Aberdeen Investment Funds NPORT-P Aberdeen Select International Equity Fund (Jan 2020 report)

Statement of Investments

January 31, 2020 (Unaudited)

Aberdeen Select International Equity Fund

	Shares		Value
COMMON STOCKS (105.1%)
AUSTRALIA (2.8%)
Consumer Staples (2.8%)
Treasury Wine Estates Ltd.(a)		450,552	$	3,870,041
BELGIUM (2.1%)
Consumer Staples (2.1%)
Anheuser-Busch InBev SA(a)		38,186		2,880,752
CANADA (4.8%)
Consumer Discretionary (2.5%)
Restaurant Brands International, Inc.		57,340		3,498,286
Consumer Staples (2.3%)
Alimentation Couche-Tard, Inc., Class B		96,800		3,235,200
				6,733,486
CHINA (11.4%)
Communication Services (2.0%)
Tencent Holdings Ltd.(a)		58,200		2,775,568
Consumer Discretionary (7.0%)
Alibaba Group Holding Ltd., ADR(b)		23,784		4,913,536
Shenzhou International Group Holdings Ltd.(a)		359,100		4,747,237
				9,660,773
Financials (2.4%)
Ping An Insurance Group Co. of China Ltd., H Shares(a)		295,000		3,335,816
				15,772,157
DENMARK (3.2%)
Health Care (3.2%)
Novo Nordisk AS, Class B(a)		71,972		4,381,054
FRANCE (14.4%)
Communication Services (4.2%)
Ubisoft Entertainment SA(a)(b)		32,055		2,431,100
Vivendi SA(a)		125,134		3,422,323
				5,853,423
Energy (2.6%)
TOTAL SA(a)		74,002		3,603,209
Financials (2.0%)
AXA SA(a)		106,065		2,820,433
Industrials (5.6%)
Alstom SA(a)		66,200		3,508,617
Vinci SA(a)		38,400		4,254,299
				7,762,916
				20,039,981

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Select International Equity Fund

GERMANY (7.1%)
Real Estate (3.5%)
Vonovia SE(a)	84,400	$	4,817,223
Utilities (3.6%)
RWE AG(a)	144,300		5,002,473
			9,819,696
HONG KONG (2.6%)
Financials (2.6%)
AIA Group Ltd.(a)	362,200		3,589,020
INDONESIA (2.2%)
Financials (2.2%)
Bank Rakyat Indonesia Persero Tbk PT(a)	9,635,500		3,132,547
ISRAEL (5.0%)
Information Technology (5.0%)
NICE Ltd.(a)(b)	40,037		6,900,922
ITALY (6.6%)
Industrials (2.8%)
Prysmian SpA(a)	174,537		3,871,594
Utilities (3.8%)
Enel SpA(a)	608,500		5,303,877
			9,175,471
JAPAN (10.8%)
Consumer Discretionary (2.3%)
Sony Corp.(a)	45,500		3,181,671
Consumer Staples (2.0%)
Welcia Holdings Co. Ltd.(a)	51,100		2,806,088
Health Care (6.5%)
Asahi Intecc Co. Ltd.(a)	228,800		6,304,046
Shionogi & Co. Ltd.(a)	45,500		2,706,071
			9,010,117
			14,997,876
LATVIA (0.0%)
Financials (0.0%)
AS Parex Banka(b)(c)(d)(e)	1,424,182		2
NETHERLANDS (5.8%)
Financials (2.2%)
ASR Nederland NV(a)	81,176		3,020,484
Materials (3.6%)
Koninklijke DSM NV(a)	41,096		5,001,609
			8,022,093

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Select International Equity Fund

NORWAY (3.2%)
Consumer Staples (3.2%)
Mowi ASA(a)	188,845	$	4,504,285
POLAND (1.5%)
Consumer Staples (1.5%)
Dino Polska SA(a)(b)(f)	48,537		2,031,936
SWEDEN (3.3%)
Industrials (3.3%)
Assa Abloy AB, Class B(a)	105,047		2,493,425
Sandvik AB(a)	114,300		2,086,168
			4,579,593
SWITZERLAND (6.3%)
Consumer Staples (3.4%)
Nestle SA(a)	42,710		4,710,597
Financials (2.9%)
Zurich Insurance Group AG(a)	9,571		3,973,091
			8,683,688
UNITED KINGDOM (11.0%)
Communication Services (2.2%)
Cineworld Group PLC(a)	1,320,487		3,082,147
Health Care (2.9%)
Genus PLC(a)	97,605		3,965,138
Industrials (5.9%)
BAE Systems PLC(a)	595,861		4,953,366
RELX PLC(a)	124,676		3,300,292
			8,253,658
			15,300,943
UNITED STATES (1.0%)
Financials (1.0%)
Burford Capital Ltd.(a)	164,500		1,366,346
Total Common Stocks			145,781,889
PREFERRED STOCKS (1.6%)
BRAZIL (1.6%)
Financials (1.6%)
Banco Bradesco SA, Preferred Shares	290,600		2,231,783
Total Preferred Stocks			2,231,783
SHORT-TERM INVESTMENT (0.3%)
UNITED STATES (0.3%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.52%(g)	403,574		403,574
Total Short-Term Investment			403,574

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Select International Equity Fund

Total Investments    (Cost $145,440,159) —107.0%		148,417,246
Liabilities in Excess of Other Assets—(7.0)%		(9,732,964	)
Net Assets—100.0%	$	138,684,282

(a)	Fair Values are determined pursuant to procedures approved by the Fund’s Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note 1(a) of the accompanying Notes to Statements of Investments.
(b)	Non-income producing security.
(c)	The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of January 31, 2020.
(d)	Illiquid security.
(e)	Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments.
(f)	Denotes a security issued under Regulation S or Rule 144A.
(g)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2020.
ADR	American Depositary Receipt
PLC	Public Limited Company

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2020 (Unaudited)

Aberdeen Global Equity Impact Fund

	Shares		Value
COMMON STOCKS (102.9%)
AUSTRALIA (4.0%)
Industrials (2.0%)
Cleanaway Waste Management Ltd.(a)		954,300	$	1,288,850
Real Estate (2.0%)
Goodman Group, REIT(a)		130,200		1,288,968
				2,577,818
BELGIUM (3.3%)
Materials (3.3%)
Umicore SA(a)		46,800		2,154,829
BRAZIL (3.5%)
Consumer Discretionary (1.6%)
YDUQS Part		81,100		998,174
Financials (1.9%)
Banco Bradesco SA		169,680		1,242,112
				2,240,286
CHINA (3.5%)
Financials (2.3%)
Ping An Insurance Group Co. of China Ltd., H Shares(a)		133,500		1,509,598
Health Care (1.2%)
Wuxi Biologics Cayman, Inc.(a)(b)(c)		61,500		777,844
				2,287,442
DENMARK (6.8%)
Health Care (2.4%)
Novo Nordisk AS, Class B(a)		25,600		1,558,314
Industrials (2.1%)
Vestas Wind Systems AS(a)		13,500		1,340,111
Utilities (2.3%)
Orsted AS(a)(b)		13,400		1,461,561
				4,359,986
FRANCE (5.7%)
Health Care (1.1%)
Orpea(a)		5,400		703,050
Industrials (4.6%)
Alstom SA(a)		41,700		2,210,110
Schneider Electric SE(a)		7,900		787,839
				2,997,949
				3,700,999

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global Equity Impact Fund

GERMANY (3.0%)
Information Technology (1.3%)
Infineon Technologies AG(a)	38,800	$	833,538
Materials (1.7%)
Covestro AG(a)(b)	26,400		1,112,570
			1,946,108
HONG KONG (2.2%)
Financials (2.2%)
AIA Group Ltd.(a)	144,400		1,430,852
INDONESIA (2.5%)
Financials (2.5%)
Bank Rakyat Indonesia Persero Tbk PT(a)	4,897,800		1,592,298
KENYA (3.6%)
Communication Services (3.6%)
Safaricom PLC	7,637,000		2,333,739
NETHERLANDS (3.4%)
Information Technology (1.4%)
ASML Holding NV(a)	3,300		926,102
Materials (2.0%)
Koninklijke DSM NV(a)	10,600		1,290,079
			2,216,181
NORWAY (2.2%)
Communication Services (2.2%)
Telenor ASA(a)	77,700		1,404,120
SOUTH KOREA (2.5%)
Information Technology (2.5%)
Samsung SDI Co. Ltd.(a)	7,200		1,638,994
TAIWAN (1.9%)
Industrials (1.9%)
Voltronic Power Technology Corp.(a)	51,200		1,229,578
UNITED KINGDOM (15.7%)
Consumer Discretionary (2.3%)
Countryside Properties PLC(b)	233,800		1,506,616
Financials (0.9%)
ASA International Group PLC(b)	155,100		573,467
Health Care (5.4%)
Clinigen Healthcare Ltd.(c)	151,300		1,935,981
GlaxoSmithKline PLC(a)	65,900		1,547,293
			3,483,274
Industrials (5.4%)
John Laing Group PLC(a)(b)	416,700		1,949,037

