

The nature, extent and quality of the services to be provided to the Fund under the Agreement. The Trustees considered the nature, extent and quality of the services to be provided by the Adviser to the Fund and the resources dedicated to the Fund by the Adviser and its affiliates. The Board considered, among other things, the Adviser’s investment experience. The Board also considered the background and experience of the Adviser’s senior management personnel and the qualifications, background and responsibilities of the portfolio managers that would be primarily responsible for the day-to-day portfolio management services for the Fund. The Trustees considered not only the advisory services to be provided by the Adviser to the Fund, but also the administrative services to be provided by the Adviser to the Fund under a separate administration agreement. The Adviser’s role in coordinating the activities of the Trust’s other service providers was also considered. The Board also considered that it receives information on a regular basis from the Trust’s Chief Compliance Officer regarding the Adviser’s compliance policies and procedures. The Board also considered the Adviser’s risk management processes. The Board was also mindful of the Advisers’ focus on the monitoring of the performance of the funds in the Trust and in addressing performance matters. The Trustees also considered the benefits to shareholders of investing in a mutual fund that is part of a family of funds that offers shareholders the right to exchange shares of one type of fund for shares of another type of fund, and provides a variety of fund and shareholder services. The Board also took into account its knowledge of management and the quality of the performance of its duties through Board meetings, discussion and reports during the preceding year in connection with the other funds in the Trust.

After reviewing these and related factors, the Board concluded that the nature, extent and quality of the services to be provided were extensive in nature and of high quality and supported the approval of the Agreement.

Comparable Performance of the Adviser. The Trustees received information about the performance of the Aberdeen U.S. High Yield Composite (the “Composite”), which has a similar investment strategy as the Fund, over various time periods, including information that compared the performance of the Composite to the performance of a peer group of comparable funds as determined by an independent third party.

The Trustees noted that the Composite outperformed the average of its peer group for the 1- and 3- year periods ended September 30, 2011. The Trustees also considered the Adviser’s performance and reputation generally, the performance of the fund family generally, and the historical responsiveness of the Adviser to Trustee questions about performance and the willingness of the Adviser to take steps intended to improve performance.

After reviewing these and related factors, the Trustees concluded that the performance of the Composite and the Adviser supported the approval of the Agreement.

The costs of the services to be provided and profits expected to be realized by the Adviser and its affiliates from their relationships with the Fund.

The Trustees considered the fees proposed to be charged to the Fund for advisory services as well as the expected total expense level of the Fund. This information included comparisons (provided both by management and also by an independent third party) of the Fund’s advisory fee and expected total expense level to those of a peer group determined by an independent third party (“Expense Group”) and information about the advisory fees charged by the Adviser to comparable U.S. and foreign Aberdeen funds, as well as information about the advisory fees charged by the Adviser to any separately managed accounts with a similar strategy (“comparable funds/accounts”). In comparing the Fund’s net management fee to that of comparable funds, the Board noted that such fee includes both advisory and administrative fees. In considering the fees charged to the comparable funds/accounts, the Trustees considered, among other things, management’s discussion of the differences required to manage the different types of accounts. In evaluating the Fund’s advisory fees, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund.

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Supplemental Information(Unaudited) (concluded)

The Trustees considered that the Fund’s proposed management fee was below the average of the Expense Group. The Trustees further considered that the Fund’s estimated total net expenses were below the average of the Expense Group. The Board also considered that the Adviser had agreed to enter into an expense limitation agreement with the Fund, pursuant to which the Adviser would agree to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Fund’s total annual operating expenses for a period of time.

The Trustees also considered the compensation directly or indirectly expected to be received by the Adviser and its affiliates from their relationship with the Fund. The Trustees reviewed information provided by management as to the expected profitability of the Adviser and its affiliates’ relationship with the Fund, such as the engagement of affiliates of the Adviser to provide distribution and administrative services to the Funds. The Trustees also considered information about the allocation of expenses used to calculate profitability. When reviewing profitability, the Trustees also considered information about court cases regarding adviser profitability, the estimated expense levels of the Fund, and that the Adviser had agreed to implement an expense limitation with respect to the Fund for a period of time.

After reviewing these and related factors, the Board concluded that the proposed advisory fees were fair and reasonable, and that the anticipated costs of these services generally and the related estimated profitability of the Adviser and its affiliates from their relationships with the Fund were reasonable and supported the approval of the Agreement.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision of services by the Adviser and whether those economies would be shared with the Fund through breakpoints in their investment advisory fee or other means, such as expense waivers or limitations. The Trustees noted that the Fund’s advisory fee schedule was subject to breakpoints that reduce the advisory fee rate on assets above certain specified levels. The Trustees noted that the Fund would be subject to an expense limitation for a minimum of twelve months whereby the Adviser had agreed to waive a portion of its advisory fee and/or reimburse Fund expenses. The Board took into account management’s discussion of potential economies of scale with respect to the Fund. The Trustees also took note of the costs of the services provided (both on an absolute and a relative basis) and the estimated profitability to the Adviser and its affiliates of their relationship with the Fund, as discussed above. The Board also considered the potential effect of the Fund’s growth and size on fees, noting that if the Fund’s assets increase over time, the Fund may realize other economies of scale if assets increase proportionally more than some expenses.

After reviewing these and related factors, the Board concluded that the advisory fee structure was reasonable and appropriately reflects potential economies of scale to be shared between the Fund and the Adviser, and supported the approval of the Agreement.

The Trustees also considered other factors, which included but were not limited to the following:

• whether the funds of the Trust have operated in accordance with their investment objectives and the funds’ record of compliance with their investment restrictions, and the compliance programs of the Trust and the Adviser. They also considered the compliance-related resources the Adviser and its affiliates were expected to provide to the Fund.

• the nature, quality, cost and extent of administrative services to be performed by the Adviser under the Agreement and under a separate agreement covering administrative services.

• so-called “fallout benefits” to the Adviser, such as the benefits of research made available to the Adviser by reason of brokerage commissions generated by the Fund’s securities transactions or reputational and other indirect benefits. The Trustees considered the possible conflicts of interest associated with these fallout and other benefits, and the reporting, disclosure and other processes in place to disclose and monitor such possible conflicts of interest.

Based on their evaluation of all factors that they deemed to be material, including those factors described above, and assisted by the advice of independent counsel, the Trustees, including a majority of the Independent Trustees, concluded that approval of the Agreement would be in the best interests of the Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreement for an initial two-year period.

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Privacy Policy Notice

Aberdeen’s U.S. registered open-end and closed-end investment companies (the “Funds”) appreciate the privacy concerns and expectations of our shareholders. We are committed to maintaining a high level of privacy and confidentiality when it comes to your personal information and we use that information only where permitted by law.

We provide this privacy notice to you so that you may understand our policy with regard to the collection and disclosure of nonpublic personal information (“Information”) pertaining to you.

Collection of Information

The type of personal information we collect depends on the products or services you request and may include the following:

• Information received from you on account applications, agreements, questionnaires or other forms (which may include your name, address, phone number, social security or taxpayer identification number, and birth date);

• Information about your transactions with us, our affiliates, or others (which may include account balances and investment activity);

• Information received from you in written, telephonic or electronic communications with us, our affiliates or others.

Disclosure of Information

We do not disclose any Information about our customers or former customers to third parties, except as permitted by law. We may disclose all of the Information we collect, as described above, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing arrangements.

Access to Information

We restrict access to your Information except to the extent necessary to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your Information.

Our privacy policy applies only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of a Fund, we consider you to be a customer of that Fund. Shareholders purchasing or owning shares of a Fund through their bank, broker or other financial institution should consult that financial institution’s privacy policies. If you own shares or receive investment services through a relationship with a third-party broker, bank, investment adviser or other financial service provider, that third-party’s privacy policies may apply to you and the Funds’ may not.

Management Information

Trustees

P. Gerald Malone, Chairman

Martin J. Gilbert

Richard H. McCoy

Neville J. Miles

Peter D. Sacks

John T. Sheehy

Warren C. Smith

John F. Solan, Jr.

Officers

Gary Marshall, President and Chief Executive Officer

Jeffrey Cotton, Chief Compliance Officer, Vice President

Andrea Melia, Treasurer and Chief Financial Officer

Megan Kennedy, Secretary and Vice President

Lucia Sitar, Vice President

Alan Goodson, Vice President

Paul Griffiths, Vice President

Adam McCabe, Vice President

Jennifer Nichols, Vice President

Hugh Young, Vice President

Megan Mooney, Assistant Treasurer

Brian O’Neill, Assistant Treasurer

Investment Manager

Aberdeen Asset Management Inc.

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Fund Administrator

Aberdeen Asset Management Inc.

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Transfer Agent

Boston Financial Data Services, Inc.

30 Dan Road

Canton, MA 02021

Distributor

Aberdeen Fund Distributors LLC

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Sub-Administrator, Custodian & Fund Accountant

State Street Bank and Trust Company

1 Lincoln Street

Boston, MA 02111

Independent Accountants

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Counsel

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019-6099

AOE-0203-0612

Aberdeen Funds

P.O. Box 55930

Boston, MA 02205-5930

Aberdeen Funds

Optimal Allocations Series

Semiannual Report

April 30, 2012

Aberdeen Optimal Allocations Fund: Defensive

Aberdeen Optimal Allocations Fund: Growth

Aberdeen Optimal Allocations Fund: Moderate

Aberdeen Optimal Allocations Fund: Moderate Growth

Aberdeen Optimal Allocations Fund: Specialty

Table of Contents

Letter to Shareholders	Page 1
Market Review	Page 3
Aberdeen Optimal Allocations Fund: Defensive	Page 6
Aberdeen Optimal Allocations Fund: Growth	Page 9
Aberdeen Optimal Allocations Fund: Moderate	Page 12
Aberdeen Optimal Allocations Fund: Moderate Growth	Page 15
Aberdeen Optimal Allocations Fund: Specialty	Page 18
Financial Statements	Page 30
Notes to Financial Statements	Page 40
Shareholder Expense Examples	Page 48

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 www.aberdeen-asset.us. 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, 1735 Market Street, 32^nd Floor, Philadelphia, PA 19103.

Aberdeen Asset Management Inc. (AAMI) has been registered as an investment advisor under the Investment Advisers Act of 1940 since August 23, 1995.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Aberdeen Funds file 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 on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.aberdeen-asset.us or upon request without charge.

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 www.aberdeen-asset.us 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 on the Commission’s website at www.sec.gov.

Letter to Shareholders

April 30, 2012

Dear Valued Shareholder:

Welcome to the Aberdeen Funds Semiannual Report covering the activities for the six-month period ended April 30, 2012.

Market Overview

During the reporting period, the performance of the global securities markets was again dominated by the ongoing sovereign debt crisis in the Eurozone. The European Central Bank entered a second phase of its Long-Term Refinancing Operation (LTRO) in an effort to provide much-needed funding for the peripheral European countries, most notably Greece. Late in the period, there was speculation that Greece would exit the euro, fanning fears of an exodus by other financially troubled Eurozone nations. Despite weathering virtually daily gyrations, major global equity and fixed income market indices recorded positive returns during the period. Shares of North American companies outperformed their global equity counterparts on the strength of generally improving economic data and generally positive corporate earnings reports.

I would also like to direct you to the website for our investment conference titled “Beyond the U.S. – Time for investors to allocate more internationally?”, which was held on June 7, 2012 in New York City. Read panel summaries, listen to recorded audio feeds and watch video of the conference, which hosted a panel of highly distinguished and noteworthy speakers. You can visit the conference website at http://www.aberdeen-asset.us/aam.nsf/usconference/home.

Aberdeen Product Developments

The Aberdeen Asia Bond Fund and its sister fund, the Aberdeen Asia-Pacific (ex-Japan) Equity Fund, opened new retail share classes on Feb. 27 2012, making these strategies more widely available in various U.S. distribution channels. We believe that Aberdeen’s local presence and long history (over 20 years) of investing in Asia can provide some reassurance to U.S. investors seeking to diversify their investment portfolios, and we are pleased to now make this capability available to all U.S. investors.

We were delighted that the Aberdeen Asia Bond Fund (formerly known as the Aberdeen Asia Bond Institutional Fund) was recognized at the 2012 Lipper Fund Awards as the “Best International Income Fund over Three Years” among 27 funds for the three-year period ended December 31, 2011. Lipper, a leading global provider of mutual fund information, based the award on the calculation of consistent return, a quantitative metric that incorporates risk-adjusted return and strength of the fund’s performance trend. We believe the award validates Aberdeen’s Asia Bond investment process: a clearly defined, consistent investment discipline which is applied rigorously for each of our mutual fund portfolios. It also acknowledges our Asia Bond investment team’s hard work which, we believe, produces strong returns for our clients over the long term.

On Friday, May 18, 2012, The Aberdeen Emerging Markets Fund merged into the Aberdeen Emerging Markets Institutional Fund. The two funds had identical investment strategies and objectives and were managed by the same investment team. The financial and performance history of the Aberdeen Emerging Markets Institutional Fund, which is the larger of the two funds, is the continuing performance history after the reorganization, and the combined fund is known as the Aberdeen Emerging Markets Fund.

Investing in Our Community

In May 2012, Aberdeen sponsored the Aberdeen Dad Vail Regatta for the third consecutive year. Thousands of collegiate rowers from across the U.S. and Canada competed in this historic, two-day event along Philadelphia’s Schuylkill River. Aberdeen will continue its sponsorship of the Dad Vail regatta into 2013, the event’s 75th anniversary.

In June 2012, Aberdeen concluded its second annual Aberdeen Financial Literacy project. Schools from the Philadelphia region took part in the 10-week competition as students managed simulated portfolios, trading real stocks and bonds with some guidance from visiting Aberdeen “ambassadors.” Participating teams were invited to Aberdeen’s Philadelphia office to present their investment strategies and meet with Aberdeen portfolio managers and staff. The winning school was presented with a $5,000 donation.

Looking ahead

If the last months have shown us anything, it is that global markets remain as uncertain as ever. The sovereign debt crisis that continues to afflict the Eurozone and its periphery remains a major concern in the coming quarters. Though the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) seems to have created some respite in the short term, it is a far cry from the long-term solution that is needed in the Eurozone. Conversely, the U.S. economy proved to be a standout performer over the period and seems to be continuing its economic recovery, albeit at a modest pace and with unemployment remaining above 8%. Economic growth in China, while slowing, is still higher than that in developed markets and, in our view, is indicative of a “soft landing” scenario. In this context, we believe that the U.S. and China will be the

2012 Semiannual Report

1

Letter to Shareholders (concluded)

April 30, 2012

main drivers of global growth in the coming quarters. With the upcoming conclusions of the Federal Reserve’s “Operation Twist” and the Bank of England’s asset purchase program, along with the uncertainty of a third LTRO in Europe, we believe global markets may be left vulnerable to further bouts of volatility.

Anne Richards, Aberdeen Group’s Chief Investment Officer, provides you with a detailed insight on the marketplace in the Global Market Review and Outlook on the following page.

We thank you for your investment with us.

Yours sincerely,

Gary Marshall

President

Aberdeen Funds

Semiannual Report 2012

2

Market Review

Most major global equity market indices moved higher for the six-month period ended April 30, 2012. Market moves were dictated primarily by investors’ reaction to the ever-changing news regarding the sovereign debt crisis in the Eurozone, as well as economic data, particularly from the U.S. Equity performance was boosted by vast liquidity injections from the European Central Bank’s (ECB) Long-Term Refinancing Operation (LTRO) for lenders; bond-buying programs by the central banks of the UK and Japan; and the U.S. Federal Reserve’s pledge to maintain short-term interest rates at or near their current historical low levels until 2014. Several developed economies, particularly those in Japan and Europe, contracted in the final quarter of 2011, weighed down by weak export growth. Asia fared relatively well, but was not immune from weakening demand in the West.

