N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22132

Aberdeen Funds

(Exact name of registrant as specified in charter)

1735 Market Street, 32^nd Floor

Philadelphia, PA 19103

(Address of principal executive offices) (Zip code)

Lucia Sitar, Esquire

c/o Aberdeen Asset Management, Inc.

1735 Market Street, 32^nd Floor

Philadelphia, PA 19103

With Copies to:

Rose F. DiMartino

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

(Name and address of agent for service)

Registrant’s telephone number, including area code: (215) 405-2400

Date of fiscal year end: October 31

Date of reporting period: July 31, 2009

Item 1. Schedule of Investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Equity Long-Short Fund

	Shares or Principal Amount	Value
COMMON STOCKS - LONG POSITIONS (68.0%)(a)
Aerospace & Defense (1.4%)
Raytheon Co.	49,500	$	2,324,025
Auto Components (0.6%)
Cooper Tire & Rubber Co.	70,000		1,033,200
Beverages (1.2%)
PepsiCo, Inc.	35,500		2,014,625
Biotechnology (2.7%)
Amgen, Inc. *	26,200		1,632,522
Gilead Sciences, Inc. *	58,220		2,848,705
			4,481,227
Capital Markets (3.0%)
Charles Schwab Corp. (The)	76,900		1,374,203
Goldman Sachs Group, Inc. (The)	11,100		1,812,630
State Street Corp.	34,400		1,730,320
			4,917,153
Chemicals (2.8%)
Air Products & Chemicals, Inc.	23,700		1,768,020
Monsanto Co.	23,139		1,943,676
Valspar Corp. (The)	33,800		855,816
			4,567,512
Commercial Banks (0.6%)
CapitalSource, Inc.	208,800		968,832
Communications Equipment (1.7%)
QUALCOMM, Inc.	35,330		1,632,599
Tellabs, Inc. *	200,000		1,160,000
			2,792,599
Computers & Peripherals (4.2%)
Apple, Inc. *	13,300		2,173,087
Brocade Communications Systems, Inc. *	281,890		2,215,655
Hewlett-Packard Co.	58,600		2,537,380
			6,926,122
Consumer Finance (2.0%)
Capital One Financial Corp.	29,200		896,440
Visa, Inc., Class A	36,220		2,370,961
			3,267,401
Diversified Financial Services (1.3%)
JPMorgan Chase & Co.	53,250		2,058,113
Food & Staples Retailing (1.8%)
CVS Caremark Corp.	88,900		2,976,372
Food Products (1.0%)
Kellogg Co.	33,750		1,603,125
Health Care Equipment & Supplies (2.5%)
Baxter International, Inc.	50,520		2,847,813
St. Jude Medical, Inc. *	35,640		1,343,984
			4,191,797
Health Care Providers & Services (2.5%)
Express Scripts, Inc. *	30,000		2,101,200
Quest Diagnostics, Inc.	36,600		1,999,092
			4,100,292
Hotels, Restaurants & Leisure (5.6%)
Darden Restaurants, Inc.	85,350		2,764,487
Panera Bread Co., Class A *	30,000		1,648,800
Starwood Hotels & Resorts Worldwide, Inc.	98,600		2,327,946
WMS Industries, Inc. *	68,915		2,491,966
			9,233,199
Industrial Conglomerates (2.2%)
3M Co.	23,400		1,650,168
Danaher Corp.	33,540		2,053,990
			3,704,158
Internet Software & Services (1.0%)
McAfee, Inc. *	36,800		1,640,544
Life Sciences Tools & Services (0.8%)
Thermo Fisher Scientific, Inc. *	29,600		1,340,288
Machinery (1.3%)
Joy Global, Inc.	32,700		1,215,786
Kennametal, Inc.	46,500		991,380
			2,207,166
Media (0.8%)
Comcast Corp., Class A	93,100		1,383,466
Metals & Mining (2.9%)
Freeport-McMoRan Copper & Gold, Inc., Class B	27,700		1,670,310
Nucor Corp.	31,200		1,387,464
Steel Dynamics, Inc.	105,700		1,729,252
			4,787,026
Oil, Gas & Consumable Fuels (7.6%)
Apache Corp.	52,390		4,398,140
Hess Corp.	48,800		2,693,760
Peabody Energy Corp.	47,700		1,579,347
Range Resources Corp.	34,050		1,580,261
Southwestern Energy Co. *	19,300		799,599
Transocean Ltd. *	18,300		1,458,327
			12,509,434
Pharmaceuticals (0.8%)
Bristol-Myers Squibb Co.	62,100		1,350,054
Real Estate Management & Development (0.9%)
Jones Lang LaSalle, Inc.	38,971		1,479,339
Road & Rail (3.4%)
Con-way, Inc.	74,300		3,384,365
Union Pacific Corp.	37,800		2,174,256
			5,558,621

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Equity Long-Short Fund

	Shares or Principal Amount		Value
COMMON STOCKS - LONG POSITIONS (CONTINUED)(a)
Semiconductors & Semiconductor Equipment (3.4%)
Marvell Technology Group Ltd. *		145,100	$	1,935,634
NVIDIA Corp. *		62,000		801,660
Silicon Laboratories, Inc. *		38,600		1,653,238
Teradyne, Inc. *		156,000		1,229,280
				5,619,812
Software (1.6%)
Oracle Corp.		115,500		2,556,015
Specialty Retail (4.2%)
Advance Auto Parts, Inc.		29,700		1,373,031
Aeropostale, Inc. *		57,300		2,085,720
Lowe’s Cos., Inc.		78,900		1,772,094
Urban Outfitters, Inc. *		66,900		1,608,276
				6,839,121
Tobacco (0.9%)
Philip Morris International, Inc.		30,000		1,398,000
Trading Companies & Distributors (1.3%)
W.W. Grainger, Inc.		23,900		2,148,849
Total Common Stocks - Long Positions				111,977,487
REPURCHASE AGREEMENTS (32.3%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $53,237,719, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $54,303,180	$	53,237,542		53,237,542
Total Repurchase Agreement				53,237,542
Total Investments (Cost $154,441,790)(b) — 100.3%				165,215,029
Liabilities in excess of other assets — (0.3)%				(448,697	)
Net Assets — 100.0%			$	164,766,332

* Non-income producing security.

(a) All long positions held as collateral for securities sold short.

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

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Equity Long-Short Fund

	Shares or Principal Amount	Value
COMMON STOCKS - SHORT POSITIONS (19.1%)
Aerospace & Defense (3.2%)
Boeing Co. (The)	48,000	$	2,059,680
Northrop Grumman Corp.	70,300		3,133,974
			5,193,654
Air Freight & Logistics (2.7%)
Expeditors International of Washington, Inc.	63,400		2,151,162
FedEx Corp.	33,500		2,272,640
			4,423,802
Chemicals (0.6%)
FMC Corp.	20,000		972,800
Commercial Services & Supplies (0.5%)
Resources Connection, Inc.*	52,000		785,200
Diversified Financial Services (1.0%)
Assurant, Inc.	65,000		1,658,800
Electronic Equipment & Instruments (1.4%)
Anixter International, Inc.*	4,200		143,724
Badger Meter, Inc.	40,000		1,474,000
Echelon Corp.*	76,150		645,752
			2,263,476
Hotels, Restaurants & Leisure (1.1%)
Starbucks Corp.*	107,000		1,893,900
Internet Software & Services (1.0%)
Juniper Networks, Inc.*	63,100		1,648,803
Machinery (1.7%)
Astec Industries, Inc.*	31,800		860,508
Caterpillar, Inc.	44,200		1,947,452
			2,807,960
Multiline Retail (0.9%)
99 Cents Only Stores*	100,000		1,465,000
Oil, Gas & Consumable Fuels (0.9%)
Pioneer Natural Resources Co.	52,000		1,484,600
Pharmaceuticals (0.6%)
Eli Lilly & Co.	28,100		980,409
Semiconductors & Semiconductor Equipment (1.7%)
Linear Technology Corp.	44,500		1,195,715
Microsemi Corp.*	55,500		757,575
ON Semiconductor Corp.*	110,000		803,000
			2,756,290
Software (1.8%)
Autodesk, Inc.*	38,100		830,961
Salesforce.com, Inc.*	51,000		2,210,340
			3,041,301
Total Common Stocks - Short Positions			31,375,995
EXCHANGE TRADED FUNDS - SHORT POSITIONS (7.2%)
Equity Fund (7.2%)
Consumer Discretionary Select Sector SPDR Fund	50,000		1,263,500
Energy Select Sector SPDR Fund	76,000		3,838,760
iShares Russell 2000 Growth Index Fund	24,600		1,501,338
iShares Russell 2000 Value Index Fund	28,000		1,442,000
iShares Trust US Real Estate Index Fund	38,500		1,380,995
SPDR Trust Series 1	12,500		1,235,125
Technology Select Sector SPDR Fund	63,000		1,241,100
			11,902,818
Total Exchange Traded Funds - Short Positions			11,902,818
Total Securities Sold Short (Proceeds $38,165,123) (a) — 26.3%			43,278,813

* Non-income producing security

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

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Health Sciences Fund

	Shares or Principal Amount		Value
COMMON STOCKS (99.6%)
Biotechnology (18.0%)
Amgen, Inc. *		15,800	$	984,498
Biogen Idec, Inc. *		6,500		309,075
Cephalon, Inc. *		7,400		434,010
Gilead Sciences, Inc. *		24,410		1,194,381
United Therapeutics Corp. *		2,780		257,484
				3,179,448
Food & Staples Retailing (2.2%)
CVS Caremark Corp.		11,432		382,743
Health Care Equipment & Supplies (17.4%)
Baxter International, Inc.		16,628		937,320
Becton, Dickinson & Co.		1,220		79,483
Boston Scientific Corp. *		35,410		380,303
Covidien PLC		9,600		362,976
Dentsply International, Inc.		6,700		223,445
Hologic, Inc. *		12,140		178,337
I-Flow Corp. *		14,600		111,106
IDEXX Laboratories, Inc. *		5,200		259,064
Masimo Corp. *		7,950		194,378
St. Jude Medical, Inc. *		9,110		343,538
				3,069,950
Health Care Providers & Services (14.8%)
Aetna, Inc.		22,450		605,476
Hospira, Inc. *		13,600		522,648
LifePoint Hospitals, Inc. *		9,800		271,068
Medco Health Solutions, Inc. *		6,550		346,233
Quest Diagnostics, Inc.		6,980		381,248
UnitedHealth Group, Inc.		16,880		473,653
				2,600,326
Health Care Technology (0.4%)
IRIS International, Inc. *		7,116		72,583
Life Sciences Tools & Services (6.8%)
Covance, Inc. *		5,274		290,861
Thermo Fisher Scientific, Inc. *		12,940		585,923
Waters Corp. *		6,230		313,058
				1,189,842
Pharmaceuticals (40.0%)
Abbott Laboratories		21,730		977,633
Allergan, Inc.		9,590		512,394
Bristol-Myers Squibb Co.		45,630		991,996
Johnson & Johnson		20,064		1,221,697
Novartis AG (a)		8,750		399,951
Perrigo Co.		9,500		257,830
Pfizer, Inc.		49,672		791,275
Schering-Plough Corp.		31,908		845,881
Teva Pharmaceutical Industries Ltd. ADR– IL		5,050		269,367
Viropharma, Inc. *		36,360		267,973
Wyeth		11,050		514,378
				7,050,375
Total Common Stocks				17,545,267
REPURCHASE AGREEMENTS (1.4%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $244,701, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $249,598	$	244,700		244,700
Total Repurchase Agreement				244,700
Total Investments (Cost $17,874,243)(b) — 101.0%				17,789,967
Liabilities in excess of other assets — (1.0)%				(179,023	)
Net Assets — 100.0%			$	17,610,944

* Non-income producing security.

(a) Fair Valued Security.

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

ADR American Depositary Receipt

IL Israel

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Natural Resources Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.5%)
AUSTRALIA (1.8%)
Metals & Mining (1.8%)
BHP Billiton Ltd. ADR		23,300	$	1,466,968
BRAZIL (7.4%)
Metals & Mining (2.5%)
Vale SA ADR		103,600		2,044,028
Oil, Gas & Consumable Fuels (4.9%)
Petroleo Brasileiro SA ADR		95,500		3,938,420
				5,982,448
CANADA (4.8%)
Metals & Mining (3.2%)
Agnico-Eagle Mines Ltd.		22,700		1,329,085
Barrick Gold Corp.		36,800		1,284,320
				2,613,405
Transportation Infrastructure (1.6%)
Canadian National Railway Co.		26,000		1,268,280
				3,881,685
ITALY (4.6%)
Oil, Gas & Consumable Fuels (4.6%)
Eni SpA ADR		80,000		3,726,400
SWITZERLAND (4.3%)
Oil, Gas & Consumable Fuels (4.3%)
Transocean Ltd.*		43,005		3,427,069
UNITED KINGDOM (1.7%)
Metals & Mining (1.7%)
Rio Tinto PLC ADR		8,300		1,390,914
UNITED STATES (72.9%)
Chemicals (5.3%)
Monsanto Co.		35,400		2,973,600
PPG Industries, Inc.		23,500		1,292,500
				4,266,100
Containers & Packaging (1.5%)
Pactiv Corp.*		48,200		1,213,676
Electric Utility (1.5%)
PPL Corp.		35,300		1,192,787
Energy Equipment & Services (6.4%)
Schlumberger Ltd.		63,000		3,370,500
Tidewater, Inc.		39,700		1,786,500
				5,157,000
Household Durables (1.5%)
Toll Brothers, Inc.*		63,700		1,245,972
Machinery (3.0%)
Deere & Co.		28,300		1,237,842
Terex Corp.*		76,917		1,167,600
				2,405,442
Metals & Mining (2.8%)
Allegheny Technologies, Inc.		40,800		1,104,864
Harsco Corp.		40,370		1,110,579
				2,215,443
Oil, Gas & Consumable Fuels (50.9%)
Apache Corp.		52,800		4,432,560
Berry Petroleum Co., Class A		78,500		1,862,020
Cabot Oil & Gas Corp.		73,500		2,582,055
CONSOL Energy, Inc.		35,000		1,243,550
Devon Energy Corp.		34,793		2,021,125
ENSCO International, Inc.		65,600		2,485,584
EOG Resources, Inc.		55,000		4,071,650
Exxon Mobil Corp.		50,500		3,554,695
Hess Corp.		60,000		3,312,000
Occidental Petroleum Corp.		53,800		3,838,092
Peabody Energy Corp.		76,000		2,516,360
PetroHawk Energy Corp.*		109,929		2,669,076
Range Resources Corp.		54,900		2,547,909
SandRidge Energy, Inc.*		87,300		816,255
Whiting Petroleum Corp.*		34,209		1,572,246
XTO Energy, Inc.		37,136		1,493,981
				41,019,158
				58,715,578
Total Common Stocks				78,591,062
REPURCHASE AGREEMENTS (4.2%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $3,382,975, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $3,450,680	$	3,382,964		3,382,964
Total Repurchase Agreement				3,382,964
Total Investments (Cost $74,654,421)(a) — 101.7%				81,974,026
Liabilities in excess of other assets — (1.7)%				(1,357,893	)
Net Assets — 100.0%			$	80,616,133

* Non-income producing security.

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

ADR American Depositary Receipt

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Small Cap Fund

	Shares or Principal Amount	Value
COMMON STOCKS (100.1%)
Auto Components (2.6%)
Drew Industries, Inc. *	251,100	$	4,818,609
Beverages (1.0%)
Constellation Brands, Inc., Class A *	133,110		1,818,283
Biotechnology (1.1%)
Cephalon, Inc. *	16,250		953,062
United Therapeutics Corp. *	10,530		975,289
			1,928,351
Chemicals (1.3%)
Valspar Corp. (The)	92,730		2,347,924
Commercial Banks (9.0%)
Bank of the Ozarks, Inc.	95,030		2,402,358
CapitalSource, Inc.	755,359		3,504,866
First Commonwealth Financial Corp.	234,910		1,566,850
TCF Financial Corp.	160,260		2,266,076
Western Alliance Bancorp *	492,743		3,414,709
Wintrust Financial Corp.	131,671		3,443,197
			16,598,056
Commercial Services & Supplies (3.8%)
Clean Harbors, Inc. *	32,307		1,685,456
EnergySolutions, Inc.	204,798		1,763,311
FTI Consulting, Inc. *	16,730		910,614
Waste Connections, Inc. *	19,210		541,914
Watson Wyatt Worldwide, Inc., Class A	58,390		2,180,283
			7,081,578
Communications Equipment (5.4%)
F5 Networks, Inc. *	24,120		895,334
Harmonic, Inc. *	257,430		1,783,990
Polycom, Inc. *	127,450		3,026,938
Tellabs, Inc. *	731,053		4,240,107
			9,946,369
Computers & Peripherals (1.0%)
Synaptics, Inc. *	76,300		1,828,911
Containers & Packaging (1.7%)
Silgan Holdings, Inc.	63,141		3,173,467
Diversified Telecommunication Services (1.5%)
Shenandoah Telecommunications Co.	137,330		2,796,039
Electric Utility (0.8%)
ITC Holdings Corp.	30,660		1,462,482
Electronic Equipment & Instruments (2.9%)
Littelfuse, Inc. *	128,874		3,015,652
Rofin-Sinar Technologies, Inc. *	110,230		2,393,093
			5,408,745
Energy Equipment & Services (1.4%)
Tidewater, Inc.	57,690		2,596,050
Food Products (1.2%)
Smithfield Foods, Inc. *	167,560		2,270,438
Health Care Equipment & Supplies (2.5%)
I-Flow Corp. *	307,073		2,336,825
IDEXX Laboratories, Inc. *	18,232		908,318
Inverness Medical Innovations, Inc. *	41,847		1,408,152
			4,653,295
Health Care Providers & Services (5.3%)
IPC The Hospitalist Co., Inc. *	90,840		2,529,894
LHC Group, Inc. *	132,555		3,890,489
Sun Healthcare Group, Inc. *	340,110		3,309,271
			9,729,654
Hotels, Restaurants & Leisure (5.0%)
P.F. Chang’s China Bistro, Inc. *	69,420		2,354,032
Panera Bread Co., Class A *	32,800		1,802,688
Penn National Gaming, Inc. *	55,850		1,771,004
WMS Industries, Inc. *	90,350		3,267,056
			9,194,780
Household Durables (0.5%)
Toll Brothers, Inc. *	47,350		926,166
Industrial Conglomerates (1.2%)
Teleflex, Inc.	47,220		2,264,671
Information Technology Services (2.1%)
Alliance Data Systems Corp. *	18,220		929,220
Perot Systems Corp., Class A *	115,680		1,848,566
Total System Services, Inc.	68,194		1,001,088
			3,778,874
Insurance (5.2%)
Amerisafe, Inc. *	170,460		2,834,750
Aspen Insurance Holdings Ltd.	137,900		3,429,573
Hanover Insurance Group, Inc. (The)	85,953		3,378,812
			9,643,135
Internet Software & Services (4.7%)
MercadoLibre, Inc. *	46,137		1,329,668
Omniture, Inc. *	226,634		3,100,353
Solera Holdings, Inc. *	155,490		4,187,346
			8,617,367
Machinery (8.7%)
Dynamic Materials Corp.	150,527		2,464,127
FreightCar America, Inc.	191,438		3,824,931
Kennametal, Inc.	161,137		3,435,441
Terex Corp. *	194,665		2,955,015
Wabtec Corp.	96,570		3,249,580
			15,929,094
Metals & Mining (1.2%)
Allegheny Technologies, Inc.	21,550		583,574

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Small Cap Fund

	Shares or Principal Amount		Value
COMMON STOCKS (CONTINUED)
Metals & Mining (continued)
Harsco Corp.		56,300	$	1,548,813
				2,132,387
Oil, Gas & Consumable Fuels (5.1%)
Berry Petroleum Co., Class A		158,670		3,763,653
SandRidge Energy, Inc. *		334,200		3,124,770
Whiting Petroleum Corp. *		53,268		2,448,197
				9,336,620
Personal Products (1.2%)
Chattem, Inc. *		36,020		2,257,373
Pharmaceuticals (1.2%)
Perrigo Co.		32,900		892,906
Viropharma, Inc. *		188,530		1,389,466
				2,282,372
Real Estate Investment Trust (REIT) (2.6%)
Healthcare Realty Trust, Inc.		105,908		2,055,674
Macerich Co. (The)		134,367		2,642,999
				4,698,673
Real Estate Management & Development (1.3%)
Jones Lang LaSalle, Inc.		63,900		2,425,644
Road & Rail (4.1%)
Celadon Group, Inc. *		376,828		3,485,659
Kansas City Southern *		198,500		4,031,535
				7,517,194
Semiconductors & Semiconductor Equipment (2.1%)
Energy Conversion Devices, Inc. *		146,800		2,090,432
Teradyne, Inc. *		223,900		1,764,332
				3,854,764
Software (1.4%)
Concur Technologies, Inc. *		74,708		2,576,679
Specialty Retail (2.5%)
Tractor Supply Co. *		77,330		3,709,520
Urban Outfitters, Inc. *		39,980		961,119
				4,670,639
Textiles, Apparel & Luxury Goods (2.6%)
Phillips-Van Heusen Corp.		135,248		4,785,074
Thrifts & Mortgage Finance (1.3%)
Westfield Financial, Inc.		236,877		2,302,444
Trading Companies & Distributors (3.6%)
Beacon Roofing Supply, Inc. *		220,730		3,701,642
Rush Enterprises, Inc., Class A *		219,650		2,877,415
				6,579,057
Total Common Stocks				184,231,258
REPURCHASE AGREEMENTS (5.5%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $10,149,921, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $10,353,054	$	10,149,887		10,149,887
Total Repurchase Agreement				10,149,887
Total Investments (Cost $175,143,170)(a) — 105.6%				194,381,145
Liabilities in excess of other assets — (5.6)%				(10,244,337	)
Net Assets — 100.0%			$	184,136,808

* Non-income producing security.

