UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: | 811-22132 |
Exact name of registrant as specified in charter: | Aberdeen Funds |
Address of principal executive offices: | 1900 Market Street, Suite 200 |
Philadelphia, PA 19103 | |
Name and address of agent for service: | Ms. Andrea Melia |
Aberdeen Standard Investments Inc. | |
1900 Market Street, Suite 200 | |
Philadelphia, PA 19103 | |
Registrant’s telephone number, including area code: | 866-667-9231 |
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2021 |
Item 1. Reports to Shareholders.
(a) A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “1940 Act”) is filed herewith.
(b) Not applicable.
Aberdeen Funds
Equity Series
Semi-Annual Report
April 30, 2021
Aberdeen China A Share Equity Fund (formerly, the Aberdeen China Opportunities Fund)
Class A – GOPAX n Class C – GOPCX n Class R – GOPRX n Institutional Class – GOPIX n Institutional Service Class – GOPSX
Aberdeen Dynamic Dividend Fund
Class A – ADAVX n Institutional Class – ADVDX
Aberdeen Emerging Markets Fund
Class A – GEGAX n Class C – GEGCX n Class R – GEMRX n Institutional Class – ABEMX n Institutional Service Class – AEMSX
Aberdeen Emerging Markets Sustainable Leaders Fund (formerly, Aberdeen International Equity Fund)
Class A – GIGAX n Class C – GIGCX n Class R – GIRRX n Institutional Class – GIGIX n Institutional Service Class – GIGSX
Aberdeen Global Equity Fund
Class A – GLLAX n Class C – GLLCX n Class R – GWLRX n Institutional Class – GWLIX n Institutional Service Class – GLLSX
Aberdeen Global Infrastructure Fund
Class A – AIAFX n Institutional Class – AIFRX
Aberdeen International Real Estate Equity Fund
Class A – EGALX n Institutional Class – EGLRX
Aberdeen International Small Cap Fund
Class A – WVCCX n Class C – CPVCX n Class R – WPVAX n Institutional Class – ABNIX
Aberdeen Realty Income & Growth Fund
Class A – AIAGX n Institutional Class – AIGYX
Aberdeen U.S. Small Cap Equity Fund
Class A – GSXAX n Class C – GSXCX n Class R – GNSRX n Institutional Class – GSCIX n Institutional Service Class – GSXIX
Aberdeen U.S. Sustainable Leaders Fund (formerly, Aberdeen U.S. Multi-Cap Equity Fund)
Class A – GXXAX n Class C – GXXCX n Institutional Class – GGLIX n Institutional Service Class – GXXIX
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (formerly, Aberdeen Focused U.S. Equity Fund)
Class A – MLSAX n Class C – MLSCX n Class R – GLSRX n Institutional Class – GGUIX n Institutional Service Class – AELSX
Table of Contents
Aberdeen China A Share Equity Fund | Page 1 |
Aberdeen Dynamic Dividend Fund | Page 5 |
Aberdeen Emerging Markets Fund | Page 10 |
Aberdeen Emerging Markets Sustainable Leaders Fund | Page 14 |
Aberdeen Global Equity Fund | Page 18 |
Aberdeen Global Infrastructure Fund | Page 22 |
Aberdeen International Real Estate Equity Fund | Page 26 |
Aberdeen International Small Cap Fund | Page 30 |
Aberdeen Realty Income & Growth Fund | Page 34 |
Aberdeen U.S. Small Cap Equity Fund | Page 37 |
Aberdeen U.S. Sustainable Leaders Fund | Page 41 |
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund | Page 44 |
Financial Statements | Page 47 |
Notes to Financial Statements | Page 92 |
Shareholder Expense Examples | Page 114 |
Liquidity Risk Management Program | Page 116 |
Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a prospectus, or download a prospectus at https://www.aberdeenstandard.com/en-us/us/investor/fund-centre. Please read it carefully before investing any money.
Investing in mutual funds involves risk, including possible loss of principal.
Aberdeen Funds is distributed by Aberdeen Fund Distributors LLC, Member FINRA, 1900 Market Street, Suite 200, Philadelphia, PA 19103.
Aberdeen Standard Investments Inc. (ASII) has been registered as an investment adviser under the Investment Advisers Act of 1940 since August 23, 1995.
The complete schedule of portfolio holdings for each fund of Aberdeen Funds (each a "Fund" and collectively, the "Funds") is included in the Funds' semi-annual and annual reports to shareholders. Aberdeen Funds also files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT filings are available on the Commission's website at http://www.sec.gov and the Funds make the information on the exhibit to Form N-PORT available to shareholders upon request without charge by calling 1-866-667-9231.
Statement Regarding Availability of Proxy Voting Record.
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-667-9231. The information is also included in the Funds' Statement of Additional Information, which is available on the Funds' website at https://www.aberdeenstandard.com/en-us/us/investor/fund-centre and on the Commission's website at www.sec.gov.
Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available by August 30 of the relevant year: (i) upon request and without charge by calling 1-866-667-9231; and (ii) on the Commission's website at www.sec.gov.
Aberdeen China A Share Equity Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | ||||||||||
Class A | w/o SC | 17.16% | 62.10% | 19.71% | 7.62% | |||||||||
w/SC2 | 10.42% | 52.75% | 18.31% | 6.98% | ||||||||||
Class C | w/o SC | 16.84% | 61.02% | 18.92% | 6.87% | |||||||||
w/SC3 | 15.84% | 60.02% | 18.92% | 6.87% | ||||||||||
Class R4 | w/o SC | 17.02% | 61.63% | 19.34% | 7.25% | |||||||||
Institutional Service Class4 | w/o SC | 17.32% | 62.47% | 19.98% | 7.88% | |||||||||
Institutional Class4 | w/o SC | 17.39% | 62.63% | 20.13% | 7.94% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not Annualized |
1 | The Fund changed its investment strategies effective June 13, 2019. Performance information for periods prior to June 13, 2019 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen China Opportunities Fund to Aberdeen China A Share Equity Fund. Please consult the Fund's prospectus for more detail. |
2 | A 5.75% front-end sales charge was deducted. |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
4 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment (as of April 30, 2021)
Performance of $1,000,000 invested in Institutional Class shares of the Aberdeen China A Share Equity Fund, MSCI China A (Onshore) Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The MSCI China A (Onshore) Index captures large and mid cap representation across China securities listed on the Shanghai and Shenzhen exchanges.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
2021 Semi-Annual Report | 1 |
Aberdeen China A Share Equity Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Common Stocks | 90.1% | |
Exchange-Traded Funds | 5.9% | |
Short-Term Investment | 3.3% | |
Other Assets in Excess of Liabilities | 0.7% | |
100.0% |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | ||
Consumer Staples | 18.9% | |
Financials | 14.9% | |
Consumer Discretionary | 14.1% | |
Health Care | 12.6% | |
Information Technology | 12.4% | |
Industrials | 10.3% | |
Materials | 5.0% | |
Real Estate | 1.9% | |
Energy | –% | |
Other | 9.9% | |
100.0% |
Amounts listed as "–" are 0% or round to 0%.
Top Holdings* | ||
Kweichow Moutai Co. Ltd., A Shares (Stock Connect) | 7.0% | |
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect) | 6.9% | |
Midea Group Co. Ltd., A Shares (Stock Connect) | 4.4% | |
Wuliangye Yibin Co. Ltd., A Shares | 4.3% | |
China Merchants Bank Co. Ltd., A Shares | 4.1% | |
Ping An Insurance Group Co. of China Ltd., A Shares | 3.6% | |
Aier Eye Hospital Group Co. Ltd., A Shares | 3.4% | |
Foshan Haitian Flavouring & Food Co. Ltd., A Shares | 3.3% | |
KraneShares Bosera MSCI China A Shares ETF | 3.0% | |
Xtrackers Harvest CSI 300 China A Shares ETF | 3.0% | |
Other | 57.0% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
China | 93.0% | |
United States | 6.3% | |
Other | 0.7% | |
100.0% |
2 | 2021 Semi-Annual Report |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen China A Share Equity Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (90.1%) | |||||
CHINA (90.1%) | |||||
Consumer Discretionary (14.1%) | |||||
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect) (a) | 140,595 | $ | 6,744,770 | ||
Fuyao Glass Industry Group Co. Ltd., A Shares (a) | 253,041 | 1,995,843 | |||
Haier Smart Home Co. Ltd., A Shares (a) | 110,500 | 563,970 | |||
Midea Group Co. Ltd., A Shares (Stock Connect) (a) | 346,242 | 4,274,961 | |||
SAIC Motor Corp. Ltd., A Shares (Stock Connect) (a) | 62,000 | 192,038 | |||
13,771,582 | |||||
Consumer Staples (18.9%) | |||||
By-health Co. Ltd., A Shares (a) | 250,688 | 1,262,943 | |||
Chacha Food Co. Ltd., A Shares (a) | 150,200 | 1,249,247 | |||
Foshan Haitian Flavouring & Food Co. Ltd., A Shares (a) | 123,618 | 3,226,058 | |||
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares (a) | 182,400 | 1,149,336 | |||
Kweichow Moutai Co. Ltd., A Shares (Stock Connect) (a) | 22,063 | 6,813,965 | |||
Wuliangye Yibin Co. Ltd., A Shares (a) | 97,137 | 4,255,289 | |||
Yonghui Superstores Co. Ltd., A Shares (a) | 667,000 | 572,877 | |||
18,529,715 | |||||
Energy (0.0%) | |||||
G3 Exploration Ltd. (b)(c)(h) | 53,000 | – | |||
Financials (14.9%) | |||||
Bank of Ningbo Co. Ltd., A Shares (a) | 362,715 | 2,362,834 | |||
China Construction Bank Corp., Class H | 77,000 | 60,779 | |||
China International Capital Corp. Ltd., H Shares (b)(d) | 355,200 | 889,220 | |||
China Life Insurance Co. Ltd., H Shares | 426,000 | 863,566 | |||
China Merchants Bank Co. Ltd., A Shares (a) | 498,432 | 4,048,265 | |||
Ping An Bank Co. Ltd., A Shares (a) | 766,700 | 2,752,851 | |||
Ping An Insurance Group Co. of China Ltd., A Shares (a) | 320,233 | 3,577,390 | |||
14,554,905 | |||||
Health Care (12.6%) | |||||
Aier Eye Hospital Group Co. Ltd., A Shares (a) | 293,510 | 3,363,256 | |||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., A Shares (a) | 31,600 | 121,860 | |||
Hangzhou Tigermed Consulting Co. Ltd., A Shares (a) | 106,767 | 2,569,583 | |||
Hangzhou Tigermed Consulting Co. Ltd., H Shares (b)(d) | 53,600 | 1,050,302 | |||
Jiangsu Hengrui Medicine Co. Ltd., A Shares (a) | 192,896 | 2,497,849 | |||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares (a) | 38,210 | 2,741,959 | |||
12,344,809 |
Shares or Principal Amount | Value | ||||
Industrials (10.3%) | |||||
Centre Testing International Group Co. Ltd., A Shares (a) | 564,388 | $ | 2,845,911 | ||
Contemporary Amperex Technology Co. Ltd., A Shares (a) | 38,279 | 2,299,582 | |||
Guangzhou Baiyun International Airport Co. Ltd., A Shares (a) | 315,200 | 591,026 | |||
NARI Technology Co. Ltd., A Shares (Stock Connect) (a) | 336,100 | 1,654,646 | |||
Shanghai International Airport Co. Ltd., A Shares (Stock Connect) (a) | 96,010 | 727,219 | |||
Shanghai M&G Stationery, Inc., A Shares (a) | 142,680 | 2,009,746 | |||
10,128,130 | |||||
Information Technology (12.4%) | |||||
Beijing Sinnet Technology Co. Ltd., A Shares (a) | 499,689 | 1,085,272 | |||
Glodon Co. Ltd., A Shares (a) | 254,089 | 2,855,731 | |||
Hundsun Technologies, Inc., A Shares (a) | 104,179 | 1,472,788 | |||
LONGi Green Energy Technology Co. Ltd., A Shares (a) | 157,800 | 2,406,462 | |||
Luxshare Precision Industry Co. Ltd., A Shares (a) | 365,570 | 2,076,791 | |||
Venustech Group, Inc., A Shares (a) | 263,400 | 1,231,142 | |||
Yonyou Network Technology Co. Ltd., A Shares (a) | 195,100 | 996,745 | |||
12,124,931 | |||||
Materials (5.0%) | |||||
Anhui Conch Cement Co. Ltd., A Shares (a) | 260,456 | 1,966,878 | |||
Wanhua Chemical Group Co. Ltd., A Shares (a) | 88,200 | 1,394,207 | |||
Yunnan Energy New Material Co. Ltd., A Shares (a) | 73,720 | 1,524,633 | |||
4,885,718 | |||||
Real Estate (1.9%) | |||||
China Vanke Co. Ltd., A Shares (a) | 433,073 | 1,882,247 | |||
88,222,037 | |||||
Total Common Stocks | 88,222,037 | ||||
EXCHANGE-TRADED FUNDS (5.9%) | |||||
CHINA (2.9%) | |||||
Xtrackers Harvest CSI 300 China A Shares ETF (a)(e) | 73,096 | 2,892,409 | |||
UNITED STATES (3.0%) | |||||
KraneShares Bosera MSCI China A Shares ETF | 63,441 | 2,899,254 | |||
Total Exchange-Traded Funds | 5,791,663 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 3 |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen China A Share Equity Fund
Shares or Principal Amount | Value | ||||
SHORT-TERM INVESTMENT (3.3%) | |||||
UNITED STATES (3.3%) | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (f) | 3,263,753 | $ | 3,263,753 | ||
3,263,753 | |||||
Total Short-Term Investment | 3,263,753 | ||||
Total Investments (Cost $90,244,509) (g)—99.3% | 97,277,453 | ||||
Other Assets in Excess of Liabilities—0.7% | 648,959 | ||||
Net Assets—100.0% | $ | 97,926,412 |
(a) | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
(b) | Non-income producing security. |
(c) | Trading halted. Fair Value is determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 2(a) of the accompanying Notes to Financial Statements. |
(d) | Denotes a security issued under Regulation S or Rule 144A. |
(e) | All or a portion of the securities are on loan. The total value of all securities on loan is $1,776,693. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
(f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021. |
(g) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
(h) | Illiquid security. |
ETF | Exchange-Traded Fund |
See accompanying Notes to Financial Statements.
4 | 2021 Semi-Annual Report |
Aberdeen Dynamic Dividend Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |||||||
Class A | w/o SC | 31.07% | 42.90% | 12.39% | N.A. | ||||||
w/SC2 | 23.68% | 34.77% | 11.09% | N.A. | |||||||
Institutional Class3 | w/o SC | 31.14% | 43.55% | 12.71% | 6.78% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not Annualized |
1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
2 | A 5.75% front-end sales charge was deducted. |
3 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment* (as of April 30, 2021)
* Minimum Initial Investment
Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Dynamic Dividend Fund, Morgan Stanley Capital International All Country World Index (MSCI ACWI) (Net
Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.
The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With 2,986 constituents, the index covers approximately 85% of the global investable equity opportunity set. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
2021 Semi-Annual Report | 5 |
Aberdeen Dynamic Dividend Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Common Stocks | 96.9% | |
Preferred Stocks | 1.9% | |
Short-Term Investment | 0.1% | |
Other Assets in Excess of Liabilities | 1.1% | |
100.0% |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | ||
Information Technology | 17.1% | |
Financials | 16.1% | |
Health Care | 11.7% | |
Industrials | 10.4% | |
Consumer Discretionary | 9.9% | |
Consumer Staples | 8.5% | |
Communication Services | 6.8% | |
Utilities | 5.9% | |
Materials | 5.2% | |
Energy | 3.7% | |
Other | 4.7% | |
100.0% |
Top Holdings* | ||
Apple, Inc. | 3.0% | |
Microsoft Corp. | 2.1% | |
Samsung Electronics Co. Ltd. | 1.9% | |
Alphabet, Inc., Class C | 1.9% | |
AbbVie, Inc. | 1.7% | |
Target Corp. | 1.6% | |
Enbridge, Inc. | 1.6% | |
Broadcom, Inc. | 1.6% | |
Lowe's Cos., Inc. | 1.5% | |
Vodafone Group PLC, ADR | 1.5% | |
Other | 81.6% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
United States | 50.0% | |
France | 7.4% | |
Germany | 6.1% | |
United Kingdom | 5.7% | |
China | 3.1% | |
Switzerland | 2.9% | |
Canada | 2.7% | |
South Korea | 2.6% | |
Netherlands | 2.4% | |
Brazil | 2.2% | |
Other | 14.9% | |
100.0% |
6 | 2021 Semi-Annual Report |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Dynamic Dividend Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (96.9%) | |||||
AUSTRALIA (1.2%) | |||||
Materials (1.2%) | |||||
Rio Tinto PLC, ADR | 18,158 | $ 1,544,519 | |||
BRAZIL (2.2%) | |||||
Industrials (1.0%) | |||||
CCR SA | 559,200 | 1,239,452 | |||
Materials (1.2%) | |||||
Vale SA, ADR | 78,700 | 1,583,444 | |||
2,822,896 | |||||
CANADA (2.7%) | |||||
Energy (1.6%) | |||||
Enbridge, Inc. | 53,000 | 2,044,210 | |||
Materials (1.1%) | |||||
Barrick Gold Corp. | 64,000 | 1,360,000 | |||
3,404,210 | |||||
CHINA (3.1%) | |||||
Communication Services (1.0%) | |||||
Tencent Holdings Ltd. | 15,700 | 1,252,420 | |||
Consumer Discretionary (1.2%) | |||||
Shenzhou International Group Holdings Ltd. | 68,900 | 1,515,731 | |||
Financials (0.9%) | |||||
Ping An Insurance Group Co. of China Ltd., H Shares | 111,000 | 1,210,151 | |||
3,978,302 | |||||
DENMARK (1.5%) | |||||
Financials (1.5%) | |||||
Tryg A/S | 83,333 | 1,905,567 | |||
FINLAND (1.2%) | |||||
Information Technology (0.6%) | |||||
Nokia OYJ (a) | 170,250 | 806,466 | |||
Utilities (0.6%) | |||||
Fortum OYJ | 29,900 | 785,736 | |||
1,592,202 | |||||
FRANCE (7.4%) | |||||
Consumer Discretionary (1.1%) | |||||
LVMH Moet Hennessy Louis Vuitton SE | 1,900 | 1,431,365 | |||
Consumer Staples (1.0%) | |||||
Danone SA | 17,500 | 1,235,316 | |||
Energy (1.0%) | |||||
TOTAL SE, ADR | 29,600 | 1,310,688 | |||
Financials (0.5%) | |||||
AXA SA | 22,700 | 641,162 |
Shares or Principal Amount | Value | ||||
Health Care (1.0%) | |||||
Sanofi | 12,600 | $ 1,321,013 | |||
Industrials (2.8%) | |||||
Alstom SA (a) | 24,100 | 1,316,139 | |||
Bouygues SA | 16,664 | 714,143 | |||
Schneider Electric SE | 9,400 | 1,499,824 | |||
3,530,106 | |||||
9,469,650 | |||||
GERMANY (6.1%) | |||||
Financials (1.8%) | |||||
Deutsche Boerse AG | 8,000 | 1,378,602 | |||
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 3,113 | 899,452 | |||
2,278,054 | |||||
Health Care (0.8%) | |||||
Bayer AG | 16,100 | 1,041,804 | |||
Information Technology (1.1%) | |||||
Infineon Technologies AG | 33,900 | 1,359,408 | |||
Materials (1.0%) | |||||
Linde PLC (a) | 4,700 | 1,343,434 | |||
Utilities (1.4%) | |||||
RWE AG | 48,880 | 1,856,064 | |||
7,878,764 | |||||
HONG KONG (1.0%) | |||||
Financials (1.0%) | |||||
Hong Kong Exchanges & Clearing Ltd. | 22,100 | 1,332,874 | |||
INDONESIA (1.0%) | |||||
Communication Services (1.0%) | |||||
Telkom Indonesia Persero Tbk PT | 6,062,000 | 1,339,366 | |||
ITALY (1.2%) | |||||
Utilities (1.2%) | |||||
Enel SpA | 155,000 | 1,539,046 | |||
JAPAN (2.1%) | |||||
Financials (1.1%) | |||||
Mitsubishi UFJ Financial Group, Inc. | 263,900 | 1,403,974 | |||
Real Estate (1.0%) | |||||
GLP J-REIT | 800 | 1,341,019 | |||
2,744,993 | |||||
NETHERLANDS (2.4%) | |||||
Consumer Staples (1.3%) | |||||
Heineken NV | 14,600 | 1,693,592 | |||
Information Technology (1.1%) | |||||
ASML Holding NV | 2,100 | 1,363,197 | |||
3,056,789 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 7 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Dynamic Dividend Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (continued) | |||||
NORWAY (0.9%) | |||||
Communication Services (0.9%) | |||||
Telenor ASA | 67,300 | $ 1,198,948 | |||
SINGAPORE (1.2%) | |||||
Financials (1.2%) | |||||
Oversea-Chinese Banking Corp. Ltd. | 168,155 | 1,537,193 | |||
SOUTH KOREA (0.7%) | |||||
Materials (0.7%) | |||||
LG Chem Ltd. | 1,100 | 918,266 | |||
SPAIN (1.2%) | |||||
Industrials (1.2%) | |||||
Ferrovial SA | 53,183 | 1,509,918 | |||
SWITZERLAND (2.9%) | |||||
Consumer Staples (1.0%) | |||||
Nestle SA | 10,300 | 1,229,106 | |||
Financials (0.9%) | |||||
Zurich Insurance Group AG | 2,900 | 1,189,750 | |||
Health Care (1.0%) | |||||
Roche Holding AG | 4,000 | 1,304,622 | |||
3,723,478 | |||||
TAIWAN (1.3%) | |||||
Information Technology (1.3%) | |||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 13,700 | 1,599,338 | |||
UNITED KINGDOM (5.7%) | |||||
Communication Services (1.5%) | |||||
Vodafone Group PLC, ADR | 103,300 | 1,957,535 | |||
Consumer Staples (0.9%) | |||||
Unilever PLC | 19,600 | 1,144,744 | |||
Health Care (2.5%) | |||||
AstraZeneca PLC, ADR | 31,700 | 1,682,319 | |||
Dechra Pharmaceuticals PLC | 26,400 | 1,470,784 | |||
3,153,103 | |||||
Industrials (0.8%) | |||||
Melrose Industries PLC | 477,774 | 1,075,562 | |||
7,330,944 | |||||
UNITED STATES (49.9%) | |||||
Communication Services (2.4%) | |||||
Alphabet, Inc., Class C (a) | 1,000 | 2,410,120 | |||
Cineworld Group PLC (a) | 485,000 | 648,317 | |||
3,058,437 |
Shares or Principal Amount | Value | ||||
Consumer Discretionary (7.6%) | |||||
Aptiv PLC (a) | 9,300 | $ 1,338,177 | |||
Genuine Parts Co. | 13,000 | 1,624,610 | |||
Las Vegas Sands Corp. (a) | 21,000 | 1,286,460 | |||
Lowe's Cos., Inc. | 10,000 | 1,962,500 | |||
Target Corp. | 10,200 | 2,114,052 | |||
TJX Cos., Inc. (The) | 20,100 | 1,427,100 | |||
9,752,899 | |||||
Consumer Staples (4.3%) | |||||
Coca-Cola Co. (The) | 24,900 | 1,344,102 | |||
Kraft Heinz Co. (The) | 31,000 | 1,279,990 | |||
Mondelez International, Inc., Class A | 25,600 | 1,556,736 | |||
PepsiCo, Inc. | 9,200 | 1,326,272 | |||
5,507,100 | |||||
Energy (1.1%) | |||||
Williams Cos., Inc. (The) | 57,900 | 1,410,444 | |||
Financials (7.2%) | |||||
Bank of America Corp. | 44,500 | 1,803,585 | |||
Blackstone Group, Inc. (The), Class A | 16,100 | 1,424,689 | |||
Charles Schwab Corp. (The) | 23,400 | 1,647,360 | |||
Goldman Sachs Group, Inc. (The) | 5,200 | 1,811,940 | |||
Huntington Bancshares, Inc. | 75,800 | 1,161,256 | |||
JPMorgan Chase & Co. | 9,400 | 1,445,814 | |||
9,294,644 | |||||
Health Care (6.4%) | |||||
AbbVie, Inc. | 19,103 | 2,129,985 | |||
Bristol-Myers Squibb Co. | 22,200 | 1,385,724 | |||
Eli Lilly & Co. | 7,300 | 1,334,221 | |||
Medtronic PLC | 13,600 | 1,780,512 | |||
UnitedHealth Group, Inc. | 3,900 | 1,555,320 | |||
8,185,762 | |||||
Industrials (4.6%) | |||||
Aerojet Rocketdyne Holdings, Inc. | 26,300 | 1,228,736 | |||
FedEx Corp. | 6,300 | 1,828,953 | |||
Lockheed Martin Corp. | 3,500 | 1,331,960 | |||
Norfolk Southern Corp. | 5,600 | 1,563,744 | |||
5,953,393 | |||||
Information Technology (11.1%) | |||||
Apple, Inc. | 29,400 | 3,864,924 | |||
Avast PLC (b) | 235,800 | 1,555,646 | |||
Broadcom, Inc. | 4,400 | 2,007,280 | |||
Cisco Systems, Inc. | 26,800 | 1,364,388 | |||
Fidelity National Information Services, Inc. | 9,700 | 1,483,130 | |||
Intel Corp. | 22,800 | 1,311,684 | |||
Microsoft Corp. | 10,800 | 2,723,544 | |||
14,310,596 |
See accompanying Notes to Financial Statements.
8 | 2021 Semi-Annual Report |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Dynamic Dividend Fund
Shares or Principal Amount | Value | |||||||
COMMON STOCKS (continued) | ||||||||
UNITED STATES (continued) | ||||||||
Real Estate (2.5%) | ||||||||
American Tower Corp., REIT | 6,000 | $ | 1,528,620 | |||||
Digital Realty Trust, Inc. | 7,700 | 1,188,187 | ||||||
GEO Group, Inc. (The), REIT | 80,000 | 440,800 | ||||||
3,157,607 | ||||||||
Utilities (2.7%) | ||||||||
CMS Energy Corp. | 11,300 | 727,607 | ||||||
FirstEnergy Corp. | 31,100 | 1,179,312 | ||||||
NextEra Energy, Inc. | 19,500 | 1,511,445 | ||||||
3,418,364 | ||||||||
64,049,246 | ||||||||
Total Common Stocks | 124,476,509 | |||||||
PREFERRED STOCKS (1.9%) | ||||||||
SOUTH KOREA (1.9%) | ||||||||
Information Technology (1.9%) | ||||||||
Samsung Electronics Co. Ltd. | 36,800 | 2,416,081 | ||||||
Total Preferred Stocks | 2,416,081 |
Shares or Principal Amount | Value | |||||||
SHORT-TERM INVESTMENT (0.1%) | ||||||||
UNITED STATES (0.1%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c) | 77,805 | $ | 77,805 | |||||
Total Short-Term Investment | 77,805 | |||||||
Total Investments (Cost $93,486,521) (d)—98.9% | 126,970,395 | |||||||
Other Assets in Excess of Liabilities—1.1% | 1,434,060 | |||||||
Net Assets—100.0% | $ | 128,404,455 |
(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 April 30, 2021. |
(d) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:
Sale Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Depreciation | |
United States Dollar/Euro | ||||||
07/14/2021 | State Street Bank and Trust | USD3,097,373 | EUR2,600,000 | $3,130,421 | $(33,048) |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 9 |
Aberdeen Emerging Markets Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | ||||||
Class A | w/o SC | 24.28% | 62.14% | 11.77% | 4.89% | |||||
w/SC2 | 17.17% | 52.76% | 10.46% | 4.27% | ||||||
Class C | w/o SC | 23.96% | 61.41% | 11.18% | 4.34% | |||||
w/SC3 | 22.96% | 60.41% | 11.18% | 4.34% | ||||||
Class R4 | w/o SC | 24.20% | 61.96% | 11.59% | 4.66% | |||||
Institutional Service Class4 | w/o SC | 24.53% | 62.78% | 12.15% | 5.07% | |||||
Institutional Class4 | w/o SC | 24.61% | 63.00% | 12.31% | 5.27% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not Annualized |
1 | Returns before the first offering of Class A, Class C and Class R (May 21, 2012) are based on the previous performance of the Institutional Class. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Class A, Class C and Class R would have produced because all classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses of the classes. |
2 | A 5.75% front-end sales charge was deducted. |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
4 | Not subject to any sales charges. |
Performance of a $1,000,000* Investment (as of April 30, 2021)
* Minimum Initial Investment
Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Emerging Markets Fund, Morgan Stanley
Capital International (MSCI) Emerging Markets Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets (EM) countries. With 1,424 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
10 | 2021 Semi-Annual Report |
Aberdeen Emerging Markets Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Common Stocks | 88.0% | |
Preferred Stocks | 10.7% | |
Short-Term Investment | 1.7% | |
Liabilities in Excess of Other Assets | (0.4%) | |
100.0% |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | ||
Information Technology | 27.2%* | |
Consumer Discretionary | 19.9% | |
Financials | 17.5% | |
Materials | 10.1% | |
Industrials | 5.3% | |
Communication Services | 5.2% | |
Consumer Staples | 5.0% | |
Energy | 2.6% | |
Health Care | 2.6% | |
Real Estate | 2.3% | |
Other | 2.3% | |
100.0% |
* | As of April 30, 2021, the Fund's holdings in the Information Technology sector were allocated to four industries: Semiconductors & Semiconductor Equipment (13.3%), Technology Hardware, Storage & Peripherals (9.2%), Electronic Equipment Instruments & Components (2.5%) and Information Technology Services (2.2%). |
Top Holdings* | ||
Taiwan Semiconductor Manufacturing Co. Ltd. | 9.2% | |
Samsung Electronics Co. Ltd. | 9.2% | |
Alibaba Group Holding Ltd. | 5.0% | |
Tencent Holdings Ltd. | 4.4% | |
Naspers Ltd., N Shares | 3.1% | |
Housing Development Finance Corp. Ltd. | 2.6% | |
LONGi Green Energy Technology Co. Ltd., A Shares | 2.6% | |
Vale SA, ADR | 2.5% | |
LG Chem Ltd. | 2.4% | |
Tata Consultancy Services Ltd. | 2.2% | |
Other | 56.8% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
China | 34.7% | |
South Korea | 13.0% | |
India | 10.3% | |
Taiwan | 10.2% | |
Brazil | 6.0% | |
South Africa | 4.3% | |
Russia | 4.2% | |
Mexico | 4.0% | |
Hong Kong | 4.0% | |
Indonesia | 1.9% | |
Other | 7.4% | |
100.0% |
2021 Semi-Annual Report | 11 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (88.0%) | |||||
BRAZIL (4.5%) | |||||
Consumer Discretionary (1.0%) | |||||
MercadoLibre, Inc. (a) | 33,991 | $ | 53,399,181 | ||
Industrials (1.0%) | |||||
Rumo SA (a) | 6,312,472 | 23,241,583 | |||
WEG SA | 4,462,023 | 28,758,098 | |||
51,999,681 | |||||
Materials (2.5%) | |||||
Vale SA, ADR | 6,775,108 | 136,315,173 | |||
241,714,035 | |||||
CHINA (34.7%) | |||||
Communication Services (4.7%) | |||||
Autohome, Inc., ADR | 171,561 | 15,908,852 | |||
Tencent Holdings Ltd. | 2,948,400 | 235,199,738 | |||
251,108,590 | |||||
Consumer Discretionary (13.7%) | |||||
Alibaba Group Holding Ltd. (a) | 9,271,800 | 268,026,369 | |||
China Tourism Group Duty Free Corp. Ltd., A Shares (Stock Connect) (b) | 1,828,403 | 87,742,515 | |||
Li Ning Co. Ltd. | 6,587,500 | 53,462,052 | |||
Meituan, B Shares (a)(c) | 2,585,800 | 98,969,642 | |||
Midea Group Co. Ltd., A Shares (Stock Connect) (b) | 5,054,316 | 62,424,599 | |||
New Oriental Education & Technology Group, Inc., ADR (a) | 3,028,040 | 46,207,890 | |||
Prosus NV (a) | 377,950 | 41,019,517 | |||
Shenzhou International Group Holdings Ltd. | 3,322,600 | 73,093,850 | |||
730,946,434 | |||||
Consumer Staples (1.1%) | |||||
Kweichow Moutai Co. Ltd., A Shares (Stock Connect) (b) | 188,815 | 58,332,785 | |||
Financials (3.1%) | |||||
China Merchants Bank Co. Ltd., H Shares | 11,508,500 | 92,441,002 | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 6,745,500 | 73,541,221 | |||
165,982,223 | |||||
Health Care (2.6%) | |||||
Hangzhou Tigermed Consulting Co. Ltd., A Shares (b) | 1,234,495 | 29,720,490 | |||
Hangzhou Tigermed Consulting Co. Ltd., H Shares (a)(c) | 200,700 | 3,932,755 | |||
Wuxi Biologics Cayman, Inc. (a)(c) | 7,381,500 | 103,619,973 | |||
137,273,218 | |||||
Industrials (3.8%) | |||||
China Conch Venture Holdings Ltd. | 7,463,500 | 35,215,047 | |||
NARI Technology Co. Ltd., A Shares (Stock Connect) (b) | 14,054,314 | 69,212,898 |
Shares or Principal Amount | Value | ||||
Shanghai International Airport Co. Ltd., A Shares (Stock Connect) (b) | 5,370,772 | $ | 40,693,638 | ||
Sungrow Power Supply Co. Ltd., A Shares (b) | 2,594,877 | 35,795,877 | |||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 13,016,800 | 21,447,422 | |||
202,364,882 | |||||
Information Technology (2.6%) | |||||
LONGi Green Energy Technology Co. Ltd., A Shares (b) | 8,937,299 | 136,338,709 | |||
Materials (0.5%) | |||||
Yunnan Energy New Material Co. Ltd., A Shares (b) | 1,261,275 | 26,093,409 | |||
Real Estate (1.6%) | |||||
China Resources Land Ltd. | 18,686,000 | 87,489,169 | |||
Utilities (1.0%) | |||||
China Resources Gas Group Ltd. | 10,320,000 | 55,837,165 | |||
1,851,766,584 | |||||
HONG KONG (4.0%) | |||||
Consumer Staples (0.9%) | |||||
Budweiser Brewing Co. APAC Ltd. (c) | 15,046,100 | 47,411,826 | |||
Financials (3.1%) | |||||
AIA Group Ltd. | 7,076,000 | 89,812,631 | |||
Hong Kong Exchanges & Clearing Ltd. | 1,233,565 | 74,397,569 | |||
164,210,200 | |||||
211,622,026 | |||||
INDIA (10.3%) | |||||
Consumer Staples (1.8%) | |||||
Hindustan Unilever Ltd. | 1,471,531 | 46,598,992 | |||
ITC Ltd. | 18,918,245 | 51,608,172 | |||
98,207,164 | |||||
Financials (5.1%) | |||||
Housing Development Finance Corp. Ltd. | 4,216,682 | 138,063,533 | |||
Kotak Mahindra Bank Ltd. (a) | 2,690,777 | 63,171,306 | |||
SBI Life Insurance Co. Ltd. (c) | 5,582,446 | 69,884,699 | |||
271,119,538 | |||||
Information Technology (2.2%) | |||||
Tata Consultancy Services Ltd. | 2,822,297 | 115,663,894 | |||
Materials (1.2%) | |||||
UltraTech Cement Ltd. | 748,488 | 63,076,966 | |||
548,067,562 | |||||
INDONESIA (1.9%) | |||||
Financials (1.9%) | |||||
Bank Central Asia Tbk PT | 26,294,600 | 58,209,934 | |||
Bank Rakyat Indonesia Persero Tbk PT | 158,554,800 | 44,369,175 | |||
102,579,109 |
See accompanying Notes to Financial Statements.
12 | 2021 Semi-Annual Report |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (continued) | |||||
MACAU (1.4%) | |||||
Consumer Discretionary (1.4%) | |||||
Sands China Ltd. (a) | 15,761,600 | $ | 74,584,829 | ||
MEXICO (4.0%) | |||||
Consumer Staples (1.2%) | |||||
Fomento Economico Mexicano SAB de CV, ADR | 822,096 | 63,712,440 | |||
Financials (1.3%) | |||||
Grupo Financiero Banorte SAB de CV, Class O | 11,847,619 | 67,271,221 | |||
Industrials (0.5%) | |||||
Grupo Aeroportuario del Sureste SAB de CV, Class B (a) | 1,676,167 | 28,384,871 | |||
Materials (1.0%) | |||||
Grupo Mexico SAB de CV, Class B | 11,632,300 | 52,760,810 | |||
212,129,342 | |||||
NETHERLANDS (1.6%) | |||||
Information Technology (1.6%) | |||||
ASML Holding NV | 127,000 | 82,440,968 | |||
PHILIPPINES (1.1%) | |||||
Financials (0.4%) | |||||
Bank of the Philippine Islands | 13,044,794 | 22,423,847 | |||
Real Estate (0.7%) | |||||
Ayala Land, Inc. | 57,213,500 | 38,170,247 | |||
60,594,094 | |||||
POLAND (0.7%) | |||||
Consumer Discretionary (0.7%) | |||||
Allegro.eu SA (a)(c) | 2,562,219 | 39,282,583 | |||
RUSSIA (4.2%) | |||||
Communication Services (0.5%) | |||||
Yandex N.V., Class A (a) | 410,630 | 26,916,796 | |||
Energy (2.6%) | |||||
LUKOIL PJSC, ADR | 770,958 | 59,548,796 | |||
Novatek PJSC | 4,489,295 | 80,801,164 | |||
140,349,960 | |||||
Financials (1.1%) | |||||
Sberbank of Russia PJSC | 14,593,556 | 57,511,958 | |||
224,778,714 | |||||
SOUTH AFRICA (4.3%) | |||||
Consumer Discretionary (3.1%) | |||||
Naspers Ltd., N Shares | 723,940 | 164,754,256 | |||
Materials (1.2%) | |||||
Anglo American Platinum Ltd. | 453,720 | 61,960,312 | |||
226,714,568 |
Shares or Principal Amount | Value | ||||
SOUTH KOREA (3.8%) | |||||
Information Technology (1.4%) | |||||
Samsung SDI Co. Ltd. | 133,408 | $ | 77,867,592 | ||
Materials (2.4%) | |||||
LG Chem Ltd. | 151,632 | 126,580,493 | |||
204,448,085 | |||||
TAIWAN (10.2%) | |||||
Communication Services (0.0%) | |||||
Sea Ltd., ADR (a) | 3,689 | 931,620 | |||
Information Technology (10.2%) | |||||
Hon Hai Precision Industry Co. Ltd. | 12,390,000 | 50,935,862 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 23,322,017 | 491,152,510 | |||
542,088,372 | |||||
543,019,992 | |||||
UNITED KINGDOM (1.3%) | |||||
Materials (1.3%) | |||||
Mondi PLC | 2,563,640 | 69,764,948 | |||
Total Common Stocks | 4,693,507,439 | ||||
PREFERRED STOCKS (10.7%) | |||||
BRAZIL (1.5%) | |||||
Financials (1.5%) | |||||
Banco Bradesco SA, ADR, Preferred Shares, 1.94% | 18,572,657 | 80,791,060 | |||
SOUTH KOREA (9.2%) | |||||
Information Technology (9.2%) | |||||
Samsung Electronics Co. Ltd. | 7,473,964 | 490,698,290 | |||
Total Preferred Stocks | 571,489,350 | ||||
SHORT-TERM INVESTMENT (1.7%) | |||||
UNITED STATES (1.7%) | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (d) | 92,841,462 | 92,841,462 | |||
Total Short-Term Investment | 92,841,462 | ||||
Total Investments (Cost $3,721,712,782) (e)—100.4% | 5,357,838,251 | ||||
Liabilities in Excess of Other Assets—(0.4)% | (23,075,786) | ||||
Net Assets—100.0% | $ | 5,334,762,465 |
(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 April 30, 2021. | |
(e) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt | |
PLC | Public Limited Company |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 13 |
Aberdeen Emerging Markets Sustainable Leaders Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |
Class A | w/o SC | 22.57% | 42.28% | 10.72% | 4.55% |
w/SC2 | 15.52% | 34.07% | 9.41% | 3.93% | |
Class C | w/o SC | 22.18% | 41.39% | 9.98% | 3.84% |
w/SC3 | 21.18% | 40.39% | 9.98% | 3.84% | |
Class R4 | w/o SC | 22.43% | 41.95% | 10.42% | 4.28% |
Institutional Service Class4 | w/o SC | 22.76% | 42.63% | 11.08% | 4.82% |
Institutional Class4 | w/o SC | 22.79% | 42.77% | 11.14% | 4.91% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized | |
1 | The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen International Equity Fund to Aberdeen Emerging Markets Sustainable Leaders Fund. Please consult the Fund's prospectus for more detail. | |
2 | A 5.75% front-end sales charge was deducted. | |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. | |
4 | Not subject to any sales charges. |
Performance of a $10,000 Investment (as of April 30, 2021)
Comparative performance of $10,000 invested in Class A shares of the Aberdeen Emerging Markets Sustainable Leaders Fund, the Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net Dividends), the MSCI All Country World ex-US Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ending April 30, 2021. Effective December 1, 2020, the MSCI Emerging Markets Index (Net Dividends) replaced the MSCI All Country Word ex U.S. Index (Net Dividends) as the Fund's primary benchmark in connection with the Fund's change in investment strategy. Unlike the Fund, the returns for these unmanaged indexes do
not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets (EM) countries. With 1,424 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries. With 2,359 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway,Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India,Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
14 | 2021 Semi-Annual Report |
Aberdeen Emerging Markets Sustainable Leaders Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Common Stocks | 88.6% | |
Preferred Stocks | 10.2% | |
Short-Term Investment | 2.1% | |
Liabilities in Excess of Other Assets | (0.9%) | |
100.0% |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | ||
Information Technology | 31.0%* | |
Financials | 18.9% | |
Consumer Discretionary | 17.8% | |
Industrials | 8.8% | |
Communication Services | 5.2% | |
Materials | 4.5% | |
Health Care | 4.4% | |
Consumer Staples | 3.4% | |
Real Estate | 3.4% | |
Utilities | 1.4% | |
Other | 1.2% | |
100.0% |
* | As of April 30, 2021, the Fund's holdings in the Information Technology sector were allocated to Five industries: Semiconductors & Semiconductor Equipment (12.8%), Technology Hardware, Storage & Peripherals (8.7%), Electronic Equipment Instruments & Components (4.6%), Information Technology Services (2.9%) and Software (2.0%). |
Top Holdings* | ||
Samsung Electronics Co. Ltd. | 8.7% | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 8.2% | |
Alibaba Group Holding Ltd. | 5.9% | |
Tencent Holdings Ltd. | 4.9% | |
Naspers Ltd., N Shares | 3.8% | |
Housing Development Finance Corp. Ltd. | 2.7% | |
LONGi Green Energy Technology Co. Ltd., A Shares | 2.4% | |
Sberbank of Russia PJSC, ADR | 2.4% | |
Samsung SDI Co. Ltd. | 2.2% | |
Wuxi Biologics Cayman, Inc. | 2.1% | |
Other | 56.7% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
China | 32.3% | |
South Korea | 12.9% | |
Taiwan | 10.6% | |
India | 10.1% | |
Brazil | 6.4% | |
Mexico | 4.0% | |
South Africa | 3.8% | |
Russia | 3.4% | |
Hong Kong | 3.4% | |
United States | 2.1% | |
Other | 11.0% | |
100.0% |
2021 Semi-Annual Report | 15 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Sustainable Leaders Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (88.6%) | |||||
BRAZIL (4.9%) | |||||
Consumer Discretionary (1.0%) | |||||
MercadoLibre, Inc. (a) | 1,505 | $ | 2,364,325 | ||
Health Care (0.5%) | |||||
Notre Dame Intermedica Participacoes SA | 78,800 | 1,178,943 | |||
Industrials (2.2%) | |||||
Rumo SA (a) | 747,900 | 2,753,656 | |||
WEG SA | 335,080 | 2,159,618 | |||
4,913,274 | |||||
Real Estate (1.2%) | |||||
Multiplan Empreendimentos Imobiliarios SA | 630,800 | 2,674,372 | |||
11,130,914 | |||||
CHILE (0.6%) | |||||
Financials (0.6%) | |||||
Banco Santander Chile, ADR | 65,300 | 1,452,272 | |||
CHINA (32.3%) | |||||
Communication Services (5.2%) | |||||
Autohome, Inc., ADR | 7,301 | 677,021 | |||
Tencent Holdings Ltd. | 140,600 | 11,215,942 | |||
11,892,963 | |||||
Consumer Discretionary (10.6%) | |||||
Alibaba Group Holding Ltd. (a) | 465,700 | 13,462,314 | |||
Meituan, B Shares (a)(b) | 94,400 | 3,613,092 | |||
Midea Group Co. Ltd., A Shares (Stock Connect) (c) | 231,729 | 2,862,027 | |||
New Oriental Education & Technology Group, Inc., ADR (a) | 120,000 | 1,831,200 | |||
Zhongsheng Group Holdings Ltd. | 313,000 | 2,367,513 | |||
24,136,146 | |||||
Financials (3.2%) | |||||
China Merchants Bank Co. Ltd., H Shares | 491,000 | 3,943,914 | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 314,500 | 3,428,762 | |||
7,372,676 | |||||
Health Care (3.1%) | |||||
Hangzhou Tigermed Consulting Co. Ltd., H Shares (a)(b) | 116,500 | 2,282,840 | |||
Wuxi Biologics Cayman, Inc. (a)(b) | 335,000 | 4,702,661 | |||
6,985,501 | |||||
Industrials (4.8%) | |||||
Centre Testing International Group Co. Ltd., A Shares (c) | 556,580 | 2,807,449 | |||
China Conch Venture Holdings Ltd. | 728,500 | 3,437,283 | |||
Sungrow Power Supply Co. Ltd., A Shares (c) | 180,642 | 2,491,925 | |||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 1,371,800 | 2,260,277 | |||
10,996,934 |
Shares or Principal Amount | Value | ||||
Information Technology (4.3%) | |||||
GDS Holdings Ltd., ADR (a) | 25,500 | $ | 2,115,735 | ||
Glodon Co. Ltd., A Shares (c) | 188,093 | 2,114,681 | |||
LONGi Green Energy Technology Co. Ltd., A Shares (c) | 360,804 | 5,504,074 | |||
9,734,490 | |||||
Real Estate (1.1%) | |||||
China Vanke Co. Ltd., H Shares | 686,200 | 2,399,577 | |||
73,518,287 | |||||
HONG KONG (3.4%) | |||||
Financials (3.4%) | |||||
AIA Group Ltd. | 288,500 | 3,661,807 | |||
Hong Kong Exchanges & Clearing Ltd. | 66,300 | 3,998,621 | |||
7,660,428 | |||||
INDIA (10.1%) | |||||
Consumer Staples (1.0%) | |||||
Hindustan Unilever Ltd. | 69,000 | 2,185,024 | |||
Financials (3.9%) | |||||
Housing Development Finance Corp. Ltd. | 188,300 | 6,165,360 | |||
Kotak Mahindra Bank Ltd. (a) | 118,400 | 2,779,674 | |||
8,945,034 | |||||
Health Care (0.8%) | |||||
Syngene International Ltd. (a)(b) | 257,300 | 1,923,870 | |||
Information Technology (2.0%) | |||||
Tata Consultancy Services Ltd. | 109,300 | 4,479,353 | |||
Materials (1.0%) | |||||
Asian Paints Ltd. | 67,100 | 2,287,615 | |||
Utilities (1.4%) | |||||
Power Grid Corp. of India Ltd. | 1,081,200 | 3,212,288 | |||
23,033,184 | |||||
INDONESIA (1.8%) | |||||
Consumer Discretionary (0.7%) | |||||
Ace Hardware Indonesia Tbk PT | 16,492,300 | 1,689,067 | |||
Financials (1.1%) | |||||
Bank Central Asia Tbk PT | 1,083,400 | 2,398,388 | |||
4,087,455 | |||||
KAZAKHSTAN (1.1%) | |||||
Financials (1.1%) | |||||
Kaspi.KZ JSC., GDR (b)(f) | 30,177 | 2,565,045 | |||
MEXICO (4.0%) | |||||
Consumer Staples (1.4%) | |||||
Arca Continental SAB de CV | 587,300 | 3,159,887 | |||
Financials (1.7%) | |||||
Grupo Financiero Banorte SAB de CV, Class O | 706,500 | 4,011,533 |
See accompanying Notes to Financial Statements.
16 | 2021 Semi-Annual Report |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Sustainable Leaders Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (continued) | |||||
MEXICO (continued) | |||||
Industrials (0.9%) | |||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR (a) | 39,500 | $ | 1,964,335 | ||
9,135,755 | |||||
NETHERLANDS (2.1%) | |||||
Information Technology (2.1%) | |||||
ASM International NV | 6,856 | 2,079,952 | |||
ASML Holding NV | 4,027 | 2,614,093 | |||
4,694,045 | |||||
PHILIPPINES (1.1%) | |||||
Real Estate (1.1%) | |||||
Ayala Land, Inc. | 3,750,500 | 2,502,163 | |||
POLAND (1.6%) | |||||
Consumer Discretionary (0.7%) | |||||
Allegro.eu SA (a)(b) | 108,570 | 1,664,538 | |||
Industrials (0.9%) | |||||
InPost SA (a) | 100,445 | 1,914,045 | |||
3,578,583 | |||||
RUSSIA (3.4%) | |||||
Consumer Staples (1.0%) | |||||
X5 Retail Group, GDR | 76,300 | 2,342,410 | |||
Financials (2.4%) | |||||
Sberbank of Russia PJSC, ADR | 340,000 | 5,361,800 | |||
7,704,210 | |||||
SAUDI ARABIA (1.0%) | |||||
Consumer Discretionary (1.0%) | |||||
Delivery Hero SE (a)(b) | 14,200 | 2,252,698 | |||
SOUTH AFRICA (3.8%) | |||||
Consumer Discretionary (3.8%) | |||||
Naspers Ltd., N Shares | 38,040 | 8,657,143 | |||
SOUTH KOREA (4.2%) | |||||
Information Technology (2.2%) | |||||
Samsung SDI Co. Ltd. | 8,650 | 5,048,833 | |||
Materials (2.0%) | |||||
LG Chem Ltd. | 5,460 | 4,557,939 | |||
9,606,772 | |||||
TAIWAN (10.6%) | |||||
Communication Services (0.0%) | |||||
Sea Ltd., ADR (a) | 158 | 39,901 |
Shares or Principal Amount | Value | ||||
Information Technology (10.6%) | |||||
Chroma ATE, Inc. | 459,000 | $ | 3,171,824 | ||
Hon Hai Precision Industry Co. Ltd. | 524,000 | 2,154,188 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 887,000 | 18,679,871 | |||
24,005,883 | |||||
24,045,784 | |||||
TURKEY (1.1%) | |||||
Information Technology (1.1%) | |||||
Logo Yazilim Sanayi Ve Ticaret AS | 129,700 | 2,535,743 | |||
UNITED KINGDOM (1.5%) | |||||
Materials (1.5%) | |||||
Mondi PLC | 128,000 | 3,483,295 | |||
Total Common Stocks | 201,643,776 | ||||
PREFERRED STOCKS (10.2%) | |||||
BRAZIL (1.5%) | |||||
Financials (1.5%) | |||||
Banco Bradesco SA, ADR, Preferred Shares, 1.94% | 764,401 | 3,325,144 | |||
SOUTH KOREA (8.7%) | |||||
Information Technology (8.7%) | |||||
Samsung Electronics Co. Ltd. | 301,700 | 19,807,919 | |||
Total Preferred Stocks | 23,133,063 | ||||
SHORT-TERM INVESTMENT (2.1%) | |||||
UNITED STATES (2.1%) | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (d) | 4,848,528 | 4,848,528 | |||
Total Short-Term Investment | 4,848,528 | ||||
Total Investments (Cost $207,679,946) (e)—100.9% | 229,625,367 | ||||
Liabilities in Excess of Other Assets—(0.9)% | (2,108,484 | ) | |||
Net Assets—100.0% | $ | 227,516,883 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program. |
(d) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021. |
(e) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
(f) | Illiquid security. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
PLC | Public Limited Company |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 17 |
Aberdeen Global Equity Fund (Unaudited)
Average Annual Total Return (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |
Class A | w/o SC | 27.10% | 43.50% | 11.81% | 6.32% |
w/SC1 | 19.76% | 35.29% | 10.49% | 5.69% | |
Class C | w/o SC | 26.65% | 42.44% | 11.08% | 5.63% |
w/SC2 | 25.65% | 41.44% | 11.08% | 5.63% | |
Class R3 | w/o SC | 26.87% | 42.95% | 11.40% | 5.99% |
Institutional Service Class3,4 | w/o SC | 27.22% | 43.84% | 12.10% | 6.64% |
Institutional Class3 | w/o SC | 27.27% | 43.89% | 12.16% | 6.67% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | A 5.75% front-end sales charge was deducted. |
2 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
3 | Not subject to any sales charges. |
4 | Returns before the first offering of the Institutional Service Class (December 19, 2011) are based on the previous performance of the Fund's Class A shares. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what the Institutional Service Class would have produced because both classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses of the classes. |
Performance of a $10,000 Investment (as of April 30, 2021)
Comparative performance of $10,000 invested in Class A shares of the Aberdeen Global Equity Fund, Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended
April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.
The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With 2,986 constituents, the index covers approximately 85% of the global investable equity opportunity set. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
18 | 2021 Semi-Annual Report |
Aberdeen Global Equity Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | |
Common Stocks | 98.2% |
Short-Term Investment | 1.8% |
Other Assets in Excess of Liabilities | –% |
100.0% |
Amounts listed as "–" are 0% or round to 0%.
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | |
Information Technology | 20.1% |
Consumer Staples | 19.0% |
Health Care | 17.2% |
Consumer Discretionary | 12.4% |
Financials | 12.1% |
Communication Services | 6.4% |
Materials | 5.1% |
Industrials | 4.9% |
Real Estate | 1.0% |
Other | 1.8% |
100.0% |
Top Holdings* | |
Microsoft Corp. | 4.1% |
Visa, Inc., Class A | 3.7% |
Alphabet, Inc., Class A | 3.6% |
AIA Group Ltd. | 3.4% |
Diageo PLC | 3.1% |
Amazon.com, Inc. | 3.1% |
Nestle SA | 3.1% |
Intercontinental Exchange, Inc. | 3.0% |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.9% |
Boston Scientific Corp. | 2.9% |
Other | 67.1% |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | |
United States | 47.3% |
United Kingdom | 11.8% |
Netherlands | 5.2% |
Switzerland | 5.0% |
France | 4.8% |
Japan | 4.3% |
Hong Kong | 3.4% |
Australia | 3.0% |
Taiwan | 2.9% |
China | 2.8% |
Other | 9.5% |
100.0% |
2021 Semi-Annual Report | 19 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Global Equity Fund
Shares or Principal Amount | Value | |||||||
COMMON STOCKS (98.2%) | ||||||||
AUSTRALIA (3.0%) | ||||||||
Health Care (2.0%) | ||||||||
CSL Ltd. | 2,800 | $ | 584,905 | |||||
Real Estate (1.0%) | ||||||||
Goodman Group, REIT | 21,200 | 309,150 | ||||||
894,055 | ||||||||
BRAZIL (1.1%) | ||||||||
Consumer Staples (1.1%) | ||||||||
Raia Drogasil SA | 66,500 | 321,969 | ||||||
CHINA (2.8%) | ||||||||
Communication Services (2.8%) | ||||||||
Tencent Holdings Ltd. | 10,700 | 853,560 | ||||||
DENMARK (2.7%) | ||||||||
Health Care (2.7%) | ||||||||
Genmab AS (a) | 1,400 | 513,747 | ||||||
Novo Nordisk AS, Class B | 4,200 | 309,823 | ||||||
823,570 | ||||||||
FRANCE (4.8%) | ||||||||
Consumer Discretionary (2.8%) | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,100 | 828,685 | ||||||
Industrials (2.0%) | ||||||||
Schneider Electric SE | 3,800 | 606,312 | ||||||
1,434,997 | ||||||||
HONG KONG (3.4%) | ||||||||
Financials (3.4%) | ||||||||
AIA Group Ltd. | 81,100 | 1,029,367 | ||||||
INDIA (1.8%) | ||||||||
Financials (1.8%) | ||||||||
Housing Development Finance Corp. Ltd. | 16,300 | 533,698 | ||||||
JAPAN (4.3%) | ||||||||
Information Technology (2.9%) | ||||||||
Keyence Corp. | 1,800 | 864,095 | ||||||
Materials (1.4%) | ||||||||
Shin-Etsu Chemical Co. Ltd. | 2,600 | 438,885 | ||||||
1,302,980 | ||||||||
NETHERLANDS (5.2%) | ||||||||
Consumer Staples (2.6%) | ||||||||
Heineken NV | 6,900 | 800,396 | ||||||
Information Technology (2.6%) | ||||||||
ASML Holding NV | 1,200 | 778,970 | ||||||
1,579,366 |
Shares or Principal Amount | Value | |||||||
SINGAPORE (2.0%) | ||||||||
Financials (2.0%) | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 67,017 | $ | 612,638 | |||||
SWEDEN (1.9%) | ||||||||
Industrials (1.9%) | ||||||||
Atlas Copco AB, A Shares | 9,400 | 570,016 | ||||||
SWITZERLAND (5.0%) | ||||||||
Consumer Staples (3.0%) | ||||||||
Nestle SA | 7,700 | 918,846 | ||||||
Health Care (2.0%) | ||||||||
Roche Holding AG | 1,800 | 587,080 | ||||||
1,505,926 | ||||||||
TAIWAN (2.9%) | ||||||||
Information Technology (2.9%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7,600 | 887,224 | ||||||
UNITED KINGDOM (11.8%) | ||||||||
Consumer Staples (3.1%) | ||||||||
Diageo PLC | 21,100 | 947,208 | ||||||
Health Care (6.5%) | ||||||||
Abcam PLC (a) | 24,800 | 523,340 | ||||||
AstraZeneca PLC | 7,400 | 787,685 | ||||||
Dechra Pharmaceuticals PLC | 6,100 | 339,840 | ||||||
Genus PLC | 4,300 | 301,997 | ||||||
1,952,862 | ||||||||
Materials (2.2%) | ||||||||
Croda International PLC | 7,140 | 667,018 | ||||||
3,567,088 | ||||||||
UNITED STATES (45.5%) | ||||||||
Communication Services (3.6%) | ||||||||
Alphabet, Inc., Class A (a) | 460 | 1,082,610 | ||||||
Consumer Discretionary (9.6%) | ||||||||
Amazon.com, Inc. (a) | 270 | 936,204 | ||||||
Booking Holdings, Inc. (a) | 180 | 443,894 | ||||||
NIKE, Inc., Class B | 5,700 | 755,934 | ||||||
TJX Cos., Inc. (The) | 10,800 | 766,800 | ||||||
2,902,832 | ||||||||
Consumer Staples (9.2%) | ||||||||
Costco Wholesale Corp. | 1,690 | 628,832 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 2,600 | 815,880 | ||||||
PepsiCo, Inc. | 5,050 | 728,008 | ||||||
Procter & Gamble Co. (The) | 4,600 | 613,732 | ||||||
2,786,452 |
See accompanying Notes to Financial Statements.
20 | 2021 Semi-Annual Report |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Global Equity Fund
Shares or Principal Amount | Value | |||||||
COMMON STOCKS (continued) | ||||||||
UNITED STATES (continued) | ||||||||
Financials (4.9%) | ||||||||
CME Group, Inc. | 2,800 | $ | 565,572 | |||||
Intercontinental Exchange, Inc. | 7,700 | 906,367 | ||||||
1,471,939 | ||||||||
Health Care (4.0%) | ||||||||
AbbVie, Inc. | 2,900 | 323,350 | ||||||
Boston Scientific Corp. (a) | 20,200 | 880,720 | ||||||
1,204,070 | ||||||||
Industrials (1.0%) | ||||||||
Deere & Co. | 820 | 304,097 | ||||||
Information Technology (11.7%) | ||||||||
Autodesk, Inc. (a) | 1,900 | 554,629 | ||||||
Fidelity National Information Services, Inc. | 4,000 | 611,600 | ||||||
Microsoft Corp. | 4,900 | 1,235,682 | ||||||
Visa, Inc., Class A | 4,800 | 1,121,088 | ||||||
3,522,999 | ||||||||
Materials (1.5%) | ||||||||
Linde PLC | 1,600 | 457,344 | ||||||
13,732,343 | ||||||||
Total Common Stocks | 29,648,797 |
Shares or Principal Amount | Value | |||||||
SHORT-TERM INVESTMENT (1.8%) | ||||||||
UNITED STATES (1.8%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (b) | 544,482 | $ | 544,482 | |||||
Total Short-Term Investment | 544,482 | |||||||
Total Investments (Cost $20,590,893) (c)—100.0% | 30,193,279 | |||||||
Other Assets in Excess of Liabilities—0.0% | �� | 4,679 | ||||||
Net Assets—100.0% | $ | 30,197,958 |
(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 April 30, 2021. |
(c) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 21 |
Aberdeen Global Infrastructure Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | ||||||||||
Class A | w/o SC | 26.49% | 35.69% | 10.01% | N.A. | |||||||||
w/SC2 | 19.22% | 27.90% | 8.72% | N.A. | ||||||||||
Institutional Class3 | w/o SC | 26.69% | 36.02% | 10.29% | 7.93% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
2 | A 5.75% front-end sales charge was deducted. |
3 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment* (as of April 30, 2021)
* Minimum Initial Investment
Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Global Infrastructure Fund, Morgan Stanley Capital International All Country World Index (MSCI ACWI) (Net Dividends), S&P Global Infrastructure Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.
The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With 2,986 constituents, the index covers approximately 85% of the global investable equity opportunity set. DM countries in the Index are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries in the Index are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
S&P Global Infrastructure Index is a total return index that is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. Net Total Return (NTR) indexes include reinvestments of all dividends minus taxes.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
22 | 2021 Semi-Annual Report |
Aberdeen Global Infrastructure Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Common Stocks | 96.1% | |
Short-Term Investment | 3.7% | |
Other Assets in Excess of Liabilities | 0.2% | |
100.0% |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | |||
Industrials | 33.7 | %* | |
Utilities | 29.6 | %** | |
Communication Services | 16.8 | % | |
Energy | 7.4 | % | |
Real Estate | 5.8 | % | |
Materials | 2.0 | % | |
Consumer Discretionary | 0.8 | % | |
Other | 3.9 | % | |
100.0 | % |
* | As of April 30, 2021, the Fund's holdings in the Industrials sector were allocated to four industries: Transportation Infrastructure (14.3%), Road & Rail (9.7%), Construction & Engineering (7.5%) and Commercial Services & Supplies (2.2%). |
** | As of April 30, 2021, the Fund's holdings in the Utilities sector were allocated to five industries: Multi-Utilities (9.6%), Electric Utilities (9.2%), Independent Power & Renewable Electricity Producers (8.1%), Gas Utilities (1.9%) and Water Utilities (0.8%). |
Top Holdings* | ||
Cellnex Telecom SA | 3.5% | |
Ferrovial SA | 3.0% | |
Enbridge, Inc. | 2.7% | |
EDP Renovaveis SA | 2.6% | |
CCR SA | 2.5% | |
American Tower Corp., REIT | 2.5% | |
Kansas City Southern | 2.4% | |
Kinder Morgan, Inc. | 2.4% | |
Vinci SA | 2.4% | |
Enel SpA | 2.4% | |
Other | 73.6% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
United States | 39.9% | |
Spain | 7.8% | |
France | 6.9% | |
Brazil | 5.9% | |
Italy | 5.9% | |
Germany | 4.9% | |
China | 4.2% | |
Canada | 4.1% | |
United Kingdom | 3.5% | |
Mexico | 3.4% | |
Other | 13.5% | |
100.0% |
2021 Semi-Annual Report | 23 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Global Infrastructure Fund
Shares or Principal Amount | Value | |||||||
COMMON STOCKS (96.1%) | ||||||||
ARGENTINA (1.6%) | ||||||||
Industrials (1.0%) | ||||||||
Corp. America Airports SA (a)(b) | 93,025 | $ | 536,754 | |||||
Materials (0.6%) | ||||||||
Loma Negra Cia Industrial Argentina SA, ADR | 55,800 | 326,430 | ||||||
863,184 | ||||||||
BRAZIL (5.9%) | ||||||||
Communication Services (1.0%) | ||||||||
Telefonica Brasil SA, ADR | 63,800 | 505,934 | ||||||
Industrials (3.9%) | ||||||||
CCR SA | 592,200 | 1,312,596 | ||||||
Rumo SA (a) | 210,100 | 773,557 | ||||||
2,086,153 | ||||||||
Utilities (1.0%) | ||||||||
Omega Geracao SA (a) | 74,000 | 534,016 | ||||||
3,126,103 | ||||||||
CANADA (4.1%) | ||||||||
Energy (2.8%) | ||||||||
Enbridge, Inc. | 37,600 | 1,450,284 | ||||||
Industrials (1.3%) | ||||||||
Canadian Pacific Railway Ltd. | 1,900 | 708,947 | ||||||
2,159,231 | ||||||||
CHINA (4.2%) | ||||||||
Industrials (3.4%) | ||||||||
China Everbright Environment Group Ltd. | 800,333 | 503,093 | ||||||
COSCO SHIPPING Ports Ltd. | 881,775 | 740,685 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 626,100 | 544,239 | ||||||
1,788,017 | ||||||||
Utilities (0.8%) | ||||||||
Beijing Enterprises Water Group Ltd. | 1,154,000 | 440,753 | ||||||
2,228,770 | ||||||||
FRANCE (6.9%) | ||||||||
Industrials (3.7%) | ||||||||
Eiffage SA (a) | 6,000 | 657,225 | ||||||
Vinci SA | 11,600 | 1,272,864 | ||||||
1,930,089 | ||||||||
Utilities (3.2%) | ||||||||
Engie SA (a) | 50,900 | 758,178 | ||||||
Veolia Environnement SA | 29,800 | 950,472 | ||||||
1,708,650 | ||||||||
3,638,739 | ||||||||
GERMANY (4.9%) | ||||||||
Communication Services (1.1%) | ||||||||
Vantage Towers AG (a) | 19,145 | 592,920 |
Shares or Principal Amount | Value | |||||||
Industrials (1.4%) | ||||||||
Fraport AG Frankfurt Airport Services Worldwide (a) | 10,900 | $ | 722,955 | |||||
Utilities (2.4%) | ||||||||
RWE AG | 32,700 | 1,241,679 | ||||||
2,557,554 | ||||||||
INDONESIA (2.1%) | ||||||||
Communication Services (2.1%) | ||||||||
Sarana Menara Nusantara Tbk PT | 6,482,600 | 511,317 | ||||||
Tower Bersama Infrastructure Tbk PT | 3,115,700 | 600,684 | ||||||
1,112,001 | ||||||||
ITALY (5.9%) | ||||||||
Communication Services (0.9%) | ||||||||
Infrastrutture Wireless Italiane SpA (c) | 43,400 | 506,368 | ||||||
Industrials (1.2%) | ||||||||
Atlantia SpA (a) | 32,600 | 635,544 | ||||||
Materials (1.4%) | ||||||||
Buzzi Unicem SpA | 27,100 | 723,079 | ||||||
Utilities (2.4%) | ||||||||
Enel SpA | 126,200 | 1,253,081 | ||||||
3,118,072 | ||||||||
JAPAN (0.8%) | ||||||||
Industrials (0.8%) | ||||||||
East Japan Railway Co. | 6,100 | 417,775 | ||||||
LUXEMBOURG (1.2%) | ||||||||
Communication Services (1.2%) | ||||||||
SES SA, ADR | 85,900 | 651,171 | ||||||
MALAYSIA (1.1%) | ||||||||
Industrials (1.1%) | ||||||||
Malaysia Airports Holdings Bhd | 406,900 | 594,253 | ||||||
MEXICO (3.4%) | ||||||||
Industrials (1.5%) | ||||||||
Promotora y Operadora de Infraestructura SAB de CV | 101,700 | 782,543 | ||||||
Utilities (1.9%) | ||||||||
Infraestructura Energetica Nova SAB de CV (a) | 232,300 | 997,685 | ||||||
1,780,228 | ||||||||
NETHERLANDS (1.0%) | ||||||||
Communication Services (1.0%) | ||||||||
Koninklijke KPN NV | 159,100 | 548,833 | ||||||
NORWAY (1.0%) | ||||||||
Communication Services (1.0%) | ||||||||
Telenor ASA | 28,600 | 509,508 | ||||||
PHILIPPINES (1.9%) | ||||||||
Industrials (1.9%) | ||||||||
International Container Terminal Services, Inc. | 370,000 | 998,205 |
See accompanying Notes to Financial Statements.
24 | 2021 Semi-Annual Report |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Global Infrastructure Fund
Shares or Principal Amount | Value | |||||||
COMMON STOCKS (continued) | ||||||||
PORTUGAL (2.6%) | ||||||||
Utilities (2.6%) | ||||||||
EDP Renovaveis SA | 56,500 | $ | 1,346,315 | |||||
SPAIN (7.8%) | ||||||||
Communication Services (3.5%) | ||||||||
Cellnex Telecom SA (c) | 32,214 | 1,822,154 | ||||||
Industrials (4.3%) | ||||||||
Aena SME SA (a)(c) | 4,000 | 695,182 | ||||||
Ferrovial SA | 55,682 | 1,580,868 | ||||||
2,276,050 | ||||||||
4,098,204 | ||||||||
UNITED KINGDOM (3.5%) | ||||||||
Communication Services (1.6%) | ||||||||
Vodafone Group PLC | 448,900 | 847,164 | ||||||
Utilities (1.9%) | ||||||||
National Grid PLC, ADR | 16,200 | 1,020,276 | ||||||
1,867,440 | ||||||||
UNITED STATES (36.2%) | ||||||||
Communication Services (3.4%) | ||||||||
DISH Network Corp., Class A (a) | 15,200 | 680,808 | ||||||
Shenandoah Telecommunications Co. | 5,400 | 255,204 | ||||||
T-Mobile US, Inc. (a) | 6,400 | 845,632 | ||||||
1,781,644 | ||||||||
Consumer Discretionary (0.8%) | ||||||||
TravelCenters of America, Inc. (a) | 16,100 | 442,589 | ||||||
Energy (4.6%) | ||||||||
Kinder Morgan, Inc. | 75,100 | 1,280,455 | ||||||
Williams Cos., Inc. (The) | 47,600 | 1,159,536 | ||||||
2,439,991 | ||||||||
Industrials (8.2%) | ||||||||
Dycom Industries, Inc. (a) | 4,800 | 450,288 | ||||||
Kansas City Southern | 4,400 | 1,285,724 | ||||||
Norfolk Southern Corp. | 4,200 | 1,172,808 | ||||||
Union Pacific Corp. | 3,300 | 732,897 | ||||||
Waste Connections, Inc. | 5,700 | 678,927 | ||||||
4,320,644 |
Shares or Principal Amount | Value | |||||||
Real Estate (5.8%) | ||||||||
American Tower Corp., REIT | 5,100 | $ | 1,299,327 | |||||
CoreCivic, Inc., REIT | 49,100 | 381,507 | ||||||
Crown Castle International Corp., REIT | 6,400 | 1,209,984 | ||||||
GEO Group, Inc. (The), REIT (b) | 27,800 | 153,178 | ||||||
3,043,996 | ||||||||
Utilities (13.4%) | ||||||||
American Electric Power Co., Inc. (d) | 7,900 | 700,809 | ||||||
Atlantica Sustainable Infrastructure PLC | 25,400 | 979,170 | ||||||
Clearway Energy, Inc., Class C | 24,500 | 702,905 | ||||||
CMS Energy Corp. | 16,900 | 1,088,191 | ||||||
Evergy, Inc. | 14,900 | 953,153 | ||||||
FirstEnergy Corp. | 24,400 | 925,248 | ||||||
NextEra Energy, Inc. | 12,800 | 992,128 | ||||||
Vistra Corp. | 41,400 | 698,418 | ||||||
7,040,022 | ||||||||
19,068,886 | ||||||||
Total Common Stocks | 50,684,472 | |||||||
SHORT-TERM INVESTMENT (3.7%) | ||||||||
UNITED STATES (3.7%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (e) | 1,950,101 | 1,950,101 | ||||||
Total Short-Term Investment | 1,950,101 | |||||||
Total Investments (Cost $41,568,252) (f)—99.8% | 52,634,573 | |||||||
Other Assets in Excess of Liabilities—0.2% | 89,395 | |||||||
Net Assets—100.0% | $ | 52,723,968 |
(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 $686,139. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
(c) | Denotes a security issued under Regulation S or Rule 144A. |
(d) | All or a portion of the security has been designated as collateral for unrealized depreciation on forward foreign currency contracts. |
(e) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021. |
(f) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Depreciation | |||||||||
United States Dollar/Hong Kong Dollar 07/14/2021 | Citibank N.A. | USD1,798,586 | HKD 14,000,000 | $ | 1,802,657 | $ | (4,071 | ) |
* Certain contracts with different trade dates and like characteristics have been shown net.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 25 |
Aberdeen International Real Estate Equity Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | ||||||
Class A | w/o SC | 18.90% | 21.14% | 4.27% | N.A. | |||||
w/SC2 | 12.04% | 14.15% | 3.04% | N.A. | ||||||
Institutional Class3 | w/o SC | 19.03% | 21.47% | 4.52% | 0.48% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
2 | A 5.75% front-end sales charge was deducted. |
3 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment* (as of April 30, 2021)
* Minimum Initial Investment
Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen International Real Estate Equity Fund, the Morgan Stanley Capital International (MSCI) EAFE Index (Net Dividends), FTSE EPRA/NAREIT Global ex US Index (Net
Dividends) and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.
The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, excluding the US and Canada. With 844 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country. Developed Markets countries in the MSCI EAFE Index include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.
FTSE EPRA/NAREIT Global ex-U.S. Index is a total return index that is designed to represent general trends in eligible real estate equities outside the United States.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
26 | 2021 Semi-Annual Report |
Aberdeen International Real Estate Equity Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||||
Common Stocks | 98.6 | % | ||
Short-Term Investment | – | % | ||
Other Assets in Excess of Liabilities | 1.4 | % | ||
100.0 | % |
Amounts listed as "–" are 0% or round to 0%.
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Sub-Industries | As a Percentage of Net Assets | |||
Diversified Real Estate Activities | 17.8 | % | ||
Real Estate Operating Companies | 16.5 | % | ||
Office REITs | 15.1 | % | ||
Real Estate Development | 13.6 | % | ||
Industrial REITs | 9.9 | % | ||
Diversified REITs | 8.7 | % | ||
Retail REITs | 7.7 | % | ||
Specialized REITs | 4.7 | % | ||
Residential REITs | 1.6 | % | ||
Hotels, Resorts & Cruise Lines | 1.2 | % | ||
Other | 3.2 | % | ||
100.0 | % |
Top Holdings* | ||||
Vonovia SE | 6.4 | % | ||
Mitsui Fudosan Co. Ltd., REIT | 5.0 | % | ||
Sun Hung Kai Properties Ltd. | 5.0 | % | ||
Segro PLC | 3.0 | % | ||
Nippon Building Fund, Inc., REIT | 2.9 | % | ||
Instone Real Estate Group AG | 2.6 | % | ||
Link REIT | 2.6 | % | ||
Prologis, Inc., REIT | 2.5 | % | ||
Tokyu Fudosan Holdings Corp. | 2.3 | % | ||
CapitaLand Ltd. | 2.2 | % | ||
Other | 65.5 | % | ||
100.0 | % |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||||
Japan | 21.8 | % | ||
Hong Kong | 13.3 | % | ||
Germany | 13.1 | % | ||
China | 9.5 | % | ||
United States | 7.9 | % | ||
Singapore | 6.6 | % | ||
Australia | 6.3 | % | ||
United Kingdom | 5.4 | % | ||
Sweden | 3.9 | % | ||
Canada | 3.1 | % | ||
Other | 9.1 | % | ||
100.0 | % |
2021 Semi-Annual Report | 27 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen International Real Estate Equity Fund
Shares or Principal Amount | Value | |||
COMMON STOCKS (98.6%) | ||||
AUSTRALIA (6.3%) | ||||
Real Estate (6.3%) | ||||
Charter Hall Group | 24,067 | $ | 259,978 | |
Dexus, REIT | 54,292 | 426,181 | ||
GDI Property Group, REIT | 208,372 | 170,877 | ||
Lendlease Corp., Ltd. | 15,856 | 154,940 | ||
Mirvac Group, REIT | 193,131 | 400,171 | ||
1,412,147 | ||||
BRAZIL (0.5%) | ||||
Consumer Discretionary (0.5%) | ||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 25,048 | 108,500 | ||
CANADA (3.1%) | ||||
Real Estate (3.1%) | ||||
Allied Properties Real Estate Investment Trust | 9,578 | 332,345 | ||
Canadian Apartment Properties, REIT | 8,056 | 358,117 | ||
690,462 | ||||
CHINA (9.5%) | ||||
Industrials (0.4%) | ||||
Times Neighborhood Holdings Ltd. | 101,000 | 77,689 | ||
Real Estate (9.1%) | ||||
China Overseas Land & Investment Ltd. | 50,629 | 128,135 | ||
China Resources Land Ltd. | 67,971 | 318,245 | ||
KWG Living Group Holdings Ltd. (a) | 155,000 | 158,846 | ||
Logan Group Co., Ltd. | 289,273 | 459,498 | ||
Longfor Group Holdings Ltd. (b) | 18,068 | 112,229 | ||
Sunac China Holdings Ltd. | 103,014 | 399,567 | ||
Times China Holdings Ltd. | 324,312 | 461,591 | ||
2,038,111 | ||||
2,115,800 | ||||
GERMANY (13.1%) | ||||
Real Estate (13.1%) | ||||
alstria office REIT-AG | 14,527 | 260,103 | ||
Deutsche Wohnen SE | 5,278 | 285,533 | ||
Instone Real Estate Group AG (a)(b) | 19,441 | 578,046 | ||
TAG Immobilien AG | 11,839 | 366,134 | ||
Vonovia SE | 21,791 | 1,431,771 | ||
2,921,587 | ||||
HONG KONG (13.3%) | ||||
Real Estate (13.3%) | ||||
ESR Cayman Ltd. (a)(b)(c) | 115,549 | 394,623 | ||
Link REIT | 60,461 | 570,332 | ||
Shimao Group Holdings Ltd. | 161,704 | 467,089 | ||
Sino Land Co. Ltd. | 30,000 | 44,569 | ||
Sun Hung Kai Properties Ltd. | 73,811 | 1,110,291 | ||
Swire Properties Ltd. | 132,000 | 393,908 | ||
2,980,812 |
Shares or Principal Amount | Value | |||
JAPAN (21.8%) | ||||
Real Estate (21.8%) | ||||
Canadian Solar Infrastructure Fund, Inc., UNIT | 137 | $ | 161,833 | |
CRE Logistics REIT, Inc., REIT | 207 | 342,556 | ||
Daiwa Office Investment Corp., REIT | 43 | 310,726 | ||
Invincible Investment Corp., REIT | 607 | 218,137 | ||
Japan Excellent, Inc. | 233 | 325,813 | ||
Kenedix Retail REIT Corp., REIT | 90 | 230,523 | ||
LaSalle Logiport REIT | 70 | 113,599 | ||
Mitsui Fudosan Co. Ltd., REIT | 51,850 | 1,127,182 | ||
Mitsui Fudosan Logistics Park, Inc., REIT | 46 | 238,086 | ||
Nippon Building Fund, Inc., REIT | 100 | 656,299 | ||
Sankei Real Estate, Inc., REIT | 170 | 189,621 | ||
Tokyu Fudosan Holdings Corp. | 92,600 | 515,405 | ||
United Urban Investment Corp. | 302 | 450,845 | ||
4,880,625 | ||||
MEXICO (2.2%) | ||||
Real Estate (2.2%) | ||||
Corp Inmobiliaria Vesta SAB de CV, REIT | 111,276 | 217,861 | ||
Prologis Property Mexico SA de CV, REIT | 124,330 | 268,214 | ||
486,075 | ||||
NETHERLANDS (0.8%) | ||||
Real Estate (0.8%) | ||||
Unibail-Rodamco-Westfield (a) | 2,214 | 182,327 | ||
PHILIPPINES (1.1%) | ||||
Real Estate (1.1%) | ||||
Ayala Land, Inc. | 279,392 | 186,398 | ||
Megaworld Corp. | 1,019,705 | 66,576 | ||
252,974 | ||||
SINGAPORE (6.6%) | ||||
Real Estate (6.6%) | ||||
Ascendas India Trust, UNIT | 226,500 | 241,328 | ||
CapitaLand Integrated Commercial Trust, REIT | 270,600 | 436,576 | ||
CapitaLand Ltd. | 173,600 | 483,938 | ||
Lendlease Global Commercial REIT | 499,800 | 305,606 | ||
1,467,448 | ||||
SOUTH KOREA (0.7%) | ||||
Real Estate (0.7%) | ||||
ESR Kendall Square REIT Co. Ltd. (a) | 27,246 | 157,805 | ||
SPAIN (2.4%) | ||||
Real Estate (2.4%) | ||||
Inmobiliaria Colonial Socimi SA, REIT | 38,748 | 393,078 | ||
Merlin Properties Socimi SA | 13,161 | 145,460 | ||
538,538 |
See accompanying Notes to Financial Statements.