The U.S. was the top performer among the global stock markets during the semiannual period, with the broader-market S&P 500 Index gaining 12.8% versus the respective 3.0% and 4.0% returns of the MSCI All-Country World ex. US and MSCI Emerging Markets indices. The upturn was spurred mainly by the release of improving U.S. economic data, along with generally upbeat corporate earnings reports, offsetting fresh concerns about the problems in the Eurozone. While elevated retail gasoline prices remain a risk to consumption, there is no evidence as of yet that they are constraining final demand – indices of consumer confidence rose towards the end of the reporting period, and there has been no significant downturn in consumer and business spending. On a cautionary note, the drop in the unemployment rate during the reporting period partially reflected a shrinking pool of jobseekers as more people stopped looking for employment. Additionally, non-farm payroll growth has slowed and the jobless rate remains above its five-year average of around 6%.

European equities, as represented by the MSCI Europe Index, underperformed versus their global peers for the reporting period amid the ongoing fiscal crisis in the region. A second financial bailout of Greece took place in March. This package included private investors accepting over 70% in losses on their current holdings of government debt and provided Greece with access to an additional €130 billion (roughly US$160 billion) in International Monetary Fund (IMF) and Eurozone funding. On the economic front, the purchasing managers’ surveys in both Germany and France fell to three-year lows in May of this year, signaling a downturn in manufacturing output. Furthermore, growth in the peripheral European countries – most notably Greece, Ireland, Italy, Portugal and Spain – is weaker as they struggle with a combination of tight credit, poor sentiment, private sector debt repayment and public sector austerity. Within the Asia-Pacific region, the Bank of Japan announced a new commitment to monetary easing aimed at achieving a goal of 1% inflation. We believe that the central bank’s easing, along with an increase in the nation’s trade deficit, may lead to further weakness in the Japanese yen, but potentially could have a positive impact on the equity market.

The MSCI Emerging Markets Index moved higher during the reporting period but underperformed versus the MSCI World Index, the global developed market benchmark. The Eurozone debt situation and deteriorating growth in the developed markets weighed on investor sentiment early in the period. However, the markets recovered from the collective sell-off at the beginning of 2012, as ample liquidity injections from several developed-market central banks lifted investor sentiment. Economic growth in China, while slowing, is still higher than that in developed markets and, in our view, is indicative of a “soft landing” scenario. Furthermore, Chinese industrial production and retail sales both remain healthy. Should the growth outlook deteriorate, however, we feel that the Chinese government has additional policy tools at its disposal in its effort to stimulate growth. Late in the semiannual period, India’s central bank cut its benchmark interest rate by a larger-than-expected 0.5%, but warned that inflation pressures limited room for further easing.

The global fixed income markets, as measured by the Barclays Capital Global Aggregate Bond Index, posted a modest gain of 1.0% for the semiannual period. The U.S. market outperformed its global counterparts despite encountering substantial intra- and inter-day volatility along the way. The combination of stronger macroeconomic data and the successful completion of the ECB’s second LTRO initially pushed U.S. Treasury yields higher, but they subsequently declined late in the reporting period amid the re-emergence of contagion fears from the European debt crisis. Near the end of the semiannual period, Standard and Poor’s downgraded Spain’s long-term credit rating by two notches to BBB+, prompting worries about the government facing higher borrowing costs. Following a strong start to 2012, the U.S. high yield market cooled off slightly in March and April. Lower-quality bonds were the strongest performers as CCC rated credits outperformed versus BB and single-B issues.

In our view, the LTROs have bought the Eurozone some time, the usefulness of which should not be underestimated. The pro-austerity New Democracy party won a narrow majority in Greece’s national election in June, mitigating (at least temporarily) fears of the country’s possible departure from the Eurozone. However, New Democracy’s victory does not offer a solution to the country’s huge fiscal and social problems – there is a long hard road ahead for the Greek people. The twin stimuli of the Federal Reserve’s “Operation Twist” in the U.S. and the Bank of England’s asset purchase program in the UK are coming to an end, and we are uncertain about a third LTRO in Europe. In our opinion, all of these factors could lead to greater uncertainty within markets and make them vulnerable to more bouts of volatility. Nonetheless, we believe that, overall, global economic growth looks to be reasonably supported in the short term, albeit on a slower trajectory than its recent pace.

Anne Richards

Chief Investment Officer

Aberdeen Asset Management

2012 Semiannual Report

3

Aberdeen Optimal Allocations Funds (Unaudited)

The Aberdeen Optimal Allocations Fund: Defensive (Class A shares at NAV net of fees) returned 4.02% for the six-month period ended April 30, 2012, versus 2.44% for its benchmark, the Barclays Capital U.S. Aggregate Bond Index, and 6.52% for its defensive composite index, a blend of 40% Standard & Poor’s (S&P) 500 Index and 60% Barclays Capital U.S. Aggregate Index, during the same period. The broad-market S&P 500 Index returned 12.77% during the same period. For broader comparison, the average return of the Fund’s Lipper peer category of Mixed-Asset Target Allocation Conservative Funds (consisting of 454 funds) was 4.94% for the period.

The Aberdeen Optimal Allocations Fund: Growth (Class A shares at NAV net of fees) returned 6.13% for the six-month period ended April 30, 2012, versus 12.77% for its benchmark, the S&P 500 Index, and 9.70% for its growth composite index, a blend of 70% S&P 500 Index, 25% MSCI EAFE Index and 5% Barclays Capital U.S. Aggregate Bond Index. For broader comparison, the average return of the Fund’s Lipper peer category of Multi-Cap Core Funds (consisting of 746 funds) was 10.57% for the period.

The Aberdeen Optimal Allocations Fund: Moderate (Class A shares at NAV net of fees) returned 4.92% for the six-month period ended April 30, 2012, versus 12.77% for its benchmark, the S&P 500 Index, and 6.61% for its moderate composite index, a blend of 40% S&P 500 Index, 40% Barclays Capital U.S. Aggregate Bond Index and 20% MSCI EAFE Index. For broader comparison, the average return of the Fund’s Lipper peer category of Mixed-Asset Target Allocation Moderate Funds (consisting of 496 funds) was 6.78% for the period.

The Aberdeen Optimal Allocations Fund: Moderate Growth (Class A shares at NAV net of fees) returned 5.66% for the six-month period ended April 30, 2012, versus 12.77% for its benchmark, the S&P 500 Index, and 8.66% for its moderate growth composite index, a blend of 60% S&P 500 Index, 20% Barclays Capital U.S. Aggregate Bond Index and 20% MSCI EAFE Index. For broader comparison, the average return of the Fund’s Lipper peer category of Mixed-Asset Target Allocation Growth Funds (consisting of 570 funds) was 7.89% for the period.

The Aberdeen Optimal Allocations Fund: Specialty (Class A shares at NAV net of fees) returned 5.96% for the six-month period ended April 30, 2012, versus 12.77% for its benchmark, the S&P 500 Index, and 9.71% for its specialty composite index, a blend of 70% S&P 500 Index and 30% MSCI EAFE Index. For broader comparison, the average return of the Fund’s Lipper peer category of Multi-Cap Core Funds (consisting of 746 funds) was 10.57% for the period.

The Optimal Allocations Series seeks to balance risk, as measured by volatility, with expected returns.

After a turbulent year, global financial markets across a wide range of asset classes generally moved higher in the fourth quarter of 2011, despite the fact that many serious macroeconomic concerns of investors remained largely unresolved. Market sentiment continued to face the headwinds of the rapidly evolving sovereign debt crisis in the Eurozone, while lingering political unrest in the Middle East had an adverse impact on oil and energy markets and contributed to persistent concerns over the growth rate of the global economy. Major global equity market indices managed to close the year on an upbeat note largely due to generally improving U.S. economic data and what we believe was investors’ cautious optimism regarding the situation in Europe.

The positive momentum seen in global financial markets at year-end carried over into January 2012, with risk asset classes starting the year on a distinctly positive note. Investors reacted positively to aggressive liquidity actions by the European Central Bank (ECB) that eased bank funding pressures in the Eurozone. In addition, we believe that U.S. economic data continued to demonstrate slow but steady growth, while fears of a “hard landing” in China seemed once again to be receding. Financial markets largely continued this “risk on” rally through the end of the first quarter, as investor fears around the European debt crisis and slowing global economic growth continued to ease. Some renewed headwinds did emerge late in the semiannual period, however, as Eurozone and Chinese economic data again weakened and there were renewed concerns about the fiscal situations in Spain and Italy. Despite the strong start to the year, markets traded down toward the end of the period as marginally weaker macroeconomic data in the U.S. combined with renewed fiscal stress in the Eurozone to trigger yet another round of risk-aversion among investors. Disappointing U.S. employment and gross domestic product (GDP) numbers at the outset of April set a negative tone, which was partially offset later in the month by generally strong first-quarter corporate earnings. All of these factors combined to leave global financial markets in a highly uncertain state as the semiannual period came to a close.

With market conditions mostly favorable to an increase in risk appetite during the reporting period, the Optimal Allocations funds’ more economically sensitive asset classes were generally among the better performers. The broader funds’ exposures to U.S. small-cap equities and the Specialty fund’s exposure to U.S. micro caps were significant contributors, with very strong returns from Ivy Micro Cap Growth Fund and Aberdeen Small Cap Fund. The funds’ holdings in U.S. real estate also bolstered performance, with strong returns from iShares Cohen & Steers Realty Majors Index Fund. The funds’ fixed income assets also generated positive returns for the period, led by the Eaton Vance Floating Rate Loan Fund. At the same time, the holdings in iShares Barclays 7-10 Year Treasury Bond Fund and iShares Barclays TIPS (Treasury inflation protected securities) Fund were also positive contributors, benefiting from continued investor interest in higher-quality, “safe haven” investments. One significant detractor from performance on an individual asset class basis was the funds’ holding in Credit Suisse Commodity Return Strategy Fund, which delivered negative performance for the reporting period against a backdrop of sluggish global demand for commodities.

The funds’ underlying asset allocation models are developed annually and fully re-specified at the beginning of each calendar year. Coming into 2012, we maintained global diversification across each of the asset classes held in a fund. Among equity asset classes, we continued to hold broadly diversified international and emerging markets exposure along with domestic equities. We reduced the

Semiannual Report 2012

4

Aberdeen Optimal Allocations Funds (Unaudited) (concluded)

funds’ overall level of global sector holdings while increasing our U.S. equity exposures, with a slight bias toward larger- versus smaller-cap holdings. Within global sectors, we continued to invest in segments like infrastructure, which brings with it high-quality yield assets that provide both an inflation hedge as well as leverage to broader economic growth. The funds’ fixed income exposure is also globally diversified, with a focus on yield-oriented assets that we feel also provide attractive credit risk dynamics.

The funds are currently fully invested consistent with their respective 2012 allocation models and are highly diversified across various traditional and non-traditional asset classes. Each of the five model portfolios is structured around a long-term strategic allocation, but retains the flexibility to tilt specific allocations in the medium term based on changes in relative valuations or specific macroeconomic events. This allows us to respond to changing market conditions in an effort to more effectively manage each fund’s overall risk/return characteristics.

Portfolio Management:

Aberdeen Solutions Team: Richard Fonash, CFA, and Allison Mortensen, CFA

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. Class A Shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to www.aberdeen-asset.us.

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

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Lipper is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

Risk Considerations

The funds are subject to different levels and combinations of risk, based their actual allocation among the various asset classes and underlying funds. The Funds will be exposed to risks associated with investing in underlying mutual funds and exchange-traded funds. The funds will be affected by stock and bond market risks, among others. They invest a significant proportion of their assets in specialty assets, which may involve riskier types of securities or investments than those offered by other asset classes.

The funds may hold larger positions in fewer securities than other funds, which may cause a single security’s increase or decrease in value to have a greater impact on the funds’ value and total return.

Please read the prospectus for more detailed information regarding these risks.

2012 Semiannual Report

5

Aberdeen Optimal Allocations Fund: Defensive (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.		Inception2
Class A	w/o SC		4.02%			0.86%			4.20%		4.49%
	w/SC3		(1.99%	)		(4.91%	)		2.98%		3.35%
Class C	w/o SC		3.57%			0.05%			3.42%		3.73%
	w/SC4		2.57%			(0.91%	)		3.42%		3.73%
Institutional Class5	w/o SC		4.16%			1.05%			4.42%		4.72%

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.

† Not Annualized.

1 Returns incorporate the performance of a predecessor fund (the “Predecessor Fund”) from inception to June 23, 2008. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Fund commenced operations on December 15, 2006.

3 A 5.75% front-end sales charge was deducted.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Not subject to any sales charges.

Semiannual Report 2012

6

Aberdeen Optimal Allocations Fund: Defensive (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Optimal Allocations Fund: Defensive, Barclays Capital U.S. Aggregate Bond Index, S&P 500^® Index, the Defensive Composite Index and the Consumer Product Index (CPI) since inception. Unlike the Fund, the returns for the unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

The components of the Defensive Composite Index and its weightings are 40% S&P 500^® Index and 60% Barclays Capital U.S. Aggregate Bond Index. The S&P 500^® Index is a market capitalization-weighted index that includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

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 and does 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.

Portfolio Summary (as a percentage of net assets) (Unaudited)

April 30, 2012

Asset Allocation
Exchange Traded Funds	53.1%
Mutual Funds	46.0%
Other assets in excess of liabilities	0.9%
	100.0%

Top Industries
Fixed Income Funds	56.6%
Equity Funds	32.5%
Real Estate Investment Trust (REIT) Funds	4.1%
Commodity Funds	3.0%
Alternative Investment	2.9%
Other	0.9%
	100.0%
Top Holdings
Oppenheimer International Bond Fund, Class Y	15.5%
iShares Barclays Aggregate Bond Fund	13.9%
iShares Barclays 7-10 Year Treasury Bond Fund	7.8%
Eaton Vance Floating-Rate Fund, Class I	6.2%
iShares Russell Midcap Index Fund	6.1%
PIMCO Emerging Markets Currency Fund, Institutional Class	5.2%
Aberdeen Equity Long-Short Fund, Institutional Class	5.1%
iShares S&P Global Healthcare Sector Index Fund	5.0%
iShares Barclays TIPS Bond Fund	5.0%
iShares S&P 500 Index Fund	4.1%
Other	26.1%
	100.0%

2012 Semiannual Report

7

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Optimal Allocations Fund: Defensive

	Shares or Principal Amount		Value
MUTUAL FUNDS (46.0%)
Alternative Investment (2.9%)
AQR Managed Futures Strategy Fund, Class I		25,313	$	238,702
Commodity Fund (3.0%)
Credit Suisse Commodity Return Strategy Fund, Class I*		29,944		244,944
Equity Funds (13.2%)
Aberdeen Emerging Markets Institutional Fund, Institutional Class (a)		11,626		169,041
Aberdeen Equity Long-Short Fund, Institutional Class* (a)		35,705		414,181
Aberdeen Global Natural Resources Fund, Institutional Class (a)		9,647		164,182
Aberdeen International Equity Fund, Institutional Class (a)		23,629		329,864
				1,077,268
Fixed Income Funds (26.9%)
Eaton Vance Floating-Rate Fund, Class I		55,931		505,061
Oppenheimer International Bond Fund, Class Y		198,176		1,264,363
PIMCO Emerging Markets Currency Fund, Institutional Class		39,996		419,954
				2,189,378
Total Mutual Funds				3,750,292
EXCHANGE TRADED FUNDS (53.1%)
Equity Funds (19.3%)
iShares Russell Midcap Index Fund		4,500		496,350
iShares S&P 500 Index Fund		2,400		336,672
iShares S&P Global Healthcare Sector Index Fund		6,800		410,448
iShares S&P Global Infrastructure Index Fund		9,300		330,336
				1,573,806
Fixed Income Funds (29.7%)
iShares Barclays 1-3 Year Treasury Bond Fund		2,950	$	249,157
iShares Barclays 7-10 Year Treasury Bond Fund		6,000		634,140
iShares Barclays Aggregate Bond Fund		10,270		1,135,759
iShares Barclays TIPS Bond Fund		3,400		406,028
				2,425,084
Real Estate Investment Trust (REIT) Funds (4.1%)
iShares Cohen & Steers Realty Majors Index Fund		2,030		159,842
SPDR Dow Jones International Real Estate Fund		4,567		170,806
				330,648
Total Exchange Traded Funds				4,329,538
Total Investments (Cost $7,556,277) (b)—99.1%				8,079,830
Other assets in excess of liabilities—0.9%				74,586
Net Assets—100.0%			$	8,154,416

* Non-income producing security.

