aberdeen standard liquidity fund (lux)

Aberdeen Standard Liquidity Fund (Lux)Annual Report and AccountsFor the year ended 30 June 2020

R.C.S:B167827

Incorporation 03Report of the Board of Directors 04Net Asset Value History 05Summary of Historic Information 07Performance History 08Aberdeen Standard Liquidity Fund (Lux) - Combined Statements 09Canadian Dollar Fund 10Euro Fund 14Seabury Euro Liquidity 1 Fund 19Seabury Sterling Liquidity 1 Fund 24Seabury Sterling Liquidity 2 Fund 29Short Duration Sterling Fund 34Sterling Fund 40US Dollar Fund 48Notes to the Financial Statements 54Report of the Réviseur d’Entreprises agréé 63Risk Management (unaudited) 65Securities Financing Transactions (unaudited) 66Remuneration (unaudited) 68Management and Administration 74General Information 76Further Information 77

02 Aberdeen Standard Liquidity Fund (Lux)

Contents

Aberdeen Standard Liquidity Fund (Lux) (the Company) is a société anonyme, qualifying as an open-ended société d’investissement à capitalvariable (a SICAV). It is registered under number B167827 at the Register of Commerce and Companies at the District Court of Luxembourg.

As at 30 June 2020, the Company has issued shares in the following Funds:

Canadian Dollar FundEuro FundSeabury Euro Liquidity 1 FundSeabury Sterling Liquidity 1 FundSeabury Sterling Liquidity 2 FundShort Duration Sterling FundSterling FundUS Dollar Fund

The full name of each Fund is constituted by the name of the Company, Aberdeen Standard Liquidity Fund (Lux), followed by a hyphen andthen the specific name of the Fund. Throughout the Financial Statements, the Funds are referred to by their short names as indicated above.

No subscriptions can be received on the basis of this document. Subscriptions are only valid if made on the basis of the current prospectusand the Key Investor Information Document, accompanied by a copy of the latest annual report or of the subsequent semi-annual report if ithas been published.

Please see the Notes to the Financial Statements for changes during the year.

03Aberdeen Standard Liquidity Fund (Lux)

Incorporation

As at 30 June 2020, the total net assets of Aberdeen Standard Liquidity Fund (Lux) (the "Company") stood at USD 60,604,640.

Aberdeen Standard Liquidity Fund (Lux) aims to provide investors with a broad range of diversified actively-managed Funds which, throughtheir specific investment objectives and individual portfolios, offer investors the opportunity of exposure to selected short-term investmentand money market strategies. The assets of the Funds are invested in accordance with the principle of risk diversification in Money MarketInstruments and/or in debt and debt-related instruments and/or in deposits with credit institutions, including but not limited to, fixed-termdeposits at financial institutions, certificates of deposit, commercial paper, medium-term notes, short-term treasury bills and call and noticeaccounts as and if further detailed hereafter for each Fund.

The Board of Directors adheres to the Association of the Luxembourg Fund Industry ("ALFI") code of conduct for Luxembourg investmentfunds (revised June 2013). The code of conduct sets a framework of high-level principles and best practice recommendations for thegovernance of Luxembourg investment funds.

The Board considers that it has been in compliance with the Principles of the Code in all material respects for the year ended 30 June 2020.

The Board of DirectorsLuxembourg, September 2020


Report of the Board of Directors

Sub-FundBaseCurrency

ShareClass

NAVper Share30.06.20



OngoingCharges %†

as at30.06.20

Canadian Dollar Fund CAD A-2 2,309.1222 2,286.8356 2,260.3130 0.39

CAD I-2 1,177.4240 1,164.2241 1,148.3164 0.25

CAD L-1 1.0000 1.0000 1.0000 0.10

Euro Fund EUR A-2 438.0622 440.0779 441.9231 0.04

EUR I-2 1,200.2492 1,205.7580 1,210.6940 0.04

EUR J-2 1,064.1212 1,069.0048 1,073.3807 0.04

EUR J-3 0.9942 0.9988 1.0000 0.05

EUR K-2 9.8371 9.8800 9.9184 0.03

EUR X-2A 994.2343 998.5655 - 0.03

EUR Z-3 994.6338 998.8822 1,000.0000 0.01

Seabury Euro Liquidity 1 Fund EUR Y-3B 0.9932 0.9981 - 0.03

EUR Z-3B 0.9871 0.9896 - 0.01

Seabury Sterling Liquidity 1 Fund GBP Z-1B 1.0005 1.0001 - 0.02

Seabury Sterling Liquidity 2 Fund GBP Y-1B 1.0005 1.0000 - 0.04

GBP Z-1B 1.0005 1.0002 - 0.01

Short Duration Sterling Fund GBP J-2 105.0994 104.6229 103.7864 0.21

GBP K-1B 9.9821 9.9815 - 0.15

GBP K-2 129.8082 128.7669 127.6616 0.15

GBP Z-2 134.9263 133.6599 132.3293 0.02

Sterling Fund GBP A-2 4,845.6560 4,820.2322 4,791.8951 0.22

GBP I-2 1,162.9999 1,156.7858 1,149.8678 0.21

GBP I-3 1,000.0000 1,000.0564 1,000.0000 0.20

GBP J-3 1.0000 1.0000 1.0000 0.20

GBP K-1 1.0000 1.0001 1.0000 0.15

GBP K-3 1.0000 1.0001 1.0000 0.15

GBP L-1 1.0000 1.0000 1.0000 0.10

GBP L-3 1.0000 1.0000 1.0000 0.10

GBP X-1C 1,000.0000 - - 0.12

GBP X-2D 1,010.5445 1,004.2400 - 0.12

GBP Y-2E 1,006.6269 - - 0.04

GBP Z-1 1,000.0000 1,000.0364 1,000.0000 0.00

GBP Z-2B 1.0188 1.0111 - 0.00

GBP Z-3 1,000.0000 1,000.0557 1,000.0000 0.00

US Dollar Fund USD A-2 3,270.4709 3,221.2639 3,146.1355 0.24

USD I-2 1,309.4124 1,289.0964 1,258.9034 0.21

USD J-2 1,156.7416 1,138.3734 1,111.7104 0.16

USD K-1 1.0000 1.0000 1.0000 0.15


Net Asset Value History


ShareClass




OngoingCharges %†

as at30.06.20

USD K-2 10.7140 10.5386 10.2867 0.11

USD L-1 1.0000 1.0000 1.0000 0.10

USD X-2A 1,026.4083 1,009.6703 - 0.11

USD Z-1 1,000.0000 1,000.0148 1,000.0000 0.02

USD Z-2 1,220.4277 1,199.3992 1,170.1373 0.02AShare class launched 8 February 2019.B Share class launched 8 October 2018.C Share class launched 27 November 2019.D Share class launched 6 December 2018.E Share class launched 22 July 2019.† Source: Standard Life Aberdeen plc. Calculated in accordance with the European Securities and Markets (ESMA) guidelines. The ongoing charges figure (OCF) is the total expenses paid by each shareclass in the period against its average Net Asset Value. This includes the annual management charge, the other operating expenses and any synthetic element to incorporate the ongoing charges ofany underlying collective investments. The OCF can fluctuate as underlying costs change. Where underlying costs have changed, the OCF disclosed in the Key Investor Information Document will beupdated to reflect current charges.

The currency exchange rates against the USD as at the following year end dates were as follows:

Exchange Rates 30.06.2020 30.06.19 30.06.18

USD - CAD 1.362000 1.306750 1.315450

USD - EUR 0.890353 0.878117 0.856494

USD - GBP 0.809323 0.785731 0.757432



Net Asset Value30.06.20

('000)


('000)


('000)

Canadian Dollar Fund CAD 86,247 85,280 75,623

Euro Fund EUR 3,302,452 2,975,772 800,606

Seabury Euro Liquidity 1 FundA EUR 4,055,356 2,856,445 -

Seabury Sterling Liquidity 1 FundA GBP 1,643,357 726,650 -

Seabury Sterling Liquidity 2 FundA GBP 2,015,442 1,295,474 -

Short Duration Sterling Fund GBP 4,290,659 5,246,978 4,593,739

Sterling Fund GBP 31,814,096 28,111,808 15,135,206

US Dollar Fund USD 3,145,521 1,693,128 1,199,403

Combined Total USD 60,604,640 53,429,412 28,238,789A First Net Asset Value calculated on 8 October 2018.