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

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Technology and Communications Fund

	Shares or Principal Amount		Value
COMMON STOCKS (96.7%)
Commercial Services & Supplies (5.2%)
FTI Consulting, Inc. *		5,770	$	314,061
Paychex, Inc.		7,897		209,271
				523,332
Communications Equipment (12.9%)
Cisco Systems, Inc. *		20,644		454,375
F5 Networks, Inc. *		2,724		101,115
QUALCOMM, Inc.		10,349		478,227
Tellabs, Inc. *		47,270		274,166
				1,307,883
Computers & Peripherals (16.4%)
Apple, Inc. *		1,223		199,826
Brocade Communications Systems, Inc. *		15,000		117,900
EMC Corp. *		26,270		395,626
Hewlett-Packard Co.		13,010		563,333
Synaptics, Inc. *		5,800		139,026
Wincor Nixdorf AG (a)		4,617		245,683
				1,661,394
Consumer Finance (1.9%)
Visa, Inc., Class A		2,940		192,452
Electronic Equipment & Instruments (1.0%)(a)
Omron Corp.		6,584		106,208
Information Technology Services (8.1%)
Alliance Data Systems Corp. *		6,490		330,990
Cognizant Technology Solutions Corp., Class A *		16,751		495,662
				826,652
Internet Software & Services (14.4%)
Google, Inc., Class A *		972		430,644
McAfee, Inc. *		6,290		280,408
Omniture, Inc. *		24,853		339,989
Solera Holdings, Inc. *		15,190		409,067
				1,460,108
Machinery (2.0%)(a)
Fanuc Ltd.		2,487		203,242
Media (2.9%)
Comcast Corp., Class A		20,180		299,875
Office Electronics (1.1%)(a)
Canon, Inc.		2,900		107,507
Semiconductors & Semiconductor Equipment (9.2%)
ASM Pacific Technology Ltd. (a)		16,600		112,479
Intel Corp.		14,642		281,859
NVIDIA Corp. *		19,200		248,256
Samsung Electronics Co., Ltd. GDR– KR		1,529		289,898
				932,492
Software (16.1%)
Adobe Systems, Inc. *		9,650		312,853
ANSYS, Inc. *		4,993		156,081
Checkpoint Software Technologies Ltd. *		4,880		130,247
Citrix Systems, Inc. *		2,800		99,680
Concur Technologies, Inc. *		3,100		106,919
Microsoft Corp.		9,139		214,949
Oracle Corp.		27,572		610,169
				1,630,898
Wireless Telecommunication Services (5.5%)
American Tower Corp., Class A *		9,431		321,503
Vodafone Group PLC (a)		117,682		241,918
				563,421
Total Common Stocks				9,815,464
REPURCHASE AGREEMENTS (2.2%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $218,881, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $223,262	$	218,880		218,880
Total Repurchase Agreement				218,880
Total Investments (Cost $8,763,188)(b) — 98.9%				10,034,344
Other assets in excess of liabilities — 1.1%				116,184
Net Assets — 100.0%			$	10,150,528

* Non-income producing security.

(a) Fair Valued Security.

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

GDR Global Depositary Receipt

KR Republic of South Korea

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen U.S. Equity Fund

	Shares or Principal Amount	Value
COMMON STOCKS (96.9%)
Aerospace & Defense (4.3%)
ITT Corp.	20,600	$	1,017,640
United Technologies Corp.	26,200		1,427,114
			2,444,754
Auto Components (0.7%)
Borgwarner, Inc.	12,000		398,280
Beverages (2.3%)
PepsiCo, Inc.	23,000		1,305,250
Biotechnology (2.7%)
Gilead Sciences, Inc. *	30,710		1,502,640
Capital Markets (3.7%)
Charles Schwab Corp. (The)	32,700		584,349
Goldman Sachs Group, Inc. (The)	3,540		578,082
State Street Corp.	18,000		905,400
			2,067,831
Chemicals (2.3%)
Monsanto Co.	8,900		747,600
Praxair, Inc.	7,300		570,714
			1,318,314
Commercial Banks (2.6%)
Royal Bank of Canada	20,300		966,559
Wells Fargo & Co.	20,300		496,538
			1,463,097
Commercial Services & Supplies (1.3%)
FTI Consulting, Inc. *	13,900		756,577
Communications Equipment (4.7%)
Cisco Systems, Inc. *	59,500		1,309,595
QUALCOMM, Inc.	28,450		1,314,674
			2,624,269
Computers & Peripherals (1.7%)
EMC Corp. *	62,100		935,226
Consumer Finance (1.1%)
Capital One Financial Corp.	20,500		629,350
Diversified Financial Services (2.0%)
JPMorgan Chase & Co.	29,750		1,149,838
Diversified Telecommunication Services (1.4%)
Telus Corp.	28,000		808,542
Electric Utility (2.0%)
PPL Corp.	34,000		1,148,860
Electrical Equipment (1.6%)
Emerson Electric Co.	24,300		884,034
Energy Equipment & Services (1.7%)
Schlumberger Ltd.	17,700		946,950
Food & Staples Retailing (3.7%)
CVS Caremark Corp.	41,850		1,401,138
SYSCO Corp.	29,000		689,040
			2,090,178
Food Products (4.6%)
Kellogg Co.	23,100		1,097,250
Kraft Foods, Inc.	53,000		1,502,020
			2,599,270
Health Care Equipment & Supplies (3.0%)
Baxter International, Inc.	13,780		776,779
St. Jude Medical, Inc. *	23,600		889,956
			1,666,735
Health Care Providers & Services (3.9%)
Aetna, Inc.	39,500		1,065,315
Quest Diagnostics, Inc.	20,200		1,103,324
			2,168,639
Hotels, Restaurants & Leisure (0.8%)
Starwood Hotels & Resorts Worldwide, Inc.	19,900		469,839
Household Durables (1.5%)
Toll Brothers, Inc. *	44,250		865,530
Household Products (1.9%)
Procter & Gamble Co.	19,400		1,076,894
Industrial Conglomerates (2.0%)
3M Co.	16,200		1,142,424
Information Technology Services (3.6%)
Alliance Data Systems Corp. *	17,300		882,300
Cognizant Technology Solutions Corp., Class A *	39,000		1,154,010
			2,036,310
Insurance (2.1%)
Aflac, Inc.	15,100		571,686
MetLife, Inc.	17,180		583,261
			1,154,947
Machinery (2.8%)
Deere & Co.	20,700		905,418
PACCAR, Inc.	19,500		675,675
			1,581,093
Media (1.4%)
Comcast Corp., Class A	54,500		809,870
Oil, Gas & Consumable Fuels (10.3%)
Apache Corp.	21,250		1,783,937
ENSCO International, Inc.	17,550		664,970
EOG Resources, Inc.	11,440		846,903

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen U.S. Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (CONTINUED)
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp.		21,500	$	1,513,385
Hess Corp.		18,400		1,015,680
				5,824,875
Pharmaceuticals (2.9%)
Johnson & Johnson		26,800		1,631,852
Semiconductors & Semiconductor Equipment (2.7%)
Intel Corp.		50,600		974,050
NVIDIA Corp. *		42,300		546,939
				1,520,989
Software (4.8%)
Microsoft Corp.		45,400		1,067,808
Oracle Corp.		73,550		1,627,661
				2,695,469
Specialty Retail (4.0%)
Staples, Inc.		40,500		851,310
TJX Cos., Inc. (The)		21,750		788,003
Urban Outfitters, Inc. *		26,700		641,868
				2,281,181
Tobacco (3.0%)
Philip Morris International, Inc.		36,100		1,682,260
Transportation Infrastructure (1.8%)
Canadian National Railway Co.		20,300		990,234
Total Common Stocks				54,672,401
REPURCHASE AGREEMENTS (3.3%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $1,882,256, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $1,919,928	$	1,882,252		1,882,252
Total Repurchase Agreement				1,882,252
Total Investments (Cost $46,554,490)(a) — 100.2%				56,554,653
Liabilities in excess of other assets — (0.2)%				(103,807	)
Net Assets — 100.0%			$	56,450,846

* Non-income producing security.

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

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
COMMERCIAL MORTGAGE BACKED SECURITIES (4.4%)
UNITED STATES (4.4%)
Banc of America Commercial Mortgage, Inc., Series 2005-3, Class ASB (USD), 4.59%, 07/10/43(a)	$	100,000	$	99,658
Banc of America Commercial Mortgage, Inc., Series 2007-1, Class A4 (USD), 5.45%, 01/15/49		153,000		135,824
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A2 (USD), 5.60%, 04/10/49		111,000		105,814
Banc of America Commercial Mortgage, Inc., Series 2007-4, Class ASB (USD), 5.71%, 02/10/51(a)		100,000		93,811
Banc of America Commercial Mortgage, Inc., Series 2007-5, Class A4 (USD), 5.49%, 02/10/51		100,000		78,544
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR9, Class AAB (USD), 4.80%, 09/11/42(a)		45,000		44,961
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class AAB (USD), 5.32%, 02/11/44		100,000		95,817
Bear Stearns Commercial Mortgage Securities, Series 2007-PW16, Class AAB (USD), 5.72%, 06/11/40(a)		90,000		86,004
Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4 (USD), 5.69%, 06/11/50(a)		100,000		85,642
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B (USD), 5.21%, 12/11/49(a)		80,000		79,038
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4 (USD), 5.89%, 11/15/44(a)		50,000		46,428
Commercial Mortgage Pass-Through Certificates, Series 2007-C9, Class A4 (USD), 5.82%, 12/10/49(a)		55,000		46,752
Credit Suisse Mortgage Capital Certificates, Series 2009-3R, Class 25A1 (USD), 5.65%, 07/27/36(a)(b)		96,361		90,918
Credit Suisse Mortgage Capital Certificates, Series 2009-3R, Class 30A1 (USD), 5.84%, 07/27/37(a)(b)		96,296		90,518
Credit Suisse Mortgage Capital Certificates, Series 2009-8R, Class 5A1 (USD), 6.13%, 06/01/39(a)		99,127		94,171
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AAB (USD), 4.62%, 08/10/42		60,000		59,510
Greenwich Capital Commercial Funding Corp., Series 2007 -GG9, Class A2 (USD), 5.38%, 03/10/39		97,000		96,995
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A4 (USD), 5.79%, 02/12/51		80,000		63,383
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD11, Class A2 (USD), 5.78%, 06/15/49(a)		60,000		60,092
JPMorgan Re-Remic, Series 2009-7, Class 14A1 (USD), 5.80%, 07/01/39(a)		100,000		94,831

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount	Value
COMMERCIAL MORTGAGE BACKED SECURITIES (CONTINUED)
UNITED STATES (continued)
JPMorgan Re-Remic, Series 2009-7, Class 1A1 (USD), 6.00%, 07/01/39(a)(b)	100,000	$	95,588
JPMorgan Re-Remic, Series 2009-8, Class A1 (USD), 5.81%, 07/01/39(a)	98,229		93,400
Morgan Stanley Capital I, Series 2005-IQ10, Class AAB (USD), 5.18%, 09/15/42	75,000		75,871
Morgan Stanley Capital I, Series 2007-IQ14, Class AAB (USD), 5.65%, 04/15/49	60,000		54,086
			1,967,656
Total Commercial Mortgage Backed Securities			1,967,656
CORPORATE BONDS (11.1%)
UNITED STATES (11.1%)
Aerospace & Defense (0.1%)
Boeing Co. (The) (USD), 5.88%, 02/15/40	50,000		51,330
Chemicals (0.1%)(b)
Mosaic Co. (USD), 7.38%, 12/01/14	32,000		34,112
Commercial Banks (2.4%)
AgriBank FCB (USD), 9.13%, 07/15/19(b)	250,000		252,801
Bank of America Corp.
(USD), 6.50%, 08/01/16	65,000		66,124
(USD), 7.63%, 06/01/19	200,000		216,925
Citigroup, Inc.
(USD), 8.50%, 05/22/19	200,000		212,942
(USD), 8.13%, 07/15/39	72,000		72,525
Goldman Sachs Group, Inc. (The)
(USD), 5.13%, 01/15/15	230,000		239,061
			1,060,378
Containers & Packaging (0.1%)
International Paper Co. (USD), 7.95%, 06/15/18	50,000		53,260
Diversified Financial Services (0.3%)
Countrywide Home Loans, Inc., Series L (USD), 4.00%, 03/22/11	22,000		22,090
National Rural Utilities Cooperative Finance Corp., Series C (USD), 7.25%, 03/01/12	60,000		66,268
Utility Contract Funding LLC (USD), 7.94%, 10/01/16(b)	20,711		19,519
			107,877
Diversified Holding Company (3.4%)
GE Financial Assurance Holdings, Inc. (JPY), 1.60%, 06/20/11	200,000,000		1,544,387
Diversified Telecommunication Services (2.4%)
AT&T, Inc. (USD), 6.15%, 09/15/34	385,000		396,574
Embarq Corp. (USD), 7.08%, 06/01/16	315,000		329,320

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
CORPORATE BONDS (CONTINUED)
UNITED STATES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (USD), 5.55%, 02/15/16	$	335,000	$	357,020
				1,082,914
Electric Utilities (0.4%)
Constellation Energy Group, Inc. (USD), 7.60%, 04/01/32		60,000		57,995
Dominion Resources, Inc. (USD), 7.50%, 06/30/66(a)		42,000		33,180
Dominion Resources, Inc., Series 06-B (USD), 6.30%, 09/30/66(a)		10,000		7,000
Exelon Generation Co. LLC (USD), 6.20%, 10/01/17		50,000		52,941
FPL Group Capital, Inc. (USD), 6.65%, 06/15/67		21,000		18,060
				169,176
Health Care Equipment & Supplies (0.2%)(b)
CareFusion Corp.
(USD), 5.13%, 08/01/14		45,000		46,221
(USD), 6.38%, 08/01/19		45,000		47,462
				93,683
Insurance (0.6%)
Everest Reinsurance Holdings, Inc. (USD), 5.40%, 10/15/14		130,000		120,638
Massachusetts Mutual Life Insurance Co. (USD), 8.88%, 06/01/39(b)		150,000		160,840
				281,478
Media (0.9%)
Time Warner, Inc. (USD), 5.88%, 11/15/16		310,000		325,367
Viacom, Inc. (USD), 6.88%, 04/30/36		80,000		84,105
				409,472
Oil, Gas & Consumable Fuels (0.2%)
Rockies Express Pipeline LLC (USD), 6.85%, 07/15/18(b)		44,000		48,313
Rowan Cos., Inc. (USD), 7.88%, 08/01/19		35,000		37,172
				85,485
				4,973,552
Total Corporate Bonds				4,973,552
CONVERTIBLE CORPORATE BOND (0.4%)
UNITED STATES (0.4%)
Commercial Banks (0.4%)
National City Corp. (USD), 4.00%, 02/01/11		200,000		198,500

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount	Value
CONVERTIBLE CORPORATE BOND (CONTINUED)
Total Convertible Corporate Bonds			198,500
FOREIGN NON-GOVERNMENT BONDS (29.2%)
AUSTRALIA (0.3%)
Commercial Banks (0.3%)
Commonwealth Bank of Australia (EUR), 5.50%, 08/06/19	100,000	$	144,989
DENMARK (4.2%)
Commercial Banks (3.3%)
Landwirtschaftliche Rentenbank (JPY), 1.38%, 04/25/13	140,000,000		1,465,373
Oil, Gas & Consumable Fuels (0.9%)
Dong Energy A/S (EUR), 3.50%, 06/29/12	300,000		429,563
			1,894,936
FRANCE (1.9%)
Commercial Banks (0.7%)
Societe Generale (EUR), MTN, 5.63%, 05/28/10	200,000		291,124
Construction & Engineering (0.5%)
Bouygues SA (EUR), 6.13%, 07/03/15	150,000		235,313
Electric Utility (0.7%)
GDF Suez (EUR), EMTN, 6.25%, 01/24/14	200,000		317,604
			844,041
GERMANY (2.7%)
Government Related (2.7%)
Kreditanstalt fuer Wiederaufbau (JPY), 2.05%, 02/16/26	120,000,000		1,227,777
IRELAND (Republic of) (1.5%)
Diversified Financial Services (1.5%)
GE Capital European Funding (EUR), EMTN, 4.13%, 10/27/16	500,000		691,849
ITALY (1.0%)
Commercial Banks (1.0%)
Intesa Sanpaolo SpA (EUR), EMTN, 5.00%, 04/28/11	100,000		148,628
UniCredit SpA (EUR), EMTN, 4.88%, 02/12/13	200,000		297,139
			445,767
			445,767
JAPAN (2.5%)
Government Related (2.5%)
Development Bank of Japan (JPY), 1.05%, 06/20/23	120,000,000		1,104,928
LUXEMBOURG (0.6%)
Miscellaneous Manufacturing (0.6%)
ITW Finance Europe SA (EUR), 5.25%, 10/01/14	200,000		281,771
NETHERLANDS (4.0%)
Commercial Banks (0.9%)(a)
ING Bank NV (EUR), 6.13%, 05/29/23	300,000		399,225
Diversified Telecommunication Services (0.5%)
Deutsche Telekom International Finance BV (EUR), 7.13%, 07/11/11	150,000		231,488

