Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (90.2%)
AUSTRALIA (8.9%)
Consumer Discretionary (1.6%)
Aristocrat Leisure Ltd.		4,958	$	116,800
Health Care (4.9%)
Cochlear Ltd.		822		123,595
CSL Ltd.		1,207		250,237
				373,832
Materials (1.7%)
BHP Group PLC		4,557		124,886
Real Estate (0.7%)
Goodman Group, REIT		4,100		55,174
				670,692
CHINA (36.4%)
Communication Services (8.9%)
Kuaishou Technology(a)		500		7,416
Tencent Holdings Ltd.		7,500		668,275
				675,691
Consumer Discretionary (11.5%)
Alibaba Group Holding Ltd.(a)		6,500		206,274
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b)		3,499		158,512
JD Health International, Inc.(a)(c)		1,350		26,571
Li Ning Co. Ltd.		6,500		40,494
Meituan, B Shares(a)		3,300		152,161
Midea Group Co. Ltd., A Shares (Stock Connect)(b)		9,999		148,601
New Oriental Education & Technology Group, Inc., ADR(a)		320		53,600
SAIC Motor Corp. Ltd., A Shares (Stock Connect)(b)		24,014		81,239
				867,452
Consumer Staples (3.0%)
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b)		700		228,769
Financials (2.2%)
Ping An Insurance Group Co. of China Ltd., H Shares		14,500		170,778
Health Care (3.2%)
Hangzhou Tigermed Consulting Co. Ltd., H Shares(a)(c)		2,300		50,574
Wuxi Biologics Cayman, Inc.(a)(c)		13,500		189,026
				239,600
Industrials (2.1%)
China Conch Venture Holdings Ltd.		7,000		33,283
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(b)		10,098		123,175
				156,458

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

Information Technology (1.6%)
GDS Holdings Ltd., ADR(a)	598	$	61,929
LONGi Green Energy Technology Co. Ltd., A Shares(b)	3,400		56,268
			118,197
Materials (1.6%)
Anhui Conch Cement Co. Ltd., H Shares	11,000		64,986
Yunnan Energy New Material Co. Ltd., A Shares(b)	2,900		58,906
			123,892
Real Estate (2.3%)
China Resources Land Ltd.	34,000		134,543
KE Holdings, Inc. ADR(a)	646		38,178
			172,721
			2,753,558
HONG KONG (7.8%)
Consumer Staples (1.1%)
Budweiser Brewing Co. APAC Ltd.(c)	24,500		81,913
Financials (5.9%)
AIA Group Ltd.	24,000		289,362
Hong Kong Exchanges & Clearing Ltd.	2,442		156,122
			445,484
Real Estate (0.8%)
Swire Properties Ltd.	21,700		62,900
			590,297
INDIA (10.7%)
Consumer Staples (1.7%)
Hindustan Unilever Ltd.	2,089		64,693
ITC Ltd.	24,356		67,708
			132,401
Financials (5.5%)
Housing Development Finance Corp. Ltd.	6,511		211,735
Kotak Mahindra Bank Ltd.(a)	5,569		130,273
SBI Life Insurance Co. Ltd.(a)(c)	6,116		72,436
			414,444
Information Technology (1.9%)
Tata Consultancy Services Ltd.	3,379		144,486
Materials (1.6%)
Asian Paints Ltd.	1,150		37,972
UltraTech Cement Ltd.	1,100		80,038
			118,010
			809,341
INDONESIA (3.6%)
Consumer Discretionary (1.4%)
Astra International Tbk PT	237,100		102,742

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

Financials (2.2%)
Bank Central Asia Tbk PT	70,900	$	170,524
			273,266
MACAU (1.0%)
Consumer Discretionary (1.0%)
Sands China Ltd.	18,800		74,661
NETHERLANDS (1.8%)
Information Technology (1.8%)
ASML Holding NV	252		134,531
NEW ZEALAND (1.8%)
Health Care (1.0%)
Fisher & Paykel Healthcare Corp. Ltd.	2,967		72,960
Information Technology (0.8%)
Xero Ltd.(a)	644		63,530
			136,490
PHILIPPINES (1.2%)
Industrials (1.1%)
Ayala Corp.	5,170		82,539
Real Estate (0.1%)
Ayala Land, Inc.	16,300		12,732
			95,271
SINGAPORE (4.0%)
Communication Services (1.0%)
Singapore Telecommunications Ltd.	44,000		77,948
Financials (2.1%)
DBS Group Holdings Ltd.	4,246		80,068
Oversea-Chinese Banking Corp. Ltd.	9,940		77,038
			157,106
Real Estate (0.9%)
CapitaLand Ltd.	17,833		42,864
City Developments Ltd.	4,900		26,467
			69,331
			304,385
SOUTH KOREA (2.9%)
Health Care (0.4%)
Samsung Biologics Co. Ltd.(a)(c)	46		32,567
Information Technology (1.1%)
Samsung SDI Co. Ltd.	129		84,276
Materials (1.4%)
LG Chem Ltd.	124		101,141
			217,984

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

TAIWAN (8.4%)
Information Technology (8.4%)
Taiwan Semiconductor Manufacturing Co. Ltd.	30,000	$	634,002
THAILAND (0.8%)
Materials (0.8%)
Siam Cement PCL (The), Foreign Shares	4,900		61,748
UNITED KINGDOM (0.9%)
Materials (0.9%)
Rio Tinto PLC - London Listing	931		70,632
Total Common Stocks			6,826,858
PREFERRED STOCKS (7.5%)
SOUTH KOREA (7.5%)
Information Technology (7.5%)
Samsung Electronics Co. Ltd.	8,709		567,978
Total Preferred Stocks			567,978
SHORT-TERM INVESTMENT—2.3%
UNITED STATES (2.3%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d)	172,225		172,225
Total Short-Term Investment			172,225
Total Investments (Cost $5,158,008) —100.0%			7,567,061
Liabilities in Excess of Other Assets—0.0%			(3,491	)
Net Assets—100.0%		$	7,563,570

(a)	Non-income producing security.
(b)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(c)	Denotes a security issued under Regulation S or Rule 144A.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen China A Share Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (91.8%)
CHINA (91.8%)
Consumer Discretionary (16.1%)
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a)		109,695	$	4,980,230
Fuyao Glass Industry Group Co. Ltd., A Shares(a)		132,441		1,208,173
Haier Smart Home Co. Ltd., A Shares(a)		110,500		543,663
Hangzhou Robam Appliances Co. Ltd., A Shares(a)		24,315		144,771
Midea Group Co. Ltd., A Shares (Stock Connect)(a)		198,542		2,957,084
SAIC Motor Corp. Ltd., A Shares (Stock Connect)(a)		62,000		210,203
				10,044,124
Consumer Staples (20.6%)
Chacha Food Co. Ltd., A Shares(a)		63,600		613,104
Foshan Haitian Flavouring & Food Co. Ltd., A Shares(a)		79,018		2,408,857
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares(a)		116,200		794,674
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(a)		16,963		5,555,800
Wuliangye Yibin Co. Ltd., A Shares(a)		66,737		3,004,251
Yonghui Superstores Co. Ltd., A Shares(a)		492,400		520,047
				12,896,733
Energy (0.0%)
G3 Exploration Ltd.(b)(c)		53,000		—
Financials (17.3%)
Bank of Ningbo Co. Ltd., A Shares(a)		255,915		1,524,095
China Construction Bank Corp., Class H		77,000		58,321
China International Capital Corp. Ltd., H Shares(b)(d)		273,200		712,286
China Life Insurance Co. Ltd., H Shares		426,000		904,725
China Merchants Bank Co. Ltd., A Shares(a)		373,632		2,951,690
Ping An Bank Co. Ltd., A Shares(a)		517,600		1,849,596
Ping An Insurance Group Co. of China Ltd., A Shares(a)		227,233		2,779,345
				10,780,058
Health Care (12.1%)
Aier Eye Hospital Group Co. Ltd., A Shares(a)		179,515		2,186,684
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., A Shares(a)		31,600		121,441
Hangzhou Tigermed Consulting Co. Ltd., A Shares(a)		84,367		2,185,472
Hangzhou Tigermed Consulting Co. Ltd., H Shares(b)(d)		700		15,392
Jiangsu Hengrui Medicine Co. Ltd., A Shares(a)		112,796		1,808,970
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares(a)		18,300		1,268,650
				7,586,609
Industrials (10.1%)
Centre Testing International Group Co. Ltd., A Shares(a)		235,394		1,073,895
Contemporary Amperex Technology Co. Ltd., A Shares(a)		23,179		1,257,175
Guangzhou Baiyun International Airport Co. Ltd., A Shares(a)		255,200		543,831
NARI Technology Co. Ltd., A Shares (Stock Connect)(a)		240,100		1,092,226
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(a)		96,010		1,173,682
Shanghai M&G Stationery, Inc., A Shares(a)		78,942		1,150,252
				6,291,061

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen China A Share Equity Fund

Information Technology (9.0%)
Beijing Sinnet Technology Co. Ltd., A Shares(a)	275,489	$	698,693
Glodon Co. Ltd., A Shares(a)	104,161		1,336,252
LONGi Green Energy Technology Co. Ltd., A Shares(a)	62,100		1,029,953
Luxshare Precision Industry Co. Ltd., A Shares(a)	218,870		1,788,667
Venustech Group, Inc., A Shares(a)	146,000		747,330
			5,600,895
Materials (4.2%)
Anhui Conch Cement Co. Ltd., A Shares(a)	193,656		1,509,876
Yunnan Energy New Material Co. Ltd., A Shares(a)	55,020		1,120,016
			2,629,892
Real Estate (2.4%)
China Vanke Co. Ltd., A Shares(a)	345,973		1,486,485
			57,315,857
Total Common Stocks			57,315,857
EXCHANGE-TRADED FUNDS (2.1%)
CHINA (1.5%)
Xtrackers Harvest CSI 300 China A Shares ETF(a)(e)	23,315		963,842
UNITED STATES (0.6%)
KraneShares Bosera MSCI China A Shares ETF	8,080		384,042
Total Exchange-Traded Funds			1,347,884
SHORT-TERM INVESTMENT—11.5%
UNITED STATES (11.5%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(f)	7,190,703		7,190,703
			7,190,703
Total Short-Term Investment			7,190,703
Total Investments (Cost $55,881,592) —105.4%			65,854,444
Liabilities in Excess of Other Assets—(5.4)%			(3,396,917	)
Net Assets—100.0%		$	62,457,527

(a)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(b)	Non-income producing security.
(c)	Trading halted. Fair Value is determined pursuant to procedures approved by the Fund’s Board of Trustees.
(d)	Denotes a security issued under Regulation S or Rule 144A.
(e)	All or a portion of the securities are on loan. The total value of all securities on loan is $918,280. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(f)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ETF Exchange-Traded Fund

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Dynamic Dividend Fund

	Shares or Principal Amount		Value
COMMON STOCKS (96.8%)
AUSTRALIA (1.2%)
Materials (1.2%)
Rio Tinto PLC, ADR		18,158	$	1,387,634
BRAZIL (2.1%)
Industrials (1.0%)
CCR SA		559,200		1,238,715
Materials (1.1%)
Vale SA, ADR		78,700		1,271,005
				2,509,720
CANADA (2.6%)
Energy (1.5%)
Enbridge, Inc.		53,000		1,780,800
Materials (1.1%)
Barrick Gold Corp.		57,600		1,288,512
				3,069,312
CHINA (3.4%)
Communication Services (1.2%)
Tencent Holdings Ltd.		15,700		1,398,921
Consumer Discretionary (1.1%)
Shenzhou International Group Holdings Ltd.		68,900		1,343,654
Financials (1.1%)
Ping An Insurance Group Co. of China Ltd., H Shares		111,000		1,307,334
				4,049,909
DENMARK (0.9%)
Financials (0.9%)
Tryg A/S		35,000		1,088,857
FINLAND (0.7%)
Information Technology (0.7%)
Nokia OYJ(a)		170,250		818,151
FRANCE (4.0%)
Consumer Discretionary (1.0%)
LVMH Moet Hennessy Louis Vuitton SE		1,900		1,148,731
Energy (0.9%)
TOTAL SE, ADR		26,700		1,123,536
Industrials (2.1%)
Alstom SA(a)		21,100		1,144,033
Schneider Electric SE		9,400		1,375,790
				2,519,823
				4,792,090

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Dynamic Dividend Fund

GERMANY (5.5%)
Financials (1.1%)
Deutsche Boerse AG	8,000	$	1,284,424
Health Care (0.8%)
Bayer AG	16,100		974,418
Information Technology (1.1%)
Infineon Technologies AG	33,900		1,358,154
Materials (1.0%)
Linde PLC(a)	4,700		1,147,639
Utilities (1.5%)
RWE AG	41,900		1,799,952
			6,564,587
HONG KONG (1.2%)
Consumer Staples (0.0%)
Convenience Retail Asia Ltd.	138,000		12,810
Financials (1.2%)
Hong Kong Exchanges & Clearing Ltd.	22,100		1,412,900
			1,425,710
INDONESIA (2.1%)
Communication Services (2.1%)
Telkom Indonesia Persero Tbk PT	6,062,000		1,339,824
Tower Bersama Infrastructure Tbk PT	7,540,800		1,199,710
			2,539,534
ITALY (1.3%)
Utilities (1.3%)
Enel SpA	155,000		1,537,288
JAPAN (2.3%)
Financials (1.0%)
Mitsubishi UFJ Financial Group, Inc.	263,900		1,191,714
Real Estate (1.3%)
GLP J-REIT	1,000		1,611,046
			2,802,760
MEXICO (0.4%)
Utilities (0.4%)
Infraestructura Energetica Nova SAB de CV(a)	118,797		434,529
NETHERLANDS (2.7%)
Consumer Staples (1.2%)
Heineken NV	14,600		1,522,670

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Dynamic Dividend Fund

Information Technology (1.5%)
ASML Holding NV	3,300	$	1,761,717
			3,284,387
NORWAY (0.9%)
Communication Services (0.9%)
Telenor ASA	67,300		1,110,207
SINGAPORE (1.1%)
Financials (1.1%)
Oversea-Chinese Banking Corp. Ltd.	168,155		1,303,244
SOUTH KOREA (1.2%)
Materials (1.2%)
LG Chem Ltd.	1,700		1,386,610
SPAIN (0.9%)
Industrials (0.9%)
Ferrovial SA	47,583		1,140,731
SWEDEN (0.9%)
Consumer Staples (0.9%)
Essity AB, Class B	32,200		1,028,494
SWITZERLAND (4.3%)
Consumer Staples (1.0%)
Nestle SA	10,300		1,154,595
Financials (1.0%)
Zurich Insurance Group AG	3,100		1,239,524
Health Care (2.3%)
Novartis AG	15,000		1,358,177
Roche Holding AG	4,000		1,380,447
			2,738,624
			5,132,743
TAIWAN (1.4%)
Information Technology (1.4%)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	13,700		1,664,824
UNITED KINGDOM (9.7%)
Communication Services (1.9%)
Cineworld Group PLC(a)	485,000		508,376
Vodafone Group PLC, ADR	103,300		1,771,595
			2,279,971
Consumer Staples (2.6%)
Tesco PLC	595,400		1,948,386
Unilever PLC	19,600		1,139,329
			3,087,715
Energy (0.8%)
Cairn Energy PLC	360,545		889,439

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Dynamic Dividend Fund

Health Care (2.4%)
AstraZeneca PLC, ADR	31,700	$	1,604,020
Dechra Pharmaceuticals PLC	26,400		1,301,391
			2,905,411
Industrials (0.9%)
Melrose Industries PLC(a)	477,774		1,092,731
Information Technology (1.1%)
Avast PLC(b)	204,600		1,319,204
			11,574,471
UNITED STATES (46.0%)
Communication Services (1.6%)
Alphabet, Inc., Class C(a)	1,000		1,835,740
Consumer Discretionary (7.1%)
Aptiv PLC	9,300		1,242,480
Genuine Parts Co.	13,000		1,220,440
Las Vegas Sands Corp.	21,000		1,009,890
Lowe’s Cos., Inc.	11,400		1,902,090
Target Corp.	10,200		1,847,934
TJX Cos., Inc. (The)	20,100		1,287,204
			8,510,038
Consumer Staples (4.2%)
Coca-Cola Co. (The)	24,900		1,198,935
Kraft Heinz Co. (The)	35,600		1,192,956
Mondelez International, Inc., Class A	25,600		1,419,264
PepsiCo, Inc.	8,600		1,174,502
			4,985,657
Energy (1.0%)
Williams Cos., Inc. (The)	57,900		1,229,217
Financials (6.4%)
Bank of America Corp.	44,500		1,319,425
Blackstone Group, Inc. (The), Class A	16,100		1,081,759
Charles Schwab Corp. (The)	26,600		1,370,964
Goldman Sachs Group, Inc. (The)	5,200		1,410,084
Huntington Bancshares, Inc.	95,300		1,260,343
JPMorgan Chase & Co.	9,400		1,209,498
			7,652,073
Health Care (6.4%)
AbbVie, Inc.	19,103		1,957,675
Bristol-Myers Squibb Co.	22,200		1,363,746
Eli Lilly & Co.	7,300		1,518,181
Medtronic PLC	13,600		1,514,088
UnitedHealth Group, Inc.	3,900		1,300,962
			7,654,652
Industrials (5.6%)
Aerojet Rocketdyne Holdings, Inc.(a)	29,200		1,519,568
FedEx Corp.	6,300		1,482,642
Lockheed Martin Corp.	3,500		1,126,370
Macquarie Infrastructure Corp.	45,600		1,267,224
Norfolk Southern Corp.	5,600		1,325,072
			6,720,876

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Dynamic Dividend Fund

Information Technology (10.1%)
Apple, Inc.	29,400	$	3,879,624
Broadcom, Inc.	4,400		1,982,200
Cisco Systems, Inc.	26,800		1,194,744
Fidelity National Information Services, Inc.	9,700		1,197,562
Intel Corp.	22,800		1,265,628
Microsoft Corp.	10,800		2,505,168
			12,024,926
Real Estate (1.5%)
Digital Realty Trust, Inc.	7,700		1,108,415
GEO Group, Inc. (The), REIT	80,000		715,200
			1,823,615
Utilities (2.1%)
FirstEnergy Corp.	31,100		956,636
NextEra Energy, Inc.	19,500		1,576,965
			2,533,601
			54,970,395
Total Common Stocks			115,616,187
PREFERRED STOCKS (2.0%)
SOUTH KOREA (2.0%)
Information Technology (2.0%)
Samsung Electronics Co. Ltd.	36,800		2,400,001
Total Preferred Stocks			2,400,001
Total Investments (Cost $93,345,120) —98.8%			118,016,188
Other Assets in Excess of Liabilities—1.2%			1,439,040
Net Assets—100.0%		$	119,455,228

(a)	Non-income producing security.
(b)	Denotes a security issued under Regulation S or Rule 144A.

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Dynamic Dividend Fund

At January 31, 2021, the Fund’s open forward foreign currency exchange contracts were as follows:

Sale Contracts Settlement Date	Counterparty		Amount Purchased	Amount Sold			Fair Value		Unrealized Depreciation
United States Dollar/Euro
04/14/2021	State Street Bank and Trust	USD	3,158,865	EUR	2,600,000	$	3,160,240	$	(1,375	)
02/01/2021	State Street Bank and Trust	USD	3,057,267	EUR	2,600,000	$	3,155,229	$	(97,962	)
						$	6,315,469	$	(99,337	)

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Fund

	Shares or Principal Amount		Value
COMMON STOCKS (85.7%)
BRAZIL (4.4%)
Consumer Discretionary (1.4%)
MercadoLibre, Inc.(a)		41,699	$	74,203,788
Industrials (0.8%)
WEG SA		2,609,620		39,964,188
Materials (2.2%)
Vale SA, ADR		7,052,553		113,898,731
				228,066,707
CHINA (36.7%)
Communication Services (8.1%)
Autohome, Inc., ADR		410,425		45,241,148
Kuaishou Technology(a)		176,800		2,622,384
Tencent Holdings Ltd.		4,141,400		369,012,298
				416,875,830
Consumer Discretionary (14.0%)
Alibaba Group Holding Ltd.(a)		6,026,200		191,238,459
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b)		1,771,803		80,266,174
Li Ning Co. Ltd.		3,785,500		23,582,924
Meituan, B Shares(a)		2,625,300		121,050,945
Midea Group Co. Ltd., A Shares (Stock Connect)(b)		6,954,556		103,355,899
New Oriental Education & Technology Group, Inc., ADR(a)		302,804		50,719,670
Prosus NV(a)		751,658		87,816,819
Shenzhou International Group Holdings Ltd.		3,322,600		64,795,692
				722,826,582
Consumer Staples (1.6%)
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b)		243,515		79,583,715
Financials (2.9%)
China Merchants Bank Co. Ltd., H Shares		7,720,500		59,122,579
Ping An Insurance Group Co. of China Ltd., H Shares		7,448,500		87,726,790
				146,849,369
Health Care (2.3%)
Hangzhou Tigermed Consulting Co. Ltd., A Shares(b)		1,234,495		31,909,237
Hangzhou Tigermed Consulting Co. Ltd., H Shares(a)(c)		200,700		4,413,161
Wuxi Biologics Cayman, Inc.(a)(c)		6,018,500		84,270,559
				120,592,957
Industrials (3.1%)
China Conch Venture Holdings Ltd.		6,309,500		30,000,057
NARI Technology Co. Ltd., A Shares (Stock Connect)(b)		14,054,314		63,794,687
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(b)		4,547,389		55,469,038
Sungrow Power Supply Co. Ltd., A Shares(b)		593,407		9,625,597
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares		487,000		1,016,304
				159,905,683

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Fund

Information Technology (2.4%)
LONGi Green Energy Technology Co. Ltd., A Shares(b)	7,473,691	$	123,684,575
Materials (0.0%)
Yunnan Energy New Material Co. Ltd., A Shares(b)	30,346		619,855
Real Estate (1.4%)
China Resources Land Ltd.	18,686,000		73,943,208
Utilities (0.9%)
China Resources Gas Group Ltd.	9,000,000		44,830,014
			1,889,711,788
HONG KONG (4.6%)
Consumer Staples (1.0%)
Budweiser Brewing Co. APAC Ltd.(c)	15,046,100		50,304,995
Financials (3.6%)
AIA Group Ltd.	6,654,800		80,235,235
Hong Kong Exchanges & Clearing Ltd.	1,656,765		105,920,556
			186,155,791
			236,460,786
INDIA (10.2%)
Consumer Staples (1.9%)
Hindustan Unilever Ltd.	1,471,531		45,570,828
ITC Ltd.	18,918,245		52,591,632
			98,162,460
Financials (5.0%)
Housing Development Finance Corp. Ltd.	4,015,641		130,587,195
Kotak Mahindra Bank Ltd.(a)	3,132,477		73,276,315
SBI Life Insurance Co. Ltd.(a)(c)	4,750,950		56,268,351
			260,131,861
Information Technology (2.1%)
Tata Consultancy Services Ltd.	2,534,397		108,370,848
Materials (1.2%)
UltraTech Cement Ltd.	821,007		59,738,140
			526,403,309
INDONESIA (2.1%)
Financials (2.1%)
Bank Central Asia Tbk PT	26,294,600		63,241,904
Bank Rakyat Indonesia Persero Tbk PT	158,554,800		47,006,246
			110,248,150
MACAU (1.1%)
Consumer Discretionary (1.1%)
Sands China Ltd.	14,546,400		57,768,770

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Fund

MEXICO (2.8%)
Consumer Staples (1.0%)
Fomento Economico Mexicano SAB de CV, ADR	796,896	$	54,228,773
Financials (1.2%)
Grupo Financiero Banorte SAB de CV, Class O(a)	12,133,519		60,433,791
Industrials (0.6%)
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)	2,039,280		32,099,833
			146,762,397
NETHERLANDS (1.4%)
Information Technology (1.4%)
ASML Holding NV	131,000		69,934,843
PHILIPPINES (1.4%)
Financials (0.4%)
Bank of the Philippine Islands	13,044,794		21,538,429
Real Estate (1.0%)
Ayala Land, Inc.	62,187,600		48,574,181
			70,112,610
POLAND (0.4%)
Consumer Discretionary (0.4%)
Allegro.eu SA(a)(c)	1,166,139		23,009,414
RUSSIA (3.9%)
Communication Services (0.8%)
Yandex N.V., Class A(a)	675,710		42,326,474
Energy (2.2%)
LUKOIL PJSC, ADR	684,898		48,922,264
Novatek PJSC	3,802,485		63,751,105
			112,673,369
Financials (0.9%)
Sberbank of Russia PJSC	14,047,456		47,724,535
			202,724,378
SOUTH AFRICA (2.2%)
Consumer Discretionary (2.2%)
Naspers Ltd., N Shares	490,460		113,457,717
SOUTH KOREA (3.9%)
Information Technology (1.6%)
Samsung SDI Co. Ltd.	128,208		83,758,374
Materials (2.3%)
LG Chem Ltd.	141,342		115,286,011
			199,044,385
TAIWAN (9.6%)
Information Technology (9.6%)
Taiwan Semiconductor Manufacturing Co. Ltd.	23,322,017		492,873,322