Summary of Historic Information


30.06.20%

30.06.19%

30.06.18%

31.03.17A%

Canadian Dollar Fund - A Accumulation Shares CAD 0.97 1.17 0.65 0.15

Benchmark: Bank Of Canada Overnight Lending Rate Index CAD 1.33 1.68 1.19 0.50

Euro Fund - A Accumulation Shares EUR (0.46) (0.42) (0.54) (0.33)

Benchmark: 7 Day EUR LIBID EUR (0.64) (0.57) (0.68) (0.52)

Seabury Euro Liquidity 1 Fund - Y Income SharesB, C EUR (0.46) (0.32) - -

Benchmark: EONIA +3 EUR (0.28) (0.17) - -

Seabury Sterling Liquidity 1 Fund - Z Income SharesB, C GBP 0.77 0.63 - -

Benchmark: SONIA +13 GBP 0.46 0.43 - -

Seabury Sterling Liquidity 2 Fund - Y Income SharesB, C GBP 0.77 0.58 - -

Benchmark: SONIA +13 GBP 0.46 0.43 - -

Short Duration Sterling Fund - J Accumulation Shares GBP 0.75 0.81 0.55 0.61

Benchmark: 1 Month GBP LIBID GBP 0.42 0.61 0.33 0.11

Sterling Fund - A Accumulation Shares GBP 0.53 0.59 0.23 0.12

Benchmark: 7 Day GBP LIBID GBP 0.39 0.56 0.31 0.20

US Dollar Fund - A Accumulation Shares USD 1.53 2.39 1.75 0.67

Benchmark: 7 Day USD LIBID USD 1.22 2.18 1.57 0.41AThe financial year end has changed from 31 March to 30 June, as resolved at the EGM on 12 September 2017.B First Net Asset Value calculated on 8 October 2018.C Performance is calculated before dividend (total return).Performance basis is detailed within the Manager's Review.For the current year end, performance is calculated from 1 July 2019 to 30 June 2020.Past performance is no indication of current or future performance. These performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.Performance is calculated at 30 June each year unless otherwise stated.


Performance History

Statement of Net AssetsAs at 30 June 2020

Notes US$’000

Assets

Investments in securities 2.2 42,740,283

Cash at bank and cash equivalents 15,590,973

Interest and dividends receivable 30,447

Subscriptions receivable 909

Receivable on reverse repurchaseagreements

2,298,217

Other assets 1,952

Total assets 60,662,781

Liabilities

Taxes and expenses payable (11,188)

Redemptions payable (34,601)

Other liabilities (12,352)

Total liabilities (58,141)

Net assets at the end of the year 60,604,640

Statement of Changes in Net AssetsFor the year from 1 July 2019 to 30 June 2020

Notes US$’000

Net assets at the beginning of the year 53,429,412

Exchange rate effect on opening netassets

(1,406,543)

Net gains from investment 307,682

Net realised losses (310)

Net unrealised gains 12,664

Proceeds from shares issued 284,500,847

Payments for shares redeemed (275,959,058)

Net equalisation paid 10 (4,585)

Dividends paid 5 (275,469)


Statement of OperationsFor the year from 1 July 2019 to 30 June 2020

Notes US$’000

Income

Investment income 2.3 331,496

Bank interest 1,685

Reverse repurchase agreement income 8,721

Other income 117

Total income 342,019

Expenses

Management fees 4.1 (30,276)

Administration fees 4.2 (1,812)

Depositary fees 4.3 (2,407)

Domiciliary agent, registrar, paying andtransfer agent fees

4.4 (1,694)

Management Company fees 4.5 (1,144)

Operational expenses 4.6 (1,908)

Expense cap refunded by the InvestmentManager

4.8 5,557

Annual tax 4.9 (653)

Total expenses (34,337)

Net gains from investments 307,682

Realised losses on investments (310)


Increase in unrealised appreciation oninvestments

12,664


Net increase in assets as a result ofoperations

320,036

The accompanying notes form an integral part of these financial statements.


Aberdeen Standard Liquidity Fund (Lux) - Combined Statements

For the year ended 30 June 2020

PerformanceFor the year ended 30 June 2020, the value of the Canadian DollarFund – A Accumulation shares increased by 0.97% compared to anincrease of 1.33% for the benchmark, Bank of Canada OvernightLending Rate Index.

Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges,gross income reinvested, CAD.Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross ofexpenses, CAD.

Please remember that past performance is not a guide to futurereturns. The price of shares and the income from themmay fall aswell as rise. Investors may not get back the amount originallyinvested.

Market reviewCanadian economic growth slowed in the final quarter of 2019,attributed in part to poor weather and inventory adjustments.Business confidence improved, helped by an easing in the tradeconflict between the US and China. Canada’s central bank alsoforecasts a pick-up in household spending, supported by populationand income growth, as well as by a recent federal income tax cut.

The Bank of Canada (BoC) adopted a more dovish tone in the firstquarter of 2020 as the economy, which had proved more resilientthan others, began to show signs of slowing in line with theweakness seen in other developed economies in 2019. Thisdownturn was further fuelled by transportation blockages and asharp decline in the oil price heading into March.

The measures introduced to contain the spread of Covid-19 led to afurther sharp pullback in activity. While the BoC had kept its policyrate unchanged at 1.75% since late 2018, it cut rates by 150bps to alow of 0.25% in three stages beginning on 4 March. Additionalfacilities from the central bank, combined with the FederalGovernment were also put in place to support liquidity and lendingmarkets, as well as support households through wage subsidies andsmall business loans.

The Canadian economy has been severely affected by theCovid-19 pandemic and will record a meaningful contraction tosecond quarter GDP contraction. The BoC acted alongside globalcentral banks in cutting policy rates and introducing a large scaleasset purchase programme. The government introduce acomprehensive fiscal package that sought to support householdsand businesses through this period, the consequence being aprojection for the largest fiscal deficit in Canada’s history. Alongsidecontainment measures introduced to limit the spread of the virus,the steep decline in oil prices hurt export revenues. From amarketperspective, the measures introduced by governments and centralbanks across the world drove a return of liquidity in Q2. A boost ininvestor confidence followed as those nations impacted earliest bythe pandemic saw some stabilisation and lockdownmeasuresbegan to be lifted.

Portfolio reviewThroughout the review period, the Fund remained investedpredominantly in Canadian Treasury Bills and provincial moneymarket instruments. The high quality liquid assets served to limitvolatility and maintain liquidity well in excess of the EuropeanSecurities and Markets Authority limits during recent times wheremarket function has been tested.

The Fund delivered stable performance during the first quarter of2020 as the market backdrop turned more volatile. The limitedexposure to credit securities, coupled with strong liquidity, ensuredreturns remained in line with benchmark.

During the final three months of the review period, the Fund addedshort dated positions in highly-rated provincial, government andbank securities to maintain a weighted average maturity of circa30 days and a competitive market yield. Central Bank policy and theweight of front-end cash available for investment has seen yieldsmove lower across the money market curve and Fund returns areset to follow this path in time.