28 | 2021 Semi-Annual Report |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen International Real Estate Equity Fund
Shares or Principal Amount | Value | |||||||
COMMON STOCKS (continued) | ||||||||
SWEDEN (3.9%) | ||||||||
Consumer Discretionary (1.2%) | ||||||||
Pandox AB (a) | 15,009 | $ | 262,062 | |||||
Real Estate (2.7%) | ||||||||
Catena AB | 2,557 | 123,900 | ||||||
Fabege AB | 14,578 | 217,347 | ||||||
Kungsleden AB | 21,952 | 255,228 | ||||||
596,475 | ||||||||
858,537 | ||||||||
UNITED KINGDOM (5.4%) | ||||||||
Real Estate (5.4%) | ||||||||
Land Securities Group PLC | 24,390 | 243,050 | ||||||
LondonMetric Property PLC, REIT | 92,414 | 287,948 | ||||||
Segro PLC | 48,743 | 677,166 | ||||||
South Asian Real Estate Pvt. Ltd. (a)(b)(c)(d) | 2,000,000 | – | ||||||
1,208,164 | ||||||||
UNITED STATES (7.9%) | ||||||||
Real Estate (7.9%) | ||||||||
Alexandria Real Estate Equities, Inc. | 1,775 | 321,452 | ||||||
Digital Realty Trust, Inc. | 2,721 | 419,878 | ||||||
Equinix, Inc., REIT | 650 | 468,494 | ||||||
Prologis, Inc., REIT | 4,834 | 563,306 | ||||||
1,773,130 | ||||||||
Total Common Stocks | 22,034,931 |
Shares or Principal Amount | Value | |||||||
SHORT-TERM INVESTMENT (0.0%) | ||||||||
UNITED STATES (0.0%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (e) | 2,841 | $ | 2,841 | |||||
Total Short-Term Investment | 2,841 | |||||||
Total Investments (Cost $31,713,002) (f)—98.6% | 22,037,772 | |||||||
Other Assets in Excess of Liabilities—1.4% | 322,558 | |||||||
Net Assets—100.0% | $ | 22,360,330 |
(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 2(a) of the accompanying Notes to Financial Statements for inputs used. |
(e) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021. |
(f) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation | ||||||
United States Dollar/Japanese Yen | |||||||||||
05/06/2021 | Societe Generale | USD61,786 | JPY6,732,433 | $61,602 | $184 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 29 |
Aberdeen International Small Cap Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |
Class A | w/o SC | 24.78% | 58.57% | 14.51% | 9.65% |
w/SC2 | 17.61% | 49.44% | 13.16% | 9.01% | |
Class C | w/o SC | 24.41% | 57.53% | 13.77% | 8.91% |
w/SC3 | 23.41% | 56.53% | 13.77% | 8.91% | |
Class R4 | w/o SC | 24.58% | 58.09% | 14.15% | 9.33% |
Institutional Class4 | w/o SC | 24.99% | 59.16% | 14.90% | 10.01% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | The Fund changed its investment strategy effective February 29, 2016. Performance information for periods prior to February 29, 2016 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail. |
2 | A 5.75% front-end sales charge was deducted. |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
4 | Not subject to any sales charges. |
Performance of a $10,000 Investment (as of April 30, 2021)
Comparative performance of $10,000 invested in Class A shares of the Aberdeen International Small Cap Fund, Morgan Stanley Capital Index (MSCI) All Country World (ACWI) ex-USA Small Cap Index (Net Dividends) and the Consumer Price Index (CPI) over a 10-year period
ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries. With 4,419 constituents, the index covers approximately 14% of the global equity opportunity set outside the US. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
30 | 2021 Semi-Annual Report |
Aberdeen International Small Cap Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||||
Common Stocks | 94.6 | % | ||
Short-Term Investment | 4.5 | % | ||
Other Assets in Excess of Liabilities | 0.9 | % | ||
100.0 | % |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | ||||
Industrials | 23.6 | % | ||
Health Care | 21.8 | % | ||
Consumer Discretionary | 17.5 | % | ||
Information Technology | 15.1 | % | ||
Consumer Staples | 8.2 | % | ||
Financials | 3.2 | % | ||
Communication Services | 2.9 | % | ||
Real Estate | 1.2 | % | ||
Materials | 1.1 | % | ||
Other | 5.4 | % | ||
100.0 | % |
Top Holdings* | ||||
CyberArk Software Ltd. | 3.5 | % | ||
Interparfums SA | 3.4 | % | ||
Dino Polska SA | 3.4 | % | ||
Dechra Pharmaceuticals PLC | 3.3 | % | ||
Hypoport SE | 3.3 | % | ||
Genus PLC | 3.2 | % | ||
Brunello Cucinelli SpA | 3.2 | % | ||
Kornit Digital Ltd. | 3.1 | % | ||
Nova Measuring Instruments Ltd. | 3.1 | % | ||
Nabtesco Corp. | 2.9 | % | ||
Other | 67.6 | % | ||
100.0 | % |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||||
Israel | 12.6 | % | ||
United Kingdom | 10.9 | % | ||
Japan | 9.2 | % | ||
United States | 7.4 | % | ||
India | 6.9 | % | ||
Switzerland | 4.8 | % | ||
Germany | 4.7 | % | ||
Taiwan | 4.2 | % | ||
China | 4.2 | % | ||
Brazil | 4.1 | % | ||
Other | 31.0 | % | ||
100.0 | % |
2021 Semi-Annual Report | 31 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen International Small Cap Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (94.6%) | |||||
AUSTRALIA (3.5%) | |||||
Consumer Discretionary (1.5%) | |||||
ARB Corp. Ltd. | 105,700 | $ | 3,171,244 | ||
Information Technology (2.0%) | |||||
Altium Ltd. | 183,800 | 4,191,684 | |||
7,362,928 | |||||
BRAZIL (4.1%) | |||||
Consumer Discretionary (4.1%) | |||||
Afya Ltd., Class A (a) | 246,100 | 5,515,101 | |||
Arezzo Industria e Comercio SA | 235,900 | 3,285,286 | |||
8,800,387 | |||||
CANADA (4.0%) | |||||
Consumer Staples (1.4%) | |||||
Jamieson Wellness, Inc. (b) | 97,900 | 3,072,840 | |||
Industrials (2.6%) | |||||
Ritchie Bros Auctioneers, Inc. | 86,300 | 5,489,808 | |||
8,562,648 | |||||
CHINA (4.2%) | |||||
Consumer Discretionary (4.2%) | |||||
Baozun, Inc., Class A (a) | 415,600 | 4,833,897 | |||
China Education Group Holdings Ltd. | 1,717,000 | 4,145,220 | |||
8,979,117 | |||||
DENMARK (2.5%) | |||||
Information Technology (2.5%) | |||||
SimCorp A/S | 39,700 | 5,249,109 | |||
FRANCE (3.4%) | |||||
Consumer Staples (3.4%) | |||||
Interparfums SA (a) | 104,809 | 7,245,379 | |||
GERMANY (4.7%) | |||||
Communication Services (1.5%) | |||||
CTS Eventim AG & Co. KGaA (a) | 46,300 | 3,195,631 | |||
Financials (3.2%) | |||||
Hypoport SE (a) | 11,500 | 6,930,439 | |||
10,126,070 | |||||
HONG KONG (2.3%) | |||||
Industrials (2.3%) | |||||
Kerry Logistics Network Ltd. | 1,606,900 | 4,823,367 | |||
INDIA (6.9%) | |||||
Communication Services (1.4%) | |||||
Affle India Ltd. (a) | 40,800 | 3,036,478 |
Shares or Principal Amount | Value | ||||
Health Care (5.5%) | |||||
Sanofi India Ltd. | 54,200 | $ | 5,512,072 | ||
Syngene International Ltd. (a)(b) | 823,600 | 6,158,178 | |||
11,670,250 | |||||
14,706,728 | |||||
INDONESIA (2.9%) | |||||
Consumer Discretionary (1.7%) | |||||
Ace Hardware Indonesia Tbk PT | 35,410,600 | 3,626,594 | |||
Real Estate (1.2%) | |||||
Pakuwon Jati Tbk PT (a) | 70,410,900 | 2,580,122 | |||
6,206,716 | |||||
ISRAEL (12.6%) | |||||
Consumer Discretionary (2.8%) | |||||
Maytronics Ltd. | 295,800 | 6,023,212 | |||
Industrials (3.2%) | |||||
Kornit Digital Ltd. (a) | 68,400 | 6,686,784 | |||
Information Technology (6.6%) | |||||
CyberArk Software Ltd. (a) | 53,200 | 7,474,600 | |||
Nova Measuring Instruments Ltd. (a) | 69,974 | 6,603,447 | |||
14,078,047 | |||||
26,788,043 | |||||
ITALY (3.2%) | |||||
Consumer Discretionary (3.2%) | |||||
Brunello Cucinelli SpA (a) | 132,300 | 6,734,501 | |||
JAPAN (9.2%) | |||||
Health Care (2.5%) | |||||
Asahi Intecc Co. Ltd. | 194,600 | 5,238,022 | |||
Industrials (6.7%) | |||||
Nabtesco Corp. | 138,800 | 6,245,934 | |||
Nihon M&A Center, Inc. | 158,100 | 4,130,322 | |||
TechnoPro Holdings, Inc. | 54,000 | 3,971,219 | |||
14,347,475 | |||||
19,585,497 | |||||
MEXICO (1.3%) | |||||
Industrials (1.3%) | |||||
Grupo Aeroportuario del Sureste SAB de CV, Class B (a) | 164,400 | 2,784,014 | |||
POLAND (3.4%) | |||||
Consumer Staples (3.4%) | |||||
Dino Polska SA (a)(b) | 111,100 | 7,208,054 | |||
ROMANIA (2.5%) | |||||
Information Technology (2.5%) | |||||
Endava PLC, ADR (a) | 58,900 | 5,332,806 |
See accompanying Notes to Financial Statements.
32 | 2021 Semi-Annual Report |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen International Small Cap Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (continued) | |||||
SOUTH KOREA (1.1%) | |||||
Materials (1.1%) | |||||
Chunbo Co. Ltd. | 7,207 | $ | 1,175,304 | ||
Hansol Chemical Co. Ltd. | 5,731 | 1,275,159 | |||
2,450,463 | |||||
SWITZERLAND (4.8%) | |||||
Health Care (2.8%) | |||||
Tecan Group AG | 12,200 | 5,944,883 | |||
Industrials (2.0%) | |||||
VAT Group AG (b) | 14,900 | 4,254,905 | |||
10,199,788 | |||||
TAIWAN (4.2%) | |||||
Industrials (2.7%) | |||||
Voltronic Power Technology Corp. | 129,000 | 5,863,078 | |||
Information Technology (1.5%) | |||||
Chroma ATE, Inc. | 451,000 | 3,116,541 | |||
8,979,619 | |||||
UNITED KINGDOM (10.9%) | |||||
Health Care (8.1%) | |||||
Abcam PLC (a) | 157,700 | 3,327,854 | |||
Dechra Pharmaceuticals PLC | 126,000 | 7,019,654 | |||
Genus PLC | 98,429 | 6,912,843 | |||
17,260,351 | |||||
Industrials (2.8%) | |||||
Rotork PLC | 772,700 | 3,672,643 | |||
Ultra Electronics Holdings PLC | 80,157 | 2,239,431 | |||
5,912,074 | |||||
23,172,425 |
Shares or Principal Amount | Value | ||||
UNITED STATES (2.9%) | |||||
Health Care (2.9%) | |||||
Inmode Ltd. (a) | 71,500 | $ | 6,172,595 | ||
Total Common Stocks | 201,470,254 | ||||
SHORT-TERM INVESTMENT (4.5%) | |||||
UNITED STATES (4.5%) | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c) | 9,660,487 | 9,660,487 | |||
Total Short-Term Investment | 9,660,487 | ||||
Total Investments (Cost $156,996,435) (d)—99.1% | 211,130,741 | ||||
Other Assets in Excess of Liabilities—0.9% | 1,984,043 | ||||
Net Assets—100.0% | $ | 213,114,784 |
(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 April 30, 2021. | |
(d) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt | |
PLC | Public Limited Company |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 33 |
Aberdeen Realty Income & Growth Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |||||||
Class A | w/o SC | 28.53% | 33.47% | 7.66% | N.A. | ||||||
w/SC2 | 21.11% | 25.83% | 6.39% | N.A. | |||||||
Institutional Class3 | w/o SC | 28.63% | 33.92% | 7.93% | 8.92% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
2 | A 5.75% front-end sales charge was deducted. |
3 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment* (as of April 30, 2021)
* Minimum Initial Investment
Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Realty Income & Growth Fund, the Morgan Stanley Capital International (MSCI) US REIT Index, the S&P 500® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for
these unmanaged indexes do not reflect any fees, expenses or sales charges. Investors cannot invest directly in market indexes.
The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market. With 138 constituents, it represents about 99% of the US REIT universe and securities are classified under the Equity REITs Industry (under the Real Estate Sector) according to the Global Industry Classification Standard (GICS®), have core real estate exposure (i.e., only selected Specialized REITs are eligible) and carry REIT tax status. This index reinvests as much as possible of a company's dividend distributions. The reinvested amount is equal to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indexes do not, however, include any tax credits.
The S&P 500® Index represents large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available U.S. market capitalization.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
34 | 2021 Semi-Annual Report |
Aberdeen Realty Income & Growth Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Common Stocks | 99.5% | |
Short-Term Investment | –% | |
Other Assets in Excess of Liabilities | 0.5% | |
100.0% |
Amounts listed as "–" are 0% or round to 0%.
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Sub - Industries | As a Percentage of Net Assets | |
Specialized REITs | 22.6% | |
Retail REITs | 17.8% | |
Residential REITs | 16.8% | |
Industrial REITs | 13.4% | |
Office REITs | 9.5% | |
Health Care REITs | 8.8% | |
Hotel & Resort REITs | 8.4% | |
Diversified REITs | 2.2% | |
Other | 0.5% | |
100.0% |
Top Holdings* | ||
Prologis, Inc., REIT | 9.4% | |
Equinix, Inc., REIT | 6.1% | |
Welltower, Inc. | 4.8% | |
Simon Property Group, Inc., REIT | 4.5% | |
Public Storage | 4.1% | |
Realty Income Corp., REIT | 4.0% | |
Equity Residential, REIT | 3.6% | |
Digital Realty Trust, Inc., REIT | 3.3% | |
Invitation Homes, Inc. | 3.2% | |
AvalonBay Communities, Inc. | 3.1% | |
Other | 53.9% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
United States | 99.5% | |
Other | 0.5% | |
100.0% |
2021 Semi-Annual Report | 35 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Realty Income & Growth Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (99.5%) | |||||
UNITED STATES (99.5%) | |||||
Diversified REITs (2.2%) | |||||
Empire State Realty Trust, Inc. | 38,796 | $ | 441,887 | ||
STORE Capital Corp. | 20,827 | 745,398 | |||
1,187,285 | |||||
Health Care REITs (8.8%) | |||||
Omega Healthcare Investors, Inc. | 20,396 | 775,048 | |||
Ventas, Inc. | 24,925 | 1,382,341 | |||
Welltower, Inc. | 34,436 | 2,583,733 | |||
4,741,122 | |||||
Hotel & Resort REITs (8.4%) | |||||
DiamondRock Hospitality Co. (a) | 90,941 | 947,605 | |||
Host Hotels & Resorts, Inc. (a) | 83,268 | 1,512,147 | |||
MGM Growth Properties LLC | 29,797 | 1,073,288 | |||
Sunstone Hotel Investors, Inc. (a) | 77,045 | 1,013,912 | |||
4,546,952 | |||||
Industrial REITs (13.4%) | |||||
Duke Realty Corp. | 24,129 | 1,122,481 | |||
Prologis, Inc. | 43,384 | 5,055,537 | |||
STAG Industrial, Inc. | 27,652 | 1,009,575 | |||
7,187,593 | |||||
Office REITs (9.5%) | |||||
Alexandria Real Estate Equities, Inc. | 7,730 | 1,399,903 | |||
Boston Properties, Inc. | 9,897 | 1,082,237 | |||
Cousins Properties, Inc. | 24,224 | 888,294 | |||
Highwoods Properties, Inc. | 17,738 | 794,485 | |||
Hudson Pacific Properties, Inc. | 14,933 | 419,766 | |||
Vornado Realty Trust | 11,609 | 531,112 | |||
5,115,797 | |||||
Residential REITs (16.8%) | |||||
American Homes 4 Rent | 25,656 | 950,298 | |||
AvalonBay Communities, Inc. | 8,736 | 1,677,312 | |||
Equity LifeStyle Properties, Inc. | 3,895 | 270,313 | |||
Equity Residential | 25,936 | 1,925,229 | |||
Invitation Homes, Inc. | 49,197 | 1,724,847 | |||
Sun Communities, Inc. | 9,194 | 1,533,835 | |||
UDR, Inc. | 20,373 | 946,326 | |||
9,028,160 | |||||
Retail REITs (17.8%) | |||||
Agree Realty Corp. | 10,639 | 748,560 | |||
Brixmor Property Group, Inc. | 40,026 | 894,181 | |||
Kimco Realty Corp. | 47,525 | 998,025 | |||
National Retail Properties, Inc. | 23,095 | 1,072,070 | |||
Realty Income Corp. | 30,775 | 2,128,091 | |||
Simon Property Group, Inc. | 19,893 | 2,421,774 | |||
SITE Centers Corp. | 46,723 | 689,164 | |||
Spirit Realty Capital, Inc. | 13,090 | 622,299 | |||
9,574,164 |
Shares or Principal Amount | Value | ||||
Specialized REITs (22.6%) | |||||
American Tower Corp. | 2,238 | $ | 570,175 | ||
Digital Realty Trust, Inc. | 11,692 | 1,804,192 | |||
Equinix, Inc., REIT | 4,585 | 3,304,685 | |||
Extra Space Storage, Inc. | 8,292 | 1,232,937 | |||
Gaming and Leisure Properties, Inc. | 27,012 | 1,255,788 | |||
Life Storage, Inc. | 8,855 | 850,611 | |||
Public Storage | 7,791 | 2,190,518 | |||
Sabra Health Care REIT, Inc. | 26,860 | 488,046 | |||
SBA Communications Corp. | 1,619 | 485,247 | |||
12,182,199 | |||||
53,563,272 | |||||
Total Common Stocks | 53,563,272 | ||||
SHORT-TERM INVESTMENT (0.0%) | |||||
UNITED STATES (0.0%) | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (b) | 3,899 | 3,899 | |||
Total Short-Term Investment | 3,899 | ||||
Total Investments (Cost $37,905,740) (c)—99.5% | 53,567,171 | ||||
Other Assets in Excess of Liabilities—0.5% | 255,635 | ||||
Net Assets—100.0% | $ | 53,822,806 |
(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 April 30, 2021. | |
(c) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
REIT Real Estate Investment Trust
See accompanying Notes to Financial Statements.
36 | 2021 Semi-Annual Report |
Aberdeen U.S. Small Cap Equity Fund (Unaudited)
Average Annual Total Return (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |
Class A | w/o SC | 39.63% | 65.83% | 15.46% | 13.25% |
w/SC1 | 31.59% | 56.31% | 14.10% | 12.59% | |
Class C | w/o SC | 39.23% | 64.78% | 14.68% | 12.48% |
w/SC2 | 38.23% | 63.78% | 14.68% | 12.48% | |
Class R3 | w/o SC | 39.49% | 65.28% | 15.08% | 12.95% |
Institutional Service Class3 | w/o SC | 39.85% | 66.27% | 15.78% | 13.58% |
Institutional Class3 | w/o SC | 39.90% | 66.41% | 15.82% | 13.62% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | A 5.75% front-end sales charge was deducted. |
2 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
3 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment (as of April 30, 2021)
Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen U.S. Small Cap Equity Fund, the
Russell 2000® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The Russell 2000® Index measures performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and it represents approximately 8% of the U.S. market. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased barometer for the small-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
2021 Semi-Annual Report | 37 |
Aberdeen U.S. Small Cap Equity Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||||
Common Stocks | 97.8 | % | ||
Short-Term Investment | 2.3 | % | ||
Liabilities in Excess of Other Assets | (0.1 | %) | ||
100.0 | % |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | ||||
Industrials | 22.5 | % | ||
Information Technology | 18.8 | % | ||
Financials | 15.9 | % | ||
Health Care | 13.8 | % | ||
Consumer Discretionary | 11.1 | % | ||
Consumer Staples | 7.4 | % | ||
Materials | 5.1 | % | ||
Communication Services | 1.9 | % | ||
Real Estate | 1.3 | % | ||
Other | 2.2 | % | ||
100.0 | % |
Top Holdings* | ||||
Atkore, Inc. | 2.8 | % | ||
Medpace Holdings, Inc. | 2.7 | % | ||
Kaiser Aluminum Corp. | 2.5 | % | ||
Perficient, Inc. | 2.5 | % | ||
First Interstate BancSystem, Inc., Class A | 2.5 | % | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 2.4 | % | ||
LCI Industries | 2.4 | % | ||
RBC Bearings, Inc. | 2.3 | % | ||
Werner Enterprises, Inc. | 2.3 | % | ||
PJT Partners, Inc., Class A | 2.3 | % | ||
Other | 75.3 | % | ||
100.0 | % |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||||
United States | 89.4 | % | ||
Canada | 3.3 | % | ||
Israel | 3.2 | % | ||
India | 2.1 | % | ||
Singapore | 2.1 | % | ||
Other | (0.1 | %) | ||
100.0 | % |
38 | 2021 Semi-Annual Report |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen U.S. Small Cap Equity Fund
Shares or Principal Amount | Value | |||||||
COMMON STOCKS (97.8%) | ||||||||
CANADA (3.3%) | ||||||||
Consumer Staples (1.9%) | ||||||||
Jamieson Wellness, Inc. (a) | 673,855 | $ | 21,150,653 | |||||
Financials (1.4%) | ||||||||
TMX Group Ltd. | 134,959 | 14,872,226 | ||||||
36,022,879 | ||||||||
INDIA (2.1%) | ||||||||
Information Technology (2.1%) | ||||||||
WNS Holdings Ltd., ADR (b) | 315,934 | 22,883,100 | ||||||
ISRAEL (3.2%) | ||||||||
Information Technology (3.2%) | ||||||||
Cognyte Software Ltd. (b) | 453,997 | 11,862,942 | ||||||
CyberArk Software Ltd. (b) | 165,623 | 23,270,031 | ||||||
35,132,973 | ||||||||
SINGAPORE (2.1%) | ||||||||
Information Technology (2.1%) | ||||||||
Kulicke & Soffa Industries, Inc. | 397,267 | 22,584,629 | ||||||
UNITED STATES (87.1%) | ||||||||
Communication Services (1.9%) | ||||||||
Cogent Communications Holdings, Inc. | 268,281 | 20,257,899 | ||||||
Consumer Discretionary (11.1%) | ||||||||
Dorman Products, Inc. (b) | 225,263 | 22,341,584 | ||||||
Fox Factory Holding Corp. (b) | 101,339 | 15,528,175 | ||||||
Helen of Troy Ltd. (b) | 58,950 | 12,450,830 | ||||||
LCI Industries | 175,927 | 25,773,305 | ||||||
LGI Homes, Inc. (b) | 100,110 | 16,596,236 | ||||||
National Vision Holdings, Inc. (b) | 267,133 | 13,466,175 | ||||||
Stride, Inc. (b) | 496,186 | 14,205,805 | ||||||
120,362,110 | ||||||||
Consumer Staples (5.5%) | ||||||||
BJ's Wholesale Club Holdings, Inc. (b) | 451,057 | 20,148,716 | ||||||
J&J Snack Foods Corp. | 137,214 | 22,586,797 | ||||||
Performance Food Group Co. (b) | 290,022 | 17,024,291 | ||||||
59,759,804 | ||||||||
Financials (14.5%) | ||||||||
AMERISAFE, Inc. | 222,286 | 13,799,515 | ||||||
First Interstate BancSystem, Inc., Class A | 565,965 | 26,583,376 | ||||||
Glacier Bancorp, Inc. | 274,203 | 16,164,267 | ||||||
Hamilton Lane, Inc., Class A | 180,675 | 16,342,054 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 503,828 | 26,400,587 | ||||||
Live Oak Bancshares, Inc. | 238,226 | 15,236,935 | ||||||
PJT Partners, Inc., Class A | 341,306 | 25,096,230 | ||||||
PRA Group, Inc. (b) | 484,999 | 18,274,762 | ||||||
157,897,726 |
Shares or Principal Amount | Value | |||||||
Health Care (13.8%) | ||||||||
Addus HomeCare Corp. (b) | 161,676 | $ | 17,105,321 | |||||
AMN Healthcare Services, Inc. (b) | 159,991 | 12,687,286 | ||||||
Heska Corp. (b) | 102,849 | 18,785,370 | ||||||
Inmode Ltd. (b) | 184,869 | 15,959,741 | ||||||
Integer Holdings Corp. (b) | 247,578 | 23,242,623 | ||||||
Ligand Pharmaceuticals, Inc. (b) | 136,888 | 19,970,590 | ||||||
Medpace Holdings, Inc. (b) | 172,284 | 29,233,149 | ||||||
US Physical Therapy, Inc. | 121,203 | 13,629,277 | ||||||
150,613,357 | ||||||||
Industrials (22.5%) | ||||||||
Ameresco, Inc., Class A (b) | 270,029 | 14,254,831 | ||||||
ASGN, Inc. (b) | 188,198 | 19,794,666 | ||||||
Atkore, Inc. (b) | 387,963 | 30,369,744 | ||||||
Casella Waste Systems, Inc., Class A (b) | 303,026 | 20,336,075 | ||||||
Gibraltar Industries, Inc. (b) | 268,117 | 24,629,228 | ||||||
Hub Group, Inc., Class A (b) | 334,910 | 22,010,285 | ||||||
Mercury Systems, Inc. (b) | 257,993 | 19,411,393 | ||||||
RBC Bearings, Inc. (b) | 127,499 | 25,427,125 | ||||||
Saia, Inc. (b) | 68,320 | 16,021,040 | ||||||
Shyft Group, Inc. | 485,805 | 17,207,213 | ||||||
Tetra Tech, Inc. | 74,727 | 9,537,407 | ||||||
Werner Enterprises, Inc. | 547,095 | 25,292,202 | ||||||
244,291,209 | ||||||||
Information Technology (11.4%) | ||||||||
Evo Payments, Inc., Class A (b) | 450,985 | 12,857,582 | ||||||
Model N, Inc. (b) | 422,932 | 16,824,235 | ||||||
Onto Innovation, Inc. (b) | 223,681 | 15,326,622 | ||||||
Perficient, Inc. (b) | 413,351 | 27,119,959 | ||||||
Rapid7, Inc. (b) | 233,032 | 18,933,850 | ||||||
Verint Systems, Inc. (b) | 299,224 | 14,533,310 | ||||||
Workiva, Inc. (b) | 199,522 | 18,755,068 | ||||||
124,350,626 | ||||||||
Materials (5.1%) | ||||||||
Graphic Packaging Holding Co. | 1,311,213 | 24,323,001 | ||||||
Kaiser Aluminum Corp. | 226,757 | 27,317,416 | ||||||
Neenah, Inc. | 75,037 | 3,989,717 | ||||||
55,630,134 | ||||||||
Real Estate (1.3%) | ||||||||
Terreno Realty Corp., REIT | 221,904 | 14,317,246 | ||||||
947,480,111 | ||||||||
Total Common Stocks | 1,064,103,692 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 39 |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen U.S. Small Cap Equity Fund
Shares or Principal Amount | Value | |||||||
SHORT-TERM INVESTMENT (2.3%) | ||||||||
UNITED STATES (2.3%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c) | 24,793,535 | $ | 24,793,535 | |||||
Total Short-Term Investment | 24,793,535 | |||||||
Total Investments (Cost $864,945,510) (d)—100.1% | 1,088,897,227 | |||||||
Liabilities in Excess of Other Assets—(0.1)% | (1,200,726 | ) | ||||||
Net Assets—100.0% | $ | 1,087,696,501 |
(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 April 30, 2021. |
(d) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
See accompanying Notes to Financial Statements.
40 | 2021 Semi-Annual Report |
Aberdeen U.S. Sustainable Leaders Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |
Class A | w/o SC | 24.86% | 45.18% | 17.69% | 12.15% |
w/SC2 | 17.69% | 36.87% | 16.31% | 11.49% | |
Class C | w/o SC | 24.42% | 44.23% | 16.87% | 11.35% |
w/SC3 | 23.42% | 43.23% | 16.87% | 11.35% | |
Institutional Service Class4,5 | w/o SC | 24.99% | 45.51% | 17.94% | 12.40% |
Institutional Class4 | w/o SC | 25.00% | 45.53% | 18.04% | 12.48% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen U.S. Multi-Cap Equity Fund to Aberdeen U.S. Sustainable Leaders Fund. Returns prior to October 9, 2011 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. Please consult the Fund's prospectus for more detail. |
2 | A 5.75% front-end sales charge was deducted. |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
4 | Not subject to any sales charges. |
5 | Returns before the first offering of the Institutional Service Class (October 10, 2011) are based on the previous performance of the Institutional Class of the Predecessor Fund. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what the Institutional Service Class would have produced because both classes invest in the same portfolio of securities. Returns would only differ to the extent of the differences in expenses of the two classes. |
Performance of a $10,000 Investment (as of April 30, 2021)
Comparative performance of $10,000 invested in Class A shares of the Aberdeen U.S. Sustainable Leaders Fund, Russell 3000® Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
2021 Semi-Annual Report | 41 |
Aberdeen U.S. Sustainable Leaders Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Common Stocks | 98.4% | |
Short-Term Investment | 1.7% | |
Liabilities in Excess of Other Assets | (0.1%) | |
100.0% |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | ||
Information Technology | 28.7%* | |
Industrials | 18.7% | |
Financials | 14.4% | |
Health Care | 8.3% | |
Consumer Discretionary | 6.9% | |
Real Estate | 6.2% | |
Utilities | 5.1% | |
Consumer Staples | 4.8% | |
Materials | 2.8% | |
Communication Services | 2.5% | |
Other | 1.6% | |
100.0% |
* | As of April 30, 2021, the Fund's holdings in the Information Technology sector were allocated to four industries: Software (18.8%) Diversified Financial Services (4.2%) Diversified Telecommunication Services (4.1%) and Energy-Alternate Sources (1.6%). |
Top Holdings* | ||
Microsoft Corp. | 8.5% | |
Tetra Tech, Inc. | 4.6% | |
Mastercard, Inc., Class A | 4.2% | |
TMX Group Ltd. | 4.2% | |
NICE Ltd., ADR | 4.1% | |
Burlington Stores, Inc. | 4.0% | |
Adobe, Inc. | 4.0% | |
Trex Co., Inc. | 3.7% | |
American Tower Corp., REIT | 3.6% | |
American Express Co. | 3.6% | |
Other | 55.5% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
United States | 85.7% | |
Canada | 6.9% | |
Israel | 4.1% | |
Ireland | 3.4% | |
Other | (0.1%) | |
100.0% |
42 | 2021 Semi-Annual Report |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen U.S. Sustainable Leaders Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (98.4%) | |||||
CANADA (6.9%) | |||||
Consumer Staples (2.8%) | |||||
Jamieson Wellness, Inc. (a) | 415,176 | $ | 13,031,355 | ||
Financials (4.1%) | |||||
TMX Group Ltd. | 177,121 | 19,518,399 | |||
32,549,754 | |||||
IRELAND (3.4%) | |||||
Health Care (3.4%) | |||||
ICON PLC (b) | 72,821 | 15,798,516 | |||
ISRAEL (4.1%) | |||||
Information Technology (4.1%) | |||||
NICE Ltd., ADR (b) | 80,622 | 19,448,445 | |||
UNITED STATES (84.0%) | |||||
Communication Services (2.5%) | |||||
Cable One, Inc. | 6,614 | 11,839,060 | |||
Consumer Discretionary (6.9%) | |||||
Burlington Stores, Inc. (b) | 57,863 | 18,882,433 | |||
Pool Corp. | 31,540 | 13,326,281 | |||
32,208,714 | |||||
Consumer Staples (2.0%) | |||||
Colgate-Palmolive Co. | 117,674 | 9,496,292 | |||
Financials (10.3%) | |||||
American Express Co. | 108,885 | 16,697,515 | |||
Hannon Armstrong Sustainable Infrastructure | 134,422 | 7,043,713 | |||
Huntington Bancshares, Inc. | 688,064 | 10,541,140 | |||
SVB Financial Group (b) | 24,933 | 14,257,437 | |||
48,539,805 | |||||
Health Care (4.9%) | |||||
Bristol-Myers Squibb Co. | 209,927 | 13,103,643 | |||
Integer Holdings Corp. (b) | 106,622 | 10,009,674 | |||
23,113,317 | |||||
Industrials (18.7%) | |||||
Atkore, Inc. (b) | 155,124 | 12,143,107 | |||
IHS Markit Ltd. | 109,755 | 11,807,443 | |||
Kansas City Southern | 41,790 | 12,211,456 | |||
Tetra Tech, Inc. | 169,916 | 21,686,379 | |||
Trex Co., Inc. (b) | 160,496 | 17,331,963 | |||
Waste Management, Inc. | 91,633 | 12,642,605 | |||
87,822,953 | |||||
Information Technology (24.6%) | |||||
Adobe, Inc. (b) | 36,504 | 18,556,443 | |||
Akamai Technologies, Inc. (b) | 147,645 | 16,049,012 | |||
Autodesk, Inc. (b) | 46,745 | 13,645,333 | |||
Mastercard, Inc., Class A | 51,903 | 19,830,060 |
Shares or Principal Amount | Value | ||||
Microsoft Corp. | 158,584 | $ | 39,991,713 | ||
SolarEdge Technologies, Inc. (b) | 27,819 | 7,331,419 | |||
115,403,980 | |||||
Materials (2.8%) | |||||
Ecolab, Inc. | 58,727 | 13,161,895 | |||
Real Estate (6.2%) | |||||
Alexandria Real Estate Equities, Inc. | 66,574 | 12,056,551 | |||
American Tower Corp., REIT | 67,058 | 17,084,367 | |||
29,140,918 | |||||
Utilities (5.1%) | |||||
American Water Works Co., Inc. | 99,639 | 15,542,688 | |||
NextEra Energy, Inc. | 107,393 | 8,324,031 | |||
23,866,719 | |||||
394,593,653 | |||||
Total Common Stocks | 462,390,368 | ||||
SHORT-TERM INVESTMENT (1.7%) | |||||
UNITED STATES (1.7%) | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c) | 7,835,829 | 7,835,829 | |||
Total Short-Term Investment | 7,835,829 | ||||
Total Investments (Cost $384,849,739) (d)—100.1% | 470,226,197 | ||||
Liabilities in Excess of Other Assets—(0.1)% | (264,005 | ) | |||
Net Assets—100.0% | $ | 469,962,192 |
(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 April 30, 2021. |
(d) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 43 |
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |
Class A | w/o SC | 33.37% | 49.26% | 15.94% | 8.58% |
w/SC2 | 25.74% | 40.68% | 14.57% | 7.94% | |
Class C | w/o SC | 32.67% | 47.95% | 15.08% | 7.81% |
w/SC3 | 31.95% | 47.15% | 15.08% | 7.81% | |
Class R4 | w/o SC | 33.23% | 48.99% | 15.57% | 8.20% |
Institutional Service Class4 | w/o SC | 33.58% | 49.50% | 16.15% | 8.72% |
Institutional Class4 | w/o SC | 33.69% | 49.71% | 16.34% | 8.93% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized | |
1 | The Fund changed its investment strategies effective December 1, 2020. Performance information for periods prior to December 1, 2020 does not reflect the current investment strategy. In connection with the change in investment strategy, the Fund changed its name from Aberdeen Focused U.S. Equity Fund to Aberdeen U.S. Sustainable Leaders Smaller Companies Fund. The Fund changed its investment strategies effective November 15, 2017. Performance information for periods prior to November 15, 2017 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail. | |
2 | A 5.75% front-end sales charge was deducted. | |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. | |
4 | Not subject to any sales charges. |
Performance of a $10,000 Investment (as of April 30, 2021)
Comparative performance of $10,000 invested in Class A shares of the Aberdeen U.S. Sustainable Leaders Smaller Companies Fund, the S&P 500® Index, the Russell 2500® Index, and the Consumer Price
Index (CPI) over a 10-year period ended April 30, 2021. Effective December 1, 2020, the Russell 2500® Index replaced the S&P 500® Index as the Fund's primary benchmark in connection with the Fund's change in investment strategy. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The Russell 2500® Index measures the performance of the small to midcap segment of the US equity universe, commonly referred to as "smid" cap. The Russell 2500® Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.
The S&P 500® Index represents large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available U.S. market capitalization.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
44 | 2021 Semi-Annual Report |
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Common Stocks | 99.0% | |
Short-Term Investment | 1.7% | |
Liabilities in Excess of Other Assets | (0.7%) | |
100.0% |
The following table summarizes the composition of the Fund's portfolio, in S&P Global Industry Classification Standard (GICS) sectors, expressed as a percentage of net assets as of April 30, 2021.
Top Sectors | ||
Information Technology | 24.2% | |
Industrials | 23.6% | |
Financials | 14.3% | |
Health Care | 10.3% | |
Consumer Discretionary | 10.3% | |
Real Estate | 4.0% | |
Communication Services | 4.0% | |
Consumer Staples | 3.5% | |
Utilities | 2.8% | |
Materials | 2.0% | |
Other | 1.0% | |
100.0% |
Top Holdings* | ||
JB Hunt Transport Services, Inc. | 4.1% | |
Burlington Stores, Inc. | 4.0% | |
Trex Co., Inc. | 3.9% | |
Pegasystems, Inc. | 3.7% | |
Tetra Tech, Inc. | 3.6% | |
Jamieson Wellness, Inc. | 3.5% | |
NICE Ltd., ADR | 3.5% | |
ICON PLC | 3.5% | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3.3% | |
Akamai Technologies, Inc. | 3.2% | |
Other | 63.7% | |
100.0% |
* For the purpose of listing top holdings, Short-Term Investments are included as part of Other.
Top Countries | ||
United States | 81.6% | |
Canada | 9.5% | |
Israel | 6.2% | |
Ireland | 3.4% | |
Other | (0.7%) | |
100.0% |
2021 Semi-Annual Report | 45 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund
Shares or Principal Amount | Value | ||||
COMMON STOCKS (99.0%) | |||||
Communication Services (4.0%) | |||||
Cable One, Inc. | 150 | $ | 268,500 | ||
Cogent Communications Holdings, Inc. | 5,115 | 386,234 | |||
654,734 | |||||
Consumer Discretionary (10.3%) | |||||
Burlington Stores, Inc. (a) | 2,025 | 660,818 | |||
Fox Factory Holding Corp. (a) | 1,697 | 260,031 | |||
LGI Homes, Inc. (a) | 2,529 | 419,258 | |||
Pool Corp. | 836 | 353,227 | |||
1,693,334 | |||||
Consumer Staples (3.5%) | |||||
Jamieson Wellness, Inc. (b) | 18,530 | 581,611 | |||
Financials (14.3%) | |||||
First Interstate BancSystem, Inc., Class A | 7,816 | 367,117 | |||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 10,469 | 548,576 | |||
Huntington Bancshares, Inc. | 29,946 | 458,773 | |||
PJT Partners, Inc., Class A | 6,439 | 473,460 | |||
TMX Group Ltd. | 4,524 | 498,536 | |||
2,346,462 | |||||
Health Care (10.3%) | |||||
AMN Healthcare Services, Inc. (a) | 4,564 | 361,925 | |||
ICON PLC (a) | 2,612 | 566,673 | |||
Integer Holdings Corp. (a) | 4,994 | 468,837 | |||
Ligand Pharmaceuticals, Inc. (a) | 2,066 | 301,409 | |||
1,698,844 | |||||
Industrials (23.6%) | |||||
Ameresco, Inc., Class A (a) | 6,351 | 335,270 | |||
Atkore, Inc. (a) | 6,446 | 504,593 | |||
Chart Industries, Inc. (a) | 2,532 | 406,715 | |||
JB Hunt Transport Services, Inc. | 3,993 | 681,645 | |||
Kansas City Southern | 819 | 239,320 | |||
Ritchie Bros Auctioneers, Inc. | 7,767 | 493,981 | |||
Tetra Tech, Inc. | 4,643 | 592,586 | |||
Trex Co., Inc. (a) | 5,910 | 638,221 | |||
3,892,331 | |||||
Information Technology (24.2%) | |||||
Akamai Technologies, Inc. (a) | 4,892 | 531,760 | |||
Cree, Inc. (a) | 2,918 | 290,108 | |||
CyberArk Software Ltd. (a) | 3,147 | 442,153 | |||
NICE Ltd., ADR (a) | 2,394 | 577,505 | |||
Onto Innovation, Inc. (a) | 4,654 | 318,892 | |||
Paylocity Holding Corp. (a) | 1,752 | 338,556 | |||
Pegasystems, Inc. | 4,777 | 606,392 | |||
Rapid7, Inc. (a) | 5,400 | 438,750 | |||
SolarEdge Technologies, Inc. (a) | 1,688 | 444,856 | |||
3,988,972 |
Shares or Principal Amount | Value | ||||
Materials (2.0%) | |||||
Graphic Packaging Holding Co. | 17,620 | $ | 326,851 | ||
Real Estate (4.0%) | |||||
QTS Realty Trust, Inc., Class A, REIT | 5,006 | 332,849 | |||
Terreno Realty Corp., REIT | 5,133 | 331,181 | |||
664,030 | |||||
Utilities (2.8%) | |||||
Essential Utilities, Inc. | 9,852 | 464,325 | |||
Total Common Stocks | 16,311,494 | ||||
SHORT-TERM INVESTMENT (1.7%) | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c) | 283,024 | 283,024 | |||
Total Short-Term Investment | 283,024 | ||||
Total Investments (Cost $14,677,271) (d)—100.7% | 16,594,518 | ||||
Liabilities in Excess of Other Assets—(0.7)% | (109,746 | ) | |||
Net Assets—100.0% | $ | 16,484,772 |
(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 April 30, 2021. | |
(d) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
See accompanying Notes to Financial Statements.
46 | 2021 Semi-Annual Report |
Statements of Assets and Liabilities (Unaudited)
April 30, 2021
Aberdeen China A Share Equity Fund | Aberdeen Dynamic Dividend Fund | Aberdeen Emerging Markets Fund | Aberdeen Emerging Markets Sustainable Leaders Fund | Aberdeen Global Equity Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investments, at value | $ | 94,013,700 | $ | 126,892,590 | $ | 5,264,996,789 | $ | 224,776,839 | $ | 29,648,797 | ||||||||||
Short-term investments, at value | 3,263,753 | 77,805 | 92,841,462 | 4,848,528 | 544,482 | |||||||||||||||
Foreign currency, at value | 81,554 | 292,514 | 284,200 | 434,047 | 7,614 | |||||||||||||||
Receivable for investments sold | – | 2,022,177 | 9,151,281 | 2,448,782 | – | |||||||||||||||
Interest and dividends receivable | 117 | 406,738 | 7,261,301 | 413,281 | 23,078 | |||||||||||||||
Receivable for capital shares issued | 712,179 | 33,978 | 3,972,174 | 50,957 | 268 | |||||||||||||||
Receivable from Adviser | 15,638 | 8,302 | 128,452 | 10,919 | 13,644 | |||||||||||||||
Tax reclaim receivable | – | 443,104 | 205,385 | 352,466 | 28,995 | |||||||||||||||
Securities lending income receivable | 6,748 | – | – | – | – | |||||||||||||||
Prepaid expenses | 46,578 | – | 110,630 | 40,047 | 36,678 | |||||||||||||||
Total assets | 98,140,267 | 130,177,208 | 5,378,951,674 | 233,375,866 | 30,303,556 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Payable for investments purchased | – | 1,513,556 | 13,415,358 | 3,673,463 | – | |||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | – | 33,048 | – | – | – | |||||||||||||||
Payable for capital shares redeemed | 54,318 | 5,000 | 3,359,382 | 1,670,317 | 94 | |||||||||||||||
Accrued foreign capital gains tax | – | – | 19,359,200 | 157,799 | – | |||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||
Investment advisory fees | 63,967 | 104,863 | 3,979,182 | 151,200 | 22,124 | |||||||||||||||
Custodian fees | 38,739 | 34,840 | 2,357,310 | 62,226 | 11,193 | |||||||||||||||
Sub-transfer agent and administrative services fees | – | 7,531 | 371,815 | 12,748 | 2,091 | |||||||||||||||
Interest expense on line of credit | – | – | – | – | 110 | |||||||||||||||
Administration fees | 6,020 | 7,661 | 353,705 | 15,120 | 1,967 | |||||||||||||||
Fund accounting fees | 1,667 | 6,139 | 236,618 | 11,485 | 1,445 | |||||||||||||||
Legal fees | 682 | 5,052 | 190,761 | 10,456 | 991 | |||||||||||||||
Printing fees | 766 | – | 188,166 | 12,707 | 2,677 | |||||||||||||||
Distribution fees | 9,390 | 841 | 93,110 | 9,545 | 6,093 | |||||||||||||||
Transfer agent fees | 3,679 | 10,047 | 68,923 | 22,873 | 10,090 | |||||||||||||||
Audit fees | 19,016 | 8,712 | 20,025 | 16,016 | 19,016 | |||||||||||||||
Other accrued expenses | 15,611 | 35,463 | 195,654 | 33,028 | 27,707 | |||||||||||||||
Total liabilities | 213,855 | 1,772,753 | 44,189,209 | 5,858,983 | 105,598 | |||||||||||||||
Net Assets | $ | 97,926,412 | $ | 128,404,455 | $ | 5,334,762,465 | $ | 227,516,883 | $ | 30,197,958 | ||||||||||
Cost: | ||||||||||||||||||||
Investments | $ | 86,980,756 | $ | 93,408,716 | $ | 3,628,871,320 | $ | 202,831,418 | $ | 20,046,411 | ||||||||||
Short-term investment | 3,263,753 | 77,805 | 92,841,462 | 4,848,528 | 544,482 | |||||||||||||||
Foreign currency | 81,554 | 293,548 | 284,635 | 435,308 | 7,594 | |||||||||||||||
Represented by: | ||||||||||||||||||||
Capital | $ | 90,614,700 | $ | 95,979,639 | $ | 3,462,842,036 | $ | 165,103,032 | $ | 22,804,596 | ||||||||||
Distributable earnings | 7,311,712 | 32,424,816 | 1,871,920,429 | 62,413,851 | 7,393,362 | |||||||||||||||
Net Assets | $ | 97,926,412 | $ | 128,404,455 | $ | 5,334,762,465 | $ | 227,516,883 | $ | 30,197,958 | ||||||||||
Net Assets: | ||||||||||||||||||||
Class A Shares | $ | 19,626,186 | $ | 5,117,465 | $ | 123,137,661 | $ | 24,759,096 | $ | 27,166,965 | ||||||||||
Class C Shares | 3,960,391 | – | 14,278,788 | 2,582,053 | 224,194 | |||||||||||||||
Class R Shares | 5,977,451 | – | 134,875,142 | 6,253,357 | 938,515 | |||||||||||||||
Institutional Service Class Shares | 931,735 | – | 459,741,224 | 99,297,939 | 316,093 | |||||||||||||||
Institutional Class Shares | 67,430,649 | 123,286,990 | 4,602,729,650 | 94,624,438 | 1,552,191 | |||||||||||||||
Total | $ | 97,926,412 | $ | 128,404,455 | $ | 5,334,762,465 | $ | 227,516,883 | $ | 30,197,958 |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 47 |
Statements of Assets and Liabilities (Unaudited) (concluded)
April 30, 2021
Aberdeen China A Share Equity Fund | Aberdeen Dynamic Dividend Fund | Aberdeen Emerging Markets Fund | Aberdeen Emerging Markets Sustainable Leaders Fund | Aberdeen Global Equity Fund | ||||||||||||||||
Shares Outstanding (unlimited number of shares authorized): | ||||||||||||||||||||
Class A Shares | 500,997 | 1,087,839 | 5,941,882 | 1,283,458 | 1,618,379 | |||||||||||||||
Class C Shares (a) | 106,935 | – | 695,607 | 142,889 | 14,427 | |||||||||||||||
Class R Shares | 156,675 | – | 6,588,250 | 340,933 | 58,984 | |||||||||||||||
Institutional Service Class Shares | 23,630 | – | 22,103,567 | 5,042,225 | 18,529 | |||||||||||||||
Institutional Class Shares | 1,702,514 | 26,193,705 | 220,561,797 | 4,783,118 | 92,126 | |||||||||||||||
Total | 2,490,751 | 27,281,544 | 255,891,103 | 11,592,623 | 1,802,445 | |||||||||||||||
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively): | ||||||||||||||||||||
Class A Shares | $ | 39.17 | $ | 4.70 | $ | 20.72 | $ | 19.29 | $ | 16.79 | ||||||||||
Class C Shares (a) | $ | 37.04 | $ | – | $ | 20.53 | $ | 18.07 | $ | 15.54 | ||||||||||
Class R Shares | $ | 38.15 | $ | – | $ | 20.47 | $ | 18.34 | $ | 15.91 | ||||||||||
Institutional Service Class Shares | $ | 39.43 | $ | – | $ | 20.80 | $ | 19.69 | $ | 17.06 | ||||||||||
Institutional Class Shares | $ | 39.61 | $ | 4.71 | $ | 20.87 | $ | 19.78 | $ | 16.85 | ||||||||||
Maximum offering price per share (100%/(100% – maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||||||
Class A Shares | $ | 41.56 | $ | 4.99 | $ | 21.98 | $ | 20.47 | $ | 17.81 | ||||||||||
Maximum Sales Charge: | ||||||||||||||||||||
Class A Shares | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % |
(a) For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
48 | 2021 Semi-Annual Report |
Statements of Assets and Liabilities (Unaudited)
April 30, 2021
Aberdeen Global Infrastructure Fund | Aberdeen International Real Estate Equity Fund | Aberdeen International Small Cap Fund | Aberdeen Realty Income & Growth Fund | Aberdeen U.S. Small Cap Equity Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investments, at value | $ | 50,684,472 | $ | 22,034,931 | $ | 201,470,254 | $ | 53,563,272 | $ | 1,064,103,692 | ||||||||||
Short-term investments, at value | 1,950,101 | 2,841 | 9,660,487 | 3,899 | 24,793,535 | |||||||||||||||
Foreign currency, at value | 30,505 | 29,459 | 487,834 | – | – | |||||||||||||||
Receivable for investments sold | 13,548 | 429,778 | 5,376,974 | 1,946,890 | 4,460,820 | |||||||||||||||
Receivable for capital shares issued | 50,093 | – | 357,794 | 287 | 1,206,721 | |||||||||||||||
Interest and dividends receivable | 141,955 | 129,513 | 339,348 | 38,559 | 201,035 | |||||||||||||||
Receivable from Adviser | 14,838 | 13,926 | 18,852 | 24,775 | 38,109 | |||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | – | 184 | – | – | – | |||||||||||||||
Tax reclaim receivable | 29,817 | 37,171 | 62,753 | – | – | |||||||||||||||
Securities lending income receivable | 285 | – | – | – | 49 | |||||||||||||||
Prepaid expenses | – | 8,063 | 28,123 | – | 64,413 | |||||||||||||||
Total assets | 52,915,614 | 22,685,866 | 217,802,419 | 55,577,682 | 1,094,868,374 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Payable for investments purchased | 53,746 | 159,854 | 4,219,651 | 1,636,970 | 5,076,035 | |||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | 4,071 | – | – | – | – | |||||||||||||||
Payable for capital shares redeemed | 4,339 | 1,988 | 62,782 | 1,246 | 858,800 | |||||||||||||||
Accrued foreign capital gains tax | – | – | 60,201 | – | – | |||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||
Investment advisory fees | 35,529 | 18,432 | 136,057 | 42,612 | 708,612 | |||||||||||||||
Custodian fees | 23,241 | 69,549 | 74,356 | 7,359 | 25,440 | |||||||||||||||
Sub-transfer agent and administrative services fees | 1,924 | 2,765 | 10,949 | 3,568 | 88,823 | |||||||||||||||
Interest expense on line of credit | – | 61 | – | 3,594 | – | |||||||||||||||
Audit fees | 20,021 | 20,473 | 20,023 | 19,977 | 19,016 | |||||||||||||||
Distribution fees | 1,314 | 152 | 20,368 | 1,191 | 71,739 | |||||||||||||||
Printing fees | – | – | 9,620 | – | 83,112 | |||||||||||||||
Administration fees | 2,983 | 896 | 13,636 | 2,708 | 69,628 | |||||||||||||||
Transfer agent fees | 6,876 | 5,364 | 13,369 | 6,617 | 45,005 | |||||||||||||||
Fund accounting fees | 3,663 | 1,699 | 7,589 | 2,850 | 42,927 | |||||||||||||||
Legal fees | 3,307 | 526 | 5,667 | 3,878 | 34,089 | |||||||||||||||
Other accrued expenses | 30,632 | 43,777 | 33,367 | 22,306 | 48,647 | |||||||||||||||
Total liabilities | 191,646 | 325,536 | 4,687,635 | 1,754,876 | 7,171,873 | |||||||||||||||
Net Assets | $ | 52,723,968 | $ | 22,360,330 | $ | 213,114,784 | $ | 53,822,806 | $ | 1,087,696,501 | ||||||||||
Cost: | ||||||||||||||||||||
Investments | $ | 39,618,151 | $ | 31,710,161 | $ | 147,335,948 | $ | 37,901,841 | $ | 840,151,975 | ||||||||||
Short-term investment | 1,950,101 | 2,841 | 9,660,487 | 3,899 | 24,793,535 | |||||||||||||||
Foreign currency | 30,506 | 29,215 | 487,972 | – | – | |||||||||||||||
Represented by: | ||||||||||||||||||||
Capital | $ | 41,798,141 | $ | 105,045,124 | $ | 149,922,408 | $ | 31,936,795 | $ | 751,333,607 | ||||||||||
Distributable earnings (accumulated loss) | 10,925,827 | (82,684,794 | ) | 63,192,376 | 21,886,011 | 336,362,894 | ||||||||||||||
Net Assets | $ | 52,723,968 | $ | 22,360,330 | $ | 213,114,784 | $ | 53,822,806 | $ | 1,087,696,501 | ||||||||||
Net Assets: | ||||||||||||||||||||
Class A Shares | $ | 11,654,563 | $ | 39,400 | $ | 92,800,219 | $ | 949,717 | $ | 159,920,051 | ||||||||||
Class C Shares | – | – | 787,071 | – | 44,313,914 | |||||||||||||||
Class R Shares | – | – | 2,223,786 | – | 4,450,829 | |||||||||||||||
Institutional Service Class Shares | – | – | – | – | 38,336,975 | |||||||||||||||
Institutional Class Shares | 41,069,405 | 22,320,930 | 117,303,708 | 52,873,089 | 840,674,732 | |||||||||||||||
Total | $ | 52,723,968 | $ | 22,360,330 | $ | 213,114,784 | $ | 53,822,806 | $ | 1,087,696,501 |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 49 |
Statements of Assets and Liabilities (Unaudited) (concluded)
April 30, 2021
Aberdeen Global Infrastructure Fund | Aberdeen International Real Estate Equity Fund | Aberdeen International Small Cap Fund | Aberdeen Realty Income & Growth Fund | Aberdeen U.S. Small Cap Equity Fund | ||||||||||||||||
Shares Outstanding (unlimited number of shares authorized): | ||||||||||||||||||||
Class A Shares | 492,096 | 1,897 | 2,463,587 | 67,704 | 3,625,352 | |||||||||||||||
Class C Shares (a) | – | – | 23,289 | – | 1,247,351 | |||||||||||||||
Class R Shares | – | – | 63,033 | – | 113,317 | |||||||||||||||
Institutional Service Class Shares | – | – | – | – | 803,940 | |||||||||||||||
Institutional Class Shares | 1,731,555 | 1,082,363 | 3,089,493 | 3,754,720 | 17,606,952 | |||||||||||||||
Total | 2,223,651 | 1,084,260 | 5,639,402 | 3,822,424 | 23,396,912 | |||||||||||||||
Net asset value and redemption price per share (Net assets by class | ||||||||||||||||||||
divided by shares outstanding by class, respectively): | ||||||||||||||||||||
Class A Shares | $ | 23.68 | $ | 20.77 | $ | 37.67 | $ | 14.03 | $ | 44.11 | ||||||||||
Class C Shares (a) | $ | – | $ | – | $ | 33.80 | $ | – | $ | 35.53 | ||||||||||
Class R Shares | $ | – | $ | – | $ | 35.28 | $ | – | $ | 39.28 | ||||||||||
Institutional Service Class Shares | $ | – | $ | – | $ | – | $ | – | $ | 47.69 | ||||||||||
Institutional Class Shares | $ | 23.72 | $ | 20.62 | $ | 37.97 | $ | 14.08 | $ | 47.75 | ||||||||||
Maximum offering price per share (100%/(100% – maximum | ||||||||||||||||||||
sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||||||
Class A Shares | $ | 25.12 | $ | 22.04 | $ | 39.97 | $ | 14.89 | $ | 46.80 | ||||||||||
Maximum Sales Charge: | ||||||||||||||||||||
Class A Shares | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % |
(a) For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
50 | 2021 Semi-Annual Report |
Statements of Assets and Liabilities (Unaudited)
April 30, 2021
Aberdeen U.S. Sustainable Leaders Fund | Aberdeen U.S. Sustainable Leaders Smaller Companies Fund | |||||||
Assets: | ||||||||
Investments, at value | $ | 462,390,368 | $ | 16,311,494 | ||||
Short-term investments, at value | 7,835,829 | 283,024 | ||||||
Interest and dividends receivable | 247,681 | 6 | ||||||
Receivable from Adviser | 49,552 | 29,753 | ||||||
Receivable for investments sold | – | 31,676 | ||||||
Receivable for capital shares issued | 325 | – | ||||||
Prepaid expenses | 27,723 | 49,341 | ||||||
Total assets | 470,551,478 | 16,705,294 | ||||||
Liabilities: | ||||||||
Payable for investments purchased | – | 155,050 | ||||||
Payable for capital shares redeemed | 30,757 | 91 | ||||||
Accrued expenses and other payables: | ||||||||
Investment advisory fees | 285,650 | 10,057 | ||||||
Distribution fees | 63,968 | 3,283 | ||||||
Transfer agent fees | 34,609 | 4,604 | ||||||
Audit fees | 15,513 | 17,526 | ||||||
Administration fees | 30,469 | 1,073 | ||||||
Sub-transfer agent and administrative services fees | 21,271 | 1,457 | ||||||
Fund accounting fees | 21,580 | 884 | ||||||
Custodian fees | 17,451 | 2,895 | ||||||
Printing fees | 15,072 | 4,940 | ||||||
Legal fees | 16,757 | 545 | ||||||
Other accrued expenses | 36,189 | 18,117 | ||||||
Total liabilities | 589,286 | 220,522 | ||||||
Net Assets | $ | 469,962,192 | $ | 16,484,772 | ||||
Cost: | ||||||||
Investments | $ | 377,013,910 | $ | 14,394,247 | ||||
Short-term investment | 7,835,829 | 283,024 | ||||||
Represented by: | ||||||||
Capital | $ | 283,614,249 | $ | 9,558,491 | ||||
Distributable earnings | 186,347,943 | 6,926,281 | ||||||
Net Assets | $ | 469,962,192 | $ | 16,484,772 | ||||
Net Assets: | ||||||||
Class A Shares | $ | 311,282,337 | $ | 8,890,197 | ||||
Class C Shares | 1,058,262 | 543,456 | ||||||
Class R Shares | – | 2,557,699 | ||||||
Institutional Service Class Shares | 144,049,931 | 360,304 | ||||||
Institutional Class Shares | 13,571,662 | 4,133,116 | ||||||
Total | $ | 469,962,192 | $ | 16,484,772 |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 51 |
Statements of Assets and Liabilities (Unaudited) (concluded)
April 30, 2021
Aberdeen U.S. Sustainable Leaders Fund | Aberdeen U.S. Sustainable Leaders Smaller Companies Fund | |||||||
Shares Outstanding (unlimited number of shares authorized): | ||||||||
Class A Shares | 20,341,717 | 920,793 | ||||||
Class C Shares | 86,623 | 411,285 | ||||||
Class R Shares | – | 307,277 | ||||||
Institutional Service Class Shares | 8,630,973 | 35,447 | ||||||
Institutional Class Shares | 808,650 | 389,470 | ||||||
Total | 29,867,963 | 2,064,272 | ||||||
Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively): | ||||||||
Class A Shares | $ | 15.30 | $ | 9.65 | ||||
Class C Shares (a) | $ | 12.22 | $ | 1.32 | ||||
Class R Shares | $ | – | $ | 8.32 | ||||
Institutional Service Class Shares | $ | 16.69 | $ | 10.16 | ||||
Institutional Class Shares | $ | 16.78 | $ | 10.61 | ||||
Maximum offering price per share (100%/(100% – maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||
Class A Shares | $ | 16.23 | $ | 10.24 | ||||
Maximum Sales Charge: | ||||||||
Class A Shares | 5.75 | % | 5.75 | % |
(a) For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
52 | 2021 Semi-Annual Report |
Statements of Operations (Unaudited)
For the Six-Month Period Ended April 30, 2021
Aberdeen China A Share Equity Fund | Aberdeen Dynamic Dividend Fund | Aberdeen Emerging Markets Fund | Aberdeen Emerging Markets Sustainable Leaders Fund | Aberdeen Global Equity Fund | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividend income | $ | 117,867 | $ | 5,197,003 | $ | 39,251,770 | $ | 1,852,973 | $ | 191,976 | ||||||||||
Interest income | 570 | 108 | 15,712 | 285 | 59 | |||||||||||||||
Securities lending income, net | 21,613 | – | 1,468 | 268 | – | |||||||||||||||
Foreign tax withholding | (11,063 | ) | (185,290 | ) | (5,097,574 | ) | (250,964 | ) | (12,638 | ) | ||||||||||
Other income | 13 | – | – | – | – | |||||||||||||||
Total Income | 129,000 | 5,011,821 | 34,171,376 | 1,602,562 | 179,397 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees | 244,674 | 603,321 | 22,776,199 | 888,983 | 129,104 | |||||||||||||||
Trustee fees | 961 | 4,419 | 167,268 | 8,365 | 1,049 | |||||||||||||||
Administration fees | 23,028 | 48,266 | 2,024,551 | 88,898 | 11,476 | |||||||||||||||
Legal fees | 1,113 | 4,986 | 188,852 | 9,538 | 1,276 | |||||||||||||||
Audit fees | 17,912 | 17,580 | 18,921 | 17,912 | 17,912 | |||||||||||||||
Printing fees | 2,819 | 9,023 | 195,682 | 33,424 | 5,231 | |||||||||||||||
Custodian fees | 14,529 | 20,748 | 880,219 | 23,229 | 4,191 | |||||||||||||||
Transfer agent fees | 12,621 | 25,641 | 299,675 | 71,324 | 28,498 | |||||||||||||||
Distribution fees Class A | 20,311 | 5,891 | 155,410 | 31,202 | 32,188 | |||||||||||||||
Distribution fees Class C | 13,624 | – | 70,653 | 13,463 | 1,106 | |||||||||||||||
Distribution fees Class R | 12,620 | – | 333,629 | 10,106 | 2,295 | |||||||||||||||
Sub-transfer agent fees Institutional Class | 5,523 | 38,177 | 1,771,392 | 20,913 | 361 | |||||||||||||||
Sub-transfer agent and administrative service fees Class A | 4,837 | 1,671 | 155,410 | 16,051 | 11,297 | |||||||||||||||
Sub-transfer agent fees Class C | 1,304 | – | 5,480 | 1,383 | 251 | |||||||||||||||
Sub-transfer agent and administrative service fees Class R | 2,548 | – | 87,558 | 2,504 | 684 | |||||||||||||||
Sub-transfer agent and administrative service fees Institutional Service Class | 374 | – | 324,759 | 29,649 | 145 | |||||||||||||||
Fund accounting fees | 1,151 | 2,413 | 101,228 | 4,445 | 574 | |||||||||||||||
Registration and filing fees | 36,212 | 16,214 | 70,049 | 33,750 | 32,897 | |||||||||||||||
Other | 14,841 | 19,718 | 283,224 | 50,229 | 19,930 | |||||||||||||||
Interest expense (Note 10) | – | – | – | 1,692 | – | |||||||||||||||
Total operating expenses before reimbursed/waived expenses | 431,002 | 818,068 | 29,910,159 | 1,357,060 | 300,465 | |||||||||||||||
Expenses reimbursed | (91,714 | ) | (57,585 | ) | (1,060,624 | ) | (18,307 | ) | (82,047 | ) | ||||||||||
Net expenses | 339,288 | 760,483 | 28,849,535 | 1,338,753 | 218,418 | |||||||||||||||
Net Investment Income/(Loss) | (210,288 | ) | 4,251,338 | 5,321,841 | 263,809 | (39,021 | ) | |||||||||||||
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS: | ||||||||||||||||||||
Realized gain on investment transactions | 590,855 | 3,665,850 | 318,956,945 | 70,298,837 | 2,879,818 | |||||||||||||||
Realized gain/(loss) on forward foreign currency exchange contracts | – | (36,871 | ) | – | – | – | ||||||||||||||
Realized gain/(loss) on foreign currency transactions | 8,559 | 14,895 | (1,219,164 | ) | (676,394 | ) | (2,614 | ) | ||||||||||||
Net realized gain from investments and foreign currency transactions | 599,414 | 3,643,874 | 317,737,781 | 69,622,443 | 2,877,204 | |||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment transactions (including $0, $0, $, $157,799 and $167,483 change in deferred capital gains tax, respectively) | 3,012,645 | 23,909,626 | 655,620,766 | (25,379,811 | ) | 3,867,271 | ||||||||||||||
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange rate contracts | – | (55,622 | ) | – | – | – | ||||||||||||||
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (126 | ) | 3,430 | (2,529 | ) | (7,155 | ) | (1,113 | ) | |||||||||||
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | 3,012,519 | 23,857,434 | 655,618,237 | (25,386,966 | ) | 3,866,158 | ||||||||||||||
Net realized/unrealized gain from investments and foreign currency transactions | 3,611,933 | 27,501,308 | 973,356,018 | 44,235,477 | 6,743,362 | |||||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,401,645 | $ | 31,752,646 | $ | 978,677,859 | $ | 44,499,286 | $ | 6,704,341 |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 53 |
Statements of Operations (Unaudited) (continued)
For the Six-Month Period Ended April 30, 2021
Aberdeen Global Infrastructure Fund | Aberdeen International Real Estate Equity Fund | Aberdeen International Small Cap Fund | Aberdeen Realty Income & Growth Fund | Aberdeen U.S. Small Cap Equity Fund | ||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividend income | $ | 658,411 | $ | 353,101 | $ | 838,987 | $ | 825,138 | $ | 4,033,135 | ||||||||||
Interest income | 39 | 41 | 633 | 15 | 3,418 | |||||||||||||||
Securities lending income, net | 1,168 | – | – | 31 | 25,111 | |||||||||||||||
Foreign tax withholding | (39,767 | ) | (19,033 | ) | (88,396 | ) | – | (39,331 | ) | |||||||||||
Total Income | 619,851 | 334,109 | 751,224 | 825,184 | 4,022,333 | |||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees | 201,013 | 110,681 | 719,933 | 247,516 | 3,762,525 | |||||||||||||||
Trustee fees | 2,314 | 919 | 5,630 | 1,951 | 30,999 | |||||||||||||||
Administration fees | 18,919 | 8,854 | 71,503 | 19,801 | 368,814 | |||||||||||||||
Legal fees | 2,672 | 1,198 | 6,684 | 9,220 | 35,060 | |||||||||||||||
Audit fees | 19,439 | 19,191 | 18,919 | 18,695 | 17,912 | |||||||||||||||
Printing fees | 7,019 | 10,517 | 13,323 | 8,767 | 76,895 | |||||||||||||||
Custodian fees | 13,658 | 31,078 | 27,800 | 2,831 | 9,515 | |||||||||||||||
Transfer agent fees | 14,626 | 12,677 | 46,595 | 14,739 | 104,631 | |||||||||||||||
Distribution fees Class A | 13,173 | 33 | 117,843 | 1,387 | 189,609 | |||||||||||||||
Distribution fees Class C | – | – | 3,375 | – | 214,836 | |||||||||||||||
Distribution fees Class R | – | – | 4,920 | – | 10,419 | |||||||||||||||
Sub-transfer agent fees Institutional Class | 13,186 | 14,343 | 29,988 | 18,212 | 318,238 | |||||||||||||||
Sub-transfer agent and administrative service fees Class A | 3,912 | 33 | 50,871 | 259 | 95,398 | |||||||||||||||
Sub-transfer agent fees Class C | – | – | 414 | – | 19,696 | |||||||||||||||
Sub-transfer agent and administrative service fees Class R | – | – | 1,509 | – | 2,589 | |||||||||||||||
Sub-transfer agent and administrative service fees Institutional Service Class | – | – | – | – | 22,700 | |||||||||||||||
Fund accounting fees | 946 | 443 | 3,575 | 990 | 18,441 | |||||||||||||||
Registration and filing fees | 16,008 | 17,105 | 29,968 | 15,750 | 38,291 | |||||||||||||||
Other | 13,844 | 13,625 | 27,222 | 12,751 | 56,957 | |||||||||||||||
Interest expense (Note 10) | – | 267 | 178 | 1,597 | – | |||||||||||||||
Total operating expenses before reimbursed/waived expenses | 340,729 | 240,964 | 1,180,250 | 374,466 | 5,393,525 | |||||||||||||||
Expenses reimbursed | (93,329 | ) | (89,031 | ) | (116,701 | ) | (123,966 | ) | (304,020 | ) | ||||||||||
Net expenses | 247,400 | 151,933 | 1,063,549 | 250,500 | 5,089,505 | |||||||||||||||
Net Investment Income/(Loss) | 372,451 | 182,176 | (312,325 | ) | 574,684 | (1,067,172 | ) | |||||||||||||
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS: | ||||||||||||||||||||
Realized gain on investment transactions | 2,042,071 | 827,068 | 11,038,689 | 6,097,143 | 121,982,306 | |||||||||||||||
Realized gain/(loss) on forward foreign currency exchange contracts | 7,523 | (834 | ) | – | – | – | ||||||||||||||
Realized gain/(loss) on foreign currency transactions | (10,836 | ) | (1,407 | ) | (16,672 | ) | – | (6,839 | ) | |||||||||||
Net realized gain from investments and foreign currency transactions | 2,038,758 | 824,827 | 11,022,017 | 6,097,143 | 121,975,467 | |||||||||||||||
Net change in unrealized appreciation/(depreciation) on investment transactions | 8,576,736 | 2,807,473 | 25,592,864 | 6,006,509 | 168,312,549 | |||||||||||||||
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange rate contracts | (3,913 | ) | 184 | – | – | – | ||||||||||||||
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 2,871 | 670 | (3,620 | ) | – | 335 | ||||||||||||||
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | 8,575,694 | 2,808,327 | 25,589,244 | 6,006,509 | 168,312,884 | |||||||||||||||
Net realized/unrealized gain from investments and foreign currency transactions | 10,614,452 | 3,633,154 | 36,611,261 | 12,103,652 | 290,288,351 | |||||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 10,986,903 | $ | 3,815,330 | $ | 36,298,936 | $ | 12,678,336 | $ | 289,221,179 |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
54 | 2021 Semi-Annual Report |
Statements of Operations (Unaudited) (concluded)
For the Six-Month Period Ended April 30, 2021
Aberdeen U.S. Sustainable Leaders Fund | Aberdeen U.S. Sustainable Leaders Smaller Companies Fund | |||||||||
INVESTMENT INCOME: | ||||||||||
Dividend income | $ | 2,156,596 | $ | 52,375 | ||||||
Interest income | 64 | 33 | ||||||||
Securities lending income, net | 555 | 74 | ||||||||
Foreign tax withholding | (44,921 | ) | (1,127 | ) | ||||||
Total Income | 2,112,294 | 51,355 | ||||||||
EXPENSES: | ||||||||||
Investment advisory fees | 1,646,565 | 58,278 | ||||||||
Trustee fees | 16,427 | 585 | ||||||||
Administration fees | 175,634 | 6,216 | ||||||||
Legal fees | 19,369 | 686 | ||||||||
Audit fees | 17,409 | 19,422 | ||||||||
Printing fees | 45,188 | 20,358 | ||||||||
Custodian fees | 7,191 | 1,088 | ||||||||
Transfer agent fees | 112,152 | 12,821 | ||||||||
Distribution fees Class A | 364,272 | 10,594 | ||||||||
Distribution fees Class C | 5,469 | 2,540 | ||||||||
Distribution fees Class R | – | 5,774 | ||||||||
Sub-transfer agent fees Class A | 58,283 | 2,939 | ||||||||
Sub-transfer agent and administrative service fees Institutional Class | 2,999 | 2,783 | ||||||||
Sub-transfer agent fees Class C | 624 | 283 | ||||||||
Sub-transfer agent and administrative service fees Class R | – | 1,580 | ||||||||
Sub-transfer agent and administrative service fees Institutional Service Class | 45,457 | 237 | ||||||||
Fund accounting fees | 8,782 | 311 | ||||||||
Registration and filing fees | 29,042 | 32,672 | ||||||||
Other | 34,835 | 10,902 | ||||||||
Interest expense (Note 10) | – | 8 | ||||||||
Total operating expenses before reimbursed/waived expenses | 2,589,698 | 190,077 | ||||||||
Expenses reimbursed | (140,338 | ) | (96,471 | ) | ||||||
Net expenses | 2,449,360 | 93,606 | ||||||||
Net Investment Loss | (337,066 | ) | (42,251 | ) | ||||||
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS: | ||||||||||
Realized gain on investment transactions | 101,440,429 | 5,057,514 | ||||||||
Realized gain/(loss) on foreign currency transactions | (48,425 | ) | 97 | |||||||
Net realized gain from investments and foreign currency transactions | 101,392,004 | 5,057,611 | ||||||||
Net change in unrealized appreciation/(depreciation) on investment transactions | (4,264,962 | ) | (600,269 | ) | ||||||
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies | (4,264,962 | ) | (600,269 | ) | ||||||
Net realized/unrealized gain from investments and foreign currency transactions | 97,127,042 | 4,457,342 | ||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 96,789,976 | $ | 4,415,091 | ||||||
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 55 |
Statements of Changes in Net Assets
Aberdeen China | Aberdeen Dynamic | Aberdeen Emerging | |||||||||||||||||||||||
A Share Equity Fund | Dividend Fund | Markets Fund | |||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||
Period Ended | Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | ||||||||||||||||||||
April 30, 2021 | October 31, | April 30, 2021 | October 31, | April 30, 2021 | October 31, | ||||||||||||||||||||
(Unaudited) | 2020 | (Unaudited) | 2020 | (Unaudited) | 2020 | ||||||||||||||||||||
FROM INVESTMENT ACTIVITIES: | |||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||
Net investment income/(loss) | $ | (210,288 | ) | $ | 24,580 | $ | 4,251,338 | $ | 6,149,688 | $ | 5,321,841 | $ | 23,274,353 | ||||||||||||
Net realized gain/(loss) from investments and foreign currency transactions | 599,414 | 384,145 | 3,643,874 | (2,337,283 | ) | 317,737,781 | 50,486,945 | ||||||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | 3,012,519 | 3,899,201 | 23,857,434 | (5,975,683 | ) | 655,618,237 | 220,304,236 | ||||||||||||||||||
Changes in net assets resulting from operations | 3,401,645 | 4,307,926 | 31,752,646 | (2,163,278 | ) | 978,677,859 | 294,065,534 | ||||||||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||||
Distributable earnings: | |||||||||||||||||||||||||
Class A | (187,758 | ) | (365,061 | ) | (123,880 | ) | (254,850 | ) | (840,787 | ) | (1,951,827 | ) | |||||||||||||
Class C | (30,331 | ) | (36,488 | ) | – | – | (95,512 | ) | (124,024 | ) | |||||||||||||||
Class R | (60,627 | ) | (117,596 | ) | – | – | (929,422 | ) | (1,539,762 | ) | |||||||||||||||
Institutional Service Class | (10,077 | ) | (23,077 | ) | – | – | (3,669,233 | ) | (5,613,349 | ) | |||||||||||||||
Institutional Class | (227,834 | ) | (187,398 | ) | (3,173,466 | ) | (6,902,794 | ) | (36,648,250 | ) | (84,695,780 | ) | |||||||||||||
Change in net assets from shareholder distributions | (516,627 | ) | (729,620 | ) | (3,297,346 | ) | (7,157,644 | ) | (42,183,204 | ) | (93,924,742 | ) | |||||||||||||
Change in net assets from capital transactions | 74,794,077 | 2,582,964 | (4,285,494 | ) | (13,040,733 | ) | 388,913,826 | (1,167,570,408 | ) | ||||||||||||||||
Change in net assets | 77,679,095 | 6,161,270 | 24,169,806 | (22,361,655 | ) | 1,325,408,481 | (967,429,616 | ) | |||||||||||||||||
Net Assets: | |||||||||||||||||||||||||
Beginning of period | 20,247,317 | 14,086,047 | 104,234,649 | 126,596,304 | 4,009,353,984 | 4,976,783,600 | |||||||||||||||||||
End of period | $ | 97,926,412 | $ | 20,247,317 | $ | 128,404,455 | $ | 104,234,649 | $ | 5,334,762,465 | $ | 4,009,353,984 | |||||||||||||
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
56 | 2021 Semi-Annual Report |
Statements of Changes in Net Assets (continued)
Aberdeen China A Share Equity Fund | Aberdeen Dynamic Dividend Fund | Aberdeen Emerging Markets Fund | |||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | ||||||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Proceeds from shares issued | $ | 9,702,200 | $ | 2,357,438 | $ | 415,471 | $ | 1,102,207 | $ | 17,632,570 | $ | 28,076,891 | |||||||||||||
Dividends reinvested | 148,240 | 281,529 | 87,530 | 184,731 | 582,889 | 1,470,556 | |||||||||||||||||||
Cost of shares redeemed | (2,578,346 | ) | (2,901,024 | ) | (360,245 | ) | (1,351,440 | ) | (27,458,140 | ) | (62,257,358 | ) | |||||||||||||
Total Class A | 7,272,094 | (262,057 | ) | 142,756 | (64,502 | ) | (9,242,681 | ) | (32,709,911 | ) | |||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 3,802,163 | 338,722 | – | – | 928,339 | 1,701,259 | |||||||||||||||||||
Dividends reinvested | 29,772 | 28,425 | – | – | 77,269 | 93,528 | |||||||||||||||||||
Cost of shares redeemed | (531,944 | ) | (769,429 | ) | – | – | (1,208,995 | ) | (6,398,572 | ) | |||||||||||||||
Total Class C | 3,299,991 | (402,282 | ) | – | – | (203,387 | ) | (4,603,785 | ) | ||||||||||||||||
Class R Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 3,641,967 | 2,291,996 | – | – | 5,046,260 | 8,471,911 | |||||||||||||||||||
Dividends reinvested | 60,456 | 115,553 | – | – | 926,091 | 1,516,758 | |||||||||||||||||||
Cost of shares redeemed | (1,457,913 | ) | (2,457,975 | ) | – | – | (11,269,867 | ) | (15,309,881 | ) | |||||||||||||||
Total Class R | 2,244,510 | (50,426 | ) | – | – | (5,297,516 | ) | (5,321,212 | ) | ||||||||||||||||
Institutional Service Class Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 237,747 | 7,204 | – | – | 22,416,405 | 244,923,207 | |||||||||||||||||||
Dividends reinvested | 10,017 | 22,310 | – | – | 3,668,031 | 5,612,010 | |||||||||||||||||||
Cost of shares redeemed | (44,285 | ) | (88,301 | ) | – | – | (13,307,104 | ) | (213,562,876 | ) | |||||||||||||||
Total Institutional Service Class | 203,479 | (58,787 | ) | – | – | 12,777,332 | 36,972,341 | ||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 63,146,146 | 8,980,315 | 3,458,485 | 4,802,370 | 860,521,813 | 549,097,142 | |||||||||||||||||||
Dividends reinvested | 226,673 | 186,013 | 2,670,129 | 5,669,817 | 27,712,844 | 63,089,194 | |||||||||||||||||||
Cost of shares redeemed | (1,598,816 | ) | (5,809,812 | ) | (10,556,864 | ) | (23,448,418 | ) | (497,354,579 | ) | (1,774,094,177 | ) | |||||||||||||
Total Institutional Class | 61,774,003 | 3,356,516 | (4,428,250 | ) | (12,976,231 | ) | 390,880,078 | (1,161,907,841 | ) | ||||||||||||||||