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount	Value
FOREIGN NON-GOVERNMENT BONDS (CONTINUED)
NETHERLANDS (continued)
Electric Utility (0.5%)
E.ON International Finance BV (EUR), 5.25%, 09/08/15	150,000	$	229,383
Insurance (2.1%)
Allianz Finance II BV
(EUR), 5.00%, 03/06/13	100,000		151,042
(EUR), 4.00%, 11/23/16	550,000		773,778
			924,820
			1,784,916
NORWAY (4.3%)
Commercial Banks (4.3%)
Eksportfinans ASA (JPY), 1.80%, 06/21/10	180,000,000		1,914,328
SPAIN (2.2%)
Commercial Banks (1.6%)
Banco Santander SA, Series 11 (EUR), 3.50%, 02/06/14	500,000		718,143
Electric Utility (0.6%)
Iberdrola Finanzas SAU (EUR), EMTN, 7.50%, 11/25/15	150,000		254,504
			972,647
SWEDEN (0.3%)(a)
Commercial Banks (0.3%)
Nordea Bank AB (EUR), EMTN, 6.25%, 09/10/18	100,000		140,303
UNITED KINGDOM (2.5%)
Commercial Banks (1.7%)
Bank of Scotland PLC (EUR), EMTN, 4.38%, 07/13/16	500,000		685,833
Standard Chartered Bank (EUR), 5.88%, 09/26/17	50,000		71,435
			757,268
Electric Utility (0.5%)
Scottish & Southern Energy PLC (EUR), MTN, 6.13%, 07/29/13	150,000		230,027
Water Utility (0.3%)
Severn Trent Utilities Finance PLC (EUR), EMTN, 5.25%, 03/11/16	100,000		146,194
			1,133,489
UNITED STATES (1.2%)
Commercial Banks (0.3%)
Citigroup, Inc. (EUR), EMTN, 7.38%, 09/04/19	100,000		147,041
Computers & Peripherals (0.9%)
International Business Machines Corp. (EUR), EMTN, 6.63%, 01/30/14	250,000		400,492

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount	Value
FOREIGN NON-GOVERNMENT BONDS (CONTINUED)
UNITED STATES (continued)
			547,533
Total Foreign Non-Government Bonds			13,129,274
OTHER DOMESTIC GOVERNMENT BONDS (21.3%)
AUSTRALIA (0.5%)
Australian Government Bond, Series 217 (AUD), 6.00%, 02/15/17	265,000	$	227,637
BELGIUM (0.8%)
Belgium Government Bond, Series 31 (EUR), 5.50%, 03/28/28	210,000		348,499
CANADA (1.9%)
Canadian Government Bond
(CAD), 5.00%, 06/01/14	425,000		436,933
(CAD), 4.00%, 06/01/17	150,000		146,947
Canadian Government Bond, Series WL43 (CAD), 5.75%, 06/01/29	260,000		296,461
			880,341
GERMANY (14.9%)
Bundesobligation, Series 146 (EUR), 3.25%, 04/09/10	125,000		181,339
Bundesobligation, Series 150 (EUR), 4.00%, 04/13/12	140,000		211,737
Bundesobligation, Series 151 (EUR), 4.25%, 10/12/12	290,000		443,024
Bundesobligation, Series 152 (EUR), 3.50%, 04/12/13	280,000		418,785
Bundesobligation, Series 154 (EUR), 2.25%, 04/11/14	150,000		212,400
Bundesrepublik Deutschland, Series 00 (EUR), 5.25%, 01/04/11	260,000		392,859
Bundesrepublik Deutschland, Series 02
(EUR), 5.00%, 01/04/12	750,000		1,154,205
(EUR), 5.00%, 07/04/12	240,000		372,400
Bundesrepublik Deutschland, Series 03 (EUR), 4.25%, 01/04/14	250,000		384,414
Bundesrepublik Deutschland, Series 04 (EUR), 3.75%, 01/04/15	140,000		211,236
Bundesrepublik Deutschland, Series 05
(EUR), 3.25%, 07/04/15	140,000		205,602
(EUR), 3.50%, 01/04/16	460,000		682,163
(EUR), 4.00%, 01/04/37	450,000		636,442
Bundesrepublik Deutschland, Series 06 (EUR), 4.00%, 07/04/16	125,000		190,223
Bundesrepublik Deutschland, Series 07 (EUR), 4.25%, 07/04/39	200,000		297,479
Bundesrepublik Deutschland, Series 09 (EUR), 3.75%, 01/04/11	470,000		697,093
			6,691,401
UNITED KINGDOM (3.2%)
United Kingdom Treasury Gilt
(GBP), 5.00%, 03/07/25	460,000		820,037

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount	Value
OTHER DOMESTIC GOVERNMENT BONDS (CONTINUED)
UNITED KINGDOM (continued)
(GBP), 4.25%, 03/07/36	400,000	$	639,654
			1,459,691
Total Other Domestic Government Bonds			9,607,569
U.S. GOVERNMENT MORTGAGE BACKED AGENCIES (9.9%)
UNITED STATES (9.9%)
Federal Home Loan Mortgage Corp., Pool # 1J0867 (USD), 5.17%, 01/01/38(a)	116,936		122,287
Federal National Mortgage Association TBA
(USD), 4.00%, 08/01/39(c)	825,000		809,016
(USD), 5.00%, 08/13/39(c)	800,000		818,500
(USD), 5.50%, 08/13/39(c)	800,000		828,751
(USD), 6.50%, 08/13/39(c)	800,000		855,500
Federal National Mortgage Association, Pool # 685200 (USD), 5.00%, 03/01/18	380,282		399,874
Federal National Mortgage Association, Pool # 930768 (USD), 4.00%, 03/01/29	261,579		259,417
Federal National Mortgage Association, Series 2001-60, Class SM (USD), 7.72%, 06/25/30(a)	1,317,120		85,128
Federal National Mortgage Association, Series 2005-51, Class ND (USD), 5.50%, 11/25/33	265,000		276,349
			4,454,822
Total U.S. Government Mortgage Backed Agencies			4,454,822
U.S. TREASURY OBLIGATIONS (16.2%)
UNITED STATES (16.2%)
U.S. Treasury Bonds (USD), 4.25%, 05/15/39	449,000		444,371
U.S. Treasury Notes
(USD), 1.13%, 06/30/11	212,000		212,182
(USD), 1.00%, 07/31/11	1,474,000		1,470,315
(USD), 1.50%, 07/15/12	2,965,000		2,956,668
(USD), 2.63%, 06/30/14	30,000		30,159
(USD), 2.50%, 07/31/14	1,424,000		1,430,123
(USD), 3.25%, 06/30/16	365,000		367,738
(USD), 3.13%, 05/15/19	391,000		378,903
			7,290,459
Total U.S. Treasury Obligations			7,290,459
YANKEE DOLLARS (3.8%)
BERMUDA (2.1%)(a)
Diversified Financial Services (2.1%)
Merna Reinsurance Ltd., Series A (USD), 1.25%, 06/30/12	500,000		469,150

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

	Shares or Principal Amount		Value
YANKEE DOLLARS (CONTINUED)
BERMUDA(a) (continued)
Diversified Financial Services (continued)
Merna Reinsurance Ltd., Series B (USD), 2.35%, 06/30/12	$	500,000	$	469,500
				938,650
				938,650
CAYMAN ISLANDS (0.8%)(b)
Diversified Financial Services (0.8%)
TDIC Finance Ltd. (USD), 6.50%, 07/02/14		350,000		361,230
FRANCE (0.1%)(b)
Electric Utility (0.1%)
EDF SA (USD), 6.95%, 01/26/39		30,000		36,472
REPUBLIC OF SOUTH KOREA (0.5%)(b)
Electric Utility (0.3%)
Korea Electric Power Corp. (USD), 5.50%, 07/21/14		100,000		102,250
Oil, Gas & Consumable Fuels (0.2%)
Korea National Oil Corp. (USD), 5.38%, 07/30/14		100,000		102,125
				204,375
SPAIN (0.1%)
Diversified Telecommunication Services (0.1%)
Telefonica Emisiones SAU (USD), 5.88%, 07/15/19		55,000		60,318
UNITED STATES (0.2%)
Oil, Gas & Consumable Fuels (0.2%)
Nexen, Inc. (USD), 7.50%, 07/30/39		45,000		48,293
Talisman Energy, Inc. (USD), 5.85%, 02/01/37		28,000		24,811
TransCanada Pipelines Ltd. (USD), 6.50%, 08/15/18		30,000		33,980
				107,084
Total Yankee Dollars				1,708,129
Total Investments (Cost $41,289,693)(d) — 96.3%				43,329,961
Other assets in excess of liabilities — 3.7%				1,672,737
Net Assets — 100.0%			$	45,002,698

(a) Variable or Floating Rate Security. Rate disclosed is as of 07/31/2009.

(b) Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of trustees.

(c) Mortgage Dollar Rolls.

(d) See notes to statements of investments for tax unrealized appreciation/depreciation of securities.

AUD Australian Dollar

CAD Canadian Dollar

EUR Euro

GBP British Pound

JPY Japanese Yen

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Fixed Income Fund

EMTN Euro Medium Term Note

MTN Medium Term Note

TBA Securities purchased on a forward commitment basis with an appropriate principal amount and no definitive maturity date. The actual principal and maturity date will be determined upon settlement date.

USD U.S. Dollar

See accompanying notes to statements of investments.

At July 31, 2009, the Fund's open forward foreign currency contracts were as follows:

Purchase / Sale	Amount Purchased		Amount Sold		Market Value as of July 31, 2009			Unrealized Appreciation/ (Depreciation)
British Pound / Euro settlement date 10/22/09 (a)	GBP	79,000	EUR	91,687	$	1,252		$	1,252
Euro / Swedish Krona settlement date 10/22/09 (b)	EUR	321,650	SEK	3,372,000		(9,290	)		(9,290	)
Swedish Krona / Euro settlement date 10/22/09 (c)	SEK	3,540,000	EUR	322,943		30,748			30,748
Australian Dollar / United States Dollar settlement date 10/22/09	AUD	558,000	USD	456,915		463,552			6,637
British Pound / United States Dollar settlement date 10/22/09	GBP	496,000	USD	814,080		828,243			14,163
Canadian Dollar / United States Dollar settlement date 10/22/09	CAD	219,000	USD	202,517		203,413			896
Danish Kroner / United States Dollar settlement date 10/22/09	DKK	1,100,000	USD	209,854		210,280			426
Euro / United States Dollar settlement date 10/22/09	EUR	380,000	USD	539,304		541,553			2,249
settlement date 10/22/09	EUR	318,000	USD	447,340		453,195			5,855
Hungarian Forint / United States Dollar settlement date 10/22/09	HUF	9,260,000	USD	48,317		48,894			577
Japanese Yen / United States Dollar settlement date 10/22/09	JPY	161,742,000	USD	1,699,915		1,711,004			11,089
Malaysian Ringgit / United States Dollar settlement date 08/27/09	MYR	280,000	USD	79,298		79,456			158
Mexican Nuevo Peso / United States Dollar settlement date 10/22/09	MXN	1,637,000	USD	122,534		122,521			(13	)
New Zealand Dollar / United States Dollar settlement date 10/22/09	NZD	50,000	USD	32,589		32,910			321
Norwegian Krone / United States Dollar settlement date 10/22/09	NOK	315,000	USD	50,315		51,305			990
Polish Zloty / United States Dollar settlement date 10/22/09	PLN	1,890,000	USD	635,727		646,753			11,026
Singapore Dollar / United States Dollar settlement date 10/22/09	SGD	230,000	USD	159,631		159,826			195
South African Rand / United States Dollar settlement date 10/22/09	ZAR	640,000	USD	80,818		81,255			437
South Korean Won / United States Dollar settlement date 08/27/09	KRW	465,000,000	USD	374,698		379,363			4,665
Swedish Krona / United States Dollar settlement date 10/22/09	SEK	1,627,000	USD	218,318		225,660			7,342
Taiwan Dollar / United States Dollar settlement date 08/27/09	TWD	5,420,000	USD	165,294		165,640			346
United States Dollar / Australian Dollar settlement date 10/22/09	USD	416,661	AUD	515,000		427,830			(11,169	)
United States Dollar / Czech Koruna settlement date 10/22/09	USD	428,653	CZK	7,740,000		431,041			(2,388	)
United States Dollar / Euro settlement date 10/22/09	USD	281,714	EUR	200,000		285,028			(3,314	)
United States Dollar / Japanese Yen settlement date 10/22/09	USD	1,093,074	JPY	103,426,000		1,094,103			(1,029	)
United States Dollar / Polish Zloty settlement date 10/22/09	USD	43,538	PLN	130,000		44,486			(948	)
United States Dollar / Swiss Franc settlement date 10/22/09	USD	900,425	CHF	965,000		904,181			(3,756	)
					$	9,614,202		$	67,465

Cross Currency Contract Details	Contract Value Local Amount	Contract Value Base Amount			Market Value Base Amount			Unrealized Appreciation/ (Depreciation)
(a) British Pound (Long) settlement date 10/22/09	79,000	$	130,445		$	131,918		$	1,473
(a) Euro (Short) settlement date 10/22/09	91,687		(130,445	)		(130,666	)		(221	)
(b) Euro (Long) settlement date 10/22/09	321,650		452,375			458,396			6,021
(b) Swedish Krona (Short) settlement date 10/22/09	3,372,000		(452,375	)		(467,686	)		(15,311	)
(c) Swedish Krona (Long) settlement date 10/22/09	3,540,000		447,761			490,987			43,226
(c) Euro (Short) settlement date 10/22/09	322,943		(447,761	)		(460,239	)		(12,478	)
		$	0		$	22,710		$	22,710

At July 31, 2009, the Fund's open futures contracts were as follows:

Futures Contract	Number of Contracts Long (Short)	Expiration Date	Unrealized Appreciation/ (Depreciation)
Japan Government 10 Year Bond Mini Future	2	09/09/09	$	(333	)

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Tax-Free Income Fund

	Shares or Principal Amount		Value
MUNICIPAL BONDS (95.9%)
Alabama (6.6%)
Alabama 21st Century Authority Revenue Bonds
, 5.75%, 12/01/15	$	1,500,000	$	1,507,095
, 5.50%, 12/01/21		4,000,000		3,243,680
Auburn University Revenue Bonds, Series A, 5.50%, 06/01/18		1,685,000		1,770,430
City of Birmingham Revenue Bonds, Warrants, Series A, 4.75%, 01/01/29		1,750,000		1,670,865
				8,192,070
Arizona (2.3%)
Mesa Industrial Development Authority Revenue Bonds, (Discovery Health System), Series A (Pre-refunded/escrowed To Maturity), 5.63%, 01/01/29		800,000		824,600
Tempe Arizona General Obligation Unlimited Bonds, 5.00%, 07/01/22		1,900,000		2,034,900
				2,859,500
California (5.2%)
California Educational Facilities Authority Revenue Bonds (California Institute of Technology) (Go of Institution), 5.00%, 11/01/39		1,000,000		1,009,510
Los Angeles Community College District General Obligation Unlimited Bonds, Series A, 5.50%, 08/01/25		1,000,000		1,065,650
Los Angeles County Sanitation Districts Financing Authority Revenue Bonds (Capital Project), Series A (FSA), 5.00%, 10/01/22		1,300,000		1,350,765
State of California General Obligation Unlimited Bonds, 5.00%, 03/01/26		2,000,000		1,988,780
State of California General Obligation Unlimited Bonds, Refunded, 5.00%, 03/01/21		1,000,000		1,027,000
				6,441,705
Connecticut (3.4%)
Hartford General Obligation Unlimited Bonds, Series A
(Assured Guaranty), 5.00%, 08/15/15		1,895,000		2,133,694
(Assured Guaranty), 5.00%, 08/15/16		1,870,000		2,109,173
				4,242,867
District of Columbia (1.4%)
District of Columbia General Obligation Unlimited Bonds, Unrefunded Balance, Series A, 5.50%, 06/01/29		1,775,000		1,793,531
Florida (0.9%)
Florida State Board of Education General Obligation Unlimited Bonds, Refunded (Public Education), Series D, 5.75%, 06/01/22		1,050,000		1,091,979
Georgia (5.5%)
Cherokee County General Obligation Unlimited Bonds, 5.00%, 04/01/21		500,000		559,675
Forsyth County General Obligation Unlimited Bonds, Series A, 5.00%, 03/01/28		100,000		106,737
Georgia Local Government Certificate of Participation, (Grantor Trust), Series A (MBIA), 4.75%, 06/01/28		975,000		883,487
Georgia State General Obligation Unlimited Bonds, Series D, 5.00%, 07/01/18		400,000		441,220
Municipal Electric Authority of Georgia Revenue Bonds, Prerefunded, Series 2005 V (Pre-refunded/escrowed To Maturity), 6.60%, 01/01/18		55,000		65,014
Municipal Electric Authority of Georgia Revenue Bonds, Series 2005 V (Go of Participants), 6.60%, 01/01/18		2,230,000		2,532,388
Municipal Electric Authority of Georgia Revenue Bonds, Unrefunded, Series 2005 V (Pre-refunded/escrowed To Maturity), 6.60%, 01/01/18		465,000		566,040
Private Colleges & Universities Authority Revenue Bonds, Refunded, (Emory University Project), Series C, 5.00%, 09/01/17		380,000		435,290
Private Colleges & Universities Authority Revenue Bonds, Refunded, (Mercer University Project), Series A, 5.25%, 10/01/25		1,500,000		1,309,965
				6,899,816
Illinois (1.9%)
Illinois Finance Authority Revenue Bonds (University of Chicago), Series A, 5.00%, 07/01/27		1,165,000		1,196,012
Illinois State Toll Highway Authority Revenue Bonds, Sr. Priority, Series A-2, 5.00%, 01/01/27		1,000,000		1,174,260
				2,370,272
Indiana (6.2%)
Ball State University Revenue Bonds, Student Fee, Series J (Pre-refunded/escrowed To Maturity), 6.20%, 07/01/20		1,000,000		1,061,010