OutlookAs businesses and economies begin to open up there will be areversal of the GDP declines seen so far this year. The ability of theeconomy to rebound will be affected, however, by social distancingmeasures and the risk of a potential localised or more widespreadoutbreak of the virus. Some of the fiscal support measures havealready been extended until October and as yet the full budgetaryimpact of the pandemic is unknown but we expect the governmentand central bank policy to remain supportive going forward. BoCpolicy rates are currently 0.25% and at this time we think a furthercut is unlikely but market yields will remain exceptionally low forsome time, excluding another liquidity shock. The fund will maintainits asset allocation and high liquidity levels going forward and willlook to add incremental returns through curve positioning.

Money Markets TeamJuly 2020

10 Aberdeen Standard Liquidity Fund (Lux) - Canadian Dollar Fund

Canadian Dollar Fund


Notes C$’000

Assets

Investments in securities at marketvalue/amortised cost

2.2 66,870

Cash at bank and cash equivalents 19,327

Interest receivable 46

Other assets 120

Total assets 86,363

Liabilities

Taxes and expenses payable (113)

Other liabilities (3)

Total liabilities (116)

Net assets at the end of the year 86,247


Notes C$’000

Net assets at the beginning of the year 85,280

Net gains from investment 782

Net unrealised gains 8

Proceeds from shares issued 62,447

Payments for shares redeemed (62,099)

Dividends paid 5 (171)

Net assets at the end of the year 86,247


Notes C$’000

Income

Investment income 2.3 928

Bank interest 111

Total income 1,039

Expenses

Management fees 4.1 (194)

Administration fees 4.2 (12)

Depositary fees 4.3 (6)


4.4 (20)

Management Company fees 4.5 (2)

Operational expenses 4.6 (118)


4.8 101

Annual tax 4.9 (6)

Total expenses (257)

Net gains from investments 782


8



790

Share TransactionsFor the year from 1 July 2019 to 30 June 2020

A-2 I-2 L-1

Shares outstanding at the beginning of the year 24,738 5,418 22,398,804

Shares issued during the year 13,566 50 31,127,633

Shares redeemed during the year 10,092 1,708 36,850,010

Shares outstanding at the end of the year 28,212 3,760 16,676,427

Net asset value per share 2,309.1222 1,177.4240 1.0000


11Aberdeen Standard Liquidity Fund (Lux) - Canadian Dollar Fund

Portfolio StatementAs at 30 June 2020

Security Coupon (%) MaturityNominal /Quantity

Market Value /Amortised Cost

C$'000

Total NetAssets

%

Transferable securities andmoneymarket instruments admitted to an official exchange listing or dealt in on another regulatedmarket 77.53%

Bonds 57.83%

Bank of Montreal (DPNT) 2.1000 06/10/2020 3,000,000 3,014 3.49

Canadian Treasury Bill - 09/07/2020 6,500,000 6,500 7.54










HSBC Bank Canada (DPNT) 1.8160 07/07/2020 1,042,000 1,042 1.21

HSBC Bank Canada (DPNT) 2.4490 29/01/2021 1,300,000 1,315 1.52

Nova Scotia Treasury Bill - 16/07/2020 1,200,000 1,200 1.39

Nova Scotia Treasury Bill - 01/09/2020 3,000,000 2,999 3.48

Ontario Treasury Bill - 15/07/2020 3,100,000 3,100 3.59

Province of Manitoba Canada Treasury Bill - 05/08/2020 3,000,000 2,999 3.48

Quebec Treasury Bill - 07/08/2020 3,000,000 2,999 3.48

Quebec Treasury Bill - 21/08/2020 1,200,000 1,200 1.39

Toronto-Dominion Bank (DPNT) 2.0450 08/03/2021 1,000,000 1,010 1.17

Total Bonds 49,874 57.83

Money Market Instruments 19.70%

Bank of Nova Scotia - 13/07/2020 2,000,000 2,000 2.32

Bank of Nova Scotia 0.2799 17/07/2020 2,000,000 2,000 2.32

C.I.B.C. - 06/07/2020 1,500,000 1,500 1.74

C.I.B.C. 0.2809 03/09/2020 2,500,000 2,499 2.90

Province of Alberta Treasury Bill - 09/09/2020 3,000,000 2,998 3.47

Province of Saskatchewan Treasury Bill - 13/07/2020 3,000,000 2,999 3.47

12 Aberdeen Standard Liquidity Fund (Lux) - Canadian Dollar Fund



C$'000

Total NetAssets

%

Toronto-Dominion Bank 0.2799 17/07/2020 1,000,000 1,000 1.16


Total Money Market Instruments 16,996 19.70

Total Transferable securities andmoneymarket instruments admitted to an officialexchange listing or dealt in on another regulated market 66,870 77.53

Total investments 66,870 77.53

Other net assets 19,377 22.47

Total net assets 86,247 100.00

13Aberdeen Standard Liquidity Fund (Lux) - Canadian Dollar Fund


PerformanceFor the year ended 30 June 2020, the value of the Euro Fund – AAccumulation shares decreased by 0.46% compared to a decreaseof 0.64% for the benchmark, 7 day EUR LIBID.

Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges,gross income reinvested, EUR.Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross ofexpenses, EUR.


Market reviewThe 12-month review period was dominated by the spread of theCOVID-19 pandemic in the early months of 2020. During the firstquarter of 2020, the European Central Bank (ECB) left the depositrate at -0.50%. This was viewed as positive, as a cut might have beencounterproductive for the banking system when the objective of thepackage is to maximise the ability of the banking system to bufferthe virus shock. Following a poorly received initial stimulus package,the ECB announced an additional €750 billion quantitative easingprogramme, purchasing both public and corporate debt throughout2020.The ECB also announced an unprecedented discount on thetargeted longer-term refinancing operations (TLTRO) interest rate tobanks, creating in effect a mini-fiscal transfer to encourage banks tolend. There was an additional €1.2 trillion of capacity added to theTLTRO liquidity facility.

During the final three months of the review period, the ECB addedanother EUR600 billion to its Pandemic Emergency PurchaseProgramme facility, as well as extending the time over whichpurchases and reinvestments will be made. These efforts havecreated a co-ordinated and sizable monetary and fiscal response tothe pandemic. Inflation projections were downgraded veryaggressively for 2021/22. In addition, some nations, notably theNetherlands and Austria, pushed back on the European Union(EU) recovery fund. Many EU countries have been accelerating out oflockdown with schools restarting, bars and restaurants reopening,as well as a lifting of international travel bans. There is growingconfidence that the economy will bottom out by summer 2020.However, we remain cautious and continue to monitor the situationclosely. The downside risk to a quick bounce back is the concernthat the disease starts to flare up again and a second wave occurs

Portfolio reviewAt 31 December 2019, the Fund’s net asset value was just over€3 billion. That rose by roughly €1 billion to a new high of €4 billionduring April. There were a number of larger inflows as investorsflocked to cash due to market volatility and uncertainty surroundingthe coronavirus pandemic. However, the risk-on moves betweenApril and June meant the Fund finished down at €3.3 billion, which isback closer to the average fund size before the pandemic.

Trading activity resulting from the introduction of the central banks’purchase programmes grew from April onwards and this slowlydrip-fed into the short end markets, which began to stabilise. MostFund activity was in the one week to three month range, but we didstart placing cash out for longer tenors nearer the end of the year asvolatility reduced and better rated credits were willing to pay up forspecific funding requirements. Quarter end balance sheetrestrictions were more than manageable for the Fund as westrategically brought down overnight deposits but kept weeklyliquidity high by investing in sovereigns, supranationals andagencies and having 12% of the Fundmaturing the first week of July.

The Fund’s weighted average maturity was maintained aroundtarget at 40 days. Overnight liquidity fluctuated around 40% andone-week liquidity around 50%. We are comfortable with thispositioning while we navigate through these uncertain times, buteven while we continue to run these metrics at far moreconservative levels the gross yield is holding up well at -0.35%. Wehave been particularly active in picking up secondary positions atsuperior levels and taking advantage where issuers come in payingup for specific funding requirements. Therefore, we have locked intothese levels while watching the curve continually move lower.

