Statement of Investments
January 31, 2021 (Unaudited)
Aberdeen International Sustainable Leaders Fund
Shares | Value | |||||||
COMMON STOCKS | ||||||||
(105.2%) | ||||||||
AUSTRALIA (9.5%) | ||||||||
Health Care (6.7%) | ||||||||
Cochlear Ltd. | 30,999 | $ | 4,660,986 | |||||
CSL Ltd. | 22,200 | 4,602,537 | ||||||
9,263,523 | ||||||||
Real Estate (2.8%) | ||||||||
Goodman Group, REIT | 280,600 | 3,776,028 | ||||||
13,039,551 | ||||||||
BRAZIL (4.8%) | ||||||||
Consumer Discretionary (2.3%) | ||||||||
MercadoLibre, Inc.(a) | 1,800 | 3,203,118 | ||||||
Consumer Staples (2.5%) | ||||||||
Raia Drogasil SA | 746,300 | 3,399,093 | ||||||
6,602,211 | ||||||||
CANADA (1.8%) | ||||||||
Industrials (1.8%) | ||||||||
Ritchie Bros Auctioneers, Inc. | 43,400 | 2,562,764 | ||||||
CHINA (2.9%) | ||||||||
Health Care (2.9%) | ||||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 286,000 | 4,004,549 | ||||||
DENMARK (8.5%) | ||||||||
Health Care (3.3%) | ||||||||
Genmab AS(a) | 11,200 | 4,459,217 | ||||||
Information Technology (2.3%) | ||||||||
SimCorp A/S | 24,800 | 3,209,967 | ||||||
Utilities (2.9%) | ||||||||
Orsted AS(b) | 21,200 | 4,026,453 | ||||||
11,695,637 | ||||||||
FRANCE (6.2%) | ||||||||
Consumer Staples (3.0%) | ||||||||
L'Oreal SA | 11,700 | 4,116,061 | ||||||
Industrials (3.2%) | ||||||||
Alstom SA(a) | 11,760 | 637,622 | ||||||
Schneider Electric SE | 25,700 | 3,761,468 | ||||||
4,399,090 | ||||||||
8,515,151 | ||||||||
GERMANY (2.7%) | ||||||||
Financials (2.7%) | ||||||||
Deutsche Boerse AG | 23,500 | 3,772,995 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen International Sustainable Leaders Fund
HONG KONG (5.8%) | ||||||||
Financials (3.8%) | ||||||||
AIA Group Ltd. | 439,600 | $ | 5,300,146 | |||||
Real Estate (2.0%) | ||||||||
Swire Properties Ltd. | 941,400 | 2,728,765 | ||||||
8,028,911 | ||||||||
INDIA (5.3%) | ||||||||
Financials (2.8%) | ||||||||
Housing Development Finance Corp. Ltd. | 116,800 | 3,798,294 | ||||||
Materials (2.5%) | ||||||||
Asian Paints Ltd. | 105,800 | 3,493,404 | ||||||
7,291,698 | ||||||||
ISRAEL (4.7%) | ||||||||
Consumer Staples (1.9%) | ||||||||
Strauss Group Ltd. | 93,600 | 2,668,613 | ||||||
Industrials (2.8%) | ||||||||
Kornit Digital Ltd.(a) | 42,500 | 3,851,987 | ||||||
6,520,600 | ||||||||
ITALY (1.9%) | ||||||||
Consumer Discretionary (1.9%) | ||||||||
Brunello Cucinelli SpA(a) | 65,300 | 2,613,938 | ||||||
JAPAN (9.8%) | ||||||||
Health Care (2.6%) | ||||||||
Chugai Pharmaceutical Co. Ltd. | 66,900 | 3,500,819 | ||||||
Industrials (4.5%) | ||||||||
Nabtesco Corp. | 69,500 | 3,117,631 | ||||||
Nihon M&A Center, Inc. | 53,800 | 3,115,497 | ||||||
6,233,128 | ||||||||
Information Technology (2.7%) | ||||||||
Keyence Corp. | 7,000 | 3,758,167 | ||||||
13,492,114 | ||||||||
LATVIA (0.0%) | ||||||||
Financials (0.0%) | ||||||||
AS Parex Banka(a)(c)(d)(e) | 1,424,182 | 2 | ||||||
NETHERLANDS (8.5%) | ||||||||
Information Technology (5.2%) | ||||||||
Adyen NV(a)(b) | 1,650 | 3,446,891 | ||||||
ASML Holding NV | 6,800 | 3,630,206 | ||||||
7,077,097 | ||||||||
Materials (3.3%) | ||||||||
Koninklijke DSM NV | 26,265 | 4,591,468 | ||||||
11,668,565 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen International Sustainable Leaders Fund
NEW ZEALAND (4.8%) | ||||||||
Health Care (2.9%) | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 159,400 | $ | 3,919,728 | |||||
Industrials (1.9%) | ||||||||
Auckland International Airport Ltd.(a) | 500,400 | 2,662,081 | ||||||
6,581,809 | ||||||||
SINGAPORE (2.1%) | ||||||||
Financials (2.1%) | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 381,700 | 2,958,272 | ||||||
SPAIN (2.6%) | ||||||||
Consumer Discretionary (2.6%) | ||||||||
Industria de Diseno Textil SA | 120,000 | 3,558,983 | ||||||
SWEDEN (2.8%) | ||||||||
Industrials (2.8%) | ||||||||
Atlas Copco AB, A Shares | 71,000 | 3,851,986 | ||||||
SWITZERLAND (3.1%) | ||||||||
Consumer Staples (3.1%) | ||||||||
Nestle SA | 38,510 | 4,316,839 | ||||||
TAIWAN (5.9%) | ||||||||
Industrials (2.3%) | ||||||||
Voltronic Power Technology Corp. | 69,000 | 3,143,347 | ||||||
Information Technology (3.6%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 40,600 | 4,933,712 | ||||||
8,077,059 | ||||||||
UNITED KINGDOM (11.5%) | ||||||||
Financials (2.7%) | ||||||||
London Stock Exchange Group PLC | 31,500 | 3,739,523 | ||||||
Industrials (2.7%) | ||||||||
Spirax-Sarco Engineering PLC | 24,100 | 3,643,688 | ||||||
Information Technology (2.9%) | ||||||||
AVEVA Group PLC | 79,300 | 3,935,603 | ||||||
Materials (3.2%) | ||||||||
Croda International PLC | 52,000 | 4,467,768 | ||||||
15,786,582 | ||||||||
Total Common Stocks | 144,940,216 | |||||||
SHORT-TERM INVESTMENT—1.2% | ||||||||
UNITED STATES (1.2%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(f) | 1,564,697 | 1,564,697 | ||||||
Total Short-Term Investment | 1,564,697 |
See accompanying Notes to Statements of Investments.
Statement of Investments (concluded)
January 31, 2021 (Unaudited)
Aberdeen International Sustainable Leaders Fund
Total Investments (Cost $141,143,101) —106.4% | 146,504,913 | |||
Liabilities in Excess of Other Assets—(6.4)% | (8,761,039 | ) | ||
Net Assets—100.0% | $ | 137,743,874 |
(a) | Non-income producing security. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Illiquid security. |
(d) | 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, 2021. |
(e) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
(f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021. |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statements of Investments.
Statement of Investments
January 31, 2021 (Unaudited)
Aberdeen Global Equity Impact Fund
Shares | Value | |||||||
COMMON STOCKS | ||||||||
(100.1%) | ||||||||
AUSTRALIA (1.8%) | ||||||||
Real Estate (1.8%) | ||||||||
Goodman Group, REIT | 95,000 | $ | 1,278,413 | |||||
BELGIUM (3.1%) | ||||||||
Materials (3.1%) | ||||||||
Umicore SA | 39,600 | 2,242,924 | ||||||
BRAZIL (1.5%) | ||||||||
Consumer Discretionary (0.6%) | ||||||||
YDUQS Participacoes SA | 63,700 | 390,601 | ||||||
Financials (0.9%) | ||||||||
Banco Bradesco SA | 166,408 | 658,162 | ||||||
1,048,763 | ||||||||
CHINA (6.6%) | ||||||||
Financials (1.9%) | ||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 118,000 | 1,389,778 | ||||||
Health Care (4.7%) | ||||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 244,500 | 3,423,470 | ||||||
4,813,248 | ||||||||
DENMARK (7.4%) | ||||||||
Health Care (1.8%) | ||||||||
Novo Nordisk AS, Class B | 19,200 | 1,337,629 | ||||||
Industrials (3.0%) | ||||||||
Vestas Wind Systems AS | 10,000 | 2,147,177 | ||||||
Utilities (2.6%) | ||||||||
Orsted AS(a) | 9,800 | 1,861,285 | ||||||
5,346,091 | ||||||||
FRANCE (7.5%) | ||||||||
Financials (1.4%) | ||||||||
AXA SA | 47,700 | 1,056,762 | ||||||
Industrials (6.1%) | ||||||||
Alstom SA(b) | 44,200 | 2,396,505 | ||||||
Schneider Electric SE | 13,700 | 2,005,141 | ||||||
4,401,646 | ||||||||
5,458,408 | ||||||||
GERMANY (4.2%) | ||||||||
Information Technology (2.6%) | ||||||||
Infineon Technologies AG | 47,900 | 1,919,044 | ||||||
Materials (1.6%) | ||||||||
Covestro AG(a) | 17,100 | 1,161,634 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Global Equity Impact Fund
3,080,678 | ||||||||
HONG KONG (2.4%) | ||||||||
Financials (2.4%) | ||||||||
AIA Group Ltd. | 144,400 | $ | 1,740,994 | |||||
INDONESIA (1.2%) | ||||||||
Financials (1.2%) | ||||||||
Bank Rakyat Indonesia Persero Tbk PT | 2,920,200 | 865,743 | ||||||
ISRAEL (2.4%) | ||||||||
Industrials (2.4%) | ||||||||
Kornit Digital Ltd.(b) | 19,400 | 1,758,319 | ||||||
KENYA (2.9%) | ||||||||
Communication Services (2.9%) | ||||||||
Safaricom PLC | 6,502,800 | 2,091,787 | ||||||
NETHERLANDS (4.5%) | ||||||||
Information Technology (2.1%) | ||||||||
ASML Holding NV | 2,900 | 1,548,176 | ||||||
Materials (2.4%) | ||||||||
Koninklijke DSM NV | 9,749 | 1,704,253 | ||||||
3,252,429 | ||||||||
REPUBLIC OF IRELAND (1.4%) | ||||||||
Industrials (1.4%) | ||||||||
Kingspan Group PLC(b) | 14,600 | 992,198 | ||||||
SOUTH KOREA | ||||||||
(4.4%) | ||||||||
Information Technology (4.4%) | ||||||||
Samsung SDI Co. Ltd. | 4,900 | 3,201,173 | ||||||
TAIWAN (2.2%) | ||||||||
Industrials (2.2%) | ||||||||
Voltronic Power Technology Corp. | 35,610 | 1,622,240 | ||||||
UNITED KINGDOM (10.5%) | ||||||||
Consumer Discretionary (1.3%) | ||||||||
Countryside Properties PLC(a)(b) | 160,600 | 945,394 | ||||||
Health Care (5.6%) | ||||||||
AstraZeneca PLC | 18,500 | 1,887,206 | ||||||
Clinigen Group PLC | 116,500 | 1,214,644 | ||||||
GlaxoSmithKline PLC | 50,500 | 937,850 | ||||||
4,039,700 | ||||||||
Industrials (3.6%) | ||||||||
John Laing Group PLC(a) | 340,800 | 1,472,568 | ||||||
RELX PLC | 47,300 | 1,171,076 | ||||||
2,643,644 | ||||||||
7,628,738 |
See accompanying Notes to Statements of Investments.