(a) Investment in affiliate.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

REIT Real Estate Investment Trust

TIPS Treasury Inflation Protected Securities

See accompanying notes to financial statements.

Semiannual Report 2012

8

Aberdeen Optimal Allocations Fund: Growth (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†		1 Yr.			5 Yr.			Inception2
Class A	w/o SC		6.13%		(4.60%	)		0.05%			5.35%
	w/SC3		0.02%		(10.07%	)		(1.12%	)		4.55%
Class C	w/o SC		5.79%		(5.20%	)		(0.63%	)		4.57%
	w/SC4		4.79%		(6.14%	)		(0.63%	)		4.57%
Class R6	w/o SC		5.94%		(4.91%	)		(0.26%	)		4.98%
Institutional Class5,6	w/o SC		6.29%		(4.37%	)		(0.15%	)		5.28%

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.

† Not Annualized.

1 Returns incorporate the performance of a predecessor fund (the “Predecessor Fund”) from inception to June 23, 2008. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Fund commenced operations on June 29, 2004.

3 A 5.75% front-end sales charge was deducted.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Returns before the first offering of the Institutional Class (July 29, 2011) are based on the previous performance of Class A. The performance of Class A is substantially similar to what Institutional Class would have produced because both classes invest in the same portfolio of securities. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Institutional Class shares would have produced because both classes invest in the same portfolio of securities. Returns have been adjusted to eliminate sales charges that do not apply to Institutional Class shares, but have not been adjusted to reflect its lower expenses.

6 Not subject to any sales charges.

2012 Semiannual Report

9

Aberdeen Optimal Allocations Fund: Growth (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Optimal Allocations Fund: Growth, S&P 500^® Index, the Growth Composite 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 components of the Growth Composite Index and its weightings are 70% S&P 500^® Index, 25% Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index and 5% Barclays Capital U.S. Aggregate Bond Index. The S&P 500^® Index is a market capitalization-weighted index that includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The MSCI EAFE Index captures large and mid cap representation across 22 of 24 Developed Markets countries, excluding the US and Canada. Developed Markets countries in the MSCI EAFE Index include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

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 and does 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.

Portfolio Summary (as a percentage of net assets) (Unaudited)

April 30, 2012

Asset Allocation
Mutual Funds	60.0%
Exchange Traded Funds	38.6%
Other assets in excess of liabilities	1.4%
	100.0%

Top Industries
Equity Funds	70.3%
Fixed Income Funds	10.2%
Real Estate Investment Trust (REIT) Funds	7.5%
Alternative Investment	5.6%
Commodity Funds	5.0%
Other	1.4%
	100.0%

Top Holdings
Aberdeen International Equity Fund, Institutional Class	12.0%
iShares Russell Midcap Index Fund	9.2%
iShares S&P Global Infrastructure Index Fund	8.3%
iShares S&P 500 Index Fund	7.3%
Aberdeen Small Cap Fund, Institutional Class	6.9%
iShares S&P Global Healthcare Sector Index Fund	6.3%
Aberdeen U.S. Equity Fund, Institutional Class	6.0%
AQR Managed Futures Strategy Fund, Class I	5.6%
Aberdeen Emerging Markets Institutional Fund, Institutional Class	5.2%
PIMCO Emerging Markets Currency Fund, Institutional Class	5.1%
Other	28.1%
	100.0%

Semiannual Report 2012

10

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Optimal Allocations Fund: Growth

	Shares or Principal Amount		Value
MUTUAL FUNDS (60.0%)
Alternative Investment (5.6%)
AQR Managed Futures Strategy Fund, Class I		49,272	$	464,633
Commodity Fund (5.0%)
Credit Suisse Commodity Return Strategy Fund, Class I*		50,204		410,666
Equity Funds (39.2%)
Aberdeen Emerging Markets Institutional Fund, Institutional Class (a)		29,482		428,675
Aberdeen Equity Long-Short Fund, Institutional Class* (a)		36,231		420,281
Aberdeen Global Natural Resources Fund, Institutional Class (a)		19,256		327,734
Aberdeen International Equity Fund, Institutional Class (a)		71,021		991,446
Aberdeen Small Cap Fund, Institutional Class (a)		34,743		571,877
Aberdeen U.S. Equity Fund, Institutional Class (a)		47,650		491,748
				3,231,761
Fixed Income Funds (10.2%)
Eaton Vance Floating-Rate Fund, Class I		46,261		417,738
PIMCO Emerging Markets Currency Fund, Institutional Class		40,419		424,404
				842,142
Total Mutual Funds				4,949,202
EXCHANGE TRADED FUNDS (38.6%)
Equity Funds (31.1%)
iShares Russell Midcap Index Fund		6,862	$	756,879
iShares S&P 500 Index Fund		4,319		605,869
iShares S&P Global Healthcare Sector Index Fund		8,600		519,096
iShares S&P Global Infrastructure Index Fund		19,200		681,984
				2,563,828
Real Estate Investment Trust (REIT) Funds (7.5%)
iShares Cohen & Steers Realty Majors Index Fund		4,484		353,070
SPDR Dow Jones International Real Estate Fund		7,077		264,680
				617,750
Total Exchange Traded Funds				3,181,578
Total Investments (Cost $7,121,308) (b)—98.6%				8,130,780
Other assets in excess of liabilities—1.4%				113,575
Net Assets—100.0%			$	8,244,355

* Non-income producing security.

(a) Investment in affiliate.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

2012 Semiannual Report

11

Aberdeen Optimal Allocations Fund: Moderate (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.		Inception2
Class A	w/o SC		4.92%			(1.34%	)		3.12%		6.32%
	w/SC3		(1.08%	)		(7.04%	)		1.91%		5.52%
Class C	w/o SC		4.54%			(2.09%	)		2.37%		5.49%
	w/SC4		3.54%			(3.06%	)		2.37%		5.49%
Class R5	w/o SC		4.71%			(1.85%	)		2.81%		5.93%
Institutional Class5	w/o SC		5.07%			(1.13%	)		3.36%		6.52%

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.

† Not Annualized.

1 Returns incorporate the performance of a predecessor fund (the “Predecessor Fund”) from inception to June 23, 2008. The Fund and the Predecessor Fund have substantially similar investment objective and strategies. Please consult the Fund’s prospectus for more detail.

2 Fund commenced operations on June 29, 2004.

3 A 5.75% front-end sales charge was deducted.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Not subject to any sales charges.

Semiannual Report 2012

12

Aberdeen Optimal Allocations Fund: Moderate (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Optimal Allocations Fund: Moderate, S&P 500^® Index, the Moderate Composite 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 components of the Moderate Composite Index and its weightings are 40% S&P 500^® Index, 40% Barclays Capital U.S. Aggregate Bond Index and 20% Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index. The S&P 500^® Index is a market capitalization-weighted index that includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The MSCI EAFE Index captures large and mid cap representation across 22 of 24 Developed Markets countries, excluding the US and Canada. Developed Markets countries in the MSCI EAFE Index include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

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 and does 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.

Portfolio Summary (as a percentage of net assets) (Unaudited)

April 30, 2012

Asset Allocation
Mutual Funds	53.2%
Exchange Traded Funds	45.7%
Repurchase Agreement	0.6%
Other assets in excess of liabilities	0.5%
	100.0%

Top Industries
Equity Funds	47.4%
Fixed Income Funds	39.3%
Real Estate Investment Trust (REIT) Funds	4.3%
Alternative Investment	4.0%
Commodity Funds	3.9%
Other	1.1%
	100.0%

Top Holdings*
iShares Barclays Aggregate Bond Fund	10.0%
Oppenheimer International Bond Fund, Class Y	9.1%
Aberdeen International Equity Fund, Institutional Class	8.0%
iShares Russell Midcap Index Fund	7.9%
PIMCO Emerging Markets Currency Fund, Institutional Class	5.9%
iShares S&P 500 Index Fund	5.1%
iShares Barclays 7-10 Year Treasury Bond Fund	5.1%
iShares S&P Global Healthcare Sector Index Fund	5.1%
Eaton Vance Floating-Rate Fund, Class I	5.1%
Aberdeen Equity Long-Short Fund, Institutional Class	5.0%
Other	33.7%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

13

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Optimal Allocations Fund: Moderate

	Shares or Principal Amount		Value
MUTUAL FUNDS (53.2%)
Alternative Investment (4.0%)
AQR Managed Futures Strategy Fund, Class I		123,629	$	1,165,825
Commodity Fund (3.9%)
Credit Suisse Commodity Return Strategy Fund, Class I*		140,408		1,148,534
Equity Funds (25.2%)
Aberdeen Emerging Markets Institutional Fund, Institutional Class (a)		80,818		1,175,092
Aberdeen Equity Long-Short Fund, Institutional Class* (a)		127,872		1,483,313
Aberdeen Global Natural Resources Fund, Institutional Class (a)		51,522		876,906
Aberdeen International Equity Fund, Institutional Class (a)		167,849		2,343,172
Aberdeen Small Cap Fund, Institutional Class (a)		37,303		614,002
Aberdeen U.S. Equity Fund, Institutional Class (a)		88,301		911,273
				7,403,758
Fixed Income Funds (20.1%)
Eaton Vance Floating-Rate Fund, Class I		164,631		1,486,613
Oppenheimer International Bond Fund, Class Y		419,538		2,676,651
PIMCO Emerging Markets Currency Fund, Institutional Class		165,425		1,736,965
				5,900,229
Total Mutual Funds				15,618,346
EXCHANGE TRADED FUNDS (45.7%)
Equity Funds (22.2%)
iShares Russell Midcap Index Fund		21,211		2,339,573
iShares S&P 500 Index Fund		10,700		1,500,996
iShares S&P Global Healthcare Sector Index Fund		24,700		1,490,892
iShares S&P Global Infrastructure Index Fund		33,700		1,197,024
				6,528,485
Fixed Income Funds (19.2%)
iShares Barclays 7-10 Year Treasury Bond Fund		14,200	$	1,500,798
iShares Barclays Aggregate Bond Fund		26,528		2,933,732
iShares Barclays TIPS Bond Fund		10,100		1,206,142
				5,640,672
Real Estate Investment Trust (REIT) Funds (4.3%)
iShares Cohen & Steers Realty Majors Index Fund		7,871		619,763
SPDR Dow Jones International Real Estate Fund		17,095		639,353
				1,259,116
Total Exchange Traded Funds				13,428,273
REPURCHASE AGREEMENT (0.6%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $180,000 collateralized by U.S.Treasury Note, maturing 11/30/14; total market value of $184,406	$	180,000		180,000
Total Repurchase Agreement				180,000
Total Investments (Cost $26,724,240) (b)—99.5%				29,226,619
Other assets in excess of liabilities—0.5%				153,735
Net Assets—100.0%			$	29,380,354

* Non-income producing security.

(a) Investment in affiliate.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

REIT Real Estate Investment Trust

TIPS Treasury Inflation Protected Securities

See accompanying notes to financial statements.

Semiannual Report 2012

14

Aberdeen Optimal Allocations Fund: Moderate Growth (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.		Inception2
Class A	w/o SC		5.66%			(2.54%	)		1.76%		6.07%
	w/SC3		(0.39%	)		(8.11%	)		0.57%		5.27%
Class C	w/o SC		5.29%			(3.19%	)		1.04%		5.30%
	w/SC4		4.29%			(4.15%	)		1.04%		5.30%
Class R5	w/o SC		5.60%			(2.74%	)		1.52%		5.77%
Institutional Class5,6	w/o SC		5.84%			(2.25%	)		1.80%		6.10%

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.

† Not Annualized.

1 Returns incorporate the performance of a predecessor fund (the “Predecessor Fund”) from inception to June 23, 2008. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Fund commenced operations on June 29, 2004.

3 A 5.75% front-end sales charge was deducted.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Not subject to any sales charges.

6 Performance of Institutional Class for the period beginning on April 23, 2009 through July 28, 2009 is based on the performance of Class A. During this period Institutional Class did not have any shareholders. This performance is substantially similar to what the Institutional Class shares would have produced because both classes invest in the same portfolio of securities. Returns for the Institutional Class have not been adjusted to reflect its lower expenses.

2012 Semiannual Report

15

Aberdeen Optimal Allocations Fund: Moderate Growth (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Optimal Allocations Fund: Moderate Growth, S&P 500^® Index, the Moderate Growth Composite 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 components of the Moderate Growth Composite Index and its weightings are 60% S&P 500^® Index, 20% Barclays Capital U.S. Aggregate Bond Index and 20% Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index. The S&P 500^® Index is a market capitalization-weighted index that includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The MSCI EAFE Index captures large and mid cap representation across 22 of 24 Developed Markets countries, excluding the US and Canada. Developed Markets countries in the MSCI EAFE Index include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

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 and does 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.