OutlookFunds are still running healthy amounts of cash, keeping marketswell underpinned and are able to manage flows without seekingsecondary liquidity in the market. Secondary bonds are very well bidalongside the rest of the broader money market. Curves genericallyground tighter and flatter, with scarce supply compressing levels asopportunities to capture yield ran thin. Looking ahead, there issome optimism for a strong start to the newmonth as issuers comeback to the table and money funds utilise their cash balances aheadof the summer. As levels continue to grind tighter, we will continuedeploying cash in a similar vein, looking to term out maturitieswhere appropriate with the rarer, higher quality credits in themarket.


14 Aberdeen Standard Liquidity Fund (Lux) - Euro Fund

Euro Fund


Notes €’000

Assets

Investments in securities at market value 2.2 2,387,876


Interest receivable 2,817

Other assets 25


Liabilities






Notes €’000


Net losses from investment (14,052)







Notes €’000

Income

Investment income 2.3 (13,444)

Other income 2

Total income (13,442)

Expenses





4.4 (26)



4.8 118

Annual tax 4.9 (24)


Net losses from investments (14,052)




65


Net decrease in assets as a result ofoperations

(14,025)


A-2 I-2 J-2 J-3 K-2 X-2 Z-3

Shares outstanding at the beginning of theyear

534,160 69,368 41,978 342,983,191 2,500 107 2,272,036

Shares issued during the year 293,973 102,546 5,625 2,139,966,367 1,154,790 165,030 11,074,611

Shares redeemed during the year 295,335 109,670 43,302 1,893,787,529 212,889 158,774 10,945,335

Shares outstanding at the end of theyear

532,798 62,244 4,301 589,162,029 944,401 6,363 2,401,312

Net asset value per share 438.0622 1,200.2492 1,064.1212 0.9942 9.8371 994.2343 994.6338


15Aberdeen Standard Liquidity Fund (Lux) - Euro Fund



Market Value€'000

Total NetAssets

%


Bonds 9.63%

ABN AMRO Bank (EMTN) FRN 15/01/2021 31,885,000 31,932 0.97

Bank of Montreal (EMTN) FRN 13/07/2020 4,000,000 4,000 0.12

Banque Federative du Credit Mutuel (EMTN) 4.1250 20/07/2020 2,350,000 2,355 0.07


Barclays Bank (EMTN) FRN 14/09/2020 4,000,000 4,003 0.12

BMW Finance (EMTN) 0.1250 03/07/2020 17,344,000 17,344 0.53

BMW Finance (EMTN) 2.0000 04/09/2020 9,126,000 9,158 0.28

BNP Paribas (EMTN) 3.7500 25/11/2020 31,371,000 31,868 0.97

BNP Paribas (EMTN) 2.2500 13/01/2021 10,000,000 10,132 0.31

Coca-Cola FRN 08/03/2021 7,600,000 7,606 0.23

Coca-Cola - 09/03/2021 6,000,000 6,004 0.18

Credit Suisse (EMTN) 1.1250 15/09/2020 20,667,000 20,725 0.63

Euroclear Bank (EMTN) FRN 10/07/2020 16,426,000 16,427 0.50

HSBC Bank (EMTN) 4.0000 15/01/2021 3,645,000 3,725 0.11

HSBC France (EMTN) 0.6250 03/12/2020 7,100,000 7,126 0.22

Linde Finance (EMTN) 1.7500 17/09/2020 3,000,000 3,011 0.09

National Australia Bank (GMTN) 4.0000 13/07/2020 12,632,000 12,649 0.38


Nordea Bank (EMTN) FRN 27/08/2020 15,000,000 15,016 0.46

Nordea Bank (EMTN) 2.0000 17/02/2021 2,050,000 2,080 0.06

Royal Bank of Canada (EMTN) FRN 24/07/2020 19,800,000 19,809 0.60

Santander UK (EMTN) 2.6250 16/07/2020 12,600,000 12,613 0.38

Skandinaviska Enskilda Banken (GMTN) FRN 15/09/2020 7,400,000 7,407 0.22

Societe Generale (EMTN) 0.7500 25/11/2020 17,800,000 17,859 0.54

SumitomoMitsui Banking (REGS) 2.2500 16/12/2020 4,200,000 4,250 0.13

SumitomoMitsui Trust Bank (REGS) FRN 25/09/2020 6,300,000 6,304 0.19

Svenska Handelsbanken (EMTN) FRN 30/07/2020 2,100,000 2,101 0.06

Swedbank (EMTN) FRN 18/08/2020 3,000,000 3,002 0.09

Toronto-Dominion Bank (EMTN) FRN 13/07/2020 1,000,000 1,000 0.03

Toronto-Dominion Bank (DPNT) FRN 08/09/2020 1,800,000 1,802 0.05

Total Capital Canada (EMTN) 1.8750 09/07/2020 6,700,000 6,702 0.20

Toyota Motor Credit (EMTN) 1.8000 23/07/2020 16,184,000 16,201 0.49



ABN AMRO Bank - 01/07/2020 36,000,000 36,000 1.09



Market Value€'000

Total NetAssets

%

Agence Centrale des Organismes de Securite Sociale - 01/07/2020 35,000,000 35,001 1.06