Statement of Investments (concluded)
January 31, 2021 (Unaudited)
Aberdeen Global Equity Impact Fund
UNITED STATES (36.1%) | ||||||||
Consumer Discretionary (1.8%) | ||||||||
Chegg, Inc.(b) | 13,400 | $ | 1,276,484 | |||||
Financials (2.7%) | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 32,900 | 1,946,035 | ||||||
Health Care (4.2%) | ||||||||
Merck & Co., Inc. | 15,300 | 1,179,171 | ||||||
UnitedHealth Group, Inc. | 5,600 | 1,868,048 | ||||||
3,047,219 | ||||||||
Industrials (8.9%) | ||||||||
Kansas City Southern | 10,900 | 2,209,103 | ||||||
Tetra Tech, Inc. | 21,900 | 2,662,383 | ||||||
Trane Technologies PLC | 11,000 | 1,576,850 | ||||||
6,448,336 | ||||||||
Information Technology (8.9%) | ||||||||
Accenture PLC, Class A | 6,200 | 1,499,904 | ||||||
Autodesk, Inc.(b) | 5,100 | 1,414,893 | ||||||
Mastercard, Inc., Class A | 5,600 | 1,771,224 | ||||||
salesforce.com, Inc.(b) | 7,900 | 1,781,924 | ||||||
6,467,945 | ||||||||
Real Estate (6.8%) | ||||||||
American Tower Corp., REIT | 3,700 | 841,232 | ||||||
Equinix, Inc., REIT | 2,600 | 1,923,896 | ||||||
Prologis, Inc., REIT | 21,300 | 2,198,160 | ||||||
4,963,288 | ||||||||
Utilities (2.8%) | ||||||||
NextEra Energy, Inc. | 25,600 | 2,070,272 | ||||||
26,219,579 | ||||||||
Total Common Stocks | 72,641,725 | |||||||
SHORT-TERM INVESTMENT—3.5% | ||||||||
UNITED STATES (3.5%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c) | 2,559,120 | 2,559,120 | ||||||
Total Short-Term Investment | 2,559,120 | |||||||
Total Investments (Cost $54,257,381) —103.6% | 75,200,845 | |||||||
Liabilities in Excess of Other Assets—(3.6)% | (2,606,776 | ) | ||||||
Net Assets—100.0% | $ | 72,594,069 |
(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 January 31, 2021. |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
See accompanying Notes to Statements of Investments.
Statement of Investments
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
Shares or Principal Amount | Value (US$) | |||||||
ASSET-BACKED SECURITIES (9.0%) | ||||||||
UNITED STATES (9.0%) | ||||||||
American Express Credit Account Master Trust, Series 2018-5, Class A, ABS (USD), 1M USD LIBOR + 0.340%, 0.47%, 12/15/2025 (a) | $ | 880,000 | $ | 883,199 | ||||
AmeriCredit Automobile Receivables Trust, Series 2018-2, Class A3, ABS (USD), 3.15%, 03/20/2023 | 410,797 | 413,919 | ||||||
Discover Card Execution Note Trust, Series 2017-A7, Class A7, ABS (USD), 1M USD LIBOR + 0.360%, 0.49%, 04/15/2025 (a) | 880,000 | 884,049 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class A, ABS, (USD), 1.27%, 10/19/2037 (b) | 584,000 | 586,846 | ||||||
Ford Credit Auto Lease Trust, Series 2019-B, Class A3, ABS (USD), 2.22%, 10/15/2022 | 956,000 | 964,089 | ||||||
Ford Credit Floorplan Master Owner Trust A | ||||||||
Series 2018-3, Class A1, ABS (USD), 3.52%, 10/15/2023 | 537,000 | 549,422 | ||||||
Series 2019-3, Class A1, ABS (USD), 2.23%, 09/15/2024 | 1,090,000 | 1,124,728 | ||||||
GM Financial Automobile Leasing Trust, Series 2020-2, Class A4, ABS (USD), 1.01%, 07/22/2024 | 530,000 | 537,371 | ||||||
Honda Auto Receivables Owner Trust, Series 2020-3, Class A3, ABS (USD), 0.37%, 10/18/2024 | 940,000 | 942,743 | ||||||
Invitation Homes Trust, Series 2018-SFR2, Class A, ABS, FRN, 144A (USD), 1M USD LIBOR + 0.900%, 1.03%, 06/17/2037 (a)(b) | 1,078,661 | 1,079,337 | ||||||
John Deere Owner Trust, Series 2020-B, Class A2, ABS (USD), 0.41%, 03/15/2023 | 991,000 | 992,164 | ||||||
Mercedes-Benz Auto Lease Trust, Series 2019-B, Class A3, ABS (USD), 2.00%, 10/17/2022 | 1,104,000 | 1,116,957 | ||||||
Nissan Auto Lease Trust | ||||||||
Series 2019-B, Class A2A, ABS (USD), 2.27%, 10/15/2021 | 13,569 | 13,580 | ||||||
Series 2020-B, Class A3, ABS (USD), 0.43%, 10/16/2023 | 957,000 | 959,969 | ||||||
SLM Student Loan Trust | ||||||||
Series 2011-2, Class A1, (USD), 1M USD LIBOR + 0.600%, 0.73%, 11/25/2027 (a) | 139,755 | 139,715 | ||||||
Series 2012-3, Class A, ABS, (USD), 1M USD LIBOR + 0.650%, 0.78%, 12/27/2038 (a) | 793,803 | 789,405 | ||||||
Series 2013-2, Class A, (USD), 1M USD LIBOR + 0.450%, 0.58%, 06/25/2043 (a) | 896,121 | 887,248 | ||||||
Tesla Auto Lease Trust | ||||||||
(USD), 2.33%, 02/20/2024 (b) | 928,000 | 951,793 | ||||||
Series 2019-A, Class D, ABS (USD), 3.37%, 01/20/2023 (b) | 637,000 | 663,349 | ||||||
Towd Point Mortgage Trust | ||||||||
Series 2019-3, Class M2, ABS (USD), 4.25%, 02/25/2059 (a)(b) | 904,557 | 1,009,349 | ||||||
Series 2020-2, Class M1B, ABS, VRN, 144A (USD), 3.00%, 04/25/2060 (a)(b) | 787,000 | 810,322 | ||||||
Series 2020-4, Class A2, ABS, (USD), 2.50%, 10/25/2060 (b) | 897,770 | 928,076 | ||||||
Verizon Owner Trust, Series 2020-C, Class A, ABS (USD), 0.41%, 04/21/2025 | 1,108,000 | 1,112,180 | ||||||
18,339,810 | ||||||||
Total Asset-Backed Securities | 18,339,810 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (12.3%) | ||||||||
UNITED STATES (12.3%) | ||||||||
BANK, Series 2018-BN11, Class C (USD), 4.38%, 03/15/2061 (a) | 460,000 | 503,135 | ||||||
BX Trust, Series 2019-OC11, Class A (USD), 3.20%, 12/09/2041 (b) | 992,707 | 1,093,540 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-C3, Class B (USD), 3.67%, 11/15/2049 (a) | 652,000 | 704,828 | ||||||
Commercial Mortgage Trust | ||||||||
Series 2014-CR20, Class A3 (USD), 3.33%, 11/10/2047 | 840,000 | 901,602 | ||||||
Series 2019-GC44, Class C (USD), 3.53%, 08/15/2057 (a) | 645,206 | 658,719 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class C, (USD), 4.39%, 11/15/2049 (a) | $ | 741,000 | $ | 707,051 | ||||
Federal Home Loan Mortgage Corp. | ||||||||
Series 2016-DNA2, Class M3, CMO, FRN (USD), 1M USD LIBOR + 4.650%, 4.78%, 10/25/2028 (a) | 782,214 | 816,839 | ||||||
Series 2017-DNA1, Class M2, CMO (USD), 1M USD LIBOR + 3.250%, 3.38%, 07/25/2029 (a) | 1,155,313 | 1,191,173 | ||||||
Series 2017-DNA2, Class M1, CMO (USD), 1M USD LIBOR + 1.200%, 1.33%, 10/25/2029 (a) | 256,863 | 256,863 | ||||||
Federal National Mortgage Association | ||||||||
Series 2016-C02, Class 1M2, CMO (USD), 1M USD LIBOR + 6.000%, 6.13%, 09/25/2028 (a) | 541,674 | 569,902 | ||||||
Series 2016-C04, Class 1M2, CMO, FRN (USD), 1M USD LIBOR + 4.250%, 4.38%, 01/25/2029 (a) | 887,269 | 923,458 | ||||||
Freddie Mac STACR REMIC Trust, Freddie Mac STACR REMIC Trust 2020-DNA3 (USD), 1M USD LIBOR + 1.500%, 1.63%, 06/25/2050 (a)(b) | 102,054 | 102,156 | ||||||
FREMF Mortgage Trust, Series 2018-K85, Class C (USD), 4.32%, 12/25/2050 (a)(b) | 708,000 | 795,018 | ||||||
GS Mortgage Securities Trust, Series 2019-GC42, Class A3 (USD), 2.75%, 09/01/2052 | 662,000 | 714,313 | ||||||
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ4, Class A2, CMO, VRN, (USD), 3.00%, 01/25/2051 (a)(b) | 570,543 | 585,660 | ||||||
JP Morgan Mortgage Trust | ||||||||
Series 2017-2, Class B3, CMO (USD), 3.68%, 05/25/2047 (a)(b) | 956,829 | 988,963 | ||||||
Series 2019-9, Class B3, CMO (USD), 3.91%, 05/25/2050 (a)(b) | 920,076 | 934,040 | ||||||
Series 2020-4, Class B2, CMO, VRN, 144A (USD), 3.76%, 11/25/2050 (a)(b) | 556,415 | 590,974 | ||||||
Series 2020-5, Class A5, CMO, VRN (USD), 3.00%, 12/25/2050 (a)(b) | 752,000 | 780,017 | ||||||
Series 2020-8, Class A3, CMO, VRN, (USD), 3.00%, 03/25/2051 (a)(b) | 1,160,002 | 1,204,194 | ||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
Series 2013-C14, Class A4, VRN (USD), 4.13%, 08/15/2046 (a) | 740,000 | 785,573 | ||||||
Series 2014-C24, Class A4A1 (USD), 3.37%, 11/15/2047 | 984,000 | 1,056,611 | ||||||
Mill City Mortgage Loan Trust, Series 2019-1, Class M2, CMO, VRN, (USD), 3.50%, 10/25/2069 (a)(b) | 814,500 | 888,905 | ||||||
Morgan Stanley Capital I Trust, Series 2017-CLS, Class A (USD), 1M USD LIBOR + 0.700%, 0.83%, 11/15/2034 (a)(b) | 965,000 | 965,305 | ||||||
Morgan Stanley Residential Mortgage Loan Trust, Series 2020-1, Class A2A, CMO, VRN, 144A (USD), 2.50%, 12/25/2050 (a)(b) | 782,372 | 815,225 | ||||||
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 1A1, CMO, (USD), 5.70%, 03/25/2035 (a) | 213,422 | 222,522 | ||||||
SFAVE Commercial Mortgage Securities Trust | ||||||||
Series 2015-5AVE, Class C (USD), 4.39%, 01/05/2043 (a)(b) | 926,000 | 800,319 | ||||||
Series 2015-5AVE, Class D (USD), 4.39%, 01/05/2043 (a)(b) | 562,000 | 430,605 | ||||||