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Tax-Free Income Fund

	Shares or Principal Amount		Value
MUNICIPAL BONDS (CONTINUED)
Indiana (continued)
Ball State University Revenue Bonds, Student Fee, Series J (Pre-refunded/escrowed To Maturity), 6.20%, 07/01/20	$	1,000,000	$	1,061,010
Indiana Toll Road Commission Revenue Bonds (Pre-refunded/escrowed To Maturity), 9.00%, 01/01/15		5,335,000		6,616,947
				7,677,957
Kansas (0.8%)
City of Wichita Revenue Bonds, Refunded, (Facilities Improvement), Series XI, 6.75%, 11/15/19		1,000,000		1,015,380
Louisiana (1.6%)
East Baton Rouge Parish Sales Tax Revenue Bonds, (Road & Street Improvement) (Assured Guaranty), 5.00%, 08/01/24		540,000		564,624
Tobacco Settlement Financing Corp. Revenue Bonds, Asset-Backed, Series 2001B, 5.88%, 05/15/39		1,750,000		1,385,125
				1,949,749
Massachusetts (6.9%)
Commonwealth of Massachusetts General Obligation Limited Bonds, Consumer Loan, Series D, 5.50%, 08/01/19		1,000,000		1,189,660
Commonwealth of Massachusetts General Obligation Unlimited Bonds, Refunded, Series D
, 5.50%, 10/01/16		1,000,000		1,190,360
, 5.50%, 10/01/18		2,000,000		2,383,500
Massachusetts Health & Educational Facilities Authority Revenue Bonds (Amherst College), Series K-2, 2.75%, 11/01/38		1,000,000		1,021,400
Massachusetts Health & Educational Facilities Authority Revenue Bonds (Massachusetts Institute of Technology), Series A, 5.00%, 07/01/38		1,000,000		1,038,980
Massachusetts Health & Educational Facilities Authority Revenue Bonds, Refunded, (Tufts University), Series M, 5.25%, 02/15/22		1,500,000		1,700,760
				8,524,660
Michigan (3.8%)
Grand Rapids Building Authority General Obligation Unlimited Bonds, Refunded-Limited Tax, 5.00%, 08/01/20		900,000		952,218
State of Michigan General Obligation Unlimited Bonds, (Environmental Protection Program), 6.25%, 11/01/12		3,500,000		3,762,640
				4,714,858
Minnesota (0.4%)
University of Minnesota Revenue Bonds, Series A (Go of University), 5.25%, 04/01/29		500,000		536,365
Mississippi (0.9%)
Mississippi Development Bank Special Obligation Revenue Bonds (Jackson Public School District) (FSA State Aid Withholding), 5.50%, 04/01/22		1,000,000		1,091,190
Missouri (1.5%)
County of Jackson Revenue Bonds, Series A, 5.50%, 12/01/12		1,415,000		1,532,530
Missouri State Environmental Improvement & Energy Resources Authority Revenue Bonds, Unrefunded Balance, Series A, 6.55%, 07/01/14		290,000		291,163
				1,823,693
New Hampshire (1.7%)
New Hampshire Health & Educational Facilities Authority Revenue Bonds (University System), Series A, 5.00%, 07/01/23		1,000,000		1,034,710
New Hampshire Health & Educational Facilities Authority Revenue Bonds, Refunded, (Dartmouth College), 5.25%, 06/01/39		1,000,000		1,038,020
				2,072,730
New Jersey (1.8%)
New Jersey State Turnpike Authority Revenue Bonds, Series 2005 C, 6.50%, 01/01/16		155,000		179,735
New Jersey State Turnpike Authority Revenue Bonds, Unrefunded, Series 2005 C (Pre-refunded/escrowed To Maturity), 6.50%, 01/01/16		790,000		939,112

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Tax-Free Income Fund

	Shares or Principal Amount		Value
MUNICIPAL BONDS (CONTINUED)
New Jersey (continued)
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.75%, 06/15/17	$	1,000,000	$	1,126,330
				2,245,177
New York (4.4%)
New York City Transitional Finance Authority Revenue Bonds, Prerefunded-Future Tax, Series B (Pre-refunded/escrowed To Maturity), 5.75%, 11/15/19		795,000		836,300
New York City Transitional Finance Authority Revenue Bonds, Secured-Future Tax, Series D, 5.00%, 02/01/23		2,000,000		2,079,720
New York City Transitional Finance Authority Revenue Bonds, Unrefunded-Future Tax, Series B (Pre-refunded/escrowed To Maturity), 5.75%, 11/15/19		205,000		215,650
New York Local Government Assistance Corp. Revenue Bonds, Refunded, Series E (Go of Corp), 6.00%, 04/01/14		1,000,000		1,127,850
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A (NATL-RE FGIC), 5.50%, 05/15/23		1,160,000		1,259,400
				5,518,920
North Carolina (0.3%)
North Carolina Housing Finance Agency Revenue Bonds, (Single Family), Series AA, 6.25%, 03/01/17		425,000		425,383
Pennsylvania (5.1%)
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (University of Pennsylvania), Series A, 5.00%, 09/01/19		800,000		919,416
Pennsylvania Turnpike Commission Revenue Bonds, Refunded, Series A, 5.25%, 07/15/29		4,100,000		4,340,424
Unionville-Chadds Ford School District General Obligation Limited Bonds, Series A (State Aid Withholding), 5.00%, 06/01/22		1,000,000		1,082,200
				6,342,040
South Carolina (1.4%)
City of Greenville Revenue Bonds, 5.25%, 02/01/16		1,685,000		1,799,075
Tennessee (2.8%)
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/26		4,000,000		3,539,000
Texas (20.0%)
City of San Antonio Revenue Bonds, Refunded, 5.00%, 05/15/25		1,000,000		1,027,840
Dallas Area Rapid Transit Revenue Bonds, Refunded, Sr. Lien, 5.00%, 12/01/36		2,000,000		1,985,120
Fort Bend Independent School District General Obligation Unlimited Bonds (Pre-refunded/escrowed To Maturity), 5.00%, 02/15/18		2,300,000		2,687,182
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Series B (Pre-refunded/escrowed To Maturity), 5.75%, 07/01/27		5,325,000		6,221,730
Houston General Obligation Limited Bonds (Public Improvement), Series A-1 (MBIA), 5.00%, 03/01/19		2,000,000		2,108,800
Houston Utility System Revenue Bonds, Refunded, First Lien, Series A (FSA), 5.25%, 05/15/20		1,500,000		1,609,035
Lower Colorado River Authority Revenue Bonds, Refunded, Jr. Lien (Pre-refunded/escrowed To Maturity), 6.00%, 01/01/17		1,245,000		1,512,538
Texas State General Obligation Unlimited Bonds (Transportation Commission-Mobility Fund), 5.00%, 04/01/20		2,500,000		2,739,275
Texas State General Obligation Unlimited Bonds (Water Financial Assistance), Series C, 5.25%, 08/01/18		1,050,000		1,214,325
Texas State Transportation Commission Revenue Bonds, First Tier, 5.00%, 04/01/27		1,500,000		1,572,780

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Tax-Free Income Fund

	Shares or Principal Amount		Value
MUNICIPAL BONDS (CONTINUED)
Texas (continued)
Wichita Falls Revenue Bonds (Priority Lien) (Pre-refunded/escrowed To Maturity), 5.38%, 08/01/19	$	2,000,000	$	2,184,760
				24,863,385
Utah (2.0%)
Utah Transit Authority Revenue Bonds, Refunded, Series A, 5.00%, 06/15/31		2,455,000		2,504,149
Washington (7.1%)
City of Seattle Revenue Bonds, Refunded (FGIC), 5.13%, 03/01/26		1,000,000		1,026,170
King County General Obligation Limited Bonds, 5.00%, 01/01/25		2,000,000		2,135,620
Seattle Municipal Light & Power Revenue Bonds, Refunded (FSA), 4.50%, 08/01/19		1,000,000		1,037,980
Seattle Washington Water Systems Revenue Bonds, 5.00%, 02/01/26		1,000,000		1,059,560
Washington State General Obligation Unlimited Bonds, Refunded, Series R-2010A, 5.00%, 01/01/22		2,000,000		2,191,560
Washington State General Obligation Unlimited Bonds, Series D, 5.00%, 01/01/24		1,250,000		1,322,150
				8,773,040
Total Municipal Bonds				119,308,491
REPURCHASE AGREEMENTS (4.0%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $4,912,905, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $5,011,229		4,912,889		4,912,889
Total Repurchase Agreement				4,912,889
Total Investments (Cost $121,207,529)(a) — 99.9%				124,221,380
Other assets in excess of liabilities — 0.1%				118,932
Net Assets — 100.0%			$	124,340,312

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

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen China Opportunities Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.5%)
CHINA (18.3%)
Commercial Banks (1.7%)(a)
China Merchants Bank Co. Ltd.		352,950	$	827,526
Leisure Equipment & Products (1.7%)(a)
Li Ning Co. Ltd.		250,000		825,389
Oil, Gas & Consumable Fuels (8.5%)
CNOOC Ltd. (a)		1,512,000		2,011,819
PetroChina Co. Ltd. (a)		1,612,000		1,899,236
PetroChina Co. Ltd. ADR		2,512		295,788
				4,206,843
Wireless Telecommunication Services (6.4%)(a)
China Mobile Ltd.		300,000		3,148,144
				9,007,902
HONG KONG (76.7%)
Commercial Banks (11.7%)(a)
Dah Sing Banking Group Ltd.		1,022,000		1,173,996
Standard Chartered PLC		108,000		2,546,929
Wing Hang Bank Ltd.		210,000		2,012,359
				5,733,284
Consumer Finance (3.6%)(a)
AEON Credit Service (Asia) Co. Ltd.		1,394,000		984,008
Public Financial Holdings Ltd.		1,570,000		806,066
				1,790,074
Distributors (3.3%)(a)
Integrated Distribution Services Group Ltd.		621,000		920,818
Xinao Gas Holdings Ltd.		420,000		696,842
				1,617,660
Diversified Telecommunication Services (2.0%)
Asia Satellite Telecommunications Holdings Ltd.		680,000		973,961
Electric Utility (1.0%)(a)
CLP Holdings Ltd.		69,000		468,970
Food & Staples Retailing (3.3%)
Convenience Retail Asia Ltd.		902,000		279,336
Dairy Farm International Holdings Ltd. (a)		199,800		1,348,127
				1,627,463
Hotels, Restaurants & Leisure (5.8%)(a)
Cafe De Coral Holdings Ltd.		340,000		717,320
Hongkong & Shanghai Hotels Ltd. (The)		1,867,000		2,141,308
				2,858,628
Industrial Conglomerates (8.5%)(a)
Jardine Strategic Holdings Ltd.		258,000		4,193,361
Marine (1.1%)(a)
Pacific Basin Shipping Ltd.		745,000		559,433
Multiline Retail (4.2%)(a)
AEON Stores (Hong Kong) Co. Ltd.		1,120,000		2,037,622
Real Estate Management & Development (16.4%)(a)
Hang Lung Group Ltd.		365,000		1,886,481
Sun Hung Kai Properties Ltd.		123,000		1,867,536
Swire Pacific Ltd., Class A		115,000		1,290,189
Swire Pacific Ltd., Class B		1,420,000		3,008,262
				8,052,468
Road & Rail (3.9%)(a)
MTR Corp. Ltd.		535,000		1,937,858
Semiconductors & Semiconductor Equipment (4.6%)(a)
ASM Pacific Technology Ltd.		330,000		2,236,026
Specialty Retail (1.7%)(a)
Giordano International Ltd.		2,750,000		856,853
Textiles, Apparel & Luxury Goods (2.2%)(a)
Texwinca Holdings Ltd.		1,400,000		1,093,280
Transportation Infrastructure (3.4%)(a)
Hong Kong Aircraft Engineering Co. Ltd.		122,800		1,675,385
				37,712,326
SINGAPORE (2.5%)(a)
Real Estate Management & Development (2.5%)
Yanlord Land Group Ltd.		650,000		1,209,658
Total Common Stocks				47,929,886
REPURCHASE AGREEMENTS (4.6%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $2,241,184, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $2,286,038	$	2,241,177		2,241,177
Total Repurchase Agreement				2,241,177
Total Investments (Cost $38,963,805)(b) — 102.1%				50,171,063
Liabilities in excess of other assets — (2.1)%				(1,020,656	)
Net Assets — 100.0%			$	49,150,407

(a) Fair Valued Security; countries with a Fair Value designation indicate all its securities are Fair Valued.

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

ADR American Depositary Receipt

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Developing Markets Fund

	Shares or Principal Amount	Value
COMMON STOCKS (85.7%)
BRAZIL (9.3%)
Commercial Banks (3.1%)
Banco Bradesco SA ADR	172,000	$	2,712,440
Multiline Retail (1.3%)
Lojas Renner SA	78,000		1,142,484
Oil, Gas & Consumable Fuels (3.3%)
Petroleo Brasileiro SA ADR	87,000		2,931,900
Tobacco (1.6%)
Souza Cruz SA	43,000		1,463,918
			8,250,742
CHILE (1.8%)
Commercial Banks (1.8%)
Banco Santander Chile ADR	33,005		1,620,876
CHINA (7.2%)(a)
Oil, Gas & Consumable Fuels (2.9%)
PetroChina Co. Ltd.	2,195,200		2,586,354
Wireless Telecommunication Services (4.3%)
China Mobile Ltd.	365,600		3,836,539
			6,422,893
HONG KONG (5.3%)(a)
Real Estate Management & Development (5.3%)
Hang Lung Group Ltd.	452,000		2,336,135
Swire Pacific Ltd., Class A	60,000		673,142
Swire Pacific Ltd., Class B	782,500		1,657,722
			4,666,999
HUNGARY (3.1%)(a)
Pharmaceuticals (3.1%)
Richter Gedeon Nyrt.	14,000		2,763,790
INDIA (12.6%)
Automobiles (1.5%)(a)
Hero Honda Motors Ltd.	40,000		1,343,517
Commercial Banks (1.0%)
ICICI Bank Ltd. ADR	27,000		846,450
Construction Materials (1.7%)
Grasim Industries Ltd. (a)	6,000		343,808
Grasim Industries Ltd. GDR, Registered Shares (b)	20,000		1,147,000
			1,490,808
Diversified Financial Services (2.6%)(a)
Housing Development Finance Corp. Ltd.	44,000		2,336,200
Household Durables (1.2%)(a)
Hindustan Unilever Ltd.	170,000		1,032,157
Information Technology Services (2.4%)
Infosys Technologies Ltd. (a)	10,000		430,037
Infosys Technologies Ltd. ADR	40,433		1,739,832
			2,169,869
Pharmaceuticals (1.1%)(a)
Glaxosmithkline Pharmaceuticals Ltd.	35,000		999,309
Wireless Telecommunication Services (1.1%)(a)
Bharti Airtel Ltd.	110,000		946,379
			11,164,689
INDONESIA (2.0%)(a)
Automobiles (2.0%)
PT Astra International Tbk	606,500		1,789,645
ISRAEL (4.0%)
Pharmaceuticals (2.3%)
Teva Pharmaceutical Industries Ltd. ADR	38,500		2,053,590
Software (1.7%)
Checkpoint Software Technologies Ltd.*	57,335		1,530,271
			3,583,861
ITALY (2.0%)
Energy Equipment & Services (2.0%)
Tenaris SA ADR	58,000		1,758,560
MALAYSIA (2.8%)(a)
Commercial Banks (2.8%)
Bumiputra Commerce Holdings Bhd	480,000		1,470,698
Public Bank Bhd	355,500		1,050,543
			2,521,241
MEXICO (8.4%)
Beverages (3.4%)
Fomento Economico Mexicano SAB de CV ADR	78,000		3,010,800
Commercial Banks (2.2%)
Grupo Financiero Banorte SAB de CV	799,000		1,979,942
Food & Staples Retailing (1.5%)
Organizacion Soriana SAB de CV, Class B*	543,000		1,357,079
Transportation Infrastructure (1.3%)
Grupo Aeroportuario del Sureste SAB de CV ADR	26,000		1,153,880
			7,501,701
PHILIPPINES (2.4%)(a)
Commercial Banks (1.0%)
Bank of the Philippine Islands	980,000		924,357

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Developing Markets Fund

	Shares or Principal Amount		Value
COMMON STOCKS (CONTINUED)
PHILIPPINES(a) (continued)
Real Estate Management & Development (1.4%)
Ayala Land, Inc.		6,500,000	$	1,228,392
				2,152,749
REPUBLIC OF SOUTH KOREA (1.7%)(a)
Food & Staples Retailing (1.7%)
Shinsegae Co. Ltd.		3,400		1,469,240
RUSSIAN FEDERATION (2.7%)(a)
Oil, Gas & Consumable Fuels (2.7%)
LUKOIL ADR		47,000		2,346,839
SOUTH AFRICA (5.2%)(a)
Food & Staples Retailing (3.1%)
Massmart Holdings Ltd.		282,800		2,762,699
Specialty Retail (2.1%)
Truworths International Ltd.		355,000		1,831,531
				4,594,230
TAIWAN (4.2%)(a)
Semiconductors & Semiconductor Equipment (3.0%)
Taiwan Semiconductor Manufacturing Co. Ltd.		1,484,309		2,643,985
Wireless Telecommunication Services (1.2%)
Taiwan Mobile Co. Ltd.		720,000		1,101,829
				3,745,814
THAILAND (4.4%)(a)
Construction Materials (2.5%)
Siam Cement Public Co. Ltd. (The)		410,000		2,222,111
Oil, Gas & Consumable Fuels (1.9%)
PTT Exploration & Production Public Co. Ltd., Foreign Shares		425,000		1,722,015
				3,944,126
TURKEY (4.5%)(a)
Commercial Banks (3.1%)
Akbank T.A.S.		482,000		2,725,518
Food & Staples Retailing (1.4%)
BIM Birlesik Magazalar A.S.		33,000		1,298,173
				4,023,691
UNITED KINGDOM (2.1%)(a)
Commercial Banks (2.1%)
Standard Chartered PLC		80,000		1,898,978
Total Common Stocks				76,220,664
PREFERRED STOCKS (10.0%)
BRAZIL (6.0%)
Metals & Mining (3.7%)
Vale SA ADR, Preferred Shares		190,726		3,280,487
Specialty Retail (2.3%)
Ultrapar Participacoes SA, Preferred Shares		60,000		2,021,767
				5,302,254
REPUBLIC OF SOUTH KOREA (4.0%)(a)
Semiconductors & Semiconductor Equipment (4.0%)
Samsung Electronics Co. Ltd., Preferred Shares		9,500		3,589,338
Total Preferred Stocks				8,891,592
REPURCHASE AGREEMENTS (4.7%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $4,193,608, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $4,277,535	$	4,193,594		4,193,594
Total Repurchase Agreement				4,193,594
Total Investments (Cost $76,248,944)(c) — 100.4%				89,305,850
Liabilities in excess of other assets — (0.4)%				(336,998	)
Net Assets — 100.0%			$	88,968,852

* Non-income producing security.

(a) Fair Valued Security; countries with a Fair Value designation indicate all its securities are Fair Valued.

(b) The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 1.29% of net assets as of July 31, 2009.