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Fund

UNITED KINGDOM (1.0%)
Materials (1.0%)
Mondi PLC	2,078,500	$	48,841,431
Total Common Stocks			4,415,420,007
PREFERRED STOCKS (11.2%)
BRAZIL (2.5%)
Energy (1.1%)
Petroleo Brasileiro SA	11,129,450		54,290,496
Financials (1.4%)
Banco Bradesco SA, ADR, Preferred Shares, 1.94%	15,876,234		72,078,103
			126,368,599
SOUTH KOREA (8.7%)
Information Technology (8.7%)
Samsung Electronics Co. Ltd.	6,914,313		450,933,567
Total Preferred Stocks			577,302,166
SHORT-TERM INVESTMENT—2.1%
UNITED STATES (2.1%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d)	109,806,219		109,806,219
Total Short-Term Investment			109,806,219
Total Investments (Cost $3,284,792,763) —99.0%			5,102,528,392
Other Assets in Excess of Liabilities—1.0%			52,742,710
Net Assets—100.0%		$	5,155,271,102

(a)	Non-income producing security.
(b)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(c)	Denotes a security issued under Regulation S or Rule 144A.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ADR	American Depositary Receipt
PLC	Public Limited Company

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Sustainable Leaders Fund

	Shares or Principal Amount		Value
COMMON STOCKS (89.9%)
BRAZIL (6.4%)
Consumer Discretionary (1.4%)
MercadoLibre, Inc.(a)		1,720	$	3,060,757
Financials (0.9%)
B3 SA - Brasil Bolsa Balcao		189,200		2,067,873
Health Care (1.0%)
Notre Dame Intermedica Participacoes SA		127,300		2,198,678
Industrials (2.1%)
Rumo SA(a)		560,100		2,078,084
WEG SA		167,540		2,565,738
				4,643,822
Real Estate (1.0%)
Multiplan Empreendimentos Imobiliarios SA		580,300		2,248,485
				14,219,615
CHINA (36.3%)
Communication Services (8.2%)
Autohome, Inc., ADR		15,111		1,665,685
Tencent Holdings Ltd.		185,000		16,484,106
				18,149,791
Consumer Discretionary (10.5%)
Alibaba Group Holding Ltd.(a)		251,200		7,971,707
Baozun, Inc., Class A(a)		140,000		1,860,234
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b)		73,500		3,329,695
Meituan, B Shares(a)		114,600		5,284,135
Midea Group Co. Ltd., A Shares (Stock Connect)(b)		192,931		2,867,265
New Oriental Education & Technology Group, Inc., ADR(a)		12,000		2,010,000
				23,323,036
Financials (3.6%)
China Merchants Bank Co. Ltd., H Shares		330,000		2,527,097
Ping An Insurance Group Co. of China Ltd., H Shares		468,500		5,517,890
				8,044,987
Health Care (2.8%)
Hangzhou Tigermed Consulting Co. Ltd., H Shares(a)(c)		93,000		2,044,962
Wuxi Biologics Cayman, Inc.(a)(c)		306,000		4,284,588
				6,329,550
Industrials (2.4%)
China Conch Venture Holdings Ltd.		515,000		2,448,693
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares		1,366,200		2,845,926
				5,294,619

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Sustainable Leaders Fund

Information Technology (5.9%)
GDS Holdings Ltd., ADR(a)	33,000	$	3,417,480
Glodon Co. Ltd., A Shares(b)	100,593		1,287,673
Kingdee International Software Group Co. Ltd.	595,000		2,383,433
LONGi Green Energy Technology Co. Ltd., A Shares(b)	362,906		6,005,851
			13,094,437
Real Estate (1.5%)
China Resources Land Ltd.	558,000		2,208,087
China Vanke Co. Ltd., H Shares	314,800		1,126,308
			3,334,395
Utilities (1.4%)
China Resources Gas Group Ltd.	650,000		3,237,723
			80,808,538
GERMANY (1.0%)
Consumer Discretionary (1.0%)
Delivery Hero SE(a)(c)	14,700		2,232,707
HONG KONG (3.6%)
Financials (3.6%)
AIA Group Ltd.	287,900		3,471,137
Hong Kong Exchanges & Clearing Ltd.	70,800		4,526,397
			7,997,534
INDIA (9.7%)
Consumer Staples (1.0%)
Hindustan Unilever Ltd.	69,000		2,136,813
Financials (4.1%)
Housing Development Finance Corp. Ltd.	175,800		5,716,952
Kotak Mahindra Bank Ltd.(a)	147,900		3,459,744
			9,176,696
Health Care (0.9%)
Syngene International Ltd.(a)(c)	257,300		2,004,538
Information Technology (1.9%)
Tata Consultancy Services Ltd.	99,000		4,233,241
Materials (1.0%)
Asian Paints Ltd.	67,100		2,215,571
Utilities (0.8%)
Power Grid Corp. of India Ltd.	742,200		1,867,493
			21,634,352
INDONESIA (1.7%)
Consumer Discretionary (0.6%)
Ace Hardware Indonesia Tbk PT	11,992,300		1,330,642
Financials (1.1%)
Bank Central Asia Tbk PT	962,900		2,315,899
			3,646,541

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Sustainable Leaders Fund

MEXICO (3.2%)
Consumer Staples (1.1%)
Arca Continental SAB de CV	521,900	$	2,375,652
Financials (1.5%)
Grupo Financiero Banorte SAB de CV, Class O(a)	667,700		3,325,634
Industrials (0.6%)
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(a)(d)	30,300		1,412,889
			7,114,175
NETHERLANDS (1.8%)
Information Technology (1.8%)
ASM International NV	4,456		1,141,485
ASML Holding NV	5,400		2,882,810
			4,024,295
PHILIPPINES (1.2%)
Real Estate (1.2%)
Ayala Land, Inc.	3,446,600		2,692,109
POLAND (1.5%)
Consumer Discretionary (0.4%)
Allegro.eu SA(a)(c)	47,900		945,128
Industrials (1.1%)
InPost SA(a)	100,445		2,413,521
			3,358,649
RUSSIA (3.8%)
Consumer Staples (1.2%)
X5 Retail Group, GDR	76,300		2,699,494
Financials (2.0%)
Sberbank of Russia PJSC, ADR	326,600		4,477,686
Industrials (0.6%)
HeadHunter Group PLC, ADR	40,100		1,239,491
			8,416,671
SOUTH AFRICA (3.1%)
Consumer Discretionary (3.1%)
Naspers Ltd., N Shares	29,240		6,764,066
SOUTH KOREA (4.1%)
Information Technology (2.4%)
Samsung SDI Co. Ltd.	8,300		5,422,396
Materials (1.7%)
LG Chem Ltd.	4,600		3,752,003
			9,174,399
TAIWAN (10.2%)
Information Technology (10.2%)
Chroma ATE, Inc.	487,000		3,272,267
Taiwan Semiconductor Manufacturing Co. Ltd.	920,000		19,442,720
			22,714,987

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Sustainable Leaders Fund

TURKEY (1.1%)
Information Technology (1.1%)
Logo Yazilim Sanayi Ve Ticaret AS(a)	129,700	$	2,463,808
UNITED KINGDOM (1.2%)
Materials (1.2%)
Mondi PLC	115,200		2,707,016
Total Common Stocks			199,969,462
PREFERRED STOCKS (9.5%)
BRAZIL (1.2%)
Financials (1.2%)
Banco Bradesco SA, ADR, Preferred Shares, 1.94%	627,110		2,847,079
SOUTH KOREA (8.3%)
Information Technology (8.3%)
Samsung Electronics Co. Ltd.	282,500		18,423,918
Total Preferred Stocks			21,270,997
SHORT-TERM INVESTMENT—0.1%
UNITED STATES (0.1%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e)	151,462		151,462
Total Short-Term Investment			151,462
Total Investments (Cost $189,038,169) —99.5%			221,391,921
Other Assets in Excess of Liabilities—0.5%			1,071,804
Net Assets—100.0%		$	222,463,725

(a)	Non-income producing security.
(b)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(c)	Denotes a security issued under Regulation S or Rule 144A.
(d)	All or a portion of the securities are on loan. The total value of all securities on loan is $672,429. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. See Note 2(j) of the accompanying Notes to Financial Statements.
(e)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

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

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Global Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (98.9%)
AUSTRALIA (2.3%)
Health Care (2.3%)
CSL Ltd.		3,200	$	663,429
CHINA (4.2%)
Communication Services (4.2%)
Tencent Holdings Ltd.		13,500		1,202,894
DENMARK (1.5%)
Health Care (1.5%)
Genmab AS(a)		1,100		437,959
FRANCE (3.8%)
Consumer Discretionary (2.3%)
LVMH Moet Hennessy Louis Vuitton SE		1,100		665,054
Industrials (1.5%)
Schneider Electric SE		2,900		424,446
				1,089,500
HONG KONG (3.4%)
Financials (3.4%)
AIA Group Ltd.		81,100		977,802
INDIA (1.9%)
Financials (1.9%)
Housing Development Finance Corp. Ltd.		16,300		530,070
JAPAN (5.1%)
Information Technology (3.1%)
Keyence Corp.		1,600		859,010
Materials (2.0%)
Shin-Etsu Chemical Co. Ltd.		3,300		574,459
				1,433,469
NETHERLANDS (5.0%)
Consumer Staples (2.5%)
Heineken NV		6,900		719,618
Information Technology (2.5%)
ASML Holding NV		1,300		694,010
				1,413,628
SINGAPORE (2.2%)
Financials (2.2%)
Oversea-Chinese Banking Corp. Ltd.		81,817		634,103

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Equity Fund

SWEDEN (2.4%)
Industrials (2.4%)
Atlas Copco AB, A Shares	12,400	$	672,741
SWITZERLAND (6.1%)
Consumer Staples (3.1%)
Nestle SA	7,700		863,144
Health Care (3.0%)
Roche Holding AG	2,500		862,779
			1,725,923
TAIWAN (3.5%)
Information Technology (3.5%)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	8,200		996,464
UNITED KINGDOM (10.8%)
Consumer Staples (2.7%)
Diageo PLC	19,400		778,855
Health Care (4.5%)
Abcam PLC	24,800		563,384
AstraZeneca PLC	7,000		714,078
			1,277,462
Industrials (1.4%)
Experian PLC	11,400		398,459
Materials (2.2%)
Croda International PLC	7,140		613,459
			3,068,235
UNITED STATES (46.7%)
Communication Services (3.4%)
Alphabet, Inc., Class A(a)	520		950,227
Consumer Discretionary (9.7%)
Amazon.com, Inc.(a)	270		865,674
Booking Holdings, Inc.(a)	270		524,969
NIKE, Inc., Class B	5,100		681,309
TJX Cos., Inc. (The)	10,800		691,632
			2,763,584
Consumer Staples (7.4%)
Costco Wholesale Corp.	1,100		387,673
Estee Lauder Cos., Inc. (The), Class A	2,800		662,620
PepsiCo, Inc.	4,950		676,022
Procter & Gamble Co. (The)	2,900		371,809
			2,098,124
Financials (6.7%)
CME Group, Inc.	4,700		854,178
First Republic Bank	3,200		463,968
Intercontinental Exchange, Inc.	5,400		595,890
			1,914,036

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Global Equity Fund

Health Care (4.2%)
Boston Scientific Corp.(a)	20,200	$	715,888
PRA Health Sciences, Inc.(a)	3,900		480,636
			1,196,524
Industrials (2.2%)
Deere & Co.	2,200		635,360
Information Technology (11.7%)
Autodesk, Inc.(a)	1,900		527,117
Fidelity National Information Services, Inc.	4,600		567,916
Microsoft Corp.	5,300		1,229,388
Visa, Inc., Class A	5,100		985,575
			3,309,996
Materials (1.4%)
Linde PLC	1,600		392,640
			13,260,491
Total Common Stocks			28,106,708
SHORT-TERM INVESTMENT—1.2%
UNITED STATES (1.2%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b)	336,256		336,256
Total Short-Term Investment			336,256
Total Investments (Cost $19,773,381) —100.1%			28,442,964
Liabilities in Excess of Other Assets—(0.1)%			(38,774	)
Net Assets—100.0%		$	28,404,190

(a)	Non-income producing security.
(b)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ADR	American Depositary Receipt
PLC	Public Limited Company

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Global Infrastructure Fund

	Shares or Principal Amount		Value
COMMON STOCKS (100.1%)
ARGENTINA (1.5%)
Industrials (0.9%)
Corp. America Airports SA(a)(b)		98,930	$	398,688
Materials (0.6%)
Loma Negra Cia Industrial Argentina SA, ADR(b)		55,800		286,254
				684,942
BRAZIL (6.2%)
Communication Services (1.1%)
Telefonica Brasil SA, ADR		63,800		526,988
Industrials (4.1%)
CCR SA		403,600		894,037
Cosan Logistica SA(a)		286,800		986,507
				1,880,544
Utilities (1.0%)
Omega Geracao SA(a)		63,432		466,865
				2,874,397
CANADA (4.3%)
Energy (2.9%)
Enbridge, Inc.		39,300		1,320,296
Industrials (1.4%)
Canadian Pacific Railway Ltd.		1,900		638,818
				1,959,114
CHINA (4.5%)
Industrials (3.5%)
China Everbright Environment Group Ltd.		800,333		449,213
COSCO SHIPPING Ports Ltd.		881,775		625,530
Zhejiang Expressway Co. Ltd., Class H		626,100		506,331
				1,581,074
Utilities (1.0%)
Beijing Enterprises Water Group Ltd.		1,154,000		468,621
				2,049,695
FRANCE (6.8%)
Industrials (3.5%)
Eiffage SA(a)		6,000		544,606
Vinci SA		11,600		1,075,646
				1,620,252
Utilities (3.3%)
Engie SA(a)		45,800		710,782
Veolia Environnement SA		29,800		794,116
				1,504,898
				3,125,150

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Infrastructure Fund

GERMANY (4.2%)
Industrials (1.3%)
Fraport AG Frankfurt Airport Services Worldwide(a)	10,900	$	590,520
Utilities (2.9%)
RWE AG	30,800		1,323,115
			1,913,635
INDONESIA (3.5%)
Communication Services (3.5%)
Sarana Menara Nusantara Tbk PT	9,855,200		672,691
Tower Bersama Infrastructure Tbk PT	5,782,100		919,908
			1,592,599
ITALY (5.3%)
Industrials (1.1%)
Atlantia SpA(a)	32,600		516,449
Materials (1.5%)
Buzzi Unicem SpA	27,100		666,753
Utilities (2.7%)
Enel SpA	126,200		1,251,650
			2,434,852
JAPAN (1.2%)
Industrials (1.2%)
East Japan Railway Co.	8,700		573,871
LUXEMBOURG (1.2%)
Communication Services (1.2%)
SES SA, ADR	63,900		544,701
MALAYSIA (1.1%)
Industrials (1.1%)
Malaysia Airports Holdings Bhd	406,900		517,918
MEXICO (3.5%)
Industrials (1.7%)
Promotora y Operadora de Infraestructura SAB de CV	101,700		766,855
Utilities (1.8%)
Infraestructura Energetica Nova SAB de CV(a)	232,300		849,693
			1,616,548
NETHERLANDS (1.1%)
Communication Services (1.1%)
Koninklijke KPN NV	159,100		497,028

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Infrastructure Fund

NORWAY (1.8%)
Communication Services (1.8%)
Telenor ASA	49,300	$	813,272
PHILIPPINES (2.0%)
Industrials (2.0%)
International Container Terminal Services, Inc.	370,000		911,056
SPAIN (12.3%)
Communication Services (3.1%)
Cellnex Telecom SA(c)	24,300		1,423,586
Industrials (4.1%)
Aena SME SA(a)(c)	4,000		616,866
Ferrovial SA	52,482		1,258,177
			1,875,043
Utilities (5.1%)
Atlantica Sustainable Infrastructure PLC	25,400		1,050,290
EDP Renovaveis SA	46,800		1,281,664
			2,331,954
			5,630,583
UNITED KINGDOM (4.8%)
Communication Services (2.8%)
Vodafone Group PLC	741,000		1,265,442
Utilities (2.0%)
National Grid PLC, ADR(b)	16,200		940,896
			2,206,338
UNITED STATES (34.8%)
Communication Services (2.7%)
DISH Network Corp., Class A(a)	15,200		441,104
T-Mobile US, Inc.(a)	6,400		806,912
			1,248,016
Consumer Discretionary (1.0%)
TravelCenters of America, Inc.(a)	16,100		442,589
Energy (5.2%)
Kinder Morgan, Inc.	91,400		1,286,912
Williams Cos., Inc. (The)	52,200		1,108,206
			2,395,118
Industrials (8.1%)
Dycom Industries, Inc.(a)	6,200		503,068
Kansas City Southern	4,400		891,748
Norfolk Southern Corp.	4,700		1,112,114
Union Pacific Corp.	3,300		651,651
Waste Connections, Inc.	5,700		561,507
			3,720,088
Real Estate (5.6%)
American Tower Corp., REIT	4,300		977,648
CoreCivic, Inc., REIT	49,100		349,101
Crown Castle International Corp., REIT	6,400		1,019,264
GEO Group, Inc. (The), REIT(b)	27,800		248,532
			2,594,545

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Infrastructure Fund

Utilities (12.2%)
American Electric Power Co., Inc.(d)	7,900	$	639,189
Clearway Energy, Inc., Class C	24,500		759,010
CMS Energy Corp.	11,800		671,184
Evergy, Inc.	14,900		800,577
FirstEnergy Corp.	24,400		750,544
NextEra Energy, Inc.	12,800		1,035,136
Vistra Corp.	47,700		952,569
			5,608,209
			16,008,565
Total Common Stocks			45,954,264
SHORT-TERM INVESTMENT—0.4%
UNITED STATES (0.4%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e)	188,897		188,897
Total Short-Term Investment			188,897
Total Investments (Cost $38,672,899) —100.5%			46,143,161
Liabilities in Excess of Other Assets—(0.5)%			(212,082	)
Net Assets—100.0%		$	45,931,079

(a)	Non-income producing security.
(b)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,609,449. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(c)	Denotes a security issued under Regulation S or Rule 144A.
(d)	All or a portion of the security has been designated as collateral for unrealized depreciation on forward foreign currency contracts.
(e)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

At January 31, 2021, the Fund’s open forward foreign currency exchange contracts were as follows:

Purchase Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold			Fair Value		Unrealized Appreciation/ (Depreciation)
Hong Kong Dollar/United States Dollar
02/01/2021	Goldman Sachs & Co.	HKD	17,000,000	USD	2,192,492	$	2,192,629	$	137
02/01/2021	HSBC Bank plc	HKD	17,000,000	USD	2,193,003		2,192,629		(374	)
						$	4,385,258	$	(237	)

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Global Infrastructure Fund

Sale Contracts Settlement Date*	Counterparty		Amount Purchased	Amount Sold			Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/Hong Kong Dollar
04/14/2021	HSBC Bank plc	USD	1,806,335	HKD	14,000,000	$	1,805,898	$	437
02/01/2021	Goldman Sachs & Co.	USD	4,385,034	HKD	34,000,000		4,385,258		(224	)
						$	6,191,156	$	213

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

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen International Real Estate Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.4%)
AUSTRALIA (6.0%)
Real Estate (6.0%)
Charter Hall Group		24,067	$	248,674
Dexus, REIT		54,292		371,802
GDI Property Group, REIT		208,372		183,804
Lendlease Corp., Ltd.		15,856		144,562
Mirvac Group, REIT		137,198		247,580
Stockland, REIT		35,000		118,118
				1,314,540
AUSTRIA (1.3%)
Real Estate (1.3%)
CA Immobilien Anlagen AG		6,547		281,966
BRAZIL (0.5%)
Consumer Discretionary (0.5%)
Cyrela Brazil Realty SA Empreendimentos e Participacoes		25,048		117,334
CANADA (2.7%)
Real Estate (2.7%)
Allied Properties Real Estate Investment Trust		9,578		271,817
Canadian Apartment Properties, REIT		8,056		322,555
				594,372
CHINA (10.0%)
Industrials (0.4%)
Times Neighborhood Holdings Ltd.		101,000		91,278
Real Estate (9.6%)
China Overseas Land & Investment Ltd.		50,629		115,007
China Resources Land Ltd.		111,971		443,086
KWG Living Group Holdings Ltd.(a)		155,000		163,332
Logan Group Co., Ltd.		115,273		172,055
Longfor Group Holdings Ltd.(b)		118,068		664,896
Sunac China Holdings Ltd.		103,014		382,735
Times China Holdings Ltd.		123,312		157,056
				2,098,167
				2,189,445
FRANCE (0.8%)
Real Estate (0.8%)
Klepierre SA, REIT		7,008		167,962
GERMANY (12.9%)
Real Estate (12.9%)
alstria office REIT-AG		14,527		250,335
Deutsche Wohnen SE		5,278		261,190
Instone Real Estate Group AG(a)(b)		19,441		493,180
TAG Immobilien AG(a)		11,839		363,537
Vonovia SE		21,791		1,454,984
				2,823,226

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen International Real Estate Equity Fund

HONG KONG (12.3%)
Real Estate (12.3%)
ESR Cayman Ltd.(a)(b)(c)	137,099	$	488,579
Link REIT	60,461		524,514
Shimao Group Holdings Ltd.	80,204		231,898
Sun Hung Kai Properties Ltd.	73,811		1,008,274
Swire Properties Ltd.	150,000		434,794
			2,688,059
JAPAN (21.2%)
Real Estate (21.2%)
Daiwa Office Investment Corp., REIT	37		239,876
Daiwa Securities Living Investments Corp.	503		483,388
GLP J-REIT	343		552,589
Invesco Office J-Reit, Inc., REIT	1,148		166,746
Japan Excellent, Inc.	133		162,167
Kenedix Retail REIT Corp., REIT	145		350,948
Mitsui Fudosan Co. Ltd., REIT	47,050		955,004
Mitsui Fudosan Logistics Park, Inc., REIT	67		334,940
Orix JREIT, Inc., REIT	251		420,886
Sankei Real Estate, Inc., REIT	170		173,398
Tokyu Fudosan Holdings Corp.	92,600		523,252
United Urban Investment Corp.	204		277,545
			4,640,739
MEXICO (1.7%)
Real Estate (1.7%)
Corp Inmobiliaria Vesta SAB de CV, REIT	64,980		122,517
Prologis Property Mexico SA de CV, REIT	124,330		248,672
			371,189
NETHERLANDS (0.8%)
Real Estate (0.8%)
Unibail-Rodamco-Westfield	2,214		186,949
PHILIPPINES (1.3%)
Real Estate (1.3%)
Ayala Land, Inc.	279,392		218,231
Megaworld Corp.	1,019,705		80,722
			298,953
SINGAPORE (6.7%)
Real Estate (6.7%)
Ascendas India Trust, UNIT	226,500		255,785
Ascendas Real Estate Investment Trust	215,177		496,484
CapitaLand Integrated Commercial Trust, REIT	270,600		432,324
Lendlease Global Commercial REIT	499,800		288,458
			1,473,051

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen International Real Estate Equity Fund

SOUTH KOREA (0.6%)
Real Estate (0.6%)
ESR Kendall Square REIT Co. Ltd.(a)	27,246	$	130,798
SPAIN (2.3%)
Real Estate (2.3%)
Inmobiliaria Colonial Socimi SA, REIT	38,748		372,508
Merlin Properties Socimi SA	13,161		126,050
			498,558
SWEDEN (3.6%)
Consumer Discretionary (1.0%)
Pandox AB(a)	15,009		225,371
Real Estate (2.6%)
Catena AB	2,557		119,076
Fabege AB	14,578		217,235
Kungsleden AB	21,952		224,464
			560,775
			786,146
UNITED KINGDOM (5.1%)
Real Estate (5.1%)
Land Securities Group PLC	24,390		204,212
LondonMetric Property PLC, REIT	92,414		287,636
Segro PLC	48,743		634,364
South Asian Real Estate Pvt. Ltd.(a)(b)(c)(d)	2,000,000		3
			1,126,215
UNITED STATES (7.6%)
Real Estate (7.6%)
Alexandria Real Estate Equities, Inc.	1,775		296,620
Digital Realty Trust, Inc.	2,721		391,688
Equinix, Inc., REIT	650		480,974
Prologis, Inc., REIT	4,834		498,869
			1,668,151
Total Common Stocks			21,357,653
SHORT-TERM INVESTMENT—2.0%
UNITED STATES (2.0%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e)	430,835		430,835
Total Short-Term Investment			430,835
Total Investments (Cost $31,723,075) —99.4%			21,788,488
Other Assets in Excess of Liabilities—0.6%			127,079
Net Assets—100.0%		$	21,915,567

(a)	Non-income producing security.
(b)	Denotes a security issued under Regulation S or Rule 144A.
(c)	Illiquid security.
(d)	Fair Value is determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1(a) of the accompanying Notes to Statements of Investments for inputs used.

