quarterly investment report - aberdeen standard

Quarterly investment reportAberdeen Emerging Markets FundTo December 31, 2020

121030262

of 27Aberdeen Emerging Markets Fund

Summary 3Economic and market review 4Engagement Activity 5Fund review 6Disclaimer 18

ContentsQuarter 4 2020

Important InformationCommentary contained within this document is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities.

Investing in mutual funds involves risk, including possible loss of principal. There is no assurance that the investment objective of any fund will be achieved. Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards, and political and economic risks. These risks are enhanced in emerging markets countries. Equity stocks of small and mid-cap companies carry greater risk, and more volatility than equity stocks of larger, more established companies.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please call 866-667-9231 to request a summary prospectus and/or prospectus, or download at aberdeenstandard.us. Please read the summary prospectus and/or prospectus carefully before investing any money.

The Morgan Stanley Capital International Emerging Markets (MSCI EM) Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the performance of the stocks in emerging-country markets.

Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

Effective February 22, 2013, the Fund is closed to new investors except in limited circumstances. For further information, please see the prospectus supplement which can be obtained from aberdeenstandard.us

Appendices Fund factsProxy voting


SummaryQuarter 4 2020

Objective

The Fund seeks long-term capital appreciation by investing primarily in stocks of emerging market country issuers.

Benchmark

MSCI Emerging Markets Index (Net Dividends)

Value of portfolio

$ 4,923,922,593 ($ 3,904,965,373 as of Sep 30, 2020)

Main Changes and Influences

• Emerging-market (EM) stocks rose sharply inthe fourth quarter of 2020, outperforming their developed-market counterparts.

• The gains were predominantly driven by the healthy economic recovery in Northeast Asiaamid the effective containment of the Covid-19 pandemic in that region, while the resurgence of infections in Europe and the U.S., and the emergence of a mutant coronavirus strain in the UK, forced governments to reimpose large-scale lockdowns.

• Also underpinning the market’s advance wereoptimism over the rollout of Covid-19 vaccines, a victory by Joe Biden in the U.S. presidential election, a weaker U.S. dollar, and the signing of the Regional Comprehensive Economic Partnership (RCEP), a large intra-Asian trade pact.

Performance summary (as of December 31, 2020)Q4 20

%1 year

%3 Years

p.a.%5 Years

p.a.%10 Years

p.a.%Since

Inception p.a.*

Class A w/o sales charges 25.80 27.29 9.01 13.37 4.93 7.20Class A with sales charges 18.56 19.97 6.88 12.03 4.31 6.74Institutional Class 25.95 27.91 9.55 13.90 5.30 7.48MSCI Emerging Markets Index (Net Dividends)1

19.70 18.31 6.17 12.81 3.63 4.38

MSCI Emerging Markets Index (Gross Dividends)

19.77 18.69 6.56 13.22 4.00 4.78

* 11 May 07.1 Effective February 28, 2020 , the primary benchmark changed to the MSCI Emerigng Markets Index

(Net Dividends). Please see the Prospectus for more details.

Summary attribution Q4 20Asset allocation

%Stock selection

%Total

%Portfolio 1.02 6.67 7.69

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. The performance data quoted represents past performance and current returns may be lower or higher. Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent monthend, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to https://www.aberdeenstandard.com/en-us/investor/fund-centre.

Returns prior to 11/23/09 reflect the performance of the Aberdeen-managed predecessor fund before its reorganization into the Aberdeen Funds family. The Inception Date represents the inception date for the oldest share class. Performance prior to the inception date for each share class may be linked to performance for the oldest share class. Please see the Fund’s prospectus for further details. Total returns assume the reinvestment of all distributions. Total returns may reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

Expenses states as of the Fund’s most recent prospectus. All classes of the Fund have contractual waivers in place and may not be terminated before 2/28/21 without approval of the Independent Trustees.

Gross/net expense ratio: 1.59%/1.59% (Class A) and 1.16%/1.10% (Institutional Class)

All portfolio performance is based on the Fund Administrator’s records. All commentary and portfolio data including performance attribution is based on Aberdeen’s internal record systems. Our records can and do differ from the unit price performance from Boston Financial Data Services, the Administrator of the fund. These differences may be due to cash flow accounting, securities valuation sources and valuation timing, among other factors.


Economic and market reviewQuarter 4 2020

Economic and Market Review

EM equities, as measured by the MSCI Emerging Markets Index, garnered their strongest quarterly performance since the end of 2009 over the three-month period ended December 31, 2020, outperforming their developed-market counterparts, as represented by the MSCI World Index. The healthy economic recovery in Northeast Asia, amid the effective containment of the pandemic in that region, propelled stock prices, helping the asset class close out 2020 on a high note. In contrast, economic recoveries in the U.S., UK and Europe were hindered by resurgences of the coronavirus that forced governments to reinstate social-distancing measures and lockdowns. On the vaccine front, regulators approved several viable Covid-19 vaccines, enabling inoculations to begin. This lifted investors’ hopes for a quicker global economic recovery and a resumption of global travel.