Alliander - 14/07/2020 23,000,000 23,005 0.70

Allianz - 25/08/2020 12,000,000 12,010 0.36

Antalis - 13/07/2020 25,000,000 25,002 0.76

Aviva - 12/08/2020 4,000,000 4,003 0.12

Bank of China - 10/09/2020 34,000,000 34,028 1.03

Banque Federative du Credit Mutuel - 13/08/2020 4,000,000 4,003 0.12



Barclays Bank - 07/09/2020 35,000,000 35,028 1.06

Barclays Bank - 10/09/2020 33,000,000 33,029 1.00

BNP Paribas - 17/08/2020 35,000,000 35,024 1.06

BRED Banque Populaire - 03/07/2020 27,000,000 27,001 0.82

Citibank - 07/08/2020 35,000,000 35,020 1.06

Credit Suisse - 01/12/2020 20,000,000 20,022 0.61

DBS Bank - 10/12/2020 34,000,000 34,069 1.03

DekaBank Deutsche Girozentrale - 20/07/2020 24,000,000 24,007 0.73


Euroclear Bank - 28/07/2020 20,000,000 20,009 0.61

First Abu Dhabi Bank - 01/07/2020 33,000,000 33,000 1.00

HSBC Bank - 09/07/2020 37,000,000 37,005 1.12

HSBC Bank - 14/09/2020 25,000,000 25,021 0.76

HSBC France - 16/11/2020 18,000,000 18,023 0.55

ING Bank - 06/07/2020 29,000,000 29,003 0.88

Linde - 08/07/2020 10,000,000 10,001 0.30

Lloyds Bank - 03/12/2020 36,000,000 36,017 1.09

Loan Market Association - 03/07/2020 25,000,000 25,001 0.76

Loan Market Association - 27/07/2020 32,000,000 32,010 0.97

LVMH Finance Belgique - 15/07/2020 35,000,000 35,006 1.06

Mitsubishi UFJ Trust & Banking - 13/07/2020 10,000,000 10,002 0.30

Mizuho Bank - 05/08/2020 15,000,000 15,008 0.45

Mizuho Bank - 21/09/2020 38,000,000 38,040 1.15

Mizuho Bank - 08/10/2020 34,000,000 34,041 1.03

MUFG Bank - 03/08/2020 15,000,000 15,008 0.45

National Australia Bank - 03/07/2020 29,000,000 29,002 0.88

National Westminster Bank - 21/09/2020 36,000,000 36,028 1.09

Natixis - 31/07/2020 35,000,000 35,012 1.06

Nestle Finance International - 21/07/2020 10,000,000 10,003 0.30

Nestle Finance International - 09/09/2020 38,500,000 38,540 1.17

17Aberdeen Standard Liquidity Fund (Lux) - Euro Fund


Market Value€'000

Total NetAssets

%

Nordea Bank - 07/07/2020 30,000,000 30,003 0.91

Nordea Bank - 10/07/2020 37,500,000 37,505 1.14

NRW Bank - 01/07/2020 35,000,000 35,000 1.06

Oesterreichische Kontrollbank - 17/07/2020 35,000,000 35,008 1.06



OP Corporate Bank - 02/07/2020 10,000,000 10,000 0.30




Oversea Chinese Banking - 16/07/2020 25,000,000 25,006 0.76

Paccar Financial Europe - 03/07/2020 30,000,000 30,001 0.91



Procter and Gamble - 21/07/2020 30,000,000 30,010 0.91






Royal Bank of Canada - 07/08/2020 39,000,000 39,022 1.18

Sheffield Receivables - 20/07/2020 37,000,000 37,009 1.12

SumitomoMitsui Trust Bank - 18/08/2020 35,000,000 35,022 1.06

Svenska Handelsbanken - 10/07/2020 36,000,000 36,005 1.09



The Norinchukin Bank - 28/08/2020 37,000,000 37,024 1.12

Toronto-Dominion Bank - 07/07/2020 37,000,000 37,004 1.12


Toyota Kreditbank - 07/08/2020 16,500,000 16,509 0.50

UBS - 22/09/2020 27,000,000 27,023 0.82

UBS - 17/05/2021 35,000,000 35,086 1.06

Zuercher Kantonalbank - 16/07/2020 37,000,000 37,009 1.12

Total Money Market Instruments 2,069,881 62.67

Total Transferable securities andmoneymarket instruments admitted to an officialexchange listing or dealt in on another regulated market 2,387,876 72.30

Total investments 2,387,876 72.30


Total net assets 3,302,452 100.00



PerformanceFor the year ended 30 June 2020, the value of Seabury Euro Liquidity1 Fund – Y Income shares decreased by 0.46% compared to adecrease of 0.28% in the benchmark, EONIA +3.

Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges,gross income reinvested, EUR.Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross ofexpenses, EUR.


Market reviewThe 12-month review period has been dominated by the spread ofthe COVID-19 pandemic in the early months of 2020. During the firstquarter of 2020, the European Central Bank (ECB) left the depositrate at -0.50%. This was viewed as positive, as a cut might have beencounterproductive for the banking system when the objective of thepackage is to maximise the ability of the banking system to bufferthe virus shock. Following a poorly received initial stimulus package,the ECB announced an additional €750 billion quantitative easingprogramme, purchasing both public and corporate debt throughout2020.The ECB also announced an unprecedented discount on thetargeted longer-term refinancing operations (TLTRO) interest rate tobanks, creating in effect a mini-fiscal transfer to encourage banks tolend. There was an additional €1.2 trillion of capacity added to theTLTRO liquidity facility.

During the final three months of the review period, the ECB addedanother €600 billion to its Pandemic Emergency PurchaseProgramme facility, as well as extending the time over whichpurchases and reinvestments will be made. These efforts havecreated a co-ordinated and sizable monetary and fiscal response tothe pandemic. Inflation projections were downgraded veryaggressively for 2021/22. In addition, some nations, notably theNetherlands and Austria, pushed back on the European Union(EU) recovery fund. Many EU countries have been accelerating out oflockdown with schools restarting, bars and restaurants reopening,as well as a lifting of international travel bans. There is growingconfidence that the economy will bottom out by summer 2020.However, we remain cautious and continue to monitor the situationclosely. The downside risk to a quick bounce back is the concernthat the disease starts to flare up again and a second wave occurs.

Portfolio reviewAt the end of the reporting period, the Fund’s net asset value was€4 billion. Bund yields and consequently flows fluctuated fairlysteadily through the second quarter as markets appeared to calmfollowing the first quarter’s extreme volatility. Risk sentimentglobally improved on encouraging economic data and optimismabout the easing of lockdown restrictions around the world. Interms of market conditions, trading activity resulting from theintroduction of the central banks’ purchase programmes ramped upthrough the second quarter as this very slowly drip-fed into the

short-end markets, which began to stabilise. Issuers were activelyborrowing in the market and volumes reported increasedsignificantly day on day, with funds, having built up liquidity, sittingwith a lot of cash to deploy. This more supportive backdropalleviated the pain in markets and yields ground lower in euros,albeit at a slower pace than sterling and dollars. The majority ofFund activity was in the one week to three month range. However,we will look at going longer if we see opportunities wherebetter-rated credits are willing to pay up for specific fundingrequirements. The Fund ended the year with a gross yield of -0.44%.Holdings of high quality short end financial assets continue tounderpin returns and ensure liquidity.

OutlookFunds are still running healthy amounts of cash, keeping marketswell underpinned and are able to manage flows without seekingsecondary liquidity in the market. Secondary bonds are very well bidalongside the rest of the broader money market. Curves genericallyground tighter and flatter, with scarce supply compressing levels asopportunities to capture yield ran thin. Looking ahead, there issome optimism for a strong start to the newmonth as issuers comeback to the table and money funds utilise their cash balances aheadof the summer. As levels continue to grind tighter, we will continuedeploying cash in a similar vein, looking to term out maturitieswhere appropriate with the rarer, higher quality credits in themarket.


19Aberdeen Standard Liquidity Fund (Lux) - Seabury Euro Liquidity 1 Fund

Seabury Euro Liquidity 1 Fund


Notes €’000

Assets




Other assets 60


Liabilities






Notes €’000


Net losses from investment (18,285)







Notes €’000

Income

Investment income 2.3 (17,101)

Other income 25

Total income (17,076)

Expenses





4.4 (18)



4.8 182


Net losses from investments (18,285)




273


Net decrease in assets as a result ofoperations

(18,055)