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen International Real Estate Equity Fund

(e) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen International Small Cap Fund

	Shares or Principal Amount		Value
COMMON STOCKS (98.3%)
AUSTRALIA (4.6%)
Consumer Discretionary (2.6%)
ARB Corp. Ltd.		173,900	$	4,644,627
Information Technology (2.0%)
Altium Ltd.		158,900		3,704,421
				8,349,048
BRAZIL (4.2%)
Consumer Discretionary (4.2%)
Afya Ltd., Class A(a)		222,500		4,939,500
Arezzo Industria e Comercio SA		207,700		2,678,910
				7,618,410
CANADA (2.4%)
Industrials (2.4%)
Ritchie Bros Auctioneers, Inc.		72,300		4,269,304
CHILE (1.0%)
Real Estate (1.0%)
Parque Arauco SA		1,259,900		1,844,902
CHINA (2.3%)
Consumer Discretionary (2.3%)
Baozun, Inc., Class A(a)		308,500		4,099,159
DENMARK (2.4%)
Information Technology (2.4%)
SimCorp A/S		34,000		4,400,761
FRANCE (2.9%)
Consumer Staples (2.9%)
Interparfums SA(a)		98,507		5,265,875
GERMANY (4.9%)
Communication Services (1.5%)
CTS Eventim AG & Co. KGaA(a)		46,300		2,731,658
Financials (3.4%)
Hypoport SE(a)		8,900		6,053,677
				8,785,335
HONG KONG (2.5%)
Industrials (2.5%)
Kerry Logistics Network Ltd.		2,132,500		4,547,897

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen International Small Cap Fund

INDIA (5.3%)
Health Care (5.3%)
Sanofi India Ltd.	38,800	$	4,133,062
Syngene International Ltd.(a)(b)	683,800		5,327,256
			9,460,318
INDONESIA (3.3%)
Consumer Discretionary (2.0%)
Ace Hardware Indonesia Tbk PT	31,797,000		3,528,133
Real Estate (1.3%)
Pakuwon Jati Tbk PT(a)	70,410,900		2,404,033
			5,932,166
ISRAEL (13.6%)
Consumer Discretionary (3.1%)
Maytronics Ltd.	323,400		5,611,987
Industrials (3.4%)
Kornit Digital Ltd.(a)	68,400		6,199,434
Information Technology (7.1%)
CyberArk Software Ltd.(a)	42,900		6,874,725
Nova Measuring Instruments Ltd.(a)	83,900		5,841,957
			12,716,682
			24,528,103
ITALY (2.9%)
Consumer Discretionary (2.9%)
Brunello Cucinelli SpA(a)	132,300		5,295,926
JAPAN (7.3%)
Health Care (2.6%)
Asahi Intecc Co. Ltd.	139,800		4,589,965
Industrials (4.7%)
Nabtesco Corp.	106,500		4,777,378
Nihon M&A Center, Inc.	64,400		3,729,331
			8,506,709
			13,096,674
MEXICO (1.3%)
Industrials (1.3%)
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)	145,300		2,287,134
NEW ZEALAND (1.9%)
Industrials (1.9%)
Auckland International Airport Ltd.(a)	644,700		3,429,743
POLAND (3.5%)
Consumer Staples (3.5%)
Dino Polska SA(a)(b)	90,200		6,334,448

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen International Small Cap Fund

SWITZERLAND (6.2%)
Health Care (2.7%)
Tecan Group AG	10,000	$	4,838,366
Industrials (3.5%)
VAT Group AG(a)(b)	22,700		6,302,413
			11,140,779
TAIWAN (2.9%)
Industrials (2.9%)
Voltronic Power Technology Corp.	114,000		5,193,355
THAILAND (1.4%)
Real Estate (1.4%)
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund(c)	5,140,800		2,558,173
UNITED KINGDOM (19.2%)
Health Care (9.1%)
Abcam PLC	194,533		4,419,224
Dechra Pharmaceuticals PLC	101,200		4,988,665
Genus PLC	104,429		7,014,788
			16,422,677
Industrials (3.8%)
Rotork PLC	772,700		3,426,823
Ultra Electronics Holdings PLC	123,100		3,353,696
			6,780,519
Information Technology (4.4%)
AVEVA Group PLC	89,422		4,437,951
Endava PLC, ADR(a)	44,600		3,526,076
			7,964,027
Materials (1.9%)
Croda International PLC	39,380		3,383,475
			34,550,698
UNITED STATES (2.3%)
Health Care (2.3%)
Inmode Ltd.(a)	71,500		4,208,490
Total Common Stocks			177,196,698
SHORT-TERM INVESTMENT—4.5%
UNITED STATES (4.5%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d)	8,064,352		8,064,352
Total Short-Term Investment			8,064,352
Total Investments (Cost $133,767,727) —102.8%			185,261,050
Liabilities in Excess of Other Assets—(2.8)%			(5,125,218	)
Net Assets—100.0%		$	180,135,832

(a) Non-income producing security.

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

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen International Small Cap Fund

(c)	As of January 31, 2021, security is a closed-end fund incorporated in Thailand.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ADR	American Depositary Receipt
PLC	Public Limited Company

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Realty Income & Growth Fund

	Shares or Principal Amount		Value
COMMON STOCKS (100.1%)
UNITED STATES (100.1%)
Diversified REITs (4.1%)
Empire State Realty Trust, Inc.		39,423	$	388,711
STORE Capital Corp.		21,675		672,358
VEREIT, Inc.		25,159		886,352
				1,947,421
Health Care REITs (9.1%)
Medical Properties Trust, Inc.		46,932		990,735
Omega Healthcare Investors, Inc.		32,779		1,187,255
Welltower, Inc.		35,837		2,171,722
				4,349,712
Hotel & Resort REITs (8.1%)
DiamondRock Hospitality Co.(a)		85,233		698,911
Host Hotels & Resorts, Inc.		85,408		1,157,278
MGM Growth Properties LLC		40,744		1,269,176
Sunstone Hotel Investors, Inc.		67,899		726,519
				3,851,884
Industrial REITs (14.6%)
Duke Realty Corp.(b)		37,001		1,463,759
Prologis, Inc.		45,223		4,667,014
STAG Industrial, Inc.		28,777		857,555
				6,988,328
Office REITs (7.6%)
Alexandria Real Estate Equities, Inc.		10,789		1,802,950
Cousins Properties, Inc.		25,209		795,092
Highwoods Properties, Inc.		18,461		692,103
Hudson Pacific Properties, Inc.		15,396		360,882
				3,651,027
Residential REITs (17.0%)
American Homes 4 Rent		37,054		1,120,142
AvalonBay Communities, Inc.		9,091		1,487,924
Equity LifeStyle Properties, Inc.		13,529		823,104
Invitation Homes, Inc.		55,255		1,628,917
Mid-America Apartment Communities, Inc.		8,806		1,168,997
Sun Communities, Inc.		8,845		1,265,985
UDR, Inc.		16,604		638,424
				8,133,493
Retail REITs (15.1%)
Agree Realty Corp.		11,073		699,814
Brixmor Property Group, Inc.		60,092		1,017,358
Kimco Realty Corp.		55,438		915,281
National Retail Properties, Inc.		24,036		937,404
Realty Income Corp.		32,026		1,891,455
Simon Property Group, Inc.		18,644		1,732,587
				7,193,899

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Realty Income & Growth Fund

Specialized REITs (24.5%)
American Tower Corp.	4,309	$	979,694
Digital Realty Trust, Inc.	15,904		2,289,381
Equinix, Inc., REIT	4,927		3,645,783
Extra Space Storage, Inc.	8,631		982,122
Gaming and Leisure Properties, Inc.	28,111		1,156,205
Life Storage, Inc.	9,216		751,841
Public Storage	4,324		984,229
Sabra Health Care REIT, Inc.	27,952		469,314
SBA Communications Corp.	1,683		452,172
			11,710,741
			47,826,505
Total Common Stocks			47,826,505
SHORT-TERM INVESTMENT—0.0%
United States (0.0%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c)	336		336
Total Short-Term Investment			336
Total Investments (Cost $37,036,427) —100.1%			47,826,841
Liabilities in Excess of Other Assets—(0.1)%			(37,788	)
Net Assets—100.0%		$	47,789,053

(a)	Non-income producing security.
(b)	All or a portion of the securities are on loan. The total value of all securities on loan is $394,800. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. See Note 2(j) of the accompanying Notes to Financial Statements.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

REIT Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen U.S. Mid Cap Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.7%)
Canada (7.8%)
Financials (3.3%)
TMX Group Ltd.		832	$	80,249
Industrials (1.9%)
Ritchie Bros Auctioneers, Inc.		817		48,130
Materials (2.6%)
CCL Industries, Inc., Class B		1,381		63,361
				191,740
Ireland (2.0%)
Health Care (2.0%)
ICON PLC(a)		243		49,526
Israel (5.6%)
INFORMATION TECHNOLOGY (5.6%)
CyberArk Software Ltd.(a)		323		51,761
NICE Ltd., ADR(a)		330		86,222
				137,983
United States (82.3%)
COMMUNICATION SERVICES (4.8%)
Cable One, Inc.		33		66,000
Cogent Communications Holdings, Inc.		911		51,881
				117,881
CONSUMER DISCRETIONARY (7.8%)
Burlington Stores, Inc.(a)		321		79,897
Chegg, Inc.(a)		687		65,444
Pool Corp.		133		47,106
				192,447
CONSUMER STAPLES (2.1%)
BJ’s Wholesale Club Holdings, Inc.(a)		1,241		52,209
FINANCIALS (9.9%)
Glacier Bancorp, Inc.		1,051		49,029
Hamilton Lane, Inc., Class A		476		35,876
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		574		33,952
PJT Partners, Inc., Class A		662		45,672
SVB Financial Group(a)		181		79,238
				243,767
HEALTH CARE (11.5%)
Globus Medical, Inc., Class A(a)		1,236		76,249
Horizon Therapeutics PLC(a)		1,128		81,757
Teleflex, Inc.		194		73,260
West Pharmaceutical Services, Inc.		173		51,812
				283,078

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen U.S. Mid Cap Equity Fund

INDUSTRIALS (16.8%)
Allegion PLC	433	$	46,335
Casella Waste Systems, Inc., Class A(a)	770		44,075
HEICO Corp.	317		37,324
JB Hunt Transport Services, Inc.	368		49,555
Kansas City Southern	319		64,652
Mercury Systems, Inc.(a)	584		41,499
Saia, Inc.(a)	254		44,894
Tetra Tech, Inc.	693		84,248
			412,582
INFORMATION TECHNOLOGY (18.4%)
Akamai Technologies, Inc.(a)	471		52,295
Blackline, Inc.(a)	300		38,886
Envestnet, Inc.(a)	665		51,025
EPAM Systems, Inc.(a)	222		76,463
Evo Payments, Inc., Class A(a)	1,916		43,991
Paylocity Holding Corp.(a)	182		34,118
Pegasystems, Inc.	537		68,441
SolarEdge Technologies, Inc.(a)	145		41,808
Workiva, Inc.(a)	463		45,129
			452,156
MATERIALS (4.9%)
Axalta Coating Systems Ltd.(a)	2,283		61,618
Quaker Chemical Corp.	222		58,193
			119,811
REAL ESTATE (4.1%)
QTS Realty Trust, Inc., Class A, REIT	1,047		68,160
Terreno Realty Corp., REIT	589		33,325
			101,485
Utilities (2.0%)
Essential Utilities, Inc.	1,065		49,310
			2,024,726
Total Common Stocks			2,403,975
SHORT-TERM INVESTMENT—1.5%
United States (1.5%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b)	37,097		37,097
Total Short-Term Investment			37,097
Total Investments (Cost $1,814,668) —99.2%			2,441,072
Other Assets in Excess of Liabilities—0.8%			20,494
Net Assets—100.0%		$	2,461,566

(a)	Non-income producing security.
(b)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen U.S. Mid Cap Equity Fund

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen U.S. Small Cap Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (96.3%)
Canada (3.8%)
Consumer Staples (1.8%)
Jamieson Wellness, Inc.(a)		553,967	$	15,530,570
Financials (1.2%)
TMX Group Ltd.		105,953		10,219,545
Industrials (0.8%)
Richelieu Hardware Ltd.		231,674		6,788,524
				32,538,639
India (2.0%)
Information Technology (2.0%)
WNS Holdings Ltd., ADR(b)		264,124		17,743,850
Israel (2.4%)
Information Technology (2.4%)
CyberArk Software Ltd.(b)		130,543		20,919,516
Singapore (2.6%)
Information Technology (2.6%)
Kulicke & Soffa Industries, Inc.		623,833		22,252,123
UNITED STATES (85.5%)
Communication Services (1.4%)
Cogent Communications Holdings, Inc.		209,121		11,909,441
Consumer Discretionary (9.8%)
Dorman Products, Inc.(b)		184,300		16,739,969
Fox Factory Holding Corp.(b)		203,188		24,309,412
Helen of Troy Ltd.(b)		52,544		12,833,872
LCI Industries		140,934		18,234,041
Stride, Inc.(b)		484,946		12,487,360
				84,604,654
Consumer Staples (5.1%)
BJ’s Wholesale Club Holdings, Inc.(b)(c)		402,060		16,914,664
J&J Snack Foods Corp.		113,080		17,262,793
Performance Food Group Co.(b)		201,006		9,423,161
				43,600,618
Financials (13.9%)
AMERISAFE, Inc.		198,139		10,996,715
First Interstate BancSystem, Inc., Class A		504,485		19,503,390
Glacier Bancorp, Inc.		424,957		19,824,244
Hamilton Lane, Inc., Class A		161,050		12,138,338
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		263,365		15,578,040
PJT Partners, Inc., Class A		189,093		13,045,526
PRA Group, Inc.(b)		432,316		14,253,459
South State Corp.		207,322		14,458,636
				119,798,348

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen U.S. Small Cap Equity Fund

Health Care (12.3%)
Addus HomeCare Corp.(b)	144,113	$	16,219,918
AMN Healthcare Services, Inc.(b)	142,611		10,285,105
Globus Medical, Inc., Class A(b)	162,824		10,044,613
Heska Corp.(b)	82,102		13,740,591
Integer Holdings Corp.(b)	254,183		18,758,705
Ligand Pharmaceuticals, Inc.(b)(c)	73,703		13,660,851
Medpace Holdings, Inc.(b)	78,768		10,459,603
US Physical Therapy, Inc.	108,038		13,001,293
			106,170,679
Industrials (21.9%)
ASGN, Inc.(b)	181,000		15,006,710
Atkore International Group, Inc.(b)	369,632		16,396,876
Casella Waste Systems, Inc., Class A(b)	270,110		15,461,096
Gibraltar Industries, Inc.(b)	273,289		24,494,893
Hub Group, Inc., Class A(b)	366,237		19,275,053
Mercury Systems, Inc.(b)	216,162		15,360,472
RBC Bearings, Inc.(b)	123,303		20,632,291
Saia, Inc.(b)	101,320		17,908,310
Shyft Group, Inc.	302,971		9,149,724
SiteOne Landscape Supply, Inc.(b)	67,633		10,664,371
Tetra Tech, Inc.	115,840		14,082,669
Werner Enterprises, Inc.	265,937		10,435,368
			188,867,833
Information Technology (12.5%)
Envestnet, Inc.(b)	197,967		15,190,008
Evo Payments, Inc., Class A(b)	549,551		12,617,691
Model N, Inc.(b)	376,990		12,810,120
Perficient, Inc.(b)	410,646		22,425,378
Rapid7, Inc.(b)	237,496		20,619,403
Verint Systems, Inc.(b)	190,786		14,085,731
Workiva, Inc.(b)(c)	107,305		10,459,018
			108,207,349
Materials (6.3%)
Graphic Packaging Holding Co.	620,869		9,722,809
Kaiser Aluminum Corp.	187,705		16,274,023
Neenah, Inc.	163,413		8,320,990
Quaker Chemical Corp.	74,807		19,609,159
			53,926,981
Real Estate (1.3%)
Terreno Realty Corp., REIT	197,798		11,191,411
Utilities (1.0%)
SJW Group	131,644		8,710,883
			736,988,197
Total Common Stocks			830,442,325

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen U.S. Small Cap Equity Fund

SHORT-TERM INVESTMENT—3.6%
United States (3.6%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d)	$	30,966,947	$	30,966,947
Total Short-Term Investment				30,966,947
Total Investments (Cost $700,754,079) —99.9%				861,409,272
Other Assets in Excess of Liabilities—0.1%				658,605
Net Assets—100.0%			$	862,067,877

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	Non-income producing security.
(c)	All or a portion of the securities are on loan. The total value of all securities on loan is $18,705,553. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen U.S. Sustainable Leaders Fund

	Shares or Principal Amount		Value
COMMON STOCKS (99.1%)
CANADA (5.9%)
Consumer Staples (1.9%)
Jamieson Wellness, Inc.(a)		300,559	$	8,426,229
Financials (4.0%)
TMX Group Ltd.		177,121		17,083,952
				25,510,181
Ireland (3.2%)
Health Care (3.2%)
ICON PLC(b)		67,218		13,699,701
Israel (4.9%)
Information Technology (4.9%)
NICE Ltd., ADR(b)		80,622		21,064,916
UNITED STATES (85.1%)
Communication Services (3.1%)
Cable One, Inc.		6,614		13,228,000
Consumer Discretionary (6.5%)
Burlington Stores, Inc.(b)		68,059		16,939,885
Pool Corp.		31,540		11,170,837
				28,110,722
Consumer Staples (1.8%)
Colgate-Palmolive Co.		101,803		7,940,634
Financials (8.9%)
American Express Co.		128,870		14,982,426
First Republic Bank		67,405		9,773,051
SVB Financial Group(b)		31,312		13,707,767
				38,463,244
Health Care (4.8%)
Bristol-Myers Squibb Co.		209,927		12,895,816
Integer Holdings Corp.(b)		106,622		7,868,703
				20,764,519
Industrials (18.1%)
IHS Markit Ltd.		109,755		9,557,465
Kansas City Southern		41,790		8,469,579
Tetra Tech, Inc.		183,081		22,257,157
Trane Technologies PLC		73,543		10,542,389
Trex Co., Inc.(b)(c)		184,106		16,895,408
Waste Management, Inc.		91,633		10,200,586
				77,922,584

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen U.S. Sustainable Leaders Fund

Information Technology (25.2%)
Adobe, Inc.(b)	36,504	$	16,746,940
Akamai Technologies, Inc.(b)	147,645		16,393,025
Autodesk, Inc.(b)	46,745		12,968,465
Mastercard, Inc., Class A	51,903		16,416,400
Microsoft Corp.	163,180		37,851,233
SolarEdge Technologies, Inc.(b)	27,819		8,021,052
			108,397,115
Materials (2.8%)
Ecolab, Inc.	58,727		12,010,259
Real Estate (7.4%)
Alexandria Real Estate Equities, Inc.	100,756		16,837,335
American Tower Corp., REIT	67,058		15,246,307
			32,083,642
Utilities (6.5%)
American Water Works Co., Inc.	99,639		15,844,594
NextEra Energy, Inc.	148,338		11,996,094
			27,840,688
			366,761,407
Total Common Stocks			427,036,205
SHORT-TERM INVESTMENT—1.0%
United States (1.0%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d)	4,458,191		4,458,191
Total Short-Term Investment			4,458,191
Total Investments (Cost $383,135,407) —100.1%			431,494,396
Liabilities in Excess of Other Assets—(0.1)%			(383,406	)
Net Assets—100.0%		$	431,110,990

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	Non-income producing security.
(c)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,313,393. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.2%)
Communication Services (3.8%)
Cable One, Inc.		150	$	300,000
Cogent Communications Holdings, Inc.		5,115		291,299
				591,299
Consumer Discretionary (9.5%)
Burlington Stores, Inc.(a)		2,515		625,983
Fox Factory Holding Corp.(a)		4,470		534,791
Pool Corp.		859		304,241
				1,465,015
Consumer Staples (3.6%)
Jamieson Wellness, Inc.(b)		20,005		560,844
Financials (13.9%)
First Interstate BancSystem, Inc., Class A		7,816		302,166
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7,938		469,533
PJT Partners, Inc., Class A		6,439		444,227
SVB Financial Group(a)		1,127		493,378
TMX Group Ltd.		4,524		436,356
				2,145,660
Health Care (12.8%)
Addus HomeCare Corp.(a)		4,495		505,912
AMN Healthcare Services, Inc.(a)(c)		4,564		329,156
ICON PLC(a)		2,289		466,521
Integer Holdings Corp.(a)		5,815		429,147
Ligand Pharmaceuticals, Inc.(a)(c)		1,310		242,808
				1,973,544
Industrials (18.8%)
JB Hunt Transport Services, Inc.		4,598		619,166
Kansas City Southern		1,597		323,664
Ritchie Bros Auctioneers, Inc.		7,767		457,554
SiteOne Landscape Supply, Inc.(a)		2,153		339,485
Tetra Tech, Inc.		4,988		606,391
Trex Co., Inc.(a)		5,962		547,133
				2,893,393
Information Technology (27.8%)
Akamai Technologies, Inc.(a)		4,310		478,539
CyberArk Software Ltd.(a)		3,147		504,307
Envestnet, Inc.(a)		3,705		284,285
Kulicke & Soffa Industries, Inc.		14,650		522,565
NICE Ltd., ADR(a)		2,394		625,504
Paylocity Holding Corp.(a)		2,516		471,649
Pegasystems, Inc.		4,777		608,829
Rapid7, Inc.(a)		5,400		468,828
SolarEdge Technologies, Inc.(a)		1,090		314,280
				4,278,786

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund

Real Estate (4.0%)
QTS Realty Trust, Inc., Class A, REIT	5,006	$	325,891
Terreno Realty Corp., REIT	5,133		290,425
			616,316
Utilities (3.0%)
Essential Utilities, Inc.	9,852		456,148
Total Common Stocks			14,981,005
SHORT-TERM INVESTMENT—3.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d)	601,241		601,241
Total Short-Term Investment			601,241
Total Investments (Cost $14,441,964) —101.1%			15,582,246
Liabilities in Excess of Other Assets—(1.1)%			(171,709	)
Net Assets—100.0%		$	15,410,537

(a)	Non-income producing security.
(b)	Denotes a security issued under Regulation S or Rule 144A.
(c)	All or a portion of the securities are on loan. The total value of all securities on loan is $381,806. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

	Shares or
	Principal		Value
	Amount		(US$)
CORPORATE BONDS (22.4%)
BAHRAIN (0.5%)
Oil, Gas & Consumable Fuels (0.5%)
Oil and Gas Holding Co. BSCC (USD), 7.63%, 11/07/2024 (a)	$	200,000	$	222,373
BRAZIL (1.2%)
Food Products (0.6%)
BRF SA (USD), 4.88%, 01/24/2030 (a)		260,000		276,169
Paper & Forest Products (0.6%)
Suzano Austria GmbH (USD), 7.00%, 03/16/2047 (a)		200,000		266,112
				542,281
CHINA (1.1%)
Real Estate (1.1%)
Country Garden Holdings Co. Ltd. (USD), 5.13%, 01/17/2025 (a)		250,000		261,877
Longfor Group Holdings Ltd. (USD), 3.95%, 09/16/2029 (a)		230,000		250,079
				511,956
COLOMBIA (1.0%)
Commercial Banks (0.4%)
Bancolombia SA, (fixed rate to 10/18/2022, variable rate thereafter) (USD), 4.88%, 10/18/2027		200,000		204,196
Oil, Gas & Consumable Fuels (0.6%)
Ecopetrol SA (USD), 6.88%, 04/29/2030		210,000		261,450
				465,646
GEORGIA (1.7%)
Energy Equipment & Services (0.6%)
Georgian Oil and Gas Corp. JSC (USD), 6.75%, 04/26/2021 (a)(b)		290,000		293,451
Transportation (1.1%)
Georgian Railway JSC (USD), 7.75%, 07/11/2022 (a)		480,000		508,800
				802,251
INDIA (0.6%)
Commercial Banks (0.6%)
HDFC Bank Ltd. (INR), 8.10%, 03/22/2025 (a)(b)		20,000,000		287,842
INDONESIA (1.3%)
Oil, Gas & Consumable Fuels (0.7%)
Pertamina Persero PT (USD), 6.00%, 05/03/2042 (a)		250,000		316,812
Sovereign Agency (0.6%)
Lembaga Pembiayaan Ekspor Indonesia (USD), 3.88%, 04/06/2024 (a)		290,000		310,300
				627,112