Change in net assets from capital transactions: | $ | 74,794,077 | $ | 2,582,964 | $ | (4,285,494 | ) | $ | (13,040,733 | ) | $ | 388,913,826 | $ | (1,167,570,408 | ) | ||||||||||
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 57 |
Statements of Changes in Net Assets (concluded)
Aberdeen China A Share Equity Fund | Aberdeen Dynamic Dividend Fund | Aberdeen Emerging Markets Fund | |||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | ||||||||||||||||||||
SHARE TRANSACTIONS: | |||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Issued | 241,622 | 82,454 | 94,914 | 280,952 | 852,719 | 1,950,715 | |||||||||||||||||||
Reinvested | 3,997 | 11,176 | 19,796 | 48,510 | 29,999 | 92,430 | |||||||||||||||||||
Redeemed | (65,769 | ) | (111,590 | ) | (81,185 | ) | (376,261 | ) | (1,347,692 | ) | (4,417,229 | ) | |||||||||||||
Total Class A Shares | 179,850 | (17,960 | ) | 33,525 | (46,799 | ) | (464,974 | ) | (2,374,084 | ) | |||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Issued | 102,712 | 11,921 | – | – | 44,120 | 107,678 | |||||||||||||||||||
Reinvested | 847 | 1,182 | – | – | 4,008 | 5,893 | |||||||||||||||||||
Redeemed | (14,862 | ) | (29,096 | ) | – | – | (59,316 | ) | (435,106 | ) | |||||||||||||||
Total Class C Shares | 88,697 | (15,993 | ) | – | – | (11,188 | ) | (321,535 | ) | ||||||||||||||||
Class R Shares | |||||||||||||||||||||||||
Issued | 98,093 | 78,882 | – | – | 246,541 | 603,346 | |||||||||||||||||||
Reinvested | 1,672 | 4,690 | – | – | 48,234 | 96,302 | |||||||||||||||||||
Redeemed | (40,295 | ) | (93,279 | ) | – | – | (556,930 | ) | (1,014,731 | ) | |||||||||||||||
Total Class R Shares | 59,470 | (9,707 | ) | – | – | (262,155 | ) | (315,083 | ) | ||||||||||||||||
Institutional Service Class Shares | |||||||||||||||||||||||||
Issued | 5,824 | 240 | – | – | 1,069,594 | 18,091,619 | |||||||||||||||||||
Reinvested | 268 | 882 | – | – | 188,297 | 352,513 | |||||||||||||||||||
Redeemed | (1,186 | ) | (3,489 | ) | – | – | (651,330 | ) | (16,305,879 | ) | |||||||||||||||
Total Institutional Service Class Shares | 4,906 | (2,367 | ) | – | – | 606,561 | 2,138,253 | ||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||
Issued | 1,593,309 | 335,208 | 766,206 | 1,259,907 | 41,342,155 | 38,370,060 | |||||||||||||||||||
Reinvested | 6,051 | 7,329 | 603,755 | 1,485,417 | 1,418,989 | 3,955,435 | |||||||||||||||||||
Redeemed | (40,431 | ) | (250,650 | ) | (2,398,763 | ) | (6,098,779 | ) | (24,201,628 | ) | (127,492,592 | ) | |||||||||||||
Total Institutional Class Shares | 1,558,929 | 91,887 | (1,028,802 | ) | (3,353,455 | ) | 18,559,516 | (85,167,097 | ) | ||||||||||||||||
Total change in shares: | 1,891,852 | 45,860 | (995,277 | ) | (3,400,254 | ) | 18,427,760 | (86,039,546 | ) |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
58 | 2021 Semi-Annual Report |
Statements of Changes in Net Assets
Aberdeen Emerging Markets Sustainable Leaders Fund | Aberdeen Global Equity Fund | Aberdeen Global Infrastructure Fund | |||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | ||||||||||||||||||||
FROM INVESTMENT ACTIVITIES: | |||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||
Net investment income/(loss) | $ | 263,809 | $ | 694,787 | $ | (39,021 | ) | $ | (17,817 | ) | $ | 372,451 | $ | 2,420,686 | |||||||||||
Net realized gain/(loss) from investments and foreign currency transactions | 69,622,443 | (735,983 | ) | 2,877,204 | (96,034 | ) | 2,038,758 | (633,944 | ) | ||||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | (25,386,966 | ) | 17,504,289 | 3,866,158 | 1,508,899 | 8,575,694 | (9,646,398 | ) | |||||||||||||||||
Changes in net assets resulting from operations | 44,499,286 | 17,463,093 | 6,704,341 | 1,395,048 | 10,986,903 | (7,859,656 | ) | ||||||||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||||
Distributable earnings: | |||||||||||||||||||||||||
Class A | (3,298 | ) | (234,561 | ) | – | (868,962 | ) | (171,103 | ) | (378,080 | ) | ||||||||||||||
Class C | – | (2,997 | ) | – | (16,881 | ) | – | – | |||||||||||||||||
Class R | – | (27,395 | ) | – | (41,507 | ) | – | – | |||||||||||||||||
Institutional Service Class | (243,818 | ) | (1,139,978 | ) | – | (9,300 | ) | – | – | ||||||||||||||||
Institutional Class | (207,630 | ) | (1,343,116 | ) | – | (48,762 | ) | (631,583 | ) | (2,878,797 | ) | ||||||||||||||
Tax return of capital: | |||||||||||||||||||||||||
Class A | – | – | – | – | – | (76,914 | ) | ||||||||||||||||||
Institutional Class | – | – | – | – | – | (529,317 | ) | ||||||||||||||||||
Change in net assets from shareholder distributions | (454,746 | ) | (2,748,047 | ) | – | (985,412 | ) | (802,686 | ) | (3,863,108 | ) | ||||||||||||||
Change in net assets from capital transactions | (33,900,866 | ) | (15,793,228 | ) | (1,723,114 | ) | (5,758,382 | ) | 694,291 | (46,649,052 | ) | ||||||||||||||
Change in net assets | 10,143,674 | (1,078,182 | ) | 4,981,227 | (5,348,746 | ) | 10,878,508 | (58,371,816 | ) | ||||||||||||||||
Net Assets: | |||||||||||||||||||||||||
Beginning of period | 217,373,209 | 218,451,391 | 25,216,731 | 30,565,477 | 41,845,460 | 100,217,276 | |||||||||||||||||||
End of period | $ | 227,516,883 | $ | 217,373,209 | $ | 30,197,958 | $ | 25,216,731 | $ | 52,723,968 | $ | 41,845,460 |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 59 |
Statements of Changes in Net Assets (continued)
Aberdeen Emerging Markets Sustainable Leaders Fund | Aberdeen Global Equity Fund | Aberdeen Global Infrastructure Fund | |||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | ||||||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Proceeds from shares issued | $ | 1,268,444 | $ | 1,898,121 | $ | 213,811 | $ | 710,053 | $ | 910,900 | $ | 575,513 | |||||||||||||
Dividends reinvested | 2,916 | 203,648 | – | 778,955 | 138,559 | 371,684 | |||||||||||||||||||
Cost of shares redeemed | (2,730,976 | ) | (6,865,084 | ) | (1,491,590 | ) | (6,114,296 | ) | (855,341 | ) | (2,849,843 | ) | |||||||||||||
Total Class A | (1,459,616 | ) | (4,763,315 | ) | (1,277,779 | ) | (4,625,288 | ) | 194,118 | (1,902,646 | ) | ||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 73,812 | 140,962 | 200 | 8,871 | – | – | |||||||||||||||||||
Dividends reinvested | – | 2,522 | – | 10,950 | – | – | |||||||||||||||||||
Cost of shares redeemed | (471,867 | ) | (2,249,490 | ) | (33,187 | ) | (449,273 | ) | – | – | |||||||||||||||
Total Class C | (398,055 | ) | (2,106,006 | ) | (32,987 | ) | (429,452 | ) | – | – | |||||||||||||||
Class R Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 2,784,271 | 225,464 | 127,453 | 126,197 | – | – | |||||||||||||||||||
Dividends reinvested | – | 23,945 | – | 27,447 | – | – | |||||||||||||||||||
Cost of shares redeemed | (487,952 | ) | (1,231,526 | ) | (307,247 | ) | (832,866 | ) | – | – | |||||||||||||||
Total Class R | 2,296,319 | (982,117 | ) | (179,794 | ) | (679,222 | ) | – | – | ||||||||||||||||
Institutional Service Class Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 2,609,538 | 1,498,932 | – | 5,350 | – | – | |||||||||||||||||||
Dividends reinvested | 230,323 | 1,083,091 | – | 9,300 | – | – | |||||||||||||||||||
Cost of shares redeemed | (5,224,181 | ) | (11,008,743 | ) | (1,525 | ) | (37,522 | ) | – | – | |||||||||||||||
Total Institutional Service Class | (2,384,320 | ) | (8,426,720 | ) | (1,525 | ) | (22,872 | ) | – | – | |||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 16,817,716 | 9,234,936 | 229,586 | 390,387 | 3,613,830 | 3,078,861 | |||||||||||||||||||
Dividends reinvested | 206,400 | 1,336,975 | – | 46,409 | 619,269 | 1,682,504 | |||||||||||||||||||
Cost of shares redeemed | (48,979,310 | ) | (10,086,981 | ) | (460,615 | ) | (438,344 | ) | (3,732,926 | ) | (49,507,771 | ) | |||||||||||||
Total Institutional Class | (31,955,194 | ) | 484,930 | (231,029 | ) | (1,548 | ) | 500,173 | (44,746,406 | ) | |||||||||||||||
Change in net assets from capital transactions: | $ | (33,900,866 | ) | $ | (15,793,228 | ) | $ | (1,723,114 | ) | $ | (5,758,382 | ) | $ | 694,291 | $ | (46,649,052 | ) |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
60 | 2021 Semi-Annual Report |
Statements of Changes in Net Assets (concluded)
Aberdeen Emerging Markets Sustainable Leaders Fund | Aberdeen Global Equity Fund | Aberdeen Global Infrastructure Fund | ||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Issued | 66,169 | 127,940 | 13,934 | 54,833 | 40,559 | 27,759 | ||||||||||||||||||
Reinvested | 161 | 13,284 | – | 58,392 | 6,343 | 18,598 | ||||||||||||||||||
Redeemed | (143,854 | ) | (463,845 | ) | (95,088 | ) | (490,494 | ) | (38,578 | ) | (145,137 | ) | ||||||||||||
Total Class A Shares | (77,524 | ) | (322,621 | ) | (81,154 | ) | (377,269 | ) | 8,324 | (98,780 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Issued | 4,195 | 9,880 | 13 | 742 | – | – | ||||||||||||||||||
Reinvested | – | 174 | – | 878 | – | – | ||||||||||||||||||
Redeemed | (25,807 | ) | (160,311 | ) | (2,330 | ) | (38,162 | ) | – | – | ||||||||||||||
Total Class C Shares | (21,612 | ) | (150,257 | ) | (2,317 | ) | (36,542 | ) | – | – | ||||||||||||||
Class R Shares | ||||||||||||||||||||||||
Issued | 151,621 | 15,925 | 8,480 | 10,421 | – | – | ||||||||||||||||||
Reinvested | – | 1,638 | – | 2,159 | – | – | ||||||||||||||||||
Redeemed | (27,271 | ) | (86,681 | ) | (21,060 | ) | (68,244 | ) | – | – | ||||||||||||||
Total Class R Shares | 124,350 | (69,118 | ) | (12,580 | ) | (55,664 | ) | – | – | |||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||
Issued | 128,633 | 100,099 | – | 400 | – | – | ||||||||||||||||||
Reinvested | 12,443 | 69,340 | – | 688 | – | – | ||||||||||||||||||
Redeemed | (268,252 | ) | (729,057 | ) | (94 | ) | (2,735 | ) | – | – | ||||||||||||||
Total Institutional Service Class Shares | (127,176 | ) | (559,618 | ) | (94 | ) | (1,647 | ) | – | – | ||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Issued | 853,211 | 607,377 | 14,607 | 30,957 | 161,058 | 149,493 | ||||||||||||||||||
Reinvested | 11,097 | 85,266 | – | 3,482 | 28,317 | 84,247 | ||||||||||||||||||
Redeemed | (2,716,758 | ) | (663,191 | ) | (28,937 | ) | (35,898 | ) | (171,042 | ) | (2,500,768 | ) | ||||||||||||
Total Institutional Class Shares | (1,852,450 | ) | 29,452 | (14,330 | ) | (1,459 | ) | 18,333 | (2,267,028 | ) | ||||||||||||||
Total change in shares: | (1,954,412 | ) | (1,072,162 | ) | (110,475 | ) | (472,581 | ) | 26,657 | (2,365,808 | ) |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 61 |
Statements of Changes in Net Assets
Aberdeen International Real Estate Equity Fund | Aberdeen International Small Cap Fund | Aberdeen Realty Income & Growth Fund | ||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020(a) | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income/(loss) | $ | 182,176 | $ | 706,225 | $ | (312,325 | ) | $ | (272,690 | ) | $ | 574,684 | $ | 1,203,062 | ||||||||||
Net realized gain/(loss) from investments and foreign currency transactions | 824,827 | 449,431 | 11,022,017 | (1,298,863 | ) | 6,097,143 | 7,265,239 | |||||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | 2,808,327 | (7,020,109 | ) | 25,589,244 | 16,867,212 | 6,006,509 | (21,294,723 | ) | ||||||||||||||||
Changes in net assets resulting from operations | 3,815,330 | (5,864,453 | ) | 36,298,936 | 15,295,659 | 12,678,336 | (12,826,422 | ) | ||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Distributable earnings: | ||||||||||||||||||||||||
Class A | (447 | ) | (19,990 | ) | – | (4,124,107 | ) | (129,129 | ) | (356,849 | ) | |||||||||||||
Class C | – | – | – | (37,679 | ) | – | – | |||||||||||||||||
Class R | – | – | – | (106,923 | ) | – | – | |||||||||||||||||
Institutional Service Class | – | – | – | (2,247 | ) | – | – | |||||||||||||||||
Institutional Class | (772,267 | ) | (6,392,314 | ) | – | (1,888,315 | ) | (5,928,737 | ) | (10,781,178 | ) | |||||||||||||
Change in net assets from shareholder distributions | (772,714 | ) | (6,412,304 | ) | – | (6,159,271 | ) | (6,057,866 | ) | (11,138,027 | ) | |||||||||||||
Change in net assets from capital transactions | (1,273,311 | ) | (23,819,904 | ) | 37,722,150 | 16,139,945 | (1,003,011 | ) | (5,403,350 | ) | ||||||||||||||
Change in net assets | 1,769,305 | (36,096,661 | ) | 74,021,086 | 25,276,333 | 5,617,459 | (29,367,799 | ) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 20,591,025 | 56,687,686 | 139,093,698 | 113,817,365 | 48,205,347 | 77,573,146 | ||||||||||||||||||
End of period | $ | 22,360,330 | $ | 20,591,025 | $ | 213,114,784 | $ | 139,093,698 | $ | 53,822,806 | $ | 48,205,347 |
(a) | Effective February 28, 2020, the Institutional Service Class had zero assets. On February 28, 2020, the Aberdeen International Small Cap Fund ceased offering Institutional Service Class Shares. |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
62 | 2021 Semi-Annual Report |
Statements of Changes in Net Assets (continued)
Aberdeen International Real Estate Equity Fund | Aberdeen International Small Cap Fund | Aberdeen Realty Income & Growth Fund | ||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020(a) | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 17,982 | $ | 17,400 | $ | 22,438,149 | $ | 22,475,177 | $ | 93,910 | $ | 600,041 | ||||||||||||
Dividends reinvested | 259 | 1,728 | – | 4,009,366 | 115,322 | 267,327 | ||||||||||||||||||
Cost of shares redeemed | (3,899 | ) | (139,211 | ) | (42,151,323 | ) | (17,795,163 | ) | (1,429,433 | ) | (453,190 | ) | ||||||||||||
Total Class A | 14,342 | (120,083 | ) | (19,713,174 | ) | 8,689,380 | (1,220,201 | ) | 414,178 | |||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Proceeds from shares issued | – | – | 118,650 | 44,253 | – | – | ||||||||||||||||||
Dividends reinvested | – | – | – | 37,679 | – | – | ||||||||||||||||||
Cost of shares redeemed | – | – | (22,494 | ) | (371,746 | ) | – | – | ||||||||||||||||
Total Class C | – | – | 96,156 | (289,814 | ) | – | – | |||||||||||||||||
Class R Shares | ||||||||||||||||||||||||
Proceeds from shares issued | – | – | 335,568 | 756,991 | – | – | ||||||||||||||||||
Dividends reinvested | – | – | – | 104,980 | – | – | ||||||||||||||||||
Cost of shares redeemed | – | – | (167,290 | ) | (1,322,375 | ) | – | – | ||||||||||||||||
Total Class R | – | – | 168,278 | (460,404 | ) | – | – | |||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||
Proceeds from shares issued | – | – | – | 1,597 | – | – | ||||||||||||||||||
Dividends reinvested | – | – | – | 2,247 | – | – | ||||||||||||||||||
Cost of shares redeemed | – | – | – | (41,337 | ) | – | – | |||||||||||||||||
Total Institutional Service Class | – | – | – | (37,493 | ) | – | – | |||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Proceeds from shares issued | 36,315 | 220,196 | 68,504,679 | 22,918,036 | 676,248 | 1,740,144 | ||||||||||||||||||
Dividends reinvested | 750,678 | 3,228,360 | – | 1,887,586 | 5,767,173 | 10,093,031 | ||||||||||||||||||
Cost of shares redeemed | (2,074,646 | ) | (27,148,377 | ) | (11,333,789 | ) | (16,567,346 | ) | (6,226,231 | ) | (17,650,703 | ) | ||||||||||||
Total Institutional Class | (1,287,653 | ) | (23,699,821 | ) | 57,170,890 | 8,238,276 | 217,190 | (5,817,528 | ) | |||||||||||||||
Change in net assets from capital transactions: | $ | (1,273,311 | ) | $ | (23,819,904 | ) | $ | 37,722,150 | $ | 16,139,945 | $ | (1,003,011 | ) | $ | (5,403,350 | ) |
(a) | Effective February 28, 2020, the Institutional Service Class had zero assets. On February 28, 2020, the Aberdeen International Small Cap Fund ceased offering Institutional Service Class Shares. |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 63 |
Statements of Changes in Net Assets (concluded)
Aberdeen International Real Estate Equity Fund | Aberdeen International Small Cap Fund | Aberdeen Realty Income & Growth Fund | |||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020(a) | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | ||||||||||||||||||||
SHARE TRANSACTIONS: | |||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Issued | 883 | 944 | 630,373 | 853,368 | 7,660 | 44,651 | |||||||||||||||||||
Reinvested | 13 | 81 | – | 143,243 | 9,578 | 18,007 | |||||||||||||||||||
Redeemed | (195 | ) | (7,307 | ) | (1,167,390 | ) | (690,453 | ) | (108,407 | ) | (34,005 | ) | |||||||||||||
Total Class A Shares | 701 | (6,282 | ) | (537,017 | ) | 306,158 | (91,169 | ) | 28,653 | ||||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Issued | – | – | 3,571 | 1,695 | – | – | |||||||||||||||||||
Reinvested | – | – | – | 1,488 | – | – | |||||||||||||||||||
Redeemed | – | – | (695 | ) | (15,376 | ) | – | – | |||||||||||||||||
Total Class C Shares | – | – | 2,876 | (12,193 | ) | – | – | ||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||
Issued | – | – | 10,000 | 31,007 | – | – | |||||||||||||||||||
Reinvested | – | – | – | 3,989 | – | – | |||||||||||||||||||
Redeemed | – | – | (5,213 | ) | (50,260 | ) | – | – | |||||||||||||||||
Total Class R Shares | – | – | 4,787 | (15,264 | ) | – | – | ||||||||||||||||||
Institutional Service Class Shares | |||||||||||||||||||||||||
Issued | – | – | – | 56 | – | – | |||||||||||||||||||
Reinvested | – | – | – | 80 | – | – | |||||||||||||||||||
Redeemed | – | – | – | (1,607 | ) | – | – | ||||||||||||||||||
Total Institutional Service Class Shares | – | – | – | (1,471 | ) | – | – | ||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||
Issued | 1,830 | 11,184 | 1,878,118 | 859,355 | 52,640 | 122,029 | |||||||||||||||||||
Reinvested | 39,077 | 149,877 | – | 67,222 | 477,345 | 688,954 | |||||||||||||||||||
Redeemed | (104,542 | ) | (1,382,002 | ) | (314,361 | ) | (648,619 | ) | (492,876 | ) | (1,267,890 | ) | |||||||||||||
Total Institutional Class Shares | (63,635 | ) | (1,220,941 | ) | 1,563,757 | 277,958 | 37,109 | (456,907 | ) | ||||||||||||||||
Total change in shares: | (62,934 | ) | (1,227,223 | ) | 1,034,403 | 555,188 | (54,060 | ) | (428,254 | ) |
(a) | Effective February 28, 2020, the Institutional Service Class had zero assets. On February 28, 2020, the Aberdeen International Small Cap Fund ceased offering Institutional Service Class Shares. |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
64 | 2021 Semi-Annual Report |
Statements of Changes in Net Assets
Aberdeen U.S. Small Cap Equity Fund | Aberdeen U.S. Sustainable Leaders Fund | Aberdeen U.S. Sustainable Leaders Smaller Companies Fund | |||||||||||||||||||||||
Six-Month Period Ended | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020(a) | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | ||||||||||||||||||||
FROM INVESTMENT ACTIVITIES: | |||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||
Net investment loss | $ | (1,067,172 | ) | $ | (2,939,644 | ) | $ | (337,066 | ) | $ | (627,102 | ) | $ | (42,251 | ) | $ | (45,591 | ) | |||||||
Net realized gain from investments and foreign currency transactions | 121,975,467 | 60,922,317 | 101,392,004 | 48,986,120 | 5,057,611 | 3,119,651 | |||||||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | 168,312,884 | (4,343,412 | ) | (4,264,962 | ) | 13,838,958 | (600,269 | ) | (994,426 | ) | |||||||||||||||
Changes in net assets resulting from operations | 289,221,179 | 53,639,261 | 96,789,976 | 62,197,976 | 4,415,091 | 2,079,634 | |||||||||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||||
Distributable earnings: | |||||||||||||||||||||||||
Class A | (8,820,880 | ) | (11,473,361 | ) | (32,838,262 | ) | (24,589,062 | ) | (901,851 | ) | (516,902 | ) | |||||||||||||
Class C | (3,106,149 | ) | (4,244,876 | ) | (162,943 | ) | (156,405 | ) | (230,092 | ) | (1,046,758 | ) | |||||||||||||
Class R | (263,620 | ) | (421,143 | ) | – | (1,083 | ) | (271,918 | ) | (128,715 | ) | ||||||||||||||
Institutional Service Class | (2,057,615 | ) | (2,799,098 | ) | (13,939,695 | ) | (10,744,381 | ) | (32,120 | ) | (28,367 | ) | |||||||||||||
Institutional Class | (35,151,160 | ) | (42,054,120 | ) | (1,285,641 | ) | (818,661 | ) | (382,181 | ) | (203,205 | ) | |||||||||||||
Change in net assets from shareholder distributions | (49,399,424 | ) | (60,992,598 | ) | (48,226,541 | ) | (36,309,592 | ) | (1,818,162 | ) | (1,923,947 | ) | |||||||||||||
Change in net assets from capital transactions | 114,506,906 | (119,902,008 | ) | 22,684,797 | 1,017,750 | (2,173 | ) | (6,463,943 | ) | ||||||||||||||||
Change in net assets | 354,328,661 | (127,255,345 | ) | 71,248,232 | 26,906,134 | 2,594,756 | (6,308,256 | ) | |||||||||||||||||
Net Assets: | |||||||||||||||||||||||||
Beginning of period | 733,367,840 | 860,623,185 | 398,713,960 | 371,807,826 | 13,890,016 | 20,198,272 | |||||||||||||||||||
End of period | $ | 1,087,696,501 | $ | 733,367,840 | $ | 469,962,192 | $ | 398,713,960 | $ | 16,484,772 | $ | 13,890,016 |
(a) | Effective March 31, 2020, the Class R had zero assets. On April 7, 2020, the Aberdeen U.S. Sustainable Leaders Fund ceased offering Class R Shares. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 65 |
Statements of Changes in Net Assets (continued)
Aberdeen U.S. Small Cap Equity Fund | Aberdeen U.S. Sustainable Leaders Fund | Aberdeen U.S. Sustainable Leaders Smaller Companies Fund | |||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020(a) | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | ||||||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||
Proceeds from shares issued | $ | 12,045,193 | $ | 16,227,633 | $ | 1,624,302 | $ | 2,958,841 | $ | 226,816 | $ | 1,202,461 | |||||||||||||
Dividends reinvested | 7,112,684 | 9,715,490 | 29,872,297 | 22,321,664 | 763,859 | 388,246 | |||||||||||||||||||
Cost of shares redeemed | (23,700,345 | ) | (58,094,309 | ) | (16,525,279 | ) | (25,099,337 | ) | (1,230,106 | ) | (2,708,909 | ) | |||||||||||||
Total Class A | (4,542,468 | ) | (32,151,186 | ) | 14,971,320 | 181,168 | (239,431 | ) | (1,118,202 | ) | |||||||||||||||
Class C Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 2,380,929 | 2,708,476 | 1,376 | 148,630 | 6,520 | 89,627 | |||||||||||||||||||
Dividends reinvested | 2,630,798 | 3,470,356 | 157,978 | 120,441 | 227,027 | 1,034,134 | |||||||||||||||||||
Cost of shares redeemed | (8,054,395 | ) | (16,088,725 | ) | (332,124 | ) | (600,552 | ) | (135,907 | ) | (4,863,444 | ) | |||||||||||||
Total Class C | (3,042,668 | ) | (9,909,893 | ) | (172,770 | ) | (331,481 | ) | 97,640 | (3,739,683 | ) | ||||||||||||||
Class R Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 312,087 | 803,669 | – | 1,786 | 141,725 | 276,677 | |||||||||||||||||||
Dividends reinvested | 246,182 | 276,258 | – | – | 271,918 | 128,715 | |||||||||||||||||||
Cost of shares redeemed | (727,040 | ) | (2,713,095 | ) | – | (13,850 | ) | (180,412 | ) | (472,535 | ) | ||||||||||||||
Total Class R | (168,771 | ) | (1,633,168 | ) | – | (12,064 | ) | 233,231 | (67,143 | ) | |||||||||||||||
Institutional Service Class Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 2,912,042 | 7,326,377 | 1,061,687 | 674,167 | 18,922 | 3,000 | |||||||||||||||||||
Dividends reinvested | 1,986,418 | 2,719,643 | 13,645,836 | 10,474,284 | 32,120 | 28,367 | |||||||||||||||||||
Cost of shares redeemed | (7,948,328 | ) | (19,150,853 | ) | (7,962,644 | ) | (11,541,725 | ) | (92,160 | ) | (192,119 | ) | |||||||||||||
Total Institutional Service Class | (3,049,868 | ) | (9,104,833 | ) | 6,744,879 | (393,274 | ) | (41,118 | ) | (160,752 | ) | ||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||
Proceeds from shares issued | 211,978,829 | 167,070,278 | 1,368,187 | 3,061,512 | 76,965 | 340,696 | |||||||||||||||||||
Dividends reinvested | 29,290,180 | 35,496,582 | 1,257,892 | 796,937 | 369,548 | 197,284 | |||||||||||||||||||
Cost of shares redeemed | (115,958,328 | ) | (269,669,788 | ) | (1,484,711 | ) | (2,285,048 | ) | (499,008 | ) | (1,916,143 | ) | |||||||||||||
Total Institutional Class | 125,310,681 | (67,102,928 | ) | 1,141,368 | 1,573,401 | (52,495 | ) | (1,378,163 | ) | ||||||||||||||||
Change in net assets from capital transactions: | $ | 114,506,906 | $ | (119,902,008 | ) | $ | 22,684,797 | $ | 1,017,750 | $ | (2,173 | ) | $ | (6,463,943 | ) |
(a) | Effective March 31, 2020, the Class R had zero assets. On April 7, 2020, the Aberdeen U.S. Sustainable Leaders Fund ceased offering Class R Shares. |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
66 | 2021 Semi-Annual Report |
Statements of Changes in Net Assets (concluded)
Aberdeen U.S. Small Cap Equity Fund | Aberdeen U.S. Sustainable Leaders Fund | Aberdeen U.S. Sustainable Leaders Smaller Companies Fund | ||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020(a) | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Issued | 298,058 | 507,911 | 113,692 | 230,734 | 25,355 | 155,754 | ||||||||||||||||||
Reinvested | 185,082 | 301,069 | �� | 2,159,963 | 1,777,203 | 88,205 | 51,018 | |||||||||||||||||
Redeemed | (574,088 | ) | (1,895,512 | ) | (1,140,829 | ) | (1,950,163 | ) | (136,218 | ) | (380,378 | ) | ||||||||||||
Total Class A Shares | (90,948 | ) | (1,086,532 | ) | 1,132,826 | 57,774 | (22,658 | ) | (173,606 | ) | ||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Issued | 72,585 | 104,097 | 113 | 13,302 | 5,241 | 58,896 | ||||||||||||||||||
Reinvested | 84,809 | 130,563 | 14,271 | 11,570 | 190,779 | 590,934 | ||||||||||||||||||
Redeemed | (242,589 | ) | (643,327 | ) | (28,369 | ) | (54,864 | ) | (72,524 | ) | (2,637,390 | ) | ||||||||||||
Total Class C Shares | (85,195 | ) | (408,667 | ) | (13,985 | ) | (29,992 | ) | 123,496 | (1,987,560 | ) | |||||||||||||
Class R Shares | ||||||||||||||||||||||||
Issued | 8,646 | 28,406 | – | 154 | 17,858 | 40,328 | ||||||||||||||||||
Reinvested | 7,188 | 9,503 | – | – | 36,401 | 19,240 | ||||||||||||||||||
Redeemed | (20,495 | ) | (94,848 | ) | – | (1,329 | ) | (22,398 | ) | (70,135 | ) | |||||||||||||
Total Class R Shares | (4,661 | ) | (56,939 | ) | – | (1,175 | ) | 31,861 | (10,567 | ) | ||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||
Issued | 65,522 | 230,034 | 69,252 | 50,790 | 1,944 | 344 | ||||||||||||||||||
Reinvested | 47,854 | 78,557 | 905,497 | 774,153 | 3,526 | 3,564 | ||||||||||||||||||
Redeemed | (184,217 | ) | (576,967 | ) | (510,687 | ) | (845,170 | ) | (10,251 | ) | (24,322 | ) | ||||||||||||
Total Institutional Service Class Shares | (70,841 | ) | (268,376 | ) | 464,062 | (20,227 | ) | (4,781 | ) | (20,414 | ) | |||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Issued | 4,662,036 | 5,167,805 | 86,211 | 210,706 | 7,915 | 41,379 | ||||||||||||||||||
Reinvested | 704,938 | 1,025,616 | 83,029 | 58,641 | 38,859 | 23,913 | ||||||||||||||||||
Redeemed | (2,639,881 | ) | (8,464,657 | ) | (94,675 | ) | (169,900 | ) | (50,399 | ) | (231,032 | ) | ||||||||||||
Total Institutional Class Shares | 2,727,093 | (2,271,236 | ) | 74,565 | 99,447 | (3,625 | ) | (165,740 | ) | |||||||||||||||
Total change in shares: | 2,475,448 | (4,091,750 | ) | 1,657,468 | 105,827 | 124,293 | (2,357,887 | ) |
(a) | Effective March 31, 2020, the Class R had zero assets. On April 7, 2020, the Aberdeen U.S. Sustainable Leaders Fund ceased offering Class R Shares. |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 67 |
Financial Highlights
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen China A Share Equity Fund
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | ||||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ | 33.90 | $ | (0.18 | ) | $ | 5.98 | $ | 5.80 | $ | – | $ | (0.53 | ) | $ | (0.53 | ) | $ | 39.17 | ||||||||||||||
Year Ended October 31, 2020 | 25.61 | 0.08 | 9.29 | 9.37 | – | (h) | (1.08 | ) | (1.08 | ) | 33.90 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 19.86 | 0.07 | 5.72 | 5.79 | (0.04 | ) | – | (0.04 | ) | 25.61 | |||||||||||||||||||||||
Year Ended October 31, 2018 | 22.48 | 0.06 | (2.45 | ) | (2.39 | ) | (0.23 | ) | – | (0.23 | ) | 19.86 | |||||||||||||||||||||
Year Ended October 31, 2017 | 18.46 | 0.20 | 4.02 | 4.22 | (0.20 | ) | – | (0.20 | ) | 22.48 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 17.94 | 0.19 | 0.33 | 0.52 | – | – | – | 18.46 | |||||||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 32.18 | (0.29 | ) | 5.68 | 5.39 | – | (0.53 | ) | (0.53 | ) | 37.04 | ||||||||||||||||||||||
Year Ended October 31, 2020 | 24.52 | (0.09 | ) | 8.83 | 8.74 | – | (1.08 | ) | (1.08 | ) | 32.18 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 19.12 | (0.21 | ) | 5.61 | 5.40 | – | – | – | 24.52 | ||||||||||||||||||||||||
Year Ended October 31, 2018 | 21.59 | (0.09 | ) | (2.35 | ) | (2.44 | ) | (0.03 | ) | – | (0.03 | ) | 19.12 | ||||||||||||||||||||
Year Ended October 31, 2017 | 17.64 | 0.03 | 3.92 | 3.95 | – | – | – | 21.59 | |||||||||||||||||||||||||
Year Ended October 31, 2016 | 17.26 | 0.06 | 0.32 | 0.38 | – | – | – | 17.64 | |||||||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 33.07 | (0.23 | ) | 5.84 | 5.61 | – | (0.53 | ) | (0.53 | ) | 38.15 | ||||||||||||||||||||||
Year Ended October 31, 2020 | 25.08 | (0.06 | ) | 9.13 | 9.07 | – | (1.08 | ) | (1.08 | ) | 33.07 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 19.48 | 0.02 | 5.58 | 5.60 | – | – | – | 25.08 | |||||||||||||||||||||||||
Year Ended October 31, 2018 | 22.07 | 0.04 | (2.46 | ) | (2.42 | ) | (0.17 | ) | – | (0.17 | ) | 19.48 | |||||||||||||||||||||
Year Ended October 31, 2017 | 18.13 | 0.15 | 3.94 | 4.09 | (0.15 | ) | – | (0.15 | ) | 22.07 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 17.68 | 0.16 | 0.29 | 0.45 | – | – | – | 18.13 | |||||||||||||||||||||||||
Institutional Service Class Shares | |||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 34.11 | (0.14 | ) | 6.01 | 5.87 | (0.02 | ) | (0.53 | ) | (0.55 | ) | 39.43 | |||||||||||||||||||||
Year Ended October 31, 2020 | 25.75 | 0.15 | 9.34 | 9.49 | (0.05 | ) | (1.08 | ) | (1.13 | ) | 34.11 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 19.98 | 0.11 | 5.76 | 5.87 | (0.10 | ) | – | (0.10 | ) | 25.75 | |||||||||||||||||||||||
Year Ended October 31, 2018 | 22.62 | 0.11 | (2.46 | ) | (2.35 | ) | (0.29 | ) | – | (0.29 | ) | 19.98 | |||||||||||||||||||||
Year Ended October 31, 2017 | 18.55 | 0.22 | 4.08 | 4.30 | (0.23 | ) | – | (0.23 | ) | 22.62 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 18.00 | 0.22 | 0.33 | 0.55 | – | – | – | 18.55 | |||||||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 34.26 | (0.09 | ) | 6.01 | 5.92 | (0.04 | ) | (0.53 | ) | (0.57 | ) | 39.61 | |||||||||||||||||||||
Year Ended October 31, 2020 | 25.85 | 0.05 | 9.51 | 9.56 | (0.07 | ) | (1.08 | ) | (1.15 | ) | 34.26 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 20.03 | 0.26 | 5.64 | 5.90 | (0.08 | ) | – | (0.08 | ) | 25.85 | |||||||||||||||||||||||
Year Ended October 31, 2018 | 22.65 | 0.05 | (2.38 | ) | (2.33 | ) | (0.29 | ) | – | (0.29 | ) | 20.03 | |||||||||||||||||||||
Year Ended October 31, 2017 | 18.58 | 0.19 | 4.13 | 4.32 | (0.25 | ) | – | (0.25 | ) | 22.65 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 18.00 | 0.26 | 0.32 | 0.58 | – | – | – | 18.58 |
* Unaudited
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
68 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen China A Share Equity Fund (concluded)
Ratios/Supplemental Data | |||||||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Portfolio Turnover (c)(f) | ||||||||||||||||
17.20%(g) | $19,626 | 1.30% | 1.60% | (0.94 | %) | 2.69 | % | ||||||||||||||
38.06%(g) | 10,888 | 1.32%(i) | 2.55%(i) | 0.28 | % | 56.48 | % | ||||||||||||||
29.21% | 8,685 | 1.60%(i) | 3.19%(i) | 0.30 | % | 115.09 | % | ||||||||||||||
(10.76%) | 5,978 | 1.95%(i) | 3.01%(i) | 0.27 | % | 26.13 | % | ||||||||||||||
23.15% | 7,492 | 1.97%(i) | 3.04%(i) | 0.98 | % | 23.58 | % | ||||||||||||||
2.90% | 7,301 | 1.95%(i) | 2.84%(i) | 1.10 | % | 15.75 | % | ||||||||||||||
16.84% | 3,960 | 1.99% | 2.38% | (1.59 | %) | 2.69 | % | ||||||||||||||
37.13% | 587 | 1.99%(i) | 3.37%(i) | (0.37 | %) | 56.48 | % | ||||||||||||||
28.24% | 839 | 2.38%(i) | 3.99%(i) | (0.96 | %) | 115.09 | % | ||||||||||||||
(11.32%) | 1,568 | 2.62%(i) | 3.81%(i) | (0.42 | %) | 26.13 | % | ||||||||||||||
22.39% | 2,437 | 2.62%(i) | 3.83%(i) | 0.14 | % | 23.58 | % | ||||||||||||||
2.20% | 3,609 | 2.62%(i) | 3.60%(i) | 0.37 | % | 15.75 | % | ||||||||||||||
17.05%(g) | 5,977 | 1.59% | 1.89% | (1.23 | %) | 2.69 | % | ||||||||||||||
37.63%(g) | 3,215 | 1.62%(i) | 2.85%(i) | (0.23 | %) | 56.48 | % | ||||||||||||||
28.75% | 2,682 | 1.92%(i) | 3.52%(i) | 0.07 | % | 115.09 | % | ||||||||||||||
(11.07%) | 1,664 | 2.27%(i) | 3.33%(i) | 0.18 | % | 26.13 | % | ||||||||||||||
22.77% | 1,851 | 2.31%(i) | 3.38%(i) | 0.74 | % | 23.58 | % | ||||||||||||||
2.55% | 1,378 | 2.28%(i) | 3.17%(i) | 0.95 | % | 15.75 | % | ||||||||||||||
17.32% | 932 | 1.08% | 1.38% | (0.74 | %) | 2.69 | % | ||||||||||||||
38.37% | 639 | 1.09%(i) | 2.32%(i) | 0.55 | % | 56.48 | % | ||||||||||||||
29.52% | 543 | 1.40%(i) | 2.96%(i) | 0.45 | % | 115.09 | % | ||||||||||||||
(10.57%) | 532 | 1.72%(i) | 2.78%(i) | 0.49 | % | 26.13 | % | ||||||||||||||
23.54% | 620 | 1.71%(i) | 2.78%(i) | 1.12 | % | 23.58 | % | ||||||||||||||
3.06% | 735 | 1.79%(i) | 2.68%(i) | 1.29 | % | 15.75 | % | ||||||||||||||
17.39% | 67,431 | 0.99% | 1.32% | (0.48 | %) | 2.69 | % | ||||||||||||||
38.55% | 4,919 | 0.99%(i) | 2.34%(i) | 0.20 | % | 56.48 | % | ||||||||||||||
29.59% | 1,336 | 1.16%(i) | 2.97%(i) | 1.09 | % | 115.09 | % | ||||||||||||||
(10.46%) | 299 | 1.62%(i) | 2.78%(i) | 0.21 | % | 26.13 | % | ||||||||||||||
23.62% | 927 | 1.62%(i) | 2.78%(i) | 0.94 | % | 23.58 | % | ||||||||||||||
3.22% | 1,575 | 1.62%(i) | 2.56%(i) | 1.47 | % | 15.75 | % |
(f) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(g) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(h) | Less than $0.005 per share. |
(i) | Includes interest expense that amounts to less than 0.01% |
2021 Semi-Annual Report | 69 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Dynamic Dividend Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Invest- ment Activities | Net Invest- ment Income | Tax Return of Capital | Total Distri- butions | Redemption Fees | Net Asset Value, End of Period | ||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ | 3.68 | $ | 0.15 | (f) | $ | 0.98 | $ | 1.13 | $ | (0.11 | ) | $ | – | $ | (0.11 | ) | $ | – | $ | 4.70 | |||||||||||||||
Year Ended October 31, 2020 | 3.99 | 0.20 | (f) | (0.28 | ) | (0.08 | ) | (0.23 | ) | – | (0.23 | ) | – | 3.68 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 3.85 | 0.23 | (f) | 0.14 | 0.37 | (0.23 | ) | – | (0.23 | ) | – | 3.99 | ||||||||||||||||||||||||
Year Ended October 31, 2018(h) | 4.04 | 0.17 | (f) | (0.13 | ) | 0.04 | (0.23 | ) | 0.00 | (i) | (0.23 | ) | 0.00 | (i) | 3.85 | |||||||||||||||||||||
Year Ended October 31, 2017 | 3.49 | 0.22 | 0.56 | 0.78 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 0.00 | (i) | 4.04 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 3.73 | 0.18 | (0.19 | ) | (0.01 | ) | (0.21 | ) | (0.02 | ) | (0.23 | ) | 0.00 | (i) | 3.49 | |||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 3.69 | 0.15 | (f) | 0.99 | 1.14 | (0.12 | ) | – | (0.12 | ) | – | 4.71 | ||||||||||||||||||||||||
Year Ended October 31, 2020 | 4.00 | 0.21 | (f) | (0.28 | ) | (0.07 | ) | (0.24 | ) | – | (0.24 | ) | – | 3.69 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 3.85 | 0.24 | (f) | 0.15 | 0.39 | (0.24 | ) | – | (0.24 | ) | – | 4.00 | ||||||||||||||||||||||||
Year Ended October 31, 2018(h) | 4.04 | 0.18 | (f) | (0.13 | ) | 0.05 | (0.24 | ) | 0.00 | (i) | (0.24 | ) | 0.00 | (i) | 3.85 | |||||||||||||||||||||
Year Ended October 31, 2017 | 3.49 | 0.22 | 0.57 | 0.79 | (0.23 | ) | (0.01 | ) | (0.24 | ) | 0.00 | (i) | 4.04 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 3.73 | 0.21 | (0.21 | ) | 0.00 | (0.22 | ) | (0.02 | ) | (0.24 | ) | 0.00 | (i) | 3.49 |
* | Unaudited |
(a) | Excludes sales charge. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
70 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Dynamic Dividend Fund (concluded)
Ratios/Supplemental Data | |||||||||||||||||||||
Total Return (a)(b) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (c) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover (b)(e) | ||||||||||||||||
31.07 | % | $ | 5,117 | 1.50 | % | 1.60 | % | 6.84 | % | 35.97 | % | ||||||||||
(2.04 | %)(g) | 3,885 | 1.50 | % | 1.60 | % | 5.20 | % | 85.01 | % | |||||||||||
10.02 | %(g) | 4,399 | 1.50 | % | 1.61 | % | 6.00 | % | 105.70 | % | |||||||||||
0.79 | % | 4,505 | 1.52 | %(j) | 1.60 | %(j) | 4.17 | % | 66.16 | % | |||||||||||
22.92 | % | 3,379 | 1.54 | %(j) | 1.58 | %(j) | 6.14 | % | 82.00 | % | |||||||||||
(0.06 | %) | 3,865 | 1.55 | %(j) | 1.56 | %(j) | 5.02 | % | 88.00 | % | |||||||||||
31.14 | % | 123,287 | 1.25 | % | 1.35 | % | 7.06 | % | 35.97 | % | |||||||||||
(1.77 | %) | 100,350 | 1.25 | % | 1.35 | % | 5.37 | % | 85.01 | % | |||||||||||
10.60 | % | 122,197 | 1.25 | % | 1.33 | % | 6.21 | % | 105.70 | % | |||||||||||
1.02 | % | 135,262 | 1.28 | %(j) | 1.35 | %(j) | 4.44 | % | 66.16 | % | |||||||||||
23.22 | % | 160,696 | 1.29 | %(j) | 1.33 | %(j) | 5.95 | % | 82.00 | % | |||||||||||
0.18 | % | 151,200 | 1.30 | %(j) | 1.31 | %(j) | 6.13 | % | 88.00 | % |
(e) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(f) | Net investment income/(loss) is based on average shares outstanding during the period. |
(g) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(h) | Beginning with the year ended October 31, 2018, the Fund has been audited by KPMG LLP. Previous years were audited by different independent registered public accounting firms. |
(i) | Less than $0.005 per share. |
(j) | Includes interest expense that amounts to 0.03%, 0.04% and 0.01% for Class A and Institutional Class for the years ended October 31, 2018, October 31, 2017 and October 31, 2016 respectively. |
2021 Semi-Annual Report | 71 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Emerging Markets Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $16.79 | $(0.02 | ) | $ 4.09 | $ 4.07 | $ – | $(0.14 | ) | $(0.14 | ) | $20.72 | |||||||||||||||||||||
Year Ended October 31, 2020 | 15.30 | 0.01 | 1.71 | 1.72 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 16.79 | |||||||||||||||||||||
Year Ended October 31, 2019 | 13.12 | 0.07 | 2.26 | 2.33 | (0.13 | ) | (0.02 | ) | (0.15 | ) | 15.30 | |||||||||||||||||||||
Year Ended October 31, 2018 | 15.74 | 0.07 | (2.53 | ) | (2.46 | ) | (0.16 | ) | – | (0.16 | ) | 13.12 | ||||||||||||||||||||
Year Ended October 31, 2017 | 13.53 | 0.10 | 2.22 | 2.32 | (0.11 | ) | – | (0.11 | ) | 15.74 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 12.22 | 0.11 | 1.33 | 1.44 | – | (h) | (0.13 | ) | (0.13 | ) | 13.53 | |||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 16.68 | (0.08 | ) | 4.07 | 3.99 | – | (0.14 | ) | (0.14 | ) | 20.53 | |||||||||||||||||||||
Year Ended October 31, 2020 | 15.18 | (0.06 | ) | 1.69 | 1.63 | (0.12 | ) | (0.01 | ) | (0.13 | ) | 16.68 | ||||||||||||||||||||
Year Ended October 31, 2019 | 12.97 | – | (h) | 2.24 | 2.24 | (0.01 | ) | (0.02 | ) | (0.03 | ) | 15.18 | ||||||||||||||||||||
Year Ended October 31, 2018 | 15.55 | – | (h) | (2.51 | ) | (2.51 | ) | (0.07 | ) | – | (0.07 | ) | 12.97 | |||||||||||||||||||
Year Ended October 31, 2017 | 13.35 | 0.02 | 2.21 | 2.23 | (0.03 | ) | – | (0.03 | ) | 15.55 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 12.14 | 0.03 | 1.31 | 1.34 | – | (0.13 | ) | (0.13 | ) | 13.35 | ||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 16.60 | (0.04 | ) | 4.05 | 4.01 | – | (0.14 | ) | (0.14 | ) | 20.47 | |||||||||||||||||||||
Year Ended October 31, 2020 | 15.14 | – | (h) | 1.68 | 1.68 | (0.21 | ) | (0.01 | ) | (0.22 | ) | 16.60 | ||||||||||||||||||||
Year Ended October 31, 2019 | 13.00 | 0.07 | 2.21 | 2.28 | (0.12 | ) | (0.02 | ) | (0.14 | ) | 15.14 | |||||||||||||||||||||
Year Ended October 31, 2018 | 15.61 | 0.06 | (2.52 | ) | (2.46 | ) | (0.15 | ) | – | (0.15 | ) | 13.00 | ||||||||||||||||||||
Year Ended October 31, 2017 | 13.43 | 0.08 | 2.19 | 2.27 | (0.09 | ) | – | (0.09 | ) | 15.61 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 12.17 | 0.08 | 1.31 | 1.39 | – | (0.13 | ) | (0.13 | ) | 13.43 | ||||||||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 16.85 | 0.01 | 4.11 | 4.12 | (0.03 | ) | (0.14 | ) | (0.17 | ) | 20.80 | |||||||||||||||||||||
Year Ended October 31, 2020 | 15.37 | 0.07 | 1.70 | 1.77 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 16.85 | |||||||||||||||||||||
Year Ended October 31, 2019 | 13.19 | 0.23 | 2.16 | 2.39 | (0.19 | ) | (0.02 | ) | (0.21 | ) | 15.37 | |||||||||||||||||||||
Year Ended October 31, 2018 | 15.78 | 0.14 | (2.55 | ) | (2.41 | ) | (0.18 | ) | – | (0.18 | ) | 13.19 | ||||||||||||||||||||
Year Ended October 31, 2017 | 13.55 | 0.14 | 2.23 | 2.37 | (0.14 | ) | – | (0.14 | ) | 15.78 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 12.22 | 0.14 | 1.33 | 1.47 | (0.01 | ) | (0.13 | ) | (0.14 | ) | 13.55 | |||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 16.90 | 0.03 | 4.12 | 4.15 | (0.04 | ) | (0.14 | ) | (0.18 | ) | 20.87 | |||||||||||||||||||||
Year Ended October 31, 2020 | 15.39 | 0.09 | 1.72 | 1.81 | (0.29 | ) | (0.01 | ) | (0.30 | ) | 16.90 | |||||||||||||||||||||
Year Ended October 31, 2019 | 13.20 | 0.13 | 2.27 | 2.40 | (0.19 | ) | (0.02 | ) | (0.21 | ) | 15.39 | |||||||||||||||||||||
Year Ended October 31, 2018 | 15.81 | 0.15 | (2.55 | ) | (2.40 | ) | (0.21 | ) | – | (0.21 | ) | 13.20 | ||||||||||||||||||||
Year Ended October 31, 2017 | 13.58 | 0.17 | 2.22 | 2.39 | (0.16 | ) | – | (0.16 | ) | 15.81 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 12.24 | 0.16 | 1.33 | 1.49 | (0.02 | ) | (0.13 | ) | (0.15 | ) | 13.58 |
* Unaudited
(a) Net investment income/(loss) is based on average shares outstanding during the period.
(b) Excludes sales charge.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
Amounts listed as “–” are $0 or round to $0.
See accompanying Notes to Financial Statements.
72 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Emerging Markets Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Portfolio Turnover (c)(f) | |||||||||||||||
24.28% | $ 123,138 | 1.57 | % | 1.57 | % | (0.23 | %) | 19.00 | % | |||||||||||
11.31% | 107,572 | 1.59 | %(g) | 1.59 | %(g) | 0.09 | % | 26.13 | % | |||||||||||
17.89% | 134,382 | 1.59 | %(g) | 1.59 | %(g) | 0.46 | % | 14.86 | % | |||||||||||
(15.80%) | 143,297 | 1.59 | %(g) | 1.59 | %(g) | 0.49 | % | 20.39 | % | |||||||||||
17.39% | 208,084 | 1.56 | % | 1.56 | % | 0.70 | % | 16.55 | % | |||||||||||
12.04% | 188,315 | 1.48 | %(g) | 1.49 | %(g) | 0.91 | % | 9.19 | % | |||||||||||
23.96% | 14,279 | 2.10 | % | 2.14 | % | (0.76 | %) | 19.00 | % | |||||||||||
10.74% | 11,786 | 2.10 | %(g) | 2.19 | %(g) | (0.40 | %) | 26.13 | % | |||||||||||
17.26% | 15,611 | 2.10 | %(g) | 2.20 | %(g) | (0.03 | %) | 14.86 | % | |||||||||||
(16.20%) | 15,886 | 2.10 | %(g) | 2.21 | %(g) | – | (i) | 20.39 | % | |||||||||||
16.75% | 28,618 | 2.10 | % | 2.28 | % | 0.16 | % | 16.55 | % | |||||||||||
11.26% | 25,054 | 2.10 | %(g) | 2.20 | %(g) | 0.28 | % | 9.19 | % | |||||||||||
24.20% | 134,875 | 1.70 | % | 1.70 | % | (0.36 | %) | 19.00 | % | |||||||||||
11.13% | 113,707 | 1.73 | %(g) | 1.73 | %(g) | 0.01 | % | 26.13 | % | |||||||||||
17.72% | 108,487 | 1.75 | %(g) | 1.75 | %(g) | 0.48 | % | 14.86 | % | |||||||||||
(15.93%) | 89,874 | 1.75 | %(g) | 1.75 | %(g) | 0.40 | % | 20.39 | % | |||||||||||
17.13% | 79,767 | 1.78 | % | 1.78 | % | 0.55 | % | 16.55 | % | |||||||||||
11.65% | 47,410 | 1.77 | %(g) | 1.78 | %(g) | 0.69 | % | 9.19 | % | |||||||||||
24.53% | 459,741 | 1.22 | % | 1.22 | % | 0.13 | % | 19.00 | % | |||||||||||
11.64%(j) | 362,229 | 1.24 | %(g) | 1.24 | %(g) | 0.50 | % | 26.13 | % | |||||||||||
18.38%(j) | 297,466 | 1.24 | %(g) | 1.24 | %(g) | 1.55 | % | 14.86 | % | |||||||||||
(15.48%) | 118,917 | 1.16 | %(g) | 1.16 | %(g) | 0.89 | % | 20.39 | % | |||||||||||
17.75% | 205,880 | 1.28 | % | 1.28 | % | 0.96 | % | 16.55 | % | |||||||||||
12.25% | 333,964 | 1.28 | %(g) | 1.29 | %(g) | 1.13 | % | 9.19 | % | |||||||||||
24.61% | 4,602,730 | 1.10 | % | 1.15 | % | 0.25 | % | 19.00 | % | |||||||||||
11.86% | 3,414,059 | 1.10 | %(g) | 1.18 | %(g) | 0.59 | % | 26.13 | % | |||||||||||
18.45% | 4,420,838 | 1.10 | %(g) | 1.16 | %(g) | 0.91 | % | 14.86 | % | |||||||||||
(15.38%) | 5,511,182 | 1.10 | %(g) | 1.14 | %(g) | 1.00 | % | 20.39 | % | |||||||||||
17.89% | 8,179,870 | 1.10 | % | 1.13 | % | 1.17 | % | 16.55 | % | |||||||||||
12.41%(j) | 7,365,757 | 1.10 | %(g) | 1.14 | %(g) | 1.32 | % | 9.19 | % |
(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g) Includes interest expense that amounts to less than 0.01%.
(h) Less than $0.005 per share.
(i) Amount is less than 0.005%.
(j) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.
2021 Semi-Annual Report | 73 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Emerging Markets Sustainable Leaders Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Total Distributions | Net Asset Value, End of Period | ||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 15.74 | $ – | (g) | $ 3.55 | $ 3.55 | $ – | (g) | $ – | (g) | $ 19.29 | ||||||||||||||||||
Year Ended October 31, 2020 | 14.68 | – | (g) | 1.21 | 1.21 | (0.15 | ) | (0.15 | ) | 15.74 | ||||||||||||||||||
Year Ended October 31, 2019 | 13.28 | 0.12 | 1.57 | 1.69 | (0.29 | ) | (0.29 | ) | 14.68 | |||||||||||||||||||
Year Ended October 31, 2018 | 15.04 | 0.15 | (1.78 | ) | (1.63 | ) | (0.13 | ) | (0.13 | ) | 13.28 | |||||||||||||||||
Year Ended October 31, 2017 | 12.70 | 0.15 | 2.36 | 2.51 | (0.17 | ) | (0.17 | ) | 15.04 | |||||||||||||||||||
Year Ended October 31, 2016 | 12.52 | 0.18 | 0.04 | 0.22 | (0.04 | ) | (0.04 | ) | 12.70 | |||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 14.79 | (0.06 | ) | 3.34 | 3.28 | – | – | 18.07 | ||||||||||||||||||||
Year Ended October 31, 2020 | 13.76 | (0.08 | ) | 1.12 | 1.04 | (0.01 | ) | (0.01 | ) | 14.79 | ||||||||||||||||||
Year Ended October 31, 2019 | 12.44 | 0.03 | 1.48 | 1.51 | (0.19 | ) | (0.19 | ) | 13.76 | |||||||||||||||||||
Year Ended October 31, 2018 | 14.09 | 0.04 | (1.66 | ) | (1.62 | ) | (0.03 | ) | (0.03 | ) | 12.44 | |||||||||||||||||
Year Ended October 31, 2017 | 11.89 | 0.04 | 2.23 | 2.27 | (0.07 | ) | (0.07 | ) | 14.09 | |||||||||||||||||||
Year Ended October 31, 2016 | 11.79 | 0.08 | 0.03 | 0.11 | (0.01 | ) | (0.01 | ) | 11.89 | |||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 14.98 | (0.02 | ) | 3.38 | 3.36 | – | – | 18.34 | ||||||||||||||||||||
Year Ended October 31, 2020 | 13.97 | (0.03 | ) | 1.14 | 1.11 | (0.10 | ) | (0.10 | ) | 14.98 | ||||||||||||||||||
Year Ended October 31, 2019 | 12.65 | 0.08 | 1.50 | 1.58 | (0.26 | ) | (0.26 | ) | 13.97 | |||||||||||||||||||
Year Ended October 31, 2018 | 14.33 | 0.10 | (1.68 | ) | (1.58 | ) | (0.10 | ) | (0.10 | ) | 12.65 | |||||||||||||||||
Year Ended October 31, 2017 | 12.11 | 0.10 | 2.25 | 2.35 | (0.13 | ) | (0.13 | ) | 14.33 | |||||||||||||||||||
Year Ended October 31, 2016 | 11.97 | 0.12 | 0.05 | 0.17 | (0.03 | ) | (0.03 | ) | 12.11 | |||||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 16.08 | 0.03 | 3.63 | 3.66 | (0.05 | ) | (0.05 | ) | 19.69 | |||||||||||||||||||
Year Ended October 31, 2020 | 15.00 | 0.06 | 1.22 | 1.28 | (0.20 | ) | (0.20 | ) | 16.08 | |||||||||||||||||||
Year Ended October 31, 2019 | 13.58 | 0.17 | 1.60 | 1.77 | (0.35 | ) | (0.35 | ) | 15.00 | |||||||||||||||||||
Year Ended October 31, 2018 | 15.37 | 0.20 | (1.80 | ) | (1.60 | ) | (0.19 | ) | (0.19 | ) | 13.58 | |||||||||||||||||
Year Ended October 31, 2017 | 12.98 | 0.19 | 2.41 | 2.60 | (0.21 | ) | (0.21 | ) | 15.37 | |||||||||||||||||||
Year Ended October 31, 2016 | 12.77 | 0.20 | 0.05 | 0.25 | (0.04 | ) | (0.04 | ) | 12.98 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 16.15 | 0.03 | 3.65 | 3.68 | (0.05 | ) | (0.05 | ) | 19.78 | |||||||||||||||||||
Year Ended October 31, 2020 | 15.06 | 0.06 | 1.23 | 1.29 | (0.20 | ) | (0.20 | ) | 16.15 | |||||||||||||||||||
Year Ended October 31, 2019 | 13.63 | 0.17 | 1.61 | 1.78 | (0.35 | ) | (0.35 | ) | 15.06 | |||||||||||||||||||
Year Ended October 31, 2018 | 15.43 | 0.21 | (1.82 | ) | (1.61 | ) | (0.19 | ) | (0.19 | ) | 13.63 | |||||||||||||||||
Year Ended October 31, 2017 | 13.04 | 0.20 | 2.42 | 2.62 | (0.23 | ) | (0.23 | ) | 15.43 | |||||||||||||||||||
Year Ended October 31, 2016 | 12.82 | 0.22 | 0.05 | 0.27 | (0.05 | ) | (0.05 | ) | 13.04 |
* Unaudited
(a) Net investment income/(loss) is based on average shares outstanding during the period.
(b) Excludes sales charge.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
74 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Emerging Markets Sustainable Leaders Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Portfolio Turnover (c)(f) | |||||||||||||||
22.57% | $ 24,759 | 1.49 | %(h) | 1.49 | %(h) | (0.03 | %) | 104.79 | % | |||||||||||
8.24% | 21,418 | 1.49 | %(h) | 1.49 | %(h) | 0.02 | % | 37.50 | % | |||||||||||
13.13% | 24,719 | 1.52 | %(i) | 1.52 | %(i) | 0.89 | % | 28.30 | % | |||||||||||
(10.93%) | 24,957 | 1.38 | % | 1.38 | % | 0.99 | % | 20.75 | % | |||||||||||
20.05% | 39,619 | 1.39 | % | 1.39 | % | 1.09 | % | 13.11 | % | |||||||||||
1.76% | 47,736 | 1.39 | %(h) | 1.39 | %(h) | 1.49 | % | 27.99 | % | |||||||||||
22.18% | 2,582 | 2.11 | %(h) | 2.21 | %(h) | (0.68 | %) | 104.79 | % | |||||||||||
7.56%(j) | 2,432 | 2.10 | %(h) | 2.20 | %(h) | (0.55 | %) | 37.50 | % | |||||||||||
12.43%(j) | 4,330 | 2.12 | %(i) | 2.24 | %(i) | 0.21 | % | 28.30 | % | |||||||||||
(11.54%) | 8,074 | 2.10 | % | 2.10 | % | 0.27 | % | 20.75 | % | |||||||||||
19.27% | 12,375 | 2.10 | % | 2.18 | % | 0.35 | % | 13.11 | % | |||||||||||
0.97% | 14,400 | 2.10 | %(h) | 2.12 | %(h) | 0.70 | % | 27.99 | % | |||||||||||
22.43% | 6,253 | 1.75 | %(h) | 1.75 | %(h) | (0.18 | %) | 104.79 | % | |||||||||||
7.97% | 3,244 | 1.74 | %(h) | 1.74 | %(h) | (0.22 | %) | 37.50 | % | |||||||||||
12.80% | 3,992 | 1.79 | %(i) | 1.79 | %(i) | 0.58 | % | 28.30 | % | |||||||||||
(11.14%) | 5,041 | 1.64 | % | 1.64 | % | 0.74 | % | 20.75 | % | |||||||||||
19.70% | 7,335 | 1.70 | % | 1.70 | % | 0.75 | % | 13.11 | % | |||||||||||
1.42% | 7,647 | 1.67 | %(h) | 1.67 | %(h) | 1.08 | % | 27.99 | % | |||||||||||
22.76% | 99,298 | 1.17 | %(h) | 1.17 | %(h) | 0.28 | % | 104.79 | % | |||||||||||
8.58%(j) | 83,121 | 1.15 | %(h) | 1.15 | %(h) | 0.36 | % | 37.50 | % | |||||||||||
13.49%(j) | 85,934 | 1.16 | %(i) | 1.16 | %(i) | 1.23 | % | 28.30 | % | |||||||||||
(10.58%) | 84,902 | 1.06 | % | 1.06 | % | 1.31 | % | 20.75 | % | |||||||||||
20.46% | 106,424 | 1.08 | % | 1.08 | % | 1.35 | % | 13.11 | % | |||||||||||
2.01% | 101,655 | 1.14 | %(h) | 1.14 | %(h) | 1.62 | % | 27.99 | % | |||||||||||
22.79% | 94,624 | 1.11 | %(h) | 1.15 | %(h) | 0.31 | % | 104.79 | % | |||||||||||
8.63%(j) | 107,158 | 1.10 | %(h) | 1.13 | %(h) | 0.41 | % | 37.50 | % | |||||||||||
13.55%(j) | 99,475 | 1.12 | %(i) | 1.13 | %(i) | 1.21 | % | 28.30 | % | |||||||||||
(10.56%) | 272,152 | 1.02 | % | 1.02 | % | 1.37 | % | 20.75 | % | |||||||||||
20.47% | 367,341 | 1.02 | % | 1.02 | % | 1.43 | % | 13.11 | % | |||||||||||
2.14% | 286,659 | 1.04 | %(h) | 1.04 | %(h) | 1.75 | % | 27.99 | % |
(e) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(f) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(g) | Less than $0.005 per share. |
(h) | Includes interest expense that amounts to less than 0.01%. |
(i) | Includes interest expense that amounts to 0.02% for Class C and Institutional class. Includes interest expense that amounts to 0.01% for Class A, Class R and Institutional Service Class. |
(j) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
2021 Semi-Annual Report | 75 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Global Equity Fund
Investment Activities | Distributions | |||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 13.21 | $(0.02 | ) | $ 3.60 | $ 3.58 | $ – | $ – | $ – | $16.79 | |||||||||||||||
Year Ended October 31, 2020 | 12.87 | (0.01 | ) | 0.77 | 0.76 | (0.08 | ) | (0.34 | ) | (0.42 | ) | 13.21 | ||||||||||||
Year Ended October 31, 2019 | 12.75 | 0.08 | 1.08 | 1.16 | (0.09 | ) | (0.95 | ) | (1.04 | ) | 12.87 | |||||||||||||
Year Ended October 31, 2018 | 14.66 | 0.09 | (0.72 | ) | (0.63 | ) | (0.10 | ) | (1.18 | ) | (1.28 | ) | 12.75 | |||||||||||
Year Ended October 31, 2017 | 12.35 | 0.10 | 2.30 | 2.40 | (0.09 | ) | – | (0.09 | ) | 14.66 | ||||||||||||||
Year Ended October 31, 2016 | 12.15 | 0.10 | 0.13 | 0.23 | (0.03 | ) | – | (0.03 | ) | 12.35 | ||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 12.27 | (0.07 | ) | 3.34 | 3.27 | – | – | – | 15.54 | |||||||||||||||
Year Ended October 31, 2020 | 11.98 | (0.08 | ) | 0.71 | 0.63 | – | (0.34 | ) | (0.34 | ) | 12.27 | |||||||||||||
Year Ended October 31, 2019 | 11.93 | 0.01 | 0.99 | 1.00 | – | (0.95 | ) | (0.95 | ) | 11.98 | ||||||||||||||
Year Ended October 31, 2018 | 13.78 | – | (i) | (0.67 | ) | (0.67 | ) | – | (1.18 | ) | (1.18 | ) | 11.93 | |||||||||||
Year Ended October 31, 2017 | 11.65 | 0.01 | 2.18 | 2.19 | (0.06 | ) | – | (0.06 | ) | 13.78 | ||||||||||||||
Year Ended October 31, 2016 | 11.52 | 0.02 | 0.12 | 0.14 | (0.01 | ) | – | (0.01 | ) | 11.65 | ||||||||||||||
Class R Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 12.54 | (0.04 | ) | 3.41 | 3.37 | – | – | – | 15.91 | |||||||||||||||
Year Ended October 31, 2020 | 12.21 | (0.05 | ) | 0.73 | 0.68 | (0.01 | ) | (0.34 | ) | (0.35 | ) | 12.54 | ||||||||||||
Year Ended October 31, 2019 | 12.15 | 0.03 | 1.01 | 1.04 | (0.03 | ) | (0.95 | ) | (0.98 | ) | 12.21 | |||||||||||||
Year Ended October 31, 2018 | 14.04 | 0.03 | (0.68 | ) | (0.65 | ) | (0.06 | ) | (1.18 | ) | (1.24 | ) | 12.15 | |||||||||||
Year Ended October 31, 2017 | 11.88 | 0.04 | 2.22 | 2.26 | (0.10 | ) | – | (0.10 | ) | 14.04 | ||||||||||||||
Year Ended October 31, 2016 | 11.71 | 0.08 | 0.11 | 0.19 | (0.02 | ) | – | (0.02 | ) | 11.88 | ||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 13.41 | – | (i) | 3.65 | 3.65 | – | – | – | 17.06 | |||||||||||||||
Year Ended October 31, 2020 | 13.05 | 0.02 | 0.80 | 0.82 | (0.12 | ) | (0.34 | ) | (0.46 | ) | 13.41 | |||||||||||||
Year Ended October 31, 2019 | 12.94 | 0.11 | 1.08 | 1.19 | (0.13 | ) | (0.95 | ) | (1.08 | ) | 13.05 | |||||||||||||
Year Ended October 31, 2018 | 14.87 | 0.13 | (0.73 | ) | (0.60 | ) | (0.15 | ) | (1.18 | ) | (1.33 | ) | 12.94 | |||||||||||
Year Ended October 31, 2017 | 12.53 | 0.13 | 2.34 | 2.47 | (0.13 | ) | – | (0.13 | ) | 14.87 | ||||||||||||||
Year Ended October 31, 2016 | 12.30 | 0.14 | 0.13 | 0.27 | (0.04 | ) | – | (0.04 | ) | 12.53 | ||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 13.24 | – | (i) | 3.61 | 3.61 | – | – | – | 16.85 | |||||||||||||||
Year Ended October 31, 2020 | 12.88 | 0.03 | 0.79 | 0.82 | (0.12 | ) | (0.34 | ) | (0.46 | ) | 13.24 | |||||||||||||
Year Ended October 31, 2019 | 12.77 | 0.13 | 1.06 | 1.19 | (0.13 | ) | (0.95 | ) | (1.08 | ) | 12.88 | |||||||||||||
Year Ended October 31, 2018 | 14.69 | 0.14 | (0.73 | ) | (0.59 | ) | (0.15 | ) | (1.18 | ) | (1.33 | ) | 12.77 | |||||||||||
Year Ended October 31, 2017 | 12.40 | 0.16 | 2.26 | 2.42 | (0.13 | ) | – | (0.13 | ) | 14.69 | ||||||||||||||
Year Ended October 31, 2016 | 12.16 | 0.14 | 0.14 | 0.28 | (0.04 | ) | – | (0.04 | ) | 12.40 |
* | Unaudited |
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
76 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Global Equity Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Portfolio Turnover (c)(f) | |||||||||||
27.10 | % | $ 27,167 | 1.53 | % | 2.10 | % | (0.28 | %) | 15.84 | % | ||||||
5.93 | %(g) | 22,455 | 1.53 | %(h) | 2.17 | %(h) | (0.06 | %) | 29.04 | % | ||||||
10.40 | %(g) | 26,719 | 1.53 | %(h) | 2.07 | %(h) | 0.66 | % | 32.68 | % | ||||||
(4.97 | %) | 27,530 | 1.53 | % | 1.92 | % | 0.67 | % | 22.06 | % | ||||||
19.58 | % | 34,296 | 1.56 | %(h) | 1.68 | %(h) | 0.71 | % | 24.98 | % | ||||||
1.93 | % | 48,350 | 1.56 | %(h) | 1.63 | %(h) | 0.82 | % | 21.59 | % | ||||||
26.65 | % | 224 | 2.19 | % | 2.98 | % | (0.94 | %) | 15.84 | % | ||||||
5.24 | % | 205 | 2.19 | %(h) | 3.04 | %(h) | (0.68 | %) | 29.04 | % | ||||||
9.62 | % | 638 | 2.19 | %(h) | 2.95 | %(h) | 0.05 | % | 32.68 | % | ||||||
(5.53 | %) | 1,713 | 2.19 | % | 2.77 | % | 0.02 | % | 22.06 | % | ||||||
18.85 | % | 2,181 | 2.19 | %(h) | 2.51 | %(h) | 0.06 | % | 24.98 | % | ||||||
1.24 | % | 1,495 | 2.19 | %(h) | 2.36 | %(h) | 0.20 | % | 21.59 | % | ||||||
26.87 | % | 939 | 1.84 | % | 2.41 | % | (0.58 | %) | 15.84 | % | ||||||
5.58 | % | 898 | 1.91 | %(h) | 2.55 | %(h) | (0.42 | %) | 29.04 | % | ||||||
9.83 | % | 1,554 | 1.94 | %(h) | 2.48 | %(h) | 0.26 | % | 32.68 | % | ||||||
(5.27 | %) | 2,120 | 1.94 | % | 2.33 | % | 0.26 | % | 22.06 | % | ||||||
19.15 | % | 3,107 | 1.90 | %(h) | 2.02 | %(h) | 0.31 | % | 24.98 | % | ||||||
1.64 | % | 1,348 | 1.84 | %(h) | 1.91 | %(h) | 0.66 | % | 21.59 | % | ||||||
27.22 | % | 316 | 1.29 | % | 1.86 | % | (0.03 | %) | 15.84 | % | ||||||
6.25 | % | 250 | 1.29 | %(h) | 1.93 | %(h) | 0.18 | % | 29.04 | % | ||||||
10.56 | % | 265 | 1.29 | %(h) | 1.83 | %(h) | 0.88 | % | 32.68 | % | ||||||
(4.65 | %) | 460 | 1.26 | % | 1.65 | % | 0.94 | % | 22.06 | % | ||||||
19.97 | % | 570 | 1.29 | %(h) | 1.41 | %(h) | 0.94 | % | 24.98 | % | ||||||
2.26 | % | 1 | 1.19 | %(h) | 1.26 | %(h) | 1.17 | % | 21.59 | % | ||||||
27.27 | % | 1,552 | 1.19 | % | 1.81 | % | 0.04 | % | 15.84 | % | ||||||
6.39 | % | 1,409 | 1.19 | %(h) | 1.88 | %(h) | 0.27 | % | 29.04 | % | ||||||
10.71 | % | 1,390 | 1.19 | %(h) | 1.77 | %(h) | 1.01 | % | 32.68 | % | ||||||
(4.63 | %) | 2,104 | 1.19 | % | 1.62 | % | 1.01 | % | 22.06 | % | ||||||
19.75 | % | 2,699 | 1.19 | %(h) | 1.32 | %(h) | 1.21 | % | 24.98 | % | ||||||
2.36 | % | 36,167 | 1.19 | %(h) | 1.27 | %(h) | 1.19 | % | 21.59 | % |
(f) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(g) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(h) | Includes interest expense that amounts to less than 0.01%. |
(i) | Less than $0.005 per share. |
2021 Semi-Annual Report | 77 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Global Infrastructure Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Invest- ments | Total from Invest- ment Activities | Net Invest- ment Income | Net Realized Gains | Tax Return of Capital | Total Distri- butions | Redemp- tion Fees | Net Asset Value, End of Period | |||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $19.03 | $ 0.15 | (f) | $ 4.86 | $ 5.01 | $(0.36 | ) | $ – | $ – | $(0.36 | ) | $ – | $23.68 | |||||||||||||||||
Year Ended October 31, 2020 | 21.93 | 0.53 | (f) | (2.59 | ) | (2.06 | ) | (0.56 | ) | (0.14 | ) | (0.14 | ) | (0.84 | ) | – | 19.03 | |||||||||||||
Year Ended October 31, 2019 | 18.82 | 0.30 | (f) | 3.48 | 3.78 | (0.64 | ) | (0.03 | ) | – | (0.67 | ) | – | 21.93 | ||||||||||||||||
Year Ended October 31, 2018(g) | 20.65 | 0.46 | (f) | (1.54 | ) | (1.08 | ) | (0.71 | ) | (0.04 | ) | – | (0.75 | ) | 0.00 | (h) | 18.82 | |||||||||||||
Year Ended October 31, 2017 | 17.55 | 0.66 | 3.15 | 3.81 | (0.71 | ) | – | – | (0.71 | ) | 0.00 | (h) | 20.65 | |||||||||||||||||
Year Ended October 31, 2016 | 17.63 | 0.76 | (0.12 | ) | 0.64 | (0.72 | ) | – | – | (0.72 | ) | 0.00 | (h) | 17.55 | ||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 19.05 | 0.18 | (f) | 4.87 | 5.05 | (0.38 | ) | – | – | (0.38 | ) | – | 23.72 | |||||||||||||||||
Year Ended October 31, 2020 | 21.97 | 0.58 | (f) | (2.60 | ) | (2.02 | ) | (0.62 | ) | (0.14 | ) | (0.14 | ) | (0.90 | ) | – | 19.05 | |||||||||||||
Year Ended October 31, 2019 | 18.85 | 0.34 | (f) | 3.50 | 3.84 | (0.69 | ) | (0.03 | ) | – | (0.72 | ) | – | 21.97 | ||||||||||||||||
Year Ended October 31, 2018(g) | 20.68 | 0.54 | (f) | (1.57 | ) | (1.03 | ) | (0.76 | ) | (0.04 | ) | – | (0.80 | ) | 0.00 | (h) | 18.85 | |||||||||||||
Year Ended October 31, 2017 | 17.58 | 0.70 | 3.16 | 3.86 | (0.76 | ) | – | – | (0.76 | ) | 0.00 | (h) | 20.68 | |||||||||||||||||
Year Ended October 31, 2016 | 17.66 | 0.81 | (0.13 | ) | 0.68 | (0.76 | ) | – | – | (0.76 | ) | 0.00 | (h) | 17.58 |
* | Unaudited |
(a) | Excludes sales charge. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(e) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
78 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Global Infrastructure Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||
Total Return (a)(b) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (c) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover (b)(e) | |||||||||||
26.49 | % | $ 11,655 | 1.24 | % | 1.64 | % | 1.38 | % | 15.19 | % | ||||||
(9.49 | %) | 9,206 | 1.33 | % | 1.55 | % | 2.61 | % | 23.76 | % | ||||||
20.41 | % | 12,776 | 1.45 | % | 1.59 | % | 1.46 | % | 31.62 | % | ||||||
(5.39 | %) | 12,310 | 1.45 | % | 1.58 | % | 2.29 | % | 48.54 | % | ||||||
22.13 | % | 20,132 | 1.46 | %(i) | 1.58 | %(i) | 3.48 | % | 77.00 | % | ||||||
3.75 | % | 16,105 | 1.46 | %(i) | 1.54 | %(i) | 4.34 | % | 58.00 | % | ||||||
26.69 | % | 41,069 | 0.99 | % | 1.38 | % | 1.63 | % | 15.19 | % | ||||||
(9.30 | %) | 32,640 | 1.08 | % | 1.27 | % | 2.90 | % | 23.76 | % | ||||||
20.73 | % | 87,441 | 1.20 | % | 1.31 | % | 1.68 | % | 31.62 | % | ||||||
(5.13 | %) | 95,025 | 1.20 | % | 1.32 | %(i) | 2.70 | % | 48.54 | % | ||||||
22.39 | % | 115,567 | 1.21 | %(i) | 1.33 | %(i) | 3.56 | % | 77.00 | % | ||||||
4.01 | % | 134,220 | 1.21 | %(i) | 1.29 | %(i) | 4.56 | % | 58.00 | % |
(f) | Net investment income/(loss) is based on average shares outstanding during the period. |
(g) | Beginning with the year ended October 31, 2018, the Fund has been audited by KPMG LLP. Previous years were audited by different independent registered public accounting firms. |
(h) | Less than $0.005 per share. |
(i) | Includes interest expense that amounts to less than 0.01% for Class A and Institutional Class for the years ended October 31, 2017 and October 31, 2016. |
2021 Semi-Annual Report | 79 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen International Real Estate Equity Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Total Distributions | Redemption Fees | Net Asset Value, End of Period | |||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 17.80 | $ 0.15 | (f) | $ 3.19 | $ 3.34 | $ (0.37 | ) | $ (0.37 | ) | $ – | $ 20.77 | |||||||||||||||||||||
Year Ended October 31, 2020 | 23.71 | 0.30 | (f) | (3.52 | ) | (3.22 | ) | (2.69 | ) | (2.69 | ) | – | 17.80 | |||||||||||||||||||
Year Ended October 31, 2019 | 20.02 | 0.33 | (f) | 3.99 | 4.32 | (0.63 | ) | (0.63 | ) | – | 23.71 | |||||||||||||||||||||
Year Ended October 31, 2018(h) | 22.82 | 0.14 | (f) | (2.46 | ) | (2.32 | ) | (0.48 | ) | (0.48 | ) | 0.00 | (i) | 20.02 | ||||||||||||||||||
Year Ended October 31, 2017 | 19.33 | 0.02 | 3.47 | 3.49 | – | – | 0.00 | (i) | 22.82 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 21.79 | 0.08 | (1.12 | ) | (1.04 | ) | (1.42 | ) | (1.42 | ) | 0.00 | (i) | 19.33 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 17.95 | 0.16 | (f) | 3.20 | 3.36 | (0.69 | ) | (0.69 | ) | – | 20.62 | |||||||||||||||||||||
Year Ended October 31, 2020 | 23.87 | 0.35 | (f) | (3.53 | ) | (3.18 | ) | (2.74 | ) | (2.74 | ) | – | 17.95 | |||||||||||||||||||
Year Ended October 31, 2019 | 20.17 | 0.38 | (f) | 4.01 | 4.39 | (0.69 | ) | (0.69 | ) | – | 23.87 | |||||||||||||||||||||
Year Ended October 31, 2018(h) | 22.99 | 0.21 | (f) | (2.49 | ) | (2.28 | ) | (0.54 | ) | (0.54 | ) | 0.00 | (i) | 20.17 | ||||||||||||||||||
Year Ended October 31, 2017 | 19.46 | 0.20 | 3.36 | 3.56 | (0.03 | ) | (0.03 | ) | 0.00 | (i) | 22.99 | |||||||||||||||||||||
Year Ended October 31, 2016 | 21.92 | 0.17 | (1.16 | ) | (0.99 | ) | (1.47 | ) | (1.47 | ) | 0.00 | (i) | 19.46 |
* Unaudited
(a) Excludes sales charge.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f) Net investment income/(loss) is based on average shares outstanding during the period.
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
80 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen International Real Estate Equity Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||
Total Return (a)(b) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (c) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover (b)(e) | |||||||||||
18.90 | % | $ 39 | 1.62 | %(g) | 2.55 | %(g) | 1.54 | % | 40.59 | % | ||||||
(15.48 | %) | 21 | 1.65 | %(g) | 1.98 | %(g) | 1.58 | % | 57.05 | % | ||||||
22.29 | % | 177 | 1.62 | %(g) | 1.65 | %(g) | 1.51 | % | 60.73 | % | ||||||
(10.52 | %) | 135 | 1.63 | %(g) | 1.67 | %(g) | 0.62 | % | 89.59 | % | ||||||
18.05 | % | 176 | 1.61 | %(g) | 1.62 | %(g) | 0.75 | % | 60.00 | % | ||||||
(4.99 | %) | 125 | 1.57 | %(g) | 1.60 | %(g) | 0.54 | % | 33.00 | % | ||||||
19.03 | % | 22,321 | 1.37 | %(g) | 2.18 | %(g) | 1.65 | % | 40.59 | % | ||||||
(15.27 | %) | 20,570 | 1.40 | %(g) | 1.73 | %(g) | 1.74 | % | 57.05 | % | ||||||
22.57 | %(j) | 56,510 | 1.37 | %(g) | 1.40 | %(g) | 1.74 | % | 60.73 | % | ||||||
(10.35 | %) | 97,453 | 1.38 | %(g) | 1.39 | %(g) | 0.89 | % | 89.59 | % | ||||||
18.36 | % | 117,484 | 1.35 | %(g) | 1.37 | %(g) | 0.94 | % | 60.00 | % | ||||||
(4.70 | %) | 107,744 | 1.34 | %(g) | 1.37 | %(g) | 0.75 | % | 33.00 | % |
(g) | Includes interest expense that amounts to less than 0.01% for Class A and Institutional Class for the six months ended April 30, 2021. Includes interest expense that amounts to 0.02%, 0.01%, 0.02%, less than 0.01% and less than 0.01% for Class A and Institutional Class for the years ended October 31, 2020, October 31, 2019, October 31, 2018, October 31, 2017 and October 31, 2016, respectively. |
(h) | Beginning with the year ended October 31, 2018, the Fund has been audited by KPMG LLP. Previous years were audited by different independent registered public accounting firms. |
(i) | Less than $0.005 per share. |
(j) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
2021 Semi-Annual Report | 81 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen International Small Cap Fund
Investment Activities | Distributions | |||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 30.18 | $ (0.10 | ) | $ 7.59 | $ 7.49 | $ – | $ – | $ – | $ 37.67 | |||||||||||||||
Year Ended October 31, 2020 | 28.11 | (0.09 | ) | 3.63 | 3.54 | (0.34 | ) | (1.13 | ) | (1.47 | ) | 30.18 | ||||||||||||
Year Ended October 31, 2019 | 29.23 | 0.23 | 3.03 | 3.26 | (0.65 | ) | (3.73 | ) | (4.38 | ) | 28.11 | |||||||||||||
Year Ended October 31, 2018 | 31.35 | 0.47 | (1.56 | ) | (1.09 | ) | (0.17 | ) | (0.86 | ) | (1.03 | ) | 29.23 | |||||||||||
Year Ended October 31, 2017 | 25.97 | 0.11 | 5.49 | 5.60 | (0.14 | ) | (0.08 | ) | (0.22 | ) | 31.35 | |||||||||||||
Year Ended October 31, 2016 | 26.87 | 0.13 | 1.61 | 1.74 | (0.12 | ) | (2.52 | ) | (2.64 | ) | 25.97 | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 27.16 | (0.18 | ) | 6.82 | 6.64 | – | – | – | 33.80 | |||||||||||||||
Year Ended October 31, 2020 | 25.43 | (0.25 | ) | 3.27 | 3.02 | (0.16 | ) | (1.13 | ) | (1.29 | ) | 27.16 | ||||||||||||
Year Ended October 31, 2019 | 26.73 | (0.04 | ) | 2.84 | 2.80 | (0.37 | ) | (3.73 | ) | (4.10 | ) | 25.43 | ||||||||||||
Year Ended October 31, 2018 | 28.78 | 0.20 | (1.39 | ) | (1.19 | ) | – | (0.86 | ) | (0.86 | ) | 26.73 | ||||||||||||
Year Ended October 31, 2017 | 23.88 | (0.04 | ) | 5.02 | 4.98 | – | (0.08 | ) | (0.08 | ) | 28.78 | |||||||||||||
Year Ended October 31, 2016 | 25.04 | (0.05 | ) | 1.50 | 1.45 | (0.09 | ) | (2.52 | ) | (2.61 | ) | 23.88 | ||||||||||||
Class R Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 28.31 | (0.13 | ) | 7.10 | 6.97 | – | – | – | 35.28 | |||||||||||||||
Year Ended October 31, 2020 | 26.46 | (0.15 | ) | 3.40 | 3.25 | (0.27 | ) | (1.13 | ) | (1.40 | ) | 28.31 | ||||||||||||
Year Ended October 31, 2019 | 27.74 | 0.12 | 2.88 | 3.00 | (0.55 | ) | (3.73 | ) | (4.28 | ) | 26.46 | |||||||||||||
Year Ended October 31, 2018 | 29.82 | 0.30 | (1.43 | ) | (1.13 | ) | (0.09 | ) | (0.86 | ) | (0.95 | ) | 27.74 | |||||||||||
Year Ended October 31, 2017 | 24.77 | 0.04 | 5.20 | 5.24 | (0.11 | ) | (0.08 | ) | (0.19 | ) | 29.82 | |||||||||||||
Year Ended October 31, 2016 | 25.81 | 0.05 | 1.53 | 1.58 | (0.10 | ) | (2.52 | ) | (2.62 | ) | 24.77 | |||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 30.37 | (0.02 | ) | 7.62 | 7.60 | – | – | – | 37.97 | |||||||||||||||
Year Ended October 31, 2020 | 28.25 | 0.01 | 3.65 | 3.66 | (0.41 | ) | (1.13 | ) | (1.54 | ) | 30.37 | |||||||||||||
Year Ended October 31, 2019 | 29.33 | 0.27 | 3.11 | 3.38 | (0.73 | ) | (3.73 | ) | (4.46 | ) | 28.25 | |||||||||||||
Year Ended October 31, 2018 | 31.43 | 0.58 | (1.57 | ) | (0.99 | ) | (0.25 | ) | (0.86 | ) | (1.11 | ) | 29.33 | |||||||||||
Year Ended October 31, 2017 | 26.04 | 0.19 | 5.49 | 5.68 | (0.21 | ) | (0.08 | ) | (0.29 | ) | 31.43 | |||||||||||||
Year Ended October 31, 2016 | 26.87 | 0.18 | 1.65 | 1.83 | (0.14 | ) | (2.52 | ) | (2.66 | ) | 26.04 |
* Unaudited
(a) Net investment income/(loss) is based on average shares outstanding during the period.