UBS Commercial Mortgage Trust, Series 2017-C6, Class C (USD), 4.45%, 12/15/2050 (a) | 577,000 | 625,935 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
Series 2014-LC16, Class B (USD), 4.32%, 08/15/2050 | 680,000 | 682,328 | ||||||
Series 2017-C40, Class AS, VRN (USD), 3.85%, 10/15/2050 (a) | 315,000 | 353,556 | ||||||
Wells Fargo Mortgage Backed Securities Trust | ||||||||
Series 2020-3, Class B1, CMO, VRN (USD), 3.25%, 06/25/2050 (a)(b) | 964,129 | 1,014,956 | ||||||
Series 2020-5, Class A1, CMO, VRN (USD), 2.50%, 09/25/2050 (a)(b) | 723,666 | 751,192 | ||||||
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class AS, (USD), 3.24%, 12/15/2045 | 568,395 | 581,569 | ||||||
24,997,046 | ||||||||
Total Commercial Mortgage-Backed Securities | 24,997,046 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
NON-AGENCY MORTGAGE-BACKED SECURITIES (3.9%) | ||||||||
UNITED STATES (3.9%) | ||||||||
CHL Mortgage Pass-Through Trust, Series 2005-21, Class A2 (USD), 5.50%, 10/25/2035 | $ | 277,823 | $ | 234,456 | ||||
Citigroup Mortgage Loan Trust, Series 2005-11, Class A3 (USD), 1 year CMT + 2.400%, 2.52%, 11/25/2035 (a) | 142,522 | 138,838 | ||||||
Flagstar Mortgage Trust, Series 2017-2, Class B2, (USD), 4.12%, 10/25/2047 (a)(b) | 1,170,307 | 1,238,800 | ||||||
GSR Mortgage Loan Trust, Series 2005-6F, Class 1A6 (USD), 5.25%, 07/25/2035 | 227,471 | 233,013 | ||||||
IndyMac INDA Mortgage Loan Trust, Series 2005-AR2, Class 3A1 (USD), 3.25%, 01/25/2036 (a) | 303,933 | 269,812 | ||||||
JP Morgan Mortgage Trust | ||||||||
Series 2005-A5, Class 2A2 (USD), 3.03%, 08/25/2035 (a) | 224,460 | 232,952 | ||||||
Series 2006-S1, Class 2A6 (USD), 6.00%, 04/25/2036 | 286,866 | 300,774 | ||||||
Series 2017-1, Class A3, (USD), 3.50%, 01/25/2047 (a)(b) | 11 | 12 | ||||||
Series 2018-6, Class B2 (USD), 3.92%, 12/25/2048 (a)(b) | 949,883 | 994,319 | ||||||
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, (USD), 4.00%, 03/25/2057 (a)(b) | 695,703 | 747,966 | ||||||
PHH Mortgage Trust, Series 2008-CIM1, Class 21A1 (USD), 6.00%, 05/25/2038 | 355,726 | 367,121 | ||||||
Sequoia Mortgage Trust | ||||||||
Series 2017-CH1, Class A13, (USD), 4.00%, 08/25/2047 (a)(b) | 595,833 | 615,100 | ||||||
Series 2017-CH2, Class A13 (USD), 4.00%, 12/25/2047 (a)(b) | 902,867 | 936,921 | ||||||
Structured Asset Securities Corp., Series 2004-18H, Class A5 (USD), 4.75%, 10/25/2034 | 498,511 | 524,663 | ||||||
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1 (USD), 2.28%, 09/25/2037 (a) | 263,062 | 270,996 | ||||||
WaMu Mortgage Pass Through Certificates, Series 2005-AR7, Class A3 (USD), 2.93%, 08/25/2035 (a) | 302,533 | 312,953 | ||||||
WinWater Mortgage Loan Trust, Series 2015-2, Class B3, (USD), 3.90%, 02/20/2045 (a)(b) | 482,059 | 510,048 | ||||||
7,928,744 | ||||||||
Total Non-Agency Mortgage-Backed Securities | 7,928,744 | |||||||
CORPORATE BONDS (24.6%) | ||||||||
CANADA (1.3%) | ||||||||
Commercial Banks (0.6%) | ||||||||
National Bank of Canada, (fixed rate to 11/15/2023, variable rate thereafter), VRN (USD), 0.55%, 11/15/2024 | 1,127,000 | 1,127,546 | ||||||
Metals & Mining (0.7%) | ||||||||
Teck Resources Ltd. (USD), 3.90%, 07/15/2030 | 1,365,000 | 1,511,194 | ||||||
2,638,740 | ||||||||
ITALY (1.0%) | ||||||||
Commercial Banks (1.0%) | ||||||||
UniCredit SpA (USD), 7.83%, 12/04/2023 (b) | 1,800,000 | 2,113,883 | ||||||
JAPAN (1.3%) | ||||||||
Auto Manufacturers (0.6%) | ||||||||
Nissan Motor Co. Ltd. (USD), 4.35%, 09/17/2027 (b) | 1,215,000 | 1,341,693 | ||||||
Commercial Banks (0.7%) | ||||||||
Sumitomo Mitsui Financial Group, Inc. (USD), 0.51%, 01/12/2024 | 1,345,000 | 1,347,905 | ||||||
2,689,598 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
NETHERLANDS | ||||||||
(0.5%) | ||||||||
Semiconductors (0.5%) | ||||||||
NXP BV / NXP Funding LLC (USD), 5.35%, 03/01/2026 (b) | $ | 887,000 | $ | 1,060,492 | ||||
SOUTH KOREA | ||||||||
(0.6%) | ||||||||
Semiconductors (0.6%) | ||||||||
SK Hynix, Inc., 144A (USD), 1.00%, 01/19/2024 (b) | 1,125,000 | 1,127,551 | ||||||
SPAIN (0.7%) | ||||||||
Commercial Banks (0.7%) | ||||||||
Banco Santander SA (USD), 2.75%, 05/28/2025 | 1,400,000 | 1,496,995 | ||||||
UNITED KINGDOM (2.4%) | ||||||||
Commercial Banks (2.4%) | ||||||||
HSBC Holdings PLC, (fixed rate to 09/22/2027, variable rate thereafter) (USD), 2.01%, 09/22/2028 | 1,865,000 | 1,901,948 | ||||||
Lloyds Banking Group PLC, (fixed rate to 07/09/2024, variable rate thereafter), VRN (USD), 3.87%, 07/09/2025 | 1,225,000 | 1,346,071 | ||||||
Natwest Group PLC, (fixed rate to 03/22/2024, variable rate thereafter) (USD), 4.27%, 03/22/2025 | 1,450,000 | 1,597,222 | ||||||
4,845,241 | ||||||||
UNITED STATES (16.8%) | ||||||||
Aerospace & Defense (1.4%) | ||||||||
Boeing Co. (USD), 2.70%, 02/01/2027 | 2,045,000 | 2,116,502 | ||||||
Raytheon Technologies Corp. (USD), 6.05%, 06/01/2036 | 551,000 | 788,185 | ||||||
2,904,687 | ||||||||
Auto Manufacturers (1.4%) | ||||||||
Ford Holdings LLC (USD), 9.30%, 03/01/2030 | 930,000 | 1,228,121 | ||||||
Hyundai Capital America, 144A (USD), 0.80%, 01/08/2024 (b) | 1,690,000 | 1,684,803 | ||||||
2,912,924 | ||||||||
Banks (0.4%) | ||||||||
JPMorgan Chase & Co. (USD), 1.00%, 02/04/2032 | 808,000 | 806,568 | ||||||
Building Materials (0.4%) | ||||||||
Carrier Global Corp. (USD), 3.38%, 04/05/2040 | 770,000 | 817,790 | ||||||
Commercial Banks (2.3%) | ||||||||
Bank of America Corp., (fixed rate to 06/19/2040, variable rate thereafter) (USD), 2.68%, 06/19/2041 | 1,131,000 | 1,130,154 | ||||||
Citigroup, Inc., (fixed rate to 04/08/2025, variable rate thereafter) (USD), 3.11%, 04/08/2026 | 2,200,000 | 2,387,966 | ||||||
JPMorgan Chase & Co., (fixed rate to 04/22/2030, variable rate thereafter) (USD), 2.52%, 04/22/2031 | 1,106,000 | 1,160,358 | ||||||
4,678,478 | ||||||||
Commercial Services & Supplies (0.3%) | ||||||||
PayPal Holdings, Inc. (USD), 3.25%, 06/01/2050 | 555,000 | 613,694 | ||||||
Computers & Peripherals (0.4%) | ||||||||
Apple, Inc. (USD), 2.40%, 08/20/2050 | 925,000 | 884,728 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
Diversified Telecommunication Services (1.6%) | ||||||||
T-Mobile USA, Inc. (USD), 3.30%, 02/15/2051 (b) | $ | 710,000 | $ | 695,651 | ||||
Verizon Communications, Inc. (USD), 4.50%, 08/10/2033 | 2,140,000 | 2,638,739 | ||||||
3,334,390 | ||||||||
Electric Utilities (3.7%) | ||||||||
AEP Texas, Inc., Series H (USD), 3.45%, 01/15/2050 | 580,000 | 630,273 | ||||||
IPALCO Enterprises, Inc. (USD), 4.25%, 05/01/2030 (b) | 1,343,000 | 1,532,835 | ||||||
Mississippi Power Co. (USD), 3.95%, 03/30/2028 | 560,000 | 645,318 | ||||||
Pacific Gas and Electric Co. (USD), 4.55%, 07/01/2030 | 1,365,000 | 1,557,936 | ||||||
Southern California Edison Co., Series E (USD), 3.70%, 08/01/2025 | 2,270,000 | 2,523,499 | ||||||
Southwestern Public Service Co., Series 8 (USD), 3.15%, 05/01/2050 | 613,000 | 662,004 | ||||||
7,551,865 | ||||||||
Energy Equipment & Services (0.5%) | ||||||||
Western Midstream Operating LP (USD), 4.65%, 07/01/2026 | 970,000 | 1,018,500 | ||||||
Insurance (0.6%) | ||||||||
Athene Holding Ltd. (USD), 3.50%, 01/15/2031 | 1,130,000 | 1,187,495 | ||||||
Oil, Gas & Consumable Fuels (0.7%) | ||||||||
Chevron USA, Inc. (USD), 4.95%, 08/15/2047 | 590,000 | 802,959 | ||||||
Diamondback Energy, Inc. (USD), 3.25%, 12/01/2026 | 567,000 | 607,131 | ||||||
1,410,090 | ||||||||
Pharmaceutical (0.8%) | ||||||||
CVS Health Corp. (USD), 6.25%, 06/01/2027 | 1,270,000 | 1,613,637 | ||||||
Real Estate Investment Trust (REIT) Funds (0.5%) | ||||||||
American Tower Corp. (USD), 1.88%, 10/15/2030 | 1,105,000 | 1,093,178 | ||||||
Retail (0.6%) | ||||||||
Lowe's Cos., Inc. (USD), 3.00%, 10/15/2050 | 565,000 | 575,664 | ||||||
McDonald's Corp. (USD), 3.63%, 09/01/2049 | 470,000 | 529,770 | ||||||
1,105,434 | ||||||||
Semiconductors (0.8%) | ||||||||
Broadcom, Inc. (USD), 4.15%, 11/15/2030 | 1,335,000 | 1,512,141 | ||||||
Transportation (0.4%) | ||||||||
FedEx Corp. (USD), 5.25%, 05/15/2050 | 565,000 | 760,952 | ||||||
34,206,551 | ||||||||
Total Corporate Bonds | 50,179,051 | |||||||
MUNICIPAL BONDS (7.8%) | ||||||||
UNITED STATES (7.8%) | ||||||||
CALIFORNIA (1.6%) | ||||||||
Los Angeles Unified School District General Obligation Unlimited Bonds | ||||||||
(USD), 5.75%, 07/01/2034 | 565,000 | 794,593 | ||||||
