Statement of Investments
July 31, 2021 (Unaudited)
Aberdeen International Sustainable Leaders Fund
| Shares | Value | |||||||
| COMMON STOCKS (105.8%) | ||||||||
| ARGENTINA (2.2%) | ||||||||
| Consumer Discretionary (2.2%) | ||||||||
| MercadoLibre, Inc.(a) | 2,030 | $ | 3,184,461 | |||||
| AUSTRALIA (9.4%) | ||||||||
| Health Care (6.5%) | ||||||||
| Cochlear Ltd. | 27,099 | 4,902,721 | ||||||
| CSL Ltd. | 21,200 | 4,513,280 | ||||||
| 9,416,001 | ||||||||
| Real Estate (2.9%) | ||||||||
| Goodman Group, REIT | 257,000 | 4,274,466 | ||||||
| 13,690,467 | ||||||||
| BRAZIL (2.6%) | ||||||||
| Consumer Staples (2.6%) | ||||||||
| Raia Drogasil SA | 780,700 | 3,783,395 | ||||||
| CANADA (2.1%) | ||||||||
| Industrials (2.1%) | ||||||||
| Ritchie Bros Auctioneers, Inc. | 50,100 | 2,990,901 | ||||||
| CHINA (3.0%) | ||||||||
| Health Care (3.0%) | ||||||||
| Wuxi Biologics Cayman, Inc.(a)(b) | 284,000 | 4,337,887 | ||||||
| DENMARK (9.4%) | ||||||||
| Health Care (4.0%) | ||||||||
| Genmab AS(a) | 12,900 | 5,830,527 | ||||||
| Information Technology (2.7%) | ||||||||
| SimCorp A/S | 28,600 | 3,973,857 | ||||||
| Utilities (2.7%) | ||||||||
| Orsted AS(b) | 26,700 | 3,960,148 | ||||||
| 13,764,532 | ||||||||
| FRANCE (6.3%) | ||||||||
| Consumer Staples (3.5%) | ||||||||
| L'Oreal SA | 11,200 | 5,123,927 | ||||||
| Industrials (2.8%) | ||||||||
| Schneider Electric SE | 24,000 | 4,019,720 | ||||||
| 9,143,647 | ||||||||
| GERMANY (2.4%) | ||||||||
| Financials (2.4%) | ||||||||
| Deutsche Boerse AG | 21,400 | 3,570,888 | ||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen International Sustainable Leaders Fund
| HONG KONG (3.2%) | ||||||||
| Financials (3.2%) | ||||||||
| AIA Group Ltd. | 394,600 | $ | 4,721,689 | |||||
| INDIA (5.1%) | ||||||||
| Financials (2.6%) | ||||||||
| Housing Development Finance Corp. Ltd. | 112,600 | 3,708,875 | ||||||
| Materials (2.5%) | ||||||||
| Asian Paints Ltd. | 92,800 | 3,689,175 | ||||||
| 7,398,050 | ||||||||
| ISRAEL (4.4%) | ||||||||
| Consumer Staples (2.1%) | ||||||||
| Strauss Group Ltd. | 111,100 | 3,079,686 | ||||||
| Industrials (2.3%) | ||||||||
| Kornit Digital Ltd.(a) | 24,700 | 3,264,352 | ||||||
| 6,344,038 | ||||||||
| ITALY (2.3%) | ||||||||
| Consumer Discretionary (2.3%) | ||||||||
| Brunello Cucinelli SpA(a) | 54,300 | 3,363,748 | ||||||
| JAPAN (9.5%) | ||||||||
| Health Care (2.5%) | ||||||||
| Chugai Pharmaceutical Co. Ltd. | 98,400 | 3,626,090 | ||||||
| Industrials (4.0%) | ||||||||
| Nabtesco Corp. | 80,200 | 3,037,690 | ||||||
| Nihon M&A Center, Inc. | 102,400 | 2,851,738 | ||||||
| 5,889,428 | ||||||||
| Information Technology (3.0%) | ||||||||
| Keyence Corp. | 7,900 | 4,400,320 | ||||||
| 13,915,838 | ||||||||
| LATVIA (0.0%) | ||||||||
| Financials (0.0%) | ||||||||
| AS Parex Banka(a)(c)(d)(e) | 1,424,182 | 2 | ||||||
| NETHERLANDS (9.2%) | ||||||||
| Information Technology (5.8%) | ||||||||
| Adyen NV(a)(b) | 1,450 | 3,929,571 | ||||||
| ASML Holding NV | 5,900 | 4,509,864 | ||||||
| 8,439,435 | ||||||||
| Materials (3.4%) | ||||||||
| Koninklijke DSM NV | 24,865 | 5,012,320 | ||||||
| 13,451,755 | ||||||||
| NEW ZEALAND (6.0%) | ||||||||
| Health Care (2.4%) | ||||||||
| Fisher & Paykel Healthcare Corp. Ltd. | 157,700 | 3,475,740 | ||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen International Sustainable Leaders Fund
| Industrials (2.0%) | ||||||||||
| Auckland International Airport Ltd.(a) | 579,400 | $2,923,275 | ||||||||
| Information Technology (1.6%) | ||||||||||
| Xero Ltd.(a) | 22,500 | 2,334,427 | ||||||||
| 8,733,442 | ||||||||||
| SINGAPORE (1.5%) | ||||||||||
| Financials (1.5%) | ||||||||||
| Oversea-Chinese Banking Corp. Ltd. | 246,000 | 2,225,619 | ||||||||
| SWEDEN (2.7%) | ||||||||||
| Industrials (2.7%) | ||||||||||
| Atlas Copco AB, A Shares | 59,100 | 4,002,548 | ||||||||
| SWITZERLAND (3.4%) | ||||||||||
| Consumer Staples (3.4%) | ||||||||||
| Nestle SA | 38,710 | 4,901,834 | ||||||||
| TAIWAN (5.9%) | ||||||||||
| Industrials (2.5%) | ||||||||||
| Voltronic Power Technology Corp. | 75,000 | 3,654,423 | ||||||||
| Information Technology (3.4%) | ||||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 42,100 | 4,910,544 | ||||||||
| 8,564,967 | ||||||||||
| UNITED KINGDOM (15.2%) | ||||||||||
| Financials (2.5%) | ||||||||||
| London Stock Exchange Group PLC | 34,200 | 3,566,078 | ||||||||
| Health Care (2.9%) | ||||||||||
| Dechra Pharmaceuticals PLC | 61,700 | 4,262,424 | ||||||||
| Industrials (3.2%) | ||||||||||
| Spirax-Sarco Engineering PLC | 22,600 | 4,708,681 | ||||||||
| Information Technology (2.7%) | ||||||||||
| AVEVA Group PLC | 72,200 | 3,939,384 | ||||||||
| Materials (3.9%) | ||||||||||
| Croda International PLC | 48,800 | 5,712,589 | ||||||||
| 22,189,156 | ||||||||||
| Total Common Stocks | 154,278,864 | |||||||||
| SHORT-TERM INVESTMENT—0.9% | ||||||||||
| UNITED STATES (0.9%) | ||||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(f) | 1,369,867 | 1,369,867 | ||||||||
| Total Short-Term Investment | 1,369,867 | |||||||||
| Total Investments (Cost $138,227,768) —106.7% | 155,648,731 | |||||||||
| Liabilities in Excess of Other Assets—(6.7)% | (9,790,586) | |||||||||
| Net Assets—100.0% | $145,858,145 | |||||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (concluded)
July 31, 2021 (Unaudited)
Aberdeen International Sustainable Leaders Fund
| (a) | Non-income producing security. | ||
| (b) | Denotes a security issued under Regulation S or Rule 144A. | ||
| (c) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. | ||
| (d) | Illiquid security. | ||
| (e) | The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of July 31, 2021. | ||
| (f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021. | ||
| ADR | American Depositary Receipt | ||
| PLC | Public Limited Company | ||
| REIT | Real Estate Investment Trust | ||
See accompanying Notes to Statements of Investments.