Portfolio Summary (as a percentage of net assets) (Unaudited)

April 30, 2012

Asset Allocation
Mutual Funds	58.1%
Exchange Traded Funds	41.1%
Repurchase Agreement	0.9%
Liabilities in excess of other assets	(0.1%	)
	100.0%

Top Industries
Equity Funds	60.8%
Fixed Income Funds	24.4%
Real Estate Investment Trust (REIT) Funds	5.3%
Alternative Investment	4.8%
Commodity Funds	3.9%
Other	0.8%
	100.0%
Top Holdings*
Aberdeen International Equity Fund, Institutional Class	10.2%
iShares Russell Midcap Index Fund	9.2%
iShares S&P Global Infrastructure Index Fund	6.3%
iShares S&P 500 Index Fund	6.2%
Oppenheimer International Bond Fund, Class Y	6.2%
iShares S&P Global Healthcare Sector Index Fund	6.1%
Aberdeen Equity Long-Short Fund, Institutional Class	5.2%
Aberdeen Emerging Markets Institutional Fund, Institutional Class	5.1%
Eaton Vance Floating-Rate Fund, Class I	5.1%
PIMCO Emerging Markets Currency Fund, Institutional Class	5.1%
Other	35.3%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

Semiannual Report 2012

16

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Optimal Allocations Fund: Moderate Growth

	Shares or Principal Amount		Value
MUTUAL FUNDS (58.1%)
Alternative Investment (4.8%)
AQR Managed Futures Strategy Fund, Class I		123,838	$	1,167,786
Commodity Fund (3.9%)
Credit Suisse Commodity Return Strategy Fund, Class I*		117,801		963,615
Equity Funds (33.0%)
Aberdeen Emerging Markets Institutional Fund, Institutional Class (a)		87,020		1,265,266
Aberdeen Equity Long-Short Fund, Institutional Class* (a)		109,277		1,267,613
Aberdeen Global Natural Resources Fund, Institutional Class (a)		59,376		1,010,579
Aberdeen International Equity Fund, Institutional Class (a)		178,875		2,497,091
Aberdeen Small Cap Fund, Institutional Class (a)		62,318		1,025,759
Aberdeen U.S. Equity Fund, Institutional Class (a)		100,516		1,037,329
				8,103,637
Fixed Income Funds (16.4%)
Eaton Vance Floating-Rate Fund, Class I		139,279		1,257,693
Oppenheimer International Bond Fund, Class Y		236,575		1,509,350
PIMCO Emerging Markets Currency Fund, Institutional Class		119,386		1,253,550
				4,020,593
Total Mutual Funds				14,255,631
EXCHANGE TRADED FUNDS (41.1%)
Equity Funds (27.8%)
iShares Russell Midcap Index Fund		20,467		2,257,510
iShares S&P 500 Index Fund		10,820		1,517,830
iShares S&P Global Healthcare Sector Index Fund		24,900		1,502,964
iShares S&P Global Infrastructure Index Fund		43,300		1,538,016
				6,816,320
Fixed Income Funds (8.0%)
iShares Barclays 7-10 Year Treasury Bond Fund		7,300	$	771,537
iShares Barclays Aggregate Bond Fund		10,879		1,203,108
				1,974,645
Real Estate Investment Trust (REIT) Funds (5.3%)
iShares Cohen & Steers Realty Majors Index Fund		9,955		783,857
SPDR Dow Jones International Real Estate Fund		13,920		520,608
				1,304,465
Total Exchange Traded Funds				10,095,430
REPURCHASE AGREEMENT (0.9%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $235,001, collateralized by U.S. Treasury Note, maturing 11/30/14; total market value of $242,363	$	235,000		235,000
Total Repurchase Agreement				235,000
Total Investments (Cost $21,590,967) (b)—100.1%				24,586,061
Liabilities in excess of other assets—(0.1)%				(35,318	)
Net Assets—100.0%			$	24,550,743

* Non-income producing security.

(a) Investment in affiliate.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

2012 Semiannual Report

17

Aberdeen Optimal Allocations Fund: Specialty (Unaudited)

Average Annual Total Return1 (For periods ended April 30, 2012)		Six Months†			1 Yr.			5 Yr.			Inception2
Class A	w/o SC		5.96%			(5.03%	)		(0.37%	)		5.69%
	w/SC3		(0.16%	)		(10.50%	)		(1.54%	)		4.89%
Class C	w/o SC		5.60%			(5.75%	)		(1.10%	)		4.91%
	w/SC4		4.60%			(6.68%	)		(1.10%	)		4.91%
Class R5	w/o SC		5.73%			(5.40%	)		(0.64%	)		5.40%
Institutional Class5	w/o SC		6.06%			(4.83%	)		(0.11%	)		5.97%

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.

† Not Annualized.

1 Returns incorporate the performance of a predecessor fund (the “Predecessor Fund”) from inception to June 23, 2008. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund’s prospectus for more detail.

2 Fund commenced operations on June 29, 2004.

3 A 5.75% front-end sales charge was deducted.

4 A 1.00% CDSC was deducted from the six month and one year return because it is charged when you sell Class C shares within the first year after purchase.

5 Not subject to any sales charges.

Semiannual Report 2012

18

Aberdeen Optimal Allocations Fund: Specialty (Unaudited)

Performance of a $10,000 Investment (as of April 30, 2012)

Comparative performance of $10,000 invested in Class A shares of the Aberdeen Optimal Allocations Fund: Specialty, S&P 500^® Index, the Specialty Composite Index and the Consumer Product 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 components of the Specialty Composite Index and its weightings are 70% S&P 500^® Index and 30% Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index. The S&P 500^® Index is a market capitalization-weighted index that includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The MSCI EAFE Index captures large and mid cap representation across 22 of 24 Developed Markets countries, excluding the US and Canada. Developed Markets countries in the MSCI EAFE Index include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

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 and does 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.

Portfolio Summary (as a percentage of net assets) (Unaudited)

April 30, 2012

Asset Allocation
Mutual Funds	60.2%
Exchange Traded Funds	39.2%
Repurchase Agreement	0.8%
Liabilities in excess of other assets	(0.2%	)
	100.0%

Top Industries
Equity Funds	61.4%
Fixed Income Funds	12.6%
Real Estate Investment Trust (REIT) Funds	11.6%
Commodity Funds	7.8%
Alternative Investment	6.0%
Other	0.6%
	100.0%

Top Holdings*
iShares Russell Midcap Index Fund	10.2%
iShares S&P Global Healthcare Sector Index Fund	9.3%
Aberdeen Emerging Markets Institutional Fund, Institutional Class	8.2%
iShares S&P Global Infrastructure Index Fund	8.1%
Credit Suisse Commodity Return Strategy Fund, Class I	7.8%
Aberdeen Equity Long-Short Fund, Institutional Class	7.1%
PIMCO Emerging Markets Currency Fund, Institutional Class	6.5%
iShares Cohen & Steers Realty Majors Index Fund	6.3%
Eaton Vance Floating-Rate Fund, Class I	6.1%
AQR Managed Futures Strategy Fund, Class I	6.0%
Other	24.4%
	100.0%

* For the purpose of listing top holdings, repurchase agreements included as part of Other.

2012 Semiannual Report

19

Statement of Investments

April 30, 2012 (Unaudited)

Aberdeen Optimal Allocations Fund: Specialty

	Shares or Principal Amount		Value
MUTUAL FUNDS (60.2%)
Alternative Investment (6.0%)
AQR Managed Futures Strategy Fund, Class I		159,297	$	1,502,170
Commodity Fund (7.8%)
Credit Suisse Commodity Return Strategy Fund, Class I*		241,271		1,973,593
Equity Funds (33.8%)
Aberdeen Asia-Pacific Smaller Companies Fund, Institutional Class (a)		128,165		1,313,685
Aberdeen Emerging Markets Institutional Fund, Institutional Class (a)		141,578		2,058,549
Aberdeen Equity Long-Short Fund, Institutional Class* (a)		153,216		1,777,306
Aberdeen Global Natural Resources Fund, Institutional Class (a)		59,882		1,019,194
Aberdeen International Equity Fund, Institutional Class (a)		94,178		1,314,726
Ivy Micro Cap Growth Fund, Class I		54,216		1,021,427
				8,504,887
Fixed Income Funds (12.6%)
Eaton Vance Floating-Rate Fund, Class I		170,549		1,540,055
PIMCO Emerging Markets Currency Fund, Institutional Class		156,782		1,646,218
				3,186,273
Total Mutual Funds				15,166,923
EXCHANGE TRADED FUNDS (39.2%)
Equity Funds (27.6%)
iShares Russell Midcap Index Fund		23,300		2,569,990
iShares S&P Global Healthcare Sector Index Fund		38,500		2,323,860
iShares S&P Global Infrastructure Index Fund		57,600		2,045,952
				6,939,802
Real Estate Investment Trust (REIT) Funds (11.6%)
iShares Cohen & Steers Realty Majors Index Fund		20,106	$	1,583,146
SPDR Dow Jones International Real Estate Fund		35,904		1,342,810
				2,925,956
Total Exchange Traded Funds				9,865,758
REPURCHASE AGREEMENT (0.8%)
State Street Bank, 0.08%, dated 4/30/12, due 5/01/12, repurchase price $204,001 collateralized by U.S. Treasury Note, maturing 6/30/16; total market value of $212,944	$	204,000		204,000
Total Repurchase Agreement				204,000
Total Investments (Cost $23,448,366) (b)—100.2%				25,236,681
Liabilities in excess of other assets—(0.2)%				(50,107	)
Net Assets—100.0%			$	25,186,574

* Non-income producing security.

(a) Investment in affiliate.

(b) See notes to financial statements for tax unrealized appreciation/depreciation of securities.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Semiannual Report 2012

20

Statements of Assets and Liabilities (Unaudited)

April 30, 2012

	Aberdeen Optimal Allocations Fund: Defensive			Aberdeen Optimal Allocations Fund: Growth			Aberdeen Optimal Allocations Fund: Moderate			Aberdeen Optimal Allocations Fund: Moderate Growth			Aberdeen Optimal Allocations Fund: Specialty
Assets:
Investments, at value	$	7,002,562		$	4,899,019		$	21,642,861		$	16,247,424		$	17,549,221
Investments in affiliates, at value		1,077,268			3,231,761			7,403,758			8,103,637			7,483,460
Repurchase agreements, at value		–			–			180,000			235,000			204,000
Total Investments		8,079,830			8,130,780			29,226,619			24,586,061			25,236,681
Cash		96,675			59,553			274			73			83
Receivable for investments sold		–			36,213			158,023			–			53,113
Receivable from adviser		17,795			10,930			11,577			10,263			12,418
Receivable for capital shares issued		347			3,962			5,255			5,604			10,624
Other assets		–			24,013			25,010			24,635			24,596
Total Assets		8,194,647			8,265,451			29,426,758			24,626,636			25,337,515
Liabilities:
Payable for capital shares redeemed		8			–			–			32,638			104,549
Accrued expenses and other payables:
Investment advisory fees		1,002			1,013			3,614			3,017			3,101
Administration fees		178			180			641			535			550
Administrative services fees		100			627			132			813			108
Transfer agent fees		781			1,075			5,731			4,444			12,190
Distribution fees		5,051			4,458			17,431			13,967			14,086
Printing fees		2,021			2,235			3,618			6,005			895
Legal fees		161			173			640			523			560
Fund accounting fees		165			240			891			673			768
Custodian fees		63			188			200			205			221
Other		30,701			10,907			13,506			13,073			13,913
Total Liabilities		40,231			21,096			46,404			75,893			150,941
Net Assets	$	8,154,416		$	8,244,355		$	29,380,354		$	24,550,743		$	25,186,574
Cost:
Investments	$	6,589,866		$	4,379,032		$	19,987,274		$	14,664,830		$	16,515,867
Investments in affiliates		966,411			2,742,276			6,556,966			6,691,137			6,728,499
Repurchase agreements		–			–			180,000			235,000			204,000
Represented by:
Capital	$	7,674,587		$	10,938,987		$	30,704,319		$	27,775,639		$	46,134,561
Accumulated net investment income/(loss)		7,953			1,360			20,575			13,225			(41,605	)
Accumulated net realized loss from investments		(51,677	)		(3,705,464	)		(3,846,919	)		(6,233,215	)		(22,694,697	)
Net unrealized appreciation on investments		523,553			1,009,472			2,502,379			2,995,094			1,788,315
Net Assets	$	8,154,416		$	8,244,355		$	29,380,354		$	24,550,743		$	25,186,574
Net Assets:
Class A Shares	$	1,871,524		$	3,696,722		$	9,211,824		$	9,943,504		$	6,886,669
Class C Shares		5,676,394			4,511,433			18,683,185			14,583,417			15,289,975
Class R Shares		–			26,178			401,442			15,767			270,394
Institutional Class Shares		606,498			10,022			1,083,903			8,055			2,739,536
Total	$	8,154,416		$	8,244,355		$	29,380,354		$	24,550,743		$	25,186,574

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

See accompanying notes to financial statements.

2012 Semiannual Report

21

Statements of Assets and Liabilities (Unaudited) (concluded)

April 30, 2012

	Aberdeen Optimal Allocations Fund: Defensive			Aberdeen Optimal Allocations Fund: Growth			Aberdeen Optimal Allocations Fund: Moderate			Aberdeen Optimal Allocations Fund: Moderate Growth			Aberdeen Optimal Allocations Fund: Specialty
Shares Outstanding (unlimited number of shares authorized):
Class A Shares		175,358			340,404			779,345			873,797			600,248
Class C Shares		536,806			429,409			1,609,758			1,303,577			1,368,992
Class R Shares		–			2,452			34,189			1,391			23,649
Institutional Class Shares		56,881			924			91,807			711			236,887
Total		769,045			773,189			2,515,099			2,179,476			2,229,776
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	10.67		$	10.86		$	11.82		$	11.38		$	11.47
Class C Shares (a)	$	10.57		$	10.51		$	11.61	(b)	$	11.19	(b)	$	11.17
Class R Shares	$	–		$	10.68		$	11.74		$	11.34		$	11.43
Institutional Class Shares	$	10.66		$	10.85		$	11.81		$	11.33		$	11.56
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.32		$	11.52		$	12.54		$	12.07		$	12.17
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.

(b) The NAV shown above differs from the traded NAV on April 30, 2012 due to financial statement rounding.

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

See accompanying notes to financial statements.

Semiannual Report 2012

22

Statements of Operations (Unaudited)

For the Six Months Ended April 30, 2012

	Aberdeen Optimal Allocations Fund: Defensive			Aberdeen Optimal Allocations Fund: Growth			Aberdeen Optimal Allocations Fund: Moderate			Aberdeen Optimal Allocations Fund: Moderate Growth			Aberdeen Optimal Allocations Fund: Specialty
INVESTMENT INCOME:
Dividend income	$	104,383		$	53,804		$	295,106		$	187,566		$	175,358
Dividend income from affiliates		14,133			49,935			115,684			134,662			136,629
Interest income		8			6			32			28			27
		118,524			103,745			410,822			322,256			312,014
Expenses:
Investment advisory fees		6,117			6,188			22,352			18,563			19,325
Administration fees		1,076			1,088			3,930			3,264			3,398
Distribution fees Class A		2,352			4,627			11,280			12,709			8,941
Distribution fees Class C		28,758			22,579			96,887			72,777			78,426
Distribution fees Class R		–			58			955			52			644
Administrative services fees Class A		97			856			1,355			1,659			704
Administrative services fees Class R		–			28			392			4			173
Registration and filing fees		68,757			34,561			34,811			35,107			34,823
Transfer agent fees		12,404			16,887			26,996			23,134			30,508
Audit fees		8,660			8,660			8,915			8,915			8,915
Printing fees		1,420			1,923			4,142			4,455			4,245
Fund accounting fees		375			402			1,460			1,223			1,289
Custodian fees		502			517			692			635			624
Legal fees		196			200			727			604			633
Trustee fees		177			182			662			548			577
Other		1,313			1,691			3,056			2,740			3,196
Total expenses before reimbursed/waived expenses		132,204			100,447			218,612			186,389			196,421
Expenses reimbursed/waived by investment advisor		(90,802	)		(61,986	)		(70,487	)		(68,250	)		(75,324	)
Net Expenses		41,402			38,461			148,125			118,139			121,097
Net Investment Income		77,122			65,284			262,697			204,117			190,917
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS:
Realized gain distributions from underlying affiliated funds		4,864			6,518			18,011			19,658			26,946
Realized gain distributions from underlying non-affiliated funds		3,599			713			10,936			4,524			78,170
Realized gain from investment transactions from affiliated funds		38,426			215,276			739,040			733,598			318,590
Realized gain from investment transactions from non-affiliated funds		45,773			99,737			498,735			224,761			166,410
Net realized gain from investments		92,662			322,244			1,266,722			982,541			590,116
Net change in unrealized appreciation/depreciation on investment transactions		134,714			87,413			(179,655	)		125,769			621,716
Net realized/unrealized gain from investments		227,376			409,657			1,087,067			1,108,310			1,211,832
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	304,498		$	474,941		$	1,349,764		$	1,312,427		$	1,402,749

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

See accompanying notes to financial statements.