Following a contentious U.S. presidential election in November, investors welcomed Joe Biden’s victory, hoping that the new administration would work to alleviate geopolitical tensions; in particular, the country’s strained relations with China. Additionally, the approval of fresh stimulus in the U.S. and Europe buoyed the market, while a weakening U.S. dollar was also supportive of EM stock prices, especially in Latin America.

There were several new trade deals during the fourth quarter. EM investors reacted positively to the signing of the RCEP between the 10 Southeast Asian countries, China, Japan, South Korea, Australia and New Zealand.

The bloc will become the world’s largest free-trade area, comprising nearly a third of the global economy, even after India’s withdrawal from the deal. Elsewhere, the UK and the European Union finally struck a trade deal on December 24, after more than four years of negotiations on a post-Brexit future.

China, South Korea and Taiwan were standout performers over the quarter, driven by the stellar returns for their tech and e-commerce companies. Economic data and corporate earnings in the region also beat investors’ expectations. However, casting a shadow on the mainland’s impressive recovery were flare- ups in its relations with Australia, India and the U.S. Outgoing U.S. President Donald Trump prohibited American businesses from investing in companies believed to be linked with the Chinese military and blocked major Chinese payment platforms over data-security concerns. Within the country, the Chinese government also began clamping down to curb the alleged monopolistic behavior of large tech giants.

Latin American stocks rebounded following a weak third quarter, on improving economic data and a better financial position that supported a recovery for the banking sector. The declining U.S. dollar was favorable for Latin America currencies, and the rebound in oil prices also lifted the asset class as energy stocks recovered some of their earlier losses.

The views expressed represent the opinions of Aberdeen Standard Investments and are not intended as a forecast or guarantee of future results.


Engagement ActivityQuarter 4 2020

Corporate engagement

• We met with ASML Holding to discuss the change in its investment case, and reiterate our positive view on the company’s good environmental, social and governance (ESG) risk management. ASMLHoldings remains aware of key risks and opportunities, and is working to improve across all areas. Its focus remains on talent retention and recruitment, and has made progress with its globalbranding initiatives that support talent recruitment in both Asia and the US. The company continues to focus on energy efficiency in developing new machines. It is also working towards measuringcarbon-dioxide emission and energy savings for customers. Its circular economy credentials remain solid, with a focus on re-usability and the lifespan-extension of machines.

• We engaged with Yandex for the first time, seeking to better understand how it integrates environmental, social and governance (ESG) issues within its business. Yandex is at the start of its ESGjourney, having recently employed a dedicated Sustainability Manager. The company has good controls regarding data security, and has a transparent policy on usage privacy. However, there is roomfor improvement on communicating with the market on other issues. We will continue to engage with the company, focusing on such disclosures.

• We engaged with the Bank of the Philippine Islands (BPI) amid reports that its staff was linked to the Wirecard scandal. BPI assured us that only one of its employees acted maliciously. Given thatthis employee appeared to have acted alone, it does not believe that its internal control and oversight processes need to be overhauled. We will continue to monitor the ongoing investigation byPhilippine and German regulators.

• We wrote to China Resources Gas to recommend that communication with investors be improved to match its peers. This includes greater English fluency within the investor relations department,and clearer financial guidance to the market. We also prompted the company to reinstate a new share-option scheme for remuneration, to better align management’s interests with that ofshareholders’.

• We spoke with ITC about its sustainability efforts, including the management of both its supply chain and carbon emissions, as well as stakeholder relations. The call was reassuring, and itstrengthened our view about the company’s handle on environmental and social issues.

• We spoke with textile manufacturer Shenzhou International on supply-chain management and its sourcing policy. We discussed its approach towards procuring inputs from Xinjiang, and wereassured by the steps it took. Overall, the garment industry still faces challenges in verifying the source for cotton, so this will be a key engagement issue in our ongoing conversation withthe company.

• We engaged with one of Banco Bradesco’s fiscal council members to discuss accounting, risk-management and governance. We shared our views regarding the priorities of the fiscal council, andgained deeper understanding about the function and agenda of the body.

• We participated in a group call with Vale’s management who updated us on its environmental, social and governance (ESG) initiatives. Vale has made progress with the independent Board ofDirectors Committee’s remedial action regarding the Brumadinho dam tragedy. By end-2020, the company would have completed more than 90% of the reparation outlined.

The engagement activity listed above highlights ASI’s efforts during the period to ensure that our investee companies maintain high standards of ESG, as well as to drive positive change over the longer term for key strategies within this asset class.


Fund reviewQuarter 4 2020

Top 10 holdings as of December 31, 2020 Portfolio characteristics

% of Portfolio

Samsung Electronics 9.4

Taiwan Semiconductor 8.9

Tencent Holdings 6.6

Alibaba Group Holdings 3.3

Housing Development Finance Corp. 2.8

Vale 2.4

Meituan Dianping 2.3

Midea Group Holdings 2.3

LG Chem Ltd. 2.2

LONGi Green Energy Technology 2.1Percent of Portfolio in Top Ten 42.3

Figures may not sum due to rounding.

Holdings are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown.

