Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (90.0%)
AUSTRALIA (10.2%)
Consumer Discretionary (2.0%)
Aristocrat Leisure Ltd.		6,325	$	118,591
Health Care (5.5%)
Cochlear Ltd.		882		120,361
CSL Ltd.		1,047		203,644
				324,005
Materials (1.9%)
BHP Group PLC		5,057		109,350
Real Estate (0.8%)
Goodman Group, REIT		4,100		49,850
				601,796
CHINA (33.6%)
Communication Services (10.2%)
58.com, Inc., ADR(a)		430		23,809
Tencent Holdings Ltd.		8,400		576,225
				600,034
Consumer Discretionary (8.6%)
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b)		3,499		121,926
Huazhu Group Ltd., ADR		800		27,464
Meituan Dianping, B Shares(a)		3,300		81,663
Midea Group Co. Ltd., A Shares (Stock Connect)(b)		10,499		107,834
New Oriental Education & Technology Group, Inc., ADR(a)		320		44,864
SAIC Motor Corp. Ltd., A Shares(b)		29,215		76,084
Yum China Holdings, Inc.		961		49,242
				509,077
Consumer Staples (2.9%)
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b)		700		168,355
Energy (0.6%)
CNOOC Ltd.		32,000		33,776
Financials (4.2%)
China Merchants Bank Co. Ltd., H Shares		5,000		23,335
Ping An Insurance Group Co. of China Ltd., H Shares		21,500		226,851
				250,186
Health Care (2.0%)
Hangzhou Tigermed Consulting Co. Ltd., H Shares(a)		500		6,517
Wuxi Biologics Cayman, Inc.(a)(c)		5,500		113,541
				120,058
Industrials (1.0%)
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(b)		5,798		56,401

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

Information Technology (0.8%)
GDS Holdings Ltd., ADR(a)	598	$	48,013
Materials (1.0%)
Anhui Conch Cement Co. Ltd., H Shares	7,500		56,716
Real Estate (2.3%)
China Resources Land Ltd.	32,000		133,373
			1,975,989
HONG KONG (6.9%)
Consumer Staples (1.2%)
Budweiser Brewing Co. APAC Ltd.(c)	19,100		69,310
Financials (3.8%)
AIA Group Ltd.	13,000		117,220
Hong Kong Exchanges & Clearing Ltd.	2,242		106,749
			223,969
Industrials (0.5%)
Jardine Strategic Holdings Ltd.	1,600		32,232
Information Technology (0.5%)
ASM Pacific Technology Ltd.	2,500		28,218
Real Estate (0.9%)
Swire Properties Ltd.	21,700		50,149
			403,878
INDIA (9.9%)
Consumer Staples (2.0%)
Hindustan Unilever Ltd.	1,819		53,661
ITC Ltd.	24,356		63,128
			116,789
Financials (5.0%)
Housing Development Finance Corp. Ltd.	5,569		132,783
Kotak Mahindra Bank Ltd.(a)	5,569		101,450
SBI Life Insurance Co. Ltd.(c)	5,000		60,836
			295,069
Information Technology (1.8%)
Tata Consultancy Services Ltd.	3,379		103,063
Materials (1.1%)
Asian Paints Ltd.	500		11,478
UltraTech Cement Ltd.	1,020		56,203
			67,681
			582,602
INDONESIA (4.2%)
Consumer Discretionary (1.6%)
Astra International Tbk PT	271,600		95,675
Financials (2.6%)
Bank Central Asia Tbk PT	70,900		151,866
			247,541

See accompanying Notes to Statements of Investments

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

MACAU (0.6%)
Consumer Discretionary (0.6%)
Sands China Ltd.	9,200	$	35,078
NETHERLANDS (1.3%)
Information Technology (1.3%)
ASML Holding NV	222		78,929
NEW ZEALAND (1.1%)
Health Care (0.3%)
Fisher & Paykel Healthcare Corp. Ltd.	740		17,483
Information Technology (0.8%)
Xero Ltd.(a)	756		48,455
			65,938
PHILIPPINES (2.5%)
Financials (0.4%)
Bank of the Philippine Islands	17,255		23,962
Industrials (1.9%)
Ayala Corp.	7,470		110,996
Real Estate (0.2%)
Ayala Land, Inc.	16,300		11,054
			146,012
SINGAPORE (5.6%)
Communication Services (1.2%)
Singapore Telecommunications Ltd.	38,200		69,328
Financials (2.6%)
DBS Group Holdings Ltd.	4,215		60,889
Oversea-Chinese Banking Corp. Ltd.	15,132		94,783
			155,672
Industrials (0.6%)
Keppel Corp. Ltd.	8,300		32,684
Real Estate (1.2%)
CapitaLand Ltd.	12,300		24,825
City Developments Ltd.	7,800		46,711
			71,536
			329,220
SOUTH KOREA (1.7%)
Information Technology (0.5%)
Samsung SDI Co. Ltd.	90		30,131
Materials (1.2%)
LG Chem Ltd.	148		70,868
			100,999

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

TAIWAN (9.1%)
Communication Services (0.7%)
Taiwan Mobile Co. Ltd.	11,100	$	39,772
Information Technology (8.4%)
Taiwan Semiconductor Manufacturing Co. Ltd.	34,000		494,823
			534,595
THAILAND (2.3%)
Health Care (0.7%)
Bangkok Dusit Medical Services PCL, Foreign Shares	61,800		43,924
Materials (1.0%)
Siam Cement PCL (The), Foreign Shares	4,900		60,123
Real Estate (0.6%)
Central Pattana PCL, Foreign Shares	21,200		32,923
			136,970
UNITED KINGDOM (1.0%)
Materials (1.0%)
Rio Tinto PLC - London Listing	931		56,672
Total Common Stocks			5,296,219
PREFERRED STOCKS (8.5%)
SOUTH KOREA  (8.5%)
Information Technology (8.5%)
Samsung Electronics Co. Ltd.	11,946		498,958
Total Preferred Stocks			498,958
SHORT-TERM INVESTMENT (1.6%)
UNITED STATES (1.6%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(d)	95,908		95,908
Total Short-Term Investment			95,908
Total Investments (Cost $4,943,836) —100.1%			5,891,085
Liabilities in Excess of Other Assets—(0.1)%			(5,649	)
Net Assets—100.0%		$	5,885,436

(a)	Non-income producing security.
(b)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(c)	Denotes a security issued under Regulation S or Rule 144A.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen China A Share Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (95.7%)
CHINA (95.7%)
Consumer Discretionary (20.8%)
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(a)		47,123	$	1,639,564
Fuyao Glass Industry Group Co. Ltd., A Shares(a)		75,641		264,069
Haier Smart Home Co. Ltd., A Shares(a)		105,500		271,807
Hangzhou Robam Appliances Co. Ltd., A Shares(a)		23,115		126,710
Midea Group Co. Ltd., A Shares (Stock Connect)(a)		73,042		749,072
SAIC Motor Corp. Ltd., A Shares(a)		49,700		129,238
				3,180,460
Consumer Staples (20.3%)
Foshan Haitian Flavouring & Food Co. Ltd., A Shares(a)		28,090		602,379
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares(a)		40,800		213,719
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(a)		5,400		1,296,781
Wuliangye Yibin Co. Ltd., A Shares(a)		24,837		773,019
Yonghui Superstores Co. Ltd., A Shares(a)		161,500		207,736
				3,093,634
Energy (0.0%)
G3 Exploration Ltd.(b)		53,000		7,319
Financials (20.5%)
Bank of Ningbo Co. Ltd., A Shares(a)		81,915		339,267
China Construction Bank Corp., Class H		187,000		136,347
China Life Insurance Co. Ltd., H Shares		142,000		325,736
China Merchants Bank Co. Ltd., A Shares(a)		133,932		666,478
Industrial & Commercial Bank of China Ltd., Class H		208,000		121,876
Ping An Bank Co. Ltd., A Shares(a)		211,900		404,067
Ping An Insurance Group Co. of China Ltd., A Shares(a)		104,933		1,138,185
				3,131,956
Health Care (9.8%)
Aier Eye Hospital Group Co. Ltd., A Shares(a)		106,615		691,548
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., A Shares(a)		60,600		262,859
Hangzhou Tigermed Consulting Co. Ltd., A Shares(a)		25,008		385,268
Hangzhou Tigermed Consulting Co. Ltd., H Shares(b)		700		9,123
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares(a)		3,000		149,040
				1,497,838
Industrials (5.6%)
Centre Testing International Group Co. Ltd., A Shares(a)		15,000		50,195
Guangzhou Baiyun International Airport Co. Ltd., A Shares(a)		17,600		35,785
NARI Technology Co. Ltd., A Shares(a)		46,300		140,954
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(a)		39,862		387,180
Shanghai M&G Stationery, Inc., A Shares(a)		16,800		157,100
Shenzhen Airport Co. Ltd., A Shares (Stock Connect)(a)		58,101		82,876
				854,090

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen China A Share Equity Fund

Information Technology (12.1%)
Beijing Sinnet Technology Co. Ltd., A Shares(a)	122,200	$	457,718

Glodon Co. Ltd., A Shares(a)	21,161		231,711
Hangzhou Hikvision Digital Technology Co. Ltd., A Shares (Stock Connect)(a)	134,150		710,183
Venustech Group,Inc., A Shares(a)	78,700		444,036
			1,843,648
Materials (3.9%)
Anhui Conch Cement Co. Ltd., A Shares(a)	54,300		477,218
Yunnan Energy New Material Co. Ltd., A Shares(a)	10,600		121,063
			598,281
Real Estate (2.7%)
China Vanke Co. Ltd., A Shares(a)	107,473		412,414
			14,619,640
Total Common Stocks			14,619,640
EXCHANGE-TRADED FUNDS (0.3%)
CHINA (0.1%)
Xtrackers Harvest CSI 300 China A Shares ETF(a)	505		17,049
UNITED STATES (0.2%)
KraneShares Bosera MSCI China A Shares ETF(a)	812		31,682
Total Exchange-Traded Funds			48,731
SHORT-TERM INVESTMENT(3.9%)
UNITED STATES (3.9%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)	597,174		597,174
			597,174
Total Short-Term Investment			597,174
Total Investments(Cost $12,546,925) —99.9%			15,265,545
Other Assets in Excess of Liabilities—0.1%			10,602
Net Assets—100.0%		$	15,276,147

(a)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(b)	Non-income producing security.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ETF	Exchange-Traded Fund

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Dynamic Dividend Fund

	Shares or Principal Amount		Value
COMMON STOCKS (96.2%)
BRAZIL (3.0%)
Industrials (1.9%)
CCR SA		458,100	$	1,313,737
Cosan Logistica SA(a)		196,400		762,024
				2,075,761
Materials (1.1%)
Vale SA, ADR(a)		105,000		1,222,200
				3,297,961
CANADA (2.6%)
Energy (1.2%)
Enbridge, Inc.		40,600		1,299,200
Materials (1.4%)
Barrick Gold Corp.		55,476		1,603,811
				2,903,011
CHINA (1.2%)
Financials (1.2%)
Ping An Insurance Group Co. of China Ltd., H Shares		124,500		1,313,627
FINLAND (1.1%)
Information Technology (1.1%)
Nokia OYJ		261,600		1,255,712
FRANCE (4.5%)
Energy (0.8%)
TOTAL SA, ADR		24,300		915,138
Financials (1.3%)
AXA SA		73,900		1,482,707
Industrials (1.3%)
Alstom SA(a)		25,694		1,431,750
Utilities (1.1%)
Veolia Environnement SA		52,200		1,195,776
				5,025,371
GERMANY (5.0%)
Financials (1.4%)
Deutsche Boerse AG		8,800		1,601,105
Health Care (1.0%)
Bayer AG		16,100		1,069,579
Information Technology (1.1%)
Infineon Technologies AG		46,100		1,175,337

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Dynamic Dividend Fund

Utilities (1.5%)
RWE AG	45,000	$	1,696,247
			5,542,268
HONG KONG (1.2%)
Financials (1.2%)
Hong Kong Exchanges& Clearing Ltd.	28,400		1,352,213
INDONESIA (1.3%)
Communication Services (1.3%)
Tower Bersama Infrastructure Tbk PT	16,386,000		1,415,040
JAPAN (3.6%)
Financials (0.9%)
Mitsubishi UFJ Financial Group,Inc.	263,900		988,917
Health Care (1.1%)
Shionogi& Co. Ltd.	20,200		1,201,717
Real Estate (1.6%)
GLP J-REIT	1,100		1,834,722
			4,025,356
LUXEMBOURG (0.9%)
Materials (0.9%)
ArcelorMittal SA(a)	89,900		986,203
MEXICO (0.7%)
Utilities (0.7%)
Infraestructura Energetica Nova SAB de CV	276,700		820,589
NETHERLANDS (3.5%)
Consumer Staples (2.4%)
Heineken NV	15,600		1,511,245
Unilever NV	19,600		1,158,169
			2,669,414
Information Technology (1.1%)
ASML Holding NV	3,300		1,173,274
			3,842,688
NORWAY (1.1%)
Communication Services (1.1%)
Telenor ASA	75,800		1,171,776
SINGAPORE (0.9%)
Financials (0.9%)
Oversea-Chinese Banking Corp. Ltd.	164,800		1,032,267
SOUTH KOREA (1.5%)
Materials (1.5%)
LG Chem Ltd.	3,400		1,628,055

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Dynamic Dividend Fund

SPAIN (1.0%)
Industrials (1.0%)
Ferrovial SA	47,112	$	1,153,631
SWEDEN (1.0%)
Consumer Staples (1.0%)
Essity AB, Class B(a)	32,200		1,062,420
SWITZERLAND (5.4%)
Consumer Staples (1.5%)
Nestle SA	14,000		1,664,904
Financials (1.4%)
Zurich Insurance Group AG	4,000		1,479,211
Health Care (2.5%)
Novartis AG	15,000		1,235,508
Roche Holding AG	4,500		1,558,604
			2,794,112
			5,938,227
TAIWAN (1.3%)
Information Technology (1.3%)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	18,900		1,491,021
UNITED KINGDOM (8.0%)
Communication Services (1.6%)
Cineworld Group PLC	485,000		243,821
Vodafone Group PLC, ADR	103,300		1,570,160
			1,813,981
Energy (0.7%)
BP PLC, ADR	35,800		789,032
Financials (0.8%)
Standard Chartered PLC	174,500		872,477
Health Care (2.6%)
AstraZeneca PLC, ADR	26,300		1,467,014
Dechra Pharmaceuticals PLC	36,200		1,347,121
			2,814,135
Industrials (0.5%)
Melrose Industries PLC	530,274		585,539
Information Technology (1.8%)
Avast PLC(b)	270,900		2,031,132
			8,906,296
UNITED STATES (47.4%)
Communication Services (2.8%)
Activision Blizzard,Inc.	19,000		1,569,970
Alphabet,Inc., Class C(a)	1,000		1,482,960
			3,052,930

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Dynamic Dividend Fund

Consumer Discretionary (8.7%)
Aptiv PLC	16,800	$	1,306,200
Dollar General Corp.	8,600		1,637,440
Las Vegas Sands Corp.	19,700		859,708
Lowe's Cos.,Inc.	13,000		1,935,830
Target Corp.	10,700		1,346,916
TJX Cos.,Inc. (The)	22,800		1,185,372
Whirlpool Corp.	8,600		1,402,832
			9,674,298
Consumer Staples (2.3%)
Kraft Heinz Co. (The)	32,900		1,131,102
Mondelez International,Inc., Class A	26,600		1,476,034
			2,607,136
Energy (2.7%)
EOG Resources,Inc.	22,800		1,068,180
Williams Cos.,Inc. (The)	102,000		1,951,260
			3,019,440
Financials (5.3%)
Bank of America Corp.	44,500		1,107,160
Blackstone Group,Inc. (The), Class A	16,100		857,808
Charles Schwab Corp. (The)	26,600		881,790
Citigroup,Inc.	21,100		1,055,211
Goldman Sachs Group,Inc. (The)	5,700		1,128,372
Huntington Bancshares,Inc.	95,300		883,431
			5,913,772
Health Care (6.0%)
AbbVie,Inc.	17,603		1,670,701
Bristol-Myers Squibb Co.	22,200		1,302,252
Eli Lilly& Co.	6,400		961,856
Medtronic PLC	13,600		1,312,128
UnitedHealth Group,Inc.	4,500		1,362,510
			6,609,447
Industrials (4.4%)
Delta Air Lines,Inc.	24,800		619,256
FedEx Corp.	11,200		1,886,080
Lockheed Martin Corp.	3,100		1,174,807
Norfolk Southern Corp.	6,300		1,210,923
			4,891,066
Information Technology (11.1%)
Apple,Inc.	8,200		3,485,328
Broadcom,Inc.	4,900		1,552,075
Cisco Systems,Inc.	32,600		1,535,460
Intel Corp.	22,800		1,088,244
Microsoft Corp.	11,400		2,337,114
NortonLifeLock,Inc.	54,125		1,160,981
TE Connectivity Ltd.	13,300		1,184,631
			12,343,833

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Dynamic Dividend Fund

Real Estate (1.9%)
Digital Realty Trust,Inc.	7,700	$	1,236,158

GEO Group,Inc. (The), REIT	80,000		850,400
			2,086,558
Utilities (2.2%)
FirstEnergy Corp.	31,100		901,900
NextEra Energy,Inc.	5,300		1,487,710
			2,389,610
			52,588,090
Total Common Stocks			106,751,822
PREFERRED STOCKS (1.4%)
SOUTH KOREA (1.4%)
Information Technology (1.4%)
Samsung Electronics Co. Ltd.	38,500		1,608,060
Total Preferred Stocks			1,608,060
SHORT-TERM INVESTMENT (1.9%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)	2,088,194		2,088,194
Total Short-Term Investment			2,088,194
Total Investments(Cost $98,557,422) —99.5%			110,448,076
Other Assets in Excess of Liabilities—0.5%			507,879
Net Assets—100.0%		$	110,955,955

(a)	Non-income producing security.
(b)	Denotes a security issued under Regulation S or Rule 144A.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.

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

At July 31, 2020, the Fund's open forward foreign currency exchange contracts were as follows:  

Sale Contracts Settlement Date	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Depreciation
United States Dollar/Euro
10/07/2020	Royal Bank of Canada	USD	2,923,448	EUR	2,600,000	$	3,066,851	$	(143,403	)

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Fund 

	Shares or Principal Amount		Value
COMMON STOCKS (89.0%)
BRAZIL (5.1%)
Consumer Discretionary (2.1%)
MercadoLibre, Inc.(a)		73,080	$	82,187,230
Industrials (1.0%)
WEG SA		3,004,420		38,789,561
Materials (2.0%)
Vale SA, ADR(a)		7,032,920		81,863,189
				202,839,980
CHINA (39.4%)
Communication Services (10.9%)
58.com, Inc., ADR(a)		210,895		11,677,256
Autohome, Inc., ADR		551,740		48,360,011
China Mobile Ltd.		2,667,100		18,205,984
Tencent Holdings Ltd.		5,161,500		354,069,373
				432,312,624
Consumer Discretionary (13.1%)
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect)(b)		3,151,603		109,820,368
Huazhu Group Ltd., ADR		1,160,521		39,840,686
Meituan Dianping, B Shares(a)		3,632,300		89,886,678
Midea Group Co. Ltd., A Shares (Stock Connect)(b)		7,749,846		79,597,536
New Oriental Education & Technology Group, Inc., ADR(a)		302,804		42,453,121
Prosus(a)		928,838		90,400,969
Shenzhou International Group Holdings Ltd.		3,322,600		39,687,543
Yum China Holdings, Inc.(c)		472,939		24,233,395
				515,920,296
Consumer Staples (2.1%)
Kweichow Moutai Co. Ltd., A Shares (Stock Connect)(b)		348,115		83,724,315
Financials (5.0%)
China Merchants Bank Co. Ltd., H Shares		11,032,000		51,486,177
Ping An Insurance Group Co. of China Ltd., H Shares		14,017,000		147,896,468
				199,382,645
Health Care (1.5%)
Hangzhou Tigermed Consulting Co. Ltd., H Shares(a)		92,000		1,199,013
Wuxi Biologics Cayman, Inc.(a)(d)		2,858,000		59,000,100
				60,199,113
Industrials (2.1%)
China Conch Venture Holdings Ltd.		4,243,500		18,254,261
NARI Technology Co. Ltd., A Shares(b)		6,304,366		19,221,742
Shanghai International Airport Co. Ltd., A Shares (Stock Connect)(b)		4,547,389		44,235,629
				81,711,632

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Fund 

Information Technology (1.6%)
LONGi Green Energy Technology Co. Ltd., A Shares(b)	7,914,106	$	64,636,314
Real Estate (2.1%)
China Resources Land Ltd.	20,010,000		83,399,874
Utilities (1.0%)
China Resources Gas Group Ltd.	7,970,000		39,312,014
			1,560,598,827
HONG KONG (4.9%)
Consumer Staples (1.3%)
Budweiser Brewing Co. APAC Ltd.(d)	13,817,100		50,139,523
Financials (3.6%)
AIA Group Ltd.	6,247,200		56,330,620
Hong Kong Exchanges & Clearing Ltd.	1,795,865		85,506,768
			141,837,388
			191,976,911
INDIA (10.2%)
Consumer Staples (2.0%)
Hindustan Unilever Ltd.	1,272,680		37,544,760
ITC Ltd.	15,503,983		40,184,283
			77,729,043
Financials (5.1%)
Housing Development Finance Corp. Ltd.	3,970,770		94,675,812
Kotak Mahindra Bank Ltd.(a)	3,430,317		62,489,806
SBI Life Insurance Co. Ltd.(d)	3,711,994		45,164,952
			202,330,570
Information Technology (2.0%)
Tata Consultancy Services Ltd.	2,588,785		78,960,934
Materials (1.1%)
UltraTech Cement Ltd.	793,396		43,716,711
			402,737,258
INDONESIA (3.3%)
Consumer Discretionary (0.8%)
Astra International Tbk PT	94,560,000		33,310,039
Financials (2.4%)
Bank Central Asia Tbk PT	29,053,800		62,232,423
Bank Rakyat Indonesia Persero Tbk PT	143,664,900		31,206,194
			93,438,617
Materials (0.1%)
Indocement Tunggal Prakarsa Tbk PT(a)	3,827,819		3,250,287
			129,998,943
MACAU (1.3%)
Consumer Discretionary (1.3%)
Sands China Ltd.	13,600,400		51,855,791

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Fund 

MEXICO (2.7%)
Consumer Staples (1.3%)
Fomento Economico Mexicano SAB de CV, ADR	854,501	$	52,560,357
Financials (1.0%)
Grupo Financiero Banorte SAB de CV, Class O(a)	10,331,339		37,003,416
Industrials (0.4%)
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)	1,664,350		16,677,153
			106,240,926
NETHERLANDS (1.2%)
Information Technology (1.2%)
ASML Holding NV	131,000		46,575,429
PHILIPPINES (2.0%)
Financials (0.6%)
Bank of the Philippine Islands	17,990,194		24,982,821
Real Estate (1.4%)
Ayala Land, Inc.	81,324,400		55,152,459
			80,135,280
RUSSIA (4.3%)
Communication Services (1.5%)
Yandex(a)	1,014,200		58,357,068
Energy (1.9%)
LUKOIL PJSC, ADR	540,048		36,977,086
Novatek PJSC	2,631,345		38,714,654
			75,691,740
Financials (0.9%)
Sberbank of Russia PJSC	12,440,356		37,249,978
			171,298,786
SOUTH AFRICA (2.3%)
Consumer Discretionary (2.3%)
Naspers Ltd., N Shares	490,460		89,239,798
SOUTH KOREA(2.9%)
Information Technology (1.1%)
Samsung SDI Co. Ltd.	128,208		42,921,664
Materials (1.8%)
LG Chem Ltd.	153,394		73,451,127
			116,372,791
TAIWAN (8.3%)
Information Technology (8.3%)
Taiwan Semiconductor Manufacturing Co. Ltd.	22,550,017		328,183,871
TURKEY (0.5%)
Consumer Staples (0.5%)
BIM Birlesik Magazalar A.S.	1,794,617		18,321,891

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Fund 

UNITED KINGDOM (0.6%)
Materials (0.6%)
Mondi PLC	1,350,500	$	24,459,171
Total Common Stocks			3,520,835,653
PREFERRED STOCKS (10.4%)
BRAZIL (2.7%)
Energy (1.1%)
Petroleo Brasileiro SA	10,110,130		43,025,541
Financials (1.6%)
Banco Bradesco SA, ADR, Preferred Shares, 1.94%	15,524,834		65,514,800
			108,540,341
SOUTH KOREA (7.7%)
Information Technology (7.7%)
Samsung Electronics Co. Ltd.	7,246,851		302,684,993
Total Preferred Stocks			411,225,334
SHORT-TERM INVESTMENT(0.9%)
UNITED STATES (0.9%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(e)	36,319,857		36,319,857
Total Short-Term Investment			36,319,857
Total Investments (Cost $3,164,527,718) —100.3%			3,968,380,844
Liabilities in Excess of Other Assets—(0.3)%			(12,471,751	)
Net Assets—100.0%		$	3,955,909,093

(a)	Non-income producing security.
(b)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(c)	All or a portion of the securities are on loan. The total value of all securities on loan is $4,212,250. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(d)	Denotes a security issued under Regulation S or Rule 144A.
(e)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.

