III 31, 2018
* Effective February 22, 2013, the Fund is closed to new investors except in limited circumstances. For further information, please see the “Investing with Aberdeen Funds – Fund Closure” section of the prospectus beginning on page 167 of the statutory prospectus.
**As of Nov. 15, 2017, The Fund name changed from the Aberdeen Equity Long-Short Fund.
***As of August 15, 2016, The Fund name changed from Aberdeen Global Fixed Income Fund.
† In addition to normal market movements and fund performance, the change in daily net asset value from February 17 to February 21, 2017 reflects an accounting adjustment related to a change in the fund’s valuation procedure, which was made to align the procedures across Aberdeen’s fund range. The daily net asset value between February 17, 2017 and February 21, 2017 for (i) Class A shares of Total Return Bond Fund and Global High Income Fund and Institutional Class shares of Global High Income Fund reduced by 2 cents per share, and (ii) Institutional Class shares of Total Return Bond Fund reduced by 1 cent per share. The difference in the net asset value change for Class A and Institutional Class Shares of Total Return Bond Fund is due to rounding.
†† Net asset values reflect the Fund's receipt of payment on tax reclaims from some European jurisdictions related to prior years in accordance with European Union law under Article 63 of the Treaty on the Functioning of the European Union (the “EU Tax Reclaims”). Each Fund's performance was significantly higher for all periods following receipt of these extraordinary payments in a manner that may not recur in the future. The EU Tax Reclaims received also result in a tax liability to offset the tax benefits that shareholders received in the past. Each Fund has accrued an expense for this estimated tax liability; however, the tax amount is subject to negotiations with the U.S. IRS. Upon final determination by the U.S. IRS, if the actual tax payable is greater than the amount currently accrued, the Fund’s expenses, net asset value and performance may be materially adversely impacted.
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The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.