Fund BenchmarkNumber of Holdings (not including cash) 57 1,397

Weighted Average Market Cap (bn USD) 207.0 158.1

Beta2 1.1 1.0

Alpha3 3.9 0.0

Standard Deviation4 21.6 19.6

R-Squared5 96.1 100.0

Sharpe Ratio6 0.4 0.2

The Beta, Alpha, Standard Deviation and R-Squared are based on a 36-month rolling period.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.2 Beta is a measure of the volatility of a portfolio in comparison to a benchmark index.3 Alpha is a measure of performance that takes the volatility of a mutual fund and compares its

riskadjusted performance to a benchmark index.4 Standard deviation measures historical volatility.5 R-squared is a statistical measurement that determines the proportion of a fund’s return that can be

explained by variations in the market, as measured by a benchmark index.6 Sharpe ratio measures risk-adjusted performance.

Portfolio characteristics are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown.


Fund review (continued)

Quarter 4 2020

Q4 20 Benchmark Diff Q3 20 Q2 20 Q1 20Total 100.0 100.0 0.0 100.0 100.0 100.0Equities 98.4 100.0 -1.6 98.8 98.6 97.9Argentina - 0.1 -0.1 - - 0.0Brazil 7.6 5.1 2.5 7.1 7.1 7.7Chile - 0.5 -0.5 - - 0.7China 34.7 39.1 -4.4 38.1 36.3 33.1Colombia - 0.2 -0.2 - - -Czech Republic - 0.1 -0.1 - - -Egypt - 0.1 -0.1 - - -Greece - 0.1 -0.1 - - -Hong Kong 5.7 - 5.7 6.2 6.3 6.5Hungary - 0.2 -0.2 - - -India 11.0 9.2 1.8 10.0 11.0 12.4Indonesia 2.2 1.3 0.9 2.4 3.7 4.5Korea 13.1 13.5 -0.4 11.4 10.5 9.2Malaysia - 1.5 -1.5 - - -Mexico 3.2 1.7 1.5 2.6 2.9 4.0Netherlands* 2.9 - 2.9 3.4 3.3 2.7Pakistan - 0.0 0.0 - - -Peru - 0.2 -0.2 - - -Philippines 1.5 0.7 0.8 1.6 2.2 2.5Poland 0.5 0.7 -0.2 - - -Qatar - 0.7 -0.7 - - -Russia 4.1 3.0 1.1 4.2 4.7 3.7Saudi Arabia - 2.4 -2.4 - - -South Africa 3.0 3.5 -0.5 3.0 3.1 2.3Taiwan 8.9 12.8 -3.9 8.6 6.9 7.7Thailand - 1.8 -1.8 - - 0.0Turkey - 0.4 -0.4 - 0.6 0.9United Arab Emirates - 0.5 -0.5 - - -Cash 1.6 0.0 1.6 1.2 1.4 2.1

* Despite being an EM fund, the Dutch holding of Prosus exists as it was spun out of the South Africanlisted Naspers in August.NB: Figures may appear not to add up due to rounding.

Source: Aberdeen Standard Investments. Benchmark: MSCI Emerging Markets Index. Country allocations are subject to change.

Asset allocation

Regarding key portfolio activity over the quarter, we initiated a holding in Alibaba as we believe that it has quality assets, a solid business model and attractive growth prospects, and leading Chinese sportswear company Li Ning as we feel that it has solid fundamentals and a strong brand portfolio. Additionally, we subscribed to the initial public offering of Polish e-commerce platform and leading internet brand Allegro.Conversely, we exited the Fund’s positions in Indonesian conglomerate Astra International, China Merchants Bank, telecom China Mobile and hotel management company Huazhu Hotels Group in favor of what we believed were more compelling opportunities elsewhere. The Fund remains overweight versus the benchmark MSCI Emerging Markets Index to Hong Kong, India and Brazil. In our view, Hong Kong offers listed companies that have diversified, regional businesses, as well as good standards of accounting and transparency. India is home to many high–quality companies, and we believe that the Fund’s holdings in that market continue to have good long–term prospects, despite recent setbacks. We think that Brazil, Latin America’s largest economy, offers a deep market of high-quality companies at attractive valuations, while corporate governance is also improving.We maintain the Fund’s underweight allocation to Taiwan as we think that the export–oriented economy has a market that offers a relatively narrow selection of companies, the bulk of which are in the technology sector. Most of them lack market leadership in terms of both technology and

Asset allocation

branding, in our opinion. The Fund is also underweight relative to the benchmark to Korea and China. While Korea is a relatively mature economy with well-known brands, the domination of the chaebol (huge conglomerates) can make the business landscape less competitive, while moves to prevent hostile domestic takeovers have also raised our concerns. While the Fund is underweight to China-listed companies, there is an overweight exposure via holdings listed outside of the mainland that offer good exposure to the Chinese market. We are now more comfortable with the investment landscape in China, and where the Fund does invest in the mainland, the holdings have a firm foothold in their respective industries and have taken steps to adopt international management practices.In terms of sectors, the Fund has overweight exposure to consumer staples due to our conviction that structural growth of domestic consumption in emerging economies will be driven by the expanding middle class and its increasing wealth, and to financials, where we see companies as proxies for economic growth in developing countries, particularly in their respective domestic markets. Demand is driven by an expanding middle class and the low penetration rate of financial products. The Fund remains underweight versus the benchmark to energy and industrials due to the cyclical nature of earnings in these sectors. The Fund is also underweight to companies in industries where government regulation restricts profitability, such as telecommunications and utilities.