ADR	American Depositary Receipt
PLC	Public Limited Company

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Focused U.S. Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (98.0%)
Communication Services (12.7%)
Alphabet, Inc., Class A(a)		568	$	845,155
Comcast Corp., Class A		13,196		564,789
Walt Disney Co.		3,645		426,246
				1,836,190
Consumer Discretionary (9.2%)
Amazon.com, Inc.(a)		285		901,934
TJX Cos., Inc. (The)		8,105		421,379
				1,323,313
Consumer Staples (6.0%)
Alimentation Couche-Tard, Inc., Class B		12,537		435,699
Costco Wholesale Corp.		1,316		428,398
				864,097
Financials (12.5%)
American Express Co.		4,497		419,660
Charles Schwab Corp. (The)		12,269		406,717
Citigroup, Inc.		9,679		484,047
Intercontinental Exchange, Inc.		5,192		502,482
				1,812,906
Health Care (9.8%)
Baxter International, Inc.		4,803		414,883
Boston Scientific Corp.(a)		12,957		499,752
UnitedHealth Group, Inc.		1,663		503,523
				1,418,158
Industrials (9.7%)
CSX Corp.		7,011		500,165
IHS Markit Ltd.		5,388		434,973
Trane Technologies PLC		4,132		462,247
				1,397,385
Information Technology (26.5%)
Adobe, Inc.(a)		996		442,543
Fidelity National Information Services, Inc.		3,480		509,159
Microsoft Corp.		6,034		1,237,030
NICE Ltd., ADR(a)		2,499		512,895
Pegasystems, Inc.		4,206		491,639
Visa, Inc., Class A		3,295		627,368
				3,820,634
Materials (3.9%)
Air Products & Chemicals, Inc.		1,961		562,081
Real Estate (3.7%)
Equinix, Inc., REIT		678		532,555

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Focused U.S. Equity Fund

Utilities (4.0%)
NextEra Energy, Inc.	2,040	$	572,628
Total Common Stocks			14,139,947
SHORT-TERM INVESTMENT(2.4%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(b)	352,819		352,819
Total Short-Term Investment			352,819
Total Investments (Cost $11,697,500) —100.4%			14,492,766
Liabilities in Excess of Other Assets—(0.4)%			(60,200	)
Net Assets—100.0%		$	14,432,566

(a)	Non-income producing security.
(b)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.

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

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Global Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.6%)
AUSTRALIA (2.4%)
Health Care (2.4%)
CSL Ltd.	3,200	$	622,409
CHINA (4.7%)
Communication Services (4.7%)
Tencent Holdings Ltd.	17,300		1,186,748
FRANCE (1.9%)
Consumer Discretionary (1.9%)
LVMH Moet Hennessy Louis Vuitton SE	1,100		478,327
HONG KONG (3.4%)
Financials (3.4%)
AIA Group Ltd.	96,700		871,938
INDIA (1.9%)
Financials (1.9%)
Housing Development Finance Corp. Ltd.	20,800		495,938
JAPAN (5.9%)
Health Care (1.0%)
Sysmex Corp.	3,300		253,759
Industrials (0.9%)
FANUC Corp.	1,410		237,899
Information Technology (2.5%)
Keyence Corp.	1,500		632,530
Materials (1.5%)
Shin-Etsu Chemical Co. Ltd.	3,300		386,228
			1,510,416
NETHERLANDS (4.7%)
Consumer Staples (2.6%)
Heineken NV	6,900		668,435
Information Technology (2.1%)
ASML Holding NV	1,500		533,307
			1,201,742
SINGAPORE (2.0%)
Financials (2.0%)
Oversea-Chinese Banking Corp. Ltd.	80,185		502,260
SWEDEN (2.2%)
Industrials (2.2%)
Atlas Copco AB, A Shares	12,400		550,454

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Equity Fund

SWITZERLAND (7.0%)
Consumer Staples (2.8%)
Nestle SA	5,900	$	701,638
Health Care (4.2%)
Novartis AG	4,200		345,942
Roche Holding AG	2,100		727,349
			1,073,291
			1,774,929
TAIWAN (3.5%)
Information Technology (3.5%)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	11,300		891,457
UNITED KINGDOM (10.3%)
Consumer Staples (2.6%)
Diageo PLC	18,300		669,608
Health Care (3.8%)
Abcam PLC	22,700		381,829
AstraZeneca PLC	5,200		574,494
			956,323
Industrials (1.6%)
Experian PLC	11,400		398,203
Materials (2.3%)
Croda International PLC	7,939		592,522
			2,616,656
UNITED STATES (47.7%)
Communication Services (3.0%)
Alphabet, Inc., Class A(a)	520		773,734
Consumer Discretionary (9.7%)
Amazon.com, Inc.(a)	250		791,170
Booking Holdings, Inc.(a)	330		548,503
NIKE, Inc., Class B	5,100		497,811
TJX Cos., Inc. (The)	12,000		623,880
			2,461,364
Consumer Staples (4.3%)
Estee Lauder Cos., Inc. (The), Class A	3,100		612,374
PepsiCo, Inc.	3,550		488,693
			1,101,067
Energy (1.9%)
EOG Resources, Inc.	10,300		482,555
Financials (6.8%)
CME Group, Inc.	4,700		781,046
First Republic Bank	3,700		416,176
Intercontinental Exchange, Inc.	5,400		522,612
			1,719,834

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Global Equity Fund

Health Care (4.2%)
Boston Scientific Corp.(a)	17,300	$	667,261
PRA Health Sciences, Inc.(a)	3,900		415,584
			1,082,845
Industrials (2.3%)
Deere & Co.	3,300		581,823
Information Technology (13.8%)
Autodesk, Inc.(a)	3,400		803,862
Fidelity National Information Services, Inc.	3,700		541,347
Microsoft Corp.	5,800		1,189,058
Visa, Inc., Class A	5,100		971,040
			3,505,307
Materials (1.7%)
Linde PLC	1,800		441,198
			12,149,727
Total Common Stocks			24,853,001
PREFERRED STOCKS (1.3%)
BRAZIL (1.3%)
Financials (1.3%)
Banco Bradesco SA, ADR, Preferred Shares, 1.94%	81,804		345,213
Total Preferred Stocks			345,213
SHORT-TERM INVESTMENT (0.9%)
UNITED STATES (0.9%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(b)	216,219		216,219
Total Short-Term Investment			216,219
Total Investments (Cost $20,129,518) —99.8%			25,414,433
Other Assets in Excess of Liabilities—0.2%			57,517
Net Assets—100.0%		$	25,471,950

(a)	Non-income producing security.
(b)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ADR	American Depositary Receipt
PLC	Public Limited Company

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Global Infrastructure Fund

	Shares or Principal Amount		Value
COMMON STOCKS (98.7%)
ARGENTINA (1.0%)
Industrials (0.5%)
Corp. America Airports SA(a)(b)		162,400	$	444,976
Materials (0.5%)
Loma Negra Cia Industrial Argentina SA, ADR(a)		75,800		385,064
				830,040
BRAZIL (5.0%)
Communication Services (0.9%)
Telefonica Brasil SA, ADR		70,000		706,300
Industrials (4.1%)
CCR SA		486,100		1,394,036
Cosan Logistica SA(a)		500,000		1,939,979
				3,334,015
				4,040,315
CANADA (4.1%)
Energy (2.8%)
Enbridge, Inc.		71,200		2,278,804
Industrials (1.3%)
Canadian Pacific Railway Ltd.		3,700		1,018,166
				3,296,970
CHINA (6.3%)
Communication Services (0.6%)
China Unicom Hong Kong Ltd., ADR		89,800		498,390
Industrials (4.7%)
China Everbright International Ltd.		1,048,333		648,082
China Railway Construction Corp. Ltd., Class H		1,030,000		823,830
COSCO SHIPPING Ports Ltd.		1,789,775		933,478
CRRC Corp. Ltd., Class H		1,468,200		639,048
Zhejiang Expressway Co. Ltd., Class H		956,100		711,005
				3,755,443
Utilities (1.0%)
Beijing Enterprises Water Group Ltd.		1,844,000		783,679
				5,037,512
FRANCE (5.1%)
Industrials (3.5%)
Bouygues SA(a)		29,500		1,042,134
Vinci SA		20,700		1,781,547
				2,823,681

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Infrastructure Fund

Utilities (1.6%)
Veolia Environnement SA	54,600	$	1,250,754
			4,074,435
GERMANY (4.2%)
Industrials (1.0%)
Fraport AG Frankfurt Airport Services Worldwide(a)	19,600		766,200
Utilities (3.2%)
RWE AG	69,200		2,608,450
			3,374,650
INDONESIA (5.5%)
Communication Services (4.4%)
Sarana Menara Nusantara Tbk PT	19,915,900		1,552,024
Tower Bersama Infrastructure Tbk PT	23,058,500		1,991,255
			3,543,279
Industrials (1.1%)
Jasa Marga Persero Tbk PT	3,197,500		862,640
			4,405,919
ITALY (5.2%)
Industrials (1.2%)
Atlantia SpA(a)	57,800		926,023
Materials (1.4%)
Buzzi Unicem SpA	48,900		1,112,559
Utilities (2.6%)
Enel SpA	232,100		2,126,158
			4,164,740
JAPAN (1.1%)
Industrials (1.1%)
East Japan Railway Co.	16,000		922,314
LUXEMBOURG (0.7%)
Communication Services (0.7%)
SES SA, ADR	75,800		536,182
MALAYSIA (1.0%)
Industrials (1.0%)
Malaysia Airports Holdings Bhd	624,200		779,829
MEXICO (2.6%)
Industrials (1.0%)
Promotora y Operadora de Infraestructura SAB de CV(a)	111,500		817,350
Utilities (1.6%)
Infraestructura Energetica Nova SAB de CV	432,000		1,281,150
			2,098,500

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Infrastructure Fund

NETHERLANDS (1.2%)
Communication Services (1.2%)
Koninklijke KPN NV	362,700	$	955,499
NORWAY (1.7%)
Communication Services (1.7%)
Telenor ASA	89,800		1,388,199
PHILIPPINES (1.7%)
Industrials (1.7%)
International Container Terminal Services, Inc.	675,800		1,326,739
SPAIN (11.6%)
Communication Services (3.0%)
Cellnex Telecom SA(c)	38,300		2,410,387
Industrials (3.6%)
Aena SME SA(a)(c)	5,600		730,157
Ferrovial SA	86,501		2,118,149
			2,848,306
Utilities (5.0%)
Atlantica Sustainable Infrastructure PLC	46,100		1,381,617
EDP Renovaveis SA	162,700		2,660,138
			4,041,755
			9,300,448
UNITED KINGDOM (4.3%)
Communication Services (2.7%)
Vodafone Group PLC	934,100		1,403,811
Vodafone Group PLC, ADR(b)	50,000		760,000
			2,163,811
Utilities (1.6%)
National Grid PLC, ADR(b)	21,800		1,288,598
			3,452,409
UNITED STATES (36.4%)
Communication Services (3.2%)
DISH Network Corp., Class A(a)	23,400		751,374
T-Mobile US, Inc.(a)	16,900		1,814,722
			2,566,096
Consumer Discretionary (1.1%)
TravelCenters of America, Inc.(a)	61,000		852,780
Energy (5.4%)
Kinder Morgan, Inc.	145,100		2,045,910
Williams Cos., Inc. (The)	120,500		2,305,165
			4,351,075
Industrials (7.9%)
Dycom Industries, Inc.(a)	24,600		1,053,618
Kansas City Southern	8,000		1,374,800
Norfolk Southern Corp.	8,700		1,672,227
Union Pacific Corp.	6,000		1,040,100
Waste Connections, Inc.	11,600		1,187,492
			6,328,237

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Infrastructure Fund

Materials (0.5%)
Vulcan Materials Co.	3,400	$	399,228
Real Estate (5.9%)
American Tower Corp., REIT	5,600		1,463,784
CoreCivic, Inc., REIT	84,100		749,331
Crown Castle International Corp., REIT	11,900		1,983,730
GEO Group, Inc. (The), REIT	52,000		552,760
			4,749,605
Utilities (12.4%)
American Electric Power Co., Inc.(d)	14,700		1,277,136
Clearway Energy, Inc., Class C	45,000		1,104,300
CMS Energy Corp.	21,800		1,399,124
Evergy, Inc.	27,256		1,767,006
FirstEnergy Corp.	44,800		1,299,200
NextEra Energy, Inc.	5,800		1,628,060
Vistra Corp.	77,000		1,436,820
			9,911,646
			29,158,667
Total Common Stocks			79,143,367
SHORT-TERM INVESTMENT (0.9%)
UNITED STATES (0.9%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(e)	772,720		772,720
Total Short-Term Investment			772,720
Total Investments (Cost $79,303,207) —99.6%			79,916,087
Other Assets in Excess of Liabilities—0.4%			284,035
Net Assets—100.0%		$	80,200,122

(a)	Non-income producing security.
(b)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,145,374. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(c)	Denotes a security issued under Regulation S or Rule 144A.
(d)	All or a portion of the security has been designated as collateral for the line of credit.
(e)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Global Infrastructure Fund

At July 31, 2020, the Fund's open forward foreign currency exchange contracts were as follows: 

Sale Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Depreciation
United States Dollar/Hong Kong Dollar
10/07/2020	HSBC Bank plc	USD	4,383,929	HKD	34,000,000	$	4,386,861	$	(2,932	)

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen International Equity Fund 

	Shares or Principal Amount		Value
COMMON STOCKS (96.1%)
AUSTRALIA (3.3%)
Health Care (3.3%)
CSL Ltd.		36,800	$	7,157,698
CANADA (2.2%)
Industrials (2.2%)
Ritchie Bros Auctioneers, Inc.		106,300		4,914,822
CHINA (4.1%)
Communication Services (4.1%)
Tencent Holdings Ltd.		129,300		8,869,741
DENMARK (3.9%)
Health Care (3.9%)
Genmab AS(a)		12,600		4,337,001
Novo Nordisk AS, Class B		63,800		4,186,082
				8,523,083
FRANCE (9.2%)
Consumer Discretionary (4.5%)
Hermes International		4,400		3,567,254
LVMH Moet Hennessy Louis Vuitton SE		14,100		6,131,288
				9,698,542
Consumer Staples (3.2%)
L'Oreal SA		20,600		6,913,934
Industrials (1.5%)
Schneider Electric SE		29,300		3,359,640
				19,972,116
GERMANY (6.8%)
Communication Services (1.2%)
CTS Eventim AG & Co. KGaA(a)		63,900		2,536,543
Financials (3.0%)
Deutsche Boerse AG		35,903		6,532,329
Materials (2.6%)
Linde PLC(a)		23,396		5,694,042
				14,762,914
HONG KONG (3.8%)
Financials (3.8%)
AIA Group Ltd.		910,900		8,213,530
INDIA (2.2%)
Financials (2.2%)
Housing Development Finance Corp. Ltd.		203,600		4,854,473

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen International Equity Fund 

ISRAEL (4.7%)
Information Technology (4.7%)
CyberArk Software Ltd.(a)	44,200	$	5,208,528
NICE Ltd., ADR(a)	24,300		4,987,332
			10,195,860
JAPAN (12.1%)
Consumer Staples (2.0%)
Ain Holdings, Inc.	68,600		4,365,554
Financials (2.3%)
Japan Exchange Group, Inc.	211,300		5,017,514
Health Care (1.0%)
Sysmex Corp.	27,800		2,137,725
Industrials (2.8%)
FANUC Corp.	14,100		2,378,996
Nihon M&A Center, Inc.	75,700		3,686,059
			6,065,055
Information Technology (2.4%)
Keyence Corp.	12,400		5,228,916
Materials (1.6%)
Shin-Etsu Chemical Co. Ltd.	28,900		3,382,419
			26,197,183
NETHERLANDS (6.1%)
Consumer Staples (2.5%)
Heineken NV	57,000		5,521,856
Information Technology (3.6%)
Adyen NV(a)(b)	2,000		3,338,312
ASML Holding NV	12,300		4,373,113
			7,711,425
			13,233,281
NEW ZEALAND (3.3%)
Health Care (1.5%)
Fisher & Paykel Healthcare Corp. Ltd.	138,000		3,260,445
Industrials (1.8%)
Auckland International Airport Ltd.	898,459		3,829,982
			7,090,427
PHILIPPINES (1.4%)
Real Estate (1.4%)
Ayala Land, Inc.	4,456,600		3,022,370
SINGAPORE (2.0%)
Financials (2.0%)
Oversea-Chinese Banking Corp. Ltd.	682,181		4,273,016

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen International Equity Fund 

SWEDEN (2.1%)
Industrials (2.1%)
Atlas Copco AB, A Shares	102,200	$	4,536,808
SWITZERLAND (6.8%)
Consumer Staples (3.7%)
Nestle SA	68,000		8,086,676
Health Care (3.1%)
Roche Holding AG	19,100		6,615,409
			14,702,085
TAIWAN (4.7%)
Information Technology (4.7%)
Taiwan Semiconductor Manufacturing Co. Ltd.	706,000		10,274,840
UNITED KINGDOM (17.4%)
Consumer Staples (3.6%)
Diageo PLC	216,000		7,903,574
Health Care (6.6%)
Abcam PLC	250,900		4,220,301
AstraZeneca PLC	43,700		4,827,958
Genus PLC	118,300		5,279,433
			14,327,692
Industrials (1.9%)
Experian PLC	115,900		4,048,399
Information Technology (2.5%)
AVEVA Group PLC	101,400		5,472,391
Materials (2.8%)
Croda International PLC	81,149		6,056,502
			37,808,558
Total Common Stocks			208,602,805
PREFERRED STOCKS (1.5%)
BRAZIL (1.5%)
Financials (1.5%)
Banco Bradesco SA, ADR, Preferred Shares, 1.94%	761,682		3,214,298
Total Preferred Stocks			3,214,298
SHORT-TERM INVESTMENT (1.7%)
UNITED STATES (1.7%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)	3,678,362		3,678,362
Total Short-Term Investment			3,678,362
Total Investments    (Cost $171,299,717) —99.3%			215,495,465
Other Assets in Excess of Liabilities—0.7%			1,498,598
Net Assets—100.0%		$	216,994,063

(a)	Non-income producing security.
(b)	Denotes a security issued under Regulation S or Rule 144A.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.

ADR	American Depositary Receipt
PLC	Public Limited Company

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen International Real Estate Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (99.5%)
AUSTRALIA (4.9%)
Real Estate (4.9%)
Charter Hall Group		40,239	$	299,981
Dexus, REIT		95,954		582,477
GDI Property Group, REIT		368,263		281,340
Lendlease Corp., Ltd.		28,024		227,655
Mirvac Group, REIT		419,210		623,829
				2,015,282
AUSTRIA (1.7%)
Real Estate (1.7%)
CA Immobilien Anlagen AG(a)		21,863		685,250
BRAZIL (1.0%)
Consumer Discretionary (1.0%)
Cyrela Brazil Realty SA Empreendimentos e Participacoes		75,635		397,564
CANADA (2.7%)
Real Estate (2.7%)
Allied Properties Real Estate Investment Trust, REIT		18,111		542,336
Canadian Apartment Properties REIT		15,230		552,257
				1,094,593
CHINA (12.0%)
Real Estate (12.0%)
China Overseas Land & Investment Ltd.		89,481		272,663
China Resources Land Ltd.		320,553		1,336,036
CIFI Holdings Group Co., Ltd.		489,901		440,383
Logan Group Co., Ltd.		228,501		395,996
Longfor Group Holdings Ltd.(b)		214,196		1,058,564
Sunac China Holdings Ltd.		208,455		982,919
Times China Holdings Ltd.		217,935		386,174
				4,872,735
FRANCE (0.7%)
Real Estate (0.7%)
Klepierre SA, REIT		16,801		290,972
GERMANY (11.6%)
Real Estate (11.6%)
alstria office REIT-AG(a)		35,952		537,417
Deutsche Wohnen SE		9,329		453,916
Instone Real Estate Group AG(a)(b)		27,130		695,360
TAG Immobilien AG(a)		20,926		550,236
Vonovia SE		38,513		2,489,320
				4,726,249

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen International Real Estate Equity Fund

HONG KONG (11.3%)
Real Estate (11.3%)
CK Asset Holdings Ltd.	250,811	$	1,392,670
ESR Cayman Ltd.(a)(b)(c)	216,425		533,708
Link REIT	78,403		608,335
New World Development Co. Ltd.	134,685		657,636
Shimao Property Holdings Ltd.	141,747		601,479
Sun Hung Kai Properties Ltd.	66,826		812,724
			4,606,552
JAPAN (20.4%)
Real Estate (20.4%)
Comforia Residential REIT Inc.	155		485,486
Daiwa Office Investment Corp., REIT	92		482,324
Daiwa Securities Living Investments Corp.	725		733,121
GLP J-REIT	740		1,234,268
Hulic Reit, Inc., REIT	491		577,709
Invesco Office J-Reit, Inc., REIT	3,563		420,357
Japan Excellent, Inc., REIT	588		621,228
LaSalle Logiport REIT	434		790,233
Mitsubishi Estate Co., Ltd.	83,500		1,199,502
Mitsui Fudosan Logistics Park, Inc., REIT	133		725,897
Sankei Real Estate, Inc., REIT	144		121,627
Sumitomo Realty & Development Co., Ltd.	36,400		928,273
			8,320,025
MEXICO (2.5%)
Real Estate (2.5%)
Corp Inmobiliaria Vesta SAB de CV, REIT	293,968		442,108
Macquarie Mexico Real Estate Management SA de CV, REIT(b)	512,993		591,250
			1,033,358
NETHERLANDS (0.5%)
Real Estate (0.5%)
Unibail-Rodamco-Westfield	3,915		205,360
NORWAY (1.5%)
Real Estate (1.5%)
Entra ASA(b)	42,239		596,284
PHILIPPINES (1.1%)
Real Estate (1.1%)
Ayala Land, Inc.	494,092		335,083
Megaworld Corp.(a)	1,804,705		110,419
			445,502
SINGAPORE (5.7%)
Real Estate (5.7%)
AIMS APAC REIT, REIT	512,020		450,357
Ascendas Real Estate Investment Trust	366,900		949,707
Keppel DC REIT	235,100		510,956
Lendlease Global Commercial REIT	883,600		403,904
			2,314,924

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen International Real Estate Equity Fund

SPAIN (2.2%)
Real Estate (2.2%)
Inmobiliaria Colonial Socimi SA, REIT	68,482	$	587,012
Merlin Properties Socimi SA	35,782		296,042
			883,054
SWEDEN (4.2%)
Consumer Discretionary (0.8%)
Pandox AB(a)	26,528		334,895
Real Estate (3.4%)
Catena AB	11,830		486,388
Fabege AB	33,457		429,090
Kungsleden AB	57,727		466,912
			1,382,390
			1,717,285
UNITED KINGDOM (7.3%)
Real Estate (7.3%)
Land Securities Group PLC	117,198		882,711
LondonMetric Property PLC, REIT	163,327		493,408
Segro PLC, REIT	127,412		1,613,577
South Asian Real Estate Pvt. Ltd.(a)(c)(d)	2,000,000		3
			2,989,699
UNITED STATES (8.2%)
Real Estate (8.2%)
Alexandria Real Estate Equities, Inc.	3,356		595,857
Digital Realty Trust, Inc.	5,146		826,139
Equinix, Inc., REIT	1,233		968,497
Prologis, Inc., REIT	9,138		963,328
			3,353,821
Total Common Stocks			40,548,509
short-term investment (1.6%)
United states (1.6%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(e)	664,060		664,060
Total Short-Term Investment			664,060
Total Investments (Cost $52,248,305) —101.1%			41,212,569
Liabilities in Excess of Other Assets—(1.1)%			(465,993	)
Net Assets—100.0%		$	40,746,576

(a)	Non-income producing security.
(b)	Denotes a security issued under Regulation S or Rule 144A.
(c)	Illiquid security.
(d)	Fair Value is determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1(a) of the accompanying Notes to Statements of Investments for inputs used.
(e)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.

PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen International Small Cap Fund

	Shares or Principal Amount		Value
COMMON STOCKS (96.5%)
AUSTRALIA (5.0%)
Consumer Discretionary (2.8%)
ARB Corp. Ltd.		258,900	$	3,543,178
Information Technology (2.2%)
Altium Ltd.		115,300		2,693,893
				6,237,071
BRAZIL (5.1%)
Consumer Discretionary (3.4%)
Afya Ltd., Class A(a)		96,300		2,518,245
Arezzo Industria e Comercio SA		173,900		1,758,818
				4,277,063
Health Care (1.7%)
Odontoprev SA		783,300		2,075,166
				6,352,229
CANADA (2.4%)
Industrials (2.4%)
Ritchie Bros Auctioneers, Inc.		64,600		2,986,807
CHILE (3.0%)
Consumer Staples (1.8%)
Embotelladora Andina SA		1,044,400		2,276,253
Real Estate (1.2%)
Parque Arauco SA		838,800		1,434,821
				3,711,074
DENMARK (2.8%)
Information Technology (2.8%)
SimCorp A/S		30,100		3,514,624
FRANCE (3.2%)
Consumer Staples (3.2%)
Interparfums SA(a)		84,190		3,960,936
GERMANY (3.9%)
Communication Services (0.7%)
CTS Eventim AG & Co. KGaA(a)		21,400		849,484
Financials (3.2%)
Hypoport AG(a)		8,600		4,034,677
				4,884,161

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen International Small Cap Fund

HONG KONG (1.9%)
Industrials (1.9%)
Kerry Logistics Network Ltd.	1,482,400	$	2,429,819
INDIA (4.0%)
Health Care (4.0%)
Sanofi India Ltd.	20,600		2,141,947
Syngene International Ltd.(b)	438,000		2,848,848
			4,990,795
INDONESIA (3.6%)
Consumer Discretionary (2.2%)
Ace Hardware Indonesia Tbk PT(a)	22,609,900		2,709,362
Real Estate (1.4%)
Pakuwon Jati Tbk PT	62,001,000		1,806,022
			4,515,384
ISRAEL (14.3%)
Consumer Discretionary (3.8%)
Maytronics Ltd.	307,400		4,740,203
Industrials (2.9%)
Kornit Digital Ltd.(a)	68,400		3,665,556
Information Technology (7.6%)
CyberArk Software Ltd.(a)	30,700		3,617,688
NICE Ltd.(a)	11,400		2,341,407
Nova Measuring Instruments Ltd.(a)	67,900		3,490,060
			9,449,155
			17,854,914
ITALY (2.0%)
Consumer Discretionary (2.0%)
Brunello Cucinelli SpA(a)	87,600		2,542,564
JAPAN (9.3%)
Consumer Staples (2.3%)
Ain Holdings, Inc.	44,900		2,857,338
Health Care (2.1%)
Asahi Intecc Co. Ltd.	95,800		2,672,934
Industrials (4.9%)
Nabtesco Corp.	106,500		3,240,127
Nihon M&A Center, Inc.	59,900		2,916,710
			6,156,837
			11,687,109
MEXICO (1.5%)
Industrials (1.5%)
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)	189,700		1,900,836

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen International Small Cap Fund

NEW ZEALAND (2.2%)
Industrials (2.2%)
Auckland International Airport Ltd.	644,700	$	2,748,250
POLAND (3.0%)
Consumer Staples (3.0%)
Dino Polska SA(a)(b)	67,200		3,720,271
SWITZERLAND (6.6%)
Health Care (3.4%)
Tecan Group AG	10,000		4,193,939
Industrials (3.2%)
VAT Group AG(a)(b)	21,300		4,061,683
			8,255,622
TAIWAN (1.5%)
Information Technology (1.5%)
Globalwafers Co. Ltd.	127,000		1,817,974
THAILAND (2.1%)
Real Estate (2.1%)
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund(c)	4,709,500		2,644,292
UNITED KINGDOM (18.4%)
Health Care (9.5%)
Abcam PLC	237,000		3,986,494
Dechra Pharmaceuticals PLC	101,200		3,765,985
Genus PLC	93,929		4,191,816
			11,944,295
Industrials (4.4%)
Rotork PLC	636,800		2,309,497
Ultra Electronics Holdings PLC	101,500		3,136,810
			5,446,307
Information Technology (2.2%)
AVEVA Group PLC	50,300		2,714,608
Materials (2.3%)
Croda International PLC	39,380		2,939,100
			23,044,310
VIETNAM (0.7%)
Financials (0.7%)
Vietnam Technological & Commercial Joint Stock Bank(a)	1,196,199		936,504
Total Common Stocks			120,735,546
short-term investment (3.6%)
UNITED STATES (3.6%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(d)	4,432,762		4,432,762
Total Short-Term Investment			4,432,762

Total Investments (Cost $105,299,580) —100.1%		125,168,308
Liabilities in Excess of Other Assets—(0.1)%		(88,599	)
Net Assets—100.0%	$	125,079,709

(a)	Non-income producing security.
(b)	Denotes a security issued under Regulation S or Rule 144A.
(c)	As of July 31, 2020, security is a closed-end fund incorporated in Thailand.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.

PLC Public Limited Company

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Realty Income & Growth Fund

	Shares or Principal Amount		Value
COMMON STOCKS (100.5%)
UNITED STATES (100.5%)
Diversified REITs (2.8%)
STORE Capital Corp.		31,211	$	739,389
VEREIT, Inc.		125,454		816,705
				1,556,094
Health Care REITs (7.4%)
Medical Properties Trust, Inc.		63,713		1,282,542
Omega Healthcare Investors, Inc.		25,652		830,612
Welltower, Inc.		35,712		1,912,735
				4,025,889
Hotel & Resort REITs (4.0%)
Host Hotels & Resorts, Inc.		66,584		717,776
MGM Growth Properties LLC		42,307		1,156,673
Sunstone Hotel Investors, Inc.		41,769		312,432
				2,186,881
Industrial REITs (19.9%)
Americold Realty Trust		35,079		1,415,438
Duke Realty Corp.		59,023		2,372,134
Prologis, Inc.		51,063		5,383,061
STAG Industrial, Inc.		28,698		935,555
Terreno Realty Corp.		13,613		827,126
				10,933,314
Office REITs (11.9%)
Alexandria Real Estate Equities, Inc.		15,718		2,790,731
Brandywine Realty Trust		54,241		587,430
Cousins Properties, Inc.		22,810		700,723
Douglas Emmett, Inc.		19,823		577,642
Highwoods Properties, Inc.		21,434		821,780
Hudson Pacific Properties, Inc.		19,486		459,285
SL Green Realty Corp.		5,185		241,102
Vornado Realty Trust		9,490		327,595
				6,506,288
Residential REITs (18.4%)
American Homes 4 Rent		36,955		1,071,695
AvalonBay Communities, Inc.		12,021		1,840,656
Equity LifeStyle Properties, Inc.		25,270		1,726,446
Essex Property Trust, Inc.		5,104		1,126,657
Invitation Homes, Inc.		55,107		1,643,291
Mid-America Apartment Communities, Inc.		13,250		1,579,267
Sun Communities, Inc.		7,443		1,115,929
				10,103,941

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Realty Income & Growth Fund

Retail REITs (7.4%)
Brixmor Property Group, Inc.	36,298	417,790

Federal Realty Investment Trust	5,295	$	404,009
National Retail Properties, Inc.	21,655		767,670
Realty Income Corp.	28,034		1,683,442
Simon Property Group, Inc.	12,781		796,895
			4,069,806
Specialized REITs (28.7%)
American Tower Corp.	4,294		1,122,409
CoreSite Realty Corp.	5,791		747,329
Digital Realty Trust, Inc.	19,009		3,051,705
Equinix, Inc., REIT	6,732		5,287,851
Extra Space Storage, Inc.	15,417		1,593,193
Gaming and Leisure Properties, Inc.	27,381		991,466
Public Storage	9,978		1,994,403
Sabra Health Care REIT, Inc.	27,876		410,892
SBA Communications Corp.	1,675		521,829
			15,721,077
			55,103,290
Total Common Stocks			55,103,290
Total Investments (Cost $38,667,359) —100.5%			55,103,290
Liabilities in Excess of Other Assets—(0.5)%			(269,333	)
Net Assets—100.0%		$	54,833,957

REIT Real Estate Investment Trust  

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited) 

Aberdeen U.S. Mid Cap Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (96.6%)
Canada (7.9%)
Financials (3.5%)
TMX Group Ltd.		716	$	73,190
Industrials (2.0%)
Ritchie Bros Auctioneers, Inc.		882		40,819
Materials (2.4%)
CCL Industries, Inc., Class B		1,538		51,165
				165,174
Israel (5.5%)
INFORMATION TECHNOLOGY (5.5%)
CyberArk Software Ltd.(a)		376		44,308
NICE Ltd., ADR(a)		350		71,834
				116,142
United States (83.2%)
COMMUNICATION SERVICES (2.9%)
Cable One, Inc.		33		60,144
CONSUMER DISCRETIONARY (10.1%)
Burlington Stores, Inc.(a)		321		60,348
Chegg, Inc.(a)		560		45,343
Dunkin' Brands Group, Inc.		725		49,829
Service Corp. International		1,325		57,452
				212,972
CONSUMER STAPLES (2.4%)
BJ's Wholesale Club Holdings, Inc.(a)		1,241		49,702
FINANCIALS (6.7%)
Cboe Global Markets, Inc.		587		51,480
First Republic Bank		336		37,793
SVB Financial Group(a)		231		51,807
				141,080
HEALTH CARE (13.2%)
Globus Medical, Inc., Class A(a)		1,236		59,550
Horizon Therapeutics PLC(a)		1,262		77,222
PRA Health Sciences, Inc.(a)		374		39,853
Teleflex, Inc.		148		55,219
West Pharmaceutical Services, Inc.		173		46,515
				278,359

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

July 31, 2020 (Unaudited) 

Aberdeen U.S. Mid Cap Equity Fund

INDUSTRIALS (14.6%)
Allegion PLC	318	$	31,628
Casella Waste Systems, Inc., Class A(a)	770		42,666
Kansas City Southern	259		44,509
Mercury Systems, Inc.(a)	676		52,343
Tetra Tech, Inc.	760		67,374
Verisk Analytics, Inc.	361		68,124
			306,644
INFORMATION TECHNOLOGY (22.3%)
Akamai Technologies, Inc.(a)	364		40,928
Blackline, Inc.(a)	356		31,652
Envestnet, Inc.(a)	665		53,998
EPAM Systems, Inc.(a)	222		64,398
Evo Payments, Inc., Class A(a)	1,916		43,474
Itron, Inc.(a)	849		59,056
Marvell Technology Group Ltd.	1,095		39,935
Maxim Integrated Products, Inc.	637		43,373
Paylocity Holding Corp.(a)	258		34,366
Pegasystems, Inc.	484		56,575
			467,755
Materials (2.4%)
Axalta Coating Systems Ltd.(a)	2,283		50,683
REAL ESTATE (5.2%)
Alexandria Real Estate Equities, Inc.	251		44,565
QTS Realty Trust, Inc., Class A, REIT	598		43,026
Terreno Realty Corp., REIT	368		22,360
			109,951
UTILITIES (3.4%)
American Water Works Co., Inc.	310		45,654
FirstEnergy Corp.	900		26,100
			71,754
			1,749,044
Total Common Stocks			2,030,360
short-term investment (3.2%)
United States (3.2%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(b)	66,509		66,509
Total Short-Term Investment			66,509
Total Investments (Cost $1,619,194) —99.8%			2,096,869
Other Assets in Excess of Liabilities—0.2%			4,063
Net Assets—100.0%		$	2,100,932

(a)	Non-income producing security.
(b)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited) 

Aberdeen U.S. Multi-Cap Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.5%)
CANADA (7.6%)
Consumer Staples (2.5%)
Alimentation Couche-Tard, Inc., Class B		286,161	$	9,944,973
Financials (3.0%)
TMX Group Ltd.		118,929		12,157,049
Industrials (2.1%)
Ritchie Bros Auctioneers, Inc.		183,688		8,501,081
				30,603,103
Israel (2.6%)
Information Technology (2.6%)
NICE Ltd., ADR(a)		50,861		10,438,712
UNITED STATES (87.3%)
Communication Services (9.9%)
Alphabet, Inc., Class A(a)		13,555		20,169,162
Comcast Corp., Class A		277,228		11,865,359
Walt Disney Co.		66,095		7,729,149
				39,763,670
Consumer Discretionary (10.0%)
Amazon.com, Inc.(a)		7,447		23,567,372
Burlington Stores, Inc.(a)		39,843		7,490,484
Service Corp. International		213,905		9,274,921
				40,332,777
Consumer Staples (2.4%)
BJ's Wholesale Club Holdings, Inc.(a)		243,586		9,755,619
Financials (9.5%)
American Express Co.		73,949		6,900,921
Charles Schwab Corp. (The)		282,342		9,359,637
Citigroup, Inc.		143,941		7,198,489
Glacier Bancorp, Inc.(b)		133,542		4,715,368
Intercontinental Exchange, Inc.		105,640		10,223,839
				38,398,254
Health Care (13.6%)
Baxter International, Inc.		114,898		9,924,889
Boston Scientific Corp.(a)		271,086		10,455,787
Globus Medical, Inc., Class A(a)		200,409		9,655,706
Horizon Therapeutics PLC(a)		156,863		9,598,447
PRA Health Sciences, Inc.(a)		58,498		6,233,547
UnitedHealth Group, Inc.		29,885		9,048,580
				54,916,956

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

July 31, 2020 (Unaudited) 

Aberdeen U.S. Multi-Cap Equity Fund

Industrials (9.7%)
CSX Corp.	162,389	$	11,584,831

IHS Markit Ltd.	127,601		10,301,229
Tetra Tech, Inc.	96,302		8,537,172
Trane Technologies PLC	76,072		8,510,175
			38,933,407
Information Technology (23.0%)
Adobe, Inc.(a)	16,900		7,509,008
Akamai Technologies, Inc.(a)	73,647		8,280,869
Fidelity National Information Services, Inc.	86,420		12,644,110
Microsoft Corp.	163,915		33,604,214
Paylocity Holding Corp.(a)	41,986		5,592,535
Pegasystems, Inc.	96,122		11,235,701
Visa, Inc., Class A	71,750		13,661,200
			92,527,637
MATERIALS (4.2%)
Air Products & Chemicals, Inc.	34,184		9,798,160
Ecolab, Inc.	37,279		6,974,155
			16,772,315
Real Estate (2.0%)
Equinix, Inc., REIT	10,223		8,029,962
Utilities (3.0%)
NextEra Energy, Inc.	42,814		12,017,890
			351,448,487
Total Common Stocks			392,490,302
short-term investment (2.4%)
United States (2.4%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)	9,607,102		9,607,102
Total Short-Term Investment			9,607,102
Total Investments    (Cost $302,620,374) —99.9%			402,097,404
Other Assets in Excess of Liabilities—0.1%			367,509
Net Assets—100.0%		$	402,464,913

(a)	Non-income producing security.
(b)	All or a portion of the securities are on loan. The total value of all securities on loan is $370,965. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments. 

Statement of Investments

July 31, 2020 (Unaudited) 

Aberdeen U.S. Small Cap Equity Fund

	Shares or Principal Amount		Value
COMMON STOCKS (97.3%)
Canada (6.8%)
Consumer Staples (0.8%)
Jamieson Wellness, Inc.		213,850	$	6,156,300
Financials (2.7%)
TMX Group Ltd.		195,470		19,981,151
Industrials (3.3%)
Richelieu Hardware Ltd.		520,678		12,905,677
Ritchie Bros Auctioneers, Inc.		259,496		12,009,475
				24,915,152
				51,052,603
India (2.3%)
Information Technology (2.3%)
WNS Holdings Ltd., ADR(a)		263,975		16,883,841
Israel (1.8%)
Information Technology (1.8%)
CyberArk Software Ltd.(a)		116,296		13,704,321
Singapore (1.0%)
Information Technology (1.0%)
Kulicke & Soffa Industries, Inc.		314,438		7,452,181
UNITED STATES (85.4%)
Communication Services (1.9%)
Bandwidth, Inc., Class A(a)		97,878		14,170,777
Consumer Discretionary (8.5%)
Dorman Products, Inc.(a)		182,811		14,944,799
Fox Factory Holding Corp.(a)		176,447		15,703,783
Helen of Troy Ltd.(a)		81,228		15,291,171
LCI Industries		137,551		17,303,916
				63,243,669
Consumer Staples (5.3%)
BJ's Wholesale Club Holdings, Inc.(a)		459,872		18,417,873
J&J Snack Foods Corp.		82,247		10,127,073
WD-40 Co.(b)		57,174		11,237,550
				39,782,496
Financials (9.7%)
AMERISAFE, Inc.		181,058		11,489,940
First Interstate BancSystem, Inc., Class A		519,056		15,109,720
Glacier Bancorp, Inc.(b)		350,399		12,372,589
Hamilton Lane, Inc., Class A		163,795		11,832,551
PRA Group, Inc.(a)		278,706		11,025,609

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

July 31, 2020 (Unaudited) 

Aberdeen U.S. Small Cap Equity Fund

South State Corp.	223,448	$	10,649,532
			72,479,941
Health Care (13.5%)
Addus HomeCare Corp.(a)	160,418		15,465,899
AMN Healthcare Services, Inc.(a)	231,816		12,735,971
Emergent BioSolutions, Inc.(a)	130,345		14,499,578
Globus Medical, Inc., Class A(a)	382,854		18,445,906
Heska Corp.(a)	134,818		12,972,188
Integer Holdings Corp.(a)	207,050		13,617,679
US Physical Therapy, Inc.	158,071		13,129,377
			100,866,598
Industrials (20.2%)
ASGN, Inc.(a)	195,081		13,355,245
Casella Waste Systems, Inc., Class A(a)	291,123		16,131,125
Gibraltar Industries, Inc.(a)	420,078		21,726,434
Hub Group, Inc., Class A(a)	372,198		19,689,274
Mercury Systems, Inc.(a)	220,774		17,094,531
RBC Bearings, Inc.(a)	113,935		13,947,923
Saia, Inc.(a)	131,480		15,705,286
SiteOne Landscape Supply, Inc.(a)	115,641		14,805,517
Tetra Tech, Inc.	213,633		18,938,566
			151,393,901
Information Technology (19.0%)
Cabot Microelectronics Corp.	60,331		9,093,088
Envestnet, Inc.(a)	211,008		17,133,850
Evo Payments, Inc., Class A(a)	592,304		13,439,378
Five9, Inc.(a)	96,813		11,696,947
Insight Enterprises, Inc.(a)	146,645		7,308,787
Itron, Inc.(a)	166,923		11,611,164
Lattice Semiconductor Corp.(a)	538,612		16,745,447
Manhattan Associates, Inc.(a)	95,095		9,109,150
Pegasystems, Inc.	99,887		11,675,791
Perficient, Inc.(a)	405,334		15,893,146
Rapid7, Inc.(a)	316,115		18,830,970
			142,537,718
Materials (5.6%)
Kaiser Aluminum Corp.	209,262		12,963,781
Neenah, Inc.	272,152		12,140,701
Quaker Chemical Corp.	88,491		17,167,254
			42,271,736
Utilities (1.7%)
SJW Group	203,700		12,723,102
			639,469,938
Total Common Stocks			728,562,884
Short-term investment (3.1%)
United States (3.1%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)	22,774,182		22,774,182
Total Short-Term Investment			22,774,182
Total Investments (Cost $642,358,670) —100.4%			751,337,066
Liabilities in Excess of Other Assets—(0.4)%			(2,717,245	)
Net Assets—100.0%		$	748,619,821

(a)	Non-income producing security.
(b)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,422,228. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ADR	American Depositary Receipt

See accompanying Notes to Statements of Investments. 

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

	Shares or Principal Amount		Value (US$)
CORPORATE BONDS (22.6%)
BAHRAIN (0.4%)
Oil, Gas & Consumable Fuels (0.4%)
Oil and Gas Holding Co. BSCC (USD), 7.63%, 11/07/2024 (a)	$	200,000	$	218,250
BRAZIL (0.4%)
Paper & Forest Products (0.4%)
Suzano Austria GmbH (USD), 7.00%, 03/16/2047 (a)		200,000		226,962
CHILE (0.3%)
Electric Utilities (0.3%)
Empresa Electrica Angamos SA (USD), 4.88%, 05/25/2029 (a)(b)(c)		156,500		166,516
CHINA (1.4%)
Real Estate (1.4%)
Country Garden Holdings Co. Ltd. (USD), 5.13%, 01/17/2025 (a)		450,000		463,157
Longfor Group Holdings Ltd. (USD), 3.95%, 09/16/2029 (a)		230,000		247,540
				710,697
COLOMBIA (0.8%)
Commercial Banks (0.4%)
Bancolombia SA, (fixed rate to 10/18/2022, variable rate thereafter) (USD), 4.88%, 10/18/2027		200,000		195,276
Oil, Gas & Consumable Fuels (0.4%)
Ecopetrol SA (USD), 6.88%, 06/02/1947		157,000		189,185
				384,461
GEORGIA (1.9%)
Energy Equipment & Services (0.9%)
Georgian Oil and Gas Corp. JSC (USD), 6.75%, 04/26/2021 (a)(b)		490,000		485,100
Transportation (1.0%)
Georgian Railway JSC (USD), 7.75%, 07/11/2022 (a)		480,000		490,896
				975,996
INDIA (0.7%)
Commercial Banks (0.7%)
HDFC Bank Ltd. (INR), 8.10%, 03/22/2025 (a)(b)		10,000,000		137,116
State Bank of India (USD), 4.50%, 09/28/2023 (a)		230,000		246,017
				383,133
INDONESIA (2.4%)
Electric Utilities (0.6%)
Perusahaan Listrik Negara PT (USD), 6.25%, 01/25/2049 (a)		240,000		326,400
Oil, Gas & Consumable Fuels (1.2%)
Pertamina Persero PT (USD), 6.00%, 05/03/2042 (a)		490,000		628,635
Sovereign Agency (0.6%)
Lembaga Pembiayaan Ekspor Indonesia (USD), 3.88%, 04/06/2024 (a)		290,000		302,107
				1,257,142

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

KAZAKHSTAN (1.6%)
Oil, Gas & Consumable Fuels (1.6%)
Tengizchevroil Finance Co. International Ltd. (USD), 4.00%, 08/15/2026 (a)(c)	$	200,000	$	213,730
KazMunayGas National Co. JSC (USD), 4.75%, 04/19/2027 (a)		520,000		581,412
				795,142
MEXICO (4.0%)
Commercial Banks (0.4%)
BBVA Bancomer SA., (fixed rate to 09/13/2029, variable rate thereafter) (USD), 5.88%, 09/13/2034 (a)		230,000		225,975
Oil, Gas & Consumable Fuels (3.2%)
Petroleos Mexicanos
(USD), 6.84%, 05/06/1947 (a)		180,000		167,400
(USD), 6.50%, 03/13/2027		800,000		762,000
(USD), 5.95%, 01/28/2031 (a)		80,000		68,800
(USD), 6.50%, 06/02/2041		200,000		160,700
(USD), 6.95%, 01/28/2060 (a)		570,000		470,963
				1,629,863
Real Estate Investment Trust (REIT) Funds (0.4%)
Trust F/1401 (USD), 6.39%, 08/03/1954 (a)		220,000		222,750
				2,078,588
MOROCCO (0.5%)
Chemicals (0.5%)
OCP SA (USD), 6.88%, 04/25/2044 (a)		200,000		248,420
NIGERIA (0.4%)
Engineering & Construction (0.4%)
IHS Netherlands Holdco BV (USD), 8.00%, 09/18/2027 (a)		200,000		203,500
PANAMA (0.4%)
Commercial Banks (0.4%)
Global Bank Corp., (fixed rate to 04/16/2028, variable rate thereafter) (USD), 5.25%, 02/24/1947 (a)		198,000		202,950
PERU (0.4%)
Metals & Mining (0.4%)
Nexa Resources SA (USD), 5.38%, 05/11/1946 (a)		200,000		207,600
REPUBLIC OF IRELAND (0.5%)
Diversified Financial Services (0.5%)
Gtlk Europe Capital DAC (USD), 4.65%, 03/10/2027 (a)		270,000		270,405
RUSSIA (0.5%)
Oil, Gas & Consumable Fuels (0.5%)
Gazprom Neft OAO Via GPN Capital SA (USD), 4.38%, 09/19/2022 (a)		250,000		260,730
SAUDI ARABIA (0.5%)
Oil, Gas & Consumable Fuels (0.5%)
Saudi Arabian Oil Co. (USD), 4.25%, 04/16/2039 (a)		200,000		240,246