(b) Excludes sales charge.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
82 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen International Small Cap Fund (concluded)
Ratios/Supplemental Data | |||||||||||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursement/ Waivers and Excluding Accruals for Estimated Tax Due on Foreign Tax Refund Recoveries) to Average Net Assets | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Portfolio Turnover (c)(f) | |||||||||||||||||||
24.82 | %(g) | $ 92,800 | 1.35 | % | 1.35 | %(h) | 1.44 | %(h) | (0.56 | %) | 26.74 | % | |||||||||||||
13.02 | % | 90,560 | – | 1.40 | % | 1.61 | % | (0.33 | %) | 29.65 | % | ||||||||||||||
13.93 | % | 75,754 | – | 1.49 | %(h) | 1.82 | %(h) | 0.86 | % | 35.37 | % | ||||||||||||||
(3.68 | %) | 49,391 | – | 1.53 | %(h) | 1.88 | %(h) | 1.48 | % | 18.07 | % | ||||||||||||||
21.79 | % | 59,477 | – | 1.63 | %(h) | 2.07 | %(h) | 0.40 | % | 20.60 | % | ||||||||||||||
7.53 | %(g) | 51,530 | – | 1.63 | %(h) | 2.09 | %(h) | 0.53 | % | 36.40 | % | ||||||||||||||
24.45 | %(g) | 787 | – | 1.99 | %(h) | 2.21 | %(h) | (1.15 | %) | 26.74 | % | ||||||||||||||
12.27 | % | 554 | – | 2.05 | % | 2.38 | % | (1.02 | %) | 29.65 | % | ||||||||||||||
13.21 | % | 829 | – | 2.15 | %(h) | 2.59 | %(h) | (0.17 | %) | 35.37 | % | ||||||||||||||
(4.31 | %) | 565 | – | 2.22 | %(h) | 2.65 | %(h) | 0.69 | % | 18.07 | % | ||||||||||||||
20.94 | % | 1,591 | – | 2.30 | %(h) | 2.84 | %(h) | (0.17 | %) | 20.60 | % | ||||||||||||||
6.85 | % | 1,175 | – | 2.30 | %(h) | 2.86 | %(h) | (0.20 | %) | 36.40 | % | ||||||||||||||
24.62 | %(g) | 2,224 | – | 1.64 | %(h) | 1.74 | %(h) | (0.82 | %) | 26.74 | % | ||||||||||||||
12.68 | % | 1,649 | – | 1.69 | % | 1.90 | % | (0.61 | %) | 29.65 | % | ||||||||||||||
13.62 | % | 1,945 | – | 1.80 | %(h) | 2.13 | %(h) | 0.47 | % | 35.37 | % | ||||||||||||||
(3.98 | %) | 2,309 | – | 1.84 | %(h) | 2.19 | %(h) | 1.02 | % | 18.07 | % | ||||||||||||||
21.34 | % | 1,707 | – | 1.99 | %(h) | 2.43 | %(h) | 0.14 | % | 20.60 | % | ||||||||||||||
7.20 | %(g) | 947 | – | 1.95 | %(h) | 2.41 | %(h) | 0.20 | % | 36.40 | % | ||||||||||||||
25.02 | %(g) | 117,304 | – | 0.99 | %(h) | 1.16 | %(h) | (0.09 | %) | 26.74 | % | ||||||||||||||
13.41 | % | 46,330 | – | 1.04 | % | 1.35 | % | 0.03 | % | 29.65 | % | ||||||||||||||
14.39 | % | 35,248 | – | 1.15 | %(h) | 1.57 | %(h) | 1.01 | % | 35.37 | % | ||||||||||||||
(3.34 | %) | 12,418 | – | 1.20 | %(h) | 1.61 | %(h) | 1.84 | % | 18.07 | % | ||||||||||||||
22.14 | % | 17,141 | – | 1.30 | %(h) | 1.79 | %(h) | 0.69 | % | 20.60 | % | ||||||||||||||
7.92 | % | 19,840 | – | 1.30 | %(h) | 1.79 | %(h) | 0.71 | % | 36.40 | % |
(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(g) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.
(h) Includes interest expense that amounts to less than 0.01%.
2021 Semi-Annual Report | 83 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Realty Income & Growth Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Invest- ments | Total from Invest- ment Activities | Net Invest- ment Income | Net Realized Gains | Total Distri- butions | Redemp- tion Fees | Net Asset Value, End of Period | ||||||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 12.40 | $ 0.13 | (f) | $ 3.13 | $ 3.26 | $ (0.09 | ) | $ (1.54 | ) | $ (1.63 | ) | $ – | $14.03 | |||||||||||||||||||||||
Year Ended October 31, 2020 | 17.98 | 0.25 | (f) | (3.17 | ) | (2.92 | ) | (0.60 | ) | (2.06 | ) | (2.66 | ) | – | 12.40 | |||||||||||||||||||||
Year Ended October 31, 2019 | 21.38 | 0.32 | (f) | 3.28 | 3.60 | (0.52 | ) | (6.48 | ) | (7.00 | ) | – | 17.98 | |||||||||||||||||||||||
Year Ended October 31, 2018(h) | 22.93 | 0.47 | (f) | (0.74 | ) | (0.27 | ) | (0.69 | ) | (0.59 | ) | (1.28 | ) | 0.00 | (i) | 21.38 | ||||||||||||||||||||
Year Ended October 31, 2017 | 22.09 | (0.41 | ) | 2.42 | 2.01 | (0.70 | ) | (0.47 | ) | (1.17 | ) | 0.00 | (i) | 22.93 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 21.97 | 0.45 | 0.63 | 1.08 | (0.50 | ) | (0.46 | ) | (0.96 | ) | 0.00 | (i) | 22.09 | |||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 12.44 | 0.15 | (f) | 3.13 | 3.28 | (0.10 | ) | (1.54 | ) | (1.64 | ) | – | 14.08 | |||||||||||||||||||||||
Year Ended October 31, 2020 | 18.02 | 0.28 | (f) | (3.16 | ) | (2.88 | ) | (0.64 | ) | (2.06 | ) | (2.70 | ) | – | 12.44 | |||||||||||||||||||||
Year Ended October 31, 2019 | 21.41 | 0.36 | (f) | 3.29 | 3.65 | (0.56 | ) | (6.48 | ) | (7.04 | ) | – | 18.02 | |||||||||||||||||||||||
Year Ended October 31, 2018(h) | 22.97 | 0.54 | (f) | (0.76 | ) | (0.22 | ) | (0.75 | ) | (0.59 | ) | (1.34 | ) | 0.00 | (i) | 21.41 | ||||||||||||||||||||
Year Ended October 31, 2017 | 22.11 | 0.20 | 1.88 | 2.08 | (0.75 | ) | (0.47 | ) | (1.22 | ) | 0.00 | (i) | 22.97 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 22.00 | 0.49 | 0.64 | 1.13 | (0.56 | ) | (0.46 | ) | (1.02 | ) | 0.00 | (i) | 22.11 |
* Unaudited
(a) Excludes sales charge.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
84 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Realty Income & Growth Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||||||
Total Return (a)(b) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (c) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover (b)(e) | |||||||||||||||
28.53% | $ 950 | 1.26 | %(g) | 1.73 | %(g) | 2.08 | % | 26.83 | % | |||||||||||
(18.12%) | 1,971 | 1.30 | %(g) | 1.71 | %(g) | 1.84 | % | 22.61 | % | |||||||||||
25.65% | 2,341 | 1.28 | %(g) | 1.71 | %(g) | 1.83 | % | 20.70 | % | |||||||||||
(1.35%) | 1,751 | 1.34 | %(g) | 1.71 | %(g) | 2.16 | % | 42.71 | % | |||||||||||
9.37% | 1,565 | 1.46 | %(g) | 1.65 | %(g) | 0.66 | % | 7.00 | % | |||||||||||
4.90% | 2,807 | 1.58 | %(g) | 1.59 | %(g) | 2.07 | % | 15.00 | % | |||||||||||
28.63% | 52,873 | 1.01 | %(g) | 1.51 | %(g) | 2.33 | % | 26.83 | % | |||||||||||
(17.85%) | 46,235 | 1.05 | %(g) | 1.48 | %(g) | 2.05 | % | 22.61 | % | |||||||||||
25.97% | 75,232 | 1.03 | %(g) | 1.39 | %(g) | 2.10 | % | 20.70 | % | |||||||||||
(1.15%) | 83,573 | 1.10 | %(g) | 1.45 | %(g) | 2.46 | % | 42.71 | % | |||||||||||
9.65% | 107,042 | 1.21 | %(g) | 1.40 | %(g) | 0.92 | % | 7.00 | % | |||||||||||
5.15% | 107,916 | 1.35 | %(g) | 1.36 | %(g) | 2.28 | % | 15.00 | % |
(f) | Net investment income/(loss) is based on average shares outstanding during the period. |
(g) | Includes interest expense that amounts to 0.01% for Class A and Institutional Class for the six months ended April 30, 2021. Includes interest expense that amounts to 0.05%, 0.03%, 0.10%, 0.10% and 0.06% for Class A and Institutional Class for the years ended October 31, 2020, October 31, 2019, October 31, 2018, 0ctober 31, 2017 and October 31, 2016 respectively. |
(h) | Beginning with the year ended October 31, 2018, the Fund has been audited by KPMG LLP. Previous years were audited by different independent registered public accounting firms. |
(i) | Less than $0.005 per share. |
2021 Semi-Annual Report | 85 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen U.S. Small Cap Equity Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 33.55 | $ (0.10 | ) | $ 13.04 | $ 12.94 | $ – | $ (2.38 | ) | $ (2.38 | ) | $ 44.11 | |||||||||||||||||||||
Year Ended October 31, 2020 | 33.19 | (0.20 | ) | 3.08 | 2.88 | – | (2.52 | ) | (2.52 | ) | 33.55 | |||||||||||||||||||||
Year Ended October 31, 2019 | 35.39 | (0.10 | ) | 1.78 | 1.68 | – | (h) | (3.88 | ) | (3.88 | ) | 33.19 | ||||||||||||||||||||
Year Ended October 31, 2018 | 35.61 | (0.08 | ) | (0.14 | ) | (0.22 | ) | – | – | – | 35.39 | |||||||||||||||||||||
Year Ended October 31, 2017 | 28.71 | (0.11 | ) | 7.01 | 6.90 | – | – | – | 35.61 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 26.62 | (0.09 | ) | 2.18 | 2.09 | – | – | – | 28.71 | |||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 27.48 | (0.18 | ) | 10.61 | 10.43 | – | (2.38 | ) | (2.38 | ) | 35.53 | |||||||||||||||||||||
Year Ended October 31, 2020 | 27.79 | (0.33 | ) | 2.54 | 2.21 | – | (2.52 | ) | (2.52 | ) | 27.48 | |||||||||||||||||||||
Year Ended October 31, 2019 | 30.53 | (0.27 | ) | 1.41 | 1.14 | – | (3.88 | ) | (3.88 | ) | 27.79 | |||||||||||||||||||||
Year Ended October 31, 2018 | 30.94 | (0.30 | ) | (0.11 | ) | (0.41 | ) | – | – | – | 30.53 | |||||||||||||||||||||
Year Ended October 31, 2017 | 25.12 | (0.30 | ) | 6.12 | 5.82 | – | – | – | 30.94 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 23.46 | (0.24 | ) | 1.90 | 1.66 | – | – | – | 25.12 | |||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 30.12 | (0.13 | ) | 11.67 | 11.54 | – | (2.38 | ) | (2.38 | ) | 39.28 | |||||||||||||||||||||
Year Ended October 31, 2020 | 30.14 | (0.27 | ) | 2.77 | 2.50 | – | (2.52 | ) | (2.52 | ) | 30.12 | |||||||||||||||||||||
Year Ended October 31, 2019 | 32.64 | (0.19 | ) | 1.57 | 1.38 | – | (3.88 | ) | (3.88 | ) | 30.14 | |||||||||||||||||||||
Year Ended October 31, 2018 | 32.97 | (0.18 | ) | (0.15 | ) | (0.33 | ) | – | – | – | 32.64 | |||||||||||||||||||||
Year Ended October 31, 2017 | 26.67 | (0.21 | ) | 6.51 | 6.30 | – | – | – | 32.97 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 24.78 | (0.13 | ) | 2.02 | 1.89 | – | – | – | 26.67 | |||||||||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 36.06 | (0.05 | ) | 14.06 | 14.01 | – | (2.38 | ) | (2.38 | ) | 47.69 | |||||||||||||||||||||
Year Ended October 31, 2020 | 35.41 | (0.12 | ) | 3.29 | 3.17 | – | (2.52 | ) | (2.52 | ) | 36.06 | |||||||||||||||||||||
Year Ended October 31, 2019 | 37.39 | (0.01 | ) | 1.93 | 1.92 | (0.02 | ) | (3.88 | ) | (3.90 | ) | 35.41 | ||||||||||||||||||||
Year Ended October 31, 2018 | 37.51 | 0.01 | (0.13 | ) | (0.12 | ) | – | – | – | 37.39 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 30.17 | (0.03 | ) | 7.37 | 7.34 | – | – | – | 37.51 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 27.90 | (0.02 | ) | 2.29 | 2.27 | – | – | – | 30.17 | |||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 36.09 | (0.03 | ) | 14.07 | 14.04 | – | (2.38 | ) | (2.38 | ) | 47.75 | |||||||||||||||||||||
Year Ended October 31, 2020 | 35.40 | (0.09 | ) | 3.30 | 3.21 | – | (2.52 | ) | (2.52 | ) | 36.09 | |||||||||||||||||||||
Year Ended October 31, 2019 | 37.37 | 0.01 | 1.92 | 1.93 | (0.02 | ) | (3.88 | ) | (3.90 | ) | 35.40 | |||||||||||||||||||||
Year Ended October 31, 2018 | 37.49 | 0.02 | (0.14 | ) | (0.12 | ) | – | – | – | 37.37 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 30.14 | (0.02 | ) | 7.37 | 7.35 | – | – | – | 37.49 | |||||||||||||||||||||||
Year Ended October 31, 2016 | 27.87 | – | (h) | 2.27 | 2.27 | – | – | – | 30.14 |
* Unaudited
(a) Net investment income/(loss) is based on average shares outstanding during the period.
(b) Excludes sales charge.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
86 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen U.S. Small Cap Equity Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Portfolio Turnover (c)(f) | |||||||||||||||
39.63 | % | $ 159,920 | 1.36 | % | 1.36 | % | (0.48 | %) | 43.27% | |||||||||||
8.97 | % | 124,673 | 1.40 | %(g) | 1.40 | %(g) | (0.62 | %) | 60.67% | |||||||||||
7.15 | % | 159,391 | 1.41 | %(g) | 1.41 | %(g) | (0.33 | %) | 55.00% | |||||||||||
(0.62 | %) | 224,804 | 1.35 | %(g) | 1.35 | %(g) | (0.23 | %) | 38.28% | |||||||||||
24.03 | % | 316,766 | 1.38 | % | 1.38 | % | (0.33 | %) | 42.71% | |||||||||||
7.85 | % | 259,556 | 1.46 | % | 1.39 | % | (0.33 | %) | 32.20% | |||||||||||
39.23 | % | 44,314 | 1.99 | % | 2.07 | % | (1.10 | %) | 43.27% | |||||||||||
8.25 | % | 36,621 | 2.05 | %(g) | 2.10 | %(g) | (1.26 | %) | 60.67% | |||||||||||
6.41 | % | 48,382 | 2.10 | %(g) | 2.10 | %(g) | (0.99 | %) | 55.00% | |||||||||||
(1.33 | %) | 75,913 | 2.06 | %(g) | 2.06 | %(g) | (0.95 | %) | 38.28% | |||||||||||
23.17 | % | 95,913 | 2.10 | % | 2.10 | % | (1.05 | %) | 42.71% | |||||||||||
7.08 | % | 78,109 | 2.15 | % | 2.12 | % | (0.96 | %) | 32.20% | |||||||||||
39.49 | % | 4,451 | 1.60 | % | 1.60 | % | (0.72 | %) | 43.27% | |||||||||||
8.59 | % | 3,554 | 1.75 | %(g) | 1.75 | %(g) | (0.96 | %) | 60.67% | |||||||||||
6.78 | % | 5,272 | 1.75 | %(g) | 1.75 | %(g) | (0.65 | %) | 55.00% | |||||||||||
(1.00 | %) | 8,430 | 1.72 | %(g) | 1.72 | %(g) | (0.55 | %) | 38.28% | |||||||||||
23.62 | %(i) | 20,595 | 1.72 | % | 1.72 | % | (0.67 | %) | 42.71% | |||||||||||
7.63 | %(i) | 13,722 | 1.68 | % | 1.65 | % | (0.49 | %) | 32.20% | |||||||||||
39.85 | % | 38,337 | 1.10 | % | 1.10 | % | (0.21 | %) | 43.27% | |||||||||||
9.24 | % | 31,548 | 1.13 | %(g) | 1.13 | %(g) | (0.35 | %) | 60.67% | |||||||||||
7.44 | % | 40,476 | 1.12 | %(g) | 1.12 | %(g) | (0.04 | %) | 55.00% | |||||||||||
(0.32 | %) | 50,163 | 1.08 | %(g) | 1.08 | %(g) | 0.03 | % | 38.28% | |||||||||||
24.33 | %(i) | 61,897 | 1.13 | % | 1.13 | % | (0.08 | %) | 42.71% | |||||||||||
8.14 | % | 47,421 | 1.14 | % | 1.13 | % | (0.06 | %) | 32.20% | |||||||||||
39.90 | % | 840,675 | 0.99 | % | 1.07 | % | (0.12 | %) | 43.27% | |||||||||||
9.37 | % | 536,973 | 1.04 | %(g) | 1.10 | %(g) | (0.27 | %) | 60.67% | |||||||||||
7.48 | % | 607,103 | 1.11 | %(g) | 1.11 | %(g) | 0.03 | % | 55.00% | |||||||||||
(0.32 | %) | 1,263,907 | 1.07 | %(g) | 1.07 | %(g) | 0.04 | % | 38.28% | |||||||||||
24.39 | % | 1,467,787 | 1.10 | % | 1.10 | % | (0.06 | %) | 42.71% | |||||||||||
8.15 | %(i) | 746,112 | 1.14 | % | 1.12 | % | 0.01 | % | 32.20% |
(e) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(f) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(g) | Includes interest expense that amounts to less than 0.01%. |
(h) | Less than $0.005 per share. |
(i) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
2021 Semi-Annual Report | 87 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen U.S. Sustainable Leaders Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 13.79 | $ (0.02 | ) | $ 3.26 | $ 3.24 | $ – | $ (1.73 | ) | $ (1.73 | ) | $ 15.30 | |||||||||||||||||||||
Year Ended October 31, 2020 | 12.95 | (0.03 | ) | 2.17 | 2.14 | (0.01 | ) | (1.29 | ) | (1.30 | ) | 13.79 | ||||||||||||||||||||
Year Ended October 31, 2019 | 12.53 | 0.01 | 1.79 | 1.80 | (0.02 | ) | (1.36 | ) | (1.38 | ) | 12.95 | |||||||||||||||||||||
Year Ended October 31, 2018 | 13.05 | 0.02 | 0.83 | 0.85 | (0.04 | ) | (1.33 | ) | (1.37 | ) | 12.53 | |||||||||||||||||||||
Year Ended October 31, 2017 | 12.13 | 0.04 | 2.34 | 2.38 | (0.02 | ) | (1.44 | ) | (1.46 | ) | 13.05 | |||||||||||||||||||||
Year Ended October 31, 2016 | 12.52 | 0.03 | 0.21 | 0.24 | (0.02 | ) | (0.61 | ) | (0.63 | ) | 12.13 | |||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 11.36 | (0.05 | ) | 2.64 | 2.59 | – | (1.73 | ) | (1.73 | ) | 12.22 | |||||||||||||||||||||
Year Ended October 31, 2020 | 10.94 | (0.10 | ) | 1.81 | 1.71 | – | (1.29 | ) | (1.29 | ) | 11.36 | |||||||||||||||||||||
Year Ended October 31, 2019 | 10.87 | (0.06 | ) | 1.49 | 1.43 | – | (1.36 | ) | (1.36 | ) | 10.94 | |||||||||||||||||||||
Year Ended October 31, 2018 | 11.53 | (0.06 | ) | 0.73 | 0.67 | – | (1.33 | ) | (1.33 | ) | 10.87 | |||||||||||||||||||||
Year Ended October 31, 2017 | 10.93 | (0.04 | ) | 2.08 | 2.04 | – | (1.44 | ) | (1.44 | ) | 11.53 | |||||||||||||||||||||
Year Ended October 31, 2016 | 11.40 | (0.05 | ) | 0.19 | 0.14 | – | (0.61 | ) | (0.61 | ) | 10.93 | |||||||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 14.89 | – | (h) | 3.53 | 3.53 | – | (1.73 | ) | (1.73 | ) | 16.69 | |||||||||||||||||||||
Year Ended October 31, 2020 | 13.88 | – | (h) | 2.34 | 2.34 | (0.04 | ) | (1.29 | ) | (1.33 | ) | 14.89 | ||||||||||||||||||||
Year Ended October 31, 2019 | 13.33 | 0.04 | 1.92 | 1.96 | (0.05 | ) | (1.36 | ) | (1.41 | ) | 13.88 | |||||||||||||||||||||
Year Ended October 31, 2018 | 13.79 | 0.05 | 0.88 | 0.93 | (0.06 | ) | (1.33 | ) | (1.39 | ) | 13.33 | |||||||||||||||||||||
Year Ended October 31, 2017 | 12.74 | 0.06 | 2.46 | 2.52 | (0.03 | ) | (1.44 | ) | (1.47 | ) | 13.79 | |||||||||||||||||||||
Year Ended October 31, 2016 | 13.09 | 0.05 | 0.24 | 0.29 | (0.03 | ) | (0.61 | ) | (0.64 | ) | 12.74 | |||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 14.96 | – | (h) | 3.55 | 3.55 | – | (1.73 | ) | (1.73 | ) | 16.78 | |||||||||||||||||||||
Year Ended October 31, 2020 | 13.93 | 0.01 | 2.35 | 2.36 | (0.04 | ) | (1.29 | ) | (1.33 | ) | 14.96 | |||||||||||||||||||||
Year Ended October 31, 2019 | 13.37 | 0.04 | 1.93 | 1.97 | (0.05 | ) | (1.36 | ) | (1.41 | ) | 13.93 | |||||||||||||||||||||
Year Ended October 31, 2018 | 13.82 | 0.06 | 0.89 | 0.95 | (0.07 | ) | (1.33 | ) | (1.40 | ) | 13.37 | |||||||||||||||||||||
Year Ended October 31, 2017 | 12.76 | 0.08 | 2.46 | 2.54 | (0.04 | ) | (1.44 | ) | (1.48 | ) | 13.82 | |||||||||||||||||||||
Year Ended October 31, 2016 | 13.10 | 0.06 | 0.24 | 0.30 | (0.03 | ) | (0.61 | ) | (0.64 | ) | 12.76 |
* | Unaudited |
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
88 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen U.S. Sustainable Leaders Fund (concluded)
Ratios/Supplemental Data | ||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Portfolio Turnover (c)(f) | |||||||
24.86% | $ 311,282 | 1.19% | 1.25% | (0.23%) | 91.89% | |||||||
17.50% | 264,977 | 1.19% | 1.26% | (0.24%) | 49.68% | |||||||
17.60% | 247,926 | 1.19% | 1.27% | 0.06% | 47.13% | |||||||
6.63% | 233,717 | 1.19%(g) | 1.25%(g) | 0.14% | 38.68% | |||||||
21.13% | 242,085 | 1.19%(g) | 1.26%(g) | 0.29% | 33.79% | |||||||
2.25% | 225,723 | 1.19%(g) | 1.28%(g) | 0.21% | 63.11% | |||||||
24.42% | 1,058 | 1.90% | 2.07% | (0.93%) | 91.89% | |||||||
16.71% | 1,143 | 1.90% | 2.08% | (0.94%) | 49.68% | |||||||
16.75% | 1,428 | 1.90% | 2.11% | (0.58%) | 47.13% | |||||||
5.88% | 2,963 | 1.90%(g) | 2.07%(g) | (0.56%) | 38.68% | |||||||
20.26% | 3,544 | 1.90%(g) | 2.09%(g) | (0.40%) | 33.79% | |||||||
1.56% | 5,883 | 1.90%(g) | 2.08%(g) | (0.50%) | 63.11% | |||||||
24.99% | 144,050 | 0.97% | 1.03% | (0.01%) | 91.89% | |||||||
17.79% | 121,611 | 0.97% | 1.04% | (0.01%) | 49.68% | |||||||
17.84% | 113,600 | 0.97% | 1.05% | 0.29% | 47.13% | |||||||
6.90% | 106,337 | 0.97%(g) | 1.03%(g) | 0.36% | 38.68% | |||||||
21.33% | 109,418 | 0.98%(g) | 1.05%(g) | 0.49% | 33.79% | |||||||
2.52% | 101,549 | 1.00%(g) | 1.09%(g) | 0.40% | 63.11% | |||||||
25.00% | 13,572 | 0.90% | 1.01% | 0.06% | 91.89% | |||||||
17.89% | 10,982 | 0.90% | 1.01% | 0.05% | 49.68% | |||||||
17.90% | 8,839 | 0.90% | 1.03% | 0.34% | 47.13% | |||||||
6.99% | 6,801 | 0.90%(g) | 1.01%(g) | 0.43% | 38.68% | |||||||
21.45% | 6,507 | 0.90%(g) | 1.01%(g) | 0.59% | 33.79% | |||||||
2.63% | 6,742 | 0.90%(g) | 1.02%(g) | 0.50% | 63.11% |
(e) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(f) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(g) | Includes interest expense that amounts to less than 0.01%. |
(h) | Less than $0.005 per share. |
2021 Semi-Annual Report | 89 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 8.08 | $(0.03 | ) | $ 2.61 | $ 2.58 | $ – | (i) | $ (1.01 | ) | $ (1.01 | ) | $ 9.65 | ||||||||||||||||||||
Year Ended October 31, 2020 | 7.59 | (0.01 | ) | 0.96 | 0.95 | – | (i) | (0.46 | ) | (0.46 | ) | 8.08 | ||||||||||||||||||||
Year Ended October 31, 2019 | 6.85 | 0.01 | 1.09 | 1.10 | – | (0.36 | ) | (0.36 | ) | 7.59 | ||||||||||||||||||||||
Year Ended October 31, 2018 | 8.52 | 0.02 | 0.62 | 0.64 | – | (2.31 | ) | (2.31 | ) | 6.85 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 8.81 | (0.12 | ) | 0.90 | 0.78 | – | (1.07 | ) | (1.07 | ) | 8.52 | |||||||||||||||||||||
Year Ended October 31, 2016 | 10.30 | (0.15 | ) | (0.04 | ) | (0.19 | ) | – | (1.30 | ) | (1.30 | ) | 8.81 | |||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 1.84 | (0.01 | ) | 0.50 | 0.49 | – | (1.01 | ) | (1.01 | ) | 1.32 | |||||||||||||||||||||
Year Ended October 31, 2020 | 2.08 | (0.02 | ) | 0.25 | 0.23 | (0.01 | ) | (0.46 | ) | (0.47 | ) | 1.84 | ||||||||||||||||||||
Year Ended October 31, 2019 | 2.17 | (0.01 | ) | 0.28 | 0.27 | – | (0.36 | ) | (0.36 | ) | 2.08 | |||||||||||||||||||||
Year Ended October 31, 2018 | 4.22 | (0.01 | ) | 0.27 | 0.26 | – | (2.31 | ) | (2.31 | ) | 2.17 | |||||||||||||||||||||
Year Ended October 31, 2017 | 4.92 | (0.09 | ) | 0.46 | 0.37 | – | (1.07 | ) | (1.07 | ) | 4.22 | |||||||||||||||||||||
Year Ended October 31, 2016 | 6.38 | (0.12 | ) | (0.04 | ) | (0.16 | ) | – | (1.30 | ) | (1.30 | ) | 4.92 | |||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 7.09 | (0.03 | ) | 2.27 | 2.24 | – | (1.01 | ) | (1.01 | ) | 8.32 | |||||||||||||||||||||
Year Ended October 31, 2020 | 6.73 | (0.03 | ) | 0.85 | 0.82 | – | (0.46 | ) | (0.46 | ) | 7.09 | |||||||||||||||||||||
Year Ended October 31, 2019 | 6.13 | (0.01 | ) | 0.97 | 0.96 | – | (0.36 | ) | (0.36 | ) | 6.73 | |||||||||||||||||||||
Year Ended October 31, 2018 | 7.88 | – | (i) | 0.56 | 0.56 | – | (2.31 | ) | (2.31 | ) | 6.13 | |||||||||||||||||||||
Year Ended October 31, 2017 | 8.25 | (0.13 | ) | 0.83 | 0.70 | – | (1.07 | ) | (1.07 | ) | 7.88 | |||||||||||||||||||||
Year Ended October 31, 2016 | 9.76 | (0.17 | ) | (0.04 | ) | (0.21 | ) | – | (1.30 | ) | (1.30 | ) | 8.25 | |||||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 8.45 | (0.02 | ) | 2.74 | 2.72 | – | (1.01 | ) | (1.01 | ) | 10.16 | |||||||||||||||||||||
Year Ended October 31, 2020 | 7.92 | – | (i) | 1.00 | 1.00 | (0.01 | ) | (0.46 | ) | (0.47 | ) | 8.45 | ||||||||||||||||||||
Year Ended October 31, 2019 | 7.11 | 0.03 | 1.14 | 1.17 | – | (0.36 | ) | (0.36 | ) | 7.92 | ||||||||||||||||||||||
Year Ended October 31, 2018 | 8.75 | 0.04 | 0.63 | 0.67 | – | (2.31 | ) | (2.31 | ) | 7.11 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 9.00 | (0.10 | ) | 0.92 | 0.82 | – | (1.07 | ) | (1.07 | ) | 8.75 | |||||||||||||||||||||
Year Ended October 31, 2016 | 10.48 | (0.14 | ) | (0.04 | ) | (0.18 | ) | – | (1.30 | ) | (1.30 | ) | 9.00 | |||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 8.78 | (0.01 | ) | 2.85 | 2.84 | – | (1.01 | ) | (1.01 | ) | 10.61 | |||||||||||||||||||||
Year Ended October 31, 2020 | 8.20 | 0.01 | 1.04 | 1.05 | (0.01 | ) | (0.46 | ) | (0.47 | ) | 8.78 | |||||||||||||||||||||
Year Ended October 31, 2019 | 7.34 | 0.04 | 1.18 | 1.22 | – | (0.36 | ) | (0.36 | ) | 8.20 | ||||||||||||||||||||||
Year Ended October 31, 2018 | 8.95 | 0.05 | 0.65 | 0.70 | – | (2.31 | ) | (2.31 | ) | 7.34 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 9.17 | (0.10 | ) | 0.95 | 0.85 | – | (1.07 | ) | (1.07 | ) | 8.95 | |||||||||||||||||||||
Year Ended October 31, 2016 | 10.64 | (0.13 | ) | (0.04 | ) | (0.17 | ) | – | (1.30 | ) | (1.30 | ) | 9.17 |
* | Unaudited |
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(f) | Indicates the dividend expense charged for the period to average net assets. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
90 | 2021 Semi-Annual Report |
Financial Highlights (concluded)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (concluded)
Ratios/Supplemental Data | ||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Dividend Expense (f)(g) | Portfolio Turnover (c)(h) | ||||||
33.37% | $ 8,890 | 1.22%(j) | 2.42%(j) | (0.56%) | – | 128.21% | ||||||
12.88% | 7,618 | 1.24%(j) | 2.13%(j) | (0.17%) | – | 45.98% | ||||||
17.62% | 8,481 | 1.25% | 2.09% | 0.20% | – | 54.04% | ||||||
8.32% | 7,466 | 1.32%(j) | 2.03%(j) | 0.34% | 0.04% | 112.97% | ||||||
9.69% | 9,479 | 2.80%(j) | 3.22%(j) | (1.39%) | 1.18% | 35.38% | ||||||
(1.68%) | 11,397 | 3.04% | 3.28% | (1.70%) | 1.45% | 36.34% | ||||||
32.67% | 543 | 1.90%(j) | 3.21%(j) | (1.25%) | – | 128.21% | ||||||
11.83% | 528 | 1.90%(j) | 2.84%(j) | (0.85%) | – | 45.98% | ||||||
17.22% | 4,734 | 1.90% | 2.83% | (0.48%) | – | 54.04% | ||||||
7.45% | 1,345 | 1.97%(j) | 2.77%(j) | (0.32%) | 0.04% | 112.97% | ||||||
8.89% | 1,837 | 3.47%(j) | 4.09%(j) | (2.05%) | 1.21% | 35.38% | ||||||
(2.35%) | 3,430 | 3.69% | 4.02% | (2.33%) | 1.44% | 36.34% | ||||||
33.23% | 2,558 | 1.54%(j) | 2.74%(j) | (0.88%) | – | 128.21% | ||||||
12.54% | 1,952 | 1.43%(j) | 2.32%(j) | (0.37%) | – | 45.98% | ||||||
17.39% | 1,924 | 1.55% | 2.39% | (0.09%) | – | 54.04% | ||||||
7.89% | 1,895 | 1.69%(j) | 2.40%(j) | (0.04%) | 0.04% | 112.97% | ||||||
9.35% | 2,269 | 3.14%(j) | 3.56%(j) | (1.72%) | 1.18% | 35.38% | ||||||
(2.01%) | 2,633 | 3.34% | 3.58% | (2.01%) | 1.44% | 36.34% | ||||||
33.58% | 360 | 1.05%(j) | 2.25%(j) | (0.40%) | – | 128.21% | ||||||
12.96% | 340 | 1.04%(j) | 1.93%(j) | 0.02% | – | 45.98% | ||||||
17.96% | 480 | 1.05% | 1.89% | 0.45% | – | 54.04% | ||||||
8.50% | 679 | 1.07%(j) | 1.79%(j) | 0.55% | 0.04% | 112.97% | ||||||
9.96% | 840 | 2.62%(j) | 3.04%(j) | (1.21%) | 1.17% | 35.38% | ||||||
(1.54%) | 693 | 2.85% | 3.10% | (1.54%) | 1.43% | 36.34% | ||||||
33.69% | 4,133 | 0.90%(j) | 2.24%(j) | (0.24%) | – | 128.21% | ||||||
13.14% | 3,451 | 0.90%(j) | 1.94%(j) | 0.17% | – | 45.98% | ||||||
18.10% | 4,580 | 0.90% | 1.89% | 0.58% | – | 54.04% | ||||||
8.69% | 5,583 | 0.98%(j) | 1.83%(j) | 0.63% | 0.06% | 112.97% | ||||||
10.12% | 12,413 | 2.56%(j) | 3.07%(j) | (1.13%) | 1.30% | 35.38% | ||||||
(1.40%) | 52,527 | 2.71% | 3.01% | (1.36%) | 1.46% | 36.34% |
(g) | Dividend expense ratio includes broker related expenses for securities sold short. |
(h) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(i) | Less than $0.005 per share. |
(j) | Includes interest expense that amounts to less than 0.01% for Class A, Class C, Class R, Institutional Service Class and Institutional Class for the six months ended April 30, 2021. Includes interest expense that amounts to less than 0.01% for Class A, Class C, Class R, Institutional Service Class and Institutional Class for the years ended October 31, 2020 and October 31, 2018. Includes interest expense that amounts to 0.01% for Class A, Class C, Class R, Institutional Service Class and Institutional Class for the year ended October 31, 2017. |
2021 Semi-Annual Report | 91 |
Notes to Financial Statements
April 30, 2021 (Unaudited)
1. Organization
Aberdeen Funds (the "Trust") was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of April 30, 2021, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of April 30, 2021, the Trust operated seventeen (17) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the twelve (12) funds listed below (each a "Fund"; collectively, the "Funds"):
– | Aberdeen China A Share Equity Fund ("China A Share Equity Fund") | |
– | Aberdeen Dynamic Dividend Fund ("Dynamic Dividend Fund") | |
– | Aberdeen Emerging Markets Fund ("Emerging Markets Fund") | |
– | Aberdeen Emerging Markets Sustainable Leaders Fund (formerly, Aberdeen International Equity Fund) ("Emerging Markets Sustainable Leaders Fund") | |
– | Aberdeen Global Equity Fund ("Global Equity Fund") | |
– | Aberdeen Global Infrastructure Fund ("Global Infrastructure Fund") | |
– | Aberdeen International Real Estate Equity Fund ("International Real Estate Equity Fund") | |
– | Aberdeen International Small Cap Fund ("International Small Cap Fund") | |
– | Aberdeen Realty Income & Growth Fund ("Realty Income & Growth Fund") | |
– | Aberdeen U.S. Small Cap Equity Fund ("U.S. Small Cap Equity Fund") | |
– | Aberdeen U.S. Sustainable Leaders Fund (formerly, Aberdeen U.S. Multi-Cap Equity Fund) ("U.S. Sustainable Leaders Fund") | |
– | Aberdeen U.S. Sustainable Leaders Smaller Companies Fund (formerly, Aberdeen Focused U.S. Equity Fund) ("U.S. Sustainable Leaders Smaller Companies Fund") |
2. Summary of Significant Accounting Policies
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles 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.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America, the Funds disclose the fair value of their investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best
92 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. Open-end mutual funds are valued at the respective net asset value ("NAV") as reported by such company. The prospectuses for the registered open-end management investment companies in which a Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.
Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation 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 approved by the Board. 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 Standard Investments, Inc. ("Aberdeen", the "Adviser" or "ASII") 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. Each Fund sweeps 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 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 NAV. Generally, these investment types are categorized as Level 1 investments.
Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Interest rate swaps agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows).
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), 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. 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.
The three-level hierarchy of inputs is summarized below:
• | Level 1 – quoted prices in active markets for identical investments; |
• | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or |
• | Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments). |
A summary of standard inputs is listed below:
Security Type | Standard Inputs | |
Foreign equities utilizing a fair value factor | Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. |
2021 Semi-Annual Report | 93 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
The following is a summary of the inputs used as of April 30, 2021 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Please refer to the Statements of Investments for a detailed breakout of the security types:
Investments, at Value | LEVEL 1 – Quoted Prices ($) | LEVEL 2 – Other Significant Observable Inputs ($) | LEVEL 3 – Significant Unobservable Inputs ($) | Total ($) | ||||||||||||
China A Share Equity Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 0 | 88,222,037 | – | 88,222,037 | ||||||||||||
Exchange-Traded Funds | 5,791,663 | – | – | 5,791,663 | ||||||||||||
Short-Term Investment | 3,263,753 | – | – | 3,263,753 | ||||||||||||
9,055,416 | 88,222,037 | – | 97,277,453 | |||||||||||||
Dynamic Dividend Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 80,123,335 | 44,353,174 | – | 124,476,509 | ||||||||||||
Preferred Stocks | – | 2,416,081 | – | 2,416,081 | ||||||||||||
Short-Term Investment | 77,805 | – | – | 77,805 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | – | (33,048 | ) | – | (33,048 | ) | ||||||||||
80,201,140 | 46,736,207 | – | 126,937,347 | |||||||||||||
Emerging Markets Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 712,404,862 | 3,981,102,577 | – | 4,693,507,439 | ||||||||||||
Preferred Stocks | 80,791,060 | 490,698,290 | – | 571,489,350 | ||||||||||||
Short-Term Investment | 92,841,462 | – | – | 92,841,462 | ||||||||||||
886,037,384 | 4,471,800,867 | – | 5,357,838,251 | |||||||||||||
Emerging Markets Sustainable Leaders Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 43,713,931 | 157,929,845 | – | 201,643,776 | ||||||||||||
Preferred Stocks | 3,325,144 | 19,807,919 | – | 23,133,063 | ||||||||||||
Short-Term Investment | 4,848,528 | – | – | 4,848,528 | ||||||||||||
51,887,603 | 177,737,764 | – | 229,625,367 | |||||||||||||
Global Equity Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 15,804,716 | 13,844,081 | – | 29,648,797 | ||||||||||||
Short-Term Investment | 544,482 | – | – | 544,482 | ||||||||||||
16,349,198 | 13,844,081 | – | 30,193,279 |
94 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Investments, at Value | LEVEL 1 – Quoted Prices ($) | LEVEL 2 – Other Significant Observable Inputs ($) | LEVEL 3 – Significant Unobservable Inputs ($) | Total ($) | ||||||||||||
Global Infrastructure Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 29,957,143 | 20,727,329 | – | 50,684,472 | ||||||||||||
Money Market Funds | 1,950,101 | – | – | 1,950,101 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | – | (4,071 | ) | – | (4,071 | ) | ||||||||||
31,907,244 | 20,723,258 | – | 52,630,502 | |||||||||||||
International Real Estate Equity Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 3,388,469 | 18,646,462 | 0 | 22,034,931 | ||||||||||||
Short-Term Investment | 2,841 | – | – | 2,841 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | – | 184 | – | 184 | ||||||||||||
3,391,310 | 18,646,646 | 0 | 22,037,956 | |||||||||||||
International Small Cap Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 72,460,631 | 129,009,623 | – | 201,470,254 | ||||||||||||
Short-Term Investment | 9,660,487 | – | – | 9,660,487 | ||||||||||||
82,121,118 | 129,009,623 | – | 211,130,741 | |||||||||||||
Realty Income & Growth Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 53,563,272 | – | – | 53,563,272 | ||||||||||||
Short-Term Investment | 3,899 | – | – | 3,899 | ||||||||||||
53,567,171 | – | – | 53,567,171 | |||||||||||||
U.S. Small Cap Equity Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 1,064,103,692 | – | – | 1,064,103,692 | ||||||||||||
Money Market Funds | 24,793,535 | – | – | 24,793,535 | ||||||||||||
1,088,897,227 | – | – | 1,088,897,227 | |||||||||||||
U.S. Sustainable Leaders Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | 462,390,368 | – | – | 462,390,368 | ||||||||||||
Short-Term Investment | 7,835,829 | – | – | 7,835,829 | ||||||||||||
470,226,197 | – | – | 470,226,197 |
2021 Semi-Annual Report | 95 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Investments, at Value | LEVEL 1 – Quoted Prices ($) | LEVEL 2 – Other Significant Observable Inputs ($) | LEVEL 3 – Significant Unobservable Inputs ($) | Total ($) | ||||||||||
U.S. Sustainable Leaders Smaller Companies Fund | ||||||||||||||
Investments in Securities | ||||||||||||||
Common Stocks | 16,311,494 | – | – | 16,311,494 | ||||||||||
Short-Term Investment | 283,024 | – | – | 283,024 | ||||||||||
16,594,518 | – | – | 16,594,518 |
For the six-month period ended April 30, 2021, there were no significant changes to the fair valuation methodologies. Level 3 investments held during and at the end of the six-month period in relation to net assets were not significant (0.0% of total net assets) and accordingly, a reconciliation of Level 3 assets for the period ended April 30, 2021 is not presented. The valuation technique used at April 30, 2021 was fair valuation at zero pursuant to procedures approved by the Fund's Board of Directors.
b. Restricted Securities
Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances.
c. Foreign Currency Translation
Foreign securities, currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies within the Statements of Operations.
d. Rights Issues and Warrants
Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company's discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.
e. Derivative Financial Instruments
Certain Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to the benchmark. The use of forward contracts allows the separation of decision-making between markets and their currencies. The forward contract is marked-to market daily and the change in market value is recorded by a Fund as unrealized appreciation/(depreciation). Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statements of Operations. During the period, the Funds used forward contracts for the purposes of efficient portfolio management and managing active
96 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
currency risk relative to the benchmark, the latter of which involves both hedging currency risk and adding currency risk in excess of underlying bond positions.
While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund's portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.
Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.
Summary of Derivative Instruments
Certain Funds may use derivatives for various purposes as noted above. The following is a summary of the location of fair value amounts of derivatives, not accounted for as hedging instruments, as of April 30, 2021:
Location on the Statement of Assets and Liabilities | ||||
Derivative Instrument Risk Type | Asset Derivatives | Liability Derivatives | ||
Foreign Exchange Risk | Unrealized appreciation on forward foreign currency exchange contracts | Unrealized depreciation on forward foreign currency exchange contracts |
The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2021:
Asset Derivatives | ||||||||||||||||||||||||
Funds | Total Value at April 30, 2021 | Over-the-Counter Credit Default Swaps (Credit risk) | Centrally Cleared Credit Default Swaps (Credit Risk) | Centrally Cleared Interest Rate Swaps (Interest Rate Risk) | Forward Foreign Exchange Contracts (Foreign Exchange Risk) | Futures Contracts (Interest Rate Risk) | ||||||||||||||||||
Aberdeen International Real Estate Equity Fund | $184 | $– | $– | $– | $184 | $– |
Liabilities Derivatives | ||||||||||||||||||||||||
Funds | Total Value at April 30, 2021 | Over-the-Counter Credit Default Swaps (Credit risk) | Centrally Cleared Credit Default Swaps (Credit Risk) | Centrally Cleared Interest Rate Swaps (Interest Rate Risk) | Forward Foreign Exchange Contracts (Foreign Exchange Risk) | Futures Contracts (Interest Rate Risk) | ||||||||||||||||||
Aberdeen Dynamic Dividend Fund | $33,048 | $– | $– | $– | $33,048 | $– | ||||||||||||||||||
Aberdeen Global Infrastructure Fund | 4,071 | – | – | – | 4,071 | – |
2021 Semi-Annual Report | 97 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Certain funds have transactions that may be subject to enforceable master netting arrangements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of April 30, 2021 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:
Gross Amounts Not Offset in Statement of Assets & Liabilities | Gross Amounts Not Offset in Statement of Assets and Liabilities | |||||||||||||||||||||||||||||||
Gross Amounts of Assets Presented in Statement of Financial Position | Financial Instruments | Collateral Received(1) | Net Amount(3) | Gross Amounts of Liabilities Presented in Statement of Financial Position | Financial Instruments | Collateral Pledged(1) | Net Amount(3) | |||||||||||||||||||||||||
Description | Assets | Liabilities | ||||||||||||||||||||||||||||||
Dynamic Dividend Fund | ||||||||||||||||||||||||||||||||
Forward foreign currency(2) State Street Bank and Trust | $– | $– | $– | $– | $33,048 | $– | $– | $33,048 |
1 In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
2 Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement.
3 Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.
Gross Amounts Not Offset in Statement of Assets & Liabilities | Gross Amounts Not Offset in Statement of Assets and Liabilities | |||||||||||||||||||||||||||||||
Gross Amounts of Assets Presented in Statement of Financial Position | Financial Instruments | Collateral Received(1) | Net Amount(3) | Gross Amounts of Liabilities Presented in Statement of Financial Position | Financial Instruments | Collateral Pledged(1) | Net Amount(3) | |||||||||||||||||||||||||
Description | Assets | Liabilities | ||||||||||||||||||||||||||||||
Global Infrastructure Fund | ||||||||||||||||||||||||||||||||
Forward foreign currency(2) Citibank N.A. | $– | $– | $– | $– | $4,071 | $– | $– | $4,071 |
1 In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
2 Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement.
3 Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.
Gross Amounts Not Offset in Statement of Assets & Liabilities | Gross Amounts Not Offset in Statement of Assets and Liabilities | |||||||||||||||||||||||||||||||
Gross Amounts of Assets Presented in Statement of Financial Position | Financial Instruments | Collateral Received(1) | Net Amount(3) | Gross Amounts of Liabilities Presented in Statement of Financial Position | Financial Instruments | Collateral Pledged(1) | Net Amount(3) | |||||||||||||||||||||||||
Description | Assets | Liabilities | ||||||||||||||||||||||||||||||
International Real Estate Equity Fund | ||||||||||||||||||||||||||||||||
Forward foreign currency(2) Societe Generale | $184 | $– | $– | $184 | $– | $– | $– | $– |
1 In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.
2 Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement.
3 Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.
98 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
The following is a summary of the location of realized gain/(loss) and net change in unrealized appreciation/(depreciation) on derivatives in the Statement of Operations for the six-month period ended April 30, 2021:
Derivative Instrument Risk Type | Location on the Statement of Operations | |
Foreign Exchange Risk | Realized gain/(loss) on forward foreign currency exchange contracts/ Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |
The following is a summary of the effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2021:
Realized Gain or (Loss) on Derivatives Recognized in the Statement of Operations | |||||||||||||
Funds | Total | Credit Default Swaps (Credit Risk) | Interest Rate Swaps (Interest Rate Risk) | Forward Foreign Exchange Contracts (Foreign Exchange Risk) | Futures Contracts (Interest Rate Risk) | Interest Rate Swaps (Interest Rate Risk)(2) | |||||||
Aberdeen Dynamic Dividend Fund | $ (36,871) | $– | $– | $(36,871) | $– | $– | |||||||
Aberdeen Global Infrastructure Fund | 7,523 | – | – | 7,523 | – | – | |||||||
Aberdeen International Real Estate Equity Fund | (834) | – | – | (834) | – | – |
Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in the Statement of Operations | |||||||||
Funds | Total | Credit Default Swaps (Credit Risk) | Forward Foreign Exchange Contracts (Foreign Exchange Risk) | Futures Contracts (Interest Rate Risk) | |||||
Aberdeen Dynamic Dividend Fund | $ (55,622) | $ – | $ (55,622) | $ – | |||||
Aberdeen Global Infrastructure Fund | (3,913) | – | (3,913) | – | |||||
Aberdeen International Real Estate Equity Fund | 184 | – | 184 | – |
Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the six-month period ended April 30, 2021. The table below summarizes the weighted average values of derivatives holdings by the Funds during the six-month period ended April 30, 2021.
Fund | Purchase Forward Foreign Currency Contracts (Average Notional Value) | Sale Forward Foreign Currency Contracts (Average Notional Value) | |||
Dynamic Dividend Fund | $ – | $2,904,490 | |||
Global Infrastructure Fund | 2,127,298 | 6,056,273 | |||
International Real Estate Equity Fund | 279,319 | 8,811 |
2021 Semi-Annual Report | 99 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
f. | Security Transactions, Investment Income and Expenses |
Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions.
Interest income and expenses are recorded on an accrual basis. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of month-end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is based on the average net asset value of that class' shares in proportion to the average net assets of the relevant Fund when incurred. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.
g. | Distributions |
Distributions from net investment income, if any, are declared and paid annually for all Funds except the Dynamic Dividend Fund, which declares and pays monthly, and the Global Infrastructure Fund and Realty Income & Growth Fund, which declare and pay quarterly. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any.
Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies and loss deferrals.
h. | Federal Income Taxes |
Each Fund intends to continue to qualify as a "regulated investment company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required. Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.
i. | Foreign Withholding Tax |
Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes and are recorded on the Statement of Operations. The Funds file for tax reclaims for the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statement of Assets and Liabilities. Foreign tax authorities can examine previously filed withholding tax reclaims for various periods of time, depending on the statute of limitations in each foreign jurisdiction. In some cases, amounts that have been refunded by foreign tax authorities and received by the Funds are still subject to such review.
The Dynamic Dividend Fund has received requests from the German Federal Tax Office for additional documents and information relating to withholding tax refunds that the Fund has previously received and recorded. The tax refunds previously received amount to approximately 0.76% of the Dynamic Dividend Fund's net assets as of April 30, 2021. The Dynamic Dividend Fund may be required to return certain amounts or pay a settlement in connection with this request. The amount of such potential repayment or settlement is uncertain and management cannot make an estimate at this time, and as such, has not recorded any amount in the financial statements. The Dynamic Dividend Fund's net asset value and performance may be materially adversely affected if such repayment or settlement is determined at a future date.
In addition, the Funds may be subject to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Funds accrue such taxes when the related income is earned.
In addition, when the Funds sell securities within certain countries in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required under GAAP, the Funds accrue deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments.
100 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
j. | Securities Lending |
Through an agreement with BNP Paribas as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require the borrower to mark to market such collateral on a daily basis so that the market value of such collateral does not fall below 100% of the market value of the portfolio securities so loaned.
Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent.
The Funds continue to own the loaned securities. However, securities lending involves certain risks including the event of default or insolvency of the borrower and possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and, therefore, this amount is not presented on the Funds' Statements of Investments.
At April 30, 2021, the market value of loaned securities and collateral received were as follows:
Fund | Value of Securities Loaned | Value of Cash Collateral | Value of Non-cash Collateral | ||||
China A Share Equity Fund | $ 1,776,693 | $ – | $ 1,844,960 | ||||
Global Infrastructure Fund | 686,139 | – | 728,108 |
3. Agreements and Transactions with Affiliates
a. | Investment Adviser |
Under the Investment Advisory Agreement with the Trust, Aberdeen manages the Funds in accordance with the policies and procedures established by the Board.
For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule:
Fund | Fee Schedule | |||||
China A Share Equity Fund | Up to $500 million | 0.85 | % | |||
$500 million up to $2 billion | 0.80 | % | ||||
On $2 billion and more | 0.75 | % | ||||
Dynamic Dividend Fund | Up to $250 million | 1.00 | % | |||
On $250 million and more | 0.95 | % | ||||
Emerging Markets Fund | On all assets | 0.90 | % | |||
Emerging Markets Sustainable Leaders Fund | On all assets | 0.80 | % | |||
Global Equity Fund | Up to $500 million | 0.90 | % | |||
$500 million up to $2 billion | 0.85 | % | ||||
On $2 billion and more | 0.80 | % | ||||
Global Infrastructure Fund | Up to $250 million | 0.85 | % | |||
$250 million up to $750 million | 0.80 | % | ||||
$750 million to $1 billion | 0.75 | % | ||||
On $1 billion and more | 0.65 | % | ||||
International Real Estate Equity Fund | On all assets | 1.00 | % | |||
International Small Cap Fund | Up to $100 million | 0.85 | % | |||
On $100 million and more | 0.75 | % | ||||
Realty Income & Growth Fund | Up to $250 million | 1.00 | % | |||
$250 million up to $750 million | 0.95 | % | ||||
$750 million up to $1 billion | 0.90 | % | ||||
On $1 billion and more | 0.80 | % |
2021 Semi-Annual Report | 101 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Fund | Fee Schedule | |||||
U.S. Small Cap Equity Fund | Up to $100 million | 0.95 | % | |||
On $100 million and more | 0.80 | % | ||||
U.S. Sustainable Leaders Fund | Up to $500 million | 0.75 | % | |||
$500 million up to $2 billion | 0.70 | % | ||||
On $2 billion and more | 0.65 | % | ||||
U.S. Sustainable Leaders Smaller Companies Fund | Up to $500 million | 0.75 | % | |||
$500 million up to $2 billion | 0.70 | % | ||||
On $2 billion and more | 0.65 | % |
The Adviser has engaged the services of affiliates Aberdeen Standard Investments (Asia) Limited ("ASIAL") and Aberdeen Asset Managers Limited ("AAML") as subadvisers (the "Subadvisers") pursuant to subadvisory agreements. The Subadvisers manage a portion of certain Funds' investments and have the responsibility for making all investment decisions for the portion of a Fund's assets they manage. Pursuant to the subadvisory agreements, the Adviser pays fees to the Subadvisers.
The Trust and Aberdeen have entered into written contracts ("Expense Limitation Agreements") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the tables below. For each Fund this contractual limitation may not be terminated before February 28, 2022 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For each Fund except the Dynamic Dividend Fund and Global Infrastructure Fund, this limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, acquired fund fees and expenses, Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares, and Institutional Service Class shares and extraordinary expenses. The Expense Limitation Agreement with respect to the Dynamic Dividend Fund and Global Infrastructure Fund excludes certain expenses, including any interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.
Fund | Limit | |||
China A Share Equity Fund | 0.99% | |||
Emerging Markets Fund | 1.10% | |||
Emerging Markets Sustainable Leaders Fund | 1.10% | |||
Global Equity Fund | 1.19% | |||
International Small Cap Fund | 0.99% | |||
U.S. Small Cap Equity Fund | 0.99% | |||
U.S. Sustainable Leaders Fund | 0.90% | |||
U.S. Sustainable Leaders Smaller Companies Fund | 0.90% |
Fund | Class A Limit | Institutional Class Limit | |||||
Dynamic Dividend Fund | 1.50% | 1.25% | |||||
Global Infrastructure Fund | 1.24% | 0.99% | |||||
International Real Estate Equity Fund | 1.62% | 1.37% | |||||
Realty Income & Growth Fund | 1.25% | 1.00% |
Aberdeen may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause a class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by Aberdeen is not permitted.
102 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
As of April 30, 2021, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to Aberdeen for each Fund, based on expenses reimbursed by Aberdeen, including adjustments described above, would be:
Fund | Amount Fiscal Year 2018 (Expires 10/31/21) | Amount Fiscal Year 2019 (Expires 10/31/22) | Amount Fiscal Year 2020 (Expires 10/31/23) | Amount Six Months Ended April 30, 2021 (Expires 4/30/24) | Total* | |||||||||||||||
China A Share Equity Fund | $ 77,461 | $ 185,225 | $ 194,764 | $ 91,714 | $ 549,164 | |||||||||||||||
Dynamic Dividend Fund | 78,360 | 110,958 | 114,147 | 57,585 | 361,050 | |||||||||||||||
Emerging Markets Fund | 1,556,454 | 2,912,999 | 2,887,668 | 1,060,624 | 8,417,745 | |||||||||||||||
Emerging Markets Sustainable Leaders Fund | (1,153 | ) | 25,257 | 32,170 | 18,307 | 74,581 | ||||||||||||||
Global Equity Fund | 83,316 | 177,160 | 173,186 | 82,047 | 515,709 | |||||||||||||||
Global Infrastructure Fund | 72,598 | 115,230 | 162,223 | 93,329 | 443,380 | |||||||||||||||
International Real Estate Equity Fund | 11,346 | 30,943 | 134,634 | 89,031 | 265,954 | |||||||||||||||
International Small Cap Fund | 129,926 | 302,551 | 291,518 | 116,701 | 840,696 | |||||||||||||||
Realty Income & Growth Fund | 160,149 | 282,123 | 254,885 | 123,966 | 821,123 | |||||||||||||||
U.S. Small Cap Equity Fund | – | – | 327,286 | 304,020 | 631,306 | |||||||||||||||
U.S. Sustainable Leaders Fund | 131,769 | 284,126 | 257,392 | 140,338 | 813,625 | |||||||||||||||
U.S. Sustainable Leaders Smaller Companies Fund | 74,227 | 175,904 | 164,571 | 96,471 | 511,173 |
* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.
Amounts listed as "–" are $0 or round to $0.
b. | Fund Administration |
Under the terms of the Fund Administration Agreement, Aberdeen provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays Aberdeen an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with Aberdeen, State Street Bank and Trust Company ("State Street") provides sub-administration services with respect to the Funds. Aberdeen pays State Street for providing such services.
c. | Distributor and Shareholder Servicing |
The Trust and Aberdeen Fund Distributors, LLC (the "Distributor") are parties to the current Underwriting Agreement (the "Underwriting Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares.
The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate the Distributor, for expenses associated with the distribution-related and/or shareholder services provided by such entities. These fees are paid to the Distributor and are either kept or paid to shareholders' financial advisors or other intermediaries for distribution and shareholder services. Although actual distribution expenses may be more or less, under the Plan, the Funds pay the Distributor an annual fee of the following amounts, based on the total net assets of each, respective class:
Fund | Class A Shares | Class C Shares (a) | Class R Shares (a) | |||||||||
China A Share Equity Fund | 0.25% | 1.00% | 0.50% | |||||||||
Dynamic Dividend Fund | 0.25% | – | – | |||||||||
Emerging Markets Fund | 0.25% | 1.00% | 0.50% | |||||||||
Emerging Markets Sustainable Leaders Fund | 0.25% | 1.00% | 0.50% | |||||||||
Global Equity Fund | 0.25% | 1.00% | 0.50% | |||||||||
Global Infrastructure Fund | 0.25% | �� | – | – | ||||||||
International Real Estate Equity Fund | 0.25% | – | – |
2021 Semi-Annual Report | 103 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Fund | Class A Shares | Class C Shares (a) | Class R Shares (a) | |||||||||
International Small Cap Fund | 0.25% | 1.00% | 0.50% | |||||||||
Realty Income & Growth Fund | 0.25% | – | – | |||||||||
U.S. Small Cap Equity Fund | 0.25% | 1.00% | 0.50% | |||||||||
U.S. Sustainable Leaders Fund | 0.25% | 1.00% | – | |||||||||
U.S. Sustainable Leaders Smaller Companies Fund | 0.25% | 1.00% | 0.50% |
(a) 0.25% of which is service fees.
The Adviser or an affiliate of the Adviser may pay additional amounts from its own resources to dealers or other financial intermediaries, for aid in distribution or for aid in providing administrative services to shareholders.
Pursuant to the current Underwriting Agreement, the Distributor will also receive the proceeds of contingent deferred sales charges ("CDSCs") of 1.00% imposed on certain redemptions of Class C (and up to 1.00% for certain Class A) shares.
In addition, the Distributor will re-allow to dealers 5.00% of sales charges on Class A shares of the Funds, which have a maximum front-end sales charge of 5.75% and the Distributor or the Adviser may compensate broker dealers or financial intermediaries from its own resources at the rate of 1.00% on sales of Class C shares of the Funds, which have a maximum CDSC of 1.00% (the CDSC assessed on sales within one year of purchase). The amount the Distributor retained for commissions from front-end sales charges and CDSC fees for the six-month period ended April 30, 2021 was as follows:
Fund | Commissions retained from front-end sales charges of Class A shares | Commissions retained from CDSC fees of Class C (and certain Class A) shares | ||||||
China A Share Equity Fund | $108,956 | $ 737 | ||||||
Dynamic Dividend Fund | 6,050 | – | ||||||
Emerging Markets Fund | 16,282 | – | ||||||
Emerging Markets Sustainable Leaders Fund | 82 | – | ||||||
Global Equity Fund | 667 | – | ||||||
Global Infrastructure Fund | 12,720 | – | ||||||
International Small Cap Fund | 10,901 | – | ||||||
Realty Income & Growth Fund | 1,110 | – | ||||||
U.S. Small Cap Equity Fund | 22,045 | 686 | ||||||
U.S. Sustainable Leaders Fund | 6,719 | 16 | ||||||
U.S. Sustainable Leaders Smaller Companies Fund | 2,803 | 54 | ||||||
Total Retained | $188,335 | $1,493 |
d. | Administrative Services Fees/Transfer Agent Out-of-Pocket Expenses |
The Funds may pay and/or reimburse administrative services fees/transfer agent out-of-pocket expenses to certain broker-dealers and financial intermediaries who provide administrative support services to beneficial shareholders on behalf of the Funds (sometimes referred to as "sub-transfer agency fees"), subject to certain limitations approved by the Board. These fees may be in addition to Rule 12b-1 fees. Sub-transfer agency fees generally include, but are not limited to, costs associated with omnibus accounting, recordkeeping, networking, sub-transfer agency or other administrative or shareholder services.
Class A, Class R and Institutional Service Class shares of the Funds pay for such services pursuant to an Administrative Services Plan adopted by the Board. Under the Administrative Services Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual administrative services fee of 0.25% for Class A, Class R and Institutional Service Class shares. Under an amendment to the Administrative Services Plan that is in effect until at least February 28, 2022, a Fund may pay a maximum of 0.15% for contracts with fees that are calculated as a percentage of Fund assets and a maximum of $16 per account for contracts with fees that are calculated on a dollar per account basis. Class C and Institutional Class shares may also pay for the services described above directly, as these classes are not subject to an Administrative Services Plan.
104 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
The aggregate amount of sub-transfer agent and administrative service fees paid during the six-month period ended April 30, 2021 was as follows:
Fund | Class A | Class C | Class R | Institutional Service | Institutional | |||||||||||||||
China A Share Equity Fund | $ 4,837 | $ 1,304 | $ 2,548 | $ 374 | $ | 5,523 | ||||||||||||||
Dynamic Dividend Fund | 1,671 | – | – | – | 38,177 | |||||||||||||||
Emerging Markets Fund | 155,410 | 5,480 | 87,558 | 324,759 | 1,771,392 | |||||||||||||||
Emerging Markets Sustainable Leaders Fund | 16,051 | 1,383 | 2,504 | 29,649 | 20,913 | |||||||||||||||
Global Equity Fund | 11,297 | 251 | 684 | 145 | 361 | |||||||||||||||
Global Infrastructure Fund | 3,912 | – | – | – | 13,186 | |||||||||||||||
International Real Estate Equity Fund | 33 | – | – | – | 14,343 | |||||||||||||||
International Small Cap Fund | 50,871 | 414 | 1,509 | – | 29,988 | |||||||||||||||
Realty Income & Growth Fund | 259 | – | – | – | 18,212 | |||||||||||||||
U.S. Small Cap Equity Fund | 95,398 | 19,696 | 2,589 | 22,700 | 318,238 | |||||||||||||||
U.S. Sustainable Leaders Fund | 58,283 | 624 | – | 45,457 | 2,999 | |||||||||||||||
U.S. Sustainable Leaders Smaller Companies Fund | 2,939 | 283 | 1,580 | 237 | 2,783 |
e. | Purchase/Sale Transactions Between Affiliates |
The Funds are permitted to buy or sell securities with funds that have a common investment adviser (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the Investment Company Act of 1940 ("Rule 17a-7"). During the six month period ended April 30, 2021, the Funds did not engage in any of these trades.
4. Investment Transactions
Purchases and sales of securities (excluding short-term securities) for the six-month period ended April 30, 2021, were as follows:
Fund | Purchases | Sales | ||||||
China A Share Equity Fund | $ | 73,645,330 | $ | 1,477,728 | ||||
Dynamic Dividend Fund | 42,450,840 | 46,652,942 | ||||||
Emerging Markets Fund | 1,231,787,105 | 920,341,641 | ||||||
Emerging Markets Sustainable Leaders Fund | 224,878,948 | 260,986,856 | ||||||
Global Equity Fund | 4,423,832 | 6,493,377 | ||||||
Global Infrastructure Fund | 7,034,988 | 8,371,261 | ||||||
International Real Estate Equity Fund | 8,804,152 | 10,931,631 | ||||||
International Small Cap Fund | 73,888,791 | 45,785,395 | ||||||
Realty Income & Growth Fund | 13,303,927 | 19,978,743 | ||||||
U.S. Small Cap Equity Fund | 432,869,272 | 382,351,161 | ||||||
U.S. Sustainable Leaders Fund | 394,309,482 | 415,531,689 | ||||||
U.S. Sustainable Leaders Smaller Companies Fund | 19,487,097 | 21,519,872 |
5. Portfolio Investment Risks
a. | Concentration Risk |
The Global Infrastructure Fund, International Real Estate Equity Fund and Realty Income & Growth Fund are subject to concentration risk. Each Fund's strategy of concentrating in companies in a specific industry means that its performance will be closely tied to the performance of a particular market segment. Each Fund's concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on each Fund than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.
2021 Semi-Annual Report | 105 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
b. | Cybersecurity Risk |
Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause each Fund, the Adviser and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.
c. | Dividend Strategy Risk |
The Dynamic Dividend Fund and Realty Income & Growth Fund are subject to dividend strategy risk. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. The Fund's emphasis on dividend paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. The Fund may hold securities for short periods of time related to the dividend payment periods and may experience loss during these periods.
d. | Emerging Markets Risk |
The risks of investing in emerging market countries is a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because the countries may have less stable governments, more volatile currencies and less established markets (see "Foreign Securities Risk" below).
e. | Equity-Linked Notes |
The China A Share Equity Fund may invest in equity-linked notes, which are generally subject to the same risks as the foreign equity securities or the basket of foreign securities they are linked to. If the linked security(ies) declines in value, the note may return a lower amount at maturity. The trading price of an equity-linked note also depends on the value of the linked security(ies).
f. | Equity Securities Risk |
The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline).
g. | Exchange-Traded Fund Risk |
To the extent that the China A Share Equity Fund invests in ETFs, the Fund may be subject to, among other risks, tracking error risk and passive and, in some cases, active management investment risk. An active secondary market in ETF shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions or other reasons. There can be no assurance that an ETF's shares will continue to be listed on an active exchange. In addition, Fund shareholders bear both their proportionate share of the Fund's expenses and similar expenses incurred through the Fund's ownership of the ETF.
h. | Foreign Currency Exposure Risk |
The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact a Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.
i. | Foreign Securities Risk |
Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.
Asian Risk. Parts of the Asian region may be subject to a greater degree of economic, political and social instability than is the case in the United States and Europe. Some Asian countries can be characterized as emerging markets or newly industrialized and may experience more volatile economic cycles than developed countries. The developing nature of securities markets in many countries in the Asian region may lead to a lack of liquidity while some countries have restricted the flow of money in and out of the country. Some countries in Asia have historically experienced political uncertainty, corruption, military intervention and social unrest. To the extent a Fund invests heavily in Asian issuers, the Fund may be more volatile than a fund which is broadly diversified geographically.
106 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
China Risk. Concentrating investments in China subjects the China A Shares Equity Fund to additional risks, and may make it significantly more volatile than geographically diverse mutual funds. Additional risks associated with investments in China include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund's investments.
China A Shares Risk. Trading in China A Shares through Stock Connect and the QFII Programs involves additional risks. Stock Connect is subject to a daily quota (the "Daily Quota"), which limits the maximum net purchases under Stock Connect each day and, as such, buy orders for China A Shares would be rejected once the Daily Quota is exceeded (although the Fund will be permitted to sell China A Shares regardless of the Daily Quota balance). Further, Stock Connect, which relies on the connectivity of the Shanghai or Shenzhen markets with Hong Kong, is subject to operational risk, regulations that are relatively untested and are subject to change, and extended market closures for holidays or otherwise. During an extended market closure, the Fund's ability to trade in China A Shares will be impacted which may affect the Fund's performance. The QFII Programs are subject to the risk that the Adviser may have its QFII Programs license revoked or restricted with respect to the Fund or the Fund may be impacted by the rules, restrictions and quota limitations connected to reliance on a QFII Programs license.
j. | Illiquid Securities Risk |
Illiquid securities are assets that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the asset. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value.
The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of a Fund's portfolio holdings. These procedures and tests take into account a Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during both normal and reasonable foreseeable stressed conditions, relevant market, trading and other factors, and monitor whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to assist a Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures and tests will enable a Fund to ensure that it has sufficient liquidity to meet redemption requests.
k. | Impact of Large Redemptions and Purchases of Fund Shares |
Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause a Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of a Fund and result in credit line borrowing fees and/or overdraft charges to the Fund until the sales of portfolio securities necessary to cover the redemption request settle.
l. | Infrastructure-Related Investment Risk |
Because the Global Infrastructure Fund concentrates its investments in infrastructure-related entities, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Infrastructure related entities are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure-related entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.
m. | Issuer Risk |
The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.
n. | LIBOR Risk |
A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate ("LIBOR") as a "benchmark" or "reference rate" for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued or the regulator will announce that it is no longer sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups
2021 Semi-Annual Report | 107 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
have suggested alternative reference rates, such as European Interbank Offered Rate ("EURIBOR"), Sterling Overnight Interbank Average Rate ("SONIA") and Secured Overnight Financing Rate ("SOFR"), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.
o. | Management Risk |
Each Fund is subject to the risk that the Adviser or Subadviser (as applicable) may make poor security selections. The Adviser, Subadviser and their portfolio managers apply their own investment techniques and risk analyses in making investment decisions for a Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the Adviser or Subadviser may select securities that underperform the relevant market of other funds with similar investment objectives and strategies.
p. | Market Risk |
Markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact the securities markets and cause the Fund to lose value.
One such event is the COVID-19 pandemic, which has caused major disruptions to economies and markets around the world, including the markets in which the Fund invests, and which has and may continue to negatively impact the value of certain of the Fund's investments . Although vaccines for COVID-19 and variants thereof are becoming more widely available, the COVID-19 pandemic and impacts thereof may continue for an extended period of time and may vary from market to market. To the extent the impacts of COVID-19 continue, the Fund may experience negative impacts to its business that could exacerbate other risks to which the Fund is subject. Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.
In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events.
For example, whether or not the Fund invests in securities of issuers located in Europe (whether the EU, Eurozone or UK) or with significant exposure to European, EU, Eurozone or UK issuers or countries, the unavoidable uncertainties and events related to the UK's departure from the EU ("Brexit") could negatively affect the value and liquidity of a Fund's investments, increase taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations as a new relationship between the UK and EU is defined and as the UK determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the Fund's business, results of operations and financial condition.
The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.
q. | Mid-Cap Securities Risk |
Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies.
r. | Non-Diversified Fund Risk |
The Realty Income & Growth Fund's performance may be more volatile than a diversified fund because it may invest a greater percentage of its total assets in the securities of a single issuer.
108 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
s. | Non-U.S. Taxation Risk |
Income, proceeds and gains received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes.
If, at the close of its taxable year, more than 50% of the value of a Fund's total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If a Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Even if a Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction.
t. | Passive Foreign Investment Company Tax Risk |
Equity investments by a Fund in certain "passive foreign investment companies" ("PFICs") could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. A Fund may BE ABLE elect to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the company's income and net capital gains annually. A Fund may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. Because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.
u. | Portfolio Turnover Risk |
The Dynamic Dividend Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains taxable at ordinary income tax rates.
v. | Qualified Dividend Income Tax Risk |
With respect to the Dynamic Dividend Fund, favorable U.S. federal tax treatment of Fund distributions may be adversely affected, changed or repealed by future changes in tax laws.
w. | REIT and Real Estate Risk |
Investment in real estate investment trusts ("REITs") and real estate involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include: declines in the value of real estate; risks related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in rental income, neighborhood values or the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions. REITs' share prices may decline because of adverse developments affecting the real estate industry including changes in interest rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases risk. Certain REITs charge management fees, which may result in layering the management fee paid by the fund.
x. | Sector Risk |
To the extent that a Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.
Industrials Sector Risk. To the extent that the industrial sector represents a significant portion of a Fund's holdings, the Fund will be sensitive to changes in, and its performance may be adversely impacted by issues impacting this sector. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity
2021 Semi-Annual Report | 109 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.
Information Technology Sector Risk. To the extent that the information technology sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.
Utility Sector Risk. When interest rates go up, the value of securities issued by utilities companies historically has gone down. In most countries and localities, the utilities sector is regulated by governmental entities, which can increase costs and delays for new projects and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of utilities has resulted in increased competition and reduced profitability for certain companies, and increased the risk that a particular company will become bankrupt or fail completely. Reduced profitability, as well as new uses for or additional need of funds (such as for expansion, operations or stock buybacks), could result in reduced dividend payout rates for utilities companies. In addition, utilities companies face the risk of increases in the cost and reduced availability of fuel (such as oil, coal, natural gas or nuclear energy) and potentially high interest costs for borrowing to finance new projects.
y. | Small-Cap Securities Risk |
Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk.
z. | Sustainable Investing Risk |
A Fund's "Sustainable Leaders" strategy could cause it to perform differently compared to funds that do not have such strategy. ESG considerations may be linked to long-term rather than short-term returns. The criteria related to a Fund's Sustainable Leaders strategy, including the exclusion of securities of companies that engage in certain business activities, may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the companies identified as sustainable leaders by the Adviser do not operate as expected when addressing ESG issues. There are significant differences in interpretations of what it means for a company to have positive ESG characteristics. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.
aa. | Valuation Risk |
The price that a Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Please read the Funds' prospectus for more detailed information regarding these and other risks.
6. Contingencies
In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds, and therefore, cannot be estimated; however, the Funds expect the risk of loss from such claims to be remote.
110 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
7. Tax Information
As of April 30, 2021, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:
Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
China A Share Equity Fund | $ | 90,354,862 | $ | 10,750,935 | $ | (3,828,344 | ) | $ | 6,922,591 | |||||||
Dynamic Dividend Fund | 95,021,981 | 35,944,734 | (3,996,320 | ) | 31,948,414 | |||||||||||
Emerging Markets Fund | 3,819,967,907 | 1,685,522,324 | (147,651,980 | ) | 1,537,870,344 | |||||||||||
Emerging Markets Sustainable Leaders Fund | 207,679,943 | 26,885,936 | (4,940,512 | ) | 21,945,424 | |||||||||||
Global Equity Fund | 20,597,236 | 9,598,916 | (2,873 | ) | 9,596,043 | |||||||||||
Global Infrastructure Fund | 41,657,198 | 12,976,121 | (1,998,746 | ) | 10,977,375 | |||||||||||
International Real Estate Equity Fund | 32,105,978 | 2,870,308 | (12,938,514 | ) | (10,068,206 | ) | ||||||||||
International Small Cap Fund | 157,260,558 | 55,827,121 | (1,956,938 | ) | 53,870,183 | |||||||||||
Realty Income & Growth Fund | 38,349,497 | 15,354,704 | (137,030 | ) | 15,217,674 | |||||||||||
U.S. Small Cap Equity Fund | 871,957,993 | 222,991,268 | (6,052,034 | ) | 216,939,234 | |||||||||||
U.S. Sustainable Leaders Fund | 384,849,739 | 89,675,190 | (4,298,732 | ) | 85,376,458 | |||||||||||
U.S. Sustainable Leaders Smaller Companies Fund | 14,677,270 | 2,155,783 | (238,535 | ) | 1,917,248 |
The tax character of distributions paid during the fiscal year ended October 31, 2020 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):
Distributions Paid From | ||||||||||||||||||||||||
Fund | Ordinary Income* | Net Long Term Capital Gains* | Total Taxable Distributions | Tax Exempt Distributions | Return of Capital | Total Distributions Paid | ||||||||||||||||||
China A Share Equity Fund | $ 14,078 | $ 715,542 | $ 729,620 | $ – | $ – | $ 729,620 | ||||||||||||||||||
Dynamic Dividend Fund | 7,157,644 | – | 7,157,644 | – | – | 7,157,644 | ||||||||||||||||||
Emerging Markets Fund | 91,341,000 | 2,583,742 | 93,924,742 | – | – | 93,924,742 | ||||||||||||||||||
Emerging Markets Sustainable Leaders Fund | 2,748,047 | – | 2,748,047 | – | – | 2,748,047 | ||||||||||||||||||
Global Equity Fund | 186,711 | 798,701 | 985,412 | – | – | 985,412 | ||||||||||||||||||
Global Infrastructure Fund | 2,807,721 | 449,156 | 3,256,877 | – | 606,231 | 3,863,108 | ||||||||||||||||||
International Real Estate Equity Fund | 6,412,304 | – | 6,412,304 | – | – | 6,412,304 | ||||||||||||||||||
International Small Cap Fund | 1,686,730 | 4,472,541 | 6,159,271 | – | – | 6,159,271 | ||||||||||||||||||
Realty Income & Growth Fund | 1,259,953 | 9,878,074 | 11,138,027 | – | – | 11,138,027 | ||||||||||||||||||
U.S. Small Cap Equity Fund | 1,296,552 | 59,696,046 | 60,992,598 | – | – | 60,992,598 | ||||||||||||||||||
U.S. Sustainable Leaders Fund | 2,144,740 | 34,164,852 | 36,309,592 | – | – | 36,309,592 | ||||||||||||||||||
U.S. Sustainable Leaders Smaller Companies Fund | 289,373 | 1,634,574 | 1,923,947 | – | – | 1,923,947 |
Amounts listed as "–" are $0 or round to $0.
As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:
Fund | Undistributed Tax Exempt Income | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Accumulated Earnings | Distributions Payable | Late Year Ordinary and Post-October Capital Loss Deferrals | Other Temporary Differences | Unrealized Appreciation/ (Depreciation)* | Accumulated Capital and Other Losses** | Total Accumulated Earnings/ (Deficit) | ||||||||||||||||||||
China A Share Equity Fund | $ | – | $ | 53,375 | $ | 463,245 | $ | – | $ | – | $ | – | $ | – | $ | 3,910,074 | $ | – | $ | 4,426,694 | ||||||||||
Dynamic Dividend Fund | – | 41,955 | – | – | – | – | – | 8,140,112 | (4,212,551) | 3,969,516 | ||||||||||||||||||||
Emerging Markets Fund | – | 8,624,100 | 33,395,452 | – | – | – | – | 893,406,222 | – | 935,425,774 |
2021 Semi-Annual Report | 111 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Fund | Undistributed Tax Exempt Income | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Accumulated Earnings | Distributions Payable | Late Year Ordinary and Post-October Capital Loss Deferrals | Other Temporary Differences | Unrealized Appreciation/ (Depreciation)* | Accumulated Capital and Other Losses** | Total Accumulated Earnings/ (Deficit) | ||||||||||||||||||||||||||||||
Emerging Markets Sustainable Leaders Fund | $ | – | $ | 454,641 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 46,451,581 | $ | (28,536,910 | ) | $ | 18,369,312 | |||||||||||||||||||
Global Equity Fund | – | – | – | – | – | (6,837 | ) | – | 5,731,003 | (5,035,145 | ) | 689,021 | ||||||||||||||||||||||||||||
Global Infrastructure Fund | – | – | – | – | – | – | – | 2,388,685 | (1,647,075 | ) | 741,610 | |||||||||||||||||||||||||||||
International Real Estate Equity Fund | – | 772,710 | – | – | – | – | – | (12,896,038 | ) | (73,604,082 | ) | (85,727,410 | ) | |||||||||||||||||||||||||||
International Small Cap Fund | – | – | – | – | – | – | – | 28,201,129 | (1,307,689 | ) | 26,893,440 | |||||||||||||||||||||||||||||
Realty Income & Growth Fund | – | – | 5,677,152 | – | – | – | – | 9,588,389 | – | 15,265,541 | ||||||||||||||||||||||||||||||
U.S. Small Cap Equity Fund | – | 7,615,775 | 41,783,419 | – | – | – | – | 47,141,945 | – | 96,541,139 | ||||||||||||||||||||||||||||||
U.S. Sustainable Leaders Fund | – | 11,862,193 | 36,363,926 | – | – | – | – | 89,558,389 | – | 137,784,508 | ||||||||||||||||||||||||||||||
U.S. Sustainable Leaders Smaller Companies Fund | – | 169,188 | 1,648,858 | – | – | – | – | 2,511,306 | – | 4,329,352 |
* The difference between the book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to passive foreign investment companies and tax deferral of losses on wash sales.
** As of October 31, 2020, for Federal income tax purposes, these Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations, with no expiration.
As of October 31, 2020, for federal income tax purposes, capital loss carryforwards, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of each respective Fund with no expiration.
Fund | Amount | Expires | ||||
Dynamic Dividend Fund | $ 4,212,551 | Unlimited (Short-Term) | ||||
Emerging Markets Sustainable Leaders Fund | 6,922,759 | Unlimited (Short-Term) | ||||
Emerging Markets Sustainable Leaders Fund | 21,614,151 | Unlimited (Long-Term) | ||||
Global Equity Fund | 271,921 | Unlimited (Short-Term) | ||||
Global Equity Fund | 4,763,224 | Unlimited (Long-Term) | ||||
Global Infrastructure Fund | 1,647,075 | Unlimited (Short-Term) | ||||
International Real Estate Equity Fund | 5,452,642 | Unlimited (Short-Term) | ||||
International Real Estate Equity Fund | 68,151,440 | Unlimited (Long-Term) | ||||
International Small Cap Fund | 1,307,689 | Unlimited (Short-Term) |
8. Significant Shareholders
As of April 30, 2021, the Funds had shareholders with the percentage ownership indicated, which are considered significant shareholders (holdings greater than 5.0%) for financial reporting purposes:
Fund | Record Ownership % | Number of Account Owners | ||||||
China A Share Equity Fund | 54.7 | % | 2 | |||||
Dynamic Dividend Fund | 49.0 | 5 | ||||||
Emerging Markets Fund | 62.7 | 4 | ||||||
Emerging Markets Sustainable Leaders Fund | 40.9 | 4 | ||||||
Global Equity Fund | 19.4 | 1 | ||||||
Global Infrastructure Fund | 60.4 | 4 | ||||||
International Real Estate Equity Fund | 62.0 | 4 | ||||||
International Small Cap Fund | 60.5 | 3 | ||||||
Realty Income & Growth Fund | 52.7 | 3 |
112 | 2021 Semi-Annual Report |
Notes to Financial Statements (concluded)
April 30, 2021 (Unaudited)
Fund | Record Ownership % | Number of Account Owners | ||||||
U.S. Small Cap Equity Fund | 43.9 | % | 5 | |||||
U.S. Sustainable Leaders Fund | 12.0 | 1 | ||||||
U.S. Sustainable Leaders Smaller Companies Fund | 20.8 | 3 |
9. Line of Credit
The Trust, on behalf of each of the funds of the Trust (including the Funds) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street Bank and Trust Company (the "Bank"), subject to annual renewal. The Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.
