NPORT-P
    false
    
      
      
        
          0001413594
          XXXXXXXX
        
      
      
      
      
        S000061518
        C000199212
        C000199211
      
      
      
    
  
  
    
      Aberdeen Funds
      811-22132
      0001413594
      549300U001OCRSJJXY43
      1900 Market Street
      Suite 200
      PHILADELPHIA
      
      19103
      215-405-5700
      Aberdeen Global Infrastructure Fund
      S000061518
      2549003OIFOSYQA5PX10
      2021-10-31
      2021-07-31
      N
    
    
      58660335.39
      147308.37
      58513027.02
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      9257.49000000
      
        
      
      
        
          
            UST
          
        
      
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Sarana Menara Nusantara Tbk PT
        N/A
        Sarana Menara Nusantara Tbk PT
        000000000
        
          
        
        8320100.00000000
        NS
        
        842807.60000000
        1.440376003299
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        CCR SA
        N/A
        CCR SA
        000000000
        
          
        
        592200.00000000
        NS
        
        1478154.85000000
        2.526197883241
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        DISH Network Corp
        529900U350CWHH15G169
        DISH Network Corp
        25470M109
        
          
        
        15200.00000000
        NS
        USD
        636728.00000000
        1.088181610878
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Electric Power Co Inc
        1B4S6S7G0TW5EE83BO58
        American Electric Power Co Inc
        025537101
        
          
        
        7900.00000000
        NS
        USD
        696148.00000000
        1.189731646872
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vistra Corp
        549300KP43CPCUJOOG15
        Vistra Corp
        92840M102
        
          
        
        45600.00000000
        NS
        USD
        873240.00000000
        1.492385618165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        Union Pacific Corp
        907818108
        
          
        
        3800.00000000
        NS
        USD
        831288.00000000
        1.420688763402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zhejiang Expressway Co Ltd
        213800X1ZRKM85U9H438
        Zhejiang Expressway Co Ltd
        000000000
        
          
        
        626100.00000000
        NS
        
        528521.00000000
        0.903253560646
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        Sempra Energy
        000000000
        
          
        
        4879.00000000
        NS
        
        643301.28000000
        1.099415485341
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TravelCenters of America Inc
        529900FQY3V2OO9M4Z65
        TravelCenters of America Inc
        89421B109
        
          
        
        16100.00000000
        NS
        USD
        465612.00000000
        0.795740749903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        NextEra Energy Inc
        65339F101
        
          
        
        12800.00000000
        NS
        USD
        997120.00000000
        1.704099156687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        COSCO SHIPPING Ports Ltd
        5299008QX6KA3JHWK507
        COSCO Shipping Ports Ltd
        000000000
        
          
        
        881775.00000000
        NS
        
        629283.93000000
        1.075459537898
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Williams Cos Inc/The
        D71FAKCBLFS2O0RBPG08
        Williams Cos Inc/The
        969457100
        
          
        
        56100.00000000
        NS
        USD
        1405305.00000000
        2.401695949723
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantia SpA
        8156008DEC771409C487
        Atlantia SpA
        000000000
        
          
        
        44500.00000000
        NS
        
        807162.00000000
        1.379456919437
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Buzzi Unicem SpA
        5299003DX5YLKSVJ6K59
        Buzzi Unicem SpA
        000000000
        
          
        
        27100.00000000
        NS
        
        716336.26000000
        1.224233809943
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Getlink SE
        9695007ZEQ7M0OE74G82
        Getlink SE
        000000000
        
          
        
        47800.00000000
        NS
        
        765688.30000000
        1.308577489485
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        National Grid PLC
        8R95QZMKZLJX5Q2XR704
        National Grid PLC
        636274409
        
          
        
        17700.00000000
        NS
        USD
        1138464.00000000
        1.945659040355
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Clearway Energy Inc
        549300LHAZ9HA9G3XC48
        Clearway Energy Inc
        18539C204
        
          
        
        24500.00000000
        NS
        USD
        702660.00000000
        1.200860792520
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enbridge Inc
        98TPTUM4IVMFCZBCUR27
        Enbridge Inc
        000000000
        
          
        
        39000.00000000
        NS
        
        1537367.75000000
        2.627393980958
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Omega Geracao SA
        N/A
        Omega Geracao SA
        000000000
        
          
        
        83900.00000000
        NS
        
        581859.17000000
        0.994409620615
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Tower Bersama Infrastructure Tbk PT
        213800ELUARKGNPAPY10
        Tower Bersama Infrastructure Tbk PT
        000000000
        
          
        
        2660200.00000000
        NS
        
        590867.72000000
        1.009805422983
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Norfolk Southern Corp
        54930036C8MWP850MI84
        Norfolk Southern Corp
        655844108
        
          
        
        4200.00000000
        NS
        USD
        1082886.00000000
        1.850675063571
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enel SpA
        WOCMU6HCI0OJWNPRZS33
        Enel SpA
        000000000
        
          
        
        126200.00000000
        NS
        
        1162999.55000000
        1.987590813926
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        American Tower Corp
        03027X100
        
          
        
        5100.00000000
        NS
        USD
        1442280.00000000
        2.464887006284
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crown Castle International Corp
        54930012H97VSM0I2R19
        Crown Castle International Corp
        22822V101
        
          
        
        7900.00000000
        NS
        USD
        1525411.00000000
        2.606959642471
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vantage Towers AG
        213800BBQO965UPQ7J59
        Vantage Towers AG
        000000000
        
          
        
        21845.00000000
        NS
        
        763674.37000000
        1.305135640545
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Cellnex Telecom SA
        5493008T4YG3AQUI7P67
        Cellnex Telecom SA
        000000000
        
          
        
        30000.00000000
        NS
        
        1956498.06000000
        3.343696540141
        Long
        EC
        CORP
        ES
        Y
        
        2
        
          N
          N
          N
        
      
      
        CMS Energy Corp
        549300IA9XFBAGNIBW29
        CMS Energy Corp
        125896100
        
          
        
        19100.00000000
        NS
        USD
        1180189.00000000
        2.016967947319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        2908682.01000000
        NS
        USD
        2908682.01000000
        4.970999037540
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Engie SA
        LAXUQCHT4FH58LRZDY46
        Engie SA
        000000000
        
          
        
        57200.00000000
        NS
        
        762779.47000000
        1.303606237529
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Kansas City Southern
        5493008C12PZMWP3WY03
        Kansas City Southern
        485170302
        
          
        
        4400.00000000
        NS
        USD
        1178320.00000000
        2.013773786813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        East Japan Railway Co
        353800SENYJ2DSM6PS44
        East Japan Railway Co
        000000000
        
          
        
        6100.00000000
        NS
        
        406396.45000000
        0.694540123280
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke KPN NV
        549300YO0JZHAL7FVP81
        Koninklijke KPN NV
        000000000
        
          
        
        182900.00000000
        NS
        
        600162.80000000
        1.025690911179
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Corp America Airports SA
        N/A
        Corp America Airports SA
        000000000
        
          
        
        102600.00000000
        NS
        USD
        570456.00000000
        0.974921362049
        Long
        EC
        CORP
        LU
        
        N
        
        1
        
          N
          N
          
        
      
      
        Dycom Industries Inc
        549300F56EKTHQI3WT60
        Dycom Industries Inc
        267475101
        
          
        
        6700.00000000
        NS
        USD
        464980.00000000
        0.794660648544
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantica Sustainable Infrastructure PLC
        549300ITBBGKJ651R879
        Atlantica Sustainable Infrastructure PLC
        000000000
        
          
        
        25400.00000000
        NS
        USD
        1009904.00000000
        1.725947282909
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SES SA
        5493008JPA4HYMH1HX51
        SES SA
        000000000
        
          
        
        92700.00000000
        NS
        
        714659.37000000
        1.221367969487
        Long
        EC
        CORP
        LU
        N
        
        2
        
          N
          N
          N
        
      
      
        Veolia Environnement SA
        969500LENY69X51OOT31
        Veolia Environnement SA
        000000000
        
          
        
        29800.00000000
        NS
        
        977363.31000000
        1.670334555868
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Evergy Inc
        549300PGTHDQY6PSUI61
        Evergy Inc
        30034W106
        
          
        
        18100.00000000
        NS
        USD
        1180482.00000000
        2.017468690513
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Canadian Pacific Railway Ltd
        N/A
        Canadian Pacific Railway Ltd
        13645T100
        
          
        
        12300.00000000
        NS
        USD
        914136.00000000
        1.562277746607
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        GEO Group Inc/The
        N/A
        GEO Group Inc/The
        36162J106
        
          
        
        13600.00000000
        NS
        USD
        94112.00000000
        0.160839397298
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinder Morgan Inc
        549300WR7IX8XE0TBO16
        Kinder Morgan Inc
        49456B101
        
          
        
        78700.00000000
        NS
        USD
        1367806.00000000
        2.337609366086
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Royal Bank of Canada
        ES7IP3U3RHIGC71XBU11
        PURCHASED USD / SOLD HKD
        000000000
        
          
        
        1.00000000
        NC
        
        1037.41000000
        0.001772955618
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              Royal Bank of Canada
              ES7IP3U3RHIGC71XBU11
            
            14000000.00000000
            HKD
            1802852.89000000
            USD
            2021-10-13
            1037.41000000
          
        
        
          N
          N
          N
        
      
      
        CoreCivic Inc
        529900JFA3K6PTLT8B15
        CoreCivic Inc
        21871N101
        
          
        
        32000.00000000
        NS
        USD
        328960.00000000
        0.562199593412
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FirstEnergy Corp
        549300SVYJS666PQJH88
        FirstEnergy Corp
        337932107
        
          
        
        24400.00000000
        NS
        USD
        935008.00000000
        1.597948435790
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EDP Renovaveis SA
        529900MUFAH07Q1TAX06
        EDP Renovaveis SA
        000000000
        
          
        
        60900.00000000
        NS
        
        1430403.34000000
        2.444589543301
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        Aena SME SA
        959800R7QMXKF0NFMT29
        Aena SME SA
        000000000
        
          
        
        6100.00000000
        NS
        
        971405.09000000
        1.660151831946
        Long
        EC
        CORP
        ES
        Y
        
        2
        
          N
          N
          N
        
      
      
        China Everbright Environment Group Ltd
        N/A
        China Everbright Environment Group Ltd
        000000000
        
          
        
        800333.00000000
        NS
        
        434060.38000000
        0.741818364398
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Waste Connections Inc
        549300HDLRTPBQU69P29
        Waste Connections Inc
        94106B101
        
          
        
        5700.00000000
        NS
        USD
        722133.00000000
        1.234140561132
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Eiffage SA
        969500OQXKE5WDM9M994
        Eiffage SA
        000000000
        
          
        
        8700.00000000
        NS
        
        886918.43000000
        1.515762344164
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Telefonica Brasil SA
        529900MTGG2HSDBIWG79
        Telefonica Brasil SA
        87936R205
        
          
        
        71000.00000000
        NS
        USD
        566580.00000000
        0.968297196120
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        RWE AG
        529900GB7KCA94ACC940
        RWE AG
        000000000
        
          
        
        38100.00000000
        NS
        
        1354670.85000000
        2.315161117091
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Vinci SA
        213800WFQ334R8UXUG83
        Vinci SA
        000000000
        
          
        
        12500.00000000
        NS
        
        1323430.22000000
        2.261770220070
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        10142.48000000
        NS
        USD
        10142.48000000
        0.017333712707
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Infrastrutture Wireless Italiane SpA
        81560066183FE361C071
        Infrastrutture Wireless Italiane SpA
        000000000
        
          
        
        63300.00000000
        NS
        
        715047.85000000
        1.222031890019
        Long
        EC
        CORP
        IT
        Y
        
        2
        
          N
          N
          N
        
      
      
        Shenandoah Telecommunications Co
        549300XH3H4OUKFPHS84
        Shenandoah Telecommunications Co
        82312B106
        
          
        
        10900.00000000
        NS
        USD
        575411.00000000
        0.983389561786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Promotora y Operadora de Infraestructura SAB de CV
        52990035X6RK8DBUWA73
        Promotora y Operadora de Infraestructura SAB de CV
        000000000
        
          
        
        129400.00000000
        NS
        
        977280.80000000
        1.670193544534
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Rumo SA
        N/A
        Rumo SA
        000000000
        
          
        
        210100.00000000
        NS
        
        833421.21000000
        1.424334464383
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Vodafone Group PLC
        213800TB53ELEUKM7Q61
        Vodafone Group PLC
        000000000
        
          
        
        502900.00000000
        NS
        
        808638.88000000
        1.381980938575
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        T-Mobile US Inc
        549300QHIJYOHPACPG31
        T-Mobile US Inc
        872590104
        
          
        
        3900.00000000
        NS
        USD
        561678.00000000
        0.959919574504
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fraport AG Frankfurt Airport Services Worldwide
        5299001ERX0K10IZUL40
        Fraport AG Frankfurt Airport Services Worldwide
        000000000
        
          
        
        10900.00000000
        NS
        
        716934.14000000
        1.225255599500
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Beijing Enterprises Water Group Ltd
        529900TWUN2ALJKWRR11
        Beijing Enterprises Water Group Ltd
        000000000
        
          
        
        1154000.00000000
        NS
        
        423605.61000000
        0.723950941480
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        International Container Terminal Services Inc
        254900FU1MWK0I0Q4J61
        International Container Terminal Services Inc
        000000000
        
          
        
        370000.00000000
        NS
        
        1151045.31000000
        1.967160765083
        Long
        EC
        CORP
        PH
        N
        
        1
        
          N
          N
          N
        
      
      
        Ferrovial SA
        95980020140005757903
        Ferrovial SA
        000000000
        
          
        
        56146.00000000
        NS
        
        1666141.39000000
        2.847470853679
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Telenor ASA
        549300IM1QSBY4SLPM26
        Telenor ASA
        000000000
        
          
        
        39100.00000000
        NS
        
        678859.74000000
        1.160185645100
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Malaysia Airports Holdings Bhd
        2549003NBM1LN55SZ370
        Malaysia Airports Holdings Bhd
        000000000
        
          
        
        550100.00000000
        NS
        
        753733.20000000
        1.288145970883
        Long
        EC
        CORP
        MY
        N
        
        2
        
          N
          N
          N
        
      
      
        Loma Negra Cia Industrial Argentina SA
        529900VKOQQJ8U9DDK92
        Loma Negra Cia Industrial Argentina SA
        54150E104
        
          
        
        65300.00000000
        NS
        USD
        514564.00000000
        0.879400752629
        Long
        EC
        CORP
        AR
        N
        
        1
        
          N
          N
          N
        
      
      
        Pennon Group PLC
        213800V1CCTS41GWH423
        Pennon Group PLC
        000000000
        
          
        
        0.66800000
        NS
        
        11.86000000
        0.000020268990
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-08-30
      Aberdeen Funds
      Sharon Ferrari
      Sharon Ferrari
      Assistant Treasurer
    
  
  XXXX




 

Statement of Investments

 

July 31, 2021 (Unaudited)

Aberdeen China A Share Equity Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (90.8%)          
CHINA (90.8%)          
Consumer Discretionary (14.1%)          
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a)   192,595   $7,193,850 
Fuyao Glass Industry Group Co. Ltd., A Shares(a)   296,041    2,218,490 
Haier Smart Home Co. Ltd., A Shares(a)   190,500    736,583 
Midea Group Co. Ltd., A Shares (Stock Connect)(a)   411,642    4,055,165 
SAIC Motor Corp. Ltd., A Shares (Stock Connect)(a)   62,000    176,309 
         14,380,397 
Consumer Staples (19.3%)          
By-health Co. Ltd., A Shares(a)   330,688    1,405,322 
Chacha Food Co. Ltd., A Shares(a)   214,500    1,252,153 
Foshan Haitian Flavouring & Food Co. Ltd., A Shares(a)   175,312    3,113,523 
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares(a)   262,400    1,357,786 
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(a)   29,363    7,637,755 
Proya Cosmetics Co. Ltd., A Shares(a)   35,600    889,033 
Wuliangye Yibin Co. Ltd., A Shares(a)   119,137    4,082,968 
         19,738,540 
Energy (0.0%)          
G3 Exploration Ltd.(b)(c)(d)   53,000     
           
Financials (14.0%)          
Bank of Ningbo Co. Ltd., A Shares(a)   482,715    2,422,393 
China International Capital Corp. Ltd., H Shares(e)   355,200    818,211 
China Merchants Bank Co. Ltd., A Shares(a)   664,432    4,789,755 
Ping An Bank Co. Ltd., A Shares(a)   946,700    2,592,144 
Ping An Insurance Group Co. of China Ltd., A Shares(a)   442,137    3,677,991 
         14,300,494 
Health Care (11.3%)          
Aier Eye Hospital Group Co. Ltd., A Shares(a)   349,458    3,186,719 
Hangzhou Tigermed Consulting Co. Ltd., A Shares(a)   82,767    2,024,573 
Hangzhou Tigermed Consulting Co. Ltd., H Shares(e)   53,600    1,040,936 
Jiangsu Hengrui Medicine Co. Ltd., A Shares(a)   313,895    2,648,821 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares(a)   44,210    2,678,655 
         11,579,704 
Industrials (11.0%)          
Centre Testing International Group Co. Ltd., A Shares (Stock Connect)(a)   564,388    2,374,935 
Contemporary Amperex Technology Co. Ltd., A Shares(a)   38,279    3,280,757 
Guangzhou Baiyun International Airport Co. Ltd., A Shares(a)   315,200    427,611 
NARI Technology Co. Ltd., A Shares (Stock Connect)(a)   480,960    2,339,407 
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(a)   216,810    1,295,339 
Shanghai M&G Stationery, Inc., A Shares(a)   142,680    1,561,337 
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(a)   500    13,037 
         11,292,423 
Information Technology (13.5%)          
Beijing Sinnet Technology Co. Ltd., A Shares(a)   409,689    1,025,884 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen China A Share Equity Fund

 

Glodon Co. Ltd., A Shares(a)   268,189   $2,621,780 
Hundsun Technologies, Inc., A Shares(a)   159,850    1,380,568 
LONGi Green Energy Technology Co. Ltd., A Shares(a)   220,920    2,949,133 
Luxshare Precision Industry Co. Ltd., A Shares(a)   413,270    2,371,965 
Venustech Group, Inc., A Shares(a)   427,100    2,097,135 
Yonyou Network Technology Co. Ltd., A Shares(a)   245,900    1,365,289 
         13,811,754 
Materials (5.5%)          
Anhui Conch Cement Co. Ltd., A Shares(a)   260,456    1,428,536 
Wanhua Chemical Group Co. Ltd., A Shares(a)   109,017    1,925,464 
Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)(a)   57,720    2,224,369 
         5,578,369 
Real Estate (2.1%)          
China Vanke Co. Ltd., A Shares(a)   682,273    2,183,023 
         92,864,704 
Total Common Stocks        92,864,704 
           
EXCHANGE-TRADED FUNDS (3.9%)          
CHINA (1.1%)          
Xtrackers Harvest CSI 300 China A Shares ETF(a)(f)   31,096    1,171,075 
           
UNITED STATES (2.8%)          
KraneShares Bosera MSCI China A Shares ETF(f)   63,441    2,850,087 
Total Exchange-Traded Funds        4,021,162 
           
SHORT-TERM INVESTMENT—5.4%          
UNITED STATES (5.4%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(g)   5,500,530    5,500,530 
         5,500,530 
Total Short-Term Investment        5,500,530 
Total Investments    (Cost $107,026,515) —100.1%        102,386,396 
Liabilities in Excess of Other Assets—(0.1)%        (145,689)
Net Assets—100.0%       $102,240,707 

 

(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) Illiquid security.
(d) Trading halted. Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees.
(e) Denotes a security issued under Regulation S or Rule 144A.
(f) All or a portion of the securities are on loan. The total value of all securities on loan is $1,287,552. 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.
(g) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021.

 

ETF Exchange-Traded Fund

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)

Aberdeen Dynamic Dividend Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (97.1%)          
AUSTRALIA (1.2%)          
Materials (1.2%)          
Rio Tinto PLC, ADR   18,158   $1,567,217 
           
BRAZIL (2.4%)          
Industrials (1.1%)          
CCR SA   559,200    1,395,785 
           
Materials (1.3%)          
Vale SA, ADR   78,700    1,654,274 
         3,050,059 
CANADA (2.4%)          
Energy (1.3%)          
Enbridge, Inc.   43,500    1,711,725 
           
Materials (1.1%)          
Barrick Gold Corp.   64,000    1,393,280 
         3,105,005 
CHINA (4.0%)          
Communication Services (1.0%)          
Tencent Holdings Ltd.   22,500    1,356,934 
           
Consumer Discretionary (1.0%)          
Shenzhou International Group Holdings Ltd.   59,000    1,309,403 
           
Financials (1.1%)          
Ping An Insurance Group Co. of China Ltd., H Shares   155,800    1,363,381 
           
Real Estate (0.9%)          
China Vanke Co. Ltd., H Shares   425,400    1,108,190 
         5,137,908 
DENMARK (1.6%)          
Financials (1.6%)          
Tryg A/S   83,333    2,059,555 
           
FINLAND (1.6%)          
Financials (0.8%)          
Nordea Bank Abp   86,300    1,010,608 
           
Information Technology (0.8%)          
Nokia OYJ(a)   170,250    1,046,074 
         2,056,682 
FRANCE (6.7%)          
Consumer Discretionary (1.2%)          
LVMH Moet Hennessy Louis Vuitton SE   1,900    1,521,267 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Dynamic Dividend Fund

 

Consumer Staples (1.1%)          
Danone SA   19,800   $1,456,359 
           
Energy (1.0%)          
TOTAL SE, ADR   29,600    1,291,448 
           
Health Care (1.2%)          
Sanofi   15,100    1,556,406 
           
Industrials (2.2%)          
Alstom SA(a)   30,400    1,260,881 
Schneider Electric SE   9,400    1,574,390 
         2,835,271 
         8,660,751 
GERMANY (5.0%)          
Financials (1.0%)          
Deutsche Boerse AG   8,000    1,334,911 
           
Health Care (0.7%)          
Bayer AG   16,100    959,222 
           
Information Technology (1.0%)          
Infineon Technologies AG   33,900    1,295,459 
           
Materials (1.1%)          
Linde PLC(a)   4,700    1,441,227 
           
Utilities (1.2%)          
RWE AG   41,900    1,489,782 
         6,520,601 
HONG KONG (0.9%)          
Financials (0.9%)          
Hong Kong Exchanges & Clearing Ltd.   18,700    1,195,111 
           
INDONESIA (1.0%)          
Communication Services (1.0%)          
Telkom Indonesia Persero Tbk PT   6,062,000    1,358,851 
           
ITALY (1.1%)          
Utilities (1.1%)          
Enel SpA   155,000    1,428,407 
           
JAPAN (2.0%)          
Financials (1.1%)          
Mitsubishi UFJ Financial Group, Inc.   263,900    1,394,098 
           
Real Estate (0.9%)          
GLP J-REIT   700    1,253,817 
         2,647,915 
NETHERLANDS (2.5%)          
Consumer Staples (1.3%)          
Heineken NV   14,600    1,700,195 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Dynamic Dividend Fund

 

Information Technology (1.2%)          
ASML Holding NV   2,100   $1,605,206 
         3,305,401 
NORWAY (1.0%)          
Communication Services (1.0%)          
Telenor ASA   72,700    1,262,228 
           
SINGAPORE (1.2%)          
Financials (1.2%)          
Oversea-Chinese Banking Corp. Ltd.   168,155    1,521,338 
           
SOUTH KOREA (1.0%)          
Materials (1.0%)          
LG Chem Ltd.   1,840    1,351,487 
           
SPAIN (1.2%)          
Industrials (1.2%)          
Ferrovial SA   53,626    1,591,360 
           
SWITZERLAND (3.1%)          
Consumer Staples (1.0%)          
Nestle SA   10,300    1,304,285 
           
Financials (0.9%)          
Zurich Insurance Group AG   2,900    1,169,207 
           
Health Care (1.2%)          
Roche Holding AG   4,000    1,545,248 
         4,018,740 
TAIWAN (1.2%)          
Information Technology (1.2%)          
Taiwan Semiconductor Manufacturing Co. Ltd., ADR   13,700    1,597,968 
           
UNITED KINGDOM (5.6%)          
Communication Services (1.3%)          
Vodafone Group PLC, ADR   103,300    1,686,889 
           
Consumer Staples (0.9%)          
Unilever PLC   19,600    1,129,741 
           
Health Care (2.4%)          
AstraZeneca PLC, ADR   31,700    1,814,508 
Dechra Pharmaceuticals PLC   19,700    1,360,936 
         3,175,444 
Industrials (1.0%)          
Melrose Industries PLC   591,474    1,314,416 
           
Utilities (0.0%)          
Pennon Group PLC       6 
         7,306,496 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Dynamic Dividend Fund

 

UNITED STATES (50.4%)          
Communication Services (2.9%)          
Alphabet, Inc., Class C(a)   1,000   $2,704,420 
Cineworld Group PLC(a)   485,000    427,815 
Shenandoah Telecommunications Co.   12,300    649,317 
         3,781,552 
Consumer Discretionary (7.8%)          
Aptiv PLC(a)   9,300    1,551,705 
Genuine Parts Co.   13,000    1,649,960 
Las Vegas Sands Corp.(a)   32,600    1,380,610 
Lowe's Cos., Inc.   10,000    1,926,900 
Target Corp.   8,800    2,297,240 
TJX Cos., Inc. (The)   20,100    1,383,081 
         10,189,496 
Consumer Staples (4.4%)          
Coca-Cola Co. (The)   24,900    1,420,047 
Kraft Heinz Co. (The)   31,000    1,192,570 
Mondelez International, Inc., Class A   25,600    1,619,456 
PepsiCo, Inc.   9,200    1,443,940 
         5,676,013 
Energy (1.1%)          
Williams Cos., Inc. (The)   57,900    1,450,395 
           
Financials (6.9%)          
Bank of America Corp.   44,500    1,707,020 
Blackstone Group, Inc. (The), Class A   12,200    1,406,294 
Goldman Sachs Group, Inc. (The)   5,200    1,949,376 
Huntington Bancshares, Inc.   75,800    1,067,264 
Intercontinental Exchange, Inc.   11,600    1,390,028 
JPMorgan Chase & Co.   9,400    1,426,732 
         8,946,714 
Health Care (6.8%)          
AbbVie, Inc.   19,103    2,221,679 
Bristol-Myers Squibb Co.   22,200    1,506,714 
Eli Lilly & Co.   7,300    1,777,550 
Medtronic PLC   13,600    1,785,816 
UnitedHealth Group, Inc.   3,900    1,607,658 
         8,899,417 
Industrials (3.5%)          
FedEx Corp.   6,300    1,763,685 
Lockheed Martin Corp.   3,500    1,300,845 
Norfolk Southern Corp.   5,600    1,443,848 
         4,508,378 
Information Technology (12.0%)          
Apple, Inc.   29,400    4,288,284 
Avast PLC(b)   235,800    1,900,260 
Broadcom, Inc.   4,400    2,135,760 
Cisco Systems, Inc.   26,800    1,483,916 
Fidelity National Information Services, Inc.   9,700    1,445,785 
Intel Corp.   22,800    1,224,816 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen Dynamic Dividend Fund

 

Microsoft Corp.   10,800   $3,077,028 
         15,555,849 
Real Estate (2.4%)          
American Tower Corp., REIT   4,600    1,300,880 
Digital Realty Trust, Inc.   7,700    1,187,032 
Gaming and Leisure Properties, Inc., REIT   13,800    653,292 
         3,141,204 
Utilities (2.6%)          
CMS Energy Corp.   11,300    698,227 
FirstEnergy Corp.   31,100    1,191,752 
NextEra Energy, Inc.   19,500    1,519,050 
         3,409,029 
         65,558,047 
Total Common Stocks        126,301,127 
           
PREFERRED STOCKS (1.8%)          
SOUTH KOREA (1.8%)          
Information Technology (1.8%)          
Samsung Electronics Co. Ltd.   36,800    2,310,152 
Total Preferred Stocks        2,310,152 
           
SHORT-TERM INVESTMENT (1.4%)          
UNITED STATES (1.4%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c)   1,787,561    1,787,561 
Total Short-Term Investment        1,787,561 
Total Investments  (Cost $94,559,146) —100.3%        130,398,840 
Liabilities in Excess of Other Assets—(0.3)%        (387,429)
Net Assets—100.0%       $130,011,411 

 

(a) Non-income producing security.
(b) Denotes a security issued under Regulation S or Rule 144A.
(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021.
 
ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust

 

At July 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                   
10/13/2021  State Street Bank and Trust  USD 3,073,545  EUR 2,600,000  $3,088,583   $(15,038)

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)
Aberdeen Emerging Markets Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (87.2%)          
ARGENTINA (1.2%)          
Consumer Discretionary (1.2%)          
MercadoLibre, Inc.(a)   39,778   $62,399,749 
BRAZIL (4.4%)          
Financials (0.5%)          
B3 SA - Brasil Bolsa Balcao   8,662,600    25,364,499 
Industrials (1.3%)          
Rumo SA(a)   9,973,057    39,560,957 
WEG SA   4,341,526    29,767,368 
         69,328,325 
Materials (2.6%)          
Vale SA, ADR   6,711,583    141,077,475 
         235,770,299 
CHINA (30.5%)          
Communication Services (3.8%)          
Tencent Holdings Ltd.   3,392,100    204,571,267 
Consumer Discretionary (11.2%)          
Alibaba Group Holding Ltd.(a)   10,226,300    249,754,370 
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b)   1,828,403    68,385,341 
Li Ning Co. Ltd.   3,637,000    38,411,495 
Meituan, B Shares(a)(c)   1,943,300    53,773,857 
Midea Group Co. Ltd., A Shares (Stock Connect)(b)   5,054,316    49,856,987 
Prosus NV   674,543    60,181,639 
Shenzhou International Group Holdings Ltd.   3,322,600    73,739,374 
         594,103,063 
Consumer Staples (0.6%)          
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b)   121,415    31,623,681 
Financials (2.7%)          
China Merchants Bank Co. Ltd., H Shares   13,651,500    103,854,497 
Ping An Insurance Group Co. of China Ltd., H Shares   4,530,500    39,645,680 
         143,500,177 
Health Care (2.8%)          
Hangzhou Tigermed Consulting Co. Ltd., A Shares(b)   1,234,495    30,237,109 
Hangzhou Tigermed Consulting Co. Ltd., H Shares(c)   200,700    3,897,685 
Wuxi Biologics Cayman, Inc.(a)(c)   7,381,500    112,746,876 
         146,881,670 
Industrials (3.5%)          
China Conch Venture Holdings Ltd.   7,463,500    27,210,860 
NARI Technology Co. Ltd., A Shares (Stock Connect)(b)   16,865,176    82,141,468 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)
Aberdeen Emerging Markets Fund

 

Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(b)   2,981,278   $77,835,621 
         187,187,949 
Information Technology (2.6%)          
GDS Holdings Ltd. Class A(a)   2,884,700    21,388,713 
LONGi Green Energy Technology Co. Ltd., A Shares(b)   8,774,838    117,293,308 
         138,682,021 
Materials (0.9%)          
Yunnan Energy New Material Co. Ltd., A Shares (Stock Connect)(b)   1,261,275    48,670,421 
Real Estate (1.2%)          
China Resources Land Ltd.   18,686,000    62,445,945 
Utilities (1.2%)          
China Resources Gas Group Ltd.   10,320,000    63,610,663 
         1,621,276,857 
CYPRUS (0.5%)          
Financials (0.5%)          
TCS Group Holding PLC, GDR   322,414    26,687,955 
HONG KONG (4.0%)          
Consumer Staples (0.9%)          
Budweiser Brewing Co. APAC Ltd.(c)   16,750,100    46,746,396 
Financials (3.1%)          
AIA Group Ltd.   7,076,000    84,669,722 
Hong Kong Exchanges & Clearing Ltd.   1,233,565    78,836,750 
         163,506,472 
         210,252,868 
INDIA (10.9%)          
Consumer Discretionary (0.0%)          
Zomato Ltd.(a)   650,222    1,174,795 
Consumer Staples (1.9%)          
Hindustan Unilever Ltd.   1,471,531    46,354,820 
ITC Ltd.   18,918,245    52,188,411 
         98,543,231 
Financials (5.3%)          
Housing Development Finance Corp. Ltd.   4,216,682    138,891,179 
Kotak Mahindra Bank Ltd.(a)   2,690,777    60,060,000 
SBI Life Insurance Co. Ltd.(c)   5,582,446    83,530,173 
         282,481,352 
Information Technology (2.3%)          
Tata Consultancy Services Ltd.   2,822,297    120,334,371 
Materials (1.4%)          
UltraTech Cement Ltd.   748,488    76,854,193 
         579,387,942 
INDONESIA (1.8%)          
Financials (1.8%)          
Bank Central Asia Tbk PT   26,294,600    54,281,438 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

 

July 31, 2021 (Unaudited)
Aberdeen Emerging Markets Fund

 

Bank Rakyat Indonesia Persero Tbk PT   158,554,800   $40,676,643 
         94,958,081 
MACAO (1.1%)          
Consumer Discretionary (1.1%)          
Sands China Ltd.(a)   17,262,000    58,795,272 
MEXICO (4.2%)          
Consumer Staples (1.4%)          
Fomento Economico Mexicano SAB de CV, ADR   822,096    71,826,528 
Financials (1.4%)          
Grupo Financiero Banorte SAB de CV, Class O   11,847,619    76,646,097 
Industrials (0.5%)          
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)   1,574,556    28,489,725 
Materials (0.9%)          
Grupo Mexico SAB de CV, Class B   9,880,769    45,258,575 
         222,220,925 
NETHERLANDS (2.2%)          
Information Technology (2.2%)          
ASM International NV   87,540    31,068,821 
ASML Holding NV   114,596    87,595,321 
         118,664,142 
PHILIPPINES (0.4%)          
Financials (0.4%)          
Bank of the Philippine Islands   13,044,794    21,008,421 
POLAND (0.8%)          
Consumer Discretionary (0.8%)          
Allegro.eu SA(a)(c)   2,562,219    43,961,759 
RUSSIA (4.7%)          
Communication Services (0.5%)          
Yandex N.V., Class A(a)   410,630    27,894,096 
Energy (3.1%)          
LUKOIL PJSC, ADR   770,958    66,217,583 
Novatek PJSC   4,489,295    100,133,251 
         166,350,834 
Financials (1.1%)          
Sberbank of Russia PJSC   13,313,252    55,528,876 
         249,773,806 
SOUTH AFRICA (3.1%)          
Consumer Discretionary (1.7%)          
Naspers Ltd., N Shares   478,229    92,288,733 
Materials (1.4%)          
Anglo American Platinum Ltd.   558,389    73,076,784 
         165,365,517 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

 

July 31, 2021 (Unaudited)
Aberdeen Emerging Markets Fund

 

SOUTH KOREA (4.4%)        
Communication Services (0.5%)        
Kakao Corp.   210,570   $26,956,102 
Financials (0.0%)          
KakaoBank Corp.(a)   43,115    1,461,843 
Information Technology (1.6%)          
Samsung SDI Co. Ltd.   133,408    86,120,029 
Materials (2.3%)          
LG Chem Ltd.   165,632    121,657,305 
         236,195,279 
TAIWAN (11.6%)          
Communication Services (0.8%)          
Sea Ltd., ADR(a)   145,728    40,244,244 
Information Technology (10.8%)          
Delta Electronics, Inc.   5,103,000    52,581,013 
Hon Hai Precision Industry Co. Ltd.   14,107,000    55,746,914 
Taiwan Semiconductor Manufacturing Co. Ltd.   22,453,017    469,256,735 
         577,584,662 
         617,828,906 
UNITED KINGDOM (1.4%)          
Materials (1.4%)          
Mondi PLC   2,764,362    76,945,416 
Total Common Stocks        4,641,493,194 
PREFERRED STOCKS (10.5%)          
BRAZIL (1.7%)          
Financials (1.7%)          
Banco Bradesco SA, ADR, Preferred Shares, 1.94%   18,572,657    86,734,308 
SOUTH KOREA (8.8%)          
Information Technology
(8.8%)
          
Samsung Electronics Co. Ltd.   7,473,964    469,184,522 
Total Preferred Stocks        555,918,830 
SHORT-TERM INVESTMENTS (3.0%)          
UNITED STATES (3.0%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d)   161,649,130    161,649,130 
Total Short-Term Investments        161,649,130 
Total Investments (Cost $3,958,276,462) —100.7%        5,359,061,154 
Liabilities in Excess of Other Assets—(0.7)%        (36,352,348)
Net Assets—100.0%       $5,322,708,806 

 

(a) Non-income producing security.

 

See accompanying Notes to Statements of Investments.

  

 

 

 

Statement of Investments (concluded) 

 

July 31, 2021 (Unaudited)
Aberdeen Emerging Markets Fund

 

(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 July 31, 2021.

 

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

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Sustainable Leaders Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (87.9%)          
ARGENTINA (1.1%)          
Consumer Discretionary (1.1%)          
MercadoLibre, Inc.(a)   1,673   $2,624,435 
BRAZIL (3.9%)          
Health Care (0.5%)          
Notre Dame Intermedica Participacoes SA   78,800    1,210,387 
Industrials (2.3%)          
Rumo SA(a)   747,900    2,966,757 
WEG SA   335,080    2,297,453 
         5,264,210 
Real Estate (1.1%)          
Multiplan Empreendimentos Imobiliarios SA   571,932    2,564,127 
         9,038,724 
CHILE (0.6%)          
Financials (0.6%)          
Banco Santander Chile, ADR   65,300    1,275,962 
CHINA (28.9%)          
Communication Services (3.9%)          
Tencent Holdings Ltd.   149,400    9,010,037 
Consumer Discretionary (9.2%)          
Alibaba Group Holding Ltd.(a)   465,700    11,373,675 
Meituan, B Shares(a)(b)   75,100    2,078,123 
Midea Group Co. Ltd., A Shares (Stock Connect)(c)   255,929    2,524,545 
Prosus NV   25,319    2,258,920 
Zhongsheng Group Holdings Ltd.   313,000    2,884,683 
         21,119,946 
Financials (2.7%)          
China Merchants Bank Co. Ltd., H Shares   525,500    3,997,769 
Ping An Insurance Group Co. of China Ltd., H Shares   236,000    2,065,198 
         6,062,967 
Health Care (3.0%)          
Hangzhou Tigermed Consulting Co. Ltd., H Shares(b)   116,500    2,262,483 
Wuxi Biologics Cayman, Inc.(a)(b)   304,000    4,643,372 
         6,905,855 
Industrials (5.1%)          
Centre Testing International Group Co. Ltd., A Shares (Stock Connect)(c)   494,580    2,083,940 
China Conch Venture Holdings Ltd.   826,500    3,013,302 
Sungrow Power Supply Co. Ltd., A Shares (Stock Connect)(c)   150,642    3,932,982 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares   1,371,800    2,577,669 
         11,607,893 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Sustainable Leaders Fund

 

Information Technology (4.0%)        
GDS Holdings Ltd. Class A(a)   48,000   $355,898 
GDS Holdings Ltd., ADR(a)   25,500    1,503,480 
Glodon Co. Ltd., A Shares(c)   219,840    2,151,972 
LONGi Green Energy Technology Co. Ltd., A Shares(c)   375,205    5,015,367 
         9,026,717 
Real Estate (1.0%)          
China Vanke Co. Ltd., H Shares   841,500    2,192,153 
         65,925,568 
HONG KONG (3.4%)          
Financials (3.4%)          
AIA Group Ltd.   288,500    3,452,122 
Hong Kong Exchanges & Clearing Ltd.   66,300    4,237,212 
         7,689,334 
INDIA (10.4%)          
Consumer Discretionary (0.0%)          
Zomato Ltd.(a)   27,819    50,262 
Consumer Staples (1.0%)          
Hindustan Unilever Ltd.   69,000    2,173,575 
Financials (3.8%)          
Housing Development Finance Corp. Ltd.   183,651    6,049,189 
Kotak Mahindra Bank Ltd.(a)   122,358    2,731,115 
         8,780,304 
Health Care (1.0%)          
Syngene International Ltd.(a)(b)   257,300    2,205,407 
Information Technology (2.0%)          
Tata Consultancy Services Ltd.   109,300    4,660,228 
Materials (1.0%)          
Asian Paints Ltd.   57,900    2,301,759 
Utilities (1.6%)          
Power Grid Corp. of India Ltd.   1,158,200    2,666,395 
Power Grid Corp. of India Ltd.(a)   386,067    887,930 
         3,554,325 
         23,725,860 
INDONESIA (1.8%)          
Consumer Discretionary (0.7%)          
Ace Hardware Indonesia Tbk PT   16,492,300    1,506,565 
Financials (1.1%)          
Bank Central Asia Tbk PT   1,246,600    2,573,427 
         4,079,992 
KAZAKHSTAN (1.5%)          
Financials (1.5%)          
Kaspi.KZ JSC., GDR(b)(d)   30,177    3,416,036 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Sustainable Leaders Fund

 

MEXICO (4.6%)        
Consumer Staples (1.6%)          
Arca Continental SAB de CV   587,300   $3,584,356 
Financials (2.2%)          
Grupo Financiero Banorte SAB de CV, Class O   784,966    5,078,200 
Industrials (0.8%)          
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(a)   39,500    1,932,340 
         10,594,896 
NETHERLANDS (2.1%)          
Information Technology (2.1%)          
ASM International NV   5,156    1,829,916 
ASML Holding NV   4,027    3,078,173 
         4,908,089 
PHILIPPINES (1.1%)          
Real Estate (1.1%)          
Ayala Land, Inc.   3,750,500    2,453,563 
POLAND (1.7%)          
Consumer Discretionary (0.8%)          
Allegro.eu SA(a)(b)   108,570    1,862,810 
Industrials (0.9%)          
InPost SA(a)   100,445    1,969,527 
         3,832,337 
RUSSIA (4.1%)          
Consumer Staples (1.2%)          
X5 Retail Group NV, GDR   76,300    2,470,594 
X5 Retail Group NV, GDR   7,580    245,394 
         2,715,988 
Financials (2.9%)          
Sberbank of Russia PJSC, ADR   396,935    6,601,683 
         9,317,671 
SAUDI ARABIA (0.9%)          
Consumer Discretionary (0.9%)          
Delivery Hero SE(a)(b)   14,200    2,122,794 
SOUTH AFRICA (2.0%)          
Consumer Discretionary (2.0%)          
Naspers Ltd., N Shares   24,074    4,645,805 
SOUTH KOREA (4.2%)          
Financials (0.0%)          
KakaoBank Corp.(a)   1,837    62,285 
Information Technology (2.0%)          
Samsung SDI Co. Ltd.   7,125    4,599,463 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Sustainable Leaders Fund

 

Materials (2.2%)        
LG Chem Ltd.   6,763   $4,967,448 
         9,629,196 
TAIWAN (12.9%)          
Communication Services (0.9%)          
Sea Ltd., ADR(a)   7,070    1,952,451 
Information Technology (12.0%)          
Chroma ATE, Inc.   459,000    3,233,349 
Hon Hai Precision Industry Co. Ltd.   889,000    3,513,079 
Taiwan Semiconductor Manufacturing Co. Ltd.   991,000    20,711,401 
         27,457,829 
         29,410,280 
TURKEY (1.0%)          
Information Technology (1.0%)          
Logo Yazilim Sanayi Ve Ticaret AS   518,800    2,227,651 
UNITED KINGDOM (1.7%)          
Materials (1.7%)          
Mondi PLC   136,695    3,804,876 
Total Common Stocks        200,723,069 
PREFERRED STOCKS (10.4%)          
BRAZIL (1.6%)          
Financials (1.6%)          
Banco Bradesco SA, ADR, Preferred Shares, 1.94%   764,401    3,569,753 
SOUTH KOREA (8.8%)          
Information Technology (8.8%)          
Samsung Electronics Co. Ltd.   319,780    20,074,465 
Total Preferred Stocks        23,644,218 
SHORT-TERM INVESTMENT—1.7%          
UNITED STATES (1.7%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e)   3,924,552    3,924,552 
Total Short-Term Investment        3,924,552 
Total Investments (Cost $211,664,962) —100.0%        228,291,839 
Other Assets in Excess of Liabilities—0.0%        106,137 
Net Assets—100.0%       $228,397,976 

 

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

   

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Sustainable Leaders Fund

 

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

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)
Aberdeen Global Equity Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (100.3%)          
AUSTRALIA (2.6%)          
Health Care (1.5%)          
CSL Ltd.   2,100   $447,070 
           
Real Estate (1.1%)          
Goodman Group, REIT   21,200    352,602 
         799,672 
BRAZIL (1.0%)          
Consumer Staples (1.0%)          
Raia Drogasil SA   66,500    322,270 
           
CHINA (2.6%)          
Communication Services (2.6%)          
Tencent Holdings Ltd.   13,400    808,129 
           
DENMARK (3.6%)          
Health Care (3.6%)          
Genmab AS(a)   1,400    632,770 
Novo Nordisk AS, Class B   5,400    499,885 
         1,132,655 
FRANCE (5.4%)          
Consumer Discretionary (2.8%)          
LVMH Moet Hennessy Louis Vuitton SE   1,100    880,734 
           
Industrials (2.6%)          
Schneider Electric SE   4,790    802,269 
         1,683,003 
HONG KONG (3.3%)          
Financials (3.3%)          
AIA Group Ltd.   85,300    1,020,679 
           
INDIA (1.9%)          
Financials (1.9%)          
Housing Development Finance Corp. Ltd.   17,700    583,012 
           
JAPAN (4.6%)          
Information Technology (3.2%)          
Keyence Corp.   1,800    1,002,604 
           
Materials (1.4%)          
Shin-Etsu Chemical Co. Ltd.   2,600    424,136 
         1,426,740 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Global Equity Fund

 

NETHERLANDS (5.5%)        
Consumer Staples (2.6%)          
Heineken NV   6,900   $803,517 
           
Information Technology (2.9%)          
ASML Holding NV   1,200    917,260 
         1,720,777 
SINGAPORE (1.9%)          
Financials (1.9%)          
Oversea-Chinese Banking Corp. Ltd.   65,117    589,129 
           
SWEDEN (2.0%)          
Industrials (2.0%)          
Atlas Copco AB, A Shares   9,400    636,615 
           
SWITZERLAND (6.2%)          
Consumer Staples (3.2%)          
Nestle SA   7,700    975,048 
           
Financials (1.5%)          
Zurich Insurance Group AG   1,150    463,651 
           
Health Care (1.5%)          
Roche Holding AG   1,220    471,301 
         1,910,000 
TAIWAN (2.9%)          
Information Technology (2.9%)          
Taiwan Semiconductor Manufacturing Co. Ltd., ADR   7,600    886,464 
           
UNITED KINGDOM (12.1%)          
Consumer Staples (3.4%)          
Diageo PLC   21,100    1,046,270 
           
Health Care (6.7%)          
Abcam PLC(a)   24,800    468,130 
AstraZeneca PLC   7,400    850,333 
Dechra Pharmaceuticals PLC   6,100    421,407 
Genus PLC   4,300    329,490 
         2,069,360 
Materials (2.0%)          
Croda International PLC   5,340    625,107 
         3,740,737 
UNITED STATES (44.7%)          
Communication Services (3.1%)          
Alphabet, Inc., Class A(a)   360    970,031 
           
Consumer Discretionary (9.4%)          
Amazon.com, Inc.(a)   270    898,449 
Las Vegas Sands Corp.(a)   7,200    304,920 
NIKE, Inc., Class B   5,700    954,807 
TJX Cos., Inc. (The)   10,800    743,148 
         2,901,324 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)
 

July 31, 2021 (Unaudited)
Aberdeen Global Equity Fund

 

Consumer Staples (9.8%)        
Costco Wholesale Corp.   1,690   $726,227 
Estee Lauder Cos., Inc. (The), Class A   2,600    867,958 
PepsiCo, Inc.   5,050    792,597 
Procter & Gamble Co. (The)   4,600    654,258 
         3,041,040 
Financials (5.0%)          
CME Group, Inc.   2,800    593,964 
Intercontinental Exchange, Inc.   8,000    958,640 
         1,552,604 
Health Care (4.4%)          
AbbVie, Inc.   3,700    430,310 
Boston Scientific Corp.(a)   20,200    921,120 
         1,351,430 
Information Technology (11.4%)          
Autodesk, Inc.(a)   2,200    706,486 
Fidelity National Information Services, Inc.   3,100    462,055 
Microsoft Corp.   4,500    1,282,095 
Visa, Inc., Class A   4,400    1,084,116 
         3,534,752 
Materials (1.6%)          
Linde PLC   1,600    491,824 
         13,843,005 
Total Common Stocks        31,102,887 
SHORT-TERM INVESTMENT—1.0%          
UNITED STATES (1.0%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b)   310,964    310,964 
Total Short-Term Investment        310,964 
Total Investments (Cost $20,762,483) —101.3%        31,413,851 
Liabilities in Excess of Other Assets—(1.3)%        (417,249)
Net Assets—100.0%       $30,996,602 

 

(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 July 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

 

July 31, 2021 (Unaudited)

Aberdeen Global Infrastructure Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (96.3%)          
ARGENTINA (1.9%)          
Industrials (1.0%)          
Corp. America Airports SA(a)(b)   102,600   $570,456 
           
Materials (0.9%)          
Loma Negra Cia Industrial Argentina SA, ADR   65,300    514,564 
         1,085,020 
BRAZIL (6.2%)          
Communication Services (1.0%)          
Telefonica Brasil SA, ADR   71,000    566,580 
           
Industrials (4.1%)          
CCR SA   622,900    1,554,784 
Rumo SA(a)   210,100    833,421 
         2,388,205 
Utilities (1.1%)          
Omega Geracao SA(a)   95,900    665,081 
         3,619,866 
CANADA (4.2%)          
Energy (2.6%)          
Enbridge, Inc.   39,000    1,537,368 
           
Industrials (1.6%)          
Canadian Pacific Railway Ltd.   12,300    914,136 
         2,451,504 
CHINA (3.4%)          
Industrials (2.7%)          
China Everbright Environment Group Ltd.   800,333    434,060 
COSCO SHIPPING Ports Ltd.   881,775    629,284 
Zhejiang Expressway Co. Ltd., Class H   626,100    528,521 
         1,591,865 
Utilities (0.7%)          
Beijing Enterprises Water Group Ltd.   1,154,000    423,606 
         2,015,471 
FRANCE (8.4%)          
Industrials (5.3%)          
Eiffage SA   9,400    958,280 
Getlink SE   47,800    765,688 
Vinci SA   13,200    1,397,542 
         3,121,510 
Utilities (3.1%)          
Engie SA   57,200    762,780 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Infrastructure Fund

 

Veolia Environnement SA   32,100   $1,052,797 
         1,815,577 
         4,937,087 
GERMANY (4.8%)          
Communication Services (1.3%)          
Vantage Towers AG   21,845    763,674 
           
Industrials (1.2%)          
Fraport AG Frankfurt Airport Services Worldwide(a)   10,900    716,934 
           
Utilities (2.3%)          
RWE AG   38,100    1,354,671 
         2,835,279 
INDONESIA (2.4%)          
Communication Services (2.4%)          
Sarana Menara Nusantara Tbk PT   8,320,100    842,807 
Tower Bersama Infrastructure Tbk PT   2,660,200    590,868 
         1,433,675 
ITALY (6.0%)          
Communication Services (1.2%)          
Infrastrutture Wireless Italiane SpA(c)   63,300    715,048 
           
Industrials (1.4%)          
Atlantia SpA(a)   44,500    807,162 
           
Materials (1.2%)          
Buzzi Unicem SpA   27,100    716,336 
           
Utilities (2.2%)          
Enel SpA   136,500    1,257,920 
         3,496,466 
JAPAN (0.7%)          
Industrials (0.7%)          
East Japan Railway Co.   6,100    406,396 
           
LUXEMBOURG (1.2%)          
Communication Services (1.2%)          
SES SA, ADR   92,700    714,659 
           
MALAYSIA (1.3%)          
Industrials (1.3%)          
Malaysia Airports Holdings Bhd(a)   550,100    753,733 
           
MEXICO (1.7%)          
Industrials (1.7%)          
Promotora y Operadora de Infraestructura SAB de CV   129,400    977,281 
           
NETHERLANDS (1.0%)          
Communication Services (1.0%)          
Koninklijke KPN NV   182,900    600,163 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Infrastructure Fund

 

NORWAY (1.2%)        
Communication Services (1.2%)          
Telenor ASA   39,100   $678,860 
           
PHILIPPINES (2.0%)          
Industrials (2.0%)          
International Container Terminal Services, Inc.   370,000    1,151,045 
           
PORTUGAL (2.4%)          
Utilities (2.4%)          
EDP Renovaveis SA   60,900    1,430,403 
           
SPAIN (7.8%)          
Communication Services (3.3%)          
Cellnex Telecom SA(c)   30,000    1,956,498 
           
Industrials (4.5%)          
Aena SME SA(a)(c)   6,100    971,405 
Ferrovial SA   56,146    1,666,142 
         2,637,547 
         4,594,045 
UNITED KINGDOM (3.3%)          
Communication Services (1.4%)          
Vodafone Group PLC   502,900    808,639 
           
Utilities (1.9%)          
National Grid PLC, ADR   17,700    1,138,464 
Pennon Group PLC   1    12 
         1,138,476 
         1,947,115 
UNITED STATES (36.4%)          
Communication Services (3.0%)          
DISH Network Corp., Class A(a)   15,200    636,728 
Shenandoah Telecommunications Co.   10,900    575,411 
T-Mobile US, Inc.(a)   3,900    561,678 
         1,773,817 
Consumer Discretionary (0.8%)          
TravelCenters of America, Inc.(a)   16,100    465,612 
           
Energy (4.9%)          
Kinder Morgan, Inc.   82,600    1,435,588 
Williams Cos., Inc. (The)   56,100    1,405,305 
         2,840,893 
Industrials (7.6%)          
Dycom Industries, Inc.(a)   7,600    527,440 
Kansas City Southern   4,400    1,178,320 
Norfolk Southern Corp.   4,200    1,082,886 
Union Pacific Corp.   4,400    962,544 
Waste Connections, Inc.   5,700    722,133 
         4,473,323 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen Global Infrastructure Fund

 

Real Estate (5.8%)        
American Tower Corp., REIT   5,100   $1,442,280 
CoreCivic, Inc., REIT(a)   32,000    328,960 
Crown Castle International Corp., REIT   7,900    1,525,411 
GEO Group, Inc. (The), REIT   13,600    94,112 
         3,390,763 
Utilities (14.3%)          
American Electric Power Co., Inc.(d)   7,900    696,148 
Atlantica Sustainable Infrastructure PLC   25,400    1,009,904 
Clearway Energy, Inc., Class C   24,500    702,660 
CMS Energy Corp.   19,100    1,180,189 
Evergy, Inc.   18,100    1,180,482 
FirstEnergy Corp.   26,400    1,011,648 
NextEra Energy, Inc.   12,800    997,120 
Sempra Energy(a)   4,879    643,301 
Vistra Corp.   48,800    934,520 
         8,355,972 
         21,300,380 
Total Common Stocks        56,428,448 
SHORT-TERM INVESTMENT—5.0%
UNITED STATES (5.0%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e)   2,918,825    2,918,825 
Total Short-Term Investment        2,918,825 
Total Investments (Cost $48,388,207) —101.3%        59,347,273 
Liabilities in Excess of Other Assets—(1.3)%        (777,249)
Net Assets—100.0%       $58,570,024 

 

(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 $467,604. 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 July 31, 2021.
 
ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust

 

At July 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
Appreciation
  
                   
 
United States Dollar/Hong Kong Dollar
10/13/2021  Royal Bank Of Canada (UK)   USD1,802,852   HKD   14,000,000   $1,801,815   $1,037 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Statement of Investments
 
July 31, 2021 (Unaudited)
Aberdeen International Real Estate Equity Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (94.9%)          
AUSTRALIA (5.6%)          
Real Estate (5.6%)          
Charter Hall Group   24,067   $287,597 
Dexus, REIT   54,292    410,124 
Lendlease Corp., Ltd.   15,856    142,320 
Mirvac Group, REIT   193,131    405,363 
         1,245,404 
BRAZIL (0.4%)          
Consumer Discretionary (0.4%)          
Cyrela Brazil Realty SA Empreendimentos e Participacoes   25,048    100,274 
CANADA (3.4%)          
Real Estate (3.4%)          
Allied Properties Real Estate Investment Trust   9,578    350,922 
Canadian Apartment Properties, REIT   8,056    402,606 
         753,528 
CHINA (4.0%)          
Real Estate (4.0%)          
China Resources Land Ltd.   67,971    227,149 
Logan Group Co., Ltd.   289,273    308,246 
Longfor Group Holdings Ltd.(a)   18,068    83,984 
Sunac China Holdings Ltd.(b)   103,014    267,296 
         886,675 
GERMANY (14.9%)          
Real Estate (14.9%)          
alstria office REIT-AG   14,527    307,351 
Instone Real Estate Group AG(a)   19,441    601,915 
LEG Immobilien SE   3,500    553,163 
TAG Immobilien AG   11,839    392,633 
Vonovia SE   21,791    1,450,821 
         3,305,883 
HONG KONG (11.7%)          
Real Estate (11.7%)          
ESR Cayman Ltd.(a)(b)(c)   84,349    296,471 
Link REIT   60,461    577,786 
Shimao Group Holdings Ltd.   161,704    319,187 
Sino Land Co. Ltd.   298,000    456,646 
Sun Hung Kai Properties Ltd.   66,311    948,603 
         2,598,693 
JAPAN (21.1%)          
Real Estate (21.1%)          
Canadian Solar Infrastructure Fund, Inc., UNIT   137    158,045 

 

See accompanying Notes to Statements of Investments.

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen International Real Estate Equity Fund

 

CRE Logistics REIT, Inc., REIT   207   $392,286 
Daiwa Office Investment Corp., REIT   43    310,246 
Japan Excellent, Inc.   233    324,300 
Kenedix Retail REIT Corp.   90    249,796 
LaSalle Logiport REIT   185    338,955 
Mirai Corp., REIT   726    373,491 
Mitsui Fudosan Co. Ltd., REIT   44,850    1,048,918 
Nippon Building Fund, Inc., REIT   103    665,653 
Sankei Real Estate, Inc., REIT   255    306,610 
Tokyu Fudosan Holdings Corp.   92,600    522,759 
         4,691,059 
MEXICO (2.2%)          
Real Estate (2.2%)          
Corp Inmobiliaria Vesta SAB de CV, REIT   111,276    218,513 
Prologis Property Mexico SA de CV, REIT   124,330    273,378 
         491,891 
NETHERLANDS (0.8%)          
Real Estate (0.8%)          
Unibail-Rodamco-Westfield(b)   2,214    184,284 
PHILIPPINES (1.1%)          
Real Estate (1.1%)          
Ayala Land, Inc.   279,392    182,777 
Megaworld Corp.   1,019,705    56,635 
         239,412 
SINGAPORE (6.8%)          
Real Estate (6.8%)          
Ascendas India Trust, UNIT   226,500    242,437 
CapitaLand Integrated Commercial Trust, REIT   270,600    428,786 
CapitaLand Ltd.   173,600    515,760 
Lendlease Global Commercial REIT   499,800    322,633 
         1,509,616 
SOUTH KOREA (0.7%)          
Real Estate (0.7%)          
ESR Kendall Square REIT Co. Ltd.   27,246    161,519 
SPAIN (2.5%)          
Real Estate (2.5%)          
Inmobiliaria Colonial Socimi SA, REIT   38,748    413,224 
Merlin Properties Socimi SA   13,161    147,614 
         560,838 
SWEDEN (3.1%)          
Real Estate (3.1%)          
Catena AB   2,557    153,567 
Fabege AB   14,578    252,450 
Kungsleden AB   21,952    296,318 
         702,335 

 

See accompanying Notes to Statements of Investments. 

 

 

 

Statement of Investments (concluded)
 
July 31, 2021 (Unaudited)
Aberdeen International Real Estate Equity Fund

 

UNITED KINGDOM (6.2%)          
Real Estate (6.2%)          
Land Securities Group PLC   24,390   $240,056 
LondonMetric Property PLC, REIT   92,414    319,260 
Segro PLC   48,743    823,963 
South Asian Real Estate Pvt. Ltd.(a)(b)(c)(d)   2,000,000    3 
         1,383,282 
UNITED STATES (10.4%)          
Real Estate (10.4%)          
Alexandria Real Estate Equities, Inc.   1,775    357,379 
American Tower Corp., REIT   1,334    377,255 
Digital Realty Trust, Inc.   2,721    419,469 
Equinix, Inc., REIT   650    533,267 
Prologis, Inc., REIT   4,834    618,945 
         2,306,315 
Total Common Stocks        21,121,008 
SHORT-TERM INVESTMENT—5.2%          
UNITED STATES (5.2%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e)   1,142,238    1,142,238 
Total Short-Term Investment        1,142,238 
Total Investments (Cost $31,805,069) —100.1%        22,263,246 
Liabilities in Excess of Other Assets—(0.1)%        (14,418)
Net Assets—100.0%       $22,248,828 

 

(a) Denotes a security issued under Regulation S or Rule 144A.
(b) Non-income producing security.
(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.
(e) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021.
 
PLC Public Limited Company
REIT Real Estate Investment Trust

 

See accompanying Notes to Statements of Investments. 

 

 

 

Statement of Investments
 
July 31, 2021 (Unaudited)
Aberdeen International Small Cap Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (97.3%)          
AUSTRALIA (1.5%)          
Consumer Discretionary (1.5%)          
ARB Corp. Ltd.   105,700   $3,635,939 
BRAZIL (3.9%)          
Consumer Discretionary (3.9%)          
Afya Ltd., Class A(a)   238,900    5,494,700 
Arezzo Industria e Comercio SA   235,900    4,099,970 
         9,594,670 
CANADA (4.3%)          
Consumer Staples (1.9%)          
Jamieson Wellness, Inc.(b)   170,400    4,776,281 
Industrials (2.4%)          
Ritchie Bros Auctioneers, Inc.   100,800    6,017,621 
         10,793,902 
CHINA (4.4%)          
Consumer Discretionary (4.4%)          
Baozun, Inc., Class A(a)   547,500    4,562,538 
China Education Group Holdings Ltd.   3,484,000    6,317,704 
         10,880,242 
DENMARK (2.4%)          
Information Technology (2.4%)          
SimCorp A/S   43,500    6,044,153 
FRANCE (3.4%)          
Consumer Staples (3.4%)          
Interparfums SA   115,289    8,467,637 
GERMANY (5.5%)          
Communication Services (2.1%)          
CTS Eventim AG & Co. KGaA(a)   76,300    5,184,212 
Financials (3.4%)          
Hypoport SE(a)   14,000    8,435,121 
         13,619,333 
HONG KONG (1.9%)          
Industrials (1.9%)          
Kerry Logistics Network Ltd.   1,606,900    4,788,396 
INDIA (7.0%)          
Communication Services (1.7%)          
Affle India Ltd.(a)   74,837    4,222,636 

 

See accompanying Notes to Statements of Investments. 

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen International Small Cap Fund

 

Health Care (5.3%)          
Sanofi India Ltd.   54,200   $6,074,610 
Syngene International Ltd.(a)(b)   823,600    7,059,360 
         13,133,970 
         17,356,606 
INDONESIA (2.5%)          
Consumer Discretionary (1.5%)          
Ace Hardware Indonesia Tbk PT   40,893,700    3,735,622 
Real Estate (1.0%)          
Pakuwon Jati Tbk PT(a)   87,292,400    2,416,097 
         6,151,719 
ISRAEL (12.9%)          
Consumer Discretionary (2.9%)          
Maytronics Ltd.   327,600    7,125,898 
Industrials (3.6%)          
Kornit Digital Ltd.(a)   68,400    9,039,744 
Information Technology (6.4%)          
CyberArk Software Ltd.(a)   61,300    8,706,439 
Nova Measuring Instruments Ltd.(a)   71,900    7,031,820 
         15,738,259 
         31,903,901 
ITALY (2.9%)          
Consumer Discretionary (2.9%)          
Brunello Cucinelli SpA(a)   118,000    7,309,802 
JAPAN (9.0%)          
Health Care (2.7%)          
Asahi Intecc Co. Ltd.   244,500    6,625,239 
Industrials (6.3%)          
Nabtesco Corp.   155,300    5,882,210 
Nihon M&A Center, Inc.   175,200    4,879,147 
TechnoPro Holdings, Inc.   201,000    5,027,234 
         15,788,591 
         22,413,830 
MEXICO (1.2%)          
Industrials (1.2%)          
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)   164,400    2,974,623 
POLAND (3.6%)          
Consumer Staples (3.6%)          
Dino Polska SA(a)(b)   111,100    8,894,458 
ROMANIA (3.1%)          
Information Technology (3.1%)          
Endava PLC, ADR(a)   58,900    7,575,718 

 

See accompanying Notes to Statements of Investments. 

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen International Small Cap Fund

 

SOUTH KOREA (4.5%)          
Materials (4.5%)          
Chunbo Co. Ltd.   30,400   $5,977,715 
Hansol Chemical Co. Ltd.   22,000    5,122,613 
         11,100,328 
SWEDEN (2.0%)          
Financials (2.0%)          
Nordnet AB publ   311,400    5,024,564 
SWITZERLAND (3.7%)          
Health Care (2.2%)          
Tecan Group AG   9,300    5,363,022 
Industrials (1.5%)          
VAT Group AG(b)   9,500    3,729,270 
         9,092,292 
TAIWAN (4.5%)          
Industrials (2.7%)          
Voltronic Power Technology Corp.   136,000    6,626,687 
Information Technology (1.8%)          
Chroma ATE, Inc.   655,000    4,614,039 
         11,240,726 
UNITED KINGDOM (10.3%)          
Health Care (8.7%)          
Abcam PLC(a)   232,500    4,388,719 
Dechra Pharmaceuticals PLC   126,000    8,704,464 
Genus PLC   111,429    8,538,304 
         21,631,487 
Industrials (1.6%)          
Rotork PLC   772,700    3,874,876 
         25,506,363 
UNITED STATES (2.8%)          
Health Care (2.8%)          
Inmode Ltd.(a)   60,400    6,865,668 
Total Common Stocks        241,234,870 
SHORT-TERM INVESTMENT—2.8%          
UNITED STATES (2.8%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c)   6,913,769    6,913,769 
Total Short-Term Investment        6,913,769 
Total Investments (Cost $182,698,823) —100.1%        248,148,639 
Liabilities in Excess of Other Assets—(0.1)%        (143,463)
Net Assets—100.0%       $248,005,176 

 

See accompanying Notes to Statements of Investments. 

 

 

 

Statement of Investments (concluded)
 
July 31, 2021 (Unaudited)
Aberdeen International Small Cap Fund

 

(a) Non-income producing security.
(b) Denotes a security issued under Regulation S or Rule 144A.
(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021.
 
ADR American Depositary Receipt
PLC Public Limited Company

 

See accompanying Notes to Statements of Investments. 

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)

Aberdeen Realty Income & Growth Fund

 

   shares Or
principal
amount
   VAlue 
COMMON STOCKS (99.0%)          
UNITED STATES (99.0%)          
Diversified REITs (2.1%)          
Empire State Realty Trust, Inc.   38,796   $443,438 
STORE Capital Corp.   20,827    753,729 
         1,197,167 
Health Care REITs (9.0%)          
Omega Healthcare Investors, Inc.   20,396    739,967 
Ventas, Inc.   24,925    1,490,016 
Welltower, Inc.   34,436    2,991,111 
         5,221,094 
Hotel & Resort REITs (7.1%)          
DiamondRock Hospitality Co.(a)   90,941    783,002 
Host Hotels & Resorts, Inc.(a)   83,268    1,326,459 
MGM Growth Properties LLC   29,797    1,126,327 
Sunstone Hotel Investors, Inc.(a)   77,045    889,099 
         4,124,887 
Industrial REITs (13.7%)          
Duke Realty Corp.   24,129    1,227,684 
Prologis, Inc.   43,384    5,554,887 
STAG Industrial, Inc.   27,652    1,142,581 
         7,925,152 
Office REITs (8.6%)          
Alexandria Real Estate Equities, Inc.   7,730    1,556,358 
Boston Properties, Inc.   9,897    1,161,710 
Cousins Properties, Inc.   24,224    962,177 
Highwoods Properties, Inc.   17,738    845,925 
Hudson Pacific Properties, Inc.   14,933    407,074 
         4,933,244 
Residential REITs (18.2%)          
American Homes 4 Rent   25,656    1,077,552 
AvalonBay Communities, Inc.   8,736    1,990,323 
Camden Property Trust   7,448    1,112,657 
Equity LifeStyle Properties, Inc.   3,895    326,401 
Equity Residential   25,936    2,181,996 
Invitation Homes, Inc.   49,197    2,001,334 
Sun Communities, Inc.   9,194    1,803,035 
         10,493,298 
Retail REITs (17.0%)          
Agree Realty Corp.   7,888    592,783 
Brixmor Property Group, Inc.   40,026    921,398 
Kimco Realty Corp.   47,525    1,013,708 
National Retail Properties, Inc.   23,095    1,128,653 
Realty Income Corp.   30,775    2,163,175 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen Realty Income & Growth Fund

 

Simon Property Group, Inc.   19,893   $2,516,862 
SITE Centers Corp.   46,723    741,027 
Spirit Realty Capital, Inc.   14,458    726,081 
         9,803,687 
Specialized REITs (23.3%)          
American Tower Corp.   2,238    632,906 
Digital Realty Trust, Inc.   11,692    1,802,439 
Equinix, Inc., REIT   4,585    3,761,580 
Extra Space Storage, Inc.   8,292    1,443,969 
Gaming and Leisure Properties, Inc.   27,012    1,278,748 
Life Storage, Inc.   8,855    1,039,223 
Public Storage   7,791    2,434,532 
Sabra Health Care REIT, Inc.   26,860    499,327 
SBA Communications Corp.   1,619    552,063 
         13,444,787 
         57,143,316 
Total Common Stocks        57,143,316 
SHORT-TERM INVESTMENT—1.2%          
United States (1.2%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b)   709,992    709,992 
Total Short-Term Investment        709,992 
Total Investments (Cost $38,513,650) —100.2%        57,853,308 
Liabilities in Excess of Other Assets—(0.2)%        (141,356)
Net Assets—100.0%       $57,711,952 

 

 
(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 July 31, 2021.
 
REIT Real Estate Investment Trust

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)

Aberdeen U.S. Small Cap Equity Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (96.6%)          
Canada (4.5%)          
Consumer Staples (1.7%)          
Jamieson Wellness, Inc.(a)   662,015   $18,556,160 
Financials (2.8%)          
CI Financial Corp.   907,163    16,542,127 
TMX Group Ltd.   132,588    14,560,662 
         31,102,789 
         49,658,949 
India (2.3%)          
Information Technology (2.3%)          
WNS Holdings Ltd., ADR(b)   310,382    25,556,854 
Israel (3.1%)          
Information Technology (3.1%)          
Cognyte Software Ltd.(b)   446,020    11,583,140 
CyberArk Software Ltd.(b)   162,713    23,110,127 
         34,693,267 
Singapore (1.7%)          
Information Technology (1.7%)          
Kulicke & Soffa Industries, Inc.   354,965    19,295,897 
UNITED STATES (85.0%)          
Communication Services (1.8%)          
Cogent Communications Holdings, Inc.   263,567    20,455,435 
Consumer Discretionary (9.6%)          
Dorman Products, Inc.(b)   221,306    22,385,102 
LCI Industries   194,419    28,350,179 
LGI Homes, Inc.(b)   120,340    20,566,106 
National Vision Holdings, Inc.(b)   347,852    18,777,051 
Stride, Inc.(b)   567,576    17,401,880 
         107,480,318 
Consumer Staples (3.4%)          
BJ's Wholesale Club Holdings, Inc.(b)   394,744    19,989,836 
J&J Snack Foods Corp.   107,311    17,639,782 
         37,629,618 
Financials (13.9%)          
AMERISAFE, Inc.   105,689    6,045,411 
First Interstate BancSystem, Inc., Class A   556,020    23,308,358 
Glacier Bancorp, Inc.   229,264    11,820,852 
Hamilton Lane, Inc., Class A   118,061    10,979,673 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   449,766    25,546,709 
Live Oak Bancshares, Inc.   278,727    16,776,578 
PJT Partners, Inc., Class A   335,309    26,211,104 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen U.S. Small Cap Equity Fund

 

PRA Group, Inc.(b)   476,477   $18,482,543 
Wintrust Financial Corp.   221,708    15,829,951 
         155,001,179 
Health Care (16.3%)          
Addus HomeCare Corp.(b)   158,835    13,785,290 
AMN Healthcare Services, Inc.(b)   157,179    15,805,920 
CONMED Corp.   116,024    16,004,351 
Health Catalyst, Inc.(b)   164,635    9,558,708 
Heska Corp.(b)   71,312    17,164,798 
Inmode Ltd.(b)   254,548    28,934,471 
Integer Holdings Corp.(b)   261,628    25,610,765 
Ligand Pharmaceuticals, Inc.(b)   174,592    19,817,938 
Medpace Holdings, Inc.(b)   117,123    20,606,621 
US Physical Therapy, Inc.   124,545    14,716,237 
         182,005,099 
Industrials (21.3%)          
Ameresco, Inc., Class A(b)   256,597    17,584,593 
ASGN, Inc.(b)   187,376    18,949,335 
Atkore, Inc.(b)   334,984    25,160,648 
Casella Waste Systems, Inc., Class A(b)   340,161    23,396,274 
Gibraltar Industries, Inc.(b)   286,205    21,373,789 
Helios Technologies, Inc.   127,211    10,285,009 
Hub Group, Inc., Class A(b)   329,025    21,807,777 
Mercury Systems, Inc.(b)   322,889    21,310,674 
RBC Bearings, Inc.(b)   60,780    14,283,300 
Saia, Inc.(b)   91,720    20,728,720 
Shyft Group, Inc.   477,269    18,823,489 
Werner Enterprises, Inc.   537,482    24,568,302 
         238,271,910 
Information Technology (11.9%)          
Cohu, Inc.(b)   359,398    12,726,283 
Model N, Inc.(b)   415,500    13,449,735 
Onto Innovation, Inc.(b)   236,668    16,585,694 
Perficient, Inc.(b)   351,641    33,156,230 
Rapid7, Inc.(b)   145,317    16,529,809 
Verint Systems, Inc.(b)   415,369    17,723,795 
Workiva, Inc.(b)   171,455    22,249,715 
         132,421,261 
Materials (5.5%)          
Graphic Packaging Holding Co.   1,288,174    24,694,296 
Kaiser Aluminum Corp.   192,089    23,373,389 
Materion Corp.   142,633    10,178,291 
Ranpak Holdings Corp.(b)   102,877    2,635,709 
         60,881,685 
Real Estate (1.3%)          
Terreno Realty Corp., REIT   218,005    14,902,822 
         949,049,327 
Total Common Stocks        1,078,254,294 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 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%(c)  $40,029,561   $40,029,561 
Total Short-Term Investment        40,029,561 
Total Investments (Cost $913,158,131) —100.2%        1,118,283,855 
Liabilities in Excess of Other Assets—(0.2)%        (1,776,087)
Net Assets—100.0%       $1,116,507,768 

 

(a) Denotes a security issued under Regulation S or Rule 144A.
(b) Non-income producing security.
(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021.
 
ADR American Depositary Receipt
REIT Real Estate Investment Trust

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)

Aberdeen U.S. Sustainable Leaders Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (95.9%)          
CANADA (5.7%)          
Consumer Staples (2.4%)          
Jamieson Wellness, Inc.(a)   415,176   $11,637,307 
           
FINANCIALS (3.3%)          
CI Financial Corp.   392,341    7,154,343 
TMX Group Ltd.   85,217    9,358,433 
         16,512,776 
         28,150,083 
Ireland (3.6%)          
Health Care (3.6%)          
ICON PLC(b)   72,821    17,715,165 
           
Israel (4.5%)          
Information Technology (4.5%)          
NICE Ltd., ADR(b)   80,622    22,465,320 
           
UNITED STATES (82.1%)          
Communication Services (2.5%)          
Cable One, Inc.   6,614    12,487,166 
           
Consumer Discretionary (6.5%)          
Burlington Stores, Inc.(b)   57,863    19,372,532 
Pool Corp.   26,829    12,819,433 
         32,191,965 
Consumer Staples (1.9%)          
Colgate-Palmolive Co.   117,674    9,355,083 
           
Energy (0.4%)          
New Fortress Energy, Inc.   56,828    1,722,457 
           
Financials (9.3%)          
American Express Co.   88,237    15,047,056 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   134,422    7,635,169 
Huntington Bancshares, Inc.   688,064    9,687,941 
SVB Financial Group(b)   24,933    13,712,153 
         46,082,319 
Health Care (4.7%)          
Horizon Therapeutics PLC(b)   125,971    12,599,619 
Integer Holdings Corp.(b)   106,622    10,437,228 
         23,036,847 
Industrials (16.1%)          
Atkore, Inc.(b)   155,124    11,651,364 
Chart Industries, Inc.(b)   62,524    9,719,356 
Helios Technologies, Inc.   77,849    6,294,092 
Tetra Tech, Inc.   169,916    22,687,184 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen U.S. Sustainable Leaders Fund

 

Trex Co., Inc.(b)   160,496   $15,584,162 
Waste Management, Inc.   91,633    13,585,508 
         79,521,666 
Information Technology (27.2%)          
Adobe, Inc.(b)   11,921    7,410,451 
Akamai Technologies, Inc.(b)   147,645    17,705,588 
Autodesk, Inc.(b)   46,745    15,011,222 
Marvell Technology, Inc.   193,523    11,710,077 
Mastercard, Inc., Class A   51,903    20,031,444 
Microsoft Corp.   147,702    42,081,777 
RingCentral, Inc., Class A(b)   34,802    9,301,530 
SolarEdge Technologies, Inc.(b)   42,675    11,073,309 
         134,325,398 
Materials (2.6%)          
Ecolab, Inc.   58,727    12,968,683 
           
Real Estate (6.6%)          
Alexandria Real Estate Equities, Inc.   66,574    13,404,009 
American Tower Corp., REIT   67,058    18,964,003 
         32,368,012 
Utilities (4.3%)          
American Water Works Co., Inc.   74,997    12,757,739 
NextEra Energy, Inc.   107,393    8,365,915 
         21,123,654 
         405,183,250 
Total Common Stocks        473,513,818 
SHORT-TERM INVESTMENTS (3.2%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c)   15,857,463    15,857,463 
Total Short-Term Investments        15,857,463 
Total Investments    (Cost $392,592,528) —99.1%        489,371,281 
Other Assets in Excess of Liabilities—0.9%        4,296,188 
Net Assets—100.0%       $493,667,469 

 

(a) Denotes a security issued under Regulation S or Rule 144A.
(b) Non-income producing security.
(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 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

 

July 31, 2021 (Unaudited)

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund

 

   Shares or
Principal
Amount
   Value 
COMMON STOCKS (95.1%)          
Communication Services (4.1%)          
Cable One, Inc.   150   $283,199 
Cogent Communications Holdings, Inc.   5,115    396,975 
         680,174 
Consumer Discretionary (8.3%)          
Burlington Stores, Inc.(a)   1,918    642,146 
LGI Homes, Inc.(a)   2,262    386,576 
Pool Corp.   728    347,853 
         1,376,575 
Consumer Staples (3.1%)          
Jamieson Wellness, Inc.(b)   18,530    519,393 
           
Energy (0.3%)          
New Fortress Energy, Inc.   1,910    57,892 
           
Financials (15.8%)          
CI Financial Corp.   17,786    324,328 
First Interstate BancSystem, Inc., Class A   7,816    327,647 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   8,821    501,033 
Huntington Bancshares, Inc.   29,946    421,640 
Live Oak Bancshares, Inc.   3,956    238,111 
PJT Partners, Inc., Class A   6,439    503,336 
TMX Group Ltd.   2,943    323,197 
         2,639,292 
Health Care (12.6%)          
AMN Healthcare Services, Inc.(a)   3,276    329,434 
CONMED Corp.   1,707    235,464 
Health Catalyst, Inc.(a)   4,246    246,523 
ICON PLC(a)   2,170    527,896 
Integer Holdings Corp.(a)   4,994    488,863 
Ligand Pharmaceuticals, Inc.(a)   2,451    278,213 
         2,106,393 
Industrials (21.7%)          
Ameresco, Inc., Class A(a)   6,351    435,234 
Atkore, Inc.(a)   5,586    419,565 
Chart Industries, Inc.(a)   2,532    393,599 
Helios Technologies, Inc.   2,165    175,040 
JB Hunt Transport Services, Inc.   1,974    332,520 
Ritchie Bros Auctioneers, Inc.   7,767    463,923 
Tetra Tech, Inc.   3,950    527,404 
Trex Co., Inc.(a)   5,578    541,624 
Vertiv Holdings Co.   11,788    330,536 
         3,619,445 
Information Technology (23.8%)          
Akamai Technologies, Inc.(a)   4,141    496,589 
Cree, Inc.(a)   3,530    327,443 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen U.S. Sustainable Leaders Smaller Companies Fund

 

CyberArk Software Ltd.(a)   3,147   $446,968 
NICE Ltd., ADR(a)   2,217    617,767 
Onto Innovation, Inc.(a)   4,904    343,672 
Pegasystems, Inc.   4,154    530,217 
Perficient, Inc.(a)   4,112    387,720 
Rapid7, Inc.(a)   2,898    329,648 
SolarEdge Technologies, Inc.(a)   1,876    486,784 
         3,966,808 
Materials (2.5%)          
Graphic Packaging Holding Co.   17,620    337,775 
Ranpak Holdings Corp.(a)   3,290    84,290 
         422,065 
Utilities (2.9%)          
Essential Utilities, Inc.   9,852    483,930 
Total Common Stocks        15,871,967 
 
SHORT-TERM INVESTMENT—3.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c)   630,119    630,119 
Total Short-Term Investment        630,119 
Total Investments (Cost $14,556,896) —98.9%        16,502,086 
Other Assets in Excess of Liabilities—1.1%        175,624 
Net Assets—100.0%       $16,677,710 

 

(a) Non-income producing security.
(b) Denotes a security issued under Regulation S or Rule 144A.
(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021.
 