(USD), 6.76%, 07/01/2034 | 1,660,000 | 2,482,016 | ||||||
3,276,609 | ||||||||
MASSACHUSETTS (0.1%) | ||||||||
State of Commonwealth of Massachusetts, Series H (USD), 2.90%, 09/01/2049 | 165,000 | 178,786 | ||||||
NEW YORK (5.1%) | ||||||||
City of New York NY (USD), 5.52%, 10/01/2037 | 1,935,000 | 2,722,158 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
Metropolitan Transportation Authority Revenue Bonds (Build America Bonds) (USD), 5.18%, 11/15/2049 | $ | 225,000 | $ | 299,144 | ||||
New York State Dormitory Authority (USD), 5.63%, 03/15/2039 | 2,470,000 | 3,281,642 | ||||||
New York State Dormitory Authority, Series B (USD), 3.14%, 07/01/2043 | 485,000 | 503,600 | ||||||
New York State Urban Development Corp (USD), 5.77%, 03/15/2039 | 1,065,000 | 1,358,653 | ||||||
State of New York State Thruway Authority, Series M (USD), 2.90%, 01/01/2035 | 2,015,000 | 2,227,703 | ||||||
10,392,900 | ||||||||
OHIO (1.0%) | ||||||||
JobsOhio Beverage System, Series A (USD), 2.83%, 01/01/2038 | 1,995,000 | 2,167,487 | ||||||
16,015,782 | ||||||||
Total Municipal Bonds | 16,015,782 | |||||||
GOVERNMENT BONDS (3.5%) | ||||||||
CANADA (2.0%) | ||||||||
Canada Housing Trust No 1 | ||||||||
(CAD), 2.35%, 09/15/2023 (b)(c) | 2,460,000 | 2,026,232 | ||||||
(CAD), 1.95%, 12/15/2025 (b)(c) | 2,455,000 | 2,042,080 | ||||||
4,068,312 | ||||||||
SUPRANATIONAL (1.5%) | ||||||||
International Bank for Reconstruction & Development (CAD), 0.63%, 01/14/2026 | 3,900,000 | 3,040,795 | ||||||
Total Government Bonds | 7,109,107 | |||||||
U.S. AGENCIES (18.5%) | ||||||||
UNITED STATES (18.5%) | ||||||||
Federal Home Loan Mortgage Corp. | ||||||||
MBS (USD), 4.50%, 08/01/2046 | 364,246 | 399,212 | ||||||
MBS (USD), 4.00%, 01/01/2047 | 906,316 | 986,845 | ||||||
MBS (USD), 4.00%, 08/01/2048 | 1,278,539 | 1,405,667 | ||||||
MBS (USD), 3.50%, 07/01/2049 | 632,214 | 678,556 | ||||||
MBS (USD), 3.00%, 01/01/2050 | 1,499,555 | 1,627,580 | ||||||
MBS (USD), 3.00%, 05/01/2050 | 1,019,041 | 1,106,940 | ||||||
Federal National Mortgage Association | ||||||||
MBS (USD), 2.50%, 04/01/2032 | 658,461 | 698,593 | ||||||
MBS (USD), 3.50%, 05/01/2034 | 641,711 | 708,095 | ||||||
MBS (USD), 3.00%, 11/01/2035 | 1,466,746 | 1,568,317 | ||||||
MBS (USD), 3.50%, 12/01/2046 | 1,558,500 | 1,701,440 | ||||||
MBS (USD), 4.50%, 12/01/2046 | 652,829 | 716,577 | ||||||
MBS (USD), 4.00%, 05/01/2048 | 1,280,246 | 1,398,315 | ||||||
MBS (USD), 5.00%, 09/01/2048 | 394,008 | 434,946 | ||||||
MBS (USD), 3.50%, 12/01/2049 | 556,874 | 596,677 | ||||||
MBS (USD), 3.00%, 02/01/2050 | 1,729,859 | 1,850,357 | ||||||
MBS (USD), 4.00%, 03/01/2050 | 1,042,949 | 1,134,970 | ||||||
(USD), 3.50%, 06/01/2050 | 612,887 | 664,196 | ||||||
MBS (USD), 3.50%, 06/01/2050 | 678,619 | 730,176 | ||||||
MBS (USD), 3.00%, 07/01/2050 | 1,397,707 | 1,484,134 | ||||||
MBS (USD), 2.50%, 10/01/2050 | 1,132,879 | 1,195,817 | ||||||
MBS, TBA (USD), 2.00%, 02/01/2051 | 2,923,000 | 3,018,454 | ||||||
FREMF Mortgage Trust | ||||||||
Series 2018-K82, Class C, VRN, 144A (USD), 4.13%, 09/25/2028 (a)(b) | 1,001,000 | 1,110,098 | ||||||
Series 2015-K45, Class C, VRN, (USD), 3.59%, 04/25/2048 (a)(b) | 660,000 | 703,688 | ||||||
Series 2016-K57, Class C (USD), 3.92%, 08/25/2049 (a)(b) | 1,077,000 | 1,170,853 | ||||||
Series 2017-K71, Class C (USD), 3.75%, 11/25/2050 (a)(b) | 525,000 | 569,265 | ||||||
Series 2018-K81, Class C, VRN, 144A (USD), 4.17%, 09/25/2051 (a)(b) | 519,000 | 576,810 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
Series 2019-K93, Class C, VRN, 144A (USD), 4.12%, 05/25/2052 (a)(b) | $ | 684,000 | $ | 757,098 | ||||
Government National Mortgage Association | ||||||||
MBS (USD), 4.50%, 06/20/2047 | 482,445 | 529,366 | ||||||
MBS (USD), 3.50%, 11/20/2047 | 809,148 | 880,285 | ||||||
MBS (USD), 3.50%, 02/20/2048 | 774,187 | 856,040 | ||||||
MBS (USD), 4.00%, 05/20/2048 | 1,063,689 | 1,176,752 | ||||||
MBS (USD), 4.00%, 09/20/2048 | 505,413 | 558,930 | ||||||
MBS (USD), 3.00%, 06/20/2050 | 1,807,214 | 1,950,036 | ||||||
MBS (USD), 3.50%, 06/20/2050 | 1,142,442 | 1,209,393 | ||||||
MBS, TBA (USD), 2.50%, 02/01/2051 | 1,436,000 | 1,511,110 | ||||||
37,665,588 | ||||||||
Total U.S. Agencies | 37,665,588 | |||||||
U.S. TREASURIES (16.4%) | ||||||||
UNITED STATES (16.4%) | ||||||||
U.S. Treasury Bond (USD), 1.38%, 08/15/2050 | 8,320,400 | 7,435,058 | ||||||
U.S. Treasury Inflation Indexed Bond (USD), 0.25%, 02/15/2050 (d) | 55 | 64 | ||||||
U.S. Treasury Note | ||||||||
(USD), 0.13%, 09/30/2022 | 9,283,400 | 9,285,576 | ||||||
(USD), 0.13%, 10/15/2023 | 5,724,400 | 5,719,257 | ||||||
(USD), 0.13%, 12/15/2023 | 2,548,700 | 2,545,315 | ||||||
(USD), 0.25%, 09/30/2025 | 4,667,500 | 4,637,781 | ||||||
(USD), 0.38%, 01/31/2026 | 2,080,900 | 2,073,910 | ||||||
(USD), 0.38%, 09/30/2027 | 1,295,000 | 1,266,621 | ||||||
(USD), 0.88%, 11/15/2030 | 506,800 | 497,298 | ||||||
33,460,880 | ||||||||
Total U.S. Treasuries | 33,460,880 | |||||||
AGENCY MORTGAGE-BACKED SECURITIES (1.5%) | ||||||||
UNITED STATES (1.5%) | ||||||||
Federal Home Loan Mortgage Corp. (USD), 5.00%, 10/01/2041 | 235,739 | 268,759 | ||||||
Federal National Mortgage Association (USD), 4.50%, 07/01/2040 | 634,872 | 710,586 | ||||||
Government National Mortgage Association | ||||||||
(USD), 4.50%, 12/20/2045 | 478,526 | 536,042 | ||||||
(USD), 3.00%, 02/01/2051 | 1,458,000 | 1,528,736 | ||||||
3,044,123 | ||||||||
Total Agency Mortgage-Backed Securities | 3,044,123 | |||||||
SHORT-TERM INVESTMENT—6.8% | ||||||||
UNITED STATES (6.8%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e) | 13,936,793 | 13,936,793 | ||||||
Total Short-Term Investment | 13,936,793 | |||||||
Total Investments (Cost $209,045,856) —104.3% | 212,676,924 | |||||||
Liabilities in Excess of Other Assets—(4.3)% | (8,741,013 | ) | ||||||
Net Assets—100.0% | $ | 203,935,911 |
(a) | Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
(c) | This security is government guaranteed. | |
(d) | Inflation linked security. | |
(e) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021. | |
AUD | Australian Dollar | |
CAD | Canadian Dollar | |
CLP | Chilean Peso | |
CMT | Constant Maturity Treasury | |
EUR | Euro Currency | |
HUF | Hungarian Forint | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
MXN | Mexican Peso | |
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 | |
UYU | Uruguayan Peso | |
At January 31, 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 | ||||||||||||||||||||
Australian 10 Year Bond Futures | 12 | 03/15/2021 | $ | 1,342,627 | $ | 1,337,755 | $ | (4,872 | ) | |||||||||||
United States Treasury Note 6%—10 year | 6 | 03/22/2021 | 822,750 | 822,188 | (562 | ) | ||||||||||||||
United States Treasury Note 6%—2 year | 29 | 03/31/2021 | 6,405,703 | 6,408,320 | 2,617 | |||||||||||||||
United States Treasury Note 6%—5 year | 40 | 03/31/2021 | 5,034,469 | 5,035,000 | 531 | |||||||||||||||
United States Treasury Note 6%—Ultra Bond | 28 | 03/22/2021 | 6,005,375 | 5,732,125 | (273,250 | ) | ||||||||||||||
$ | (275,536 | ) | ||||||||||||||||||
SHORT CONTRACT POSITIONS | ||||||||||||||||||||
(1.5%) | ||||||||||||||||||||
United States Treasury Note 6%—Ultra Long | (20 | ) | 03/22/2021 | $ | (3,082,001 | ) | $ | (3,076,563 | ) | $ | 5,438 | |||||||||
$ | (270,098 | ) |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Total Return Bond Fund
At January 31, 2021, the Fund's open forward foreign currency exchange contracts were as follows:
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Australian Dollar/United States Dollar | |||||||||||||||||||||
02/02/2021 | Barclays Bank plc | AUD | 2,561,146 | USD | 1,911,755 | $ | 1,957,356 | $ | 45,601 | ||||||||||||
02/02/2021 | Citibank N.A. | AUD | 569,007 | USD | 414,339 | 434,864 | 20,525 | ||||||||||||||
04/15/2021 | HSBC Bank USA | AUD | 195,955 | USD | 151,063 | 149,820 | (1,243 | ) | |||||||||||||
Canadian Dollar/United States Dollar | |||||||||||||||||||||
02/11/2021 | Citibank N.A. | CAD | 1,389,000 | USD | 1,092,164 | 1,086,252 | (5,912 | ) | |||||||||||||
02/12/2021 | Barclays Bank plc | CAD | 1,165,870 | USD | 915,816 | 911,759 | (4,057 | ) | |||||||||||||
02/12/2021 | Royal Bank of Canada | CAD | 4,181,404 | USD | 3,289,532 | 3,270,031 | (19,501 | ) | |||||||||||||