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

SINGAPORE (0.3%)
Oil, Gas & Consumable Fuels (0.3%)
Puma International Financing SA (USD), 5.00%, 01/24/2026 (a)	$	200,000	$	176,513
SOUTH AFRICA (1.4%)
Diversified Telecommunication Services (0.4%)
Liquid Telecommunications Financing PLC (USD), 8.50%, 07/13/2022 (a)		200,000		202,002
Electric Utilities (1.0%)
Eskom Holdings SOC Ltd. (USD), 7.13%, 02/11/2025 (a)		530,000		505,037
				707,039
TUNISIA (1.0%)
Commercial Banks (1.0%)
Banque Centrale de Tunisie International Bond (EUR), 6.38%, 07/15/2026 (a)		469,000		494,064
UKRAINE (0.4%)
Iron/Steel (0.4%)
Metinvest BV (USD), 8.50%, 04/23/2026 (a)		200,000		195,652
UNITED ARAB EMIRATES (2.3%)
Airlines (0.3%)
Zahidi Ltd. (USD), 4.50%, 03/22/2028 (a)(c)		197,059		178,956
Diversified Financial Services (0.6%)
ICD Sukuk Co. Ltd. (USD), 5.00%, 02/01/2027 (a)		300,000		321,242
Electric Utilities (0.5%)
Abu Dhabi National Energy Co. PJSC (USD), 4.88%, 04/23/2030 (a)		200,000		252,558
Energy Equipment & Services (0.5%)
Abu Dhabi Crude Oil Pipeline LLC (USD), 4.60%, 11/02/2047 (a)(c)		200,000		250,180
Real Estate (0.4%)
MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable rate thereafter) (USD), 5.50%, 09/07/2022 (a)(d)		200,000		191,236
				1,194,172
VENEZUELA (0.1%)
Oil, Gas & Consumable Fuels (0.1%)
Petroleos de Venezuela SA
(USD), 0.00%, 05/16/2024 (b)		1,140,000		28,500
(USD), 0.00%, 11/15/2026 (b)		525,236		13,131
				41,631
Total Corporate Bonds				11,639,809
GOVERNMENT BONDS (74.2%)
ALBANIA (0.5%)
Albania Government International Bond (EUR), 3.50%, 06/16/2027 (a)		237,000		285,107
ANGOLA (1.0%)
Angolan Government International Bond (USD), 9.50%, 11/12/2025 (a)		580,000		527,748
ARGENTINA (3.2%)
Argentine Republic Government International Bond (USD), 7.50%, 04/22/2026		150,000		64,500

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

(USD), 6.88%, 01/26/2027	$	623,000	$	263,217
(USD), 5.88%, 01/11/2028		1,984,000		833,280
(EUR), 7.82%, 12/31/2033 (c)		275,221		151,789
(USD), 8.28%, 12/31/2033 (c)		65,945		33,467
(USD), 0.00%, 12/15/2035		533,627		587
(USD), 7.63%, 04/22/2046		663,000		281,775
				1,628,615
ARMENIA (1.4%)
Republic of Armenia International Bond
(USD), 7.15%, 03/26/2025 (a)		400,000		454,728
(USD), 3.95%, 09/26/2029 (a)		260,000		256,833
				711,561
BAHAMAS (1.8%)
Bahamas Government International Bond (USD), 6.00%, 11/21/2028 (a)		1,032,000		918,480
BARBADOS (0.2%)
Barbados Government International Bond (USD), 6.50%, 10/01/2029 (a)(c)		127,300		119,942
BELARUS (0.9%)
Republic of Belarus International Bond (USD), 6.20%, 02/28/2030 (a)		220,000		211,776
Republic of Belarus Ministry of Finance (USD), 5.88%, 02/24/2026 (a)		259,000		250,453
				462,229
BELIZE (0.4%)
Belize Government International Bond (USD), 4.94%, 02/20/2034 (a)(b)(c)(e)		440,000		187,000
BENIN (1.0%)
Benin Government International Bond (EUR), 5.75%, 03/26/2026 (a)(c)		450,000		499,598
BRAZIL (2.4%)
Brazil Notas do Tesouro Nacional, Series B (BRL), 6.00%, 08/15/2024 (f)		1,650,000		1,262,634
COLOMBIA (0.9%)
Colombia Government International Bond (COP), 7.00%, 06/30/2032 (a)		1,750,000,000		489,564
DOMINICAN REPUBLIC (2.3%)
Dominican Republic International Bond
(USD), 6.88%, 01/29/2026 (a)		300,000		330,600
(USD), 6.85%, 01/27/2045 (a)		820,000		867,150
				1,197,750
ECUADOR (3.0%)
Ecuador Government International Bond
(USD), 10.75%, 03/28/2022 (a)		420,000		233,100
(USD), 8.75%, 06/02/2023 (a)		910,000		489,125
(USD), 7.88%, 03/27/2025 (a)		290,000		150,075
(USD), 9.65%, 12/13/2026 (a)		670,000		341,700
VRN (USD), 7.88%, 01/23/2028 (a)		400,000		200,000
(USD), 9.50%, 03/27/2030 (a)		290,000		150,075
				1,564,075
EGYPT (4.1%)
Egypt Government International Bond
(USD), 7.60%, 03/01/2029 (a)		820,000		835,805
(EUR), 5.63%, 04/16/2030 (a)		260,000		275,720
(USD), 8.50%, 01/31/2047 (a)		200,000		197,260
(USD), 7.90%, 02/21/2048 (a)		250,000		229,828

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

(USD), 8.70%, 03/01/2049 (a)	$	600,000	$	593,486
				2,132,099
EL SALVADOR (2.7%)
El Salvador Government International Bond
(USD), 9.50%, 07/15/1955 (a)		216,000		219,780
(USD), 5.88%, 01/30/2025 (a)		689,000		622,167
(USD), 8.63%, 02/28/2029 (a)		473,000		467,561
(USD), 8.25%, 04/10/2032 (a)		100,000		94,751
				1,404,259
GHANA (1.2%)
Ghana Government International Bond
(USD), 7.88%, 02/11/2035 (a)(c)		200,000		177,080
(USD), 8.63%, 06/16/2049 (a)(c)		300,000		265,500
(USD), 8.75%, 03/11/2061 (a)(c)		200,000		176,750
				619,330
HONDURAS (0.3%)
Honduras Government International Bond (USD), 5.63%, 06/24/2030 (a)		150,000		157,875
INDONESIA (6.9%)
Indonesia Government International Bond (USD), 6.63%, 02/17/2037 (a)		740,000		1,060,165
Indonesia Treasury Bond
Series FR82 (IDR), 7.00%, 09/15/2030		10,500,000,000		728,527
Series FR75 (IDR), 7.50%, 05/15/2038		3,000,000,000		206,651
Series FR79 (IDR), 8.38%, 04/15/2039		4,800,000,000		358,159
Perusahaan Penerbit SBSN Indonesia III (USD), 4.35%, 09/10/2024 (a)		1,080,000		1,193,400
				3,546,902
IVORY COAST (1.9%)
Ivory Coast Government International Bond
(EUR), 5.25%, 03/22/2030 (a)(c)		580,000		630,468
(EUR), 5.88%, 10/17/2031 (a)(c)		200,000		218,604
(EUR), 6.88%, 10/17/2040 (a)(c)		100,000		109,289
				958,361
KENYA (1.8%)
Kenya Government International Bond
(USD), 7.00%, 05/22/2027 (a)(c)		410,000		403,338
(USD), 8.25%, 02/28/2048 (a)		530,000		518,393
				921,731
MEXICO (2.6%)
Mexican Bonos
Series M20 (MXN), 10.00%, 12/05/2024		5,700,000		306,832
Series M (MXN), 5.75%, 03/05/2026		12,100,000		558,497
Series M30 (MXN), 8.50%, 11/18/2038		5,500,000		298,278
Mexico Government International Bond (USD), 6.05%, 01/11/2040		130,000		168,350
				1,331,957
MONTENEGRO (0.5%)
Montenegro Government International Bond (EUR), 2.55%, 10/03/2029 (a)		247,000		257,029
MOROCCO (0.9%)
Morocco Government International Bond (EUR), 1.50%, 11/27/2031 (a)		410,000		463,173

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

MOZAMBIQUE (0.6%)
Mozambique International Bond (USD), 5.00%, 09/15/2031 (a)(c)	$	360,000	$	305,770
NIGERIA (1.8%)
Nigeria Government International Bond
(USD), 7.63%, 11/21/2025 (a)		453,000		466,680
(USD), 6.50%, 11/28/2027 (a)		460,000		437,488
				904,168
PANAMA (0.5%)
Panama Government International Bond (USD), 4.50%, 04/01/2056		200,000		270,000
PARAGUAY (1.6%)
Paraguay Government International Bond (USD), 6.10%, 08/11/2044 (a)		600,000		808,500
QATAR (6.7%)
Qatar Government International Bond
(USD), 3.88%, 04/23/2023 (a)		430,000		464,111
(USD), 4.00%, 03/14/2029 (a)		450,000		533,070
(USD), 3.75%, 04/16/2030 (a)		200,000		235,024
(USD), 5.10%, 04/23/2048 (a)		600,000		880,872
(USD), 4.82%, 03/14/2049 (a)		925,000		1,320,523
				3,433,600
ROMANIA (1.1%)
Romanian Government International Bond
(EUR), 2.00%, 01/28/2032 (a)		212,000		238,176
(EUR), 3.50%, 04/03/2034 (a)		250,000		315,470
				553,646
RUSSIA (1.2%)
Russian Federal Bond - OFZ
Series 6228 (RUB), 7.65%, 04/10/2030		30,700,000		467,623
Series 6221 (RUB), 7.70%, 03/23/2033		10,750,000		165,702
				633,325
RWANDA (0.9%)
Rwanda International Government Bond (USD), 6.63%, 05/02/2023 (a)		450,000		454,590
SAUDI ARABIA (2.9%)
Saudi Government International Bond
(USD), 4.50%, 04/17/2030 (a)		370,000		448,625
(USD), 5.00%, 04/17/2049 (a)		770,000		1,053,860
				1,502,485
SENEGAL (0.9%)
Senegal Government International Bond (EUR), 4.75%, 03/13/2028 (a)(c)		400,000		452,493
SERBIA (1.2%)
Serbia International Bond (EUR), 3.13%, 05/15/2027 (a)		490,000		613,992
SOUTH AFRICA (2.0%)
Republic of South Africa Government Bond, Series 2040 (ZAR), 9.00%, 01/31/2040		10,800,000		514,640
Republic of South Africa Government International Bond (USD), 6.25%, 03/08/2041		500,000		491,295
				1,005,935
TUNISIA (1.1%)
Banque Centrale de Tunisie International Bond

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

(EUR), 6.75%, 10/31/2023 (a)	$	200,000	$	221,426
(EUR), 5.63%, 02/17/2024 (a)		317,000		340,516
				561,942
TURKEY (1.2%)
Turkey Government International Bond
(USD), 5.75%, 03/22/2024		410,000		392,435
(USD), 4.88%, 10/09/2026		270,000		240,149
				632,584
UKRAINE (4.3%)
Ukraine Government International Bond
(USD), 7.75%, 09/01/2024 (a)		1,300,000		1,343,940
(EUR), 6.75%, 06/20/2026 (a)		430,000		508,443
(USD), 7.75%, 09/01/2026 (a)		110,000		112,482
(USD), 0.00%, 05/31/2040 (a)		270,000		236,790
				2,201,655
UNITED ARAB EMIRATES (2.1%)
Abu Dhabi Government International Bond (USD), 3.13%, 04/16/2030 (a)		287,000		323,228
Finance Department Government of Sharjah (USD), 4.00%, 07/28/2050 (a)		233,000		244,804
Sharjah Sukuk Program Ltd. (USD), 4.23%, 03/14/2028 (a)		445,000		497,376
				1,065,408
URUGUAY (1.6%)
Uruguay Government International Bond
(UYU), 4.38%, 12/15/2028 (c)(f)		7,099,722		178,858
(USD), 4.38%, 01/23/2031		110,000		134,750
(USD), 5.10%, 06/18/2050 (c)		350,000		489,563
				803,171
UZBEKISTAN (0.6%)
Republic of Uzbekistan Bond (USD), 4.75%, 02/20/2024 (a)		300,000		318,765
VENEZUELA (0.0%)
Venezuela Government International Bond (USD), 9.25%, 05/07/2028 (b)(g)		165,000		11,302
Total Government Bonds				38,180,350
WARRANTS (0.0%)
BRAZIL (0.0%)
OAS S.A.(b)(h)(i)		29,231		—
UNITED STATES (0.0%)
CANADACO, Series A(h)(i)		92,841		—
Total Warrants				0
Short-term investment (2.7%)
UNITED STATES (2.7%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(j)		1,385,105		1,385,105
Total Short-Term Investment				1,385,105
Total Investments (Cost $52,066,214) —99.5%				51,205,264
Other Assets in Excess of Liabilities—0.5%				265,783
Net Assets—100.0%			$	51,471,047

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	Illiquid security.
(c)	Sinkable security.
(d)	Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.
(e)	Indicates a stepped coupon bond. This bond was issued with a low coupon that gradually increases over the life of the bond.
(f)	Inflation linked security.
(g)	Security is in default.
(h)	Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments.
(i)	Non-Income Producing Security.
(j)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
BRL	Brazilian Real
COP	Colombian Peso
EUR	Euro Currency
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
PLC	Public Limited Company
RUB	Russian Ruble
USD	U.S. Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

At July 31, 2020, the Fund's open forward foreign currency exchange contracts were as follows:

Purchase Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
Euro/United States Dollar
10/07/2020	Deutsche Bank AG	EUR	190,000	USD	213,796	$	224,109	$	10,313
Indian Rupee/United States Dollar
08/19/2020	Barclays Bank plc	INR	42,210,000	USD	553,095		562,352		9,257
Indonesian Rupiah/United States Dollar
08/19/2020	Barclays Bank plc	IDR	5,039,488,000	USD	343,873		342,380		(1,493	)
Mexican Peso/United States Dollar
10/07/2020	Barclays Bank plc	MXN	11,148,000	USD	491,577		496,941		5,364
10/07/2020	Deutsche Bank AG	MXN	9,119,000	USD	404,452		406,494		2,042
South African Rand/United States Dollar
10/07/2020	Deutsche Bank AG	ZAR	1,000,000	USD	58,270		58,105		(165	)
						$	2,090,381	$	25,318

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Emerging Markets Debt Fund

Sale Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/Brazilian Real
08/19/2020	Deutsche Bank AG	USD	988,309	BRL	5,833,000	$	1,117,465	$	(129,156	)
United States Dollar/Colombian Peso
08/19/2020	Deutsche Bank AG	USD	480,945	COP	1,758,817,000	$	470,640	$	10,305
United States Dollar/Euro
10/07/2020	JPMorgan Chase	USD	5,565,996	EUR	4,930,000		5,815,030		(249,034	)
10/07/2020	Royal Bank of Canada	USD	80,081	EUR	69,000		81,387		(1,306	)
10/07/2020	UBS AG	USD	395,892	EUR	350,000		412,832		(16,940	)
United States Dollar/Indonesian Rupiah
08/19/2020	Barclays Bank plc	USD	330,784	IDR	5,039,488,000		342,380		(11,596	)
United States Dollar/Mexican Peso
10/07/2020	Deutsche Bank AG	USD	1,545,416	MXN	35,552,000		1,584,790		(39,374	)
United States Dollar/South African Rand
10/07/2020	UBS AG	USD	526,156	ZAR	9,074,000		527,251		(1,095	)
						$	10,351,775	$	(438,196	)

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

See accompanying Notes to Statements of Investments. 

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

	Shares or Principal Amount		Value (US$)
COMMON STOCKS (21.8%)
AUSTRALIA (0.6%)
Materials (0.4%)
Newcrest Mining Ltd.		3,906		99,508
Real Estate (0.2%)
Charter Hall Group		771		5,748
Dexus, REIT		1,664		10,101
Goodman Group, REIT		1,814		22,056
				37,905
				137,413
AUSTRIA (0.0%)
Real Estate (0.0%)
CA Immobilien Anlagen AG(a)		229		7,178
BELGIUM (0.1%)
Real Estate (0.1%)
Aedifica SA, REIT		34		3,918
Warehouses De Pauw CVA, REIT		304		9,783
				13,701
BRAZIL (0.4%)
Materials (0.4%)
Wheaton Precious Metals Corp.		1,652		89,753
CANADA (1.6%)
Materials (1.5%)
Agnico-Eagle Mines Ltd.		1,102		87,598
Barrick Gold Corp.		2,712		78,404
Franco-Nevada Corp.		503		80,405
Kirkland Lake Gold Ltd.		1,817		99,208
				345,615
Real Estate (0.1%)
Allied Properties Real Estate Investment Trust, REIT		286		8,564
Canadian Apartment Properties REIT		403		14,613
				23,177
				368,792
CHINA (0.7%)
Communication Services (0.7%)
China Mobile Ltd.		3,000		20,478
HUYA, Inc., ADR(a)		1,903		46,281
NetEase, Inc., ADR		101		46,300
Tencent Holdings Ltd.		700		48,019
				161,078

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

DENMARK (1.0%)
Industrials (0.5%)
Vestas Wind Systems AS	812	104,086
Utilities (0.5%)
Orsted AS(b)	872	124,282
		228,368
FINLAND (0.2%)
Real Estate (0.0%)
Kojamo OYJ	166	4,126
Utilities (0.2%)
Fortum OYJ	2,498	50,701
		54,827
FRANCE (1.5%)
Communication Services (0.2%)
Ubisoft Entertainment SA(a)	612	51,116
Industrials (1.0%)
Alstom SA(a)	1,877	104,592
Schneider Electric SE	973	111,568
		216,160
Real Estate (0.1%)
Gecina SA, REIT	128	16,604
Utilities (0.2%)
Engie SA(a)	3,587	47,783
		331,663
GERMANY (1.1%)
Communication Services (0.1%)
Deutsche Telekom AG	1,487	24,825
Industrials (0.1%)
KION Group AG	312	23,845
Real Estate (0.3%)
alstria office REIT-AG(a)	866	12,945
LEG Immobilien AG(a)	131	18,266
Sirius Real Estate Ltd.	8,824	8,520
Vonovia SE	593	38,329
		78,060
Utilities (0.6%)
RWE AG	3,373	127,143
		253,873
JAPAN (1.8%)
Communication Services (0.4%)
KDDI Corp.	700	22,258
Nintendo Co. Ltd.	100	43,981
NTT DOCOMO, Inc.	800	22,025
		88,264

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

Consumer Discretionary (0.3%)
Bandai Namco Holdings, Inc.	600	33,133
Sony Corp.	500	38,848
		71,981
Industrials (0.1%)
Nabtesco Corp.	800	24,339
Information Technology (0.4%)
Anritsu Corp.	1,100	26,524
Capcom Co. Ltd.	1,100	43,231
Omron Corp.	400	28,812
		98,567
Real Estate (0.6%)
Daiwa House REIT Investment Corp., REIT	3	7,800
Daiwa Office Investment Corp., REIT	4	20,971
Daiwa Securities Living Investments Corp.	4	4,045
GLP J-REIT	5	8,340
Invesco Office J-Reit, Inc., REIT	16	1,888
Japan Excellent, Inc., REIT	3	3,169
Japan Real Estate Investment Corp.	3	15,307
LaSalle Logiport REIT	3	5,462
Mitsubishi Estate Co., Ltd.	200	2,873
Mitsui Fudosan Co. Ltd., REIT	1,200	18,761
Nippon Building Fund, Inc., REIT	2	11,182
Nippon Prologis REIT, Inc., REIT	5	17,260
Orix JREIT, Inc.	4	5,160
Sumitomo Realty & Development Co., Ltd.	100	2,550
		124,768
		407,919
JERSEY (0.0%)
Financials (0.0%)
Sanne Group PLC	982	8,097
NETHERLANDS (0.2%)
Information Technology (0.2%)
ASML Holding NV	136	48,353
NORWAY (0.0%)
Real Estate (0.0%)
Entra ASA(b)	450	6,353
REPUBLIC OF IRELAND (0.3%)
Industrials (0.2%)
Kingspan Group PLC	774	55,527
Information Technology (0.1%)
Keywords Studios PLC	766	19,071
		74,598
RUSSIA (0.4%)
Materials (0.4%)
Polymetal International PLC	3,655	90,411

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

SINGAPORE (0.1%)
Real Estate (0.1%)
CapitaLand Commercial Trust, REIT	5,000	5,896
CapitaLand Mall Trust, REIT	7,300	10,090
		15,986
SOUTH KOREA (0.3%)
Communication Services (0.3%)
NCSoft Corp.	59	40,202
SK Telecom Co. Ltd.	128	23,707
		63,909
SPAIN (0.5%)
Real Estate (0.1%)
Inmobiliaria Colonial Socimi SA, REIT	929	7,963
Merlin Properties Socimi SA	1,048	8,671
		16,634
Utilities (0.4%)
Iberdrola SA	180	2,343
Iberdrola SA	7,928	102,471
		104,814
		121,448
SWEDEN (0.3%)
Information Technology (0.1%)
Telefonaktiebolaget LM Ericsson, B Shares	2,531	29,448
Real Estate (0.2%)
Castellum AB	711	15,291
Fabege AB	688	8,824
Hufvudstaden AB	345	4,480
Kungsleden AB	712	5,759
		34,354
		63,802
SWITZERLAND (0.1%)
Communication Services (0.1%)
Swisscom AG	44	23,389
TAIWAN (0.6%)
Industrials (0.1%)
Bizlink Holding, Inc.	4,000	26,705
Information Technology (0.5%)
Advantech Co. Ltd.	2,199	23,143
Chroma ATE, Inc.	5,000	28,097
MediaTek, Inc.	1,000	23,878
Taiwan Semiconductor Manufacturing Co. Ltd.	2,000	29,107
		104,225
		130,930

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

THAILAND (0.2%)
Industrials (0.2%)
Delta Electronics Thailand PCL	10,000	36,399
UNITED KINGDOM (1.9%)
Communication Services (0.2%)
4imprint Group PLC	89	2,762
Auto Trader Group PLC(b)	893	6,238
Future PLC	791	14,149
Gamma Communications PLC	893	18,469
Rightmove PLC	490	3,536
Team17 Group PLC(a)	1,459	11,650
		56,804
Consumer Discretionary (0.3%)
Dunelm Group PLC	479	7,686
Games Workshop Group PLC	189	21,693
Greggs PLC	263	4,090
Hollywood Bowl Group PLC	2,725	4,829
JD Sports Fashion PLC	812	6,419
Moneysupermarket.com Group PLC	1,612	6,175
On the Beach Group PLC(b)	523	1,900
Trainline PLC(a)(b)	935	5,029
		57,821
Consumer Staples (0.2%)
Cranswick PLC	309	14,392
Hilton Food Group PLC	1,234	17,775
Hotel Chocolat Group PLC	1,015	3,906
		36,073
Financials (0.2%)
AJ Bell PLC	1,685	9,474
Draper Esprit PLC(a)	928	6,390
Intermediate Capital Group PLC	742	12,988
Liontrust Asset Management PLC	631	10,201
		39,053
Health Care (0.1%)
Abcam PLC	273	4,592
Craneware PLC	175	3,757
Dechra Pharmaceuticals PLC	165	6,140
Genus PLC	220	9,818
		24,307
Industrials (0.3%)
Chemring Group PLC	2,187	6,752
Dart Group PLC	494	4,163
Diploma PLC	125	2,960
GlobalData PLC	705	14,111
James Fisher & Sons PLC	312	4,699
Polypipe Group PLC	1,156	6,096
Rotork PLC	1,251	4,537
RWS Holdings PLC	1,294	10,137
Spirax-Sarco Engineering PLC	45	6,014
Ultra Electronics Holdings PLC	289	8,931
		68,400