Position versus benchmark over the last four quarters (%)


Quarter 4 2020

Asset allocation trend

Source: Aberdeen Standard Investments. Benchmark: MSCI Emerging Markets Index. Allocations are subject to change.

-10

-8

-6

-4

-2

0

2

4

6

CashLatin AmericaIndian SubcontinentFar EastAfrica & Middle EastEurope

Q3 20 Q2 20 Q1 20Q4 20



Quarter 4 2020

Overweight

• Hong Kong – We believe that the territoryoffers listed companies that have diversified,regional businesses, particularly those that provide exposure to China, with the added advantage of better standards of accountingand transparency.

• Netherlands – The Fund’s overweight is dueto the holdings in ASML & Prosus. ASMLsupplies EUV-lithography systems to the semiconductor industry in emerging Asia,where the company earns the majority of itsrevenue. Most of Prosus’s value is due to itsstake in Chinese company Tencent Holdings.

• Brazil – In our view, Latin America’s largesteconomy offers a deep market of quality companies at attractive valuations, whilecorporate governance is also improving.

Underweight

• China – While the Fund is underweight toChina-listed companies, it has an overweightexposure via holdings listed outside the mainland that, in our opinion, offer good exposure to the Chinese market. We are nowmore comfortable with the investmentlandscape there, and the increasing numberof high-quality companies.

• Taiwan – The export–oriented economy hasa market that offers a relatively narrowselection of companies, the bulk of which are in the technology sector. Most of these companies lack market leadership in termsof both technology and branding.

• Saudi Arabia – The Fund’s underweight toSaudi Arabia is attributable to a shortageof high quality names and a lack ofmarket access.

Largest MSCI country positions versus benchmark

% of Fund assets

NB Cash is excluded from the analysis. Benchmark: MSCI Emerging Markets Index. Source: Aberdeen Standard Investments.

Allocations are subject to change.

-10 -5 0 5 10

China

Taiwan

Saudi Arabia

Thailand

Malaysia

Mexico

India

Brazil

Netherlands

Hong Kong5.77

2.97

2.58

1.95

1.56

-1.51

-1.82

-2.44

-3.75

-3.86



Quarter 4 2020

Overweight

• Information technology – We continue toview the sector positively. The recent selloffin the sector has made valuations attractive,providing us with an opportunity to addquality companies to the portfolio.

• Consumer discretionary – The Fund’soverweight is due to our conviction that structural growth of domestic consumptionin emerging economies will be driven bythe expanding middle class and itsincreasing wealth.

• Financials – We see companies in thefinancials sector as proxies for economicgrowth in developing countries, particularlyin their respective domestic markets. Within financials, we feel that the highest-quality companies are in the insurancesector, where there is also low productpenetration.

Underweight

• Communication services – The Fund’sunderweight to the sector is due largely to the challenges facing telecoms from regulators, competition and new technology.However, the Fund has exposure to mediaand entertainment firms that fall within the sector, such as China’s Autohome andTencent Holdings, and Yandex in Russia.

• Energy – The underweight is due to ourwariness about the cyclical nature ofearnings that typifies the sector.

• Healthcare – The Fund remainsunderweight to the sector as we findmore attractive investmentopportunities elsewhere.

Largest MSCI sector positions versus benchmark



% of Fund assets

-6 -4 -2 0 2 4 6

Communication Services

Health Care

Energy

Utilities

Materials

Consumer Staples

Real Estate

Financials

Consumer Discretionary

Information Technology5.16

1.66

1.23

0.61

0.11

-0.74

-1.04

-1.64

-2.38

-3.00



Quarter 4 2020

Overweight

• Taiwan Semiconductor Manufacturing Co.(TSMC) - The world’s largest dedicatedsemiconductor foundry, TSMC provides wafer manufacturing, wafer probing,assembly and testing, mask production anddesign services.

• Samsung Electronics - This is a leadingKorean semiconductor company which isalso a major player in mobile phones andTFT–LCDs. Samsung has a strongcompetitive position across each of its threebusiness segments.

• Midea - In our view, the Chinese homeappliance company is well managed andhas a broad product portfolio, good brandequity and a track record of strong executionthat reflects its management caliber. Webelieve that the company will benefit from stable growth in China’s home appliancemarket, along with growing demand forpremium products.

Underweight

• Alibaba – We have recently begun to build aposition in the Chinese e-commerce giant.The company has diversified successfullyinto areas such as cloud-computing,while its core retail business remains highlyprofitable with solid earnings visibility.The Fund has an underweight position inAlibaba given our near-term concernsregarding an antitrust investigation.

• Reliance Industries (non-holding) – The Fund does not hold the energy andtelecom conglomerate due to our corporate governance concerns. Its aggressive seedingof businesses and subsequent write-offs alsofailed our quality criteria.

• JD.com (non–holding) – The Fund does nothave a position in the company stockbecause we prefer other retail names.