Statement of Investments
July 31, 2021 (Unaudited)
Aberdeen Global Equity Impact Fund
| Shares | Value | |||||||
| COMMON STOCKS (100.9%) | ||||||||
| AUSTRALIA (2.2%) | ||||||||
| Real Estate (2.2%) | ||||||||
| Goodman Group, REIT | 95,600 | $ | 1,590,035 | |||||
| BELGIUM (3.4%) | ||||||||
| Materials (3.4%) | ||||||||
| Umicore SA | 39,700 | 2,464,049 | ||||||
| BRAZIL (1.5%) | ||||||||
| Consumer Discretionary (0.5%) | ||||||||
| YDUQS Participacoes SA | 64,300 | 348,892 | ||||||
| Financials (1.0%) | ||||||||
| Banco Bradesco SA | 184,268 | 730,598 | ||||||
| 1,079,490 | ||||||||
| CHINA (6.2%) | ||||||||
| Financials (1.4%) | ||||||||
| Ping An Insurance Group Co. of China Ltd., H Shares | 119,000 | 1,041,350 | ||||||
| Health Care (4.8%) | ||||||||
| Wuxi Biologics Cayman, Inc.(a)(b) | 229,000 | 3,497,803 | ||||||
| 4,539,153 | ||||||||
| DENMARK (7.0%) | ||||||||
| Health Care (2.5%) | ||||||||
| Novo Nordisk AS, Class B | 19,400 | 1,795,883 | ||||||
| Industrials (2.5%) | ||||||||
| Vestas Wind Systems AS | 50,100 | 1,847,414 | ||||||
| Utilities (2.0%) | ||||||||
| Orsted AS(a) | 9,800 | 1,453,537 | ||||||
| 5,096,834 | ||||||||
| FRANCE (7.3%) | ||||||||
| Financials (1.7%) | ||||||||
| AXA SA | 48,100 | 1,245,647 | ||||||
| Industrials (5.6%) | ||||||||
| Alstom SA(b) | 44,400 | 1,841,549 | ||||||
| Schneider Electric SE | 13,200 | 2,210,846 | ||||||
| 4,052,395 | ||||||||
| 5,298,042 | ||||||||
| GERMANY (3.9%) | ||||||||
| Information Technology (2.4%) | ||||||||
| Infineon Technologies AG | 45,100 | 1,723,457 | ||||||
| Materials (1.5%) | ||||||||
| Covestro AG(a) | 17,200 | 1,108,045 | ||||||
| 2,831,502 | ||||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Global Equity Impact Fund
| HONG KONG (2.4%) | ||||||||
| Financials (2.4%) | ||||||||
| AIA Group Ltd. | 145,200 | $ | 1,737,429 | |||||
| INDONESIA (1.0%) | ||||||||
| Financials (1.0%) | ||||||||
| Bank Rakyat Indonesia Persero Tbk PT | 2,936,600 | 753,374 | ||||||
| ISRAEL (3.6%) | ||||||||
| Industrials (3.6%) | ||||||||
| Kornit Digital Ltd.(b) | 19,600 | 2,590,336 | ||||||
| KENYA (3.5%) | ||||||||
| Communication Services (3.5%) | ||||||||
| Safaricom PLC | 6,537,300 | 2,537,103 | ||||||
| NETHERLANDS (5.4%) | ||||||||
| Information Technology (2.7%) | ||||||||
| ASML Holding NV | 2,600 | 1,987,398 | ||||||
| Materials (2.7%) | ||||||||
| Koninklijke DSM NV | 9,749 | 1,965,216 | ||||||
| 3,952,614 | ||||||||
| REPUBLIC OF IRELAND (2.2%) | ||||||||
| Industrials (2.2%) | ||||||||
| Kingspan Group PLC | 14,700 | 1,598,534 | ||||||
| SOUTH KOREA (4.3%) | ||||||||
| Information Technology (4.3%) | ||||||||
| Samsung SDI Co. Ltd. | 4,900 | 3,163,140 | ||||||
| TAIWAN (2.2%) | ||||||||
| Industrials (2.2%) | ||||||||
| Voltronic Power Technology Corp. | 33,610 | 1,637,669 | ||||||
| UNITED KINGDOM (10.0%) | ||||||||
| Consumer Discretionary (1.7%) | ||||||||
| Countryside Properties PLC(a)(b) | 161,600 | 1,180,959 | ||||||
| Health Care (6.4%) | ||||||||
| AstraZeneca PLC | 18,600 | 2,137,323 | ||||||
| Clinigen Group PLC | 183,600 | 1,529,949 | ||||||
| GlaxoSmithKline PLC | 50,900 | 1,004,961 | ||||||
| 4,672,233 | ||||||||
| Industrials (1.9%) | ||||||||
| RELX PLC | 47,500 | 1,396,229 | ||||||
| 7,249,421 | ||||||||
| UNITED STATES (34.8%) | ||||||||
| Consumer Discretionary (1.6%) | ||||||||
| Chegg, Inc.(b) | 13,400 | 1,187,642 | ||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (concluded)
July 31, 2021 (Unaudited)
Aberdeen Global Equity Impact Fund
| Financials (2.6%) | |||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 33,100 | $ | 1,880,080 | ||
| Health Care (4.6%) | |||||
| Merck & Co., Inc. | 15,400 | 1,183,798 | |||
| UnitedHealth Group, Inc. | 5,200 | 2,143,544 | |||
| 3,327,342 | |||||
| Industrials (7.2%) | |||||
| Tetra Tech, Inc. | 22,100 | 2,950,792 | |||
| Trane Technologies PLC | 11,100 | 2,260,071 | |||
| 5,210,863 | |||||
| Information Technology (8.0%) | |||||
| Autodesk, Inc.(b) | 5,200 | 1,669,876 | |||
| Mastercard, Inc., Class A | 5,700 | 2,199,858 | |||
| salesforce.com, Inc.(b) | 8,000 | 1,935,440 | |||
| 5,805,174 | |||||
| Real Estate (8.1%) | |||||
| American Tower Corp., REIT | 3,700 | 1,046,360 | |||
| Equinix, Inc., REIT | 2,600 | 2,133,066 | |||
| Prologis, Inc., REIT | 21,400 | 2,740,056 | |||
| 5,919,482 | |||||
| Utilities (2.7%) | |||||
| NextEra Energy, Inc. | 25,700 | 2,002,030 | |||
| 25,332,613 | |||||
| Total Common Stocks | 73,451,338 | ||||
| SHORT-TERM INVESTMENT—2.7% | |||||
| UNITED STATES (2.7%) | |||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c) | 1,976,207 | 1,976,207 | |||
| Total Short-Term Investment | 1,976,207 | ||||
| Total Investments (Cost $50,448,432) —103.6% | 75,427,545 | ||||
| Liabilities in Excess of Other Assets—(3.6)% | (2,600,378) | ||||
| Net Assets—100.0% | $72,827,167 |
| (a) | Denotes a security issued under Regulation S or Rule 144A. |
| (b) | Non-income producing security. |
| (c) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021. |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
See accompanying Notes to Statements of Investments.