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

Information Technology (0.4%)
Avast PLC(b)	1,147	8,600
AVEVA Group PLC	281	15,165
Computacenter PLC	657	16,971
DiscoverIE Group PLC	756	5,868
FDM Group Holdings PLC	516	6,248
Kainos Group PLC	1,763	25,355
Midwich Group PLC	523	2,685
Softcat PLC	726	11,969
Spirent Communications PLC	1,853	6,785
		99,646
Materials (0.1%)
Hill & Smith Holdings PLC	709	11,178
Marshalls PLC	1,375	10,662
Victrex PLC	153	3,733
		25,573
Real Estate (0.1%)
Assura PLC, REIT	7,157	7,379
Safestore Holdings PLC, REIT	455	4,574
UNITE Group PLC (The), REIT	628	7,708
Workspace Group PLC, REIT	201	1,620
		21,281
Utilities (0.0%)
Telecom Plus PLC	418	7,348
		436,306
UNITED STATES (7.9%)
Communication Services (0.8%)
Activision Blizzard, Inc.	609	50,322
Cable One, Inc.	12	21,871
Electronic Arts, Inc.(a)	347	49,142
Take-Two Interactive Software, Inc.(a)	309	50,682
		172,017
Financials (0.0%)
Sabra Health Care REIT, Inc., REIT	497	7,326
Industrials (0.3%)
MasTec, Inc.(a)	598	23,788
Proto Labs, Inc.(a)	214	25,706
Rockwell Automation, Inc.	113	24,650
		74,144

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

Information Technology (2.0%)
Advanced Micro Devices, Inc.(a)	445	34,456
Amdocs Ltd.	356	22,108
Autodesk, Inc.(a)	104	24,589
Ciena Corp.(a)	429	25,530
Cisco Systems, Inc.	492	23,173
Cognex Corp.	393	26,280
Intel Corp.	364	17,374
IPG Photonics Corp.(a)	146	26,135
Keysight Technologies, Inc.(a)	229	22,875
Microsoft Corp.	244	50,022
MKS Instruments, Inc.	215	27,400
NVIDIA Corp.	101	42,884
QUALCOMM, Inc.	281	29,676
Skyworks Solutions, Inc.	195	28,388
Teradyne, Inc.	286	25,442
Zebra Technologies Corp., Class A(a)	92	25,829
		452,161
Materials (0.7%)
Newmont Corp.	1,108	76,673
Royal Gold, Inc.	562	78,641
		155,314
Real Estate (3.7%)
Alexandria Real Estate Equities, Inc.	192	34,090
American Homes 4 Rent, REIT	462	13,398
American Tower Corp., REIT	179	46,789
Americold Realty Trust, REIT	584	23,564
Apartment Investment & Management Co., Class A, REIT	218	8,463
AvalonBay Communities, Inc.	137	20,977
Boston Properties, Inc., REIT	167	14,878
Digital Realty Trust, Inc.	309	49,607
Douglas Emmett, Inc., REIT	228	6,644
Duke Realty Corp.	813	32,674
Equinix, Inc., REIT	123	96,614
Equity LifeStyle Properties, Inc.	403	27,533
Essex Property Trust, Inc., REIT	71	15,673
Extra Space Storage, Inc., REIT	166	17,154
Gaming and Leisure Properties, Inc., REIT	443	16,041
Highwoods Properties, Inc., REIT	379	14,531
Host Hotels & Resorts, Inc., REIT	854	9,206
Hudson Pacific Properties, Inc., REIT	282	6,647
Invitation Homes, Inc., REIT	1,275	38,021
MGM Growth Properties LLC	647	17,689
Mid-America Apartment Communities, Inc., REIT	195	23,242
Omega Healthcare Investors, Inc., REIT	455	14,733
Prologis, Inc., REIT	1,344	141,684
Realty Income Corp., REIT	539	32,367
SITE Centers Corp., REIT	395	2,895
STORE Capital Corp., REIT	395	9,358
Sun Communities, Inc., REIT	179	26,837
UDR, Inc., REIT	470	17,014
VEREIT, Inc., REIT	2,727	17,753
Vornado Realty Trust, REIT	428	14,775
Welltower, Inc.	763	40,866
		851,717
Utilities (0.4%)
NextEra Energy, Inc.	297	83,368
		1,796,047
Total Common Stocks		4,970,593

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

U.S. TREASURIES (2.4%)
UNITED STATES (2.4%)
U.S. Treasury Inflation Indexed Bond
(USD), 3.38%, 04/15/2032 (c)	18,200	27,798
(USD), 0.75%, 02/15/2042	49,813	63,640
(USD), 0.63%, 02/15/2043	48,845	61,277
(USD), 1.38%, 02/15/2044	62,377	90,616
(USD), 0.75%, 02/15/2045	78,830	102,852
(USD), 1.00%, 02/15/2046	42,201	58,437
(USD), 0.88%, 02/15/2047	38,025	51,990
(USD), 1.00%, 02/15/2048	54,274	76,999
(USD), 0.25%, 02/15/2050	6,981	8,518
		542,127
Total U.S. Treasuries		542,127
Total Purchased Options (see detail below)		69,210
SHORT-TERM INVESTMENT (80.3%)
CERTIFICATES OF DEPOSIT (22.8%)
CANADA (3.4%)
Bank of Montreal (USD), 0.01%, 08/03/2020	782,217	782,217
FRANCE (11.8%)
BNP Paribas (USD), 0.03%, 08/03/2020	938,894	938,894
Credit Agricole SA (USD), 0.02%, 08/03/2020	813,979	813,979
Societe Generale SA (USD), 0.08%, 08/03/2020	935,018	935,018
		2,687,891
NETHERLANDS (7.6%)
ING Bank NV (USD), 0.01%, 08/03/2020	783,565	783,565
Rabobank Nederland NV (USD), 0.03%, 08/03/2020	938,004	938,004
		1,721,569
Total Certificates of Deposit		5,191,677
COMMERCIAL PAPER (4.4%)
FRANCE (2.2%)
Agence Centrale des Organismes de Securite Sociale (USD), 0.15%, 08/06/2020	500,000	499,990
GERMANY (2.2%)
Deutsche Bahn AG (USD), 0.18%, 08/24/2020	500,000	499,942
Total Commercial Paper		999,932
MONEY MARKET FUNDS (22.4%)
UNITED STATES (22.4%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(d)	5,090,806	5,090,806
Total Money Market Funds		5,090,806

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

U.S. TREASURIES (30.7%)
U.S. Treasury Bill
(USD), 0.09%, 08/04/2020 (e)	1,000,000		999,998
(USD), 0.10%, 08/11/2020 (e)	1,000,000		999,981
(USD), 0.14%, 09/03/2020 (c)(e)	1,500,000		1,499,880
(USD), 0.27%, 10/29/2020 (e)	1,500,000		1,499,660
(USD), 0.15%, 11/27/2020 (c)(e)	1,000,000		999,686
(USD), 0.09%, 12/10/2020 (e)	1,000,000		999,620
			6,998,825
Total U.S. Treasuries			6,998,825
Total Short-Term Investment			18,281,240
Total Investments (Cost $23,404,764) —104.8%			23,863,170
Liabilities in Excess of Other Assets—(4.8)%			(1,097,079	)
Net Assets—100.0%		$	22,766,091

(a)	Non-income producing security.
(b)	Denotes a security issued under Regulation S or Rule 144A.
(c)	All or a portion of the security has been designated as collateral for swap contracts.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
(e)	The rate shown is the discount yield at the time of purchase.
ADR	American Depositary Receipt
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro Currency
GBP	British Pound Sterling
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLC	Public Limited Company
PLN	Polish Zloty
REIT	Real Estate Investment Trust
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TWD	New Taiwan Dollar
USD	U.S. Dollar
ZAR	South African Rand

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

At July 31, 2020, the Fund held the following futures contracts:  

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)
Long Contract Positions
Australian 10 Year Bond Futures		27		09/15/2020	$	2,849,847		$	2,882,980		$	33,133
Euro STOXX 50 Future		12		09/18/2020		482,458			449,930			(32,528	)
S&P 500 (E-Mini) Future		5		09/18/2020		815,885			815,875			(10	)
TOPIX Index Future		3		09/10/2020		448,358			424,118			(24,240	)
United States Treasury Note 6%–10 year		19		09/21/2020		2,633,929			2,661,484			27,555
United States Treasury Note 6%–Ultra Long		24		09/21/2020		3,801,789			3,822,000			20,211
											$	24,121
Short Contract Positions
Long Gilt Futures		(22	)	09/28/2020	$	(3,977,844	)	$	(3,989,963	)	$	(12,119	)
United States Treasury Long Bond Future		(5	)	09/21/2020		(886,985	)		(911,406	)		(24,421	)
											$	(36,540	)
											$	(12,419	)

At July 31, 2020, the Fund's open forward foreign currency exchange contracts were as follows:  

Purchase Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar/United States Dollar
08/13/2020	JPMorgan Chase Bank	AUD	40,696	USD	27,773	$	29,076	$	1,303
08/13/2020	Royal Bank of Canada	AUD	3,764	USD	2,591		2,689		98
09/17/2020	JPMorgan Chase Bank	AUD	110,000	USD	76,989		78,601		1,612
British Pound/United States Dollar
08/13/2020	Barclays Bank plc	GBP	60,734	USD	75,205		79,504		4,299
08/13/2020	Citibank N.A.	GBP	1,635,801	USD	2,116,178		2,141,351		25,173
08/20/2020	Barclays Bank plc	GBP	46,000	USD	56,281		60,219		3,938
Canadian Dollar/United States Dollar
08/13/2020	Goldman Sachs & Co.	CAD	2,393	USD	1,762		1,787		25
08/13/2020	Royal Bank of Canada	CAD	111,458	USD	82,715		83,214		499
10/14/2020	Goldman Sachs & Co.	CAD	76,875	USD	56,589		57,404		815
10/14/2020	JPMorgan Chase Bank	CAD	33,750	USD	24,847		25,202		355
10/14/2020	Royal Bank of Canada	CAD	39,375	USD	28,991		29,402		411
Danish Krone/United States Dollar
08/13/2020	HSBC Bank plc	DKK	169,845	USD	25,774		26,872		1,098
08/13/2020	JPMorgan Chase Bank	DKK	447,584	USD	69,298		70,816		1,518
Euro/United States Dollar
08/07/2020	JPMorgan Chase Bank	EUR	46,441	USD	52,908		54,708		1,800
08/13/2020	Barclays Bank plc	EUR	143,510	USD	160,461		169,077		8,616
08/13/2020	HSBC Bank plc	EUR	7,996	USD	8,986		9,421		435
08/13/2020	JPMorgan Chase Bank	EUR	761,316	USD	876,395		896,944		20,549
08/13/2020	Royal Bank of Canada	EUR	68,318	USD	74,034		80,489		6,455
08/19/2020	JPMorgan Chase Bank	EUR	23,900	USD	27,049		28,161		1,112

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

09/17/2020	Barclays Bank plc	EUR	60,000	USD	68,303	70,741	2,438
09/17/2020	Goldman Sachs & Co.	EUR	77,000	USD	86,967	90,784	3,817
09/17/2020	Royal Bank of Canada	EUR	66,000	USD	78,504	77,815	(689	)
11/13/2020	HSBC Bank plc	EUR	96,000	USD	114,039	113,323	(716	)
Hong Kong Dollar/United States Dollar
08/13/2020	HSBC Bank plc	HKD	1,557,132	USD	200,895	200,920	25
08/20/2020	HSBC Bank plc	HKD	60,000	USD	7,732	7,742	10
Indian Rupee/United States Dollar
08/13/2020	Goldman Sachs & Co.	INR	5,803,875	USD	75,773	77,370	1,597
08/13/2020	HSBC Bank plc	INR	7,379,625	USD	96,461	98,375	1,914
08/13/2020	JPMorgan Chase Bank	INR	3,316,500	USD	43,273	44,211	938
Japanese Yen/United States Dollar
08/13/2020	Barclays Bank plc	JPY	13,882,722	USD	129,818	131,162	1,344
08/13/2020	JPMorgan Chase Bank	JPY	853,793	USD	7,992	8,067	75
08/20/2020	HSBC Bank plc	JPY	6,200,000	USD	57,489	58,582	1,093
10/14/2020	Goldman Sachs & Co.	JPY	3,123,750	USD	29,112	29,537	425
10/14/2020	JPMorgan Chase Bank	JPY	8,776,250	USD	81,800	82,984	1,184
10/14/2020	Royal Bank of Canada	JPY	28,700,000	USD	267,268	271,374	4,106
10/16/2020	Royal Bank of Canada	JPY	133,000,000	USD	1,241,731	1,257,614	15,883
Mexican Peso/United States Dollar
08/13/2020	Citibank N.A.	MXN	876,332	USD	39,013	39,333	320
New Russian Ruble/United States Dollar
08/13/2020	Goldman Sachs & Co.	RUB	10,720,000	USD	144,902	144,265	(637	)
08/13/2020	HSBC Bank plc	RUB	5,280,000	USD	70,650	71,056	406
New Taiwan Dollar/United States Dollar
08/13/2020	Barclays Bank plc	TWD	766,815	USD	25,796	26,135	339
08/13/2020	Citibank N.A.	TWD	2,300,445	USD	77,807	78,406	599
08/13/2020	Goldman Sachs & Co.	TWD	1,314,540	USD	44,356	44,803	447
08/13/2020	HSBC Bank plc	TWD	2,158,200	USD	73,134	73,557	423
New Zealand Dollar/United States Dollar
10/14/2020	Goldman Sachs & Co.	NZD	171,000	USD	110,307	113,408	3,101
Norwegian Krone/United States Dollar
08/13/2020	Citibank N.A.	NOK	506,153	USD	55,283	55,614	331
08/13/2020	Goldman Sachs & Co.	NOK	4,465	USD	467	491	24
10/14/2020	JPMorgan Chase Bank	NOK	2,110,000	USD	232,712	231,908	(804	)
Polish Zloty/United States Dollar
08/13/2020	Barclays Bank plc	PLN	179,009	USD	46,431	47,802	1,371
Singapore Dollar/United States Dollar
08/13/2020	HSBC Bank plc	SGD	1,971	USD	1,414	1,435	21
South African Rand/United States Dollar
08/13/2020	Barclays Bank plc	ZAR	3,348,664	USD	198,748	195,717	(3,031	)
08/13/2020	Goldman Sachs & Co.	ZAR	4,139,475	USD	245,682	241,938	(3,744	)
08/13/2020	HSBC Bank plc	ZAR	3,172,037	USD	186,208	185,394	(814	)
08/13/2020	JPMorgan Chase Bank	ZAR	3,263,291	USD	193,068	190,728	(2,340	)
10/21/2020	Barclays Bank plc	ZAR	263,516	USD	15,678	15,291	(387	)
10/21/2020	HSBC Bank plc	ZAR	790,547	USD	46,982	45,872	(1,110	)
South Korean Won/United States Dollar
08/13/2020	Barclays Bank plc	KRW	22,445,000	USD	18,251	18,801	550
08/13/2020	Citibank N.A.	KRW	31,423,000	USD	25,489	26,321	832
08/13/2020	Goldman Sachs & Co.	KRW	49,379,000	USD	40,102	41,362	1,260
08/13/2020	HSBC Bank plc	KRW	164,753,000	USD	134,135	138,004	3,869
08/20/2020	Barclays Bank plc	KRW	170,000,000	USD	141,666	142,373	707

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

08/20/2020	Citibank N.A.	KRW	46,000,000	USD	37,675		38,525		850
08/20/2020	JPMorgan Chase Bank	KRW	33,000,000	USD	27,263		27,637		374
Swedish Krona/United States Dollar
08/13/2020	Goldman Sachs & Co.	SEK	277,345	USD	31,041		31,591		550
09/17/2020	Goldman Sachs & Co.	SEK	130,000	USD	14,174		14,814		640
11/13/2020	Goldman Sachs & Co.	SEK	988,000	USD	113,991		112,646		(1,345	)
Swiss Franc/United States Dollar
08/13/2020	Barclays Bank plc	CHF	193,648	USD	207,520		211,797		4,277
11/13/2020	Barclays Bank plc	CHF	104,000	USD	114,799		114,048		(751	)
Thai Baht/United States Dollar
08/13/2020	Goldman Sachs & Co.	THB	1,174,175	USD	36,615		37,654		1,039
08/13/2020	HSBC Bank plc	THB	5,835,825	USD	182,019		187,144		5,125
						$	9,491,408	$	126,047

Sale Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/Australian Dollar
08/13/2020	JPMorgan Chase Bank	USD	128,845	AUD	197,556	$	141,146	$	(12,301	)
08/13/2020	Royal Bank of Canada	USD	25,709	AUD	39,267		28,054		(2,345	)
09/17/2020	Goldman Sachs & Co.	USD	75,815	AUD	110,000		78,601		(2,786	)
09/17/2020	JPMorgan Chase Bank	USD	19,599	AUD	28,000		20,007		(408	)
10/14/2020	Citibank N.A.	USD	49,754	AUD	72,225		51,613		(1,859	)
10/14/2020	JPMorgan Chase Bank	USD	171,350	AUD	248,775		177,777		(6,427	)
United States Dollar/Brazilian Real
08/13/2020	Citibank N.A.	USD	88,480	BRL	528,000		101,178		(12,698	)
08/13/2020	Goldman Sachs & Co.	USD	92,153	BRL	536,000		102,712		(10,559	)
08/13/2020	JPMorgan Chase Bank	USD	91,111	BRL	536,000		102,712		(11,601	)
United States Dollar/British Pound
08/13/2020	Barclays Bank plc	USD	114,571	GBP	93,203		122,007		(7,436	)
08/13/2020	Citibank N.A.	USD	166,568	GBP	132,473		173,414		(6,846	)
08/13/2020	HSBC Bank plc	USD	32,934	GBP	27,099		35,475		(2,541	)
08/13/2020	JPMorgan Chase Bank	USD	47,007	GBP	37,970		49,705		(2,698	)
08/13/2020	Royal Bank of Canada	USD	2,246,811	GBP	1,776,763		2,325,877		(79,066	)
08/20/2020	Goldman Sachs & Co.	USD	32,289	GBP	26,000		34,037		(1,748	)
08/20/2020	JPMorgan Chase Bank	USD	91,570	GBP	74,000		96,873		(5,303	)
10/14/2020	JPMorgan Chase Bank	USD	221,940	GBP	179,000		234,393		(12,453	)
United States Dollar/Canadian Dollar
08/13/2020	Citibank N.A.	USD	14,634	CAD	20,624		15,398		(764	)
08/13/2020	Royal Bank of Canada	USD	90,419	CAD	125,430		93,646		(3,227	)
10/14/2020	Barclays Bank plc	USD	111,711	CAD	150,000		112,008		(297	)
United States Dollar/Chinese Renminbi
08/20/2020	HSBC Bank plc	USD	75,736	CNY	540,000		77,248		(1,512	)
United States Dollar/Colombian Peso
08/13/2020	Citibank N.A.	USD	87,867	COP	349,800,000		93,647		(5,780	)
08/13/2020	Goldman Sachs & Co.	USD	158,647	COP	621,425,000		166,365		(7,718	)
08/13/2020	Royal Bank of Canada	USD	22,408	COP	88,775,000		23,766		(1,358	)
United States Dollar/Danish Krone
08/13/2020	Goldman Sachs & Co.	USD	60,261	DKK	393,231		62,216		(1,955	)

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

08/13/2020	HSBC Bank plc	USD	7,204	DKK	48,275	7,638	(434	)
08/13/2020	JPMorgan Chase Bank	USD	230,594	DKK	1,576,947	249,500	(18,906	)
United States Dollar/Euro
08/13/2020	Barclays Bank plc	USD	9,814	EUR	8,972	10,571	(757	)
08/13/2020	Citibank N.A.	USD	1,517,323	EUR	1,388,101	1,635,391	(118,068	)
08/13/2020	HSBC Bank plc	USD	167,827	EUR	150,285	177,058	(9,231	)
08/13/2020	JPMorgan Chase Bank	USD	129,619	EUR	115,775	136,400	(6,781	)
08/13/2020	Royal Bank of Canada	USD	65,082	EUR	56,984	67,135	(2,053	)
09/17/2020	Goldman Sachs & Co.	USD	135,177	EUR	120,000	141,482	(6,305	)
09/17/2020	JPMorgan Chase Bank	USD	178,457	EUR	156,000	183,927	(5,470	)
United States Dollar/Hong Kong Dollar
08/13/2020	Goldman Sachs & Co.	USD	61,422	HKD	477,456	61,607	(185	)
08/13/2020	HSBC Bank plc	USD	191,077	HKD	1,482,692	191,315	(238	)
08/20/2020	Goldman Sachs & Co.	USD	55,466	HKD	430,000	55,484	(18	)
United States Dollar/Indonesian Rupiah
08/13/2020	Citibank N.A.	USD	89,359	IDR	1,360,100,000	92,513	(3,154	)
08/13/2020	Goldman Sachs & Co.	USD	89,439	IDR	1,360,100,000	92,513	(3,074	)
08/13/2020	HSBC Bank plc	USD	87,511	IDR	1,339,800,000	91,132	(3,621	)
United States Dollar/Japanese Yen
08/13/2020	Barclays Bank plc	USD	6,598	JPY	705,531	6,666	(68	)
08/13/2020	Citibank N.A.	USD	178,638	JPY	19,170,821	181,124	(2,486	)
08/13/2020	JPMorgan Chase Bank	USD	330,621	JPY	35,425,334	334,695	(4,074	)
08/13/2020	Royal Bank of Canada	USD	9,979	JPY	1,070,278	10,112	(133	)
08/20/2020	JPMorgan Chase Bank	USD	57,812	JPY	6,200,000	58,582	(770	)
10/14/2020	HSBC Bank plc	USD	113,824	JPY	11,900,000	112,521	1,303
United States Dollar/Mexican Peso
08/13/2020	Barclays Bank plc	USD	1,877	MXN	41,986	1,884	(7	)
08/13/2020	HSBC Bank plc	USD	34,652	MXN	834,639	37,462	(2,810	)
United States Dollar/New Taiwan Dollar
08/13/2020	Barclays Bank plc	USD	48,374	TWD	1,419,785	48,390	(16	)
08/13/2020	Goldman Sachs & Co.	USD	42,404	TWD	1,262,646	43,034	(630	)
08/13/2020	Royal Bank of Canada	USD	23,437	TWD	689,138	23,488	(51	)
United States Dollar/New Zealand Dollar
10/14/2020	JPMorgan Chase Bank	USD	113,983	NZD	171,000	113,408	575
11/13/2020	JPMorgan Chase Bank	USD	227,290	NZD	341,000	226,141	1,149
United States Dollar/Norwegian Krone
08/13/2020	HSBC Bank plc	USD	60,809	NOK	626,059	68,789	(7,980	)
10/14/2020	Goldman Sachs & Co.	USD	219,362	NOK	2,110,000	231,908	(12,546	)
United States Dollar/Polish Zloty
08/13/2020	HSBC Bank plc	USD	41,463	PLN	163,046	43,539	(2,076	)
08/13/2020	Royal Bank of Canada	USD	4,189	PLN	15,929	4,254	(65	)
United States Dollar/Singapore Dollar
08/13/2020	JPMorgan Chase Bank	USD	28,372	SGD	39,979	29,098	(726	)
United States Dollar/South African Rand
08/13/2020	Barclays Bank plc	USD	854,129	ZAR	15,602,178	911,892	(57,763	)
08/13/2020	Goldman Sachs & Co.	USD	45,061	ZAR	839,175	49,047	(3,986	)
08/13/2020	HSBC Bank plc	USD	133,890	ZAR	2,492,475	145,676	(11,786	)
10/21/2020	Barclays Bank plc	USD	61,975	ZAR	1,054,063	61,163	812
United States Dollar/South Korean Won
08/13/2020	HSBC Bank plc	USD	59,259	KRW	73,595,604	61,647	(2,388	)

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

08/20/2020	Goldman Sachs & Co.	USD	167,767	KRW	204,000,000		170,848		(3,081	)
United States Dollar/Swedish Krona
08/13/2020	JPMorgan Chase Bank	USD	73,977	SEK	723,430		82,403		(8,426	)
09/17/2020	Citibank N.A.	USD	14,601	SEK	130,000		14,814		(213	)
United States Dollar/Swiss Franc
08/13/2020	Goldman Sachs & Co.	USD	203,989	CHF	197,530		216,043		(12,054	)
						$	11,002,169	$	(510,277	)

At July 31, 2020, the Fund's open forward foreign cross currency contracts were as follows:  

Purchase / Sale Settlement Date	Counterparty	Amount Purchased		Amount Sold		Contract Value		Fair Value		Unrealized Appreciation/ (Depreciation)
Euro / Japanese Yen
08/07/2020	Goldman Sachs & Co.	EUR	368,898	JPY	44,700,000	$	411,930	$	424,206	$	12,276
08/07/2020	Barclays Bank plc	EUR	389,328	JPY	47,700,000		443,075		451,077		8,002
Euro / Swiss Franc
08/19/2020	JPMorgan Chase Bank N.A.	EUR	976,416	CHF	1,060,000		1,102,520		1,093,478		(9,042)
Japanese Yen / Euro
08/07/2020	JPMorgan Chase Bank N.A.	JPY	92,400,000	EUR	804,666		869,361		794,375		(74,986)
Swiss Franc / Euro
08/19/2020	JPMorgan Chase Bank N.A.	CHF	1,060,000	EUR	1,000,316		1,098,787		1,079,668		(19,119)
								$	3,842,804	$	(82,869	)