The Funds are subject to an up-front fee of 2.5 basis points (0.025%) on the full facility amount, which was paid upon closing of the credit facility. Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on that day (not less than zero) plus 1.25% or (b) the One-Month LIBOR as in effect on that day (not less than zero) plus 1.25%. In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. In 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement reference rate. As such, the potential effect of a transition away from LIBOR on the Fund's payment obligations under the revolving credit facility cannot yet be determined. For each Fund that borrowed under the Credit Facility during the six-month period ended April 30, 2021, the following table shows the average outstanding daily balance of the days the Fund utilized the Credit Facility and the average weighted interest rate paid by the Fund during the six-month period ended April 30, 2021.
Average Outstanding Daily Balance | Average Weighted Interest Rate | Days Utilized | ||||||||||
Dynamic Dividend Fund | 334,882 | 1.38 | % | 43 | ||||||||
Emerging Markets Sustainable Leaders Fund | 6,767,574 | 1.39 | % | 6 | ||||||||
Global Infrastructure Fund | 120,346 | 1.39 | % | 21 | ||||||||
International Real Estate Equity Fund | 239,557 | 1.38 | % | 27 | ||||||||
International Small Cap Fund | 1,425,000 | 1.40 | % | 3 | ||||||||
Realty Income & Growth Fund | 540,874 | 1.43 | % | 86 | ||||||||
U.S. Sustainable Leaders Smaller Companies Fund | 200,000 | 1.38 | % | 1 |
10. Recent Accounting Pronouncements
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. Management is assessing the impact of Rule 18f-4 on the Funds.
11. Subsequent Events
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2021.
2021 Semi-Annual Report | 113 |
Shareholder Expense Examples (Unaudited)
As a shareholder of the Aberdeen Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, transfer agent out-of-pocket expenses, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Aberdeen Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2020 and continued to hold your shares at the end of the reporting period, April 30, 2021.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Actual Expenses Paid During Period" for the class of a Fund that you own to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of a Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the information for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
Beginning Account Value, November 1, 2020 | Actual Ending Account Value, April 30, 2021 | Hypothetical Ending Account Value | Actual Expenses Paid During Period1 | Hypothetical Expenses Paid During Period12 | Annualized Expense Ratio** | |||||||||||||
China A Share Equity Fund | Class A | $ 1,000.00 | $ 1,171.60 | $ 1,018.35 | $ 7.00 | $ 6.51 | 1.30 | % | ||||||||||
Class C | $ 1,000.00 | $ 1,168.40 | $ 1,014.93 | $ 10.70 | $ 9.94 | 1.99 | % | |||||||||||
Class R | $ 1,000.00 | $ 1,170.20 | $ 1,016.91 | $ 8.56 | $ 7.95 | 1.59 | % | |||||||||||
Institutional Service Class | $ 1,000.00 | $ 1,173.20 | $ 1,019.44 | $ 5.82 | $ 5.41 | 1.08 | % | |||||||||||
Institutional Class | $ 1,000.00 | $ 1,173.90 | $ 1,019.89 | $ 5.34 | $ 4.96 | 0.99 | % | |||||||||||
Dynamic Dividend Fund | Class A | $ 1,000.00 | $ 1,310.70 | $ 1,017.36 | $ 8.59 | $ 7.50 | 1.50 | % | ||||||||||
Institutional Class | $ 1,000.00 | $ 1,311.40 | $ 1,018.60 | $ 7.16 | $ 6.26 | 1.25 | % | |||||||||||
Emerging Markets Fund | Class A | $ 1,000.00 | $ 1,242.80 | $ 1,017.01 | $ 8.73 | $ 7.85 | 1.57 | % | ||||||||||
Class C | $ 1,000.00 | $ 1,239.60 | $ 1,014.38 | $ 11.66 | $ 10.49 | 2.10 | % | |||||||||||
Class R | $ 1,000.00 | $ 1,242.00 | $ 1,016.36 | $ 9.45 | $ 8.50 | 1.70 | % | |||||||||||
Institutional Service Class | $ 1,000.00 | $ 1,245.30 | $ 1,018.75 | $ 6.79 | $ 6.11 | 1.22 | % | |||||||||||
Institutional Class | $ 1,000.00 | $ 1,246.10 | $ 1,019.34 | $ 6.13 | $ 5.51 | 1.10 | % | |||||||||||
Emerging Markets Sustainable Leaders Fund | Class A | $ 1,000.00 | $ 1,225.70 | $ 1,017.41 | $ 8.22 | $ 7.45 | 1.49 | % | ||||||||||
Class C | $ 1,000.00 | $ 1,221.80 | $ 1,014.33 | $ 11.62 | $ 10.54 | 2.11 | % | |||||||||||
Class R | $ 1,000.00 | $ 1,224.30 | $ 1,016.12 | $ 9.65 | $ 8.75 | 1.75 | % | |||||||||||
Institutional Service Class | $ 1,000.00 | $ 1,227.60 | $ 1,018.99 | $ 6.46 | $ 5.86 | 1.17 | % | |||||||||||
Institutional Class | $ 1,000.00 | $ 1,227.90 | $ 1,019.29 | $ 6.13 | $ 5.56 | 1.11 | % | |||||||||||
Global Equity Fund | Class A | $ 1,000.00 | $ 1,271.00 | $ 1,017.21 | $ 8.62 | $ 7.65 | 1.53 | % | ||||||||||
Class C | $ 1,000.00 | $ 1,266.50 | $ 1,013.94 | $ 12.31 | $ 10.94 | 2.19 | % | |||||||||||
Class R | $ 1,000.00 | $ 1,268.70 | $ 1,015.67 | $ 10.35 | $ 9.20 | 1.84 | % | |||||||||||
Institutional Service Class | $ 1,000.00 | $ 1,272.20 | $ 1,018.40 | $ 7.27 | $ 6.46 | 1.29 | % | |||||||||||
Institutional Class | $ 1,000.00 | $ 1,272.70 | $ 1,018.89 | $ 6.71 | $ 5.96 | 1.19 | % | |||||||||||
Global Infrastructure Fund | Class A | $ 1,000.00 | $ 1,264.90 | $ 1,018.65 | $ 6.96 | $ 6.21 | 1.24 | % | ||||||||||
Institutional Class | $ 1,000.00 | $ 1,266.90 | $ 1,019.89 | $ 5.56 | $ 4.96 | 0.99 | % | |||||||||||
International Real Estate Equity Fund | Class A | $ 1,000.00 | $ 1,189.00 | $ 1,016.76 | $ 8.79 | $ 8.10 | 1.62 | % | ||||||||||
Institutional Class | $ 1,000.00 | $ 1,190.30 | $ 1,018.00 | $ 7.44 | $ 6.85 | 1.37 | % |
114 | 2021 Semi-Annual Report |
Shareholder Expense Examples (Unaudited) (concluded)
Beginning Account Value, November 1, 2020 | Actual Ending Account Value, April 30, 2021 | Hypothetical Ending Account Value | Actual Expenses Paid During Period1 | Hypothetical Expenses Paid During Period12 | Annualized Expense Ratio** | |||||||||||||||
International Small Cap Fund | Class A | $ 1,000.00 | $ 1,247.80 | $ 1,018.10 | $ 7.52 | $ 6.76 | 1.35 | % | ||||||||||||
Class C | $ 1,000.00 | $ 1,244.10 | $ 1,014.93 | $ 11.07 | $ 9.94 | 1.99 | % | |||||||||||||
Class R | $ 1,000.00 | $ 1,245.80 | $ 1,016.66 | $ 9.13 | $ 8.20 | 1.64 | % | |||||||||||||
Institutional Class | $ 1,000.00 | $ 1,249.90 | $ 1,019.89 | $ 5.52 | $ 4.96 | 0.99 | % | |||||||||||||
Realty Income & Growth Fund | Class A | $ 1,000.00 | $ 1,285.30 | $ 1,018.55 | $ 7.14 | $ 6.31 | 1.26 | % | ||||||||||||
Institutional Class | $ 1,000.00 | $ 1,286.30 | $ 1,019.79 | $ 5.73 | $ 5.06 | 1.01 | % | |||||||||||||
U.S. Small Cap Equity Fund | Class A | $ 1,000.00 | $ 1,396.30 | $ 1,018.05 | $ 8.08 | $ 6.81 | 1.36 | % | ||||||||||||
Class C | $ 1,000.00 | $ 1,392.30 | $ 1,014.93 | $ 11.80 | $ 9.94 | 1.99 | % | |||||||||||||
Class R | $ 1,000.00 | $ 1,394.90 | $ 1,016.86 | $ 9.50 | $ 8.00 | 1.60 | % | |||||||||||||
Institutional Service Class | $ 1,000.00 | $ 1,398.50 | $ 1,019.34 | $ 6.54 | $ 5.51 | 1.10 | % | |||||||||||||
Institutional Class | $ 1,000.00 | $ 1,399.00 | $ 1,019.89 | $ 5.89 | $ 4.96 | 0.99 | % | |||||||||||||
U.S. Sustainable Leaders Fund | Class A | $ 1,000.00 | $ 1,248.60 | $ 1,018.89 | $ 6.63 | $ 5.96 | 1.19 | % | ||||||||||||
Class C | $ 1,000.00 | $ 1,244.20 | $ 1,015.37 | $ 10.57 | $ 9.49 | 1.90 | % | |||||||||||||
Institutional Service Class | $ 1,000.00 | $ 1,249.90 | $ 1,019.98 | $ 5.41 | $ 4.86 | 0.97 | % | |||||||||||||
Institutional Class | $ 1,000.00 | $ 1,250.00 | $ 1,020.33 | $ 5.02 | $ 4.51 | 0.90 | % | |||||||||||||
U.S. Sustainable Leaders Smaller Companies Fund | Class A | $ 1,000.00 | $ 1,333.70 | $ 1,018.75 | $ 7.06 | $ 6.11 | 1.22 | % | ||||||||||||
Class C | $ 1,000.00 | $ 1,326.70 | $ 1,015.37 | $ 10.96 | $ 9.49 | 1.90 | % | |||||||||||||
Class R | $ 1,000.00 | $ 1,332.30 | $ 1,017.16 | $ 8.91 | $ 7.70 | 1.54 | % | |||||||||||||
Institutional Service Class | $ 1,000.00 | $ 1,335.80 | $ 1,019.59 | $ 6.08 | $ 5.26 | 1.05 | % | |||||||||||||
Institutional Class | $ 1,000.00 | $ 1,336.90 | $ 1,020.33 | $ 5.21 | $ 4.51 | 0.90 | % |
** The expense ratio presented represents a six-month, annualized ratio.
1 Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).
2 Represents the hypothetical 5% return before expenses.
2021 Semi-Annual Report | 115 |
Liquidity Risk Management Program (Unaudited)
The Funds have adopted and implemented a liquidity risk management program (the "Liquidity Program") consistent with the requirements of Rule 22e-4 under the 1940 Act (the "Liquidity Rule"). "Liquidity Risk" is defined as the risk that a fund could not meet redemption requests "without significant dilution of remaining investors' interests in the fund." Aberdeen Standard Investments Inc., the investment adviser and administrator to the Funds, has been approved and designated by the Board of Trustees (the "Board") as the administrator of the Liquidity Program (the "Administrator") and has retained a third party to perform certain functions, including liquidity analytics and providing market data. The Administrator has formed a Liquidity Risk Management Committee (the "Committee") to help implement and carry out the day-to-day operations of the Liquidity Program.
As required by the Liquidity Rule, at a meeting on March 17, 2021, the Board received a written annual report on the operation and effectiveness of the Liquidity Program for the period from February 1, 2020 to January 31, 2021 (the "Reporting Period"). The annual report provided, among other items, an overview of the Liquidity Program including:
• | information regarding the Committee and the monthly discussions by the Committee of various items including, but not limited to, the following: |
o | Review and analysis of appropriate liquidity categories for portfolio investments |
o | Review of highly liquid investment minimum ("HLIM") and reasonably anticipated trading sizes ("RATS") |
o | Review of current and upcoming market events, such as market closures, that may impact liquidity |
o | Review of large shareholder concentrations that may impact liquidity in the event of redemption |
• | the monitoring and classification of portfolio holdings in four liquidity categories (including the operation of the HLIM and any breaches); and |
• | enhancements to the Liquidity Program during the Reporting Period, which included: |
o | monthly liquidity reports being provided to portfolio managers |
o | evaluation and change in the RATS of Aberdeen Emerging Markets Fund based on shareholder concentration and the nature of securities held in the fund's portfolio |
o | changes to the Liquidity Program to address regulatory guidance relating to the closure of a foreign securities market for seven or more calendar days due to a foreign holiday. |
The annual report concluded that the Liquidity Program was reasonably designed to assess and manage the Funds' Liquidity Risk pursuant to the Liquidity Rule.
There can be no assurance that the Liquidity Program will achieve its objectives under all circumstances in the future. Please refer to your Fund's Prospectus and Statement of Additional Information for more information regarding the risks of investing in a Fund, including a Fund's exposure to liquidity risk and other risks to which the Funds may be subject.
116 | 2021 Semi-Annual Report |
Management Information
Trustees Radhika Ajmera Stephen Bird P. Gerald Malone, Chairman Neville J. Miles Rahn K. Porter Steven N. Rappaport Warren C. Smith
Investment Adviser Aberdeen Standard Investments Inc. 1900 Market Street, Suite 200 Philadelphia, PA 19103
Fund Administrator Aberdeen Standard Investments Inc. 1900 Market Street, Suite 200 Philadelphia, PA 19103
Transfer Agent DST Asset Manager Solutions, Inc. 430 W. 7th Street, Ste. 219534 Kansas City, MO 64105-1407 | Distributor Aberdeen Fund Distributors LLC 1900 Market Street, Suite 200 Philadelphia, PA 19103
Sub-Administrator, Custodian & Fund Accountant State Street Bank and Trust Company 1 Lincoln Street Boston, MA 02111
Independent Registered Public Accounting Firm KPMG LLP 1601 Market Street Philadelphia, PA 19103
Fund Counsel Dechert LLP 1900 K Street N.W. Washington, D.C. 20006 |
Aberdeen Standard Investments Inc. 1900 Market Street, Suite 200 Philadelphia, PA 19103 aberdeen-asset.us
AOE-0140-SAR |
Aberdeen Funds
Fixed Income Series
Semi-Annual Report
April 30, 2021
Aberdeen Emerging Markets Debt Fund
Class A – AKFAX n Class C – AKFCX n Class R – AKFRX n Institutional Class – AKFIX n Institutional Service Class – AKFSX
Aberdeen Global Absolute Return Strategies Fund
Class A – CUGAX n Class C – CGBCX n Institutional Class – AGCIX n Institutional Service Class – CGFIX
Aberdeen Intermediate Municipal Income Fund
Class A – NTFAX n Class C – GTICX n Institutional Class – ABEIX n Institutional Service Class – ABESX
Aberdeen Short Duration High Yield Municipal Fund
Class A – AAHMX n Class C – ACHMX n Institutional Class – AHYMX
Aberdeen Ultra Short Municipal Income Fund
Class A – ATOAX n Class A1 – ATOBX n Institutional Class – ATOIX
Table of Contents
Aberdeen Emerging Markets Debt Fund | Page 1 |
Aberdeen Global Absolute Return Strategies Fund | Page 8 |
Aberdeen Intermediate Municipal Income Fund | Page 22 |
Aberdeen Short Duration High Yield Municipal Fund | Page 27 |
Aberdeen Ultra Short Municipal Income Fund | Page 37 |
Financial Statements | Page 43 |
Notes to Financial Statements | Page 62 |
Shareholder Expense Examples | Page 83 |
Liquidity Risk Management Program | Page 84 |
Investors should carefully consider a fund's investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a prospectus, or download a prospectus at https://www.aberdeenstandard.com/en-us/us/investor/fund-centre. Please read it carefully before investing any money.
Investing in mutual funds involves risk, including possible loss of principal.
Aberdeen Funds is distributed by Aberdeen Fund Distributors LLC, Member FINRA, 1900 Market Street, Suite 200, Philadelphia, PA 19103.
Aberdeen Standard Investments Inc. (ASII) has been registered as an investment adviser under the Investment Advisers Act of 1940 since August 23, 1995.
The complete schedule of portfolio holdings for each fund of Aberdeen Funds (each a "Fund" and collectively, the "Funds") is included in the Funds' semi-annual and annual reports to shareholders. Aberdeen Funds also files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the "Commission") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT filings are available on the Commission's website at http://www.sec.gov and the Funds make the information on the exhibit to Form N-PORT available to shareholders on upon request without charge by calling 1-866-667-9231.
Statement Regarding Availability of Proxy Voting Record.
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-667-9231. The information is also included in the Funds' Statement of Additional Information, which is available on the Funds' website at https://www.aberdeenstandard.com/en-us/us/investor/fund-centre and on the Commission's website at www.sec.gov.
Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available by August 30 of the relevant year: (i) upon request and without charge by calling 1-866-667-9231; and (ii) on the Commission's website at www.sec.gov.
Aberdeen Emerging Markets Debt Fund (Unaudited)
Average Annual Total Return (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | Inception1 | ||
Class A | w/o SC | 5.45% | 18.93% | 4.83% | 3.03% | |
w/SC2 | 2.24% | 15.32% | 4.19% | 2.66% | ||
Class C | w/o SC | 5.34% | 18.31% | 4.20% | 2.36% | |
w/SC3 | 4.34% | 17.31% | 4.20% | 2.36% | ||
Class R4 | w/o SC | 5.38% | 18.60% | 4.57% | 2.78% | |
Institutional Service Class4 | w/o SC | 5.63% | 19.20% | 5.19% | 3.36% | |
Institutional Class4 | w/o SC | 5.62% | 19.29% | 5.20% | 3.35% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | The Fund commenced operations on November 1, 2012. |
2 | A 3.00% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%. |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
4 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment* (as of April 30, 2021)
* Minimum Initial Investment
Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Emerging Markets Debt Fund, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and the Consumer Price Index (CPI) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The J.P. Morgan EMBI Global Diversified Index is an alternatively weighted index that assigns a larger weight to less liquid issues from countries with smaller debt stocks and limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries' eligible current face amounts of debt outstanding. The index consists of U.S. dollar-denominated Brady bonds, Eurobonds, and traded loans issued by sovereign and quasi-sovereign entities issued in emerging markets countries.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
2021 Semi-Annual Report | 1 |
Aberdeen Emerging Markets Debt Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
Government Bonds | 73.5% | |
Corporate Bonds | 23.2% | |
Short-Term Investment | 3.0% | |
Warrants | –% | |
Other Assets in Excess of Liabilities | 0.3% | |
100.0% |
Amounts listed as "–" are 0% or round to 0%
The following chart summarizes the composition of the Fund's portfolio, expressed as a percentage of net assets. The industries listed below may include more than one industry group. As of April 30, 2021, the Fund did not have more than 25% of its assets invested in any industry group.
Top Industries | ||
Oil, Gas & Consumable Fuels | 5.7% | |
Commercial Banks | 2.9% | |
Electric Utilities | 2.5% | |
Transportation | 1.7% | |
Real Estate | 1.5% | |
Diversified Financial Services | 1.3% | |
Chemicals | 1.3% | |
Energy Equipment & Services | 1.1% | |
Airlines | 0.7% | |
Diversified Telecommunication Services | 0.7% | |
Other | 80.6% | |
100.0% |
Top Holdings* | ||
Mexican Bonos, Series M 03/05/2026 | 2.9% | |
Brazil Notas do Tesouro Nacional, Series F 01/01/2031 | 2.9% | |
Qatar Government International Bond 03/14/2049 | 2.6% | |
Brazil Notas do Tesouro Nacional, Series B 08/15/2024 | 2.4% | |
Russian Federal Bond – OFZ 09/16/2026 | 2.3% | |
Bahamas Government International Bond 11/21/2028 | 2.2% | |
Saudi Government International Bond 04/17/2049 | 2.2% | |
Ukraine Government International Bond 09/01/2024 | 1.9% | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 01/25/2049 | 1.7% | |
Georgian Railway JSC 07/11/2022 | 1.7% | |
Other | 77.2% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
Mexico | 8.6% | |
Brazil | 6.3% | |
Qatar | 5.0% | |
United Arab Emirates | 4.7% | |
Egypt | 4.5% | |
Ukraine | 4.0% | |
South Africa | 3.8% | |
United States | 3.0% | |
Indonesia | 3.0% | |
Argentina | 2.8% | |
Other | 54.3% | |
100.0% |
2 | 2021 Semi-Annual Report |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund
Shares or Principal Amount | Value (US$) | |||||||
CORPORATE BONDS (23.2%) | ||||||||
BRAZIL (0.6%) | ||||||||
Food Products (0.6%) | ||||||||
BRF SA (USD), 4.88%, 01/24/2030 (a) | $ | 260,000 | $ | 266,984 | ||||
CHINA (1.4%) | ||||||||
Investment Companies (0.4%) | ||||||||
Huarong Finance 2019 Co. Ltd. (USD), 2.13%, 09/30/2023 (a) | 215,000 | 164,475 | ||||||
Real Estate (1.0%) | ||||||||
Longfor Group Holdings Ltd. (USD), 3.95%, 09/16/2029 (a) | 230,000 | 240,951 | ||||||
Shimao Group Holdings Ltd. (USD), 6.13%, 02/21/2024 (a) | 200,000 | 208,800 | ||||||
449,751 | ||||||||
614,226 | ||||||||
COLOMBIA (0.6%) | ||||||||
Commercial Banks (0.5%) | ||||||||
Bancolombia SA, (fixed rate to 10/18/2022, variable rate thereafter) (USD), 4.88%, 10/18/2027 | 200,000 | 203,502 | ||||||
Oil, Gas & Consumable Fuels (0.1%) | ||||||||
Ecopetrol SA (USD), 6.88%, 04/29/2030 | 50,000 | 60,625 | ||||||
264,127 | ||||||||
GEORGIA (1.7%) | ||||||||
Transportation (1.7%) | ||||||||
Georgian Railway JSC (USD), 7.75%, 07/11/2022 (a) | 680,000 | 717,400 | ||||||
INDIA (0.6%) | ||||||||
Commercial Banks (0.6%) | ||||||||
HDFC Bank Ltd. (INR), 8.10%, 03/22/2025 (a)(b) | 20,000,000 | 279,053 | ||||||
INDONESIA (3.0%) | ||||||||
Electric Utilities (1.7%) | ||||||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (USD), 6.25%, 01/25/2049 (a) | 587,000 | 728,761 | ||||||
Oil, Gas & Consumable Fuels (0.6%) | ||||||||
Pertamina Persero PT (USD), 5.63%, 05/20/2043 (a) | 200,000 | 230,835 | ||||||
Sovereign Agency (0.7%) | ||||||||
Lembaga Pembiayaan Ekspor Indonesia (USD), 3.88%, 04/06/2024 (a) | 290,000 | 309,575 | ||||||
1,269,171 | ||||||||
KAZAKHSTAN (0.5%) | ||||||||
Oil, Gas & Consumable Fuels (0.5%) | ||||||||
Tengizchevroil Finance Co. International Ltd. (USD), 4.00%, 08/15/2026 (a)(c) | 200,000 | 216,000 |
Shares or Principal Amount | Value (US$) | |||||||
KUWAIT (0.7%) | ||||||||
Chemicals (0.7%) | ||||||||
MEGlobal Canada ULC, REGS (USD), 5.00%, 05/18/2025 (a) | $ | 250,000 | $ | 279,687 | ||||
MEXICO (4.5%) | ||||||||
Commercial Banks (0.6%) | ||||||||
BBVA Bancomer SA., (fixed rate to 09/13/2029, variable rate thereafter) (USD), 5.88%, 09/13/2034 (a) | 230,000 | 251,275 | ||||||
Oil, Gas & Consumable Fuels (3.3%) | ||||||||
Petroleos Mexicanos | ||||||||
(USD), 6.88%, 08/04/2026 | 50,000 | 54,350 | ||||||
(USD), 6.50%, 03/13/2027 | 500,000 | 528,750 | ||||||
(USD), 6.84%, 01/23/2030 | 180,000 | 184,950 | ||||||
(USD), 6.50%, 06/02/2041 | 330,000 | 296,370 | ||||||
(USD), 6.95%, 01/28/2060 | 420,000 | 371,658 | ||||||
1,436,078 | ||||||||
Real Estate Investment Trust (REIT) Funds (0.6%) | ||||||||
Trust F/1401 (USD), 6.39%, 01/15/2050 (a) | 220,000 | 250,912 | ||||||
1,938,265 | ||||||||
MOROCCO (0.6%) | ||||||||
Chemicals (0.6%) | ||||||||
OCP SA (USD), 6.88%, 04/25/2044 (a) | 200,000 | 240,752 | ||||||
NIGERIA (0.5%) | ||||||||
Engineering & Construction (0.5%) | ||||||||
IHS Netherlands Holdco BV (USD), 8.00%, 09/18/2027 (a) | 200,000 | 217,000 | ||||||
OMAN (0.5%) | ||||||||
Oil, Gas & Consumable Fuels (0.5%) | ||||||||
OQ SAOC (USD), 5.13%, 05/06/2028 (a) | 200,000 | 202,500 | ||||||
PANAMA (0.5%) | ||||||||
Commercial Banks (0.5%) | ||||||||
Global Bank Corp., (fixed rate to 04/16/2028, variable rate thereafter) (USD), 5.25%, 04/16/2029 (a) | 198,000 | 206,363 | ||||||
PERU (1.0%) | ||||||||
Metals & Mining (0.5%) | ||||||||
Nexa Resources SA (USD), 5.38%, 05/04/2027 (a) | 200,000 | 214,200 | ||||||
Oil, Gas & Consumable Fuels (0.5%) | ||||||||
Petroleos del Peru SA (USD), 5.63%, 06/19/2047 (a) | 200,000 | 206,000 | ||||||
420,200 | ||||||||
SOUTH AFRICA (1.5%) | ||||||||
Diversified Telecommunication Services (0.7%) | ||||||||
MTN Mauritius Investments Ltd. (USD), 6.50%, 10/13/2026 (a) | 250,000 | 283,062 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 3 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund
Shares or Principal Amount | Value (US$) | |||||||
CORPORATE BONDS (continued) | ||||||||
SOUTH AFRICA (continued) | ||||||||
Electric Utilities (0.8%) | ||||||||
Eskom Holdings SOC Ltd. (USD), 7.13%, 02/11/2025 (a) | $ | 330,000 | $ | 345,114 | ||||
628,176 | ||||||||
TUNISIA (0.7%) | ||||||||
Commercial Banks (0.7%) | ||||||||
Banque Centrale de Tunisie International Bond (EUR), 6.38%, 07/15/2026 (a) | 269,000 | 304,292 | ||||||
UKRAINE (0.5%) | ||||||||
Iron/Steel (0.5%) | ||||||||
Metinvest BV (USD), 8.50%, 04/23/2026 (a) | 200,000 | 221,000 | ||||||
UNITED ARAB EMIRATES (3.6%) | ||||||||
Airlines (0.7%) | ||||||||
Zahidi Ltd. (USD), 4.50%, 03/22/2028 (a)(c) | 305,063 | 311,829 | ||||||
Diversified Financial Services (1.3%) | ||||||||
ICD Sukuk Co. Ltd. (USD), 5.00%, 02/01/2027 (a) | 500,000 | 558,900 | ||||||
Energy Equipment & Services (1.1%) | ||||||||
Abu Dhabi Crude Oil Pipeline LLC (USD), 4.60%, 11/02/2047 (a)(c) | 200,000 | 229,040 | ||||||
Galaxy Pipeline Assets Bidco Ltd. (USD), 2.63%, 03/31/2036 (a)(c) | 264,000 | 255,762 | ||||||
484,802 | ||||||||
Real Estate (0.5%) | ||||||||
MAF Global Securities Ltd., (fixed rate to 09/07/2022, variable rate thereafter) (USD), 5.50%, 09/07/2022 (a)(d) | 200,000 | 205,976 | ||||||
1,561,507 | ||||||||
VENEZUELA (0.2%) | ||||||||
Oil, Gas & Consumable Fuels (0.2%) | ||||||||
Petroleos de Venezuela SA | ||||||||
(USD), 6.00%, 05/16/2024 (a)(c)(e) | 1,140,000 | 49,590 | ||||||
(USD), 6.00%, 11/15/2026 (a)(c)(e) | 525,236 | 22,848 | ||||||
72,438 | ||||||||
Total Corporate Bonds | 9,919,141 | |||||||
GOVERNMENT BONDS (73.5%) | ||||||||
ANGOLA (1.0%) | ||||||||
Angolan Government International Bond (USD), 9.50%, 11/12/2025 (a) | 380,000 | 416,518 | ||||||
ARGENTINA (2.8%) | ||||||||
Argentine Republic Government International Bond | ||||||||
(USD), 1.00%, 07/09/2029 | 174,073 | 65,976 | ||||||
VRN (USD), 0.13%, 07/09/2030 (f) | 1,912,000 | 693,100 | ||||||
VRN (USD), 0.13%, 07/09/2035 (f) | 1,395,403 | 439,566 | ||||||
(USD), 0.00%, 12/15/2035 | 533,627 | 3,735 | ||||||
1,202,377 |
Shares or Principal Amount | Value (US$) | |||||||
ARMENIA (1.1%) | ||||||||
Republic of Armenia International Bond | ||||||||
(USD), 7.15%, 03/26/2025 (a) | $ | 200,000 | $ | 221,720 | ||||
(USD), 3.95%, 09/26/2029 (a) | 260,000 | 248,677 | ||||||
470,397 | ||||||||
BAHAMAS (2.3%) | ||||||||
Bahamas Government International Bond (USD), 6.00%, 11/21/2028 (a) | 970,000 | 962,725 | ||||||
BARBADOS (0.3%) | ||||||||
Barbados Government International Bond (USD), 6.50%, 10/01/2029 (a)(c) | 123,400 | 125,560 | ||||||
BELARUS (2.0%) | ||||||||
Republic of Belarus International Bond (USD), 6.88%, 02/28/2023 (a) | 215,000 | 219,455 | ||||||
Republic of Belarus Ministry of Finance | ||||||||
(USD), 5.88%, 02/24/2026 (a) | 300,000 | 290,119 | ||||||
(USD), 6.38%, 02/24/2031 (a) | 380,000 | 361,509 | ||||||
871,083 | ||||||||
BELIZE (0.3%) | ||||||||
Belize Government International Bond (USD), 4.94%, 02/20/2034 (a)(b)(c)(g) | 295,492 | 116,719 | ||||||
BENIN (1.3%) | ||||||||
Benin Government International Bond | ||||||||
(EUR), 4.88%, 01/19/2032 (a)(c) | 350,000 | 420,956 | ||||||
(EUR), 6.88%, 01/19/2052 (a)(c) | 100,000 | 126,234 | ||||||
547,190 | ||||||||
BRAZIL (5.7%) | ||||||||
Brazil Notas do Tesouro Nacional | ||||||||
Series B (BRL), 6.00%, 08/15/2024 (h) | 1,400,000 | 1,009,472 | ||||||
Series F (BRL), 10.00%, 01/01/2029 | 899,000 | 175,349 | ||||||
Series F (BRL), 10.00%, 01/01/2031 | 6,370,000 | 1,237,842 | ||||||
2,422,663 | ||||||||
CZECH REPUBLIC (1.0%) | ||||||||
Czech Republic Government Bond (CZK), 1.00%, 06/26/2026 (a) | 9,460,000 | 428,593 | ||||||
DOMINICAN REPB. (0.7%) | ||||||||
Dominican Republic International Bond (USD), 5.95%, 01/25/2027 (a) | 260,000 | 295,100 | ||||||
DOMINICAN REPUBLIC (2.4%) | ||||||||
Dominican Republic International Bond | ||||||||
(USD), 6.85%, 01/27/2045 (a) | 600,000 | 682,500 | ||||||
(USD), 5.88%, 01/30/2060 (a) | 360,000 | 359,100 | ||||||
1,041,600 | ||||||||
ECUADOR (1.7%) | ||||||||
Ecuador Government International Bond | ||||||||
VRN (USD), 0.50%, 07/31/2030 (a)(c)(f) | 646,240 | 539,611 | ||||||
VRN (USD), 0.50%, 07/31/2035 (a)(c)(f) | 279,589 | 190,123 | ||||||
729,734 |
See accompanying Notes to Financial Statements.
4 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund
Shares or Principal Amount | Value (US$) | |||||||
GOVERNMENT BONDS (continued) | ||||||||
EGYPT (4.5%) | ||||||||
Egypt Government International Bond | ||||||||
(USD), 7.60%, 03/01/2029 (a) | $ | 320,000 | $ | 346,864 | ||||
(EUR), 5.63%, 04/16/2030 (a) | 160,000 | 192,914 | ||||||
(USD), 7.90%, 02/21/2048 (a) | 625,000 | 613,825 | ||||||
(USD), 8.70%, 03/01/2049 (a) | 400,000 | 416,377 | ||||||
(USD), 8.88%, 05/29/2050 (a) | 340,000 | 357,291 | ||||||
1,927,271 | ||||||||
EL SALVADOR (2.5%) | ||||||||
El Salvador Government International Bond | ||||||||
(USD), 5.88%, 01/30/2025 (a) | 395,000 | 406,771 | ||||||
(USD), 8.63%, 02/28/2029 (a) | 380,000 | 425,220 | ||||||
(USD), 9.50%, 07/15/2052 (a) | 216,000 | 244,620 | ||||||
1,076,611 | ||||||||
GABON (0.5%) | ||||||||
Gabon Government International Bond (USD), 6.95%, 06/16/2025 (a) | 220,000 | 233,974 | ||||||
GEORGIA (0.5%) | ||||||||
Georgia Government International Bond (USD), 2.75%, 04/22/2026 (a) | 200,000 | 200,532 | ||||||
GHANA (2.4%) | ||||||||
Ghana Government International Bond (USD), 7.75%, 04/07/2029 (a)(c) | 336,000 | 343,308 | ||||||
Ghana Government International Bond | ||||||||
(USD), 8.63%, 04/07/2034 (a)(c) | 246,000 | 253,690 | ||||||
(USD), 7.88%, 02/11/2035 (a)(c) | 223,000 | 219,334 | ||||||
(USD), 8.95%, 03/26/2051 (a)(c) | 200,000 | 198,040 | ||||||
1,014,372 | ||||||||
HONDURAS (0.4%) | ||||||||
Honduras Government International Bond (USD), 5.63%, 06/24/2030 (a) | 150,000 | 157,500 | ||||||
IRAQ (1.3%) | ||||||||
Iraq International Bond | ||||||||
(USD), 6.75%, 03/09/2023 (a) | 280,000 | 284,676 | ||||||
(USD), 5.80%, 01/15/2028 (a) | 272,125 | 262,356 | ||||||
547,032 | ||||||||
IVORY COAST (1.0%) | ||||||||
Ivory Coast Government International Bond | ||||||||
(EUR), 4.88%, 01/30/2032 (a)(c) | 250,000 | 301,662 | ||||||
(EUR), 6.88%, 10/17/2040 (a)(c) | 100,000 | 129,906 | ||||||
431,568 | ||||||||
JORDAN (0.5%) | ||||||||
Jordan Government International Bond (USD), 4.95%, 07/07/2025 (a) | 210,000 | 217,140 | ||||||
KENYA (1.0%) | ||||||||
Kenya Government International Bond (USD), 7.00%, 05/22/2027 (a)(c) | 410,000 | 445,543 |
Shares or Principal Amount | Value (US$) | |||||||
MEXICO (4.1%) | ||||||||
Mexican Bonos | ||||||||
Series M20 (MXN), 10.00%, 12/05/2024 | $ | 2,600,000 | $ | 146,402 | ||||
Series M (MXN), 5.75%, 03/05/2026 | 25,806,600 | 1,262,430 | ||||||
Series M (MXN), 7.75%, 05/29/2031 | 5,500,000 | 288,092 | ||||||
(MXN), 10.00%, 11/20/2036 | 900,000 | 55,173 | ||||||
1,752,097 | ||||||||
MOROCCO (0.8%) | ||||||||
Morocco Government International Bond (EUR), 1.50%, 11/27/2031 (a) | 310,000 | 349,657 | ||||||
NIGERIA (1.3%) | ||||||||
Nigeria Government International Bond | ||||||||
(USD), 7.63%, 11/21/2025 (a) | 253,000 | 287,787 | ||||||
(USD), 6.50%, 11/28/2027 (a) | 260,000 | 274,690 | ||||||
562,477 | ||||||||
OMAN (0.5%) | ||||||||
Oman Government International Bond (USD), 6.25%, 01/25/2031 (a) | 200,000 | 215,000 | ||||||
PAKISTAN (0.7%) | ||||||||
Pakistan Government International Bond (USD), 7.38%, 04/08/2031 (a) | 287,000 | 301,350 | ||||||
PARAGUAY (1.0%) | ||||||||
Paraguay Government International Bond | ||||||||
(USD), 2.74%, 01/29/2033 (a)(c) | 200,000 | 190,500 | ||||||
(USD), 6.10%, 08/11/2044 (a) | 200,000 | 240,000 | ||||||
430,500 | ||||||||
QATAR (5.0%) | ||||||||
Qatar Government International Bond | ||||||||
(USD), 4.00%, 03/14/2029 (a) | 250,000 | 284,000 | ||||||
(USD), 3.75%, 04/16/2030 (a) | 200,000 | 223,940 | ||||||
(USD), 5.10%, 04/23/2048 (a) | 400,000 | 506,894 | ||||||
(USD), 4.82%, 03/14/2049 (a) | 925,000 | 1,135,586 | ||||||
2,150,420 | ||||||||
ROMANIA (1.5%) | ||||||||
Romanian Government International Bond | ||||||||
(EUR), 2.00%, 01/28/2032 (a) | 160,000 | 193,322 | ||||||
(EUR), 3.38%, 01/28/2050 (a) | 370,000 | 464,191 | ||||||
657,513 | ||||||||
RUSSIA (2.3%) | ||||||||
Russian Federal Bond – OFZ (RUB), 7.75%, 09/16/2026 | 69,465,000 | 972,616 | ||||||
RWANDA (1.1%) | ||||||||
Rwanda International Government Bond (USD), 6.63%, 05/02/2023 (a) | 450,000 | 473,827 | ||||||
SAUDI ARABIA (2.2%) | ||||||||
Saudi Government International Bond (USD), 5.00%, 04/17/2049 (a) | 770,000 | 928,728 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 5 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund
Shares or Principal Amount | Value (US$) | |||||||
GOVERNMENT BONDS (continued) | ||||||||
SENEGAL (0.9%) | ||||||||
Senegal Government International Bond | ||||||||
(EUR), 4.75%, 03/13/2028 (a)(c) | $ | 100,000 | $ | 124,745 | ||||
(USD), 6.25%, 05/23/2033 (a)(c) | 260,000 | 272,350 | ||||||
397,095 | ||||||||
SERBIA (1.3%) | ||||||||
Serbia International Bond (EUR), 3.13%, 05/15/2027 (a) | 410,000 | 541,845 | ||||||
SOUTH AFRICA (2.3%) | ||||||||
Republic of South Africa Government Bond, Series 2040 (ZAR), 9.00%, 01/31/2040 | 12,500,000 | 712,929 | ||||||
Republic of South Africa Government International Bond (USD), 6.25%, 03/08/2041 | 200,000 | 209,920 | ||||||
South Africa Government Bond, Series 2037 (ZAR), 8.50%, 01/31/2037 | 1,150,000 | 64,294 | ||||||
987,143 | ||||||||
TUNISIA (1.4%) | ||||||||
Banque Centrale de Tunisie International Bond | ||||||||
(EUR), 6.75%, 10/31/2023 (a) | 200,000 | 233,184 | ||||||
(EUR), 5.63%, 02/17/2024 (a) | 317,000 | 361,670 | ||||||
594,854 | ||||||||
TURKEY (1.9%) | ||||||||
Turkey Government International Bond | ||||||||
(USD), 6.13%, 10/24/2028 | 560,000 | 551,684 | ||||||
(USD), 5.95%, 01/15/2031 | 264,000 | 248,994 | ||||||
800,678 | ||||||||
UKRAINE (3.5%) | ||||||||
Ukraine Government International Bond | ||||||||
(USD), 7.75%, 09/01/2024 (a) | 750,000 | 804,375 | ||||||
(EUR), 6.75%, 06/20/2026 (a) | 310,000 | 399,085 | ||||||
(USD), 0.00%, 05/31/2040 (a)(i) | 270,000 | 284,513 | ||||||
1,487,973 | ||||||||
UNITED ARAB EMIRATES (1.1%) | ||||||||
Finance Department Government of Sharjah (USD), 4.00%, 07/28/2050 (a) | 233,000 | 203,563 | ||||||
Sharjah Sukuk Program Ltd. (USD), 4.23%, 03/14/2028 (a) | 245,000 | 268,275 | ||||||
471,838 | ||||||||
URUGUAY (2.2%) | ||||||||
Uruguay Government International Bond | ||||||||
(UYU), 4.38%, 12/15/2028 (c)(h) | 22,095,039 | 599,066 | ||||||
(USD), 5.10%, 06/18/2050 (c) | 270,000 | 338,493 | ||||||
937,559 | ||||||||
UZBEKISTAN (1.2%) | ||||||||
Republic of Uzbekistan Bond | ||||||||
(USD), 4.75%, 02/20/2024 (a) | 300,000 | 319,788 | ||||||
(USD), 3.70%, 11/25/2030 (a) | 212,000 | 210,672 | ||||||
530,460 |
Shares or Principal Amount | Value (US$) | |||||||
VENEZUELA (0.0%) | ||||||||
Venezuela Government International Bond (USD), 9.25%, 05/07/2028 (a)(b)(e) | $ | 165,000 | $ | 16,830 | ||||
Total Government Bonds | 31,442,262 | |||||||
WARRANTS (0.0%) | ||||||||
BRAZIL (0.0%) | ||||||||
OAS S.A. (b)(j)(k) | 29,232 | — | ||||||
UNITED STATES (0.0%) | ||||||||
CANADACO, Series A (b)(j)(k) | 92,840 | — | ||||||
Total Warrants | 0 | |||||||
SHORT-TERM INVESTMENT (3.0%) | ||||||||
UNITED STATES (3.0%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (l) | 1,281,641 | 1,281,641 | ||||||
Total Short-Term Investment | 1,281,641 | |||||||
Total Investments (Cost $43,701,549) (m)—99.7% | 42,643,044 | |||||||
Other Assets in Excess of Liabilities—0.3% | 122,260 | |||||||
Net Assets—100.0% | $ | 42,765,304 |
(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) | Security is in default. |
(f) | Indicates a stepped coupon bond. This bond was issued with a low coupon that gradually increases over the life of the bond. |
(g) | Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash. |
(h) | Inflation linked security. |
(i) | Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(j) | Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements. |
(k) | Non-Income Producing Security. |
(l) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2021. |
(m) | See accompanying Notes to Financial Statements for tax unrealized appreciation/depreciation of securities. |
BRL | Brazilian Real |
EUR | Euro Currency |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
MXN | Mexican Peso |
PLC | Public Limited Company |
PLN | Polish Zloty |
RUB | Russian Ruble |
USD | U.S. Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
See accompanying Notes to Financial Statements.
6 | 2021 Semi-Annual Report |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Emerging Markets Debt Fund
At April 30, 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) | ||||||||
Crech Koruna/United States Dollar | |||||||||||||
07/14/2021 | JPMorgan Chase Bank N.A. | CZK | 10,232,000 | USD | 470,770 | $ 475,811 | $ 5,041 | ||||||
Euro/United States Dollar | |||||||||||||
07/14/2021 | UBS AG | EUR | 428,000 | USD | 513,050 | 515,309 | 2,259 | ||||||
Indian Rupee/United States Dollar | |||||||||||||
06/02/2021 | Barclays Bank plc | INR | 42,210,000 | USD | 570,837 | 566,873 | (3,964 | ) | |||||
06/02/2021 | UBS AG | INR | 37,432,000 | USD | 506,111 | 502,705 | (3,406 | ) | |||||
Indonesian Rupiah/United States Dollar | |||||||||||||
06/02/2021 | UBS AG | IDR | 6,714,121,000 | USD | 463,014 | 463,124 | 110 | ||||||
MXN/United States Dollar | |||||||||||||
07/14/2021 | UBS AG | MXN | 3,500,000 | USD | 171,681 | 171,438 | (243 | ) | |||||
New Russian Ruble/United States Dollar | |||||||||||||
06/02/2021 | Barclays Bank plc | RUB | 3,532,000 | USD | 45,878 | 46,819 | 941 | ||||||
07/14/2021 | UBS AG | RUB | 34,524,000 | USD | 455,991 | 454,846 | (1,145 | ) | |||||
South African Rand/United States Dollar | |||||||||||||
07/14/2021 | UBS AG | ZAR | 1,250,000 | USD | 84,423 | 85,381 | 958 | ||||||
$3,282,306 | $ 551 |
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||
United States Dollar/Brazilian Real | |||||||||||||
06/02/2021 | Barclays Bank plc | USD | 807,096 | BRL | 4,550,000 | $ 835,394 | $ (28,298 | ) | |||||
06/02/2021 | Royal Bank Of Canada | USD | 242,217 | BRL | 1,375,000 | 252,454 | (10,237 | ) | |||||
06/02/2021 | UBS AG | USD | 1,478,603 | BRL | 8,009,000 | 1,470,477 | 8,126 | ||||||
United States Dollar/Crech Koruna | |||||||||||||
07/14/2021 | Deutsche Bank AG | USD | 482,033 | CZK | 10,298,000 | 478,880 | 3,153 | ||||||
United States Dollar/Euro | |||||||||||||
07/14/2021 | JPMorgan Chase Bank N.A. | USD | 4,562,865 | EUR | 3,830,000 | 4,611,292 | (48,427 | ) | |||||
United States Dollar/MXN | |||||||||||||
07/14/2021 | Citibank N.A. | USD | 822,281 | MXN | 16,765,000 | 821,188 | 1,093 | ||||||
07/14/2021 | UBS AG | USD | 302,780 | MXN | 6,088,000 | 298,204 | 4,576 | ||||||
United States Dollar/New Russian Ruble | |||||||||||||
06/02/2021 | Barclays Bank plc | USD | 941,762 | RUB | 71,108,000 | 942,593 | (831 | ) | |||||
06/02/2021 | UBS AG | USD | 115,084 | RUB | 8,526,000 | 113,019 | 2,065 | ||||||
United States Dollar/PLN | |||||||||||||
07/14/2021 | UBS AG | USD | 469,962 | PLN | 1,803,000 | 475,665 | (5,703 | ) | |||||
United States Dollar/South African Rand | |||||||||||||
07/14/2021 | JPMorgan Chase Bank N.A. | USD | 869,702 | ZAR | 12,775,000 | 872,590 | (2,888 | ) | |||||
$11,171,756 | $ (77,371 | ) | |||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | $ 28,322 | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | (105,142 | ) |
* Certain contracts with different trade dates and like characteristics have been shown net.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 7 |
Aberdeen Global Absolute Return Strategies Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | ||||||
Class A | w/o SC | 2.52% | 7.10% | 3.39% | 1.71% | |||||
w/SC2 | (0.58%) | 3.93% | 2.76% | 1.39% | ||||||
Class C | w/o SC | 2.14% | 6.35% | 2.66% | 0.98% | |||||
w/SC3 | 1.14% | 5.35% | 2.66% | 0.98% | ||||||
Institutional Service Class4 | w/o SC | 2.66% | 7.22% | 3.58% | 1.85% | |||||
Institutional Class4 | w/o SC | 2.67% | 7.41% | 3.65% | 1.98% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | The Fund changed its investment objective and principal investment strategies, including its 80% investment policy, effective November 15, 2019. The Fund also previously changed its investment objective and strategies effective August 15, 2016. Performance information for periods prior to November 15, 2019 does not reflect the current investment strategy. Please consult the Fund's prospectus for more detail. |
2 | A 3.00% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%. |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
4 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment* (as of April 30, 2021)
* Minimum Initial Investment
Comparative performance of $1,000,000 invested in Institutional Service Class shares of the Aberdeen Global Absolute Return Strategies Fund, the ICE BofA Merrill Lynch 3-Month U.S. Treasury Note Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The ICE BofA Merrill Lynch 3-Month U.S. Treasury Note Index is an unmanaged index tracking 3-month U.S. Treasury securities.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
8 | 2021 Semi-Annual Report |
Aberdeen Global Absolute Return Strategies Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||
U.S. Treasuries | 41.9% | |
Certificates of Deposit | 22.6% | |
Money Market Funds | 17.2% | |
Common Stocks | 14.1% | |
Government Bonds | 3.9% | |
Preferred Stocks | 0.1% | |
Other Assets in Excess of Liabilities | 0.2% | |
100.0% |
Top Holdings* | ||
Republic of South Africa Government Bond | 3.9% | |
Trimble, Inc. | 0.3% | |
ASML Holding NV | 0.3% | |
HP, Inc. | 0.3% | |
Mitsubishi Electric Corp. | 0.3% | |
Proto Labs, Inc. | 0.3% | |
Emerson Electric Co. | 0.3% | |
Schneider Electric SE | 0.2% | |
FANUC Corp. | 0.2% | |
Advantest Corp. | 0.2% | |
Other | 93.7% | |
100.0% |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top Countries | ||
United States | 67.2% | |
France | 12.3% | |
Netherlands | 7.9% | |
Canada | 4.1% | |
South Africa | 3.9% | |
Japan | 2.0% | |
China | 0.5% | |
Germany | 0.4% | |
Australia | 0.3% | |
United Kingdom | 0.2% | |
Other | 1.2% | |
100.0% |
2021 Semi-Annual Report | 9 |
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Shares or Principal Amount | Value (US$) | ||||
COMMON STOCKS (14.1%) | |||||
AUSTRALIA (0.3%) | |||||
Materials (0.3%) | �� | ||||
BHP Group Ltd. | 367 | $ 13,358 | |||
Galaxy Resources Ltd. (a) | 5,734 | 17,183 | |||
Glencore PLC | 3,298 | 13,434 | |||
MMG Ltd. (a) | 16,000 | 10,336 | |||
Pilbara Minerals Ltd. (a) | 13,863 | 12,069 | |||
66,380 | |||||
CANADA (0.3%) | |||||
Industrials (0.1%) | |||||
Canadian National Railway Co. | 212 | 22,824 | |||
Materials (0.2%) | |||||
First Quantum Minerals Ltd. | 620 | 14,290 | |||
Nutrien Ltd. | 355 | 19,596 | |||
West Fraser Timber Co. Ltd. | 229 | 17,681 | |||
51,567 | |||||
74,391 | |||||
CHILE (0.1%) | |||||
Materials (0.1%) | |||||
Antofagasta PLC | 523 | 13,473 | |||
CHINA (0.5%) | |||||
Communication Services (0.3%) | |||||
NetEase, Inc., ADR | 246 | 27,567 | |||
Tencent Holdings Ltd. | 400 | 31,909 | |||
59,476 | |||||
Financials (0.1%) | |||||
China Construction Bank Corp., Class H | 28,000 | 22,102 | |||
Materials (0.1%) | |||||
China Molybdenum Co. Ltd. H Shares | 21,000 | 14,184 | |||
Ganfeng Lithium Co. Ltd. H Shares (b) | 1,000 | 13,396 | |||
27,580 | |||||
109,158 | |||||
FRANCE (1.0%) | |||||
Communication Services (0.1%) | |||||
Ubisoft Entertainment SA (a) | 240 | 18,011 | |||
Consumer Discretionary (0.1%) | |||||
LVMH Moet Hennessy Louis Vuitton SE | 28 | 21,094 | |||
Consumer Staples (0.1%) | |||||
L'Oreal SA | 58 | 23,749 | |||
Health Care (0.2%) | |||||
EssilorLuxottica SA | 126 | 20,972 | |||
Sanofi | 227 | 23,799 | |||
44,771 |
Shares or Principal Amount | Value (US$) | ||||
Industrials (0.3%) | |||||
Schneider Electric SE | 366 | $ 58,398 | |||
Vinci SA | 199 | 21,836 | |||
80,234 | |||||
Materials (0.1%) | |||||
Eramet SA (a) | 251 | 18,076 | |||
Utilities (0.1%) | |||||
Suez SA | 784 | 18,738 | |||
224,673 | |||||
GERMANY (0.4%) | |||||
Consumer Discretionary (0.3%) | |||||
Adidas AG (a) | 64 | 19,767 | |||
Bayerische Motoren Werke AG | 204 | 20,443 | |||
Daimler AG | 236 | 21,004 | |||
HelloFresh SE (a) | 216 | 17,918 | |||
79,132 | |||||
Industrials (0.1%) | |||||
Brenntag SE | 207 | 18,583 | |||
97,715 | |||||
HONG KONG (0.2%) | |||||
Consumer Discretionary (0.1%) | |||||
Galaxy Entertainment Group Ltd. (a) | 2,000 | 17,556 | |||
Industrials (0.1%) | |||||
Jardine Matheson Holdings Ltd. | 300 | 20,145 | |||
37,701 | |||||
JAPAN (2.0%) | |||||
Communication Services (0.3%) | |||||
Capcom Co., Ltd. | 800 | 25,954 | |||
Konami Holdings Corp. | 400 | 23,859 | |||
Nexon Co., Ltd. | 900 | 29,769 | |||
79,582 | |||||
Consumer Discretionary (0.2%) | |||||
Bandai Namco Holdings, Inc. | 300 | 22,014 | |||
Sony Group Corp. | 200 | 19,996 | |||
42,010 | |||||
Industrials (0.6%) | |||||
FANUC Corp. | 200 | 46,056 | |||
Kubota Corp. | 800 | 18,821 | |||
Mitsubishi Electric Corp. | 3,900 | 60,093 | |||
124,970 | |||||
Information Technology (0.9%) | |||||
Advantest Corp. | 600 | 56,721 | |||
Seiko Epson Corp. | 3,400 | 58,009 | |||
Tokyo Electron Ltd. | 100 | 45,419 | |||
Yaskawa Electric Corp. | 1,200 | 55,314 | |||
215,463 | |||||
462,025 |
See accompanying Notes to Financial Statements.
10 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Shares or Principal Amount | Value (US$) | ||||
COMMON STOCKS (continued) | |||||
MALAYSIA (0.1%) | |||||
Materials (0.1%) | |||||
Lynas Rare Earths Ltd. (a) | 3,128 | $ 13,172 | |||
NETHERLANDS (0.4%) | |||||
Consumer Staples (0.1%) | |||||
Heineken NV | 182 | 21,112 | |||
Information Technology (0.2%) | |||||
ASML Holding NV | 94 | 61,020 | |||
Materials (0.1%) | |||||
AMG Advanced Metallurgical Group NV | 429 | 16,432 | |||
98,564 | |||||
RUSSIA (0.1%) | |||||
Materials (0.1%) | |||||
MMC Norilsk Nickel PJSC, ADR | 407 | 13,903 | |||
SOUTH KOREA (0.1%) | |||||
Consumer Discretionary (0.1%) | |||||
Hyundai Motor Co. | 104 | 19,776 | |||
SWITZERLAND (0.2%) | |||||
Consumer Staples (0.1%) | |||||
Nestle SA | 203 | 24,224 | |||
Health Care (0.1%) | |||||
Roche Holding AG | 70 | 22,831 | |||
47,055 | |||||
TAIWAN (0.1%) | |||||
Communication Services (0.1%) | |||||
Sea Ltd., ADR (a) | 132 | 33,335 | |||
UNITED KINGDOM (0.2%) | |||||
Industrials (0.1%) | |||||
CNH Industrial NV | 1,251 | 18,570 | |||
Pentair PLC | 296 | 19,095 | |||
37,665 | |||||
Materials (0.1%) | |||||
Anglo American PLC | 312 | 13,229 | |||
50,894 | |||||
UNITED STATES (8.1%) | |||||
Communication Services (0.8%) | |||||
Activision Blizzard, Inc. | 326 | 29,728 | |||
Alphabet, Inc., Class A (a) | 9 | 21,182 | |||
AT&T, Inc. | 786 | 24,688 | |||
Electronic Arts, Inc. | 209 | 29,695 | |||
Take-Two Interactive Software, Inc. (a) | 125 | 21,922 | |||
Twitter, Inc. (a) | 319 | 17,615 | |||
Verizon Communications, Inc. | 404 | 23,347 | |||
Zynga, Inc. (a), Class A | 2,201 | 23,815 | |||
191,992 |
Shares or Principal Amount | Value (US$) | ||||
Consumer Discretionary (0.5%) | |||||
Ford Motor Co. (a) | 1,829 | $ 21,107 | |||
McDonald's Corp. | 90 | 21,247 | |||
Starbucks Corp. | 180 | 20,608 | |||
Target Corp. | 113 | 23,421 | |||
TJX Cos., Inc. (The) | 309 | 21,939 | |||
108,322 | |||||
Consumer Staples (0.7%) | |||||
Archer-Daniels-Midland Co. | 320 | 20,202 | |||
Bunge Ltd. | 231 | 19,501 | |||
Costco Wholesale Corp. | 63 | 23,442 | |||
CVS Health Corp. | 311 | 23,760 | |||
Mondelez International, Inc., Class A | 400 | 24,324 | |||
Procter & Gamble Co. (The) | 172 | 22,948 | |||
Walmart, Inc. | 169 | 23,645 | |||
157,822 | |||||
Financials (0.2%) | |||||
Intercontinental Exchange, Inc. | 196 | 23,071 | |||
Marsh & McLennan Cos., Inc. | 184 | 24,969 | |||
48,040 | |||||
Health Care (0.9%) | |||||
Abbott Laboratories | 197 | 23,656 | |||
Boston Scientific Corp. (a) | 509 | 22,192 | |||
IDEXX Laboratories, Inc. (a) | 35 | 19,215 | |||
Johnson & Johnson | 142 | 23,108 | |||
Medtronic PLC | 163 | 21,340 | |||
Merck & Co., Inc. | 300 | 22,350 | |||
Regeneron Pharmaceuticals, Inc. (a) | 42 | 20,214 | |||
UnitedHealth Group, Inc. | 60 | 23,928 | |||
Waters Corp. (a) | 63 | 18,892 | |||
194,895 | |||||
Industrials (1.6%) | |||||
Advanced Drainage Systems, Inc. | 168 | 18,759 | |||
AGCO Corp. | 129 | 18,824 | |||
AO Smith Corp. | 280 | 18,970 | |||
Boeing Co. (a) | 89 | 20,854 | |||
Danaher Corp. | 87 | 22,093 | |||
Deere & Co. | 51 | 18,913 | |||
Donaldson Co., Inc. | 309 | 19,430 | |||
Eaton Corp. PLC | 151 | 21,582 | |||
Emerson Electric Co. | 648 | 58,637 | |||
MasTec, Inc. (a) | 189 | 19,724 | |||
PACCAR, Inc. | 227 | 20,403 | |||
Proto Labs, Inc. (a) | 536 | 60,064 | |||
SiteOne Landscape Supply, Inc. (a) | 108 | 19,373 | |||
Valmont Industries, Inc. | 81 | 19,995 | |||
357,621 | |||||
Information Technology (2.7%) | |||||
Accenture PLC, Class A | 82 | 23,778 | |||
Adobe, Inc. (a) | 46 | 23,384 | |||
Advanced Micro Devices, Inc. (a) | 302 | 24,649 | |||
Cisco Systems, Inc. | 452 | 23,011 | |||
Fiserv, Inc. (a) | 168 | 20,180 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 11 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Shares or Principal Amount | Value (US$) | ||||
COMMON STOCKS (continued) | |||||
UNITED STATES (continued) | |||||
Information Technology (continued) | |||||
Global Payments, Inc. | 98 | $ 21,034 | |||
HP, Inc. | 1,766 | 60,238 | |||
IPG Photonics Corp. (a) | 264 | 57,317 | |||
Lam Research Corp. | 92 | 57,081 | |||
Microsoft Corp. | 164 | 41,357 | |||
MKS Instruments, Inc. | 320 | 57,315 | |||
NVIDIA Corp. | 55 | 33,021 | |||
TE Connectivity Ltd. | 163 | 21,919 | |||
Teradyne, Inc. | 458 | 57,287 | |||
Trimble, Inc. (a) | 956 | 78,392 | |||
Zebra Technologies Corp., Class A (a) | 38 | 18,534 | |||
618,497 | |||||
Materials (0.5%) | |||||
Albemarle Corp. | 90 | 15,135 | |||
Avery Dennison Corp. | 95 | 20,346 | |||
CF Industries Holdings, Inc. | 406 | 19,744 | |||
Linde PLC | 73 | 20,866 | |||
Sensient Technologies Corp. | 234 | 19,244 | |||
Tronox Holdings PLC | 693 | 14,692 | |||
110,027 | |||||
Real Estate (0.1%) | |||||
Equinix, Inc., REIT | 29 | 20,902 | |||
Utilities (0.1%) | |||||
NextEra Energy, Inc. | 293 | 22,710 | |||
1,830,828 | |||||
Total Common Stocks | 3,193,043 | ||||
GOVERNMENT BONDS (3.9%) | |||||
SOUTH AFRICA (3.9%) | |||||
Republic of South Africa Government Bond | |||||
Series R186 (ZAR), 10.50%, 12/21/2026 | $ 3,812,000 | 300,150 | |||
Series 2030 (ZAR), 8.00%, 01/31/2030 | 4,588,000 | 292,310 | |||
Series 2032 (ZAR), 8.25%, 03/31/2032 | 4,913,000 | 298,133 | |||
890,593 | |||||
Total Government Bonds | 890,593 | ||||
PREFERRED STOCKS (0.1%) | |||||
CHILE (0.1%) | |||||
Materials (0.1%) | |||||
Sociedad Quimica y Minera de Chile SA, ADR, Preferred Shares | 248 | 13,079 | |||
Total Preferred Stocks | 13,079 | ||||
SHORT-TERM INVESTMENT (81.7%) | |||||
CERTIFICATES OF DEPOSIT (22.6%) | |||||
CANADA (3.8%) | |||||
Bank Of Montreal (USD), 0.01%, 05/04/2021 | 857,279 | 857,279 |
Shares or Principal Amount | Value (US$) | ||||
FRANCE (11.3%) | |||||
BNP Paribas (USD), 0.03%, 05/03/2021 | $ 859,083 | $ 859,083 | |||
Credit Agricole SA (USD), 0.02%, 05/04/2021 | 854,105 | 854,105 | |||
Societe Generale SA (USD), 0.03%, 05/03/2021 | 850,487 | 850,487 | |||
2,563,675 | |||||
NETHERLANDS (7.5%) | |||||
ING Bank NV (USD), 0.01%, 05/04/2021 | 853,625 | 853,625 | |||
Rabobank Nederland NV (USD), 0.02%, 05/04/2021 | 858,192 | 858,192 | |||
1,711,817 | |||||
Total Certificates of Deposit | 5,132,771 | ||||
MONEY MARKET FUNDS (17.2%) | |||||
UNITED STATES (17.2%) | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (c) | 3,905,009 | 3,905,009 | |||
Total Money Market Funds | 3,905,009 | ||||
U.S. TREASURIES (41.9%) | |||||
U.S. Treasury Bill | |||||
(USD), 0.08%, 05/13/2021 (d) | 2,000,000 | 1,999,998 | |||
(USD), 0.07%, 06/17/2021 (d)(e) | 1,000,000 | 999,984 | |||
(USD), 0.05%, 07/01/2021 (d) | 500,000 | 499,990 | |||
(USD), 0.04%, 08/05/2021 (d)(e) | 4,500,000 | 4,499,790 | |||
(USD), 0.02%, 11/04/2021 (d) | 1,500,000 | 1,499,731 | |||
9,499,493 | |||||
Total U.S. Treasuries | 9,499,493 | ||||
Total Short-Term Investment | 18,537,273 | ||||
Total Investments (Cost $22,538,914) (f)—99.8% | 22,633,988 | ||||
Other Assets in Excess of Liabilities—0.2% | 36,740 | ||||
Net Assets—100.0% | $22,670,728 |
(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 April 30, 2021. |
(d) | The rate shown is the discount yield at the time of purchase. |
(e) | All or a portion of the security has been designated as collateral for swap contracts. |
(f) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CNY | Chinese Yuan Renminbi |
COP | Colombian Peso |
DKK | Danish Krone |
EUR | Euro Currency |
GBP | British Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
See accompanying Notes to Financial Statements.
12 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
IDR | Indonesian Rupiah | PLC | Public Limited Company |
INR | Indian Rupee | REIT | Real Estate Investment Trust |
JPY | Japanese Yen | RON | Romanian Leu |
KRW | South Korean Won | RUB | Russian Ruble |
MXN | Mexican Peso | SEK | Swedish Krona |
MYR | Malaysian Ringgit | THB | Thai Baht |
NOK | Norwegian Krone | TWD | New Taiwan Dollar |
NZD | New Zealand Dollar | USD | U.S. Dollar |
PEN | Peruvian Sol | ZAR | South African Rand |
At April 30, 2021, the Fund held the following futures contracts:
Futures Contracts | Number of Contracts Long/(Short) | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||
LONG CONTRACT POSITIONS | ||||||||||||||||||
TOPIX Index | 3 | 06/10/2021 | $ 540,997 | $ 521,960 | $ (19,037 | ) | ||||||||||||
United States Treasury Note 6%—Ultra Bond | 13 | 06/21/2021 | 2,428,079 | 2,416,781 | (11,298 | ) | ||||||||||||
$ (30,335 | ) | |||||||||||||||||
SHORT CONTRACT POSITIONS | ||||||||||||||||||
Euro BUXL 30 Future | (9 | ) | 06/08/2021 | $(2,219,696 | ) | $(2,184,608 | ) | $ 35,088 | ||||||||||
United States Treasury Note 6%—10 year Ultra | (34 | ) | 06/21/2021 | (5,027,965 | ) | (4,948,594 | ) | 79,371 | ||||||||||
$114,459 | ||||||||||||||||||
$ 84,124 |
At April 30, 2021, the Fund's open forward foreign currency exchange contracts were as follows:
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Australian Dollar/United States Dollar | |||||||||||||||
05/11/2021 | Citibank N.A. | AUD | 125,483 | USD | 96,969 | $ 96,667 | $ (302 | ) | |||||||
05/11/2021 | HSBC Bank plc | AUD | 67,033 | USD | 51,815 | 51,639 | (176 | ) | |||||||
05/11/2021 | JPMorgan Chase Bank N.A. | AUD | 66,214 | USD | 51,454 | 51,009 | (445 | ) | |||||||
05/14/2021 | Barclays Bank plc | AUD | 385,000 | USD | 298,935 | 296,593 | (2,342 | ) | |||||||
05/14/2021 | JPMorgan Chase Bank N.A. | AUD | 380,000 | USD | 293,860 | 292,741 | (1,119 | ) | |||||||
06/15/2021 | Barclays Bank plc | AUD | 253,000 | USD | 196,471 | 194,933 | (1,538 | ) | |||||||
Brazilian Real/United States Dollar | |||||||||||||||
05/07/2021 | Citibank N.A. | BRL | 1,776,000 | USD | 327,433 | 326,863 | (570 | ) | |||||||
05/11/2021 | Citibank N.A. | BRL | 330,724 | USD | 60,435 | 60,847 | 412 | ||||||||
05/11/2021 | Goldman Sachs & Co. | BRL | 498,216 | USD | 89,296 | 91,662 | 2,366 | ||||||||
07/15/2021 | Citibank N.A. | BRL | 1,267,000 | USD | 229,139 | 231,794 | 2,655 | ||||||||
British Pound/United States Dollar | |||||||||||||||
05/11/2021 | Barclays Bank plc | GBP | 482 | USD | 672 | 665 | (7 | ) | |||||||
05/11/2021 | Goldman Sachs & Co. | GBP | 2,239 | USD | 3,111 | 3,092 | (19 | ) | |||||||
05/11/2021 | HSBC Bank plc | GBP | 123,669 | USD | 171,493 | 170,793 | (700 | ) | |||||||
05/11/2021 | JPMorgan Chase Bank N.A. | GBP | 23,079 | USD | 32,655 | 31,873 | (782 | ) | |||||||
05/11/2021 | Royal Bank of Canada | GBP | 357,155 | USD | 493,690 | 493,249 | (441 | ) | |||||||
05/14/2021 | Citibank N.A. | GBP | 66,000 | USD | 92,023 | 91,150 | (873 | ) | |||||||
05/14/2021 | JPMorgan Chase Bank N.A. | GBP | 93,000 | USD | 127,882 | 128,438 | 556 | ||||||||
06/14/2021 | Barclays Bank plc | GBP | 280,000 | USD | 385,876 | 386,724 | 848 | ||||||||
06/14/2021 | Citibank N.A. | GBP | 141,000 | USD | 196,275 | 194,743 | (1,532 | ) |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 13 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Canadian Dollar/United States Dollar | |||||||||||||||
05/11/2021 | Barclays Bank plc | CAD | 38,761 | USD | 31,017 | $ 31,536 | $ 519 | ||||||||
05/11/2021 | HSBC Bank plc | CAD | 51,889 | USD | 41,429 | 42,216 | 787 | ||||||||
05/14/2021 | JPMorgan Chase Bank N.A. | CAD | 175,000 | USD | 138,604 | 142,378 | 3,774 | ||||||||
06/14/2021 | JPMorgan Chase Bank N.A. | CAD | 370,000 | USD | 291,984 | 301,050 | 9,066 | ||||||||
Chinese Renminbi/United States Dollar | |||||||||||||||
05/14/2021 | HSBC Bank plc | CNY | 242,216 | USD | 36,980 | 37,431 | 451 | ||||||||
Colombian Peso/United States Dollar | |||||||||||||||
05/07/2021 | Goldman Sachs & Co. | COP | 755,000,000 | USD | 212,428 | 201,129 | (11,299 | ) | |||||||
07/15/2021 | Goldman Sachs & Co. | COP | 273,000,000 | USD | 75,265 | 72,504 | (2,761 | ) | |||||||
07/15/2021 | Royal Bank of Canada | COP | 276,000,000 | USD | 74,049 | 73,301 | (748 | ) | |||||||
Crech Koruna/United States Dollar | |||||||||||||||
05/07/2021 | HSBC Bank plc | CZK | 1,891,000 | USD | 88,345 | 87,910 | (435 | ) | |||||||
07/15/2021 | Citibank N.A. | CZK | 630,000 | USD | 29,543 | 29,296 | (247 | ) | |||||||
07/15/2021 | JPMorgan Chase Bank N.A. | CZK | 655,000 | USD | 30,284 | 30,459 | 175 | ||||||||
Danish Krone/United States Dollar | |||||||||||||||
05/11/2021 | Goldman Sachs & Co. | DKK | 231,917 | USD | 37,933 | 37,498 | (435 | ) | |||||||
05/11/2021 | HSBC Bank plc | DKK | 166,416 | USD | 26,984 | 26,907 | (77 | ) | |||||||
05/11/2021 | JPMorgan Chase Bank N.A. | DKK | 73,899 | USD | 12,104 | 11,949 | (155 | ) | |||||||
05/11/2021 | Royal Bank of Canada | DKK | 735 | USD | 118 | 119 | 1 | ||||||||
Euro/United States Dollar | |||||||||||||||
05/11/2021 | Goldman Sachs & Co. | EUR | 163,198 | USD | 199,227 | 196,229 | (2,998 | ) | |||||||
05/11/2021 | HSBC Bank plc | EUR | 29,749 | USD | 35,743 | 35,770 | 27 | ||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | EUR | 444,613 | USD | 534,138 | 534,602 | 464 | ||||||||
05/11/2021 | Royal Bank of Canada | EUR | 218,694 | USD | 263,915 | 262,957 | (958 | ) | |||||||
05/14/2021 | Citibank N.A. | EUR | 250,000 | USD | 293,447 | 300,618 | 7,171 | ||||||||
05/14/2021 | Goldman Sachs & Co. | EUR | 118,000 | USD | 144,648 | 141,892 | (2,756 | ) | |||||||
05/24/2021 | JPMorgan Chase Bank N.A. | EUR | 1,550,000 | USD | 1,848,564 | 1,864,198 | 15,634 | ||||||||
Hong Kong Dollar/United States Dollar | |||||||||||||||
05/11/2021 | Citibank N.A. | HKD | 43,786 | USD | 5,631 | 5,637 | 6 | ||||||||
05/11/2021 | Goldman Sachs & Co. | HKD | 515,487 | USD | 66,431 | 66,365 | (66 | ) | |||||||
05/11/2021 | HSBC Bank plc | HKD | 1,169,001 | USD | 150,640 | 150,500 | (140 | ) | |||||||
Hungarian Forint/United States Dollar | |||||||||||||||
05/07/2021 | Royal Bank of Canada | HUF | 48,920,000 | USD | 166,240 | 163,384 | (2,856 | ) | |||||||
07/15/2021 | Citibank N.A. | HUF | 17,300,000 | USD | 57,593 | 57,725 | 132 | ||||||||
07/15/2021 | Goldman Sachs & Co. | HUF | 16,900,000 | USD | 56,868 | 56,391 | (477 | ) | |||||||
Indian Rupee/United States Dollar | |||||||||||||||
05/07/2021 | HSBC Bank plc | INR | 10,580,000 | USD | 143,087 | 142,711 | (376 | ) | |||||||
05/11/2021 | Citibank N.A. | INR | 8,520,000 | USD | 115,320 | 114,794 | (526 | ) | |||||||
05/11/2021 | HSBC Bank plc | INR | 34,570,000 | USD | 466,432 | 465,777 | (655 | ) | |||||||
06/11/2021 | HSBC Bank plc | INR | 11,900,000 | USD | 162,015 | 159,607 | (2,408 | ) | |||||||
07/15/2021 | Citibank N.A. | INR | 3,750,000 | USD | 49,631 | 50,051 | 420 | ||||||||
07/15/2021 | HSBC Bank plc | INR | 3,630,000 | USD | 48,473 | 48,450 | (23 | ) | |||||||
Indonesian Rupiah/United States Dollar | |||||||||||||||
05/07/2021 | Goldman Sachs & Co. | IDR | 5,610,000,000 | USD | 396,158 | 388,721 | (7,437 | ) | |||||||
07/15/2021 | Citibank N.A. | IDR | 1,970,000,000 | USD | 135,609 | 135,113 | (496 | ) | |||||||
07/15/2021 | HSBC Bank plc | IDR | 2,030,000,000 | USD | 138,020 | 139,228 | 1,208 |
See accompanying Notes to Financial Statements.
14 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Japanese Yen/United States Dollar | |||||||||||||||
05/11/2021 | Barclays Bank plc | JPY | 1,913,721 | USD | 17,557 | $ 17,511 | $ (46 | ) | |||||||
05/11/2021 | Citibank N.A. | JPY | 2,306,777 | USD | 22,055 | 21,108 | (947 | ) | |||||||
05/11/2021 | Goldman Sachs & Co. | JPY | 13,483,854 | USD | 123,710 | 123,381 | (329 | ) | |||||||
05/11/2021 | JPMorgan Chase Bank N.A. | JPY | 9,487,211 | USD | 87,289 | 86,811 | (478 | ) | |||||||
05/11/2021 | Royal Bank of Canada | JPY | 1,510,933 | USD | 14,003 | 13,825 | (178 | ) | |||||||
05/14/2021 | Barclays Bank plc | JPY | 35,600,000 | USD | 340,156 | 325,759 | (14,397 | ) | |||||||
05/14/2021 | Citibank N.A. | JPY | 4,990,000 | USD | 47,772 | 45,661 | (2,111 | ) | |||||||
Malaysian Ringgit/United States Dollar | |||||||||||||||
05/07/2021 | Barclays Bank plc | MYR | 462,600 | USD | 114,163 | 112,914 | (1,249 | ) | |||||||
07/15/2021 | Barclays Bank plc | MYR | 324,000 | USD | 78,928 | 78,873 | (55 | ) | |||||||
Mexican Peso/United States Dollar | |||||||||||||||
05/07/2021 | Barclays Bank plc | MXN | 6,850,000 | USD | 335,036 | 338,045 | 3,009 | ||||||||
06/01/2021 | Citibank N.A. | MXN | 6,350,000 | USD | 304,659 | 312,522 | 7,863 | ||||||||
06/01/2021 | Goldman Sachs & Co. | MXN | 5,880,000 | USD | 279,983 | 289,390 | 9,407 | ||||||||
06/02/2021 | Goldman Sachs & Co. | MXN | 6,528,000 | USD | 311,894 | 321,247 | 9,353 | ||||||||
06/03/2021 | Citibank N.A. | MXN | 7,072,000 | USD | 338,286 | 347,980 | 9,694 | ||||||||
06/11/2021 | Citibank N.A. | MXN | 3,430,000 | USD | 164,913 | 168,626 | 3,713 | ||||||||
07/15/2021 | Citibank N.A. | MXN | 4,720,000 | USD | 234,626 | 231,170 | (3,456 | ) | |||||||
New Russian Ruble/United States Dollar | |||||||||||||||
05/07/2021 | HSBC Bank plc | RUB | 13,930,000 | USD | 181,903 | 185,180 | 3,277 | ||||||||
07/15/2021 | Citibank N.A. | RUB | 4,950,000 | USD | 64,250 | 65,206 | 956 | ||||||||
07/15/2021 | Goldman Sachs & Co. | RUB | 4,550,000 | USD | 60,676 | 59,937 | (739 | ) | |||||||
New Taiwan Dollar/United States Dollar | |||||||||||||||
05/12/2021 | Barclays Bank plc | TWD | 563,656 | USD | 20,381 | 20,222 | (159 | ) | |||||||
New Zealand Dollar/United States Dollar | |||||||||||||||
05/14/2021 | HSBC Bank plc | NZD | 537,000 | USD | 388,279 | 384,252 | (4,027 | ) | |||||||
Norwegian Krone/United States Dollar | |||||||||||||||
05/14/2021 | Citibank N.A. | NOK | 1,220,000 | USD | 144,598 | 146,571 | 1,973 | ||||||||
05/14/2021 | Goldman Sachs & Co. | NOK | 2,107,000 | USD | 244,766 | 253,136 | 8,370 | ||||||||
Peruvian Nouveau Sol/United States Dollar | |||||||||||||||
05/07/2021 | Citibank N.A. | PEN | 361,200 | USD | 99,152 | 95,433 | (3,719 | ) | |||||||
07/15/2021 | Citibank N.A. | PEN | 127,000 | USD | 35,089 | 33,586 | (1,503 | ) | |||||||
07/15/2021 | Goldman Sachs & Co. | PEN | 135,000 | USD | 35,908 | 35,701 | (207 | ) | |||||||
Romanian Leu/United States Dollar | |||||||||||||||
05/07/2021 | JPMorgan Chase Bank N.A. | RON | 546,600 | USD | 135,001 | 133,428 | (1,573 | ) | |||||||
07/15/2021 | Goldman Sachs & Co. | RON | 194,000 | USD | 46,954 | 47,237 | 283 | ||||||||
07/15/2021 | JPMorgan Chase Bank N.A. | RON | 188,000 | USD | 46,206 | 45,776 | (430 | ) | |||||||
South African Rand/United States Dollar | |||||||||||||||
05/07/2021 | HSBC Bank plc | ZAR | 3,945,000 | USD | 260,461 | 271,913 | 11,452 | ||||||||
07/15/2021 | Goldman Sachs & Co. | ZAR | 1,280,000 | USD | 89,357 | 87,419 | (1,938 | ) | |||||||
07/15/2021 | JPMorgan Chase Bank N.A. | ZAR | 1,260,000 | USD | 87,744 | 86,053 | (1,691 | ) | |||||||
South Korean Won/United States Dollar | |||||||||||||||
05/10/2021 | Citibank N.A. | KRW | 798,360,000 | USD | 723,552 | 714,953 | (8,599 | ) | |||||||
05/11/2021 | Barclays Bank plc | KRW | 336,000,000 | USD | 300,375 | 300,703 | 328 | ||||||||
05/11/2021 | HSBC Bank plc | KRW | 434,586,879 | USD | 386,669 | 388,934 | 2,265 | ||||||||
06/11/2021 | Barclays Bank plc | KRW | 197,000,000 | USD | 174,527 | 176,259 | 1,732 | ||||||||
07/16/2021 | HSBC Bank plc | KRW | 255,640,000 | USD | 229,056 | 228,780 | (276 | ) |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 15 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
Swedish Krona/United States Dollar | |||||||||||||||
05/11/2021 | Goldman Sachs & Co. | SEK | 248,213 | USD | 29,742 | $ 29,323 | $ (419 | ) | |||||||
05/14/2021 | Barclays Bank plc | SEK | 955,000 | USD | 109,494 | 112,824 | 3,330 | ||||||||
05/14/2021 | Goldman Sachs & Co. | SEK | 1,250,000 | USD | 148,154 | 147,675 | (479 | ) | |||||||
05/14/2021 | HSBC Bank plc | SEK | 2,780,000 | USD | 332,754 | 328,429 | (4,325 | ) | |||||||
06/14/2021 | Goldman Sachs & Co. | SEK | 1,645,000 | USD | 195,562 | 194,402 | (1,160 | ) | |||||||
Swiss Franc/United States Dollar | |||||||||||||||
05/11/2021 | HSBC Bank plc | CHF | 6,945 | USD | 7,585 | 7,606 | 21 | ||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | CHF | 34,489 | USD | 37,537 | 37,771 | 234 | ||||||||
05/14/2021 | Barclays Bank plc | CHF | 353,400 | USD | 388,778 | 387,069 | (1,709 | ) | |||||||
05/14/2021 | JPMorgan Chase Bank N.A. | CHF | 42,100 | USD | 47,481 | 46,111 | (1,370 | ) | |||||||
Thai Baht/United States Dollar | |||||||||||||||
05/07/2021 | JPMorgan Chase Bank N.A. | THB | 6,870,000 | USD | 228,759 | 220,634 | (8,125 | ) | |||||||
05/11/2021 | Goldman Sachs & Co. | THB | 14,419,857 | USD | 477,374 | 463,095 | (14,279 | ) | |||||||
05/11/2021 | HSBC Bank plc | THB | 5,110,000 | USD | 169,738 | 164,108 | (5,630 | ) | |||||||
06/11/2021 | Goldman Sachs & Co. | THB | 5,540,000 | USD | 179,742 | 177,895 | (1,847 | ) | |||||||
07/15/2021 | Barclays Bank plc | THB | 2,480,000 | USD | 79,031 | 79,623 | 592 | ||||||||
07/15/2021 | Goldman Sachs & Co. | THB | 2,450,000 | USD | 78,390 | 78,660 | 270 | ||||||||
$18,872,605 | $(11,831 | ) |
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
United States Dollar/Australian Dollar | |||||||||||||||
05/10/2021 | Goldman Sachs & Co. | USD | 760,697 | AUD | 987,240 | $ 760,529 | $ 168 | ||||||||
05/11/2021 | Goldman Sachs & Co. | USD | 104,287 | AUD | 134,787 | 103,834 | 453 | ||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 143,995 | AUD | 188,357 | 145,103 | (1,108 | ) | |||||||
05/14/2021 | Barclays Bank plc | USD | 145,591 | AUD | 191,000 | 147,141 | (1,550 | ) | |||||||
05/14/2021 | Goldman Sachs & Co. | USD | 293,369 | AUD | 385,000 | 296,593 | (3,224 | ) | |||||||
05/14/2021 | JPMorgan Chase Bank N.A. | USD | 144,746 | AUD | 189,000 | 145,600 | (854 | ) | |||||||
07/16/2021 | HSBC Bank plc | USD | 169,711 | AUD | 218,760 | 168,572 | 1,139 | ||||||||
United States Dollar/Brazilian Real | |||||||||||||||
05/07/2021 | Citibank N.A. | USD | 223,326 | BRL | 1,295,000 | 238,338 | (15,012 | ) | |||||||
05/07/2021 | Royal Bank of Canada | USD | 88,381 | BRL | 481,000 | 88,525 | (144 | ) | |||||||
05/11/2021 | Citibank N.A. | USD | 296,148 | BRL | 1,660,000 | 305,408 | (9,260 | ) | |||||||
05/11/2021 | HSBC Bank plc | USD | 319,977 | BRL | 1,709,955 | 314,599 | 5,378 | ||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 125,625 | BRL | 676,000 | 124,371 | 1,254 | ||||||||
06/11/2021 | Royal Bank of Canada | USD | 184,814 | BRL | 1,040,000 | 190,806 | (5,992 | ) | |||||||
United States Dollar/British Pound | |||||||||||||||
05/11/2021 | Barclays Bank plc | USD | 831 | GBP | 603 | 832 | (1 | ) | |||||||
05/11/2021 | Goldman Sachs & Co. | USD | 13,191 | GBP | 9,352 | 12,915 | 276 | ||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 64,242 | GBP | 46,131 | 63,709 | 533 | ||||||||
05/11/2021 | Royal Bank of Canada | USD | 644,358 | GBP | 471,791 | 651,567 | (7,209 | ) | |||||||
05/14/2021 | Citibank N.A. | USD | 72,905 | GBP | 53,000 | 73,196 | (291 | ) | |||||||
05/14/2021 | Royal Bank of Canada | USD | 92,118 | GBP | 67,000 | 92,531 | (413 | ) | |||||||
06/14/2021 | Goldman Sachs & Co. | USD | 390,041 | GBP | 280,000 | 386,724 | 3,317 |
See accompanying Notes to Financial Statements.