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global Equity Impact Fund

RELX PLC(a)	57,900	$	1,536,192
			3,485,229
Materials (1.7%)
DS Smith PLC(a)	246,900		1,106,969
			10,155,555
UNITED STATES (39.1%)
Consumer Discretionary (1.8%)
Chegg, Inc.(c)	27,900		1,150,317
Health Care (8.7%)
HMS Holdings Corp.(c)	50,300		1,374,196
Merck & Co., Inc.	19,500		1,666,080
UnitedHealth Group, Inc.	9,500		2,588,275
			5,628,551
Industrials (2.3%)
Ingersoll-Rand PLC	11,200		1,492,176
Information Technology (11.7%)
Accenture PLC, Class A	7,800		1,600,638
Autodesk, Inc.(c)	5,700		1,122,045
Mastercard, Inc., Class A	8,700		2,748,678
salesforce.com, Inc.(c)	11,500		2,096,565
			7,567,926
Real Estate (9.5%)
American Tower Corp., REIT	5,000		1,158,700
Equinix, Inc., REIT	4,200		2,476,866
Prologis, Inc., REIT	27,200		2,526,336
			6,161,902
Utilities (5.1%)
American Water Works Co., Inc.	9,300		1,266,660
NextEra Energy, Inc.	7,600		2,038,320
			3,304,980
			25,305,852
Total Common Stocks			66,574,637
Total Investments    (Cost $59,201,959) —102.9%			66,574,637
Liabilities in Excess of Other Assets—(2.9)%			(1,861,963	)
Net Assets—100.0%		$	64,712,674

(a) Fair Values are determined pursuant to procedures approved by the Fund’s Board of Trustees. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note 1(a) of the accompanying Notes to Statements of Investments.

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

(c) Non-income producing security.

PLC   Public Limited Company

REIT   Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

	Shares or Principal Amount		Value (US$)
ASSET-BACKED SECURITIES (8.9%)
UNITED STATES (8.9%)
American Express Credit Account Master Trust, Series 2017-3, Class A, ABS (USD), 1.77%, 11/15/2022	$	918,000	$	918,165
AmeriCredit Automobile Receivables Trust 2018-2, Series 2018-2, Class A2A, ABS (USD), 2.86%, 11/18/2021		237,682		237,943
BMW Vehicle Lease Trust, Series 2017-2, Class A3, ABS (USD), 2.07%, 10/20/2020		133,473		133,487
Citibank Credit Card Issuance Trust, Series 2017-A3, Class A3, ABS (USD), 1.92%, 04/07/2022		815,000		815,326
CNH Equipment Trust, Series 2017-A, Class A3, (USD), 2.07%, 05/16/2022		351,901		352,254
Daimler Trucks Retail Trust, Series 2018-1, Class A4, ABS (USD), 3.03%, 11/15/2024 (a)		1,005,000		1,013,893
Ford Credit Floorplan Master Owner Trust A, Series 2019-3, Class A1, ABS (USD), 2.23%, 09/15/2024		970,000		984,397
GM Financial Automobile Leasing Trust 2018-3, Series 2018-3, Class C, ABS (USD), 3.70%, 07/20/2022		1,173,000		1,191,333
Hertz Vehicle Financing LLC 2018-3, Series 2018-3A, Class A, ABS, (USD), 4.03%, 07/25/2024 (a)		957,000		1,016,692
Honda Auto Receivables 2019-3 Owner Trust, Series 2019-3, Class A2, ABS (USD), 1.90%, 04/15/2022		866,000		867,951
John Deere Owner Trust, Series 2017-B, Class A3, (USD), 1.82%, 10/15/2021		429,547		429,409
Nissan Auto Lease Trust, Series 2019-B, Class A2A, ABS (USD), 2.27%, 10/15/2021		574,000		576,071
SLM Student Loan Trust
Series 2011-2, Class A1, (USD), 1M USD LIBOR + 0.600%, 2.26%, 11/25/2027 (b)		301,603		302,144
Series 2013-2, Class A, (USD), 1M USD LIBOR + 0.450%, 2.11%, 06/25/2043 (b)		988,279		973,922
SLM Student Loan Trust 2012-3, Series 2012-3, Class A, ABS, (USD), 1M USD LIBOR + 0.650%, 2.31%, 12/27/2038 (b)		877,996		866,598
Synchrony Credit Card Master Note Trust, Series 2015-1, Class A, (USD), 2.37%, 03/15/2023		762,000		762,568
Tesla Auto Lease Trust, Series 2018-A, Class D, ABS (USD), 3.30%, 05/20/2020 (a)		928,000		928,557
Tesla Auto Lease Trust 2019-A
Series 2019-A, Class A2, ABS (USD), 2.13%, 04/20/2022 (a)		874,000		878,299
Series 2019-A, Class D, ABS (USD), 3.37%, 01/20/2023 (a)		637,000		644,227
Towd Point Mortgage Trust 2018-4, Series 2018-4, Class A1, ABS, (USD), 3.00%, 06/25/2058 (a)(b)		642,661		662,845
Towd Point Mortgage Trust 2018-6, Series 2018-6, Class A1A, ABS, (USD), 3.75%, 03/25/2058 (a)(b)		818,201		847,349
Towd Point Mortgage Trust 2019-3, Series 2019-3, Class M2, ABS (USD), 4.25%, 02/25/2059 (a)(b)		754,557		816,670
Towd Point Mortgage Trust 2019-4, Series 2019-4, Class A1, ABS (USD), 2.90%, 10/25/2059 (a)(b)		727,651		747,648
				16,967,748
Total Asset-Backed Securities				16,967,748
COMMERCIAL MORTGAGE-BACKED SECURITIES (10.0%)
UNITED STATES (10.0%)
BANK 2018-BNK11, Series 2018-BN11, Class C (USD), 4.53%, 03/15/2061 (b)		460,000		499,766
BX Trust 2019-OC11, Series 2019-OC11, Class A (USD), 3.20%, 12/09/2041 (a)		878,707		943,814
Citigroup Commercial Mortgage Trust 2016-C3, Series 2016-C3, Class B (USD), 3.67%, 11/15/2049 (b)		652,000		685,640

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

COMM 2014-LC15 Mortgage Trust, Series 2014-LC15, Class B, (USD), 4.60%, 04/10/2047 (b)	$	521,826	$	560,623
COMM 2019-GC44 Mortgage Trust, Series 2019-GC44, Class C (USD), 3.65%, 08/15/2057 (b)		589,206		603,000
CSAIL 2016-C7 Commercial Mortgage Trust, Series 2016-C7, Class C, (USD), 4.53%, 11/15/2049 (b)		741,000		767,648
Federal Home Loan Mortgage Corp., Series 2017-DNA1, Class M2, CMO (USD), 1M USD LIBOR + 3.250%, 4.91%, 07/25/2029 (b)		749,000		795,167
Federal National Mortgage Association, Series 2016-C02, Class 1M2, CMO (USD), 1M USD LIBOR + 6.000%, 7.66%, 09/25/2028 (b)		816,800		899,355
FREMF Mortgage Trust, Series 2018-K85, Class C (USD), 4.47%, 11/25/2028 (a)(b)		608,000		652,869
JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX, Series 2012-CBX, Class AS (USD), 4.27%, 06/15/2045		1,029,000		1,079,360
JP Morgan Mortgage Trust 2015-IVR2, Series 2015-IVR2, Class A5, CMO, (USD), 2.79%, 01/25/2045 (a)(b)		595,813		596,206
JP Morgan Mortgage Trust 2017-2, Series 2017-2, Class B3, CMO (USD), 3.72%, 05/25/2047 (a)(b)		982,165		1,019,010
JP Morgan Mortgage Trust 2019-9, Series 2019-9, Class B3, CMO (USD), 3.95%, 05/25/2050 (a)(b)		937,252		971,554
JPMDB Commercial Mortgage Securities Trust 2019-COR6, Series 2019-COR6, Class AS (USD), 3.41%, 11/13/2052		976,000		1,050,173
Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5, Series 2012-C5, Class B, (USD), 4.44%, 08/15/2045 (b)		787,000		824,984
Morgan Stanley Capital I Trust, Series 2017-CLS, Class A (USD), 2.38%, 11/15/2034 (a)(b)		881,000		880,204
New Residential Mortgage Loan Trust 2019-2, Series 2019-2A, Class A1, CMO, (USD), 4.25%, 12/25/2057 (a)(b)		632,136		667,354
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Series 2005-WF1, Class 1A1, CMO, (USD), 5.69%, 03/25/2035 (b)		271,691		291,641
Sequoia Mortgage Trust 2018-CH4, Series 2018-CH4, Class A13, CMO, (USD), 4.50%, 10/25/2048 (a)(b)		816,250		851,709
SFAVE Commercial Mortgage Securities Trust
Series 2015-5AVE, Class C (USD), 4.53%, 01/05/2043 (a)(b)		870,000		873,962
Series 2015-5AVE, Class D (USD), 4.53%, 01/05/2043 (a)(b)		562,000		554,393
UBS Commercial Mortgage Trust 2017-C6, Series 2017-C6, Class C (USD), 4.60%, 12/15/2050 (b)		547,000		595,064
Wells Fargo Commercial Mortgage Trust 2014-LC16, Series 2014-LC16, Class B (USD), 4.32%, 08/15/2050		680,000		715,685
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class B (USD), 3.71%, 03/15/2045 (b)		747,000		777,184
Series 2012-C10, Class AS, (USD), 3.24%, 12/15/2045		996,000		1,022,907
				19,179,272
Total Commercial Mortgage-Backed Securities				19,179,272
NON-AGENCY MORTGAGE-BACKED SECURITIES (5.5%)
UNITED STATES (5.5%)
CHL Mortgage Pass-Through Trust, Series 2005-21, Class A2 (USD), 5.50%, 10/25/2035		328,545		298,359
Citigroup Mortgage Loan Trust, Series 2005-11, Class A3 (USD), 1 year CMT + 2.400%, 4.19%, 11/25/2035 (b)		222,078		225,713
Flagstar Mortgage Trust, Series 2017-2, Class B2, (USD), 4.11%, 10/25/2047 (a)(b)		1,198,734		1,252,847
GSR Mortgage Loan Trust, Series 2005-6F, Class 1A6 (USD), 5.25%, 07/25/2035		318,887		335,277
IndyMac INDA Mortgage Loan Trust, Series 2005-AR2, Class 3A1 (USD), 3.87%, 01/25/2036 (b)		400,092		373,486
JP Morgan Mortgage Trust
Series 16-1, Class A13 (USD), 3.50%, 05/25/2046 (a)(b)		549,977		551,987