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

KAZAKHSTAN (0.5%)
Oil, Gas & Consumable Fuels (0.5%)
Tengizchevroil Finance Co. International Ltd. (USD), 4.00%, 08/15/2026 (a)(c)	$	200,000	$	219,184
KUWAIT (0.6%)
Chemicals (0.6%)
MEGlobal Canada ULC (USD), 5.88%, 05/18/2030 (a)		230,000		285,660
MEXICO (4.7%)
Commercial Banks (0.5%)
BBVA Bancomer SA., (fixed rate to 09/13/2029, variable rate thereafter) (USD), 5.88%, 09/13/2034 (a)		230,000		257,600
Oil, Gas & Consumable Fuels (3.6%)
Petroleos Mexicanos
(USD), 6.88%, 08/04/2026		50,000		53,625
(USD), 6.50%, 03/13/2027		800,000		828,000
(USD), 6.84%, 01/23/2030		180,000		180,900
(USD), 5.95%, 01/28/2031		80,000		75,800
(USD), 6.50%, 06/02/2041		200,000		175,692
(USD), 6.95%, 01/28/2060		420,000		368,130
				1,682,147
Real Estate Investment Trust (REIT) Funds (0.6%)
Trust F/1401 (USD), 6.39%, 01/15/2050 (a)		220,000		257,620
				2,197,367
MOROCCO (0.6%)
Chemicals (0.6%)
OCP SA (USD), 6.88%, 04/25/2044 (a)		200,000		260,088
NIGERIA (0.5%)
Engineering & Construction (0.5%)
IHS Netherlands Holdco BV (USD), 8.00%, 09/18/2027 (a)		200,000		214,250
PANAMA (0.5%)
Commercial Banks (0.5%)
Global Bank Corp., (fixed rate to 04/16/2028, variable rate thereafter) (USD), 5.25%, 04/16/2029 (a)		198,000		217,305
PERU (0.5%)
Metals & Mining (0.5%)
Nexa Resources SA (USD), 5.38%, 05/04/2027 (a)		200,000		219,000
RUSSIA (0.6%)
Diversified Financial Services (0.6%)
Gtlk Europe Capital DAC (USD), 4.65%, 03/10/2027 (a)		270,000		280,366
SAUDI ARABIA (0.5%)
Oil, Gas & Consumable Fuels (0.5%)
Saudi Arabian Oil Co. (USD), 4.25%, 04/16/2039 (a)		200,000		229,736

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

SOUTH AFRICA (1.2%)
Diversified Telecommunication Services (0.4%)
Liquid Telecommunications Financing PLC (USD), 8.50%, 07/13/2022 (a)	$	200,000	$	204,524
Electric Utilities (0.8%)
Eskom Holdings SOC Ltd. (USD), 7.13%, 02/11/2025 (a)		330,000		352,519
				557,043
TUNISIA (1.1%)
Commercial Banks (1.1%)
Banque Centrale de Tunisie International Bond (EUR), 6.38%, 07/15/2026 (a)		469,000		519,308
UKRAINE (0.5%)
Iron/Steel (0.5%)
Metinvest BV (USD), 8.50%, 04/23/2026 (a)		200,000		222,544
UNITED ARAB EMIRATES (3.1%)
Airlines (0.4%)
Zahidi Ltd. (USD), 4.50%, 03/22/2028 (a)(c)		184,743		189,482
Diversified Financial Services (1.2%)
ICD Sukuk Co. Ltd. (USD), 5.00%, 02/01/2027 (a)		500,000		551,250
Energy Equipment & Services (1.1%)
Abu Dhabi Crude Oil Pipeline LLC (USD), 4.60%, 11/02/2047 (a)(c)		200,000		243,250
Galaxy Pipeline Assets Bidco Ltd. (USD), 2.63%, 03/31/2036 (a)(c)		264,000		266,538
				509,788
Real Estate (0.4%)
MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable rate thereafter) (USD), 5.50%, 09/07/2022 (a)(d)		200,000		203,328
				1,453,848
VENEZUELA (0.1%)
Oil, Gas & Consumable Fuels (0.1%)
Petroleos de Venezuela SA
(USD), 0.00%, 05/16/2024		1,140,000		42,750
(USD), 0.00%, 11/15/2026		525,236		19,696
				62,446
Total Corporate Bonds				10,397,606
GOVERNMENT BONDS (71.7%)
ANGOLA (1.5%)
Angolan Government International Bond
(USD), 9.50%, 11/12/2025 (a)		380,000		403,294
(USD), 8.25%, 05/09/2028 (a)		290,000		289,309
				692,603
ARGENTINA (3.2%)
Argentine Republic Government International Bond
(USD), 1.00%, 07/09/2029		174,073		72,240
VRN (USD), 0.13%, 07/09/2030 (e)		1,770,284		678,019
VRN (USD), 0.13%, 07/09/2035 (e)		2,173,111		744,290
(USD), 0.00%, 12/15/2035		533,627		1,868
				1,496,417

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

ARMENIA (1.1%)
Republic of Armenia International Bond
(USD), 7.15%, 03/26/2025 (a)	$	200,000	$	230,658
(USD), 3.95%, 09/26/2029 (a)		260,000		263,195
				493,853
BAHAMAS (2.0%)
Bahamas Government International Bond (USD), 6.00%, 11/21/2028 (a)		970,000		929,745
BAHRAIN (0.9%)
Bahrain Government International Bond (USD), 5.45%, 09/16/2032 (a)		400,000		405,896
BARBADOS (0.4%)
Barbados Government International Bond (USD), 6.50%, 10/01/2029 (a)(c)		167,300		168,137
BELARUS (1.8%)
Republic of Belarus International Bond (USD), 6.88%, 02/28/2023 (a)		560,000		582,333
Republic of Belarus Ministry of Finance (USD), 6.38%, 02/24/2031 (a)		261,000		264,651
				846,984
BELIZE (0.4%)
Belize Government International Bond (USD), 4.94%, 02/20/2034 (a)(b)(c)		456,428		197,177
BENIN (1.4%)
Benin Government International Bond
(EUR), 4.88%, 01/19/2032 (a)(c)		450,000		541,095
(EUR), 6.88%, 01/19/2052 (a)(c)		100,000		128,001
				669,096
BRAZIL (5.0%)
Brazil Notas do Tesouro Nacional
Series B (BRL), 6.00%, 08/15/2024 (f)		1,180,000		864,986
Series F (BRL), 10.00%, 01/01/2029		899,000		189,920
Series F (BRL), 10.00%, 01/01/2031		5,901,000		1,252,081
				2,306,987
DOMINICAN REPB. (0.3%)
Dominican Republic International Bond (USD), 5.30%, 01/21/2041 (a)		150,000		154,875
DOMINICAN REPUBLIC (2.3%)
Dominican Republic International Bond
(USD), 6.85%, 01/27/2045 (a)		600,000		706,500
(USD), 5.88%, 01/30/2060 (a)		360,000		376,920
				1,083,420
ECUADOR (1.3%)
Ecuador Government International Bond
(USD), 0.00%, 07/31/2030 (a)(c)(g)		182,263		78,375
VRN (USD), 0.50%, 07/31/2030 (a)(c)(e)		733,610		390,647
VRN (USD), 0.50%, 07/31/2035 (a)(c)(e)		279,589		127,213
				596,235
EGYPT (4.5%)
Egypt Government International Bond
(USD), 7.60%, 03/01/2029 (a)		820,000		922,549
(EUR), 5.63%, 04/16/2030 (a)		360,000		451,138
(USD), 7.90%, 02/21/2048 (a)		250,000		260,808
(USD), 8.70%, 03/01/2049 (a)		400,000		445,000
				2,079,495

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

EL SALVADOR (2.5%)
El Salvador Government International Bond
(USD), 5.88%, 01/30/2025 (a)	$	345,000	$	334,823
(USD), 8.63%, 02/28/2029 (a)		473,000		488,372
(USD), 8.25%, 04/10/2032 (a)		100,000		101,300
(USD), 9.50%, 07/15/2052 (a)		216,000		225,072
				1,149,567
GHANA (1.2%)
Ghana Government International Bond
(USD), 7.88%, 02/11/2035 (a)(c)		270,000		272,700
(USD), 8.63%, 06/16/2049 (a)(c)		300,000		301,110
				573,810
HONDURAS (0.4%)
Honduras Government International Bond (USD), 5.63%, 06/24/2030 (a)		150,000		168,225
INDONESIA (1.6%)
Indonesia Government International Bond (USD), 6.63%, 02/17/2037 (a)		530,000		753,384
IRAQ (1.6%)
Iraq International Bond
(USD), 6.75%, 03/09/2023 (a)		480,000		469,800
(USD), 5.80%, 01/15/2028 (a)		272,125		255,825
				725,625
IVORY COAST (2.0%)
Ivory Coast Government International Bond
(EUR), 5.25%, 03/22/2030 (a)(c)		160,000		206,746
(EUR), 5.88%, 10/17/2031 (a)(c)		200,000		265,995
(EUR), 4.88%, 01/30/2032 (a)(c)		250,000		311,503
(EUR), 6.88%, 10/17/2040 (a)(c)		100,000		136,408
				920,652
KENYA (1.0%)
Kenya Government International Bond (USD), 7.00%, 05/22/2027 (a)(c)		410,000		453,050
MEXICO (3.7%)
Mexican Bonos
Series M20 (MXN), 10.00%, 12/05/2024		5,700,000		332,946
Series M (MXN), 5.75%, 03/05/2026		21,700,000		1,111,560
Series M30 (MXN), 8.50%, 11/18/2038		4,900,000		291,983
				1,736,489
MOROCCO (0.8%)
Morocco Government International Bond (EUR), 1.50%, 11/27/2031 (a)		310,000		370,746
NIGERIA (1.7%)
Nigeria Government International Bond
(USD), 7.63%, 11/21/2025 (a)		253,000		290,065
(USD), 6.50%, 11/28/2027 (a)		460,000		495,889
				785,954

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

OMAN (0.5%)
Oman Government International Bond (USD), 6.25%, 01/25/2031 (a)	$	200,000	$	212,006
PAKISTAN (0.5%)
Third Pakistan International Sukuk Co., Ltd. (USD), 5.50%, 10/13/2021 (a)		250,000		253,400
PARAGUAY (1.7%)
Paraguay Government International Bond (USD), 6.10%, 08/11/2044 (a)		600,000		792,606
QATAR (5.5%)
Qatar Government International Bond
(USD), 4.00%, 03/14/2029 (a)		450,000		528,188
(USD), 3.75%, 04/16/2030 (a)		200,000		232,720
(USD), 5.10%, 04/23/2048 (a)		400,000		551,476
(USD), 4.82%, 03/14/2049 (a)		925,000		1,240,423
				2,552,807
ROMANIA (1.1%)
Romanian Government International Bond (EUR), 3.38%, 01/28/2050 (a)		370,000		505,252
RUSSIA (1.8%)
Russian Federal Bond - OFZ
Series 6228 (RUB), 7.65%, 04/10/2030		47,500,000		691,562
Series 6221 (RUB), 7.70%, 03/23/2033		10,750,000		156,250
				847,812
RWANDA (1.0%)
Rwanda International Government Bond (USD), 6.63%, 05/02/2023 (a)		450,000		476,366
SAUDI ARABIA (1.6%)
Saudi Government International Bond (USD), 5.00%, 04/17/2049 (a)		570,000		722,988
SENEGAL (0.3%)
Senegal Government International Bond (EUR), 4.75%, 03/13/2028 (a)(c)		100,000		128,503
SERBIA (1.2%)
Serbia International Bond (EUR), 3.13%, 05/15/2027 (a)		410,000		555,257
SOUTH AFRICA (1.7%)
Republic of South Africa Government Bond, Series 2040 (ZAR), 9.00%, 01/31/2040		8,800,000		496,657
Republic of South Africa Government International Bond (USD), 6.25%, 03/08/2041		300,000		313,446
				810,103
TUNISIA (1.3%)
Banque Centrale de Tunisie International Bond
(EUR), 6.75%, 10/31/2023 (a)		200,000		228,463
(EUR), 5.63%, 02/17/2024 (a)		317,000		352,688
				581,151
TURKEY (1.9%)
Turkey Government International Bond
(USD), 6.13%, 10/24/2028		360,000		382,357
(USD), 5.95%, 01/15/2031		464,000		476,296
				858,653

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

UKRAINE (3.9%)
Ukraine Government International Bond
(USD), 7.75%, 09/01/2024 (a)	$	850,000	$	937,713
(EUR), 6.75%, 06/20/2026 (a)		430,000		570,043
(USD), 0.00%, 05/31/2040 (a)(h)		270,000		304,425
				1,812,181
UNITED ARAB EMIRATES (1.6%)
Finance Department Government of Sharjah (USD), 4.00%, 07/28/2050 (a)		233,000		235,046
Sharjah Sukuk Program Ltd. (USD), 4.23%, 03/14/2028 (a)		445,000		496,317
				731,363
URUGUAY (2.3%)
Uruguay Government International Bond
(UYU), 4.38%, 12/15/2028 (c)(f)		21,290,498		591,123
(USD), 5.10%, 06/18/2050 (c)		350,000		470,316
				1,061,439
UZBEKISTAN (1.2%)
Republic of Uzbekistan Bond
(USD), 4.75%, 02/20/2024 (a)		300,000		322,500
(USD), 3.70%, 11/25/2030 (a)		212,000		218,734
				541,234
VENEZUELA (0.0%)
Venezuela Government International Bond (USD), 9.25%, 05/07/2028 (b)(i)		165,000		15,263
Total Government Bonds				33,216,806
WARRANTS (0.0%)
BRAZIL (0.0%)
OAS S.A.(b)(j)(k)		29,232		—
UNITED STATES (0.0%)
CANADACO, Series A(b)(j)(k)		92,840		—
Total Warrants				0
SHORT-TERM INVESTMENT—3.9%
UNITED STATES (3.9%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(l)		1,788,539		1,788,539
Total Short-Term Investment				1,788,539
Total Investments
(Cost $44,939,771) —98.0%				45,402,951
Other Assets in Excess of Liabilities—2.0%				918,872
Net Assets—100.0%			$	46,321,823

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

(b) Illiquid security.

(c) Sinkable security.

(d) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.

(e) Indicates a stepped coupon bond. This bond was issued with a low coupon that gradually increases over the life of the bond.

(f) Inflation linked security.

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

(g) Issued with a zero coupon.

(h) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(i) Security is in default.

(j) Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments.

(k) Non-Income Producing Security.

(l) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

BRL Brazilian Real

COP Colombian Peso

EUR Euro Currency

INR Indian Rupee

MXN Mexican Peso

PLC Public Limited Company

RUB Russian Ruble

TRY Turkish Lira

USD U.S. Dollar

UYU Uruguayan Peso

ZAR South African Rand

At January 31, 2021, the Fund’s open forward foreign currency exchange contracts were as follows: 

								Unrealized
Purchase Contracts		Amount		Amount				Appreciation/
Settlement Date*	Counterparty	Purchased		Sold		Fair Value		(Depreciation)
Brazilian Real/United States Dollar
02/24/2021	Royal Bank Of Canada	BRL	1,569,000	USD	300,086	$	286,609	$	(13,477	)
02/24/2021	UBS AG	BRL	3,378,000	USD	630,032		617,059		(12,973	)
Colombian Peso/United States Dollar
02/24/2021	UBS AG	COP	221,408,000	USD	60,528		61,994		1,466
Euro/United States Dollar
02/01/2021	Barclays Bank plc	EUR	891,000	USD	1,082,205		1,081,273		(932	)
02/01/2021	JPMorgan Chase Bank N.A.	EUR	4,769,000	USD	5,790,654		5,787,418		(3,236	)
02/01/2021	Royal Bank Of Canada	EUR	796,000	USD	948,944		965,985		17,041
04/14/2021	Royal Bank Of Canada	EUR	408,000	USD	495,802		495,864		62
Indian Rupee/United States Dollar
02/24/2021	UBS AG	INR	42,210,000	USD	560,825		577,540		16,715
Mexican Peso/United States Dollar
02/02/2021	Royal Bank Of Canada	MXN	1,150,000	USD	56,907		56,100		(807	)
02/02/2021	UBS AG	MXN	24,788,000	USD	1,227,333		1,209,230		(18,103	)
South African Rand/United States Dollar
02/01/2021	Barclays Bank plc	ZAR	1,755,000	USD	115,091		116,033		942
02/01/2021	Deutsche Bank AG	ZAR	6,319,000	USD	416,998		417,785		787
Turkish Lira/United States Dollar
02/01/2021	Barclays Bank plc	TRY	3,265,000	USD	440,324		446,206		5,882
02/01/2021	UBS AG	TRY	3,600,000	USD	457,529		491,988		34,459
04/14/2021	Barclays Bank plc	TRY	6,865,000	USD	904,884		910,908		6,024
						$	13,521,992	$	33,850

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Emerging Markets Debt Fund

								Unrealized
Sale Contracts		Amount		Amount				Appreciation/
Settlement Date*	Counterparty	Purchased		Sold		Fair Value		(Depreciation)
United States Dollar/Brazilian Real
02/24/2021	Barclays Bank plc	USD	2,399,877	BRL	12,956,000	$	2,366,671	$	33,206
United States Dollar/Colombian Peso
02/24/2021	Royal Bank Of Canada  USD		63,635	COP	221,408,000		61,994		1,641
United States Dollar/Euro
02/01/2021	Barclays Bank plc	USD	1,280,903	EUR	1,056,000		1,281,508		(605	)
02/01/2021	Deutsche Bank AG	USD	6,243,704	EUR	5,307,000		6,440,307		(196,603	)
02/01/2021	Royal Bank Of Canada  USD		109,576	EUR	93,000		112,860		(3,284	)
04/14/2021	JPMorgan Chase Bank N.A.	USD	5,800,134	EUR	4,769,000		5,796,021		4,113
United States Dollar/Mexican Peso
02/02/2021	Barclays Bank plc	USD	537,324	MXN	10,653,000		519,684		17,640
02/02/2021	UBS AG	USD	687,706	MXN	15,285,000		745,646		(57,940	)
04/14/2021	UBS AG	USD	869,134	MXN	17,560,000		850,261		18,873
United States Dollar/South African Rand
02/01/2021	Barclays Bank plc	USD	479,313	ZAR	8,074,000		533,818		(54,505	)
04/14/2021	Deutsche Bank AG	USD	412,887	ZAR	6,319,000		413,715		(828	)
United States Dollar/Turkish Lira
02/01/2021	Barclays Bank plc	USD	931,479	TRY	6,865,000		938,194		(6,715	)
						$	20,060,679	$	(245,007	)

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

See accompanying Notes to Statements of Investments. 

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

	Shares or
	Principal		Value
	Amount		(US$)
COMMON STOCKS (21.8%)
AUSTRALIA (0.7%)
Materials (0.7%)
BHP Group Ltd.		725		24,178
Fortescue Metals Group Ltd.		1,538		25,334
Galaxy Resources Ltd.(a)		7,134		14,555
Glencore PLC(a)		19,088		63,718
MMG Ltd.(a)		32,000		12,330
Pilbara Minerals Ltd.(a)		26,871		18,933
				159,048
BELGIUM (0.4%)
Materials (0.4%)
Umicore SA		1,628		92,209
BRAZIL (0.8%)
Consumer Discretionary (0.2%)
MercadoLibre, Inc.(a)		18		32,031
Industrials (0.5%)
WEG SA		7,700		117,919
Materials (0.1%)
Vale SA		1,600		25,720
				175,670
CANADA (0.1%)
Materials (0.1%)
First Quantum Minerals Ltd.		1,416		23,586
CHILE (0.1%)
Materials (0.1%)
Antofagasta PLC		1,277		24,905
CHINA (0.7%)
Consumer Discretionary (0.5%)
BYD Co. Ltd.		1,500		45,306
NIO, Inc., ADR(a)		705		40,185
Yum! Brands, Inc.		145		14,716
				100,207
Materials (0.2%)
China Molybdenum Co. Ltd. H Shares		36,000		22,632
Ganfeng Lithium Co. Ltd. H Shares(b)		1,800		25,112
				47,744
				147,951
DENMARK (0.4%)
Utilities (0.4%)
Orsted AS(b)		461		87,556

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

FINLAND (0.4%)
Utilities (0.4%)
Fortum OYJ	3,642	88,092
FRANCE (1.8%)
Health Care (0.1%)
EssilorLuxottica SA	104	14,712
Industrials (1.1%)
Cie de Saint-Gobain(a)	1,810	89,977
Safran SA(a)	112	14,079
Schneider Electric SE	925	135,384
Vinci SA	151	14,002
		253,442
Materials (0.1%)
Eramet SA(a)	483	25,956
Utilities (0.5%)
Electricite de France SA(a)	6,325	78,649
Suez SA	1,154	23,684
		102,333
		396,443
GERMANY (1.1%)
Consumer Discretionary (0.7%)
Bayerische Motoren Werke AG	681	57,659
Continental AG	293	41,007
Daimler AG	657	46,144
HelloFresh SE(a)	297	25,079
		169,889
Consumer Staples (0.1%)
Beiersdorf AG	140	15,282
Industrials (0.2%)
Brenntag AG	280	21,933
Deutsche Post AG	595	29,390
		51,323
Real Estate (0.1%)
Sirius Real Estate Ltd.	9,806	12,671
		249,165
HONG KONG (0.2%)
Consumer Discretionary (0.1%)
Galaxy Entertainment Group Ltd.	2,000	15,090
Industrials (0.1%)
Jardine Matheson Holdings Ltd.	300	17,291
MTR Corp. Ltd.	2,500	14,508
		31,799
		46,889

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

ITALY (0.4%)
Industrials (0.4%)
Prysmian SpA	2,782	89,620
JAPAN (1.7%)
Communication Services (0.1%)
SoftBank Group Corp.	400	30,989
Consumer Discretionary (0.3%)
Denso Corp.	700	38,910
Oriental Land Co. Ltd.	100	15,651
		54,561
Industrials (0.3%)
FANUC Corp.	200	52,214
Kubota Corp.	1,100	24,168
		76,382
Information Technology (0.4%)
Seiko Epson Corp.	3,300	56,215
Tokyo Electron Ltd.	100	38,025
		94,240
Materials (0.6%)
Mitsubishi Chemical Holdings Corp.	6,300	43,092
Sumitomo Chemical Co. Ltd.	9,600	45,191
Toray Industries, Inc.	6,400	41,758
		130,041
		386,213
JERSEY (0.0%)
Financials (0.0%)
Sanne Group PLC	846	6,396
MALAYSIA (0.1%)
Materials (0.1%)
Lynas Rare Earths Ltd.(a)	7,147	25,965
NETHERLANDS (0.3%)
Consumer Staples (0.1%)
Heineken NV	144	15,018
Information Technology (0.1%)
NXP Semiconductors NV	170	27,280
Materials (0.1%)
AMG Advanced Metallurgical Group NV	780	24,701
		66,999
PERU (0.1%)
Materials (0.1%)
Southern Copper Corp.	425	28,224

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

REPUBLIC OF IRELAND (0.1%)
Information Technology (0.1%)
Keywords Studios PLC(a)	417	15,568
RUSSIA (0.3%)
Materials (0.3%)
MMC Norilsk Nickel PJSC, ADR	1,974	63,780
SOUTH KOREA (0.7%)
Consumer Discretionary (0.2%)
Hyundai Motor Co.	281	57,294
Information Technology (0.2%)
Samsung Electronics Co. Ltd.	583	42,621
Materials (0.3%)
LG Chem Ltd.	80	65,252
		165,167
SPAIN (0.5%)
Consumer Discretionary (0.1%)
Industria de Diseno Textil SA	495	14,681
Utilities (0.4%)
Endesa SA	3,532	90,268
		104,949
SWEDEN (0.3%)
Consumer Discretionary (0.2%)
Autoliv, Inc.	400	35,484
Industrials (0.1%)
Volvo AB, B Shares(a)	1,172	28,877
		64,361
SWITZERLAND (0.3%)
Financials (0.1%)
UBS Group AG	1,974	28,453
Information Technology (0.2%)
STMicroelectronics NV	739	29,612
		58,065
THAILAND (0.1%)
Industrials (0.1%)
Delta Electronics Thailand PCL	1,800	31,603
UNITED KINGDOM (2.3%)
Communication Services (0.2%)
Auto Trader Group PLC(b)	696	5,366
Future PLC	541	12,816
Gamma Communications PLC	541	11,897
Rightmove PLC(a)	382	3,127
Team17 Group PLC(a)	1,065	11,703
		44,909

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

Consumer Discretionary (0.3%)
AO World PLC(a)	1,232	5,244
Dr. Martens PLC(a)	1,351	8,330
Dunelm Group PLC(a)	438	6,906
Games Workshop Group PLC	106	14,958
Greggs PLC(a)	225	6,375
Hollywood Bowl Group PLC	1,823	4,878
JD Sports Fashion PLC(a)	575	5,853
Trainline PLC(a)(b)	1,239	6,900
		59,444
Consumer Staples (0.2%)
Cranswick PLC	228	10,634
Hilton Food Group PLC	754	10,362
Hotel Chocolat Group PLC(a)	822	4,032
Nomad Foods Ltd.(a)	911	22,866
		47,894
Financials (0.2%)
AJ Bell PLC	1,419	8,344
Draper Esprit PLC(a)	986	9,295
Impax Asset Management Group PLC	1,242	13,614
Intermediate Capital Group PLC	580	13,452
Liontrust Asset Management PLC	395	6,915
		51,620
Health Care (0.1%)
Craneware PLC	167	5,148
Dechra Pharmaceuticals PLC(c)	101	4,979
Genus PLC	230	15,450
		25,577
Industrials (0.4%)
Avon Rubber PLC	170	7,186
Chemring Group PLC	2,334	9,433
Diploma PLC	164	5,182
GlobalData PLC	374	6,610
JET2 PLC(a)	383	6,895
Pentair PLC	414	22,546
Polypipe Group PLC(a)	1,167	8,191
Rotork PLC	818	3,628
RWS Holdings PLC	1,124	9,056
Spirax-Sarco Engineering PLC	30	4,536
Ultra Electronics Holdings PLC	229	6,239
		89,502
Information Technology (0.4%)
Avast PLC(b)	811	5,229
AVEVA Group PLC	167	8,288
Bytes Technology Group PLC(a)	2,109	10,403
Computacenter PLC	372	11,909
DiscoverIE Group PLC	985	9,150
FDM Group Holdings PLC	364	4,978
GB Group PLC	656	7,694
Kainos Group PLC	866	14,687
Midwich Group PLC(a)	647	4,086
Softcat PLC	486	10,007
Spirent Communications PLC	1,715	5,582
		92,013