Largest stock positions versus benchmark



% of Fund assets

-4 -2 0 2 4 6

Alibaba

Reliance Industries

JD.com

China Construction Bank

Pinduoduo

HDFC

Longi Green Energy

Midea

Taiwan Semiconductor

Samsung Electronics4.36

3.11

2.29

2.13

2.12

-0.86

-0.93

-0.96

-0.98

-2.19



Quarter 4 2020

Performance attribution comments

Aberdeen Emerging Markets Fund (Institutional Class shares net of fees) returned 25.95% for the fourth quarter of 2020, significantly outperforming the 19.70% return of its benchmark, the MSCI Emerging Markets Index (Net Dividends). This was an upbeat end to a challenging year in 2020, with the EM equity asset class reversing its worst recorded quarterly loss in the first quarter of the year.

Stock selection in China was the largest contributor to the Fund’s relative performance, though mainland shares lagged the broader rally. The recovery in domestic consumption continued to gather momentum, underpinning the outperformance of the shares of several high-quality consumer companies. Additionally, we believe that our emphasis on quality insulated the Fund’s holdings from the worst effects of worsening U.S.-China diplomatic ties over the quarter. Healthcare holdings Wuxi Biologics and Hangzhou Tigermed ended 2020 on a high note, with their demand outlooks looking robust entering 2021. China Tourism Group Duty Free posted remarkable earnings growth in 2020, due to supportive government policies that helped the duty-free retail operator, especially in Hainan. Meanwhile, shares of Longi Green Energy performed well on the back of government stimulus to the renewable energy sector. Towards the end of the quarter, news that private equity firm Hillhouse Capital (which the Fund does not hold) agreed to

acquire a 6% stake in Longi Green Energy also boosted its share price. Elsewhere, the ongoing antitrust probe into Chinese e-commerce giant Alibaba benefited the Fund’s relative performance due to its underweight position in the company. We have been building the Fund’s positon in the stock on share-price weakness as we believe that, ultimately, Alibaba will be better able to adapt to changes, relative to smaller players, given its formidable economic moat. However, we remain cautious in the near term as the regulatory investigation is ongoing and we will continue to monitor the risks.

In Northeast Asia, the Fund’s holdings in high-quality semiconductor suppliers Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung Electronics bolstered Fund performance for the quarter. Samsung delivered a particularly robust return due to the improved outlook for memory prices, amid tighter supply, with lower inventory levels and lower investment in capacity at chipmakers. Positions in South Korean electric-vehicle battery makers Samsung SDI and LG Chem also benefited Fund performance on a cyclical uptick in orders accelerating the ongoing growth. Demand generally is expected to continue to expand into 2021.

In India, the Fund’s core holdings financial services companies HDFC and Kotak Mahindra Bank, and Ultra Tech Cement, benefited

performance amid widespread investor optimism about domestic growth, reform and infrastructure spending. HDFC’s stock price moved higher on the back of a more positive outlook for the housing market, with record-low housing loan rates, price discounts and reduction in stamp duties

In Latin America, several Brazilian holdings fared well on investors’ expectations of a recovery in global economic growth amid positive vaccine news. These included e-commerce company Mercadolibre,Banco Bradesco, miner Vale and state-ownedoil company Petrobras. The Fund’s holdings inMexico also recovered during the quarter, helped by expectations of a more stablegeopolitical backdrop following Joe Biden’svictory in the U.S. presidential election.The Fund’s positons in bank Banorte, airportoperator Grupo Aeroportuario del Sureste (ASUR) and beverage producer FomentoEconómico Mexicano (FEMSA) all deliveredrobust absolute returns for the quarter.



Quarter 4 2020

Portfolio Benchmark Net Management Effects*

Weight Return Weight Return Allocation Selection TotalTotal 100.0 27.52 100.0 19.83 1.02 6.67 7.69 Equities 98.4 28.00 100.0 19.83 1.36 6.67 8.03 Argentina - - 0.1 21.20 (0.00) 0.00 (0.00)Brazil 7.6 54.35 5.1 37.08 0.42 1.05 1.46 Chile - - 0.5 28.67 (0.04) 0.00 (0.04)China 34.7 16.98 39.1 11.21 0.33 2.20 2.53 Colombia - - 0.2 48.81 (0.05) 0.00 (0.05)Czech Republic - - 0.1 34.12 (0.01) 0.00 (0.01)Egypt - - 0.1 (4.93) 0.03 0.00 0.03 Greece - - 0.1 16.40 0.00 0.00 0.00 Hong Kong 5.7 18.03 - - (0.12) 0.00 (0.12)Hungary - - 0.2 39.19 (0.04) 0.00 (0.04)India 11.0 32.84 9.2 21.17 0.02 1.11 1.13 Indonesia 2.2 38.35 1.3 31.83 0.13 0.14 0.28 Korea 13.1 53.56 13.5 38.58 (0.12) 1.57 1.45 Malaysia - - 1.5 10.08 0.17 0.00 0.17 Mexico 3.2 43.33 1.7 31.17 0.15 0.32 0.48 Netherlands 2.9 23.54 - - 0.13 0.00 0.13 Pakistan - - 0.0 7.92 0.00 0.00 0.00 Peru - - 0.2 29.85 (0.02) 0.00 (0.02)Philippines 1.5 37.29 0.7 22.26 0.03 0.25 0.27 Poland 0.5 - 0.7 16.56 0.04 0.08 0.11 Qatar - - 0.7 2.38 0.14 0.00 0.14 Russia 4.1 19.46 3.0 22.01 0.00 (0.10) (0.09)Saudi Arabia - - 2.4 6.53 0.37 0.00 0.37 South Africa 3.0 14.48 3.5 22.20 (0.01) (0.25) (0.25)Taiwan 8.9 26.56 12.8 23.21 (0.13) 0.29 0.16 Thailand - - 1.8 25.48 (0.10) 0.00 (0.10)Turkey - - 0.4 30.31 (0.04) 0.00 (0.04)United Arab Emirates - - 0.5 10.62 0.05 0.00 0.05 Kuwait - - 0.5 0.00 0.03 0.00 0.03 Cash 1.6 0.05 - 0.00 (0.34) 0.00 (0.34)