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

Series 2005-A5, Class 2A2 (USD), 4.42%, 08/25/2035 (b)	$	353,147	$	370,426
Series 2006-S1, Class 2A6 (USD), 6.00%, 04/25/2036		454,952		476,950
Series 2014-IVR3, Class 3A1 (USD), 2.66%, 09/25/2044 (a)(b)		346,730		345,874
Series 2016-5, Class A1 (USD), 2.67%, 12/25/2046 (a)(b)		450,866		451,491
Series 2017-1, Class A3, (USD), 3.50%, 01/25/2047 (a)(b)		39		41
Series 2018-6, Class B2 (USD), 3.96%, 12/25/2048 (a)(b)		975,958		1,028,685
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, (USD), 4.00%, 03/25/2057 (a)(b)		650,390		688,510
PHH Mortgage Trust, Series 2008-CIM1, Class 21A1 (USD), 6.00%, 05/25/2038		506,725		515,388
Sequoia Mortgage Trust
Series 2017-CH1, Class A13, (USD), 4.00%, 08/25/2047 (a)(b)		595,833		629,741
Series 2017-CH2, Class A13 (USD), 4.00%, 12/25/2047 (a)(b)		902,867		953,764
Structured Asset Securities Corp., Series 2004-18H, Class A5 (USD), 4.75%, 10/25/2034		640,314		675,519
Thornburg Mortgage Securities Trust
Series 2007-4, Class 2A1 (USD), 3.93%, 09/25/2037 (b)		333,709		335,487
Series 2007-4, Class 3A1 (USD), 4.01%, 09/25/2037 (b)		17,573		17,641
WaMu Mortgage Pass Through Certificates, Series 2005-AR7, Class A3 (USD), 4.29%, 08/25/2035 (b)		375,533		379,199
WinWater Mortgage Loan Trust, Series 2015-2, Class B3, (USD), 3.92%, 02/20/2045 (a)(b)		598,497		619,845
				10,526,230
Total Non-Agency Mortgage-Backed Securities				10,526,230
CORPORATE BONDS (20.5%)
CANADA (0.3%)
Diversified Telecommunication Services (0.3%)
Rogers Communications, Inc. (USD), 3.70%, 11/15/2049		535,000		569,337
CHINA (0.4%)
Internet (0.4%)
Tencent Holdings Ltd. (USD), 3.58%, 04/11/2026 (a)		750,000		797,889
DENMARK (0.5%)
Commercial Banks (0.5%)
Danske Bank AS (USD), 5.00%, 01/12/2022 (a)		945,000		995,639
ITALY (0.5%)
Commercial Banks (0.5%)
UniCredit SpA (USD), 6.57%, 01/14/2022 (a)		932,000		1,002,846
NETHERLANDS (0.5%)
Semiconductors (0.5%)
NXP BV / NXP Funding LLC (USD), 5.35%, 03/01/2026 (a)		787,000		908,077
SUPRANATIONAL (1.5%)
Supranational (1.5%)
International Bank for Reconstruction & Development, Series GDIF (CAD), 1.80%, 07/26/2024		3,674,000		2,794,838
UNITED KINGDOM (2.6%)
Commercial Banks (2.0%)
HSBC Holdings PLC, (fixed rate to 09/12/2025, variable rate thereafter) (USD), 4.29%, 09/12/2026		1,545,000		1,693,441

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

Lloyds Banking Group PLC (USD), 3.90%, 03/12/2024	$	1,000,000	$	1,069,087
Royal Bank of Scotland Group PLC, (fixed rate to 03/22/2024, variable rate thereafter) (USD), 4.27%, 03/22/2025		1,043,000		1,120,469
				3,882,997
Diversified Telecommunication Services (0.6%)
Vodafone Group PLC (USD), 4.88%, 06/19/2049		890,000		1,064,629
				4,947,626
UNITED STATES (14.2%)
Aerospace & Defense (0.4%)
United Technologies Corp. (USD), 6.05%, 06/01/2036		551,000		770,741
Auto Manufacturers (1.0%)
Ford Holdings LLC (USD), 9.30%, 03/01/2030		930,000		1,215,847
General Motors Co. (USD), 5.40%, 04/01/2048		595,000		637,756
				1,853,603
Beverages (0.3%)
PepsiCo, Inc. (USD), 2.88%, 10/15/2049		535,000		541,062
Chemicals (0.3%)
Sherwin-Williams Co. (USD), 3.95%, 01/15/2026		540,000		586,390
Commercial Banks (1.8%)
Bank of America Corp., (fixed rate to 10/22/2030, variable rate thereafter) (USD), 2.88%, 10/22/2030		1,565,000		1,623,638
Citigroup, Inc., (fixed rate to 11/05/2029, variable rate thereafter) (USD), 2.98%, 11/05/2030		756,000		784,545
JPMorgan Chase & Co., (fixed rate to 04/23/2028, variable rate thereafter) (USD), 4.01%, 04/23/2029		1,016,000		1,135,945
				3,544,128
Computers & Peripherals (0.8%)
Apple, Inc. (USD), 3.85%, 05/04/2043		1,315,000		1,525,480
Diversified Financial Services (0.6%)
American Express Co. (USD), 3.40%, 02/27/2023		1,080,000		1,130,777
Diversified Telecommunication Services (0.6%)
Verizon Communications, Inc. (USD), 3.88%, 02/08/2029		1,112,000		1,252,904
Electric Utilities (2.4%)
AEP Texas, Inc., Series H (USD), 3.45%, 01/15/2050		790,000		834,558
Entergy Texas, Inc. (USD), 3.55%, 09/30/2049		540,000		590,437
Mississippi Power Co. (USD), 3.95%, 03/30/2028		560,000		623,159
PSEG Power LLC (USD), 5.13%, 04/15/2020		480,000		483,017
Public Service Co. of Colorado, Series 34 (USD), 3.20%, 03/01/2050		650,000		688,010
Sempra Energy (USD), 2.40%, 02/01/2020		1,320,000		1,320,000
				4,539,181
Energy Equipment & Services (0.8%)
Western Midstream Operating LP
(USD), 3.10%, 02/01/2025		336,000		337,962
(USD), 4.65%, 07/01/2026		1,070,000		1,120,880
				1,458,842