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

ADR American Depositary Receipt

GDR Global Depositary Receipt

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Financial Services Fund

	Shares or Principal Amount	Value
COMMON STOCKS (97.1%)
AUSTRALIA (2.9%)(a)
Insurance (2.9%)
QBE Insurance Group Ltd.	76,520	$	1,245,235
AUSTRIA (3.9%)(a)
Insurance (3.9%)
Vienna Insurance Group	36,699		1,696,318
BERMUDA (2.1%)
Insurance (2.1%)
Aspen Insurance Holdings Ltd.	36,800		915,216
BRAZIL (4.1%)
Diversified Financial Services (4.1%)
BM&F BOVESPA SA	198,047		1,278,407
Cia Brasileira de Meios de Pagamento*	51,300		489,842
			1,768,249
CANADA (4.3%)
Commercial Banks (4.3%)
Royal Bank of Canada	38,894		1,851,889
FRANCE (8.5%)(a)
Commercial Banks (5.3%)
BNP Paribas SA	31,507		2,287,431
Insurance (3.2%)
AXA SA	64,181		1,354,557
			3,641,988
GREECE (1.9%)(a)
Commercial Banks (1.9%)
National Bank of Greece SA *	28,320		824,858
HONG KONG (4.3%)(a)
Real Estate Management & Development (4.3%)
Sun Hung Kai Properties Ltd.	121,000		1,837,170
ITALY (1.6%)(a)
Commercial Banks (1.6%)
Intesa Sanpaolo Spa *	185,783		690,715
JAPAN (4.9%)(a)
Commercial Banks (2.0%)
Bank of Yokohama Ltd. (The)	158,000		853,176
Real Estate Management & Development (2.9%)
Mitsubishi Estate Co. Ltd.	76,920		1,276,917
			2,130,093
SINGAPORE (2.0%)(a)
Commercial Banks (2.0%)
United Overseas Bank Ltd.	73,000		896,291
SPAIN (2.7%)(a)
Commercial Banks (2.7%)
Banco Bilbao Vizcaya Argentaria SA	72,600		1,188,425
SWITZERLAND (4.2%)(a)
Capital Markets (1.1%)
Bank Sarasin & Cie AG *	15,000		489,061
Insurance (3.1%)
Zurich Financial Services AG	6,728		1,321,788
			1,810,849
UNITED KINGDOM (7.8%)(a)
Commercial Banks (5.2%)
Standard Chartered PLC	92,885		2,204,832
Insurance (2.6%)
Aviva PLC	193,952		1,132,051
			3,336,883
UNITED STATES (41.9%)
Capital Markets (10.0%)
Charles Schwab Corp. (The)	59,480		1,062,908
Goldman Sachs Group, Inc. (The)	7,720		1,260,676
Invesco Ltd.	24,974		493,236
State Street Corp.	29,500		1,483,850
			4,300,670
Commercial Banks (6.9%)
Bank of the Ozarks, Inc.	25,260		638,573
CapitalSource, Inc.	109,846		509,685
TCF Financial Corp.	30,890		436,784
Wells Fargo & Co.	25,100		613,946
Western Alliance Bancorp*	56,562		391,975
Wintrust Financial Corp.	13,200		345,180
			2,936,143
Consumer Finance (4.0%)
Capital One Financial Corp.	26,380		809,866
Visa, Inc., Class A	13,540		886,328
			1,696,194
Diversified Financial Services (6.2%)
IntercontinentalExchange, Inc.*	6,460		607,628
JPMorgan Chase & Co.	52,540		2,030,671
			2,638,299
Information Technology Services (1.9%)
Alliance Data Systems Corp.*	16,200		826,200
Insurance (9.3%)
Aflac, Inc.	11,170		422,896
Hanover Insurance Group, Inc. (The)	27,540		1,082,598
HCC Insurance Holdings, Inc.	31,150		781,865
MetLife, Inc.	25,820		876,589
Reinsurance Group of America, Inc.	19,840		823,360
			3,987,308

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Financial Services Fund

	Shares or Principal Amount		Value
COMMON STOCKS (CONTINUED)
UNITED STATES (continued)
Internet Software & Services (0.5%)
Solera Holdings, Inc.*		8,030	$	216,248
Real Estate Investment Trust (REIT) (1.7%)
Health Care REIT, Inc.		10,840		434,251
Macerich Co. (The)		15,620		307,245
				741,496
Real Estate Management & Development (1.4%)
Jones Lang LaSalle, Inc.		15,900		603,564
				17,946,122
Total Common Stocks				41,780,301
WARRANTS (0.0%)
SWITZERLAND (0.0%)
Capital Markets (0.0%)
Bank Sarasin & CIE AG, Expiring 09/15/09*		15,000		13,761
Total Warrant				13,761
REPURCHASE AGREEMENT (1.2%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $800,475 collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $816,495	$	800,472		800,472
Total Repurchase Agreement				800,472
Total Investments (Cost $38,482,612)(b) — 99.6%				42,594,534
Other assets in excess of liabilities — 0.4%				159,879
Net Assets — 100.0%			$	42,754,413

* Non-income producing security.

(a) Fair Valued Security; countries with a Fair Value designation indicate all its securities are Fair Valued.

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

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Small Cap Fund

	Shares or Principal Amount	Value
COMMON STOCKS (92.7%)
AUSTRIA (2.2%)(a)
Biotechnology (2.2%)
Intercell AG *	26,400	$	968,195
BELGIUM (3.0%)(a)
Metals & Mining (0.7%)
Umicore	12,740		332,595
Wireless Telecommunication Services (2.3%)
Mobistar SA	15,783		1,005,213
			1,337,808
BERMUDA (2.5%)
VistaPrint Ltd.*	27,410		1,130,663
DENMARK (2.0%)(a)
Biotechnology (0.5%)
Genmab AS *	5,400		216,083
Insurance (1.5%)
TrygVesta AS	9,820		661,463
			877,546
FINLAND (4.4%)(a)
Auto Components (1.7%)
Nokian Renkaat OYJ	35,730		756,569
Diversified Telecommunication Services (2.7%)
Elisa OYJ	66,207		1,215,217
			1,971,786
FRANCE (4.1%)(a)
Media (3.4%)
Eutelsat Communications	54,720		1,526,159
Software (0.7%)
Ubisoft Entertainment SA *	17,651		301,410
			1,827,569
GERMANY (1.9%)(a)
Information Technology Services (0.9%)
Wirecard AG	38,680		424,145
Life Sciences Tools & Services (1.0%)
Gerresheimer AG	19,970		444,307
			868,452
GIBRALTAR (0.6%)(a)
Hotels, Restaurants & Leisure (0.6%)
888 Holdings PLC	185,420		254,656
ITALY (1.4%)(a)
Textiles, Apparel & Luxury Goods (1.4%)
Tod’s SpA	10,820		627,476
JERSEY (5.1%)(a)
Charter International PLC	46,530		435,643
Petrofac Ltd.	145,989		1,827,980
			2,263,623
NETHERLANDS (2.6%)(a)
Gemalto NV *	31,570		1,179,241
SPAIN (2.0%)(a)
Biotechnology (2.0%)
Grifols SA	49,780		907,025
SWEDEN (1.3%)(a)
Health Care Equipment & Supplies (1.3%)
Elekta AB, B Shares	36,950		581,066
SWITZERLAND (1.1%)(a)
Biotechnology (0.4%)
Basilea Pharmaceutica AG, Registered Shares *	1,680		149,826
Health Care Equipment & Supplies (0.7%)
Nobel Biocare Holding AG, Registered Shares	13,560		322,804
			472,630
UNITED KINGDOM (10.2%)(a)
Aerospace & Defense (0.7%)
VT Group PLC	39,308		308,611
Commercial Services & Supplies (5.9%)
Aggreko PLC	85,262		779,458
Intertek Group PLC	47,940		831,924
Serco Group PLC	154,130		1,039,140
			2,650,522
Industrial Conglomerates (0.7%)
Smiths Group PLC	25,480		306,402
Insurance (2.3%)
Amlin PLC	182,970		1,015,968
Road & Rail (0.6%)
Arriva PLC	35,021		253,841
			4,535,344
UNITED STATES (48.3%)
Biotechnology (1.4%)
Illumina, Inc.*	17,190		621,247
Chemicals (3.2%)
CF Industries Holdings, Inc.	11,150		880,181
Intrepid Potash, Inc.*	21,260		537,028
			1,417,209
Commercial Services & Supplies (2.9%)
Stericycle, Inc.*	11,470		587,264
Waste Connections, Inc.*	25,050		706,660
			1,293,924

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Small Cap Fund

	Shares or Principal Amount		Value
COMMON STOCKS (CONTINUED)
UNITED STATES (continued)
Consumer Finance (2.0%)
Portfolio Recovery Associates, Inc.*		19,370	$	893,926
Containers & Packaging (2.1%)
Pactiv Corp.*		37,940		955,329
Diversified Financial Services (0.5%)
IntercontinentalExchange, Inc.*		2,570		241,734
Electrical Equipment (1.9%)
American Superconductor Corp.*		26,960		867,303
Electronic Equipment & Instruments (1.6%)
Itron, Inc.*		13,500		704,295
Energy Equipment & Services (0.0%)
Basic Energy Services, Inc.*		3,000		20,250
Health Care Equipment & Supplies (10.6%)
American Medical Systems Holdings, Inc.*		21,260		325,065
Cyberonics, Inc.*		11,696		194,271
DexCom, Inc.*		52,320		337,987
ev3, Inc.*		68,950		846,016
Intuitive Surgical, Inc.*		3,940		895,641
Masimo Corp.*		21,970		537,167
NuVasive, Inc.*		19,490		806,691
PSS World Medical, Inc.*		37,670		761,311
				4,704,149
Health Care Providers & Services (3.8%)
Amedisys, Inc.*		15,860		709,101
Psychiatric Solutions, Inc.*		36,107		975,611
				1,684,712
Household Durables (0.6%)
Toll Brothers, Inc.*		14,770		288,901
Information Technology Services (1.2%)
SAIC, Inc.*		29,490		533,474
Insurance (0.6%)
Arthur J. Gallagher & Co.		10,950		250,755
Internet Software & Services (1.3%)
Equinix, Inc.*		7,160		585,187
Leisure Equipment & Products (1.0%)
Pool Corp.		18,930		447,127
Media (1.3%)
Marvel Entertainment, Inc.*		14,170		560,565
Multiline Retail (1.4%)
Family Dollar Stores, Inc.		19,840		623,373
Oil, Gas & Consumable Fuels (0.0%)
Brigham Exploration Co.*		400		1,952
VeraSun Energy Corp. (b)		600		6
				1,958
Personal Products (3.7%)
Alberto-Culver Co.		38,131		976,916
Chattem, Inc.*		10,730		672,449
				1,649,365
Real Estate Investment Trust (REIT) (0.0%)
Anthracite Capital, Inc.		4,000		2,320
Software (3.7%)
Concur Technologies, Inc.*		26,560		916,054
MSCI, Inc., Class A*		26,280		734,526
				1,650,580
Specialty Retail (1.2%)
Tractor Supply Co.*		11,300		542,061
Thrifts & Mortgage Finance (2.3%)
NewAlliance Bancshares, Inc.		82,440		1,009,890
				21,549,634
Total Common Stocks				41,352,714
EXCHANGE TRADED FUNDS (3.7%)
Equity Fund (3.7%)
iShares MSCI Japan Small Cap Index Fund		21,000		892,920
SPDR KBW Regional Banking ETF		36,146		752,560
Total Exchange Traded Funds				1,645,480
REPURCHASE AGREEMENTS (1.5%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $649,622, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $662,623	$	649,620		649,620
Total Repurchase Agreement				649,620
Total Investments (Cost $45,145,301)(c) — 97.9%				43,647,814
Other assets in excess of liabilities — 2.1%				946,752
Net Assets — 100.0%			$	44,594,566

* Non-income producing security.

(a) Fair Valued Security; countries with a Fair Value designation indicate all its securities are Fair Valued.

(b) Security filed for bankruptcy.

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

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Global Utilities Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.1%)
BELGIUM (3.6%)(a)
Diversified Telecommunication Services (3.6%)
Belgacom SA		12,500	$	447,733
BRAZIL (5.7%)
Diversified Telecommunication Services (5.7%)
Telesp - Telecomunicacoes de Sao Paulo SA ADR		30,600		709,308
CANADA (3.0%)
Diversified Telecommunication Services (3.0%)
Telus Corp.		12,700		366,732
CHINA (4.3%)(a)
Wireless Telecommunication Services (4.3%)
China Mobile Ltd.		50,000		524,691
FRANCE (8.9%)(a)
Diversified Telecommunication Services (3.7%)
France Telecom SA		18,100		451,401
Gas Utility (5.2%)
GDF Suez		16,800		641,774
				1,093,175
GERMANY (10.8%)(a)
Electric Utility (7.6%)
E.ON AG		24,500		930,792
Multi-Utilities (3.2%)
RWE AG		4,670		394,587
				1,325,379
ITALY (2.3%)(a)
Multi-Utilities (2.3%)
Hera SpA		115,400		284,678
NETHERLANDS (4.7%)(a)
Diversified Telecommunication Services (4.7%)
Koninklijke KPN NV		38,570		580,046
PORTUGAL (2.0%)(a)
Diversified Telecommunication Services (2.0%)
Portugal Telecom SGPS SA		24,000		245,338
SINGAPORE (3.1%)(a)
Diversified Telecommunication Services (3.1%)
Singapore Telecommunications Ltd.		159,000		386,512
SPAIN (10.2%)(a)
Diversified Telecommunication Services (7.1%)
Telefonica SA		35,100		873,154
Electric Utility (3.1%)
Iberdrola SA		45,500		390,049
				1,263,203
TAIWAN (3.9%)(a)
Wireless Telecommunication Services (3.9%)
Taiwan Mobile Co. Ltd.		313,000		478,989
UNITED KINGDOM (18.4%)(a)
Electric Utilities (6.6%)
National Grid PLC		54,500		508,317
Scottish & Southern Energy PLC		16,096		297,895
				806,212
Multi-Utilities (3.9%)
Centrica PLC		131,700		484,737
Wireless Telecommunication Services (7.9%)
Vodafone Group PLC		472,900		972,136
				2,263,085
UNITED STATES (16.2%)
Diversified Telecommunication Services (9.4%)
AT&T, Inc.		23,200		608,536
Verizon Communications, Inc.		17,300		554,811
				1,163,347
Electric Utilities (6.8%)
FPL Group, Inc.		9,690		549,132
PPL Corp.		8,400		283,836
				832,968
				1,996,315
Total Common Stocks				11,965,184
REPURCHASE AGREEMENTS (1.7%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $202,244, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $206,291	$	202,243		202,243
Total Repurchase Agreement				202,243
Total Investments (Cost $14,308,094)(b) — 98.8%				12,167,427
Other assets in excess of liabilities — 1.2%				150,133
Net Assets — 100.0%			$	12,317,560

(a) Fair Valued Security; countries with a Fair Value designation indicate all its securities are Fair Valued.

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

ADR American Depositary Receipt

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen International Equity Fund

	Shares or Principal Amount	Value
COMMON STOCKS (95.3%)
AUSTRALIA (2.4%)(a)
Insurance (2.4%)
QBE Insurance Group Ltd.	530,400	$	8,631,371
BELGIUM (2.0%)(a)
Diversified Telecommunication Services (2.0%)
Belgacom SA	202,800		7,264,023
BRAZIL (3.9%)
Oil, Gas & Consumable Fuels (3.9%)
Petroleo Brasileiro SA ADR	414,800		13,978,760
CHINA (2.8%)(a)
Oil, Gas & Consumable Fuels (1.4%)
PetroChina Co. Ltd.	4,278,000		5,040,281
Wireless Telecommunication Services (1.4%)
China Mobile Ltd.	485,558		5,095,355
			10,135,636
FRANCE (2.6%)(a)
Electrical Equipment (2.6%)
Schneider Electric SA	104,198		9,457,843
GERMANY (7.5%)(a)
Air Freight & Logistics (1.1%)
Deutsche Post AG	247,900		3,914,813
Electric Utility (3.5%)
E.ON AG	335,016		12,727,757
Food & Staples Retailing (1.0%)
Metro AG	63,800		3,693,387
Textiles, Apparel & Luxury Goods (1.9%)
Adidas AG	164,091		6,923,354
			27,259,311
HONG KONG (2.4%)(a)
Real Estate Management & Development (2.4%)
Swire Pacific Ltd., Class A	772,500		8,666,706
INDIA (0.3%)(a)
Wireless Telecommunication Services (0.3%)
Bharti Airtel Ltd.	103,984		894,621
ITALY (9.8%)
Commercial Banks (2.5%)(a)
Intesa Sanpaolo SpA *	2,489,664		9,256,227
Energy Equipment & Services (3.6%)
Tenaris SA ADR	426,300		12,925,416
Oil, Gas & Consumable Fuels (3.7%)(a)
Eni SpA	569,875		13,314,174
			35,495,817
JAPAN (11.8%)(a)
Chemicals (1.9%)
Shin-Etsu Chemical Co. Ltd.	131,168		7,036,026
Commercial Banks (1.0%)
Bank of Yokohama Ltd. (The)	647,000		3,493,699
Machinery (1.9%)
Fanuc Ltd.	84,200		6,880,960
Office Electronics (2.5%)
Canon, Inc.	245,100		9,086,242
Pharmaceuticals (2.5%)
Takeda Pharmaceutical Co. Ltd.	219,604		8,848,090
Real Estate Management & Development (2.0%)
Daito Trust Construction Co. Ltd.	150,200		7,366,705
			42,711,722
MEXICO (2.6%)
Transportation Infrastructure (2.6%)
Grupo Aeroportuario del Sureste SAB de CV ADR	210,500		9,341,990
NETHERLANDS (2.6%)(a)
Industrial Conglomerates (2.6%)
Koninklijke Philips Electronics NV	413,062		9,401,916
SINGAPORE (4.4%)(a)
Commercial Banks (1.9%)
Oversea-Chinese Banking Corp. Ltd.	1,275,028		6,924,620
Hotels, Restaurants & Leisure (2.5%)
City Developments Ltd.	1,252,000		8,806,626
			15,731,246
SPAIN (2.4%)(a)
Insurance (2.4%)
Mapfre SA	2,367,131		8,814,737
SWEDEN (5.1%)(a)
Commercial Banks (3.1%)
Nordea Bank AB	1,147,900		11,108,034
Communications Equipment (2.0%)
Telefonaktiebolaget LM Ericsson, B Shares	754,693		7,433,045
			18,541,079
SWITZERLAND (8.0%)(a)
Food Products (1.9%)
Nestle SA	172,120		7,076,157
Insurance (3.6%)
Zurich Financial Services AG	66,700		13,103,931
Pharmaceuticals (2.5%)
Roche Holding AG	56,600		8,926,572
			29,106,660

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen International Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (CONTINUED)
TAIWAN (3.5%)
Semiconductors & Semiconductor Equipment (3.5%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		1,193,278	$	12,493,615
UNITED KINGDOM (21.2%)(a)
Commercial Banks (3.1%)
Standard Chartered PLC		469,100		11,135,133
Food & Staples Retailing (1.9%)
William Morrison Supermarkets PLC		1,573,800		7,067,425
Machinery (1.5%)
Weir Group PLC (The)		611,500		5,583,530
Metals & Mining (3.7%)
Rio Tinto PLC		317,685		13,228,948
Multi-Utilities (1.4%)
Centrica PLC		1,388,357		5,110,011
Oil, Gas & Consumable Fuels (1.0%)
Royal Dutch Shell PLC, Class B		134,100		3,476,772
Pharmaceuticals (1.9%)
AstraZeneca PLC		149,992		6,985,314
Tobacco (3.1%)
British American Tobacco PLC		291,450		9,045,112
Imperial Tobacco Group PLC		75,563		2,156,050
				11,201,162
Wireless Telecommunication Services (3.6%)
Vodafone Group PLC		6,263,790		12,876,418
				76,664,713
Total Common Stocks				344,591,766
PREFERRED STOCK (3.9%)(a)
REPUBLIC OF SOUTH KOREA (3.9%)
Samsung Electronics Co. Ltd. GDR		76,600		14,282,694
Total Preferred Stocks				14,282,694
REPURCHASE AGREEMENTS (1.7%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $6,108,523, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $6,230,774	$	6,108,503		6,108,503
Total Repurchase Agreement				6,108,503
Total Investments (Cost $328,635,810)(b) — 100.9%				364,982,963
Liabilities in excess of other assets — (0.9)%				(3,261,655	)
Net Assets — 100.0%			$	361,721,308

* Non-income producing security.