Chilean Peso/United States Dollar | |||||||||||||||||||||
03/10/2021 | Citibank N.A. | CLP | 1,510,470,000 | USD | 2,067,268 | $ | 2,056,561 | $ | (10,707 | ) | |||||||||||
Hungarian Forint/United States Dollar | |||||||||||||||||||||
04/19/2021 | Barclays Bank plc | HUF | 607,980,000 | USD | 2,056,169 | 2,065,302 | 9,133 | ||||||||||||||
Indian Rupee/United States Dollar | |||||||||||||||||||||
02/08/2021 | Barclays Bank plc | INR | 150,270,000 | USD | 1,993,500 | 2,059,670 | 66,170 | ||||||||||||||
02/08/2021 | JPMorgan Chase Bank N.A. | INR | 76,003,000 | USD | 1,023,609 | 1,041,732 | 18,123 | ||||||||||||||
Japanese Yen/United States Dollar | |||||||||||||||||||||
03/11/2021 | HSBC Bank USA | JPY | 227,099,174 | USD | 2,180,139 | 2,168,888 | (11,251 | ) | |||||||||||||
03/16/2021 | Barclays Bank plc | JPY | 198,170,000 | USD | 1,922,794 | 1,892,716 | (30,078 | ) | |||||||||||||
Mexican Peso/United States Dollar | |||||||||||||||||||||
02/05/2021 | Citibank N.A. | MXN | 42,722,203 | USD | 2,145,359 | 2,083,656 | (61,703 | ) | |||||||||||||
02/05/2021 | HSBC Bank USA | MXN | 20,869,000 | USD | 1,060,664 | 1,017,827 | (42,837 | ) | |||||||||||||
New Russian Ruble/United States Dollar | |||||||||||||||||||||
03/01/2021 | Barclays Bank plc | RUB | 78,506,000 | USD | 1,042,023 | 1,035,297 | (6,726 | ) | |||||||||||||
03/01/2021 | Citibank N.A. | RUB | 154,908,790 | USD | 2,009,649 | 2,042,857 | 33,208 | ||||||||||||||
03/01/2021 | JPMorgan Chase Bank N.A. | RUB | 151,707,000 | USD | 2,050,926 | 2,000,634 | (50,292 | ) | |||||||||||||
Uruguayo Peso/United States Dollar | |||||||||||||||||||||
04/08/2021 | Citibank N.A. | UYU | 65,179,500 | USD | 1,519,572 | 1,525,380 | 5,808 | ||||||||||||||
04/08/2021 | JPMorgan Chase Bank N.A. | UYU | 21,755,500 | USD | 507,122 | 509,139 | 2,017 | ||||||||||||||
$ | 29,309,741 | $ | (43,722 | ) |
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||
United States Dollar/Australian Dollar | ||||||||||||||||||||||||
02/02/2021 | Barclays Bank plc | USD | 1,983,437 | AUD | 2,561,146 | $ | 1,957,356 | $ | 26,081 | |||||||||||||||
02/02/2021 | JPMorgan Chase Bank N.A. | USD | 407,517 | AUD | 569,007 | 434,864 | (27,347 | ) | ||||||||||||||||
04/15/2021 | HSBC Bank USA | USD | 151,638 | AUD | 195,955 | 149,820 | 1,818 | |||||||||||||||||
United States Dollar/Canadian Dollar | ||||||||||||||||||||||||
02/12/2021 | Barclays Bank plc | USD | 3,057,077 | CAD | 3,913,867 | 3,060,806 | (3,729 | ) | ||||||||||||||||
02/12/2021 | Citibank N.A. | USD | 1,149,279 | CAD | 1,476,946 | 1,155,032 | (5,753 | ) | ||||||||||||||||
02/12/2021 | HSBC Bank USA | USD | 997,203 | CAD | 1,268,220 | 991,801 | 5,402 | |||||||||||||||||
02/12/2021 | Royal Bank of Canada | USD | 6,075,914 | CAD | 7,908,540 | 6,184,805 | (108,891 | ) | ||||||||||||||||
04/12/2021 | Citibank N.A. | USD | 1,015,570 | CAD | 1,297,000 | 1,014,425 | 1,145 | |||||||||||||||||
United States Dollar/Chilean Peso | ||||||||||||||||||||||||
03/10/2021 | Citibank N.A. | USD | 2,055,062 | CLP | 1,510,470,000 | 2,056,561 | (1,499 | ) | ||||||||||||||||
United States Dollar/Hungarian Forint | ||||||||||||||||||||||||
04/19/2021 | Citibank N.A. | USD | 2,053,248 | HUF | 607,980,000 | 2,065,302 | (12,054 | ) | ||||||||||||||||
United States Dollar/Indian Rupee | ||||||||||||||||||||||||
02/08/2021 | HSBC Bank USA | USD | 3,099,417 | INR | 226,273,000 | 3,101,402 | (1,985 | ) | ||||||||||||||||
United States Dollar/Japanese Yen | ||||||||||||||||||||||||
03/11/2021 | Citibank N.A. | USD | 2,200,217 | JPY | 227,099,174 | 2,168,887 | 31,330 | |||||||||||||||||
United States Dollar/Mexican Peso | ||||||||||||||||||||||||
02/05/2021 | Royal Bank of Canada | USD | 1,049,971 | MXN | 20,786,000 | 1,013,779 | 36,192 | |||||||||||||||||
United States Dollar/New Russian Ruble | ||||||||||||||||||||||||
03/01/2021 | Barclays Bank plc | USD | 1,020,677 | RUB | 76,265,000 | 1,005,744 | 14,933 | |||||||||||||||||
03/01/2021 | JPMorgan Chase Bank N.A. | USD | 2,073,490 | RUB | 157,149,790 | $ | 2,072,411 | $ | 1,079 | |||||||||||||||
United States Dollar/Uruguayo Peso | ||||||||||||||||||||||||
04/08/2021 | Citibank N.A. | USD | 1,013,229 | UYU | 43,467,500 | 1,017,260 | (4,031 | ) | ||||||||||||||||
04/08/2021 | JPMorgan Chase Bank N.A. | USD | 1,013,229 | UYU | 43,467,500 | 1,017,260 | (4,031 | ) | ||||||||||||||||
$ | 30,467,515 | $ | (51,340 | ) | ||||||||||||||||||||
* 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, 2021 (Unaudited)
Aberdeen Global High Income Fund
Shares or Principal Amount | Value (US$) | |||||||
CORPORATE BONDS (92.1%) | ||||||||
ARGENTINA (0.3%) | ||||||||
Transportadora de Gas del Sur SA (USD), 6.75%, 05/02/2025 (a) | $ | 575,000 | $ | 503,125 | ||||
BERMUDA (0.3%) | ||||||||
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., PIK, (USD), 7.63%, 10/15/2025 (a)(b) | 492,516 | 528,223 | ||||||
BRAZIL (2.8%) | ||||||||
Braskem Netherlands Finance BV (USD), 4.50%, 01/10/2028 (a) | 810,000 | 839,573 | ||||||
CSN Resources SA | ||||||||
(USD), 7.63%, 02/13/2023 (a) | 265,000 | 275,205 | ||||||
(USD), 7.63%, 04/17/2026 (a) | 314,000 | 337,450 | ||||||
NBM US Holdings, Inc. (USD), 7.00%, 05/14/2026 (a) | 669,000 | 718,171 | ||||||
Petrobras Global Finance BV | ||||||||
(USD), 5.09%, 01/15/2030 | 815,000 | 895,277 | ||||||
(USD), 5.60%, 01/03/2031 | 536,000 | 598,444 | ||||||
Rede D'or Finance Sarl | ||||||||
(USD), 4.95%, 01/17/2028 (a) | 380,000 | 401,474 | ||||||
(USD), 4.50%, 01/22/2030 (a) | 390,000 | 398,588 | ||||||
4,464,182 | ||||||||
CANADA (2.4%) | ||||||||
Clearwater Seafoods, Inc. (USD), 6.88%, 05/01/2025 (a) | 1,370,000 | 1,441,240 | ||||||
GFL Environmental, Inc. | ||||||||
(USD), 3.75%, 08/01/2025 (a) | 165,000 | 168,300 | ||||||
(USD), 5.13%, 12/15/2026 (a) | 295,000 | 311,225 | ||||||
(USD), 4.00%, 08/01/2028 (a) | 194,000 | 192,060 | ||||||
Teck Resources Ltd. (USD), 3.90%, 07/15/2030 | 931,000 | 1,030,712 | ||||||
Titan Acquisition Ltd. / Titan Co-Borrower LLC (USD), 7.75%, 04/15/2026 (a) | 720,000 | 732,254 | ||||||
3,875,791 | ||||||||
CHILE (0.3%) | ||||||||
VTR Finance (USD), 6.38%, 07/15/2028 (a) | 442,000 | 478,531 | ||||||
CHINA (1.3%) | ||||||||
China Evergrande Group (USD), 9.50%, 04/11/2022 (a) | 465,000 | 441,746 | ||||||
CIFI Holdings Group Co. Ltd. (USD), 6.45%, 11/07/2024 (a) | 735,000 | 786,818 | ||||||
Sunac China Holdings Ltd. (USD), 7.95%, 10/11/2023 (a) | 825,000 | 864,600 | ||||||
2,093,164 | ||||||||
CONGO (0.4%) | ||||||||
HTA Group Ltd. (USD), 7.00%, 12/18/2025 (a) | 617,000 | 659,573 | ||||||
DOMINICAN REPUBLIC (0.5%) | ||||||||
AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It (USD), 7.95%, 05/11/2026 (a) | 765,000 | 799,433 | ||||||
EL SALVADOR (0.3%) | ||||||||
AES El Salvador Trust II (USD), 6.75%, 03/28/2023 (a) | 500,000 | 478,750 | ||||||
FRANCE (0.4%) | ||||||||
Adevinta ASA (EUR), 2.63%, 11/15/2025 (a) | 135,000 | 167,024 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
Altice France SA (USD), 7.38%, 05/01/2026 (a) | $ | 473,000 | $ | 494,734 | ||||
661,758 | ||||||||
GEORGIA (0.3%) | ||||||||
Bank of Georgia JSC (USD), 6.00%, 07/26/2023 (a) | 500,000 | 521,250 | ||||||
GERMANY (2.9%) | ||||||||
Deutsche Bank AG, (fixed rate to 04/30/2025, variable rate thereafter), VRN (USD), 7.50%, 04/30/2025 (c) | 400,000 | 411,500 | ||||||
Deutsche Bank AG, (fixed rate to 04/30/2026, variable rate thereafter), VRN (GBP), 7.13%, 04/30/2026 (a)(c) | 300,000 | 414,144 | ||||||
Nidda BondCo GmbH (EUR), 5.00%, 09/30/2025 (a) | 305,000 | 372,076 | ||||||
Nidda Healthcare Holding GmbH (EUR), 3.50%, 09/30/2024 (a) | 623,000 | 757,023 | ||||||
Tele Columbus AG (EUR), 3.88%, 05/02/2025 (a) | 784,000 | 958,848 | ||||||
Vertical Holdco GmbH | ||||||||
(EUR), 6.63%, 07/15/2028 (a) | 249,000 | 321,315 | ||||||
(USD), 7.63%, 07/15/2028 (a) | 200,000 | 215,750 | ||||||
Vertical Midco GmbH (EUR), 4.38%, 07/15/2027 (a) | 176,000 | 223,410 | ||||||
Vertical US Newco, Inc. (USD), 5.25%, 07/15/2027 (a) | 200,000 | 208,947 | ||||||
ZF Europe Finance BV | ||||||||
(EUR), 2.00%, 02/23/2026 (a) | 300,000 | 357,408 | ||||||
(EUR), 2.50%, 10/23/2027 (a) | 300,000 | 361,324 | ||||||
4,601,745 | ||||||||
IRELAND (0.8%) | ||||||||