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

Healthcare Providers & Services (1.3%)
Laboratory Corp. of America Holdings (USD), 2.95%, 12/01/2029	$	1,049,000	$	1,070,989
Quest Diagnostics, Inc. (USD), 3.45%, 06/01/2026		1,240,000		1,335,044
				2,406,033
Oil, Gas & Consumable Fuels (0.3%)
Occidental Petroleum Corp. (USD), 3.20%, 08/15/2026		590,000		608,740
Pharmaceutical (1.1%)
AbbVie, Inc. (USD), 4.25%, 11/21/2049 (a)		650,000		706,442
CVS Health Corp. (USD), 6.25%, 06/01/2027		1,105,000		1,340,621
				2,047,063
Real Estate Investment Trust (REIT) Funds (0.7%)
American Tower Corp. (USD), 2.90%, 01/15/2030		860,000		872,588
Welltower, Inc. (USD), 2.70%, 02/15/2027		545,000		557,962
				1,430,550
Retail (0.5%)
McDonald's Corp. (USD), 3.63%, 09/01/2049		978,000		1,040,523
Software (1.1%)
Broadridge Financial Solutions, Inc. (USD), 2.90%, 12/01/2029		765,000		784,743
Electronic Arts, Inc. (USD), 4.80%, 03/01/2026		330,000		380,687
Fiserv, Inc. (USD), 3.50%, 07/01/2029		811,000		873,908
				2,039,338
Transportation (0.2%)
Union Pacific Corp. (USD), 3.55%, 08/15/2039		441,000		477,852
				27,253,207
Total Corporate Bonds				39,269,459
MUNICIPAL BONDS (6.2%)
UNITED STATES (6.2%)
California (1.9%)
City of San Francisco CA Public Utilities Commission Water Revenue-SER A, Series A (USD), 3.30%, 11/01/2039		685,000		714,524
Los Angeles Unified School District General Obligation Unlimited Bonds (USD), 6.76%, 07/01/2034		630,000		907,565
Regents of the University of California Medical Center Pooled Revenue, Series H (USD), 6.55%, 05/15/2048		1,135,000		1,744,699
San Diego County Regional Transportation Commission, Series A (USD), 3.25%, 04/01/2048		239,000		247,908
				3,614,696
Connecticut (0.8%)
State of Connecticut General Obligation Unlimited Bonds, Series A (USD), 5.85%, 03/15/2032		1,205,000		1,603,975
Florida (0.2%)
Country of Broward, FL Airport System Revenue (USD), 3.48%, 10/01/2043		310,000		323,507
Massachusetts (0.8%)
Massachusetts School Building Authority, Series B (USD), 3.40%, 10/15/2040		1,050,000		1,093,764
State of Commonwealth of Massachusetts, Series H (USD), 2.90%, 09/01/2049		520,000		535,475
				1,629,239

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

New York (1.1%)
New York State Dormitory Authority, Series B (USD), 3.14%, 07/01/2043	$	535,000	$	562,569
State of New York State Thruway Authority, Series M (USD), 3.50%, 01/01/2042		1,435,000		1,477,490
				2,040,059
Ohio (0.4%)
JobsOhio Beverage SystemJobsOhio Beverage System, Series A (USD), 2.83%, 01/01/2038		795,000		814,573
Pennsylvania (0.6%)
Pennsylvania State General Obligation Unlimited Bonds (Build America Bonds), Series B (USD), 4.65%, 02/15/2026		1,050,000		1,160,376
Texas (0.4%)
State of Texas (USD), 3.21%, 04/01/2044		750,000		782,272
				11,968,697
Total Municipal Bonds				11,968,697
GOVERNMENT BONDS (3.0%)
CANADA (1.4%)
Canada Housing Trust No 1 (CAD), 1.80%, 12/15/2024 (a)		3,655,000		2,787,207
ITALY (0.5%)
Republic of Italy Government International Bond (USD), 2.88%, 10/17/2029		920,000		910,091
NORWAY (1.1%)
Norway Government Bond (NOK), 1.75%, 09/06/2029 (a)		18,730,000		2,115,129
Total Government Bonds				5,812,427
U.S. AGENCIES (18.8%)
UNITED STATES (18.8%)
Federal Home Loan Mortgage Corp.
Series K071, Class A2 (USD), 3.29%, 11/25/2027		889,000		976,697
Series K084, Class A2 (USD), 3.78%, 10/25/2028 (b)		875,000		995,411
Series K089, Class A2 (USD), 3.56%, 01/25/2029		827,556		929,568
Series K090, Class A2 (USD), 3.42%, 02/25/2029		900,000		1,001,948
Series 2016-HQA4, Class M2 (USD), 1M USD LIBOR + 1.300%, 2.96%, 04/25/2029 (b)		634,297		635,641
MBS (USD), 4.50%, 08/01/2046		335,790		362,765
MBS (USD), 3.00%, 10/01/2046		642,222		668,893
MBS (USD), 4.00%, 01/01/2047		1,455,595		1,547,838
MBS (USD), 4.00%, 06/01/2049		614,438		642,580
MBS (USD), 3.50%, 07/01/2049		1,224,743		1,282,588
MBS (USD), 3.50%, 09/01/2049		1,290,916		1,332,063
MBS (USD), 3.00%, 12/01/2049		1,197,907		1,226,111
MBS (USD), 3.00%, 01/01/2050		1,198,227		1,225,490
Federal National Mortgage Association
MBS (USD), 3.50%, 05/01/2034		807,854		854,229
MBS (USD), 3.00%, 11/01/2034		877,651		908,689
MBS, TBA (USD), 2.50%, 02/01/2035		983,000		1,000,663
MBS (USD), 3.00%, 12/01/2039		710,643		732,045
MBS (USD), 3.00%, 08/01/2043		855,007		887,784
MBS (USD), 4.50%, 12/01/2046		1,077,060		1,146,604
MBS (USD), 4.00%, 07/01/2048		758,543		794,786
MBS (USD), 5.00%, 09/01/2048		686,109		734,505
MBS (USD), 4.50%, 01/01/2049		692,388		732,854

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

MBS (USD), 4.50%, 02/01/2049	$	637,121	$	680,612
MBS (USD), 4.00%, 06/01/2049		1,030,129		1,078,064
MBS (USD), 4.00%, 07/01/2049		1,183,661		1,235,354
MBS (USD), 3.50%, 09/01/2049		1,564,268		1,617,926
FREMF 2016-K57 Mortgage Trust, Series 2016-K57, Class C (USD), 4.05%, 08/25/2049 (a)(b)		1,037,000		1,079,441
FREMF 2017-K71 Mortgage Trust, Series 2017-K71, Class C (USD), 3.88%, 11/25/2050 (a)(b)		525,000		545,839
Government National Mortgage Association
MBS (USD), 3.00%, 07/20/2043		1,212,205		1,257,586
MBS (USD), 3.50%, 03/20/2046		1,364,316		1,429,500
MBS (USD), 4.50%, 06/20/2047		574,214		614,452
MBS (USD), 3.50%, 11/20/2047		1,096,243		1,138,898
MBS (USD), 3.50%, 02/20/2048		884,709		924,412
MBS (USD), 4.00%, 05/20/2048		1,699,741		1,785,066
MBS (USD), 4.00%, 05/20/2048		1,345,883		1,417,396
MBS (USD), 4.00%, 09/20/2048		634,678		674,213
				36,098,511
Total U.S. Agencies				36,098,511
U.S. TREASURIES (17.2%)
UNITED STATES (17.2%)
U.S. Treasury Bond
(USD), 3.00%, 02/15/2049		4,371,800		5,324,033
(USD), 2.25%, 08/15/2049		3,527,100		3,713,099
U.S. Treasury Inflation Protected Security (USD), 1.00%, 02/15/2049 (c)		807,711		970,595
U.S. Treasury Note
(USD), 2.63%, 06/15/2021		6,000,000		6,095,391
(USD), 2.50%, 01/15/2022		106,400		108,736
(USD), 2.50%, 02/15/2022		5,022,600		5,137,963
(USD), 1.63%, 12/15/2022		6,995,000		7,057,026
(USD), 2.63%, 02/28/2023		4,386,400		4,559,628
				32,966,471
Total U.S. Treasuries				32,966,471
AGENCY MORTGAGE-BACKED SECURITIES (5.6%)
UNITED STATES (5.6%)
Federal Home Loan Mortgage Corp.
(USD), 3.00%, 02/01/2032		765,374		798,061
(USD), 5.00%, 10/01/2041		343,741		380,026
(USD), 3.00%, 10/01/2046		1,018,530		1,057,372
(USD), 3.50%, 03/01/2048		891,671		949,977
(USD), 3.50%, 04/01/2048		930,156		996,124
Federal National Mortgage Association
(USD), 4.50%, 07/01/2040		895,790		977,642
(USD), 3.00%, 03/01/2047		1,042,502		1,088,119
(USD), 3.50%, 12/01/2047		1,254,957		1,347,214
(USD), 3.50%, 01/01/2048		1,313,849		1,399,151
MBS (USD), 4.00%, 01/01/2048		995,677		1,087,075
Government National Mortgage Association (USD), 4.50%, 12/20/2045		684,693		739,614
				10,820,375
Total Agency Mortgage-Backed Securities				10,820,375

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

SHORT-TERM INVESTMENT (4.6%)
UNITED STATES (4.6%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.52%(d)	$	8,861,376	$	8,861,376
Total Short-Term Investment				8,861,376
Total Investments (Cost $186,044,239) —100.3%				192,470,566
Liabilities in Excess of Other Assets—(0.3)%				(557,309	)
Net Assets—100.0%			$	191,913,257