ADR American Depositary Receipt
PLC Public Limited Company

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

 

   Shares or
Principal
Amount
   Value
(US$)  
 
CORPORATE BONDS (21.4%)        
CHINA (1.7%)        
Investment Companies (0.4%)          
Huarong Finance 2019 Co. Ltd. (USD), 2.13%, 09/30/2023 (a)  $215,000   $160,175 
           
Real Estate (1.3%)          
Country Garden Holdings Co. Ltd. (USD), 3.13%, 10/22/2025 (a)   200,000    195,030 
Shimao Group Holdings Ltd. (USD), 6.13%, 02/21/2024 (a)   200,000    203,599 
Sunac China Holdings Ltd. (USD), 6.50%, 01/26/2026 (a)   200,000    176,012 
         574,641 
         734,816 
COLOMBIA (0.5%)          
Commercial Banks (0.5%)          
Bancolombia SA, (fixed rate to 10/18/2022, variable rate thereafter) (USD), 4.88%, 10/18/2027   200,000    202,002 
           
GEORGIA (1.2%)          
Transportation (1.2%)          
Georgian Railway JSC (USD), 4.00%, 06/17/2028 (a)   520,000    525,200 
           
INDIA (0.6%)          
Commercial Banks (0.6%)          
HDFC Bank Ltd. (INR), 8.10%, 03/22/2025 (a)   20,000,000    276,082 
           
INDONESIA (3.0%)          
Electric Utilities (1.7%)          
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (USD), 6.25%, 01/25/2049 (a)   587,000    744,022 
           
Oil, Gas & Consumable Fuels (0.6%)          
Pertamina Persero PT (USD), 5.63%, 05/20/2043 (a)   200,000    236,453 
           
Sovereign Agency (0.7%)          
Lembaga Pembiayaan Ekspor Indonesia (USD), 3.88%, 04/06/2024 (a)   290,000    310,300 
         1,290,775 
KAZAKHSTAN (0.5%)          
Oil, Gas & Consumable Fuels (0.5%)          
Tengizchevroil Finance Co. International Ltd. (USD), 4.00%, 08/15/2026 (a)(b)   200,000    217,000 
           
KUWAIT (0.6%)          
Chemicals (0.6%)          
MEGlobal Canada ULC (USD), 5.00%, 05/18/2025 (a)   250,000    279,425 
           
MEXICO (4.8%)          
Commercial Banks (0.6%)          
BBVA Bancomer SA., (fixed rate to 09/13/2029, variable rate thereafter) (USD), 5.88%, 09/13/2034 (a)   230,000    249,543 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

  

Oil, Gas & Consumable Fuels (3.6%)        
Petroleos Mexicanos        
(USD), 6.50%, 03/13/2027  $121,000   $128,139 
(USD), 6.84%, 01/23/2030   180,000    187,776 
(USD), 6.50%, 06/02/2041   330,000    298,567 
(USD), 6.75%, 09/21/2047   324,000    289,624 
(USD), 6.35%, 02/12/2048   340,000    290,608 
(USD), 6.95%, 01/28/2060   420,000    376,908 
         1,571,622 
Real Estate Investment Trust (REIT) Funds (0.6%)          
Trust Fibra Uno (USD), 6.39%, 01/15/2050 (a)   220,000    261,719 
         2,082,884 
MOROCCO (0.6%)          
Chemicals (0.6%)          
OCP SA (USD), 6.88%, 04/25/2044 (a)   200,000    245,474 
           
NIGERIA (0.5%)          
Engineering & Construction (0.5%)          
IHS Netherlands Holdco BV (USD), 8.00%, 09/18/2027 (a)   200,000    214,000 
           
OMAN (0.4%)          
Oil, Gas & Consumable Fuels (0.4%)          
OQ SAOC (USD), 5.13%, 05/06/2028 (a)(c)   200,000    200,500 
           
PANAMA (0.5%)          
Commercial Banks (0.5%)          
Global Bank Corp., (fixed rate to 04/16/2028, variable rate thereafter) (USD), 5.25%, 04/16/2029 (a)   198,000    209,682 
           
PERU (0.9%)          
Metals & Mining (0.5%)          
Nexa Resources SA (USD), 5.38%, 05/04/2027 (a)   200,000    210,252 
           
Oil, Gas & Consumable Fuels (0.4%)          
Petroleos del Peru SA (USD), 5.63%, 06/19/2047 (a)   200,000    206,500 
         416,752 
SOUTH AFRICA (1.4%)          
Diversified Telecommunication Services (0.6%)          
MTN Mauritius Investments Ltd. (USD), 6.50%, 10/13/2026 (a)   250,000    287,404 
           
Electric Utilities (0.8%)          
Eskom Holdings SOC Ltd. (USD), 7.13%, 02/11/2025 (a)   330,000    346,540 
         633,944 
TUNISIA (0.4%)          
Commercial Banks (0.4%)          
Banque Centrale de Tunisie International Bond (EUR), 6.38%, 07/15/2026 (a)   169,000    169,529 
           
UKRAINE (0.5%)          
Iron/Steel (0.5%)          
Metinvest BV (USD), 8.50%, 04/23/2026 (a)   200,000    226,377 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

  

UNITED ARAB EMIRATES (3.1%)        
Airlines (0.7%)        
Zahidi Ltd. (USD), 4.50%, 03/22/2028 (a)(b)  $305,063   $310,615 
           
Diversified Financial Services (0.8%)          
ICD Sukuk Co. Ltd. (USD), 5.00%, 02/01/2027 (a)   300,000    331,322 
           
Energy Equipment & Services (1.1%)          
Abu Dhabi Crude Oil Pipeline LLC (USD), 4.60%, 11/02/2047 (a)(b)   200,000    238,000 
Galaxy Pipeline Assets Bidco Ltd. (USD), 2.63%, 03/31/2036 (a)(b)   264,000    261,466 
         499,466 
Real Estate (0.5%)          
MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable rate thereafter) (USD), 5.50%, 09/07/2022 (a)(d)   200,000    204,742 
         1,346,145 
VENEZUELA (0.2%)          
Oil, Gas & Consumable Fuels (0.2%)          
Petroleos de Venezuela SA          
(USD), 6.00%, 05/16/2024 (a)(b)(c)(e)   1,140,000    48,450 
(USD), 6.00%, 11/15/2026 (a)(b)(c)(e)   525,236    22,323 
         70,773 
Total Corporate Bonds        9,341,360 
           
GOVERNMENT BONDS (73.3%)          
ANGOLA (1.6%)          
Angolan Government International Bond          
(USD), 9.50%, 11/12/2025 (a)   380,000    418,948 
(USD), 9.38%, 05/08/2048 (a)   270,000    282,825 
         701,773 
ARGENTINA (2.5%)          
Argentine Republic Government International Bond          
(USD), 1.00%, 07/09/2029   174,073    66,757 
VRN (USD), 0.50%, 07/09/2030 (f)   1,912,000    695,012 
VRN (USD), 1.13%, 07/09/2035 (f)   1,068,403    344,571 
(USD), 0.00%, 12/15/2035   533,627    2,668 
         1,109,008 
ARMENIA (1.1%)          
Republic of Armenia International Bond          
(USD), 7.15%, 03/26/2025 (a)   200,000    227,000 
(USD), 3.95%, 09/26/2029 (a)   260,000    257,400 
         484,400 
BAHAMAS (1.7%)          
Bahamas Government International Bond (USD), 6.00%, 11/21/2028 (a)   770,000    753,453 
           
BAHRAIN (0.5%)          
Bahrain Government International Bond (USD), 7.00%, 01/26/2026 (a)   200,000    224,131 
           
BARBADOS (0.3%)          
Barbados Government International Bond (USD), 6.50%, 10/01/2029 (a)(b)   123,400    124,017 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

  

BELARUS (1.9%)        
Republic of Belarus International Bond (USD), 6.88%, 02/28/2023 (a)  $215,000   $215,357 
Republic of Belarus Ministry of Finance (USD), 5.88%, 02/24/2026 (a)   650,000    603,622 
         818,979 
BELIZE (0.3%)          
Belize Government International Bond (USD), 4.94%, 02/20/2034 (a)(b)(g)   299,139    122,049 
           
BENIN (1.2%)          
Benin Government International Bond          
(EUR), 4.88%, 01/19/2032 (a)(b)   350,000    410,677 
(EUR), 6.88%, 01/19/2052 (a)(b)   100,000    121,828 
         532,505 
BRAZIL (5.7%)          
Brazil Notas do Tesouro Nacional          
Series B (BRL), 6.00%, 08/15/2024 (h)   1,400,000    1,052,564 
Series F (BRL), 10.00%, 01/01/2029   899,000    178,822 
Brazil Notas do Tesouro Nacional Series F (BRL), 10.00%, 01/01/2027   6,300,000    1,253,149 
         2,484,535 
CAMEROON (0.5%)          
Republic of Cameroon International Bond (EUR), 5.95%, 07/07/2032 (a)(b)   200,000    233,761 
           
CHILE (1.1%)          
Bonos de la Tesoreria de la Republica en pesos (CLP), 4.70%, 09/01/2030 (a)   360,000,000    492,182 
           
COLOMBIA (0.8%)          
Colombia Government International Bond (USD), 4.13%, 05/15/2051   370,000    344,326 
           
CZECH REPUBLIC (1.0%)          
Czech Republic Government Bond (CZK), 1.00%, 06/26/2026 (a)   9,460,000    427,866 
           
DOMINICAN REPB. (0.7%)          
Dominican Republic International Bond (USD), 5.95%, 01/25/2027 (a)   260,000    292,113 
           
DOMINICAN REPUBLIC (2.4%)          
Dominican Republic International Bond          
(USD), 6.85%, 01/27/2045 (a)   600,000    681,756 
(USD), 5.88%, 01/30/2060 (a)   360,000    363,244 
         1,045,000 
ECUADOR (1.7%)          
Ecuador Government International Bond          
VRN (USD), 5.00%, 07/31/2030 (a)(b)(f)   646,240    563,851 
VRN (USD), 1.00%, 07/31/2035 (a)(b)(f)   279,589    193,618 
         757,469 
EGYPT (4.4%)          
Egypt Government Bond (EGP), 14.48%, 04/06/2026   1,000    64 
Egypt Government International Bond          
(USD), 7.60%, 03/01/2029 (a)   320,000    347,136 
(EUR), 5.63%, 04/16/2030 (a)   160,000    187,693 
(USD), 7.90%, 02/21/2048 (a)   625,000    609,375 
(USD), 8.70%, 03/01/2049 (a)   400,000    417,584 
(USD), 8.88%, 05/29/2050 (a)   340,000    361,797 
         1,923,649 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

  

EL SALVADOR (2.3%)        
El Salvador Government International Bond          
(USD), 5.88%, 01/30/2025 (a)  $516,000   $462,083 
(USD), 8.63%, 02/28/2029 (a)   380,000    356,634 
(USD), 9.50%, 07/15/2052 (a)   216,000    203,042 
         1,021,759 
GABON (0.6%)          
Gabon Government International Bond (USD), 6.95%, 06/16/2025 (a)   220,000    238,198 
           
GEORGIA (0.5%)          
Georgia Government International Bond (USD), 2.75%, 04/22/2026 (a)   200,000    203,564 
           
GHANA (2.3%)          
Ghana Government International Bond (USD), 7.75%, 04/07/2029 (a)(b)   336,000    338,389 
Ghana Government International Bond          
(USD), 8.63%, 04/07/2034 (a)(b)   246,000    248,456 
(USD), 7.88%, 02/11/2035 (a)(b)   223,000    213,892 
(USD), 8.95%, 03/26/2051 (a)(b)   200,000    195,232 
         995,969 
HONDURAS (0.4%)          
Honduras Government International Bond (USD), 5.63%, 06/24/2030 (a)   150,000    156,563 
           
IRAQ (1.2%)          
Iraq International Bond          
(USD), 6.75%, 03/09/2023 (a)   280,000    284,024 
(USD), 5.80%, 01/15/2028 (a)   252,688    241,316 
         525,340 
IVORY COAST (1.4%)          
Ivory Coast Government International Bond          
(EUR), 5.88%, 10/17/2031 (a)(b)   126,000    161,295 
(EUR), 4.88%, 01/30/2032 (a)(b)   250,000    299,409 
(EUR), 6.88%, 10/17/2040 (a)(b)   100,000    130,888 
         591,592 
JORDAN (1.2%)          
Jordan Government International Bond          
(USD), 4.95%, 07/07/2025 (a)   210,000    218,146 
(USD), 7.38%, 10/10/2047 (a)   270,000    283,014 
         501,160 
KENYA (1.0%)          
Republic of Kenya Government International Bond (USD), 7.00%, 05/22/2027 (a)(b)   410,000    447,642 
           
MOROCCO (0.5%)          
Morocco Government International Bond (EUR), 1.50%, 11/27/2031 (a)   210,000    234,695 
           
NIGERIA (1.3%)          
Nigeria Government International Bond          
(USD), 7.63%, 11/21/2025 (a)   253,000    284,195 
(USD), 6.50%, 11/28/2027 (a)   260,000    275,948 
         560,143 
OMAN (0.5%)          
Oman Government International Bond (USD), 6.25%, 01/25/2031 (a)   200,000    215,957 

 

See accompanying Notes to Statements of Investments.

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

  

PAKISTAN (1.4%)        
Pakistan Government International Bond (USD), 7.38%, 04/08/2031 (a)  $587,000   $589,653 
           
PERU (0.7%)          
Peruvian Government International Bond (USD), 2.78%, 01/23/2031   320,000    321,245 
           
QATAR (5.2%)          
Qatar Government International Bond          
(USD), 4.00%, 03/14/2029 (a)   250,000    288,438 
(USD), 3.75%, 04/16/2030 (a)   200,000    227,440 
(USD), 5.10%, 04/23/2048 (a)   400,000    536,000 
(USD), 4.82%, 03/14/2049 (a)   925,000    1,203,469 
         2,255,347 
ROMANIA (2.5%)          
Romanian Government International Bond          
(EUR), 2.00%, 01/28/2032 (a)   160,000    190,759 
(EUR), 2.75%, 04/14/2041 (a)   160,000    186,346 
(EUR), 3.38%, 01/28/2050 (a)   556,000    690,860 
         1,067,965 
RUSSIA (2.3%)          
Russian Federal Bond - OFZ (RUB), 7.75%, 09/16/2026   69,465,000    994,018 
           
RWANDA (1.1%)          
Rwanda International Government Bond (USD), 6.63%, 05/02/2023 (a)   450,000    481,095 
           
SAUDI ARABIA (2.2%)          
Saudi Government International Bond (USD), 5.00%, 04/17/2049 (a)   770,000    975,128 
           
SENEGAL (0.9%)          
Senegal Government International Bond          
(EUR), 4.75%, 03/13/2028 (a)(b)   100,000    123,961 
(USD), 6.25%, 05/23/2033 (a)(b)   260,000    275,574 
         399,535 
SERBIA (1.2%)          
Serbia International Bond (EUR), 3.13%, 05/15/2027 (a)   410,000    541,321 
           
SOUTH AFRICA (2.4%)          
Republic of South Africa Government Bond          
Series 2037 (ZAR), 8.50%, 01/31/2037   1,150,000    67,070 
Series 2040 (ZAR), 9.00%, 01/31/2040   12,500,000    747,310 
Republic of South Africa Government International Bond (USD), 6.25%, 03/08/2041   200,000    219,976 
         1,034,356 
TUNISIA (0.7%)          
Banque Centrale de Tunisie International Bond          
(EUR), 6.75%, 10/31/2023 (a)   200,000    209,634 
(EUR), 5.63%, 02/17/2024 (a)   100,000    101,429 
         311,063 
TURKEY (1.9%)          
Turkey Government International Bond          
(USD), 6.13%, 10/24/2028   560,000    575,288 
(USD), 5.95%, 01/15/2031   264,000    260,478 
         835,766 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

  

UKRAINE (3.9%)        
Ukraine Government International Bond          
(USD), 7.75%, 09/01/2024 (a)  $750,000   $813,903 
(EUR), 6.75%, 06/20/2026 (a)   310,000    401,238 
(USD), 1.26%, 05/31/2040 (a)(i)   410,000    477,022 
         1,692,163 
UNITED ARAB EMIRATES (1.1%)          
Finance Department Government of Sharjah (USD), 4.00%, 07/28/2050 (a)   233,000    211,424 
Sharjah Sukuk Program Ltd. (USD), 4.23%, 03/14/2028 (a)   245,000    266,418 
         477,842 
URUGUAY (1.5%)          
Uruguay Government International Bond          
(UYU), 4.38%, 12/15/2028 (b)(h)   22,455,714    610,559 
(UYU), 8.25%, 05/21/2031   999,000    23,237 
         633,796 
UZBEKISTAN (1.7%)          
Republic of Uzbekistan International Bond          
(USD), 4.75%, 02/20/2024 (a)   300,000    317,250 
(USD), 3.70%, 11/25/2030 (a)   212,000    209,152 
(USD), 3.90%, 10/19/2031 (a)   220,000    219,065 
         745,467 
VENEZUELA (0.0%)          
Venezuela Government International Bond (USD), 9.25%, 05/07/2028 (a)(c)(e)   165,000    16,995 
Total Government Bonds        31,936,553 
           
WARRANTS (0.0%)          
BRAZIL (0.0%)          
OAS S.A.(c)(j)(k)   29,232     
           
UNITED STATES (0.0%)          
CANADACO, Series A(c)(j)(k)   92,841     
Total Warrants        0 
           
SHORT-TERM INVESTMENTS (4.1%)          
UNITED STATES (4.1%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(l)   1,769,135    1,769,135 
Total Short-Term Investments        1,769,135 
Total Investments
(Cost $43,975,815) —98.8%
        43,047,048 
Other Assets in Excess of Liabilities—1.2%        541,995 
Net Assets—100.0%       $43,589,043 

 

(a)Denotes a security issued under Regulation S or Rule 144A.
(b)Sinkable security.
(c)Illiquid security.
(d)Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.
(e)Security is in default.

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

  

(f) Indicates a stepped coupon bond. This bond was issued with a low coupon that gradually increases over the life of the bond.
(g) Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash.
(h) Inflation linked security.
(i) Variable Rate Instrument. The rate shown is based on the latest available information as of July 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.
(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 July 31, 2021.
 
BRL Brazilian Real
CLP Chilean Peso
CZK Czech Koruna
EGP Egyptian Pound
EUR Euro Currency
IDR Indonesian Rupiah
INR Indian Rupee
MXN Mexican Peso
PLC Public Limited Company
PLN Polish Zloty
RUB Russian Ruble
USD U.S. Dollar
UYU Uruguayan Peso
ZAR South African Rand
 
At July 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)
 
Brazilian Real/United States Dollar                         
08/25/2021  UBS AG  BRL 4,737,000   USD 897,550   $906,865   $9,315 
Indian Rupee/United States Dollar                         
08/25/2021  UBS AG  INR 42,578,000   USD 578,397    571,402    (6,995)
Indonesian Rupiah/United States Dollar                         
08/25/2021  UBS AG  IDR 6,714,121,000   USD 465,450    464,698    (752)
Mexican Peso/United States Dollar                         
10/13/2021  UBS AG  MXN 17,500,000   USD 867,782    870,718    2,936 
New Russian Ruble/United States Dollar                         
10/13/2021  UBS AG  RUB 34,524,000   USD 452,971    466,635    13,664 
                  $3,280,318   $18,168 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen Emerging Markets Debt Fund

  

Sale Contracts
Settlement Date*
  Counterparty  Amount
Purchased
   Amount
Sold
   Fair Value   Unrealized
Appreciation/
(Depreciation)
 
United States Dollar/Brazilian Real                         
08/25/2021  Barclays Bank plc  USD 2,490,080   BRL 13,304,000   $2,546,957   $(56,877)
United States Dollar/Crech Koruna                         
10/13/2021  UBS AG  USD 3,024   CZK 66,000    3,068    (44)
United States Dollar/Euro                         
10/13/2021  Deutsche Bank AG  USD 94,578   EUR 80,000    95,032    (454)
10/13/2021  JPMorgan Chase Bank N.A.  USD 3,620,473   EUR 3,055,000    3,629,033    (8,560)
10/13/2021  Royal Bank Of Canada  USD 236,528   EUR 199,000    236,392    136 
10/13/2021  UBS AG  USD 406,163   EUR 343,000    407,449    (1,286)
United States Dollar/Mexican Peso                         
10/13/2021  Deutsche Bank AG  USD 953,105   MXN 19,353,000    962,914    (9,809)
United States Dollar/New Russian Ruble                         
08/25/2021  Barclays Bank plc  USD 1,023,709   RUB 76,102,000    1,038,266    (14,557)
United States Dollar/Polish Zloty                         
10/13/2021  UBS AG  USD 469,945   PLN 1,803,000    468,156    1,789 
United States Dollar/South African Rand                         
10/13/2021  UBS AG  USD 791,455   ZAR 11,525,000    779,662    11,793 
                  $10,166,929   $(77,869)

 

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

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Statement of Investments
 
July 31, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

   Shares or
Principal
Amount
   Value
(US$)
 
COMMON STOCKS (23.3%)          
AUSTRALIA (0.4%)          
Materials (0.4%)          
BHP Group Ltd.   367    14,415 
Glencore PLC   8,737    39,239 
MMG Ltd.(a)   16,000    8,159 
Pilbara Minerals Ltd.(a)   13,863    18,039 
         79,852 
BELGIUM (0.1%)          
Materials (0.1%)          
Umicore SA   411    25,509 
CANADA (1.0%)          
Industrials (0.4%)          
Canadian National Railway Co.   762    82,796 
Materials (0.6%)          
Canfor Corp.(a)   2,075    40,066 
First Quantum Minerals Ltd.   620    13,279 
Nutrien Ltd.   709    42,156 
West Fraser Timber Co. Ltd.   640    45,907 
         141,408 
         224,204 
CHILE (0.0%)          
Materials (0.0%)          
Antofagasta PLC   523    10,859 
CHINA (0.4%)          
Financials (0.3%)          
China Construction Bank Corp., Class H   106,000    73,833 
Materials (0.1%)          
China Molybdenum Co. Ltd. H Shares   21,000    15,371 
         89,204 
FINLAND (0.2%)          
Industrials (0.2%)          
Valmet OYJ   1,076    44,905 
FRANCE (1.3%)          
Consumer Discretionary (0.1%)          
LVMH Moet Hennessy Louis Vuitton SE   15    12,010 
Consumer Staples (0.4%)          
L'Oreal SA   181    82,806 
Health Care (0.4%)          
EssilorLuxottica SA   70    13,215 

 

See accompanying Notes to Statements of Investments.

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Sanofi   782    80,603 
         93,818 
Industrials (0.3%)          
Schneider Electric SE   363    60,798 
Vinci SA   107    11,329 
         72,127 
Materials (0.1%)          
Eramet SA(a)   251    20,072 
         280,833 
GERMANY (1.0%)          
Consumer Discretionary (0.4%)          
Adidas AG   35    12,703 
Bayerische Motoren Werke AG   324    32,216 
Daimler AG   131    11,690 
HelloFresh SE(a)   438    41,058 
         97,667 
Industrials (0.5%)          
Brenntag SE   486    48,542 
KION Group AG   527    55,964 
         104,506 
Materials (0.1%)          
BASF SE   303    23,809 
         225,982 
HONG KONG (0.1%)          
Consumer Discretionary (0.1%)          
Galaxy Entertainment Group Ltd.(a)   2,000    13,554 
Industrials (0.0%)          
Jardine Matheson Holdings Ltd.   200    11,899 
         25,453 
JAPAN (1.3%)          
Consumer Discretionary (0.2%)          
Denso Corp.   300    20,610 
Panasonic Corp.   2,100    25,358 
         45,968 
Industrials (0.4%)          
Ebara Corp.   900    44,518 
Kawasaki Heavy Industries Ltd.(a)   2,400    50,374 
         94,892 
Information Technology (0.5%)          
Seiko Epson Corp.   3,200    55,059 
Tokyo Electron Ltd.   100    41,242 
         96,301 
Materials (0.2%)          
Mitsubishi Chemical Holdings Corp.   3,000    25,173 

 

See accompanying Notes to Statements of Investments.