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

Materials (0.4%)
Anglo American PLC	715	23,519
DS Smith PLC(a)	4,298	21,334
Hill & Smith Holdings PLC	414	7,642
KAZ Minerals PLC	2,602	25,735
Marshalls PLC(a)	1,200	10,652
Victrex PLC	179	5,722
		94,604
Real Estate (0.1%)
Assura PLC, REIT	4,503	4,459
Safestore Holdings PLC, REIT	437	4,839
UNITE Group PLC (The), REIT(a)	443	5,810
		15,108
Utilities (0.0%)
Telecom Plus PLC	297	5,290
		525,961
UNITED STATES (7.9%)
Communication Services (0.1%)
Alphabet, Inc., Class A(a)	9	16,446
Twitter, Inc.(a)	339	17,130
		33,576
Consumer Discretionary (1.3%)
Aptiv PLC	300	40,080
BorgWarner, Inc.	917	38,505
Ford Motor Co.	4,899	51,586
General Motors Co.	706	35,780
Harley-Davidson, Inc.	1,108	44,420
McDonald’s Corp.	75	15,588
Ross Stores, Inc.	137	15,247
Starbucks Corp.	152	14,715
Tesla, Inc.(a)	35	27,774
TJX Cos., Inc. (The)	232	14,857
		298,552
Consumer Staples (0.2%)
Archer-Daniels-Midland Co.	441	22,054
Bunge Ltd.	331	21,661
		43,715
Financials (0.4%)
Capital One Financial Corp.	274	28,567
Morgan Stanley	407	27,290
T Rowe Price Group, Inc.	192	30,044
		85,901
Health Care (0.5%)
Boston Scientific Corp.(a)	430	15,239
Medtronic PLC	132	14,696
PerkinElmer, Inc.	145	21,325
Regeneron Pharmaceuticals, Inc.(a)	29	14,611
Thermo Fisher Scientific, Inc.	45	22,936
Waters Corp.(a)	89	23,556
		112,363

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

Industrials (2.0%)
Advanced Drainage Systems, Inc.	249	20,537
AGCO Corp.	207	22,956
AMETEK, Inc.	384	43,492
Boeing Co.	74	14,370
Danaher Corp.	95	22,595
Deere & Co.	182	52,562
Emerson Electric Co.	582	46,182
Honeywell International, Inc.	225	43,958
MasTec, Inc.(a)	304	23,454
PACCAR, Inc.	520	47,434
Rexnord Corp.	522	19,763
Rockwell Automation, Inc.	185	45,978
SiteOne Landscape Supply, Inc.(a)	137	21,602
Valmont Industries, Inc.	121	23,343
		448,226
Information Technology (2.1%)
Cognex Corp.	558	45,829
Fidelity National Information Services, Inc.	122	15,062
Fiserv, Inc.(a)	145	14,890
Global Payments, Inc.	83	14,651
HP, Inc.	1,854	45,126
IPG Photonics Corp.(a)	203	45,356
Itron, Inc.(a)	225	19,355
Lam Research Corp.	93	45,007
MKS Instruments, Inc.	294	46,473
NVIDIA Corp.	80	41,567
Teradyne, Inc.	368	41,761
Trimble, Inc.(a)	665	43,830
Zebra Technologies Corp., Class A(a)	174	67,482
		486,389
Materials (0.8%)
Albemarle Corp.	150	24,399
Avery Dennison Corp.	148	22,329
Dow, Inc.	518	26,884
Freeport-McMoRan, Inc.	1,524	41,011
Packaging Corp. of America	160	21,514
Sensient Technologies Corp.	300	21,159
Tronox Holdings PLC(a)	1,590	24,406
		181,702
Real Estate (0.1%)
SBA Communications Corp., REIT	58	15,583
Utilities (0.4%)
NextEra Energy, Inc.	1,117	90,332
		1,796,339
Total Common Stocks		4,920,724

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

GOVERNMENT BONDS (3.9%)
SOUTH AFRICA (3.9%)
Republic of South Africa Government Bond
Series R186 (ZAR), 10.50%, 12/21/2026	3,812,000	298,028
Series 2030 (ZAR), 8.00%, 01/31/2030	4,588,000	289,523
Series 2032 (ZAR), 8.25%, 03/31/2032	4,913,000	294,059
		881,610
Total Government Bonds		881,610
PREFERRED STOCKS (0.1%)
CHILE (0.1%)
Materials (0.1%)
Sociedad Quimica y Minera de Chile SA, ADR, Preferred Shares	456	23,229
Total Preferred Stocks		23,229
Total Purchased Options (see detail below)		596,860
SHORT-TERM INVESTMENT (73.2%)
CERTIFICATES OF DEPOSIT (22.7%)
CANADA (3.8%)
Bank of Montreal (USD), 0.01%, 02/01/2021	857,257	857,257
FRANCE (11.3%)
BNP Paribas (USD), 0.03%, 02/01/2021	859,018	859,018
Credit Agricole SA (USD), 0.02%, 02/01/2021	854,062	854,062
Societe Generale SA (USD), 0.07%, 02/01/2021	850,356	850,356
		2,563,436
NETHERLANDS (7.6%)
ING Bank NV (USD), 0.01%, 02/01/2021	853,603	853,603
Rabobank Nederland NV (USD), 0.03%, 02/01/2021	858,127	858,127
		1,711,730
Total Certificates of Deposit		5,132,423
MONEY MARKET FUNDS (17.4%)
UNITED STATES (17.4%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e)	3,928,441	3,928,441
Total Money Market Funds		3,928,441

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

U.S. TREASURIES (33.1%)
U.S. Treasury Bill
(USD), 0.09%, 02/18/2021 (f)	1,500,000		1,499,973
(USD), 0.08%, 03/04/2021 (f)	1,500,000		1,499,935
(USD), 0.08%, 04/08/2021 (f)	1,500,000		1,499,828
(USD), 0.08%, 05/13/2021 (f)	2,000,000		1,999,621
(USD), 0.07%, 06/17/2021 (f)	1,000,000		999,736
			7,499,093
Total U.S. Treasuries			7,499,093
Total Short-Term Investment			16,559,957
Total Investments
(Cost $22,435,997) —101.6%			22,982,380
Liabilities in Excess of Other Assets—(1.6)%			(370,098	)
Net Assets—100.0%		$	22,612,282

(a) Non-income producing security.

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

(c) Illiquid security.

(d) All or a portion of the security has been designated as collateral for swap contracts.

(e) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021.

(f) The rate shown is the discount yield at the time of purchase.

ADR American Depositary Receipt

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

COP Colombian Peso

DKK Danish Krone

EUR Euro Currency

GBP British Pound Sterling

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

PLC Public Limited Company

REIT Real Estate Investment Trust

RON Romanian Leu

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

At January 31, 2021, the Fund held the following futures contracts:
	Number of											Unrealized
	Contracts			Expiration		Notional			Market			Appreciation/
Futures Contracts	Long/(Short)			Date		Amount			Value			(Depreciation)
LONG CONTRACT POSITIONS
FTSE 100 Index		13			03/19/2021	$	1,191,007		$	1,133,018		$	(57,989	)
SHORT CONTRACT POSITIONS
Euro STOXX 50 Future		(27	)		03/19/2021	$	(1,183,747	)	$	(1,139,596	)	$	44,151
												$	(13,838	)

At January 31, 2021, the Fund’s open forward foreign currency exchange contracts were as follows:

								Unrealized
Purchase Contracts		Amount		Amount				Appreciation/
Settlement Date*	Counterparty	Purchased		Sold		Fair Value		(Depreciation)
Australian Dollar/United States Dollar
02/10/2021	Goldman Sachs & Co.	AUD	7,025	USD	5,125	$	5,369	$	244
02/10/2021	JPMorgan Chase Bank N.A.	AUD	81,672	USD	59,400		62,420		3,020
02/12/2021	Barclays Bank plc	AUD	196,000	USD	137,917		149,800		11,883
Brazilian Real/United States Dollar
02/09/2021	Citibank N.A.	BRL	760,000	USD	139,806		138,902		(904	)
02/09/2021	Goldman Sachs & Co.	BRL	1,016,000	USD	193,236		185,689		(7,547	)
02/10/2021	Goldman Sachs & Co.	BRL	750,000	USD	144,414		137,069		(7,345	)
03/23/2021	JPMorgan Chase Bank N.A.	BRL	488,000	USD	93,603		89,076		(4,527	)
British Pound/United States Dollar
02/03/2021	Royal Bank of Canada	GBP	111,000	USD	150,882		152,087		1,205
02/10/2021	Barclays Bank plc	GBP	8,874	USD	12,070		12,160		90
02/10/2021	HSBC Bank plc	GBP	35,786	USD	47,723		49,033		1,310
02/10/2021	JPMorgan Chase Bank N.A.	GBP	106,404	USD	145,281		145,793		512
02/10/2021	Royal Bank of Canada	GBP	72,697	USD	97,032		99,608		2,576
05/14/2021	JPMorgan Chase Bank N.A.	GBP	44,000	USD	60,209		60,317		108
Canadian Dollar/United States Dollar
02/10/2021	Barclays Bank plc	CAD	26,139	USD	20,024		20,442		418
02/10/2021	Goldman Sachs & Co.	CAD	10,174	USD	7,785		7,956		171
02/10/2021	HSBC Bank plc	CAD	8,628	USD	6,606		6,747		141
02/10/2021	JPMorgan Chase Bank N.A.	CAD	6,404	USD	4,886		5,009		123
Chinese Renminbi/United States Dollar
02/03/2021	HSBC Bank plc	CNY	4,140,000	USD	640,413		641,007		594

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

Colombian Peso/United States Dollar
02/09/2021	Citibank N.A.	COP	755,000,000	USD	208,112	211,503	3,391
02/10/2021	Goldman Sachs & Co.	COP	543,000,000	USD	155,377	152,109	(3,268	)
03/23/2021	Goldman Sachs & Co.	COP	192,000,000	USD	55,100	53,710	(1,390	)
Crech Koruna/United States Dollar
02/09/2021	Barclays Bank plc	CZK	296,000	USD	13,533	13,802	269
02/09/2021	Citibank N.A.	CZK	1,595,000	USD	71,428	74,374	2,946
03/23/2021	Citibank N.A.	CZK	459,000	USD	21,420	21,407	(13	)
Danish Krone/United States Dollar
02/10/2021	Citibank N.A.	DKK	275,159	USD	44,893	44,905	12
02/10/2021	HSBC Bank plc	DKK	816,999	USD	131,808	133,333	1,525
02/10/2021	JPMorgan Chase Bank N.A.	DKK	33,731	USD	5,491	5,505	14
Euro/United States Dollar
02/10/2021	Barclays Bank plc	EUR	69,150	USD	83,072	83,932	860
02/10/2021	HSBC Bank plc	EUR	68,288	USD	81,902	82,885	983
02/10/2021	JPMorgan Chase Bank N.A.	EUR	98,634	USD	119,675	119,717	42
02/10/2021	Royal Bank of Canada	EUR	83,612	USD	100,417	101,484	1,067
02/12/2021	Goldman Sachs & Co.	EUR	157,000	USD	188,454	190,568	2,114
03/10/2021	Goldman Sachs & Co.	EUR	42,000	USD	50,985	51,007	22
05/14/2021	Goldman Sachs & Co.	EUR	118,000	USD	144,648	143,512	(1,136	)
Hong Kong Dollar/United States Dollar
02/10/2021	Goldman Sachs & Co.	HKD	492,491	USD	63,523	63,521	(2	)
02/10/2021	HSBC Bank plc	HKD	88,727	USD	11,447	11,444	(3	)
Hungarian Forint/United States Dollar
02/09/2021	Barclays Bank plc	HUF	8,020,000	USD	27,034	27,257	223
02/09/2021	Citibank N.A.	HUF	20,400,000	USD	67,737	69,332	1,595
02/09/2021	HSBC Bank plc	HUF	20,500,000	USD	67,910	69,672	1,762
03/23/2021	Barclays Bank plc	HUF	13,100,000	USD	44,045	44,510	465
Indian Rupee/United States Dollar
02/09/2021	HSBC Bank plc	INR	1,800,000	USD	24,200	24,677	477
02/09/2021	JPMorgan Chase Bank N.A.	INR	4,400,000	USD	58,691	60,321	1,630
02/09/2021	Royal Bank of Canada	INR	4,380,000	USD	58,586	60,047	1,461
02/10/2021	Goldman Sachs & Co.	INR	9,106,100	USD	121,596	124,822	3,226
02/10/2021	HSBC Bank plc	INR	9,106,100	USD	121,402	124,822	3,420
02/10/2021	JPMorgan Chase Bank N.A.	INR	3,997,800	USD	53,337	54,800	1,463
03/23/2021	Goldman Sachs & Co.	INR	2,730,000	USD	36,937	37,181	244
Indonesian Rupiah/United States Dollar
02/09/2021	Barclays Bank plc	IDR	2,300,000,000	USD	161,108	163,994	2,886
02/09/2021	HSBC Bank plc	IDR	3,310,000,000	USD	233,936	236,009	2,073
02/10/2021	HSBC Bank plc	IDR	1,990,000,000	USD	139,493	141,877	2,384
03/23/2021	HSBC Bank plc	IDR	1,510,000,000	USD	106,790	107,165	375
Japanese Yen/United States Dollar
02/03/2021	JPMorgan Chase Bank N.A.	JPY	7,700,000	USD	74,063	73,513	(550	)
02/10/2021	Royal Bank of Canada	JPY	30,975,349	USD	295,195	295,744	549
03/02/2021	Barclays Bank plc	JPY	47,300,000	USD	453,281	451,691	(1,590	)
03/02/2021	Royal Bank of Canada	JPY	71,100,000	USD	689,709	678,970	(10,739	)
05/14/2021	Barclays Bank plc	JPY	15,000,000	USD	144,486	143,363	(1,123	)
05/14/2021	Citibank N.A.	JPY	4,990,000	USD	47,772	47,692	(80	)

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

Malaysian Ringgit/United States Dollar
02/09/2021	Barclays Bank plc	MYR	195,000	USD	47,660	48,225	565
02/09/2021	Goldman Sachs & Co.	MYR	267,600	USD	64,951	66,180	1,229
03/23/2021	Barclays Bank plc	MYR	121,000	USD	30,025	29,884	(141	)
Mexican Peso/United States Dollar
02/09/2021	Goldman Sachs & Co.	MXN	2,900,000	USD	142,769	141,379	(1,390	)
02/09/2021	HSBC Bank plc	MXN	2,800,000	USD	135,730	136,504	774
02/09/2021	JPMorgan Chase Bank N.A.	MXN	1,150,000	USD	57,374	56,064	(1,310	)
03/01/2021	Citibank N.A.	MXN	5,890,000	USD	291,287	286,530	(4,757	)
03/02/2021	JPMorgan Chase Bank N.A.	MXN	13,600,000	USD	677,078	661,527	(15,551	)
03/23/2021	Citibank N.A.	MXN	1,760,000	USD	87,539	85,416	(2,123	)
New Russian Ruble/United States Dollar
02/09/2021	Goldman Sachs & Co.	RUB	8,000,000	USD	104,425	105,656	1,231
02/09/2021	HSBC Bank plc	RUB	5,930,000	USD	76,596	78,317	1,721
02/10/2021	HSBC Bank plc	RUB	21,750,000	USD	273,700	287,232	13,532
03/23/2021	Goldman Sachs & Co.	RUB	3,200,000	USD	43,152	42,098	(1,054	)
New Taiwan Dollar/United States Dollar
02/19/2021	Barclays Bank plc	TWD	724,174	USD	26,049	25,904	(145	)
02/19/2021	Goldman Sachs & Co.	TWD	1,562,562	USD	55,566	55,893	327
02/19/2021	HSBC Bank plc	TWD	244,216	USD	8,754	8,736	(18	)
02/19/2021	Royal Bank of Canada	TWD	241,723	USD	8,689	8,646	(43	)
New Zealand Dollar/United States Dollar
02/12/2021	Barclays Bank plc	NZD	208,000	USD	137,885	149,463	11,578
Norwegian Krone/United States Dollar
02/10/2021	Goldman Sachs & Co.	NOK	80,357	USD	8,848	9,382	534
05/14/2021	Citibank N.A.	NOK	1,220,000	USD	144,598	142,411	(2,187	)
05/14/2021	Goldman Sachs & Co.	NOK	447,000	USD	51,764	52,178	414
Peruvian Nouveau Sol/United States Dollar
02/09/2021	Barclays Bank plc	PEN	150,000	USD	41,532	41,239	(293	)
02/09/2021	Citibank N.A.	PEN	149,000	USD	41,641	40,964	(677	)
02/09/2021	JPMorgan Chase Bank N.A.	PEN	62,200	USD	17,269	17,101	(168	)
03/23/2021	Goldman Sachs & Co.	PEN	97,200	USD	26,883	26,725	(158	)
Romanian Leu/United States Dollar
02/09/2021	Citibank N.A.	RON	459,000	USD	111,052	114,264	3,212
02/09/2021	Goldman Sachs & Co.	RON	87,600	USD	21,617	21,807	190
03/23/2021	Citibank N.A.	RON	135,000	USD	33,771	33,561	(210	)
Singapore Dollar/United States Dollar
02/10/2021	HSBC Bank plc	SGD	24,104	USD	17,901	18,145	244
South African Rand/United States Dollar
02/09/2021	Barclays Bank plc	ZAR	645,000	USD	41,757	42,603	846
02/09/2021	HSBC Bank plc	ZAR	1,640,000	USD	104,408	108,325	3,917
02/09/2021	Royal Bank of Canada	ZAR	1,660,000	USD	106,168	109,646	3,478
02/10/2021	Barclays Bank plc	ZAR	2,440,000	USD	157,945	161,144	3,199
03/23/2021	Citibank N.A.	ZAR	829,000	USD	55,896	54,437	(1,459	)
South Korean Won/United States Dollar
02/10/2021	Citibank N.A.	KRW	278,080,000	USD	245,540	248,760	3,220
02/10/2021	HSBC Bank plc	KRW	145,542,063	USD	131,166	130,197	(969	)
04/15/2021	HSBC Bank plc	KRW	397,280,000	USD	363,973	355,613	(8,360	)
04/22/2021	HSBC Bank plc	KRW	798,360,000	USD	726,402	714,545	(11,857	)
05/10/2021	Citibank N.A.	KRW	798,360,000	USD	723,552	714,426	(9,126	)

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

Swedish Krona/United States Dollar
02/10/2021	Goldman Sachs & Co.	SEK	75,589	USD	8,787		9,047		260
02/10/2021	HSBC Bank plc	SEK	133,287	USD	15,448		15,953		505
02/10/2021	JPMorgan Chase Bank  N.A.	SEK	184,285	USD	21,603		22,056		453
05/14/2021	HSBC Bank plc	SEK	2,780,000	USD	332,754		333,052		298
Swiss Franc/United States Dollar
02/12/2021	Barclays Bank plc	CHF	168,000	USD	186,703		188,660		1,957
05/14/2021	JPMorgan Chase Bank N.A.	CHF	42,100	USD	47,481		47,404		(77	)
Thai Baht/United States Dollar
02/09/2021	Goldman Sachs & Co.	THB	5,660,000	USD	186,376		189,108		2,732
02/09/2021	HSBC Bank plc	THB	1,210,000	USD	40,052		40,428		376
02/10/2021	Goldman Sachs & Co.	THB	7,408,000	USD	236,818		247,510		10,692
02/10/2021	JPMorgan Chase Bank  N.A.	THB	1,852,000	USD	59,307		61,878		2,571
03/23/2021	HSBC Bank plc	THB	1,770,000	USD	59,019		59,133		114
						$	13,210,017	$	27,752

								Unrealized
Sale Contracts		Amount		Amount				Appreciation/
Settlement Date*	Counterparty	Purchased		Sold		Fair Value		(Depreciation)
United States Dollar/Australian Dollar
02/10/2021	JPMorgan Chase Bank  N.A.	USD	113,573	AUD	155,196	$	118,613	$	(5,040	)
02/10/2021	Royal Bank of Canada	USD	72,582	AUD	95,019		72,620		(38	)
02/12/2021	HSBC Bank plc	USD	144,814	AUD	196,000		149,799		(4,985	)
03/10/2021	JPMorgan Chase Bank N.A.	USD	16,354	AUD	22,000		16,817		(463	)
04/15/2021	JPMorgan Chase Bank N.A.	USD	374,766	AUD	481,520		368,148		6,618
04/22/2021	JPMorgan Chase Bank N.A.	USD	764,977	AUD	987,240		754,823		10,154
05/10/2021	Goldman Sachs & Co.	USD	760,697	AUD	987,240		754,887		5,810
05/14/2021	JPMorgan Chase Bank N.A.	USD	144,746	AUD	189,000		144,520		226
United States Dollar/Brazilian Real
02/10/2021	Citibank N.A.	USD	108,329	BRL	619,780		113,270		(4,941	)
02/10/2021	Goldman Sachs & Co.	USD	177,157	BRL	1,003,581		183,413		(6,256	)
02/10/2021	HSBC Bank plc	USD	149,459	BRL	836,595		152,895		(3,436	)
United States Dollar/British Pound
02/03/2021	Barclays Bank plc	USD	26,346	GBP	20,000		27,403		(1,057	)
02/03/2021	HSBC Bank plc	USD	60,736	GBP	45,000		61,657		(921	)
02/03/2021	JPMorgan Chase Bank N.A.	USD	60,872	GBP	46,000		63,027		(2,155	)
02/10/2021	Barclays Bank plc	USD	26,664	GBP	19,689		26,977		(313	)
02/10/2021	Goldman Sachs & Co.	USD	2,659	GBP	2,017		2,764		(105	)
02/10/2021	HSBC Bank plc	USD	92,945	GBP	68,929		94,445		(1,500	)
02/10/2021	JPMorgan Chase Bank N.A.	USD	7,923	GBP	5,795		7,940		(17	)
02/10/2021	Royal Bank of Canada	USD	714,097	GBP	549,657		753,133		(39,036	)
05/14/2021	Royal Bank of Canada	USD	92,118	GBP	67,000		91,847		271

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

United States Dollar/Canadian Dollar
02/10/2021	Barclays Bank plc	USD	39,519	CAD	52,571	41,113	(1,594	)
02/10/2021	Goldman Sachs & Co.	USD	12,144	CAD	15,330	11,989	155
02/10/2021	ROYAL BANK OF CANADA (UK)	USD	13,414	CAD	17,024	13,313	101
United States Dollar/Chinese Renminbi
02/03/2021	HSBC Bank plc	USD	622,032	CNY	4,140,000	641,007	(18,975	)
05/14/2021	HSBC Bank plc	USD	37,108	CNY	242,216	37,290	(182	)
United States Dollar/Colombian Peso
02/10/2021	Citibank N.A.	USD	233,765	COP	900,600,000	252,283	(18,518	)
02/10/2021	Goldman Sachs & Co.	USD	62,408	COP	239,400,000	67,063	(4,655	)
United States Dollar/Danish Krone
02/10/2021	Goldman Sachs & Co.	USD	227,126	DKK	1,449,219	236,509	(9,383	)
02/10/2021	JPMorgan Chase Bank N.A.	USD	5,027	DKK	31,679	5,170	(143	)
United States Dollar/Euro
02/10/2021	Barclays Bank plc	USD	878,987	EUR	751,962	912,698	(33,711	)
02/10/2021	JPMorgan Chase Bank N.A.	USD	325,874	EUR	267,805	325,049	825
02/10/2021	Royal Bank of Canada	USD	282,929	EUR	235,407	285,727	(2,798	)
02/12/2021	JPMorgan Chase Bank N.A.	USD	183,566	EUR	157,000	190,568	(7,002	)
03/10/2021	JPMorgan Chase Bank N.A.	USD	146,385	EUR	120,000	145,736	649
03/10/2021	Royal Bank of Canada	USD	51,014	EUR	42,000	51,007	7
05/14/2021	Citibank N.A.	USD	143,083	EUR	118,000	143,512	(429	)
United States Dollar/Hong Kong Dollar
02/10/2021	Goldman Sachs & Co.	USD	68,147	HKD	528,398	68,152	(5	)
02/10/2021	HSBC Bank plc	USD	115,450	HKD	894,951	115,430	20
02/10/2021	Royal Bank of Canada	USD	19,867	HKD	153,974	19,859	8
United States Dollar/Indian Rupee
02/10/2021	HSBC Bank plc	USD	130,936	INR	9,740,000	133,512	(2,576	)
United States Dollar/Indonesian Rupiah
02/10/2021	Citibank N.A.	USD	114,108	IDR	1,704,300,000	121,508	(7,400	)
02/10/2021	HSBC Bank plc	USD	180,064	IDR	2,665,700,000	190,051	(9,987	)
United States Dollar/Japanese Yen
02/03/2021	Barclays Bank plc	USD	965	JPY	100,000	955	10
02/03/2021	JPMorgan Chase Bank N.A.	USD	72,864	JPY	7,600,000	72,558	306
02/10/2021	Barclays Bank plc	USD	17,833	JPY	1,852,246	17,685	148
02/10/2021	HSBC Bank plc	USD	1,606	JPY	167,590	1,600	6
02/10/2021	JPMorgan Chase Bank N.A.	USD	514,107	JPY	53,728,641	512,985	1,122
02/10/2021	Royal Bank of Canada	USD	126,425	JPY	13,145,464	125,509	916
03/02/2021	JPMorgan Chase Bank N.A.	USD	1,136,680	JPY	118,400,000	1,130,661	6,019