(a) Fair Valued Security; countries with a Fair Value designation indicate all its securities are Fair Valued.

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

ADR American Depositary Receipt

GDR Global Depositary Receipt

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Select Worldwide Fund

	Shares or Principal Amount	Value
COMMON STOCKS (96.2%)
AUSTRALIA (2.5%)(a)
Insurance (2.5%)
QBE Insurance Group Ltd.	50,800	$	826,685
BELGIUM (1.5%)(a)
Diversified Telecommunication Services (1.5%)
Belgacom SA	14,200		508,625
BRAZIL (3.6%)
Oil, Gas & Consumable Fuels (3.6%)
Petroleo Brasileiro SA ADR	36,100		1,216,570
CANADA (1.6%)
Road & Rail (1.6%)
Canadian National Railway Co.	10,800		525,359
CHINA (1.1%)(a)
Oil, Gas & Consumable Fuels (1.1%)
PetroChina Co. Ltd.	324,000		381,732
FRANCE (2.8%)(a)
Electrical Equipment (2.8%)
Schneider Electric SA	10,247		930,100
GERMANY (6.2%)(a)
Air Freight & Logistics (1.2%)
Deutsche Post AG	24,900		393,218
Electric Utility (3.0%)
E.ON AG	26,600		1,010,574
Textiles, Apparel & Luxury Goods (2.0%)
Adidas AG	16,300		687,732
			2,091,524
HONG KONG (2.6%)(a)
Real Estate Management & Development (2.6%)
Swire Pacific Ltd., Class A	77,500		869,475
ITALY (8.6%)
Commercial Banks (2.5%)(a)
Intesa Sanpaolo SpA *	227,400		845,442
Energy Equipment & Services (2.9%)
Tenaris SA ADR	31,700		961,144
Oil, Gas & Consumable Fuels (3.2%)(a)
Eni SpA	46,500		1,086,394
			2,892,980
JAPAN (10.5%)(a)
Chemicals (1.4%)
Shin-Etsu Chemical Co. Ltd.	8,900		477,408
Commercial Banks (1.0%)
Bank of Yokohama Ltd. (The)	62,000		334,790
Machinery (2.0%)
Fanuc Ltd.	8,100		661,945
Office Electronics (2.5%)
Canon, Inc.	22,700		841,525
Pharmaceuticals (1.5%)
Takeda Pharmaceutical Co. Ltd.	12,500		503,639
Real Estate Management & Development (2.1%)
Daito Trust Construction Co. Ltd.	14,200		696,453
			3,515,760
NETHERLANDS (2.0%)(a)
Industrial Conglomerates (2.0%)
Koninklijke Philips Electronics NV	29,200		664,636
SINGAPORE (2.1%)(a)
Hotels, Restraurants & Leisure (2.1%)
City Developments Ltd.	103,000		724,507
SPAIN (2.3%)(a)
Insurance (2.3%)
Mapfre SA	206,686		769,659
SWEDEN (5.1%)(a)
Commercial Banks (3.3%)
Nordea Bank AB	114,400		1,107,030
Communications Equipment (1.8%)
Telefonaktiebolaget LM Ericsson, B Shares	60,800		598,825
			1,705,855
SWITZERLAND (6.2%)(a)
Insurance (3.5%)
Zurich Financial Services AG	6,000		1,178,764
Pharmaceuticals (2.7%)
Roche Holding AG	5,700		898,966
			2,077,730
TAIWAN (3.2%)
Semiconductors & Semiconductor Equipment (3.2%)
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	103,012		1,078,541
UNITED KINGDOM (15.3%)(a)
Commercial Banks (3.4%)
Standard Chartered PLC	47,200		1,120,397
Food & Staples Retailing (1.3%)
William Morrison Supermarkets PLC	100,000		449,067
Metals & Mining (2.8%)
Rio Tinto PLC	22,722		946,183
Multi-Utilities (0.9%)
Centrica PLC	84,000		309,172
Oil, Gas & Consumable Fuels (0.9%)
Royal Dutch Shell PLC, Class B	11,400		295,564

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Select Worldwide Fund

	Shares or Principal Amount		Value
COMMON STOCKS (CONTINUED)
UNITED KINGDOM(a) (continued)
Pharmaceuticals (1.4%)
AstraZeneca PLC		10,100	$	470,370
Tobacco (1.5%)
British American Tobacco PLC		15,600		484,144
Wireless Telecommunication Services (3.1%)
Vodafone Group PLC		507,100		1,042,441
				5,117,338
UNITED STATES (19.0%)
Aerospace & Defense (2.0%)
United Technologies Corp.		12,200		664,534
Energy Equipment & Services (1.6%)
Schlumberger Ltd.		9,700		518,950
Food Products (1.5%)
Kraft Foods, Inc.		17,300		490,282
Health Care Providers & Services (1.3%)
Quest Diagnostics, Inc.		7,900		431,498
Household Products (2.2%)
Procter & Gamble Co.		13,400		743,834
Insurance (1.0%)
Aflac, Inc.		9,000		340,740
Oil, Gas & Consumable Fuels (1.8%)
EOG Resources, Inc.		4,000		296,120
Exxon Mobil Corp.		4,500		316,755
				612,875
Pharmaceuticals (2.5%)
Johnson & Johnson		14,000		852,460
Semiconductors & Semiconductor Equipment (3.0%)
Intel Corp.		52,500		1,010,625
Tobacco (2.1%)
Philip Morris International, Inc.		14,900		694,340
				6,360,138
Total Common Stocks				32,257,214
PREFERRED STOCK (3.0%)(a)
REPUBLIC OF SOUTH KOREA (3.0%)
Samsung Electronics Co. Ltd. GDR		5,400		1,006,874
Total Preferred Stocks				1,006,874
REPURCHASE AGREEMENTS (0.3%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $102,318, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $104,366	$	102,318		102,318
Total Repurchase Agreement				102,318
Total Investments (Cost $29,515,409)(b) — 99.5%				33,366,406
Other assets in excess of liabilities — 0.5%				153,169
Net Assets — 100.0%			$	33,519,575

* Non-income producing security.

(a) Fair Valued Security; countries with a Fair Value designation indicate all its securities are Fair Valued.

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

ADR American Depositary Receipt

GDR Global Depositary Receipt

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Optimal Allocations Fund: Defensive

	Shares or Principal Amount		Value
MUTUAL FUNDS (50.1%)
Equity Fund (36.5%)
Aberdeen Developing Markets Fund, Institutional Class (a)		15,450	$	217,694
Aberdeen Equity Long-Short Fund, Institutional Class (a)*		68,006		735,147
Aberdeen Global Financial Services Fund, Institutional Class (a)		61,300		539,438
Aberdeen Global Utilities Fund, Institutional Class (a)		35,389		316,732
Aberdeen Health Sciences Fund, Institutional Class (a)		46,482		420,663
Aberdeen International Equity Fund, Institutional Class (a)		10,690		116,738
Aberdeen Natural Resources Fund, Institutional Class (a)		38,027		539,599
Aberdeen Technology and Communications Fund, Institutional Class (a)*		114,194		311,749
Aberdeen U.S. Equity Fund, Institutional Class (a)*		41,298		315,932
Credit Suisse Commodity Return Strategy Fund		41,083		339,757
				3,853,449
Fixed Income Fund (13.6%)
Oppenheimer International Bond Fund, Class Y		195,945		1,216,819
PIMCO Developing Local Markets Fund		23,424		224,871
				1,441,690
Total Mutual Funds				5,295,139
EXCHANGE TRADED FUNDS (50.3%)
Equity Fund (4.2%)
iShares Cohen & Steers Realty Majors Index Fund		8,130		322,680
iShares S&P 500 Index Fund		1,200		118,956
				441,636
Fixed Income Fund (44.1%)
iShares Barclays 1-3 Year Treasury Bond Fund		16,300		1,364,147
iShares Barclays Aggregate Bond Fund		16,440		1,694,964
iShares Barclays U.S. Treasury Inflation Protected Securities Bond Fund		15,744		1,595,497
				4,654,608
Real Estate Investment Trust (REIT) (2.0%)
SPDR Dow Jones Wilshire International Real Estate Fund		6,817		215,076
Total Exchange Traded Funds				5,311,320
REPURCHASE AGREEMENTS (1.1%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $111,742, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $113,978	$	111,742		111,742
Total Repurchase Agreement				111,742
Total Investments (Cost $10,166,275)(b) — 101.5%				10,718,201
Liabilities in excess of other assets — (1.5)%				(160,913	)
Net Assets — 100.0%			$	10,557,288

* Non-income producing security.

(a) Investment in affiliate.

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

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Optimal Allocations Fund: Growth

	Shares or Principal Amount		Value
MUTUAL FUNDS (79.9%)
Equity Fund (77.9%)
Aberdeen Developing Markets Fund, Institutional Class (a)		45,583	$	642,264
Aberdeen Equity Long-Short Fund, Institutional Class (a)*		74,520		805,562
Aberdeen Global Financial Services Fund, Institutional Class (a)		94,786		834,114
Aberdeen Global Utilities Fund, Institutional Class (a)		63,499		568,316
Aberdeen Health Sciences Fund, Institutional Class (a)		61,928		560,449
Aberdeen International Equity Fund, Institutional Class (a)		102,030		1,114,171
Aberdeen Natural Resources Fund, Institutional Class (a)		42,154		598,171
Aberdeen Small Cap Fund, Institutional Class (a)		65,307		681,156
Aberdeen Technology and Communications Fund, Institutional Class (a)*		146,843		400,882
Aberdeen U.S. Equity Fund, Institutional Class (a)*		129,682		992,066
Credit Suisse Commodity Return Strategy Fund		55,714		460,758
				7,657,909
Fixed Income Fund (2.0%)
PIMCO Developing Local Markets Fund		20,480		196,608
Total Mutual Funds				7,854,517
EXCHANGE TRADED FUNDS (18.7%)
Equity Fund (11.9%)
iShares Cohen & Steers Realty Majors Index Fund		11,984		475,645
iShares Russell Midcap Index Fund		4,362		309,309
iShares S&P 500 Index Fund		3,919		388,491
				1,173,445
Fixed Income Fund (3.4%)
iShares Barclays U.S. Treasury Inflation Protected Securities Bond Fund		3,264		330,774
Real Estate Investment Trust (REIT) (3.4%)
SPDR Dow Jones Wilshire International Real Estate Fund		10,677		336,859
Total Exchange Traded Funds				1,841,078
REPURCHASE AGREEMENTS (1.1%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $109,863, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $112,062	$	109,863		109,863
Total Repurchase Agreement				109,863
Total Investments (Cost $11,713,886)(b) — 99.7%				9,805,458
Other assets in excess of liabilities — 0.3%				33,746
Net Assets — 100.0%			$	9,839,204

* Non-income producing security.

(a) Investment in affiliate.

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

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Optimal Allocations Fund: Moderate

	Shares or Principal Amount		Value
MUTUAL FUNDS (64.0%)
Equity Fund (55.9%)
Aberdeen Developing Markets Fund, Institutional Class (a)		106,696	$	1,503,349
Aberdeen Equity Long-Short Fund, Institutional Class (a)*		293,536		3,173,128
Aberdeen Global Financial Services Fund, Institutional Class (a)		326,218		2,870,715
Aberdeen Global Utilities Fund, Institutional Class (a)		156,205		1,398,039
Aberdeen Health Sciences Fund, Institutional Class (a)		252,327		2,283,555
Aberdeen International Equity Fund, Institutional Class (a)		397,428		4,339,911
Aberdeen Natural Resources Fund, Institutional Class (a)		161,921		2,297,654
Aberdeen Small Cap Fund, Institutional Class (a)		227,658		2,374,470
Aberdeen Technology and Communications Fund, Institutional Class (a)*		543,786		1,484,535
Aberdeen U.S. Equity Fund, Institutional Class (a)*		309,762		2,369,681
Credit Suisse Commodity Return Strategy Fund		171,697		1,419,933
				25,514,970
Fixed Income Fund (8.1%)
Oppenheimer International Bond Fund, Class Y		443,333		2,753,097
PIMCO Developing Local Markets Fund		98,333		943,992
				3,697,089
Total Mutual Funds				29,212,059
EXCHANGE TRADED FUNDS (35.1%)
Equity Fund (7.6%)
iShares Cohen & Steers Realty Majors Index Fund		36,871		1,463,410
iShares Russell Midcap Index Fund		21,011		1,489,890
iShares S&P 500 Index Fund		5,100		505,563
				3,458,863
Fixed Income Fund (25.4%)
iShares Barclays 1-3 Year Treasury Bond Fund		18,165		1,520,229
iShares Barclays Aggregate Bond Fund		57,928		5,972,377
iShares Barclays U.S. Treasury Inflation Protected Securities Bond Fund		40,262		4,080,151
				11,572,757
Real Estate Investment Trust (REIT) (2.1%)
SPDR Dow Jones Wilshire International Real Estate Fund		30,795		971,582
Total Exchange Traded Funds				16,003,202
REPURCHASE AGREEMENTS (1.2%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $546,280, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $557,213	$	546,278		546,278
Total Repurchase Agreement				546,278
Total Investments (Cost $48,404,802)(b) — 100.3%				45,761,539
Liabilities in excess of other assets — (0.3)%				(117,503	)
Net Assets — 100.0%			$	45,644,036

* Non-income producing security.

(a) Investment in affiliate.

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

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Optimal Allocations Fund: Moderate Growth

	Shares or Principal Amount		Value
MUTUAL FUNDS (76.3%)
Equity Fund (71.2%)
Aberdeen Developing Markets Fund, Institutional Class (a)		94,553	$	1,332,259
Aberdeen Equity Long-Short Fund, Institutional Class (a)*		208,102		2,249,578
Aberdeen Global Financial Services Fund, Institutional Class (a)		287,936		2,533,833
Aberdeen Global Utilities Fund, Institutional Class (a)		130,477		1,167,772
Aberdeen Health Sciences Fund, Institutional Class (a)		180,010		1,629,087
Aberdeen International Equity Fund, Institutional Class (a)		285,883		3,121,844
Aberdeen Natural Resources Fund, Institutional Class (a)		119,378		1,693,976
Aberdeen Small Cap Fund, Institutional Class (a)		201,961		2,106,456
Aberdeen Technology and Communications Fund, Institutional Class (a)*		348,812		952,256
Aberdeen U.S. Equity Fund, Institutional Class (a)*		351,638		2,690,030
Credit Suisse Commodity Return Strategy Fund		132,238		1,093,609
				20,570,700
Fixed Income Fund (5.1%)
Oppenheimer International Bond Fund, Class Y		133,688		830,202
PIMCO Developing Local Markets Fund		67,092		644,087
				1,474,289
Total Mutual Funds				22,044,989
EXCHANGE TRADED FUNDS (23.0%)
Equity Fund (10.8%)
iShares Cohen & Steers Realty Majors Index Fund		29,555		1,173,038
iShares Russell Midcap Index Fund		14,067		997,491
iShares S&P 500 Index Fund		9,520		943,718
				3,114,247
Fixed Income Fund (9.9%)
iShares Barclays Aggregate Bond Fund		11,379		1,173,175
iShares Barclays U.S. Treasury Inflation Protected Securities Bond Fund		16,525		1,674,643
				2,847,818
Real Estate Investment Trust (REIT) (2.3%)(a)
SPDR Dow Jones Wilshire International Real Estate Fund		21,520		678,956
Total Exchange Traded Funds				6,641,021
REPURCHASE AGREEMENTS (0.7%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $216,132, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $220,457	$	216,131		216,131
Total Repurchase Agreement				216,131
Total Investments (Cost $33,114,833)(b) — 100.0%				28,902,141
Liabilities in excess of other assets — 0.0%				(2,148	)
Net Assets — 100.0%			$	28,899,993

* Non-income producing security.

(a) Investment in affiliate.

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

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Optimal Allocations Fund: Specialty

	Shares or Principal Amount		Value
MUTUAL FUNDS (86.2%)
Equity Fund (85.2%)
Aberdeen Developing Markets Fund, Institutional Class (a)		317,346	$	4,471,404
Aberdeen Equity Long-Short Fund, Institutional Class (a)*		453,045		4,897,420
Aberdeen Global Financial Services Fund, Institutional Class (a)		768,170		6,759,895
Aberdeen Global Utilities Fund, Institutional Class (a)		345,334		3,090,743
Aberdeen Health Sciences Fund, Institutional Class (a)		518,039		4,688,248
Aberdeen International Equity Fund, Institutional Class (a)		84,192		919,376
Aberdeen Natural Resources Fund, Institutional Class (a)		337,787		4,793,202
Aberdeen Technology and Communications Fund, Institutional Class (a)*		1,725,117		4,709,569
Credit Suisse Commodity Return Strategy Fund		310,736		2,569,790
				36,899,647
Fixed Income Fund (1.0%)
PIMCO Developing Local Markets Fund		47,369		454,742
Total Mutual Funds				37,354,389
EXCHANGE TRADED FUNDS (13.2%)
Equity Fund (6.3%)
iShares Cohen & Steers Realty Majors Index Fund		68,406		2,715,034
Fixed Income Fund (3.7%)
iShares Barclays U.S. Treasury Inflation Protected Securities Bond Fund		15,862		1,607,455
Real Estate Investment Trust (REIT) (3.2%)
SPDR Dow Jones Wilshire International Real Estate Fund		43,604		1,375,706
Total Exchange Traded Funds				5,698,195
REPURCHASE AGREEMENTS (0.7%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $298,557, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $304,532	$	298,556		298,556
Total Repurchase Agreement				298,556
Total Investments (Cost $53,574,291)(b) — 100.1%				43,351,140
Liabilities in excess of other assets — (0.1)%				(33,585	)
Net Assets — 100.0%			$	43,317,555

* Non-income producing security.

(a) Investment in affiliate.