16 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
United States Dollar/Canadian Dollar | |||||||||||||||
05/11/2021 | HSBC Bank plc | USD | 23,399 | CAD | 29,477 | $ 23,982 | $ (583 | ) | |||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 110,398 | CAD | 139,808 | 113,745 | (3,347 | ) | |||||||
05/14/2021 | Goldman Sachs & Co. | USD | 74,439 | CAD | 93,000 | 75,664 | (1,225 | ) | |||||||
05/14/2021 | JPMorgan Chase Bank N.A. | USD | 66,084 | CAD | 82,000 | 66,714 | (630 | ) | |||||||
06/14/2021 | Barclays Bank plc | USD | 686,050 | CAD | 852,000 | 693,230 | (7,180 | ) | |||||||
United States Dollar/Chinese Renminbi | |||||||||||||||
05/14/2021 | HSBC Bank plc | USD | 37,108 | CNY | 242,216 | 37,431 | (323 | ) | |||||||
United States Dollar/Colombian Peso | |||||||||||||||
05/07/2021 | Goldman Sachs & Co. | USD | 61,518 | COP | 221,000,000 | 58,874 | 2,644 | ||||||||
05/07/2021 | Royal Bank of Canada | USD | 149,555 | COP | 534,000,000 | 142,255 | 7,300 | ||||||||
05/11/2021 | Citibank N.A. | USD | 119,910 | COP | 427,000,000 | 113,731 | 6,179 | ||||||||
05/11/2021 | Goldman Sachs & Co. | USD | 299,203 | COP | 1,090,000,000 | 290,319 | 8,884 | ||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 168,971 | COP | 597,000,000 | 159,010 | 9,961 | ||||||||
06/11/2021 | Goldman Sachs & Co. | USD | 162,726 | COP | 579,000,000 | 153,983 | 8,743 | ||||||||
United States Dollar/Crech Koruna | |||||||||||||||
05/07/2021 | Citibank N.A. | USD | 28,012 | CZK | 601,000 | 27,940 | 72 | ||||||||
05/07/2021 | JPMorgan Chase Bank N.A. | USD | 58,618 | CZK | 1,290,000 | 59,970 | (1,352 | ) | |||||||
United States Dollar/Danish Krone | |||||||||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 57,469 | DKK | 355,009 | 57,401 | 68 | ||||||||
05/11/2021 | Royal Bank of Canada | USD | 19,134 | DKK | 117,952 | 19,071 | 63 | ||||||||
United States Dollar/Euro | |||||||||||||||
05/11/2021 | Goldman Sachs & Co. | USD | 51,768 | EUR | 44,106 | 53,033 | (1,265 | ) | |||||||
05/11/2021 | HSBC Bank plc | USD | 96,280 | EUR | 80,271 | 96,518 | (238 | ) | |||||||
05/11/2021 | Royal Bank of Canada | USD | 1,337,975 | EUR | 1,110,451 | 1,335,206 | 2,769 | ||||||||
05/14/2021 | Citibank N.A. | USD | 143,084 | EUR | 118,000 | 141,892 | 1,192 | ||||||||
05/14/2021 | Royal Bank of Canada | USD | 302,255 | EUR | 250,000 | 300,618 | 1,637 | ||||||||
05/24/2021 | JPMorgan Chase Bank N.A. | USD | 1,885,401 | EUR | 1,550,000 | 1,864,198 | 21,203 | ||||||||
06/04/2021 | JPMorgan Chase Bank N.A. | USD | 5,424 | EUR | 4,490 | 5,402 | 22 | ||||||||
06/10/2021 | Barclays Bank plc | USD | 67,731 | EUR | 57,000 | 68,578 | (847 | ) | |||||||
06/10/2021 | Citibank N.A. | USD | 345,298 | EUR | 285,000 | 342,891 | 2,407 | ||||||||
United States Dollar/Hong Kong Dollar | |||||||||||||||
05/11/2021 | Barclays Bank plc | USD | 37,974 | HKD | 294,356 | 37,896 | 78 | ||||||||
05/11/2021 | Citibank N.A. | USD | 3,547 | HKD | 27,585 | 3,551 | (4 | ) | |||||||
05/11/2021 | Goldman Sachs & Co. | USD | 84,898 | HKD | 658,284 | 84,749 | 149 | ||||||||
05/11/2021 | HSBC Bank plc | USD | 222,591 | HKD | 1,725,106 | 222,094 | 497 | ||||||||
United States Dollar/Hungarian Forint | |||||||||||||||
05/07/2021 | Citibank N.A. | USD | 110,727 | HUF | 34,120,000 | 113,955 | (3,228 | ) | |||||||
05/07/2021 | Goldman Sachs & Co. | USD | 49,828 | HUF | 14,800,000 | 49,429 | 399 | ||||||||
United States Dollar/Indian Rupee | |||||||||||||||
05/07/2021 | Barclays Bank plc | USD | 98,572 | INR | 7,260,000 | 97,929 | 643 | ||||||||
05/07/2021 | JPMorgan Chase Bank N.A. | USD | 45,346 | INR | 3,320,000 | 44,783 | 563 | ||||||||
United States Dollar/Indonesian Rupiah | |||||||||||||||
05/07/2021 | HSBC Bank plc | USD | 387,564 | IDR | 5,610,000,000 | 388,721 | (1,157 | ) | |||||||
05/11/2021 | Barclays Bank plc | USD | 168,083 | IDR | 2,380,000,000 | 165,112 | 2,971 | ||||||||
05/11/2021 | HSBC Bank plc | USD | 416,178 | IDR | 5,980,000,000 | 414,860 | 1,318 | ||||||||
06/11/2021 | HSBC Bank plc | USD | 174,562 | IDR | 2,550,000,000 | 175,648 | (1,086 | ) |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 17 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
United States Dollar/Japanese Yen | |||||||||||||||
05/11/2021 | Barclays Bank plc | USD | 14,490 | JPY | 1,570,407 | $ 14,370 | $ 120 | ||||||||
05/11/2021 | Royal Bank of Canada | USD | 704,058 | JPY | 73,977,355 | 676,915 | 27,143 | ||||||||
05/14/2021 | Goldman Sachs & Co. | USD | 88,835 | JPY | 9,460,000 | 86,564 | 2,271 | ||||||||
05/14/2021 | Royal Bank of Canada | USD | 285,974 | JPY | 31,130,000 | 284,856 | 1,118 | ||||||||
United States Dollar/Malaysian Ringgit | |||||||||||||||
05/07/2021 | Barclays Bank plc | USD | 112,210 | MYR | 462,600 | 112,914 | (704 | ) | |||||||
United States Dollar/Mexican Peso | |||||||||||||||
05/07/2021 | Citibank N.A. | USD | 227,275 | MXN | 4,850,000 | 239,346 | (12,071 | ) | |||||||
05/07/2021 | HSBC Bank plc | USD | 96,971 | MXN | 2,000,000 | 98,699 | (1,728 | ) | |||||||
06/02/2021 | Citibank N.A. | USD | 314,075 | MXN | 6,528,000 | 321,247 | (7,172 | ) | |||||||
06/03/2021 | Citibank N.A. | USD | 340,208 | MXN | 7,072,000 | 347,980 | (7,772 | ) | |||||||
United States Dollar/New Russian Ruble | |||||||||||||||
05/07/2021 | Goldman Sachs & Co. | USD | 60,309 | RUB | 4,480,000 | 59,555 | 754 | ||||||||
05/07/2021 | JPMorgan Chase Bank N.A. | USD | 127,355 | RUB | 9,450,000 | 125,625 | 1,730 | ||||||||
06/10/2021 | Goldman Sachs & Co. | USD | 69,859 | RUB | 5,200,000 | 68,860 | 999 | ||||||||
United States Dollar/New Taiwan Dollar | |||||||||||||||
05/12/2021 | Citibank N.A. | USD | 20,263 | TWD | 559,625 | 20,078 | 185 | ||||||||
United States Dollar/New Zealand Dollar | |||||||||||||||
05/14/2021 | Barclays Bank plc | USD | 192,030 | NZD | 265,000 | 189,622 | 2,408 | ||||||||
05/14/2021 | Goldman Sachs & Co. | USD | 194,868 | NZD | 272,000 | 194,631 | 237 | ||||||||
06/14/2021 | HSBC Bank plc | USD | 392,397 | NZD | 542,750 | 388,328 | 4,069 | ||||||||
United States Dollar/Norwegian Krone | |||||||||||||||
05/14/2021 | HSBC Bank plc | USD | 384,241 | NOK | 3,327,000 | 399,707 | (15,466 | ) | |||||||
United States Dollar/Peruvian Nouveau Sol | |||||||||||||||
05/07/2021 | Barclays Bank plc | USD | 69,081 | PEN | 255,400 | 67,479 | 1,602 | ||||||||
05/07/2021 | Goldman Sachs & Co. | USD | 28,962 | PEN | 105,800 | 27,954 | 1,008 | ||||||||
United States Dollar/Romanian Leu | |||||||||||||||
05/07/2021 | Citibank N.A. | USD | 92,008 | RON | 378,600 | 92,419 | (411 | ) | |||||||
05/07/2021 | JPMorgan Chase Bank N.A. | USD | 41,699 | RON | 168,000 | 41,010 | 689 | ||||||||
United States Dollar/South African Rand | |||||||||||||||
05/07/2021 | Goldman Sachs & Co. | USD | 169,522 | ZAR | 2,614,000 | 180,173 | (10,651 | ) | |||||||
05/07/2021 | Royal Bank of Canada | USD | 90,936 | ZAR | 1,331,000 | 91,741 | (805 | ) | |||||||
05/11/2021 | Barclays Bank plc | USD | 289,955 | ZAR | 4,400,000 | 303,113 | (13,158 | ) | |||||||
05/11/2021 | HSBC Bank plc | USD | 117,250 | ZAR | 1,770,000 | 121,934 | (4,684 | ) | |||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 1,077,341 | ZAR | 16,282,277 | 1,121,674 | (44,333 | ) | |||||||
06/11/2021 | HSBC Bank plc | USD | 166,397 | ZAR | 2,490,000 | 170,823 | (4,426 | ) | |||||||
07/06/2021 | Goldman Sachs & Co. | USD | 276,619 | ZAR | 4,194,600 | 286,798 | (10,179 | ) | |||||||
United States Dollar/South Korean Won | |||||||||||||||
05/11/2021 | HSBC Bank plc | USD | 130,259 | KRW | 145,388,814 | 130,116 | 143 | ||||||||
United States Dollar/Swedish Krona | |||||||||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 29,611 | SEK | 247,641 | 29,255 | 356 | ||||||||
05/11/2021 | Royal Bank of Canada | USD | 69 | SEK | 567 | 67 | 2 | ||||||||
05/14/2021 | Citibank N.A. | USD | 192,460 | SEK | 1,580,000 | 186,661 | 5,799 | ||||||||
05/14/2021 | Goldman Sachs & Co. | USD | 404,675 | SEK | 3,405,000 | 402,267 | 2,408 |
See accompanying Notes to Financial Statements.
18 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||
United States Dollar/Swiss Franc | |||||||||||||||
05/11/2021 | Goldman Sachs & Co. | USD | 50,164 | CHF | 45,555 | $ 49,890 | $ 274 | ||||||||
05/11/2021 | JPMorgan Chase Bank N.A. | USD | 37,399 | CHF | 33,323 | 36,495 | 904 | ||||||||
05/14/2021 | Citibank N.A. | USD | 147,748 | CHF | 133,000 | 145,671 | 2,077 | ||||||||
05/14/2021 | Goldman Sachs & Co. | USD | 192,128 | CHF | 170,000 | 186,196 | 5,932 | ||||||||
05/14/2021 | HSBC Bank plc | USD | 102,003 | CHF | 92,500 | 101,313 | 690 | ||||||||
06/14/2021 | Barclays Bank plc | USD | 392,726 | CHF | 356,700 | 391,016 | 1,710 | ||||||||
United States Dollar/Thai Baht | |||||||||||||||
05/07/2021 | Goldman Sachs & Co. | USD | 154,515 | THB | 4,760,000 | 152,870 | 1,645 | ||||||||
05/07/2021 | HSBC Bank plc | USD | 69,882 | THB | 2,110,000 | 67,764 | 2,118 | ||||||||
05/11/2021 | Goldman Sachs & Co. | USD | 122 | THB | 3,665 | 118 | 4 | ||||||||
05/11/2021 | HSBC Bank plc | USD | 58,003 | THB | 1,746,196 | 56,079 | 1,924 | ||||||||
$20,481,469 | $(38,484 | ) |
At April 30, 2021, 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 | ||||||||||||||||||
06/04/2021 | Goldman Sachs & Co. | EUR | 754,935 | JPY | 97,500,000 | $910,866 | $ 926,715 | $ 15,849 | ||||||||||
Japanese Yen / Euro | ||||||||||||||||||
06/04/2021 | Royal Bank of Canada | JPY | 97,500,000 | EUR | 750,444 | 917,604 | 907,157 | (10,447 | ) | |||||||||
$1,833,872 | $ 5,402 | |||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | $ 303,242 | |||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | $(348,155 | ) |
* Certain contracts with different trade dates and like characteristics have been shown net.
At April 30, 2021, the Fund held the following centrally cleared credit default swaps:
Expiration Date | Notional Amount | Credit Index | Fixed Rate | Implied Credit Spread* | Frequency of Payments Made | Premiums Paid (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||
Buy Protection: | ||||||||||||||||||||
06/20/2026 | 240,000 | CDX.NA.HY | Equal to (5.00)% | N/A | Quarterly | $(23,840 | ) | $(24,952 | ) | $(1,112 | ) | |||||||||
$(23,840 | ) | $(24,952 | ) | $(1,112 | ) | |||||||||||||||
Sell Protection: | ||||||||||||||||||||
06/20/2026 | 2,365,210 | CDX.NA.HY | Equal to 5.00% | 2.87% | Quarterly | $201,161 | $245,898 | $44,737 | ||||||||||||
06/20/2026 | 1,964,000 | iTraxx Europe Crossover | Equal to 5.00% | 2.49% | Quarterly | 251,975 | 293,660 | 41,685 | ||||||||||||
06/20/2026 | 652,000 | iTraxx Europe Sub Financials | Equal to 1.00% | 1.08% | Quarterly | (6,618 | ) | (2,184 | ) | 4,434 | ||||||||||
$446,518 | $537,374 | $90,856 |
* | 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. |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 19 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
At April 30, 2021, the Fund held the following centrally cleared interest rate swaps:
Currency | Notional Amount | Expiration Date | Receive (Pay) Floating Rate | Floating Rate Index | Fixed Rate | Frequency of Payments Made | Premiums Paid (Received) | Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
EUR | $ | 984,369 | 03/15/2026 | Receive | 12-month Euro CPI | 1.33 | % | Annually | $ | — | $ | 12,675 | $ | 12,675 | ||||||||||||
EUR | 492,184 | 03/15/2026 | Receive | 12-month Euro CPI | 1.33 | % | Annually | — | 6,417 | 6,417 | ||||||||||||||||
EUR | 984,369 | 03/15/2026 | Receive | 12-month Euro CPI | 1.32 | % | Annually | — | 13,630 | 13,630 | ||||||||||||||||
EUR | 268,604 | 03/15/2026 | Receive | 12-month Euro CPI | 1.44 | % | Annually | — | 1,630 | 1,630 | ||||||||||||||||
EUR | 492,185 | 03/15/2026 | Receive | 12-month Euro CPI | 1.37 | % | Annually | — | 5,063 | 5,063 | ||||||||||||||||
EUR | 492,184 | 03/15/2026 | Receive | 12-month Euro CPI | 1.38 | % | Annually | — | 4,744 | 4,744 | ||||||||||||||||
EUR | 492,185 | 03/15/2026 | Receive | 12-month Euro CPI | 1.38 | % | Annually | — | 4,824 | 4,824 | ||||||||||||||||
EUR | 492,184 | 03/15/2026 | Receive | 12-month Euro CPI | 1.39 | % | Annually | — | 4,584 | 4,584 | ||||||||||||||||
EUR | 402,906 | 03/15/2026 | Receive | 12-month Euro CPI | 1.38 | % | Annually | — | 3,916 | 3,916 | ||||||||||||||||
EUR | 402,906 | 03/15/2026 | Receive | 12-month Euro CPI | 1.38 | % | Annually | — | 3,851 | 3,851 | ||||||||||||||||
EUR | 402,906 | 03/15/2026 | Receive | 12-month Euro CPI | 1.41 | % | Annually | — | 3,165 | 3,165 | ||||||||||||||||
EUR | 402,906 | 03/15/2026 | Receive | 12-month Euro CPI | 1.41 | % | Annually | — | 3,099 | 3,100 | ||||||||||||||||
EUR | 402,905 | 03/15/2026 | Receive | 12-month Euro CPI | 1.44 | % | Annually | — | 2,511 | 2,511 | ||||||||||||||||
EUR | 268,604 | 03/15/2026 | Receive | 12-month Euro CPI | 1.44 | % | Annually | — | 1,674 | 1,674 | ||||||||||||||||
EUR | 268,603 | 03/15/2026 | Receive | 12-month Euro CPI | 1.43 | % | Annually | — | 1,718 | 1,718 | ||||||||||||||||
EUR | 436,250 | 03/15/2026 | Receive | 12-month Euro CPI | 1.47 | % | Annually | — | 1,726 | 1,726 | ||||||||||||||||
EUR | 1,308,750 | 03/15/2026 | Receive | 12-month Euro CPI | 1.52 | % | Quarterly | — | 1,131 | 1,131 | ||||||||||||||||
EUR | 1,745,000 | 04/15/2026 | Receive | 12-month Euro CPI | 1.28 | % | Annually | — | 3,630 | 3,630 | ||||||||||||||||
GBP | 355,000 | 11/15/2029 | Receive | 12-month UK RPI | 3.47 | % | Annually | (15,053 | ) | (5,061 | ) | 9,992 | ||||||||||||||
GBP | 516,000 | 11/15/2029 | Receive | 12-month UK RPI | 3.47 | % | Annually | (16,912 | ) | (7,356 | ) | 9,556 | ||||||||||||||
USD | 2,520,000 | 03/23/2031 | Receive | 3-month LIBOR | 1.73 | % | Annually | — | (29,253 | ) | (29,253 | ) | ||||||||||||||
USD | 1,280,000 | 04/29/2031 | Receive | 3-month LIBOR | 1.59 | % | Annually | — | 5,264 | 5,264 | ||||||||||||||||
USD | 1,280,000 | 05/04/2031 | Receive | 3-month LIBOR | 1.65 | % | Annually | — | (2,434 | ) | (2,434 | ) | ||||||||||||||
USD | 35,500 | 09/02/2050 | Receive | 12-month CPI | 2.06 | % | Quarterly | — | 4,858 | 4,858 | ||||||||||||||||
USD | 35,500 | 09/02/2050 | Receive | 12-month CPI | 2.06 | % | Quarterly | — | 4,886 | 4,886 | ||||||||||||||||
$ | (31,965 | ) | $ | 50,892 | $ | 82,858 | ||||||||||||||||||||
USD | 11,750,000 | 04/30/2025 | Pay | 3-month LIBOR | 1.43 | % | Annually | $ | — | $ | (3,721 | ) | $ | (3,721 | ) | |||||||||||
USD | 5,875,000 | 05/01/2025 | Pay | 3-month LIBOR | 1.45 | % | Annually | — | (545 | ) | (545 | ) | ||||||||||||||
USD | 5,875,000 | 05/07/2025 | Pay | 3-month LIBOR | 1.50 | % | Annually | — | 2,015 | 2,015 | ||||||||||||||||
GBP | 1,865,000 | 01/15/2026 | Pay | 12-month UK RPI | 3.35 | % | Annually | — | (37,948 | ) | (37,948 | ) | ||||||||||||||
GBP | 1,865,000 | 01/15/2026 | Pay | 12-month UK RPI | 3.35 | % | Annually | — | (39,205 | ) | (39,205 | ) | ||||||||||||||
GBP | 1,450,000 | 02/15/2026 | Pay | 12-month UK RPI | 3.42 | % | Annually | — | (21,410 | ) | (21,410 | ) | ||||||||||||||
GBP | 2,790,000 | 11/15/2029 | Pay | 12-month UK RPI | 3.47 | % | Annually | — | 39,773 | 39,773 | ||||||||||||||||
USD | 1,090,000 | 02/26/2031 | Pay | 12-month CPI | 2.28 | % | Annually | — | (33,193 | ) | (33,193 | ) | ||||||||||||||
USD | 2,180,000 | 03/01/2031 | Pay | 12-month CPI | 2.28 | % | Annually | — | (67,607 | ) | (67,607 | ) | ||||||||||||||
USD | 1,090,000 | 03/02/2031 | Pay | 12-month CPI | 2.22 | % | Quarterly | — | (40,014 | ) | (40,014 | ) | ||||||||||||||
USD | 35,500 | 09/02/2050 | Pay | 12-month CPI | 2.06 | % | Quarterly | 991 | (4,858 | ) | (5,849 | ) | ||||||||||||||
USD | 35,500 | 09/02/2050 | Pay | 12-month CPI | 2.06 | % | Quarterly | 955 | (4,886 | ) | (5,841 | ) | ||||||||||||||
USD | 505,000 | 04/28/2051 | Pay | 3-month LIBOR | 1.99 | % | Quarterly | — | (7,280 | ) | (7,280 | ) |
See accompanying Notes to Financial Statements.
20 2021 Semi-Annual Report
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Global Absolute Return Strategies Fund
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 | $ | 252,500 | 04/29/2051 | Pay | 3-month LIBOR | 2.00% | Quarterly | $ | — | $ | (2,866 | ) | $ | (2,866 | ) | ||||||||||
USD | 252,500 | 05/04/2051 | Pay | 3-month LIBOR | 2.07% | Quarterly | — | 927 | 926 | ||||||||||||||||
$ | 1,946 | $ | (220,818 | ) | $ | (222,765 | ) | ||||||||||||||||||
$ | (30,019 | ) | $ | (169,926 | ) | $ | (139,907 | ) |
At April 30, 2021, the Fund held the following written options:
Description | Notional Amount | Cost | Value | Unrealized Value | ||||||||||||
CALL OPTIONS WRITTEN (0.0%) | ||||||||||||||||
10-year Interest Rate Swap Call, expiring 10/18/2021, Pay 0.53%, Receive 3-month LIBOR | $ | (1,245,000 | ) | $ | (6,598 | ) | $ | (3,975 | ) | $ | 2,623 | |||||
10-year Interest Rate Swap Call, expiring 10/18/2021, Pay 0.54%, Receive 3-month LIBOR | (1,245,000 | ) | (6,723 | ) | (3,975 | ) | 2,748 | |||||||||
$ | (7,950 | ) | $ | 5,371 | ||||||||||||
PUT OPTIONS WRITTEN (0.1%) | ||||||||||||||||
10-year Interest Rate Swap Put, expiring 10/18/2021, Pay 0.66%, Receive 3-month LIBOR | $ | (1,245,000 | ) | $ | (9,089 | ) | $ | (8,695 | ) | $ | 394 | |||||
10-year Interest Rate Swap Put, expiring 10/18/2021, Pay 0.73%, Receive 3-month LIBOR | (1,245,000 | ) | (8,217 | ) | (8,695 | ) | (478 | ) | ||||||||
$ | (17,390 | ) | $ | (84 | ) |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report 21
Aberdeen Intermediate Municipal Income Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | |||||||||||
Class A | w/o SC | 3.18 | % | 8.08 | % | 2.24 | % | 3.21 | % | ||||||
w/SC2 | 0.59 | % | 5.39 | % | 1.73 | % | 2.94 | % | |||||||
Class C | w/o SC | 2.81 | % | 7.30 | % | 1.47 | % | 2.44 | % | ||||||
w/SC3 | 1.81 | % | 6.30 | % | 1.47 | % | 2.44 | % | |||||||
Institutional Service Class4 | w/o SC | 3.31 | % | 8.35 | % | 2.49 | % | 3.47 | % | ||||||
Institutional Class4,5 | w/o SC | 3.31 | % | 8.35 | % | 2.51 | % | 3.48 | % |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | The Fund changed its investment strategy effective February 28, 2019. Performance information for periods prior to February 28, 2019 does not reflect such investment policy. An unaffiliated party served as the subadviser for the Fund from June 23, 2008 to February 27, 2011. Please consult the Fund's prospectus for more detail. |
2 | A 2.50% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%. |
3 | A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when Class C shares are sold within the first year after purchase. |
4 | Not subject to any sales charge. Returns before the first offering of the Institutional Class and Institutional Service Class shares (February 25, 2013) are based on the previous performance of Class D shares. Returns of each class have not been adjusted to reflect the expenses applicable to the respective classes. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what the Institutional Service Class, and Institutional Class shares would have produced because all classes invest in the same portfolio of securities. Returns for the Institutional Service Class, and Institutional Class shares would only differ to the extent of the differences in expenses of the classes. |
5 | Effective February 25, 2013, all Class D shares of the Fund were converted into Institutional Class shares of the Fund. |
Performance of a $10,000 Investment (as of April 30, 2021) | Comparative performance of $10,000 invested in Class A shares of the Aberdeen Intermediate Municipal Income Fund, the ICE BofA Merrill Lynch 1-22 Year U.S. Municipal Securities Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The ICE BofA Merrill Lynch 1-22 Year U.S. Municipal Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Municipal Securities Index including all securities with a remaining term to final maturity less than 22 years, calculated on a total return basis. The ICE BofA U.S. Municipal Securities Index tracks the performance of U.S. dollar-denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. |
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
22 2021 Semi-Annual Report
Aberdeen Intermediate Municipal Income Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | |||
Municipal Bonds | 100.0 | % | |
Short-Term Investment | 0.1 | % | |
Liabilities in Excess of Other Assets | (0.1) | % | |
100.0 | % | ||
Top Holdings* | |||
Harris County Health Facilities Development Corp. Revenue Bonds (SCH Health Care System), Prerefunded/Escrowed to Maturity, Series B 07/01/2027 | 9.2 | % | |
Columbia Industrial Development Board Revenue Bonds (Alabama Power Co.) 11/01/2021 | 4.2 | % | |
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A 12/15/2034 | 3.9 | % | |
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030 | 3.1 | % | |
Meridian MS Revenue Bonds 03/01/2033 | 2.4 | % | |
Metropolitan Transportation Authority Revenue Bonds, Series C-1 11/15/2027 | 2.1 | % | |
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D 12/15/2026 | 2.1 | % | |
State Health & Educational Facilities Authority Revenue Bonds, Series F 07/01/2027 | 2.0 | % | |
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A 05/15/2023 | 2.0 | % | |
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A 02/15/2042 | 1.8 | % | |
Other | 67.2 | % | |
100.0 | % |
* | For the purpose of listing top holdings, Short-Term Investments are included as part of Other. |
Top States | ||||
Texas | 18.4 | % | ||
New York | 15.4 | % | ||
Alabama | 5.8 | % | ||
Wisconsin | 5.0 | % | ||
New Jersey | 4.9 | % | ||
Florida | 4.2 | % | ||
Mississippi | 3.9 | % | ||
Pennsylvania | 3.9 | % | ||
California | 3.6 | % | ||
Michigan | 3.4 | % | ||
Other | 31.5 | % | ||
100.0 | % |
2021 Semi-Annual Report 23
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Intermediate Municipal Income Fund
Shares or Principal Amount | Value (US$) | ||||
MUNICIPAL BONDS (100.0%) | |||||
Alabama (5.8%) | |||||
Black Belt Energy Gas District Revenue Bonds, Series A, 4.00%, 08/01/2047 (a) | $ | 1,000,000 | $ | 1,039,337 | |
Columbia Industrial Development Board Revenue Bonds (Alabama Power Co.), 0.09%, 11/01/2021 (a) | 2,700,000 | 2,700,000 | |||
3,739,337 | |||||
California (3.6%) | |||||
Bay Area Toll Authority Revenue Bonds, Series A, 2.95%, 04/01/2047 (a) | 350,000 | 385,606 | |||
Los Angeles Community College District General Obligation Unlimited Bonds, Series I, 4.00%, 08/01/2029 | 400,000 | 471,658 | |||
M-S-R Energy Authority Gas Revenue Bonds Series B, 6.13%, 11/01/2029 | 490,000 | 626,261 | |||
Series A, 6.50%, 11/01/2039 | 500,000 | 818,534 | |||
2,302,059 | |||||
Connecticut (2.0%) | |||||
State Health & Educational Facilities Authority Revenue Bonds, Series F, 5.00%, 07/01/2027 | 1,135,000 | 1,307,683 | |||
District of Columbia (1.0%) | |||||
Washington Convention & Sports Authority Revenue Bonds, Series A, 5.00%, 10/01/2030 | 500,000 | 616,274 | |||
Florida (4.2%) | |||||
City of Tampa Revenue Bonds (Baycare Health Care System), Series A, 4.00%, 11/15/2033 | 1,000,000 | 1,023,504 | |||
Florida Development Finance Corp. Revenue Bonds (Imagine School at Broward) , 5.00%, 12/15/2039 (b) | 500,000 | 589,638 | |||
Palm Beach County Revenue Bonds (Provident Group – LU Properties LLC – LYNN University Housing Project), Series A, 5.00%, 06/01/2057 | 600,000 | 607,077 | |||
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project), 5.00%, 01/01/2039 | 160,000 | 175,366 | |||
Volusia County Educational Facility Authority Revenue Bonds, Series B, 5.00%, 10/15/2023 | 250,000 | 277,564 | |||
2,673,149 | |||||
Georgia (1.2%) | |||||
Floyd County Development Authority Revenue Bonds (Georgia Power Co.), 0.10%, 09/01/2026 (a) | 400,000 | 400,000 | |||
Main Street Natural Gas, Inc. Revenue Bonds, Series A, 5.00%, 05/15/2035 | 250,000 | 343,649 | |||
743,649 | |||||
Hawaii (1.1%) | |||||
City & County Honolulu HI Wastewater System Revenue Bonds, Series A, 5.00%, 07/01/2047 | 560,000 | 681,805 |
Shares or Principal Amount | Value (US$) | ||||
Illinois (2.5%) | |||||
Illinois Finance Authority Revenue Bonds (Carle Foundation), Series A, 6.00%, 08/15/2041 | $ | 500,000 | $ | 508,185 | |
Illinois Finance Authority Revenue Bonds(Plymouth Place Obligated Group), 5.00%, 05/15/2041 | 200,000 | 234,669 | |||
State of Illinois General Obligation Unlimited Bonds, Series D, 5.00%, 11/01/2021 | 815,000 | 833,232 | |||
1,576,086 | |||||
Indiana (1.2%) | |||||
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032 | 750,000 | 788,329 | |||
Kansas (1.6%) | |||||
Kansas Hospital Loan City of Holton Revenue Bonds (Rural Health Resources of Jackson Co., Inc. Project), 2.50%, 07/01/2021 | 1,000,000 | 1,000,624 | |||
Kentucky (2.1%) | |||||
Kentucky Public Energy Authority Revenue Bonds, Series A, 4.00%, 04/01/2048 (a) | 500,000 | 548,226 | |||
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN, 0.09%, 11/01/2036 (a) | 800,000 | 800,000 | |||
1,348,226 | |||||
Louisiana (2.0%) | |||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Glen Retirement System), Series A 5.00%, 01/01/2022 | 160,000 | 161,052 | |||
5.00%, 01/01/2023 | 170,000 | 172,610 | |||
Louisiana Public Facilities Authority Revenue Bonds, (Pre-refunded @ $100, 05/15/2026), 3.00%, 05/15/2031 | 10,000 | 11,109 | |||
New Orleans Aviation Board Revenue Bonds (Louis Armstrong International Airport), 5.00%, 01/01/2028 | 500,000 | 633,961 | |||
New Orleans Aviation Board Revenue Bonds (Parking Facilities Corp.), 5.00%, 10/01/2027 | 250,000 | 313,324 | |||
1,292,056 | |||||
Maryland (3.1%) | |||||
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.70%, 03/01/2030 (a) | 2,000,000 | 2,000,000 | |||
Massachusetts (1.0%) | |||||
Massachusetts Development Finance Agency Revenue Bonds, Series A, 5.00%, 07/01/2036 | 500,000 | 617,803 |
See accompanying Notes to Financial Statements.
24 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Intermediate Municipal Income Fund
Shares or Principal Amount | Value (US$) | ||||
MUNICIPAL BONDS (continued) | |||||
Michigan (3.4%) | |||||
Flint Hospital Building Authority Revenue Bonds 4.00%, 07/01/2035 | $ | 1,000,000 | $ | 1,098,599 | |
4.00%, 07/01/2038 | 750,000 | 816,391 | |||
Michigan Finance Authority Revenue Bonds (Cesar Chavez Academy), 3.25%, 02/01/2024 | 295,000 | 301,845 | |||
2,216,835 | |||||
Mississippi (3.9%) | |||||
Meridian MS Revenue Bonds, 4.20%, 03/01/2033 (b) | 1,453,764 | 1,514,168 | |||
Mississippi Business Finance Corp. Revenue Bonds (Gulf Power Company Project), AMT, VRDN, 0.11%, 12/01/2049 (a) | 1,000,000 | 1,000,000 | |||
2,514,168 | |||||
Missouri (0.3%) | |||||
State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.), 4.00%, 08/01/2036 | 165,000 | 191,717 | |||
Nebraska (1.2%) | |||||
Central Plains Energy Project, Gas Project Revenue Bonds (Project No.3), 5.00%, 09/01/2021 | 750,000 | 761,541 | |||
New Hampshire (1.0%) | |||||
New Hampshire Health & Education Facilities Authority Revenue Bonds (Dartmouth College) 5.00%, 08/01/2035 | 250,000 | 310,125 | |||
5.00%, 08/01/2036 | 245,000 | 303,530 | |||
613,655 | |||||
New Jersey (4.9%) | |||||
New Jersey Educational Facilities Authority Revenue Bonds (The College of New Jersey) Series F (Pre-refunded @ $100.000000, 07/01/2026), 4.00%, 07/01/2033 | 70,000 | 82,148 | |||
Series F, 4.00%, 07/01/2033 | 30,000 | 33,929 | |||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2034 | 2,000,000 | 2,484,543 | |||
Newark Housing Authority Revenue Bonds (Newark Redevelopment Project), 4.00%, 01/01/2037 | 500,000 | 560,848 | |||
3,161,468 | |||||
New York (15.4%) | |||||
City of Elmira General Obligation Limited Bonds 5.00%, 07/01/2025 (b) | 105,000 | 114,825 | |||
5.00%, 07/01/2033 (b) | 625,000 | 686,589 | |||
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 | 145,000 | 161,440 | |||
Hudson Yards Infrastructure Corp. Revenue Bonds, Series A, 5.00%, 02/15/2042 | 1,000,000 | 1,185,695 |
Shares or Principal Amount | Value (US$) | ||||
Metropolitan Transportation Authority Revenue Bonds Series A-1, 5.00%, 11/15/2027 | $ | 695,000 | $ | 834,049 | |
Series C-1, 5.00%, 11/15/2027 | 1,150,000 | 1,359,305 | |||
Series A-2, VRN, 5.00%, 11/15/2045 (a) | 400,000 | 515,549 | |||
Nassau County Local Economic Assistance Corp.Revenue Bonds (Catholic Health Services), 5.00%, 07/01/2030 | 1,000,000 | 1,121,752 | |||
New York City Water & Sewer System Revenue Bonds, Series EE, 5.00%, 06/15/2037 | 295,000 | 361,564 | |||
New York State Dormitory Authority Revenue Bonds (State University Educational Facilities 3rd Generation), Series A, 5.50%, 05/15/2023 | 1,160,000 | 1,280,019 | |||
New York Transportation Development Corp. Revenue Bonds, AMT, 4.00%, 10/31/2034 | 250,000 | 295,730 | |||
Port Authority of New York & New Jersey Revenue Bonds, AMT, 5.00%, 07/15/2033 | 400,000 | 512,956 | |||
Port Authority of New York & New Jersey Revenue Bonds, 5.00%, 10/15/2042 | 560,000 | 675,658 | |||
Village of Valley Stream General Obligation Limited Notes, Series A, 6.50%, 05/20/2021 | 800,000 | 802,132 | |||
9,907,263 | |||||
Ohio (0.4%) | |||||
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, 5.00%, 06/01/2055 | 110,000 | 123,568 | |||
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A, 3.25%, 09/01/2029 | 135,000 | 144,560 | |||
268,128 | |||||
Pennsylvania (3.9%) | |||||
Montgomery County Industrial Development Authority Revenue Bonds (Imagine School at Broward) , 4.00%, 12/01/2037 | 300,000 | 329,550 | |||
Pennsylvania Turnpike Commission Revenue Bonds, Series A, 5.25%, 07/15/2029 | 850,000 | 1,135,602 | |||
School Dist. of the City of Erie, General Obligation Limited Bonds, Series A, (AGM ST AID WITHHLDG), 5.00%, 04/01/2034 | 825,000 | 1,042,628 | |||
2,507,780 | |||||
Puerto Rico (2.1%) | |||||
Commonwealth of Puerto Rico General Obligation Unlimited Bonds, Series A, (AGM), 5.25%, 07/01/2024 | 615,000 | 622,104 | |||
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds, (AGC-ICC), 5.50%, 07/01/2022 | 250,000 | 264,007 | |||
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026 | 100,000 | 110,077 | |||
Highway & Transportation Authority Revenue Bonds, (AGC), 5.50%, 07/01/2031 | 300,000 | 364,741 | |||
1,360,929 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 25 |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Intermediate Municipal Income Fund
Shares or Principal Amount | Value (US$) | ||||
MUNICIPAL BONDS (continued) | |||||
Rhode Island (1.3%) | |||||
Tobacco Settlement Financing Corp. Revenue Bonds, Series B, 4.50%, 06/01/2045 | $ | 750,000 | $ | 811,997 | |
South Carolina (1.8%) | |||||
City of Rock Hill SC Combined Utility System Revenue Bonds 5.00%, 01/01/2025 | 500,000 | 580,662 | |||
5.00%, 01/01/2026 | 500,000 | 599,497 | |||
1,180,159 | |||||
Tennessee (2.4%) | |||||
Knox County Health Educational & Housing Facilities Board Revenue Bonds (University Health System, Inc.), 5.00%, 09/01/2036 | 500,000 | 576,432 | |||
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project), 5.00%, 10/01/2034 | 360,000 | 424,870 | |||
Tennessee Energy Acquisition Corp. Revenue Bonds, Series A, 5.25%, 09/01/2023 | 500,000 | 554,659 | |||
1,555,961 | |||||
Texas (18.4%) | |||||
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 | 5,895,541 | |||
Matagorda County Navigation District No. 1 Revenue Bonds, Series B-1, 4.00%, 06/01/2030 | 1,000,000 | 1,049,876 | |||
Port of Beaumont Navigation District of Jefferson County Dock & Wharf Facilities Revenue Bonds (Jefferson Railport Terminal II LLC), 4.00%, 01/01/2050 (b) | 1,000,000 | 1,036,259 | |||
Port of Port Arthur Navigation District Revenue Bonds, 0.10%, 04/01/2040 (a) | 400,000 | 400,000 | |||
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Baylor Scott & White Obligated Group), 5.00%, 11/15/2029 | 800,000 | 960,776 | |||
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Texas Health Resources Obligated Group), Series A, 4.00%, 02/15/2036 | 1,000,000 | 1,118,401 | |||
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds, Series D, 6.25%, 12/15/2026 | 1,140,000 | 1,339,183 | |||
11,800,036 | |||||
Utah (1.1%) | |||||
Salt Lake City Corp. Airport Revenue Bonds, Series B, 5.00%, 07/01/2042 | 100,000 | 120,360 | |||
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048 (a)(b) | 570,000 | 584,864 | |||
705,224 |
Shares or Principal Amount | Value (US$) | ||||
Washington (0.3%) | |||||
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A, 5.00%, 01/01/2024 (b) | $ | 180,000 | $ | 192,650 | |
West Virginia (0.8%) | |||||
Monongalia County Building Commission Revenue Bonds, 6.50%, 07/01/2041 | 500,000 | 503,453 | |||
Wisconsin (5.0%) | |||||
Public Finance Authority Revenue Bonds 5.00%, 06/15/2029 | 530,000 | 647,855 | |||
5.00%, 06/15/2034 | 425,000 | 507,286 | |||
Public Finance Authority Revenue Bonds, 5.00%, 07/01/2038 | 1,000,000 | 1,155,633 | |||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, (Pre-refunded @ $100, 07/15/2021), Series A, 5.00%, 07/15/2028 | 500,000 | 504,789 | |||
Wisconsin Health & Educational Facilities Authority Revenue Bonds (Froedtert Health, Inc. Obligated Group), Series 2017 A, 5.00%, 04/01/2035 | 250,000 | 302,851 | |||
Wisconsin Health & Educational Facilities Authority Revenue Bonds (St. Camillus Health System), 5.00%, 11/01/2021 | 120,000 | 121,309 | |||
3,239,723 | |||||
Total Municipal Bonds | 64,179,767 | ||||
SHORT-TERM INVESTMENT (0.1%) | |||||
UNITED STATES (0.1%) | |||||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares | 88,885 | 88,902 | |||
Total Short-Term Investment | 88,902 | ||||
Total Investments (Cost $59,662,781) (c)—100.1% | 64,268,669 | ||||
Liabilities in Excess of Other Assets—(0.1)% | (51,552 | ) | |||
Net Assets—100.0% | $ | 64,217,117 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 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) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
See accompanying Notes to Financial Statements.
26 | 2021 Semi-Annual Report |
Aberdeen Short Duration High Yield Municipal Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | Inception2 | |||||||
Class A | w/o SC | 3.70% | 7.38% | 2.65% | 3.27% | ||||||
w/SC3 | 1.07% | 4.70% | 2.13% | 2.94% | |||||||
Class C | w/o SC | 4.73% | 8.45% | 2.86% | 3.40% | ||||||
Institutional Class4 | w/o SC | 3.83% | 7.65% | 2.91% | 3.53% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | The Fund changed its investment strategy effective February 28, 2019. Performance information for periods prior to February 28, 2019 does not reflect the Fund's current investment strategy. Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund had substantially similar investment objectives and strategies prior to the Fund's adoption of its current investment strategies on February 28, 2019. Please consult the Fund's prospectus for more detail. |
2 | Predecessor Fund commenced operations on May 31, 2013. |
3 | A 2.50% front-end sales charge was deducted. Prior to February 28, 2019 the front-end sales charge was 4.25%. |
4 | Not subject to any sales charges. |
Performance of a $1,000,000 Investment* (as of April 30, 2021)
* Minimum Initial Investment | Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Short Duration High Yield Municipal Fund, The S&P Municipal Bond Short Intermediate Index, a blended benchmark of 30% Bloomberg Barclays 1-10 Year Municipal Bond Index/70% Bloomberg Barclays 1-10 Year Municipal High Yield Index (the "Blended Index") and the Consumer Price Index (CPI) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
The S&P Municipal Bond Short Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of one year and a maximum maturity of up to, but not including, eight years as measured from the Rebalancing Date.
Bloomberg Barclays 1-10 Year Municipal Bond Index is an unmanaged index composed of investment-grade municipal bonds with maturity dates of more than one year and less than 10 years.
Bloomberg Barclays 1-10 Year Municipal High Yield Index is a sub-index of the Bloomberg Barclays Municipal High Yield Bond Index composed of issues with effective maturity dates of 1-10 years and excludes purpose class of Other. The Bloomberg Barclays Municipal High Yield Bond Index is a flagship measure of the non-investment grade and non-rated USD-denominated tax exempt bond market.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. |
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
2021 Semi-Annual Report 27
Aberdeen Short Duration High Yield Municipal Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | ||||
Municipal Bonds | 99.7 | % | ||
Short-Term Investment | 0.1 | % | ||
Other Assets in Excess of Liabilities | 0.2 | % | ||
100.0 | % | |||
Top Holdings* | ||||
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030 | 3.8 | % | ||
Meridian MS Revenue Bonds 03/01/2033 | 2.6 | % | ||
Arizona Industrial Development Authority Revenue Bonds (Legacy Cares, Inc.), Series A 07/01/2030 | 2.0 | % | ||
Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A 09/01/2022 | 2.0 | % | ||
Appling County Georgia Development Authority Pollution Control Revenue Bonds (Georgia Power Company Plant Hatch Project), VRDN 09/01/2041 | 2.0 | % | ||
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds 06/01/2055 | 2.0 | % | ||
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A 11/01/2032 | 1.5 | % | ||
Dekalb Country Housing Authority Revenue Bonds (Highlands At East Atlanta Apartments Project) 09/01/2036 | 1.5 | % | ||
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project) 11/01/2058 | 1.5 | % | ||
Metropolitan Transportation Authority Revenue Bonds 11/15/2035 | 1.5 | % | ||
Other | 79.6 | % | ||
100.0 | % |
* For the purpose of listing top holdings, Short-Term Investments are included as part of Other.
Top States | ||||
New York | 12.9 | % | ||
Mississippi | 8.0 | % | ||
Georgia | 5.7 | % | ||
Florida | 5.7 | % | ||
Wisconsin | 5.7 | % | ||
Illinois | 5.5 | % | ||
Maryland | 5.5 | % | ||
Pennsylvania | 4.4 | % | ||
Texas | 4.4 | % | ||
Puerto Rico | 4.2 | % | ||
Other | 38.0 | % | ||
100.0 | % |
28 2021 Semi-Annual Report
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value (US$) | |||||||
MUNICIPAL BONDS (99.7%) | ||||||||
Alabama (3.6%) | ||||||||
Alabama Industrial Development Solid Waste Disposal Revenue Bonds (OfficeMax, Inc.), 6.45%, 12/01/2023 | $ | 750,000 | $ | 750,989 | ||||
Columbia Industrial Development Board Revenue Bonds (Alabama Power Co.), 0.08%, 11/01/2021 (a) | 3,400,000 | 3,400,000 | ||||||
Health Care Authority for Baptist Health Revenue Bonds, Series D, 5.00%, 11/15/2021 | 850,000 | 852,737 | ||||||
Industrial Development Board Of The Town Of West Jefferson Solid Waste Disposal Revenue Bonds (Alabama Power Company Miller Plant Project), 0.08%, 12/01/2038 (a) | 4,300,000 | 4,300,000 | ||||||
Jemison Water & Sewer Revenue Bonds, Series A, 3.50%, 03/01/2026 | 290,000 | 305,339 | ||||||
Walker County Economic & Industrial Development Authority Revenue Bonds (Alabama Power Co.), 0.08%, 12/01/2036 (a) | 2,100,000 | 2,100,000 | ||||||
11,709,065 | ||||||||
Arizona (3.8%) | ||||||||
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 | 690,089 | ||||||
5.13%, 01/01/2035 (b) | 815,000 | 726,017 | ||||||
Arizona Industrial Development Authority Revenue Bonds (Kaizen Education Foundation) 5.00%, 07/01/2022 (b) | 385,000 | 399,820 | ||||||
5.00%, 07/01/2023 (b) | 405,000 | 433,018 | ||||||
Arizona Industrial Development Authority Revenue Bonds (Legacy Cares, Inc.), Series A, 6.75%, 07/01/2030 (b) | 6,000,000 | 6,551,986 | ||||||
Arizona Industrial Development Authority Revenue Bonds (Somerset Academy of Las Vegas), 3.00%, 12/15/2031 (b) | 655,000 | 678,683 | ||||||
La Paz County Industrial Development Authority Revenue Bonds (Charter School Solutions), Series A, 5.00%, 02/15/2026 (b) | 500,000 | 558,714 | ||||||
Maricopa County Industrial Development Authority Revenue Bonds (Ottawa University), 5.00%, 10/01/2026 (b) | 300,000 | 318,079 | ||||||
5.13%, 10/01/2030 (b) | 425,000 | 470,889 | ||||||
Maricopa County Industrial Development Authority Revenue Bonds (Paragon Management, Inc.) 2.88%, 07/01/2021 (b) | 135,000 | 135,269 | ||||||
4.00%, 07/01/2026 (b) | 1,250,000 | 1,337,492 | ||||||
Phoenix Industrial Development Authority Education Facility Revenue Bonds (Freedom Academy, Inc.), 3.88%, 07/01/2021 (b) | 55,000 | 55,211 | ||||||
12,355,267 |
Shares or Principal Amount | Value (US$) | |||||||
Arkansas (1.2%) | ||||||||
Arkansas Public Housing Authority Municipal Series 1 LLC Revenue Bonds, 3.75%, 09/01/2026 (a)(b)(c) | $ | 975,000 | $ | 972,050 | ||||
County of Baxter Hospital Revenue Bonds (Baxter Regional Medical Center), Series A 5.00%, 09/01/2025 | 1,000,000 | 1,116,269 | ||||||
5.00%, 09/01/2026 | 1,490,000 | 1,688,557 | ||||||
3,776,876 | ||||||||
California (2.2%) | ||||||||
California Municipal Finance Authority Revenue Bonds (Highlands Community Charter and Technical Schools), 4.00%, 11/15/2021 (b) | 1,650,000 | 1,652,757 | ||||||
California Municipal Finance Authority Revenue Bonds (Simpson University), Series A 5.00%, 10/01/2026 | 40,000 | 41,007 | ||||||
5.13%, 10/01/2030 | 1,020,000 | 1,054,877 | ||||||
California Municipal Finance Authority Revenue Bonds (United Airlines, Inc.), 4.00%, 07/15/2029 | 3,000,000 | 3,451,935 | ||||||
California Municipal Finance Authority Revenue Notes (Empire Springs Charter School, Inc.), 4.00%, 09/15/2021 (b) | 1,050,000 | 1,057,924 | ||||||
7,258,500 | ||||||||
Colorado (0.5%) | ||||||||
Colorado Health Facilities Authority Revenue Bonds, Series B 5.00%, 05/15/2028 | 400,000 | 437,344 | ||||||
5.00%, 05/15/2028 | 100,000 | 104,757 | ||||||
Colorado Health Facilities Authority Revenue Bonds (Frasier Meadows Manor, Inc.) 5.00%, 05/15/2025 | 320,000 | 349,876 | ||||||
Series B, 5.00%, 05/15/2029 | 585,000 | 639,616 | ||||||
1,531,593 | ||||||||
Connecticut (1.9%) | ||||||||
City of West Haven General Obligation Unlimited Bonds Series A, 5.00%, 11/01/2025 | 325,000 | 373,667 | ||||||
Series B, 5.00%, 11/01/2025 | 240,000 | 275,939 | ||||||
Series A, 5.00%, 11/01/2026 | 325,000 | 380,910 | ||||||
Series B, 5.00%, 11/01/2026 | 200,000 | 234,406 | ||||||
Series A, 5.00%, 11/01/2027 | 635,000 | 755,498 | ||||||
Series B, 5.00%, 11/01/2027 | 200,000 | 237,952 | ||||||
State Health & Educational Facilities Authority Revenue Bond (McLean Affiliates Obligated Group) Series B-2, 2.75%, 01/01/2026 (b) | 650,000 | 656,590 | ||||||
Series B-1, 3.25%, 01/01/2027 (b) | 750,000 | 764,834 | ||||||
Series A, 5.00%, 01/01/2030 (b) | 500,000 | 567,571 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report 29
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value (US$) | |||||||
MUNICIPAL BONDS (continued) | ||||||||
Connecticut (continued) | ||||||||
State Health & Educational Facilities Authority Revenue Bond (University of Hartford) 5.00%, 07/01/2025 | $ | 400,000 | $ | 458,143 | ||||
5.00%, 07/01/2026 | 575,000 | 673,796 | ||||||
5.00%, 07/01/2027 | 430,000 | 513,771 | ||||||
5.00%, 07/01/2029 | 300,000 | 368,948 | ||||||
6,262,025 | ||||||||
Delaware (0.3%) | ||||||||
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.11%, 10/01/2029 (a) | 900,000 | 900,000 | ||||||
Florida (5.7%) | ||||||||
Broward County Industrial Development Revenue Bonds (Florida Power & Light Co.), 0.09%, 06/01/2045 (a) | 2,180,000 | 2,180,000 | ||||||
Capital Trust Agency, Inc., Zero Coupon%, 01/01/2024 | 248,055 | 4,961 | ||||||
Capital Trust Agency, Inc. Revenue Bonds (Educational Growth Fund LLC), Series A-1, 3.38%, 07/01/2031 (b) | 1,745,000 | 1,810,263 | ||||||
Capital Trust Agency, Inc. Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), 4.50%, 01/01/2035 (b) | 300,000 | 329,986 | ||||||
Celebration Pointe Community Development District No.1 Special Assessment Revenue Bonds, 4.75%, 05/01/2024 | 50,000 | 53,480 | ||||||
City of Atlantic Beach Health Care Facilities Revenue Bonds (Naval Continuing Care Retirement Foundation, Inc.), Series A, 5.00%, 11/15/2021 | 200,000 | 203,684 | ||||||
County of Bay Revenue Bonds (Florida Power & Light Co.), 0.11%, 06/01/2050 (a) | 1,000,000 | 1,000,000 | ||||||
County Of Lake Florida Retirement Facility Revenue Bonds (Waterman Communities, Inc.) Series B-3, 3.38%, 08/15/2026 | 1,000,000 | 1,005,229 | ||||||
Series B-2, 3.75%, 08/15/2027 | 1,500,000 | 1,507,755 | ||||||
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Imagine School At Broward Project), Series A 4.00%, 12/15/2029 (b) | 530,000 | 593,434 | ||||||
5.00%, 12/15/2034 (b) | 530,000 | 631,357 | ||||||
Florida Development Finance Corp. Educational Facilities Revenue Bonds (Miami Arts Charter School Project), Series A, 5.00%, 06/15/2024 (b) | 100,000 | 98,106 | ||||||
Florida Development Finance Corp. Solid Waste Revenue Bonds (Waste Pro USA, Inc.) 5.00%, 05/01/2029 (b) | 2,000,000 | 2,155,410 | ||||||
5.00%, 08/01/2029 (a)(b) | 2,000,000 | 2,071,656 | ||||||
Lee County Industrial Development Authority Revenue Bonds (Florida Light & Power Co.), Series A, 0.09%, 12/01/2046 (a) | 400,000 | 400,000 |
Shares or Principal Amount | Value (US$) | |||||||
Palm Beach County Revenue Bonds (Provident Group – LU Properties LLC – LYNN University Housing Project), Series A 4.25%, 06/01/2031 | $ | 1,200,000 | $ | 1,209,756 | ||||
5.00%, 06/01/2057 | 400,000 | 404,720 | ||||||
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 | 1,614,263 | ||||||
Polk County Industrial Development Authority Revenue Bonds (Carpenter's Home Estates, Inc. Project) Series A, 5.00%, 01/01/2029 | 400,000 | 446,599 | ||||||
5.00%, 01/01/2039 | 240,000 | 263,049 | ||||||
St. Lucie County Pollution Control Revenue Bonds (Florida Power & Light Co.), 0.06%, 09/01/2028 (a) | 300,000 | 300,000 | ||||||
Village Community Development District #12, Special Assessment Revenue Bonds, 2.88%, 05/01/2021 | 170,000 | 170,000 | ||||||
18,453,708 | ||||||||
Georgia (5.7%) | ||||||||
Appling County Georgia Development Authority Pollution Control Revenue Bonds, VRDN, 0.10%, 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, 0.10%, 09/01/2041 (a) | 6,400,000 | 6,400,000 | ||||||
Dekalb Country Housing Authority Revenue Bonds (Highlands At East Atlanta Apartments Project), 1.82%, 09/01/2036 (a)(b) | 5,000,000 | 4,992,441 | ||||||
Development Authority of Burke County Revenue Bonds (Georgia Power Co.), 0.10%, 11/01/2052 (a) | 500,000 | 500,000 | ||||||
Development Authority of Monroe County Revenue Bonds (Georgia Power Co.), 0.10%, 11/01/2048 (a) | 1,765,000 | 1,765,000 | �� | |||||
Development Authority of Monroe County Revenue Bonds (Gulf Power Co. Project), AMT, VRDN, 0.09%, 10/01/2049 (a) | 300,000 | 300,000 | ||||||
Floyd County Development Authority Revenue Bonds (Georgia Power Co.), 0.10%, 09/01/2026 (a) | 600,000 | 600,000 | ||||||
Main Street Natural Gas, Inc. Revenue Bonds, Series A 5.00%, 05/15/2030 | 200,000 | 251,207 | ||||||
5.00%, 05/15/2036 | 1,970,000 | 2,731,000 | ||||||
18,739,648 | ||||||||
Guam (0.0%) | ||||||||
Guam International Airport Authority Revenue Bonds (Antonio B. Won Pat International Airport Authority), Series C, 5.00%, 10/01/2021 | 80,000 | 81,470 |
See accompanying Notes to Financial Statements.
30 2021 Semi-Annual Report
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value (US$) | |||||||
MUNICIPAL BONDS (continued) | ||||||||
Idaho (0.3%) | ||||||||
Idaho Housing & Finance Association Revenue Bonds (Idaho Arts Charter School, Inc.), Series A, 4.00%, 12/01/2026 | $ | 800,000 | $ | 846,234 | ||||
Idaho Housing & Finance Association Revenue Bonds (Victory Charter School), Series A, 4.00%, 07/01/2026 | 130,000 | 138,084 | ||||||
984,318 | ||||||||
Illinois (5.5%) | ||||||||
Chicago Board of Education General Obligation Unlimited Bonds Series C, 5.00%, 12/01/2022 | 600,000 | 639,435 | ||||||
Series A, 5.00%, 12/01/2028 | 200,000 | 252,921 | ||||||
Cook County School District No. 144 Prairie Hills General Obligation Unlimited Bonds, Series A, 4.00%, 12/01/2033 | 600,000 | 683,704 | ||||||
Governors State University Certificates of Participation (Capital Improvement Project), 5.00%, 07/01/2026 | 400,000 | 473,746 | ||||||
Illinois Finance Authority Educational Facility Revenue Bonds (Rogers Park Montessori School), 5.00%, 02/01/2024 | 160,000 | 166,688 | ||||||
Illinois Finance Authority Revenue Bonds (Benedictine University) 5.00%, 10/01/2025 | 1,035,000 | 1,153,902 | ||||||
5.00%, 10/01/2028 | 120,000 | 137,835 | ||||||
5.00%, 10/01/2029 | 200,000 | 231,141 | ||||||
5.00%, 10/01/2030 | 100,000 | 116,227 | ||||||
Illinois Finance Authority Revenue Bonds (CHF-Chicago LLC), Series A 5.00%, 02/15/2027 | 420,000 | 473,280 | ||||||
5.00%, 02/15/2028 | 400,000 | 453,299 | ||||||
5.00%, 02/15/2029 | 520,000 | 587,684 | ||||||
5.00%, 02/15/2030 | 335,000 | 377,574 | ||||||
5.00%, 02/15/2031 | 370,000 | 415,661 | ||||||
5.00%, 02/15/2032 | 225,000 | 252,079 | ||||||
Illinois Finance Authority Revenue Bonds (Chicago Charter School Foundation) 5.00%, 12/01/2028 | 250,000 | 292,663 | ||||||
5.00%, 12/01/2029 | 315,000 | 366,632 | ||||||
Illinois Finance Authority Revenue Bonds (Plymouth Place Obligated Group) 5.00%, 05/15/2032 | 275,000 | 333,995 | ||||||
5.00%, 05/15/2033 | 290,000 | 350,507 | ||||||
5.00%, 05/15/2034 | 300,000 | 360,402 | ||||||
5.00%, 05/15/2035 | 315,000 | 376,594 | ||||||
5.00%, 05/15/2036 | 330,000 | 392,621 | ||||||
Metropolitan Pier & Exposition Authority Revenue Bonds 5.00%, 12/15/2025 | 295,000 | 345,361 | ||||||
5.00%, 12/15/2027 | 100,000 | 122,418 | ||||||
State of Illinois General Obligation Unlimited Bonds 5.00%, 08/01/2021 | 50,000 | 50,562 | ||||||
5.00%, 08/01/2024 | 2,000,000 | 2,109,707 | ||||||
Series D, 5.00%, 11/01/2026 | 2,780,000 | 3,315,342 | ||||||
4.00%, 02/01/2030 | 745,000 | 840,639 |
Shares or Principal Amount | Value (US$) | |||||||
Village of Matteson Revenue Bonds 5.00%, 12/01/2026 | $ | 150,000 | $ | 179,613 | ||||
5.00%, 12/01/2027 | 150,000 | 183,367 | ||||||
5.00%, 12/01/2028 | 350,000 | 430,140 | ||||||
Village of Matteson Tax Allocation Bonds, 6.50%, 12/01/2035 | 1,220,000 | 1,339,896 | ||||||
Village of Willow Springs General Obligation Unlimited Bonds, Series C, 4.45%, 12/15/2021 | 285,000 | 285,855 | ||||||
18,091,490 | ||||||||
Indiana (1.1%) | ||||||||
City of Valparaiso Exempt Facilities Revenue Bonds (Pratt Paper LLC), 5.88%, 01/01/2024 | 105,000 | 112,525 | ||||||
Hammond Local Public Improvement Bond Bank Revenue Bonds, Series B, 4.63%, 07/15/2023 (b) | 1,080,000 | 1,133,389 | ||||||
Indiana Finance Authority Revenue Bonds (Earlham College, Inc.), 5.00%, 10/01/2032 | 2,250,000 | 2,364,988 | ||||||
3,610,902 | ||||||||
Kansas (0.6%) | ||||||||
Kansas Hospital Loan City of Holton Revenue Bonds (Rural Health Resources of Jackson Co., Inc. Project), 2.50%, 07/01/2021 | 2,000,000 | 2,001,248 | ||||||
Kentucky (1.8%) | ||||||||
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of Kentucky, Inc.), Series C, 0.14%, 05/01/2034 (a) | 1,000,000 | 1,000,000 | ||||||
Louisville Regional Airport Authority Revenue Bonds (BT-OH LLC), Series A, AMT, VRDN, 0.09%, 11/01/2036 (a) | 3,800,000 | 3,800,000 | ||||||
Louisville Regional Airport Authority Revenue Bonds (United Parcel Service, Inc.), 0.07%, 01/01/2029 (a) | 1,000,000 | 1,000,000 | ||||||
5,800,000 | ||||||||
Louisiana (1.7%) | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Provident Group – ULM Properties LLC – University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2029 (b) | 1,000,000 | 1,068,882 | ||||||
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 | 268,791 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (The Glen System Retirement Project), Series A 5.00%, 01/01/2024 | 180,000 | 183,986 | ||||||
5.00%, 01/01/2025 | 370,000 | 380,173 | ||||||
5.00%, 01/01/2026 | 390,000 | 401,226 | ||||||
5.00%, 01/01/2027 | 410,000 | 421,560 | ||||||
5.00%, 01/01/2028 | 430,000 | 442,226 | ||||||
5.00%, 01/01/2029 | 450,000 | 461,773 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report 31
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value (US$) | ||||
MUNICIPAL BONDS (continued) | |||||
Louisiana (continued) | |||||
Louisiana Local Government Environmental Facilities & Community Development Authority Student Housing Revenue Bonds (Provident Group – ULM Properties LLC – University Of Louisiana At Manroe Project), Series A, 5.00%, 07/01/2039 (b) | $ 1,000,000 | $ 1,026,893 | |||
Louisiana Public Facilities Authority Revenue Bonds (Young Audiences Charter School Project), Series A, 5.00%, 04/01/2030 (b) | 400,000 | 430,656 | |||
Parish of St. Charles Gulf Opportunity Zone Revenue Bonds (Valero Project), 4.00%, 12/01/2040 (a) | 315,000 | 327,038 | |||
5,413,204 | |||||
Maryland (5.5%) | |||||
Anne Arundel County Consolidated Special Taxing District Bonds (Villages at Two Rivers Project), 4.20%, 07/01/2024 | 85,000 | 88,361 | |||
Frederick County Educational Facilities Revenue Bonds (Mount St. Marys University), Series A 5.00%, 09/01/2027 (b) | 1,495,000 | 1,656,666 | |||
5.00%, 09/01/2032 (b) | 740,000 | 831,915 | |||
Maryland Economic Development Corp. Revenue Bonds (CONSOL Marine Terminal, Inc.), 5.75%, 09/01/2025 | 1,445,000 | 1,459,924 | |||
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.70%, 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 | 758,616 | |||
5.00%, 11/01/2027 | 600,000 | 647,978 | |||
17,953,460 | |||||
Massachusetts (1.6%) | |||||
Lynn Housing Authority & Neighborhood Development Revenue Bonds, 4.00%, 10/01/2022 | 330,000 | 337,127 | |||
Massachusetts Development Finance Agency Revenue Bonds (Linden Ponds, Inc.), 4.00%, 11/15/2023 (b) | 635,000 | 653,955 | |||
Massachusetts Development Finance Agency Revenue Bonds (NewBridge on The Charles, Inc.) 4.00%, 10/01/2025 (b) | 500,000 | 545,798 | |||
4.00%, 10/01/2026 (b) | 500,000 | 545,197 | |||
4.00%, 10/01/2027 (b) | 450,000 | 489,934 | |||
Massachusetts Development Finance Agency Revenue Bonds (Provident Commonwealth Education Resource, Inc.), 5.00%, 10/01/2024 | 1,500,000 | 1,628,922 | |||
Massachusetts Development Finance Agency Revenue Bonds (Wellforce Issue), Series A 5.00%, 07/01/2033 | 500,000 | 622,378 | |||
5.00%, 07/01/2034 | 300,000 | 372,397 | |||
5,195,708 |
Shares or Principal Amount | Value (US$) | ||||
Michigan (1.4%) | |||||
Calhoun County Hospital Finance Authority Revenue Bonds (Ella E.M. Brown Charitable Circle), 5.00%, 02/15/2024 | $ 500,000 | $ 548,891 | |||
Charyl Stockwell Academy Revenue Bonds, 4.88%, 10/01/2023 | 55,000 | 56,653 | |||
Kalamazoo Economic Development Corp. Revenue Bonds (Heritage Community of Kalamazoo Obligated Group) 2.63%, 05/15/2025 | 1,130,000 | 1,133,764 | |||
5.00%, 05/15/2032 | 1,915,000 | 2,175,951 | |||
Michigan Finance Authority Public School Academy Limited Revenue Bond (Cesar Chavez Academy Project), 4.00%, 02/01/2029 | 700,000 | 755,400 | |||
4,670,659 | |||||
Minnesota (1.8%) | |||||
Rice County Educational Facility Revenue Bonds (Shattuck-St Mary's School), Series A, 5.00%, 08/01/2022 (b) | 960,000 | 983,686 | |||
Shakopee Minnesota Senior Housing Revenue Bonds (Benedictine Living Community of Shakopee LLC Project), 5.85%, 11/01/2058 (a)(b) | 4,500,000 | 4,845,580 | |||
5,829,266 | |||||
Mississippi (8.0%) | |||||
Meridian MS Revenue Bonds, 4.20%, 03/01/2033 (b) | 8,247,261 | 8,589,934 | |||
Mississippi Business Finance Corp. Revenue Bonds (Huntington Ingalls Industries, Inc.), 4.55%, 12/01/2028 | 980,000 | 980,003 | |||
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.) 0.10%, 12/01/2027 (a) | 300,000 | 300,000 | |||
0.10%, 05/01/2028 (a) | 4,300,000 | 4,300,000 | |||
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT, 0.10%, 07/01/2025 (a) | 4,300,000 | 4,300,000 | |||
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 1.56%, 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 | 2,168,880 | |||
Mississippi Pearl General Obligation Unlimited Bonds, 3.00%, 07/15/2022 | 630,000 | 629,248 | |||
26,268,065 | |||||
Missouri (1.1%) | |||||
Platte County Industrial Development Authority Transportation Revenue Bonds, 5.00%, 12/01/2025 | 675,000 | 324,000 | |||
Saint Louis County Missouri Industrial Development Authority Revenue Bonds (Ranken-Jordan Pediatric Specialty Hospital) 4.00%, 11/15/2021 | 555,000 | 559,445 | |||
5.00%, 11/15/2022 | 625,000 | 648,124 |
See accompanying Notes to Financial Statements.
32 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value (US$) | ||||
MUNICIPAL BONDS (continued) | |||||
Missouri (continued) | |||||
State Health & Educational Facilities Authority Revenue Bond (Bethesda Health Group, Inc.) 3.00%, 08/01/2021 | $ 140,000 | $ 140,732 | |||
3.00%, 08/01/2023 | 140,000 | 146,761 | |||
4.00%, 08/01/2025 | 150,000 | 167,819 | |||
4.00%, 08/01/2027 | 440,000 | 505,361 | |||
4.00%, 08/01/2029 | 385,000 | 448,158 | |||
4.00%, 08/01/2031 | 310,000 | 363,910 | |||
4.00%, 08/01/2036 | 275,000 | 319,528 | |||
3,623,838 | |||||
Nebraska (0.2%) | |||||
Scotts Bluff County Hospital Authority Revenue Bonds (Regional West Medical Center), Series A, 5.00%, 02/01/2022 | 615,000 | 630,386 | |||
Nevada (0.6%) | |||||
City of Carson Hospital Revenue Bonds (Carson Tahoe Regional Healthcare) 5.00%, 09/01/2027 | 605,000 | 749,196 | |||
5.00%, 09/01/2029 | 620,000 | 760,545 | |||
Nevada Department of Business & Industry Revenue Bonds (Doral Academy of Nevada), Series A, 3.13%, 07/15/2022 (b)(d) | 320,000 | 323,180 | |||
1,832,921 | |||||
New Jersey (2.3%) | |||||
New Jersey Economic Development Authority Revenue Bonds, 5.00%, 06/15/2021 | 2,000,000 | 2,010,805 | |||
New Jersey Economic Development Authority Revenue Bonds (Greater Brunswick Charter School Project), Series A, 4.75%, 08/01/2024 (b) | 90,000 | 95,341 | |||
New Jersey Economic Development Authority Revenue Bonds (United Airlines, Inc.) 5.50%, 04/01/2028 | 55,000 | 55,191 | |||
Series B, AMT, 5.63%, 11/15/2030 | 455,000 | 510,265 | |||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series A, 5.00%, 12/15/2032 | 2,175,000 | 2,716,210 | |||
South Jersey Port Corp. Revenue Bonds, Series B 5.00%, 01/01/2026 | 300,000 | 354,112 | |||
5.00%, 01/01/2027 | 250,000 | 301,997 | |||
5.00%, 01/01/2028 | 255,000 | 313,688 | |||
State of New Jersey General Obligation Unlimited Bonds, Series A, 5.00%, 06/01/2029 | 1,000,000 | 1,302,314 | |||
7,659,923 | |||||
New York (12.9%) | |||||
Amherst Development Corp. Revenue Bonds (Daemen College) 5.00%, 10/01/2025 | 600,000 | 676,121 | |||
5.00%, 10/01/2026 | 630,000 | 722,586 | |||
Brookhaven Local Development Corp. Revenue Bonds (Active Retirement Community, Inc.) 5.00%, 11/01/2021 | 300,000 | 306,170 | |||
5.00%, 11/01/2022 | 250,000 | 265,153 |
Shares or Principal Amount | Value (US$) | ||||
Buffalo & Erie County Industrial Land Development Corp. Revenue Bonds (Charter School for Applied Technologies Project), 4.00%, 06/01/2022 | $ 895,000 | $ 903,492 | |||
Build NYC Resource Corp. Revenue Bonds (Metropolitan Lighthouse Charter School Project), Series A 4.00%, 06/01/2022 (b) | 190,000 | 195,830 | |||
5.00%, 06/01/2023 (b) | 370,000 | 398,567 | |||
5.00%, 06/01/2024 (b) | 390,000 | 432,607 | |||
5.00%, 06/01/2025 (b) | 410,000 | 467,212 | |||
5.00%, 06/01/2026 (b) | 430,000 | 496,249 | |||
5.00%, 06/01/2027 (b) | 450,000 | 517,393 | |||
5.00%, 06/01/2032 (b) | 500,000 | 565,312 | |||
City of Elmira General Obligation Limited Bonds 5.00%, 07/01/2025 (b) | 1,375,000 | 1,503,665 | |||
5.00%, 07/01/2033 (b) | 2,635,000 | 2,894,659 | |||
City of Ogdensburg General Obligation Limited Notes, 3.25%, 03/11/2022 | 415,849 | 416,920 | |||
City of Poughkeepsie General Obligation Limited Bonds, 5.00%, 06/01/2031 | 455,000 | 506,589 | |||
Madison Country Capital Resource Corp. Revenue Bonds (Cazenovia College Project), Series A, 5.50%, 09/01/2022 | 6,500,000 | 6,524,556 | |||
Metropolitan Transportation Authority Revenue Bonds Series B-2, 5.00%, 05/15/2021 | 500,000 | 500,751 | |||
Series D, 5.00%, 11/15/2021 | 1,000,000 | 1,025,168 | |||
5.00%, 09/01/2022 | 2,000,000 | 2,124,197 | |||
5.00%, 11/15/2022 | 1,050,000 | 1,125,192 | |||
5.00%, 11/15/2035 | 4,000,000 | 4,748,816 | |||
Series A-2, VRN, 5.00%, 11/15/2045 (a) | 1,600,000 | 2,062,198 | |||
Nassau County Tobacco Settlement Corp. Revenue Bonds, Series A-2, 5.25%, 06/01/2026 (d) | 1,150,000 | 1,178,832 | |||
New York City Industrial Development Agency Revenue Bonds (Yankee Stadium LLC), (AGM), 2.50%, 03/01/2037 | 3,000,000 | 3,056,696 | |||
New York State Dormitory Authority Revenue Bonds (Touro College And University System Obligated Group), Series A, 4.00%, 01/01/2023 | 445,000 | 465,242 | |||
New York State Dormitory Authority Revenue Bonds (Yeshiva University) 5.00%, 09/01/2021 | 1,025,000 | 1,027,309 | |||
5.00%, 09/01/2022 | 1,640,000 | 1,643,607 | |||
5.00%, 09/01/2038 | 730,000 | 730,723 | |||
New York State Environmental Facilities Corp. Revenue Bonds (Casella Waste Systems, Inc.), 2.75%, 09/01/2050 (a) | 1,000,000 | 1,033,634 | |||
Suffolk County Economic Development Corp. Revenue Bonds (St Johnland Assisted Living, Inc.), 4.63%, 11/01/2031 (b) | 1,020,000 | 1,037,180 | |||
Village of Johnson City General Obligation Limited Bonds 5.00%, 10/01/2021 | 115,000 | 116,323 | |||
5.00%, 10/01/2022 | 115,000 | 119,285 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 33 |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value (US$) | ||||
MUNICIPAL BONDS (continued) | |||||
New York (continued) | |||||
Village of Valley Stream General Obligation Limited Notes, Series A, 6.50%, 05/20/2021 | $ 2,250,000 | $ 2,255,996 | |||
42,044,230 | |||||
North Carolina (0.3%) | |||||
North Carolina Capital Facilities Finance Agency Revenue Bonds (Johnson & Wales University), Series A, 5.00%, 04/01/2028 | 795,000 | 856,151 | |||
Ohio (2.4%) | |||||
Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Assets-Backed Revenue Bonds, 5.00%, 06/01/2055 | 5,640,000 | 6,335,677 | |||
Cleveland-Cuyahoga County Port Authority Revenue Bonds, 5.00%, 12/01/2028 | 225,000 | 244,154 | |||
Ohio Air Quality Development Authority Revenue Bonds (AK Steel Corp.), 6.75%, 06/01/2024 | 200,000 | 204,496 | |||
Ohio Air Quality Development Authority Revenue Bonds (Ohio Valley Electric Corp. Project), Series A 2.88%, 02/01/2026 | 1,000,000 | 1,046,090 | |||
3.25%, 09/01/2029 | 140,000 | 149,914 | |||
7,980,331 | |||||
Oregon (0.5%) | |||||
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.10%, 06/15/2027 (a) | 1,700,000 | 1,700,000 | |||
Pennsylvania (4.4%) | |||||
Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Bonds, 5.00%, 05/01/2022 (b) | 660,000 | 685,215 | |||
Dauphin County General Authority Revenue Bonds (Harrisburg University of Science and Technology Project) 4.00%, 10/15/2022 (b) | 475,000 | 482,009 | |||
4.25%, 10/15/2026 (b) | 1,250,000 | 1,310,651 | |||
5.00%, 10/15/2027 (b) | 1,650,000 | 1,791,710 | |||
5.00%, 10/15/2030 (b) | 3,000,000 | 3,157,932 | |||
Delaware County Industrial Development Authority Revenue Bonds (CCSA Foundation), Series A, 4.38%, 06/01/2026 (b) | 2,185,000 | 2,359,779 | |||
Indiana County Hospital Authority Revenue Bonds (Indiana Regional Medical Center), Series A, 5.00%, 06/01/2023 | 100,000 | 107,159 | |||
Montgomery County Industrial Development Authority Revenue Bonds (Waverly Heights, Ltd. Project) 4.00%, 12/01/2027 | 180,000 | 205,199 | |||
4.00%, 12/01/2028 | 200,000 | 226,690 | |||
4.00%, 12/01/2029 | 100,000 | 112,719 | |||
4.00%, 12/01/2035 | 300,000 | 330,678 | |||
4.00%, 12/01/2036 | 100,000 | 110,029 | |||
4.00%, 12/01/2038 | 300,000 | 329,063 |
Shares or Principal Amount | Value (US$) | ||||
Philadelphia Authority for Industrial Development Revenue Bonds (Discovery Charter School Project), 5.00%, 04/01/2022 | $ 150,000 | $ 154,220 | |||
Philadelphia School District General Obligation Limited Bonds, Series F, 5.00%, 09/01/2024 | 2,000,000 | 2,276,514 | |||
Pottsville Hospital Facilities Authority Health Center Revenue Bonds (Lehigh Valley Health Network Obligated Group), 5.75%, 07/01/2022 (b) | 100,000 | 103,580 | |||
Scranton School District General Obligation Limited Bonds Series B, 5.00%, 06/01/2023 | 100,000 | 109,314 | |||
Series B, 5.00%, 06/01/2024 | 100,000 | 113,489 | |||
Series B, 5.00%, 06/01/2025 | 100,000 | 117,286 | |||
Series D, 5.00%, 06/01/2027 | 345,000 | 405,550 | |||
14,488,786 | |||||
Puerto Rico (4.2%) | |||||
Commonwealth of Puerto Rico Public Improvement General Obligation Unlimited Bonds Series A, 5.50%, 07/01/2021 | 615,000 | 617,663 | |||
(AGC-ICC), 5.50%, 07/01/2022 | 1,580,000 | 1,668,522 | |||
Series A, 5.00%, 07/01/2027 | 110,000 | 113,065 | |||
Electric Power Authority Revenue Bonds, Series V, 5.25%, 07/01/2026 | 1,290,000 | 1,419,993 | |||
Puerto Rico Electric Power Authority Revenue Bonds | |||||
Series SS, 5.00%, 07/01/2022 | 260,000 | 263,754 | |||
Series PP, 5.00%, 07/01/2023 | 205,000 | 208,453 | |||
Series SS, 5.25%, 07/01/2023 (d) | 2,340,000 | 2,464,034 | |||
Series PP, 5.00%, 07/01/2024 | 835,000 | 853,087 | |||
Series UU, 5.00%, 07/01/2024 | 300,000 | 308,359 | |||
Puerto Rico Highway & Transportation Authority Revenue Bonds Series BB, 5.25%, 07/01/2022 | 100,000 | 105,315 | |||
Series L, 5.25%, 07/01/2023 | 520,000 | 547,563 | |||
Series E, 5.50%, 07/01/2023 | 200,000 | 217,053 | |||
Series D, 5.00%, 07/01/2027 | 145,000 | 149,040 | |||
(AGM-CR), 5.50%, 07/01/2030 | 1,000,000 | 1,203,729 | |||
Puerto Rico Public Buildings Authority Revenue Bonds Series F, 5.25%, 07/01/2021 | 1,200,000 | 1,208,338 | |||
6.00%, 07/01/2023 (d) | 1,000,000 | 1,071,890 | |||
(NATL COMWLTH GTD), 6.00%, 07/01/2025 | 1,095,000 | 1,230,471 | |||
13,650,329 | |||||
Rhode Island (0.4%) | |||||
Rhode Island Health & Educational Building Corp. Revenue Bonds (Care New England Health System Obligated Group), Series B 5.00%, 09/01/2022 | 680,000 | 711,094 | |||
5.00%, 09/01/2023 | 500,000 | 539,188 | |||
1,250,282 |
See accompanying Notes to Financial Statements.