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

At July 31, 2020, the Fund held the following centrally cleared credit default swaps:  

Expiration Date	Notional Amount	Credit Index	Fixed Rate	Frequency of Payments Made	Premiums Paid (Received)			Value			Unrealized Appreciation/ (Depreciation)
Buy Protection:
06/20/2025	935,750	CDX.EM	Equal to 1.00%	Quarterly	$	35,371		$	38,569		$	3,198
06/20/2025	935,750	CDX.EM	Equal to 1.00%	Quarterly		37,570			38,569			998
06/20/2025	1,850,000	CDX.NA.IG	Equal to 1.00%	Quarterly		(27,451	)		(29,086	)		(1,635	)
					$	45,490		$	48,052		$	2,561
Sell Protection:
06/20/2025	595,020	CDX.NA.HY	Equal to 5.00%	Quarterly	$	(33,500	)	$	18,786		$	52,285
06/20/2025	596,900	CDX.NA.HY	Equal to 5.00%	Quarterly		(586	)		18,845			19,432
06/20/2025	596,900	CDX.NA.HY	Equal to 5.00%	Quarterly		20			18,845			18,825

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

06/20/2025	1,137,400	CDX.NA.HY	Equal to 5.00%	Quarterly		11,124			35,909			24,786
06/20/2025	509,245	CDX.NA.HY	Equal to 5.00%	Quarterly		9,267			16,078			6,810
06/20/2025	509,245	CDX.NA.HY	Equal to 5.00%	Quarterly		9,141			16,078			6,937
06/20/2025	1,952,380	CDX.NA.HY	Equal to 5.00%	Quarterly		(168,686	)		61,640			230,325
06/20/2025	748,240	CDX.NA.HY	Equal to 5.00%	Quarterly		(36,102	)		23,623			59,726
06/20/2025	385,500	CDX.NA.IG	Equal to 1.00%	Quarterly		1,608			6,061			4,452
06/20/2025	385,500	CDX.NA.IG	Equal to 1.00%	Quarterly		1,576			6,061			4,485
06/20/2025	1,600,000	CDX.NA.IG	Equal to 1.00%	Quarterly		(3,995	)		25,155			29,151
06/20/2025	642,000	CDX.NA.IG	Equal to 1.00%	Quarterly		5,623			10,094			4,470
06/20/2025	642,000	CDX.NA.IG	Equal to 1.00%	Quarterly		6,084			10,094			4,010
06/20/2025	856,000	CDX.NA.IG	Equal to 1.00%	Quarterly		7,230			13,458			6,228
06/20/2025	694,000	CDX.NA.IG	Equal to 1.00%	Quarterly		4,502			10,911			6,410
06/20/2025	242,500	iTraxx Europe Crossover	Equal to 5.00%	Quarterly		(1,707	)		16,929			18,636
06/20/2025	242,500	iTraxx Europe Crossover	Equal to 5.00%	Quarterly		(1,895	)		16,929			18,824
06/20/2025	471,000	iTraxx Europe Crossover	Equal to 5.00%	Quarterly		24,715			32,880			8,165
06/20/2025	255,000	iTraxx Europe Crossover	Equal to 5.00%	Quarterly		2,173			17,801			15,629
06/20/2025	255,000	iTraxx Europe Crossover	Equal to 5.00%	Quarterly		2,446			17,801			15,355
06/20/2025	255,000	iTraxx Europe Crossover	Equal to 5.00%	Quarterly		1,939			17,802			15,863
06/20/2025	255,000	iTraxx Europe Crossover	Equal to 5.00%	Quarterly		1,344			17,802			16,457
06/20/2025	452,000	iTraxx Europe Subordinated Financials	Equal to 1.00%	Quarterly		(42,045	)		(12,558	)		29,487
					$	(199,724	)	$	417,024		$	616,748

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

At July 31, 2020, the Fund held the following over-the-counter interest rate swaps:

Currency	Notional Amount		Expiration Date	Receive (Pay) Floating Rate	Floating Rate Index	Fixed Rate			Frequency of Payments Made	Premiums Paid (Received)		Value				Unrealized Appreciation/ (Depreciation)
EUR		508,000	07/02/2050	Receive	6-month EURIBOR		(0.01	)%	Semiannually	$	—	$	(7,353	)	$	(7,353	)
EUR		1,610,000	07/02/2030	Pay	6-month EURIBOR		(0.21	)%	Semiannually	$	—	$	3,898		$	3,898
										$	—	$	(3,455	)	$	(3,455	)

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

At July 31, 2020, the Fund held the following centrally cleared interest rate swaps:  

Currency	Notional Amount	Expiration Date	Receive (Pay) Floating Rate	Floating Rate Index	Fixed Rate		Frequency of Payments Made	Premiums Paid (Received)			Value			Unrealized Appreciation/ (Depreciation)
USD	1,050,000	03/16/2025	Receive	3-month LIBOR	0.58	%	Quarterly	$	(9,066	)	$	(18,496	)	$	(9,430	)
USD	1,050,000	03/16/2025	Receive	3-month LIBOR	0.58	%	Quarterly		(9,092	)		(18,496	)		(9,404	)
GBP	355,000	11/15/2029	Receive	12-month UK RPI	3.47	%	Annually		(15,053	)		(11,952	)		3,101
GBP	516,000	11/15/2029	Receive	12-month UK RPI	3.47	%	Annually		(16,912	)		(17,373	)		(461	)
USD	829,000	03/16/2050	Receive	3-month LIBOR	0.72	%	Quarterly		—			12,077			12,077
EUR	659,000	06/15/2050	Receive	6-month EURIBOR	0.09	%	Semiannually		—			(33,327	)		(33,327	)
USD	134,000	07/23/2050	Receive	12-month CPI	1.83	%	Annually		—			(500	)		(500	)
USD	134,000	07/24/2050	Receive	12-month CPI	1.84	%	Annually		—			(972	)		(972	)
								$	(50,123	)	$	(89,039	)	$	(38,916	)
USD	4,840,000	03/16/2025	Pay	3-month LIBOR	0.58	%	Quarterly	$	—		$	85,256		$	85,256
GBP	425,000	06/15/2025	Pay	12-month UK RPI	3.29	%	Annually		—			1,918		1,918
GBP	850,000	06/15/2025	Pay	12-month UK RPI	3.29	%	Annually		—			3,995		3,995
GBP	425,000	06/15/2025	Pay	12-month UK RPI	3.29	%	Annually		—			1,918		1,918
GBP	1,720,000	06/15/2025	Pay	12-month UK RPI	3.13	%	Annually		—			(11,715	)	(11,715		)
GBP	2,790,000	11/15/2029	Pay	12-month UK RPI	3.47	%	Annually		—			93,935		93,935
EUR	2,020,000	06/15/2030	Pay	6-month EURIBOR	1.00	%	Semiannually		—			33,542		33,542
USD	169,500	03/16/2050	Pay	3-month LIBOR	0.72	%	Quarterly		(8,491	)		(2,469	)	6,022
USD	169,500	03/16/2050	Pay	3-month LIBOR	0.72	%	Quarterly		(8,450	)		(2,469	)	5,981
								$	(16,941	)	$	203,911		$	220,852
								$	(67,064	)	$	114,872		$	181,936

At July 31, 2020, the Fund held the following purchased options:  

Description	Expiration Date	Exercise Price		Contracts		Notional Amount		Cost		Value		Unrealized Value
CALL OPTIONS PURCHASED (0.2%)
Swiss Leader Index
KRW	09/10/2020		290		3,182,500		3,182,500	$	33,206	$	38,007	$	4,801
KRW	09/10/2020		290		1,567,500		1,567,500		15,611		17,988		2,377
												$	7,178
PUT OPTIONS PURCHASED (0.1%)
Swiss Leader Index
KRW	09/10/2020		281		3,250,000		3,250,000	$	39,549	$	7,746	$	(31,803	)
KRW	09/10/2020		289		1,500,000		1,500,000		15,426		5,469		(9,957	)
												$	(41,760	)

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Global Absolute Return Strategies Fund

At July 31, 2020, the Fund held the following written options:
CALL OPTIONS WRITTEN (0.3%)
Swiss Leader Index
KRW	09/10/2020	281	(3,250,000	)	(3,250,000	)	$	(39,550	)	$	(56,895	)	$	(17,345	)
KRW	09/10/2020	289	(1,500,000	)	(1,500,000	)		(15,426	)		(18,739	)		(3,313	)
													$	(20,658	)
PUT OPTIONS WRITTEN (0.1%)
Swiss Leader Index
KRW	09/10/2020	290	(3,182,500	)	(3,182,500	)	$	(33,206	)	$	(12,214	)	$	20,992
KRW	09/10/2020	290	(1,567,500	)	(1,567,500	)		(15,610	)		(6,289	)		9,321
													$	30,313

See accompanying Notes to Statements of Investments. 

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

	Shares or Principal Amount		Value (US$)
MUNICIPAL BONDS (99.0%)
Alabama (1.5%)
Black Belt Energy Gas District Revenue Bonds, Series A, 4.00%, 08/01/2047(a)	$	1,000,000	$	1,059,080
Alaska (1.5%)
City of Valdez Revenue Bonds Pipelines Project, Series B, 5.00%, 01/01/2021		1,000,000		1,019,160
Arizona (2.2%)
Arizona Industrial Development Authority Revenue Bonds, Series B, 5.00%, 01/01/2032		1,580,000		1,524,005
California (5.2%)
Bay Area Toll Authority Revenue Bonds, Series A, 2.95%, 04/01/2047(a)		350,000		385,105
Los Angeles Community College District General Obligation Unlimited Bonds, Series I, 4.00%, 08/01/2029		400,000		482,840
M-S-R Energy Authority Gas Revenue Bonds
Series B, 6.13%, 11/01/2029		495,000		636,689
Series A, 6.50%, 11/01/2039		500,000		813,000
San Francisco City & County Public Utilities Commission Revenue Bonds, (Pre-refunded @ $100, 11/01/2020), Series F, 5.00%, 11/01/2024		300,000		303,573
Turlock Irrigation District Revenue Bonds, 5.00%, 01/01/2029		1,000,000		1,017,990
				3,639,197
Connecticut (1.8%)
State Health & Educational Facilities Authority Revenue Bonds, Series F, 5.00%, 07/01/2027		1,135,000		1,237,774
District of Columbia (0.8%)
Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030		500,000		558,310
Florida (6.3%)
City of Tampa Revenue Bonds (Baycare Health Care System), Series A, 4.00%, 11/15/2033		1,000,000		1,041,780
County of Jackson Revenue Bonds, VRDN, 0.23%, 07/01/2022(a)		1,700,000		1,700,000
Florida Development Finance Corp. Revenue Bonds (Imagine School At Broward) , 5.00%, 12/15/2039(b)		500,000		584,315
Lee County Industrial Development Authority Revenue Bonds (Florida Light & Power Co.), Series A, 0.22%, 12/01/2046(a)		600,000		600,000
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project), 5.00%, 01/01/2039		160,000		167,139
Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023		250,000		280,940
				4,374,174
Georgia (4.1%)
Floyd County Development Authority Revenue Bonds (Georgia Power Co.), 0.23%, 09/01/2026(a)		1,500,000		1,500,000
Main Street Natural Gas, Inc. Revenue Bonds, Series A, 5.00%, 05/15/2035		250,000		335,435
Monroe Country Development Authority Revenue Bonds, 2.35%, 10/01/2048(a)		1,000,000		1,006,580
				2,842,015
Hawaii (1.0%)
City & County Honolulu HI Wastewater System Revenue Bonds, Series A, 5.00%, 07/01/2047		560,000		695,682
Illinois (2.0%)
Illinois Finance Authority Revenue Bonds (Carle Foundation), Series A, 6.00%, 08/15/2041		500,000		524,030
State of Illinois General Obligation Unlimited Bonds, Series D, 5.00%, 11/01/2021		815,000		843,998
				1,368,028

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

Indiana (1.1%)
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032	$	750,000	$	765,210
Kansas (1.4%)
Kansas Hospital Loan City Of Holton Revenue Bonds (Rural Health Resources Of Jackson Co., Inc. Project), 2.50%, 07/01/2021		1,000,000		1,005,230
Kentucky (0.8%)
Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048(a)		500,000		554,720
Louisiana (2.0%)
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Glen Retirement System), Series A
5.00%, 01/01/2021		75,000		75,093
5.00%, 01/01/2022		160,000		160,770
5.00%, 01/01/2023		170,000		171,141
Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100, 05/15/2026), 3.00%, 05/15/2031		10,000		11,410
New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport), 5.00%, 01/01/2028		500,000		634,270
New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.), 5.00%, 10/01/2027		250,000		314,817
				1,367,501
Maryland (2.9%)
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 4.70%, 03/01/2030(a)		2,000,000		2,000,000
Massachusetts (0.8%)
Massachusetts Development Finance Agency Revenue Bonds, Series A, 5.00%, 07/01/2036		500,000		593,975
Michigan (3.3%)
Flint Hospital Building Authority Revenue Bonds
4.00%, 07/01/2035		1,000,000		1,077,770
4.00%, 07/01/2038		750,000		799,485
Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024		400,000		401,444
				2,278,699
Mississippi (1.6%)
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), Series J, VRDN, 0.14%, 11/01/2035(a)		1,100,000		1,100,000
Nebraska (1.1%)
Central Plains Energy Project, Gas Project Revenue Bonds (Project No.3), 5.00%, 09/01/2021		750,000		783,968
New Hampshire (0.9%)
New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College)
5.00%, 08/01/2035		250,000		300,833
5.00%, 08/01/2036		245,000		293,806
				594,639
New Jersey (4.4%)
New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey), Series F, 4.00%, 07/01/2033		100,000		110,369
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034		2,000,000		2,356,860
Newark Housing Authority Revenue Bonds (Newark Redevelopment Project), 4.00%, 01/01/2037		500,000		558,805
				3,026,034

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

New York (14.7%)
City of Elmira General Obligation Limited Bonds
5.00%, 07/01/2025(b)	$	105,000	$	116,149
5.00%, 07/01/2033(b)		625,000		696,138
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031		145,000		153,648
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042		1,000,000		1,200,060
Metropolitan Transportation Authority Revenue Bonds, Series A-2, VRN, 5.00%, 11/15/2045(a)		400,000		460,036
Nassau County Local Economic Assistance Corp. Revenue Bonds (Catholic Health Services), 5.00%, 07/01/2030		1,000,000		1,116,740
New York City Water & Sewer System Revenue Bonds, Series EE, 5.00%, 06/15/2037		295,000		369,154
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A, 5.50%, 05/15/2023		1,160,000		1,319,558
Oneida County Industrial Development Agency Revenue Bonds (Hamilton College Civic Facilities), 5.00%, 09/15/2027		1,000,000		1,003,320
Port Authority of New York & New Jersey Revenue Bonds, AMT, 5.00%, 07/15/2033		400,000		518,796
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 10/15/2042		560,000		673,960
Tompkins County Industrial Development Agency Revenue Bonds (Cornell University Civic Facilities), Series A, 5.25%, 07/01/2030		1,000,000		1,002,420
Village of Johnson City General Obligation Limited Bonds  , Series A, 2.00%, 02/19/2021		750,000		755,002
Village of Valley Stream General Obligation Limited Notes, Series A, 6.50%, 05/20/2021		800,000		804,768
				10,189,749
Ohio (1.9%)
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds
3.00%, 06/01/2048		500,000		500,835
4.00%, 06/01/2048		500,000		558,955
5.00%, 06/01/2055		110,000		121,222
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029		135,000		145,395
				1,326,407
Pennsylvania (3.7%)
Montgomery County Industrial Development Authority Revenue Bonds (Imagine School At Broward) , 4.00%, 12/01/2037		300,000		320,121
Pennsylvania Turnpike Commission Revenue Bonds, Series A, 5.25%, 07/15/2029		850,000		1,164,015
School Dist. of the City of Erie, General Obligation Limited Bonds, Series A, (AGM ST AID WITHHLDG), 5.00%, 04/01/2034		825,000		1,060,059
				2,544,195
Puerto Rico (1.9%)
Commonwealth of Puerto Rico General Obligation Unlimited Bonds, Series A, (AGM), 5.25%, 07/01/2024		615,000		632,497
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds, (AGC-ICC), 5.50%, 07/01/2022		250,000		262,927
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026		100,000		102,589
Highway & Transportation Authority Revenue Bonds, (AGC), 5.50%, 07/01/2031		300,000		333,252
				1,331,265

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

Rhode Island (1.1%)
Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045	$	750,000	$	786,728
South Carolina (1.7%)
City of Rock Hill SC Combined Utility System Revenue Bonds
5.00%, 01/01/2025		500,000		591,385
5.00%, 01/01/2026		500,000		608,835
				1,200,220
Tennessee (2.2%)
Knox County Health Educational & Housing Facilities Board Revenue Bonds (University Health System, Inc.), 5.00%, 09/01/2036		500,000		567,490
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project), 5.00%, 10/01/2034		360,000		403,297
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023		500,000		567,000
				1,537,787
Texas (19.0%)
Dallas/Fort Worth International Airport Revenue Bonds, Joint Revenue Refunding Bonds, Series B, 5.00%, 11/01/2020		1,000,000		1,011,490
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B, 5.75%, 07/01/2027		4,850,000		5,989,265
Mansfield Industrial Development Corp. Revenue Bond, AMT, VRDN, 0.95%, 11/01/2026(a)		500,000		500,000
Matagorda County Navigation District No. 1 Revenue Bonds, Series B-1, 4.00%, 06/01/2030		1,000,000		1,051,910
Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Railport Terminal II LLC), 4.00%, 01/01/2050(b)		1,000,000		1,003,180
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Baylor Scott & White Obligated Group), 5.00%, 11/15/2029		800,000		972,744
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health Resources Obligated Group), Series A, 4.00%, 02/15/2036		1,000,000		1,137,650
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D, 6.25%, 12/15/2026		1,275,000		1,515,631
				13,181,870
Utah (1.0%)
Salt Lake City Corp. Airport Revenue Bonds, Series B, 5.00%, 07/01/2042		100,000		120,510
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(b)		570,000		572,918
				693,428
Washington (0.3%)
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A, 5.00%, 01/01/2024(b)		180,000		187,657
Wisconsin (4.8%)
Public Finance Authority Revenue Bonds
5.00%, 06/15/2029		530,000		649,330
5.00%, 06/15/2034		425,000		505,712
Public Finance Authority Revenue Bonds, 5.00%, 07/01/2038		1,000,000		1,149,200
Wisconsin Health & Educational Facilities Authority Revenue Bonds, (Pre-refunded @ $100, 07/15/2021), Series A, 5.00%, 07/15/2028		500,000		522,750
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035		250,000		302,790
Wisconsin Health & Educational Facilities Authority Revenue Bonds (St. Camillus Health System) 5.00%, 11/01/2020		50,000		50,189

5.00%, 11/01/2021	$	120,000	122,264
			3,302,235
Total Municipal Bonds			68,668,942

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Intermediate Municipal Income Fund

SHORT-TERM INVESTMENT—0.4%
UNITED STATES (0.4%)
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares	240,137	$	240,186
Total Short-Term Investment			240,186
Total Investments    (Cost $65,167,292) —99.4%			68,909,128
Other Assets in Excess of Liabilities—0.6%			435,404
Net Assets—100.0%		$	69,344,532

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

	Shares or Principal Amount		Value (US$)
MUNICIPAL BONDS (97.9%)
Alabama (1.0%)
Alabama Industrial Development Solid Waste Disposal Revenue Bonds (OfficeMax, Inc.), 6.45%, 12/01/2023	$	750,000	$	750,022
Health Care Authority for Baptist Health Revenue Bonds, Series D, 5.00%, 11/15/2021		850,000		852,584
Industrial Development Board Of The Town Of West Jefferson Solid Waste Disposal Revenue Bonds (Alabama Power Company Miller Plant Project), 0.21%, 12/01/2038(a)		500,000		500,000
Jemison Public Building Authority Revenue Bonds, Series B, 3.00%, 03/01/2021		70,000		70,914
Jemison Water & Sewer Revenue Bonds, Series A
3.00%, 03/01/2021		50,000		50,382
3.50%, 03/01/2026		290,000		309,207
				2,533,109
Arizona (2.3%)
Arizona Industrial Development Authority Revenue Bonds (Great Lakes Senior Living Communities LLC Project Third Tier), Series C
5.13%, 01/01/2034(b)		775,000		715,782
5.13%, 01/01/2035(b)		815,000		744,608
5.13%, 01/01/2036(b)		860,000		778,549
5.13%, 01/01/2037(b)		905,000		812,527
Arizona Industrial Development Authority Revenue Bonds (Kaizen Education Foundation)
5.00%, 07/01/2022(b)		385,000		400,477
5.00%, 07/01/2023(b)		405,000		428,316
La Paz County Industrial Development Authority Revenue Bonds (Charter School Solutions), Series A
5.00%, 02/15/2021(b)		240,000		244,898
5.00%, 02/15/2026(b)		500,000		551,350
Maricopa County Industrial Development Authority Revenue Bonds (Paragon Management, Inc.)
2.88%, 07/01/2021(b)		135,000		135,257
4.00%, 07/01/2026(b)		1,250,000		1,315,813
Phoenix Industrial Development Authority Education Facility Revenue Bonds (Freedom Academy, Inc.), 3.88%, 07/01/2021(b)		55,000		55,531
				6,183,108
Arkansas (1.5%)
Arkansas Public Housing Authority Municipal Series 1 LLC Revenue Bonds, 3.75%, 09/01/2026(a)(b)(c)		1,135,000		1,119,870
County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A
5.00%, 09/01/2025		1,000,000		1,132,560
5.00%, 09/01/2026		1,490,000		1,710,133
				3,962,563
California (0.9%)
California Municipal Finance Authority Revenue Notes (Empire Springs Charter School, Inc.), 4.00%, 09/15/2021(b)		1,050,000		1,060,605
California Pollution Control Financing Authority Solid Waste Disposal Revenue Bonds (CalPlant I LLC), 7.50%, 07/01/2032(b)(d)		500,000		270,000
Tobacco Securitization Authority of Northern California Revenue Bonds, Series A-2, 5.40%, 06/01/2027		985,000		985,286
				2,315,891

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Colorado (0.6%)
Colorado Health Facilities Authority Revenue Bonds (Frasier Meadows Manor, Inc.)
5.00%, 05/15/2025	$	320,000	$	337,286
Series B, 5.00%, 05/15/2028		500,000		525,920
Series B, 5.00%, 05/15/2029		585,000		615,327
				1,478,533
Connecticut (2.3%)
City of West Haven General Obligation Unlimited Bonds
Series B, 5.00%, 11/01/2025		240,000		277,178
Series A, 5.00%, 11/01/2025		325,000		375,346
Series A, 5.00%, 11/01/2026		325,000		382,402
Series B, 5.00%, 11/01/2026		200,000		235,324
Series A, 5.00%, 11/01/2027		635,000		759,403
Series B, 5.00%, 11/01/2027		200,000		239,182
State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group)
Series B-2, 2.75%, 01/01/2026(b)		650,000		651,553
Series B-1, 3.25%, 01/01/2027(b)		750,000		752,227
Series A, 5.00%, 01/01/2030(b)		500,000		546,495
State Health & Educational Facilities Authority Revenue Bond (University of Hartford)
5.00%, 07/01/2025		400,000		442,084
5.00%, 07/01/2026		575,000		640,533
5.00%, 07/01/2027		430,000		484,064
5.00%, 07/01/2029		300,000		344,982
				6,130,773
Delaware (0.3%)
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.25%, 10/01/2029(a)		900,000		900,000
District of Columbia (0.6%)
District of Columbia Revenue Bonds (Ingleside Presbyterian Retirement Community, Inc.), Series B, 3.88%, 07/01/2024		1,500,000		1,466,700
Florida (5.9%)
Broward County Industrial Development Revenue Bonds (Florida Power & Light Co.), 0.23%, 06/01/2045(a)		2,180,000		2,180,000
Capital Trust Agency, Inc. Revenue Bonds (Silver Creek St. Augustine LLLP), Series A, 6.50%, 01/01/2024(c)(d)		250,000		160,000
Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), 4.50%, 01/01/2035(b)		300,000		302,859
Celebration Pointe Community Development District No.1 Special Assessment Revenue Bonds, 4.75%, 05/01/2024		50,000		52,548
City of Atlantic Beach Health Care Facilities Revenue Bonds (Naval Continuing Care Retirement Foundation, Inc.), Series A, 5.00%, 11/15/2021		200,000		206,178
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project)
Series A, 4.00%, 12/15/2029(b)		530,000		594,109
Series A, 5.00%, 12/15/2034(b)		530,000		627,695
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts Charter School Project), Series A, 5.00%, 06/15/2024(b)		100,000		97,159
Florida Development Finance Corp. Solid Waste Revenue Bonds (Waste Pro USA, Inc.)
5.00%, 05/01/2029(b)		2,000,000		2,139,660
5.00%, 08/01/2029(a)(b)		2,000,000		2,052,180
Lee County Industrial Development Authority Revenue Bonds (Florida Light & Power Co.), Series A, 0.23%, 12/01/2046(a)		400,000		400,000
Martin County Industrial Development Authority Revenue Bonds (Indiantown Cogeneration LP), 4.20%, 12/15/2025(b)		2,000,000		2,001,100
Palm Beach County Revenue Bonds (Provident Group - PBAU Properties LLC - Palm Beach Atlantic University Housing Project), Series A, 5.00%, 04/01/2029(b)		1,440,000		1,508,486
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project)
Series A, 5.00%, 01/01/2029		440,000		474,663
5.00%, 01/01/2039		240,000		250,709
St. Lucie County Pollution Control Revenue Bonds (Florida Power & Light Co.), 0.19%, 09/01/2028(a)		2,200,000		2,200,000
Village Community Development District #12, Special Assessment Revenue Bonds, 2.88%, 05/01/2021		170,000		171,187
				15,418,533