2012 Semiannual Report

23

Statements of Changes in Net Assets

	Aberdeen Optimal Allocations Fund: Defensive						Aberdeen Optimal Allocations Fund: Growth						Aberdeen Optimal Allocations Fund: Moderate
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	77,122		$	152,141		$	65,284		$	123,184		$	262,697		$	569,424
Net realized gain/(loss) from investments		92,662			521,966			322,244			191,552			1,266,722			2,469,679
Net change in unrealized appreciation/depreciation on investments		134,714			(538,648	)		87,413			(168,469	)		(179,655	)		(2,419,792	)
Changes in net assets resulting form operations		304,498			135,459			474,941			146,267			1,349,764			619,311
Distributions to Shareholders From:
Net investment income:
Class A		(22,290	)		(43,441	)		(30,756	)		(63,791	)		(97,778	)		(214,405	)
Class B(a)		–			(6,447	)		–			(8,757	)		–			(14,614	)
Class C		(48,098	)		(91,707	)		(33,509	)		(51,915	)		(146,725	)		(304,357	)
Class R		–			–			(167	)		(238	)		(3,130	)		(14,431	)
Institutional Class		(6,717	)		(5,322	)		(83	)		(49	)		(12,450	)		(25,052	)
Net realized gains:
Class A		(38,440	)		–			–			–			–			–
Class C		(121,133	)		–			–			–			–			–
Institutional Class		(10,293	)		–			–			–			–			–
Change in net assets from shareholder distributions		(246,971	)		(146,917	)		(64,515	)		(124,750	)		(260,083	)		(572,859	)
Change in net assets from capital transactions		(156,504	)		(856,754	)		(737,784	)		(3,067,624	)		(2,753,561	)		(12,301,607	)
Change in net assets		(98,977	)		(868,212	)		(327,358	)		(3,046,107	)		(1,663,880	)		(12,255,155	)
Net Assets:
Beginning of period		8,253,393			9,121,605			8,571,713			11,617,820			31,044,234			43,299,389
End of period	$	8,154,416		$	8,253,393		$	8,244,355		$	8,571,713		$	29,380,354		$	31,044,234
Accumulated net investment income/(loss) at end of period	$	7,953		$	7,936		$	1,360		$	591		$	20,575		$	17,961

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

Semiannual Report 2012

24

Statements of Changes in Net Assets (continued)

	Aberdeen Optimal Allocations Fund: Defensive						Aberdeen Optimal Allocations Fund: Growth						Aberdeen Optimal Allocations Fund: Moderate
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	332,859		$	660,137		$	172,563		$	654,002		$	1,344,851		$	2,735,094
Proceeds from conversion of Class B Shares(a)		–			885,153			–			906,448			–			1,966,804
Dividends reinvested		44,361			29,962			23,892			51,722			62,542			122,490
Cost of shares redeemed(b)		(388,653	)		(1,524,697	)		(443,427	)		(3,059,423	)		(1,753,892	)		(8,344,351	)
Total Class A		(11,433	)		50,555			(246,972	)		(1,447,251	)		(346,499	)		(3,519,963	)
Class B Shares(a)
Proceeds from shares issued		–			5,391			–			6,656			–			11,090
Dividends reinvested		–			3,419			–			6,363			–			9,632
Cost of shares converted to Class A Shares		–			(885,153	)		–			(906,448	)		–			(1,966,804	)
Cost of shares redeemed(b)		–			(94,642	)		–			(74,000	)		–			(149,875	)
Total Class B		–			(970,985	)		–			(967,429	)		–			(2,095,957	)
Class C Shares
Proceeds from shares issued		291,447			1,313,302			302,461			673,143			651,755			2,984,504
Dividends reinvested		95,782			52,199			16,381			22,969			82,449			162,270
Cost of shares redeemed(b)		(627,969	)		(1,668,138	)		(812,789	)		(1,357,251	)		(3,140,406	)		(8,592,800	)
Total Class C		(240,740	)		(302,637	)		(493,947	)		(661,139	)		(2,406,202	)		(5,446,026	)
Class R Shares
Proceeds from shares issued		–			–			3,886			14,236			43,143			145,370
Dividends reinvested		–			–			167			238			1,543			5,187
Cost of shares redeemed(b)		–			–			(1,001	)		(16,328	)		(65,342	)		(968,094	)
Total Class R		–			–			3,052			(1,854	)		(20,656	)		(817,537	)
Institutional Class Shares
Proceeds from shares issued		127,326			482,066			–			10,000			96,686			213,087
Dividends reinvested		3,777			1,944			83			49			3,748			8,734
Cost of shares redeemed(b)		(35,434	)		(117,697	)		–			–			(80,638	)		(643,945	)
Total Institutional Class		95,669			366,313			83			10,049			19,796			(422,124	)
Change in net assets from capital transactions:	$	(156,504	)	$	(856,754	)	$	(737,784	)	$	(3,067,624	)	$	(2,753,561	)	$	(12,301,607	)

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(b) Includes redemption fees, if any.

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

See accompanying notes to financial statements.

2012 Semiannual Report

25

Statements of Changes in Net Assets (continued)

	Aberdeen Optimal Allocations Fund: Defensive						Aberdeen Optimal Allocations Fund: Growth						Aberdeen Optimal Allocations Fund: Moderate
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
SHARE TRANSACTIONS:
Class A Shares
Issued		31,938			62,351			16,673			61,456			117,281			235,577
Issued in conversion from Class B Shares(a)		–			83,113			–			83,084			–			168,247
Reinvested		4,330			2,834			2,387			4,937			5,528			10,697
Redeemed		(37,203	)		(142,317	)		(41,897	)		(283,867	)		(153,053	)		(720,537	)
Total Class A Shares		(935	)		5,981			(22,837	)		(134,390	)		(30,244	)		(306,016	)
Class B Shares(a)
Issued		–			517			–			645			–			989
Reinvested		–			330			–			617			–			858
Redeemed in conversion to Class A Shares		–			(83,860	)		–			(85,434	)		–			(171,357	)
Redeemed		–			(9,039	)		–			(7,158	)		–			(13,234	)
Total Class B Shares		–			(92,052	)		–			(91,330	)		–			(182,744	)
Class C Shares
Issued		28,041			124,913			29,547			64,327			57,641			261,646
Reinvested		9,440			4,987			1,687			2,228			7,452			14,434
Redeemed		(60,371	)		(158,794	)		(80,664	)		(130,776	)		(278,205	)		(756,783	)
Total Class C Shares		(22,890	)		(28,894	)		(49,430	)		(64,221	)		(213,112	)		(480,703	)
Class R Shares
Issued		–			–			380			1,358			3,741			12,613
Reinvested		–			–			17			23			138			455
Redeemed		–			–			(101	)		(1,538	)		(5,908	)		(83,072	)
Total Class R Shares		–			–			296			(157	)		(2,029	)		(70,004	)
Institutional Class Shares
Issued		12,181			45,365			–			911			8,340			18,438
Reinvested		368			184			8			5			331			763
Redeemed		(3,368	)		(10,915	)		–			–			(7,122	)		(55,738	)
Total Institutional Class Shares		9,181			34,634			8			916			1,549			(36,537	)
Total change in shares:		(14,644	)		(80,331	)		(71,963	)		(289,182	)		(243,836	)		(1,076,004	)

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

Semiannual Report 2012

26

Statements of Changes in Net Assets (continued)

	Aberdeen Optimal Allocations Fund: Moderate Growth						Aberdeen Optimal Allocations Fund: Specialty
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	204,117		$	423,414		$	190,917		$	496,752
Net realized gain/(loss) from investments		982,541			1,606,273			590,116			(12,766	)
Net change in unrealized appreciation/depreciation on investments		125,769			(1,470,331	)		621,716			(828,267	)
Changes in net assets resulting form operations		1,312,427			559,356			1,402,749			(344,281	)
Distributions to Shareholders From:
Net investment income:
Class A		(101,304	)		(204,878	)		(68,111	)		(142,392	)
Class B(a)		–			(21,248	)		–			(35,462	)
Class C		(96,883	)		(193,823	)		(133,950	)		(261,654	)
Class R		(221	)		(314	)		(2,284	)		(6,069	)
Institutional Class		(88	)		(96	)		(28,177	)		(65,327	)
Net realized gains:
Class A		–			–			–			–
Class C		–			–			–			–
Institutional Class		–			–			–			–
Change in net assets from shareholder distributions		(198,496	)		(420,359	)		(232,522	)		(510,904	)
Change in net assets from capital transactions		(2,363,315	)		(7,195,798	)		(3,721,321	)		(9,760,429	)
Change in net assets		(1,249,384	)		(7,056,801	)		(2,551,094	)		(10,615,614	)
Net Assets:
Beginning of period		25,800,127			32,856,928			27,737,668			38,353,282
End of period	$	24,550,743		$	25,800,127		$	25,186,574		$	27,737,668
Accumulated net investment income/(loss) at end of period	$	13,225		$	7,604		$	(41,605	)	$	–

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

2012 Semiannual Report

27

Statements of Changes in Net Assets (continued)

	Aberdeen Optimal Allocations Fund: Moderate Growth						Aberdeen Optimal Allocations Fund: Specialty
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	518,240		$	1,707,326		$	496,203		$	1,396,141
Proceeds from conversion of Class B Shares(a)		–			2,832,641			–			3,017,842
Dividends reinvested		75,867			158,226			40,301			87,278
Cost of shares redeemed(b)		(1,854,947	)		(6,661,059	)		(1,621,607	)		(4,493,653	)
Total Class A		(1,260,840	)		(1,962,866	)		(1,085,103	)		7,608
Class B Shares(a)
Proceeds from shares issued		–			7,816			–			36,732
Dividends reinvested		–			14,001			–			13,658
Cost of shares converted to Class A Shares		–			(2,832,641	)		–			(3,017,842	)
Cost of shares redeemed(b)		–			(148,126	)		–			(467,721	)
Total Class B		–			(2,958,950	)		–			(3,435,173	)
Class C Shares
Proceeds from shares issued		481,672			2,376,148			242,691			852,809
Dividends reinvested		45,441			88,983			52,741			95,187
Cost of shares redeemed(b)		(1,616,588	)		(4,754,465	)		(2,531,704	)		(7,094,503	)
Total Class C		(1,089,475	)		(2,289,334	)		(2,236,272	)		(6,146,507	)
Class R Shares
Proceeds from shares issued		2,804			38,768			14,342			184,842
Dividends reinvested		118			144			–			–
Cost of shares redeemed(b)		(15,996	)		(29,064	)		(10,844	)		(324,405	)
Total Class R		(13,074	)		9,848			3,498			(139,563	)
Institutional Class Shares
Proceeds from shares issued		60			5,461			407,873			1,300,693
Dividends reinvested		14			43			1,610			3,140
Cost of shares redeemed(b)		–			–			(812,927	)		(1,350,627	)
Total Institutional Class		74			5,504			(403,444	)		(46,794	)
Change in net assets from capital transactions:	$	(2,363,315	)	$	(7,195,798	)	$	(3,721,321	)	$	(9,760,429	)

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

(b) Includes redemption fees, if any.

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

See accompanying notes to financial statements.

Semiannual Report 2012

28

Statements of Changes in Net Assets (concluded)

	Aberdeen Optimal Allocations Fund: Moderate Growth						Aberdeen Optimal Allocations Fund: Specialty
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
SHARE TRANSACTIONS:
Class A Shares
Issued		46,698			152,098			45,269			120,346
Issued in conversion from Class B Shares(a)		–			250,455			–			258,820
Reinvested		7,054			14,406			3,816			7,888
Redeemed		(168,923	)		(593,835	)		(146,534	)		(389,608	)
Total Class A Shares		(115,171	)		(176,876	)		(97,449	)		(2,554	)
Class B Shares(a)
Issued		–			719			–			3,278
Reinvested		–			1,290			–			1,233
Redeemed in conversion to Class A Shares		–			(254,227	)		–			(265,360	)
Redeemed		–			(13,674	)		–			(41,499	)
Total Class B Shares		–			(265,892	)		–			(302,348	)
Class C Shares
Issued		44,783			216,237			22,609			75,881
Reinvested		4,327			8,229			5,116			8,617
Redeemed		(149,150	)		(435,108	)		(236,584	)		(636,102	)
Total Class C Shares		(100,040	)		(210,642	)		(208,859	)		(551,604	)
Class R Shares
Issued		255			3,494			1,313			16,269
Reinvested		11			13			–			–
Redeemed		(1,483	)		(2,552	)		(993	)		(28,436	)
Total Class R Shares		(1,217	)		955			320			(12,167	)
Institutional Class Shares
Issued		6			483			36,229			111,846
Reinvested		1			4			151			284
Redeemed		–			–			(75,008	)		(117,801	)
Total Institutional Class Shares		7			487			(38,628	)		(5,671	)
Total change in shares:		(216,421	)		(651,968	)		(344,616	)		(874,344	)

(a) Effective February 25, 2011, all Class B shares were converted into Class A shares and Class B shares are no longer available.

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

See accompanying notes to financial statements.

2012 Semiannual Report

29

Financial Highlights

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

Aberdeen Optimal Allocations Fund: Defensive

			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 Investment Income			Net Realized Gains			Total Distri- butions			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	10.60	$	0.12	$	0.29		$	0.41		$	(0.12	)	$	(0.22	)	$	(0.34	)	$	10.67
Year Ended October 31, 2011(f)		10.62		0.26		(0.05	)		0.21			(0.23	)		–			(0.23	)		10.60
Year Ended October 31, 2010(f)		9.77		0.18		0.86			1.04			(0.19	)		–			(0.19	)		10.62
Year Ended October 31, 2009(f)		8.66		0.21		1.11			1.32			(0.21	)		–			(0.21	)		9.77
Year Ended October 31, 2008		10.51		0.35		(1.68	)		(1.33	)		(0.40	)		(0.12	)		(0.52	)		8.66
Period Ended October 31, 2007(g)		10.00		0.25		0.50			0.75			(0.24	)		–			(0.24	)		10.51
Class C Shares
Six Months Ended April 30, 2012*(f)		10.51		0.09		0.28			0.37			(0.09	)		(0.22	)		(0.31	)		10.57
Year Ended October 31, 2011(f)		10.54		0.18		(0.04	)		0.14			(0.17	)		–			(0.17	)		10.51
Year Ended October 31, 2010(f)		9.71		0.09		0.87			0.96			(0.13	)		–			(0.13	)		10.54
Year Ended October 31, 2009(f)		8.61		0.14		1.11			1.25			(0.15	)		–			(0.15	)		9.71
Year Ended October 31, 2008		10.48		0.28		(1.68	)		(1.40	)		(0.35	)		(0.12	)		(0.47	)		8.61
Period Ended October 31, 2007(g)		10.00		0.20		0.49			0.69			(0.21	)		–			(0.21	)		10.48
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		10.59		0.14		0.29			0.43			(0.14	)		(0.22	)		(0.36	)		10.66
Year Ended October 31, 2011(f)		10.61		0.24		–			0.24			(0.26	)		–			(0.26	)		10.59
Year Ended October 31, 2010(f)		9.77		0.19		0.87			1.06			(0.22	)		–			(0.22	)		10.61
Year Ended October 31, 2009(f)		8.66		0.24		1.10			1.34			(0.23	)		–			(0.23	)		9.77
Year Ended October 31, 2008		10.52		0.35		(1.67	)		(1.32	)		(0.42	)		(0.12	)		(0.54	)		8.66
Period Ended October 31, 2007(g)		10.00		0.29		0.49			0.78			(0.26	)		–			(0.26	)		10.52

* 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

Semiannual Report 2012

30

Financial Highlights (continued)

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

Aberdeen Optimal Allocations Fund: Defensive (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	4.02	%	$	1,872		0.51	%		2.39	%		2.74	%		12.60	%
	2.02	%		1,869		0.54	%		2.44	%		1.99	%		40.56	%
	10.72	%		1,809		0.53	%		1.79	%		1.76	%		36.34	%
	15.50	%		5,123		0.52	%		2.37	%		2.19	%		61.98	%
	(13.32	%)		4,001		0.55	%		3.07	%		1.78	%		44.82	%
	7.67	%		893		0.51	%		3.04	%		3.38	%		15.52	%
	3.57	%		5,676		1.25	%		1.66	%		3.48	%		12.60	%
	1.30	%		5,880		1.25	%		1.68	%		2.69	%		40.56	%
	9.95	%		6,203		1.25	%		0.95	%		2.58	%		36.34	%
	14.66	%		5,458		1.25	%		1.60	%		2.94	%		61.98	%
	(13.98	%)		5,121		1.28	%		2.25	%		2.59	%		44.82	%
	7.03	%		498		1.25	%		2.36	%		4.39	%		15.52	%
	4.16	%		606		0.25	%		2.60	%		2.48	%		12.60	%
	2.29	%		505		0.25	%		2.31	%		1.69	%		40.56	%
	10.95	%		139		0.25	%		1.89	%		0.79	%		36.34	%
	15.76	%		42		0.25	%		2.74	%		2.20	%		61.98	%
	(13.20	%)		938		0.40	%		3.46	%		1.18	%		44.82	%
	7.90	%		1,079		0.25	%		3.22	%		2.85	%		15.52	%

(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) For the period from December 15, 2006 (commencement of operations) through October 31, 2007.