Statement of Investments
July 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
| Shares or Principal Amount | Value (US$) | |||||||
| ASSET-BACKED SECURITIES (5.7%) | ||||||||
| UNITED STATES (5.7%) | ||||||||
| CNH Equipment Trust, Series 2021-A, Class A3, ABS (USD), 0.40%, 12/15/2025 | $ | 506,080 | $ | 506,678 | ||||
| GM Financial Automobile Leasing Trust, Series 2020-2, Class A4, ABS (USD), 1.01%, 07/22/2024 | 530,000 | 535,378 | ||||||
| Harley-Davidson Motorcycle Trust, Series 2021-A, Class A3, ABS (USD), 0.37%, 04/15/2026 | 899,000 | 899,877 | ||||||
| Honda Auto Receivables Owner Trust, Series 2020-3, Class A3, ABS (USD), 0.37%, 10/18/2024 | 940,000 | 941,887 | ||||||
| John Deere Owner Trust, Series 2020-B, Class A2, ABS (USD), 0.41%, 03/15/2023 | 368,204 | 368,415 | ||||||
| Nissan Auto Lease Trust, Series 2020-B, Class A3, ABS (USD), 0.43%, 10/16/2023 | 957,000 | 959,200 | ||||||
| SLM Student Loan Trust, Series 2011-2, Class A1, (USD), 1M USD LIBOR + 0.600%, 0.69%, 11/25/2027 (a) | 49,710 | 49,726 | ||||||
| Toyota Auto Receivables Owner Trust, Series 2021-A, Class A3, ABS (USD), 0.26%, 05/15/2025 | 900,000 | 899,926 | ||||||
| Verizon Owner Trust, Series 2020-C, Class A, ABS (USD), 0.41%, 04/21/2025 | 1,108,000 | 1,110,821 | ||||||
| 6,271,908 | ||||||||
| Total Asset-Backed Securities | 6,271,908 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (1.2%) | ||||||||
| UNITED STATES (1.2%) | ||||||||
| BANK, Series 2018-BN11, Class C (USD), 4.38%, 03/15/2061 (a) | 460,000 | 507,601 | ||||||
| Commercial Mortgage Trust, Series 2015-LC23, Class A3 (USD), 3.52%, 10/10/2048 | 784,000 | 839,422 | ||||||
| 1,347,023 | ||||||||
| Total Commercial Mortgage-Backed Securities | 1,347,023 | |||||||
| CORPORATE BONDS (30.4%) | ||||||||
| CANADA (2.1%) | ||||||||
| Metals & Mining (1.4%) | ||||||||
| Teck Resources Ltd. (USD), 3.90%, 07/15/2030 | 1,365,000 | 1,501,525 | ||||||
| Oil, Gas & Consumable Fuels (0.7%) | ||||||||
| Cenovus Energy, Inc. (USD), 5.40%, 06/15/2047 | 642,000 | 798,647 | ||||||
| 2,300,172 | ||||||||
| CHINA (0.5%) | ||||||||
| Diversified Financial Services (0.5%) | ||||||||
| CCBL Cayman 1 Corp. Ltd. (USD), 3.50%, 05/16/2024 | 555,000 | 587,940 | ||||||
| ITALY (1.9%) | ||||||||
| Commercial Banks (1.9%) | ||||||||
| UniCredit SpA (USD), 7.83%, 12/04/2023 (b) | 1,800,000 | 2,069,151 | ||||||
| JAPAN (1.2%) | ||||||||
| Auto Manufacturers (1.2%) | ||||||||
| Nissan Motor Co. Ltd. (USD), 4.35%, 09/17/2027 (b) | 1,215,000 | 1,349,523 | ||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
| NETHERLANDS (0.9%) | ||||||||
| Semiconductors (0.9%) | ||||||||
| NXP BV / NXP Funding LLC (USD), 5.35%, 03/01/2026 (b) | $ | 887,000 | $ | 1,039,816 | ||||
| SOUTH KOREA (1.0%) | ||||||||
| Semiconductors (1.0%) | ||||||||
| SK Hynix, Inc., 144A (USD), 1.00%, 01/19/2024 (b) | 1,125,000 | 1,120,140 | ||||||
| UNITED KINGDOM (2.6%) | ||||||||
| Commercial Banks (2.6%) | ||||||||
| Lloyds Banking Group PLC, (fixed rate to 07/09/2024, variable rate thereafter), VRN (USD), 3.87%, 07/09/2025 | 1,225,000 | 1,327,691 | ||||||
| Natwest Group PLC, (fixed rate to 03/22/2024, variable rate thereafter) (USD), 4.27%, 03/22/2025 | 1,450,000 | 1,575,860 | ||||||
| 2,903,551 | ||||||||
| UNITED STATES (20.2%) | ||||||||
| Aerospace & Defense (1.9%) | ||||||||
| Raytheon Technologies Corp. (USD), 6.05%, 06/01/2036 | 1,470,000 | 2,088,246 | ||||||
| Auto Manufacturers (2.7%) | ||||||||
| Ford Holdings LLC (USD), 9.30%, 03/01/2030 | 930,000 | 1,274,147 | ||||||
| Hyundai Capital America, 144A (USD), 0.80%, 01/08/2024 (b) | 1,690,000 | 1,683,124 | ||||||
| 2,957,271 | ||||||||
| Beverages (1.5%) | ||||||||
| Keurig Dr Pepper, Inc. (USD), 0.75%, 03/15/2024 | 1,683,000 | 1,685,448 | ||||||
| Commercial Banks (1.0%) | ||||||||
| Bank of America Corp., (fixed rate to 06/19/2040, variable rate thereafter) (USD), 2.68%, 06/19/2041 | 1,131,000 | 1,116,328 | ||||||
| Computers & Peripherals (0.6%) | ||||||||
| Apple, Inc. (USD), 2.40%, 08/20/2050 | 725,000 | 683,576 | ||||||
| Diversified Telecommunication Services (2.4%) | ||||||||
| Verizon Communications, Inc. (USD), 4.50%, 08/10/2033 | 2,140,000 | 2,608,296 | ||||||
| Electric Utilities (3.8%) | ||||||||
| AEP Texas, Inc., Series H (USD), 3.45%, 01/15/2050 | 580,000 | 616,968 | ||||||
| IPALCO Enterprises, Inc. (USD), 4.25%, 05/01/2030 | 1,343,000 | 1,528,993 | ||||||
| Pacific Gas and Electric Co. (USD), 4.55%, 07/01/2030 | 1,365,000 | 1,456,676 | ||||||
| Southwestern Public Service Co., Series 8 (USD), 3.15%, 05/01/2050 | 613,000 | 663,384 | ||||||
| 4,266,021 | ||||||||
| Insurance (1.1%) | ||||||||
| Athene Holding Ltd. (USD), 3.50%, 01/15/2031 | 1,130,000 | 1,237,227 | ||||||
| Miscellaneous Manufacturing (1.4%) | ||||||||
| General Electric Co., Series A (USD), 6.75%, 03/15/2032 | 1,108,000 | 1,543,440 | ||||||
| Pharmaceutical (1.4%) | ||||||||
| CVS Health Corp. (USD), 6.25%, 06/01/2027 | 1,270,000 | 1,592,990 | ||||||
| Real Estate Investment Trust (REIT) Funds (1.0%) | ||||||||
| American Tower Corp. (USD), 1.88%, 10/15/2030 | 1,105,000 | 1,085,038 | ||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
| Semiconductors (1.4%) | ||||||||
| Broadcom, Inc. (USD), 4.15%, 11/15/2030 | $ | 1,335,000 | $ | 1,513,205 | ||||
| 22,377,086 | ||||||||
| Total Corporate Bonds | 33,747,379 | |||||||
| GOVERNMENT BONDS (1.1%) | ||||||||
| ITALY (1.1%) | ||||||||
| Republic of Italy Government International Bond (USD), 3.88%, 05/06/2051 (c) | 1,094,000 | 1,241,054 | ||||||
| Total Government Bonds | 1,241,054 | |||||||
| U.S. AGENCIES (20.8%) | ||||||||
| UNITED STATES (20.8%) | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| MBS (USD), 4.00%, 01/01/2047 | 700,589 | 760,991 | ||||||
| MBS (USD), 4.00%, 08/01/2048 | 983,769 | 1,077,109 | ||||||
| Federal National Mortgage Association | ||||||||
| MBS (USD), 2.50%, 03/01/2036 | 1,131,448 | 1,195,927 | ||||||
| MBS (USD), 4.50%, 12/01/2046 | 474,479 | 517,390 | ||||||
| MBS (USD), 3.50%, 01/01/2048 | 888,943 | 946,993 | ||||||
| MBS (USD), 4.00%, 05/01/2048 | 947,141 | 1,034,163 | ||||||