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(c)	Inflation linked security.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2020.
AUD	Australian Dollar
CAD	Canadian Dollar
CMT	Constant Maturity Treasury
HUF	Hungarian Forint
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLC	Public Limited Company
RUB	Russian Ruble
TBA	Securities purchased on a forward commitment basis with an appropriate principal amount and no definitive maturity date. The actual principal and maturity date will be determined upon settlement date.
USD	U.S. Dollar

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

Futures Contracts	Number of Contracts Long/(Short)			Expiration Date	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)
Long Contract Positions
Canadian Government Bond—10 year		27		03/20/2020	$	2,866,602		$	2,900,552		$	33,950
United States Treasury Note 6%–Ultra Bond		12		03/20/2020		2,228,562			2,324,250			95,688
United States Treasury Note 6%–5 year		48		03/31/2020		5,710,063			5,775,375			65,312
United States Treasury Note 6%–2 year		190		03/31/2020		40,985,640			41,108,281			122,641
											$	317,591
Short Contract Positions
United States Treasury Note 6%–10 year		(21	)	03/20/2020	$	(2,754,672	)	$	(2,764,781	)	$	(10,109	)
United States Treasury Note 10%–Ultra Bond		(17	)	03/20/2020		(2,407,876	)		(2,476,157	)		(68,281	)
											$	(78,390	)
											$	239,201

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

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

Purchase Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar/United States Dollar
02/10/2020	Royal Bank of Canada	AUD	2,696,402	USD	1,851,767	$	1,805,133	$	(46,634	)
Canadian Dollar/United States Dollar
03/09/2020	HSBC Bank	CAD	1,099,943	USD	837,234		831,114		(6,120	)
03/09/2020	JPMorgan Chase	CAD	2,441,000	USD	1,871,959		1,844,413		(27,546	)
Hungarian Forint/United States Dollar
02/14/2020	Citibank	HUF	560,523,773	USD	1,870,301		1,843,348		(26,953	)
Indian Rupee/United States Dollar
03/11/2020	Barclays Bank	INR	148,882,869	USD	2,068,536		2,070,838		2,302
03/11/2020	HSBC Bank	INR	118,190,829	USD	1,638,922		1,643,937		5,015
Japanese Yen/United States Dollar
04/23/2020	Citibank	JPY	202,760,000	USD	1,854,050		1,879,250		25,200
04/23/2020	HSBC Bank	JPY	210,960,000	USD	1,948,190		1,955,251		7,061
04/23/2020	JPMorgan Chase	JPY	211,580,000	USD	1,950,138		1,960,997		10,859
Mexican Peso/United States Dollar
02/10/2020	Citibank	MXN	4,111,194	USD	217,452		217,414		(38	)
02/10/2020	Royal Bank of Canada	MXN	31,023,032	USD	1,639,878		1,640,606		728
03/04/2020	HSBC Bank	MXN	34,643,040	USD	1,748,831		1,825,817		76,986
03/25/2020	Citibank	MXN	35,216,990	USD	1,843,750		1,850,295		6,545
New Russian Ruble/United States Dollar
02/18/2020	JPMorgan Chase	RUB	117,790,000	USD	1,871,168		1,839,650		(31,518	)
New Zealand Dollar/United States Dollar
04/21/2020	HSBC Bank	NZD	2,839,000	USD	1,880,283		1,836,971		(43,312	)
Norwegian Krone/United States Dollar
02/06/2020	Barclays Bank	NOK	19,235,286	USD	2,094,626		2,091,278		(3,348	)
South Korean Won/United States Dollar
02/03/2020	Citibank	KRW	2,130,347,000	USD	1,831,769		1,787,429		(44,340	)
02/10/2020	Citibank	KRW	2,177,198,274	USD	1,867,115		1,819,763		(47,352	)
02/10/2020	JPMorgan Chase	KRW	2,158,711,235	USD	1,865,622		1,804,311		(61,311	)
						$	32,547,815	$	(203,776	)

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

Sale Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/Australian Dollar
02/10/2020	HSBC Bank	USD	1,862,234	AUD	2,696,402	$	1,805,133	$	57,101
United States Dollar/Canadian Dollar
03/09/2020	HSBC Bank	USD	910,077	CAD	1,182,837		893,748		16,329
04/09/2020	HSBC Bank	USD	5,548,091	CAD	7,233,939		5,466,020		82,071
04/23/2020	JPMorgan Chase	USD	2,030,385	CAD	2,662,000		2,011,435		18,950
United States Dollar/Hungarian Forint
02/14/2020	HSBC Bank	USD	1,861,776	HUF	560,523,773		1,843,348		18,428
United States Dollar/Indian Rupee
03/11/2020	Barclays Bank	USD	3,734,513	INR	267,073,698		3,714,774		19,739
United States Dollar/Japanese Yen
04/23/2020	Royal Bank of Canada	USD	1,952,419	JPY	211,580,000		1,960,997		(8,578	)
United States Dollar/Mexican Peso
02/10/2020	Royal Bank of Canada	USD	1,872,533	MXN	35,134,226		1,858,020		14,513
03/04/2020	Barclays Bank	USD	1,795,296	MXN	34,643,040		1,825,817		(30,521	)
03/25/2020	Citibank	USD	1,834,272	MXN	35,216,990		1,850,295		(16,023	)
United States Dollar/New Russian Ruble
02/18/2020	HSBC Bank	USD	1,897,238	RUB	117,790,000		1,839,650		57,588
United States Dollar/New Zealand Dollar
04/21/2020	HSBC Bank	USD	1,879,005	NZD	2,839,000		1,836,970		42,035
United States Dollar/Norwegian Krone
02/06/2020	Citibank	USD	2,178,681	NOK	19,235,286		2,091,278		87,403
03/04/2020	Citibank	USD	2,084,927	NOK	19,235,286		2,091,481		(6,554	)
United States Dollar/South Korean Won
02/03/2020	JPMorgan Chase	USD	1,826,429	KRW	2,130,347,000		1,787,429		39,000
02/10/2020	JPMorgan Chase	USD	3,713,205	KRW	4,335,909,509		3,624,074		89,131
						$	36,500,469	$	480,612

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

See accompanying Notes to Statements of Investments.

Statement of Investments

January 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

	Shares or Principal Amount		Value (US$)
CORPORATE BONDS (97.4%)
ARGENTINA (0.8%)
Telecom Argentina SA (USD), 6.50%, 06/15/2021 (a)	$	1,031,000	$	1,020,690
Transportadora de Gas del Sur SA (USD), 6.75%, 05/02/2025 (a)		575,000		529,288
				1,549,978
AUSTRALIA (0.5%)
Mineral Resources Ltd. (USD), 8.13%, 05/01/2027 (a)		882,000		963,585
BRAZIL (2.0%)
CSN Resources SA
(USD), 7.63%, 02/13/2023 (a)		465,000		491,970
(USD), 7.63%, 04/17/2026 (a)		314,000		329,800
NBM US Holdings, Inc. (USD), 7.00%, 05/14/2026 (a)		1,149,000		1,232,303
Petrobras Global Finance BV (USD), 5.09%, 01/15/2030 (a)		1,685,000		1,849,035
				3,903,108
CANADA (1.8%)
Bombardier, Inc.
(USD), 7.50%, 03/15/2025 (a)		695,000		668,069
(USD), 7.88%, 04/15/2027 (a)		269,000		254,864
Clearwater Seafoods, Inc. (USD), 6.88%, 05/01/2025 (a)		1,370,000		1,427,088
MEG Energy Corp. (USD), 7.13%, 02/01/2027 (a)		186,000		184,198
Teck Resources Ltd. (USD), 6.25%, 07/15/2041		691,000		806,068
				3,340,287
CHINA (1.6%)
CIFI Holdings Group Co. Ltd. (USD), 6.45%, 11/07/2024 (a)		1,060,000		1,058,713
Shimao Property Holdings Ltd. (USD), 5.20%, 01/30/2025 (a)		1,045,000		1,076,895
Sunac China Holdings Ltd. (USD), 7.95%, 10/11/2023 (a)		825,000		851,895
				2,987,503
CONGO (0.3%)
HTA Group Ltd. (USD), 9.13%, 03/08/2022 (a)		560,000		575,607
DENMARK (1.1%)
Danske Bank AS, (fixed rate to 04/06/2022, variable rate thereafter) (EUR), 5.88%, 04/06/2022 (a)(b)		850,000		1,020,464
DKT Finance ApS (USD), 9.38%, 06/17/2023 (a)		921,000		983,582
				2,004,046
DOMINICAN REPUBLIC (0.4%)
AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It (USD), 7.95%, 05/11/2026 (a)		765,000		817,594
EL SALVADOR (0.3%)
AES El Salvador Trust II (USD), 6.75%, 03/28/2023 (a)		500,000		506,875
FRANCE (1.6%)
Altice France SA
(EUR), 2.50%, 01/15/2025 (a)		103,000		114,089
(USD), 7.38%, 05/01/2026 (a)		978,000		1,041,648
(EUR), 5.88%, 02/01/2027 (a)		320,000		392,604