2012 Semiannual Report

31

Financial Highlights(continued)

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

Aberdeen Optimal Allocations Fund: Growth

			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			Tax Return of Capital			Total Distri- butions			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	10.32	$	0.10		$	0.52		$	0.62		$	(0.08	)	$	–		$	–		$	(0.08	)	$	10.86
Year Ended October 31, 2011(f)		10.40		0.17			(0.12	)		0.05			(0.13	)		–			–			(0.13	)		10.32
Year Ended October 31, 2010(f)		8.97		0.09			1.43			1.52			(0.09	)		–			–			(0.09	)		10.40
Year Ended October 31, 2009		7.74		0.07			1.22			1.29			(0.06	)		–			–			(0.06	)		8.97
Year Ended October 31, 2008(f)		14.26		0.08			(4.81	)		(4.73	)		(0.93	)		(0.80	)		(0.06	)		(1.79	)		7.74
Year Ended October 31, 2007(f)		12.51		0.09			2.38			2.47			(0.35	)		(0.37	)		–			(0.72	)		14.26
Class C Shares
Six Months Ended April 30, 2012*(f)		10.01		0.06			0.51			0.57			(0.07	)		–			–			(0.07	)		10.51
Year Ended October 31, 2011(f)		10.12		0.09			(0.10	)		(0.01	)		(0.10	)		–			–			(0.10	)		10.01
Year Ended October 31, 2010(f)		8.73		0.03			1.39			1.42			(0.03	)		–			–			(0.03	)		10.12
Year Ended October 31, 2009		7.55		0.02			1.18			1.20			(0.02	)		–			–			(0.02	)		8.73
Year Ended October 31, 2008(f)		13.95		–			(4.69	)		(4.69	)		(0.85	)		(0.80	)		(0.06	)		(1.71	)		7.55
Year Ended October 31, 2007(f)		12.31		(0.01	)		2.34			2.33			(0.32	)		(0.37	)		–			(0.69	)		13.95
Class R Shares
Six Months Ended April 30, 2012*(f)		10.16		0.07			0.53			0.60			(0.08	)		–			–			(0.08	)		10.68
Year Ended October 31, 2011(f)		10.25		0.12			(0.11	)		0.01			(0.10	)		–			–			(0.10	)		10.16
Year Ended October 31, 2010(f)		8.84		0.07			1.40			1.47			(0.06	)		–			–			(0.06	)		10.25
Year Ended October 31, 2009		7.67		0.05			1.20			1.25			(0.08	)		–			–			(0.08	)		8.84
Year Ended October 31, 2008(f)		14.11		0.08			(4.78	)		(4.70	)		(0.88	)		(0.80	)		(0.06	)		(1.74	)		7.67
Year Ended October 31, 2007(f)		12.44		0.06			2.33			2.39			(0.35	)		(0.37	)		–			(0.72	)		14.11
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		10.29		0.12			0.53			0.65			(0.09	)		–			–			(0.09	)		10.85
Period Ended October 31, 2011(f)(g)		10.98		0.02			(0.66	)		(0.64	)		(0.05	)		–			–			(0.05	)		10.29
Period from November 1, 2008 through April 22, 2009(f)		7.76		0.04			(0.64	)		(0.60	)		(0.03	)		–			–			(0.03	)		7.13
Year Ended October 31, 2008(f)		14.31		0.11			(4.84	)		(4.73	)		(0.96	)		(0.80	)		(0.06	)		(1.82	)		7.76
Year Ended October 31, 2007(f)		12.55		0.11			2.39			2.50			(0.37	)		(0.37	)		–			(0.74	)		14.31

* 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.

Semiannual Report 2012

32

Financial Highlights (continued)

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

Aberdeen Optimal Allocations Fund: Growth (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	6.13	%	$	3,697		0.55	%		1.97	%		2.05	%		15.18	%
	0.51	%		3,748		0.56	%		1.58	%		1.72	%		19.17	%
	17.05	%		5,175		0.55	%		0.96	%		1.49	%		54.10	%
	16.90	%		3,702		0.55	%		0.97	%		2.65	%		25.59	%
	(37.43	%)		3,550		0.50	%		0.66	%		1.21	%		67.06	%
	20.67	%		6,159		0.50	%		0.66	%		1.05	%		48.43	%
	5.79	%		4,511		1.25	%		1.27	%		2.75	%		15.18	%
	(0.15	%)		4,792		1.25	%		0.84	%		2.41	%		19.17	%
	16.33	%		5,494		1.25	%		0.31	%		2.19	%		54.10	%
	16.02	%		5,707		1.25	%		0.29	%		3.36	%		25.59	%
	(37.89	%)		6,163		1.25	%		(0.09	%)		1.95	%		67.06	%
	19.74	%		11,332		1.24	%		(0.08	%)		1.78	%		48.43	%
	5.94	%		26		0.99	%		1.46	%		2.50	%		15.18	%
	0.08	%		22		1.00	%		1.10	%		2.16	%		19.17	%
	16.73	%		24		0.93	%		0.69	%		1.86	%		54.10	%
	16.50	%		5		0.75	%		0.69	%		3.00	%		25.59	%
	(37.58	%)		1		0.70	%		0.64	%		1.19	%		67.06	%
	20.13	%		287		0.78	%		0.46	%		1.34	%		48.43	%
	6.29	%		10		0.25	%		2.22	%		1.76	%		15.18	%
	(5.16	%)		9		0.25	%		0.66	%		1.37	%		19.17	%
	(7.78	%)		1		0.26	%		1.14	%		2.51	%		19.26	%
	(37.35	%)		1		0.22	%		0.94	%		0.92	%		67.06	%
	20.84	%		1		0.25	%		0.82	%		0.95	%		48.43	%

(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) For the period from August 1, 2011 through October 31, 2011. The class had no assets for the period April 23, 2009 through July 31, 2011.

2012 Semiannual Report

33

Financial Highlights (continued)

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

Aberdeen Optimal Allocations Fund: Moderate

			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			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	11.39	$	0.13	$	0.42		$	0.55		$	(0.12	)	$	–		$	–		$	(0.12	)	$	11.82
Year Ended October 31, 2011(f)		11.42		0.23		(0.03	)		0.20			(0.23	)		–			–			(0.23	)		11.39
Year Ended October 31, 2010(f)		10.20		0.18		1.21			1.39			(0.17	)		–			–			(0.17	)		11.42
Year Ended October 31, 2009		8.79		0.17		1.41			1.58			(0.17	)		–			–			(0.17	)		10.20
Year Ended October 31, 2008		13.03		0.43		(3.27	)		(2.84	)		(0.65	)		(0.74	)		(0.01	)		(1.40	)		8.79
Year Ended October 31, 2007(f)		11.85		0.25		1.49			1.74			(0.38	)		(0.18	)		–			(0.56	)		13.03
Class C Shares
Six Months Ended April 30, 2012*(f)		11.18		0.09		0.42			0.51			(0.08	)		–			–			(0.08	)		11.61
Year Ended October 31, 2011(f)		11.22		0.15		(0.05	)		0.10			(0.14	)		–			–			(0.14	)		11.18
Year Ended October 31, 2010(f)		10.03		0.09		1.20			1.29			(0.10	)		–			–			(0.10	)		11.22
Year Ended October 31, 2009		8.65		0.10		1.38			1.48			(0.10	)		–			–			(0.10	)		10.03
Year Ended October 31, 2008		12.85		0.31		(3.19	)		(2.88	)		(0.57	)		(0.74	)		(0.01	)		(1.32	)		8.65
Year Ended October 31, 2007(f)		11.72		0.16		1.46			1.62			(0.31	)		(0.18	)		–			(0.49	)		12.85
Class R Shares
Six Months Ended April 30, 2012*(f)		11.31		0.10		0.43			0.53			(0.10	)		–			–			(0.10	)		11.74
Year Ended October 31, 2011(f)		11.34		0.20		(0.06	)		0.14			(0.17	)		–			–			(0.17	)		11.31
Year Ended October 31, 2010(f)		10.13		0.10		1.26			1.36			(0.15	)		–			–			(0.15	)		11.34
Year Ended October 31, 2009		8.75		0.12		1.42			1.54			(0.16	)		–			–			(0.16	)		10.13
Year Ended October 31, 2008		12.97		0.11		(2.97	)		(2.86	)		(0.61	)		(0.74	)		(0.01	)		(1.36	)		8.75
Year Ended October 31, 2007(f)		11.80		0.21		1.46			1.67			(0.32	)		(0.18	)		–			(0.50	)		12.97
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		11.38		0.14		0.43			0.57			(0.14	)		–			–			(0.14	)		11.81
Year Ended October 31, 2011(f)		11.41		0.26		(0.03	)		0.23			(0.26	)		–			–			(0.26	)		11.38
Year Ended October 31, 2010(f)		10.19		0.17		1.25			1.42			(0.20	)		–			–			(0.20	)		11.41
Year Ended October 31, 2009		8.79		0.18		1.41			1.59			(0.19	)		–			–			(0.19	)		10.19
Year Ended October 31, 2008		13.03		0.66		(3.47	)		(2.81	)		(0.68	)		(0.74	)		(0.01	)		(1.43	)		8.79
Year Ended October 31, 2007(f)		11.86		0.26		1.49			1.75			(0.40	)		(0.18	)		–			(0.58	)		13.03

* 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.

Semiannual Report 2012

34

Financial Highlights (continued)

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

Aberdeen Optimal Allocations Fund: Moderate (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net  Assets (c)(d)			Portfolio Turnover (e)
	4.92	%	$	9,212		0.53	%		2.21	%		1.00	%		14.87	%
	1.71	%		9,220		0.53	%		1.99	%		0.92	%		26.55	%
	13.74	%		12,744		0.51	%		1.66	%		0.88	%		41.21	%
	18.18	%		16,547		0.50	%		1.87	%		1.11	%		32.11	%
	(24.18	%)		14,082		0.48	%		2.33	%		0.81	%		53.11	%
	15.11	%		11,248		0.49	%		2.02	%		0.75	%		70.87	%
	4.54	%		18,683		1.25	%		1.52	%		1.72	%		14.87	%
	1.01	%		20,388		1.25	%		1.27	%		1.65	%		26.55	%
	12.94	%		25,853		1.25	%		0.86	%		1.61	%		41.21	%
	17.23	%		27,321		1.25	%		1.12	%		1.87	%		32.11	%
	(24.76	%)		29,025		1.22	%		1.58	%		1.55	%		53.11	%
	14.24	%		29,557		1.23	%		1.30	%		1.49	%		70.87	%
	4.71	%		401		0.96	%		1.69	%		1.43	%		14.87	%
	1.26	%		410		0.87	%		1.77	%		1.27	%		26.55	%
	13.51	%		1,205		0.78	%		0.97	%		1.15	%		41.21	%
	17.87	%		184		0.70	%		1.26	%		1.15	%		32.11	%
	(24.37	%)		62		0.70	%		2.57	%		1.01	%		53.11	%
	14.58	%		122		0.78	%		1.75	%		1.05	%		70.87	%
	5.07	%		1,084		0.25	%		2.46	%		0.72	%		14.87	%
	2.00	%		1,027		0.25	%		2.25	%		0.64	%		26.55	%
	14.03	%		1,447		0.25	%		1.58	%		0.54	%		41.21	%
	18.36	%		180		0.25	%		1.98	%		0.79	%		32.11	%
	(23.97	%)		18		0.22	%		1.65	%		0.79	%		53.11	%
	15.24	%		1		0.25	%		2.15	%		0.63	%		70.87	%

(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.

2012 Semiannual Report

35

Financial Highlights (continued)

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

Aberdeen Optimal Allocations Fund: Moderate Growth

			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			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	10.87	$	0.11	$	0.51		$	0.62		$	(0.11	)	$	–		$	–		$	(0.11	)	$	11.38
Year Ended October 31, 2011(f)		10.88		0.20		(0.03	)		0.17			(0.18	)		–			–			(0.18	)		10.87
Year Ended October 31, 2010(f)		9.50		0.12		1.37			1.49			(0.11	)		–			–			(0.11	)		10.88
Year Ended October 31, 2009(f)		8.15		0.11		1.35			1.46			(0.11	)		–			–			(0.11	)		9.50
Year Ended October 31, 2008		13.84		0.24		(4.12	)		(3.88	)		(0.81	)		(0.95	)		(0.05	)		(1.81	)		8.15
Year Ended October 31, 2007(f)		12.21		0.16		2.07			2.23			(0.37	)		(0.23	)		–			(0.60	)		13.84
Class C Shares
Six Months Ended April 30, 2012*(f)		10.69		0.07		0.50			0.57			(0.07	)		–			–			(0.07	)		11.19
Year Ended October 31, 2011(f)		10.72		0.12		(0.03	)		0.09			(0.12	)		–			–			(0.12	)		10.69
Year Ended October 31, 2010(f)		9.37		0.05		1.35			1.40			(0.05	)		–			–			(0.05	)		10.72
Year Ended October 31, 2009(f)		8.04		0.05		1.33			1.38			(0.05	)		–			–			(0.05	)		9.37
Year Ended October 31, 2008		13.68		0.21		(4.12	)		(3.91	)		(0.73	)		(0.95	)		(0.05	)		(1.73	)		8.04
Year Ended October 31, 2007(f)		12.10		0.07		2.04			2.11			(0.30	)		(0.23	)		–			(0.53	)		13.68
Class R Shares
Six Months Ended April 30, 2012*(f)		10.83		0.12		0.48			0.60			(0.09	)		–			–			(0.09	)		11.34
Year Ended October 31, 2011(f)		10.83		0.14		0.01			0.15			(0.15	)		–			–			(0.15	)		10.83
Year Ended October 31, 2010(f)		9.45		0.09		1.38			1.47			(0.09	)		–			–			(0.09	)		10.83
Year Ended October 31, 2009(f)		8.10		0.12		1.32			1.44			(0.09	)		–			–			(0.09	)		9.45
Year Ended October 31, 2008		13.79		0.73		(4.65	)		(3.92	)		(0.77	)		(0.95	)		(0.05	)		(1.77	)		8.10
Year Ended October 31, 2007(f)		12.18		0.33		1.82			2.15			(0.31	)		(0.23	)		–			(0.54	)		13.79
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		10.83		0.13		0.50			0.63			(0.13	)		–			–			(0.13	)		11.33
Year Ended October 31, 2011(f)		10.92		0.20		(0.08	)		0.12			(0.21	)		–			–			(0.21	)		10.83
Year Ended October 31, 2010(f)		9.50		0.15		1.41			1.56			(0.14	)		–			–			(0.14	)		10.92
Period from July 29, 2009 through October 31, 2009(f)(g)		8.94		0.02		0.57			0.59			(0.03	)		–			–			(0.03	)		9.50
Period from November 1, 2008 through April 22, 2009(f)(g)		8.17		0.05		(0.48	)		(0.43	)		(0.04	)		–			–			(0.04	)		7.70
Year Ended October 31, 2008		13.88		0.30		(4.17	)		(3.87	)		(0.84	)		(0.95	)		(0.05	)		(1.84	)		8.17
Year Ended October 31, 2007(f)		12.24		0.19		2.07			2.26			(0.39	)		(0.23	)		–			(0.62	)		13.88
Year Ended October 31, 2006		11.35		0.04		1.93			1.97			(0.61	)		(0.16	)		–			(0.77	)		12.55

* 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.