Y-3 Z-3

Shares outstanding at the beginning of the year 2,861,560,028 382,333

Shares issued during the year 11,738,005,689 17,522,249

Shares redeemed during the year 10,516,342,993 17,898,766

Shares outstanding at the end of the year 4,083,222,724 5,816

Net asset value per share 0.9932 0.9871


20 Aberdeen Standard Liquidity Fund (Lux) - Seabury Euro Liquidity 1 Fund



Market Value€'000

Total NetAssets

%


Bonds 6.10%

ABN AMRO Bank (EMTN) 2.1250 26/11/2020 24,260,000 24,478 0.60

ABN AMRO Bank (EMTN) FRN 15/01/2021 7,500,000 7,511 0.19


BNP Paribas (EMTN) 3.7500 25/11/2020 20,899,000 21,230 0.52

Credit Suisse (EMTN) 1.1250 15/09/2020 32,137,000 32,228 0.80

ING Bank (EMTN) 0.7500 24/11/2020 3,000,000 3,011 0.07

ING Bank (EMTN) FRN 26/11/2020 3,000,000 3,005 0.07


Nederlandse Waterschapsbank (REGS) 1.7500 09/07/2020 7,700,000 7,704 0.19

NRW Bank FRN 24/07/2020 2,000,000 2,001 0.05

OP Corporate Bank (EMTN) FRN 22/05/2021 24,416,000 24,482 0.60




Societe Generale (EMTN) FRN 14/01/2021 10,100,000 10,113 0.25

Societe Generale (EMTN) 0.7500 19/02/2021 9,200,000 9,249 0.23

SumitomoMitsui Trust Bank (REGS) FRN 25/09/2020 3,100,000 3,102 0.08

Swedbank (EMTN) FRN 18/08/2020 15,000,000 15,011 0.37




ABN AMRO Bank - 01/07/2020 40,000,000 40,000 0.99

ABN AMRO Bank - 17/07/2020 5,000,000 5,001 0.12

Abu Dhabi Commercial Bank - 14/09/2020 40,000,000 40,035 0.99


Bank of China - 10/09/2020 37,000,000 37,031 0.91

Bank of Montreal - 14/09/2020 47,000,000 47,065 1.16






BNP Paribas - 17/08/2020 42,000,000 42,028 1.04

BPCE SA - 19/08/2020 43,000,000 43,029 1.06

Citibank - 06/08/2020 15,000,000 15,008 0.37



Market Value€'000

Total NetAssets

%

Citibank - 07/08/2020 43,000,000 43,025 1.06

Citibank - 08/09/2020 39,000,000 39,036 0.96

Commonwealth Bank of Australia - 17/09/2020 47,000,000 47,081 1.16

Credit Suisse - 14/09/2020 30,000,000 30,026 0.74

DBS Bank - 10/12/2020 37,000,000 37,075 0.91

European Investment Bank - 01/07/2020 40,000,000 40,000 0.99


Industrial & Commercial Bank of China - 11/08/2020 40,000,000 40,012 0.99

ING Bank - 06/07/2020 28,000,000 28,003 0.69

ING Bank - 05/08/2020 33,000,000 33,017 0.81

KFW - 01/07/2020 30,700,000 30,701 0.76

La Banque Postale - 08/09/2020 39,000,000 39,031 0.96

Lloyds Bank - 03/12/2020 39,000,000 39,019 0.96


Mizuho Bank - 21/09/2020 44,000,000 44,046 1.09

Mizuho Bank - 08/10/2020 36,000,000 36,043 0.89



Natixis - 01/07/2020 30,000,000 30,000 0.74

Natixis - 31/07/2020 43,000,000 43,015 1.06

Nordea Bank - 07/07/2020 30,000,000 30,003 0.74

Nordea Bank - 10/07/2020 41,500,000 41,506 1.02

NRW Bank - 01/07/2020 40,000,000 40,000 0.99









Oversea Chinese Banking - 16/07/2020 25,000,000 25,006 0.62

Qatar National Bank - 03/09/2020 39,000,000 39,027 0.96



Standard Chartered Bank - 09/09/2020 39,000,000 39,041 0.96






22 Aberdeen Standard Liquidity Fund (Lux) - Seabury Euro Liquidity 1 Fund


Market Value€'000

Total NetAssets

%








UBS - 22/09/2020 30,000,000 30,026 0.74

UBS - 17/05/2021 14,000,000 14,034 0.35




Other net assets 1,658,263 40.89




PerformanceFor the year ended 30 June 2020, the value of Seabury SterlingLiquidity 1 Fund – Z Income shares increased by 0.77% compared toan increase of 0.46% in the benchmark, SONIA +13.

Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges,gross income reinvested, GBP.Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross ofexpenses, GBP.


Market reviewAs a result of the global COVID-19 pandemic, markets becameexceptionally volatile, particularly during March. The global policyresponse to the rapidly unfolding crisis was substantial. In theseunprecedented times the Bank of England (BoE) reduced interestrates twice in March, taking the current rate down to a record low of0.10%. Growth is expected to plummet, and unemployment is set tosoar. Scrutiny over the UK government's exit strategy from lockdownwill be monitored very closely – if the exit is too early there is the riskthat there could be a second peak and a second round of lockdownmeasures, which would create an even bigger health and economiccatastrophe.

Lockdown restrictions continued into the final three months of thereview period, although markets became less volatile as investorsdigested the various significant financial support mechanisms put inplace by governments and central banks. The pause in normaleconomic activity led to a huge amount of liquidity for companiesacross the spectrum, and demand from banks and other financialinstitutions whose demand for wholesale money market funding fellto historically low levels. The near-term path of economic activity isextremely uncertain. While the BoE Monetary Policy Committee isleaving all options on the table and ruling nothing out, includingnegative interest rates, it seems willing to wait to see how inflation,growth and price stability reacts before making any further changes.With a prevailing policy backdrop of debt/GDP ratios of more than100% and a commitment to interest rates at or below zero, it isdifficult to make a case for any tangible steepening of moneymarket curves any time soon. Recent comments by BoE GovernorAndrew Bailey provided some guidance that a reversal ofquantitative earing would probably precede any upward moves inUK rates.

Portfolio reviewThe Fund’s net asset value increased from £750 million to£1.6 billion over the reporting period. Activity in the first threemonths of 2020 was focused on navigating the market volatilitycaused by the Covid-19 pandemic, with liquidity and capitalpreservation as the main drivers behind decision making. From the

beginning of January to the end of March, the weighted averagematurity [WAM] of the Fund increased from 35 to 50 days, and theWAMwas maintained in the 45 to 50 days range through to the endof June.

Extrememarket volatility in the first quarter of 2020 was replaced bya flattening of the yield curve and normalisation in swapmarketsfrom April onwards. This, however, meant that real rates at theshorter end of the curve fell significantly. On the back of this, activityremained defensive, with a continued focus on increased liquidityand capital preservation.

Performance was strong, with a balance between increased levels ofliquidity in the short dates at lower yields being offset with carefullyselected investments further out the curve at higher yieldsbenefiting from the increased curve spread and swap-drivenanomalies. However, this was challenged by large inflows of cash inJune, and was made more difficult due to quarter end and banksissuing levels drying up as they locked down their balance sheets.Levels available from issuers fell as market stresses eased andfinancial support mechanisms reduced the Fund’s money marketfunding requirements. The combination of lower market yields andincreased levels of liquidity drove the yield lower as existing assetsmatured and were replaced with significantly lower-yieldinginvestments.

OutlookFund investment activity will remain firmly on capital preservationand liquidity, with elevated levels of overnight and one weekmaturities greater than normal while we monitor the marketsituation and investor liquidity requirements. Where cash flowrequirements permit, the WAM of the Fund will be increased to takeadvantage of any opportunities to invest further out the yield curve.We will continue to invest in high quality liquid assets while alsomonitoring NAV volatility closely.


24 Aberdeen Standard Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund

Seabury Sterling Liquidity 1 Fund


Notes £’000

Assets

Investments in securities at market value 2.2 853,907




60,000

Other assets 39


Liabilities






Notes £’000

Net assets at the beginning of the year 726,650


Net realised gains 22







Notes £’000

Income


Bank interest 7

Reverse repurchase agreement income 103

Other income 14

Total income 7,200

Expenses



Domiciliary agent, registrar, paying and transferagent fees

4.4 (30)