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

(EUR), 3.38%, 01/15/2028 (a)	$	254,000	$	286,054
Casino Guichard Perrachon SA
(EUR), 4.56%, 01/25/2023 (a)		400,000		432,487
(EUR), 4.50%, 03/07/2024 (a)		400,000		403,694
Quatrim SASU (EUR), 5.88%, 01/15/2024 (a)		310,000		358,847
				3,029,423
GEORGIA (0.3%)
Bank of Georgia JSC (USD), 6.00%, 07/26/2023 (a)		500,000		528,452
GERMANY (1.6%)
Nidda BondCo GmbH (EUR), 5.00%, 09/30/2025 (a)		305,000		341,646
Nidda Healthcare Holding GmbH (EUR), 3.50%, 09/30/2024 (a)		623,000		699,644
Techem Verwaltungsgesellschaft 675 mbH (EUR), 2.00%, 07/15/2025 (a)		799,000		883,915
Tele Columbus AG (EUR), 3.88%, 05/02/2025 (a)		984,000		1,055,837
				2,981,042
IRELAND (0.5%)
C&W Senior Financing DAC (USD), 6.88%, 09/15/2027 (a)		879,000		943,826
ISRAEL (1.5%)
Teva Pharmaceutical Finance Co. BV, Series 2 (USD), 3.65%, 11/10/2021		1,400,000		1,383,200
Teva Pharmaceutical Finance Netherlands III BV (USD), 3.15%, 10/01/2026		1,625,000		1,387,263
				2,770,463
ITALY (2.0%)
Banca Monte dei Paschi di Siena SpA, (fixed rate to 01/18/2023, variable rate thereafter) (EUR), 5.38%, 01/18/2028 (a)		1,500,000		1,540,886
Telecom Italia Capital SA (USD), 6.00%, 09/30/2034		1,950,000		2,191,712
				3,732,598
JAMAICA (0.3%)
Digicel Group One Ltd. (USD), 8.25%, 12/30/2022 (a)		930,000		599,850
JERSEY (1.1%)
LHC3 PLC (EUR), 4.13%, 08/15/2024 (a)(c)		784,000		893,580
Newday Bondco PLC (GBP), 7.38%, 02/01/2024 (a)		975,000		1,301,006
				2,194,586
LUXEMBOURG (2.9%)
Altice Financing SA (USD), 7.50%, 05/15/2026 (a)		1,035,000		1,106,104
Altice Finco SA (USD), 8.13%, 01/15/2024 (a)		950,000		976,719
Altice Luxembourg SA
(EUR), 8.00%, 05/15/2027 (a)		283,000		354,663
(USD), 10.50%, 05/15/2027 (a)		579,000		669,498
Galapagos SA (EUR), 5.38%, 06/15/2021 (a)(d)(e)		60,500		67
Intelsat Jackson Holdings SA (USD), 5.50%, 08/01/2023		1,035,000		830,587
Kleopatra Holdings 1 SCA (EUR), 9.25%, 06/30/2023 (a)(c)		834,115		448,661
LHMC Finco 2 Sarl (EUR), 7.25%, 10/02/2025 (a)(c)		250,000		285,317
Matterhorn Telecom SA (EUR), 3.13%, 09/15/2026 (a)		762,000		865,167
				5,536,783
MEXICO (1.4%)
CEMEX Finance LLC (USD), 6.00%, 04/01/2024 (a)		824,000		843,570
Cemex SAB de CV (USD), 7.75%, 04/16/2026 (a)		1,055,000		1,149,950

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

Sixsigma Networks Mexico SA de CV (USD), 7.50%, 05/02/2025 (a)	$	750,000	$	766,500
				2,760,020
NETHERLANDS (5.2%)
Cimpress PLC (USD), 7.00%, 06/15/2026 (a)		1,580,000		1,669,752
ING Groep NV, (fixed rate to 04/16/2025, variable rate thereafter) (USD), 6.50%, 04/16/2025 (b)		1,027,000		1,130,932
Lincoln Financing SARL
(EUR), 3.63%, 04/01/2024 (a)		743,000		840,504
(EUR), 3.88%, 04/01/2024 (a)(f)		166,000		184,332
OCI NV
(EUR), 3.13%, 11/01/2024 (a)		741,000		836,270
(USD), 5.25%, 11/01/2024 (a)		470,000		484,100
Trivium Packaging Finance BV (USD), 5.50%, 08/15/2026 (a)		1,135,000		1,196,006
UPCB Finance VII Ltd. (EUR), 3.63%, 06/15/2029 (a)		1,266,000		1,479,640
Ziggo Bond Co. BV (EUR), 4.63%, 01/15/2025 (a)		679,000		767,853
Ziggo BV (USD), 5.50%, 01/15/2027 (a)		1,300,000		1,378,000
				9,967,389
NIGERIA (0.4%)
IHS Netherlands Holdco BV (USD), 8.00%, 09/18/2027 (a)		760,000		820,800
PORTUGAL (0.4%)
Caixa Geral de Depositos SA, (fixed rate to 03/30/2022, variable rate thereafter) (EUR), 10.75%, 03/30/2022 (a)(b)		600,000		785,207
REPUBLIC OF IRELAND (0.5%)
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (GBP), 4.75%, 07/15/2027 (a)		656,000		899,612
SOUTH AFRICA (1.2%)
Liquid Telecommunications Financing PLC (USD), 8.50%, 07/13/2022 (a)		1,150,000		1,177,025
Sappi Papier Holding GmbH (USD), 7.50%, 06/15/2032 (a)(g)		1,063,000		1,105,520
				2,282,545
SPAIN (1.8%)
Banco Bilbao Vizcaya Argentaria SA, Series 9 (fixed rate to 03/05/2025, variable rate thereafter) (USD), 6.50%, 03/05/2025 (b)		800,000		852,000
Cirsa Finance International Sarl
(USD), 7.88%, 12/20/2023 (a)		361,000		379,616
(EUR), 3.63%, 09/30/2025 (a)(f)		408,000		451,560
Grifols SA (EUR), 2.25%, 11/15/2027 (a)		598,000		678,134
Telefonica Europe BV, Series NC5 (fixed rate to 09/04/2023, variable rate thereafter) (EUR), 3.00%, 09/04/2023 (a)(b)		900,000		1,036,952
				3,398,262
SWEDEN (2.2%)
Intrum AB
(EUR), 3.50%, 07/15/2026 (a)		806,000		909,269
(EUR), 3.00%, 09/15/2027 (a)		705,000		768,040
Unilabs Subholding AB (EUR), 5.75%, 05/15/2025 (a)		1,500,000		1,710,504
Verisure Holding AB (EUR), 3.50%, 05/15/2023 (a)		700,000		792,692
				4,180,505
SWITZERLAND (1.4%)
Credit Suisse Group AG, (fixed rate to 12/18/2024, variable rate thereafter) (USD), 6.25%, 12/18/2024 (a)(b)		1,115,000		1,229,225