Semiannual Report 2012

36

Financial Highlights (continued)

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

Aberdeen Optimal Allocations Fund: Moderate Growth (concluded)

			Ratios/Supplemental Data
Total Return (a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income to Average Net Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d)			Portfolio Turnover (e)
	5.66	%	$	9,944		0.53	%		2.07	%		1.08	%		15.14	%
	1.67	%		10,755		0.54	%		1.83	%		1.00	%		20.14	%
	15.81	%		12,684		0.53	%		1.15	%		0.99	%		56.29	%
	18.07	%		11,500		0.52	%		1.32	%		1.42	%		27.48	%
	(31.82	%)		10,154		0.48	%		1.46	%		0.89	%		44.74	%
	18.88	%		15,799		0.49	%		1.27	%		0.76	%		63.01	%
	5.29	%		14,583		1.25	%		1.35	%		1.80	%		15.14	%
	0.95	%		15,009		1.25	%		1.12	%		1.72	%		20.14	%
	15.03	%		17,300		1.25	%		0.48	%		1.71	%		56.29	%
	17.25	%		15,594		1.25	%		0.61	%		2.16	%		27.48	%
	(32.32	%)		16,045		1.22	%		0.70	%		1.64	%		44.74	%
	18.00	%		22,259		1.23	%		0.56	%		1.50	%		63.01	%
	5.60	%		16		0.79	%		2.22	%		1.34	%		15.14	%
	1.42	%		28		0.79	%		1.23	%		1.26	%		20.14	%
	15.68	%		18		0.75	%		0.89	%		1.22	%		56.29	%
	17.92	%		10		0.70	%		1.56	%		1.60	%		27.48	%
	(32.16	%)		48		0.76	%		0.76	%		1.49	%		44.74	%
	18.22	%		2		0.97	%		2.57	%		1.32	%		63.01	%
	5.84	%		8		0.25	%		2.34	%		0.80	%		15.14	%
	1.40	%		8		0.25	%		1.83	%		0.72	%		20.14	%
	16.18	%		2		0.25	%		1.46	%		0.70	%		56.29	%
	6.55	%		2		0.25	%		0.97	%		1.10	%		27.48	%
	(5.19	%)		–		0.25	%		1.54	%		1.19	%		27.48	%
	(31.69	%)		1		0.21	%		1.75	%		0.55	%		44.74	%
	19.15	%		1		0.25	%		1.47	%		0.67	%		63.01	%
	18.11	%		1		0.25	%		0.33	%		1.34	%		47.77	%

(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) There were no shareholders in the class for the period from April 23, 2009 through July 28, 2009. The financial highlight information presented is for two separate periods of time when shareholders were invested in the class.

2012 Semiannual Report

37

Financial Highlights (continued)

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

Aberdeen Optimal Allocations Fund: Specialty

			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			Tax Return of Capital			Total Distri- butions			Net Asset Value, End of Period
Class A Shares
Six Months Ended April 30, 2012*(f)	$	10.93	$	0.10		$	0.54		$	0.64		$	(0.10	)	$	–		$	–		$	(0.10	)	$	11.47
Year Ended October 31, 2011(f)		11.31		0.21			(0.38	)		(0.17	)		(0.21	)		–			–			(0.21	)		10.93
Year Ended October 31, 2010(f)		9.89		0.13			1.42			1.55			(0.12	)		–			(0.01	)		(0.13	)		11.31
Year Ended October 31, 2009		8.46		0.09			1.41			1.50			(0.07	)		–			–			(0.07	)		9.89
Year Ended October 31, 2008		15.37		(0.09	)		(5.10	)		(5.19	)		(0.83	)		(0.79	)		(0.10	)		(1.72	)		8.46
Year Ended October 31, 2007(f)		13.21		0.10			2.66			2.76			(0.46	)		(0.14	)		–			(0.60	)		15.37
Class C Shares
Six Months Ended April 30, 2012*(f)		10.67		0.06			0.53			0.59			(0.09	)		–			–			(0.09	)		11.17
Year Ended October 31, 2011(f)		11.03		0.14			(0.37	)		(0.23	)		(0.13	)		–			–			(0.13	)		10.67
Year Ended October 31, 2010(f)		9.66		0.04			1.39			1.43			(0.05	)		–			(0.01	)		(0.06	)		11.03
Year Ended October 31, 2009		8.28		0.02			1.38			1.40			(0.02	)		–			–			(0.02	)		9.66
Year Ended October 31, 2008		15.10		(0.04	)		(5.13	)		(5.17	)		(0.76	)		(0.79	)		(0.10	)		(1.65	)		8.28
Year Ended October 31, 2007(f)		13.05		–			2.61			2.61			(0.42	)		(0.14	)		–			(0.56	)		15.10
Class R Shares
Six Months Ended April 30, 2012*(f)		10.90		0.08			0.55			0.63			(0.10	)		–			–			(0.10	)		11.43
Year Ended October 31, 2011(f)		11.26		0.21			(0.42	)		(0.21	)		(0.15	)		–			–			(0.15	)		10.90
Year Ended October 31, 2010(f)		9.85		0.09			1.42			1.51			(0.09	)		–			(0.01	)		(0.10	)		11.26
Year Ended October 31, 2009		8.43		0.06			1.42			1.48			(0.06	)		–			–			(0.06	)		9.85
Year Ended October 31, 2008		15.32		0.25			(5.44	)		(5.19	)		(0.81	)		(0.79	)		(0.10	)		(1.70	)		8.43
Year Ended October 31, 2007(f)		13.19		0.08			2.62			2.70			(0.43	)		(0.14	)		–			(0.57	)		15.32
Institutional Class Shares
Six Months Ended April 30, 2012*(f)		11.00		0.13			0.54			0.67			(0.11	)		–			–			(0.11	)		11.56
Year Ended October 31, 2011(f)		11.38		0.25			(0.39	)		(0.14	)		(0.24	)		–			–			(0.24	)		11.00
Year Ended October 31, 2010(f)		9.96		0.12			1.45			1.57			(0.14	)		–			(0.01	)		(0.15	)		11.38
Year Ended October 31, 2009		8.51		0.10			1.44			1.54			(0.09	)		–			–			(0.09	)		9.96
Year Ended October 31, 2008		15.45		0.74			(5.92	)		(5.18	)		(0.87	)		(0.79	)		(0.10	)		(1.76	)		8.51
Year Ended October 31, 2007(f)		13.27		0.13			2.66			2.79			(0.47	)		(0.14	)		–			(0.61	)		15.45

* 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.

Semiannual Report 2012

38

Financial Highlights (concluded)

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

Aberdeen Optimal Allocations Fund: Specialty (concluded)

			Ratios/Supplemental Data
Total Return(a)(b)			Net Assets at End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net  Assets (c)			Ratio of Expenses (Prior to Reimbursements) to Average Net  Assets (c)(d)			Portfolio Turnover (e)
	5.96	%	$	6,887		0.52	%		1.89	%		1.10	%		14.75	%
	(1.52	%)		7,624		0.51	%		1.85	%		1.03	%		26.76	%
	15.73	%		7,919		0.51	%		1.21	%		1.02	%		60.00	%
	17.87	%		11,911		0.48	%		1.04	%		1.39	%		7.39	%
	(37.55	%)		18,574		0.46	%		0.71	%		0.75	%		46.75	%
	21.56	%		42,188		0.49	%		0.73	%		0.62	%		24.54	%
	5.60	%		15,290		1.25	%		1.16	%		1.83	%		14.75	%
	(2.14	%)		16,828		1.25	%		1.27	%		1.77	%		26.76	%
	14.84	%		23,495		1.25	%		0.42	%		1.76	%		60.00	%
	16.94	%		26,250		1.25	%		0.24	%		2.16	%		7.39	%
	(38.00	%)		34,491		1.21	%		(0.06	%)		1.51	%		46.75	%
	20.65	%		67,323		1.23	%		0.01	%		1.37	%		24.54	%
	5.73	%		270		0.88	%		1.49	%		1.47	%		14.75	%
	(1.77	%)		254		0.79	%		1.80	%		1.32	%		26.76	%
	15.43	%		400		0.75	%		0.91	%		1.26	%		60.00	%
	17.65	%		383		0.71	%		0.73	%		1.60	%		7.39	%
	(37.69	%)		382		0.71	%		0.41	%		1.03	%		46.75	%
	21.14	%		479		0.75	%		0.57	%		0.92	%		24.54	%
	6.06	%		2,740		0.25	%		2.27	%		0.84	%		14.75	%
	(1.17	%)		3,032		0.25	%		2.15	%		0.77	%		26.76	%
	15.90	%		3,200		0.25	%		1.13	%		0.76	%		60.00	%
	18.24	%		74		0.25	%		1.08	%		1.07	%		7.39	%
	(37.37	%)		3		0.22	%		0.32	%		0.80	%		46.75	%
	21.77	%		1		0.25	%		0.95	%		0.54	%		24.54	%

(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.

2012 Semiannual Report

39

Notes to Financial Statements

April 30, 2012 (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, 2012, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. As of April 30, 2012, the Trust operated twenty-five (25) 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 Optimal Allocations Fund: Defensive (“Optimal Allocations Defensive Fund”)

– Aberdeen Optimal Allocations Fund: Growth (“Optimal Allocations Growth Fund”)

– Aberdeen Optimal Allocations Fund: Moderate (“Optimal Allocations Moderate Fund”)

– Aberdeen Optimal Allocations Fund: Moderate Growth (“Optimal Allocations Moderate Growth Fund”)

– Aberdeen Optimal Allocations Fund: Specialty (“Optimal Allocations Specialty Fund”)

Each of the Funds is operated as a “fund of funds,” which means that each of these Funds pursues its investment objective primarily by allocating its investments among other affiliated and unaffiliated mutual funds (“Underlying Funds”).

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted 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

Shares of the Underlying Funds in which the Funds invest are valued at their respective net asset values as reported by the Underlying Funds or at the last sales price reflected at the close of the exchange on which the Underlying Funds are traded. The securities in the Underlying Funds are generally valued as of the close of business of the regular session of trading on the New York Stock Exchange. Underlying Funds value securities and assets at fair value. For the six months ended April 30, 2012, there have been no significant changes to the valuation procedures approved by the Trust’s Board of Trustees (the “Board”).

The Funds are required to disclose information regarding the fair value measurements of a Fund’s assets and liabilities. Fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. The disclosure requirements utilize a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. 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 such 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, which are based on the best information available in the circumstances.

The three-tier 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, credit risk, etc.)

• Level 3- significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

Semiannual Report 2012

40

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

Generally, equity securities valued at the last quoted sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade are categorized as Level 1 securities. Investment companies are generally categorized as Level 1 securities. The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2012:

	LEVEL 1–Quoted Prices ($)*		LEVEL 2–Other Significant Observable Inputs ($)*		LEVEL 3–Significant Unobservable Inputs ($)*		Total ($)
Optimal Allocations Defensive Fund
Investments in Securities
Mutual Funds		3,750,292		–		–		3,750,292
Exchange Traded Funds		4,329,538		–		–		4,329,538
		8,079,830		–		–		8,079,830
Optimal Allocations Growth Fund
Investments in Securities
Mutual Funds		4,949,202		–		–		4,949,202
Exchange Traded Funds		3,181,578		–		–		3,181,578
		8,130,780		–		–		8,130,780
Optimal Allocations Moderate Fund
Investments in Securities
Mutual Funds		15,618,346		–		–		15,618,346
Exchange Traded Funds		13,428,273		–		–		13,428,273
Repurchase Agreement		–		180,000		–		180,000
		29,046,619		180,000		–		29,226,619
Optimal Allocations Moderate Growth Fund
Investments in Securities
Mutual Funds		14,255,631		–		–		14,255,631
Exchange Traded Funds		10,095,430		–		–		10,095,430
Repurchase Agreement		–		235,000		–		235,000
		24,351,061		235,000		–		24,586,061
Optimal Allocations Specialty Fund
Investments in Securities
Mutual Funds		15,166,923		–		–		15,166,923
Exchange Traded Funds		9,865,758		–		–		9,865,758
Repurchase Agreement		–		204,000		–		204,000
		25,032,681		204,000		–		25,236,681

* For the six months ended April 30, 2012, there were no significant transfers in or out of Level 1 and Level 2 fair value measurements.

There were no Level 3 securities held in the Funds during the six months ended April 30, 2012.

For detailed descriptions, see the accompanying Statements of Investments.

For the six months ended April 30, 2012, there have been no significant changes to the fair valuation methodologies.

(b) Repurchase Agreements

The Funds may enter into repurchase agreements. It is each Fund’s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price

2012 Semiannual Report

41

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by the Fund may be delayed or limited.

(c) 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 (the “1933 Act”), 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.

(d) Security Transactions, Investment Income and Expenses

Securities 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 is recorded on the ex-dividend date except for certain dividends on foreign securities, which are recorded as soon as a Fund is informed after the ex-dividend date. Interest income is recorded on an accrual basis using the effective interest method. 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 all or certain Funds of the Trust. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

(e) Distributions

Distributions from net investment income, if any, are declared and paid quarterly for all Funds. 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.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. Permanent differences, if any (e.g., return of capital distributions and Underlying Fund distribution adjustments) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in capital.

(f) Federal Income Taxes

Each Fund intends to qualify or 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, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially 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 four fiscal years up to the most recent fiscal year ended October 31 are subject to such review.

(g) Earnings Credits

Each Fund’s custodial arrangements include a provision to reduce their custodial fees by the amount of earnings credits recognized on cash deposits in demand deposit accounts.

3. Agreements and Transactions with Affiliates

(a) Investment Adviser

Under the Investment Advisory Agreement with the Trust, Aberdeen Asset Management Inc. (“Aberdeen” or the “Adviser”) manages the Funds in accordance with the policies and procedures established by the Board. Under the terms of the Investment Advisory Agreement, each Fund pays Aberdeen an annual management fee paid monthly of 0.15% based on the Fund’s average daily net assets.