Cimpress PLC (USD), 7.00%, 06/15/2026 (a) | 1,190,000 | 1,247,001 | ||||||
ISRAEL (1.5%) | ||||||||
Teva Pharmaceutical Finance Co. BV, Series 2 (USD), 3.65%, 11/10/2021 | 710,000 | 716,212 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
(USD), 7.13%, 01/31/2025 | 290,000 | 319,302 | ||||||
(USD), 3.15%, 10/01/2026 | 1,385,000 | 1,320,944 | ||||||
2,356,458 | ||||||||
ITALY (2.9%) | ||||||||
Banca Monte dei Paschi di Siena SpA, (fixed rate to 01/18/2023, variable rate thereafter) (EUR), 5.38%, 01/18/2028 (a) | 1,200,000 | 1,261,121 | ||||||
Sofima Holding SpA | ||||||||
(EUR), 3.75%, 01/15/2028 (a) | 231,000 | 281,409 | ||||||
FRN (EUR), 3 mo. Euribor + 4.000%, 4.00%, 01/15/2028 (a)(d) | 100,000 | 121,780 | ||||||
Telecom Italia Capital SA (USD), 6.00%, 09/30/2034 | 1,950,000 | 2,333,906 | ||||||
UniCredit SpA, (fixed rate to 06/03/2023, variable rate thereafter) (EUR), 6.63%, 06/03/2023 (a)(c) | 530,000 | 673,732 | ||||||
4,671,948 | ||||||||
JAMAICA (0.6%) | ||||||||
Digicel Group 0.5 Ltd., PIK (USD), 10.00%, 04/01/2024 (b) | 919,129 | 863,981 | ||||||
JAPAN (1.0%) | ||||||||
SoftBank Group Corp., (fixed rate to 07/19/2023, variable rate thereafter), VRN (USD), 6.00%, 07/19/2023 (a)(c) | 1,620,000 | 1,583,550 | ||||||
LUXEMBOURG (2.7%) | ||||||||
Altice France Holding SA | ||||||||
(EUR), 8.00%, 05/15/2027 (a) | 283,000 | 376,404 | ||||||
(USD), 10.50%, 05/15/2027 (a) | 579,000 | 649,204 | ||||||
Galapagos SA (EUR), 5.38%, 06/15/2021 (a)(e)(f) | 60,500 | 74 | ||||||
Garfunkelux Holdco 3 SA | ||||||||
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
(EUR), 6.75%, 11/01/2025 (a) | $ | 231,000 | $ | 286,794 | ||||
(GBP), 7.75%, 11/01/2025 (a) | 240,000 | 335,932 | ||||||
Kleopatra Holdings 1 SCA, PIK (EUR), 8.50%, 06/30/2023 (a)(b) | 913,055 | 1,117,289 | ||||||
LHMC Finco 2 Sarl, PIK (EUR), 7.25%, 10/02/2025 (a)(b) | 270,400 | 269,682 | ||||||
Matterhorn Telecom SA (EUR), 3.13%, 09/15/2026 (a) | 987,000 | 1,185,796 | ||||||
4,221,175 | ||||||||
MEXICO (2.0%) | ||||||||
Petroleos Mexicanos | ||||||||
(USD), 6.49%, 01/23/2027 | 1,000,000 | 1,028,750 | ||||||
(USD), 5.35%, 02/12/2028 | 1,580,000 | 1,515,220 | ||||||
Sixsigma Networks Mexico SA de CV (USD), 7.50%, 05/02/2025 (a) | 750,000 | 671,250 | ||||||
3,215,220 | ||||||||
NETHERLANDS (3.2%) | ||||||||
Leaseplan Corporation NV, (fixed rate to 05/29/2024, variable rate thereafter), VRN (EUR), 7.38%, 05/29/2024 (a)(c) | 250,000 | 322,282 | ||||||
Lincoln Financing SARL (EUR), 3.63%, 04/01/2024 (a) | 743,000 | 903,922 | ||||||
OCI NV (USD), 5.25%, 11/01/2024 (a) | 470,000 | 485,646 | ||||||
Stichting AK Rabobank Certificaten (EUR), 6.50%, 12/29/2049 (a)(c) | 535,750 | 853,334 | ||||||
Trivium Packaging Finance BV (USD), 5.50%, 08/15/2026 (a) | 690,000 | 727,484 | ||||||
Ziggo Bond Co. BV | ||||||||
(EUR), 3.38%, 02/28/2030 (a) | 732,000 | 885,458 | ||||||
(USD), 5.13%, 02/28/2030 (a) | 200,000 | 208,582 | ||||||
Ziggo BV (USD), 5.50%, 01/15/2027 (a) | 724,000 | 754,701 | ||||||
5,141,409 | ||||||||
NIGERIA (0.5%) | ||||||||
IHS Netherlands Holdco BV (USD), 8.00%, 09/18/2027 (a) | 760,000 | 814,150 | ||||||
PANAMA (0.6%) | ||||||||
C&W Senior Financing DAC (USD), 6.88%, 09/15/2027 (a) | 879,000 | 935,805 | ||||||
REPUBLIC OF IRELAND (0.7%) | ||||||||
Virgin Media Vendor Financing Notes III DAC (GBP), 4.88%, 07/15/2028 (a) | 744,000 | 1,046,151 | ||||||
SOUTH AFRICA (0.5%) | ||||||||
Liquid Telecommunications Financing PLC (USD), 8.50%, 07/13/2022 (a) | 785,000 | 802,757 | ||||||
SPAIN (1.0%) | ||||||||
Banco Bilbao Vizcaya Argentaria SA, Series 9 (fixed rate to 03/05/2025, variable rate thereafter) (USD), 6.50%, 03/05/2025 (c) | 800,000 | 846,000 | ||||||
Cirsa Finance International Sarl | ||||||||
(USD), 7.88%, 12/20/2023 (a) | 361,000 | 356,487 | ||||||
(EUR), 3.63%, 09/30/2025 (a)(d) | 408,000 | 455,518 | ||||||
1,658,005 | ||||||||
SWEDEN (1.1%) | ||||||||
Intrum AB (EUR), 3.50%, 07/15/2026 (a) | 806,000 | 967,753 | ||||||
Verisure Holding AB (EUR), 3.25%, 02/15/2027 (a) | 333,000 | 406,027 | ||||||
Verisure Midholding AB (EUR), 5.25%, 02/15/2029 (a) | 275,000 | 341,197 | ||||||
1,714,977 | ||||||||
TURKEY (2.0%) | ||||||||
Akbank Turk AS, (fixed rate to 03/16/2022, variable rate thereafter) (USD), 7.20%, 03/16/2027 (a) | 619,000 | 623,989 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
KOC Holding AS (USD), 5.25%, 03/15/2023 (a) | $ | 820,000 | $ | 845,420 | ||||
Turk Telekomunikasyon (USD), 4.88%, 06/19/2024 (a) | 740,000 | 766,519 | ||||||
Turkiye Garanti Bankasi (USD), 5.88%, 03/16/2023 (a) | 200,000 | 207,926 | ||||||
Turkiye Garanti Bankasi AS (USD), 5.25%, 09/13/2022 (a) | 450,000 | 460,980 | ||||||
Yapi ve Kredi Bankasi, (fixed rate to 01/22/2026, variable rate thereafter), VRN (USD), 7.88%, 01/22/2031 (a) | 332,000 | 340,042 | ||||||
3,244,876 | ||||||||
UKRAINE (0.9%) | ||||||||
Metinvest BV (USD), 8.50%, 04/23/2026 (a) | 715,000 | 795,595 | ||||||
MHP Lux SA (USD), 6.95%, 04/03/2026 (a) | 619,000 | 673,138 | ||||||
1,468,733 | ||||||||
UNITED KINGDOM (5.2%) | ||||||||
Arqiva Broadcast Finance PLC (GBP), 6.75%, 09/30/2023 (a) | 800,000 | 1,133,936 | ||||||
BP Capital Markets PLC, (fixed rate to 03/22/2030, variable rate thereafter), VRN (USD), 4.88%, 03/22/2030 (c) | 830,000 | 904,534 | ||||||
BP Capital Markets PLC, (fixed rate to 06/22/2025, variable rate thereafter), VRN (USD), 4.38%, 06/22/2025 (c) | 830,000 | 883,983 | ||||||
eG Global Finance PLC (EUR), 4.38%, 02/07/2025 (a) | 700,000 | 835,723 | ||||||
Jerrold Finco PLC (GBP), 5.25%, 01/15/2027 (a) | 447,000 | 606,792 | ||||||
MARB BondCo PLC (USD), 3.95%, 01/29/2031 (a) | 667,000 | 664,332 | ||||||
Merlin Entertainments Ltd. (USD), 5.75%, 06/15/2026 (a) | 695,000 | 721,063 | ||||||
TalkTalk Telecom Group PLC (GBP), 3.88%, 02/20/2025 (a) | 750,000 | 998,089 | ||||||
Virgin Money UK PLC (fixed rate to 12/08/2022, variable rate thereafter) (GBP), 8.00%, 12/08/2022 (a)(c) | 1,065,000 | 1,489,299 | ||||||
8,237,751 | ||||||||
UNITED STATES (51.6%) | ||||||||
99 Escrow Issuer, Inc. (USD), 7.50%, 01/15/2026 (a)(g) | 815,000 | 790,860 | ||||||
Academy Ltd. (USD), 6.00%, 11/15/2027 (a) | 1,023,000 | 1,077,986 | ||||||
ACI Worldwide, Inc. (USD), 5.75%, 08/15/2026 (a) | 754,000 | 794,528 | ||||||
Adams Homes, Inc. (USD), 7.50%, 02/15/2025 (a) | 1,145,000 | 1,210,837 | ||||||
Adient Global Holdings Ltd. (USD), 4.88%, 08/15/2026 (a) | 620,000 | 627,750 | ||||||
Adient US LLC (USD), 9.00%, 04/15/2025 (a) | 643,000 | 719,356 | ||||||
Aethon United BR LP / Aethon United Finance Corp. (USD), 8.25%, 02/15/2026 (a) | 558,000 | 570,555 | ||||||
Affinity Gaming (USD), 6.88%, 12/15/2027 (a) | 1,155,000 | 1,212,750 | ||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (USD), 5.25%, 08/15/2027 (a) | 200,000 | 207,308 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (USD), 8.25%, 12/31/2028 (a) | 818,000 | 832,487 | ||||||
Austin BidCo, Inc. (USD), 7.13%, 12/15/2028 (a) | 1,241,000 | 1,285,986 | ||||||
Banff Merger Sub, Inc. (EUR), 8.38%, 09/01/2026 (a) | 725,000 | 924,999 | ||||||
Bausch Health Americas, Inc. (USD), 8.50%, 01/31/2027 (a) | 531,000 | 588,083 | ||||||
Bausch Health Cos., Inc. (USD), 7.00%, 03/15/2024 (a) | 106,000 | 108,353 | ||||||
Boyd Gaming Corp. (USD), 8.63%, 06/01/2025 (a) | 745,000 | 823,225 | ||||||
Bruce Mansfield Unit 1 2007 Pass Through Trust (USD), 8.88%, 08/01/2023 (f) | 951,000 | — | ||||||
Cable One, Inc. (USD), 4.00%, 11/15/2030 (a) | 403,000 | 413,470 | ||||||
Carnival Corp. | ||||||||
(USD), 10.50%, 02/01/2026 (a) | 665,000 | 771,400 | ||||||
(USD), 7.63%, 03/01/2026 (a) | 156,000 | 164,970 | ||||||
CCM Merger, Inc. (USD), 6.38%, 05/01/2026 (a) | 887,000 | 940,220 | ||||||
Cedar Fair LP (USD), 5.25%, 07/15/2029 | 507,000 | 507,461 | ||||||
ChampionX Corp. (USD), 6.38%, 05/01/2026 | 668,000 | 700,732 | ||||||
Cheniere Energy Partners LP, Series WI (USD), 5.25%, 10/01/2025 | 753,000 | 772,766 | ||||||
Cheniere Energy, Inc. (USD), 4.63%, 10/15/2028 (a) | 327,000 | 342,124 | ||||||
Clean Harbors, Inc. (USD), 4.88%, 07/15/2027 (a) | 570,000 | 600,136 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
CNX Resources Corp. | ||||||||
(USD), 7.25%, 03/14/2027 (a) | $ | 118,000 | $ | 126,885 | ||||
(USD), 6.00%, 01/15/2029 (a) | 392,000 | 405,112 | ||||||