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

UBS Group AG, (fixed rate to 02/19/2025, variable rate thereafter) (USD), 7.00%, 02/19/2025 (a)(b)	$	1,339,000	$	1,525,523
				2,754,748
TURKEY (1.7%)
Akbank Turk AS, (fixed rate to 03/16/2022, variable rate thereafter) (USD), 7.20%, 03/16/2027 (a)		949,000		967,980
KOC Holding (USD), 5.25%, 03/15/2023 (a)		820,000		851,678
Turk Telekomunikasyon (USD), 4.88%, 06/19/2024 (a)		740,000		757,923
Turkiye Garanti Bankasi (USD), 5.88%, 03/16/2023 (a)		200,000		210,150
Turkiye Garanti Bankasi AS (USD), 5.25%, 09/13/2022 (a)		450,000		465,660
				3,253,391
UKRAINE (1.0%)
Metinvest BV (USD), 8.50%, 04/23/2026 (a)		1,140,000		1,245,587
MHP Lux SA (USD), 6.95%, 04/03/2026 (a)		619,000		645,988
				1,891,575
UNITED ARAB EMIRATES (0.4%)
Shelf Drilling Holdings Ltd. (USD), 8.25%, 02/15/2025 (a)		835,000		776,550
UNITED KINGDOM (4.3%)
Arqiva Broadcast Finance PLC (GBP), 6.75%, 09/30/2023 (a)		800,000		1,122,290
Ashtead Capital, Inc.
(USD), 4.00%, 05/01/2028 (a)		289,000		296,225
(USD), 4.25%, 11/01/2029 (a)		823,000		855,920
BrightHouse Finco Ltd., PIK, (GBP), 9.00%, 05/15/2023 (a)(c)		792,266		209,237
Pinewood Finance Co. Ltd. (GBP), 3.25%, 09/30/2025 (a)		422,000		568,396
Pinnacle Bidco PLC (GBP), 6.38%, 02/15/2025 (a)		700,000		968,866
Royal Bank of Scotland Group PLC (fixed rate to 08/15/2021, variable rate thereafter) (USD), 8.63%, 08/15/2021 (b)		1,200,000		1,296,000
Virgin Media Finance PLC (USD), 5.75%, 01/15/2025 (a)		1,410,000		1,452,300
Virgin Money UK PLC (fixed rate to 12/08/2022, variable rate thereafter) (GBP), 8.00%, 12/08/2022 (a)(b)		1,065,000		1,498,979
				8,268,213
UNITED STATES (54.1%)
ACI Worldwide, Inc. (USD), 5.75%, 08/15/2026 (a)		1,854,000		1,984,531
Adams Homes, Inc. (USD), 7.50%, 02/15/2025 (a)		1,054,000		1,082,985
Alliance Data Systems Corp. (USD), 4.75%, 12/15/2024 (a)		1,267,000		1,263,262
Apergy Corp. (USD), 6.38%, 05/01/2026		668,000		701,804
Archrock Partners LP / Archrock Partners Finance Corp. (USD), 6.25%, 04/01/2028 (a)		418,000		430,018
ASGN, Inc. (USD), 4.63%, 05/15/2028 (a)		830,000		846,600
Banff Merger Sub, Inc. (EUR), 8.38%, 09/01/2026 (a)		725,000		806,071
Bausch Health Americas, Inc. (USD), 8.50%, 01/31/2027 (a)		786,000		889,162
Berry Global, Inc. (USD), 4.88%, 07/15/2026 (a)		771,000		805,581
Bruin E&P Partners LLC (USD), 8.88%, 08/01/2023 (a)		951,000		612,206
Builders FirstSource, Inc.
(USD), 5.63%, 09/01/2024 (a)		1,237,000		1,283,016
(USD), 6.75%, 06/01/2027 (a)		97,000		106,234
CCO Holdings LLC / CCO Holdings Capital Corp. (USD), 5.75%, 02/15/2026 (a)		960,000		1,007,366
Cedar Fair LP (USD), 5.25%, 07/15/2029 (a)		837,000		883,035
Centene Corp.
(USD), 4.25%, 12/15/2027 (a)		187,000		194,948
(USD), 4.63%, 12/15/2029 (a)		312,000		335,369
Century Communities, Inc. (USD), 5.88%, 07/15/2025		1,032,000		1,083,600
CenturyLink, Inc.

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

Series V (USD), 5.63%, 04/01/2020	$	1,075,000	$	1,079,031
(USD), 5.13%, 12/15/2026 (a)		790,000		813,700
Cheniere Corpus Christi Holdings LLC (USD), 5.88%, 03/31/2025		1,100,000		1,247,070
Cheniere Energy Partners LP, Series WI (USD), 5.25%, 10/01/2025		753,000		775,590
Chesapeake Energy Corp. (USD), 11.50%, 01/01/2025 (a)		269,000		216,464
Cincinnati Bell, Inc. (USD), 8.00%, 10/15/2025 (a)		1,130,000		1,199,687
CommScope, Inc. (USD), 6.00%, 03/01/2026 (a)		1,396,000		1,464,058
Consolidated Communications, Inc. (USD), 6.50%, 10/01/2022		860,000		820,763
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (USD), 5.63%, 05/01/2027 (a)		1,260,000		1,267,938
CSC Holdings LLC
(USD), 10.88%, 10/15/2025 (a)		1,925,000		2,132,322
(USD), 6.50%, 02/01/2029 (a)		422,000		468,884
(USD), 5.75%, 01/15/2030 (a)		211,000		226,829
Cumulus Media New Holdings, Inc. (USD), 6.75%, 07/01/2026 (a)		1,380,000		1,450,725
Dell International LLC / EMC Corp.
(USD), 5.88%, 06/15/2021 (a)		386,000		389,860
(USD), 6.02%, 06/15/2026 (a)		435,000		507,963
(USD), 5.30%, 10/01/2029 (a)		537,000		618,114
Delta Air Lines, Inc.
(USD), 4.38%, 04/19/2028		1,135,000		1,205,238
(USD), 3.75%, 10/28/2029		1,103,000		1,111,934
DISH DBS Corp.
(USD), 5.88%, 07/15/2022		1,680,000		1,764,000
(USD), 5.00%, 03/15/2023		1,005,000		1,020,095
Encompass Health Corp.
(USD), 5.13%, 03/15/2023		1,095,000		1,111,425
(USD), 4.50%, 02/01/2028		849,000		874,504
(USD), 4.75%, 02/01/2030		274,000		284,960
Energizer Gamma Acquisition BV (EUR), 4.63%, 07/15/2026 (a)		695,000		804,516
Energy Transfer Operating LP, (fixed rate to 05/15/2025, variable rate thereafter), Series F, (USD), 6.75%, 05/15/2025 (b)		830,000		830,830
Enviva Partners LP / Enviva Partners Finance Corp. (USD), 6.50%, 01/15/2026 (a)		600,000		640,062
ESH Hospitality, Inc. (USD), 4.63%, 10/01/2027 (a)		909,000		913,545
Fair Isaac Corp. (USD), 4.00%, 06/15/2028 (a)		919,000		935,082
GCI LLC
(USD), 6.63%, 06/15/2024 (a)		630,000		678,825
(USD), 6.88%, 04/15/2025		660,000		688,875
General Motors (Escrow Shares)
(USD), 8.80%, 03/01/2049 (e)(h)		7,200,000		—
(USD), 8.38%, 07/15/2049 (e)(h)		3,550,000		—
General Motors Financial Co., Inc., (fixed rate to 09/30/2027, variable rate thereafter), Series A, (USD), 5.75%, 09/30/2027 (b)		1,163,000		1,170,559
Gray Television, Inc. (USD), 7.00%, 05/15/2027 (a)		970,000		1,056,136
Huntsman International LLC (USD), 4.50%, 05/01/2029		1,540,000		1,677,774
International Game Technology PLC (EUR), 3.50%, 06/15/2026 (a)		1,372,000		1,601,501
IQVIA, Inc. (EUR), 2.25%, 01/15/2028 (a)		498,000		560,366
Iron Mountain, Inc. (USD), 5.25%, 03/15/2028 (a)		1,160,000		1,212,200
j2 Cloud Services LLC / j2 Global Co-Obligor, Inc. (USD), 6.00%, 07/15/2025 (a)		1,584,000		1,671,120
JBS Investments II GmbH (USD), 5.75%, 01/15/2028 (a)		814,000		859,348
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. (USD), 5.50%, 01/15/2030 (a)		375,000		405,000
Live Nation Entertainment, Inc. (USD), 4.75%, 10/15/2027 (a)		535,000		550,408
M/I Homes, Inc. (USD), 4.95%, 02/01/2028 (a)		658,000		677,740
MDC Holdings, Inc. (USD), 6.00%, 01/15/2043		1,855,000		2,064,856
Meredith Corp. (USD), 6.88%, 02/01/2026		2,053,000		2,112,753