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

Sumitomo Chemical Co. Ltd.   4,500    23,425 
         48,598 
         285,759 
MALAYSIA (0.1%)          
Materials (0.1%)          
Lynas Rare Earths Ltd.(a)   3,128    16,907 
NETHERLANDS (0.5%)          
Consumer Staples (0.1%)          
Heineken NV   105    12,227 
Energy (0.1%)          
Royal Dutch Shell PLC, A Shares   1,197    24,061 
Information Technology (0.2%)          
ASML Holding NV   85    64,973 
Materials (0.1%)          
AMG Advanced Metallurgical Group NV   429    13,418 
         114,679 
RUSSIA (0.1%)          
Materials (0.1%)          
MMC Norilsk Nickel PJSC, ADR   407    14,042 
SOUTH AFRICA (0.0%)          
Energy (0.0%)          
Thungela Resources Ltd.(a)   31    96 
SOUTH KOREA (0.4%)          
Consumer Discretionary (0.2%)          
Hyundai Motor Co.   175    33,305 
Information Technology (0.1%)          
Samsung Electronics Co. Ltd.   340    23,235 
Materials (0.1%)          
LG Chem Ltd.   34    24,973 
         81,513 
SWEDEN (0.1%)          
Consumer Discretionary (0.1%)          
Autoliv, Inc.   237    23,909 
SWITZERLAND (1.1%)          
Consumer Staples (0.4%)          
Nestle SA   631    79,903 
Health Care (0.4%)          
Roche Holding AG   228    88,079 
Industrials (0.3%)          
ABB Ltd.   1,674    61,199 
         229,181 

 

See accompanying Notes to Statements of Investments.

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

UNITED KINGDOM (0.6%)          
Industrials (0.4%)          
CNH Industrial NV   2,603    43,464 
Pentair PLC   673    49,580 
         93,044 
Materials (0.2%)          
Anglo American PLC   312    13,826 
Johnson Matthey PLC   562    23,230 
         37,056 
         130,100 
UNITED STATES (14.6%)          
Communication Services (0.9%)          
Alphabet, Inc., Class A(a)   5    13,473 
AT&T, Inc.   2,896    81,233 
Twitter, Inc.(a)   206    14,368 
Verizon Communications, Inc.   1,473    82,164 
         191,238 
Consumer Discretionary (0.8%)          
BorgWarner, Inc.   474    23,216 
Ford Motor Co.(a)   842    11,746 
Harley-Davidson, Inc.   523    20,721 
McDonald's Corp.   53    12,864 
Starbucks Corp.   111    13,479 
Target Corp.   355    92,673 
TJX Cos., Inc. (The)   192    13,211 
         187,910 
Consumer Staples (2.8%)          
Archer-Daniels-Midland Co.   690    41,207 
Bunge Ltd.   545    42,308 
Costco Wholesale Corp.   220    94,538 
CVS Health Corp.   995    81,948 
Kroger Co.   1,178    47,945 
Mondelez International, Inc., Class A   1,321    83,567 
Procter & Gamble Co. (The)   624    88,752 
Sprouts Farmers Market, Inc.(a)   1,565    38,468 
Walmart, Inc.   599    85,387 
         604,120 
Financials (0.8%)          
Intercontinental Exchange, Inc.   740    88,674 
Marsh & McLennan Cos., Inc.   603    88,774 
         177,448 
Health Care (1.8%)          
Abbott Laboratories   762    92,187 
Boston Scientific Corp.(a)   294    13,406 
Johnson & Johnson   509    87,650 
Medtronic PLC   101    13,262 
Merck & Co., Inc.   1,116    85,787 
Regeneron Pharmaceuticals, Inc.(a)   24    13,791 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

UnitedHealth Group, Inc.   211    86,978 
         393,061 
Industrials (2.7%)          
AGCO Corp.   356    47,031 
AMETEK, Inc.   430    59,791 
AO Smith Corp.   654    45,996 
Boeing Co.(a)   51    11,550 
Danaher Corp.   51    15,172 
Deere & Co.   134    48,453 
Eaton Corp. PLC   86    13,592 
EMCOR Group, Inc.   400    48,724 
Emerson Electric Co.   600    60,534 
Ferguson PLC   322    45,141 
MasTec, Inc.(a)   394    39,885 
Middleby Corp.(a)   271    51,894 
PACCAR, Inc.   138    11,453 
Trane Technologies PLC   246    50,088 
Watts Water Technologies, Inc., Class A   317    47,791 
         597,095 
Information Technology (3.3%)          
Accenture PLC, Class A   295    93,715 
Adobe, Inc.(a)   153    95,109 
Cisco Systems, Inc.   1,480    81,948 
Fiserv, Inc.(a)   115    13,238 
Global Payments, Inc.   65    12,572 
HP, Inc.   1,951    56,325 
Lam Research Corp.   91    58,004 
Maxim Integrated Products, Inc.(a)   236    23,579 
Microsoft Corp.   324    92,311 
MKS Instruments, Inc.   321    50,217 
TE Connectivity Ltd.   91    13,420 
Trimble, Inc.(a)   748    63,954 
Zebra Technologies Corp., Class A(a)   116    64,088 
         718,480 
Materials (1.0%)          
Avery Dennison Corp.   211    44,453 
CF Industries Holdings, Inc.   854    40,352 
Freeport-McMoRan, Inc.   623    23,736 
International Paper Co.   722    41,703 
Linde PLC   43    13,218 
O-I Glass, Inc.(a)   2,390    35,348 
Tronox Holdings PLC, Class A   693    12,772 
         211,582 
Real Estate (0.1%)          
Equinix, Inc., REIT   15    12,306 
Utilities (0.4%)          
NextEra Energy, Inc.   1,149    89,507 
         3,182,747 
Total Common Stocks        5,085,734 

 

See accompanying Notes to Statements of Investments.

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

GOVERNMENT BONDS (4.1%)          
SOUTH AFRICA (4.1%)          
Republic of South Africa Government Bond          
Series R186 (ZAR), 10.50%, 12/21/2026   3,812,000    296,452 
Series 2030 (ZAR), 8.00%, 01/31/2030   4,588,000    297,889 
Series 2032 (ZAR), 8.25%, 03/31/2032   4,913,000    306,077 
         900,418 
Total Government Bonds        900,418 
PREFERRED STOCKS (0.1%)          
CHILE (0.1%)          
Materials (0.1%)          
Sociedad Quimica y Minera de Chile SA, ADR, Preferred Shares   248    11,780 
Total Preferred Stocks        11,780 
Total Purchased Options (see detail below)        37,165 
SHORT-TERM INVESTMENT
(71.1%)
          
CERTIFICATES OF DEPOSIT (22.2%)          
CANADA (3.7%)          
Bank Of Montreal (USD), 0.01%, 08/02/2021   807,300    807,300 
FRANCE (3.7%)          
Societe Generale SA (USD), 0.03%, 08/02/2021   800,572    800,572 
NETHERLANDS (7.4%)          
ING Bank NV (USD), 0.01%, 08/02/2021   803,647    803,647 
Rabobank Nederland NV (USD), 0.01%, 08/02/2021   808,215    808,215 
         1,611,862 
UNITED KINGDOM (7.4%)          
BNP Paribas (USD), 0.03%, 08/02/2021   809,138    809,138 
Credit Agricole SA (USD), 0.02%, 08/02/2021   804,147    804,147 
         1,613,285 
Total Certificates of Deposit        4,833,019 
MONEY MARKET FUNDS
(9.8%)
          
UNITED STATES (9.8%)          
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b)   2,139,449    2,139,449 
Total Money Market Funds        2,139,449 
U.S. TREASURIES (39.1%)          
U.S. Treasury Bill          
(USD), 0.03%, 08/05/2021 (c)(d)   4,500,000    4,499,989 
(USD), 0.02%, 09/09/2021 (c)   1,000,000    999,953 
(USD), 0.03%, 10/07/2021 (c)   1,500,000    1,499,862 

 

See accompanying Notes to Statements of Investments.

 

 

 

Statement of Investments (continued)
 
July 31, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund

 

(USD), 0.02%, 11/04/2021 (c)   1,500,000    1,499,804 
         8,499,608 
Total U.S. Treasuries        8,499,608 
Total Short-Term Investment        15,472,076 
Total Investments
(Cost $21,347,736) —98.8%
        21,507,173 
Other Assets in Excess of Liabilities—1.2%        256,765 
Net Assets—100.0%       $21,763,938 

 

(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 July 31, 2021.
(c) The rate shown is the discount yield at the time of purchase.
(d) All or a portion of the security has been designated as collateral for swap contracts.
   
ADR American Depositary Receipt  
AUD Australian Dollar  
BRL Brazilian Real  
CAD Canadian Dollar  
CHF Swiss Franc  
CNY Chinese Yuan Renminbi  
COP Colombian Peso  
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  
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  
THB Thai Baht  
TWD New Taiwan Dollar  
USD U.S. Dollar  
ZAR South African Rand  

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

 

At July 31, 2021, the Fund held the following futures contracts:
 
Futures Contracts  Number of
Contracts
Long/(Short)
   Expiration
Date
  Notional
Amount
   Market
Value
   Unrealized
Appreciation/
(Depreciation)
 
                    
Long Contract Positions 
United States Treasury Note 6%–Ultra Bond   3   09/21/2021  $566,524   $598,594   $32,070 
Short Contract Positions                       
E-Mini Russell 2000 Future   (9)  09/17/2021  $(957,975)  $(999,720)  $(41,745)
Euro STOXX 50 Future   (2)  09/17/2021   (92,697)   (96,988)   (4,291)
Nikkei 225 Future   (1)  09/09/2021   (247,297)   (249,305)   (2,008)
United States Treasury Note 6%–10 year Ultra   (8)  09/21/2021   (1,156,987)   (1,202,000)   (45,013)
                     $(93,057)
                     $(60,987)

 

At July 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)
 
                  
Australian Dollar/United States Dollar                      
08/10/2021  Citibank N.A.  AUD 987,240   USD 761,300   $724,503   $(36,797)
08/11/2021  Citibank N.A.  AUD 11,599   USD 8,985    8,512    (473)
08/11/2021  Royal Bank of Canada  AUD 10,546   USD 8,163    7,740    (423)
08/13/2021  Citibank N.A.  AUD 519,000   USD 389,273    380,882    (8,391)
Brazilian Real/United States Dollar                      
08/11/2021  Goldman Sachs & Co.  BRL 1,370,000   USD 258,661    262,790    4,129 
08/11/2021  Royal Bank of Canada  BRL 1,847,000   USD 367,095    354,288    (12,807)
10/15/2021  Citibank N.A.  BRL 1,267,000   USD 237,198    240,913    3,715 
British Pound/United States Dollar                      
08/13/2021  Barclays Bank plc  GBP 54,000   USD 76,573    75,061    (1,512)
08/13/2021  Citibank N.A.  GBP 39,000   USD 54,223    54,211    (12)
08/13/2021  HSBC Bank plc  GBP 45,000   USD 62,923    62,551    (372)
08/13/2021  JPMorgan Chase Bank N.A.  GBP 54,000   USD 74,440    75,061    621 
08/13/2021  Royal Bank of Canada  GBP 56,000   USD 79,438    77,842    (1,596)
Canadian Dollar/United States Dollar                      
08/13/2021  Royal Bank of Canada  CAD 484,000   USD 391,261    387,944    (3,317)
Colombian Peso/United States Dollar                      
08/11/2021  Citibank N.A.  COP 374,880,000   USD 100,615    96,632    (3,983)
08/11/2021  Goldman Sachs & Co.  COP 1,333,000,000   USD 353,570    343,604    (9,966)
08/11/2021  Royal Bank of Canada  COP 406,120,000   USD 108,937    104,684    (4,253)
10/15/2021  JPMorgan Chase Bank N.A.  COP 549,000,000   USD 141,657    141,082    (575)
Crech Koruna/United States Dollar                      
10/15/2021  HSBC Bank plc  CZK 1,285,000   USD 58,774    59,723    949 
Euro/United States Dollar                      
08/11/2021  Citibank N.A.  EUR 34,127   USD 41,566    40,489    (1,077)
08/11/2021  Royal Bank of Canada  EUR 72,800   USD 88,857    86,372    (2,485)
09/10/2021  Barclays Bank plc  EUR 61,000   USD 72,713    72,414    (299)
09/10/2021  Goldman Sachs & Co.  EUR 230,000   USD 280,856    273,037    (7,819)
09/10/2021  HSBC Bank plc  EUR 89,000   USD 105,700    105,653    (47)
Hong Kong Dollar/United States Dollar                      
08/11/2021  Goldman Sachs & Co.  HKD 169,758   USD 21,865    21,845    (20)
08/11/2021  HSBC Bank plc  HKD 109,386   USD 14,099    14,076    (23)

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

 

Hungarian Forint/United States Dollar                      
10/15/2021  HSBC Bank plc  HUF 34,200,000   USD 112,864    112,938    74 
Indian Rupee/United States Dollar                      
08/11/2021  Barclays Bank plc  INR 7,990,000   USD 107,361    107,422    61 
08/11/2021  HSBC Bank plc  INR 43,090,000   USD 572,967    579,325    6,358 
08/13/2021  Citibank N.A.  INR 21,350,000   USD 289,034    286,966    (2,068)
08/25/2021  Citibank N.A.  INR 20,496,000   USD 277,108    275,059    (2,049)
09/01/2021  HSBC Bank plc  INR 20,905,920   USD 282,860    280,305    (2,555)
09/09/2021  Goldman Sachs & Co.  INR 22,648,080   USD 307,089    303,392    (3,697)
10/08/2021  Citibank N.A.  INR 7,380,000   USD 97,666    98,556    890 
Indonesian Rupiah/United States Dollar                      
08/11/2021  Barclays Bank plc  IDR 5,020,000,000   USD 346,457    348,102    1,645 
08/11/2021  JPMorgan Chase Bank N.A.  IDR 3,340,000,000   USD 233,110    231,606    (1,504)
09/17/2021  Barclays Bank plc  IDR 5,040,000,000   USD 346,418    347,880    1,462 
09/17/2021  HSBC Bank plc  IDR 1,550,000,000   USD 106,795    106,987    192 
10/15/2021  HSBC Bank plc  IDR 4,000,000,000   USD 271,536    275,238    3,702 
Japanese Yen/United States Dollar                      
08/11/2021  Citibank N.A.  JPY 11,569,756   USD 105,715    105,468    (247)
08/11/2021  Goldman Sachs & Co.  JPY 473,062   USD 4,308    4,312    4 
08/11/2021  Royal Bank of Canada  JPY 13,562,400   USD 123,726    123,633    (93)
Malaysian Ringgit/United States Dollar                      
10/15/2021  Barclays Bank plc  MYR 324,000   USD 77,152    76,549    (603)
Mexican Peso/United States Dollar                      
09/01/2021  Goldman Sachs & Co.  MXN 3,620,000   USD 179,567    181,174    1,607 
09/13/2021  Goldman Sachs & Co.  MXN 3,430,000   USD 167,998    171,382    3,384 
10/15/2021  Citibank N.A.  MXN 4,720,000   USD 232,289    234,777    2,488 
New Russian Ruble/United States Dollar                      
09/10/2021  Barclays Bank plc  RUB 4,200,000   USD 56,747    57,163    416 
09/17/2021  Barclays Bank plc  RUB 25,300,000   USD 345,367    343,802    (1,565)
09/17/2021  Goldman Sachs & Co.  RUB 8,080,000   USD 109,576    109,799    223 
10/15/2021  HSBC Bank plc  RUB 9,500,000   USD 124,385    128,359    3,974 
Peruvian Nouveau Sol/United States Dollar                      
10/15/2021  Citibank N.A.  PEN 262,000   USD 66,113    64,536    (1,577)
Romanian Leu/United States Dollar                      
10/15/2021  JPMorgan Chase Bank N.A.  RON 382,000   USD 91,262    91,912    650 
South African Rand/United States Dollar                      
08/11/2021  JPMorgan Chase Bank N.A.  ZAR 3,750,000   USD 264,834    255,716    (9,118)
08/11/2021  Royal Bank of Canada  ZAR 5,010,000   USD 353,526    341,636    (11,890)
10/15/2021  Citibank N.A.  ZAR 2,540,000   USD 174,323    171,789    (2,534)
South Korean Won/United States Dollar                      
08/10/2021  Citibank N.A.  KRW 798,360,000   USD 709,830    692,630    (17,200)
08/11/2021  HSBC Bank plc  KRW 660,000,000   USD 587,199    572,584    (14,615)
Swiss Franc/United States Dollar                      
08/11/2021  HSBC Bank plc  CHF 48,079   USD 53,730    53,088    (642)
08/13/2021  JPMorgan Chase Bank N.A.  CHF 359,100   USD 388,949    396,528    7,579 
Thai Baht/United States Dollar                      
08/11/2021  Citibank N.A.  THB 2,203,904   USD 69,368    67,054    (2,314)
08/11/2021  Goldman Sachs & Co.  THB 19,703,159   USD 629,997    599,470    (30,527)
10/15/2021  Goldman Sachs & Co.  THB 4,930,000   USD 151,557    149,959    (1,598)
                  $12,419,005   $(158,520)

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

 

Sale Contracts
Settlement Date*
  Counterparty  Amount
Purchased
  Amount
Sold
  Fair Value   Unrealized
Appreciation/
(Depreciation)
 
                  
United States Dollar/Australian Dollar                      
08/10/2021  Citibank N.A.  USD 761,687   AUD 987,240   $724,503   $37,184 
08/11/2021  JPMorgan Chase Bank N.A.  USD 49,708   AUD 64,414    47,271    2,437 
United States Dollar/Brazilian Real                      
08/11/2021  HSBC Bank plc  USD 586,397   BRL 3,217,000    617,078    (30,681)
United States Dollar/British Pound                      
08/11/2021  Citibank N.A.  USD 102,482   GBP 73,201    101,752    730 
08/11/2021  Goldman Sachs & Co.  USD 17,936   GBP 12,860    17,876    60 
08/11/2021  HSBC Bank plc  USD 29,504   GBP 21,252    29,541    (37)
08/13/2021  HSBC Bank plc  USD 66,692   GBP 48,000    66,721    (29)
United States Dollar/Canadian Dollar                      
08/11/2021  Citibank N.A.  USD 62,268   CAD 76,129    61,021    1,247 
08/11/2021  Goldman Sachs & Co.  USD 6,283   CAD 7,611    6,101    182 
08/11/2021  JPMorgan Chase Bank N.A.  USD 88,256   CAD 107,236    85,954    2,302 
08/11/2021  Royal Bank of Canada  USD 70,891   CAD 87,139    69,846    1,045 
United States Dollar/Chinese Renminbi                      
09/10/2021  HSBC Bank plc  USD 677,573   CNY 4,400,000    679,031    (1,458)
United States Dollar/Colombian Peso                      
08/11/2021  Royal Bank of Canada  USD 548,348   COP 2,114,000,000    544,920    3,428 
United States Dollar/Euro                      
08/11/2021  Barclays Bank plc  USD 8,413   EUR 6,877    8,159    254 
08/11/2021  Citibank N.A.  USD 23,589   EUR 19,367    22,978    611 
08/11/2021  Goldman Sachs & Co.  USD 24,975   EUR 20,548    24,379    596 
08/11/2021  HSBC Bank plc  USD 49,912   EUR 41,291    48,989    923 
08/11/2021  Royal Bank of Canada  USD 711,313   EUR 589,466    699,356    11,957 
09/10/2021  Goldman Sachs & Co.  USD 119,953   EUR 101,000    119,899    54 
09/10/2021  Royal Bank of Canada  USD 830,467   EUR 680,000    807,239    23,228 
United States Dollar/Hong Kong Dollar                      
08/11/2021  Goldman Sachs & Co.  USD 179,200   HKD 1,391,633    179,080    120 
United States Dollar/Indian Rupee                      
08/11/2021  Barclays Bank plc  USD 232,351   INR 17,300,000    232,590    (239)
United States Dollar/Indonesian Rupiah                      
08/11/2021  Citibank N.A.  USD 572,450   IDR 8,360,000,000    579,708    (7,258)
United States Dollar/Japanese Yen                      
08/11/2021  Citibank N.A.  USD 23,408   JPY 2,549,241    23,239    169 
08/11/2021  Goldman Sachs & Co.  USD 52,322   JPY 5,698,051    51,943    379 
08/11/2021  JPMorgan Chase Bank N.A.  USD 12,057   JPY 1,334,118    12,162    (105)
08/11/2021  Royal Bank of Canada  USD 2,980   JPY 326,345    2,975    5 
08/12/2021  Royal Bank of Canada  USD 428,401   JPY 46,845,266    427,038    1,363 
08/13/2021  Citibank N.A.  USD 292,049   JPY 32,300,000    294,447    (2,398)
09/17/2021  HSBC Bank plc  USD 103,226   JPY 11,300,000    103,040    186 
09/17/2021  Royal Bank of Canada  USD 351,179   JPY 38,700,000    352,889    (1,710)

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

 

United States Dollar/Mexican Peso                      
09/01/2021  Goldman Sachs & Co.  USD 173,412   MXN 3,620,000    181,174    (7,762)
09/13/2021  Goldman Sachs & Co.  USD 164,073   MXN 3,430,000    171,382    (7,309)
United States Dollar/New Russian Ruble                      
09/10/2021  Goldman Sachs & Co.  USD 70,078   RUB 5,200,000    70,773    (695)
United States Dollar/New Taiwan Dollar                      
08/13/2021  Royal Bank of Canada  USD 295,489   TWD 8,100,000    290,412    5,077 
08/25/2021  HSBC Bank plc  USD 284,210   TWD 7,776,000    278,661    5,549 
09/01/2021  Barclays Bank plc  USD 289,810   TWD 7,931,520    284,154    5,656 
09/09/2021  JPMorgan Chase Bank N.A.  USD 314,030   TWD 8,592,480    307,924    6,106 
09/17/2021  HSBC Bank plc  USD 353,292   TWD 9,730,000    348,863    4,429 
09/17/2021  JPMorgan Chase Bank N.A.  USD 107,065   TWD 2,990,000    107,205    (140)
United States Dollar/New Zealand Dollar                      
08/13/2021  Goldman Sachs & Co.  USD 292,235   NZD 418,640    291,655    580 
United States Dollar/South African Rand                      
08/11/2021  HSBC Bank plc  USD 1,532,772   ZAR 22,452,277    1,531,041    1,731 
10/05/2021  Barclays Bank plc  USD 290,447   ZAR 4,194,600    284,037    6,410 
United States Dollar/South Korean Won                      
08/10/2021  Citibank N.A.  USD 713,650   KRW 798,360,000    692,630    21,020 
08/11/2021  HSBC Bank plc  USD 269,618   KRW 300,801,935    260,961    8,657 
08/11/2021  Royal Bank of Canada  USD 347,758   KRW 394,000,000    341,815    5,943 
United States Dollar/Swedish Krona                      
08/13/2021  JPMorgan Chase Bank N.A.  USD 292,340   SEK 2,487,700    289,018    3,322 
United States Dollar/Swiss Franc                      
08/11/2021  Citibank N.A.  USD 81,586   CHF 73,935    81,637    (51)
08/11/2021  Goldman Sachs & Co.  USD 67,232   CHF 60,877    67,219    13 
08/11/2021  JPMorgan Chase Bank N.A.  USD 103,809   CHF 94,309    104,134    (325)
09/17/2021  Barclays Bank plc  USD 349,399   CHF 320,000    353,671    (4,272)
09/17/2021  Goldman Sachs & Co.  USD 102,918   CHF 93,100    102,896    22 
United States Dollar/Thai Baht                      
08/11/2021  Barclays Bank plc  USD 346,794   THB 10,920,000    332,242    14,552 
08/11/2021  Goldman Sachs & Co.  USD 131,756   THB 4,127,151    125,569    6,187 
08/11/2021  HSBC Bank plc  USD 105,769   THB 3,292,800    100,184    5,585 
08/11/2021  JPMorgan Chase Bank N.A.  USD 114,452   THB 3,567,200    108,532    5,920 
                  $14,149,514   $130,750 

 

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

                                     

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

 

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

 

Expiration
Date
  Notional
Amount
   Credit Index  Fixed Rate  Frequency
of
Payments Made
  Premiums Paid
(Received)
   Value   Unrealized
Appreciation/
(Depreciation)
 
Buy Protection:                             
06/20/2026   484,000   CDX.NA.HY  Equal to (5.00)%  Quarterly  $(47,805)  $(47,776)  $29 
06/20/2026   1,033,385    iTraxx Europe Crossover  Equal to (5.00)%  Quarterly   (150,118)   (154,880)   (4,762)
06/20/2026   516,615    iTraxx Europe Crossover  Equal to (5.00)%  Quarterly   (76,377)   (77,429)   (1,052)
06/20/2026   240,000   CDX.NA.HY  Equal to (5.00)%  Quarterly   (23,840)   (23,690)   150 
                 $(298,140)  $(303,775)  $(5,635)
Sell Protection:                             
06/20/2026   623,700   iTraxx Europe Crossover  Equal to 5.00%  Quarterly  $83,964   $93,478   $9,514 
06/20/2026   520,422    iTraxx Europe Crossover  Equal to 5.00%  Quarterly   70,233    77,999    7,766 
06/20/2026   745,878    iTraxx Europe Crossover  Equal to 5.00%  Quarterly   100,929    111,790    10,861 
06/20/2026   2,365,210   CDX.NA.HY  Equal to 5.00%  Quarterly   201,161    233,470    32,309 
06/20/2026   1,964,000   iTraxx Europe Crossover  Equal to 5.00%  Quarterly   251,975    294,358    42,383 
06/20/2026   652,000   iTraxx Europe Sub Financials  Equal to 1.00%  Quarterly   (6,618)   (231)   6,387 
                 $701,644   $810,864   $109,220 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

 

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

 

Currency   Notional
Amount
   Expiration
Date
  Receive (Pay) Floating Rate  Floating Rate Index  Fixed
Rate
   Frequency of
Payments Made
  Premiums Paid (Received)   Value   Unrealized
Appreciation/
(Depreciation)
 