| MBS (USD), 5.00%, 09/01/2048 | 290,526 | 317,353 | ||||||
| MBS (USD), 3.00%, 02/01/2050 | 1,042,369 | 1,092,815 | ||||||
| MBS (USD), 4.00%, 03/01/2050 | 875,834 | 948,089 | ||||||
| MBS (USD), 3.50%, 06/01/2050 | 521,495 | 562,342 | ||||||
| MBS (USD), 3.50%, 06/01/2050 | 494,358 | 532,244 | ||||||
| MBS (USD), 3.00%, 07/01/2050 | 1,186,854 | 1,256,136 | ||||||
| MBS (USD), 3.00%, 09/01/2050 | 1,063,160 | 1,113,013 | ||||||
| MBS (USD), 2.00%, 06/01/2051 | 3,310,017 | 3,384,271 | ||||||
| MBS (USD), 2.50%, 06/01/2051 | 1,073,825 | 1,123,790 | ||||||
| Government National Mortgage Association | ||||||||
| MBS (USD), 4.50%, 06/20/2047 | 399,909 | 431,266 | ||||||
| MBS (USD), 3.50%, 11/20/2047 | 646,865 | 691,967 | ||||||
| MBS (USD), 4.00%, 05/20/2048 | 914,553 | 991,983 | ||||||
| MBS (USD), 4.00%, 09/20/2048 | 418,797 | 454,253 | ||||||
| MBS (USD), 3.00%, 06/20/2050 | 1,633,334 | 1,731,825 | ||||||
| MBS (USD), 3.50%, 06/20/2050 | 877,912 | 922,158 | ||||||
| MBS (USD), 2.50%, 03/20/2051 | 1,865,938 | 1,941,845 | ||||||
| 23,027,923 | ||||||||
| Total U.S. Agencies | 23,027,923 | |||||||
| U.S. TREASURIES (35.1%) | ||||||||
| UNITED STATES (35.1%) | ||||||||
| U.S. Treasury Bond | ||||||||
| (USD), 1.88%, 02/15/2051 | 1,690,000 | 1,678,117 | ||||||
| (USD), 2.38%, 05/15/2051 | 8,000,000 | 8,875,000 | ||||||
| U.S. Treasury Note | ||||||||
| (USD), 0.13%, 05/31/2023 | 4,000,000 | 3,997,344 | ||||||
| (USD), 0.25%, 05/15/2024 | 7,624,600 | 7,610,899 | ||||||
| (USD), 0.38%, 01/31/2026 | 4,908,800 | 4,853,193 | ||||||
| (USD), 0.75%, 04/30/2026 | 7,904,400 | 7,937,129 | ||||||
| (USD), 1.25%, 05/31/2028 | 3,848,900 | $3,917,459 | ||||||
| 38,869,141 | ||||||||
| Total U.S. Treasuries | 38,869,141 | |||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (concluded)
July 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
| AGENCY MORTGAGE-BACKED SECURITIES (1.1%) | ||||||
| UNITED STATES (1.1%) | ||||||
| Federal Home Loan Mortgage Corp. (USD), 5.00%, 10/01/2041 | $ | 201,446 | $ | 230,186 | ||
| Federal National Mortgage Association (USD), 4.50%, 07/01/2040 | 530,889 | 584,782 | ||||
| Government National Mortgage Association (USD), 4.50%, 12/20/2045 | 391,452 | 434,543 | ||||
| 1,249,511 | ||||||
| Total Agency Mortgage-Backed Securities | 1,249,511 | |||||
| SHORT-TERM INVESTMENT—4.5% | ||||||
| UNITED STATES (4.5%) | ||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(d) | 5,050,907 | 5,050,907 | ||||
| Total Short-Term Investment | 5,050,907 | |||||
| Total Investments (Cost $108,013,709) —99.9% |
110,804,846 | |||||
| Other Assets in Excess of Liabilities—0.1% | 79,298 | |||||
| Net Assets—100.0% | $110,884,144 |
| (a) | Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (b) | Denotes a security issued under Regulation S or Rule 144A. |
| (c) | Illiquid security. |
| (d) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021. |
| PLC | Public Limited Company |
| USD | U.S. Dollar |
See accompanying Notes to Statements of Investments.
Statement of Investments
July 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
| Shares or Principal Amount | Value (US$) | |||||||
| CORPORATE BONDS (96.7%) | ||||||||
| ARGENTINA (0.4%) | ||||||||
| Transportadora de Gas del Sur SA (USD), 6.75%, 05/02/2025 (a) | $ | 575,000 | $ | 540,506 | ||||
| BERMUDA (0.4%) | ||||||||
| Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., PIK (USD), 7.63%, 10/15/2025 (a)(b) | 492,516 | 521,614 | ||||||
| BRAZIL (2.4%) | ||||||||
| Braskem Netherlands Finance BV (USD), 4.50%, 01/10/2028 (a) | 810,000 | 857,142 | ||||||
| CSN Resources SA (USD), 7.63%, 04/17/2026 (a) | 314,000 | 335,195 | ||||||
| NBM US Holdings, Inc. (USD), 7.00%, 05/14/2026 (a) | 669,000 | 711,194 | ||||||
| Petrobras Global Finance BV (USD), 5.60%, 01/03/2031 | 536,000 | 596,568 | ||||||
| Rede D'or Finance Sarl | ||||||||
| (USD), 4.95%, 01/17/2028 (a) | 380,000 | 403,279 | ||||||
| (USD), 4.50%, 01/22/2030 (a) | 390,000 | 397,316 | ||||||
| 3,300,694 | ||||||||
| CANADA (1.0%) | ||||||||
| NOVA Chemicals Corp. (USD), 4.25%, 05/15/2029 (a) | 638,000 | 645,407 | ||||||
| Titan Acquisition Ltd. / Titan Co-Borrower LLC (USD), 7.75%, 04/15/2026 (a) | 720,000 | 741,031 | ||||||
| 1,386,438 | ||||||||
| CHILE (0.3%) | ||||||||
| VTR Finance NV (USD), 6.38%, 07/15/2028 (a) | 442,000 | 466,942 | ||||||
| CHINA (1.0%) | ||||||||
| China Evergrande Group (USD), 9.50%, 04/11/2022 (a) | 465,000 | 247,752 | ||||||
| Kaisa Group Holdings Ltd. (USD), 9.38%, 06/30/2024 (a) | 495,000 | 382,388 | ||||||
| Sunac China Holdings Ltd. (USD), 7.95%, 10/11/2023 (a) | 825,000 | 806,619 | ||||||
| 1,436,759 | ||||||||
| EL SALVADOR (0.4%) | ||||||||
| AES El Salvador Trust II (USD), 6.75%, 03/28/2023 (a) | 500,000 | 478,750 | ||||||
| FRANCE (0.2%) | ||||||||
| Altice France SA (USD), 7.38%, 05/01/2026 (a) | 208,000 | 216,320 | ||||||
| GEORGIA (0.4%) | ||||||||
| Bank of Georgia JSC (USD), 6.00%, 07/26/2023 (a) | 500,000 | 527,500 | ||||||
| GERMANY (4.8%) | ||||||||
| Aareal Bank AG, FRN (EUR), 1 year EUR Swap + 7.180%, 6.64%, 04/30/2022 (a)(c)(d) | 600,000 | 731,508 | ||||||
| CT Investment GmbH (EUR), 5.50%, 04/15/2026 (a) | 490,000 | 596,431 | ||||||
| Deutsche Bank AG, (fixed rate to 04/30/2025, variable rate thereafter), VRN (USD), 7.50%, 04/30/2025 (d) | 400,000 | 438,000 | ||||||
| Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), VRN (GBP), 7.13%, 04/30/2026 (a)(d) | 300,000 | 453,962 | ||||||
| Gruenenthal GmbH | ||||||||
| (EUR), 3.63%, 11/15/2026 (a) | 299,000 | 363,964 | ||||||
| (EUR), 4.13%, 05/15/2028 (a) | 230,000 | 280,368 | ||||||
| Nidda BondCo GmbH (EUR), 5.00%, 09/30/2025 (a) | 305,000 | 361,838 | ||||||
| Nidda Healthcare Holding GmbH (EUR), 3.50%, 09/30/2024 (a) | 623,000 | 738,923 | ||||||
| Schaeffler AG (EUR), 2.88%, 03/26/2027 (a) | 350,000 | 446,845 | ||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
| Tele Columbus AG (EUR), 3.88%, 05/02/2025 (a) | $ | 784,000 | $ | 935,120 | ||||
| TK Elevator Midco GmbH (EUR), 4.38%, 07/15/2027 (a) | 176,000 | 218,363 | ||||||