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

United States Dollar/Mexican Peso
03/01/2021	JPMorgan Chase Bank N.A.	USD	124,472	MXN	2,500,000		121,617		2,855
United States Dollar/New Russian Ruble
02/10/2021	Citibank N.A.	USD	285,377	RUB	21,750,000		287,232		(1,855	)
03/10/2021	JPMorgan Chase Bank N.A.	USD	69,048	RUB	5,200,000		68,512		536
United States Dollar/New Taiwan Dollar
02/09/2021	Citibank N.A.	USD	20,037	TWD	559,625		19,999		38
02/19/2021	Goldman Sachs & Co.	USD	79,208	TWD	2,209,019		79,017		191
United States Dollar/New Zealand Dollar
02/12/2021	Citibank N.A.	USD	146,216	NZD	208,000		149,463		(3,247	)
05/14/2021	Barclays Bank plc	USD	192,029	NZD	265,000		190,418		1,611
United States Dollar/Norwegian Krone
02/10/2021	JPMorgan Chase Bank N.A.	USD	8,417	NOK	80,357		9,382		(965	)
United States Dollar/Singapore Dollar
02/10/2021	HSBC Bank plc	USD	17,640	SGD	24,104		18,145		(505	)
United States Dollar/South African Rand
02/10/2021	Goldman Sachs & Co.	USD	304,817	ZAR	5,030,000		332,194		(27,377	)
02/10/2021	HSBC Bank plc	USD	391,962	ZAR	5,903,354		389,872		2,090
02/10/2021	JPMorgan Chase Bank N.A.	USD	437,149	ZAR	6,664,568		440,144		(2,995	)
02/10/2021	Royal Bank of Canada	USD	73,115	ZAR	1,124,356		74,255		(1,140	)
04/06/2021	Goldman Sachs & Co.	USD	106,360	ZAR	1,614,600		105,819		541
04/06/2021	JPMorgan Chase Bank N.A.	USD	167,144	ZAR	2,580,000		169,091		(1,947	)
United States Dollar/South Korean Won
02/10/2021	Citibank N.A.	USD	152,028	KRW	166,000,000		148,497		3,531
02/10/2021	Goldman Sachs & Co.	USD	58,284	KRW	65,299,899		58,415		(131	)
02/10/2021	HSBC Bank plc	USD	133,705	KRW	151,710,978		135,715		(2,010	)
United States Dollar/Swedish Krona
02/10/2021	Goldman Sachs & Co.	USD	26,941	SEK	239,561		28,672		(1,731	)
02/10/2021	HSBC Bank plc	USD	13,076	SEK	112,868		13,509		(433	)
02/10/2021	JPMorgan Chase Bank N.A.	USD	19,938	SEK	167,967		20,103		(165	)
05/14/2021	Citibank N.A.	USD	192,460	SEK	1,580,000		189,289		3,171
United States Dollar/Swiss Franc
02/10/2021	HSBC Bank plc	USD	9,061	CHF	8,059		9,049		12
02/10/2021	Royal Bank of Canada	USD	20,146	CHF	17,906		20,107		39
02/12/2021	HSBC Bank plc	USD	183,966	CHF	168,000		188,660		(4,694	)
05/14/2021	Goldman Sachs & Co.	USD	192,128	CHF	170,000		191,417		711
United States Dollar/Thai Baht
02/10/2021	Goldman Sachs & Co.	USD	55,933	THB	1,746,196		58,342		(2,409	)
02/10/2021	HSBC Bank plc	USD	137,368	THB	4,150,000		138,656		(1,288	)
						$	13,485,088	$	(191,816	)

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

At January 31, 2021, the Fund’s open forward foreign cross currency contracts were as follows:

Unrealized

Purchase / Sale

Amount

Appreciation/

Settlement Date

Counterparty

Purchased

Amount Sold

Contract Value

Fair Value

(Depreciation)

Euro / Japanese Yen

03/04/2021

Goldman Sachs & Co.

EUR

755,030

JPY

95,400,000

$

913,775

$

919,577

$

5,802

Japanese Yen / Euro
03/04/2021	JPMorgan Chase Bank N.A.	JPY	28,100,000	EUR	221,668		270,054		(828	)
03/04/2021	Goldman Sachs & Co.	JPY	237,300,000	EUR	1,926,182		2,213,940		(72,848	)
						$	3,403,571	$	(67,874	)

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

At January 31, 2021, the Fund held the following centrally cleared credit default swaps:

					Frequency
					of		Premiums						Unrealized
Expiration	Notional				Payments		Paid						Appreciation/
Date	Amount		Credit Index	Fixed Rate	Made		(Received)			Value			(Depreciation)
Buy Protection:
12/20/2025		964,041	CDX.NA.HY	Equal to (5.00)%		Quarterly	$	(84,325	)	$	(83,819	)	$	506
12/20/2025		964,041	CDX.NA.HY	Equal to (5.00)%		Quarterly		(87,787	)		(83,818	)		3,969
							$	(172,112	)	$	(167,637	)	$	4,475
Sell Protection:
12/20/2025		3,602,292	CDX.NA.HY	Equal to 5.00%		Quarterly	$	155,979		$	313,201		$	157,222
12/20/2025		1,170,000	CDX.NA.HY	Equal to 5.00%		Quarterly		52,357			101,726			49,369
12/20/2025		921,541	iTraxx Europe Crossover	Equal to 5.00%		Quarterly		129,662			122,502			(7,160	)
12/20/2025		452,000	iTraxx Europe Sub Financials	Equal to 1.00%		Quarterly		(13,932	)		(4,233	)		9,699
12/20/2025		200,000	iTraxx Europe Sub Financials	Equal to 1.00%		Quarterly		(1,234	)		(1,873	)		(639	)
							$	322,832		$	531,323		$	208,491

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

At January 31, 2021, the Fund held the following centrally cleared interest rate swaps:

						Receive				Frequency
						(Pay)				of	Premiums						Unrealized
	Notional		Expiration		Floating	Floating Rate	Fixed			Payments	Paid						Appreciation/
Currency	Amount		Date		Rate	Index	Rate			Made	(Received)			Value			(Depreciation)
GBP		355,000		11/15/2029	Receive	12-month UK RPI		3.47	%	Annually	$	(15,053	)	$	(14,922	)	$	131
GBP		516,000		11/15/2029	Receive	12-month UK RPI		3.47	%	Annually		(16,912	)		(21,689	)		(4,777	)
USD		35,500		09/02/2050	Receive	12-month CPI		2.06	%	Annually		—			3,887			3,887
USD		35,500		09/02/2050	Receive	12-month CPI		2.06	%	Annually		—			3,855			3,855
USD		285,000		12/07/2050	Receive	12-month CPI		2.20	%	Annually		—			14,029			14,029
USD		288,000		01/13/2051	Receive	12-month CPI		2.28	%	Annually		—			5,951			5,951
USD		288,000		01/20/2051	Receive	12-month CPI		2.31	%	Annually		—			2,384			2,384
USD		947,000		01/16/2054	Receive	3-month LIBOR		1.79	%	Quarterly		—			(2,754	)		(2,754	)
											$	(31,965	)	$	(9,259	)	$	22,706
CAD		1,249,500		11/14/2024	Pay	3-month CAD LIBOR		0.93	%	Quarterly	$	—		$	(736	)	$	(736	)
CAD		1,249,500		11/14/2024	Pay	3-month CAD LIBOR		0.92	%	Quarterly		—			(1,045	)		(1,045	)
CAD		1,952,160		11/14/2024	Pay	3-month CAD LIBOR		0.90	%	Quarterly		—			(1,995	)		(1,995	)
CAD		3,074,652		11/14/2024	Pay	3-month CAD LIBOR		0.91	%	Quarterly		—			(2,633	)		(2,633	)
CAD		2,049,768		11/14/2024	Pay	3-month CAD LIBOR		0.90	%	Quarterly		—			(2,333	)		(2,333	)
CAD		3,074,652		11/14/2024	Pay	3-month CAD LIBOR		0.87	%	Quarterly		—			(4,697	)		(4,697	)
CAD		2,049,768		11/14/2024	Pay	3-month CAD LIBOR		0.87	%	Quarterly		—			(3,047	)		(3,047	)
AUD		3,325,000		01/06/2026	Pay	6-month AUD BBSW		0.37	%	Semiannually		—			(9,238	)		(9,238	)
AUD		831,250		01/07/2026	Pay	6-month AUD BBSW		0.39	%	Semiannually		—			(1,650	)		(1,650	)
AUD		2,493,750		01/08/2026	Pay	6-month AUD BBSW		0.40	%	Semiannually		—			(3,482	)		(3,482	)
GBP		1,865,000		01/15/2026	Pay	12-month UK RPI		3.35	%	Annually		—			(12,367	)		(12,367	)
GBP		1,865,000		01/15/2026	Pay	12-month UK RPI		3.35	%	Annually		—			(11,096	)		(11,096	)
USD		4,960,000		01/25/2026	Pay	3-month LIBOR		0.53	%	Quarterly		—			(221	)		(221	)
GBP		2,790,000		11/15/2029	Pay	12-month UK RPI		3.47	%	Annually		—			117,272			117,272
USD		35,500		09/02/2050	Pay	12-month CPI		2.06	%	Annually		955			(3,887	)		(4,842	)
USD		35,500		09/02/2050	Pay	12-month CPI		2.06	%	Annually		991			(3,855	)		(4,846	)
											$	1,946		$	54,990		$	53,044
											$	(30,019	)	$	45,731		$	75,750

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Global Absolute Return Strategies Fund

At January 31, 2021, the Fund held the following purchased options:

	Expiration		Exercise				Notional						Unrealized
Description	Date		Price		Contracts		Amount		Cost		Value		Value
CALL OPTIONS PURCHASED (0.1%)
Brazil Bovespa Index		02/17/2021		120,437		11		11		7,437		12,296		4,859
Brazil Bovespa Index		02/17/2021		115,477		11		11		10,103		5,532		(4,571	)
													$	288

	Notional
	Amount		Value
PUT OPTIONS PURCHASED (2.5%)
30-year Interest Rate Swap Put, expiring 10/13/2023, Pay 1.305%, Receive 3-month LIBOR		305,000		50,956
30-year Interest Rate Swap Put, expiring 10/16/2023, Pay 1.27%, Receive 3-month LIBOR		305,000		52,781
30-year Interest Rate Swap Put, expiring 8/25/2023, Pay 1.12%, Receive 3-month LIBOR		676,000		132,859
30-year Interest Rate Swap Put, expiring 8/29/2023, Pay 1.12%, Receive 3-month LIBOR		676,000		132,952
30-year Interest Rate Swap Put, expiring 9/5/2023, Pay 1.114%, Receive 3-month LIBOR		268,000		53,121
30-year Interest Rate Swap Put, expiring 9/5/2023, Pay 1.115%, Receive 3-month LIBOR		268,000		51,286
30-year Interest Rate Swap Put, expiring 9/5/2023, Pay 1.126%, Receive 3-month LIBOR		536,000		105,077
Total Put Options Purchased				579,032

At January 31, 2021, the Fund held the following written options:

	Expiration		Exercise					Notional									Unrealized
Description	Date		Price		Contracts			Amount			Cost			Value			Value
CALL OPTIONS WRITTEN (0.0%)
Brazil Bovespa Index		02/17/2021		115,477		(11	)		(11	)		(10,103	)		(6,193	)		3,910
Brazil Bovespa Index		02/17/2021		120,437		(11	)		(11	)		(7,436	)		(1,674	)		5,762
																	$	9,672

	Notional
	Amount			Value
PUT OPTIONS WRITTEN (2.0%)
5-year Interest Rate Swap Put, expiring 10/13/2023, Receive 0.845%, Pay 3-month LIBOR		(1,345,000	)		(41,572	)
5-year Interest Rate Swap Put, expiring 10/16/2023, Receive 0.828%, Pay 3-month LIBOR		(1,345,000	)		(42,415	)
5-year Interest Rate Swap Put, expiring 8/25/2023, Receive 0.755%, Pay 3-month LIBOR		(3,188,000	)		(102,750	)
5-year Interest Rate Swap Put, expiring 8/29/2023, Receive 0.755%, Pay 3-month LIBOR		(3,188,000	)		(102,964	)
5-year Interest Rate Swap Put, expiring 9/5/2023, Receive 0.721%, Pay 3-month LIBOR		(1,230,000	)		(41,515	)
5-year Interest Rate Swap Put, expiring 9/5/2023, Receive 0.731%, Pay 3-month LIBOR		(2,460,000	)		(82,160	)
5-year Interest Rate Swap Put, expiring 9/5/2023, Receive 0.748%, Pay 3-month LIBOR		(1,230,000	)		(40,348	)
Total Put Options Written					453,724

See accompanying Notes to Statements of Investments. 

Statement of Investments

January 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

	Shares or
	Principal		Value
	Amount		(US$)
MUNICIPAL BONDS (99.2%)
Alabama (1.6%)
Black Belt Energy Gas District Revenue Bonds, Series A, 4.00%, 08/01/2047(a)	$	1,000,000	$	1,049,580
Arizona (2.3%)
Arizona Industrial Development Authority Revenue Bonds, Series B, 5.00%, 01/01/2032		1,580,000		1,465,482
California (3.6%)
Bay Area Toll Authority Revenue Bonds, Series A, 2.95%, 04/01/2047(a)		350,000		388,895
Los Angeles Community College District General Obligation Unlimited Bonds, Series I, 4.00%, 08/01/2029		400,000		474,624
M-S-R Energy Authority Gas Revenue Bonds
Series B, 6.13%, 11/01/2029		490,000		626,323
Series A, 6.50%, 11/01/2039		500,000		836,160
				2,326,002
Connecticut (2.0%)
State Health & Educational Facilities Authority Revenue Bonds, Series F, 5.00%, 07/01/2027		1,135,000		1,308,871
District of Columbia (0.9%)
Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030		500,000		591,550
Florida (3.2%)
City of Tampa Revenue Bonds (Baycare Health Care System), Series A, 4.00%, 11/15/2033		1,000,000		1,032,400
Florida Development Finance Corp. Revenue Bonds (Imagine School At Broward) , 5.00%, 12/15/2039(b)		500,000		595,625
Polk County Industrial Development Authority Revenue Bonds (Carpenter’s Home Estates, Inc. Project), 5.00%, 01/01/2039		160,000		176,821
Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023		250,000		278,842
				2,083,688
Georgia (1.2%)
Floyd County Development Authority Revenue Bonds (Georgia Power Co.), 0.05%, 09/01/2026(a)		400,000		400,000
Main Street Natural Gas, Inc. Revenue Bonds, Series A, 5.00%, 05/15/2035		250,000		350,730
				750,730
Hawaii (1.1%)
City & County Honolulu HI Wastewater System Revenue Bonds, Series A, 5.00%, 07/01/2047		560,000		694,232
Illinois (2.1%)
Illinois Finance Authority Revenue Bonds (Carle Foundation), Series A, 6.00%, 08/15/2041		500,000		513,060
State of Illinois General Obligation Unlimited Bonds, Series D, 5.00%, 11/01/2021		815,000		837,641
				1,350,701
Indiana (1.2%)
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032		750,000		774,015
Kansas (1.5%)
Kansas Hospital Loan City Of Holton Revenue Bonds (Rural Health Resources Of Jackson  Co., Inc. Project), 2.50%, 07/01/2021		1,000,000		1,001,090

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

Kentucky (1.8%)
Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048(a)	$	500,000	$	553,325
Louisville Regional Airport Authority Revenue Bonds (United Parcel Service, Inc.)
Series B, 0.01%, 01/01/2029(a)		200,000		200,000
0.02%, 01/01/2029(a)		400,000		400,000
				1,153,325
Louisiana (2.0%)
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Glen Retirement System), Series A
5.00%, 01/01/2022		160,000		161,560
5.00%, 01/01/2023		170,000		173,222
Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100, 05/15/2026), 3.00%, 05/15/2031		10,000		11,275
New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport), 5.00%, 01/01/2028		500,000		647,040
New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.), 5.00%, 10/01/2027		250,000		312,727
				1,305,824
Maryland (3.1%)
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental  Petroleum Corp.), 2.45%, 03/01/2030(a)		2,000,000		2,000,000
Massachusetts (0.9%)
Massachusetts Development Finance Agency Revenue Bonds, Series A, 5.00%, 07/01/2036		500,000		609,605
Michigan (3.6%)
Flint Hospital Building Authority Revenue Bonds
4.00%, 07/01/2035		1,000,000		1,121,860
4.00%, 07/01/2038		750,000		833,182
Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024		400,000		408,496
				2,363,538
Mississippi (3.9%)
Meridian MS Revenue Bonds, 4.20%, 03/01/2033(b)		1,500,000		1,557,510
Mississippi Business Finance Corp. Revenue Bonds (Gulf Power Company Project), AMT, VRDN, 0.06%, 12/01/2049(a)		1,000,000		1,000,000
				2,557,510
Nebraska (1.2%)
Central Plains Energy Project, Gas Project Revenue Bonds (Project No.3), 5.00%, 09/01/2021		750,000		770,475
New Hampshire (0.9%)
New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College)
5.00%, 08/01/2035		250,000		306,795
5.00%, 08/01/2036		245,000		299,829
				606,624
New Jersey (4.9%)
New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey)
Series F, 4.00%, 07/01/2033		30,000		33,312
Series F (Pre-refunded @ $100.000000, 07/01/2026), 4.00%, 07/01/2033		70,000		83,566
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034		2,000,000		2,483,020
Newark Housing Authority Revenue Bonds (Newark Redevelopment Project), 4.00%, 01/01/2037		500,000		556,240
				3,156,138

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

New York (17.6%)
City of Elmira General Obligation Limited Bonds
5.00%, 07/01/2025(b)	$	105,000	$	116,057
5.00%, 07/01/2033(b)		625,000		697,519
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031		145,000		158,076
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042		1,000,000		1,197,230
Metropolitan Transportation Authority Revenue Bonds
5.00%, 11/15/2027		695,000		823,568
5.00%, 11/15/2027		1,150,000		1,347,386
Series A-2, VRN, 5.00%, 11/15/2045(a)		400,000		502,384
Nassau County Local Economic Assistance Corp. Revenue Bonds (Catholic Health  Services), 5.00%, 07/01/2030		1,000,000		1,125,970
New York City Water & Sewer System Revenue Bonds, Series EE, 5.00%, 06/15/2037		295,000		370,485
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities  3rd Generation), Series A, 5.50%, 05/15/2023		1,160,000		1,293,238
Oneida County Industrial Development Agency Revenue Bonds (Hamilton College Civic  Facilities), 5.00%, 09/15/2027		1,000,000		1,003,580
Port Authority of New York & New Jersey Revenue Bonds, AMT, 5.00%, 07/15/2033		400,000		528,340
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 10/15/2042		560,000		682,388
Village of Johnson City General Obligation Limited Bonds, Series A, 2.00%, 02/19/2021		750,000		750,517
Village of Valley Stream General Obligation Limited Notes, Series A, 6.50%, 05/20/2021		800,000		801,872
				11,398,610
Ohio (2.1%)
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds
3.00%, 06/01/2048		500,000		525,365
4.00%, 06/01/2048		500,000		580,565
5.00%, 06/01/2055		110,000		128,174
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029		135,000		148,026
				1,382,130
Pennsylvania (3.9%)
Montgomery County Industrial Development Authority Revenue Bonds (Imagine School At Broward) , 4.00%, 12/01/2037		300,000		327,042
Pennsylvania Turnpike Commission Revenue Bonds, Series A, 5.25%, 07/15/2029		850,000		1,174,003
School Dist. of the City of Erie, General Obligation Limited Bonds, Series A, (AGM ST AID WITHHLDG), 5.00%, 04/01/2034		825,000		1,048,789
				2,549,834
Puerto Rico (2.1%)
Commonwealth of Puerto Rico General Obligation Unlimited Bonds, Series A, (AGM), 5.25%, 07/01/2024		615,000		633,917
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds,  (AGC-ICC), 5.50%, 07/01/2022		250,000		264,008
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026		100,000		106,988
Highway & Transportation Authority Revenue Bonds, (AGC), 5.50%, 07/01/2031		300,000		365,220
				1,370,133
Rhode Island (1.2%)
Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045		750,000		805,433

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

South Carolina (1.9%)
City of Rock Hill SC Combined Utility System Revenue Bonds
5.00%, 01/01/2025	$	500,000	$	588,770
5.00%, 01/01/2026		500,000		610,390
				1,199,160
Tennessee (2.4%)
Knox County Health Educational & Housing Facilities Board Revenue Bonds (University  Health System, Inc.), 5.00%, 09/01/2036		500,000		578,550
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project), 5.00%, 10/01/2034		360,000		425,401
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023		500,000		560,660
				1,564,611
Texas (17.7%)
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027		4,850,000		5,890,422
Matagorda County Navigation District No. 1 Revenue Bonds, Series B-1, 4.00%,06/01/2030		1,000,000		1,060,820
Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue  Bonds (Jefferson Railport Terminal II LLC), 4.00%, 01/01/2050(b)		1,000,000		1,039,330
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Baylor Scott & White Obligated Group), 5.00%, 11/15/2029		800,000		980,872
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health  Resources Obligated Group), Series A, 4.00%, 02/15/2036		1,000,000		1,137,190
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D, 6.25%, 12/15/2026		1,140,000		1,363,793
				11,472,427
Utah (1.1%)
Salt Lake City Corp. Airport Revenue Bonds, Series B, 5.00%, 07/01/2042		100,000		122,646
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(b)		570,000		585,441
				708,087
Washington (0.3%)
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A, 5.00%, 01/01/2024(b)		180,000		193,302
West Virginia (0.8%)
Monongalia County Building Commission Revenue Bonds, 6.50%, 07/01/2041		500,000		509,520
Wisconsin (5.1%)
Public Finance Authority Revenue Bonds
5.00%, 06/15/2029		530,000		660,931
5.00%, 06/15/2034		425,000		516,630
Public Finance Authority Revenue Bonds, 5.00%, 07/01/2038		1,000,000		1,174,100
Wisconsin Health & Educational Facilities Authority Revenue Bonds, (Pre-refunded @ $100, 07/15/2021), Series A, 5.00%, 07/15/2028		500,000		511,155
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035		250,000		309,038
Wisconsin Health & Educational Facilities Authority Revenue Bonds (St. Camillus Health  System), 5.00%, 11/01/2021		120,000		122,041
				3,293,895
Total Municipal Bonds				64,366,122

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

SHORT-TERM INVESTMENT—0.1%
UNITED STATES (0.1%)
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares	$	41,736	$	41,744
Total Short-Term Investment				41,744
Total Investments
(Cost $59,805,304) —99.3%				64,407,866
Other Assets in Excess of Liabilities—0.7%				472,138
Net Assets—100.0%			$	64,880,004

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

	Shares or
	Principal		Value
	Amount		(US$)
MUNICIPAL BONDS (99.5%)
Alabama (2.4%)
Alabama Industrial Development Solid Waste Disposal Revenue Bonds (OfficeMax, Inc.), 6.45%, 12/01/2023	$	750,000	$	751,020
Health Care Authority for Baptist Health Revenue Bonds, Series D, 5.00%, 11/15/2021		850,000		852,907
Industrial Development Board Of The Town Of West Jefferson Solid Waste Disposal  Revenue Bonds (Alabama Power Company Miller Plant Project), 0.05%, 12/01/2038(a)		3,600,000		3,600,000
Jemison Public Building Authority Revenue Bonds, Series B, 3.00%, 03/01/2021		70,000		70,130
Jemison Water & Sewer Revenue Bonds, Series A
3.00%, 03/01/2021		50,000		50,051
3.50%, 03/01/2026		290,000		307,530
Walker County Economic & Industrial Development Authority Revenue Bonds (Alabama Power Co.), 0.05%, 12/01/2036(a)		1,300,000		1,300,000
Wilsonville Industrial Development Board Revenue Bonds (Alabama Power Co.), 0.05%, 12/01/2030(a)		900,000		900,000
				7,831,638
Arizona (4.1%)
Arizona Industrial Development Authority Revenue Bonds (Great Lakes Senior Living Communities LLC Project Third Tier), Series C
5.13%, 01/01/2034(b)		775,000		679,698
5.13%, 01/01/2035(b)		815,000		707,273
5.13%, 01/01/2036(b)		860,000		738,534
5.13%, 01/01/2037(b)		905,000		769,893
Arizona Industrial Development Authority Revenue Bonds (Kaizen Education Foundation)
5.00%, 07/01/2022(b)		385,000		401,786
5.00%, 07/01/2023(b)		405,000		434,180
Arizona Industrial Development Authority Revenue Bonds (Legacy Cares, Inc.), Series A, 6.75%, 07/01/2030(b)		6,000,000		6,381,780
La Paz County Industrial Development Authority Revenue Bonds (Charter School Solutions), Series A
5.00%, 02/15/2021(b)		240,000		240,336
5.00%, 02/15/2026(b)		500,000		556,450
Maricopa County Industrial Development Authority Revenue Bonds (Ottawa University),
5.00%, 10/01/2026(b)		300,000		316,146
5.13%, 10/01/2030(b)		425,000		462,022
Maricopa County Industrial Development Authority Revenue Bonds (Paragon Management, Inc.)
2.88%, 07/01/2021(b)		135,000		135,576
4.00%, 07/01/2026(b)		1,250,000		1,339,563
Phoenix Industrial Development Authority Education Facility Revenue Bonds (Freedom Academy, Inc.), 3.88%, 07/01/2021(b)		55,000		55,499
				13,218,736
Arkansas (1.2%)
Arkansas Public Housing Authority Municipal Series 1 LLC Revenue Bonds, 3.75%, 09/01/2026(a)(b)(c)		1,070,000		1,064,864
County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A
5.00%, 09/01/2025		1,000,000		1,131,060
5.00%, 09/01/2026		1,490,000		1,715,258
				3,911,182