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Georgia (4.7%)
Appling County Georgia Development Authority Pollution Control Revenue Bonds, VRDN, 0.24%, 09/01/2029(a)	$	1,200,000	$	1,200,000
Appling County Georgia Development Authority Pollution Control Revenue Bonds (Georgia Power Company Plant Hatch Project), VRDN, 0.24%, 09/01/2041(a)		1,000,000		1,000,000
Dekalb Country Housing Authority Revenue Bonds (Highlands At East Atlanta Apartments Project), 1.92%, 09/01/2036(a)(b)		5,000,000		4,945,450
Development Authority of Monroe County Revenue Bonds (Gulf Power Co. Project), AMT, VRDN, 0.23%, 10/01/2049(a)		300,000		300,000
Main Street Natural Gas, Inc. Revenue Bonds, Series A
5.00%, 05/15/2030		200,000		251,806
5.00%, 05/15/2036		1,970,000		2,664,307
The Atlanta Development Authority Senior Health Care Revenue Bonds (Georgia Proton Treatment Center Project), Series A-1, 6.75%, 01/01/2035		2,300,000		1,925,445
				12,287,008
Guam (0.1%)
Guam International Airport Authority Revenue Bonds (Antonio B. Won Pat International Airport Authority), Series C, 5.00%, 10/01/2021		160,000		159,638
Idaho (0.4%)
Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026		900,000		946,818
Idaho Housing & Finance Association Revenue Bonds (Victory Charter School), Series A, 4.00%, 07/01/2026		130,000		139,184
				1,086,002
Illinois (4.2%)
Chicago Board of Education General Obligation Unlimited Bonds
Series C, 5.00%, 12/01/2022		600,000		630,372
Series A, 5.00%, 12/01/2028		200,000		238,368
Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds, Series A, 4.00%, 12/01/2033		600,000		661,134
Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026		400,000		483,712
Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori School), 5.00%, 02/01/2024		205,000		211,357
Illinois Finance Authority Revenue Bonds (Benedictine University), 5.00%, 10/01/2025		1,035,000		1,114,602
Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC), Series A
5.00%, 02/15/2027		420,000		449,404
5.00%, 02/15/2028		400,000		428,600
5.00%, 02/15/2029		520,000		554,871
5.00%, 02/15/2030		335,000		355,562
5.00%, 02/15/2031		370,000		390,387
5.00%, 02/15/2032		225,000		236,135
Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation)
5.00%, 12/01/2028		250,000		281,263
5.00%, 12/01/2029		315,000		353,206

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Illinois Finance Authority Revenue Bonds (Intrinsic Schools Belmont Campus Project), Series A, 4.50%, 12/01/2020(b)	$	45,000	$	45,190
Metropolitan Pier & Exposition Authority Revenue Bonds
5.00%, 12/15/2025		295,000		329,733
5.00%, 12/15/2027		100,000		114,153
State of Illinois General Obligation Unlimited Bonds
5.00%, 08/01/2021		50,000		51,441
5.00%, 08/01/2024		2,000,000		2,108,620
4.00%, 02/01/2030		745,000		818,621
Village of Matteson Revenue Bonds
5.00%, 12/01/2026		150,000		182,630
5.00%, 12/01/2027		150,000		186,683
5.00%, 12/01/2028		350,000		439,551
Village of Willow Springs General Obligation Unlimited Bonds, Series C, 4.45%, 12/15/2021		285,000		285,849
				10,951,444
Indiana (1.5%)
City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024		120,000		127,819
Hammond Local Public Improvement Bond Bank Revenue Bonds, Series B, 4.63%, 07/15/2023(b)		1,285,000		1,366,520
Indiana Finance Authority Hospital Revenue Bonds (Bethany Circle of King's Daughters' of Madison Indiana ,Inc.), 5.00%, 08/15/2020		115,000		115,144
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032		2,250,000		2,295,630
				3,905,113
Iowa (0.0%)
Iowa Higher Education Loan Authority Revenue Bonds (Wartburg College), 2.50%, 10/01/2020		115,000		114,868
Kansas (0.8%)
Kansas Hospital Loan City Of Holton Revenue Bonds (Rural Health Resources Of Jackson Co., Inc. Project), 2.50%, 07/01/2021		2,000,000		2,010,460
Kentucky (3.7%)
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN, 0.24%, 11/01/2036(a)		2,500,000		2,500,000
Louisville Regional Airport Authority Revenue Bonds (United Parcel Service Worldwide Forwarding, Inc.), 0.21%, 01/01/2029(a)		7,200,000		7,200,000
				9,700,000
Louisiana (2.0%)
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2029(b)		1,000,000		1,071,120
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (St. James Place of Baton Rouge), Series A, 5.50%, 11/15/2025		250,000		258,362
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project), Series A
5.00%, 01/01/2024		180,000		181,280
5.00%, 01/01/2025		370,000		372,309
5.00%, 01/01/2026		390,000		391,264
5.00%, 01/01/2027		410,000		409,315
5.00%, 01/01/2028		430,000		426,569
5.00%, 01/01/2029		450,000		443,011
Louisiana Local Government Environmental Facilities & Community Development Authority Student Housing Revenue Bonds (Provident Group - ULM Properties LLC - University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2039(b)		1,000,000		996,320

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School Project), Series A, 5.00%, 04/01/2030(b)	$	400,000	$	417,924
Parish of St. Charles Gulf Opportunity Zone Revenue Bonds (Valero Project), 4.00%, 12/01/2040(a)		315,000		329,581
				5,297,055
Maryland (6.9%)
Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers Project), 4.20%, 07/01/2024		85,000		85,454
Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University), Series A
5.00%, 09/01/2027(b)		1,495,000		1,615,676
5.00%, 09/01/2032(b)		740,000		798,423
Maryland Economic Development Corp. Revenue Bonds (CONSOL Marine Terminal, Inc.), 5.75%, 09/01/2025		1,445,000		1,448,656
Maryland Health & Higher Educational Facilities Authority Revenue Bonds (Adventist Healthcare Obligated Group), 5.00%, 01/01/2021		450,000		456,210
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 4.70%, 03/01/2030(a)		12,510,000		12,510,000
The Mayor and Council of Rockville Economic Development Revenue Bonds (King Farm Presbyterian Retirement Community, Inc.)
Series A-2, 5.00%, 11/01/2025		705,000		744,480
5.00%, 11/01/2027		600,000		636,588
				18,295,487
Massachusetts (2.0%)
Lynn Housing Authority & Neighborhood Development Revenue Bonds, 4.00%, 10/01/2022		525,000		539,563
Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.), 4.00%, 11/15/2023(b)		820,000		805,863
Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.)
4.00%, 10/01/2025(b)		500,000		527,140
4.00%, 10/01/2026(b)		500,000		529,065
4.00%, 10/01/2027(b)		450,000		477,590
Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024		1,500,000		1,507,170
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue), Series A
5.00%, 07/01/2033		500,000		599,575
5.00%, 07/01/2034		300,000		358,320
				5,344,286
Michigan (0.7%)
Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024		500,000		559,620
Charyl Stockwell Academy Revenue Bonds, 4.88%, 10/01/2023		70,000		71,173
Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez Academy Project), 4.00%, 02/01/2029		700,000		725,515
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series A, 5.13%, 06/01/2022		440,000		440,427
				1,796,735
Minnesota (1.5%)
Rice County Educational Facility Revenue Bonds (Shattuck-St Mary's School), Series A, 5.00%, 08/01/2022(b)		975,000		998,897
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project), 5.85%, 11/01/2058(a)(b)		3,000,000		2,973,060
				3,971,957

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Mississippi (3.5%)
Mississippi Business Finance Corp. Revenue Bonds (Huntington Ingalls Industries, Inc.), 4.55%, 12/01/2028	$	980,000	$	950,855
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 3.70%, 11/01/2032(a)		5,000,000		5,000,000
Mississippi Development Bank Revenue Bonds (Hancock County Gomesa Project), 4.55%, 11/01/2039(b)		2,000,000		2,037,060
Mississippi Pearl General Obligation Unlimited Bonds
3.00%, 07/15/2022		630,000		628,457
3.13%, 07/15/2023		655,000		653,932
				9,270,304
Missouri (0.7%)
Platte County Industrial Development Authority Transportation Revenue Bonds
5.00%, 12/01/2020		850,000		408,000
5.00%, 12/01/2025		675,000		324,000
Saint Louis County Missouri Industrial Development Authority Revenue Bonds (Ranken-Jordan Pediatric Specialty Hospital)
4.00%, 11/15/2021		555,000		560,783
5.00%, 11/15/2022		625,000		648,963
				1,941,746
Nebraska (0.2%)
Scotts Bluff County Hospital Authority Revenue Bonds (Regional West Medical Center), Series A, 5.00%, 02/01/2022		615,000		644,520
Nevada (0.7%)
City of Carson Hospital Revenue Bonds (Carson Tahoe Regional Healthcare)
5.00%, 09/01/2027		605,000		741,894
5.00%, 09/01/2029		620,000		754,236
Nevada Department of Business & Industry Revenue Bonds (Doral Academy of Nevada), Series A, 3.13%, 07/15/2022(b)(e)		320,000		320,291
				1,816,421
New Jersey (1.5%)
New Jersey Economic Development Authority Revenue Bonds
5.00%, 06/15/2021		2,000,000		2,071,100
Series EE, 5.00%, 09/01/2023		700,000		714,784
New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter School Project), Series A, 4.75%, 08/01/2024(b)		90,000		93,511
New Jersey Economic Development Authority Revenue Bonds (NYNJ Link Borrower LLC), 5.25%, 01/01/2025		125,000		141,219
New Jersey Economic Development Authority Revenue Bonds (United Airlines, Inc.), 5.50%, 04/01/2028		55,000		54,303
South Jersey Port Corp. Revenue Bonds, Series B
5.00%, 01/01/2026		300,000		336,324
5.00%, 01/01/2027		250,000		283,122
5.00%, 01/01/2028		255,000		292,255
				3,986,618
New York (14.8%)
Brookhaven Local Development Corp. Revenue Bonds (Active Retirement Community, Inc.)
5.00%, 11/01/2021		300,000		308,544
5.00%, 11/01/2022		250,000		262,248
Buffalo & Erie County Industrial Land Development Corp. Revenue Bonds (Charter School for Applied Technologies Project), 4.00%, 06/01/2022		895,000		913,929
Build NYC Resource Corp. Revenue Bonds (Metropolitan College of New York), 5.00%, 11/01/2020		765,000		769,644

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project), Series A
4.00%, 06/01/2022(b)	$	190,000	$	195,495
5.00%, 06/01/2023(b)		370,000		395,275
5.00%, 06/01/2024(b)		390,000		423,856
5.00%, 06/01/2025(b)		410,000		451,791
5.00%, 06/01/2026(b)		430,000		477,029
5.00%, 06/01/2027(b)		450,000		495,571
5.00%, 06/01/2032(b)		500,000		537,295
City of Elmira General Obligation Limited Bonds
5.00%, 07/01/2025(b)		1,375,000		1,520,997
5.00%, 07/01/2033(b)		2,635,000		2,934,916
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031		455,000		482,136
County Of Suffolk New York Anticipation Notes, Series A, 5.00%, 11/13/2020		2,000,000		2,018,880
Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A, 5.50%, 09/01/2022		6,500,000		6,452,095
Metropolitan Transportation Authority Revenue Bonds
Series A-1, 5.00%, 11/15/2020		900,000		906,255
Series B-2, 5.00%, 05/15/2021		500,000		509,505
5.00%, 11/15/2035		4,000,000		4,396,400
Series A-2, VRN, 5.00%, 11/15/2045(a)		1,600,000		1,840,144
Multi-Pass Through Custodial Receipts Revenue Bonds, 1.92%, 03/01/2036(a)(b)		5,000,000		4,973,300
Nassau County Tobacco Settlement Corp. Revenue Bonds, Series A-2, 5.25%, 06/01/2026(e)		1,150,000		1,150,069
New York State Dormitory Authority Revenue Bonds (Touro College And University System Obligated Group), Series A, 4.00%, 01/01/2023		445,000		458,706
New York State Dormitory Authority Revenue Bonds (Yeshiva University)
5.00%, 09/01/2021		1,025,000		1,026,732
5.00%, 09/01/2022		1,640,000		1,642,673
5.00%, 09/01/2038		730,000		730,380
Village of Johnson City General Obligation Limited Bonds
5.00%, 10/01/2020		115,000		115,551
5.00%, 10/01/2021		115,000		118,482
5.00%, 10/01/2022		115,000		121,039
Village of Valley Stream General Obligation Limited Notes, Series A, 6.50%, 05/20/2021		2,250,000		2,263,410
				38,892,347
North Carolina (0.3%)
North Carolina Capital Facilities Finance Agency Revenue Bonds (Johnson & Wales University), Series A, 5.00%, 04/01/2028		795,000		857,002
Ohio (3.3%)
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds
3.00%, 06/01/2048		3,000,000		3,005,010
4.00%, 06/01/2048		1,000,000		1,117,910
5.00%, 06/01/2055		2,640,000		2,909,333
Cleveland-Cuyahoga County Port Authority Revenue Bonds, 5.00%, 12/01/2028		250,000		263,560
Ohio Air Quality  Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 2.88%, 02/01/2026		1,000,000		1,034,720
Ohio Air Quality Development Authority Revenue Bonds (AK Steel Corp.), 6.75%, 06/01/2024		200,000		182,168
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029		140,000		150,780
				8,663,481
Oregon (2.2%)
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.23%, 06/15/2027(a)		5,900,000		5,900,000

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Pennsylvania (5.0%)
Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Bonds, 5.00%, 05/01/2022(b)	$	660,000	$	684,077
Coatesville School District General Obligation Unlimited Notes, 5.00%, 11/13/2020		2,200,000		2,210,626
Dauphin County General Authority Revenue Bonds (Harrisburg University of Science and Technology Project)
4.00%, 10/15/2022(b)		695,000		686,910
5.00%, 10/15/2027(b)		1,650,000		1,661,137
Indiana County Hospital Authority Revenue Bonds (Indiana Regional Medical Center), Series A, 5.00%, 06/01/2023		100,000		106,376
Montgomery County Industrial Development Authority Revenue Bonds (Waverly Heights, Ltd. Project)
4.00%, 12/01/2027		180,000		197,966
4.00%, 12/01/2028		200,000		219,486
4.00%, 12/01/2029		100,000		109,373
4.00%, 12/01/2035		300,000		321,717
4.00%, 12/01/2036		100,000		106,935
4.00%, 12/01/2038		300,000		319,215
Pennsylvania Economic Development Financing Authority Revenue Bonds (Talen Energy Supply LLC), Series C, 5.00%, 12/01/2037(a)		3,100,000		3,100,031
Philadelphia Authority for Industrial Development Revenue Bonds (Discovery Charter School Project), 5.00%, 04/01/2022		295,000		299,038
Philadelphia School District General Obligation Limited Bonds, Series F, 5.00%, 09/01/2024		2,000,000		2,349,600
Pottsville Hospital Facilities Authority Health Center Revenue Bonds (Lehigh Valley Health Network Obligated Group), 5.75%, 07/01/2022(b)		100,000		106,881
Scranton School District General Obligation Limited Bonds
Series B, 5.00%, 06/01/2023		100,000		111,643
Series B, 5.00%, 06/01/2024		100,000		115,537
Series B, 5.00%, 06/01/2025		100,000		119,109
Series D, 5.00%, 06/01/2027		345,000		414,542
				13,240,199
Puerto Rico (5.1%)
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds
Series A, 5.50%, 07/01/2021		615,000		623,013
(AGC-ICC), 5.50%, 07/01/2022		1,580,000		1,661,702
Series A, 5.00%, 07/01/2027		110,000		110,725
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026		1,290,000		1,323,398
Puerto Rico Electric Power Authority Revenue Bonds
Series SS, 5.00%, 07/01/2022		260,000		261,152
Series PP, 5.00%, 07/01/2023		205,000		206,224
Series SS, 5.25%, 07/01/2023(c)(e)		2,340,000		2,392,369
Series UU, 5.00%, 07/01/2024		300,000		301,977
Series PP, 5.00%, 07/01/2024		835,000		841,279
Puerto Rico Highway & Transportation Authority Revenue Bonds
Series BB, 5.25%, 07/01/2022		100,000		104,709
Series L, 5.25%, 07/01/2023		520,000		531,638
Series E, 5.50%, 07/01/2023		200,000		213,820
Series D, 5.00%, 07/01/2027		145,000		145,956
(AGM-CR), 5.50%, 07/01/2030		1,000,000		1,110,000
Puerto Rico Municipal Finance Agency Revenue Bonds, Series A, 5.00%, 08/01/2020		100,000		100,000
Puerto Rico Public Buildings Authority Revenue Bonds, (NATL COMWLTH GTD), 6.00%, 07/01/2025		1,095,000		1,146,125
Puerto Rico Public Buildings Authority Revenue Bonds
Series F, 5.25%, 07/01/2021		1,200,000		1,230,516
6.00%, 07/01/2023(e)		1,000,000		1,038,490
				13,343,093

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Rhode Island (0.5%)
Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group), Series B
5.00%, 09/01/2022	$	680,000	$	703,902
5.00%, 09/01/2023		500,000		524,690
				1,228,592
South Carolina (0.4%)
South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), 5.25%, 02/01/2027(b)		1,060,000		962,491
Tennessee (0.2%)
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project)
5.00%, 10/01/2029		300,000		341,136
5.00%, 10/01/2034		90,000		100,824
				441,960
Texas (5.2%)
Bexar County Health Facilities Development Corp. Revenue Bonds (Army Retirement Residence Obligation Group)
5.00%, 07/15/2023		300,000		314,550
5.00%, 07/15/2024		150,000		159,077
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue Bonds, 5.00%, 12/01/2021		500,000		522,970
Decatur Hospital Authority Revenue Bonds (Wise Regional Health System), Series A, 5.00%, 09/01/2023		75,000		82,865
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds (Brazos Presbyterian Homes, Inc.), 5.00%, 01/01/2027		895,000		946,659
Mansfield Industrial Development Corp. Revenue Bond, AMT, VRDN, 0.95%, 11/01/2026(a)		1,000,000		1,000,000
New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.)
Series C, 4.00%, 07/01/2021		275,000		270,955
Series C, 5.00%, 07/01/2023		300,000		294,192
Series D, 6.00%, 07/01/2026(c)		110,000		102,727
New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (MRC Senior Living), 3.25%, 11/15/2022		50,000		47,218
Port Beaumont Navigation District Revenue Bonds (Jefferson Railport Terminal II LLC), Series A, 3.63%, 01/01/2035(b)		1,500,000		1,492,455
SA Energy Acquisition Public Facility Corp. Revenue Bonds
5.50%, 08/01/2022		80,000		87,443
5.50%, 08/01/2023		50,000		56,896
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Buckingham Senior Living Community, Inc.)
Series A, 4.50%, 11/15/2021(c)(d)		695,000		451,750
Series B-1, 5.63%, 11/15/2024		2,640,000		2,642,825
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds
Series C, 1.66%, 12/15/2026(a)(e)		1,500,000		1,446,690
Series D, 6.25%, 12/15/2026		2,295,000		2,728,135
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds, 5.00%, 12/15/2025		1,000,000		1,083,740
Texas Public Finance Authority Revenue Bonds (Texas Southern University), 5.00%, 11/01/2021		100,000		104,515
				13,835,662
U. S. Virgin Islands (0.6%)
Virgin Islands Public Finance Authority Revenue Bonds, Series A, 5.00%, 10/01/2032		1,210,000		1,311,035
Virgin Islands Public Finance Authority Revenue Bonds (United States Virgin Islands Federal Excise Tax), Series A, 5.00%, 10/01/2020		170,000		169,844
				1,480,879

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

Utah (2.9%)
Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School), Series A
4.50%, 10/15/2028(b)	$	500,000	$	502,930
4.63%, 10/15/2048(a)(b)		1,000,000		1,027,810
Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation), 3.63%, 06/15/2021(b)(e)		195,000		196,459
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048(a)(b)		3,000,000		3,015,360
Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.), Series A, 4.75%, 05/15/2048(a)(b)		3,000,000		3,001,350
				7,743,909
Washington (1.1%)
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A
5.00%, 01/01/2024(b)		180,000		187,657
5.00%, 01/01/2028(b)		440,000		470,281
5.00%, 01/01/2029(b)		465,000		497,908
5.00%, 01/01/2034(b)		745,000		772,617
Washington State Housing Finance Commission Revenue Bonds (Mirabella), 6.00%, 10/01/2022(b)		795,000		812,458
Washington State Housing Finance Commission Revenue Bonds (Presbyterian Retirement Communities Northwest Obligated Group)
5.00%, 01/01/2023		30,000		31,687
5.00%, 01/01/2023(b)		35,000		35,621
Washington State Housing Finance Commission Revenue Bonds (Wesley Homes Lea Hill LLC), 3.20%, 07/01/2021(b)		120,000		118,876
				2,927,105
West Virginia (0.7%)
Glenville State College Board of Governors Revenue Bonds, 3.25%, 06/01/2022		340,000		334,720
Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project), 4.00%, 09/01/2023		1,610,000		1,600,758
				1,935,478
Wisconsin (5.1%)
Public Finance Authority Revenue Bonds
Series A, 5.00%, 10/01/2024(b)		2,100,000		2,243,892
6.00%, 01/01/2027		4,100,000		4,265,271
Series A, 5.00%, 10/01/2029(b)		500,000		553,355
Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035(b)		1,000,000		1,009,530
Wisconsin Health & Educational Facilities Authority Revenue Bond
5.00%, 11/01/2022		120,000		123,842
5.00%, 11/01/2023		125,000		130,419
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Barton College), Series A
5.00%, 03/01/2023		1,250,000		1,271,350
5.00%, 03/01/2028		1,190,000		1,244,098
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College)
5.00%, 01/01/2026		685,000		717,318
5.00%, 01/01/2027		830,000		868,811
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School)
5.00%, 06/15/2022		185,000		196,396
5.00%, 06/15/2024		210,000		236,951
5.00%, 06/15/2026		230,000		270,181
5.00%, 06/15/2027		160,000		191,211

Wisconsin Public Finance Authority Revenue Bonds (Roseman University of Health Sciences), 5.00%, 04/01/2022	100,000	102,399
		13,425,024
Total Municipal Bonds		257,846,094

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Short Duration High Yield Municipal Fund

SHORT-TERM INVESTMENT (0.0%)
UNITED STATES (0.0%)
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares	$	18,877	$	18,881
Total Short-Term Investment				18,881
Total Investments (Cost $257,885,918) —97.9%				257,864,975
Other Assets in Excess of Liabilities—2.1%				5,412,970
Net Assets—100.0%			$	263,277,945

(a)	Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(b)	Denotes a security issued under Regulation S or Rule 144A.
(c)	Illiquid security.
(d)	Security is in default.
(e)	All or a portion of the security has been designated as collateral for the line of credit.