| Vertical Holdco GmbH (EUR), 6.63%, 07/15/2028 (a) | 249,000 | 314,223 | ||||||
| ZF Europe Finance BV | ||||||||
| (EUR), 2.00%, 02/23/2026 (a) | 300,000 | 362,636 | ||||||
| (EUR), 2.50%, 10/23/2027 (a) | 300,000 | 368,330 | ||||||
| 6,610,511 | ||||||||
| IRELAND (0.9%) | ||||||||
| Cimpress PLC (USD), 7.00%, 06/15/2026 (a) | 1,190,000 | 1,249,500 | ||||||
| ISRAEL (1.8%) | ||||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| (USD), 7.13%, 01/31/2025 | 1,680,000 | 1,844,976 | ||||||
| (USD), 3.15%, 10/01/2026 | 323,000 | 309,951 | ||||||
| (USD), 6.75%, 03/01/2028 | 278,000 | 307,885 | ||||||
| 2,462,812 | ||||||||
| ITALY (2.3%) | ||||||||
| Banca Monte dei Paschi di Siena SpA, (fixed rate to 01/18/2023, variable rate thereafter) (EUR), 5.38%, 01/18/2028 (a) | 1,000,000 | 967,353 | ||||||
| Golden Goose SpA, FRN (EUR), 3 mo. Euribor + 4.875%, 4.88%, 05/14/2027 (a)(c) | 348,000 | 406,664 | ||||||
| IMA Industria Macchine Automatiche SpA | ||||||||
| (EUR), 3.75%, 01/15/2028 (a) | 231,000 | 275,531 | ||||||
| FRN (EUR), 3 mo. Euribor + 4.000%, 4.00%, 01/15/2028 (a)(c) | 100,000 | 119,216 | ||||||
| Kedrion SpA (EUR), 3.38%, 05/15/2026 (a) | 587,000 | 691,976 | ||||||
| UniCredit SpA, (fixed rate to 06/03/2023, variable rate thereafter) (EUR), 6.63%, 06/03/2023 (a)(d) | 530,000 | 675,671 | ||||||
| 3,136,411 | ||||||||
| JAMAICA (0.7%) | ||||||||
| Digicel Group 0.5 Ltd., PIK (USD), 10.00%, 04/01/2024 (b) | 965,085 | 943,081 | ||||||
| JAPAN (1.2%) | ||||||||
| SoftBank Group Corp., (fixed rate to 07/19/2023, variable rate thereafter), VRN (USD), 6.00%, 07/19/2023 (a)(d) | 1,620,000 | 1,624,293 | ||||||
| LUXEMBOURG (2.6%) | ||||||||
| Altice France Holding SA (EUR), 8.00%, 05/15/2027 (a) | 283,000 | 360,467 | ||||||
| Cidron Aida Finco SARL (GBP), 6.25%, 04/01/2028 (a) | 353,000 | 497,662 | ||||||
| Cidron Aida Finco Sarl (EUR), 5.00%, 04/01/2028 (a) | 291,000 | 347,788 | ||||||
| Galapagos SA (EUR), 5.38%, 06/15/2021 (a)(e)(f) | 60,500 | — | ||||||
| Garfunkelux Holdco 3 SA | ||||||||
| (EUR), 6.75%, 11/01/2025 (a) | 231,000 | 284,287 | ||||||
| (GBP), 7.75%, 11/01/2025 (a) | 240,000 | 346,155 | ||||||
| Kleopatra Finco Sarl (EUR), 4.25%, 03/01/2026 (a) | 113,000 | 132,880 | ||||||
| Kleopatra Holdings 2 SCA (EUR), 6.50%, 09/01/2026 (a) | 327,000 | 368,896 | ||||||
| LHMC Finco 2 Sarl, PIK (EUR), 7.25%, 10/02/2025 (a)(b) | 281,216 | 323,566 | ||||||
| Matterhorn Telecom SA (EUR), 3.13%, 09/15/2026 (a) | 787,000 | 944,034 | ||||||
| 3,605,735 | ||||||||
| MEXICO (1.9%) | ||||||||
| Petroleos Mexicanos | ||||||||
| (USD), 6.49%, 01/23/2027 | 300,000 | 318,660 | ||||||
| (USD), 5.35%, 02/12/2028 | 1,580,000 | 1,557,090 | ||||||
| Sixsigma Networks Mexico SA de CV (USD), 7.50%, 05/02/2025 (a) | 750,000 | 705,075 | ||||||
| 2,580,825 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
| NETHERLANDS (2.6%) | ||||||||
| Leaseplan Corporation NV, (fixed rate to 05/29/2024, variable rate thereafter), VRN (EUR), 7.38%, 05/29/2024 (a)(d) | $ | 250,000 | $ | 331,824 | ||||
| Nobel Bidco BV (EUR), 3.13%, 06/15/2028 (a) | 240,000 | 283,988 | ||||||
| OCI NV (USD), 5.25%, 11/01/2024 (a) | 423,000 | 434,358 | ||||||
| Stichting AK Rabobank Certificaten (EUR), 2.19%, 12/29/2049 (a)(d)(g) | 655,750 | 1,075,610 | ||||||
| Summer BidCo BV, PIK (EUR), 9.00%, 11/15/2025 (a)(b) | 262,187 | 316,556 | ||||||
| Trivium Packaging Finance BV (USD), 5.50%, 08/15/2026 (a) | 690,000 | 721,050 | ||||||
| Ziggo Bond Co. BV (EUR), 3.38%, 02/28/2030 (a) | 382,000 | 450,816 | ||||||
| 3,614,202 | ||||||||
| NIGERIA (0.6%) | ||||||||
| IHS Netherlands Holdco BV (USD), 8.00%, 09/18/2027 (a) | 760,000 | 813,200 | ||||||
| PANAMA (0.7%) | ||||||||
| C&W Senior Financing DAC (USD), 6.88%, 09/15/2027 (a) | 879,000 | 931,819 | ||||||
| SOUTH AFRICA (0.7%) | ||||||||
| Liquid Telecommunications Financing PLC (USD), 5.50%, 09/04/2026 (a) | 985,000 | 1,016,421 | ||||||
| SPAIN (1.2%) | ||||||||
| Banco Bilbao Vizcaya Argentaria SA, Series 9 (fixed rate to 03/05/2025, variable rate thereafter) (USD), 6.50%, 03/05/2025 (d) | 800,000 | 872,000 | ||||||
| Cirsa Finance International Sarl | ||||||||
| (USD), 7.88%, 12/20/2023 (a) | 361,000 | 367,318 | ||||||
| (EUR), 3.63%, 09/30/2025 (a)(c) | 408,000 | 468,260 | ||||||
| 1,707,578 | ||||||||
| SWEDEN (1.0%) | ||||||||
| Intrum AB | ||||||||
| (EUR), 4.88%, 08/15/2025 (a) | 179,000 | 222,552 | ||||||
| (EUR), 3.50%, 07/15/2026 (a) | 375,000 | 451,209 | ||||||
| Verisure Holding AB (EUR), 3.25%, 02/15/2027 (a) | 333,000 | 396,430 | ||||||
| Verisure Midholding AB (EUR), 5.25%, 02/15/2029 (a) | 275,000 | 336,201 | ||||||
| 1,406,392 | ||||||||
| TANZANIA (0.5%) | ||||||||
| HTA Group Ltd. (USD), 7.00%, 12/18/2025 (a) | 617,000 | 652,478 | ||||||
| TURKEY (1.3%) | ||||||||
| Akbank Turk AS, (fixed rate to 03/16/2022, variable rate thereafter) (USD), 7.20%, 03/16/2027 (a) | 619,000 | 627,418 | ||||||
| KOC Holding AS (USD), 5.25%, 03/15/2023 (a) | 275,000 | 284,295 | ||||||
| Turk Telekomunikasyon AS (USD), 4.88%, 06/19/2024 (a) | 410,000 | 428,155 | ||||||
| Turkiye Garanti Bankasi AS (USD), 5.25%, 09/13/2022 (a) | 450,000 | 463,500 | ||||||
| 1,803,368 | ||||||||
| UKRAINE (1.4%) | ||||||||
| Metinvest BV (USD), 8.50%, 04/23/2026 (a) | 715,000 | 809,297 | ||||||
| MHP Lux SA (USD), 6.95%, 04/03/2026 (a) | 1,009,000 | 1,059,743 | ||||||
| 1,869,040 | ||||||||
| UNITED KINGDOM (5.1%) | ||||||||
| Arqiva Broadcast Finance PLC (GBP), 6.75%, 09/30/2023 (a) | 700,000 | 996,586 | ||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
| Bellis Acquisition Co. PLC (GBP), 3.25%, 02/16/2026 (a) | $ | 278,000 | $ | 385,454 | ||||
| Bellis Finco PLC (GBP), 4.00%, 02/16/2027 (a) | 111,000 | 153,712 | ||||||
| eG Global Finance PLC (EUR), 4.38%, 02/07/2025 (a) | 700,000 | 816,673 | ||||||
| Ithaca Energy North Sea PLC (USD), 9.00%, 07/15/2026 (a) | 581,000 | 578,659 | ||||||
| Jerrold Finco PLC (GBP), 5.25%, 01/15/2027 (a) | 447,000 | 647,127 | ||||||
| Merlin Entertainments Ltd. (USD), 5.75%, 06/15/2026 (a) | 695,000 | 724,537 | ||||||
| TalkTalk Telecom Group PLC (GBP), 3.88%, 02/20/2025 (a) | 500,000 | 681,170 | ||||||