Benchmark is MSCI Emerging Markets. Benchmark is constructed from country level and as such the top line figure may differ slightly from the official benchmark return.

Attribution returns are shown gross of fees and assumes the reinvestment of all distributions. Return information does not includes fund expenses or the sales charges for the Fund (Class A). If these charges were included, the returns shown would have been lower.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown above, please call 866-667- 9231 or go to https://www.aberdeenstandard.com/en-us/investor/fund-centre.* The net management effect is the each countryor sector’s proportional contribution to theFund’s return relative to the benchmark index.The sum of the allocation plus selection effectequals the total net management effect.

Performance attribution by country



Quarter 4 2020

Portfolio Benchmark Net Management Effects*

Weight Return Weight Return Allocation Selection Total

Total 100.0 27.52 100.0 19.75 0.06 7.71 7.78

Energy 3.3 32.85 5.0 15.00 0.14 0.52 0.66

Materials 6.7 39.11 7.6 29.95 (0.10) 0.51 0.41

Industrials 4.3 23.37 4.3 21.42 0.06 0.02 0.08

Consumer Discretionary 19.7 18.25 18.3 7.51 (0.68) 2.84 2.16

Consumer Staples 5.9 23.61 5.9 16.79 0.10 0.32 0.42

Health Care 2.3 63.43 4.7 19.25 0.08 0.79 0.86

Financials 18.9 34.74 18.0 24.48 (0.15) 2.08 1.93

Information Technology 25.2 38.61 20.5 34.32 0.63 0.97 1.60

Communication Services 8.5 8.74 11.6 11.62 0.46 (0.41) 0.05

Utilities 1.0 19.16 2.0 21.18 (0.02) (0.02) (0.04)

Real Estate 2.6 8.73 2.1 6.08 (0.11) 0.09 (0.02)Cash 1.6 0.05 - - (0.34) 0.00 (0.34)

Benchmark is MSCI Emerging Markets. Benchmark is constructed from sector level and as such the top line figure may differ slightly from the official benchmark return.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent monthend, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to https://www.aberdeenstandard.com/en-us/investor/fund-centre

Attribution returns are shown gross of fees and assumes the reinvestment of all distributions. Return information does not includes fund expenses or the sales charges for the Fund (Class A). If these charges were included, the returns shown would have been lower. * The net management effect is the each country or sector’s proportional contribution to the Fund’s return relative to the benchmark index. The sum of the allocation plus selection effect equals the total netmanagement effect.

Performance attribution by sector



Quarter 4 2020

Largest positive quarterly contributions

Stock

Portfolio Weight

%

Return in Portfolio

%

Benchmark Weight

%

Return in Benchmark

%

Relative Contribution

%Alibaba Grp 3.34 -- 5.59 -20.83 1.73

Samsung Electronics 9.43 57.72 5.22 51.44 1.54

Mercadolibre 1.51 59.57 -- -- 0.66

Kotak Mahindra Bank 1.72 58.92 0.19 -- 0.59

HDFC 2.83 50.73 0.76 48.48 0.50

Vale 2.38 57.65 0.79 60.54 0.47

Midea 2.25 40.82 -- -- 0.43

Wuxi Biologics 1.61 63.22 0.51 63.44 0.43

Reliance Industries -- -- 0.98 -10.28 0.42

Banco Bradesco 1.68 55.52 0.37 53.10 0.39


Past performance does not guarantee future results. Source: Aberdeen Standard Investments. Benchmark: MSCI Emerging Markets Index.

Holdings are subject to change.

Performance attribution by stock

• Alibaba – The Fund’s underweight to theChinese e-commerce giant enhancedrelative performance as its share price wasweighed down by investor concernssurrounding the ongoing anti-trust probe into the company.

• Samsung Electronics – Shares of thecompany rose due to robust returns due tothe improved outlook for memory prices.

• MercadoLibre – Shares of the e-commercecompany continued to perform well on the back of healthy margins, and expectations ofa recovery in global economic growth amidpositive Covid-19 vaccine news.