Realised gains on investments 22



549


Net increase in assets as a result of operations 7,587


Z-1

Shares outstanding at the beginning of the year 726,598,603

Shares issued during the year 4,517,823,798

Shares redeemed during the year 3,601,914,058

Shares outstanding at the end of the year 1,642,508,343

Net asset value per share 1.0005


25Aberdeen Standard Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund



Market Value£'000

Total NetAssets

%



ABN AMRO Bank 0.6400 20/07/2020 10,000,000 10,004 0.61


Bank of America 0.7800 16/07/2020 10,000,000 10,003 0.61

Bank of China - 05/08/2020 20,000,000 19,998 1.22

Bank of China 1.0000 11/08/2020 10,000,000 10,006 0.61

Bank of China 0.6500 21/09/2020 10,000,000 10,008 0.61

Bank of Montreal 0.5200 14/09/2020 25,000,000 25,025 1.52

Bank of Montreal 0.5700 14/09/2020 5,000,000 5,006 0.30

Bank of Tokyo – Mitsubishi UFJ - 24/08/2020 10,000,000 9,998 0.61


Banque Federative du Credit Mutuel 0.9300 18/08/2020 10,000,000 10,013 0.61




Barclays Bank 0.7900 04/09/2020 10,000,000 10,012 0.61

Barclays Bank 0.9200 30/10/2020 5,000,000 5,009 0.30

Barclays Bank 0.5000 02/11/2020 10,000,000 10,001 0.61

Barclays Bank - 08/02/2021 10,000,000 9,961 0.60

Bayerische Landesbank - 23/10/2020 20,000,000 19,998 1.21

BNP Paribas - 02/07/2020 10,000,000 10,000 0.61

BNP Paribas - 08/07/2020 10,000,000 10,000 0.61

BNP Paribas 0.7800 24/11/2020 5,000,000 5,012 0.30

C.I.B.C. 0.5200 16/09/2020 25,000,000 25,023 1.52

C.I.B.C. 0.8500 08/10/2020 10,000,000 10,020 0.61

China Construction Bank 1.2500 24/07/2020 10,000,000 10,004 0.61





Citibank 0.2200 21/08/2020 20,000,000 20,003 1.22

Commonwealth Bank of Australia 0.9000 09/11/2020 10,000,000 10,026 0.61

Credit Suisse 0.7500 10/08/2020 10,000,000 10,007 0.61

Danske Bank 0.7900 07/07/2020 10,000,000 10,001 0.61

Danske Bank 0.2900 05/10/2020 10,000,000 10,003 0.61

Danske Bank 0.2600 15/10/2020 10,000,000 10,005 0.61

Danske Bank 0.2600 16/10/2020 10,000,000 10,005 0.61




Market Value£'000

Total NetAssets

%

First Abu Dhabi Bank 0.8000 03/07/2020 10,000,000 10,001 0.61



Handelsbanken 0.8000 13/08/2020 20,000,000 20,019 1.22

Industrial & Commercial Bank of China 0.4500 25/09/2020 25,000,000 25,015 1.52


ING Bank - 06/07/2020 10,000,000 9,999 0.61

Korea Development Bank - 10/07/2020 10,000,000 10,000 0.61

Lloyds Bank 0.8400 13/07/2020 10,000,000 10,003 0.61

Lloyds Bank 0.7200 21/07/2020 5,000,000 5,002 0.30

Lloyds Bank - 04/08/2020 5,000,000 5,000 0.30

Lloyds Bank 0.8700 04/08/2020 20,000,000 20,016 1.22

MUFG Bank 0.6100 29/07/2020 10,000,000 10,004 0.61

MUFG Bank 0.2600 07/01/2021 10,000,000 9,995 0.61

National Bank of Abu Dhabi 0.8200 14/07/2020 5,000,000 5,001 0.30



Natixis 0.3900 11/09/2020 10,000,000 10,006 0.61

Natixis 0.3600 22/09/2020 10,000,000 10,006 0.61

Natixis 0.3100 05/11/2020 10,000,000 10,006 0.61

Natixis 0.4300 16/03/2021 10,000,000 10,008 0.61

Nordea Bank 0.8700 09/07/2020 10,000,000 10,002 0.61

Nordea Bank - 06/08/2020 20,000,000 19,999 1.22






Santander UK 0.8000 03/08/2020 10,000,000 10,007 0.61

Skandinaviska Enskilda Banken 0.6500 05/08/2020 10,000,000 10,006 0.61

Societe Generale 0.6600 31/07/2020 10,000,000 10,005 0.61





Standard Chartered Bank 0.7500 15/07/2020 10,000,000 10,003 0.61

Svenska Handelsbanken 0.6600 22/07/2020 10,000,000 10,004 0.61

UBS 0.8500 07/08/2020 10,000,000 10,008 0.61

UBS 0.9000 07/09/2020 10,000,000 10,015 0.61

UBS 0.9500 07/10/2020 10,000,000 10,022 0.61



Market Value£'000

Total NetAssets

%

UBS 0.8900 20/10/2020 10,000,000 10,023 0.61

UBS 0.4300 24/06/2021 10,000,000 9,995 0.61

Total Money Market Instruments 853,907 51.96

Total Transferable securities andmoneymarket instruments admitted to an officialexchange listing or dealt in on another regulated market 853,907 51.96

Total investments 853,907 51.96





PerformanceFor the year ended 30 June 2020, the value of Seabury SterlingLiquidity 2 Fund – Y Income shares increased by 0.77% compared toan increase of 0.46% in the benchmark, SONIA +13.




Lockdown restrictions continued into the final three months of thereview period, although markets became less volatile as theydigested the various significant financial support mechanisms put inplace by governments and central banks. The pause in normaleconomic activity led to a huge amount of liquidity for companiesacross the spectrum, and demand from banks and other financialinstitutions whose demand for wholesale money market funding fellto historically low levels. The near-term path of economic activity isextremely uncertain. While the BoE’s Monetary Policy Committee isleaving all options on the table and ruling nothing out, includingnegative interest rates, it seems willing to wait to see how inflation,growth and price stability reacts before making any further changes.With a prevailing policy backdrop of debt/GDP ratios of more than100.00% and a commitment to interest rates at or below zero, it isdifficult to make a case for any tangible steepening of moneymarket curves any time soon. Recent comments by BoE GovernorAndrew Bailey provided some guidance that a reversal ofquantitative earing would probably precede any upward moves inUK rates.

Portfolio reviewThe Fund’s net asset value (NAV) ranged from £1 billion to £2 billionover the period. Most of this increase occurred in the first quarter of2020, when we saw extremely volatile markets as a result of theglobal COVID-19 pandemic. During February, it was becoming moreapparent that the pandemic was going to have a serious financialimpact in the UK. Maintaining liquidity became the Fund’s primaryfocus. The weighted average maturity was reduced, and liquidityratios were boosted. In March, the secondary and primary markets

experienced a liquidity squeeze as many buyers stepped back. As aresult, we were able to take advantage of elevated secondarymarket rates. In the final three months of the review period,extrememarket volatility was replaced by a flattening of the yieldcurve and a normalisation in swapmarkets. This, however, meansreal rates at the shorter end of the curve are now significantly lower.On the back of this, activity was defensive, with increased liquidityand capital preservation continuing to be the main drivers behinddecision making. Liquidity ratios remain robust, with the Fund’sovernight allocation maintained at approximately 30% and the oneweek liquidity allocation at approximately 40%. We also made extrause of the 5/10/40 rule to utilise exposure limits to better payingovernight deposit takers. The weighted average maturity (WAM) fellto just below 46 days at 30 June.

OutlookThe outlook remains uncertain as we are still in the midst of theCOVID-19 crisis. The future depends on the country getting on top ofthe spread of the virus; lockdown restrictions are beginning to belifted, but we are still at the risk of a second wave. Until a vaccine orsuccessful treatment has been found we will have to learn to livewith the possibility of future outbreaks. In these uncertain times, afurther rate cut cannot be ruled out in the short term and in themedium- to longer-term inflation becomes more of a risk. It is alsodifficult to tell what impact the lockdown restrictions will have on theUK and global economies in the longer term. The focus of the Fundwill be to maintain liquidity. The Fund’s maturity ladder will be keptin strict order to do this while maintaining the increased overnightand one-week maturity ratios. If there is value in high qualitylonger-dated paper, the Fund is positioned to take advantage ofanything that becomes available. The portfolio will continue to beinvested in high quality liquid assets – while monitoring NAVvolatility closely.