GBP    1,140,000   02/15/2026  Receive  12-month UK RPI   3.42%  Annually  $47,819   $51,814   $3,995 
EUR    436,250   03/15/2026  Receive  12-month Euro CPI   1.47%  Annually       8,843    8,843 
EUR    268,603   03/15/2026  Receive  12-month Euro CPI   1.43%  Annually       6,093    6,093 
EUR    268,604   03/15/2026  Receive  12-month Euro CPI   1.44%  Annually       6,050    6,050 
EUR    402,905   03/15/2026  Receive  12-month Euro CPI   1.44%  Annually       9,075    9,075 
EUR    402,906   03/15/2026  Receive  12-month Euro CPI   1.41%  Annually       9,658    9,658 
EUR    402,906   03/15/2026  Receive  12-month Euro CPI   1.41%  Annually       9,723    9,723 
EUR    402,906   03/15/2026  Receive  12-month Euro CPI   1.38%  Annually       10,402    10,402 
EUR    402,906   03/15/2026  Receive  12-month Euro CPI   1.38%  Annually       10,467    10,467 
EUR    492,184   03/15/2026  Receive  12-month Euro CPI   1.39%  Annually       12,589    12,589 
EUR    492,185   03/15/2026  Receive  12-month Euro CPI   1.38%  Annually       12,825    12,825 
EUR    492,184   03/15/2026  Receive  12-month Euro CPI   1.38%  Annually       12,746    12,746 
EUR    492,185   03/15/2026  Receive  12-month Euro CPI   1.37%  Annually       13,062    13,062 
EUR    268,604   03/15/2026  Receive  12-month Euro CPI   1.44%  Annually       6,007    6,007 
EUR    492,184   03/15/2026  Receive  12-month Euro CPI   1.33%  Annually       14,403    14,403 
EUR    984,369   03/15/2026  Receive  12-month Euro CPI   1.33%  Annually       28,649    28,649 
GBP    355,000   11/15/2029  Receive  12-month UK RPI   3.47%  Annually   (15,053)   7,790    22,843 
GBP    516,000   11/15/2029  Receive  12-month UK RPI   3.47%  Annually   (16,912)   11,323    28,235 
USD    983,000   02/26/2031  Receive  12-month CPI   2.28%  Annually   50,400        (50,400)
USD    107,000   02/26/2031  Receive  12-month CPI   2.28%  Annually   2,907    5,304    2,397 
USD    60,000   03/02/2031  Receive  12-month CPI   2.22%  Annually   3,500    3,387    (113)
USD    35,500   09/02/2050  Receive  12-month CPI   2.06%  Annually       5,671    5,671 
USD    35,500   09/02/2050  Receive  12-month CPI   2.06%  Annually       5,703    5,703 
EUR    685,000   06/25/2051  Receive  6-month EURIBOR   0.46%  Semiannually       (48,099)   (48,099)
EUR    685,000   06/25/2051  Receive  6-month EURIBOR   0.46%  Semiannually       (48,947)   (48,947)
                          $72,661   $164,538   $91,877 
GBP    1,865,000   01/15/2026  Pay  12-month UK RPI   3.35%  Annually  $   $(95,404)  $(95,404)
GBP    1,865,000   01/15/2026  Pay  12-month UK RPI   3.35%  Annually       (96,676)   (96,676)
GBP    1,450,000   02/15/2026  Pay  12-month UK RPI   3.42%  Annually       (65,903)   (65,903)
EUR    38,950   03/15/2026  Pay  12-month Euro CPI   1.43%  Annually   (506)   (884)   (378)
EUR    15,580   03/15/2026  Pay  12-month Euro CPI   1.43%  Annually   (197)   (353)   (156)
EUR    23,370   03/15/2026  Pay  12-month Euro CPI   1.43%  Annually   (298)   (530)   (232)

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

 

GBP    2,790,000   11/15/2029  Pay  12-month UK RPI   3.47%  Annually       (61,224)   (61,224)
USD    1,090,000   02/26/2031  Pay  12-month CPI   2.28%  Annually       (54,034)   (54,034)
USD    1,090,000   03/02/2031  Pay  12-month CPI   2.22%  Annually       (61,526)   (61,526)
EUR    2,025,000   06/25/2031  Pay  6-month EURIBOR   0.10%  Semiannually       43,952    43,952 
EUR    2,025,000   06/25/2031  Pay  6-month EURIBOR   0.10%  Semiannually       42,602    42,602 
USD    35,500   09/02/2050  Pay  12-month CPI   2.06%  Annually   991    (5,671)   (6,662)
USD    35,500   09/02/2050  Pay  12-month CPI   2.06%  Annually   955    (5,703)   (6,658)
                          $945   $(361,354)  $(362,299)
                          $73,606   $(196,816)  $(270,422)

 

At July 31, 2021, the Fund held the following over-the-counter total return swaps:  

 

Currency   Notional
Amount
   Expiration
Date
  Receive (Pay)
Total Return of Equity
 Index
  Equity Secuirty  Floating Rate Index  Frequency of
Payments Made
  Value   Unrealized
Appreciation/
(Depriciation)
 
USD    318,763   10/25/2021  Pay  MSCI China A Index  1-month LIBOR  Monthly  $(13,012)  $(13,012)
USD    356,457   09/17/2021  Pay  MSCI China A Index  1-month LIBOR  Monthly   (13,459)   (13,459)
                              (26,471)

 

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

 

Description  Expiration
Date
  Exercise
Price
   Contracts   Notional
Amount
   Cost   Value   Unrealized
Value
 
                            
CALL OPTIONS PURCHASED (0.1%)            
Index Options (0.1%)                              
CBOE Volatility Index  09/15/2021   25    3    7,500    1,055    825    (230)
CBOE Volatility Index 1  10/20/2021   19    21    39,900    10,920    11,550    630 
CBOE Volatility Index 2  10/20/2021   25    2    5,000    647    700    53 
CBOE Volatility Index 3  11/17/2021   26    3    7,800    1,034    1,041    7 
EURO STOXX 50  09/17/2021   4,220    237    1,000,140    17,149    8,382    (8,766)
EURO STOXX 50 1  09/17/2021   4,342    233    1,011,686    9,128    1,782    (7,346)
                          $24,280   $(15,652)

 

PUT OPTIONS PURCHASED (0.1%)            
Index Options (0.1%)                              
FTSE CHINA A50  10/25/2021   14,814    137    2,029,518    4,492    4,506    14 
FTSE CHINA A50 1  09/17/2021   14,611    155    2,264,705    8,319    8,379    60 
                          $12,885   $74 

 

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

 

Description  Notional
Amount
   Cost   Value   Unrealized
Value
 
CALL OPTIONS WRITTEN (0.2%)                
Swaptions (0.2%)            
10 year Interest Rate Swap Call, expiring 11/5/2021, Pay 0.45%, Receive 3-month LIBOR  (1,235,000)   (5,558)   (11,215)   (5,657)

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

 

10-year Interest Rate Swap Call, expiring 10/18/2021, Pay 0.53%, Receive 3-month LIBOR   (1,245,000)   (6,598)   (10,196)   (3,598)
10-year Interest Rate Swap Call, expiring 10/18/2021, Pay 0.54%, Receive 3-month LIBOR   (1,245,000)   (6,723)   (10,196)   (3,473)
             $(31,607)  $(12,728)

 

 
PUT OPTIONS WRITTEN (0.1%)            
             
Description  Expiration
Date
  Exercise
Price
   Contracts  Notional
Amount
   Cost   Value   Unrealized
Value
 
Index Options (0.1%)                                
CAC 40 Index  09/17/2021   6,100    (2)  (122,000)   (1,056)   (1,252)   (196)
DAX Index  09/17/2021   14,450    (1)  (72,250)   (640)   (764)   (124)
FTSE 100 Index  09/17/2021   6,550    (1)  (65,500)   (641)   (771)   (130)
NASDAQ 100  09/17/2021   11,793    (83)  (978,819)   (9,156)   (2,050)   7,106 
NASDAQ 100 1  09/17/2021   11,596    (86)  (997,256)   (17,214)   (1,833)   15,381 
NIKKEI 225  09/10/2021   25,500    (1)  (25,500,000)   (1,814)   (2,416)   (602)
S&P 500 Index  09/30/2021   3,910    (3)  (1,173,000)   (13,403)   (8,751)   4,652 
S&P 500 Index 1  09/17/2021   4,090    (1)  (409,000)   (3,046)   (3,315)   (269)
S&PASX 200 Index  09/16/2021   6,825    (4)  (273,000)   (1,182)   (1,230)   (48)
                         $(22,382)  $25,770 

 

 
Description  Notional
Amount
   Cost   Value   Unrealized
Value
 
Swaptions (0.0%)                
10 year Interest Rate Swap Call, expiring 11/5/2021, Pay 0.67%, Receive 3-month LIBOR   (1,235,000)   (8,213)   (916)   7,297 
10-year Interest Rate Swap Put, expiring 10/18/2021, Pay 0.66%, Receive 3-month LIBOR   (1,245,000)   (9,088)   (553)   8,535 
10-year Interest Rate Swap Put, expiring 10/18/2021, Pay 0.73%, Receive 3-month LIBOR   (1,245,000)   (8,217)   (553)   7,664 
             $(2,022)  $23,496 
             $(24,404)  $49,266 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Statement of Investments

 

July 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

 

   Shares or
Principal
Amount
   Value
(US$)
 
MUNICIPAL BONDS (101.5%)          
Alabama (4.4%)          
Black Belt Energy Gas District Revenue Bonds, Series A, 4.00%, 08/01/2047(a)  $1,000,000   $1,030,316 
Columbia Industrial Development Board Revenue Bonds (Alabama Power Co.), 0.06%, 11/01/2021(a)   1,800,000    1,800,000 
         2,830,316 
California (3.6%)          
Bay Area Toll Authority Revenue Bonds, Series A, 2.95%, 04/01/2047(a)   350,000    385,464 
Los Angeles Community College District General Obligation Unlimited Bonds, Series I, 4.00%, 08/01/2029   400,000    471,667 
M-S-R Energy Authority Gas Revenue Bonds          
Series B, 6.13%, 11/01/2029   490,000    624,978 
Series A, 6.50%, 11/01/2039   500,000    834,654 
         2,316,763 
Colorado (0.3%)          
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy), 4.00%, 05/01/2041   170,000    192,070 
Connecticut (2.1%)          
State Health & Educational Facilities Authority Revenue Bonds, Series F, 5.00%, 07/01/2027   1,135,000    1,341,871 
District of Columbia (1.0%)          
Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030   500,000    617,152 
Florida (8.6%)          
City of Lakeland Revenue Bonds, Series B, AMT, 5.00%, 10/01/2028   565,000    712,262 
City of Tampa Revenue Bonds (Baycare Health Care System), Series A, 4.00%, 11/15/2033   1,000,000    1,025,822 
Florida Development Finance Corp. Revenue Bonds (Glenridge On Palmer Ranch), 5.00%, 06/01/2035   225,000    266,109 
Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter AC), Series A, 4.00%, 06/30/2041(b)   765,000    842,992 
Florida Development Finance Corp. Revenue Bonds (Imagine School at Broward) , 5.00%, 12/15/2039(b)   500,000    596,557 
Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project), Series A, 5.00%, 06/01/2057(b)   600,000    724,735 
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project), 5.00%, 01/01/2039   160,000    179,919 
St Johns County Industrial Development Authority Revenue Bonds (Vicar'S Landing Project), 4.00%, 12/15/2041   750,000    842,154 
Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023   250,000    275,231 
         5,465,781 
Georgia (1.2%)          
Development Authority of Heard County Revenue Bonds (Georgia Power Co.), 0.06%, 12/01/2037(a)   400,000    400,000 
Main Street Natural Gas, Inc. Revenue Bonds, Series A, 5.00%, 05/15/2035   250,000    354,957 
         754,957 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

 

Hawaii (1.1%)        
City & County Honolulu HI Wastewater System Revenue Bonds, Series A, 5.00%, 07/01/2047  $560,000   $685,530 
Illinois (2.5%)          
Illinois Finance Authority Revenue Bonds (Carle Foundation), Series A, 6.00%, 08/15/2041   500,000    500,981 
Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group), 5.00%, 05/15/2041   200,000    240,558 
State of Illinois General Obligation Unlimited Bonds, Series D, 5.00%, 11/01/2021   815,000    824,710 
         1,566,249 
Indiana (1.2%)          
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032   750,000    790,967 
Kentucky (2.1%)          
Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048(a)   500,000    545,181 
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN, 0.05%, 11/01/2036(a)   800,000    800,000 
         1,345,181 
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    160,956 
5.00%, 01/01/2023   170,000    173,311 
Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100, 05/15/2026), 3.00%, 05/15/2031   10,000    11,100 
New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport), 5.00%, 01/01/2028   500,000    635,100 
New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.), 5.00%, 10/01/2027   250,000    313,242 
         1,293,709 
Maryland (3.1%)          
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.30%, 03/01/2030(a)   2,000,000    2,000,000 
Massachusetts (1.0%)          
Massachusetts Development Finance Agency Revenue Bonds, Series A, 5.00%, 07/01/2036   500,000    622,503 
Michigan (3.6%)          
Flint Hospital Building Authority Revenue Bonds          
4.00%, 07/01/2035   1,000,000    1,144,269 
4.00%, 07/01/2038   750,000    851,354 
Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024   295,000    304,075 
         2,299,698 
Mississippi (3.7%)          
Meridian MS Revenue Bonds, 4.20%, 03/01/2033(b)   1,453,764    1,568,467 
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT, 0.05%, 07/01/2025(a)   800,000    800,000 
         2,368,467 
Missouri (0.4%)          
Plaza at Noah's Ark Community Improvement District Revenue Bonds, 3.00%, 05/01/2022   60,000    60,605 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

 

State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.), 4.00%, 08/01/2036  $165,000   $200,084 
         260,689 
Nebraska (1.2%)          
Central Plains Energy Project, Gas Project Revenue Bonds (Project No.3), 5.00%, 09/01/2021   750,000    752,820 
New Hampshire (1.0%)          
New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College)          
5.00%, 08/01/2035   250,000    311,673 
5.00%, 08/01/2036   245,000    305,165 
         616,838 
New Jersey (5.0%)          
New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey)          
Series F, 4.00%, 07/01/2033   30,000    34,083 
Series F (Pre-refunded @ $100.000000, 07/01/2026), 4.00%, 07/01/2033   70,000    81,908 
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034   2,000,000    2,522,182 
Newark Housing Authority Revenue Bonds (Newark Redevelopment Project), 4.00%, 01/01/2037   500,000    563,428 
         3,201,601 
New York (14.4%)          
City of Elmira General Obligation Limited Bonds          
5.00%, 07/01/2025(b)   85,000    99,038 
5.00%, 07/01/2033(b)   625,000    754,503 
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031   145,000    168,024 
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042   1,000,000    1,204,254 
Metropolitan Transportation Authority Revenue Bonds          
Series C-1, 5.00%, 11/15/2027   1,150,000    1,360,820 
Series A-1, 5.00%, 11/15/2027   695,000    832,694 
Series A-2, VRN, 5.00%, 11/15/2045(a)   400,000    525,957 
Nassau County Local Economic Assistance Corp. Revenue Bonds (Catholic Health Services), 5.00%, 07/01/2030   1,000,000    1,126,738 
New York City Water & Sewer System Revenue Bonds, Series EE, 5.00%, 06/15/2037   295,000    364,863 
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A, 5.50%, 05/15/2023   1,160,000    1,272,252 
New York Transportation Development Corp. Revenue Bonds, AMT, 4.00%, 10/31/2034   250,000    304,811 
Port Authority of New York & New Jersey Revenue Bonds, AMT, 5.00%, 07/15/2033   400,000    522,943 
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 10/15/2042   560,000    681,847 
         9,218,744 
Ohio (0.4%)          
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, 5.00%, 06/01/2055   110,000    129,371 
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029   135,000    150,899 
         280,270 
Pennsylvania (4.0%)          
Montgomery County Industrial Development Authority Revenue Bonds (Imagine School at Broward) , 4.00%, 12/01/2037   300,000    339,981 
Pennsylvania Turnpike Commission Revenue Bonds, Series A, 5.25%, 07/15/2029   850,000    1,143,827 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

 

School Dist. of the City of Erie, General Obligation Limited Bonds, Series A, (AGM ST AID WITHHLDG), 5.00%, 04/01/2034  $825,000   $1,051,454 
         2,535,262 
Puerto Rico (2.1%)          
Commonwealth of Puerto Rico General Obligation Unlimited Bonds, Series A, (AGM), 5.25%, 07/01/2024   615,000    632,851 
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds, (AGC-ICC), 5.50%, 07/01/2022   250,000    260,799 
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026   100,000    106,990 
Highway & Transportation Authority Revenue Bonds, (AGC), 5.50%, 07/01/2031   300,000    351,151 
         1,351,791 
Rhode Island (1.3%)          
Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045   750,000    820,193 
South Carolina (1.8%)          
City of Rock Hill SC Combined Utility System Revenue Bonds          
5.00%, 01/01/2025   500,000    577,106 
5.00%, 01/01/2026   500,000    596,976 
         1,174,082 
Tennessee (4.9%)          
Knox County Health Educational & Housing Facilities Board Revenue Bonds (University Health System, Inc.), 5.00%, 09/01/2036   500,000    578,750 
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project)          
5.00%, 10/01/2034   360,000    455,759 
4.00%, 10/01/2041   1,355,000    1,555,067 
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023   500,000    550,906 
         3,140,482 
Texas (17.8%)          
Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools), 4.00%, 08/15/2036   100,000    111,364 
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027   4,675,000    5,691,914 
Matagorda County Navigation District No. 1 Revenue Bonds, Series B-1, 4.00%, 06/01/2030   1,000,000    1,047,189 
Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Railport Terminal II LLC), 4.00%, 01/01/2050(b)   1,000,000    1,036,906 
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Baylor Scott & White Obligated Group), Series A, 5.00%, 11/15/2029   800,000    966,722 
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health Resources Obligated Group), Series A, 4.00%, 02/15/2036   1,000,000    1,142,935 
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D, 6.25%, 12/15/2026   1,140,000    1,343,860 
         11,340,890 
Utah (1.1%)          
Salt Lake City Corp. Airport Revenue Bonds, Series B, 5.00%, 07/01/2042   100,000    122,733 
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(b)   570,000    588,418 
         711,151 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

 

Washington (0.3%)        
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A, 5.00%, 01/01/2024(b)  $180,000   $195,667 
Wisconsin (4.3%)          
Public Finance Authority Revenue Bonds          
5.00%, 06/15/2029   530,000    652,061 
5.00%, 06/15/2034   425,000    511,108 
Public Finance Authority Revenue Bonds, Series A, 5.00%, 07/01/2038   1,000,000    1,165,140 
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035   250,000    303,640 
Wisconsin Health & Educational Facilities Authority Revenue Bonds (St. Camillus Health System), 5.00%, 11/01/2021   120,000    120,782 
         2,752,731 
Total Municipal Bonds        64,844,425 
SHORT-TERM INVESTMENT—0.3%          
UNITED STATES (0.3%)          
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares   206,409    206,450 
Total Short-Term Investment        206,450 
Total Investments
(Cost $59,700,685) —101.8%
        65,050,875 
Liabilities in Excess of Other Assets—(1.8)%        (1,173,768)
Net Assets—100.0%       $63,877,107 

 

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of July 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

 

July 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

 

   Shares or
Principal
Amount
   Value
(US$)
 
MUNICIPAL BONDS (100.9%)          
Alabama (3.0%)          
Alabama Industrial Development Solid Waste Disposal Revenue Bonds (OfficeMax, Inc.), 6.45%, 12/01/2023  $750,000   $751,093 
Columbia Industrial Development Board Revenue Bonds (Alabama Power Co.), 0.06%, 11/01/2021(a)   1,800,000    1,800,000 
Health Care Authority for Baptist Health Revenue Bonds, Series D, 5.00%, 11/15/2021   850,000    852,794 
Industrial Development Board of the City of Mobile Alabama Revenue Bonds (Alabama Power Co.), Series A, 0.06%, 04/01/2031(a)   2,650,000    2,650,000 
Industrial Development Board Of The Town Of West Jefferson Solid Waste Disposal Revenue Bonds (Alabama Power Company Miller Plant Project), 0.06%, 12/01/2038(a)   3,000,000    3,000,000 
Jemison Water & Sewer Revenue Bonds, Series A, 3.50%, 03/01/2026   290,000    306,043 
Walker County Economic & Industrial Development Authority Revenue Bonds (Alabama Power Co.), 0.06%, 12/01/2036(a)   2,400,000    2,400,000 
         11,759,930 
Arizona (3.5%)          
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    723,921 
5.13%, 01/01/2035(b)   815,000    763,443 
Arizona Industrial Development Authority Revenue Bonds (Kaizen Education Foundation)          
5.00%, 07/01/2022(b)   385,000    399,575 
5.00%, 07/01/2023(b)   405,000    436,309 
Arizona Industrial Development Authority Revenue Bonds (Legacy Cares, Inc.), Series A          
6.75%, 07/01/2030(b)   6,000,000    7,087,132 
5.50%, 07/01/2031(b)   100,000    109,751 
6.00%, 07/01/2051(b)   800,000    889,844 
Arizona Industrial Development Authority Revenue Bonds (Somerset Academy of Las Vegas), 3.00%, 12/15/2031(b)   655,000    698,968 
La Paz County Industrial Development Authority Revenue Bonds (Charter School Solutions), Series A, 5.00%, 02/15/2026(b)   500,000    555,552 
Maricopa County Industrial Development Authority Revenue Bonds (Ottawa University),          
5.00%, 10/01/2026(b)   300,000    322,537 
5.13%, 10/01/2030(b)   425,000    486,575 
Maricopa County Industrial Development Authority Revenue Bonds (Paragon Management, Inc.), 4.00%, 07/01/2026(b)   1,250,000    1,355,200 
         13,828,807 
Arkansas (1.4%)          
Arkansas Development Finance Authority Revenue Bonds (Central Arkansas Radiation Therapy Institute, Inc.)          
4.00%, 07/01/2023   105,000    110,167 
4.00%, 07/01/2024   100,000    106,972 
4.00%, 07/01/2025   140,000    152,184 
4.00%, 07/01/2026   185,000    204,065 
4.00%, 07/01/2027   220,000    245,620 
4.00%, 07/01/2028   230,000    259,183 
3.00%, 07/01/2032   350,000    357,724 
3.13%, 07/01/2036   360,000    367,413 
Arkansas Public Housing Authority Municipal Series 1 LLC Revenue Bonds, 3.75%, 09/01/2026(a)(b)(c)   940,000    939,528 
County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A          

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

 

5.00%, 09/01/2025  $1,000,000   $1,157,339 
5.00%, 09/01/2026   1,490,000    1,770,849 
         5,671,044 
California (3.5%)          
California Municipal Finance Authority Revenue Bonds (Highlands Community Charter and Technical Schools), 4.00%, 11/15/2021(b)   1,650,000    1,650,852 
California Municipal Finance Authority Revenue Bonds (Simpson University), Series A          
5.00%, 10/01/2026   40,000    42,983 
5.13%, 10/01/2030   1,020,000    1,151,664 
California Municipal Finance Authority Revenue Bonds (United Airlines, Inc.), 4.00%, 07/15/2029   3,000,000    3,521,237 
California Public Finance Authority Revenue Bonds (Kendal at Sonoma Obligated Group)          
2.38%, 11/15/2028(b)   1,565,000    1,591,488 
3.13%, 05/15/2029(b)   3,075,000    3,137,941 
5.00%, 11/15/2036(b)   410,000    493,607 
California Statewide Communities Development Authority Revenue Bonds (Birchcrest Preservation LP), 0.07%, 08/01/2032(a)   100,000    100,000 
California Statewide Communities Development Authority Revenue Bonds (Provident Group-Ponoma Properties LLC), Series A, 5.60%, 01/15/2036(b)   1,900,000    2,004,533 
         13,694,305 
Colorado (0.6%)          
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Aspen View Academy, Inc.)          
4.00%, 05/01/2024   150,000    162,197 
4.00%, 05/01/2027   65,000    74,069 
4.00%, 05/01/2029   145,000    168,104 
4.00%, 05/01/2030   120,000    138,758 
4.00%, 05/01/2036   175,000    199,825 
Colorado Health Facilities Authority Revenue Bonds, Series B          
5.00%, 05/15/2028   400,000    433,111 
5.00%, 05/15/2028   100,000    105,824 
Colorado Health Facilities Authority Revenue Bonds (Frasier Meadows Manor, Inc.)          
5.00%, 05/15/2025   320,000    346,488 
Series B, 5.00%, 05/15/2029   585,000    633,424 
         2,261,800 
Connecticut (1.6%)          
City of West Haven General Obligation Unlimited Bonds          
Series A, 5.00%, 11/01/2025   325,000    374,841 
Series B, 5.00%, 11/01/2025   240,000    276,806 
Series A, 5.00%, 11/01/2026   325,000    383,339 
Series B, 5.00%, 11/01/2026   200,000    235,901 
Series A, 5.00%, 11/01/2027   635,000    762,990 
Series B, 5.00%, 11/01/2027   200,000    240,312 
State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group)          
Series B-2, 2.75%, 01/01/2026(b)   650,000    658,505 
Series B-1, 3.25%, 01/01/2027(b)   750,000    768,570 
Series A, 5.00%, 01/01/2030(b)   500,000    577,484 
State Health & Educational Facilities Authority Revenue Bond (University of Hartford)          
5.00%, 07/01/2025   400,000    462,204 
5.00%, 07/01/2026   575,000    682,891 
5.00%, 07/01/2027   430,000    523,046 
5.00%, 07/01/2029   300,000    379,679 
         6,326,568 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