Quarter 4 2020

Largest negative quarterly contributions

Stock

Portfolio Weight

%

Return in Portfolio

%

Benchmark Weight

%

Return in Benchmark

%

Relative Contribution

%China Resources Land 1.55 -8.08 0.17 -8.35 -0.53

NIO -- -- 0.79 129.69 -0.40

Pinduoduo -- -- 0.86 139.61 -0.39

Baidu.com -- -- 0.75 70.82 -0.28

SK Hynix -- -- 0.76 53.19 -0.21

Xiaomi -- -- 0.78 62.27 -0.19

Yandex 0.95 6.33 0.27 7.15 -0.17

Autohome 0.92 3.77 0.08 3.77 -0.17

ICICI Bank -- -- 0.47 52.30 -0.13

Celltrion -- -- 0.40 53.10 -0.11


Past performance does not guarantee future results. Source: Aberdeen Standard Investments. Benchmark: MSCI Emerging Markets Index.

Holdings are subject to change.

Performance attribution by stock

• China Resources Land – The rally in the stock price of the property developer took a breather towards the end of the quarter following a period of strong performance. Its share price declined amid a more subdued outlook for Chinese real estate given regulatory headwinds.

• NIO Inc. (non-holding) – The Fund’s lack of exposure to electric-vehicle manufacturer NIO capped gains, given its share-price rise over the period.

• Pinduoduo (non-holding) – The lack of exposure to the e-commerce company detracted from Fund performance as its shares rallied over the quarter due to healthy domestic demand.



Quarter 4 2020

Historical performance summary (Institutional Class)

Portfolio (Net I) % Benchmark % Difference %2007 (from 10 May 07) 18.80 26.96 -8.16

2008 -40.36 -53.33 12.972009 76.55 78.51 -1.962010 27.58 18.88 8.702011 -11.05 -18.42 7.372012 26.15 18.22 7.932013 -7.49 -2.60 -4.892014 -2.45 -2.19 -0.262015 -13.68 -14.92 1.242016 11.96 11.19 0.772017 30.24 37.28 -7.042018 -14.65 -14.57 -0.082019 20.42 18.42 2.002020

Quarter 1 -26.14 -23.6 -2.54

Quarter 2 22.97 18.08 4.89

Quarter 3 11.81 9.56 2.25

Quarter 4 25.95 19.70 6.25

October 3.81 2.06 1.75

November 10.65 9.25 1.40

December 9.65 7.35 2.30Since inception pa* 7.48 4.38 3.10

* 11 May 07.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent monthend, which may be higher or lower than the performance shown above, please call 866-667-9231 or go to https://www.aberdeenstandard.com/en-us/investor/fund-centre.

Returns prior to 11/23/09 reflect the performance of a predecessor fund. The Inception Date represents the inception date for the oldest share class. Performance prior to the inception date for each share class may be linked to performance for the oldest share class. Please see the Fund’s prospectus for further details. Total returns assume the reinvestment of all distributions.

Total returns may reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.


DisclaimerQuarter 4 2020

Notes to our clients

• Past performance is no guarantee of future results. Performance includes the reinvestment ofdividends and other earnings.

• References to securities should not be considered a recommendation to purchase or sell aparticular security and there is no assurance, as of the date of publication, that the securitiespurchased remain in a portfolio or that securities sold have not been repurchased. Additionally,it is noted that securities referenced do not represent all of the securities purchased, sold, orrecommended during the period referenced, and there is no guarantee as to the futureprofitability of any of the securities identified and discussed herein.

Aberdeen Standard Investments Inc.

Aberdeen Standard Investments Inc. is a wholly-owned subsidiary of UK-listed Standard Aberdeen plc. “Aberdeen” is a U.S. registered service mark of Standard Aberdeen plc.

Issued by an entity of the Standard Aberdeen plc group of companies that is responsible for managing/advising the portfolio (s) referred to herein.


AppendicesQuarter 4 2020


Fund factsQuarter 4 2020

Class A Class C Inst. class

Net Asset Value (NAV) as of 12/31/20 $20.21 $20.06 $20.32

Ticker GEGAX GEGCX ABEMX

CUSIP 003021250 003021243 003021714

Minimum Initial Investment $1,000 $1,000 $1,000,000

Gross/Net Expense Ratio 1.59%/1.59% 2.20%/2.10% 1.16%/1.10%

Distributions Annual Distribution /Annual Capital Gains

Expenses stated as of the Fund’s most recent prospectus. All classes of the Fund have contractual waivers in place and may not be terminated before 2/28/21 without approval of the Independent Trustees.

Aberdeen Emerging Markets Fund of 27

Proxy votingQuarter 4 2020

Company Meeting Date Mgmt Rec Vote Cast Shares Shares Voted

Hangzhou Tigermed Consulting Co., Ltd.

10/20/20 EGM 1,234,495 1,234,495

Ballot Issues

EGM BALLOT FOR HOLDERS OF A SHARES

1 Approve Partial Repurchase and Cancellation of the 2019 Restricted A Shares For For

2 Approve Change of Registered Capital For For

3 Approve Change of Registered Address For For

4 Amend Articles of Association For Against

User Notes: A vote AGAINST this resolution is warranted given the company has a track record of calling a shareholder meeting with short notice, and the proposed amendments would enable the company to call class meetings or class general meetings with shorter notice period.