| Very Group Funding PLC (The) (GBP), 6.50%, 08/01/2026 (a) | 739,000 | 1,025,454 | ||||||
| Virgin Media Vendor Financing Notes III DAC (GBP), 4.88%, 07/15/2028 (a) | 744,000 | 1,051,845 | ||||||
| 7,061,217 | ||||||||
| UNITED STATES (57.7%) | ||||||||
| 99 Escrow Issuer, Inc. (USD), 7.50%, 01/15/2026 (a) | 815,000 | 768,137 | ||||||
| Academy Ltd. (USD), 6.00%, 11/15/2027 (a) | 1,023,000 | 1,098,446 | ||||||
| ACI Worldwide, Inc. (USD), 5.75%, 08/15/2026 (a) | 754,000 | 788,872 | ||||||
| Adams Homes, Inc. (USD), 7.50%, 02/15/2025 (a) | 1,145,000 | 1,199,387 | ||||||
| Adient Global Holdings Ltd. (USD), 4.88%, 08/15/2026 (a) | 620,000 | 633,950 | ||||||
| Adient US LLC (USD), 9.00%, 04/15/2025 (a) | 643,000 | 702,928 | ||||||
| Aethon United BR LP / Aethon United Finance Corp. (USD), 8.25%, 02/15/2026 (a) | 664,000 | 710,285 | ||||||
| Affinity Gaming (USD), 6.88%, 12/15/2027 (a) | 1,155,000 | 1,224,646 | ||||||
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (USD), 5.25%, 08/15/2027 (a) | 200,000 | 204,220 | ||||||
| Austin BidCo, Inc. (USD), 7.13%, 12/15/2028 (a) | 1,241,000 | 1,268,922 | ||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. (USD), 5.38%, 03/01/2029 (a) | 879,000 | 914,160 | ||||||
| Ball Corp. (USD), 2.88%, 08/15/2030 | 745,000 | 737,267 | ||||||
| Banff Merger Sub, Inc. (EUR), 8.38%, 09/01/2026 (a) | 625,000 | 774,769 | ||||||
| Bausch Health Americas, Inc. (USD), 8.50%, 01/31/2027 (a) | 636,000 | 687,615 | ||||||
| Bausch Health Cos., Inc. (USD), 4.88%, 06/01/2028 (a) | 378,000 | 390,035 | ||||||
| Carnival Corp. | ||||||||
| (USD), 10.50%, 02/01/2026 (a) | 1,090,000 | 1,248,028 | ||||||
| (USD), 7.63%, 03/01/2026 (a) | 156,000 | 164,775 | ||||||
| CCM Merger, Inc. (USD), 6.38%, 05/01/2026 (a) | 887,000 | 928,450 | ||||||
| Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op (USD), 6.50%, 10/01/2028 | 855,000 | 919,407 | ||||||
| Cengage Learning, Inc. (USD), 9.50%, 06/15/2024 (a) | 598,000 | 612,781 | ||||||
| ChampionX Corp. (USD), 6.38%, 05/01/2026 | 885,000 | 919,099 | ||||||
| Cheniere Energy Partners LP (USD), 4.50%, 10/01/2029 | 535,000 | 577,131 | ||||||
| Cheniere Energy, Inc. (USD), 4.63%, 10/15/2028 | 327,000 | 344,717 | ||||||
| Cincinnati Bell, Inc. (USD), 8.00%, 10/15/2025 (a) | 1,020,000 | 1,071,000 | ||||||
| Colgate Energy Partners III LLC | ||||||||
| (USD), 7.75%, 02/15/2026 (a) | 667,000 | 715,384 | ||||||
| (USD), 5.88%, 07/01/2029 (a) | 360,000 | 373,500 | ||||||
| Consolidated Communications, Inc. | ||||||||
| (USD), 5.00%, 10/01/2028 (a) | 79,000 | 79,419 | ||||||
| (USD), 6.50%, 10/01/2028 (a) | 1,175,000 | 1,268,683 | ||||||
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (USD), 5.63%, 05/01/2027 (a) | 1,260,000 | 1,288,161 | ||||||
| DISH Network Corp. (USD), 3.38%, 08/15/2026 (h) | 500,000 | 512,500 | ||||||
| DT Midstream, Inc. | ||||||||
| (USD), 4.13%, 06/15/2029 (a) | 470,000 | 482,032 | ||||||
| (USD), 4.38%, 06/15/2031 (a) | 382,000 | 396,325 | ||||||
| Energy Transfer LP, (fixed rate to 05/15/2025, variable rate thereafter), Series F, VRN (USD), 6.75%, 05/15/2025 (d) | 830,000 | 829,461 | ||||||
| Enviva Partners LP / Enviva Partners Finance Corp. (USD), 6.50%, 01/15/2026 (a) | 699,000 | 723,884 | ||||||
| EQT Corp. | ||||||||
| (USD), 3.13%, 05/15/2026 (a) | 51,000 | 52,464 | ||||||
| (USD), 3.63%, 05/15/2031 (a) | 376,000 | 398,259 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
| Ford Motor Co. | ||||||||
| (USD), 8.50%, 04/21/2023 | $ | 367,000 | $ | 407,454 | ||||
| (USD), 9.00%, 04/22/2025 | 1,189,000 | 1,463,600 | ||||||
| (USD), 9.63%, 04/22/2030 | 422,000 | 609,262 | ||||||
| Fortress Transportation and Infrastructure Investors LLC (USD), 9.75%, 08/01/2027 (a) | 521,000 | 593,940 | ||||||
| FXI Holdings, Inc. | ||||||||
| (USD), 7.88%, 11/01/2024 (a) | 410,000 | 420,250 | ||||||
| (USD), 12.25%, 11/15/2026 (a) | 365,000 | 415,188 | ||||||
| Goodyear Tire & Rubber Co. (The) | ||||||||
| (USD), 9.50%, 05/31/2025 | 1,361,000 | 1,506,899 | ||||||
| (USD), 5.00%, 07/15/2029 (a) | 822,000 | 864,719 | ||||||
| (USD), 5.25%, 07/15/2031 (a) | 127,000 | 133,985 | ||||||
| (USD), 5.63%, 04/30/2033 | 230,000 | 244,375 | ||||||
| Great Lakes Dredge & Dock Corp. (USD), 5.25%, 06/01/2029 (a) | 782,000 | 805,460 | ||||||
| Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
| (USD), 5.75%, 02/01/2029 (a) | 724,000 | 737,184 | ||||||
| (USD), 6.00%, 02/01/2031 (a) | 194,000 | 202,463 | ||||||
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc (USD), 5.00%, 06/01/2029 (a) | 573,000 | 578,168 | ||||||
| Howmet Aerospace, Inc. | ||||||||
| (USD), 6.88%, 05/01/2025 | 1,363,000 | 1,586,137 | ||||||
| (USD), 5.95%, 02/01/2037 | 459,000 | 582,113 | ||||||
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. (USD), 4.38%, 02/01/2029 | 814,000 | 824,175 | ||||||
| International Game Technology PLC (EUR), 3.50%, 06/15/2026 (a) | 622,000 | 754,936 | ||||||
| Iron Mountain, Inc. (USD), 5.00%, 07/15/2028 (a) | 610,000 | 633,637 | ||||||
| ITT Holdings LLC (USD), 6.50%, 08/01/2029 (a) | 688,000 | 686,228 | ||||||
| JBS USA Food Co (USD), 5.75%, 01/15/2028 (a) | 674,000 | 710,396 | ||||||
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. (USD), 5.50%, 01/15/2030 (a) | 795,000 | 887,419 | ||||||
| Kraton Polymers LLC / Kraton Polymers Capital Corp. (USD), 4.25%, 12/15/2025 (a) | 609,000 | 624,225 | ||||||
| LCPR Senior Secured Financing DAC (USD), 5.13%, 07/15/2029 (a) | 776,000 | 793,460 | ||||||
| LD Holdings Group LLC (USD), 6.13%, 04/01/2028 (a) | 796,000 | 790,245 | ||||||
| LogMeIn, Inc. (USD), 5.50%, 09/01/2027 (a) | 932,000 | 966,158 | ||||||
| Macy's Retail Holdings LLC | ||||||||
| (USD), 3.63%, 06/01/2024 | 21,000 | 21,525 | ||||||
| (USD), 5.88%, 04/01/2029 (a) | 638,000 | 672,994 | ||||||
| Macy's, Inc. (USD), 8.38%, 06/15/2025 (a) | 629,000 | 685,610 | ||||||
| Marriott Ownership Resorts, Inc. | ||||||||
| (USD), 4.75%, 01/15/2028 | 667,000 | 674,604 | ||||||
| (USD), 4.50%, 06/15/2029 (a) | 82,000 | 82,513 | ||||||
| MGM Resorts International (USD), 4.63%, 09/01/2026 | 730,000 | 761,025 | ||||||