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42

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

Aberdeen entered into a written contract (“Expense Limitation Agreement”) with the Trust on behalf of the Funds that is effective through the date listed below, and can only be terminated by the Board. The Expense Limitation Agreement limits operating expenses (excluding any interest, taxes, brokerage fees, short sale dividend expenses, acquired fund fees and expenses, 12b-1 fees, administrative services fees and extraordinary expenses), that accrue daily, from exceeding 0.25%, effective through February 27, 2013.

Aberdeen may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made for fees waived prior to March 1, 2011 unless:

(i) the Fund’s assets exceed $100 million;

(ii) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and

(iii) the payment of such reimbursement is approved by the Board on a quarterly basis.

For fees waived after March 1, 2011 no reimbursement will be made unless:

(i) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and

(ii) the payment of such reimbursement is approved by the Board on a quarterly basis (the “Reimbursement Requirements”).

If the Board approves any changes in the waiver terms or limitations, reimbursements are only permitted to the extent that the terms of the Expense Limitation Agreement that were in effect at the time of the waiver are met at the time that reimbursement is approved. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by Aberdeen is not permitted.

As of April 30, 2012, 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 2009 (Expires 10/31/12)		Amount Fiscal Year 2010 (Expires 10/31/13)		Amount Fiscal Year 2011 (Expires 10/31/14)		Amount Six Months Ended April 30, 2012 (Expires 4/30/15)		Total*
Optimal Allocations Defensive Fund	$	95,105	$	119,905	$	120,987	$	90,802	$	426,799
Optimal Allocations Growth Fund		98,422		103,533		123,127		61,986		387,068
Optimal Allocations Moderate Fund		134,705		159,771		149,806		70,487		514,769
Optimal Allocations Moderate Growth Fund		125,001		145,438		143,809		68,250		482,498
Optimal Allocations Specialty Fund		200,173		205,186		177,650		75,324		658,333

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

(b) Fund Administration

Under the terms of the Fund Administration Agreement in effect during the period, 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 Fund Administration, the Funds pay Aberdeen a combined annual fee based on the Trust’s average daily net assets as set forth in the fee schedule below. The fees are then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund and are paid to Aberdeen.

Combined Fee Schedule*
Up to $500 million	0.065%
$500 million up to $2 billion	0.045%
$2 billion or more	0.020%

* The asset-based fees are subject to an annual minimum fee.

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43

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

(c) Sub-Administrator and Fund Accountant

Aberdeen has entered into a Sub-Administration Agreement with State Street Bank and Trust Company (“State Street”) whereby State Street assists Aberdeen in providing certain of the administration services for the Funds, including certain fund accounting services. For its services, State Street receives an asset-based fee plus certain out-of-pocket expenses from the Administrator.

(d) Transfer Agent

Boston Financial Data Services, Inc. (“BFDS”) serves as Transfer Agent to the Funds.

(e) Distributor

The Trust and Aberdeen Fund Distributors LLC (the “Distributor” or “AFD”) 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”) under Rule 12b-1 of the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate AFD, as the Funds’ Distributor, for expenses associated with the distribution of certain classes of shares of the Funds of the Trust. Although actual distribution expenses may be more or less, under the Plan the Funds of the Trust pay the Distributor an annual fee in an amount that will not exceed the following amounts:

Fund	Class A Shares		Class C Shares(a)		Class R Shares
Optimal Allocations Defensive Fund		0.25%		1.00%		0.50%
Optimal Allocations Growth Fund		0.25%		1.00%		0.50%
Optimal Allocations Moderate Fund		0.25%		1.00%		0.50%
Optimal Allocations Moderate Growth Fund		0.25%		1.00%		0.50%
Optimal Allocations Specialty 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% imposed on certain redemptions of Class C (and up to 1% 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 series of the Trust, which have a maximum front-end sales charge of 5.75% and 1.00% on Class C shares of the series of the Trust (on the deferred sales charge assessed on sales within one year of purchase). For the six months ended April 30, 2012, AFD retained commissions of $102,289 from front-end sales charges of Class A shares and from CDSC fees from Class C (and certain Class A) shares of the Trust.

Under the terms of the current Administrative Services Plan, a series of the Trust is permitted to enter into Servicing Agreements with servicing organizations, such as broker-dealers, and financial institutions, which agree to provide certain administrative support services in connection with the Class A, Class R and Institutional Service Class shares of the series of the Trust (as applicable). These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class A, Class R and Institutional Service Class shares of each of the Funds (as applicable). The amount of expenses incurred under the terms of the Administrative Services Plan during the six months ended April 30, 2012 were as follows:

Fund	Amount
Optimal Allocations Defensive Fund	$	97
Optimal Allocations Growth Fund		884
Optimal Allocations Moderate Fund		1,747
Optimal Allocations Moderate Growth Fund		1,663
Optimal Allocations Specialty Fund		877

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

4. Investment Transactions

Purchases and sales of Underlying Funds for the six months ended April 30, 2012, were as follows:

Fund	Purchases		Sales
Optimal Allocations Defensive Fund	$	1,025,067	$	1,422,356
Optimal Allocations Growth Fund		1,252,798		2,113,995
Optimal Allocations Moderate Fund		4,433,025		7,539,111
Optimal Allocations Moderate Growth Fund		3,753,792		6,277,122
Optimal Allocations Specialty Fund		3,810,458		7,763,894

5. 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, based on experience, the risk of loss from such claims is considered remote.

6. Tax Information

As of April 30, 2012, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Optimal Allocations Defensive Fund	$	7,679,150	$	414,089	$	(13,409	)	$	400,680
Optimal Allocations Growth Fund		7,340,555		813,512		(23,287	)		790,225
Optimal Allocations Moderate Fund		27,162,300		2,134,391		(70,072	)		2,064,319
Optimal Allocations Moderate Growth Fund		21,874,803		2,754,230		(42,972	)		2,711,258
Optimal Allocations Specialty Fund		23,832,926		1,757,679		(353,924	)		1,403,755

The tax character of distributions paid during the fiscal year ended October 31, 2011 was as follows (Total distributions paid differ from the Statement 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 Gain		Total Taxable Distributions		Tax Exempt Distributions		Return of Capital		Total Distributions Paid
Optimal Allocations Defensive Fund	$	146,917	$	–	$	146,917	$	–	$	–	$	146,917
Optimal Allocations Growth Fund		124,750		–		124,750		–		–		124,750
Optimal Allocations Moderate Fund		572,859		–		572,859		–		–		572,859
Optimal Allocations Moderate Growth Fund		420,359		–		420,359		–		–		420,359
Optimal Allocations Specialty Fund		510,904		–		510,904		–		–		510,904

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Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

As of October 31, 2011, the components of accumulated earnings (deficit) on a tax basis were as follows:

Fund	Undistributed Tax Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses**			Unrealized Appreciation/ Depreciation*		Total Accumulated Earnings (Deficit)
Optimal Allocations Defensive Fund	$	–	$	7,936	$	169,864	$	177,800	$	–	$	–		$	244,502	$	422,302
Optimal Allocations Growth Fund		–		–		–		–		–		(3,602,745	)		497,688		(3,105,057	)
Optimal Allocations Moderate Fund		–		15,891		–		15,891		–		(4,295,696	)		1,866,157		(2,413,648	)
Optimal Allocations Moderate Growth Fund		–		7,592		–		7,592		–		(6,776,559	)		2,430,140		(4,338,827	)
Optimal Allocations Specialty Fund		–		–		–		–		–		(22,665,954	)		547,740		(22,118,214	)

* The difference between the book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales and return of capital from Underlying Funds.

** As of October 31, 2011, 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
Optimal Allocations Growth Fund	$	2,402,174		2017
Optimal Allocations Growth Fund		1,056,462		2018
Optimal Allocations Growth Fund		144,109		2019
Optimal Allocations Moderate Fund		3,932,325		2017
Optimal Allocations Moderate Fund		363,371		2018
Optimal Allocations Moderate Growth Fund		4,897,950		2017
Optimal Allocations Moderate Growth Fund		1,878,609		2018
Optimal Allocations Specialty Fund		1,221,236		2016
Optimal Allocations Specialty Fund		13,407,297		2017
Optimal Allocations Specialty Fund		6,953,184		2018
Optimal Allocations Specialty Fund		1,084,237		2019

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

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

7. Risks Associated with European Markets

A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and without Europe. Whether or not an Underlying Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

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46

Notes to Financial Statements (concluded)

April 30, 2012 (Unaudited)

8. Significant Shareholders

As of April 30, 2012, the following 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
Optimal Allocations Defensive Fund		24.6	%	1
Optimal Allocations Growth Fund		43.8		3
Optimal Allocations Moderate Fund		30.9		2
Optimal Allocations Moderate Growth Fund		33.7		2
Optimal Allocations Specialty Fund		54.9		3

9. Recent Accounting Pronouncements

Fair Valuation

In May 2011, FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact ASU No. 2011-04 may have on financial statement disclosures.

10. 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, 2012.

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47

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 redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, 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, 2011 and continued to hold your shares at the end of the reporting period, April 30, 2012.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, 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 in the first line of each Class under the heading entitled “Expenses Paid During Period” 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 the 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) or redemption fees. 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.

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Shareholder Expense Examples (Concluded) (Unaudited)

		Beginning Account Value, November 1, 2011		Actual Ending Account Value, April 30, 2012		Hypothetical Ending Account Value		Actual Expenses Paid During Period*+		Hypothetical Expenses Paid During Period*+1		Annualized Expense Ratio**
Aberdeen Optimal Allocations Fund: Defensive	Class A	$	1,000.00	$	1,040.20	$	1,022.33	$	2.59	$	2.56		0.51%
	Class C	$	1,000.00	$	1,035.70	$	1,018.65	$	6.33	$	6.27		1.25%
	Institutional Class	$	1,000.00	$	1,041.60	$	1,023.62	$	1.27	$	1.26		0.25%
Aberdeen Optimal Allocations Fund: Growth	Class A	$	1,000.00	$	1,061.30	$	1,022.13	$	2.82	$	2.77		0.55%
	Class C	$	1,000.00	$	1,057.90	$	1,018.65	$	6.40	$	6.27		1.25%
	Class R	$	1,000.00	$	1,059.40	$	1,019.94	$	5.07	$	4.97		0.99%
	Institutional Class	$	1,000.00	$	1,062.90	$	1,023.62	$	1.28	$	1.26		0.25%
Aberdeen Optimal Allocations Fund: Moderate	Class A	$	1,000.00	$	1,049.20	$	1,022.23	$	2.70	$	2.66		0.53%
	Class C	$	1,000.00	$	1,045.40	$	1,018.65	$	6.36	$	6.27		1.25%
	Class R	$	1,000.00	$	1,047.10	$	1,020.09	$	4.89	$	4.82		0.96%
	Institutional Class	$	1,000.00	$	1,050.70	$	1,023.62	$	1.27	$	1.26		0.25%
Aberdeen Optimal Allocations Fund: Moderate Growth	Class A	$	1,000.00	$	1,056.60	$	1,022.23	$	2.71	$	2.66		0.53%
	Class C	$	1,000.00	$	1,052.90	$	1,018.65	$	6.38	$	6.27		1.25%
	Class R	$	1,000.00	$	1,056.00	$	1,020.94	$	4.04	$	3.97		0.79%
	Institutional Class	$	1,000.00	$	1,058.40	$	1,023.62	$	1.28	$	1.26		0.25%
Aberdeen Optimal Allocations Fund: Specialty	Class A	$	1,000.00	$	1,059.60	$	1,022.28	$	2.66	$	2.61		0.52%
	Class C	$	1,000.00	$	1,056.00	$	1,018.65	$	6.39	$	6.27		1.25%
	Class R	$	1,000.00	$	1,057.30	$	1,020.49	$	4.50	$	4.42		0.88%
	Institutional Class	$	1,000.00	$	1,060.60	$	1,023.62	$	1.28	$	1.26		0.25%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 182/366 (to reflect the one-half year period).

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

+ Expenses are based on the direct expenses of the Fund and do not include the effect of the Underlying Funds’ expenses, which are disclosed in the Fee and expense table and described more fully in a footnote to that table in your Fund Prospectus.

1 Represents the hypothetical 5% return before expenses.

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Privacy Policy Notice

Aberdeen’s U.S. registered open-end and closed-end investment companies (the “Funds”) appreciate the privacy concerns and expectations of our shareholders. We are committed to maintaining a high level of privacy and confidentiality when it comes to your personal information and we use that information only where permitted by law.

We provide this privacy notice to you so that you may understand our policy with regard to the collection and disclosure of nonpublic personal information (“Information”) pertaining to you.

Collection of Information

The type of personal information we collect depends on the products or services you request and may include the following:

• Information received from you on account applications, agreements, questionnaires or other forms (which may include your name, address, phone number, social security or taxpayer identification number, and birth date);

• Information about your transactions with us, our affiliates, or others (which may include account balances and investment activity);

• Information received from you in written, telephonic or electronic communications with us, our affiliates or others.

Disclosure of Information

We do not disclose any Information about our customers or former customers to third parties, except as permitted by law. We may disclose all of the Information we collect, as described above, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing arrangements.

Access to Information

We restrict access to your Information except to the extent necessary to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal regulations to guard your Information.

Our privacy policy applies only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of a Fund, we consider you to be a customer of that Fund. Shareholders purchasing or owning shares of a Fund through their bank, broker or other financial institution should consult that financial institution’s privacy policies. If you own shares or receive investment services through a relationship with a third-party broker, bank, investment adviser or other financial service provider, that third-party’s privacy policies may apply to you and the Funds’ may not.

Management Information

Trustees

P. Gerald Malone, Chairman

Martin J. Gilbert

Richard H. McCoy

Neville J. Miles

Peter D. Sacks

John T. Sheehy

Warren C. Smith

John F. Solan, Jr.

Officers

Gary Marshall, President and Chief Executive Officer

Jeffrey Cotton, Chief Compliance Officer, Vice President

Andrea Melia, Treasurer and Chief Financial Officer

Megan Kennedy, Secretary and Vice President

Lucia Sitar, Vice President

Alan Goodson, Vice President

Paul Griffiths, Vice President

Adam McCabe, Vice President

Jennifer Nichols, Vice President

Hugh Young, Vice President

Megan Mooney, Assistant Treasurer

Brian O’Neill, Assistant Treasurer

Investment Manager

Aberdeen Asset Management Inc.

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Fund Administrator

Aberdeen Asset Management Inc.

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Transfer Agent

Boston Financial Data Services, Inc.

30 Dan Road

Canton, MA 02021

Distributor

Aberdeen Fund Distributors LLC

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

Sub-Administrator, Custodian & Fund Accountant

State Street Bank and Trust Company

1 Lincoln Street

Boston, MA 02111

Independent Accountants

KPMG LLP

1601 Market Street

Philadelphia, PA 19103-2499

Fund Counsel

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019-6099

AOE-0202-0612

Aberdeen Funds

P.O. Box 55930

Boston, MA 02205-5930

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 Stockholders under Item 1 of this form.

(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.

There have been 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 officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(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 are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable – for annual reports only.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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.

(Registrant) Aberdeen Funds

By (Signature and Title)	/s/ Gary Marshall
	Gary Marshall, President

Date: June 21, 2012

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 (Signature and Title)	/s/ Gary Marshall
	Gary Marshall, President

Date: June 21, 2012

By (Signature and Title)	/s/ Andrea Melia
	Andrea Melia, Treasurer

Date: June 21, 2012