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

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen International Equity Institutional Fund

	Shares or Principal Amount	Value
COMMON STOCKS (92.0%)
AUSTRALIA (3.4%)(a)
Commercial Banks (1.3%)
Westpac Banking Corp.	10,778	$	194,035
Construction & Engineering (2.1%)
Leighton Holdings Ltd.	12,839		322,732
			516,767
BELGIUM (1.3%)(a)
Metals & Mining (1.3%)
Umicore	7,527		196,503
BERMUDA (0.9%)(a)
Insurance (0.9%)
Hiscox Ltd.	28,027		141,636
CANADA (0.6%)
Energy Equipment & Services (0.6%)
Pason Systems, Inc.	10,307		89,863
CHINA (1.5%)(a)
Wireless Telecommunication Services (1.5%)
China Mobile Ltd.	20,827		218,555
FINLAND (1.6%)(a)
Communications Equipment (1.6%)
Nokia OYJ	17,988		241,840
FRANCE (11.8%)(a)
Aerospace & Defense (1.1%)
Safran SA	10,723		165,743
Commercial Banks (2.2%)
BNP Paribas SA	2,405		174,605
Societe Generale SA	2,485		159,291
			333,896
Diversified Telecommunication Services (1.4%)
France Telecom SA	8,476		211,385
Insurance (1.1%)
AXA SA	7,585		160,083
Machinery (0.6%)
Vallourec SA	718		94,464
Media (1.0%)
Vivendi SA	6,045		154,933
Oil, Gas & Consumable Fuels (1.4%)
Total SA	3,770		209,056
Pharmaceuticals (1.4%)
Sanofi-Aventis SA	3,330		217,841
Real Estate Investment Trust (REIT) (1.6%)
Unibail-Rodamco SA	1,351		235,980
			1,783,381
GERMANY (12.8%)(a)
Automobiles (0.5%)
Daimler AG	1,797		83,121
Electric Utility (2.3%)
E.ON AG	9,052		343,899
Household Products (1.8%)
Henkel AG & Co. KGaA	7,306		268,460
Industrial Conglomerates (1.5%)
Siemens AG	2,826		224,936
Insurance (1.2%)
Muenchener Rueckversicherungs-Gesellschaft AG	1,175		178,155
Life Sciences Tools & Services (1.1%)
MorphoSys AG *	7,419		172,357
Multi-Utilities (2.2%)
RWE AG	4,012		338,990
Pharmaceuticals (1.3%)
Bayer AG	3,303		201,925
Textiles, Apparel & Luxury Goods (0.9%)
Adidas AG	3,132		132,146
			1,943,989
HONG KONG (2.7%)(a)
Commercial Banks (2.7%)
BOC Hong Kong Holdings Ltd.	193,680		410,745
INDIA (1.0%)(a)
Wireless Telecommunication Services (1.0%)
Bharti Airtel Ltd.	17,410		149,786
ISRAEL (2.3%)
Pharmaceuticals (2.3%)
Teva Pharmaceutical Industries Ltd. ADR	6,364		339,456
ITALY (2.7%)(a)
Commercial Banks (1.1%)
Intesa Sanpaolo SpA *	43,877		163,129
Oil, Gas & Consumable Fuels (1.6%)
Eni SpA	10,485		244,964
			408,093
JAPAN (16.2%)(a)
Automobiles (2.3%)
Honda Motor Co. Ltd.	3,160		101,071
Toyota Motor Corp.	5,940		249,361
			350,432
Capital Markets (0.9%)
Daiwa Securities Group, Inc.	23,969		140,720
Chemicals (1.8%)
Shin-Etsu Chemical Co. Ltd.	5,231		280,598

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen International Equity Institutional Fund

	Shares or Principal Amount		Value
COMMON STOCKS (CONTINUED)
JAPAN(a) (continued)
Commercial Banks (3.6%)
Bank of Kyoto Ltd. (The)		23,738	$	214,484
Mitsubishi UFJ Financial Group, Inc.		25,418		155,257
Mizuho Financial Group, Inc.		75,514		173,632
				543,373
Electronic Equipment & Instruments (1.8%)
Omron Corp.		16,466		265,616
Food & Staples Retailing (1.0%)
FamilyMart Co. Ltd.		4,600		149,529
Office Electronics (1.5%)
Canon, Inc.		6,099		226,099
Pharmaceuticals (0.9%)
Takeda Pharmaceutical Co. Ltd.		3,455		139,206
Road & Rail (1.0%)
Central Japan Railway Co.		24		144,377
Wireless Telecommunication Services (1.4%)
KDDI Corp.		39		206,346
				2,446,296
NETHERLANDS (2.2%)(a)
Diversified Financial Services (0.6%)
ING Groep NV		7,124		91,150
Industrial Conglomerates (1.6%)
Koninklijke Philips Electronics NV		10,715		243,889
				335,039
NORWAY (2.6%)(a)
Commercial Banks (1.8%)
DnB NOR ASA *		31,806		277,482
Oil, Gas & Consumable Fuels (0.8%)
DNO International ASA *		96,282		118,209
				395,691
SINGAPORE (1.4%)(a)
Commercial Banks (1.4%)
United Overseas Bank Ltd.		17,727		217,651
SOUTH AFRICA (1.0%)(a)
Wireless Telecommunication Services (1.0%)
MTN Group Ltd.		9,291		153,106
SPAIN (1.1%)(a)
Electric Utility (1.1%)
Iberdrola SA		19,437		166,624
SWEDEN (0.4%)(a)
Communications Equipment (0.4%)
Telefonaktiebolaget LM Ericsson, B Shares		6,220		61,261
SWITZERLAND (5.7%)(a)
Capital Markets (1.6%)
UBS AG *		16,105		235,870
Food Products (1.9%)
Nestle SA		7,149		293,908
Pharmaceuticals (2.2%)
Novartis AG		7,422		339,250
				869,028
TAIWAN (1.0%)
Diversified Telecommunication Services (1.0%)
Chunghwa Telecom Co. Ltd. ADR		8,548		149,250
UNITED KINGDOM (17.8%)(a)
Commercial Banks (1.6%)
HSBC Holdings PLC		23,630		236,758
Food Products (1.0%)
Unilever PLC		5,765		151,936
Metals & Mining (4.4%)
Antofagasta PLC		22,827		288,764
BHP Billiton PLC		14,382		376,632
				665,396
Oil, Gas & Consumable Fuels (4.3%)
BG Group PLC		6,103		101,892
BP PLC		23,910		198,249
Royal Dutch Shell PLC, A Shares		7,536		197,353
Royal Dutch Shell PLC, A Shares		6,059		159,119
				656,613
Pharmaceuticals (3.0%)
AstraZeneca PLC		5,264		245,151
GlaxoSmithKline PLC		10,814		207,161
				452,312
Tobacco (1.8%)
Imperial Tobacco Group PLC		9,574		273,176
Wireless Telecommunication Services (1.7%)
Vodafone Group PLC		126,363		259,763
				2,695,954
Total Common Stocks				13,930,514
REPURCHASE AGREEMENTS (3.2%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $489,947, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $499,751	$	489,945		489,945
Total Repurchase Agreement				489,945

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen International Equity Institutional Fund

	Shares or Principal Amount	Value
Total Investments (Cost $14,854,804)(b) — 95.2%			14,420,459
Other assets in excess of liabilities — 4.8%			720,105
Net Assets — 100.0%		$	15,140,564

* Non-income producing security.

(a) Fair Valued Security; countries with a Fair Value designation indicate all its securities are Fair Valued.

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

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Asia Bond Institutional Fund

	Shares or Principal Amount		Value
YANKEE DOLLARS (31.9%)
AUSTRALIA (2.4%)(a)
Commercial Banks (2.4%)
Commonwealth Bank of Australia (USD), 1.26%, 08/11/14	$	1,500,000	$	1,499,878
Commonwealth Bank of Australia, Series 2554 (USD), 0.85%, 12/15/16		5,000,000		4,482,480
				5,982,358
CHINA (1.6%)
Specialty Retail (1.6%)
Parkson Retail Group Ltd. (USD), 7.13%, 05/30/12		4,000,000		3,910,000
HONG KONG (6.3%)
Chemicals (0.7%)
Towngas China Co. Ltd. (USD), 8.25%, 09/23/11		1,686,000		1,789,529
Commercial Banks (2.7%)
Bank of East Asia Ltd. (USD), 5.63%, 12/13/15(a)		2,000,000		1,874,868
Chinatrust Commercial Bank Ltd. (USD), 5.63%, 12/31/49		3,000,000		2,138,205
Wing Hang Bank Ltd. (USD), 6.00%, 12/31/49		4,000,000		2,846,024
				6,859,097
Diversified Holding Companies (2.7%)
Hutchison Whampoa Finance Ltd., Series B (USD), 7.45%, 08/01/17(b)		2,500,000		2,811,565
Hutchison Whampoa International Ltd. (USD), 7.45%, 11/24/33		2,100,000		2,269,348
Swire Pacific MTN Financing Ltd. (USD), 6.25%, 04/18/18		1,500,000		1,617,005
				6,697,918
Real Estate (0.2%)
Hongkong Land Finance (Cayman Island) Co. Ltd. (USD), 5.50%, 04/28/14		500,000		522,267
				15,868,811
INDIA (1.1%)
Electric Utility (1.1%)
NTPC Ltd. (USD), 5.88%, 03/02/16		3,000,000		2,864,625
INDONESIA (0.5%)
Electric Utility (0.5%)
Majapahit Holding BV (USD), 7.25%, 10/17/11		1,130,000		1,152,102
MALAYSIA (7.4%)
Commercial Banks (0.5%)(a)
Public Bank Bhd
(USD), 5.00%, 06/20/17		1,000,000		959,031
(USD), 6.84%, 08/22/36		375,000		311,402
				1,270,433
Diversified Financial Services (4.1%)
Sarawak International, Inc. (USD), 5.50%, 08/03/15		6,600,000		6,370,162
TNB Capital (L) Ltd. (USD), 5.25%, 05/05/15		4,000,000		3,898,800
				10,268,962
Oil, Gas & Consumable Fuels (2.8%)
Petronas Capital Ltd. (USD), 7.00%, 05/22/12		6,400,000		7,059,046
				18,598,441
REPUBLIC OF SOUTH KOREA (9.7%)
Commercial Banks (6.5%)
Hana Bank
(USD), 6.50%, 04/09/12(b)		750,000		791,277
(USD), 5.38%, 04/12/17(a)		7,800,000		6,844,991
National Agricultural Cooperative Federation (USD), 5.38%, 04/26/17(a)		9,500,000		8,199,118

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Asia Bond Institutional Fund

	Shares or Principal Amount	Value
YANKEE DOLLARS (CONTINUED)
REPUBLIC OF SOUTH KOREA (continued)
Commercial Banks (continued)
Shinhan Bank (USD), 6.82%, 09/20/36(a)	400,000	$	282,693
			16,118,079
Diversified Financial Services (0.4%)
Hyundai Capital Services, Inc. (USD), 5.50%, 11/23/10	950,000		922,429
Electric Utility (2.1%)
Korea Midland Power Co. Ltd. (USD), 5.38%, 02/11/13	5,300,000		5,249,412
Internet Software & Services (0.5%)
SK Broadband Co. Ltd. (USD), 7.00%, 02/01/12	1,325,000		1,333,591
Oil, Gas & Consumable Fuels (0.2%)
SK Energy Co. Ltd. (USD), 7.00%, 06/19/13	500,000		503,913
			24,127,424
SINGAPORE (1.8%)
Diversified Financial Services (1.8%)
ST Engineering Finance 1 Ltd. (USD), 4.80%, 07/16/19	4,500,000		4,532,400
THAILAND (1.1%)
Commercial Banks (1.1%)
Bangkok Bank Public Co. Ltd. (USD), 9.03%, 03/15/29	2,500,000		2,703,332
Total Yankee Dollars			79,739,493
COLLATERALIZED MORTGAGE OBLIGATIONS (2.4%)(a)
AUSTRALIA (2.4%)
Medallion Trust, Series 2007-1G, Class A1 (USD), 0.70%, 02/27/39	1,224,096		1,115,561
Progress Trust, Series 2007-1GA, Class 1A (USD), 0.90%, 08/19/38(b)	5,234,219		4,923,568
			6,039,129
Total Collateralized Mortgage Obligations			6,039,129
SOVEREIGN BONDS (34.3%)
INDONESIA (9.4%)
Indonesia Government Bond, Series FR40 (IDR), 11.00%, 09/15/25	29,000,000,000		2,860,569
Indonesia Government Bonds, Credit Linked Notes
(USD), 14.28%, 12/18/13(a)(b)	6,500,000		7,791,547
(IDR), 10.75%, 05/17/16	75,000,000,000		8,093,801
Indonesia Treasury Bills, Credit Linked Notes (IDR), 6.66%, 07/15/10(c)	50,000,000,000		4,718,448
			23,464,365
REPUBLIC OF SOUTH KOREA (15.8%)
Korea Treasury Inflation Linked Bond, Series 1703 (KRW), 2.75%, 03/10/17	45,000,000,000		39,571,811
SINGAPORE (6.3%)
Singapore Government Bond (SGD), 4.00%, 09/01/18	20,000,000		15,760,161
THAILAND (2.8%)
Thailand Government Bond, Series T (THB), 5.25%, 05/12/14	216,000,000		7,008,070
Total Sovereign Bonds			85,804,407
SOVEREIGN AGENCY (0.4%)
HONG KONG (0.2%)
Hong Kong Mortgage Corp. Ltd. (The) (USD), 3.50%, 08/04/14	500,000		501,750
REPUBLIC OF SOUTH KOREA (0.2%)
Korea Expressway Corp. (USD), 4.88%, 04/07/14	400,000		383,528
Total Sovereign Agency			885,278
REPURCHASE AGREEMENT (25.3%)
UNITED STATES (25.3%)
UBS Securities LLC, 0.04%, dated 07/31/09, due 08/03/09, repurchase price $63,125,454, collateralized by U.S. Treasury Bills, maturity ranging 08/06/09 - 07/01/10; total market value of $64,388,800	63,125,244		63,125,244
Total Repurchase Agreements			63,125,244
Total Investments (Cost $248,171,264)(d) — 94.3%			235,593,551
Other assets in excess of liabilities — 5.7%			14,183,317
Net Assets — 100.0%		$	249,776,868

(a) Variable or Floating Rate Security. Rate disclosed is as of 07/31/2009.

(b) Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of trustees.

(c) The rate reflected in the Statement of Investments is the discount rate at the time of purchase.

(d) See notes to statements of investments for tax unrealized appreciation/depreciation of securities.

IDR Indonesian Rupiah

KRW Korean Won

MTN Medium Term Note

See accompanying notes to statements of investments.

Statement of Investments

July 31, 2009 (Unaudited)

Aberdeen Asia Bond Institutional Fund

SGD Singapore Dollar

THB Thai Baht

USD U.S. Dollar

See accompanying notes to statements of investments.

At July 31, 2009, the Fund’s open forward foreign currency contracts were as follows:

Purchase / Sale		Amount Purchased		Amount Sold	Market Value as of July 31, 2009		Unrealized Appreciation/ (Depreciation)
Australian Dollar / Japanese Yen
settlement date 01/13/10 (a)	AUD	5,000,000	JPY	359,110,000	$	321,799	$	321,799
Chinese Yuan Renminbi / United States Dollar
settlement date 08/31/09	CNY	89,106,200	USD	13,100,000		13,048,843		(51,157	)
settlement date 09/15/09	CNY	67,248,220	USD	9,880,000		9,850,814		(29,186	)
settlement date 07/06/10	CNY	41,522,955	USD	6,150,000		6,127,438		(22,562	)
settlement date 07/06/10	CNY	118,186,740	USD	17,460,000		17,440,519		(19,481	)
settlement date 07/06/10	CNY	101,610,000	USD	15,000,000		14,994,331		(5,669	)
settlement date 07/06/10	CNY	14,883,000	USD	2,200,000		2,196,247		(3,753	)
settlement date 07/06/10	CNY	58,721,760	USD	8,640,000		8,665,422		25,422
Indian Rupee / United States Dollar
settlement date 11/20/09	INR	636,805,000	USD	13,000,000		13,176,195		176,195
settlement date 01/11/10	INR	97,210,000	USD	2,000,000		2,004,489		4,489
settlement date 01/11/10	INR	83,045,000	USD	1,700,000		1,712,404		12,404
settlement date 01/11/10	INR	88,002,000	USD	1,800,000		1,814,619		14,619
settlement date 01/11/10	INR	197,240,000	USD	4,000,000		4,067,128		67,128
settlement date 04/06/10	INR	112,125,000	USD	2,300,000		2,300,479		479
Indonesian Rupiah / United States Dollar
settlement date 09/15/09	IDR	12,895,000,000	USD	1,250,000		1,288,043		38,043
settlement date 09/30/09	IDR	38,431,250,000	USD	3,250,000		3,827,829		577,829
settlement date 09/30/09	IDR	72,870,000,000	USD	6,000,000		7,257,998		1,257,998
settlement date 04/28/10	IDR	18,612,000,000	USD	1,800,000		1,779,531		(20,469	)
settlement date 04/28/10	IDR	20,710,000,000	USD	2,000,000		1,980,125		(19,875	)
settlement date 04/28/10	IDR	10,390,000,000	USD	1,000,000		993,409		(6,591	)
Philippine Peso / United States Dollar
settlement date 10/05/09	PHP	85,085,000	USD	1,750,000		1,758,944		8,944
settlement date 10/13/09	PHP	290,460,000	USD	6,000,000		6,001,180		1,180
settlement date 01/28/10	PHP	77,976,000	USD	1,600,000		1,598,669		(1,331	)
Singapore Dollar / United States Dollar
settlement date 10/28/09	SGD	2,735,875	USD	1,900,000		1,901,131		1,131
settlement date 10/28/09	SGD	2,881,450	USD	2,000,000		2,002,289		2,289
settlement date 10/28/09	SGD	5,048,428	USD	3,500,000		3,508,100		8,100
South Korean Won / United States Dollar
settlement date 08/21/09	KRW	32,612,000,000	USD	26,300,000		26,595,576		295,576
settlement date 09/15/09	KRW	8,215,680,000	USD	6,600,000		6,706,271		106,271
settlement date 09/15/09	KRW	1,958,950,000	USD	1,450,000		1,599,046		149,046
settlement date 09/15/09	KRW	24,880,000,000	USD	20,000,000		20,308,972		308,972
settlement date 09/15/09	KRW	13,720,000,000	USD	10,273,306		11,199,320		926,014
settlement date 10/06/09	KRW	8,465,450,000	USD	6,700,000		6,913,183		213,183
settlement date 10/13/09	KRW	5,100,000,000	USD	4,000,000		4,165,394		165,394
settlement date 10/15/09	KRW	2,496,600,000	USD	2,000,000		2,039,160		39,160
settlement date 10/15/09	KRW	3,970,240,000	USD	3,200,000		3,242,793		42,793
settlement date 10/15/09	KRW	9,946,400,000	USD	8,000,000		8,123,971		123,971
settlement date 10/15/09	KRW	9,986,250,000	USD	7,500,000		8,156,519		656,519
settlement date 12/01/09	KRW	7,903,500,000	USD	5,500,000		6,468,959		968,959
Taiwan Dollar / United States Dollar
settlement date 01/28/10	TWD	138,804,000	USD	4,300,000		4,299,189		(811	)
settlement date 01/28/10	TWD	9,687,000	USD	300,000		300,036		36
settlement date 01/29/10	TWD	12,910,000	USD	400,000		399,886		(114	)
United States Dollar / Indonesian Rupiah
settlement date 09/08/09	USD	3,400,000	IDR	35,139,000,000		3,514,568		(114,568	)
settlement date 09/15/09	USD	5,000,000	IDR	49,900,000,000		4,984,361		15,639
settlement date 09/30/09	USD	4,150,000	IDR	46,874,250,000		4,668,769		(518,769	)
United States Dollar / Japanese Yen
settlement date 10/13/09	USD	4,000,000	JPY	373,088,000		3,946,427		53,573
settlement date 10/28/09	USD	2,700,000	JPY	255,617,100		2,704,220		(4,220	)
settlement date 10/28/09	USD	1,000,000	JPY	94,723,700		1,002,099		(2,099	)
settlement date 10/28/09	USD	1,100,000	JPY	103,720,540		1,097,279		2,721
United States Dollar / Philippine Peso
settlement date 10/13/09	USD	29,472,000	PHP	1,447,458,336		29,905,869		(433,869	)
United States Dollar / South Korean Won
settlement date 08/21/09	USD	20,000,000	KRW	24,940,000,000		20,338,944		(338,944	)
settlement date 08/31/09	USD	4,000,000	KRW	5,018,000,000		4,094,743		(94,743	)
United States Dollar / Thai Baht
settlement date 10/15/09	USD	5,870,583	THB	211,341,000		6,204,731		(334,148	)
					$	324,598,260	$	4,563,517