Delaware (0.2%)        
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.09%, 10/01/2029(a)  $900,000   $900,000 
District of Columbia (0.7%)          
Metropolitan Washington Airports Authority Aviation Revenue Bonds, 5.00%, 10/01/2034   2,000,000    2,681,601 
Florida (8.6%)          
Broward County Industrial Development Revenue Bonds (Florida Power & Light Co.), 0.05%, 06/01/2045(a)   180,000    180,000 
Capital Trust Agency, Inc., Zero Coupon%, 01/01/2024   248,055    4,961 
Capital Trust Agency, Inc. Revenue Bonds (Educational Growth Fund LLC), Series A-1, 3.38%, 07/01/2031(b)   1,745,000    1,885,828 
Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), 4.50%, 01/01/2035(b)   300,000    346,362 
Celebration Pointe Community Development District No.1 Special Assessment Revenue Bonds, 4.75%, 05/01/2024   40,000    42,867 
City of Atlantic Beach Health Care Facilities Revenue Bonds (Naval Continuing Care Retirement Foundation, Inc.), Series A, 5.00%, 11/15/2021   200,000    202,509 
City of Lakeland Revenue Bonds, Series B          
4.00%, 10/01/2033   1,095,000    1,344,845 
4.00%, 10/01/2034   1,140,000    1,397,842 
County of Bay Revenue Bonds (Florida Power & Light Co.), 0.05%, 06/01/2050(a)   1,000,000    1,000,000 
County Of Lake Florida Retirement Facility Revenue Bonds (Waterman Communities, Inc.)          
Series B-3, 3.38%, 08/15/2026   1,000,000    1,010,668 
Series B-2, 3.75%, 08/15/2027   1,500,000    1,515,929 
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project), Series A          
4.00%, 12/15/2029(b)   530,000    597,348 
5.00%, 12/15/2034(b)   530,000    636,729 
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts Charter School Project), Series A, 5.00%, 06/15/2024(b)   100,000    98,684 
Florida Development Finance Corp. Revenue Bonds (Brightline Trains Florida LLC), Series B, 7.38%, 01/01/2049(b)   2,000,000    2,208,459 
Florida Development Finance Corp. Revenue Bonds (Glenridge on Palmer Ranch Obligated Group)          
3.00%, 06/01/2022   115,000    116,842 
3.00%, 06/01/2023   115,000    118,900 
4.00%, 06/01/2024   105,000    112,936 
4.00%, 06/01/2025   110,000    120,449 
4.00%, 06/01/2026   110,000    122,163 
5.00%, 06/01/2031   300,000    357,966 
Florida Development Finance Corp. Revenue Bonds (Global Outreach Charter Academy Obligated Group), Series A          
4.00%, 06/30/2027(b)   150,000    171,308 
4.00%, 06/30/2028(b)   195,000    225,215 
4.00%, 06/30/2029(b)   205,000    234,601 
4.00%, 06/30/2030(b)   215,000    244,099 
4.00%, 06/30/2031(b)   225,000    254,363 
4.00%, 06/30/2036(b)   625,000    699,703 
Florida Development Finance Corp. Revenue Bonds (Mayflower Retirement Center, Inc. Obligated Group)          
Series A, 4.00%, 06/01/2022(b)   220,000    225,977 
Series A, 4.00%, 06/01/2023(b)   225,000    238,292 
Series A, 4.00%, 06/01/2024(b)   475,000    516,772 
Series A, 4.00%, 06/01/2025(b)   495,000    551,336 
1.75%, 06/01/2026(b)   1,020,000    1,021,414 
2.38%, 06/01/2027(b)   835,000    836,247 
Florida Development Finance Corp. Solid Waste Revenue Bonds (Waste Pro USA, Inc.)          
5.00%, 05/01/2029(b)   2,000,000    2,155,552 
5.00%, 08/01/2029(a)(b)   2,000,000    2,075,309 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

3.00%, 06/01/2032  $2,500,000   $2,644,267 
Lee County Industrial Development Authority Revenue Bonds (Florida Light & Power Co.), Series A, 0.05%, 12/01/2046(a)   225,000    225,000 
Palm Beach County Revenue Bonds (Provident Group - LU Properties LLC - LYNN University Housing Project), Series A          
4.25%, 06/01/2031(b)   1,200,000    1,356,688 
5.00%, 06/01/2057(b)   400,000    483,157 
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    1,668,386 
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project)          
Series A, 5.00%, 01/01/2029   400,000    459,502 
5.00%, 01/01/2039   240,000    269,878 
Saint Johns County Industrial Development Authority Revenue Bonds (Life Care Ponte Vedra Obligated Group)          
4.00%, 12/15/2021   85,000    85,984 
4.00%, 12/15/2022   110,000    114,651 
4.00%, 12/15/2023   115,000    123,020 
4.00%, 12/15/2024   140,000    153,040 
4.00%, 12/15/2025   180,000    200,402 
4.00%, 12/15/2026   190,000    214,612 
4.00%, 12/15/2027   215,000    245,973 
4.00%, 12/15/2028   205,000    236,900 
4.00%, 12/15/2029   225,000    260,224 
4.00%, 12/15/2030   200,000    229,997 
4.00%, 12/15/2031   210,000    240,537 
Seminole County Industrial Development Authority Revenue Bonds (Galileo School Foundation, Inc.), Series A          
4.00%, 06/15/2024(b)   130,000    140,340 
4.00%, 06/15/2025(b)   105,000    115,572 
4.00%, 06/15/2026(b)   155,000    173,351 
4.00%, 06/15/2027(b)   235,000    266,459 
4.00%, 06/15/2028(b)   250,000    286,764 
4.00%, 06/15/2029(b)   255,000    294,154 
4.00%, 06/15/2031(b)   275,000    320,805 
4.00%, 06/15/2036(b)   315,000    363,224 
         34,045,362 
Georgia (4.6%)          
Appling County Georgia Development Authority Pollution Control Revenue Bonds, VRDN, 0.05%, 09/01/2029(a)   700,000    700,000 
Appling County Georgia Development Authority Pollution Control Revenue Bonds (Georgia Power Company Plant Hatch Project), VRDN, 0.05%, 09/01/2041(a)   100,000    100,000 
Dekalb Country Housing Authority Revenue Bonds (Highlands At East Atlanta Apartments Project), 1.78%, 09/01/2036(a)(b)   5,000,000    4,994,154 
Development Authority of Burke County Revenue Bonds (Georgia Power Co.), 0.05%, 11/01/2052(a)   2,300,000    2,300,000 
Development Authority of Heard County Revenue Bonds (Georgia Power Co.), 0.06%, 12/01/2037(a)   3,600,000    3,600,000 
Development Authority of Monroe County Revenue Bonds (Florida Power & Light Co.), 0.05%, 06/01/2049(a)   1,000,000    1,000,000 
Development Authority of Monroe County Revenue Bonds (Georgia Power Co.), 0.05%, 11/01/2048(a)   1,665,000    1,665,000 
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    258,045 
5.00%, 05/15/2036   1,970,000    2,830,956 
         18,048,155 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

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   $80,586 
Idaho (0.2%)          
Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026   800,000    864,710 
Idaho Housing & Finance Association Revenue Bonds (Victory Charter School), Series A, 4.00%, 07/01/2026   80,000    86,661 
         951,371 
Illinois (6.7%)          
Chicago Board of Education General Obligation Unlimited Bonds          
Series C, 5.00%, 12/01/2022   600,000    636,210 
Series A, 5.00%, 12/01/2028   200,000    256,379 
Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds, Series A, 4.00%, 12/01/2033   600,000    685,852 
Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026   400,000    475,899 
Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori School), 5.00%, 02/01/2024   160,000    166,706 
Illinois Finance Authority Revenue Bonds (Acero Charter Schools, Inc. Obligated Group)          
4.00%, 10/01/2027(b)   405,000    460,786 
4.00%, 10/01/2028(b)   580,000    667,464 
4.00%, 10/01/2029(b)   910,000    1,055,311 
4.00%, 10/01/2030(b)   630,000    734,981 
4.00%, 10/01/2032(b)   685,000    796,707 
4.00%, 10/01/2033(b)   1,060,000    1,227,631 
4.00%, 10/01/2034(b)   445,000    513,189 
Illinois Finance Authority Revenue Bonds (Benedictine University)          
5.00%, 10/01/2025   1,035,000    1,197,023 
5.00%, 10/01/2028   120,000    148,398 
5.00%, 10/01/2029   200,000    251,598 
5.00%, 10/01/2030   100,000    127,581 
Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC), Series A          
5.00%, 02/15/2027   420,000    501,963 
5.00%, 02/15/2028   400,000    481,747 
5.00%, 02/15/2029   520,000    622,286 
5.00%, 02/15/2030   335,000    398,559 
5.00%, 02/15/2031   370,000    439,031 
5.00%, 02/15/2032   225,000    266,412 
Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation)          
5.00%, 12/01/2028   250,000    305,851 
5.00%, 12/01/2029   315,000    383,232 
Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group)          
5.00%, 05/15/2032   275,000    342,073 
5.00%, 05/15/2033   290,000    359,029 
5.00%, 05/15/2034   300,000    369,223 
5.00%, 05/15/2035   315,000    385,859 
5.00%, 05/15/2036   330,000    402,331 
Metropolitan Pier & Exposition Authority Revenue Bonds          
5.00%, 12/15/2025   295,000    349,616 
5.00%, 12/15/2027   100,000    125,181 
State of Illinois General Obligation Unlimited Bonds          
5.00%, 08/01/2021   50,000    50,000 
5.00%, 08/01/2024   2,000,000    2,095,733 
Series D, 5.00%, 11/01/2026   2,780,000    3,379,511 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

5.00%, 11/01/2029  $2,000,000   $2,458,584 
4.00%, 02/01/2030   745,000    857,059 
Village of Matteson Revenue Bonds          
5.00%, 12/01/2026   150,000    182,415 
5.00%, 12/01/2027   150,000    187,167 
5.00%, 12/01/2028   350,000    440,316 
Village of Matteson Tax Allocation Bonds, 6.50%, 12/01/2035   1,220,000    1,358,710 
Village of Willow Springs General Obligation Unlimited Bonds, Series C, 4.45%, 12/15/2021   285,000    285,865 
         26,429,468 
Indiana (0.9%)          
City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024   100,000    108,105 
Hammond Local Public Improvement Bond Bank Revenue Bonds, Series B, 4.63%, 07/15/2023(b)   870,000    910,181 
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032   2,250,000    2,372,902 
         3,391,188 
Kansas (1.1%)          
City of Manhattan Revenue Bonds (Meadowlark Hills Retirement Community Obligated Group), Series A          
4.00%, 06/01/2025   205,000    226,166 
4.00%, 06/01/2026   315,000    353,726 
4.00%, 06/01/2027   330,000    375,868 
4.00%, 06/01/2028   300,000    346,389 
4.00%, 06/01/2036   1,640,000    1,897,010 
4.00%, 06/01/2046   1,000,000    1,130,439 
         4,329,598 
Kentucky (2.8%)          
Kentucky Economic Development Finance Authority Revenue Bonds (Christian Care Communities Obligated Group), 4.25%, 07/01/2031   1,315,000    1,394,942 
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of Kentucky, Inc.), Series C, 0.09%, 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)   6,800,000    6,800,000 
Louisville Regional Airport Authority Revenue Bonds (United Parcel Service, Inc.), Series C, 0.05%, 01/01/2029(a)   1,800,000    1,800,000 
         10,994,942 
Louisiana (1.4%)          
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    1,093,487 
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    270,623 
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project), Series A          
5.00%, 01/01/2024   180,000    185,554 
5.00%, 01/01/2025   370,000    385,029 
5.00%, 01/01/2026   390,000    408,023 
5.00%, 01/01/2027   410,000    430,368 
5.00%, 01/01/2028   430,000    453,096 
5.00%, 01/01/2029   450,000    474,760 
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    1,082,718 
Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School Project), Series A, 5.00%, 04/01/2030(b)   400,000    438,079 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

Parish of St. Charles Gulf Opportunity Zone Revenue Bonds (Valero Project), 4.00%, 12/01/2040(a)  $315,000   $324,456 
         5,546,193 
Maryland (4.6%)          
Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers Project), 4.20%, 07/01/2024   70,000    73,481 
Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University), Series A          
5.00%, 09/01/2027(b)   1,495,000    1,679,086 
5.00%, 09/01/2032(b)   740,000    850,900 
Maryland Economic Development Corp. Revenue Bonds (CONSOL Marine Terminal, Inc.), 5.75%, 09/01/2025   1,445,000    1,460,285 
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.30%, 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    786,370 
5.00%, 11/01/2027   600,000    664,050 
         18,024,172 
Massachusetts (1.3%)          
Lynn Housing Authority & Neighborhood Development Revenue Bonds, 4.00%, 10/01/2022   330,000    335,313 
Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.), 4.00%, 11/15/2023(b)   635,000    656,320 
Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.)          
4.00%, 10/01/2025(b)   500,000    546,401 
4.00%, 10/01/2026(b)   500,000    545,650 
4.00%, 10/01/2027(b)   450,000    490,635 
Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024   1,500,000    1,686,222 
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue), Series A          
5.00%, 07/01/2033   500,000    626,614 
5.00%, 07/01/2034   300,000    374,947 
         5,262,102 
Michigan (1.2%)          
Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024   500,000    549,727 
Charyl Stockwell Academy Revenue Bonds, 4.88%, 10/01/2023   55,000    56,942 
Kalamazoo Economic Development Corp. Revenue Bonds (Heritage Community of Kalamazoo Obligated Group)          
2.63%, 05/15/2025   1,130,000    1,133,785 
5.00%, 05/15/2032   1,795,000    2,080,293 
Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez Academy Project), 4.00%, 02/01/2029   700,000    768,848 
         4,589,595 
Minnesota (1.5%)          
Rice County Educational Facility Revenue Bonds (Shattuck-St Mary's School), Series A, 5.00%, 08/01/2022(b)   960,000    1,004,494 
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project), 5.85%, 11/01/2058(a)(b)   4,500,000    4,900,819 
         5,905,313 
Mississippi (7.7%)          
Meridian MS Revenue Bonds, 4.20%, 03/01/2033(b)   8,247,261    8,897,969 
Mississippi Business Finance Corp. Revenue Bonds (Huntington Ingalls Industries, Inc.), 4.55%, 12/01/2028   980,000    980,242 
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.)          

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

0.07%, 12/01/2027(a)  $300,000   $300,000 
0.06%, 05/01/2028(a)   4,900,000    4,900,000 
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT, 0.06%, 07/01/2025(a)   7,300,000    7,300,000 
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 1.52%, 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    2,277,176 
Mississippi Pearl General Obligation Unlimited Bonds, 3.00%, 07/15/2022   630,000    629,726 
         30,285,113 
Missouri (1.1%)          
Platte County Industrial Development Authority Transportation Revenue Bonds, 5.00%, 12/01/2025   675,000    324,000 
Plaza at Noah's Ark Community Improvement District Revenue Bonds          
3.00%, 05/01/2022   65,000    65,655 
3.00%, 05/01/2023   100,000    102,189 
3.00%, 05/01/2024   100,000    102,981 
3.00%, 05/01/2025   100,000    103,552 
3.00%, 05/01/2026   100,000    103,904 
Saint Louis County Missouri Industrial Development Authority Revenue Bonds (Ranken-Jordan Pediatric Specialty Hospital)          
4.00%, 11/15/2021   555,000    559,515 
5.00%, 11/15/2022   625,000    655,473 
State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.)          
3.00%, 08/01/2021   140,000    140,000 
3.00%, 08/01/2023   140,000    147,684 
4.00%, 08/01/2025   150,000    170,227 
4.00%, 08/01/2027   440,000    519,988 
4.00%, 08/01/2029   385,000    466,941 
4.00%, 08/01/2031   310,000    383,301 
4.00%, 08/01/2036   275,000    333,473 
         4,178,883 
Nebraska (0.2%)          
Scotts Bluff County Hospital Authority Revenue Bonds (Regional West Medical Center), Series A, 5.00%, 02/01/2022   615,000    625,461 
Nevada (0.4%)          
City of Carson Hospital Revenue Bonds (Carson Tahoe Regional Healthcare)          
5.00%, 09/01/2027   605,000    750,334 
5.00%, 09/01/2029   620,000    762,825 
Nevada Department of Business & Industry Revenue Bonds (Doral Academy of Nevada), Series A, 3.13%, 07/15/2022(b)(d)   145,000    147,476 
         1,660,635 
New Jersey (2.8%)          
New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter School Project), Series A, 4.75%, 08/01/2024(b)   90,000    95,995 
New Jersey Economic Development Authority Revenue Bonds (United Airlines, Inc.)          
5.50%, 04/01/2028   55,000    55,203 
Series B, AMT, 5.63%, 11/15/2030   455,000    510,148 
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A          
5.00%, 12/15/2032   2,175,000    2,747,421 
4.00%, 06/15/2035   3,250,000    3,945,975 
4.00%, 06/15/2036   1,165,000    1,410,823 
South Jersey Port Corp. Revenue Bonds, Series B          
5.00%, 01/01/2026   300,000    354,007 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

5.00%, 01/01/2027  $250,000   $303,388 
5.00%, 01/01/2028   255,000    317,327 
State of New Jersey General Obligation Unlimited Bonds, Series A, 5.00%, 06/01/2029   1,000,000    1,317,453 
         11,057,740 
New York (10.4%)          
Amherst Development Corp. Revenue Bonds (Daemen College)          
5.00%, 10/01/2025   600,000    681,793 
5.00%, 10/01/2026   630,000    731,620 
4.00%, 10/01/2037   500,000    535,989 
Brookhaven Local Development Corp. Revenue Bonds (Active Retirement Community, Inc.)          
5.00%, 11/01/2021   300,000    303,479 
5.00%, 11/01/2022   250,000    264,583 
Buffalo & Erie County Industrial Land Development Corp. Revenue Bonds (Charter School for Applied Technologies Project), 4.00%, 06/01/2022   455,000    461,316 
Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project), Series A          
4.00%, 06/01/2022(b)   190,000    195,277 
5.00%, 06/01/2023(b)   370,000    398,630 
5.00%, 06/01/2024(b)   390,000    434,890 
5.00%, 06/01/2025(b)   410,000    471,934 
5.00%, 06/01/2026(b)   430,000    501,640 
5.00%, 06/01/2027(b)   450,000    523,117 
5.00%, 06/01/2032(b)   500,000    572,273 
City of Elmira General Obligation Limited Bonds          
5.00%, 07/01/2025(b)   1,125,000    1,310,796 
5.00%, 07/01/2033(b)   2,635,000    3,180,985 
City of Ogdensburg General Obligation Limited Notes, 3.25%, 03/11/2022   415,849    416,777 
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031   455,000    527,248 
Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A, 5.50%, 09/01/2022   6,500,000    6,538,644 
Metropolitan Transportation Authority Revenue Bonds          
Series D, 5.00%, 11/15/2021   1,000,000    1,013,412 
5.00%, 09/01/2022   2,000,000    2,102,407 
5.00%, 11/15/2022   1,050,000    1,113,860 
5.00%, 11/15/2035   4,000,000    4,776,965 
Series A-2, VRN, 5.00%, 11/15/2045(a)   1,600,000    2,103,827 
Nassau County Tobacco Settlement Corp. Revenue Bonds, Series A-2, 5.25%, 06/01/2026(d)   1,150,000    1,179,001 
New York City Industrial Development Agency Revenue Bonds (Yankee Stadium LLC), (AGM), 2.50%, 03/01/2037   3,000,000    3,105,560 
New York State Dormitory Authority Revenue Bonds (Touro College And University System Obligated Group), Series A, 4.00%, 01/01/2023   445,000    466,613 
New York State Dormitory Authority Revenue Bonds (Yeshiva University)          
5.00%, 09/01/2021   1,025,000    1,027,608 
5.00%, 09/01/2022   1,640,000    1,644,085 
5.00%, 09/01/2038   730,000    730,946 
New York State Environmental Facilities Corp. Revenue Bonds (Casella Waste Systems, Inc.), 2.75%, 09/01/2050(a)   1,000,000    1,060,641 
New York Transportation Development Corp. Revenue Bonds (American Airlines, Inc.),          
2.25%, 08/01/2026   670,000    694,749 
3.00%, 08/01/2031   530,000    573,786 
Suffolk County Economic Development Corp. Revenue Bonds (St Johnland Assisted Living, Inc.), 4.63%, 11/01/2031(b)   1,020,000    1,065,455 
Village of Johnson City General Obligation Limited Bonds          
5.00%, 10/01/2021   115,000    115,527 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

5.00%, 10/01/2022  $115,000   $118,601 
         40,944,034 
North Carolina (0.2%)          
North Carolina Capital Facilities Finance Agency Revenue Bonds (Johnson & Wales University), Series A, 5.00%, 04/01/2028   795,000    850,198 
Ohio (2.7%)          
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, 5.00%, 06/01/2055   7,615,000    8,956,011 
Cleveland-Cuyahoga County Port Authority Revenue Bonds, 5.00%, 12/01/2028   225,000    257,766 
Ohio Air Quality Development Authority Revenue Bonds (AK Steel Corp.), 6.75%, 06/01/2024   200,000    204,220 
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A
2.88%, 02/01/2026   1,000,000    1,069,310 
3.25%, 09/01/2029   140,000    156,488 
         10,643,795 
Oregon (1.0%)          
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.06%, 06/15/2027(a)   1,700,000    1,700,000 
Yamhill County Hospital Authority Revenue Bonds (Friendsview Manor Obligated Group)
2.13%, 11/15/2027   500,000    501,920 
2.50%, 11/15/2028   500,000    502,601 
5.00%, 11/15/2036   875,000    1,058,090 
         3,762,611 
Pennsylvania (4.7%)          
Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Bonds, 5.00%, 05/01/2022(b)   345,000    355,768 
Coatesville School District General Obligation Limited Notes, 2.00%, 11/15/2021   3,000,000    3,007,538 
Dauphin County General Authority Revenue Bonds (Harrisburg University of Science and Technology Project)
4.00%, 10/15/2022(b)   475,000    482,245 
4.25%, 10/15/2026(b)   1,250,000    1,367,696 
5.00%, 10/15/2027(b)   1,650,000    1,850,532 
5.00%, 10/15/2030(b)   3,000,000    3,541,089 
Delaware County Industrial Development Authority Revenue Bonds (CCSA Foundation), Series A, 4.38%, 06/01/2026(b)   2,185,000    2,384,893 
Indiana County Hospital Authority Revenue Bonds (Indiana Regional Medical Center), Series A, 5.00%, 06/01/2023   100,000    106,528 
Lehigh County Industrial Development Authority Revenue Bonds (Seven Generations Charter School), 4.00%, 05/01/2031   680,000    762,225 
Montgomery County Industrial Development Authority Revenue Bonds (Waverly Heights, Ltd. Project)
4.00%, 12/01/2027   180,000    209,118 
4.00%, 12/01/2028   200,000    231,370 
4.00%, 12/01/2029   100,000    115,265 
4.00%, 12/01/2035   300,000    340,821 
4.00%, 12/01/2036   100,000    113,453 
4.00%, 12/01/2038   300,000    339,569 
Philadelphia Authority for Industrial Development Revenue Bonds (Discovery Charter School Project), 5.00%, 04/01/2022   150,000    153,770 
Philadelphia School District General Obligation Limited Bonds, Series F, 5.00%, 09/01/2024   2,000,000    2,283,370 
Pottsville Hospital Facilities Authority Health Center Revenue Bonds (Lehigh Valley Health Network Obligated Group), 5.75%, 07/01/2022(b)   55,000    57,824 
Scranton School District General Obligation Limited Bonds
Series B, 5.00%, 06/01/2023   100,000    108,138 
Series B, 5.00%, 06/01/2024   100,000    112,664 
Series B, 5.00%, 06/01/2025   100,000    116,698 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

Series D, 5.00%, 06/01/2027  $345,000   $404,471 
         18,445,045 
Puerto Rico (3.0%)          
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds          
(AGC-ICC), 5.50%, 07/01/2022   1,580,000    1,648,250 
Series A, 5.00%, 07/01/2027   110,000    113,065 
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026   1,290,000    1,380,172 
Puerto Rico Electric Power Authority Revenue Bonds          
Series SS, 5.00%, 07/01/2022   260,000    263,754 
Series PP, 5.00%, 07/01/2023   205,000    208,453 
Series SS, 5.25%, 07/01/2023(d)   2,340,000    2,441,410 
Series PP, 5.00%, 07/01/2024   835,000    853,087 
Series UU, 5.00%, 07/01/2024   300,000    308,359 
Puerto Rico Highway & Transportation Authority Revenue Bonds          
Series BB, 5.25%, 07/01/2022   100,000    104,093 
Series L, 5.25%, 07/01/2023   520,000    544,227 
Series E, 5.50%, 07/01/2023   200,000    215,586 
Series D, 5.00%, 07/01/2027   145,000    149,040 
(AGM-CR), 5.50%, 07/01/2030   1,000,000    1,178,501 
Puerto Rico Public Buildings Authority Revenue Bonds          
6.00%, 07/01/2023(d)   1,000,000    1,063,870 
(NATL COMWLTH GTD), 6.00%, 07/01/2025   1,095,000    1,224,138 
         11,696,005 
Rhode Island (0.3%)          
Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group), Series B          
5.00%, 09/01/2022   680,000    708,341 
5.00%, 09/01/2023   500,000    539,740 
         1,248,081 
South Carolina (1.4%)          
South Carolina Jobs-Economic Development Authority Revenue Bonds (Last Step Recycling LLC),          
6.00%, 06/01/2031(b)   2,915,000    3,033,776 
6.25%, 06/01/2040(b)   2,000,000    2,105,386 
South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), 5.25%, 02/01/2027(b)(e)   1,060,000    424,000 
         5,563,162 
Tennessee (0.9%)          
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project)          
4.00%, 10/01/2023   135,000    145,022 
4.00%, 10/01/2024   170,000    187,865 
4.00%, 10/01/2025   175,000    198,278 
4.00%, 10/01/2026   150,000    173,660 
4.00%, 10/01/2027   195,000    229,821 
4.00%, 10/01/2028   200,000    239,736 
4.00%, 10/01/2029   200,000    238,054 
5.00%, 10/01/2029   300,000    368,465 
4.00%, 10/01/2030   210,000    248,417 
4.00%, 10/01/2031   215,000    252,942 
5.00%, 10/01/2034   90,000    113,940 
4.00%, 10/01/2041   905,000    1,038,624 
         3,434,824 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