| Michaels Cos Inc.(The) (USD), 5.25%, 05/01/2028 (a) | 491,000 | 508,185 | ||||||
| Midcontinent Communications / Midcontinent Finance Corp. (USD), 5.38%, 08/15/2027 (a) | 642,000 | 668,547 | ||||||
| Millennium Escrow Corp. (USD), 6.63%, 08/01/2026 (a) | 529,000 | 540,019 | ||||||
| Nabors Industries, Inc. (USD), 5.10%, 09/15/2023 | 605,000 | 562,650 | ||||||
| Navient Corp. (USD), 6.50%, 06/15/2022 | 582,000 | 607,142 | ||||||
| NCL Corp. Ltd. | ||||||||
| (USD), 3.63%, 12/15/2024 (a) | 350,000 | 332,938 | ||||||
| (USD), 10.25%, 02/01/2026 (a) | 1,097,000 | 1,253,322 | ||||||
| (USD), 5.88%, 03/15/2026 (a) | 463,000 | 466,473 | ||||||
| NCL Finance Ltd. (USD), 6.13%, 03/15/2028 (a) | 131,000 | 132,310 | ||||||
| New Fortress Energy, Inc. (USD), 6.50%, 09/30/2026 (a) | 587,000 | 592,999 | ||||||
| Novelis Corp. | ||||||||
| (USD), 3.25%, 11/15/2026 (a) | 164,000 | 166,460 | ||||||
| (USD), 3.88%, 08/15/2031 (a) | 164,000 | 165,845 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
| NRG Energy, Inc. | ||||||||
| (USD), 3.38%, 02/15/2029 (a) | $ | 1,311,000 | $ | 1,304,445 | ||||
| (USD), 3.63%, 02/15/2031 (a) | 241,000 | 242,808 | ||||||
| Occidental Petroleum Corp. | ||||||||
| (USD), 5.88%, 09/01/2025 | 298,000 | 330,375 | ||||||
| (USD), 5.50%, 12/01/2025 | 171,000 | 188,100 | ||||||
| (USD), 3.00%, 02/15/2027 | 245,000 | 243,163 | ||||||
| (USD), 6.38%, 09/01/2028 | 780,000 | 908,700 | ||||||
| (USD), 6.63%, 09/01/2030 | 298,000 | 363,560 | ||||||
| (USD), 4.40%, 04/15/2046 | 35,000 | 34,337 | ||||||
| Organon & Co. / Organon Foreign Debt Co-Issuer BV | ||||||||
| (EUR), 2.88%, 04/30/2028 (a) | 249,000 | 300,988 | ||||||
| (USD), 4.13%, 04/30/2028 (a) | 785,000 | 804,947 | ||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer (USD), 4.88%, 05/15/2029 (a) | 491,000 | 502,048 | ||||||
| Photo Holdings Merger Sub, Inc. (USD), 8.50%, 10/01/2026 (a) | 476,000 | 520,030 | ||||||
| Playtika Holding Corp. (USD), 4.25%, 03/15/2029 (a) | 770,000 | 768,075 | ||||||
| Qwest Capital Funding, Inc. | ||||||||
| (USD), 6.88%, 07/15/2028 | 1,015,000 | 1,101,275 | ||||||
| (USD), 7.75%, 02/15/2031 | 1,020,000 | 1,114,350 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| (USD), 11.50%, 06/01/2025 (a) | 350,000 | 400,750 | ||||||
| (USD), 3.70%, 03/15/2028 | 365,000 | 344,652 | ||||||
| (USD), 5.50%, 04/01/2028 (a) | 271,000 | 276,339 | ||||||
| Sabre GLBL, Inc. (USD), 7.38%, 09/01/2025 (a) | 412,000 | 440,003 | ||||||
| Sealed Air Corp. (USD), 4.00%, 12/01/2027 (a) | 71,000 | 75,793 | ||||||
| Shutterfly, Inc., 2021 Term Loan (USD), 1M USD LIBOR, 5.75%, 09/25/2026 (c) | 250,000 | 249,923 | ||||||
| Six Flags Entertainment Corp. (USD), 4.88%, 07/31/2024 (a) | 510,000 | 512,550 | ||||||
| Six Flags Theme Parks, Inc. (USD), 7.00%, 07/01/2025 (a) | 749,000 | 799,557 | ||||||
| Spirit AeroSystems, Inc. (USD), 7.50%, 04/15/2025 (a) | 611,000 | 647,660 | ||||||
| Staples, Inc. | ||||||||
| (USD), 7.50%, 04/15/2026 (a) | 920,000 | 933,800 | ||||||
| (USD), 10.75%, 04/15/2027 (a) | 215,000 | 208,550 | ||||||
| Starwood Property Trust, Inc. (USD), 3.63%, 07/15/2026 (a) | 766,000 | 778,447 | ||||||
| Summer BC Bidco B LLC (USD), 5.50%, 10/31/2026 (a) | 721,000 | 731,815 | ||||||
| SunCoke Energy, Inc. (USD), 4.88%, 06/30/2029 (a) | 1,153,000 | 1,161,647 | ||||||
| Tenet Healthcare Corp. | ||||||||
| (USD), 4.88%, 01/01/2026 (a) | 525,000 | 542,063 | ||||||
| (USD), 6.13%, 10/01/2028 (a) | 575,000 | 612,375 | ||||||
| Tenneco, Inc. (USD), 5.13%, 04/15/2029 (a) | 501,000 | 514,778 | ||||||
| Turning Point Brands, Inc. (USD), 5.63%, 02/15/2026 (a) | 1,099,000 | 1,142,960 | ||||||
| Univision Communications, Inc. | ||||||||
| (USD), 6.63%, 06/01/2027 (a) | 618,000 | 664,542 | ||||||
| (USD), 4.50%, 05/01/2029 (a) | 199,000 | 199,486 | ||||||
| USA Compression Partners LP / USA Compression Finance Corp. (USD), 6.88%, 09/01/2027 | 1,113,000 | 1,176,842 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| (USD), 3.88%, 08/15/2029 (a) | 255,000 | 260,419 | ||||||
| (USD), 4.13%, 08/15/2031 (a) | 255,000 | 264,040 | ||||||
| Viking Cruises Ltd. (USD), 13.00%, 05/15/2025 (a) | 540,000 | 626,400 | ||||||
| Vine Energy Holdings LLC (USD), 6.75%, 04/15/2029 (a) | 919,000 | 958,057 | ||||||
| Vistra Operations Co. LLC | ||||||||
| (USD), 5.63%, 02/15/2027 (a) | 287,000 | 297,763 | ||||||
| (USD), 4.38%, 05/01/2029 (a) | 221,000 | 226,525 | ||||||
| VM Consolidated, Inc. (USD), 5.50%, 04/15/2029 (a) | 900,000 | 918,000 | ||||||
| Welbilt, Inc., 2018 Term Loan B (USD), 3M USD LIBOR, 2.63%, 10/23/2025 (c) | 800,000 | 792,500 | ||||||
| 79,211,773 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
July 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
| ZAMBIA (1.2%) | ||||||
| First Quantum Minerals Ltd. | ||||||
| (USD), 7.25%, 04/01/2023 (a) | $ | 672,000 | $ | 684,600 | ||
| (USD), 6.50%, 03/01/2024 (a) | 955,000 | 973,145 | ||||
| 1,657,745 | ||||||
| Total Corporate Bonds | 132,833,924 | |||||
| SHORT-TERM INVESTMENT —3.6% | ||||||
| UNITED STATES (3.6%) | ||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(i) | 4,916,414 | 4,916,414 | ||||
| Total Short-Term Investment | 4,916,414 | |||||
| Total Investments (Cost $132,663,569) —100.3% |
137,750,338 | |||||
| Liabilities in Excess of Other Assets—(0.3)% | (368,026) | |||||
| Net Assets—100.0% | $ | 137,382,312 |
| (a) | Denotes a security issued under Regulation S or Rule 144A. |
| (b) | Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash. |
| (c) | Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (d) | Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date. |
| (e) | Security is in default. |
| (f) | Illiquid security. |
| (g) | Indicates a stepped coupon bond. This bond was issued with a low coupon that gradually increases over the life of the bond. |
| (h) | Convertible Bond |
| (i) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2021. |
| EUR | Euro Currency |
| GBP | British Pound Sterling |
| PIK | Payment In Kind |
| PLC | Public Limited Company |
| USD | U.S. Dollar |