34 | 2021 Semi-Annual Report |
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value (US$) | ||||
MUNICIPAL BONDS (continued) | |||||
South Carolina (0.1%) | |||||
South Carolina Jobs-Economic Development Authority Revenue Bonds (RePower South Berkeley LLC), 5.25%, 02/01/2027 (b)(e) | $ 1,060,000 | $ 424,000 | |||
Tennessee (0.1%) | |||||
Metropolitan Government Nashville & Davidson Health & Educational Facilities Revenue Bonds (Trevecca Nazarene University Project) 5.00%, 10/01/2029 | 300,000 | 352,445 | |||
5.00%, 10/01/2034 | 90,000 | 106,218 | |||
458,663 | |||||
Texas (4.4%) | |||||
Bexar County Health Facilities Development Corp. Revenue Bonds (Army Retirement Residence Obligation Group) 5.00%, 07/15/2023 | 300,000 | 317,447 | |||
5.00%, 07/15/2024 | 150,000 | 162,169 | |||
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue Bonds, 5.00%, 12/01/2021 | 500,000 | 510,267 | |||
Calhoun County Navigation Industrial Development Authority Revenue Notes (Max Midstream Texas LLC), Series A, 7.00%, 07/27/2021 (a)(b) | 3,000,000 | 2,999,887 | |||
Decatur Hospital Authority Revenue Bonds (Wise Regional Health System), Series A, 5.00%, 09/01/2023 | 75,000 | 82,143 | |||
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds (Brazos Presbyterian Homes, Inc.), 5.00%, 01/01/2027 | 895,000 | 983,068 | |||
New Hope Cultural Education Facilities Finance Corp. Revenue Bonds (Cardinal Bay, Inc.) Series C, 4.00%, 07/01/2021 | 275,000 | 274,172 | |||
Series C, 5.00%, 07/01/2023 | 300,000 | 292,806 | |||
Series D, 6.00%, 07/01/2026 | 110,000 | 105,201 | |||
Port Beaumont Navigation District Revenue Bonds (Jefferson Railport Terminal II LLC), Series A, 3.63%, 01/01/2035 (b) | 1,500,000 | 1,552,225 | |||
SA Energy Acquisition Public Facility Corp. Revenue Bonds 5.50%, 08/01/2022 | 80,000 | 85,060 | |||
5.50%, 08/01/2023 | 50,000 | 55,522 | |||
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds (Buckingham Senior Living Community, Inc.) Series A, 4.50%, 11/15/2021 (c)(e) | 695,000 | 314,487 | |||
Series B-1, 5.63%, 11/15/2024 | 1,765,000 | 1,768,088 | |||
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds Series C, 1.57%, 12/15/2026 (a)(d) | 1,500,000 | 1,500,183 | |||
Series D, 6.25%, 12/15/2026 | 2,050,000 | 2,408,179 | |||
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds 5.00%, 12/15/2029 | 250,000 | 321,292 | |||
5.00%, 12/15/2030 | 375,000 | 488,939 |
Shares or Principal Amount | Value (US$) | ||||
Texas Public Finance Authority Revenue Bonds (Texas Southern University), 5.00%, 11/01/2021 | $ 100,000 | $ 102,137 | |||
14,323,272 | |||||
U. S. Virgin Islands (0.4%) | |||||
Virgin Islands Public Finance Authority Revenue Bonds, Series A, 5.00%, 10/01/2032 | 1,210,000 | 1,271,120 | |||
Utah (3.6%) | |||||
Utah Charter School Finance Authority Revenue Bonds (Esperanza Elementary School), Series A 4.50%, 10/15/2028 (b) | 500,000 | 516,009 | |||
4.63%, 10/15/2048 (a)(b) | 1,000,000 | 1,021,098 | |||
Utah Charter School Finance Authority Revenue Bonds (Freedom Academy Foundation) 3.63%, 06/15/2021 (b)(d) | 195,000 | 195,345 | |||
3.25%, 06/15/2031 (b) | 535,000 | 546,113 | |||
Utah Charter School Finance Authority Revenue Bonds (Scholar Academy), Series A, 4.50%, 04/15/2048 (a)(b) | 3,000,000 | 3,078,232 | |||
Utah Charter School Finance Authority Revenue Bonds (Wasatch Waldorf Charter School, Inc.), Series A, 4.75%, 05/15/2048 (a)(b) | 4,310,000 | 4,363,993 | |||
Utah Water Finance Agency Revenue Bonds, Series B, 0.09%, 10/01/2037 (a) | 2,145,000 | 2,145,000 | |||
11,865,790 | |||||
Washington (1.4%) | |||||
State Housing Finance Commission Revenue Bonds (Transforming Age Project), Series A 5.00%, 01/01/2024 (b) | 180,000 | 192,650 | |||
5.00%, 01/01/2028 (b) | 440,000 | 503,133 | |||
5.00%, 01/01/2029 (b) | 465,000 | 530,011 | |||
5.00%, 01/01/2034 (b) | 745,000 | 834,091 | |||
Washington State Housing Finance Commission Revenue Bonds (Mirabella), 6.00%, 10/01/2022 (b) | 535,000 | 562,889 | |||
Washington State Housing Finance Commission Revenue Bonds (Presbyterian Retirement Communities Northwest Obligated Group), 5.00%, 01/01/2023 (b) | 35,000 | 36,113 | |||
Washington State Housing Finance Commission Revenue Bonds (Spokane International Academy), Series A 4.00%, 07/01/2025 (b) | 355,000 | 385,703 | |||
4.00%, 07/01/2026 (b) | 285,000 | 313,239 | |||
4.00%, 07/01/2027 (b) | 295,000 | 326,315 | |||
4.00%, 07/01/2028 (b) | 305,000 | 338,609 | |||
4.00%, 07/01/2029 (b) | 320,000 | 355,468 | |||
Washington State Housing Finance Commission Revenue Bonds (Wesley Homes Lea Hill LLC), 3.20%, 07/01/2021 (b) | 120,000 | 120,034 | |||
4,498,255 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 35 |
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Short Duration High Yield Municipal Fund
Shares or Principal Amount | Value (US$) | ||||
MUNICIPAL BONDS (continued) | |||||
West Virginia (0.5%) | |||||
Glenville State College Board of Governors Revenue Bonds, 3.25%, 06/01/2022 | $ 340,000 | $ 340,209 | |||
Ohio County Development Authority Revenue Bonds (Ohio County Sport Complex Project), 4.00%, 09/01/2023 | 1,235,000 | 1,239,141 | |||
1,579,350 | |||||
Wisconsin (5.7%) | |||||
Public Finance Authority Revenue Bonds Series A, 5.00%, 10/01/2024 (b) | 2,100,000 | 2,352,227 | |||
6.00%, 01/01/2027 | 4,100,000 | 4,253,625 | |||
Series A, 5.00%, 10/01/2029 (b) | 500,000 | 618,167 | |||
Public Finance Authority Revenue Bonds (Masonic & Eastern Star Home of NC, Inc.) Series B-2, 3.00%, 03/01/2026 (b) | 790,000 | 790,391 | |||
3.50%, 03/01/2027 (b) | 4,000,000 | 4,001,940 | |||
Public Finance Authority Revenue Bonds (Wonderful Foundations Charter School Holdings LLC), Series A-1, 4.50%, 01/01/2035 (b) | 1,000,000 | 1,099,954 | |||
Wisconsin Health & Educational Facilities Authority Revenue Bond 5.00%, 11/01/2022 | 120,000 | 123,813 | |||
5.00%, 11/01/2023 | 360,000 | 378,134 | |||
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Barton College), Series A 5.00%, 03/01/2023 | 850,000 | 870,760 | |||
5.00%, 03/01/2028 | 1,190,000 | 1,284,493 | |||
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Guilford College) 5.00%, 01/01/2026 | 685,000 | 761,434 | |||
5.00%, 01/01/2027 | 830,000 | 927,253 | |||
Wisconsin Public Finance Authority Educational Facilities Revenue Bonds (Piedmont Community Charter School) 5.00%, 06/15/2022 | 185,000 | 191,914 | |||
5.00%, 06/15/2024 | 210,000 | 234,291 | |||
5.00%, 06/15/2026 | 230,000 | 269,256 | |||
5.00%, 06/15/2027 | 160,000 | 191,114 | |||
Wisconsin Public Finance Authority Revenue Bonds (Roseman University of Health Sciences), 5.00%, 04/01/2022 | 100,000 | 103,145 | |||
18,451,911 | |||||
Total Municipal Bonds | 325,476,010 |
Shares or Principal Amount | Value (US$) | ||||
SHORT-TERM INVESTMENT (0.1%) | |||||
UNITED STATES (0.1%) | |||||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares | $ 269,442 | $ 269,496 | |||
Total Short-Term Investment | 269,496 | ||||
Total Investments (Cost $318,427,061) (f)—99.8% | 325,745,506 | ||||
Other Assets in Excess of Liabilities—0.2% | 729,453 | ||||
Net Assets—100.0% | $ 326,474,959 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Illiquid security. |
(d) | All or a portion of the security has been designated as collateral for when issued trading. When-issued trading is trading in securities that have been authorized but not yet been issued. |
(e) | Security is in default. |
(f) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
See accompanying Notes to Financial Statements.
36 | 2021 Semi-Annual Report |
Aberdeen Ultra Short Municipal Income Fund (Unaudited)
Average Annual Total Return1 (For periods ended April 30, 2021) | Six Month† | 1 Yr. | 5 Yr. | 10 Yr. | ||||||
Class A | w/o SC | 0.11% | 0.42% | 0.80% | 0.66% | |||||
w/SC2 | 0.11% | 0.42% | 0.80% | 0.66% | ||||||
Class A13 | w/o SC | 0.11% | 0.42% | 0.82% | 0.67% | |||||
w/SC2 | (0.38%) | (0.07%) | 0.72% | 0.62% | ||||||
Institutional Class4 | w/o SC | 0.19% | 0.53% | 1.04% | 0.91% |
All figures showing the effect of a sales charge (SC) reflect the maximum charge possible because it has the most significant effect on performance data. The total returns shown above do not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.
† | Not annualized |
1 | Returns prior to May 7, 2018 reflect the performance of a predecessor fund (the "Predecessor Fund"). Returns of the Predecessor Fund have not been adjusted to reflect the expenses applicable to the respective classes. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. Please consult the Fund's prospectus for more detail. |
2 | A front-end sales charge was eliminated effective July, 1, 2020. Prior to that a 0.50% front-end sales charge was deducted. |
3 | Returns before the first offering of Class A1 (February 28, 2019) are based on the previous performance of Class A. Returns of the class have not been adjusted to reflect the expenses applicable to the respective classes. Excluding the effect of any fee waivers or reimbursements, this performance is substantially similar to what Class A would have produced because all classes invest in the same portfolio of securities. Returns for Class A shares would only differ to the extent of the difference in expenses of the classes. |
4 | Not subject to any sales charges. |
* Minimum Initial Investment | Comparative performance of $1,000,000 invested in Institutional Class shares of the Aberdeen Ultra Short Municipal Income Fund, Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index and the Consumer Price Index (CPI) over a 10-year period ended April 30, 2021. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.
Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index is a total return benchmark of BAA3 ratings or better designed to measure returns for tax exempt assets.
The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. |
Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results. The Average Annual Total Return table and Performance graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions. Total returns reflect waivers and reimbursements in effect, without which returns would have been lower.
2021 Semi-Annual Report 37
Aberdeen Ultra Short Municipal Income Fund (Unaudited)
Portfolio Summary (as a percentage of net assets)
April 30, 2021 (Unaudited)
Asset Allocation | |||
Municipal Bonds | 98.2% | ||
Certificates of Deposit | 3.3% | ||
Short-Term Investment | –% | ||
Liabilities in Excess of Other Assets | (1.5%) | ||
100.0% |
Amounts listed as "–" are 0% or round to 0%.
Top Holdings* | |||
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A 11/01/2032 | 5.4 | % | |
Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), AMT, FRN 05/01/2050 | 4.8 | % | |
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group) 08/01/2045 | 4.4 | % | |
Montgomery County Higher Education and Health Authority Thomas Jefferson University Variable Rate Revenue Bonds, VRDN 09/01/2050 | 4.2 | % | |
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.) 03/01/2030 | 3.7 | % | |
Indiana Finance Authority Environmental Improvement Revenue Bonds (ArcelorMittal USA, Inc.) 08/01/2030 | 3.3 | % | |
Black Belt Energy Gas District Revenue Bonds, FRN 12/01/2048 | 1.8 | % | |
City of Yonkers General Obligation Unlimited Notes 06/30/2021 | 1.7 | % | |
Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group), VRDN 08/15/2031 | 1.7 | % | |
Palomar Pomerado Health Care Certificates of Participation, Series C 11/01/2036 | 1.7 | % | |
Other | 67.3 | % | |
100.0 | % |
* For the purpose of listing top holdings, Short-Term Investments are included as part of Other.
Top States | |||
New York | 17.9 | % | |
Pennsylvania | 10.5 | % | |
Texas | 9.4 | % | |
Mississippi | 8.7 | % | |
California | 6.4 | % | |
Kentucky | 5.5 | % | |
Indiana | 4.5 | % | |
Alabama | 4.5 | % | |
New Jersey | 4.4 | % | |
Maryland | 4.3 | % | |
Other | 23.9 | % | |
100.0 | % |
38 2021 Semi-Annual Report
Statement of Investments
April 30, 2021 (Unaudited)
Aberdeen Ultra Short Municipal Income Fund
Shares or Principal Amount | Value (US$) | |||||
MUNICIPAL BONDS (98.2%) | ||||||
Alabama (4.5%) | ||||||
Black Belt Energy Gas District Revenue Bonds, FRN, 0.98%, 12/01/2048 (a) | $ | 20,000,000 | $ | 20,189,206 | ||
Health Care Authority for Baptist Health Revenue Bonds, Series B 0.30%, 11/15/2037 (a) | 7,350,000 | 7,350,000 | ||||
0.22%, 11/01/2042 (a) | 18,600,000 | 18,600,000 | ||||
Southeast Alabama Gas Supply District Revenue Bonds, Series A, VRN, 4.00%, 06/01/2049 (a) | 5,145,000 | 5,664,467 | ||||
51,803,673 | ||||||
Arizona (0.8%) | ||||||
Cochise County Pollution Control Corp. Revenue Bonds (Arizona Electric Power Cooperative, Inc.), 0.35%, 09/01/2024 (a) | 7,900,000 | 7,901,791 | ||||
Pinal County Industrial Development Authority Revenue Bonds (State of Arizona Department of Corrections), 4.00%, 10/01/2021 | 1,000,000 | 1,011,814 | ||||
8,913,605 | ||||||
Arkansas (0.4%) | ||||||
City of Blytheville Revenue Bonds (Nucor Corp. Project), 0.14%, 01/02/2033 (a) | 4,700,000 | 4,700,000 | ||||
California (6.4%) | ||||||
California Infrastructure & Economic Development Bank Revenue Bonds (DesertXpress Enterprises LLC), AMT, FRN, 144A, 0.45%, 01/01/2050 (a)(b) | 12,500,000 | 12,501,175 | ||||
California Pollution Control Financing Authority Revenue Bonds (Republic Services, Inc.) AMT, FRN, 0.18%, 11/01/2042 (a)(b) | 6,500,000 | 6,499,743 | ||||
Series 2017-A1, 0.18%, 11/01/2042 (a)(b) | 6,500,000 | 6,499,743 | ||||
California Statewide Communities Development Authority Revenue Bonds (Catholic Healthcare West), Series E, 0.25%, 07/01/2040 (a) | 1,225,000 | 1,225,000 | ||||
California Statewide Communities Development Authority Revenue Bonds (Dignity Health Obligated Group), Series D, 0.14%, 07/01/2041 (a) | 1,675,000 | 1,675,000 | ||||
California Statewide Communities Development Authority Revenue Bonds (Westgate Pasadena Apartments Project), Series B, 0.22%, 04/01/2042 (a) | 8,935,000 | 8,935,000 | ||||
Contra Costa Country California School Tax and Revenue Anticipation Notes, 2.00%, 12/01/2021 | 4,500,000 | 4,541,767 | ||||
Palomar Pomerado Health Care Certificates of Participation Series B, 0.69%, 11/01/2036 (a) | 4,425,000 | 4,425,000 | ||||
Series C, 0.69%, 11/01/2036 (a) | 19,650,000 | 19,650,000 | ||||
Series A, 0.76%, 11/01/2036 (a) | 7,100,000 | 7,100,000 | ||||
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.26%, 02/01/2036 (a)(b) | 740,000 | 740,000 | ||||
73,792,428 |
Shares or Principal Amount | Value (US$) | |||||
Connecticut (1.0%) | ||||||
City of Bridgeport General Obligation Unlimited Notes, 1.50%, 12/09/2021 | $ | 4,200,000 | $ | 4,222,345 | ||
City of West Haven General Obligation Unlimited Bonds, Series B, 2.00%, 09/30/2021 | 4,800,000 | 4,823,218 | ||||
East Hartford Conn Housing Authority Multi Family Housing Revenue Bonds (Veterans Terrace Project), 0.25%, 06/01/2023 | 2,100,000 | 2,099,664 | ||||
11,145,227 | ||||||
Delaware (0.6%) | ||||||
Delaware State Economic Development Authority Revenue Bonds (Delmarva Power & Light Co.), 0.11%, 10/01/2029 (a) | 4,400,000 | 4,400,000 | ||||
Sussex County Revenue Bonds (Baywood LLC), Series A, 0.16%, 11/01/2027 (a) | 2,100,000 | 2,100,000 | ||||
6,500,000 | ||||||
Florida (3.2%) | ||||||
County of Bay Revenue Bonds (Florida Power & Light Co.), 0.11%, 06/01/2050 (a) | 5,760,000 | 5,760,000 | ||||
County of Broward FL Revenue Bonds (Florida Power & Light Co.), Series B, 0.11%, 12/01/2048 (a) | 13,300,000 | 13,300,000 | ||||
Florida Development Finance Corp. Revenue Bonds (Shands Jacksonville Medical Center Obligated Group), Series B, 0.37%, 02/01/2029 (a) | 15,107,000 | 15,107,000 | ||||
Miami-Dade County Industrial Development Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 0.55%, 11/01/2041 (a) | 2,750,000 | 2,752,024 | ||||
36,919,024 | ||||||
Georgia (0.2%) | ||||||
Development Authority of Burke County Revenue Bonds (Georgia Power Co.), 0.10%, 11/01/2052 (a) | 1,500,000 | 1,500,000 | ||||
Development Authority of Burke County Revenue Bonds (Georgia Transmission Corp.), 2.75%, 01/01/2052 | 1,000,000 | 998,405 | ||||
2,498,405 | ||||||
Illinois (2.6%) | ||||||
Illinois Finance Authority Revenue Bonds (Bohler-Uddeholm Corp. Project), 0.83%, 02/01/2037 (a) | 10,000,000 | 10,000,000 | ||||
Illinois Finance Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc.), 0.55%, 11/01/2044 (a) | 6,000,000 | 6,004,416 | ||||
Illinois Housing Development Authority Revenue Bonds (Pedcor Investments-2002-LV LP), AMT, VRDN, 0.12%, 05/01/2042 (a) | 1,725,000 | 1,725,000 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report 39
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Ultra Short Municipal Income Fund
Shares or Principal Amount | Value (US$) | |||||
MUNICIPAL BONDS (continued) | ||||||
Illinois (continued) | ||||||
State of Illinois 4.88%, 05/01/2021 | $ | 750,000 | $ | 750,000 | ||
Series A, 5.00%, 10/01/2021 | 750,000 | 764,200 | ||||
State of Illinois General Obligation Bonds, Series C 4.00%, 03/01/2022 | 5,000,000 | 5,148,718 | ||||
4.00%, 03/01/2023 | 5,000,000 | 5,316,554 | ||||
29,708,888 | ||||||
Indiana (4.5%) | ||||||
Hammond Local Public Improvement Bond Bank Revenue Bonds, 2.00%, 12/31/2021 | 1,170,000 | 1,179,389 | ||||
Indiana Finance Authority Environmental Improvement Revenue Bonds (ArcelorMittal USA, Inc.), 0.15%, 08/01/2030 (a) | 38,000,000 | 38,000,000 | ||||
Indianapolis Multifamily Housing Revenue Bonds (Forest Ridge), Series A, AMT, VRDN, 0.15%, 11/01/2042 (a) | 12,900,000 | 12,900,000 | ||||
52,079,389 | ||||||
Kansas (1.1%) | ||||||
City of Burlington Environmental Improvement Revenue Bonds (Kansas City Power & Light Co.) Series A, 0.16%, 09/01/2035 (a) | 5,000,000 | 5,000,000 | ||||
Series B, 0.16%, 09/01/2035 (a) | 5,000,000 | 5,000,000 | ||||
City of Dodge City Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.34%, 03/01/2027 (a) | 1,000,000 | 1,000,000 | ||||
City of Liberal Industrial Development Revenue Bonds (National Beef Packing Co. LLC), 0.34%, 02/01/2029 (a) | 1,000,000 | 1,000,000 | ||||
12,000,000 | ||||||
Kentucky (5.5%) | ||||||
County of Meade, Kentucky (Nucor Steel Brandenburg Project) Series 2020A-1 Industrial Building Revenue Bonds, AMT, VRDN, 0.11%, 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, 0.11%, 07/01/2060 (a) | 14,000,000 | 14,000,000 | ||||
Kentucky Economic Development Finance Authority Revenue Bonds (Masonic Homes of Kentucky, Inc.), Series C, 0.14%, 05/01/2034 (a) | 13,965,000 | 13,965,000 | ||||
Kentucky Economic Development Finance Authority Revenue Bonds (Republic Services, Inc.), Series A, AMT, FRN, 0.20%, 04/01/2031 (a) | 2,400,000 | 2,400,000 | ||||
Kentucky Public Energy Authority Revenue Bonds Series A, 4.00%, 04/01/2048 (a) | 2,300,000 | 2,521,839 | ||||
VRN, 4.00%, 12/01/2049 (a) | 12,000,000 | 13,537,893 | ||||
Pulaski County Solid Waste Disposal Revenue Bonds (East Kentucky Power Cooperative, Inc.), Series B, 0.30%, 08/15/2023 (a) | 2,100,000 | 2,099,940 | ||||
62,524,672 |
Shares or Principal Amount | Value (US$) | |||||
Louisiana (1.7%) | ||||||
Louisiana Public Facilities Authority Revenue Bonds (St Mary's Dominican High School Corp.), Series B, 0.20%, 07/01/2033 (a) | $ | 200,000 | $ | 200,000 | ||
North Webster Parish Industrial District Revenue Bonds (Continental Structural Plastics of Louisiana LLC), 2.04%, 09/01/2021 (a) | 250,000 | 250,000 | ||||
Parish of State James Revenue Bonds (Nucor Steel Louisiana LLC), VRDN, 0.14%, 11/01/2040 (a) | 11,500,000 | 11,500,000 | ||||
Plaquemines Port Harbor & Terminal District Revenue Bonds (International Marine Terminal Partnership Project), Series A, 0.35%, 03/15/2025 (a) | 7,500,000 | 7,498,705 | ||||
19,448,705 | ||||||
Maryland (4.3%) | ||||||
Maryland Economic Development Corp. Revenue Bonds (Linemark Printing/501 Prince George's Boulevard Obligated Group), 0.32%, 12/01/2033 (a) | 5,470,000 | 5,470,000 | ||||
Maryland Economic Development Corp. Revenue Bonds (Redrock LLC Facility), 0.35%, 11/01/2022 (a) | 340,000 | 340,000 | ||||
Maryland Industrial Development Financing Authority Revenue Bonds (Occidental Petroleum Corp.), 1.70%, 03/01/2030 (a) | 42,405,000 | 42,405,000 | ||||
Washington County Revenue Bonds (Conservit, Inc.), 0.32%, 02/01/2023 (a) | 830,000 | 830,000 | ||||
49,045,000 | ||||||
Michigan (1.7%) | ||||||
Michigan State Housing Development Authority Revenue Bonds, Series A, AMT, VRDN, 0.11%, 10/01/2037 (a) | 11,910,000 | 11,910,000 | ||||
Waterford School District General Obligation Limited Bonds, 4.00%, 08/24/2021 | 7,120,000 | 7,198,644 | ||||
19,108,644 | ||||||
Mississippi (8.7%) | ||||||
Mississippi Business Finance Corp. Gulf Opportunity Zone Revenue Bonds, Series C, 0.30%, 05/01/2037 (a) | 14,792,000 | 14,792,000 | ||||
Mississippi Business Finance Corp. Revenue Bonds (Gulf Power Company Project), AMT, VRDN, 0.11%, 12/01/2049 (a) | 8,900,000 | 8,900,000 | ||||
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.) 0.10%, 12/01/2027 (a) | 1,500,000 | 1,500,000 | ||||
0.10%, 05/01/2028 (a) | 5,900,000 | 5,900,000 | ||||
Mississippi Business Finance Corp. Revenue Bonds (Mississippi Power Co.), AMT, 0.10%, 07/01/2025 (a) | 4,300,000 | 4,300,000 | ||||
Mississippi Business Finance Corp. Revenue Bonds (PSL-North America), Series A, 1.56%, 11/01/2032 (a) | 62,000,000 | 62,000,000 | ||||
Mississippi Business Finance Corp. Revenue Bonds (Tri-State Truck Center, Inc.), 0.23%, 03/01/2033 (a) | 2,300,000 | 2,300,000 | ||||
99,692,000 |
See accompanying Notes to Financial Statements.
40 2021 Semi-Annual Report
Statement of Investments (continued)
April 30, 2021 (Unaudited)
Aberdeen Ultra Short Municipal Income Fund
Shares or Principal Amount | Value (US$) | |||||
MUNICIPAL BONDS (continued) | ||||||
Montana (0.5%) | ||||||
Mizuho Floater/Residual Trust Revenue Bonds, VRDN 0.31%, 06/01/2034 (a)(b) | $ | 4,510,000 | $ | 4,510,000 | ||
0.31%, 06/01/2034 (a)(b) | 1,110,000 | 1,110,000 | ||||
5,620,000 | ||||||
Nevada (0.4%) | ||||||
State of Nevada Department of Business & Industry Revenue Bonds (DesertXpress Enterprises LLC), AMT, FRN, 144A, 0.50%, 01/01/2050 (a)(b) | 5,000,000 | 5,000,865 | ||||
New Jersey (4.4%) | ||||||
Bordentown Sewage Authority Revenue Bonds, Series J, (BAM), 5.00%, 12/01/2021 | 500,000 | 512,842 | ||||
Borough of Bloomingdale NJ General Obligation Unlimited Notes, 1.50%, 02/24/2022 | 7,592,200 | 7,673,108 | ||||
Borough of East Rutherford NJ General Obligation Unlimited Notes, 2.00%, 04/07/2022 | 5,895,075 | 5,987,849 | ||||
Borough of Westville NJ General Obligation Unlimited Notes, Series A, 2.00%, 04/28/2022 | 5,090,000 | 5,176,659 | ||||
City of Newark General Obligation Unlimited Bonds Series B, 2.00%, 10/05/2021 | 1,160,000 | 1,168,412 | ||||
Series C, 2.00%, 10/05/2021 | 4,200,000 | 4,230,458 | ||||
City of Newark General Obligation Unlimited Notes, 3.50%, 07/27/2021 | 6,750,000 | 6,800,321 | ||||
City of Orange Township General Obligation Unlimited Notes, Series E, 2.00%, 06/15/2021 | 7,200,000 | 7,213,069 | ||||
City of Orange Township NJ General Obligation Unlimited Notes, Series A, 1.00%, 03/31/2022 | 5,000,000 | 5,024,516 | ||||
Gloucester County Improvement Authority Revenue Bonds (Rowan University), 0.60%, 03/01/2024 | 2,325,000 | 2,326,630 | ||||
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.21%, 12/15/2028 (a)(b) | 4,835,000 | 4,835,000 | ||||
50,948,864 | ||||||
New York (17.9%) | ||||||
Cairo-Durham Central School District General Obligation Unlimited Notes, 1.00%, 06/29/2021 | 6,500,000 | 6,507,876 | ||||
City of Cortland General Obligation Unlimited Notes, 1.25%, 11/12/2021 | 7,045,000 | 7,078,226 | ||||
City of Long Beach General Obligation Limited Notes, 1.50%, 02/22/2022 | 4,250,000 | 4,282,628 | ||||
City of New York General Obligation Limited Bonds, VRDN 0.22%, 04/01/2042 (a) | 5,000,000 | 5,000,000 | ||||
0.22%, 04/01/2042 (a) | 4,000,000 | 4,000,000 | ||||
City of Schenectady General Obligation Limited Notes, 1.00%, 05/06/2022 | 7,447,551 | 7,501,061 | ||||
City of Yonkers General Obligation Unlimited Notes, 2.00%, 06/30/2021 | 20,000,000 | 20,049,910 |
Shares or Principal Amount | Value (US$) | |||||
County of Suffolk New York General Obligation Limited Bonds 2.00%, 07/22/2021 | $ | 7,000,000 | $ | 7,027,310 | ||
2.00%, 08/19/2021 | 3,500,000 | 3,517,595 | ||||
2.00%, 09/24/2021 | 10,000,000 | 10,066,480 | ||||
East Ramapo central School District New York Revenue Anticipation Notes, 1.25%, 05/05/2022 | 2,000,000 | 2,017,953 | ||||
East Ramapo central School District New York Revenue Budget Notes, 1.25%, 05/05/2022 | 1,100,000 | 1,109,874 | ||||
Hastings-On-Hudson Union Free School District General Obligation Unlimited Notes, 1.50%, 03/04/2022 | 15,000,000 | 15,164,076 | ||||
Metropolitan Transportation Authority Revenue Bonds 5.00%, 05/15/2021 | 3,000,000 | 3,004,508 | ||||
5.00%, 05/15/2021 | 5,230,000 | 5,237,859 | ||||
Series B-2, 5.00%, 05/15/2021 | 8,800,000 | 8,813,224 | ||||
Series C-2, 5.00%, 09/01/2021 | 1,250,000 | 1,269,186 | ||||
5.00%, 11/15/2021 | 1,000,000 | 1,025,168 | ||||
Series B, 5.00%, 11/15/2021 | 700,000 | 717,618 | ||||
Series D, 5.00%, 11/15/2021 | 700,000 | 717,618 | ||||
Series F, 5.00%, 11/15/2021 | 1,000,000 | 1,025,168 | ||||
4.00%, 02/01/2022 | 14,550,000 | 14,943,956 | ||||
Series B-1, 5.00%, 05/15/2022 | 10,000,000 | 10,484,306 | ||||
5.00%, 09/01/2022 | 9,760,000 | 10,366,079 | ||||
New York City General Obligation Unlimited Bonds Series A-4, 0.23%, 08/01/2026 (a) | 1,550,000 | 1,550,000 | ||||
Series C-4, 0.18%, 10/01/2027 (a) | 8,950,000 | 8,950,000 | ||||
Series J-2, 0.25%, 06/01/2036 (a) | 2,050,000 | 2,050,000 | ||||
Series J-3, 0.25%, 06/01/2036 (a) | 17,325,000 | 17,325,000 | ||||
New York City Industrial Development Agency Revenue Bonds (Novelty Crystal Corp.), 0.51%, 12/01/2034 (a) | 1,200,000 | 1,200,000 | ||||
Oneida County Industrial Development Agency Revenue Bonds (Champion Home Builders Co. Facility), 0.31%, 06/01/2029 (a) | 6,820,000 | 6,820,000 | ||||
Triborough Bridge & Tunnel Authority Revenue Bonds, Series B4A, 0.39%, 01/01/2032 (a) | 4,000,000 | 4,000,426 | ||||
Village of Clayton NY General Obligation Limited Bonds, 2.00%, 10/21/2021 | 2,925,000 | 2,944,874 | ||||
Village of Johnson City General Obligation Limited Bonds, 1.50%, 10/01/2021 | 9,609,886 | 9,643,344 | ||||
205,411,323 | ||||||
North Carolina (0.3%) | ||||||
Hertford County Industrial Facilities & Pollution Control Financing Authority Revenue Bonds (Nucor Corp.), Series A, 0.14%, 11/01/2033 (a) | 3,700,000 | 3,700,000 | ||||
Oklahoma (2.9%) | ||||||
Oklahoma Development Finance Authority Revenue Bonds (INTEGRIS Health Obligated Group ), VRDN 0.17%, 08/15/2031 (a) | 13,770,000 | 13,770,000 | ||||
0.17%, 08/15/2031 (a) | 19,750,000 | 19,750,000 | ||||
33,520,000 |
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report 41
Statement of Investments (concluded)
April 30, 2021 (Unaudited)
Aberdeen Ultra Short Municipal Income Fund
Shares or Principal Amount | Value (US$) | |||||
MUNICIPAL BONDS (continued) | ||||||
Oregon (0.0%) | ||||||
Port of Portland Revenue Bonds (Horizon Air Industries, Inc.), 0.10%, 06/15/2027 (a) | $ | 100,000 | $ | 100,000 | ||
Pennsylvania (10.5%) | ||||||
Delaware Valley Regional Finance Authority Local Government Revenue Bonds, 2020 Series C, R-Floats Weekly Rate Mode (Pa), 0.14%, 11/01/2055 (a) | 12,150,000 | 12,150,000 | ||||
Franklin County Industrial Development Authority Revenue Bonds (Precast System LLC), Series A, 0.35%, 11/01/2021 (a) | 50,000 | 50,000 | ||||
Montgomery County Higher Education and Health Authority Thomas Jefferson University Variable Rate Revenue Bonds, VRDN, 0.17%, 09/01/2050 (a)(c) | 48,030,000 | 48,030,000 | ||||
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue Bonds (Waste Management PA Obligated Group), 0.18%, 08/01/2045 (a) | 50,000,000 | 50,000,000 | ||||
Philadelphia Authority for Industrial Development Revenue Bonds (Thomas Jefferson University Obligated Group), Series 2017B, 0.17%, 09/01/2050 (a) | 10,000,000 | 10,000,000 | ||||
120,230,000 | ||||||
South Carolina (0.2%) | ||||||
South Carolina Jobs-Economic Development Authority Revenue Bonds (Prisma Health Obligated Group), VRDN, 0.17%, 05/01/2048 (a) | 2,225,000 | 2,225,000 | ||||
Tennessee (0.1%) | ||||||
Wilson County Industrial Development Board Revenue Bonds (Kenwal Steel Tennessee LLC), 0.40%, 06/01/2037 (a) | 915,000 | 915,000 | ||||
Texas (9.4%) | ||||||
Katy Independent School District Refunding Bonds, Series C, 0.36%, 08/15/2036 (a) | 4,320,000 | 4,320,251 | ||||
Mission Economic Development Corp. Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), AMT, FRN, 0.18%, 05/01/2050 (a) | 55,000,000 | 55,000,000 | ||||
Port of Corpus Christi Authority of Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP) 0.17%, 04/01/2028 (a) | 7,000,000 | 7,000,000 | ||||
0.17%, 01/01/2030 (a) | 11,800,000 | 11,800,000 | ||||
State of Texas Tax and Revenue Anticipation Notes, AMT, VRDN, 0.09%, 12/01/2038 (a) | 3,155,000 | 3,155,000 | ||||
Texas Department of Housing & Community Affairs Revenue Bonds, AMT, VRDN 0.12%, 09/01/2036 (a) | 11,930,000 | 11,930,000 | ||||
0.12%, 09/01/2038 (a) | 11,945,000 | 11,945,000 | ||||
Texas Municipal Gas Acquisition & Supply Corp III Revenue Bonds 5.00%, 12/15/2021 | 1,150,000 | 1,183,199 | ||||
5.00%, 12/15/2022 | 1,150,000 | 1,235,933 | ||||
107,569,383 |
Shares or Principal Amount | Value (US$) | |||||
Washington (0.3%) | ||||||
Port of Grays Harbor Industrial Development Corp. Revenue Bonds (Murphy Co.), 0.10%, 11/01/2026 (a) | $ | 3,000,000 | $ | 3,000,000 | ||
West Virginia (1.0%) | ||||||
West Virginia Hospital Finance Authority Revenue Bonds (West Virginia United Health System Obligated Group), Series E, 0.16%, 06/01/2033 (a) | 11,085,000 | 11,085,000 | ||||
Wisconsin (3.1%) | ||||||
Appleton Redevelopment Authority Revenue Bonds (Fox Cities Performing Arts Center, Inc.), Series B, 0.14%, 06/01/2036 (a) | 9,200,000 | 9,200,000 | ||||
Tender Option Bond Trust Receipts Revenue Bonds, VRDN, 0.26%, 12/15/2040 (a)(b) | 2,230,000 | 2,230,000 | ||||
Town of Red Cedar Revenue Bonds (Covia Solutions, Inc.), AMT, VRDN, 0.11%, 09/01/2027 (a) | 10,000,000 | 10,000,000 | ||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, 0.18%, 02/15/2053 (a) | 14,290,000 | 14,290,000 | ||||
35,720,000 | ||||||
Total Municipal Bonds | 1,124,925,095 | |||||
SHORT-TERM INVESTMENT (3.3%) | ||||||
UNITED STATES (3.3%) | ||||||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares | 137,894 | 137,922 | ||||
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.15%, 06/03/2021 | 24,465,000 | 24,465,000 | ||||
Mercer County Pollution Control Revenue Commercial Paper Notes, 0.15%, 05/03/2021 | 13,600,000 | 13,600,000 | ||||
Total Short-Term Investment | 38,202,922 | |||||
Total Investments (Cost $1,162,227,465) (d)—101.5% | 1,163,128,017 | |||||
Liabilities in Excess of Other Assets—(1.5)% | (17,542,208 | ) | ||||
Net Assets—100.0% | $ | 1,145,585,809 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of April 30, 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) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
FRN Floating Rate Note
See accompanying Notes to Financial Statements.
42 2021 Semi-Annual Report
Statements of Assets and Liabilities (Unaudited)
April 30, 2021
Aberdeen Emerging Markets Debt Fund | Aberdeen Global Absolute Return Strategies Fund | Aberdeen Intermediate Municipal Income Fund | Aberdeen Short Duration High Yield Municipal Fund | Aberdeen Ultra Short Municipal Income Fund | |||||||||||
Assets: | |||||||||||||||
Investments, at value | $ 41,350,447 | $ 4,096,715 | $ 64,179,767 | $ 325,476,010 | $ 1,124,925,095 | ||||||||||
Short-term investments, at value | 1,281,641 | 18,537,273 | 88,902 | 269,496 | 38,202,922 | ||||||||||
Cash | – | – | – | 600,048 | – | ||||||||||
Foreign currency, at value | 10,820 | 174,015 | – | – | – | ||||||||||
Cash collateral pledged for futures | – | 136,329 | – | – | – | ||||||||||
Cash at broker for forward foreign currency contracts | 90,000 | – | – | – | – | ||||||||||
Interest and dividends receivable | 588,819 | 25,350 | 800,959 | 3,623,494 | 3,188,397 | ||||||||||
Receivable for investments sold | 194,000 | 736,386 | – | 1,312,428 | 1,400,108 | ||||||||||
Receivable for capital shares issued | 42,590 | 88 | – | 464,958 | 895,537 | ||||||||||
Receivable from Adviser | 17,736 | 27,859 | 17,807 | 123,676 | 243,879 | ||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 28,322 | 303,242 | – | – | – | ||||||||||
Tax reclaim receivable | – | 1,279 | – | – | – | ||||||||||
Prepaid expenses | 28,315 | 30,851 | 35,579 | 43,416 | 95,718 | ||||||||||
Total assets | 43,632,690 | 24,069,387 | 65,123,014 | 331,913,526 | 1,168,951,656 | ||||||||||
Liabilities: | |||||||||||||||
Due to custodian | 120 | – | – | – | 1,400,108 | ||||||||||
Payable for investments purchased | 639,952 | 736,386 | 790,248 | 4,954,842 | 19,958,726 | ||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | 105,142 | 348,155 | – | – | – | ||||||||||
Distributions payable | – | – | 4,553 | 22,633 | 2,333 | ||||||||||
Payable for capital shares redeemed | 7,921 | 23,517 | 4,500 | 136,502 | 1,222,308 | ||||||||||
Variation margin payable for centrally cleared swaps | – | 7,293 | – | – | – | ||||||||||
Variation margin payable for futures contracts | – | 1,526 | – | – | – | ||||||||||
Written options outstanding, at value | – | 25,340 | – | – | – | ||||||||||
Accrued expenses and other payables: | |||||||||||||||
Investment advisory fees | 21,714 | 11,209 | 22,427 | 171,134 | 353,221 | ||||||||||
Custodian fees | 26,559 | 187,057 | 5,167 | 13,025 | 36,261 | ||||||||||
Administration fees | 2,895 | 1,495 | 4,222 | 25,497 | 74,385 | ||||||||||
Audit fees | 22,539 | 21,318 | 20,829 | 16,108 | 25,406 | ||||||||||
Legal fees | 2,597 | 1,035 | 3,062 | 29,422 | 50,615 | ||||||||||
Fund accounting fees | 2,658 | 1,194 | 3,564 | 15,037 | 56,893 | ||||||||||
Sub-transfer agent and administrative services fees | 1,364 | 1,367 | 880 | 8,609 | 38,898 | ||||||||||
Distribution fees | 1,685 | 844 | 1,586 | 6,663 | 21,971 | ||||||||||
Transfer agent fees | 2,741 | 3,333 | 14,279 | 1,727 | 7,058 | ||||||||||
Printing fees | 2,173 | 5,757 | 2,922 | – | – | ||||||||||
Other accrued expenses | 27,326 | 21,833 | 27,658 | 37,368 | 117,664 | ||||||||||
Total liabilities | 867,386 | 1,398,659 | 905,897 | 5,438,567 | 23,365,847 | ||||||||||
Net Assets | $ 42,765,304 | $ 22,670,728 | $ 64,217,117 | $326,474,959 | $ 1,145,585,809 | ||||||||||
Cost: | |||||||||||||||
Investments | $ 42,419,908 | $ 4,001,815 | $ 59,573,879 | $ 318,157,565 | $ 1,124,024,543 | ||||||||||
Short-term investment | 1,281,641 | 18,537,099 | 88,902 | 269,496 | 38,202,922 | ||||||||||
Foreign currency | 10,776 | 173,333 | – | – | – | ||||||||||
Premiums on written options | – | 30,627 | – | – | – | ||||||||||
Represented by: | |||||||||||||||
Capital | $ 47,656,372 | $ 21,889,576 | $ 59,913,254 | $ 328,338,387 | $ 1,145,292,938 | ||||||||||
Distributable earnings (accumulated loss) | (4,891,068 | ) | 781,152 | 4,303,863 | (1,863,428 | ) | 292,871 | ||||||||
Net Assets | $ 42,765,304 | $ 22,670,728 | $ 64,217,117 | $ 326,474,959 | $ 1,145,585,809 | ||||||||||
Net Assets: | |||||||||||||||
Class A Shares | $ 252,432 | $ 1,555,219 | $ 6,642,717 | $ 20,625,792 | $ 214,170,220 | ||||||||||
Class A1 Shares | – | – | – | – | 558,346 | ||||||||||
Class C Shares | 17,262 | 719,316 | 274,919 | 10,157 | – | ||||||||||
Class R Shares | 4,017,723 | – | – | – | – | ||||||||||
Institutional Service Class Shares | 83,972 | 7,407,966 | 20,157 | – | – | ||||||||||
Institutional Class Shares | 38,393,915 | 12,988,227 | 57,279,324 | 305,839,010 | 930,857,243 | ||||||||||
Total | $ 42,765,304 | $ 22,670,728 | $ 64,217,117 | $ 326,474,959 | $ 1,145,585,809 | ||||||||||
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 43 |
Statements of Assets and Liabilities (Unaudited) (concluded)
April 30, 2021
Aberdeen Emerging Markets Debt Fund | Aberdeen Global Absolute Return Strategies Fund | Aberdeen Intermediate Municipal Income Fund | Aberdeen Short Duration High Yield Municipal Fund | Aberdeen Ultra Short Municipal Income Fund | |||||||||||
Shares Outstanding (unlimited number of shares authorized): | |||||||||||||||
Class A Shares | 26,715 | 147,654 | 670,743 | 2,013,917 | 21,204,348 | ||||||||||
Class A1 Shares | – | – | – | – | 55,245 | ||||||||||
Class C Shares | 1,834 | 69,755 | 27,810 | 992 | – | ||||||||||
Class R Shares | 427,556 | – | – | – | – | ||||||||||
Institutional Service Class Shares | 8,863 | 699,300 | 2,033 | – | – | ||||||||||
Institutional Class Shares | 4,048,791 | 1,216,810 | 5,779,088 | 29,858,019 | 92,689,750 | ||||||||||
Total | 4,513,759 | 2,133,519 | 6,479,674 | 31,872,928 | 113,949,343 | ||||||||||
Net Asset Value and Redemption Price Per Share (Net assets by class divided by shares outstanding by class, respectively): | |||||||||||||||
Class A Shares | $ | 9.45 | $ | 10.53 | $ | 9.90 | $ | 10.24 | $ | 10.10 | |||||
Class A1 Shares (b) | $ | – | $ | – | $ | – | $ | – | $ | 10.11 | |||||
Class C Shares (a) | $ | 9.41 | $ | 10.31 | $ | 9.89 | $ | 10.24 | $ | – | |||||
Class R Shares | $ | 9.40 | $ | – | $ | – | $ | – | $ | – | |||||
Institutional Service Class Shares | $ | 9.47 | $ | 10.59 | $ | 9.91 | $ | – | $ | – | |||||
Institutional Class Shares | $ | 9.48 | $ | 10.67 | $ | 9.91 | $ | 10.24 | $ | 10.04 | |||||
Maximum Offering Price Per Share (100%/(100% – maximum sales charge) of net asset value adjusted to the nearest cent): | |||||||||||||||
Class A Shares | $ | 9.74 | $ | 10.86 | $ | 10.15 | $ | 10.50 | $ | – | |||||
Class A1 Shares | – | – | – | – | 10.15 | ||||||||||
Maximum Sales Charge: | |||||||||||||||
Class A Shares | 3.00 | (c)% | 3.00 | (c)% | 2.50 | (d)% | 2.50 | (d)% | 0.50 | % | |||||
Class A1 Shares | – | % | – | % | – | % | – | % | 0.50 | % |
(a) | For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year due to contingent deferred sales charge. |
(b) | Unless you are otherwise eligible to purchase Class A1 shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.25% will be charged on Class A1 shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid. |
(c) | Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 1.00% will be charged on Class A shares redeemed within 18 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid. |
(d) | Unless you are otherwise eligible to purchase Class A shares without a sales charge, a contingent deferred sales charge (CDSC) of up to 0.75% will be charged on Class A shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder's fee was paid. |
Amounts | listed as "–" are $0 or round to $0. |
See accompanying Notes to Financial Statements.
44 | 2021 Semi-Annual Report |
Statements of Operations (Unaudited)
For the Six-Month Period Ended April 30, 2021
Aberdeen Emerging Markets Debt Fund | Aberdeen Global Absolute Return Strategies Fund | Aberdeen Intermediate Municipal Income Fund | Aberdeen Short Duration High Yield Municipal Fund | Aberdeen Ultra Short Municipal Income Fund | |||||||||||
INVESTMENT INCOME: | |||||||||||||||
Dividend income | $ – | $ 34,687 | $ 10 | $ 39 | $ 34 | ||||||||||
Interest income | 1,236,678 | 27,410 | 1,044,277 | 5,118,650 | 3,643,754 | ||||||||||
Foreign tax withholding | (93 | ) | (1,512 | ) | – | – | – | ||||||||
Total Income | 1,236,585 | 60,585 | 1,044,287 | 5,118,689 | 3,643,788 | ||||||||||
EXPENSES: | |||||||||||||||
Investment advisory fees | 142,518 | 67,313 | 136,508 | 998,289 | 2,919,740 | ||||||||||
Trustee fees | 1,998 | 857 | 2,553 | 11,086 | 43,407 | ||||||||||
Administration fees | 19,002 | 8,975 | 25,696 | 124,840 | 467,158 | ||||||||||
Legal fees | 2,266 | 967 | 2,892 | 72,711 | 49,855 | ||||||||||
Audit fees | 21,435 | 30,212 | 19,725 | 20,926 | 24,274 | ||||||||||
Printing fees | 3,335 | 6,008 | 4,450 | 16,304 | 30,024 | ||||||||||
Custodian fees | 9,953 | 69,833 | 1,951 | 4,859 | 13,572 | ||||||||||
Transfer agent fees | 6,242 | 8,144 | 30,592 | 13,837 | 25,711 | ||||||||||
Distribution fees Class A | 365 | 1,585 | 8,235 | 26,605 | 300,718 | ||||||||||
Distribution fees Class A1 | – | – | – | – | 692 | ||||||||||
Distribution fees Class C | 490 | 3,148 | 1,355 | 36 | – | ||||||||||
Distribution fees Class R | 9,461 | – | – | – | – | ||||||||||
Sub-transfer agent Institutional Class | 6,487 | 1,942 | 2,240 | 78,804 | 307,083 | ||||||||||
Sub-transfer agent and administrative service fees Class A | 174 | 354 | 389 | 6,034 | 69,114 | ||||||||||
Sub-transfer agent and administrative service fees Class A1 | – | – | – | – | 7 | ||||||||||
Sub-transfer agent Class C | 40 | 205 | 48 | 1 | – | ||||||||||
Sub-transfer agent and administrative service fees Class R | 2,838 | – | – | – | – | ||||||||||
Sub-transfer agent and administrative service fees Institutional Service Class | 22 | 4,912 | – | – | – | ||||||||||
Fund accounting fees | 950 | 449 | 1,285 | 6,242 | 23,358 | ||||||||||
Registration and filing fees | 32,961 | 27,383 | 27,982 | 31,415 | 73,176 | ||||||||||
Other | 16,326 | 16,196 | 16,459 | 25,728 | 76,158 | ||||||||||
Total expenses before reimbursed/waived expenses | 276,863 | 248,483 | 282,360 | 1,437,717 | 4,424,047 | ||||||||||
Interest Expense (a) | 611 | – | – | – | 27 | ||||||||||
Total operating expenses before reimbursed/waived expenses | 277,474 | 248,483 | 282,360 | 1,437,717 | 4,424,074 | ||||||||||
Expenses reimbursed | (109,119 | ) | (165,561 | ) | (111,783 | ) | (396,748 | ) | (1,606,186 | ) | |||||
Net expenses | 168,355 | 82,922 | 170,577 | 1,040,969 | 2,817,888 | ||||||||||
Net Investment Income/(Loss) | 1,068,230 | (22,337 | ) | 873,710 | 4,077,720 | 825,900 | |||||||||
REALIZED/UNREALIZED GAIN/(LOSS) FROM INVESTMENTS: | |||||||||||||||
Realized gain/(loss) on investment transactions | 1,373,912 | 1,226,405 | (296,841 | ) | (1,813,051 | ) | (244,671 | ) | |||||||
Realized gain/(loss) on futures contracts | – | (75,274 | ) | – | – | – | |||||||||
Written options | – | 31,554 | – | – | – | ||||||||||
Realized gain/(loss) on swap contracts | – | (16,843 | ) | – | – | – | |||||||||
Realized gain/(loss) on forward foreign currency exchange contracts | (378,196 | ) | (315,817 | ) | – | – | – | ||||||||
Realized gain/(loss) on foreign currency transactions | (326 | ) | 156,161 | – | – | – | |||||||||
Net realized gain/(loss) from investments, futures contracts, swap contracts, forward foreign currency contracts and foreign currency transactions | 995,390 | 1,006,186 | (296,841 | ) | (1,813,051 | ) | (244,671 | ) | |||||||
Net change in unrealized appreciation/(depreciation) on investment transactions | 1,062,412 | (328,114 | ) | 1,554,303 | 9,206,546 | 1,445,144 | |||||||||
Net change in unrealized appreciation/(depreciation) on swap contracts | – | (93,119 | ) | – | – | – | |||||||||
Net change in unrealized appreciation/(depreciation) on futures contracts | – | 68,369 | – | – | – | ||||||||||
Net change in unrealized appreciation/(depreciation) on written options | – | 94,052 | – | – | – | ||||||||||
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange rate contracts | (175,096 | ) | (145,759 | ) | – | – | – | ||||||||
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 12,601 | (381 | ) | – | – | – | |||||||||
Net change in unrealized appreciation/(depreciation) from investments, futures contracts, swap contracts, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies | 899,917 | (404,952 | ) | 1,554,303 | 9,206,546 | 1,445,144 | |||||||||
Net realized/unrealized gain from investments, futures contracts, swaps and foreign currency transactions | 1,895,307 | 601,234 | 1,257,462 | 7,393,495 | 1,200,473 | ||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $2,963,537 | $578,897 | $2,131,172 | $11,471,215 | $2,026,373 |
(a) See Note 9 for additional information.
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 45 |
Statements of Changes in Net Assets
Aberdeen Emerging Markets Debt Fund | Aberdeen Global Absolute Return Strategies Fund | Aberdeen Intermediate Municipal Income Fund (a) | ||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income/(loss) | $ 1,068,230 | $2,518,037 | $ (22,337 | ) | $ 145,516 | $ 873,710 | $ 1,965,910 | |||||||||||||||||
Net realized gain/(loss) from investments, futures contracts, swap contracts, forward foreign currency contracts and foreign currency transactions | 995,390 | (1,044,552 | ) | 1,006,186 | 164,840 | (296,841 | ) | 106,838 | ||||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments, futures contracts, swap contracts, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies | 899,917 | (2,428,644 | ) | (404,952 | ) | 468,325 | 1,554,303 | (1,362,746 | ) | |||||||||||||||
Changes in net assets resulting from operations | 2,963,537 | (955,159 | ) | 578,897 | 778,681 | 2,131,172 | 710,002 | |||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Distributable earnings: | ||||||||||||||||||||||||
Class A | (9,701 | ) | (18,526 | ) | (2,060 | ) | (11,744 | ) | (92,924 | ) | (194,812 | ) | ||||||||||||
Class C | (3,466 | ) | (4,497 | ) | (401 | ) | (287 | ) | (2,823 | ) | (5,382 | ) | ||||||||||||
Class R | (111,790 | ) | (135,904 | ) | – | – | – | (102 | ) | |||||||||||||||
Institutional Service Class | (2,623 | ) | (1,479 | ) | (17,552 | ) | (172,288 | ) | (305 | ) | (613 | ) | ||||||||||||
Institutional Class | (1,293,664 | ) | (1,863,463 | ) | (47,938 | ) | (260,575 | ) | (884,429 | ) | (1,863,887 | ) | ||||||||||||
Change in net assets from shareholder distributions | (1,421,244 | ) | (2,023,869 | ) | (67,951 | ) | (444,894 | ) | (980,481 | ) | (2,064,796 | ) | ||||||||||||
Change in net assets from capital transactions | (11,182,780 | ) | 3,508,099 | 384,641 | 8,688,209 | (1,907,806 | ) | (4,736,370 | ) | |||||||||||||||
Change in net assets | (9,640,487 | ) | 529,071 | 895,587 | 9,021,996 | (757,115 | ) | (6,091,164 | ) | |||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 52,405,791 | 51,876,720 | 21,775,141 | 12,753,145 | 64,974,232 | 71,065,396 | ||||||||||||||||||
End of period | $42,765,304 | $52,405,791 | $22,670,728 | $21,775,141 | $64,217,117 | $64,974,232 |
(a) | Effective February 28, 2020, Class R had zero assets. On February 28, 2020, the Aberdeen Intermediate Municipal Income Fund ceased offering Class R Shares. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
46 | 2021 Semi-Annual Report |
Statements of Changes in Net Assets (continued)
Aberdeen Emerging Markets Debt Fund | Aberdeen Global Absolute Return Strategies Fund | Aberdeen Intermediate Municipal Income Fund (a) | ||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Proceeds from shares issued | $ 29,000 | $ 352,813 | $ 599,977 | $ 479,659 | $ 56,978 | $ 168,732 | ||||||||||||||||||
Dividends reinvested | 6,983 | 17,316 | 1,986 | 11,491 | 67,545 | 136,429 | ||||||||||||||||||
Cost of shares redeemed | (92,159 | ) | (898,944 | ) | (149,725 | ) | (230,065 | ) | (269,682 | ) | (1,018,550 | ) | ||||||||||||
Total Class A | (56,176 | ) | (528,815 | ) | 452,238 | 261,085 | (145,159 | ) | (713,389 | ) | ||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Proceeds from shares issued | – | 159,820 | 150,000 | 591,129 | 1,496 | 38,410 | ||||||||||||||||||
Dividends reinvested | 3,466 | 4,497 | 401 | 287 | 2,836 | 5,363 | ||||||||||||||||||
Cost of shares redeemed | (128,689 | ) | (122,537 | ) | (111,906 | ) | (70,992 | ) | (3,874 | ) | (21,015 | ) | ||||||||||||
Total Class C | (125,223 | ) | 41,780 | 38,495 | 520,424 | 458 | 22,758 | |||||||||||||||||
Class R Shares | ||||||||||||||||||||||||
Proceeds from shares issued | 641,317 | 463,579 | – | – | – | – | ||||||||||||||||||
Dividends reinvested | 111,790 | 135,904 | – | – | – | 81 | ||||||||||||||||||
Cost of shares redeemed (b) | (382,703 | ) | (1,102,856 | ) | – | – | – | (11,652 | ) | |||||||||||||||
Total Class R | 370,404 | (503,373 | ) | – | – | – | (11,571 | ) | ||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||
Proceeds from shares issued | 417 | 63,322 | 405,751 | 630,476 | – | 20,956 | ||||||||||||||||||
Dividends reinvested | 2,623 | 1,479 | 17,235 | 169,159 | 306 | 582 | ||||||||||||||||||
Cost of shares redeemed | (90 | ) | (5,359 | ) | (1,351,519 | ) | (1,691,964 | ) | (15 | ) | (19,111 | ) | ||||||||||||
Total Institutional Service Class | 2,950 | 59,442 | (928,533 | ) | (892,329 | ) | 291 | 2,427 | ||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Proceeds from shares issued | 3,893,374 | 9,083,124 | 1,306,465 | 11,383,780 | 664,415 | 1,689,260 | ||||||||||||||||||
Dividends reinvested | 1,282,262 | 1,832,746 | 47,855 | 260,091 | 711,529 | 1,499,054 | ||||||||||||||||||
Cost of shares redeemed | (16,550,371 | ) | (6,476,805 | ) | (531,879 | ) | (2,844,842 | ) | (3,139,340 | ) | (7,224,909 | ) | ||||||||||||
Total Institutional Class | (11,374,735 | ) | 4,439,065 | 822,441 | 8,799,029 | (1,763,396 | ) | (4,036,595 | ) | |||||||||||||||
Change in net assets from capital transactions: | $(11,182,780 | ) | $ 3,508,099 | $384,641 | $8,688,209 | $(1,907,806 | ) | $(4,736,370 | ) |
(a) | Effective February 28, 2020, Class R had zero assets. On February 28, 2020, the Aberdeen Intermediate Municipal Income Fund ceased offering Class R Shares. |
(b) | Includes redemption fees, if any. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 47 |
Statements of Changes in Net Assets (concluded)
Aberdeen Emerging Markets Debt Fund | Aberdeen Global Absolute Return Strategies Fund | Aberdeen Intermediate Municipal Income Fund (a) | ||||||||||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Issued | 3,045 | 37,203 | 56,884 | 47,338 | 5,734 | 17,181 | ||||||||||||||||||
Reinvested | 725 | 1,819 | 188 | 1,142 | 6,842 | 13,932 | ||||||||||||||||||
Redeemed | (9,731 | ) | (93,968 | ) | (14,148 | ) | (22,856 | ) | (27,340 | ) | (103,981 | ) | ||||||||||||
Total Class A Shares | (5,961 | ) | (54,946 | ) | 42,924 | 25,624 | (14,764 | ) | (72,868 | ) | ||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Issued | – | 16,467 | 14,515 | 58,660 | 152 | 3,885 | ||||||||||||||||||
Reinvested | 361 | 478 | 39 | 29 | 288 | 549 | ||||||||||||||||||
Redeemed | (13,912 | ) | (12,960 | ) | (10,594 | ) | (7,137 | ) | (392 | ) | (2,133 | ) | ||||||||||||
Total Class C Shares | (13,551 | ) | 3,985 | 3,960 | 51,552 | 48 | 2,301 | |||||||||||||||||
Class R Shares | ||||||||||||||||||||||||
Issued | 68,015 | 49,525 | – | – | – | – | ||||||||||||||||||
Reinvested | 11,669 | 14,469 | – | – | – | 9 | ||||||||||||||||||
Redeemed | (40,649 | ) | (121,144 | ) | – | – | – | (1,150 | ) | |||||||||||||||
Total Class R Shares | 39,035 | (57,150 | ) | – | – | – | (1,141 | ) | ||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||
Issued | 43 | 6,558 | 37,774 | 62,094 | – | 2,067 | ||||||||||||||||||
Reinvested | 272 | 157 | 1,623 | 16,748 | 31 | 59 | ||||||||||||||||||
Redeemed | (9 | ) | (590 | ) | (127,731 | ) | (166,979 | ) | (2 | ) | (2,068 | ) | ||||||||||||
Total Institutional Service Class Shares | 306 | 6,125 | (88,334 | ) | (88,137 | ) | 29 | 58 | ||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Issued | 401,547 | 967,952 | 122,263 | 1,110,411 | 67,249 | 172,791 | ||||||||||||||||||
Reinvested | 132,877 | 194,571 | 4,472 | 25,574 | 72,021 | 152,982 | ||||||||||||||||||
Redeemed | (1,702,599 | ) | (719,093 | ) | (49,354 | ) | (275,955 | ) | (317,536 | ) | (737,200 | ) | ||||||||||||
Total Institutional Class Shares | (1,168,175 | ) | 443,430 | 77,381 | 860,030 | (178,266 | ) | (411,427 | ) | |||||||||||||||
Total change in shares: | (1,148,346 | ) | 341,444 | 35,931 | 849,069 | (192,953 | ) | (483,077 | ) |
(a) | Effective February 28, 2020, Class R had zero assets. On February 28, 2020, the Aberdeen Intermediate Municipal Income Fund ceased offering Class R Shares. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
48 | 2021 Semi-Annual Report |
Statements of Changes in Net Assets
Aberdeen Short Duration High Yield Municipal Fund | Aberdeen Ultra Short Municipal Income Fund | |||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
FROM INVESTMENT ACTIVITIES: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ 4,077,720 | $ 8,038,965 | $ 825,900 | $ 9,180,811 | ||||||||||||
Net realized gain/(loss) from investments, futures contracts, swap contracts, forward foreign currency contracts and foreign currency transactions | (1,813,051 | ) | (1,967,350 | ) | (244,671 | ) | 7,091 | |||||||||
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, swap contracts, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies | 9,206,546 | (5,731,312 | ) | 1,445,144 | (628,850 | ) | ||||||||||
Changes in net assets resulting from operations | 11,471,215 | 340,303 | 2,026,373 | 8,559,052 | ||||||||||||
Distributions to Shareholders From: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (249,993 | ) | (713,836 | ) | (29,326 | ) | (1,509,615 | ) | ||||||||
Class A1 | – | – | (67 | ) | (437 | ) | ||||||||||
Class C | (52 | ) | – | – | – | |||||||||||
Institutional Class | (3,780,598 | ) | (7,291,360 | ) | (793,823 | ) | (7,684,814 | ) | ||||||||
Change in net assets from shareholder distributions | (4,030,643 | ) | (8,005,196 | ) | (823,216 | ) | (9,194,866 | ) | ||||||||
Change in net assets from capital transactions | 26,465,101 | 42,940,733 | (47,666,830 | ) | 307,268,709 | |||||||||||
Change in net assets | 33,905,673 | 35,275,840 | (46,463,673 | ) | 306,632,895 | |||||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 292,569,286 | 257,293,446 | 1,192,049,482 | 885,416,587 | ||||||||||||
End of period | $326,474,959 | $292,569,286 | $1,145,585,809 | $1,192,049,482 |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 49 |
Statements of Changes in Net Assets (concluded)
Aberdeen Short Duration High Yield Municipal Fund | Aberdeen Ultra Short Municipal Income Fund | |||||||||||||||
Six-Month Period Ended April 30, 2021 (Unaudited) | Year Ended October 31, 2020 | Six-Month Period Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A Shares | ||||||||||||||||
Proceeds from shares issued | $ 3,678,262 | $ 6,852,944 | $ 38,502,603 | $ 248,534,228 | ||||||||||||
Dividends reinvested | 243,140 | 698,600 | 29,517 | 1,489,406 | ||||||||||||
Cost of shares redeemed | (6,246,442 | ) | (11,919,000 | ) | (87,713,777 | ) | (191,270,157 | ) | ||||||||
Total Class A | (2,325,040 | ) | (4,367,456 | ) | (49,181,657 | ) | 58,753,477 | |||||||||
Class A1 Shares | ||||||||||||||||
Proceeds from shares issued | – | – | – | 522,320 | ||||||||||||
Dividends reinvested | – | – | 70 | 436 | ||||||||||||
Cost of shares redeemed | – | – | (15 | ) | – | |||||||||||
Total Class A1 | – | – | 55 | 522,756 | ||||||||||||
Class C Shares | ||||||||||||||||
Proceeds from shares issued | 10,000 | – | – | – | ||||||||||||
Dividends reinvested | 44 | – | – | – | ||||||||||||
Cost of shares redeemed | – | – | – | – | ||||||||||||
Total Class C | 10,044 | – | – | – | ||||||||||||
Institutional Class Shares | ||||||||||||||||
Proceeds from shares issued | 97,799,255 | 156,905,352 | 518,790,878 | 951,189,708 | ||||||||||||
Dividends reinvested | 2,896,098 | 5,941,741 | 682,412 | 6,439,517 | ||||||||||||
Cost of shares redeemed | (71,915,256 | ) | (115,538,904 | ) | (517,958,518 | ) | (709,636,749 | ) | ||||||||
Total Institutional Class | 28,780,097 | 47,308,189 | 1,514,772 | 247,992,476 | ||||||||||||
Change in net assets from capital transactions: | $26,465,101 | $ 42,940,733 | $ (47,666,830 | ) | $ 307,268,709 | |||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A Shares | ||||||||||||||||
Issued | 361,437 | 673,668 | 3,813,266 | 24,628,361 | ||||||||||||
Reinvested | 23,913 | 69,375 | 2,924 | 147,584 | ||||||||||||
Redeemed | (614,458 | ) | (1,190,504 | ) | (8,686,298 | ) | (18,956,286 | ) | ||||||||
Total Class A Shares | (229,108 | ) | (447,461 | ) | (4,870,108 | ) | 5,819,659 | |||||||||
Class A1 Shares | ||||||||||||||||
Issued | – | – | – | 51,715 | ||||||||||||
Reinvested | – | – | 7 | 43 | ||||||||||||
Redeemed | – | – | (2 | ) | – | |||||||||||
Total Class A1 Shares | – | – | 5 | 51,758 | ||||||||||||
Class C Shares | ||||||||||||||||
Issued | 988 | – | – | – | ||||||||||||
Reinvested | 4 | – | – | – | ||||||||||||
Redeemed | – | – | – | – | ||||||||||||
Total Class C Shares | 992 | – | – | – | ||||||||||||
Institutional Class Shares | ||||||||||||||||
Issued | 9,606,976 | 15,559,801 | 51,670,607 | 94,804,201 | ||||||||||||
Reinvested | 284,692 | 590,112 | 67,969 | 641,628 | ||||||||||||
Redeemed | (7,062,911 | ) | (11,531,243 | ) | (51,596,606 | ) | (70,726,848 | ) | ||||||||
Total Institutional Class Shares | 2,828,757 | 4,618,670 | 141,970 | 24,718,981 | ||||||||||||
Total change in shares: | 2,600,641 | 4,171,209 | (4,728,133 | ) | 30,590,398 |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
50 | 2021 Semi-Annual Report |
Financial Highlights
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Emerging Markets Debt Fund
Investment Activities | Distributions | ||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Tax Return of Capital | Total Distributions | Net Asset Value, End of Period | ||||||||||||||||||||||||
Class A Shares | |||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 9.24 | $ 0.20 | $ 0.31 | $ 0.51 | $(0.30 | ) | $ – | $(0.30 | ) | $ 9.45 | |||||||||||||||||||||
Year Ended October 31, 2020 | 9.72 | 0.43 | (0.58 | ) | (0.15 | ) | (0.33 | ) | – | (0.33 | ) | 9.24 | |||||||||||||||||||
Year Ended October 31, 2019 | 8.97 | 0.50 | 0.62 | 1.12 | (0.37 | ) | – | (0.37 | ) | 9.72 | |||||||||||||||||||||
Year Ended October 31, 2018 | 10.27 | 0.47 | (1.26 | ) | (0.79 | ) | (0.51 | ) | – | (0.51 | ) | 8.97 | |||||||||||||||||||
Year Ended October 31, 2017 | 9.73 | 0.49 | 0.30 | 0.79 | (0.25 | ) | – | (0.25 | ) | 10.27 | |||||||||||||||||||||
Year Ended October 31, 2016 | 8.77 | 0.57 | 0.65 | 1.22 | (0.22 | ) | (0.04 | ) | (0.26 | ) | 9.73 | ||||||||||||||||||||
Class C Shares | |||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 9.19 | 0.16 | 0.34 | 0.50 | (0.28 | ) | – | (0.28 | ) | 9.41 | |||||||||||||||||||||
Year Ended October 31, 2020 | 9.69 | 0.36 | (0.58 | ) | (0.22 | ) | (0.28 | ) | – | (0.28 | ) | 9.19 | |||||||||||||||||||
Year Ended October 31, 2019 | 8.90 | 0.44 | 0.64 | 1.08 | (0.29 | ) | – | (0.29 | ) | 9.69 | |||||||||||||||||||||
Year Ended October 31, 2018 | 10.22 | 0.43 | (1.28 | ) | (0.85 | ) | (0.47 | ) | – | (0.47 | ) | 8.90 | |||||||||||||||||||
Year Ended October 31, 2017 | 9.68 | 0.44 | 0.29 | 0.73 | (0.19 | ) | – | (0.19 | ) | 10.22 | |||||||||||||||||||||
Year Ended October 31, 2016 | 8.76 | 0.57 | 0.59 | 1.16 | (0.21 | ) | (0.03 | ) | (0.24 | ) | 9.68 | ||||||||||||||||||||
Class R Shares | |||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 9.19 | 0.19 | 0.31 | 0.50 | (0.29 | ) | – | (0.29 | ) | 9.40 | |||||||||||||||||||||
Year Ended October 31, 2020 | 9.69 | 0.39 | (0.57 | ) | (0.18 | ) | (0.32 | ) | – | (0.32 | ) | 9.19 | |||||||||||||||||||
Year Ended October 31, 2019 | 8.93 | 0.47 | 0.64 | 1.11 | (0.35 | ) | – | (0.35 | ) | 9.69 | |||||||||||||||||||||
Year Ended October 31, 2018 | 10.25 | 0.46 | (1.28 | ) | (0.82 | ) | (0.50 | ) | – | (0.50 | ) | 8.93 | |||||||||||||||||||
Year Ended October 31, 2017 | 9.72 | 0.47 | 0.30 | 0.77 | (0.24 | ) | – | (0.24 | ) | 10.25 | |||||||||||||||||||||
Year Ended October 31, 2016 | 8.77 | 0.51 | 0.69 | 1.20 | (0.22 | ) | (0.03 | ) | (0.25 | ) | 9.72 | ||||||||||||||||||||
Institutional Service Class Shares | |||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 9.25 | 0.22 | 0.31 | 0.53 | (0.31 | ) | – | (0.31 | ) | 9.47 | |||||||||||||||||||||
Year Ended October 31, 2020 | 9.76 | 0.46 | (0.59 | ) | (0.13 | ) | (0.38 | ) | – | (0.38 | ) | 9.25 | |||||||||||||||||||
Year Ended October 31, 2019 | 8.99 | 0.53 | 0.65 | 1.18 | (0.41 | ) | – | (0.41 | ) | 9.76 | |||||||||||||||||||||
Year Ended October 31, 2018 | 10.30 | 0.52 | (1.28 | ) | (0.76 | ) | (0.55 | ) | – | (0.55 | ) | 8.99 | |||||||||||||||||||
Year Ended October 31, 2017 | 9.75 | 0.54 | 0.30 | 0.84 | (0.29 | ) | – | (0.29 | ) | 10.30 | |||||||||||||||||||||
Year Ended October 31, 2016 | 8.78 | 0.64 | 0.61 | 1.25 | (0.24 | ) | (0.04 | ) | (0.28 | ) | 9.75 | ||||||||||||||||||||
Institutional Class Shares | |||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 9.26 | 0.21 | 0.32 | 0.53 | (0.31 | ) | – | (0.31 | ) | 9.48 | |||||||||||||||||||||
Year Ended October 31, 2020 | 9.76 | 0.46 | (0.58 | ) | (0.12 | ) | (0.38 | ) | – | (0.38 | ) | 9.26 | |||||||||||||||||||
Year Ended October 31, 2019 | 8.99 | 0.51 | 0.67 | 1.18 | (0.41 | ) | – | (0.41 | ) | 9.76 | |||||||||||||||||||||
Year Ended October 31, 2018 | 10.29 | 0.52 | (1.28 | ) | (0.76 | ) | (0.54 | ) | – | (0.54 | ) | 8.99 | |||||||||||||||||||
Year Ended October 31, 2017 | 9.74 | 0.54 | 0.29 | 0.83 | (0.28 | ) | – | (0.28 | ) | 10.29 | |||||||||||||||||||||
Year Ended October 31, 2016 | 8.77 | 0.65 | 0.60 | 1.25 | (0.24 | ) | (0.04 | ) | (0.28 | ) | 9.74 |
* Unaudited
(a) Net investment income/(loss) is based on average shares outstanding during the period.
(b) Excludes sales charge.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 51 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Emerging Markets Debt Fund (concluded)
Ratios/Supplemental Data | |||||||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(e) | Ratio of Net Investment Income to Average Net Assets (d) | Portfolio Turnover (c)(f) | ||||||||||||||||
5.45 | % | $ 252 | 1.02 | %(g) | 1.45 | %(g) | 4.14 | % | 35.98 | % | |||||||||||
(1.53 | %) | 302 | 1.02 | %(g) | 1.44 | %(g) | 4.57 | % | 63.45 | % | |||||||||||
12.81 | % | 852 | 1.07 | % | 1.61 | % | 5.37 | % | 71.06 | % | |||||||||||
(7.91 | %) | 1,050 | 1.31 | % | 1.93 | % | 4.78 | % | 56.02 | % | |||||||||||
8.21 | % | 1,987 | 1.37 | % | 2.15 | % | 4.85 | % | 64.37 | % | |||||||||||
14.45 | %(h) | 247 | 1.20 | %(g) | 1.79 | %(g) | 5.88 | % | 103.26 | % | |||||||||||
5.34 | % | 17 | 1.65 | %(g) | 2.17 | %(g) | 3.40 | % | 35.98 | % | |||||||||||
(2.34 | %) | 141 | 1.65 | %(g) | 2.16 | %(g) | 3.90 | % | 63.45 | % | |||||||||||
12.36 | % | 110 | 1.70 | % | 2.31 | % | 4.75 | % | 71.06 | % | |||||||||||
(8.58 | %) | 304 | 1.90 | % | 2.58 | % | 4.52 | % | 56.02 | % | |||||||||||
7.57 | % | 261 | 1.90 | % | 2.75 | % | 4.46 | % | 64.37 | % | |||||||||||
13.62 | %(h) | 390 | 1.90 | %(g) | 2.53 | %(g) | 6.39 | % | 103.26 | % | |||||||||||
5.38 | % | 4,018 | 1.30 | %(g) | 1.73 | %(g) | 3.99 | % | 35.98 | % | |||||||||||
(1.94 | %) | 3,572 | 1.30 | %(g) | 1.72 | %(g) | 4.28 | % | 63.45 | % | |||||||||||
12.69 | % | 4,318 | 1.31 | % | 1.85 | % | 5.05 | % | 71.06 | % | |||||||||||
(8.25 | %) | 3,826 | 1.55 | % | 2.17 | % | 4.79 | % | 56.02 | % | |||||||||||
7.96 | % | 2,934 | 1.56 | % | 2.34 | % | 4.72 | % | 64.37 | % | |||||||||||
14.22 | %(h) | 1,493 | 1.40 | %(g) | 1.99 | %(g) | 5.04 | % | 103.26 | % | |||||||||||
5.63 | % | 84 | 0.71 | %(g) | 1.14 | %(g) | 4.60 | % | 35.98 | % | |||||||||||
(1.36 | %) | 79 | 0.65 | % | 1.07 | % | 4.96 | % | 63.45 | % | |||||||||||
13.43 | % | 24 | 0.68 | % | 1.22 | % | 5.66 | % | 71.06 | % | |||||||||||
(7.63 | %) | 20 | 0.89 | % | 1.52 | % | 5.38 | % | 56.02 | % | |||||||||||
8.67 | % | 22 | 0.90 | % | 1.68 | % | 5.43 | % | 64.37 | % | |||||||||||
14.76 | %(h) | 20 | 0.90 | %(g) | 1.49 | %(g) | 7.01 | % | 103.26 | % | |||||||||||
5.62 | % | 38,394 | 0.65 | %(g) | 1.11 | %(g) | 4.50 | % | 35.98 | % | |||||||||||
(1.29 | %) | 48,312 | 0.65 | %(g) | 1.10 | %(g) | 4.95 | % | 63.45 | % | |||||||||||
13.40 | % | 46,573 | 0.67 | % | 1.25 | % | 5.43 | % | 71.06 | % | |||||||||||
(7.58 | %) | 18,720 | 0.90 | % | 1.58 | % | 5.41 | % | 56.02 | % | |||||||||||
8.62 | % | 18,365 | 0.90 | % | 1.76 | % | 5.42 | % | 64.37 | % | |||||||||||
14.78 | %(h) | 16,825 | 0.90 | %(g) | 1.49 | %(g) | 7.37 | % | 103.26 | % |
(f) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(g) | Includes interest expense that amounts to less than 0.01%. | |
(h) | Included within Net Realized and Unrealized Gains (Losses) on Investments per share is a payment from affiliate. If such payment was excluded, the total return would have been 14.33% for Class A Shares, 13.15% for Class C Shares, 13.87% for Class R Shares, 14.41% for Institutional Service Class Shares and 14.31% for Institutional Class Shares. |
52 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Global Absolute Return Strategies Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Unrealized Gains on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | $10.29 | $(0.02 | ) | $0.28 | $0.26 | $(0.02 | ) | $ – | $(0.02 | ) | $10.53 | |||||||||||||||||||||
Year Ended October 31, 2020 | 10.13 | 0.04 | 0.29 | 0.33 | (0.17 | ) | – | (0.17 | ) | 10.29 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 10.41 | 0.17 | 0.25 | 0.42 | (0.60 | ) | (0.10 | ) | (0.70 | ) | 10.13 | |||||||||||||||||||||
Year Ended October 31, 2018 | 10.22 | 0.17 | 0.05 | 0.22 | – | (0.03 | ) | (0.03 | ) | 10.41 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 10.18 | 0.13 | 0.02 | 0.15 | – | (0.11 | ) | (0.11 | ) | 10.22 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 9.41 | 0.13 | (h) | 0.67 | 0.80 | (0.03 | ) | – | (0.03 | ) | 10.18 | |||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 10.10 | (0.06 | ) | 0.28 | 0.22 | (0.01 | ) | – | (0.01 | ) | 10.31 | |||||||||||||||||||||
Year Ended October 31, 2020 | 9.87 | (0.07 | ) | 0.32 | 0.25 | (0.02 | ) | – | (0.02 | ) | 10.10 | |||||||||||||||||||||
Year Ended October 31, 2019 | 10.09 | 0.10 | 0.24 | 0.34 | (0.46 | ) | (0.10 | ) | (0.56 | ) | 9.87 | |||||||||||||||||||||
Year Ended October 31, 2018 | 9.97 | 0.09 | 0.06 | 0.15 | – | (0.03 | ) | (0.03 | ) | 10.09 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 10.01 | 0.06 | 0.01 | 0.07 | – | (0.11 | ) | (0.11 | ) | 9.97 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 9.30 | 0.05 | (h) | 0.68 | 0.73 | (0.02 | ) | – | (0.02 | ) | 10.01 | |||||||||||||||||||||
Institutional Service Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 10.35 | (0.01 | ) | 0.28 | 0.27 | (0.03 | ) | – | (0.03 | ) | 10.59 | |||||||||||||||||||||
Year Ended October 31, 2020 | 10.20 | 0.06 | 0.29 | 0.35 | (0.20 | ) | – | (0.20 | ) | 10.35 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 10.47 | 0.19 | 0.27 | 0.46 | (0.63 | ) | (0.10 | ) | (0.73 | ) | 10.20 | |||||||||||||||||||||
Year Ended October 31, 2018 | 10.26 | 0.18 | 0.06 | 0.24 | – | (0.03 | ) | (0.03 | ) | 10.47 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 10.21 | 0.15 | 0.01 | 0.16 | – | (0.11 | ) | (0.11 | ) | 10.26 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 9.42 | 0.14 | (h) | 0.68 | 0.82 | (0.03 | ) | – | (0.03 | ) | 10.21 | |||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021* | 10.43 | (0.01 | ) | 0.29 | 0.28 | (0.04 | ) | – | (0.04 | ) | 10.67 | |||||||||||||||||||||
Year Ended October 31, 2020 | 10.30 | 0.08 | 0.26 | 0.34 | (0.21 | ) | – | (0.21 | ) | 10.43 | ||||||||||||||||||||||
Year Ended October 31, 2019 | 10.55 | 0.20 | 0.27 | 0.47 | (0.62 | ) | (0.10 | ) | (0.72 | ) | 10.30 | |||||||||||||||||||||
Year Ended October 31, 2018 | 10.33 | 0.20 | 0.05 | 0.25 | – | (0.03 | ) | (0.03 | ) | 10.55 | ||||||||||||||||||||||
Year Ended October 31, 2017 | 10.26 | 0.16 | 0.02 | 0.18 | – | (0.11 | ) | (0.11 | ) | 10.33 | ||||||||||||||||||||||
Year Ended October 31, 2016 | 9.46 | 0.16 | (h) | 0.68 | 0.84 | (0.04 | ) | – | (0.04 | ) | 10.26 |
* Unaudited
(a) Net investment income/(loss) is based on average shares outstanding during the period.