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

	Shares or Principal Amount		Value (US$)
MUNICIPAL BONDS (101.7%)
Alabama (6.4%)
Black Belt Energy Gas District Revenue Bonds, FRN, 1.02%, 12/01/2048(a)	$	20,000,000	$	19,827,200
Columbia Industrial Development Board Revenue Bonds (Alabama Power Co. Project), AMT, VRDN, 0.22%, 11/01/2021(a)		11,400,000		11,400,000
Health Care Authority for Baptist Health Revenue Bonds, Series B
0.60%, 11/15/2037(a)		6,700,000		6,700,000
0.97%, 11/01/2042(a)		18,200,000		18,200,000
Industrial Development Board Of The Town Of West Jefferson Solid Waste Disposal Revenue Bonds (Alabama Power Company Miller Plant Project), 0.21%, 12/01/2038(a)		1,100,000		1,100,000
Mobile Industrial Development Board Revenue Bonds (Alabama Power Theodore Plant Project), Series A, 0.21%, 04/01/2031(a)		600,000		600,000
Tuscaloosa County Industrial Development Authority Revenue Bonds (Nucor Corp.), Series A, 0.38%, 09/01/2020(a)		10,100,000		10,100,000
Walker County Economic & Industrial Development Authority Revenue Bonds (Alabama Power Co.), 0.21%, 12/01/2036(a)		400,000		400,000
				68,327,200
Arizona (1.2%)
Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 1.25%, 09/01/2024(a)		9,600,000		9,603,648
Phoenix Industrial Development Authority Solid Waste Revenue Bonds (Republic Services, Inc.), 2.10%, 12/01/2035(a)		2,500,000		2,500,000
Scottsdale Industrial Development Authority Revenue Bonds (Scottsdale Healthcare Hospitals Obligated Group), Series F, 0.76%, 09/01/2045(a)		825,000		825,000
				12,928,648
Arkansas (0.4%)
City of Blytheville Revenue Bonds (Nucor Corp. Project), 0.35%, 01/02/2033(a)		4,700,000		4,700,000
California (9.2%)
Bay Area Toll Authority San Francisco Bay Area Toll Bridge Revenue Bonds, Series D, 0.76%, 04/01/2045(a)		8,000,000		7,961,520
California Infrastructure and Economic Development Bank Refunding Revenue Bonds, Series B1, 0.32%, 10/01/2047(a)		6,315,000		6,302,307
California Municipal Finance Authority Solid Waste Disposal Revenue Bonds, FRN, 0.38%, 09/01/2021(a)		4,500,000		4,500,720
California Municipal Finance Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), Series A, 2.00%, 12/01/2044(a)		11,020,000		11,077,194
California Pollution Control Financing Authority Revenue Bonds (Republic Services, Inc.)
Series A, 2.05%, 08/01/2023(a)(b)		11,000,000		11,000,000
Series 2017-A1, 0.60%, 11/01/2042(a)(b)		5,000,000		5,000,500
California Statewide Communities Development Authority Revenue Bonds (Catholic Healthcare West), Series E, 0.72%, 07/01/2040(a)		3,700,000		3,700,000
California Statewide Communities Development Authority Revenue Bonds (Dignity Health Obligated Group)
Series F, 0.72%, 07/01/2040(a)		4,225,000		4,225,000
Series D, 0.71%, 07/01/2041(a)		10,300,000		10,300,000
California Statewide Communities Development Authority Revenue Bonds (Westgate Pasadena Apartments Project), Series B, 0.36%, 04/01/2042(a)		8,935,000		8,935,000
Palomar Pomerado Health Care Certificates of Participation
Series A, 1.22%, 11/01/2036(a)		8,050,000		8,050,000
Series B, 1.22%, 11/01/2036(a)		5,000,000		5,000,000
Series C, 1.22%, 11/01/2036(a)		12,375,000		12,375,000
				98,427,241

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

Connecticut (0.8%)
City Of Milford, Connecticut General Obligation Bonds (Anticipation Notes), 2.50%, 11/03/2020	$	4,000,000	$	4,021,760
Town Of Greenwich, Connecticut General Obligation Bonds (Anticipation Notes), 1.50%, 01/14/2021		4,100,000		4,121,033
				8,142,793
Delaware (0.6%)
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.25%, 10/01/2029(a)		4,400,000		4,400,000
Sussex County Revenue Bonds (Baywood LLC), Series A, 0.30%, 11/01/2027(a)		2,100,000		2,100,000
				6,500,000
Florida (1.7%)
County of Jackson Revenue Bonds, VRDN, 0.23%, 07/01/2022(a)		1,730,000		1,730,000
Florida Development Finance Corp. Revenue Bonds (Shands Jacksonville Medical Center Obligated Group), Series B, 2.73%, 02/01/2029(a)		11,140,000		11,140,000
Miami-Dade County Industrial Development Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 1.60%, 11/01/2041(a)		3,200,000		3,209,376
St. Lucie County Pollution Control Revenue Bonds (Florida Power & Light Co.), 0.19%, 09/01/2028(a)		2,300,000		2,300,000
				18,379,376
Georgia (2.7%)
Appling County Georgia Development Authority Pollution Control Revenue Bonds, VRDN, 0.24%, 09/01/2029(a)		8,700,000		8,700,000
Appling County Georgia Development Authority Pollution Control Revenue Bonds (Georgia Power Company Plant Hatch Project), VRDN, 0.24%, 09/01/2041(a)		5,800,000		5,800,000
Development Authority of Burke County Revenue Bonds (Oglethop Power Co. Project), VRDN, 0.19%, 01/01/2037(a)		8,800,000		8,800,000
Development Authority of Monroe County Revenue Bonds (Gulf Power Co. Project), VRDN, 0.24%, 11/01/2048(a)		2,300,000		2,300,000
Heard County Development Authority Revenue Bonds (Georgia Power Co.), 0.24%, 12/01/2037(a)		3,000,000		3,000,000
				28,600,000
Illinois (5.8%)
County of Will Revenue Bonds, AMT, VRDN, 0.55%, 07/01/2032(a)		9,000,000		9,000,000
Illinois Finance Authority Revenue Bonds, VRDN, 0.16%, 04/01/2037(a)		15,635,000		15,635,000
Illinois Finance Authority Revenue Bonds (Bohler-Uddeholm Corp. Project), 1.28%, 02/01/2037(a)		10,000,000		10,000,000
Illinois Finance Authority Revenue Refunding Bonds Illinois Institute Of Technology, 5.00%, 09/01/2020		250,000		250,505
Illinois Finance Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 1.60%, 11/01/2044(a)		18,000,000		18,052,740
Quad Cities Regional Economic Development Authority Revenue Bonds, VRDN, 0.16%, 10/01/2035(a)		8,600,000		8,600,000
Rockford Park District Limited Tax, Series 2019B, 3.00%, 12/15/2020		1,165,000		1,174,588
				62,712,833

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

Indiana (5.3%)
City of South Bend Economic Development Revenue Bonds (Dynamic R.E.H.C., Inc.), 0.28%, 09/01/2020(a)	$	55,000	$	55,000
Hammond Local Public Improvement Bond Bank Advance Funding Program Notes, 2.38%, 12/31/2020		3,375,000		3,393,832
Indiana Finance Authority Environmental Improvement Revenue Bonds, AMT, FRN, 0.65%, 12/01/2037(a)		3,000,000		3,000,210
Indiana Finance Authority Environmental Improvement Revenue Bonds (ArcelorMittal USA, Inc.), 0.50%, 08/01/2030(a)		38,000,000		38,000,000
Indianapolis Multifamily Housing Revenue Bonds (Forest Ridge), Series A, AMT, VRDN, 0.21%, 11/01/2042(a)		12,900,000		12,900,000
				57,349,042
Iowa (1.1%)
Iowa Finance Authority Midwestern Disaster Area Economic Development Revenue Bonds (CJ Bio America, Inc.), 0.37%, 04/01/2022(a)		12,000,000		12,000,000
Kansas (1.3%)
City of Atchison Multi-Mode Industrial Revenue Bonds (Stress Crete, Inc.), 0.40%, 01/01/2033(a)		1,485,000		1,485,000
City of Burlington Environmental Improvement Revenue Bonds (Kansas City Power & Light Co.)
Series A, 0.36%, 09/01/2035(a)		5,000,000		5,000,000
Series B, 0.36%, 09/01/2035(a)		5,000,000		5,000,000
City of Dodge City Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.44%, 03/01/2027(a)		1,000,000		1,000,000
City of Liberal Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.44%, 02/01/2029(a)		1,000,000		1,000,000
				13,485,000
Kentucky (8.6%)
County Of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.31%, 07/01/2060(a)		14,000,000		14,000,000
County Of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020B-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.31%, 07/01/2060(a)		14,000,000		14,000,000
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of Kentucky, Inc.), Series C, VRDN, 0.32%, 05/01/2034(a)		10,465,000		10,465,000
Louisville Regional Airport Authority  Revenue Bonds, AMT, VRDN, 0.23%, 01/01/2029(a)		14,400,000		14,400,000
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN, 0.24%, 11/01/2036(a)		35,200,000		35,200,000
Louisville Regional Airport Authority Revenue Bonds (United Parcel Service Worldwide Forwarding, Inc.), 0.21%, 01/01/2029(a)		1,900,000		1,900,000
Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 1.25%, 08/15/2023(a)		2,700,000		2,700,405
				92,665,405
Louisiana (3.5%)
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds, AMT, VRDN
0.57%, 12/01/2036(a)		8,000,000		8,000,000
0.57%, 12/01/2037(a)		10,000,000		10,000,000
Louisiana Public Facilities Authority Revenue Bonds (St Mary's Dominican High School Corp.), Series B, 0.35%, 07/01/2033(a)		200,000		200,000
North Webster Parish Industrial District Revenue Bonds (Continental Structural Plastics of Louisiana LLC), 2.14%, 09/01/2021(a)		485,000		485,000
Parish of State James Revenue Bonds, VRDN, 0.34%, 11/01/2040(a)		11,500,000		11,500,000
Plaquemines Port Harbor & Terminal District Revenue Bonds (International Marine Terminal Partnership Project), Series A, 1.00%, 03/15/2025(a)		7,500,000		7,541,400
				37,726,400

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

Maryland (4.6%)
Maryland Economic Development Corp. Revenue Bonds (Linemark Printing/501 Prince George's Boulevard Obligated Group), 0.46%, 12/01/2033(a)(c)	$	5,820,000	$	5,820,000
Maryland Economic Development Corp. Revenue Bonds (Redrock LLC Facility), 0.46%, 11/01/2022(a)		500,000		500,000
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 4.70%, 03/01/2030(a)		42,405,000		42,405,000
Washington County Revenue Bonds (Conservit, Inc.), 0.46%, 02/01/2023(a)(c)		1,215,000		1,215,000
				49,940,000
Massachusetts (0.9%)
Massachusetts Health & Educational Facilities Authority Revenue Bonds (Partners HealthCare System Issue), Series G, 0.76%, 07/01/2042(a)		6,515,000		6,515,000
North Adams City Massachusetts Bond Anticipation Notes, 2.00%, 09/10/2020		3,310,000		3,315,627
				9,830,627
Michigan (1.0%)
Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), (ST AID WITHHLDG), 4.00%, 08/20/2020		10,360,000		10,378,544
Mississippi (12.8%)
Mississippi Business Finance Corp. Revenue Bonds (Gulf Power Company Project), AMT, VRDN, 0.22%, 12/01/2049(a)		40,500,000		40,500,000
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), Series D, VRDN, 0.17%, 12/01/2030(a)		32,820,000		32,820,000
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 3.70%, 11/01/2032(a)		62,000,000		62,000,000
Mississippi Business Finance Corp. Revenue Bonds (Tri-State Truck Center, Inc.), 0.51%, 03/01/2033(a)		2,520,000		2,520,000
				137,840,000
New Hampshire (1.1%)
National Finance Authority Exempt Facilities Revenue Refunding Bonds (Emerald Renewable Diesel LLC Project), AMT, VRN, 2.00%, 06/01/2049(a)(b)		12,000,000		12,008,160
New Jersey (0.7%)
City of Newark General Obligation Unlimited Notes, 3.50%, 07/27/2021		3,250,000		3,316,430
City of Orange Township, in The County of Essex, State of New Jersey General Obligation Notes, Series A, 2.00%, 12/18/2020		4,045,000		4,069,998
				7,386,428
New York (10.0%)
City of Port Jervis New York Bond Anticipation Notes, 2.00%, 10/09/2020		5,000,000		5,011,300
County Of Suffolk New York Anticipation Notes, Series A, 5.00%, 11/13/2020		7,000,000		7,066,080
East Ramapo Central School District Notes, (ST AID WITHHDLG), 2.00%, 10/16/2020		18,000,000		18,042,480
Metropolitan Transportation Authority Revenue Bonds, Series B-2, 5.00%, 05/15/2021		6,800,000		6,929,268
Metropolitan Transportation Authority Revenue Bonds (Build America Bonds)
Series E, 4.00%, 09/01/2020		2,300,000		2,302,691
5.00%, 05/15/2021		1,000,000		1,019,010
4.00%, 02/01/2022		5,000,000		5,092,950
New York City General Obligation Unlimited Bonds
Series A-4, 0.63%, 08/01/2026(a)		5,675,000		5,675,000
Series C-4, 0.63%, 10/01/2027(a)		19,175,000		19,175,000
Series J-3, 0.63%, 06/01/2036(a)		18,950,000		18,950,000
Series J-2, 0.68%, 06/01/2036(a)		4,675,000		4,675,000
New York City Industrial Development Agency Revenue Bonds (Novelty Crystal Corp.), 0.61%, 12/01/2034(a)		1,300,000		1,300,000
Oneida County Industrial Development Agency Revenue Bonds (Champion Home Builders Co. Facility), 0.41%, 06/01/2029(a)		6,820,000		6,820,000
Village of Clayton Jefferson County New York Bond Anticipation Notes, Series A, 2.00%, 10/22/2020		5,000,000		5,013,550
				107,072,329

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

North Carolina (0.3%)
Hertford County Industrial Facilities & Pollution Control Financing Authority Revenue Bonds (Nucor Corp.), Series A, 0.35%, 11/01/2033(a)	$	3,700,000	$	3,700,000
Oklahoma (0.5%)
Muskogee City-County Trust Port Authority Revenue Bonds (USA, Inc. Project), AMT, VRDN, 0.22%, 05/01/2023(a)		5,700,000		5,700,000
Oregon (0.1%)
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.23%, 06/15/2027(a)		1,500,000		1,500,000
Pennsylvania (6.7%)
Allentown City School District Notes, (ST AID WITHHLDG), 2.38%, 03/31/2021		2,750,000		2,750,632
Franklin County Industrial Development Authority Revenue Bonds (Precast System LLC), Series A, 0.46%, 11/01/2021(a)		100,000		100,000
Montgomery County Higher Education And Health Authority Thomas Jefferson University Variable Rate Revenue Bonds, VRDN, 0.58%, 09/01/2050(a)		48,030,000		48,030,000
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), Series A, 0.60%, 04/01/2034(a)		3,000,000		3,000,300
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group)
Series A, AMT, VRN, 1.70%, 08/01/2037(a)		300,000		300,000
1.90%, 08/01/2045(a)		15,000,000		15,000,000
Philadelphia Authority for Industrial Development Revenue Bonds, VRDN, 0.27%, 06/01/2026(a)		2,835,000		2,835,000
				72,015,932
Tennessee (1.3%)
Chattanooga Health Educational & Housing Faculty Board Revenue Bonds, Series C, VRDN, 0.39%, 05/01/2039(a)		12,900,000		12,900,000
Wilson County Industrial Development Board Revenue Bonds (Kenwal Steel Tennessee LLC), 0.50%, 06/01/2037(a)		915,000		915,000
				13,815,000
Texas (10.2%)
Katy Independent School District Refunding Bonds, Series C, 0.40%, 08/15/2036(a)		4,500,000		4,482,360
Mansfield Industrial Development Corp. Revenue Bond, AMT, VRDN, 0.95%, 11/01/2026(a)		8,000,000		8,000,000
Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.)
2.05%, 01/01/2026(a)		11,500,000		11,500,000
AMT, FRN, 1.50%, 05/01/2050(a)		12,525,000		12,525,000
Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP)
0.45%, 04/01/2028(a)		7,000,000		7,000,000
0.45%, 01/01/2030(a)		11,800,000		11,800,000
Port of Port Arthur Navigation District Revenue Bonds
Series A, AMT, VRDN, 0.57%, 04/01/2037(a)		15,000,000		15,000,000
VRDN, 1.30%, 11/01/2040(a)		19,955,000		19,955,000
State of Texas Tax And Revenue Anticipation Notes
4.00%, 08/27/2020		16,500,000		16,542,240
AMT, VRDN, 0.20%, 12/01/2038(a)		3,250,000		3,250,000
				110,054,600

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Ultra Short Municipal Income Fund

Wisconsin (2.9%)
Burlington Area School District Wisconsin Tax & Revenue Anticipation Promissory Note, 2.00%, 09/24/2020	$	2,050,000	$	2,054,613
Public Finance Authority Revenue Bonds (Waste Management, Inc.), Series A-1, 1.90%, 06/01/2023(a)		5,500,000		5,500,000
Wisconsin Health & Educational Facilities Authority Revenue Bonds, 0.75%, 02/15/2053(a)		13,500,000		13,500,000
Wisconsin Public Finance Authority Revenue Bonds (Waste Management, Inc.), 1.12%, 09/01/2027(a)		10,000,000		10,000,000
				31,054,613
Total Municipal Bonds				1,094,240,171
SHORT-TERM INVESTMENT (2.3%)
UNITED STATES (2.3%)
Ascension Parish Louisiana Commercial Paper, 0.65%, 08/05/2020		10,000,000		10,000,000
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares		121,556		121,581
Port of Port Arthur Navigation District Commercial Paper, 0.65%, 08/05/2020		15,000,000		15,000,000
Total Short-Term Investment				25,121,581
Total Investments (Cost $1,119,458,619) —104.0%				1,119,361,752
Liabilities in Excess of Other Assets—(4.0)%				(43,064,098	)
Net Assets—100.0%			$	1,076,297,654

(a) Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(c) All or a portion of the security has been designated as collateral for the line of credit.

FRN Floating Rate Note

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Diversified Alternatives Fund

	Shares or Principal Amount		Value
MUTUAL FUNDS (76.4%)
Alternative Investment (49.9%)
AQR Managed Futures Strategy Fund, Class I		108,770	$	914,755
BlackRock Global Long/Short Equity Fund,Institutional Class		189,059		2,210,102
Gotham Neutral Fund,Institutional Class(a)		237,815		2,240,219
Otter Creek Long/Short Opportunity Fund,Institutional Class		74,944		952,539
Water Island Diversified Event-Driven Fund, Class I		273,262		2,776,344
				9,093,959
Fixed Income Funds (26.5%)
Eaton Vance Floating-Rate Fund, Class I		399,205		3,341,345
Nuveen Preferred Securities Fund,Institutional Class		90,082		1,495,359
				4,836,704
Total Mutual Funds				13,930,663
EXCHANGE-TRADED FUNDS (20.7%)
Equity Funds (15.4%)
iShares Edge MSCI Min Vol USA ETF		9,756		618,531
iShares Edge MSCI USA Momentum Factor ETF		4,726		662,538
iShares Edge MSCI USA Quality Factor ETF		6,309		635,127
iShares Edge MSCI USA Size Factor ETF		3,994		367,847
iShares Edge MSCI USA Value Factor ETF		1,890		138,046
iShares Nasdaq Biotechnology ETF(b)		1,357		182,340
X-trackers MSCI Japan Hedged Equity ETF		5,276		198,694
				2,803,123
Fixed Income Fund (5.3%)
iShares TIPS Bond ETF		7,633		960,689
Total Exchange-Traded Funds				3,763,812
Short-term investment (3.3%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)		601,619		601,619
Total Short-Term Investment				601,619
Total Investments (Cost $18,454,458) —100.4%				18,296,094
Liabilities in Excess of Other Assets—(0.4)%				(65,585	)
Net Assets—100.0%			$	18,230,509

(a)	Non-income producing security.
(b)	All or a portion of the securities are on loan. The total value of all securities on loan is $164,424. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ETF	Exchange-Traded Fund
TIPS	Treasury Inflation Protected Securities

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Diversified Income Fund

	Shares or Principal Amount		Value
MUTUAL FUNDS (24.3%)
Fixed Income Funds (24.3%)
Eaton Vance Floating-Rate Fund, Class I		129,029	$	1,079,971
Invesco Oppenheimer International Bond Fund, Class Y(a)		101,509		552,209
Nuveen Preferred Securities Fund,Institutional Class		34,100		566,070
				2,198,250
Total Mutual Funds				2,198,250
EXCHANGE-TRADED FUNDS (73.6%)
Equity Funds (56.2%)
iShares Core S&P 500 ETF		1,298		425,510
iShares Emerging Markets Dividend ETF		10,148		321,996
iShares MSCI EAFE Value ETF(b)		22,442		895,211
iShares MSCI Japan ETF(b)		6,801		369,498
iShares MSCI Pacific ex Japan ETF(b)		4,734		191,112
iShares MSCI United Kingdom ETF(b)		7,463		193,516
iShares Select Dividend ETF		8,434		700,697
Vanguard High Dividend Yield ETF		18,367		1,491,400
WisdomTree Europe Hedged Equity Fund		4,516		271,276
X-trackers MSCI Japan Hedged Equity ETF		6,068		228,521
				5,088,737
Fixed Income Funds (17.4%)
iShares Edge U.S. Fixed Income Balanced Risk ETF		1,016		104,315
iShares J.P. Morgan EM High Yield Bond ETF		6,247		275,742
iShares JP Morgan EM Local Currency Bond ETF		12,987		549,610
iShares U.S. & International High Yield Corp Bond ETF		13,196		644,361
				1,574,028
Total Exchange-Traded Funds				6,662,765
SHORT-TERM INVESTMENT (1.0%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)		90,591		90,591
Total Short-Term Investment				90,591
Total Investments (Cost $9,628,047) —98.9%				8,951,606
Other Assets in Excess of Liabilities—1.1%				96,577
Net Assets—100.0%			$	9,048,183

(a)	Non-income producing security.
(b)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,102,587. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ETF	Exchange-Traded Fund

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Dynamic Allocation Fund

	Shares or Principal Amount		Value
MUTUAL FUNDS (14.8%)
Fixed Income Funds (14.8%)
Eaton Vance Floating-Rate Fund, Class I		114,615	$	959,326
Invesco Oppenheimer International Bond Fund, Class Y(a)		60,770		330,590
Nuveen Preferred Securities Fund,Institutional Class		6,050		100,435
				1,390,351
Total Mutual Funds				1,390,351
EXCHANGE-TRADED FUNDS (82.9%)
Equity Funds (65.9%)
iShares Core S&P 500 ETF		4,745		1,555,506
iShares MSCI EAFE ETF		7,724		479,274
iShares MSCI Emerging Markets ETF		9,447		408,961
iShares MSCI Eurozone ETF(b)		14,857		559,663
iShares MSCI Japan ETF(b)		8,705		472,943
iShares Russell 2000 ETF(b)		4,581		675,056
iShares Russell Mid-Cap ETF		11,969		679,480
Vanguard High Dividend Yield ETF		2,346		190,495
WisdomTree Europe Hedged Equity Fund		15,163		910,841
X-trackers MSCI Japan Hedged Equity ETF		7,301		274,956
				6,207,175
Fixed Income Funds (17.0%)
iShares Edge U.S. Fixed Income Balanced Risk ETF		5,200		533,895
iShares J.P. Morgan EM High Yield Bond ETF		4,414		194,834
iShares JP Morgan EM Local Currency Bond ETF		9,734		411,943
iShares TIPS Bond ETF		785		98,800
iShares U.S. & International High Yield Corp Bond ETF		7,298		356,313
				1,595,785
Total Exchange-Traded Funds				7,802,960
SHORT-TERM INVESTMENT (3.4%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)		319,808		319,808
Total Short-Term Investment				319,808
Total Investments (Cost $9,254,401) —101.1%				9,513,119
Liabilities in Excess of Other Assets—(1.1)%				(101,685	)
Net Assets—100.0%			$	9,411,434

(a)	Non-income producing security.
(b)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,142,334. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ETF	Exchange-Traded Fund

TIPS Treasury Inflation Protected Securities

See accompanying Notes to Statements of Investments.

Notes to Statements of Investments (unaudited)

July 31, 2020

1. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Aberdeen Funds (the "Trust" and each of its series a “Fund,” or collectively, the “Funds”) in the preparation of their financial statements. The policies conform to accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Funds are maintained in U.S. Dollars.

a. Security Valuation

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

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

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

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

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

Aberdeen Asia-Pacific (ex-Japan) Equity Fund

Notes to Statements of Investments (unaudited) (concluded)

July 31, 2020

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

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

Aberdeen Asia-Pacific (ex-Japan) Equity Fund