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

California (2.5%)
California Municipal Finance Authority Revenue Bonds (Highlands Community Charter and  Technical Schools), 4.00%, 11/15/2021(b)	$	1,650,000	$	1,657,359
California Municipal Finance Authority Revenue Bonds (Simpson University), Series A
5.00%, 10/01/2026		40,000		40,888
5.13%, 10/01/2030		1,020,000		1,052,018
California Municipal Finance Authority Revenue Bonds (United Airlines, Inc.), 4.00%, 07/15/2029		3,000,000		3,382,350
California Municipal Finance Authority Revenue Notes (Empire Springs Charter School, Inc.), 4.00%, 09/15/2021(b)		1,050,000		1,055,229
Tobacco Securitization Authority of Northern California Revenue Bonds, Series A-2, 5.40%, 06/01/2027		985,000		989,166
				8,177,010
Colorado (0.5%)
Colorado Health Facilities Authority Revenue Bonds, Series B
5.00%, 05/15/2028		400,000		441,924
5.00%, 05/15/2028		100,000		105,495
Colorado Health Facilities Authority Revenue Bonds (Frasier Meadows Manor, Inc.) 5.00%, 05/15/2025		320,000		353,539
Series B, 5.00%, 05/15/2029		585,000		646,314
				1,547,272
Connecticut (2.0%)
City of West Haven General Obligation Unlimited Bonds
Series A, 5.00%, 11/01/2025		325,000		379,415
Series B, 5.00%, 11/01/2025		240,000		280,183
Series A, 5.00%, 11/01/2026		325,000		387,540
Series B, 5.00%, 11/01/2026		200,000		238,486
Series A, 5.00%, 11/01/2027		635,000		770,033
Series B, 5.00%, 11/01/2027		200,000		242,530
State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group)
Series B-2, 2.75%, 01/01/2026(b)		650,000		657,573
Series B-1, 3.25%, 01/01/2027(b)		750,000		762,772
Series A, 5.00%, 01/01/2030(b)		500,000		561,040
State Health & Educational Facilities Authority Revenue Bond (University of Hartford)
5.00%, 07/01/2025		400,000		457,788
5.00%, 07/01/2026		575,000		673,589
5.00%, 07/01/2027		430,000		513,317
5.00%, 07/01/2029		300,000		368,832
				6,293,098
Delaware (0.3%)
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light  Co.), 0.10%, 10/01/2029(a)		900,000		900,000

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Short Duration High Yield Municipal Fund

Florida (7.4%)
Broward County Industrial Development Revenue Bonds (Florida Power & Light Co.), 0.06%, 06/01/2045(a)	$	2,180,000	$	2,180,000
Capital Trust Agency, Inc., 6.50%, 01/01/2024		248,055		4,961
Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School  Holdings LLC), 4.50%, 01/01/2035(b)		300,000		310,947
Celebration Pointe Community Development District No.1 Special Assessment Revenue  Bonds, 4.75%, 05/01/2024		50,000		53,474
City of Atlantic Beach Health Care Facilities Revenue Bonds (Naval Continuing Care  Retirement Foundation, Inc.), Series A, 5.00%, 11/15/2021		200,000		205,510
County of Jackson Revenue Bonds (Gulf Power Co.), 0.05%, 07/01/2022(a)		900,000		900,000
County Of Lake Florida Retirement Facility Revenue Bonds (Waterman Communities, Inc.)
Series B-3, 3.38%, 08/15/2026		1,000,000		1,007,660
Series B-2, 3.75%, 08/15/2027		1,500,000		1,511,385
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project)
Series A, 4.00%, 12/15/2029(b)		530,000		599,801
Series A, 5.00%, 12/15/2034(b)		530,000		638,364
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts  Charter School Project), Series A, 5.00%, 06/15/2024(b)		100,000		98,234
Florida Development Finance Corp. Solid Waste Revenue Bonds (Waste Pro USA, Inc.)
5.00%, 05/01/2029(b)		2,000,000		2,172,080
5.00%, 08/01/2029(a)(b)		2,000,000		2,089,280
Lee County Industrial Development Authority Revenue Bonds (Florida Light & Power Co.), Series A, 0.06%, 12/01/2046(a)		400,000		400,000
Palm Beach County Revenue Bonds (Provident Group - PBAU Properties LLC - Palm  Beach Atlantic University Housing Project), Series A, 5.00%, 04/01/2029(b)		1,440,000		1,585,987
Polk County Industrial Development Authority Revenue Bonds (Carpenter’s Home Estates, Inc. Project) Series A, 5.00%, 01/01/2029		400,000		450,520
5.00%, 01/01/2039		240,000		265,231
St. Lucie County Pollution Control Revenue Bonds (Florida Power & Light Co.), 0.02%, 09/01/2028(a)		9,200,000		9,200,000
Village Community Development District #12, Special Assessment Revenue Bonds, 2.88%, 05/01/2021		170,000		170,651
				23,844,085
Georgia (4.6%)
Appling County Georgia Development Authority Pollution Control Revenue Bonds, VRDN, 0.05%, 09/01/2029(a)		1,200,000		1,200,000
Appling County Georgia Development Authority Pollution Control Revenue Bonds (Georgia  Power Company Plant Hatch Project), VRDN, 0.05%, 09/01/2041(a)		4,600,000		4,600,000
Dekalb Country Housing Authority Revenue Bonds (Highlands At East Atlanta Apartments  Project), 1.80%, 09/01/2036(a)(b)		5,000,000		4,983,650
Development Authority of Monroe County Revenue Bonds (Gulf Power Co. Project), AMT, VRDN, 0.06%, 10/01/2049(a)		300,000		300,000
Floyd County Development Authority Revenue Bonds (Georgia Power Co.), 0.05%, 09/01/2026(a)		600,000		600,000
Main Street Natural Gas, Inc. Revenue Bonds, Series A
5.00%, 05/15/2030		200,000		257,160
5.00%, 05/15/2036		1,970,000		2,790,938
				14,731,748
Guam (0.0%)
Guam International Airport Authority Revenue Bonds (Antonio B. Won Pat International  Airport Authority), Series C, 5.00%, 10/01/2021		80,000		82,382
Idaho (0.3%)
Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026		800,000		854,288
Idaho Housing & Finance Association Revenue Bonds (Victory Charter School), Series A, 4.00%, 07/01/2026		130,000		139,458
				993,746

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Illinois (6.3%)
Chicago Board of Education General Obligation Unlimited Bonds
Series C, 5.00%, 12/01/2022	$	600,000	$	646,476
Series A, 5.00%, 12/01/2028		200,000		259,808
Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds, Series A, 4.00%, 12/01/2033		600,000		686,856
Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026		400,000		479,816
Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori  School), 5.00%, 02/01/2024		205,000		211,593
Illinois Finance Authority Revenue Bonds (Benedictine University)
5.00%, 10/01/2025		1,035,000		1,165,493
5.00%, 10/01/2028		120,000		139,829
5.00%, 10/01/2029		200,000		234,912
5.00%, 10/01/2030		100,000		118,411
Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC), Series A
5.00%, 02/15/2027		420,000		466,057
5.00%, 02/15/2028		400,000		445,900
5.00%, 02/15/2029		520,000		578,042
5.00%, 02/15/2030		335,000		371,348
5.00%, 02/15/2031		370,000		408,994
5.00%, 02/15/2032		225,000		248,015
Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation)
5.00%, 12/01/2028		250,000		298,058
5.00%, 12/01/2029		315,000		373,555
Metropolitan Pier & Exposition Authority Revenue Bonds
5.00%, 12/15/2025		295,000		347,433
5.00%, 12/15/2027		100,000		122,471
State of Illinois General Obligation Unlimited Bonds
5.00%, 08/01/2021		50,000		51,091
5.00%, 08/01/2024		2,000,000		2,119,280
Series D, 5.00%, 11/01/2026		6,280,000		7,406,192
4.00%, 02/01/2030		745,000		837,246
Village of Matteson Revenue Bonds
5.00%, 12/01/2026		150,000		181,224
5.00%, 12/01/2027		150,000		185,112
5.00%, 12/01/2028		350,000		434,808
Village of Matteson Tax Allocation Bonds, 6.50%, 12/01/2035		1,220,000		1,334,863
Village of Willow Springs General Obligation Unlimited Bonds, Series C, 4.45%, 12/15/2021		285,000		285,921
				20,438,804
Indiana (1.1%)
City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024		105,000		113,321
Hammond Local Public Improvement Bond Bank Revenue Bonds, Series B, 4.63%, 07/15/2023(b)		1,080,000		1,137,737
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032		2,250,000		2,322,045
				3,573,103
Kansas (0.6%)
Kansas Hospital Loan City Of Holton Revenue Bonds (Rural Health Resources Of Jackson Co., Inc. Project), 2.50%, 07/01/2021		2,000,000		2,002,180
Kentucky (1.8%)
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of  Kentucky, Inc.), Series C, 0.10%, 05/01/2034(a)		1,000,000		1,000,000
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN, 0.06%, 11/01/2036(a)		2,500,000		2,500,000
Louisville Regional Airport Authority Revenue Bonds (United Parcel Service, Inc.)
0.02%, 01/01/2029(a)		1,900,000		1,900,000
Series C, 0.02%, 01/01/2029(a)		300,000		300,000
				5,700,000

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Louisiana (1.7%)
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2029(b)	$	1,000,000	$	1,066,990
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (St. James Place of Baton Rouge), Series A, 5.50%, 11/15/2025		250,000		270,832
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project), Series A
5.00%, 01/01/2024		180,000		184,700
5.00%, 01/01/2025		370,000		381,781
5.00%, 01/01/2026		390,000		403,010
5.00%, 01/01/2027		410,000		423,534
5.00%, 01/01/2028		430,000		444,444
5.00%, 01/01/2029		450,000		464,220
Louisiana Local Government Environmental Facilities & Community Development Authority  Student Housing Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2039(b)		1,000,000		1,022,700
Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School  Project), Series A, 5.00%, 04/01/2030(b)		400,000		430,232
Parish of St. Charles Gulf Opportunity Zone Revenue Bonds (Valero Project), 4.00%, 12/01/2040(a)		315,000		329,490
				5,421,933
Maryland (5.6%)
Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers  Project), 4.20%, 07/01/2024		85,000		88,061
Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University), Series A
5.00%, 09/01/2027(b)		1,495,000		1,661,872
5.00%, 09/01/2032(b)		740,000		833,418
Maryland Economic Development Corp. Revenue Bonds (CONSOL Marine Terminal, Inc.), 5.75%, 09/01/2025		1,445,000		1,461,155
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental  Petroleum Corp.), 2.45%, 03/01/2030(a)		12,510,000		12,510,000
The Mayor and Council of Rockville Economic Development Revenue Bonds (King Farm Presbyterian Retirement Community, Inc.)
Series A-2, 5.00%, 11/01/2025		705,000		763,677
5.00%, 11/01/2027		600,000		651,570
				17,969,753
Massachusetts (1.6%)
Lynn Housing Authority & Neighborhood Development Revenue Bonds, 4.00%, 10/01/2022		430,000		439,387
Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.), 4.00%, 11/15/2023(b)		635,000		654,253
Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.)
4.00%, 10/01/2025(b)		500,000		548,475
4.00%, 10/01/2026(b)		500,000		548,115
4.00%, 10/01/2027(b)		450,000		492,827
Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024		1,500,000		1,570,365
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue), Series A
5.00%, 07/01/2033		500,000		614,720
5.00%, 07/01/2034		300,000		367,779
				5,235,921

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Michigan (1.4%)
Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024	$	500,000	$	554,070
Charyl Stockwell Academy Revenue Bonds, 4.88%, 10/01/2023		55,000		56,552
Kalamazoo Economic Development Corp. Revenue Bonds (Heritage Community of Kalamazoo Obligated Group)
2.63%, 05/15/2025		1,130,000		1,134,497
5.00%, 05/15/2032		1,915,000		2,128,906
Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez  Academy Project), 4.00%, 02/01/2029		700,000		753,487
				4,627,512
Minnesota (1.8%)
Rice County Educational Facility Revenue Bonds (Shattuck-St Mary’s School), Series A, 5.00%, 08/01/2022(b)		960,000		985,728
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of  Shakopee LLC Project), 5.85%, 11/01/2058(a)(b)		4,500,000		4,891,500
				5,877,228
Mississippi (5.9%)
Meridian MS Revenue Bonds, 4.20%, 03/01/2033(b)		8,509,557		8,835,814
Mississippi Business Finance Corp. Revenue Bonds (Huntington Ingalls Industries, Inc.), 4.55%, 12/01/2028		980,000		980,088
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT, 0.06%, 07/01/2025(a)		1,300,000		1,300,000
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 3.18%, 11/01/2032(a)		5,000,000		5,000,000
Mississippi Development Bank Revenue Bonds (Hancock County Gomesa Project), 4.55%, 11/01/2039(b)		2,000,000		2,144,140
Mississippi Pearl General Obligation Unlimited Bonds, 3.00%, 07/15/2022		630,000		629,017
				18,889,059
Missouri (0.5%)
Platte County Industrial Development Authority Transportation Revenue Bonds, 5.00%, 12/01/2025		675,000		324,000
Saint Louis County Missouri Industrial Development Authority Revenue Bonds (Ranken-Jordan Pediatric Specialty Hospital)
4.00%, 11/15/2021		555,000		560,988
5.00%, 11/15/2022		625,000		650,100
				1,535,088
Nebraska (0.2%)
Scotts Bluff County Hospital Authority Revenue Bonds (Regional West Medical Center), Series A, 5.00%, 02/01/2022		615,000		635,295
Nevada (0.6%)
City of Carson Hospital Revenue Bonds (Carson Tahoe Regional Healthcare)
5.00%, 09/01/2027		605,000		760,183
5.00%, 09/01/2029		620,000		761,180
Nevada Department of Business & Industry Revenue Bonds (Doral Academy of Nevada), Series A, 3.13%, 07/15/2022(b)(d)		320,000		323,622
				1,844,985
New Jersey (2.6%)
New Jersey Economic Development Authority Revenue Bonds
5.00%, 06/15/2021		2,000,000		2,034,760
Series EE, 5.00%, 09/01/2023		700,000		702,569
New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter  School Project), Series A, 4.75%, 08/01/2024(b)		90,000		95,377
New Jersey Economic Development Authority Revenue Bonds (United Airlines, Inc.)
5.50%, 04/01/2028		55,000		55,067
Series B, AMT, 5.63%, 11/15/2030		455,000		510,050
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2032		2,175,000		2,714,944
South Jersey Port Corp. Revenue Bonds, Series B
5.00%, 01/01/2026		300,000		355,209
5.00%, 01/01/2027		250,000		303,152
5.00%, 01/01/2028		255,000		314,892
State of New Jersey General Obligation Unlimited Bonds, Series A, 5.00%, 06/01/2029		1,000,000		1,311,350
				8,397,370

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

New York (12.6%)
Amherst Development Corp. Revenue Bonds (Daemen College)
5.00%, 10/01/2025	$	600,000	$	660,348
5.00%, 10/01/2026		630,000		703,156
Brookhaven Local Development Corp. Revenue Bonds (Active Retirement Community, Inc.)
5.00%, 11/01/2021		300,000		309,318
5.00%, 11/01/2022		250,000		267,770
Buffalo & Erie County Industrial Land Development Corp. Revenue Bonds (Charter School for Applied Technologies Project), 4.00%, 06/01/2022		895,000		907,136
Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project), Series A
4.00%, 06/01/2022(b)		190,000		196,027
5.00%, 06/01/2023(b)		370,000		398,127
5.00%, 06/01/2024(b)		390,000		430,958
5.00%, 06/01/2025(b)		410,000		464,046
5.00%, 06/01/2026(b)		430,000		492,492
5.00%, 06/01/2027(b)		450,000		512,163
5.00%, 06/01/2032(b)		500,000		559,305
City of Elmira General Obligation Limited Bonds
5.00%, 07/01/2025(b)		1,375,000		1,519,801
5.00%, 07/01/2033(b)		2,635,000		2,940,739
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031		455,000		496,032
Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A, 5.50%, 09/01/2022		6,500,000		6,513,520
Metropolitan Transportation Authority Revenue Bonds
Series B-2, 5.00%, 05/15/2021		500,000		505,750
Series D, 5.00%, 11/15/2021		1,000,000		1,029,300
5.00%, 09/01/2022		2,000,000		2,125,560
5.00%, 11/15/2022		1,050,000		1,124,298
5.00%, 11/15/2035		4,000,000		4,716,680
Series A-2, VRN, 5.00%, 11/15/2045(a)		1,600,000		2,009,536
Nassau County Tobacco Settlement Corp. Revenue Bonds, Series A-2, 5.25%, 06/01/2026(d)		1,150,000		1,163,524
New York City Industrial Development Agency Revenue Bonds (Yankee Stadium LLC),  (AGM), 2.50%, 03/01/2037		3,000,000		3,087,300
New York State Dormitory Authority Revenue Bonds (Touro College And University System  Obligated Group), Series A, 4.00%, 01/01/2023		445,000		460,602
New York State Dormitory Authority Revenue Bonds (Yeshiva University)
5.00%, 09/01/2021		1,025,000		1,027,316
5.00%, 09/01/2022		1,640,000		1,643,608
5.00%, 09/01/2038		730,000		730,752
New York State Environmental Facilities Corp. Revenue Bonds (Casella Waste Systems, Inc.), 2.75%, 09/01/2050(a)		1,000,000		1,039,890
Village of Johnson City General Obligation Limited Bonds
5.00%, 10/01/2021		115,000		117,123
5.00%, 10/01/2022		115,000		119,976
Village of Valley Stream General Obligation Limited Notes, Series A, 6.50%, 05/20/2021		2,250,000		2,255,265
				40,527,418

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

North Carolina (0.3%)
North Carolina Capital Facilities Finance Agency Revenue Bonds (Johnson & Wales University), Series A, 5.00%, 04/01/2028	$	795,000	$	846,985
Ohio (3.9%)
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds
3.00%, 06/01/2048		3,000,000		3,152,190
4.00%, 06/01/2048		1,000,000		1,161,130
5.00%, 06/01/2055		5,640,000		6,571,841
Cleveland-Cuyahoga County Port Authority Revenue Bonds, 5.00%, 12/01/2028		225,000		243,470
Ohio Air Quality  Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 2.88%, 02/01/2026		1,000,000		1,052,880
Ohio Air Quality Development Authority Revenue Bonds (AK Steel Corp.), 6.75%, 06/01/2024		200,000		205,898
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029		140,000		153,509
				12,540,918
Oregon (0.5%)
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.06%, 06/15/2027(a)		1,700,000		1,700,000
Pennsylvania (4.5%)
Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Bonds, 5.00%, 05/01/2022(b)		660,000		687,707
Dauphin County General Authority Revenue Bonds (Harrisburg University of Science and Technology Project)
4.00%, 10/15/2022(b)		475,000		481,626
4.25%, 10/15/2026(b)		1,250,000		1,307,913
5.00%, 10/15/2027(b)		1,650,000		1,791,521
5.00%, 10/15/2030(b)		3,000,000		3,152,340
Delaware County Industrial Development Authority Revenue Bonds (CCSA Foundation), Series A, 4.38%, 06/01/2026(b)		2,185,000		2,345,903
Indiana County Hospital Authority Revenue Bonds (Indiana Regional Medical Center), Series A, 5.00%, 06/01/2023		100,000		105,656
Montgomery County Industrial Development Authority Revenue Bonds (Waverly Heights, Ltd. Project)
4.00%, 12/01/2027		180,000		203,868
4.00%, 12/01/2028		200,000		225,496
4.00%, 12/01/2029		100,000		112,199
4.00%, 12/01/2035		300,000		328,110
4.00%, 12/01/2036		100,000		109,196
4.00%, 12/01/2038		300,000		326,523
Philadelphia Authority for Industrial Development Revenue Bonds (Discovery Charter  School Project), 5.00%, 04/01/2022		295,000		300,136
Philadelphia School District General Obligation Limited Bonds, Series F, 5.00%, 09/01/2024		2,000,000		2,304,300
Pottsville Hospital Facilities Authority Health Center Revenue Bonds (Lehigh Valley Health  Network Obligated Group), 5.75%, 07/01/2022(b)		100,000		104,858
Scranton School District General Obligation Limited Bonds
Series B, 5.00%, 06/01/2023		100,000		110,473
Series B, 5.00%, 06/01/2024		100,000		114,837
Series B, 5.00%, 06/01/2025		100,000		119,091
Series D, 5.00%, 06/01/2027		345,000		408,097
				14,639,850

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Puerto Rico (4.2%)
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds
Series A, 5.50%, 07/01/2021	$	615,000	$	620,080
(AGC-ICC), 5.50%, 07/01/2022		1,580,000		1,668,527
Series A, 5.00%, 07/01/2027		110,000		114,000
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026		1,290,000		1,380,145
Puerto Rico Electric Power Authority Revenue Bonds
Series SS, 5.00%, 07/01/2022		260,000		262,059
Series PP, 5.00%, 07/01/2023		205,000		207,687
Series SS, 5.25%, 07/01/2023(d)		2,340,000		2,439,778
Series PP, 5.00%, 07/01/2024		835,000		845,947
Series UU, 5.00%, 07/01/2024		300,000		310,899
Puerto Rico Highway & Transportation Authority Revenue Bonds
Series BB, 5.25%, 07/01/2022		100,000		105,254
Series L, 5.25%, 07/01/2023		520,000		542,173
Series E, 5.50%, 07/01/2023		200,000		218,244
Series D, 5.00%, 07/01/2027		145,000		150,272
(AGM-CR), 5.50%, 07/01/2030		1,000,000		1,208,770
Puerto Rico Public Buildings Authority Revenue Bonds, (NATL COMWLTH GTD), 6.00%, 07/01/2025		1,095,000		1,198,434
Puerto Rico Public Buildings Authority Revenue Bonds
Series F, 5.25%, 07/01/2021		1,200,000		1,219,332
6.00%, 07/01/2023(d)		1,000,000		1,059,880
				13,551,481
Rhode Island (0.4%)
Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group), Series B
5.00%, 09/01/2022		680,000		709,294
5.00%, 09/01/2023		500,000		534,130
				1,243,424
South Carolina (0.3%)
South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), 5.25%, 02/01/2027(b)		1,060,000		910,254
Tennessee (0.1%)
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project)
5.00%, 10/01/2029		300,000		353,319
5.00%, 10/01/2034		90,000		106,350
				459,669
Texas (5.0%)
Bexar County Health Facilities Development Corp. Revenue Bonds (Army Retirement Residence Obligation Group)
5.00%, 07/15/2023		300,000		319,947
5.00%, 07/15/2024		150,000		163,472
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue Bonds, 5.00%, 12/01/2021		500,000		514,800
Calhoun County Navigation Industrial Development Authority Revenue Notes (Max  Midstream Texas LLC), Series A, 7.00%, 07/27/2021(a)(b)		3,000,000		2,999,700
Decatur Hospital Authority Revenue Bonds (Wise Regional Health System), Series A, 5.00%, 09/01/2023		75,000		81,937
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds (Brazos  Presbyterian Homes, Inc.), 5.00%, 01/01/2027		895,000		990,640
New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.)
Series C, 4.00%, 07/01/2021		275,000		272,525
Series C, 5.00%, 07/01/2023		300,000		291,051
Series D, 6.00%, 07/01/2026		110,000		105,725
Port Beaumont Navigation District Revenue Bonds (Jefferson Railport Terminal II LLC), Series A, 3.63%, 01/01/2035(b)		1,500,000		1,556,835
SA Energy Acquisition Public Facility Corp. Revenue Bonds
5.50%, 08/01/2022		80,000		86,098
5.50%, 08/01/2023		50,000		56,184
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Buckingham Senior Living Community, Inc.)
Series A, 4.50%, 11/15/2021(c)(e)		695,000		417,000
Series B-1, 5.63%, 11/15/2024		2,295,000		2,299,567
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds
Series C, 1.60%, 12/15/2026(a)(d)		1,500,000		1,478,175
Series D, 6.25%, 12/15/2026		2,050,000		2,452,435
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds
5.00%, 12/15/2025		1,000,000		1,103,880
5.00%, 12/15/2029		250,000		328,375
5.00%, 12/15/2030		375,000		500,760
Texas Public Finance Authority Revenue Bonds (Texas Southern University), 5.00%, 11/01/2021		100,000		102,900
				16,122,006

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

U. S. Virgin Islands (0.4%)
Virgin Islands Public Finance Authority Revenue Bonds, Series A, 5.00%, 10/01/2032	$	1,210,000	$	1,287,960
Utah (3.1%)
Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School), Series A
4.50%, 10/15/2028(b)		500,000		510,175
4.63%, 10/15/2048(a)(b)		1,000,000		1,043,940
Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation), 3.63%, 06/15/2021(b)(d)		195,000		196,154
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(b)		3,000,000		3,081,270
Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.), Series A, 4.75%, 05/15/2048(a)(b)		3,000,000		3,042,630
Utah Water Finance Agency Revenue Bonds, Series B, 0.08%, 10/01/2037(a)		2,145,000		2,145,000
				10,019,169
Washington (0.9%)
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A
5.00%, 01/01/2024(b)		180,000		193,302
5.00%, 01/01/2028(b)		440,000		501,099
5.00%, 01/01/2029(b)		465,000		527,798
5.00%, 01/01/2034(b)		745,000		829,185
Washington State Housing Finance Commission Revenue Bonds (Mirabella), 6.00%, 10/01/2022(b)		535,000		549,991
Washington State Housing Finance Commission Revenue Bonds (Presbyterian Retirement  Communities Northwest Obligated Group), 5.00%, 01/01/2023(b)		35,000		35,888
Washington State Housing Finance Commission Revenue Bonds (Wesley Homes Lea Hill  LLC), 3.20%, 07/01/2021(b)		120,000		120,133
				2,757,396
West Virginia (0.5%)
Glenville State College Board of Governors Revenue Bonds, 3.25%, 06/01/2022		340,000		337,627
Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project), 4.00%, 09/01/2023		1,235,000		1,241,842
				1,579,469

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

January 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Wisconsin (5.8%)
Public Finance Authority Revenue Bonds
Series A, 5.00%, 10/01/2024(b)	$	2,100,000	$	2,308,950
6.00%, 01/01/2027		4,100,000		4,302,581
Series A, 5.00%, 10/01/2029(b)		500,000		590,835
Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.)
Series B-2, 3.00%, 03/01/2026(b)		790,000		790,466
3.50%, 03/01/2027(b)		4,000,000		4,002,320
Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings  LLC), Series A-1, 4.50%, 01/01/2035(b)		1,000,000		1,036,490
Wisconsin Health & Educational Facilities Authority Revenue Bond
5.00%, 11/01/2022		120,000		124,591
5.00%, 11/01/2023		360,000		380,592
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Barton College), Series A
5.00%, 03/01/2023		1,250,000		1,268,850
5.00%, 03/01/2028		1,190,000		1,260,972
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College)
5.00%, 01/01/2026		685,000		730,676
5.00%, 01/01/2027		830,000		885,826
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School)
5.00%, 06/15/2022		185,000		193,458
5.00%, 06/15/2024		210,000		236,395
5.00%, 06/15/2026		230,000		273,219
5.00%, 06/15/2027		160,000		194,174
Wisconsin Public Finance Authority Revenue Bonds (Roseman University of Health
Sciences), 5.00%, 04/01/2022		100,000		102,164
				18,682,559
Total Municipal Bonds				320,547,686
Total Investments
(Cost $313,152,782) —99.5%				320,547,686
Other Assets in Excess of Liabilities—0.5%				1,479,820
Net Assets—100.0%			$	322,027,506

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(c) Illiquid security.