(b) Excludes sales charge.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 53 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Global Absolute Return Strategies Fund (concluded)
Ratios/Supplemental Data | |||||||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(d) | Ratio of Net Investment Income (Loss) to Average Net Assets (d) | Portfolio Turnover (c)(f) | ||||||||||||||||
2.52 | % | $ 1,555 | 0.96 | % | 2.42 | % | (0.40 | %) | 249.48 | % | |||||||||||
3.26 | % | 1,078 | 0.97 | %(g) | 2.52 | %(g) | 0.35 | % | 238.35 | % | |||||||||||
4.41 | % | 802 | 1.18 | %(g) | 3.04 | %(g) | 1.69 | % | 53.05 | % | |||||||||||
2.10 | % | 1,119 | 1.12 | %(g) | 2.79 | %(g) | 1.60 | % | 62.39 | % | |||||||||||
1.53 | % | 806 | 1.17 | %(g) | 2.74 | %(g) | 1.29 | % | 91.26 | % | |||||||||||
8.55 | %(h) | 1,824 | 1.13 | %(g) | 2.34 | %(g) | 1.38 | %(h) | 219.22 | % | |||||||||||
2.14 | % | 719 | 1.65 | % | 3.17 | % | (1.12 | %) | 249.48 | % | |||||||||||
2.54 | % | 664 | 1.66 | %(g) | 3.30 | %(g) | (0.69 | %) | 238.35 | % | |||||||||||
3.68 | % | 141 | 1.86 | %(g) | 3.83 | %(g) | 1.02 | % | 53.05 | % | |||||||||||
1.45 | % | 277 | 1.85 | %(g) | 3.65 | %(g) | 0.86 | % | 62.39 | % | |||||||||||
0.75 | %(i) | 247 | 1.85 | %(g) | 3.53 | %(g) | 0.62 | % | 91.26 | % | |||||||||||
7.87 | %(h) | 403 | 1.85 | %(g) | 3.15 | %(g) | 0.52 | %(h) | 219.22 | % | |||||||||||
2.56 | %(i) | 7,408 | 0.78 | % | 2.23 | % | (0.24 | %) | 249.48 | % | |||||||||||
3.45 | %(i) | 8,148 | 0.80 | %(g) | 2.35 | %(g) | 0.62 | % | 238.35 | % | |||||||||||
4.72 | % | 8,934 | 1.00 | %(g) | 2.86 | %(g) | 1.86 | % | 53.05 | % | |||||||||||
2.29 | % | 9,768 | 0.96 | %(g) | 2.63 | %(g) | 1.75 | % | 62.39 | % | |||||||||||
1.62 | % | 10,553 | 1.02 | %(g) | 2.59 | %(g) | 1.47 | % | 91.26 | % | |||||||||||
8.76 | %(h) | 10,940 | 1.01 | %(g) | 2.22 | %(g) | 1.43 | %(h) | 219.22 | % | |||||||||||
2.67 | % | 12,988 | 0.65 | % | 2.14 | % | (0.11 | %) | 249.48 | % | |||||||||||
3.34 | %(i) | 11,885 | 0.66 | %(g) | 2.24 | %(g) | 0.74 | % | 238.35 | % | |||||||||||
4.82 | %(i) | 2,876 | 0.86 | %(g) | 2.84 | %(g) | 1.98 | % | 53.05 | % | |||||||||||
2.47 | % | 5,521 | 0.85 | %(g) | 2.70 | %(g) | 1.94 | % | 62.39 | % | |||||||||||
1.81 | %(i) | 1,685 | 0.85 | %(g) | 2.56 | %(g) | 1.60 | % | 91.26 | % | |||||||||||
8.87 | %(h) | 2,583 | 0.85 | %(g) | 2.12 | %(g) | 1.61 | %(h) | 219.22 | % |
(f) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(g) | Interest expense is less than 0.001%. |
(h) | Included within Net Investment Income per share, Total Return, and Ratio of Net Investment Income to Average Net Assets are the effects of a one-time reimbursement for overbilling of prior years' custodian out-of-pocket fees. If such amounts were excluded, the impact to Net Investment Income per share would be $0.01, $0.01, $0.01 and $0.01, the impact to Total Return would be 0.11%, 0.11%, 0.11% and 0.11%, and the impact to Ratio of Net Investment Income to Average Net Assets would be, 0.20%, 0.11%, 0.09% and 0.16% for Class A, Class C, Institutional Service Class and Institutional Class, respectively. |
(i) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
54 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Intermediate Municipal Income Fund
Investment Activities | Distributions | ||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | ||||||||||||||||
Class A Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 9.73 | $ 0.12 | $ 0.19 | $ 0.31 | $ (0.12 | ) | $ (0.02 | ) | $ (0.14 | ) | $ 9.90 | ||||||||||||
Year Ended October 31, 2020 | 9.92 | 0.26 | (0.18 | ) | 0.08 | (0.26 | ) | (0.01 | ) | (0.27 | ) | 9.73 | |||||||||||
Year Ended October 31, 2019 | 9.54 | 0.28 | 0.38 | 0.66 | (0.28 | ) | – | (h) | (0.28 | ) | 9.92 | ||||||||||||
Year Ended October 31, 2018 | 9.89 | 0.29 | (0.35 | ) | (0.06 | ) | (0.29 | ) | – | (0.29 | ) | 9.54 | |||||||||||
Year Ended October 31, 2017 | 10.11 | 0.29 | (0.22 | ) | 0.07 | (0.29 | ) | – | (0.29 | ) | 9.89 | ||||||||||||
Year Ended October 31, 2016 | 10.19 | 0.30 | (0.08 | ) | 0.22 | (0.30 | ) | – | (0.30 | ) | 10.11 | ||||||||||||
Class C Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | 9.71 | 0.09 | 0.20 | 0.29 | (0.09 | ) | (0.02 | ) | (0.11 | ) | 9.89 | ||||||||||||
Year Ended October 31, 2020 | 9.91 | 0.18 | (0.19 | ) | (0.01 | ) | (0.18 | ) | (0.01 | ) | (0.19 | ) | 9.71 | ||||||||||
Year Ended October 31, 2019 | 9.52 | 0.21 | 0.39 | 0.60 | (0.21 | ) | – | (h) | (0.21 | ) | 9.91 | ||||||||||||
Year Ended October 31, 2018 | 9.87 | 0.21 | (0.35 | ) | (0.14 | ) | (0.21 | ) | – | (0.21 | ) | 9.52 | |||||||||||
Year Ended October 31, 2017 | 10.09 | 0.22 | (0.22 | ) | – | (0.22 | ) | – | (0.22 | ) | 9.87 | ||||||||||||
Year Ended October 31, 2016 | 10.18 | 0.23 | (0.09 | ) | 0.14 | (0.23 | ) | – | (0.23 | ) | 10.09 | ||||||||||||
Class R Shares | |||||||||||||||||||||||
Year Ended October 31, 2020 | 9.93 | – | (9.86 | ) | (9.86 | ) | (0.06 | ) | (0.01 | ) | (0.07 | ) | – | ||||||||||
Year Ended October 31, 2019 | 9.54 | 0.25 | 0.40 | 0.65 | (0.26 | ) | – | (h) | (0.26 | ) | 9.93 | ||||||||||||
Year Ended October 31, 2018 | 9.90 | 0.26 | (0.36 | ) | (0.10 | ) | (0.26 | ) | – | (0.26 | ) | 9.54 | |||||||||||
Year Ended October 31, 2017 | 10.12 | 0.27 | (0.23 | ) | 0.04 | (0.26 | ) | – | (0.26 | ) | 9.90 | ||||||||||||
Year Ended October 31, 2016 | 10.20 | 0.28 | (0.08 | ) | 0.20 | (0.28 | ) | – | (0.28 | ) | 10.12 | ||||||||||||
Institutional Service Class Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | 9.74 | 0.13 | 0.19 | 0.32 | (0.13 | ) | (0.02 | ) | (0.15 | ) | 9.91 | ||||||||||||
Year Ended October 31, 2020 | 9.93 | 0.28 | (0.18 | ) | 0.10 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 9.74 | |||||||||||
Year Ended October 31, 2019 | 9.54 | 0.30 | 0.40 | 0.70 | (0.31 | ) | – | (h) | (0.31 | ) | 9.93 | ||||||||||||
Year Ended October 31, 2018 | 9.89 | 0.31 | (0.35 | ) | (0.04 | ) | (0.31 | ) | – | (0.31 | ) | 9.54 | |||||||||||
Year Ended October 31, 2017 | 10.12 | 0.31 | (0.23 | ) | 0.08 | (0.31 | ) | – | (0.31 | ) | 9.89 | ||||||||||||
Year Ended October 31, 2016 | 10.20 | 0.33 | (0.08 | ) | 0.25 | (0.33 | ) | – | (0.33 | ) | 10.12 | ||||||||||||
Institutional Class Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | 9.74 | 0.13 | 0.19 | 0.32 | (0.13 | ) | (0.02 | ) | (0.15 | ) | 9.91 | ||||||||||||
Year Ended October 31, 2020 | 9.93 | 0.28 | (0.18 | ) | 0.10 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 9.74 | |||||||||||
Year Ended October 31, 2019 | 9.55 | 0.30 | 0.39 | 0.69 | (0.31 | ) | – | (h) | (0.31 | ) | 9.93 | ||||||||||||
Year Ended October 31, 2018 | 9.90 | 0.31 | (0.35 | ) | (0.04 | ) | (0.31 | ) | – | (0.31 | ) | 9.55 | |||||||||||
Year Ended October 31, 2017 | 10.12 | 0.32 | (0.23 | ) | 0.09 | (0.31 | ) | – | (0.31 | ) | 9.90 | ||||||||||||
Year Ended October 31, 2016 | 10.20 | 0.33 | (0.08 | ) | 0.25 | (0.33 | ) | – | (0.33 | ) | 10.12 |
* | Unaudited |
(a) | Net investment income/(loss) is based on average shares outstanding during the period. |
(b) | Excludes sales charge. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 55 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Intermediate Municipal Income Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||||||
Total Return (b)(c) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (d) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (e)(d) | Ratio of Net Investment Income to Average Net Assets (d) | Portfolio Turnover (c)(f) | |||||||||||||||
3.18 | % | $ 6,643 | 0.76 | % | 1.10 | % | 2.49 | % | 27.60 | % | ||||||||||
0.83 | % | 6,670 | 0.76 | %(g) | 1.09 | %(g) | 2.63 | % | 55.63 | % | ||||||||||
7.05 | % | 7,526 | 0.76 | %(g) | 1.16 | %(g) | 2.84 | % | 58.33 | % | ||||||||||
(0.65 | %) | 7,141 | 0.80 | % | 1.08 | % | 2.95 | % | 14.38 | % | ||||||||||
0.72 | % | 9,084 | 0.88 | %(g) | 1.05 | %(g) | 2.92 | % | 16.25 | % | ||||||||||
2.19 | % | 10,798 | 0.88 | % | 1.03 | % | 2.96 | % | 10.71 | % | ||||||||||
2.91 | %(i) | 275 | 1.50 | % | 1.88 | % | 1.75 | % | 27.60 | % | ||||||||||
(0.01 | %) | 270 | 1.50 | %(g) | 1.87 | %(g) | 1.89 | % | 55.63 | % | ||||||||||
6.39 | % | 252 | 1.50 | %(g) | 1.93 | %(g) | 2.12 | % | 58.33 | % | ||||||||||
(1.39 | %) | 279 | 1.55 | % | 1.87 | % | 2.20 | % | 14.38 | % | ||||||||||
(0.02 | %) | 542 | 1.62 | %(g) | 1.83 | %(g) | 2.21 | % | 16.25 | % | ||||||||||
1.36 | % | 851 | 1.62 | % | 1.82 | % | 2.24 | % | 10.71 | % | ||||||||||
– | – | – | (g) | – | (g) | – | – | |||||||||||||
6.91 | % | 11 | 1.00 | %(g) | 1.39 | %(g) | 2.60 | % | 58.33 | % | ||||||||||
(1.00 | %) | 11 | 1.04 | % | 1.32 | % | 2.71 | % | 14.38 | % | ||||||||||
0.47 | % | 11 | 1.12 | %(g) | 1.29 | %(g) | 2.67 | % | 16.25 | % | ||||||||||
1.96 | % | 11 | 1.12 | % | 1.27 | % | 2.72 | % | 10.71 | % | ||||||||||
3.31 | % | 20 | 0.50 | % | 0.84 | % | 2.74 | % | 27.60 | % | ||||||||||
1.09 | % | 20 | 0.50 | %(g) | 0.83 | %(g) | 2.87 | % | 55.63 | % | ||||||||||
7.43 | % | 19 | 0.50 | %(g) | 0.90 | %(g) | 3.10 | % | 58.33 | % | ||||||||||
(0.40 | %) | 18 | 0.54 | % | 0.82 | % | 3.21 | % | 14.38 | % | ||||||||||
0.79 | % | 18 | 0.69 | %(g) | 0.86 | %(g) | 3.10 | % | 16.25 | % | ||||||||||
2.48 | % | 28 | 0.62 | % | 0.77 | % | 3.22 | % | 10.71 | % | ||||||||||
3.31 | % | 57,279 | 0.50 | % | 0.85 | % | 2.75 | % | 27.60 | % | ||||||||||
1.10 | % | 58,015 | 0.50 | %(g) | 0.84 | %(g) | 2.89 | % | 55.63 | % | ||||||||||
7.32 | % | 63,256 | 0.50 | %(g) | 0.90 | %(g) | 3.11 | % | 58.33 | % | ||||||||||
(0.39 | %) | 65,428 | 0.54 | % | 0.83 | % | 3.21 | % | 14.38 | % | ||||||||||
0.98 | % | 71,362 | 0.62 | %(g) | 0.79 | %(g) | 3.18 | % | 16.25 | % | ||||||||||
2.47 | % | 79,279 | 0.62 | % | 0.77 | % | 3.23 | % | 10.71 | % |
(f) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(g) | Interest expense is less than 0.001%. |
(h) | Less than $0.005 per share. |
(i) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
56 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Short Duration High Yield Municipal Fund
Investment Activities | Distributions | ||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Total from Investment Activities | Net Investment Income | Tax Return of Capital | Total Distributions | Redemption Fees | Net Asset Value, End of Period | ||||||||||||||||
Class A Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 9.99 | $ 0.12 | (f) | $ 0.37 | $ (0.12 | ) | $ – | $ (0.12 | ) | $ – | $ 10.24 | ||||||||||||
Year Ended October 31, 2020 | 10.25 | 0.29 | (f) | 0.02 | (0.28 | ) | – | (0.28 | ) | – | 9.99 | ||||||||||||
Year Ended October 31, 2019 | 10.07 | 0.30 | (f) | 0.48 | (0.30 | ) | – | (0.30 | ) | – | 10.25 | ||||||||||||
Year Ended October 31, 2018(h) | 10.24 | 0.31 | (f) | 0.14 | (0.31 | ) | 0.00 | (i) | (0.31 | ) | 0.00 | (i) | 10.07 | ||||||||||
Year Ended October 31, 2017 | 10.34 | 0.28 | 0.18 | (0.28 | ) | – | (0.28 | ) | 0.00 | (i) | 10.24 | ||||||||||||
Year Ended October 31, 2016 | 10.29 | 0.32 | 0.36 | (0.31 | ) | – | (0.31 | ) | 0.00 | (i) | 10.34 | ||||||||||||
Class C Shares(j) | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | 10.13 | 0.06 | (f) | 0.17 | (0.06 | ) | – | (0.06 | ) | – | 10.24 | ||||||||||||
Institutional Class Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | 9.99 | 0.13 | (f) | 0.38 | (0.13 | ) | – | (0.13 | ) | – | 10.24 | ||||||||||||
Year Ended October 31, 2020 | 10.25 | 0.31 | (f) | 0.05 | (0.31 | ) | – | (0.31 | ) | – | 9.99 | ||||||||||||
Year Ended October 31, 2019 | 10.07 | 0.32 | (f) | 0.50 | (0.32 | ) | – | (0.32 | ) | – | 10.25 | ||||||||||||
Year Ended October 31, 2018(h) | 10.24 | 0.33 | (f) | 0.17 | (0.34 | ) | 0.00 | (i) | (0.34 | ) | 0.00 | (i) | 10.07 | ||||||||||
Year Ended October 31, 2017 | 10.34 | 0.31 | 0.21 | (0.31 | ) | – | (0.31 | ) | 0.00 | (i) | 10.24 | ||||||||||||
Year Ended October 31, 2016 | 10.29 | 0.34 | 0.39 | (0.34 | ) | – | (0.34 | ) | 0.00 | (i) | 10.34 |
* | Unaudited |
(a) | Excludes sales charge. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(e) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
(f) | Net investment income/(loss) is based on average shares outstanding during the period. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 57 |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Short Duration High Yield Municipal Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||||||
Total Return (a)(b) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (c) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (d)(c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover (b)(e) | |||||||||||||||
3.70 | % | $ 20,626 | 0.90 | % | 1.16 | % | 2.38 | % | 36.19 | % | ||||||||||
0.25 | % | 22,417 | 0.90 | %(g) | 1.12 | %(g) | 2.84 | % | 149.01 | % | ||||||||||
4.78 | % | 27,577 | 0.90 | % | 1.13 | % | 2.96 | % | 104.52 | % | ||||||||||
1.42 | % | 29,433 | 0.91 | %(g) | 1.11 | %(g) | 3.03 | % | 86.19 | % | ||||||||||
1.82 | % | 50,906 | 0.90 | %(g) | 1.09 | %(g) | 2.78 | % | 151.00 | % | ||||||||||
3.58 | % | 35,705 | 0.93 | %(g) | 1.12 | %(g) | 3.03 | % | 132.00 | % | ||||||||||
4.73 | % | 10 | 1.65 | % | 1.89 | % | 1.64 | % | 36.19 | % | ||||||||||
3.83 | % | 305,839 | 0.65 | % | 0.90 | % | 2.63 | % | 36.19 | % | ||||||||||
0.51 | % | 270,153 | 0.65 | %(g) | 0.87 | %(g) | 3.07 | % | 149.01 | % | ||||||||||
5.05 | % | 229,716 | 0.65 | %(g) | 0.90 | %(g) | 3.19 | % | 104.52 | % | ||||||||||
1.67 | % | 177,810 | 0.66 | %(g) | 0.87 | %(g) | 3.27 | % | 86.19 | % | ||||||||||
2.08 | % | 207,427 | 0.65 | %(g) | 0.84 | %(g) | 3.04 | % | 151.00 | % | ||||||||||
3.84 | % | 153,300 | 0.68 | %(g) | 0.88 | %(g) | 3.28 | % | 132.00 | % |
(g) | Includes interest expense that amounts to less than 0.01% for the years ended October 31, 2020 and October 31, 2017. Includes interest expense that amounts to 0.01% for the years ended October 31, 2018 and October 31, 2016. |
(h) | Beginning with the year ended October 31, 2018, the Fund was audited by KPMG LLP. Previous years were audited by a different independent registered public accounting firm. |
(i) | Less than $0.005 per share. |
(j) | For the period from December 21, 2020 (commencement of operations) through April 30, 2021. |
58 | 2021 Semi-Annual Report |
Financial Highlights (continued)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Ultra Short Municipal Income Fund
Investment Activities | Distributions | ||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Total Distributions | Redemption Fees | Net Asset Value, End of Period | ||||||||||||||||
Class A Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | $ 10.09 | $ – | (f)(g) | $ 0.01 | $ 0.01 | $ – | (g) | $ – | (g) | $ – | $ 10.10 | ||||||||||||
Year Ended October 31, 2020 | 10.10 | 0.07 | (f) | – | (g) | 0.07 | (0.08 | ) | (0.08 | ) | – | 10.09 | |||||||||||
Year Ended October 31, 2019 | 10.09 | 0.13 | (f) | 0.01 | 0.14 | (0.13 | ) | (0.13 | ) | – | 10.10 | ||||||||||||
Year Ended October 31, 2018(i) | 10.09 | 0.11 | (f) | 0.00 | 0.11 | (0.11 | ) | (0.11 | ) | 0.00 | (g) | 10.09 | |||||||||||
Year Ended October 31, 2017 | 10.09 | 0.06 | (0.00 | )(g) | 0.06 | (0.06 | ) | (0.06 | ) | 0.00 | (g) | 10.09 | |||||||||||
Year Ended October 31, 2016 | 10.10 | 0.04 | (0.01 | ) | 0.03 | (0.04 | ) | (0.04 | ) | 0.00 | (g) | 10.09 | |||||||||||
Class A1 Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | 10.10 | – | (f)(g) | 0.01 | 0.01 | – | (g) | – | (g) | – | 10.11 | ||||||||||||
Year Ended October 31, 2020 | 10.10 | 0.03 | (f) | 0.05 | 0.08 | (0.08 | ) | (0.08 | ) | – | 10.10 | ||||||||||||
Year Ended October 31, 2019(j) | 10.10 | 0.08 | – | (g) | 0.08 | (0.08 | ) | (0.08 | ) | – | 10.10 | ||||||||||||
Institutional Class Shares | |||||||||||||||||||||||
Six Months Ended April 30, 2021* | 10.03 | 0.01 | (f) | 0.01 | 0.02 | (0.01 | ) | (0.01 | ) | – | 10.04 | ||||||||||||
Year Ended October 31, 2020 | 10.04 | 0.10 | (f) | (0.01 | ) | 0.09 | (0.10 | ) | (0.10 | ) | – | 10.03 | |||||||||||
Year Ended October 31, 2019 | 10.04 | 0.15 | (f) | – | 0.15 | (0.15 | ) | (0.15 | ) | – | 10.04 | ||||||||||||
Year Ended October 31, 2018(i) | 10.04 | 0.13 | (f) | 0.00 | 0.13 | (0.13 | ) | (0.13 | ) | 0.00 | (g) | 10.04 | |||||||||||
Year Ended October 31, 2017 | 10.04 | 0.09 | (0.00 | )(g) | 0.09 | (0.09 | ) | (0.09 | ) | 0.00 | (g) | 10.04 | |||||||||||
Year Ended October 31, 2016 | 10.04 | 0.06 | (0.00 | )(g) | 0.06 | (0.06 | ) | (0.06 | ) | 0.00 | (g) | 10.04 |
* | Unaudited |
(a) | Excludes sales charge. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. |
(e) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. |
Amounts listed as "–" are $0 or round to $0.
See accompanying Notes to Financial Statements.
2021 Semi-Annual Report | 59 |
Financial Highlights (concluded)
Selected Data for Each Share of Capital Outstanding Throughout the Periods Indicated
Aberdeen Ultra Short Municipal Income Fund (concluded)
Ratios/Supplemental Data | ||||||||||||||||||||
Total Return (a)(b) | Net Assets at End of Period (000's) | Ratio of Expenses (Net of Reimbursements/ Waivers) to Average Net Assets (c) | Ratio of Expenses (Prior to Reimbursements) to Average Net Assets (c)(d) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover (b)(e) | |||||||||||||||
0.11 | % | $ 214,170 | 0.61 | %(h) | 0.95 | %(h) | 0.02 | % | 118.47 | % | ||||||||||
0.69 | % | 263,068 | 0.70 | %(h) | 0.94 | %(h) | 0.72 | % | 299.40 | % | ||||||||||
1.36 | % | 204,501 | 0.70 | % | 0.95 | % | 1.25 | % | 231.49 | % | ||||||||||
1.09 | % | 223,255 | 0.70 | % | 0.92 | % | 1.08 | % | 177.63 | % | ||||||||||
0.62 | % | 211,265 | 0.69 | % | 0.90 | % | 0.62 | % | 214.00 | % | ||||||||||
0.29 | % | 206,259 | 0.68 | % | 0.99 | % | 0.39 | % | 143.00 | % | ||||||||||
0.11 | % | 558 | 0.60 | %(h) | 0.89 | %(h) | 0.03 | % | 118.47 | % | ||||||||||
0.79 | % | 558 | 0.70 | %(h) | 0.90 | %(h) | 0.34 | % | 299.40 | % | ||||||||||
0.81 | % | 35 | 0.70 | % | 0.94 | % | 1.13 | % | 231.49 | % | ||||||||||
0.19 | % | 930,857 | 0.45 | %(h) | 0.71 | %(h) | 0.17 | % | 118.47 | % | ||||||||||
0.94 | % | 928,424 | 0.45 | %(h) | 0.71 | %(h) | 0.98 | % | 299.40 | % | ||||||||||
1.51 | % | 680,881 | 0.45 | % | 0.72 | % | 1.50 | % | 231.49 | % | ||||||||||
1.34 | % | 802,312 | 0.45 | % | 0.67 | % | 1.32 | % | 177.63 | % | ||||||||||
0.87 | % | 896,624 | 0.44 | % | 0.65 | % | 0.86 | % | 214.00 | % | ||||||||||
0.64 | % | 905,843 | 0.43 | % | 0.74 | % | 0.64 | % | 143.00 | % |
(f) | Net investment income/(loss) is based on average shares outstanding during the period. |
(g) | Less than $0.005 per share. |
(h) | Includes interest expense that amounts to less than 0.01%. |
(i) | Beginning with the year ended October 31, 2018, the Fund was audited by KPMG LLP. Previous years were audited by a different independent registered public accounting firm. |
(j) | For the period from February 28, 2019 (commencement of operations) through October 31, 2019. |
60 | 2021 Semi-Annual Report |
Notes to Financial Statements
April 30, 2021 (Unaudited)
1. Organization
Aberdeen Funds (the "Trust") was organized as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of April 30, 2021, the Trust had authorized an unlimited number of shares of beneficial interest ("shares") without par value. As of April 30, 2021, the Trust operated seventeen (17) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the five (5) funds listed below (each a "Fund"; collectively, the "Funds"):
– Aberdeen Emerging Markets Debt Fund ("Emerging Markets Debt Fund")
– Aberdeen Global Absolute Return Strategies Fund ("Global Absolute Return Strategies Fund")*
– Aberdeen Intermediate Municipal Income Fund ("Intermediate Municipal Income Fund")
– Aberdeen Short Duration High Yield Municipal Fund ("Short Duration High Yield Municipal Fund")
– Aberdeen Ultra Short Municipal Income Fund ("Ultra Short Municipal Income Fund")
2. Summary of Significant Accounting Policies
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles 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.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America, the Funds disclose the fair value of their investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.
Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation 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 approved by the Board. 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
2021 Semi-Annual Report | 61 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
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 Standard Investments Inc. ("Aberdeen," the "Adviser" or "ASII") 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. Each Fund sweeps 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 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value ("NAV"). Generally, these investment types are categorized as Level 1 investments.
Derivative instruments are generally valued according to the following procedures. Exchange traded derivatives are generally Level 1 investments and over-the-counter and centrally cleared derivatives are generally Level 2 investments. 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.
The three-level hierarchy of inputs is summarized below:
• | Level 1 – quoted prices in active markets for identical investments; |
• | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or |
• | Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments). |
A summary of standard inputs is listed below:
Security Type | Standard Inputs | |
Debt and other fixed-income securities | Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. | |
Foreign equities utilizing a fair value factor | Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. | |
Forward foreign currency contracts | Forward exchange rate quotations. | |
Swap agreements | Market information pertaining to the underlying reference assets, i.e., credit spreads, credit event probabilities, fair values, forward rates, and volatility measures. |
62 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
The following is a summary of the inputs used as of April 30, 2021 in valuing the Funds' investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Please refer to the Statements of Investments for a detailed breakout of the security types:
Investments, at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Emerging Markets Debt Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ – | $ 9,919,141 | $ – | $ 9,919,141 | ||||||||||||
Government Bonds | – | 31,442,262 | – | 31,442,262 | ||||||||||||
Money Market Funds | 1,281,641 | – | – | 1,281,641 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | – | 28,322 | – | 28,322 | ||||||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | – | (105,142 | ) | – | (105,142 | ) | ||||||||||
$ 1,281,641 | $ 41,284,583 | $ – | $ 42,566,224 | |||||||||||||
Global Absolute Return Strategies Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ 2,017,037 | $ 1,176,006 | $ – | $ 3,193,043 | ||||||||||||
Government Bonds | – | 890,593 | – | 890,593 | ||||||||||||
Preferred Stocks | 13,079 | – | – | 13,079 | ||||||||||||
Certificates of Deposit | – | 5,132,771 | – | 5,132,771 | ||||||||||||
Money Market Funds | 3,905,009 | – | – | 3,905,009 | ||||||||||||
U.S. Treasuries | – | 9,499,493 | – | 9,499,493 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | 114,459 | – | – | 114,459 | ||||||||||||
Forward Foreign Currency Exchange Contracts | – | 303,242 | – | 303,242 | ||||||||||||
Centrally Cleared Credit Default Swap Contracts | – | 90,856 | – | 90,856 | ||||||||||||
Centrally Cleared Interest Rate Swap Agreements | – | 157,259 | – | 157,259 | ||||||||||||
Written Options | 5,765 | – | – | 5,765 | ||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (30,335 | ) | – | – | (30,335 | ) | ||||||||||
Forward Foreign Currency Exchange Contracts | – | (348,155 | ) | – | (348,155 | ) | ||||||||||
Centrally Cleared Credit Default Swap Contracts | – | (1,112 | ) | – | (1,112 | ) | ||||||||||
Centrally Cleared Interest Rate Swap Agreements | – | (297,166 | ) | – | (297,166 | ) | ||||||||||
Written Options | (478 | ) | – | – | (478 | ) | ||||||||||
$ 6,024,536 | $ 16,603,787 | $ – | $ 22,628,323 | |||||||||||||
Intermediate Municipal Income Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ – | $ 64,179,767 | $ – | $ 64,179,767 | ||||||||||||
Short-Term Investment | 88,902 | – | – | 88,902 | ||||||||||||
$ 88,902 | $ 64,179,767 | $ – | $ 64,268,669 | |||||||||||||
2021 Semi-Annual Report | 63 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Investments, at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Short Duration High Yield Municipal Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ – | $ 325,476,010 | $ – | $ 325,476,010 | ||||||||||||
Short-Term Investment | 269,496 | – | – | 269,496 | ||||||||||||
$ 269,496 | $ 325,476,010 | $ – | $ 325,745,506 | |||||||||||||
Ultra Short Municipal Income Fund | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ – | $1,124,925,095 | $ – | $1,124,925,095 | ||||||||||||
Short-Term Investment | 137,922 | 38,065,000 | – | 38,202,922 | ||||||||||||
$ 137,922 | $1,162,990,095 | $ – | $1,163,128,017 | |||||||||||||
For the six-month period ended April 30, 2021, there were no significant changes to the fair valuation methodologies. Level 3 investments held by the Emerging Markets Debt Fund, at the beginning, during and at the end of the six-month period in relation to net assets were not significant (0.00% of total net assets) and accordingly, a reconciliation determined of Level 3 assets for the period ended April 30, 2021 is not presented.
b. Restricted Securities
Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended. Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances.
c. Foreign Currency Translation
Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments within the Statements of Operations.
d. Derivative Financial Instruments
Certain Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to the benchmark. The use of forward contracts allows the separation of decision-making between markets and their currencies. The forward contract is marked-to market daily and the change in market value is recorded by a Fund as unrealized appreciation/(depreciation). Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statements of Operations. During the period, the Funds used forward contracts for the purposes of efficient portfolio management and managing active currency risk relative to the benchmark, the latter of which involves both hedging currency risk and adding currency risk in excess of underlying bond positions.
64 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund's portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.
Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.
Futures Contracts
Certain Funds may invest in financial futures contracts ("futures contracts") for the purpose of hedging their existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish a Fund's positions may not exceed 5% of a Fund's NAV after taking into account unrealized profits and unrealized losses on any such contract into which it has entered.
Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as "initial margin". Subsequent payments, known as "variation margin," are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract expires or is closed, the gain/(loss) is realized and is presented in the Statements of Operations as a net realized gain/(loss) on futures contracts. Futures contracts are valued daily at their last quoted sale price on the exchange on which they are traded.
A "sale" of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A "purchase" of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.
There are significant risks associated with a Fund's use of futures contracts, including the following: (1) the success of a hedging strategy may depend on the ability of a Fund's investment adviser and/or sub-adviser to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect or no correlation between the movement in the price of futures contracts, interest rates and the value/market value of the securities held by a Fund; (3) there may not be a liquid secondary market for a futures contract; (4) trading restrictions or limitations may be imposed by an exchange; and (5) government regulations may restrict trading in futures contracts. In addition, should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss.
For the six-month period ended April 30, 2021, the Fund invested in futures for both investment and hedging purposes.
Swaps
A swap is an agreement that obligates two parties to exchange a series of cash flows and/or meet certain obligations at specified intervals based upon or calculated by reference to changes in specified prices or rates (interest rates in the case of interest rate swaps, currency exchange rates in the case of currency swaps) or the occurrence of a credit event with respect to an underlying reference obligation (in the case of a credit default swap) for a specified amount of an underlying asset or notional principal amount. A Fund will enter into swaps only on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the amount of the difference between the two payments. Except for currency swaps and credit default swaps, the notional principal amount is used solely to calculate the payment streams but is not exchanged. With respect to currency swaps, actual principal amounts of currencies may be exchanged by the counterparties at the initiation, and again upon the termination of the transaction.
Traditionally, swaps were customized, privately negotiated agreements executed between two parties ("OTC Swaps") but since 2013, certain swaps are required to be cleared pursuant to rules and regulations related to the Dodd – Frank Wall Street Reform and Consumer Protection Act ("Dodd Frank") and/or Regulation (EU) No 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories ("EMIR") ("Cleared Swaps"). Like OTC Swaps, Cleared Swaps are negotiated bilaterally. Unlike OTC Swaps, the act of clearing results in two swaps executed between each of the parties and a central counterparty ("CCP"), and thus the counterparty credit exposure of the parties is to the CCP rather than to one another. Upon entering into a Cleared Swap, a Fund is required to pledge an amount of cash and/or other assets equal to a certain percentage of the contract amount. This payment is known as "initial margin". Subsequent payments, known as "variation
2021 Semi-Annual Report | 65 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
margin," are calculated each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. An unrealized gain/(loss) equal to the variation margin is recognized on a daily basis. When the contract matures or is terminated, the gain or loss is realized and is presented in the Statements of Operations as a net realized gain or loss on swap contracts. As of March 2017, a Fund may be required to provide variation and/or initial margin for OTC Swaps pursuant to further rules and regulations related to Dodd Frank and EMIR. The margin requirements associated with OTC Swaps and Cleared Swaps may not be the same.
Entering into swap agreements involves, to varying degrees, elements of credit, market and interest rate risk in excess of the amounts reported on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform and that there may be unfavorable changes in the value of the index or securities underlying the agreement. The Funds' maximum risk of loss from counterparty risk related to swaps is the fair value of the contract. This risk is mitigated by the posting of collateral by the counterparties to the Funds to cover the Funds' exposure to the counterparty.
Credit Default Swaps
A credit default swap is an agreement whereby one party, the buyer, is obligated to pay the other party, the seller, a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. A Fund might use credit default swap contracts to limit or to reduce risk exposure of the Fund to defaults of corporate and sovereign issues (i.e., to reduce risk when the Fund owns or has exposure to such issuers). A Fund also might use credit default swap contracts to create direct or synthetic short or long exposure to domestic or foreign corporate debt securities or certain sovereign debt securities to which the Fund is not otherwise exposed.
During the six-month period ended April 30, 2021, the Aberdeen Global Absolute Return Strategies Fund held credit default swaps to implement investment views and hedge the Fund's exposure to the credit market.
Interest Rate Swaps
A Fund uses interest rate swap contracts to manage its exposure to interest rates. Interest rate swap contracts typically represent the exchange between a Fund and a counterparty of respective commitments to make variable rate and fixed rate payments with respect to a notional amount of principal. Interest rate swap contracts may have a term that is greater than one year, but typically require periodic interim settlement in cash, at which time the specified value of the variable interest rate is reset for the next settlement period. Net payments of interest are recorded as realized gains or losses. During the period that the swap contract is open, the contract is marked-to-market as the net amount due to or from a Fund and changes in the value of swap contracts are recorded as unrealized gains or losses.
During the six-month period ended April 30, 2021, the Aberdeen Global Absolute Return Strategies Fund held interest rate swaps to implement investment views and hedge interest rate risk.
Summary of Derivative Instruments
Certain Funds may use derivatives for various purposes as noted above. The following is a summary of the location of fair value amounts of derivatives, not accounted for as hedging instruments, as of April 30, 2021:
Location on the Statement of Assets and Liabilities | ||||
Derivative Instrument Risk Type | Asset Derivatives | Liability Derivatives | ||
Equity Risk | Investments, at value Over-the-counter interest rate swaps and | Written options, outstanding at value Over-the-counter interest rate swaps and | ||
total return equity swaps, at value | total return equity swaps, at value | |||
Interest Rate Risk | Variation margin receivable for centrally cleared swap contracts | Variation margin payable for centrally cleared swap contracts | ||
Variation margin receivable for futures contracts | Variation margin payable for futures contracts | |||
Credit Risk | Variation margin receivable for centrally cleared swap contracts | Variation margin payable for centrally cleared swap contracts | ||
Foreign Exchange Risk | Unrealized appreciation on forward foreign currency exchange contracts | Unrealized depreciation on forward foreign currency exchange contracts |
66 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2021:
Asset Derivatives | |||||||||||||
Funds | Total Value at April 30, 2021 | Written Options, at value (Equity Risk) | Centrally Cleared Credit Default Swaps (Credit Risk)* | Centrally Cleared Interest Rate Swaps (Interest Rate Risk)* | Forward Foreign Exchange Contracts (Foreign Exchange Risk) | Futures Contracts (Interest Rate Risk)* | |||||||
Aberdeen Emerging Markets Debt Fund | $ 28,322 | $ – | $ – | $ – | $ 28,322 | $ – | |||||||
Aberdeen Global Absolute Return Strategies Fund | 665,816 | – | 90,856 | 157,259 | 303,242 | 114,459 |
Liabilities Derivatives | |||||||||||||
Funds | Total Value at April 30, 2021 | Written Options, at value (Equity Risk) | Centrally Cleared Credit Default Swaps (Credit Risk)* | Centrally Cleared Interest Rate Swaps (Interest Rate Risk)* | Forward Foreign Exchange Contracts (Foreign Exchange Risk) | Futures Contracts (Interest Rate Risk)* | |||||||
Aberdeen Emerging Markets Debt Fund | $105,142 | $ – | $ – | $ – | $105,142 | $ – | |||||||
Aberdeen Global Absolute Return Strategies Fund | 702,108 | 25,340 | 1,112 | 297,166 | 348,155 | 30,335 |
* The values shown reflect unrealized appreciation/(depreciation) and the values shown in the Statement of Assets and Liabilities reflects variation margin.
Certain funds have transactions that may be subject to enforceable master netting arrangements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of April 30, 2021 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:
Gross Amounts Not Offset in Statement of Assets & Liabilities | Gross Amounts Not Offset in Statement of Assets and Liabilities | ||||||||||||||||||||||||
Gross Amounts of Assets Presented in Statement of Financial Position | Financial Instruments | Collateral Received(1) | Net Amount(3) | Gross Amounts of Liabilities Presented in Statement of Financial Position | Financial Instruments | Collateral Pledged(1) | Net Amount(3) | ||||||||||||||||||
Description | Assets | Liabilities | |||||||||||||||||||||||
Emerging Markets Debt Fund | |||||||||||||||||||||||||
Forward foreign currency(2) | |||||||||||||||||||||||||
Barclays Bank plc | $ 941 | $ (941 | ) | $ – | $ – | $33,093 | $ (941 | ) | $(32,152 | ) | $ – | ||||||||||||||
Citibank N.A. | 1,093 | – | – | 1,093 | – | – | – | – | |||||||||||||||||
Deutsche Bank AG | 3,153 | – | – | 3,153 | – | – | – | – | |||||||||||||||||
JPMorgan Chase Bank N.A. | 5,041 | (5,041 | ) | – | – | 51,315 | (5,041 | ) | – | 46,274 | |||||||||||||||
Royal Bank Of Canada | – | – | – | – | 10,237 | – | (10,237 | ) | – | ||||||||||||||||
UBS AG | 18,094 | (10,497 | ) | – | 7,597 | 10,497 | (10,497 | ) | – | – |
1 | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
2 | Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement. |
3 | Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity. |
2021 Semi-Annual Report | 67 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Gross Amounts Not Offset in Statement of Assets & Liabilities | Gross Amounts Not Offset in Statement of Assets and Liabilities | ||||||||||||||||||||||||
Gross Amounts of Assets Presented in Statement of Financial Position | Financial Instruments | Collateral Received(1) | Net Amount(3) | Gross Amounts of Liabilities Presented in Statement of Financial Position | Financial Instruments | Collateral Pledged(1) | Net Amount(3) | ||||||||||||||||||
Description | Assets | Liabilities | |||||||||||||||||||||||
Global Absolute Return Strategies Fund | |||||||||||||||||||||||||
Forward foreign currency(2) | |||||||||||||||||||||||||
Barclays Bank plc | $19,890 | $(19,890 | ) | $ – | $ – | $ 44,942 | $ | (19,890 | ) | $ – | $ 25,052 | ||||||||||||||
Citibank N.A. | 52,906 | (52,906 | ) | – | – | 80,102 | (52,906 | ) | – | 27,196 | |||||||||||||||
Goldman Sachs & Co. | 86,463 | (76,189 | ) | – | 10,274 | 76,189 | (76,189 | ) | – | – | |||||||||||||||
HSBC Bank plc | 36,764 | (36,764 | ) | – | – | 48,939 | (36,764 | ) | – | 12,175 | |||||||||||||||
JPMorgan Chase Bank N.A. | 67,186 | (67,186 | ) | – | – | 67,792 | (67,186 | ) | – | 606 | |||||||||||||||
Royal Bank of Canada | 40,033 | (30,191 | ) | – | 9,842 | 30,191 | (30,191 | ) | – | – |
1 | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
2 | Includes financial instruments which are not subject to a master netting arrangement across funds, or another similar arrangement. |
3 | Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity. |
The following is a summary of the location of realized gain/(loss) and net change in unrealized appreciation/(depreciation) on derivatives in the Statement of Operations for the six-month period ended April 30, 2021:
Derivative Instrument Risk Type | Location on the Statement of Operations | |
Equity Risk | Realized gain/(loss) on investment transactions Realized gain/(loss) on written options Realized gain/(loss) on swap contracts | |
Credit Risk | Realized gain/(loss) on swap contracts Net change in unrealized appreciation/(depreciation) on swap contracts | |
Interest Rate Risk | Realized gain/(loss) on future contracts transactions Net change in unrealized appreciation/(depreciation) on futures contracts Realized gain/(loss) on swap contracts Net change in unrealized appreciation/(depreciation) on swap contracts | |
Foreign Exchange Risk | Realized gain/(loss) on forward foreign currency exchange contracts Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |
The following is a summary of the effect of derivative instruments on the Statement of Operations for the six-month period ended April 30, 2021:
Realized Gain or (Loss) on Derivatives Recognized in the Statement of Operations | ||||||||||||||||||||||
Funds | Total | Investment transactions (Equity Risk)* | Written Options, (Equity Risk) | Credit Default Swaps (Credit Risk) | Interest Rate Swaps (Interest Rate Risk) | Forward Foreign Exchange Contracts (Foreign Exchange Risk) | Futures Contracts (Interest Rate Risk) | |||||||||||||||
Aberdeen Emerging Markets Debt Fund | $(378,196 | ) | $ – | $ – | $ – | $ – | $(378,196 | ) | $ – | |||||||||||||
Aberdeen Global Absolute Return Strategies Fund | (365,984 | ) | 10,396 | 31,554 | 242,417 | (259,260 | ) | (315,817 | ) | (75,274 | ) |
68 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in the Statement of Operations | ||||||||||||||||||||||
Funds | Total | Investment transactions (Equity Risk)* | Written Options, (Equity Risk) | Credit Default Swaps (Credit Risk) | Interest Rate Swaps (Interest Rate Risk) | Forward Foreign Exchange Contracts (Foreign Exchange Risk) | Futures Contracts (Interest Rate Risk) | |||||||||||||||
Aberdeen Emerging Markets Debt Fund | $(175,096 | ) | $ – | $ – | $ – | $ – | $(175,096 | ) | $ – | |||||||||||||
Aberdeen Global Absolute Return Strategies Fund | (167,047 | ) | (90,590 | ) | 94,052 | (249,190 | ) | 156,071 | (145,759 | ) | 68,369 |
* Represents realized gain and change in unrealized appreciation for purchased options during the period.
Information about derivatives reflected as of the date of this report is generally indicative of the type of, activity for the six-month period ended April 30, 2021. The table below summarizes the weighted average values of derivatives holdings by the Funds during the six-month period ended April 30, 2021.
Fund | Purchase Forward Foreign Currency Contracts (Average Notional Value) | Sale Forward Foreign Currency Contracts (Average Notional Value) | Forward Foreign Cross Currency Contracts (Average Notional Value) | Long Future Contracts (Average Notional Value) | Short Future Contracts (Average Notional Value) | Buy Protection Credit Default Swap (Average Notional Value) | Sell Protection Credit Default Swap (Average Notional Value) | Interest Rate Swap Contracts (Average Notional Value) | Total Return Equity Swaps (Average Notional Value) | ||||||||||||||||||
Emerging Markets Debt Fund | $ 4,459,079 | $11,862,236 | $ – | $ – | $ – | $ – | $ – | $ – | $ – | ||||||||||||||||||
Global Absolute Return Strategies Fund | 12,842,300 | 14,353,494 | 3,107,219 | 5,681,978 | 4,969,103 | 8,868,346 | 8,476,356 | 31,554,413 | 884,198 |
Fund | Call Purchased Options (Average Notional Value) | Put Purchased Options (Average Notional Value) | Call Written Options (Average Notional Value) | Put Written Options (Average Notional Value) | Call Purchased Swaptions (Average Notional Value) | Put Purchased Swaptions (Average Notional Value) | Call Written Swaptions (Average Notional Value) | Put Written Swaptions (Average Notional Value) | |||||||||||||||||
Emerging Markets Debt Fund | $ – | $ – | $ – | $ – | $ – | $ – | $ – | $ – | |||||||||||||||||
Global Absolute Return Strategies Fund | 11,407 | 7,437 | 7,437 | 11,407 | – | 508,235 | 13,322 | 285,590 |
e. Security Transactions, Investment Income and Expenses
Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as a Fund acquires information regarding such dividends or corporate actions.
Interest income and expenses are recorded on an accrual basis. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among the relevant Funds based on net assets of each Fund as of the month end. For each of the Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses to a class is based on the total net asset value of that class's shares in proportion to the total net assets of the relevant Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.
f. Distributions
Distributions from net investment income, if any, are declared and paid quarterly for the Emerging Markets Debt Fund. Distributions from net investment income, if any, are declared daily and paid monthly for the Short Duration High Yield Municipal Fund, the Intermediate Municipal Income Fund and the Ultra Short Municipal Income Fund. During the fiscal year ended October 31, 2020, and prior to changing its name, distributions from net investment income were declared and paid quarterly for Aberdeen Global Absolute Return Strategies Fund. Effective November 15, 2019, distributions from net investment income, if any, are declared and paid annually. The Funds will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date.
2021 Semi-Annual Report | 69 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currencies and loss deferrals.
g. Federal Income Taxes
Each Fund intends to continue to qualify as a "regulated investment company" by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required.
Each Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2020 are subject to such review.
h. Securities Lending
Through an agreement with BNP Paribas as the Lending Agent and State Street Bank and Trust Company (the Funds' custodian), the Funds may lend their portfolio securities to brokers, dealers and other financial institutions that pay a negotiated fee in order to generate additional income. The Funds receive non-cash collateral in the form of U.S. Government Securities, with respect to each loan of U.S. securities, typically equal to at least 102% of the value of the portfolio securities loaned, and, with respect to each loan of non-U.S. securities, typically equal to at least 105% of the value of the portfolio securities loaned, and at all times thereafter require the borrower to mark to market such collateral on a daily basis so that the market value of such collateral does not fall below 100% of the market value of the portfolio securities so loaned.
Income generated from securities lending includes the difference between (i) the sum of income received from the investment of collateral received from the borrowers that are counterparties to loans, loan fees received from loans, and fees paid by borrower on loans collateralized with collateral other than cash collateral; and ii) any rebate paid to a borrower, and any other allocable fees and expenses in connection with loans of securities. All income is accrued daily and is apportioned 90% to the Funds and 10% to the Lending Agent.
The Funds continue to own the loaned securities and continue to recognize unrealized gains and losses on the securities on loan. However, securities lending involves certain risks, including the event of default or insolvency of the borrower, which could delay or restrict a Fund's ability to recover the loaned securities or dispose of the collateral for the loan. Securities on loan are noted within the Statement of Investments. Non-cash securities lending collateral held by the Lending Agent on behalf of the Funds cannot be sold or repledged by the Funds and therefore, this amount is not presented on the Funds' Statements of Investments.
At April 30, 2021, the Funds did not have any securities on loan.
3. Agreements and Transactions with Affiliates
a. Investment Adviser
Under the Investment Advisory Agreement with the Trust, the Adviser manages the Funds in accordance with the policies and procedures established by the Board.
70 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
For services provided under the terms of the current Investment Advisory Agreement, each Fund pays the Adviser an annual management fee (as a percentage of its average daily net assets) paid monthly according to the following schedule:
Fund | Fee Schedule | ||||
Emerging Markets Debt Fund | Up to $500 million | 0.600% | |||
On $500 million and more | 0.550% | ||||
Global Absolute Return Strategies Fund | Up to $500 million | 0.600% | |||
$500 million up to $1 billion | 0.550% | ||||
On $1 billion and more | 0.500% | ||||
Intermediate Municipal Income Fund | Up to $250 million | 0.425% | |||
$250 million up to $1 billion | 0.375% | ||||
On $1 billion and more | 0.355% | ||||
Short Duration High Yield Municipal Fund | Up to $250 million | 0.650% | |||
On $250 million and more | 0.600% | ||||
Ultra Short Municipal Income Fund | Up to $2.5 billion | 0.500% | |||
On $2.5 billion and more | 0.450% |
The Adviser has engaged the services of affiliate Aberdeen Asset Managers Limited (on behalf of Emerging Markets Debt Fund and Global Absolute Return Strategies Fund) as subadviser (the "Subadviser") pursuant to subadvisory agreements. The Subadviser manages a portion of the applicable Fund's investments and have the responsibility for making all investment decisions for the portion of such Fund's assets they manage. Pursuant to the subadvisory agreement, the Adviser pays fees to the Subadviser, if any.
The Trust and Aberdeen have entered into a written contract ("Expense Limitation Agreement") limiting operating expenses for all classes of the Funds from exceeding the amounts listed in the tables below. For each Fund this contractual limitation may not be terminated before February 28, 2022 without the approval of the Trustees who are not "interested persons" of the Trust, as such term is defined by the 1940 Act (the "Independent Trustees"). For each Fund except the Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund, this limit excludes certain expenses, including any taxes, interest, brokerage fees, short-sale dividend expenses, acquired fund fees and expenses, Rule 12b-1 fees, administrative services fees, transfer agent out-of-pocket expenses for Class A shares, Class R shares and Institutional Service Class shares and extraordinary expenses. The Expense Limitation Agreement with respect to the Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund excludes certain expenses, including any interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses.
Fund | Limit | ||
Emerging Markets Debt Fund | 0.65% | ||
Global Absolute Return Strategies Fund* | 0.65% | ||
Intermediate Municipal Income Fund | 0.50% |
Fund | Class A Limit | Class A1 Limit | Class C Limit | Institutional Class Limit | |||||||||||
Short Duration High Yield Municipal Fund | 0.90 | % | – | 1.65% | 0.65% | ||||||||||
Ultra Short Municipal Income Fund | 0.70 | % | 0.70 | % | – | 0.45% |
Aberdeen may request and receive reimbursement from a Fund of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause a class to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser, and the payment of such reimbursement is approved by the Board on a quarterly basis (the "Reimbursement Requirements"). Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by Aberdeen is not permitted.
2021 Semi-Annual Report | 71 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
As of April 30, 2021, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements for each Fund, based on expenses reimbursed by Aberdeen would be:
Fund | Amount Fiscal Year 2018 (Expires 10/31/21) | Amount Fiscal Year 2019 (Expires 10/31/22) | Amount Fiscal Year 2020 (Expires 10/31/23) | Amount Six Months Ended April 30, 2021 (Expires 4/30/24) | Total* | |||||||||||
Emerging Markets Debt Fund | $ 80,039 | $ 206,464 | $ 229,330 | $ 109,119 | $ 624,952 | |||||||||||
Global Absolute Return Strategies Fund | 123,164 | 260,488 | 347,710 | 165,561 | 896,923 | |||||||||||
Intermediate Municipal Income Fund | 129,791 | 288,577 | 233,940 | 111,783 | 764,091 | |||||||||||
Short Duration High Yield Municipal Fund | 280,141 | 557,878 | 582,868 | 396,748 | 1,817,635 | |||||||||||
Ultra Short Municipal Income Fund | 1,157,542 | 2,481,831 | 2,517,221 | 1,494,871 | 7,651,465 |
* Amounts reported are due to expire throughout the respective 3-year expiration period presented above.
In accordance with the Funds' Expense Limitation Agreement and criteria, as described above, the Adviser did not recapture any expenses for which it previously reimbursed the Funds. Accordingly, at April 30, 2021, the Funds did not have liabilities payable to the Adviser for recapture of previously reimbursed expenses.
b. Fund Administration
Under the terms of the Fund Administration Agreement, Aberdeen provides various administrative and accounting services, including daily valuation of the Funds' shares, preparation of financial statements, tax returns, regulatory reports, and presentation of quarterly reports to the Board. For services provided pursuant to the Fund Administration Agreement, the Trust pays Aberdeen an annual fee of 0.08% based on the Trust's average daily net assets. The fee is then allocated proportionately among all funds within the Trust (including the Funds) in relation to the average daily net assets of each fund. This asset-based fee is subject to an annual minimum fee based on the number of funds served. Pursuant to a sub-administration agreement with Aberdeen, State Street Bank and Trust Company ("State Street") provides sub-administration services with respect to the Funds. Aberdeen pays State Street for providing such services.
c. Distributor and Shareholder Servicing
The Trust and Aberdeen Fund Distributors, LLC (the "Distributor") are parties to the current Underwriting Agreement (the "Underwriting Agreement") whereby the Distributor acts as principal underwriter for the Trust's shares.
The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to certain classes of shares. The Plan permits the Funds to compensate the Distributor, for expenses associated with the distribution-related and/or shareholder services provided by such entities. These fees are paid to the Distributor and are either kept or paid to shareholders' financial advisors or other intermediaries for distribution and shareholder services. Although actual distribution expenses may be more or less, under the Plan, the Funds pay the Distributor an annual fee of the following amounts, based on the total net assets of each, respective class:
Fund | Class A Shares | Class A1 Shares | Class C Shares (a) | Class R Shares (a) | ||||||||||
Emerging Markets Debt Fund | 0.25 | % | – | 1.00% | 0.50% | |||||||||
Global Absolute Return Strategies Fund | 0.25 | % | – | 1.00% | – | |||||||||
Intermediate Municipal Income Fund | 0.25 | % | – | 1.00% | – | |||||||||
Short Duration High Yield Municipal Fund | 0.25 | % | – | 1.00% | – | |||||||||
Ultra Short Municipal Income Fund | 0.25 | % | 0.25% | – | – |
(a) 0.25% of which is service fees.
The Adviser or an affiliate of the Adviser may pay additional amounts from its own resources to dealers or other financial intermediaries, for aid in distribution or for aid in providing administrative services to shareholders.
Pursuant to the current Underwriting Agreement, the Distributor will also receive the proceeds of contingent deferred sales charges ("CDSCs") of 1.00% imposed on certain redemptions of Class C (and up to 1.00% for certain Class A) shares.
72 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
The Distributor re-allows to dealer 2.50% of sales charges on Class A shares of the Emerging Markets Debt Fund and Global Absolute Return Strategies Fund; 2.00% of sales charges on Class A shares of the Intermediate Municipal Income Fund and Short Duration High Yield Municipal Fund; 0.50% of sales charges on Class A1 of the Ultra Short Municipal Income Fund. In addition, the Distributor or Adviser may compensate broker dealers or financial intermediaries for sales of Class C shares from its own resources at the rate of 1.00% on sales of Class C shares, which have a maximum CDSC of 1.00% (the CDSC assessed on sales within one year of purchase). The amount the Distributor retained for commissions from front-end sales charges and CDSC fees for the six-month period ended April 30, 2021 was as follows:
Fund | Commissions Retained from Front-End Sales Charges of Class A and Class A1 Shares | Commissions Retained from CDSC Fees of Class C (Certain Class A and Class A1) Shares | ||
Emerging Markets Debt Fund | $ – | $ – | ||
Global Absolute Return Strategies Fund | 46 | – | ||
Intermediate Municipal Income Fund | 17 | – | ||
Short Duration High Yield Municipal Fund | – | 1,790 | ||
Ultra Short Municipal Income Fund | – | – | ||
Total Retained | 60 | 1,790 |
d. | Administrative Services Fees/Transfer Agent Out-of-Pocket Expenses |
The Funds may pay and/or reimburse administrative services fees/transfer agent out-of-pocket expenses to certain broker-dealers and financial intermediaries who provide administrative support services to beneficial shareholders on behalf of the Funds (sometimes referred to as "sub-transfer agency fees"), subject to certain limitations approved by the Board. These fees may be in addition to Rule 12b-1 fees. Sub-transfer agency fees generally include, but are not limited to, costs associated with omnibus accounting, recordkeeping, networking, sub-transfer agency or other administrative or shareholder services.
Class A, Class A1, Class R and Institutional Service Class shares of the Funds pay for such services pursuant to an Administrative Services Plan adopted by the Board. Under the Administrative Services Plan, a Fund may pay a broker-dealer or other intermediary a maximum annual sub-transfer agent and administrative services fee of 0.25% for Class A, Class A1, Class R and Institutional Service Class shares. Under an amendment to the Administrative Services Plan that is in effect until at least February 28, 2022, the administrative service fee is limited to a maximum of 0.15% for contracts with fees that are calculated as a percentage of Fund assets and a maximum of $16 per account for contracts with fees that are calculated on a dollar per account basis. Class C and Institutional Class shares may also pay for the services described above directly, as these classes are not subject to an Administrative Services Plan.
The aggregate amount of sub-transfer agent and administrative service fees paid during the six-month period ended April 30, 2021 was as follows:
Fund | Class A | Class A1 | Class C | Class R | Institutional Service | Institutional | ||||||
Emerging Markets Debt Fund | $ 174 | $ – | $ 40 | $2,838 | $ 22 | $ 6,487 | ||||||
Global Absolute Return Strategies Fund | 354 | – | 205 | – | 4,912 | 1,942 | ||||||
Intermediate Municipal Income Fund | 389 | – | 48 | – | – | 2,240 | ||||||
Short Duration High Yield Municipal fund | 6,034 | – | 1 | – | – | 78,804 | ||||||
Ultra Short Municipal Income Fund | 69,114 | 7 | – | – | – | 307,083 |
Amounts listed as "–" are $0 or round to $0.
e. | Purchase/Sale Transactions Between Affiliates |
The Funds are permitted to buy or sell securities with funds that have a common investment adviser (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the Investment Company Act of 1940 ("Rule 17a-7"). During the six-month period ended April 30, 2021, the Funds did not engage in any of these trades.
2021 Semi-Annual Report | 73 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
4. Investment Transactions
Purchases and sales of securities (excluding short-term securities) for the six-month period ended April 30, 2021, were as follows:
Fund | Purchases | Sales | ||
Emerging Markets Debt Fund | $ 16,410,883 | $ 27,786,783 | ||
Global Absolute Return Strategies Fund | 11,051,702 | 13,578,655 | ||
Intermediate Municipal Income Fund | 17,413,928 | 21,783,244 | ||
Short Duration High Yield Municipal Fund | 139,368,904 | 110,799,273 | ||
Ultra Short Municipal Income Fund | 1,251,366,671 | 1,459,713,214 |
5. Portfolio Investment Risks
a. | Absolute Return Strategy Risk |
The Global Absolute Return Strategies Fund is subject to risks related to its absolute return strategy. Absolute return funds employ certain techniques that are intended to reduce risk and volatility in the portfolio and provide protection against a decline in the fund's assets. They are not designed to outperform stocks and bonds in strong markets and there is no guarantee of positive returns or that the Fund's objective will be achieved.
b. | Credit Default Swap Risk |
The Global Absolute Return Strategies Fund may buy or sell credit default swaps. Credit default swap contracts, a type of derivative instrument, particularly selling credit default swaps, involve special risks and may result in losses to the Fund.
c. | Cybersecurity Risk |
Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause each Fund, the Adviser and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.
d. | Derivatives Risk (including Options, Futures and Swaps) |
Certain Funds are subject to Derivatives Risk. Derivatives are speculative and may hurt the Fund's performance. The potential benefits to be derived from the Fund's options, futures and derivatives strategy are dependent upon the portfolio managers' ability to discern pricing inefficiencies and predict trends in these markets, which decisions could prove to be inaccurate.
Speculative Exposure Risk. To the extent that a derivative or practice is not used as a hedge, the Fund is directly exposed to its risks. Gains or losses from speculative positions in a derivative may be much greater than the derivative's original cost. For example, potential losses from writing uncovered call options and from speculative short sales are unlimited.
Hedged Exposure Risk. Losses generated by a derivative or practice used by the Fund for hedging purposes should be substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can also reduce or eliminate gains.
Correlation Risk. The Fund is exposed to the risk that changes in the value of a hedging instrument will not match those of the investment being hedged.
Counterparty Risk. Derivative transactions depend on the creditworthiness of the counterparty and the counterparty's ability to fulfill its contractual obligations.
Other Derivatives Risks. Fixed income derivatives are subject to interest rate risk. In addition, certain derivatives may be subject to illiquid securities risk, mispricing or valuation complexity, market risk and management risk. The Fund may need to sell portfolio securities at inopportune times to satisfy margin or payment obligations under derivatives investments. Changes in regulation relating to the Fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.
e. | Emerging Markets Risk |
The risks of investing in emerging market countries are a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging markets countries because the countries may have less stable governments, more volatile currencies and less established markets (see "Foreign Securities Risk" below).
74 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
f. | Equity Securities Risk |
The Global Absolute Return Strategies Fund may invest in equity securities. The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline).
g. | Fixed Income Securities Risk |
Fixed income securities are subject to, among other risks, credit risk, extension risk, issuer risk, interest rate risk, market risk and prepayment risk.
h. | Foreign Currency Exposure Risk |
The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact a Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.
i. | Foreign Securities Risk |
Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of a Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.
j. | High-Yield Bonds and Other Lower-Rated Securities Risk |
A Fund's investments in high-yield bonds (commonly referred to as "junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.
k. | Illiquid Securities Risk |
Illiquid securities are assets that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the asset. An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Illiquid securities and relatively less liquid securities may also be difficult to value. Over recent years, the capacity of dealers to make markets in fixed income securities has been outpaced by the growth in the size of the fixed income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, due to the increased supply in the market that would result from selling activity.
The Adviser employs procedures and tests using third-party and internal data inputs that seek to assess and manage the liquidity of a Fund's portfolio holdings. These procedures and tests take into account a Fund's investment strategy and liquidity of portfolio investments during both normal and foreseeable stressed conditions, cash-flow projections during both normal and reasonable foreseeable stressed conditions, relevant market, trading and other factors, and monitor whether liquidity should be adjusted based on changed market conditions. These procedures and tests are designed to assist a Fund in determining its ability to meet redemption requests in various market conditions. In light of the dynamic nature of markets, there can be no assurance that these procedures and tests will enable a Fund to ensure that it has sufficient liquidity to meet redemption requests.
l. | Impact of Large Redemptions and Purchases of Fund Shares |
Occasionally, shareholders may make large redemptions or purchases of Fund shares, which may cause a Fund to have to sell securities or invest additional cash. These transactions may adversely affect the Fund's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to a Fund until the sales of portfolio securities necessary to cover the redemption request settle.
2021 Semi-Annual Report | 75 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
m. | Interest Rate Risk |
Each Fund's fixed income investments are subject to interest rate risk, which generally causes the value of a fixed income portfolio to decrease when interest rates rise resulting in a decrease in each Fund's net assets. Each Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Interest rate fluctuations tend to have a greater impact on fixed income-securities with a greater time to maturity and/or lower coupon. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. In periods of market volatility, the market values of fixed income securities may be more sensitive to changes in interest rates.
n. | Issuer Risk |
The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.
o. | LIBOR Risk |
A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate ("LIBOR") as a "benchmark" or "reference rate" for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued or the regulator will announce that it is no longer sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offered Rate ("EURIBOR"), Sterling Overnight Interbank Average Rate ("SONIA") and Secured Overnight Financing Rate ("SOFR"), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.
p. | Management Risk |
Each Fund is subject to the risk that the Adviser or Subadviser (as applicable) may make poor security selections. The Adviser, Subadviser and their portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve the desired results for a Fund. In addition, the Adviser or Subadviser may select securities that underperform the relevant market or other funds with similar investment objectives and strategies.
q. | Market Risk |
Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in those markets in which a Fund invests.
The illness caused by a novel coronavirus (COVID-19) has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund's investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, including the Fund, are not known. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time.
r. | Municipal Securities Risk |
The Intermediate Municipal Income Fund, Short Duration High Yield Municipal Fund and Ultra Short Municipal Income Fund (the "Municipal Funds") are subject to municipal securities risk. Municipal bonds can be significantly affected by political and economic changes, including
76 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally lower for shorter-term municipal bonds and higher for long term municipal bonds.
Municipal Bond Tax Risk. A municipal bond that is issued as tax-exempt may later be declared to be taxable. In addition, if the federal income tax rate is reduced, the value of the tax exemption may be less valuable, causing the value of a municipal bond to decline.
Municipal Market Volatility and Illiquidity Risk. The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. During times of reduced market liquidity, a Fund may not be able to readily sell bonds without the sale significantly changing the market value of the bond. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds' prices.
Municipal Sector Risk. From time to time a Fund may invest a substantial amount of its assets in municipal securities whose interest is paid solely from revenues of similar projects. If the Fund concentrates its investments in this manner, it assumes the economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.
s. | Non-Diversified Fund Risk |
The Emerging Market Debt Fund's performance may be more volatile than a diversified fund because it may invest a greater percentage of its total assets in the securities of a single issuer.
t. | Non-Hedging Foreign Currency Trading Risk |
Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the Adviser's expectations may produce significant losses to certain Funds.
u. | Portfolio Turnover Risk |
Certain Funds may engage in active and frequent trading of portfolio securities to achieve its investment objective. High portfolio turnover may result in greater transaction costs which may reduce Fund performance. The sale of Fund portfolio securities may also result in greater realization and/or distribution to shareholders of gains or losses as compared to a fund with less active trading, which may include short-term gains taxable at ordinary income tax rates.
v. | Private Placements and Other Restricted Securities Risk |
The Emerging Markets Debt Fund and Short Duration High Yield Municipal Fund are subject to Private Placements Risk. Investments in private placements and other restricted securities, including Regulation S Securities and Rule 144A Securities, could have the effect of increasing the Fund's level of illiquidity. Private placements and restricted securities may be less liquid than other investments because such securities may not always be readily sold in broad public markets and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value.
w. | Puerto Rico and U.S. Territories Risk |
The Aberdeen Short Duration High Yield Municipal Fund is subject to Puerto Rico and U.S. territories risk to the extent that it invests in municipal obligations of such territories. Certain municipal issuers in Puerto Rico have experienced financial difficulties over recent years. These financial difficulties have been exacerbated by the impact of severe weather events, including Hurricane Maria in 2017. Additionally, all three ratings agencies have maintained a negative outlook on Puerto Rico's credit rating, which means that additional downgrades of securities issued by Puerto Rico are possible in the future. Puerto Rican financial difficulties could potentially lead to less liquidity for its bonds, wider spreads, and greater risk of default for Puerto Rican municipal securities, and consequently may affect the Fund's performance to the extent it invests in Puerto Rican municipal securities. As with Puerto Rican municipal securities, events in any of the other territories where the Fund is invested may affect the Fund's investments and its performance.
x. | Tender Option Bonds Risk |
The Municipal Funds are subject to Tender Option Bonds Risk. Tender option bonds are synthetic floating-rate or variable-rate securities issued when long-term bonds are purchased in the primary or secondary market and then deposited into a trust. Tender option bonds may be considered derivatives, and may expose the Fund to the same risks as investments in derivatives, as well as risks associated with leverage, especially the risk of increased volatility.
y. | Tobacco Related Bonds Risk |
The Aberdeen Short Duration High Yield Municipal Fund is subject to Tobacco Related Bonds Risk. In 1998, the largest U.S. tobacco manufacturers reached an out of court agreement, the MSA, to settle claims against them by 46 states and six other U.S. jurisdictions. The
2021 Semi-Annual Report | 77 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
tobacco manufacturers agreed to make annual payments to the government entities in exchange for the release of all litigation claims. A number of the states have sold bonds that are backed by those future payments. The Funds may invest in two types of those bonds: (i) bonds that make payments only from a state's interest in the MSA and (ii) bonds that make payments from both the MSA revenue and from an "appropriation pledge" by the state. An "appropriation pledge" requires the state to pass a specific periodic appropriation to make the payments and is generally not an unconditional guarantee of payment by a state. The settlement payments are based on factors, including, but not limited to, annual domestic cigarette shipments, cigarette consumption, inflation and the financial capability of participating tobacco companies. Payments could be reduced if consumption decreases, if market share is lost to non-MSA manufacturers, or if there is a negative outcome in litigation regarding the MSA.
z. | Sector Risk |
To the extent that a Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.
Financials Sector Risk. To the extent that the financials sector is represented by a significant portion of a Fund's portfolio, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets as well as cyber-attacks.
Municipal Sector Risk. From time to time a Fund may invest a substantial amount of its assets in municipal securities whose interest is paid solely from revenues of similar projects. If a Fund concentrates its investments in this manner, it assumes the economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.
aa. | Sovereign Debt Risk |
The Emerging Markets Debt Fund and Global Absolute Return Strategies Fund are subject to Sovereign Debt Risk. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of a foreign government's debt securities held by the Fund and impact an issuer's ability and willingness to pay interest or repay principal when due. The Fund may have limited recourse to compel payment in the event of a default. A foreign government's default on its debt securities may cause the value of securities held by the Fund to decline significantly.
bb. | U.S. Government Securities Risk |
Securities issued by U.S. Government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. The U.S. Government does not guarantee the net asset value of a Fund's shares.
cc. | Valuation Risk |
The price that a Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
dd. | Variable and Floating Rate Securities Risk |
Certain Funds are subject to Variable and Floating Rate Securities Risk. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. Variable rate demand obligations ("VRDOs") are floating rate securities that combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.
ee. | Yield Risk |
The Ultra Short Municipal Income Fund is subject to Yield Risk. The amount of income received by the Fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the Fund's expenses could absorb all or a significant portion of the Fund's income. If interest rates increase, the Fund's yield may not increase proportionately. For example, the Adviser may discontinue any temporary voluntary fee limitation or recoup amounts previously waived and/or reimbursed.
Please read the Funds' prospectus for more detailed information regarding these and other risks.
78 | 2021 Semi-Annual Report |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
6. Contingencies
In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds, and therefore, cannot be estimated; however, the Funds expect the risk of loss from such claims to be remote.
7. Tax Information
As of April 30, 2021, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:
Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||
Emerging Markets Debt Fund | $ 44,246,889 | $1,358,279 | $ (2,962,124 | ) | $(1,603,845 | ) | ||||||
Global Absolute Return Strategies Fund | 22,371,160 | 756,486 | (493,658 | ) | 262,828 | |||||||
Intermediate Municipal Income Fund | 59,662,797 | 4,653,371 | (47,499 | ) | 4,605,872 | |||||||
Short Duration High Yield Municipal Fund | 318,451,092 | 9,341,700 | (2,047,286 | ) | 7,294,414 | |||||||
Ultra Short Municipal Income Fund | 1,162,247,168 | 929,640 | (48,791 | ) | 880,849 |
The tax character of distributions paid during the fiscal year ended October 31, 2020 was as follows (total distributions paid may differ from the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid):
Distributions Paid From | |||||||||||||||||||
Fund | Ordinary Income* | Net Long Term Capital Gains* | Total Taxable Distributions | Tax Exempt Distributions | Return of Capital | Total Distributions Paid | |||||||||||||
Emerging Markets Debt Fund | $2,023,869 | $ – | $2,023,869 | $ – | $ – | $2,023,869 | |||||||||||||
Global Absolute Return Strategies Fund | 444,894 | – | 444,894 | – | – | 444,894 | |||||||||||||
Intermediate Municipal Income Fund | 5,378 | 98,884 | 104,262 | 1,960,534 | – | 2,064,796 | |||||||||||||
Short Duration High Yield Municipal Fund | 94,431 | – | 94,431 | 7,910,765 | – | 8,005,196 | |||||||||||||
Ultra Short Municipal Income Fund | 9,380 | – | 9,380 | 9,185,486 | – | 9,194,866 |
As of October 31, 2020, the components of accumulated earnings on a tax basis were as follows:
Fund | Undistributed Tax Exempt Income | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Accumulated Earnings | Distributions Payable | Late Year Ordinary and Post-October Capital Loss Deferrals | Other Temporary Differences | Unrealized Appreciation/ (Depreciation)* | Accumulated Capital and Other Losses** | Total Accumulated Earnings/ (Deficit) | |||||||
Emerging Markets Debt Fund | $ – | $1,288,463 | $ – | $ – | $ – | $ – | $(130,906 | ) | $(2,484,022 | ) | $(5,106,896 | ) | $(6,433,361 | ) | |||
Global Absolute Return Strategies Fund | – | 67,932 | – | – | – | – | (80 | ) | 498,029 | (295,675 | ) | 270,206 | |||||
Intermediate Municipal Income Fund | 5,026 | – | 106,844 | – | – | – | (10,227 | ) | 3,051,529 | – | 3,153,172 | ||||||
Short Duration High Yield Municipal Fund | 166,066 | – | – | – | – | – | (40,941 | ) | (1,949,974 | ) | (7,479,151 | ) | (9,304,000 | ) | |||
Ultra Short Municipal Income Fund | 4,615 | – | – | – | – | – | (17,255 | ) | (558,119 | ) | (339,529 | ) | (910,288 | ) |
* | The difference between the book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales. |
** | As of October 31, 2020, for Federal income tax purposes, these Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations, with no expiration. |
Amounts listed as "–" are $0 or round to $0.
2021 Semi-Annual Report | 79 |
Notes to Financial Statements (continued)
April 30, 2021 (Unaudited)
As of October 31, 2020, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the Treasury regulations.
Fund | Amount | Expires | ||||
Emerging Markets Debt Fund | $ 969,025 | Unlimited (Short-Term) | ||||
Emerging Markets Debt Fund | 4,137,871 | Unlimited (Long-Term) | ||||
Global Absolute Return Strategies Fund | 295,675 | Unlimited (Long-Term) | ||||
Short Duration High Yield Municipal Fund | 3,998,361 | Unlimited (Short-Term) | ||||
Short Duration High Yield Municipal Fund | 3,480,790 | Unlimited (Long-Term) | ||||
Ultra Short Municipal Income Fund | 339,529 | Unlimited (Short-Term) |
8. Significant Shareholders
As of April 30, 2021, the Funds had shareholders with the percentage ownership indicated, which are considered significant shareholders (holdings greater than 5.0%) for financial reporting purposes:
Fund | Record Ownership % | Number of Account Owners | ||||
Emerging Markets Debt Fund | 90.0% | 5 | ||||
Global Absolute Return Strategies Fund | 72.3 | 3 | ||||
Intermediate Municipal Income Fund | – | – | ||||
Short Duration High Yield Municipal Fund | 61.7 | 5 | ||||
Ultra Short Municipal Income Fund | 81.5 | 7 |
Amounts listed as "–" are $0 or round to $0.
9. Line of Credit
The Trust, on behalf of each of the funds of the Trust ( including the Funds) (the "Borrowers"), has entered into an agreement (the "Agreement") with State Street Bank and Trust Company (the "Bank"), subject to annual renewal. The Agreement provides for a revolving credit facility (the "Credit Facility") in the amount of $150,000,000 to be utilized for temporary or emergency purposes to fund shareholder redemptions or other short-term liquidity purposes.
The Funds are subject to an up-front fee of 2.5 basis points (0.025%) on the full facility amount, which was paid upon closing of the credit facility. Principal on each outstanding loan made under the Agreement bears interest at a variable rate per annum equal to the higher of (a) the Federal Funds Rate as in effect on that day (not less than zero) plus 1.25% or (b) the One-Month LIBOR as in effect on that day (not less than zero) plus 1.25%. In addition, the Borrowers shall pay to the Bank a commitment fee at the rate of 0.25% per annum on the daily unused portion of the Credit Facility, as applicable, which is allocated among the Borrowers in such manner as is determined by the Board to be reasonable. In 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement reference rate. As such, the potential effect of a transition away from LIBOR on the Fund's payment obligations under the revolving credit facility cannot yet be determined. For each Fund that borrowed under the Credit Facility during the six-month period ended April 30, 2021, the following table shows the average outstanding daily balance of the days the Fund utilized the Credit Facility and the average weighted interest rate paid by the Fund during the six-month period ended April 30, 2021.
Average Outstanding Daily Balance | Average Weighted Interest Rate | Days Utilized | |||||||
Emerging Markets Debt Fund | $ 1,831,617 | 1.40% | 8 | ||||||
Ultra Short Municipal Income Fund | 243,096 | 1.41% | 6 |
80 | 2021 Semi-Annual Report |
Notes to Financial Statements (concluded)
April 30, 2021 (Unaudited)
10. Recent Accounting Pronouncements
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. Management is assessing the impact of Rule 18f-4 on the Funds.
11. Subsequent Events
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2021, except as noted below.
On May 3, 2021, the Board approved an Agreement and Plan of Reorganization (the "Agreement") between Aberdeen Funds, on behalf of the Global Absolute Return Strategies Fund, and Aberdeen Investment Funds, on behalf of the Aberdeen Total Return Bond Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Aberdeen Total Return Bond Fund in exchange for corresponding shares of the Global Absolute Return Strategies Fund equal in value to the net assets of the Aberdeen Total Return Bond Fund on the day the reorganization is effective. Subject to approval by the shareholders of the Aberdeen Total Return Bond Fund, the reorganization is expected to take place by the end of October 2021.
The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the Global Absolute Return Strategies Fund, the Aberdeen Total Return Bond Fund or their shareholders.
2021 Semi-Annual Report | 81 |
Shareholder Expense Examples (Unaudited)
As a shareholder of the Aberdeen Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, transfer agent out-of-pocket expenses, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Aberdeen Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2020 and continued to hold your shares at the end of the reporting period, April 30, 2021.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Actual Expenses Paid During Period" for the class of a Fund that you own to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of a Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the information for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
Beginning Account Value, November 1, 2020 | Actual Ending Account Value, April 30, 2021 | Hypothetical Ending Account Value | Actual Expenses Paid During Period1 | Hypothetical Expenses Paid During Period12 | Annualized Expense Ratio** | |||||||||||
Emerging Markets Debt Fund | Class A | $1,000.00 | $1,054.50 | $1,019.74 | $5.20 | $5.11 | 1.02% | |||||||||
Class C | $1,000.00 | $1,053.40 | $1,016.61 | $8.40 | $8.25 | 1.65% | ||||||||||
Class R | $1,000.00 | $1,053.80 | $1,018.35 | $6.62 | $6.51 | 1.30% | ||||||||||
Institutional Service Class | $1,000.00 | $1,056.30 | $1,021.27 | $3.62 | $3.56 | 0.71% | ||||||||||
Institutional Class | $1,000.00 | $1,056.20 | $1,021.57 | $3.31 | $3.26 | 0.65% | ||||||||||
Global Absolute Return Strategies Fund | Class A | $1,000.00 | $1,025.20 | $1,020.03 | $4.82 | $4.81 | 0.96% | |||||||||
Class C | $1,000.00 | $1,021.40 | $1,016.61 | $8.27 | $8.25 | 1.65% | ||||||||||
Institutional Service Class | $1,000.00 | $1,026.60 | $1,020.93 | $3.92 | $3.91 | 0.78% | ||||||||||
Institutional Class | $1,000.00 | $1,026.70 | $1,021.57 | $3.27 | $3.26 | 0.65% | ||||||||||
Intermediate Municipal Income Fund | Class A | $1,000.00 | $1,031.80 | $1,021.03 | $3.83 | $3.81 | 0.76% | |||||||||
Class C | $1,000.00 | $1,028.10 | $1,017.36 | $7.54 | $7.50 | 1.50% | ||||||||||
Class R | $1,000.00 | $1,000.00 | $1,024.80 | $ – | $ – | – | ||||||||||
Institutional Service Class | $1,000.00 | $1,033.10 | $1,022.32 | $2.52 | $2.51 | 0.50% | ||||||||||
Institutional Class | $1,000.00 | $1,033.10 | $1,022.32 | $2.52 | $2.51 | 0.50% | ||||||||||
Short Duration High Yield Municipal Fund | Class A | $1,000.00 | $1,037.00 | $1,020.33 | $4.55 | $4.51 | 0.90% | |||||||||
Class C3 | $1,000.00 | $1,047.30 | $1,018.79 | $6.14 | 4 | $6.06 | 4 | 1.21% | ||||||||
Institutional Class | $1,000.00 | $1,038.30 | $1,021.57 | $3.29 | $3.26 | 0.65% | ||||||||||
Ultra Short Municipal Income Fund | Class A | $1,000.00 | $1,001.10 | $1,021.77 | $3.03 | $3.06 | 0.61% | |||||||||
Class A1 | $1,000.00 | $1,001.10 | $1,021.82 | $2.98 | $3.01 | 0.60% | ||||||||||
Institutional Class | $1,000.00 | $1,001.90 | $1,022.56 | $2.23 | $2.26 | 0.45% |
** | The expense ratio presented represents a six-month, annualized ratio. |
1 | Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). |
2 | Represents the hypothetical 5% return before expenses. |
3 | Information shown reflects values using the expense ratios and rates of return for the period December 21, 2020 (commencement of operations) to April 30, 2021. |
4 | Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period multiplied by 131/365 (to reflect the commencement of operations to period end). |
82 | 2021 Semi-Annual Report |
Liquidity Risk Management Program (Unaudited)
The Funds have adopted and implemented a liquidity risk management program (the "Liquidity Program") consistent with the requirements of Rule 22e-4 under the 1940 Act (the "Liquidity Rule"). "Liquidity Risk" is defined as the risk that a fund could not meet redemption requests "without significant dilution of remaining investors' interests in the fund." Aberdeen Standard Investments Inc., the investment adviser and administrator to the Funds, has been approved and designated by the Board of Trustees (the "Board") as the administrator of the Liquidity Program (the "Administrator") and has retained a third party to perform certain functions, including liquidity analytics and providing market data. The Administrator has formed a Liquidity Risk Management Committee (the "Committee") to help implement and carry out the day-to-day operations of the Liquidity Program.
As required by the Liquidity Rule, at a meeting on March 17, 2021, the Board received a written annual report on the operation and effectiveness of the Liquidity Program for the period from February 1, 2020 to January 31, 2021 (the "Reporting Period"). The annual report provided, among other items, an overview of the Liquidity Program including:
• | information regarding the Committee and the monthly discussions by the Committee of various items including, but not limited to, the following: |
o | Review and analysis of appropriate liquidity categories for portfolio investments |
o | Review of highly liquid investment minimum ("HLIM") and reasonably anticipated trading sizes ("RATS") |
o | Review of current and upcoming market events, such as market closures, that may impact liquidity |
o | Review of large shareholder concentrations that may impact liquidity in the event of redemption |
• | the monitoring and classification of portfolio holdings in four liquidity categories (including the operation of the HLIM and any breaches); and |
• | enhancements to the Liquidity Program during the Reporting Period, which included: |
o | monthly liquidity reports being provided to portfolio managers |
o | evaluation and change in the RATS of Aberdeen Emerging Markets Fund based on shareholder concentration and the nature of securities held in the fund's portfolio |
o | changes to the Liquidity Program to address regulatory guidance relating to the closure of a foreign securities market for seven or more calendar days due to a foreign holiday. |
The annual report concluded that the Liquidity Program was reasonably designed to assess and manage the Funds' Liquidity Risk pursuant to the Liquidity Rule.
There can be no assurance that the Liquidity Program will achieve its objectives under all circumstances in the future. Please refer to your Fund's Prospectus and Statement of Additional Information for more information regarding the risks of investing in a Fund, including a Fund's exposure to liquidity risk and other risks to which the Funds may be subject.
2021 Semi-Annual Report | 83 |
Management Information
Trustees
Radhika Ajmera
Stephen Bird
P. Gerald Malone, Chairman
Neville J. Miles
Rahn K. Porter
Steven N. Rappaport
Warren C. Smith
Investment Adviser
Aberdeen Standard Investments Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
Fund Administrator
Aberdeen Standard Investments Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
Transfer Agent
DST Asset Manager Solutions, Inc.
430 W. 7th Street, Ste. 219534
Kansas City, MO 64105-1407
Distributor
Aberdeen Fund Distributors LLC
1900 Market Street, Suite 200
Philadelphia, PA 19103
Sub-Administrator, Custodian & Fund Accountant
State Street Bank and Trust Company
1 Lincoln Street
Boston, MA 02111
Independent Registered Public Accounting Firm
KPMG LLP
1601 Market Street
Philadelphia, PA 19103
Fund Counsel
Dechert LLP
1900 K Street N.W.
Washington, DC 20006
Aberdeen Standard Investments Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
aberdeenstandard.com/us
AOE-0143-SAR
Item 2. Code of Ethics.
Not applicable – for annual reports only.
Item 3. Audit Committee Financial Expert.
Not applicable – for annual reports only.
Item 4. Principal Accountant Fees and Services.
Not applicable – for annual reports only.
Item 5. Audit Committee of Listed Registrants.
Not applicable – for annual reports only.
Item 6. Investments.
(a) Included as part of the Reports to Shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
During the period ended April 30, 2021, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d15(b)).
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable.
(a)(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Aberdeen Funds
By: | /s/ Bev Hendry |
Bev Hendry
Principal Executive Officer of
Aberdeen Funds
Date: July 8, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Bev Hendry |
Bev Hendry
Principal Executive Officer of
Aberdeen Funds
Date: July 8, 2021
By: | /s/Andrea Melia |
Andrea Melia
Principal Financial Officer of
Aberdeen Funds
Date: July 8, 2021