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

Midcontinent Communications / Midcontinent Finance Corp. (USD), 5.38%, 08/15/2027 (a)	$	642,000	$	678,915
Moss Creek Resources Holdings, Inc. (USD), 7.50%, 01/15/2026 (a)		1,509,000		1,107,229
MPT Operating Partnership LP / MPT Finance Corp.
(GBP), 2.55%, 12/05/2023		895,000		1,215,261
(GBP), 3.69%, 06/05/2028		1,182,000		1,659,744
Nabors Industries Ltd. (USD), 7.25%, 01/15/2026 (a)		246,000		245,717
Nabors Industries, Inc. (USD), 4.63%, 09/15/2021		96,000		96,000
Navient Corp.
(USD), 6.50%, 06/15/2022		520,000		552,500
(USD), 5.50%, 01/25/2023		383,000		400,235
New Enterprise Stone & Lime Co., Inc. (USD), 10.13%, 04/01/2022 (a)		1,805,000		1,890,737
Novelis Corp.
(USD), 5.88%, 09/30/2026 (a)		1,355,000		1,436,300
(USD), 4.75%, 01/30/2030 (a)		413,000		414,817
NRG Energy, Inc.
(USD), 7.25%, 05/15/2026		508,000		549,920
(USD), 5.25%, 06/15/2029 (a)		449,000		483,865
Oasis Petroleum, Inc.
(USD), 6.88%, 03/15/2022		523,000		502,080
(USD), 6.88%, 01/15/2023		1,302,000		1,231,611
OI European Group BV (USD), 4.00%, 03/15/2023 (a)		1,090,000		1,106,350
Outfront Media Capital LLC / Outfront Media Capital Corp. (USD), 4.63%, 03/15/2030 (a)		1,196,000		1,231,880
Parsley Energy LLC / Parsley Finance Corp. (USD), 5.63%, 10/15/2027 (a)		1,765,000		1,857,662
Photo Holdings Merger Sub, Inc. (USD), 8.50%, 10/01/2026 (a)		2,040,000		1,907,400
Qwest Capital Funding, Inc.
(USD), 6.88%, 07/15/2028		1,015,000		1,037,837
(USD), 7.75%, 02/15/2031		1,020,000		1,071,000
Select Medical Corp. (USD), 6.25%, 08/15/2026 (a)		670,000		722,816
Sensata Technologies UK Financing Co. PLC (USD), 6.25%, 02/15/2026 (a)		233,000		245,524
Sirius XM Radio, Inc. (USD), 5.50%, 07/01/2029 (a)		1,225,000		1,318,284
Six Flags Entertainment Corp. (USD), 4.88%, 07/31/2024 (a)		1,200,000		1,225,500
SM Energy Co. (USD), 6.75%, 09/15/2026		1,180,000		1,071,505
Sprint Corp. (USD), 7.88%, 09/15/2023		1,490,000		1,582,961
Staples, Inc.
(USD), 7.50%, 04/15/2026 (a)		1,410,000		1,444,404
(USD), 10.75%, 04/15/2027 (a)		695,000		706,329
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp. (USD), 7.50%, 06/15/2025 (a)		1,165,000		1,118,400
Tecnoglass, Inc. (USD), 8.20%, 01/31/2022 (a)		1,617,000		1,743,773
TEGNA, Inc. (USD), 4.63%, 03/15/2028 (a)		833,000		837,165
Tenet Healthcare Corp.
(USD), 4.63%, 07/15/2024		2,342,000		2,400,550
(USD), 6.25%, 02/01/2027 (a)		605,000		639,848
USA Compression Partners LP / USA Compression Finance Corp. (USD), 6.88%, 09/01/2027		913,000		951,711
VICI Properties LP / VICI Note Co., Inc.
(USD), 3.50%, 02/15/2025 (a)		216,000		219,292
(USD), 3.75%, 02/15/2027 (a)		216,000		217,080
(USD), 4.13%, 08/15/2030 (a)		651,000		659,333
Viking Cruises Ltd. (USD), 6.25%, 05/15/2025 (a)		1,380,000		1,416,805
Viper Energy Partners LP (USD), 5.38%, 11/01/2027 (a)		134,000		139,695
Vistra Operations Co. LLC (USD), 5.63%, 02/15/2027 (a)		765,000		795,600
Western Midstream Operating LP
(USD), 3.10%, 02/01/2025		159,000		159,929
(USD), 4.50%, 03/01/2028		183,000		184,764
(USD), 4.75%, 08/15/2028		1,207,000		1,238,981

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

(USD), 4.05%, 02/01/2030	$	253,000	$	252,185
WPX Energy, Inc.
(USD), 8.25%, 08/01/2023		501,000		578,029
(USD), 5.75%, 06/01/2026		866,000		907,135
(USD), 4.50%, 01/15/2030		294,000		295,829
Wyndham Destinations, Inc.
(USD), 5.40%, 04/01/2024		1,000,000		1,067,500
(USD), 6.35%, 10/01/2025		945,000		1,058,991
				103,355,416
ZAMBIA (0.8%)
First Quantum Minerals Ltd.
(USD), 7.25%, 04/01/2023 (a)		387,000		384,339
(USD), 6.88%, 03/01/2026 (a)		1,194,000		1,152,210
				1,536,549
Total Corporate Bonds				185,896,388
BANK LOANS (1.1%)
FRANCE (1.1%)
IWH UK Midco Limited, EUR Term Loan B (EUR), 4.00%, 01/31/2025		2,000,000		2,210,150
Total Bank Loans				2,210,150
COMMON STOCKS (0.1%)
UNITED KINGDOM (0.0%)
Brighthouse Financial, Inc.(e)(g)(h)		35,521		—
UNITED STATES (0.1%)
Cenveo Enterprises, Inc.(e)(g)(h)(i)		9,806		117,672
Total Common Stocks				117,672
SHORT-TERM INVESTMENT (1.6%)
UNITED STATES (1.6%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.52%(j)		3,000,139		3,000,139
Total Short-Term Investment				3,000,139
Total Investments (Cost $187,515,024) —100.2%				191,224,349
Liabilities in Excess of Other Assets—(0.2)%				(312,548	)
Net Assets—100.0%			$	190,911,801

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	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.
(c)	Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash.
(d)	Security is in default.
(e)	This security was fair valued by the Fund’s pricing committee as approved by the Fund’s Board of Trustees. See Note 2(a) of the accompanying Notes to Statements of Investments.
(f)	Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

See accompanying Notes to Statements of Investments.

Statement of Investments(continued)

January 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

(g)	Illiquid security.
(h)	Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments.
(i)	Security is Delisted.
(j)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2020.

EUR	Euro Currency
GBP	British Pound Sterling
PIK	Payment In Kind
PLC	Public Limited Company
USD	U.S. Dollar
At January 31, 2020, the Fund's open forward foreign currency exchange contracts were as follows:

Purchase Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
British Pound/United States Dollar
04/08/2020	UBS AG	GBP	803,000	USD	1,052,672	$	1,062,176	$	9,504
Euro/United States Dollar
02/20/2020	UBS AG	EUR	200,000	USD	220,394		222,027		1,633
04/08/2020	Citibank N.A.	EUR	1,437,000	USD	1,590,000		1,599,975		9,975
04/08/2020	UBS AG	EUR	466,000	USD	519,306		518,851		(455	)
						$	3,403,029	$	20,657

Sale Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/British Pound
02/20/2020	UBS AG	USD	914,452	GBP	700,000	$	924,741	$	(10,289	)
04/08/2020	UBS AG	USD	9,258,384	GBP	7,047,000		9,321,488		(63,104	)
United States Dollar/Euro
02/20/2020	UBS AG	USD	1,335,055	EUR	1,200,000		1,332,159		2,896
04/08/2020	UBS AG	USD	29,017,341	EUR	25,896,000		28,832,958		184,383
						$	40,411,346	$	113,886

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

See accompanying Notes to Statements of Investments.

Notes to Statements of Investments

January 31, 2020 (unaudited)

1.Summary of Significant Accounting Policies

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

a.Security Valuation

The Funds value their securities at current market value or fair value, consistent with the Funds' valuation procedures (the "Valuation Procedures") and regulatory requirements. Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time).

Each Fund’s assets for which market quotations are readily available are valued at fair value on the basis of quotations furnished by a pricing service or provided by securities dealers. Equity investments are generally valued using the last sale price or official closing price taken from the primary market in which each security trades, or if no sales occurred during the day, at the mean of the current quoted bid and ask prices.

Foreign equity securities that are traded on foreign exchanges that close prior to 4:00 p.m. Eastern time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined confidence threshold.

Per an amendment to the Valuation Procedures that became effective February 21, 2017, fixed income securities, which previously had been generally valued using the mean of bid and ask prices, are now generally valued using bid prices provided directly by independent third party services or provided directly from one or more broker dealers or market makers, each in accordance with the Valuation Procedures approved by the Trust’s Board of Trustees (the “Board”). The pricing services may use valuation models or matrix pricing, which consider yield or prices with respect to comparable bond quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as credit rating, interest rates and maturity date, to determine current fair value. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, and strategies employed by the Funds’ investment adviser, Aberdeen Asset Management Inc. (the “Adviser”), generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller “odd lot” sizes. Odd lots may trade at lower, or occasionally, higher prices than institutional round lot trades. Short-term fixed income securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value.

Assets and liabilities initially expressed in foreign currency will be converted into U.S.Dollar values. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value. To the extent each Fund invests in other open-ended funds, the Fund will calculate its net asset value ("NAV") based upon the NAV of the underlying funds in which it invests. The prospectuses of these underlying funds explain the circumstances under which they will use good faith fair value pricing and the effects of such fair value pricing.

NQ Filing 2020

Notes to Statements of Investments(concluded)

January 31, 2020 (unaudited)

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, which has an objective to maintain a $1.00 NAV, which is not guaranteed. Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1 investments.

Derivative instruments are generally valued according to the following procedures. For forward currency exchange contracts the market value is interpolated by the pricing agent by using forward spot points obtained from an authorized pricing service. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Generally for swap agreements, if quotes are unavailable from authorized pricing services swap pricing is determined using a modelling tool which considers and forecasts the impact of cash flow projections, prevailing and expected interest rate movements, and potential credit events. Swap prices are generally evaluated based upon the latest available data provided by the counterparty and rely upon an industry accepted modelling tool.

When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund’s assets are determined in good faith in accordance with the Valuation Procedures. For options, swaps and warrants, a fair value price may be determined using readily available market quotations, prices provided by independent pricing services, or by using modeling tools provided by industry accepted financial data service providers. Key inputs to such tools may include yield and prices from comparable or reference assets, maturity or expiration dates, ratings and interest rates. In addition, the Adviser, through its pricing committee, may determine the fair value price in accordance with the Valuation Procedures approved by the Board.

NQ Filing 2020