Colgate Energy Partners III LLC (USD), 7.75%, 02/15/2026 (a) | 667,000 | 636,985 | ||||||
Commercial Metals Co. (USD), 3.88%, 02/15/2031 | 92,000 | 94,185 | ||||||
Comstock Resources, Inc. (USD), 9.75%, 08/15/2026 | 544,000 | 579,360 | ||||||
Consolidated Communications, Inc. (USD), 6.50%, 10/01/2028 (a) | 1,020,000 | 1,109,587 | ||||||
Continental Resources, Inc. | ||||||||
(USD), 4.38%, 01/15/2028 | 310,000 | 316,135 | ||||||
(USD), 5.75%, 01/15/2031 (a) | 442,000 | 478,465 | ||||||
Cornerstone Building Brands, Inc. | ||||||||
(USD), 8.00%, 04/15/2026 (a) | 700,000 | 731,500 | ||||||
(USD), 6.13%, 01/15/2029 (a) | 542,000 | 566,390 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (USD), 5.63%, 05/01/2027 (a) | 1,260,000 | 1,213,059 | ||||||
CSC Holdings LLC | ||||||||
(USD), 5.75%, 01/15/2030 (a) | 211,000 | 226,497 | ||||||
(USD), 4.63%, 12/01/2030 (a) | 580,000 | 591,600 | ||||||
DISH DBS Corp. (USD), 5.88%, 07/15/2022 | 1,210,000 | 1,258,400 | ||||||
DISH Network Corp. (USD), 3.38%, 08/15/2026 (h) | 500,000 | 461,046 | ||||||
Energy Transfer Operating LP, (fixed rate to 05/15/2025, variable rate thereafter), Series F (USD), 6.75%, 05/15/2025 (c) | 830,000 | 766,812 | ||||||
Enviva Partners LP / Enviva Partners Finance Corp. (USD), 6.50%, 01/15/2026 (a) | 699,000 | 736,431 | ||||||
EQM Midstream Partners LP (USD), 6.50%, 07/01/2027 (a) | 343,000 | 367,283 | ||||||
EQT Corp. | ||||||||
(USD), 7.88%, 02/01/2025 | 280,000 | 329,966 | ||||||
(USD), 3.90%, 10/01/2027 | 335,000 | 347,981 | ||||||
ESH Hospitality, Inc. (USD), 4.63%, 10/01/2027 (a) | 1,129,000 | 1,154,380 | ||||||
Fair Isaac Corp. (USD), 4.00%, 06/15/2028 (a) | 507,000 | 522,818 | ||||||
Ford Motor Co. | ||||||||
(USD), 8.50%, 04/21/2023 | 827,000 | 926,653 | ||||||
(USD), 9.00%, 04/22/2025 | 1,189,000 | 1,449,094 | ||||||
(USD), 9.63%, 04/22/2030 | 422,000 | 598,054 | ||||||
Ford Motor Credit Co. LLC (USD), 3.38%, 11/13/2025 | 990,000 | 1,006,285 | ||||||
Frontier Communications Corp. (USD), 5.00%, 05/01/2028 (a) | 819,000 | 849,201 | ||||||
FXI Holdings, Inc. | ||||||||
(USD), 7.88%, 11/01/2024 (a) | 410,000 | 415,125 | ||||||
(USD), 12.25%, 11/15/2026 (a) | 365,000 | 411,994 | ||||||
Gartner, Inc. (USD), 4.50%, 07/01/2028 (a) | 635,000 | 669,735 | ||||||
General Motors Financial Co., Inc., (fixed rate to 09/30/2027, variable rate thereafter), Series A (USD), 5.75%, 09/30/2027 (c) | 981,000 | 1,034,464 | ||||||
Goodyear Tire & Rubber Co. (The) (USD), 9.50%, 05/31/2025 | 1,427,000 | 1,598,240 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
(USD), 5.75%, 02/01/2029 (a) | 464,000 | 471,804 | ||||||
(USD), 6.00%, 02/01/2031 (a) | 194,000 | 196,910 | ||||||
Howmet Aerospace, Inc. (USD), 6.88%, 05/01/2025 | 1,363,000 | 1,587,895 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. (USD), 4.38%, 02/01/2029 (a) | 814,000 | 808,221 | ||||||
International Game Technology PLC (EUR), 3.50%, 06/15/2026 (a) | 722,000 | 889,150 | ||||||
Iron Mountain, Inc. | ||||||||
(USD), 5.25%, 03/15/2028 (a) | 1,160,000 | 1,218,725 | ||||||
(USD), 5.00%, 07/15/2028 (a) | 150,000 | 157,641 | ||||||
(USD), 5.25%, 07/15/2030 (a) | 420,000 | 445,200 | ||||||
JBS Investments II GmbH (USD), 5.75%, 01/15/2028 (a) | 674,000 | 714,494 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. (USD), 5.50%, 01/15/2030 (a) | 795,000 | 903,040 | ||||||
Kraton Polymers LLC / Kraton Polymers Capital Corp. (USD), 4.25%, 12/15/2025 (a) | 609,000 | 612,045 | ||||||
LogMeIn, Inc. (USD), 5.50%, 09/01/2027 (a) | 628,000 | 657,045 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
Macy’s, Inc. (USD), 8.38%, 06/15/2025 (a) | $ | 629,000 | $ | 696,618 | ||||
Marriott Ownership Resorts, Inc. (USD), 4.75%, 01/15/2028 | 667,000 | 672,003 | ||||||
MDC Holdings, Inc. (USD), 3.85%, 01/15/2030 | 1,685,000 | 1,840,862 | ||||||
Midcontinent Communications / Midcontinent Finance Corp. (USD), 5.38%, 08/15/2027 (a) | 642,000 | 670,890 | ||||||
Minerals Technologies, Inc. (USD), 5.00%, 07/01/2028 (a) | 768,000 | 806,400 | ||||||
Moss Creek Resources Holdings, Inc. (USD), 7.50%, 01/15/2026 (a) | 504,000 | 426,772 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. (GBP), 3.69%, 06/05/2028 | 782,000 | 1,161,143 | ||||||
Navient Corp. (USD), 6.50%, 06/15/2022 | 1,150,000 | 1,200,312 | ||||||
NCL Corp. Ltd. | ||||||||
(USD), 3.63%, 12/15/2024 (a) | 350,000 | 309,750 | ||||||
(USD), 10.25%, 02/01/2026 (a) | 1,097,000 | 1,272,520 | ||||||
(USD), 5.88%, 03/15/2026 (a) | 222,000 | 219,642 | ||||||
Netflix, Inc. (USD), 5.88%, 11/15/2028 | 1,365,000 | 1,713,075 | ||||||
Nexstar Broadcasting, Inc. (USD), 4.75%, 11/01/2028 (a) | 651,000 | 670,530 | ||||||
NRG Energy, Inc. | ||||||||
(USD), 3.38%, 02/15/2029 (a) | 566,000 | 578,961 | ||||||
(USD), 3.63%, 02/15/2031 (a) | 241,000 | 250,640 | ||||||
Occidental Petroleum Corp. | ||||||||
(USD), 3.50%, 06/15/2025 | 390,000 | 378,300 | ||||||
(USD), 5.88%, 09/01/2025 | 298,000 | 312,364 | ||||||
(USD), 5.50%, 12/01/2025 | 171,000 | 179,550 | ||||||
(USD), 3.00%, 02/15/2027 | 245,000 | 226,625 | ||||||
(USD), 6.38%, 09/01/2028 | 780,000 | 850,200 | ||||||
(USD), 6.63%, 09/01/2030 | 298,000 | 335,250 | ||||||
OneMain Finance Corp. (USD), 4.00%, 09/15/2030 | 677,000 | 681,881 | ||||||
Photo Holdings Merger Sub, Inc. (USD), 8.50%, 10/01/2026 (a) | 1,560,000 | 1,645,800 | ||||||
Qwest Capital Funding, Inc. | ||||||||
(USD), 6.88%, 07/15/2028 | 1,015,000 | 1,096,200 | ||||||
(USD), 7.75%, 02/15/2031 | 1,020,000 | 1,122,000 | ||||||
Rattler Midstream LP (USD), 5.63%, 07/15/2025 (a) | 984,000 | 1,030,740 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
(USD), 11.50%, 06/01/2025 (a) | 350,000 | 403,561 | ||||||
(USD), 3.70%, 03/15/2028 | 365,000 | 318,463 | ||||||
Sabre GLBL, Inc. (USD), 7.38%, 09/01/2025 (a) | 634,000 | 683,135 | ||||||
Sealed Air Corp. (USD), 4.00%, 12/01/2027 (a) | 71,000 | 75,438 | ||||||
Sirius XM Radio, Inc. (USD), 5.50%, 07/01/2029 (a) | 635,000 | 690,959 | ||||||
Six Flags Entertainment Corp. (USD), 4.88%, 07/31/2024 (a) | 510,000 | 506,175 | ||||||
Six Flags Theme Parks, Inc. (USD), 7.00%, 07/01/2025 (a) | 391,000 | 421,303 | ||||||
SM Energy Co. (USD), 5.00%, 01/15/2024 | 600,000 | 556,500 | ||||||
Spirit AeroSystems, Inc. (USD), 7.50%, 04/15/2025 (a) | 611,000 | 655,426 | ||||||
Staples, Inc. | ||||||||
(USD), 7.50%, 04/15/2026 (a) | 920,000 | 938,483 | ||||||
(USD), 10.75%, 04/15/2027 (a) | 215,000 | 208,518 | ||||||
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp. (USD), 7.50%, 06/15/2025 (a) | 1,355,000 | 1,385,487 | ||||||
Sunoco LP / Sunoco Finance Corp. (USD), 4.50%, 05/15/2029 (a) | 525,000 | 536,605 | ||||||
Tecnoglass, Inc. (USD), 8.20%, 01/31/2022 (a) | — | — | ||||||
Tenet Healthcare Corp. (USD), 4.88%, 01/01/2026 (a) | 525,000 | 547,643 | ||||||
Townsquare Media, Inc. (USD), 6.88%, 02/01/2026 (a) | 521,000 | 537,933 | ||||||
United Airlines 2020-1, Class B Pass Through Trust (USD), 4.88%, 07/15/2027 (i) | 278,000 | 284,255 | ||||||
Univision Communications, Inc. (USD), 6.63%, 06/01/2027 (a) | 618,000 | 650,445 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. (USD), 6.88%, 09/01/2027 | 1,113,000 | 1,179,780 | ||||||
Viking Cruises Ltd. (USD), 13.00%, 05/15/2025 (a) | 540,000 | 628,563 | ||||||
Vistra Operations Co. LLC (USD), 5.63%, 02/15/2027 (a) | 540,000 | 569,651 | ||||||
Wolverine World Wide, Inc. (USD), 6.38%, 05/15/2025 (a) | 502,000 | 533,375 |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
WPX Energy, Inc. | ||||||||
(USD), 5.75%, 06/01/2026 | $ | 286,000 | $ | 299,978 | ||||
(USD), 5.25%, 10/15/2027 | 465,000 | 490,138 | ||||||
Wyndham Destinations, Inc. (USD), 5.65%, 04/01/2024 | 1,000,000 | 1,070,000 | ||||||
82,151,076 | ||||||||
ZAMBIA (1.1%) | ||||||||
First Quantum Minerals Ltd. | ||||||||
(USD), 7.25%, 04/01/2023 (a) | 672,000 | 686,368 | ||||||
(USD), 6.50%, 03/01/2024 (a) | 955,000 | 975,093 | ||||||
1,661,461 | ||||||||
Total Corporate Bonds | 146,702,009 | |||||||
BANK LOANS (0.2%) | ||||||||
UNITED KINGDOM (0.2%) | ||||||||
Froneri International Ltd., 2020 USD 2nd Lien Term Loan (USD), 5.87%, 01/31/2028 | 316,000 | 317,185 | ||||||
Total Bank Loans | 317,185 | |||||||
COMMON STOCKS (0.0%) | ||||||||
UNITED KINGDOM (0.0%) | ||||||||