5 Amend Rules and Procedures Regarding General Meetings of Shareholders For Against



10/20/20 EGM 200,700 200,700

Ballot Issues

CLASS MEETING FOR HOLDERS OF H SHARES



Aberdeen Emerging Markets FundRef# US-040221-142021-19

of 27

Proxy voting (continued)

Quarter 4 2020



10/20/20 EGM 200,700 200,700

Ballot Issues

EGM BALLOT FOR HOLDERS OF H SHARES



3 Approve Change of Registered Address For For

4 Amend Articles of Association For Against


5 Amend Rules and Procedures Regarding General Meetings of Shareholders For Against



10/20/20 EGM 1,234,495 1,234,495

Ballot Issues

CLASS MEETING FOR HOLDERS OF A SHARES




of 27


Quarter 4 2020



11/26/20 EGM 200,700 200,700

Ballot Issues

EGM BALLOT FOR HOLDERS OF H SHARES



3 Amend Articles of Association For For

4 Amend Management Rules for A Share Proceeds of Hangzhou Tigermed Consulting Co., Ltd. For For


11/26/20 EGM 1,234,495 1,234,495

Ballot Issues

EGM BALLOT FOR HOLDERS OF A SHARES



3 Amend Articles of Association For For

4 Amend Management Rules for A Share Proceeds of Hangzhou Tigermed Consulting Co., Ltd. For For


11/26/20 EGM 1,234,495 1,234,495

Ballot Issues

CLASS MEETING FOR HOLDERS OF A SHARES




of 27


Quarter 4 2020



11/26/20 EGM 200,700 200,700

Ballot Issues

CLASS MEETING FOR HOLDERS OF H SHARES



ITC Limited

12/19/20 EGM 15,503,983 15,503,983

Ballot Issues

Postal Ballot

1 Adopt New Articles of Association For For

LG Chem Ltd.

10/30/20 EGM 154,416 154,416

Ballot Issues

1 Approve Split-Off Agreement For For


of 27


Quarter 4 2020


Midea Group Co. Ltd.

10/16/20 EGM 7,749,846 7,749,846

Ballot Issues

1 Approve Spin-off of Subsidiary on ChiNext in Accordance with Relevant Laws and Regulations For For

2 Approve Spin-off of Subsidiary on ChiNext For For

3 Approve Plan on Spin-off of Subsidiary on ChiNext For For

4 Approve Transaction Complies with Several Provisions on the Pilot Program of Listed Companies' Spin-off of Subsidiaries for Domestic Listing

For For

5 Approve Transaction is Conducive to Safeguarding the Legal Rights and Interests of Shareholders and Creditors For For

6 Approve Proposal on the Company's Independence and Sustainability For For

7 Approve Subsidiary's Corresponding Standard Operational Ability For For

8 Approve Explanation of the Completeness, Compliance and Validity of Legal Documents Submitted in the Spin-off For For

9 Approve Purpose, Commercial Rationality, Necessity and Feasibility Analysis of Spin-off For For

10 Approve Participation of Directors and Senior Executives in the Employee Share Purchase Plan in Connection to the Spin-off

For For

11 Approve Authorization of Board to Handle All Related Matters For For

12 Elect Dong Wentao as Supervisor For For

Oil Co. LUKOIL PJSC

12/03/20 EGM 711,838 711,838

Ballot Issues

Meeting for ADR/GDR Holders

1 Approve Interim Dividends of RUB 46 per Share for First Nine Months of Fiscal 2020 For For

2 Approve Remuneration of Directors For For


of 27


Quarter 4 2020


Shanghai International Airport Co., Ltd.

10/12/20 EGM 4,547,389 4,547,389

Ballot Issues

ELECT NON-INDEPENDENT DIRECTORS VIA CUMULATIVE VOTING

1.1 Elect Shen Shujun as Non-Independent Director For For

Tata Consultancy Services Limited

11/18/20 EGM 2,255,785 2,255,785

Ballot Issues

Postal Ballot

1 Approve Buyback of Equity Shares For For

Wuxi Biologics (Cayman), Inc.

11/12/20 EGM 2,269,500 2,269,500

Ballot Issues

1 Approve Share Subdivision For For


of 27


Quarter 4 2020

Company Meeting Date Mgmt Rec Vote Cast Shares Shares VotedYandex NV

10/29/20 AGM 942,110 942,110

Ballot Issues

Annual Meeting Agenda

1 Adopt Financial Statements and Statutory Reports For For

2 Approve Discharge of Directors For For

3 Reelect Arkady Volozh as Executive Director For For

4 Reelect Mikhail Parakhin as Non-Executive Director For For

5 Approve Cancellation of Outstanding Class C Shares For For

6 Ratify Auditors For For

7 Grant Board Authority to Issue Class A Shares For For

8 Authorize Board to Exclude Preemptive Rights from Share Issuances For For

9 Authorize Repurchase of Up to 20 Percent of Issued Share Capital For For