Texas (4.9%)        
Arlington Higher Education Finance Corp. Revenue Bonds (Wayside Schools),          
5.00%, 08/15/2022  $55,000   $57,384 
5.00%, 08/15/2023   155,000    167,841 
5.00%, 08/15/2024   195,000    218,185 
5.00%, 08/15/2025   205,000    236,018 
5.00%, 08/15/2026   190,000    224,448 
5.00%, 08/15/2027   200,000    239,460 
5.00%, 08/15/2028   80,000    95,274 
4.00%, 08/15/2029   75,000    84,728 
4.00%, 08/15/2030   80,000    89,957 
4.00%, 08/15/2031   90,000    100,991 
4.00%, 08/15/2036   230,000    256,138 
Bexar County Health Facilities Development Corp. Revenue Bonds (Army Retirement Residence Obligation Group)          
5.00%, 07/15/2023   300,000    323,296 
5.00%, 07/15/2024   150,000    167,305 
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue Bonds, 5.00%, 12/01/2021   500,000    506,097 
Calhoun County Navigation Industrial Development Authority Revenue Bonds (Max Midstream Texas LLC), Series A, 3.63%, 07/01/2026(b)   4,000,000    4,140,131 
Decatur Hospital Authority Revenue Bonds, Series A          
5.00%, 09/01/2021   330,000    331,112 
5.00%, 09/01/2022   150,000    156,981 
Decatur Hospital Authority Revenue Bonds (Wise Regional Health System), Series A, 5.00%, 09/01/2023   275,000    299,474 
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds (Brazos Presbyterian Homes, Inc.), 5.00%, 01/01/2027   895,000    1,008,121 
New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.)          
Series C, 5.00%, 07/01/2023   300,000    296,286 
Series D, 6.00%, 07/01/2026   95,000    92,984 
Port Beaumont Navigation District Revenue Bonds (Jefferson Railport Terminal II LLC), Series A, 3.63%, 01/01/2035(b)   1,500,000    1,553,072 
Port of Port Arthur Navigation District Revenue Bonds (Motiva Enterprises LLC), 0.05%, 04/01/2040(a)   1,900,000    1,900,000 
SA Energy Acquisition Public Facility Corp. Revenue Bonds          
5.50%, 08/01/2022   80,000    84,196 
5.50%, 08/01/2023   50,000    55,142 
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    382,250 
Series B-1, 5.63%, 11/15/2024   1,470,000    1,473,091 
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds          
Series C, 1.53%, 12/15/2026(a)(d)   1,500,000    1,500,179 
Series D, 6.25%, 12/15/2026   2,050,000    2,416,590 
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds          
5.00%, 12/15/2029   250,000    327,610 
5.00%, 12/15/2030   375,000    500,354 
Texas Public Finance Authority Revenue Bonds (Texas Southern University), 5.00%, 11/01/2021   100,000    101,144 
         19,385,839 
U. S. Virgin Islands (0.3%)          
Virgin Islands Public Finance Authority Revenue Bonds, Series A, 5.00%, 10/01/2032   1,210,000    1,262,856 
Utah (3.0%)          
Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School), Series A          
4.50%, 10/15/2028(b)   500,000    518,754 
4.63%, 10/15/2048(a)(b)   1,000,000    1,029,998 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)
 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation), 3.25%, 06/15/2031(b)  $535,000   $565,082 
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(b)   3,000,000    3,096,937 
Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.), Series A, 4.75%, 05/15/2048(a)(b)   4,310,000    4,410,399 
Utah Water Finance Agency Revenue Bonds, Series B, 0.05%, 10/01/2037(a)   2,145,000    2,145,000 
         11,766,170 
Washington (1.1%)          
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A          
5.00%, 01/01/2024(b)   180,000    195,667 
5.00%, 01/01/2028(b)   440,000    522,124 
5.00%, 01/01/2029(b)   465,000    550,081 
5.00%, 01/01/2034(b)   745,000    866,239 
Washington State Housing Finance Commission Revenue Bonds (Mirabella), 6.00%, 10/01/2022(b)   535,000    555,618 
Washington State Housing Finance Commission Revenue Bonds (Presbyterian Retirement Communities Northwest Obligated Group), 5.00%, 01/01/2023(b)   35,000    36,046 
Washington State Housing Finance Commission Revenue Bonds (Spokane International Academy), Series A          
4.00%, 07/01/2025(b)   355,000    389,438 
4.00%, 07/01/2026(b)   285,000    317,608 
4.00%, 07/01/2027(b)   295,000    332,116 
4.00%, 07/01/2028(b)   305,000    345,872 
4.00%, 07/01/2029(b)   320,000    364,349 
         4,475,158 
West Virginia (0.4%)          
Glenville State College Board of Governors Revenue Bonds          
3.25%, 06/01/2022   170,000    170,673 
4.00%, 06/01/2027   250,000    258,211 
Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project), 4.00%, 09/01/2023   1,235,000    1,243,453 
         1,672,337 
Wisconsin (5.0%)          
Public Finance Authority Revenue Bonds          
Series A, 5.00%, 10/01/2024(b)   2,100,000    2,360,711 
6.00%, 01/01/2027   4,100,000    4,275,240 
Series A, 5.00%, 10/01/2029(b)   500,000    631,750 
Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.)          
Series B-2, 3.00%, 03/01/2026(b)   790,000    790,846 
3.50%, 03/01/2027(b)   4,000,000    4,004,587 
Public Finance Authority Revenue Bonds (Washoe Barton Medical Clinic), Series A          
3.00%, 12/01/2026   250,000    270,671 
4.00%, 12/01/2031   700,000    850,809 
Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035(b)   1,000,000    1,154,542 
Wisconsin Health & Educational Facilities Authority Revenue Bond          
5.00%, 11/01/2022   120,000    123,873 
5.00%, 11/01/2023   360,000    380,077 
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Barton College), Series A          
5.00%, 03/01/2023   850,000    870,501 
5.00%, 03/01/2028   1,190,000    1,309,954 
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College)          
5.00%, 01/01/2026   685,000    767,954 
5.00%, 01/01/2027   830,000    936,783 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund

 

Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School)          
5.00%, 06/15/2022  $185,000   $190,479 
5.00%, 06/15/2024   210,000    232,994 
5.00%, 06/15/2026   230,000    269,015 
5.00%, 06/15/2027   160,000    191,408 
Wisconsin Public Finance Authority Revenue Bonds (Roseman University of Health Sciences), 5.00%, 04/01/2022   100,000    102,702 
         19,714,896 
Total Municipal Bonds        397,394,943 
Total Investments
(Cost $383,507,339) —100.9%
        397,394,943 
Liabilities in Excess of Other Assets—(0.9)%        (3,523,720)
Net Assets—100.0%       $393,871,223 

 

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of July 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

 

July 31, 2021 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

 

   Shares or
Principal
Amount
   Value
(US$)
 
MUNICIPAL BONDS (101.4%)          
Alabama (5.7%)          
Black Belt Energy Gas District Revenue Bonds, FRN, 0.97%, 12/01/2048(a)  $20,000,000   $20,166,540 
Health Care Authority for Baptist Health Revenue Bonds, Series B
0.25%, 11/15/2037(a)   13,600,000    13,600,000 
0.17%, 11/01/2042(a)   19,100,000    19,100,000 
Lower Alabama Gas District Revenue Bonds, VRN, 4.00%, 12/01/2050(a)   5,895,000    6,730,004 
         59,596,544 
Arizona (0.8%)          
Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 0.35%, 09/01/2024(a)   7,900,000    7,900,723 
Pinal County Industrial Development Authority Revenue Bonds (State of Arizona Department of Corrections), 4.00%, 10/01/2021   1,000,000    1,004,735 
         8,905,458 
California (7.4%)          
California Infrastructure & Economic Development Bank Revenue Bonds (DesertXpress Enterprises LLC), AMT, FRN, 0.20%, 01/01/2050(a)(b)   15,000,000    15,002,710 
California Pollution Control Financing Authority Revenue Bonds (Republic Services, Inc.)
Series A, 0.20%, 08/01/2023(a)   13,000,000    13,000,000 
Series 2017-A1, 0.20%, 11/01/2042(a)(b)   3,000,000    3,000,164 
California Statewide Communities Development Authority Revenue Bonds (Birchcrest Preservation LP), 0.07%, 08/01/2032(a)   25,000    25,000 
California Statewide Communities Development Authority Revenue Bonds (Catholic Healthcare West), Series E, 0.16%, 07/01/2040(a)   1,875,000    1,875,000 
California Statewide Communities Development Authority Revenue Bonds (CommonSpirit Health Obligated Group), Series F, 0.19%, 07/01/2040(a)   1,400,000    1,400,000 
California Statewide Communities Development Authority Revenue Bonds (Dignity Health Obligated Group), Series D, 0.14%, 07/01/2041(a)   900,000    900,000 
California Statewide Communities Development Authority Revenue Bonds (Westgate Pasadena Apartments Project), Series B, 0.18%, 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    4,524,735 
Palomar Pomerado Health Care Certificates of Participation
Series A, 0.72%, 11/01/2036(a)   6,050,000    6,050,000 
Series B, 0.72%, 11/01/2036(a)   3,200,000    3,200,000 
Series C, 0.73%, 11/01/2036(a)   18,425,000    18,425,000 
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.20%, 02/01/2036(a)(b)   740,000    740,000 
         77,077,609 
Colorado (0.1%)          
E-470 Public Highway Authority Revenue Bonds, Series B, FRN, 0.38%, 09/01/2039(a)   1,500,000    1,502,039 
Connecticut (1.1%)          
City of Bridgeport General Obligation Unlimited Notes, 1.50%, 12/09/2021   4,200,000    4,213,968 
City of West Haven General Obligation Unlimited Bonds, Series B, 2.00%, 09/30/2021   4,800,000    4,809,505 
East Hartford Conn Housing Authority Multi Family Housing Revenue Bonds (Veterans Terrace Project), 0.25%, 06/01/2023(a)   2,100,000    2,100,546 
         11,124,019 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

 

Delaware (0.6%)        
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.09%, 10/01/2029(a)  $4,400,000   $4,400,000 
Sussex County Revenue Bonds (Baywood LLC), Series A, 0.11%, 11/01/2027(a)   1,800,000    1,800,000 
         6,200,000 
Florida (3.0%)          
County of Bay Revenue Bonds (Florida Power & Light Co.), 0.05%, 06/01/2050(a)   4,900,000    4,900,000 
Florida Development Finance Corp. Revenue Bonds (Shands Jacksonville Medical Center Obligated Group), Series B, 0.28%, 02/01/2029(a)   16,002,000    16,002,000 
Miami-Dade County Industrial Development Authority Revenue Bonds (Waste Management, Inc.), AMT, FRN
0.40%, 11/01/2033(a)   3,000,000    3,000,018 
0.40%, 11/01/2048(a)   2,000,000    2,000,012 
Miami-Dade County Industrial Development Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.)
0.40%, 08/01/2023   2,750,000    2,750,000 
0.55%, 11/01/2041(a)   2,750,000    2,752,801 
         31,404,831 
Illinois (1.8%)          
Illinois Finance Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 0.55%, 11/01/2044(a)   6,000,000    6,006,111 
State of Illinois, Series A, 5.00%, 10/01/2021   750,000    755,905 
State of Illinois General Obligation Bonds, Series C
4.00%, 03/01/2022   5,000,000    5,110,744 
4.00%, 03/01/2023   5,000,000    5,292,606 
State of Illinois General Obligation Unlimited Bonds, Series A, 5.00%, 10/01/2023   1,030,000    1,133,139 
         18,298,505 
Indiana (3.8%)          
Hammond Local Public Improvement Bond Bank Revenue Bonds, 2.00%, 12/31/2021   1,170,000    1,176,154 
Indiana Finance Authority Environmental Improvement Revenue Bonds (ArcelorMittal USA, Inc.), 0.07%, 08/01/2030(a)   38,000,000    38,000,000 
         39,176,154 
Kansas (2.7%)          
City of Bel Aire KS General Obligation Unlimited Bonds, Series B, 0.38%, 12/01/2024   9,610,000    9,612,985 
City of Burlington Environmental Improvement Revenue Bonds (Kansas City Power & Light Co.)
Series A, 0.10%, 09/01/2035(a)   5,000,000    5,000,000 
Series B, 0.10%, 09/01/2035(a)   5,000,000    5,000,000 
City of Dodge City Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.30%, 03/01/2027(a)   1,000,000    1,000,000 
City of Liberal Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.30%, 02/01/2029(a)   1,000,000    1,000,000 
Kansas Development Finance Authority Revenue Bonds (University of Kansas)
5.00%, 05/01/2025   3,035,000    3,572,712 
5.00%, 05/01/2026   2,185,000    2,659,192 
         27,844,889 
Kentucky (3.6%)          
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.08%, 07/01/2060(a)   3,500,000    3,500,000 
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020B-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.08%, 07/01/2060(a)   14,000,000    14,000,000 
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of Kentucky, Inc.), Series C, 0.09%, 05/01/2034(a)   10,300,000    10,300,000 
Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048(a)   2,300,000    2,507,834 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

 

Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN, 0.06%, 11/01/2036(a)  $5,600,000   $5,600,000 
Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 0.30%, 08/15/2023(a)   2,100,000    2,100,026 
         38,007,860 
Louisiana (0.8%)          
Louisiana Public Facilities Authority Revenue Bonds (St Mary's Dominican High School Corp.), Series B, 0.15%, 07/01/2033(a)   135,000    135,000 
North Webster Parish Industrial District Revenue Bonds (Continental Structural Plastics of Louisiana LLC), 2.00%, 09/01/2021(a)   250,000    250,000 
Plaquemines Port Harbor & Terminal District Revenue Bonds (International Marine Terminal Partnership Project), Series A, 0.35%, 03/15/2025(a)   7,500,000    7,501,252 
         7,886,252 
Maryland (4.7%)          
Maryland Economic Development Corp. Revenue Bonds (Linemark Printing/501 Prince George's Boulevard Obligated Group), 0.22%, 12/01/2033(a)   5,470,000    5,470,000 
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.30%, 03/01/2030(a)   42,405,000    42,405,000 
Washington County Revenue Bonds (Conservit, Inc.), 0.22%, 02/01/2023(a)   830,000    830,000 
         48,705,000 
Michigan (0.7%)          
Michigan Strategic Fund Tax-Exempt Adjustable Mode Exempt Facilities Revenue Bonds (Waste Management, Inc.), AMT, VRN, 0.58%, 08/01/2027(a)   500,000    500,000 
Waterford School District General Obligation Limited Bonds, 4.00%, 08/24/2021   7,120,000    7,135,944 
         7,635,944 
Mississippi (7.3%)          
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue Bonds, Series C, 0.25%, 05/01/2037(a)   7,230,000    7,230,827 
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.)
0.07%, 12/01/2027(a)   1,500,000    1,500,000 
0.06%, 05/01/2028(a)   2,500,000    2,500,000 
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT, 0.06%, 07/01/2025(a)   300,000    300,000 
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 1.52%, 11/01/2032(a)   62,000,000    62,000,000 
Mississippi Business Finance Corp. Revenue Bonds (Tri-State Truck Center, Inc.), 0.15%, 03/01/2033(a)   2,300,000    2,300,000 
         75,830,827 
Montana (0.5%)          
Mizuho Floater/Residual Trust Revenue Bonds, VRDN
0.27%, 06/01/2034(a)(b)   1,110,000    1,110,000 
0.27%, 06/01/2034(a)(b)   4,510,000    4,510,000 
         5,620,000 
Nevada (0.4%)          
State of Nevada Department of Business & Industry Revenue Bonds (Republic Services, Inc.), 0.25%, 12/01/2026(a)(b)   4,200,000    4,201,328 
           
New Jersey (6.2%)          
Bordentown Sewage Authority Revenue Bonds, Series J, (BAM), 5.00%, 12/01/2021   500,000    507,400 
Borough of Bloomingdale NJ General Obligation Unlimited Notes, 1.50%, 02/24/2022   7,592,200    7,651,198 
Borough of East Rutherford NJ General Obligation Unlimited Notes, 2.00%, 04/07/2022   5,895,075    5,965,812 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

 

Borough of Raritan NJ General Obligation Unlimited Notes, Series A, 1.50%, 07/07/2022  $5,692,027   $5,761,093 
Borough of Seaside Heights NJ General Obligation Unlimited Notes, Series B, 1.00%, 03/31/2022   7,354,325    7,392,640 
Borough of Westville NJ General Obligation Unlimited Notes, Series A, 2.00%, 04/28/2022   5,090,000    5,158,208 
City of Newark General Obligation Unlimited Bonds
Series B, 2.00%, 10/05/2021   1,160,000    1,163,723 
Series C, 2.00%, 10/05/2021   4,200,000    4,213,482 
City of Newark NJ General Obligation Unlimited Notes, Series C, 1.25%, 07/25/2022   4,582,031    4,628,947 
City of Orange Township NJ General Obligation Unlimited Notes, Series A, 1.00%, 03/31/2022   5,000,000    5,020,057 
Gloucester County Improvement Authority Revenue Bonds (Rowan University), 0.60%, 03/01/2024   2,325,000    2,327,191 
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.17%, 12/15/2028(a)(b)   4,835,000    4,835,000 
Township of Irvington NJ General Obligation Unlimited Notes, 2.00%, 05/19/2022   9,720,952    9,843,494 
         64,468,245 
New York (20.6%)          
City of Cortland General Obligation Unlimited Notes, 1.25%, 11/12/2021   7,045,000    7,063,870 
City of Dunkirk School District New York Revenue Anticipation Notes, 1.00%, 06/29/2022   2,400,000    2,418,000 
City of Elmira General Obligation Limited Bonds
4.00%, 05/01/2022   845,000    866,820 
2.00%, 05/01/2023   455,000    467,017 
4.00%, 05/01/2024   675,000    737,152 
City of Long Beach General Obligation Limited Notes, 1.50%, 02/22/2022   4,250,000    4,274,156 
City of New York General Obligation Limited Bonds, VRDN
0.12%, 04/01/2042(a)   5,000,000    5,000,000 
0.12%, 04/01/2042(a)   4,000,000    4,000,000 
City of Newburgh General Obligation limited Notes, Series A, 1.00%, 07/29/2022   4,670,000    4,699,828 
City of Schenectady General Obligation Limited Notes, 1.00%, 05/06/2022   7,447,551    7,492,029 
City of Tonawanda NY General Obligation limited Notes, 1.00%, 06/02/2022   6,878,000    6,921,245 
County of Lawrence Norwood-Norfolk central School District New York Revenue Anticipation Notes, 1.00%, 07/27/2022   6,962,040    7,016,622 
County of Monroe Henriette Fire District New York Revenue Anticipation Notes, 1.00%, 08/10/2022   4,800,000    4,838,160 
County of Suffolk New York General Obligation Limited Bonds
2.00%, 08/19/2021   3,500,000    3,502,912 
2.00%, 09/24/2021   12,000,000    12,030,918 
County of Ulster central School District New York Revenue Anticipation Notes, 1.00%, 06/28/2022   5,000,000    5,037,350 
East Ramapo central School District New York Revenue Anticipation Notes, 1.25%, 05/05/2022   2,000,000    2,014,620 
East Ramapo central School District New York Revenue Budget Notes, 1.25%, 05/05/2022   1,100,000    1,108,041 
Hastings-On-Hudson Union Free School District General Obligation Unlimited Notes, 1.50%, 03/04/2022   15,000,000    15,121,442 
Hempstead Union Free School District General Obligation Unlimited Notes
Series A, 1.00%, 06/30/2022   6,000,000    6,041,792 
Series B, 1.00%, 07/13/2022   4,000,000    4,028,965 
Metropolitan Transportation Authority Revenue Bonds
Series C-2, 5.00%, 09/01/2021   1,250,000    1,254,671 
5.00%, 11/15/2021   1,000,000    1,013,412 
Series B, 5.00%, 11/15/2021   700,000    709,388 
Series D, 5.00%, 11/15/2021   700,000    709,388 
Series F, 5.00%, 11/15/2021   1,000,000    1,013,412 
4.00%, 02/01/2022   14,550,000    14,818,685 
Series B-1, 5.00%, 05/15/2022   10,000,000    10,372,152 
5.00%, 09/01/2022   11,010,000    11,573,748 
FRN, 0.36%, 11/01/2035(a)   5,000,000    5,002,537 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

 

New York City General Obligation Unlimited Bonds
Series A-4, 0.17%, 08/01/2026(a)  $4,475,000   $4,475,000 
Series C-4, 0.17%, 10/01/2027(a)   12,100,000    12,100,000 
Series J-3, 0.17%, 06/01/2036(a)   18,175,000    18,175,000 
Series J-2, 0.18%, 06/01/2036(a)   1,750,000    1,750,000 
New York City Industrial Development Agency Revenue Bonds (Novelty Crystal Corp.), 0.47%, 12/01/2034(a)   1,200,000    1,200,000 
New York Transportation Development Corp. Revenue Bonds (Delta Air Lines, Inc.), AMT, 5.00%, 01/01/2024   1,500,000    1,664,246 
Oneida County Industrial Development Agency Revenue Bonds (Champion Home Builders Co. Facility), 0.25%, 06/01/2029(a)   6,820,000    6,820,000 
Triborough Bridge & Tunnel Authority Revenue Bonds, Series B4A, 0.41%, 01/01/2032(a)   4,000,000    4,000,385 
Village of Clayton NY General Obligation Limited Bonds, 2.00%, 10/21/2021   2,925,000    2,934,637 
Village of Johnson City General Obligation Limited Bonds, 1.50%, 10/01/2021   9,609,886    9,623,933 
         213,891,533 
North Carolina (0.2%)          
Fayetteville State University Revenue Bonds, (AGM)
5.00%, 04/01/2022(b)   525,000    541,630 
5.00%, 04/01/2023(b)   405,000    436,815 
5.00%, 04/01/2024(b)   425,000    476,421 
5.00%, 04/01/2026(b)   470,000    564,409 
         2,019,275 
Ohio (0.4%)          
Toledo-Lucas County Port Authority Revenue Bonds (CSX Transportation, Inc.), 6.45%, 12/15/2021   3,950,000    4,038,141 
           
Oklahoma (3.4%)          
Oklahoma Development Finance Authority Revenue Bonds (Gilcrease Developers LLC), AMT, 1.63%, 07/06/2023   2,000,000    2,021,612 
Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group ), VRDN
0.10%, 08/15/2031(a)   19,750,000    19,750,000 
0.10%, 08/15/2031(a)   13,770,000    13,770,000 
         35,541,612 
Oregon (0.0%)          
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.06%, 06/15/2027(a)   100,000    100,000 
Pennsylvania (9.0%)          
Delaware Valley Regional Finance Authority Local Government Revenue Bonds, 2020 Series C, R-Floats Weekly Rate Mode (Pa), 0.08%, 11/01/2055(a)   3,900,000    3,900,000 
Franklin County Industrial Development Authority Revenue Bonds (Precast System LLC), Series A, 0.30%, 11/01/2021(a)   50,000    50,000 
Montgomery County Higher Education and Health Authority Thomas Jefferson University Variable Rate Revenue Bonds, VRDN, 0.10%, 09/01/2050(a)(c)   48,030,000    48,030,000 
Pennsylvania Economic Development Financing Authority Revenue Bonds (Republic Services, Inc.), Series B, 0.20%, 04/01/2049(a)   2,000,000    2,000,109 
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group)  
Series A, AMT, VRN, 0.58%, 08/01/2037(a)   2,500,000    2,500,000 
0.20%, 08/01/2045(a)   26,750,000    26,750,000 
Philadelphia Authority for Industrial Development Revenue Bonds (Thomas Jefferson University Obligated Group), Series 2017B, 0.10%, 09/01/2050(a)   10,000,000    10,000,000 
         93,230,109 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (continued)

 

July 31, 2021 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

 

South Carolina (0.2%)          
South Carolina Jobs-Economic Development Authority Revenue Bonds (Prisma Health Obligated Group), VRDN, 0.10%, 05/01/2048(a)  $2,225,000   $2,225,000 
           
Tennessee (1.0%)          
Lewisburg Industrial Development Board Revenue Bonds (Waste Management Inc of Tennessee), 0.20%, 07/02/2035(a)   9,000,000    9,000,000 
Nashville & Davidson Industrial Development Board Revenue Bonds (Waste Management Inc of Tennessee), 0.58%, 08/01/2031(a)   350,000    350,000 
Wilson County Industrial Development Board Revenue Bonds (Kenwal Steel Tennessee LLC), 0.35%, 06/01/2037(a)   830,000    830,000 
         10,180,000 
Texas (8.5%)          
Angelina & Neches River Authority Revenue Bonds (Jefferson Enterprise Energy LLC), AMT, VRN
0.35%, 12/01/2045(a)(b)   7,500,000    7,507,662 
0.45%, 12/01/2045(a)   8,000,000    8,016,686 
City of Houston TX Hotel Occupancy Tax & Revenue Bonds
4.00%, 09/01/2022   180,000    187,285 
4.00%, 09/01/2023   180,000    193,829 
4.00%, 09/01/2025   425,000    483,261 
Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.)
0.20%, 01/01/2026(a)   1,000,000    1,000,000 
AMT, FRN, 0.20%, 05/01/2050(a)   44,000,000    44,000,000 
Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP)
0.10%, 04/01/2028(a)   7,000,000    7,000,000 
0.10%, 01/01/2030(a)   11,800,000    11,800,000 
Texas Municipal Gas Acquisition & Supply Corp III Revenue Bonds
5.00%, 12/15/2021   1,150,000    1,170,032 
5.00%, 12/15/2022   1,150,000    1,224,100 
5.00%, 12/15/2025   4,600,000    5,479,909 
         88,062,764 
West Virginia (1.2%)          
West Virginia Hospital Finance Authority Revenue Bonds (West Virginia United Health System Obligated Group), Series E, 0.09%, 06/01/2033(a)   12,230,000    12,230,000 
           
Wisconsin (5.7%)          
City of Superior WI Revenue Bonds (DTE Electric Co.), 6.90%, 08/01/2021   12,000,000    12,000,000 
Public Finance Authority Revenue Bonds (Waste Management, Inc.)
Series A-1, 0.20%, 06/01/2023(a)   5,500,000    5,500,000 
0.20%, 10/01/2025(a)   14,300,000    14,300,000 
0.30%, 09/01/2027(a)   1,000,000    1,000,000 
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.20%, 12/15/2040(a)(b)   2,230,000    2,230,000 
Wisconsin Health & Educational Facilities Authority Revenue Bonds, 0.11%, 02/15/2053(a)   24,095,000    24,095,000 
         59,125,000 
Total Municipal Bonds        1,054,128,938 
SHORT-TERM INVESTMENT (3.7%)          
UNITED STATES (3.7%)          
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.13%, 08/10/2021   13,600,000    13,600,000 
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.13%, 08/10/2021   10,000,000    10,000,000 
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.12%, 08/10/2021   14,465,000    14,465,000 
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.13%, 08/10/2021   200,000    200,000 

 

See accompanying Notes to Statements of Investments.

 

 

 

 

Statement of Investments (concluded)

 

July 31, 2021 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

 

Total Short-Term Investment   38,265,000 
Total Investments
(Cost $1,091,458,929) —105.1%
   1,092,393,938 
Liabilities in Excess of Other Assets—(5.1)%   (53,175,320)
Net Assets—100.0%  $1,039,218,618 

 

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of July 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.
 
FRN Floating Rate Note

 

See accompanying Notes to Statements of Investments.

 

 

 

 

 

Notes to Statements of Investments (unaudited)

 

July 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.

 

Derivative instruments are generally valued according to the following procedures. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments.

 

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

 

 

 

 

Notes to Statements of Investments (unaudited) (concluded)

 

July 31, 2021

 

 

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