At July 31, 2021, the Fund's open forward foreign currency exchange contracts were as follows:
| Purchase Contracts Settlement Date* | Counterparty | Amount Purchased |
Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
| British Pound/United States Dollar | |||||||||||||||||||||
| 10/13/2021 | Royal Bank of Canada (UK) | GBP | 354,000 | USD | 487,675 | $ | 492,143 | $ | 4,468 | ||||||||||||
| 10/13/2021 | UBS AG | GBP | 750,000 | USD | 1,047,168 | 1,042,677 | (4,491) | ||||||||||||||
| Euro/United States Dollar | |||||||||||||||||||||
| 10/13/2021 | Goldman Sachs & Co. | EUR | 565,000 | USD | 666,576 | 671,173 | 4,597 | ||||||||||||||
| 10/13/2021 | UBS AG | EUR | 1,268,000 | USD | 1,495,870 | 1,506,278 | 10,408 | ||||||||||||||
| $ | 3,712,271 | $ | 14,982 | ||||||||||||||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (concluded)
July 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
| Sale Contracts Settlement Date |
Counterparty | Amount Purchased |
Amount Sold | Fair Value | Unrealized Depreciation | |||||||||||
| United States Dollar/British Pound | ||||||||||||||||
| 10/13/2021 | JPMorgan Chase Bank N.A. | USD | 5,583,501 | GBP | 4,052,000 | $ | 5,633,236 | $ | (49,735) | |||||||
| United States Dollar/Euro | ||||||||||||||||
| 10/13/2021 | JPMorgan Chase Bank N.A. | USD | 20,763,116 | EUR | 17,566,000 | 20,866,939 | (103,823) | |||||||||
| $ | 26,500,175 | $ | (153,558) |
* Certain contracts with different trade dates and like characteristics have been shown net.
See accompanying Notes to Statements of Investments.
Notes to Statements of Investments
July 31, 2021 (unaudited)
1. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Aberdeen Investment Funds (the “Trust”) in the preparation of their financial statements. (Each series of the Trust are also referred to herein as a “Fund” or collectively, the “Funds”.) 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 books and 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 the Funds' valuation procedures (the "Valuation Procedures") and regulatory requirements. 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).
Each Fund’s assets for which market quotations are readily available are valued at fair value on the basis of quotations furnished by a pricing service or provided by securities dealers. Equity investments are generally valued using the last sale price or official closing price taken from the primary market in which each security trades, or if no sales occurred during the day, at the mean of the current quoted bid and ask prices.
Foreign equity securities that are traded on foreign exchanges that close prior to 4:00 p.m. Eastern time are valued by applying valuation factors to the last sale price or the mean price as noted above. 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. 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 confidence threshold.
Per an amendment to the Valuation Procedures that became effective February 21, 2017, fixed income securities, which previously had been generally valued using the mean of bid and ask prices, are now generally valued using bid prices provided directly by independent third party services or provided directly from one or more broker dealers or market makers, each in accordance with the Valuation Procedures approved by the Trust’s Board of Trustees (the “Board”). The pricing services may use valuation models or matrix pricing, which consider yield or prices with respect to comparable bond quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as credit rating, interest rates and maturity date, to determine current fair value. 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 strategies employed by the Funds’ investment adviser, Aberdeen Asset Management Inc. (the “Adviser”), 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 fixed income 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.
Assets and liabilities initially expressed in foreign currency will be converted into U.S. Dollar values. 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. To the extent each Fund invests in other open-ended funds, the Fund will calculate its net asset value ("NAV") based upon the NAV of the underlying funds in which it invests. The prospectuses of these underlying funds explain the circumstances under which they will use good faith fair value pricing and the effects of such fair value pricing.
Notes to Statements of Investments (concluded)
July 31, 2021 (unaudited)
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, a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, which has an objective to maintain a $1.00 NAV, which is not guaranteed. Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1 investments.
Derivative instruments are generally valued according to the following procedures. For forward currency exchange contracts the market value is interpolated by the pricing agent by using forward spot points obtained from an authorized pricing service. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Generally for swap agreements, if quotes are unavailable from authorized pricing services swap pricing is determined using a modelling tool which considers and forecasts the impact of cash flow projections, prevailing and expected interest rate movements, and potential credit events. Swap prices are generally evaluated based upon the latest available data provided by the counterparty and rely upon an industry accepted modelling tool.
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. For options, swaps and warrants, a fair value price may be determined using readily available market quotations, prices provided by independent pricing services, or by using modeling tools provided by industry accepted financial data service providers. Key inputs to such tools may include yield and prices from comparable or reference assets, maturity or expiration dates, ratings and interest rates. In addition, the Adviser, through its pricing committee, may determine the fair value price in accordance with the Valuation Procedures approved by the Board.