(d) All or a portion of the security has been designated as collateral for when issued trading. When-issued trading is trading in securities that have been authorized but not yet been issued.

(e) Security is in default.

See accompanying Notes to Statements of Investments. 

Statement of Investments

January 31, 2021 (Unaudited) 

Aberdeen Ultra Short Municipal Income Fund

	Shares or Principal Amount		Value (US$)
MUNICIPAL BONDS (103.7%)
Alabama (4.9%)
Black Belt Energy Gas District Revenue Bonds, FRN, 1.00%, 12/01/2048(a)	$	20,000,000	$	20,043,800
Health Care Authority for Baptist Health Revenue Bonds, Series B
0.14%, 11/15/2037(a)		5,700,000		5,700,000
0.23%, 11/01/2042(a)		18,600,000		18,600,000
Industrial Development Board Of The Town Of West Jefferson Solid Waste Disposal Revenue Bonds (Alabama Power Company Miller Plant Project), 0.05%, 12/01/2038(a)		5,590,000		5,590,000
Walker County Economic & Industrial Development Authority Revenue Bonds (Alabama Power Co.), 0.05%, 12/01/2036(a)		7,900,000		7,900,000
				57,833,800
Arizona (0.8%)
Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 0.50%, 09/01/2024(a)		7,900,000		7,900,474
Pinal County Industrial Development Authority Revenue Bonds (State of Arizona Department of Corrections), 4.00%, 10/01/2021		1,000,000		1,019,190
				8,919,664
Arkansas (0.4%)
City of Blytheville Revenue Bonds (Nucor Corp. Project), 0.12%, 01/02/2033(a)		4,700,000		4,700,000
California (6.7%)
Bay Area Toll Authority San Francisco Bay Area Toll Bridge Revenue Bonds, Series D, 0.72%, 04/01/2045(a)		8,000,000		8,002,080
California Infrastructure & Economic Development Bank Revenue Bonds (DesertXpress Enterprises LLC), AMT, FRN, 144A, 0.45%, 01/01/2050(a)(b)		12,500,000		12,503,125
California Statewide Communities Development Authority Revenue Bonds (Catholic Healthcare West), Series E, 0.13%, 07/01/2040(a)		2,200,000		2,200,000
California Statewide Communities Development Authority Revenue Bonds (Dignity Health Obligated Group)
Series F, 0.10%, 07/01/2040(a)		3,100,000		3,100,000
Series D, 0.10%, 07/01/2041(a)		5,475,000		5,475,000
California Statewide Communities Development Authority Revenue Bonds (Westgate Pasadena Apartments Project), Series B, 0.21%, 04/01/2042(a)		8,935,000		8,935,000
Contra Costa Country California School Tax And Revenue Anticipation Notes, 2.00%, 12/01/2021		4,500,000		4,558,905
Palomar Pomerado Health Care Certificates of Participation
Series C, 0.52%, 11/01/2036(a)		20,425,000		20,425,000
Series A, 0.53%, 11/01/2036(a)		7,550,000		7,550,000
Series B, 0.53%, 11/01/2036(a)		5,200,000		5,200,000
				77,949,110
Connecticut (1.5%)
Capital Region Development Authority Revenue Bonds, Series B
0.16%, 06/15/2024(a)		3,950,000		3,950,000
0.16%, 06/15/2034(a)		4,270,000		4,270,000
City of Bridgeport General Obligation Unlimited Notes, 1.50%, 12/09/2021		4,200,000		4,232,214
City of West Haven General Obligation Unlimited Bonds, Series B, 2.00%, 09/30/2021		4,800,000		4,838,352
				17,290,566

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Ultra Short Municipal Income Fund

Delaware (0.6%)
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.10%, 10/01/2029(a)	$	4,400,000	$	4,400,000
Sussex County Revenue Bonds (Baywood LLC), Series A, 0.16%, 11/01/2027(a)		2,100,000		2,100,000
				6,500,000
District of Columbia (0.7%)
Metropolitan Washington Airports Authority Revenue Bonds, AMT, VRDN, 0.06%, 10/01/2040(a)		7,700,000		7,700,000
Florida (1.3%)
County of Bay Revenue Bonds (Gulf Power Co.), 0.07%, 06/01/2050(a)		500,000		500,000
Florida Development Finance Corp. Revenue Bonds (Shands Jacksonville Medical Center Obligated Group), Series B, 0.72%, 02/01/2029(a)		11,140,000		11,140,000
Lee County Industrial Development Authority Revenue Bonds (Florida Light & Power Co.), Series A, 0.06%, 12/01/2046(a)		600,000		600,000
Miami-Dade County Industrial Development Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 0.55%, 11/01/2041(a)		2,750,000		2,756,985
				14,996,985
Georgia (1.7%)
Development Authority of Burke County Revenue Bonds (Georgia Power Co.), 0.02%, 11/01/2052(a)		10,880,000		10,880,000
Development Authority of Burke County Revenue Bonds (Oglethop Power Co. Project), VRDN, 0.06%, 01/01/2037(a)		8,800,000		8,800,000
				19,680,000
Illinois (3.5%)
Chicago Midway International Airport Revenue Bonds, Series D-2N, 0.04%, 01/01/2035(a)		2,000,000		2,000,000
Illinois Finance Authority Educational Facility Revenue Bonds (Augustana College), VRDN, 0.07%, 10/01/2032(a)		2,590,000		2,590,000
Illinois Finance Authority Revenue Bonds (Bohler-Uddeholm Corp. Project), 1.01%, 02/01/2037(a)		10,000,000		10,000,000
Illinois Finance Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 0.55%, 11/01/2044(a)		6,000,000		6,015,240
Illinois Housing Development Authority Revenue Bonds, AMT, VRDN, 0.07%, 05/01/2042(a)		10,440,000		10,440,000
Quad Cities Regional Economic Development Authority Revenue Bonds (Augustana College), VRDN, 0.07%, 10/01/2035(a)		8,500,000		8,500,000
State of Illinois
4.88%, 05/01/2021		750,000		758,108
Series A, 5.00%, 10/01/2021		750,000		771,727
				41,075,075
Indiana (4.9%)
Gary Chicago International Airport Authority Revenue Bonds (GJC, Inc.), 0.08%, 05/01/2036(a)		2,800,000		2,800,000
Hammond Local Public Improvement Bond Bank Revenue Bonds, 2.00%, 12/31/2021		1,170,000		1,183,116
Indiana Finance Authority Environmental Improvement Revenue Bonds (ArcelorMittal USA, Inc.), 0.14%, 08/01/2030(a)		38,000,000		38,000,000
Indiana Finance Authority Environmental Improvement Revenue Bonds (Republic Services, Inc.), Series A, 0.25%, 05/01/2034(a)		2,000,000		1,999,980
Indianapolis Multifamily Housing Revenue Bonds (Forest Ridge), Series A, AMT, VRDN, 0.10%, 11/01/2042(a)		12,900,000		12,900,000
				56,883,096

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Ultra Short Municipal Income Fund

Iowa (1.0%)
Iowa Finance Authority Midwestern Disaster Area Economic Development Revenue Bonds (CJ Bio America, Inc.), 0.14%, 04/01/2022(a)	$	12,000,000	$	12,000,000
Kansas (1.0%)
City of Burlington Environmental Improvement Revenue Bonds (Kansas City Power & Light Co.)
Series A, 0.16%, 09/01/2035(a)		5,000,000		5,000,000
Series B, 0.16%, 09/01/2035(a)		5,000,000		5,000,000
City of Dodge City Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.32%, 03/01/2027(a)		1,000,000		1,000,000
City of Liberal Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.32%, 02/01/2029(a)		1,000,000		1,000,000
				12,000,000
Kentucky (3.9%)
County Of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.09%, 07/01/2060(a)		14,000,000		14,000,000
County Of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020B-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.09%, 07/01/2060(a)		14,000,000		14,000,000
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of Kentucky, Inc.), Series C, 0.10%, 05/01/2034(a)		10,465,000		10,465,000
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN, 0.06%, 11/01/2036(a)		5,400,000		5,400,000
Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 0.50%, 08/15/2023(a)		2,100,000		2,100,042
				45,965,042
Louisiana (1.7%)
Louisiana Public Facilities Authority Revenue Bonds (St Mary’s Dominican High School Corp.), Series B, 0.21%, 07/01/2033(a)		200,000		200,000
North Webster Parish Industrial District Revenue Bonds (Continental Structural Plastics of Louisiana LLC), 2.02%, 09/01/2021(a)		250,000		250,000
Parish of State James Revenue Bonds (Nucor Steel Louisiana LLC), VRDN, 0.14%, 11/01/2040(a)		11,500,000		11,500,000
Plaquemines Port Harbor & Terminal District Revenue Bonds (International Marine Terminal Partnership Project), Series A, 1.00%, 03/15/2025(a)		7,500,000		7,508,625
				19,458,625
Maryland (4.2%)
Maryland Economic Development Corp. Revenue Bonds (Linemark Printing/501 Prince George’s Boulevard Obligated Group), 0.35%, 12/01/2033(a)(c)		5,470,000		5,470,000
Maryland Economic Development Corp. Revenue Bonds (Redrock LLC Facility), 0.35%, 11/01/2022(a)		340,000		340,000
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 2.45%, 03/01/2030(a)		42,405,000		42,405,000
Washington County Revenue Bonds (Conservit, Inc.), 0.35%, 02/01/2023(a)(c)		1,215,000		1,215,000
				49,430,000
Massachusetts (0.5%)
Massachusetts Health & Educational Facilities Authority Revenue Bonds (Partners Healthcare System, Inc.), Series G, 0.09%, 07/01/2042(a)		5,920,000		5,920,000
Michigan (0.6%)
Waterford School District General Obligation Limited Bonds, 4.00%, 08/24/2021		7,120,000		7,265,034

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Ultra Short Municipal Income Fund

Mississippi (8.5%)
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue Bonds, Series C, 0.30%, 05/01/2037(a)	$	7,562,000	$	7,564,874
Mississippi Business Finance Corp. Revenue Bonds (Gulf Power Company Project), AMT, VRDN, 0.06%, 12/01/2049(a)		6,400,000		6,400,000
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.) 0.06%, 12/01/2027(a)		1,500,000		1,500,000
AMT, VRDN, 0.06%, 05/01/2028(a)		11,000,000		11,000,000
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT, 0.06%, 07/01/2025(a)		8,300,000		8,300,000
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 3.18%, 11/01/2032(a)		62,000,000		62,000,000
Mississippi Business Finance Corp. Revenue Bonds (Tri-State Truck Center, Inc.), 0.26%, 03/01/2033(a)		2,400,000		2,400,000
				99,164,874
Nevada (1.2%)
Nevada Housing Division Revenue Bonds (Vintage at Laughlin LLC), 0.08%, 04/15/2041(a)		9,660,000		9,660,000
State of Nevada Department of Business & Industry Revenue Bonds (DesertXpress Enterprises LLC), AMT, FRN, 144A, 0.50%, 01/01/2050(a)(b)		5,000,000		5,002,250
				14,662,250
New Hampshire (0.4%)
New Hampshire Business Finance Authority Revenue Bonds (Waste Management, Inc.), Series A-1, 0.25%, 03/01/2021		5,000,000		5,000,100
New Jersey (2.7%)
Bordentown Sewage Authority Revenue Bonds, Series J, (BAM), 5.00%, 12/01/2021		500,000		518,535
City of Newark General Obligation Unlimited Bonds
Series B, 2.00%, 10/05/2021		1,160,000		1,171,124
Series C, 2.00%, 10/05/2021		4,200,000		4,240,278
City of Newark General Obligation Unlimited Notes, 3.50%, 07/27/2021		6,750,000		6,847,065
City of Orange Township General Obligation Unlimited Notes, Series E, 2.00%, 06/15/2021		7,200,000		7,241,472
Town of Kearny General Obligation Limited Bonds, 1.00%, 04/23/2021		11,495,000		11,511,668
				31,530,142
New York (16.9%)
City of Cortland General Obligation Unlimited Notes, 1.25%, 11/12/2021		7,045,000		7,094,949
City of Yonkers General Obligation Unlimited Notes, 2.00%, 06/30/2021		20,000,000		20,133,800
County Of Suffolk New York General Obligation Limited Bonds
Series C, 3.00%, 04/16/2021		20,000,000		20,111,400
2.00%, 07/22/2021		7,000,000		7,055,790
2.00%, 08/19/2021		3,500,000		3,531,115
2.00%, 09/24/2021		10,000,000		10,103,300
Metropolitan Transportation Authority Revenue Bonds
5.00%, 05/15/2021		3,000,000		3,034,500
5.00%, 05/15/2021		5,000,000		5,057,500
Series B-2, 5.00%, 05/15/2021		8,800,000		8,901,200
Series C-2, 5.00%, 09/01/2021		1,250,000		1,279,163
Series B, 5.00%, 11/15/2021		700,000		720,510
Series D, 5.00%, 11/15/2021		700,000		720,510
Series F, 5.00%, 11/15/2021		1,000,000		1,029,300
4.00%, 02/01/2022		11,050,000		11,375,864
Series B-1, 5.00%, 05/15/2022		10,000,000		10,512,600
5.00%, 09/01/2022		9,760,000		10,372,733
New York City General Obligation Unlimited Bonds
Series A-4, 0.14%, 08/01/2026(a)		5,050,000		5,050,000
Series C-4, 0.14%, 10/01/2027(a)		16,275,000		16,275,000
Series J-2, 0.14%, 06/01/2036(a)		8,175,000		8,175,000
Series J-3, 0.14%, 06/01/2036(a)		18,700,000		18,700,000
New York City Industrial Development Agency Revenue Bonds (Novelty Crystal Corp.), 0.49%, 12/01/2034(a)		1,200,000		1,200,000
Oneida County Industrial Development Agency Revenue Bonds (Champion Home Builders Co. Facility), 0.28%, 06/01/2029(a)		6,820,000		6,820,000
Triborough Bridge & Tunnel Authority Revenue Bonds
Series B4A, 0.00%, 01/01/2032(a)		4,000,000		4,000,000
Series B2A, 0.10%, 01/01/2032(a)		3,000,000		3,000,000
Village of Clayton NY General Obligation Limited Bonds, 2.00%, 10/21/2021		2,925,000		2,956,151
Village of Johnson City General Obligation Limited Bonds, 1.50%, 10/01/2021		9,609,886		9,665,431
				196,875,816

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Ultra Short Municipal Income Fund

North Carolina (0.3%)
Hertford County Industrial Facilities & Pollution Control Financing Authority Revenue Bonds (Nucor Corp.), Series A, 0.12%, 11/01/2033(a)	$	3,700,000	$	3,700,000
Oklahoma (2.9%)
Muskogee City-County Trust Port Authority Revenue Bonds (USA, Inc. Project), AMT, VRDN, 0.06%, 05/01/2023(a)		5,700,000		5,700,000
Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group ), VRDN
0.17%, 08/15/2031(a)		14,000,000		14,000,000
0.18%, 08/15/2031(a)		13,770,000		13,770,000
				33,470,000
Oregon (0.4%)
Port of Portland OR Airport Revenue Bonds, 0.08%, 07/01/2026(a)		5,000,000		5,000,000
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.06%, 06/15/2027(a)		100,000		100,000
				5,100,000
Pennsylvania (10.0%)
Allentown City School District General Obligation Limited Bonds, (ST AID WITHHLDG), 2.38%, 03/31/2021		2,750,000		2,750,302
Delaware Valley Regional Finance Authority Local Government Revenue Bonds, 2020 Series C, R-Floats Weekly Rate Mode (Pa), 0.12%, 11/01/2055(a)		16,250,000		16,250,000
Franklin County Industrial Development Authority Revenue Bonds (Precast System LLC), Series A, 0.35%, 11/01/2021(a)		50,000		50,000
Montgomery County Higher Education And Health Authority Thomas Jefferson University Variable Rate Revenue Bonds, VRDN, 0.14%, 09/01/2050(a)(d)		48,030,000		48,030,000
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group), 0.30%, 08/01/2045(a)		50,000,000		50,000,000
				117,080,302
Tennessee (1.2%)
Chattanooga Health Educational & Housing Faculty Board Revenue Bonds, Series C, VRDN, 0.11%, 05/01/2039(a)		12,900,000		12,900,000
Wilson County Industrial Development Board Revenue Bonds (Kenwal Steel Tennessee LLC), 0.38%, 06/01/2037(a)		915,000		915,000
				13,815,000
Texas (14.3%)
Katy Independent School District Refunding Bonds, Series C, 0.37%, 08/15/2036(a)		4,320,000		4,320,043
Mission Economic Development Corp. Revenue Bonds (Waste Management, Inc.)		2,500,000		2,500,150
Series B, 0.25%, 07/01/2040(a)
0.25%, 05/01/2046(a)		3,500,000		3,500,210
Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), AMT, FRN, 0.30%, 05/01/2050(a)		105,000,000		105,000,000
Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP)
0.18%, 04/01/2028(a)		7,000,000		7,000,000
0.18%, 01/01/2030(a)		11,800,000		11,800,000
Port of Port Arthur Navigation District Revenue Bonds
0.02%, 04/01/2040(a)		7,200,000		7,200,000
VRDN, 0.16%, 11/01/2040(a)		19,955,000		19,955,000
State of Texas Tax And Revenue Anticipation Notes, AMT, VRDN, 0.08%, 12/01/2038(a)		3,155,000		3,155,000
Texas Municipal Gas Acquisition & Supply Corp III Revenue Bonds
5.00%, 12/15/2021		1,150,000		1,193,643
5.00%, 12/15/2022		1,150,000		1,245,381
				166,869,427

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

January 31, 2021 (Unaudited) 

Aberdeen Ultra Short Municipal Income Fund

Washington (0.4%)
Port of Grays Harbor Industrial Development Corp. Revenue Bonds (Murphy Co.), 0.07%, 11/01/2026(a)	$	3,000,000	$	3,000,000
Port of Tacoma WA Revenue Bonds, AMT, VRDN, 0.07%, 12/01/2035(a)		2,000,000		2,000,000
				5,000,000
West Virginia (0.8%)
West Virginia Hospital Finance Authority Revenue Bonds (West Virginia United Health System Obligated Group), Series E, 0.14%, 06/01/2033(a)		9,760,000		9,760,000
Wisconsin (3.7%)
Appleton Redevelopment Authority Revenue Bonds (Fox Cities Performing Arts Center, Inc.), Series B, 0.15%, 06/01/2036(a)		9,200,000		9,200,000
Public Finance Authority Revenue Bonds (Waste Management, Inc.), Series A-1, 0.30%, 06/01/2023(a)		16,000,000		16,000,000
Wisconsin Health & Educational Facilities Authority Revenue Bonds, 0.17%, 02/15/2053(a)		13,500,000		13,500,000
Wisconsin Public Finance Authority Revenue Bonds (Waste Management, Inc.), 0.30%, 09/01/2027(a)		4,000,000		4,000,000
				42,700,000
Wyoming (0.1%)
County of Lincoln Revenue Bonds (Exxon Capital Ventures, Inc.), 0.04%, 10/01/2044(a)		820,000		820,000
Total Municipal Bonds				1,211,114,908
SHORT-TERM INVESTMENT (4.6%)
UNITED STATES (4.6%)
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, Zero Coupon%,		750,114		750,264
King Country Wash Commercial Paper, 0.09%, 02/04/2021		5,500,000		5,500,000
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.13%, 02/17/2021		24,465,000		24,465,000
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.12%, 02/18/2021		17,600,000		17,600,000
Vermont Economic Development Authority Revenue Commercial Paper, 0.12%, 02/16/2021		5,550,000		5,550,000
Total Short-Term Investment				53,865,264
Total Investments
(Cost $1,264,163,017) —108.3%				1,264,980,172
Liabilities in Excess of Other Assets—(8.3)%				(97,320,542	)
Net Assets—100.0%			$	1,167,659,630

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

January 31, 2021 (Unaudited) 

Aberdeen Ultra Short Municipal Income Fund

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(c) All or a portion of the security has been designated as collateral for when issued trading. When-issed trading is trading in securities that have been authorized but not yet been issued.

(d) Illiquid security.

FRN Floating Rate Note

See accompanying Notes to Statements of Investments.

Notes to Statements of Investments (unaudited)

January 31, 2021

1. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Aberdeen Funds (the “Trust” and each of its series a “Fund,” or collectively, the “Funds”) in the preparation of their financial statements. The policies conform to 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

The Funds value their securities at current market value or fair value, consistent with regulatory requirements. “Fair value” is defined in the Funds’ Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.

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

Foreign Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund’s portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

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

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value (“NAV”). Generally, these investment types are categorized as Level 1 investments.

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

Notes to Statements of Investments (unaudited) (concluded)

January 31, 2021

Derivative instruments are generally valued according to the following procedures. Exchange traded derivatives are generally Level 1 investments and over-the-counter derivatives are generally Level 2 investments. Forward currency exchange contracts are generally valued based on the current spot exchange rates and the forward exchange rate points (ex. 1-month, 3-month) that are obtained from an approved pricing agent. Based on the actual settlement dates of the forward contracts held, an interpolated value of the forward points is combined with the spot exchange rate to derive the valuation. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund’s assets are determined in good faith in accordance with the Valuation Procedures.

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Valuation Time (as defined below)), the security is valued at fair value as determined by the Funds’ Pricing Committee (the “Pricing Committee”), taking into account the relevant factors and surrounding circumstances using Valuation and Liquidity Procedures approved by the Board. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

Aberdeen Asia-Pacific (ex-Japan) Equity Fund