Brighthouse Financial, Inc.(f)(g) | 35,521 | — | ||||||
Total Common Stocks | 0 | |||||||
EXCHANGE-TRADED FUNDS (4.6%) | ||||||||
UNITED STATES (4.6%) | ||||||||
iShares iBoxx High Yield Corporate Bond ETF | 85,000 | 7,392,450 | ||||||
Total Exchange-Traded Funds | 7,392,450 | |||||||
SHORT-TERM INVESTMENT—2.1% | ||||||||
UNITED STATES (2.1%) | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(j) | 3,373,619 | 3,373,619 | ||||||
Total Short-Term Investment | 3,373,619 | |||||||
Total Investments (Cost $151,091,144) —99.0% | 157,785,263 | |||||||
Other Assets in Excess of Liabilities—1.0% | 1,560,032 | |||||||
Net Assets—100.0% | $ | 159,345,295 | ||||||
(a) | Denotes a security issued under Regulation S or Rule 144A. |
(b) | Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash. |
(c) | 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. |
(d) | Variable Rate Instrument. The rate shown is based on the latest available information as of January 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(e) | Security is in default. |
(f) | Illiquid security. |
(g) | Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments. |
See accompanying Notes to Statements of Investments.
Statement of Investments (continued)
January 31, 2021 (Unaudited)
Aberdeen Global High Income Fund
(h) | Convertible Bond |
(i) | Sinkable security. |
(j) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2021. |
ETF | Exchange-Traded Fund |
EUR | Euro Currency |
GBP | British Pound Sterling |
PIK | Payment In Kind |
PLC | Public Limited Company |
USD | U.S. Dollar |
At January 31, 2021, the Fund’s open forward foreign currency exchange contracts were as follows: | |
Purchase Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
British Pound/United States Dollar | ||||||||||||||||||||
02/01/2021 | Citibank N.A. | GBP | 4,992,000 | USD | 6,827,726 | $ | 6,839,790 | $ | 12,064 | |||||||||||
02/01/2021 | UBS AG | GBP | 458,000 | USD | 599,141 | 627,529 | 28,388 | |||||||||||||
Euro/United States Dollar | ||||||||||||||||||||
02/01/2021 | Citibank N.A. | EUR | 13,825,000 | USD | 16,786,308 | 16,777,322 | (8,986 | ) | ||||||||||||
02/01/2021 | Royal Bank of Canada (UK) | EUR | 4,922,000 | USD | 5,961,391 | 5,973,091 | 11,700 | |||||||||||||
02/01/2021 | UBS AG | EUR | 2,175,000 | USD | 2,586,470 | 2,639,470 | 53,000 | |||||||||||||
$ | 32,857,202 | $ | 96,166 | |||||||||||||||||
Sale Contracts Settlement Date* | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
United States Dollar/British Pound | ||||||||||||||||||||
02/01/2021 | Citibank N.A. | USD | 5,800,032 | GBP | 4,467,000 | $ | 6,120,461 | $ | (320,429 | ) | ||||||||||
02/01/2021 | Royal Bank of Canada (UK) | USD | 1,172,465 | GBP | 878,000 | 1,202,992 | (30,527 | ) | ||||||||||||
02/01/2021 | UBS AG | USD | 140,494 | GBP | 105,000 | 143,866 | (3,372 | ) | ||||||||||||
04/14/2021 | Citibank N.A. | USD | 6,830,699 | GBP | 4,992,000 | 6,842,478 | (11,779 | ) | ||||||||||||
United States Dollar/Euro | ||||||||||||||||||||
02/01/2021 | Citibank N.A. | USD | 773,453 | EUR | 655,000 | 794,875 | (21,422 | ) | ||||||||||||
02/01/2021 | Royal Bank of Canada (UK) | USD | 2,642,182 | EUR | 2,212,000 | 2,684,371 | (42,189 | ) | ||||||||||||
02/01/2021 | UBS AG | USD | 21,241,478 | EUR | 18,055,000 | 21,910,637 | (669,159 | ) | ||||||||||||
04/14/2021 | Citibank N.A. | USD | 16,813,902 | EUR | 13,825,000 | 16,803,967 | 9,935 | |||||||||||||
$ | 56,503,647 | $ | (1,088,942 | ) |
* 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, 2021 (unaudited)
1. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Aberdeen Investment Funds (the “Trust”) in the preparation of their financial statements. (Each series of the Trust are also referred to herein as a “Fund” or collectively, the “Funds”.) The policies conform to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The books and records of the Funds are maintained in U.S. Dollars.
a. Security Valuation
The Funds value their securities at current market value or fair value, consistent with the Funds' valuation procedures (the "Valuation Procedures") and regulatory requirements. Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time).
Each Fund’s assets for which market quotations are readily available are valued at fair value on the basis of quotations furnished by a pricing service or provided by securities dealers. Equity investments are generally valued using the last sale price or official closing price taken from the primary market in which each security trades, or if no sales occurred during the day, at the mean of the current quoted bid and ask prices.
Foreign equity securities that are traded on foreign exchanges that close prior to 4:00 p.m. Eastern time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined confidence threshold.
Per an amendment to the Valuation Procedures that became effective February 21, 2017, fixed income securities, which previously had been generally valued using the mean of bid and ask prices, are now generally valued using bid prices provided directly by independent third party services or provided directly from one or more broker dealers or market makers, each in accordance with the Valuation Procedures approved by the Trust’s Board of Trustees (the “Board”). The pricing services may use valuation models or matrix pricing, which consider yield or prices with respect to comparable bond quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as credit rating, interest rates and maturity date, to determine current fair value. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, and strategies employed by the Funds’ investment adviser, Aberdeen Asset Management Inc. (the “Adviser”), generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller “odd lot” sizes. Odd lots may trade at lower, or occasionally, higher prices than institutional round lot trades. Short-term fixed income securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value.
Assets and liabilities initially expressed in foreign currency will be converted into U.S. Dollar values. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value. To the extent each Fund invests in other open-ended funds, the Fund will calculate its net asset value ("NAV") based upon the NAV of the underlying funds in which it invests. The prospectuses of these underlying funds explain the circumstances under which they will use good faith fair value pricing and the effects of such fair value pricing.
NQ Filing 2021
Notes to Statements of Investments (concluded)
January 31, 2021 (unaudited)
Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, which has an objective to maintain a $1.00 NAV, which is not guaranteed. Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1 investments.
Derivative instruments are generally valued according to the following procedures. For forward currency exchange contracts the market value is interpolated by the pricing agent by using forward spot points obtained from an authorized pricing service. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Generally for swap agreements, if quotes are unavailable from authorized pricing services swap pricing is determined using a modelling tool which considers and forecasts the impact of cash flow projections, prevailing and expected interest rate movements, and potential credit events. Swap prices are generally evaluated based upon the latest available data provided by the counterparty and rely upon an industry accepted modelling tool.
When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund’s assets are determined in good faith in accordance with the Valuation Procedures. For options, swaps and warrants, a fair value price may be determined using readily available market quotations, prices provided by independent pricing services, or by using modeling tools provided by industry accepted financial data service providers. Key inputs to such tools may include yield and prices from comparable or reference assets, maturity or expiration dates, ratings and interest rates. In addition, the Adviser, through its pricing committee, may determine the fair value price in accordance with the Valuation Procedures approved by the Board.
NQ Filing 2021