Cross Currency Contract Details	Contract Value Local Amount	Contract Value Base Amount			Market Value Base Amount			Unrealized Appreciation/ (Depreciation)
(a) Australian Dollar (Long) settlement date 01/13/10	5,000,000	$	3,927,501		$	4,125,254		$	197,753
(a) Japanese Yen (Short) settlement date 01/13/10	359,110,000		(3,927,501	)		(3,803,455	)		124,046
		$	0		$	321,799		$	321,799

At July 31, 2009, the Fund’s open futures contracts were as follows:

Futures Contract	Number of Contracts Long (Short)		Expiration Date	Unrealized Appreciation/ (Depreciation)
Australian Treasury 10 Year Bond Future	(77	)	09/15/09	$	30,345
Korea Treasury 3 Year Bond Future	1,102		09/15/09		324,709
U.S. Treasury 2 Year Bond Future	(19	)	09/30/09		(24,684	)
U.S. Treasury 5 Year Bond Future	(595	)	09/30/09		(234,501	)
U.S. Treasury 10 Year Bond Future	118		09/21/09		317,125
				$	412,994

At July 31, 2009, the Fund’s cross currency swaps were as follows:

Deliverable	Receving Notional Amount	Paying Notional Amount	Expiration Date	Counterparty	Floating Rate Index	Fixed Rate		Unrealized Appreciation/ (Depreciation)
Receive Floating USD / Pay Fixed KRW	2,426,007	2,500,000,000	06/13/11	CITI	6-Month LIBOR Index	3.81	%		319,620
Receive Floating USD / Pay Fixed KRW	2,354,310	2,226,000,000	02/16/10	CITI	6-Month LIBOR Index	3.05	%		515,801
Receive Floating USD / Pay Fixed KRW	4,859,611	4,500,000,000	06/22/17	CITI	6-Month LIBOR Index	5.24	%		659,019
Receive Floating USD / Pay Fixed KRW	15,000,000	15,543,000,000	06/28/13	CITI	6-Month LIBOR Index	4.30	%		1,523,970
Receive Floating USD / Pay Fixed KRW	19,743,337	20,000,000,000	07/11/10	CITI	6-Month LIBOR Index	3.53	%		3,132,215
Receive Floating USD / Pay Fixed KRW	20,018,016	20,000,000,000	07/14/10	CITI	6-Month LIBOR Index	4.05	%		3,321,882
Receive Floating USD / Pay Fixed KRW	20,000,000	20,220,000,000	05/07/10	CITI	6-Month LIBOR Index	2.87	%		3,337,173
Receive Fixed PHP / Pay Floating USD	639,000,000	15,000,000	12/03/12	CITI	6-Month LIBOR Index	5.53	%		(1,440,466	)
Receive Fixed PHP / Pay Floating USD	1,150,000,000	24,374,735	05/11/12	CITI	6-Month LIBOR Index	5.92	%		291,866
								$	11,661,080

At July 31, 2009, the Fund’s interest rate swaps were as follows:

Currency	Notional Amount	Expiration Date	Counterparty	Receive (Pay) Floating Rate	Floating Rate Index	Fixed Rate		Unrealized Appreciation/ (Depreciation)
KRW	25,000,000,000	03/27/18	CITI	Receive	3-Month KWCDC Index	5.10	%	$	(1,295,240	)
SGD	8,500,000	05/22/23	CITI	Pay	6-Month SORF Index	3.65	%		296,735
SGD	19,750,000	05/20/15	CITI	Pay	6-Month SORF Index	3.13	%		408,559
SGD	31,500,000	05/20/13	CITI	Pay	6-Month SORF Index	2.90	%		506,674
THB	485,906,000	07/09/13	CITI	Receive	6-Month BIBOR Index	6.22	%		(1,623,253	)
THB	200,000,000	02/12/14	UBS	Pay	6-Month THFX Index	2.75	%		(149,856	)
THB	485,906,000	07/09/13	CITI	Pay	6-Month BIBOR Index	4.04	%		468,832
USD	9,000,000	03/02/14	UBS	Pay	3-Month LIBOR Index	2.66	%		(33,540	)
								$	(1,421,089	)

Notes to Statements of Investments

1. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their Statements of Investments. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the Statements requires management to make estimates and assumptions that affect the reported amounts at the date of the Statements. Actual results could differ from those estimates.

Security Valuation - Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities such as commercial paper and U.S. Treasury Bills, having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

Shares of the Underlying Funds in which the Funds invest are valued at their respective net asset values as reported by the Underlying Funds or at the last sales price reflected at the close of the exchange on which the Underlying Funds are traded. The securities in the Underlying Funds are generally valued as of the close of business of the regular session of trading on the New York Stock Exchange. Underlying Funds generally value securities and assets at fair value.

The Funds holding foreign equity securities (the “Foreign Equity Funds”) value foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. For Funds that invest in foreign equity securities, “fair value” prices are automatically provided by an independent fair value service if such prices are available in accordance with fair value procedures approved by the Board of Trustees. Fair value prices are intended to reflect more accurately the value of those securities at the time a Fund’s net asset value (“NAV”) is calculated. Fair value prices are used because many foreign markets operate at times that do not coincide with those of the major U.S. markets. Events that could affect the values of foreign portfolio holdings may occur between the close of the foreign market and the time of determining the NAV, and would not otherwise be reflected in the NAV. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market

quotations for the foreign investments either are not readily available, are unreliable or may be affected by a significant event and therefore, do not represent fair value. When the fair value prices are utilized, the values assigned to the Foreign Equity Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets.

In 2009, the Funds adopted Statement of Financial Accounting Standards No. 157 (“FAS157”), “Fair Value Measurements”. FAS 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. One key component of the implementation of FAS 157, included the development of a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

• Level 1 - quoted prices in active markets for identical assets.

• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used to value the Funds’ investments as of July 31, 2009:

Aberdeen Equity Long-Short Fund

Asset Type	Level 1 - Quoted Prices ($)		Level 2 - Other Significant Observable Inputs ($)	Level 3 - Significant Unobservable Inputs ($)	Total ($)
Common Stocks - Long Positions	111,977,487		—	—	111,977,487
Common Stocks - Short Positions	(31,375,995	)	—	—	(31,375,995	)
Exchange Traded Funds - Short Positions	(11,902,818	)	—	—	(11,902,818	)
Repurchase Agreements	—		53,237,542	—	53,237,542
Total	68,698,674		53,237,542	—	121,936,216
Aberdeen Health Sciences Fund
Common Stock	17,145,316		399,951	—	17,545,267
Repurchase Agreements	—		244,700	—	244,700
Total	17,145,316		644,651	—	17,789,967
Aberdeen Natural Resources Fund
Common Stock	78,591,062		—	—	78,591,062
Repurchase Agreements	—		3,382,964	—	3,382,964
Total	78,591,062		3,382,964	—	81,974,026
Aberdeen Small Cap Fund
Common Stock	184,231,258		—	—	184,231,258
Repurchase Agreements	—		10,149,887	—	10,149,887
Total	184,231,258		10,149,887	—	194,381,145
Aberdeen Technology and Communications Fund
Common Stock	8,798,427		1,017,037	—	9,815,464
Repurchase Agreements	—		218,880	—	218,880
Total	8,798,427		1,235,917	—	10,034,344
Aberdeen U.S. Equity Fund
Common Stock	54,672,401		—	—	54,672,401
Repurchase Agreements	—		1,882,252	—	1,882,252
Total	54,672,401		1,882,252	—	56,554,653

Aberdeen Global Fixed Income Fund
Commercial Mortgage Backed Securities	—		1,967,656	—	1,967,656
Yankee Dollars	—		1,708,129	—	1,708,129
Foreign Non-Government Bonds	—		13,129,274	—	13,129,274
Corporate Bonds	—		4,973,552	—	4,973,552
Convertible Corporate Bonds	—		198,500	—	198,500
Other Domestic Government Bonds	—		9,607,569	—	9,607,569
U.S. Government Mortgage Backed Agencies	—		4,454,822	—	4,454,822
U.S. Treasury Obligations	—		7,290,459	—	7,290,459
Futures	(333	)	—	—	(333	)
Forward Foreign Currency Exchange Contracts	—		67,465	—	67,465
Total	(333	)	43,397,426	—	43,397,093
Aberdeen Tax-Free Income Fund
Municipal Bonds	—		119,308,491	—	119,308,491
Repurchase Agreements	—		4,912,889	—	4,912,889
Total	—		124,221,380	—	124,221,380

Aberdeen China Opportunities Fund
Common Stock	1,549,085	46,380,801	—	47,929,886
Repurchase Agreements	—	2,241,177	—	2,241,177
Total	1,549,085	48,621,978	—	50,171,063
Aberdeen Developing Markets Fund
Common Stock	26,449,022	49,771,642	—	76,220,664
Preferred Stock	5,302,254	3,589,338	—	8,891,592
Repurchase Agreements	—	4,193,594	—	4,193,594
Total	31,751,276	57,554,574	—	89,305,850
Aberdeen Global Financial Services Fund
Common Stock	22,481,476	19,298,825	—	41,780,301
Warrants	—	13,761	—	13,761
Repurchase Agreements	—	800,472	—	800,472
Total	22,481,476	20,113,058	—	42,594,534
Aberdeen Global Small Cap Fund
Common Stock	22,680,297	18,672,417	—	41,352,714
Exchange Traded Funds	1,645,480	—	—	1,645,480
Repurchase Agreements	—	649,620	—	649,620
Total	24,325,777	19,322,037	—	43,647,814
Aberdeen Global Utilities Fund
Common Stock	3,072,355	8,892,829	—	11,965,184
Repurchase Agreements	—	202,243	—	202,243
Total	3,072,355	9,095,072	—	12,167,427
Aberdeen International Equity Fund
Common Stock	48,739,781	295,851,985	—	344,591,766
Preferred Stock	—	14,282,694	—	14,282,694
Repurchase Agreements	—	6,108,503	—	6,108,503
Total	48,739,781	316,243,182	—	364,982,963
Aberdeen Select Worldwide Fund
Common Stock	10,141,752	22,115,462	—	32,257,214
Preferred Stock	—	1,006,874	—	1,006,874
Repurchase Agreements	—	102,318	—	102,318
Total	10,141,752	23,224,654	—	33,366,406

Aberdeen Optimal Allocations Fund: Defensive
Mutual Funds	5,295,139	—		—	5,295,139
Exchange Traded Funds	5,311,320	—		—	5,311,320
Repurchase Agreements	—	111,742		—	111,742
Total	10,606,459	111,742		—	10,718,201
Aberdeen Optimal Allocations Fund: Growth
Mutual Funds	7,854,517	—		—	7,854,517
Exchange Traded Funds	1,841,078	—		—	1,841,078
Repurchase Agreements	—	109,863		—	109,863
Total	9,695,595	109,863		—	9,805,458
Aberdeen Optimal Allocations Fund: Moderate
Mutual Funds	29,212,059	—		—	29,212,059
Exchange Traded Funds	16,003,202	—		—	16,003,202
Repurchase Agreements	—	546,278		—	546,278
Total	45,215,261	546,278		—	45,761,539
Aberdeen Optimal Allocations Fund: Moderate Growth
Mutual Funds	22,044,989	—		—	22,044,989
Exchange Traded Funds	6,641,021	—		—	6,641,021
Repurchase Agreements	—	216,131		—	216,131
Total	28,686,010	216,131		—	28,902,141
Aberdeen Optimal Allocations Fund: Specialty
Mutual Funds	37,354,389	—		—	37,354,389
Exchange Traded Funds	5,698,195	—		—	5,698,195
Repurchase Agreements	—	298,556		—	298,556
Total	43,052,584	298,556		—	43,351,140
Aberdeen International Equity Institutional Fund
Common Stock	578,569	13,351,945		—	13,930,514
Repurchase Agreements	—	489,945		—	489,945
Total	578,569	13,841,890		—	14,420,459
Aberdeen Asia Bond Institutional Fund
Yankee Dollars	—	79,739,493		—	79,739,493
Collateralized Mortgage Obligations	—	6,039,129		—	6,039,129
Sovereign Bonds	—	85,804,407		—	85,804,407
Sovereign Agency	—	885,278		—	885,278
Repurchase Agreements	—	63,125,244		—	63,125,244
Cross Currency Swaps	—	11,661,080		—	11,661,080
Futures	412,994	—		—	412,994
Interest Rate Swaps	—	(1,421,089	)	—	(1,421,089	)
Forward Foreign Currency Exchange Contracts	—	4,563,517		—	4,563,517
Total	412,994	250,397,059		—	250,810,053

Repurchase Agreements – The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or certain non-bank dealers. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.

Short Sales – Certain of the Funds are authorized to engage in short-selling of portfolio securities, which obligates the Funds to replace any security that the Funds have borrowed by purchasing the security at current market value sometime in the future. The Funds will incur a loss if the price of the security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds generally will realize a gain if the price of the security declines between these dates. Until the Funds replace the borrowed security, the Funds will segregate or earmark cash, other liquid assets and/or securities held long to sufficiently cover the Funds’ short position on a daily basis.

Foreign Currency Transactions – The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange as of the Valuation Time to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

Forward Foreign Currency Contracts – Certain Funds may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

Futures Contracts – Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities that the Funds intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish those Fund’s positions may not exceed 5% of the Fund’s net asset value after taking into account unrealized profits and unrealized losses on any such contract it has entered into. Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (“initial margin deposit”). Subsequent payments, known as “variation margins,” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price. A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value/market value of the underlying hedged assets.

Swaps – Certain Funds may enter into swap transactions. A swap is a contract between a Fund and another party in which the parties agree to exchange streams of payments at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of any underlying asset or notional principal amount. Credit swaps involve the receipt of floating or fixed rate payments in exchange for assuming potential credit losses on an underlying security. Interest rate swaps involve the exchange by a Fund with another party of its respective commitments to pay or receive interest, such as an exchange of fixed-rate payments for floating rate payments. Currency swaps involve the exchange of the parties’ respective rights to make or receive payments in specified currencies.

Payments exchanged during the term of the swap transaction are recorded as realized gain or a loss. Changes in the value of the swap are recognized as unrealized appreciation or depreciation by “marking-to-market” to reflect the fair market value of the swap. When the swap is terminated, the Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.

Notional amounts of swaps are used to express the extent of involvement in these transactions, although the risk of loss may exceed amounts recognized in the Fund’s financial statements. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the contracts. A Fund is exposed to credit risk in the event of non-performance by the counterparty to the swap. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a swap contract in evaluating potential credit risk.

Equity-Linked Notes – The Asia Bond Institutional Fund may invest in credit linked securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain fixed income markets. For instance, the Fund may invest in credit linked securities as a cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par value (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that the Fund would receive. The Fund’s investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is also expected that the securities will be exempt from registration under the Securities Act of 1933. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

Mortgage Dollar Rolls – Certain Funds may invest in mortgage dollar rolls. Mortgage dollar rolls are arrangements in which a Fund would sell mortgage-backed securities for delivery in the current month and simultaneously contract to purchase substantially similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. The Fund could potentially receive gains on the difference between the current sales price and the lower price for the future purchase as well as by any interest earned on the proceeds of the initial sale. At the time the Fund enters into a mortgage dollar roll, it would set aside permissible liquid assets in a segregated account to secure its obligation for the forward commitment to buy mortgage-backed securities. Depending on whether the segregated assets are cash equivalent or some other type of security, entering into mortgage dollar rolls may subject the Fund to additional interest rate sensitivity. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date.

Security Transactions – Security transactions are accounted for on the date the security is purchased or sold (i.e., the “trade date”). Securities gains and losses are calculated on the identified cost basis.

New Accounting Pronouncements – In April 2009, the FASB issued FASB Staff Position No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying transactions That Are Not Orderly” (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with FASB Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

In March 2008, the Financial Accounting Standards Board issued the Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Funds’ financial position, performance and cash flows. Management is currently evaluating the implications of SFAS 161. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed.

2. Federal Tax Information

As of July 31, 2009, the tax cost of securities and the breakdown of unrealized appreciation/depreciation for each Fund were as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Aberdeen Equity Long-Short Fund	$	123,510,311	$	3,893,247	$	(5,467,342	)	$	(1,574,095	)
Aberdeen Health Sciences Fund		18,570,425		598,474		(1,378,932	)		(780,458	)
Aberdeen Natural Resources Fund		76,960,138		7,121,274		(2,107,386	)		5,013,888
Aberdeen Small Cap Fund		182,032,399		17,497,455		(5,148,709	)		12,348,746
Aberdeen Technology and Communications Fund		9,723,501		518,617		(207,774	)		310,843
Aberdeen U.S. Equity Fund		48,267,439		8,309,133		(21,919	)		8,287,214
Aberdeen Global Fixed Income Fund		42,212,269		1,519,958		(402,266	)		1,117,692
Aberdeen Tax-Free Income Fund		121,207,529		5,574,941		(2,561,090	)		3,013,851
Aberdeen China Opportunities Fund		39,535,744		12,171,204		(1,535,885	)		10,635,319
Aberdeen Developing Markets Fund		77,254,093		12,716,089		(664,332	)		12,051,757
Aberdeen Global Financial Services Fund		40,588,013		4,667,412		(2,660,891	)		2,006,521
Aberdeen Global Small Cap Fund		45,753,563		4,671,654		(6,777,403	)		(2,105,749	)
Aberdeen Global Utilities Fund		14,310,781		550,919		(2,694,273	)		(2,143,354	)
Aberdeen International Equity Fund		331,819,784		41,154,539		(7,991,360	)		33,163,179
Aberdeen Select Worldwide Fund		29,940,292		4,128,112		(701,998	)		3,426,114
Aberdeen Optimal Allocations Fund: Defensive		10,679,863		179,032		(140,694	)		38,338
Aberdeen Optimal Allocations Fund: Growth		12,841,769		53,490		(3,089,801	)		(3,036,311	)
Aberdeen Optimal Allocations Fund: Moderate		51,229,435		802,860		(6,270,756	)		(5,467,896	)
Aberdeen Optimal Allocations Fund: Moderate Growth		34,841,995		135,640		(6,075,494	)		(5,939,854	)
Aberdeen Optimal Allocations Fund: Specialty		57,206,693		624,481		(14,480,034	)		(13,855,553	)
Aberdeen International Equity Institutional Fund		14,916,156		1,745,503		(2,241,200	)		(495,697	)
Aberdeen Asia Bond Institutional Fund		248,239,860		1,749,731		(14,396,040	)		(12,646,309	)

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Aberdeen Funds
By (Signature and Title)	/s/ Andrea Melia
	Andrea Melia, Treasurer

Date: September 28^th, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Gary Marshall
	Gary Marshall, President

Date: September 28^th, 2009

By (Signature and Title)	/s/ Andrea Melia
	Andrea Melia, Treasurer

Date: September 28^th, 2009

EX-99.CERT

CERTIFICATIONS

I, Gary Marshall, certify that:

1. I have reviewed this report on Form N-Q of Aberdeen Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 28th, 2009	/s/ Gary Marshall
Date	Gary Marshall
	President

CERTIFICATIONS

I, Andrea Melia, certify that:

1. I have reviewed this report on Form N-Q of Aberdeen Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 28th, 2009	/s/ Andrea Melia
Date	Andrea Melia
	Treasurer