Notes £’000

Assets




Other assets 32


Liabilities






Notes £’000










Notes £’000

Income


Bank interest 21

Other income 17

Total income 10,070

Expenses





4.4 (47)




4.8 2






858



10,322


Y-1 Z-1

Shares outstanding at the beginning of the year 1,120,815,984 174,575,525

Shares issued during the year 6,940,144,638 1,756,661,494

Shares redeemed during the year 6,082,543,196 1,895,275,575

Shares outstanding at the end of the year 1,978,417,426 35,961,444

Net asset value per share 1.0005 1.0005





Market Value£'000

Total NetAssets

%


Bonds 2.45%

Commonwealth Bank of Australia (EMTN) FRN 13/01/2021 7,000,000 6,989 0.35


United Kingdom Treasury Bill (N AP) - 13/07/2020 20,000,000 20,000 0.99

United Kingdom Treasury Bill (N AP) - 03/08/2020 12,296,000 12,295 0.61



ABN AMRO Bank - 01/07/2020 10,000,000 10,000 0.50

ABN AMRO Bank - 21/07/2020 20,000,000 19,999 0.99

ABN AMRO Bank - 24/07/2020 20,000,000 19,999 0.99




Bank of China 1.0000 06/08/2020 10,000,000 10,005 0.50

Bank of China 1.0000 11/08/2020 10,000,000 10,006 0.50

Bank of China - 19/08/2020 22,000,000 21,985 1.09

Bank of China 0.3500 04/09/2020 15,000,000 15,002 0.74

Bank of Montreal 0.5200 14/09/2020 25,000,000 25,025 1.24

Bank of Montreal 0.5700 14/09/2020 10,000,000 10,011 0.50

Bank of Nova Scotia 0.8400 06/07/2020 20,000,000 20,003 0.99








BNP Paribas 0.8900 07/07/2020 10,000,000 10,002 0.50

BNP Paribas 0.7300 13/07/2020 10,000,000 10,002 0.50

BNP Paribas 0.6500 27/08/2020 10,000,000 10,009 0.50

BNP Paribas 0.6500 28/08/2020 10,000,000 10,009 0.50

BNP Paribas 0.5300 11/11/2020 15,000,000 15,019 0.74

C.I.B.C. 0.5200 16/09/2020 25,000,000 25,023 1.24

C.I.B.C. 0.8500 08/10/2020 25,000,000 25,050 1.24





Market Value£'000

Total NetAssets

%



Citibank 0.4000 10/09/2020 20,000,000 20,012 0.99

Citibank 0.2500 22/09/2020 20,000,000 20,007 0.99

Credit Agricole 0.2400 29/09/2020 10,000,000 10,003 0.50

Credit Agricole 0.1800 19/10/2020 10,000,000 10,001 0.50

Credit Agricole 0.1800 22/10/2020 10,000,000 10,001 0.50

Credit Suisse - 17/07/2020 10,000,000 10,000 0.50

Danske Bank 0.2900 05/10/2020 20,000,000 20,006 0.99

Danske Bank 0.2700 07/10/2020 20,000,000 20,010 0.99

Danske Bank 0.2600 16/10/2020 15,000,000 15,007 0.74

DZ Bank Deutsche Zentral 0.5700 28/10/2020 10,000,000 10,014 0.50

DZ Bank Deutsche Zentral 0.5500 29/10/2020 20,000,000 20,028 0.99


FMSWertmanagement - 03/07/2020 25,000,000 25,000 1.24


Handelsbanken 0.8000 13/08/2020 10,000,000 10,009 0.50




ING Bank - 06/07/2020 20,000,000 19,999 0.99

ING Bank - 07/09/2020 20,000,000 19,989 0.99

ING Bank - 12/11/2020 15,000,000 14,981 0.74


Lloyds Bank 0.8400 23/07/2020 15,000,000 15,007 0.74

Lloyds Bank - 04/08/2020 25,000,000 24,999 1.24

Lloyds Bank 0.9100 06/11/2020 10,000,000 10,026 0.50

MUFG Bank 0.6200 27/07/2020 10,000,000 10,004 0.50

MUFG Bank 0.8000 14/08/2020 20,000,000 20,016 0.99

MUFG Bank 0.6600 25/08/2020 20,000,000 20,016 0.99


National Bank of Abu Dhabi - 08/07/2020 20,000,000 19,999 0.99



Natixis 0.4100 08/09/2020 20,000,000 20,012 0.99

Natixis 0.2600 12/10/2020 10,000,000 9,996 0.49

Natixis 0.4300 30/11/2020 10,000,000 10,010 0.50

Nordea Bank 0.5050 30/09/2020 10,000,000 10,013 0.50






Market Value£'000

Total NetAssets

%




Santander UK 0.8000 03/08/2020 10,000,000 10,007 0.50








UBS 0.9000 12/08/2020 10,000,000 10,009 0.50

UBS 0.8000 20/10/2020 10,000,000 10,020 0.50

UBS 0.8500 21/10/2020 10,000,000 10,022 0.50








PerformanceFor the year ended 30 June 2020, the value of the Short DurationSterling Fund – J Accumulation shares increased by 0.75% comparedto an increase of 0.42% for the benchmark, 1 month GBP LIBID.




Lockdown restrictions continued into the final three months of thereview period, although markets became less volatile as investorsdigested the various significant financial support mechanisms put inplace by governments and central banks. The pause in normaleconomic activity led to a huge amount of liquidity for companiesacross the spectrum, and demand from banks and other financialinstitutions whose demand for wholesale money market funding fellto historically low levels. The near-term path of economic activity isextremely uncertain. While the BoE’s Monetary Policy Committee isleaving all options on the table and ruling nothing out, includingnegative interest rates, it seems willing to wait to see how inflation,growth and price stability reacts before making any further changes.With a prevailing policy backdrop of debt/GDP ratios of more than100% and a commitment to interest rates at or below zero, it isdifficult to make a case for any tangible steepening of moneymarket curves any time soon. Recent comments by BoE GovernorAndrew Bailey provided some guidance that a reversal ofquantitative earing would probably precede any upward moves inUK rates.

Portfolio reviewMoney market yields fell over the first six months of the reportingperiod. Activity was focused on rotating the Fund’s floating-rateexposure into fixed-rate bond andmoney market securities, therebylocking in available market yield levels. The Fund’s weighted averagematurity (WAM) was maintained in the region of 60 days. Against abackdrop of lower yields and a flatter yield curve in the sterlingmoney market, the Fundmaintained its gross redemption yield atlevels above 1%.

Weaker-than-expected data ahead of the UK election in late2019 resulted in a further fall in market yields early in 2020.UK-centric market moves were soon overshadowed, however, asconcerns around the spread of the COVID-19 virus grew.Governments across the globe introduced measures including socialdistancing to slow the spread of the virus. Volatility rose markedlyand market function was impeded by a liquidity squeeze.Governments and central banks reacted by cutting interest ratesand implementing a number of policies and programmes to enablebusinesses to survive lockdown. Despite official UK interest ratesfalling to new lows, the dislocation in markets saw yields moveaggressively higher. The Fund was positioned conservatively goinginto the crisis with a high level of liquidity and a WAM of close to60 days and we sought to maintain this profile through investmentin short-dated, high-quality names.

In the second quarter we saw a cliff-edge drop in economic activityas nations across the globe implemented lockdown and socialdistancing measures designed to impede the spread of theCOVID-19 virus. In the UK, all but those deemed essential workerswere asked to follow “stay at home” lockdown guidance from26 March, with a phased lifting of these restrictions during May andJune. While global infection rates continued to rise, the number ofdeaths attributed to coronavirus slowed across European nationsallowing measures to be eased. Throughout this period, the Fundmaintained a defensive asset allocation, with strong overnightliquidity and a continuous ladder of asset maturities to fundcashflow requirements. Reinvestment was made in short-datedbonds, floating-rate notes and money market instruments capturingthe elevated yield levels available but minimising risk in terms ofprice volatility and liquidity. The Fund’s WAM ended the period closeto 60 days with the weighted average life 0.1 year shorter than theprevious quarter end.

OutlookUK base rates are now at an all-time low of 0.10% and the guidancefrom the BoE is steering towards a prolonged period of monetarypolicy at exceptionally low (and potentially negative) levels. Asvolatility and fear surrounding the pandemic has subsided, marketyields have moved to reflect the low central bank levels. The Fundhas added securities at advantageous yield levels recently. However,with a flat yield curve and credit spreads looking tight once again,activity will be focussed on cautiously managing both liquidity andcurve/credit positioning. The outlook for the UK remains cloudy,with many challenges facing the economy, including potential forfuture outbreaks, the unwinding of lockdownmeasures and theoverhang of increased UK government debt levels. Intertwined withthis is the ongoing saga of the UK/European Union uncoupling,which passed the 30 June deadline for an extension to the currentprocess with seemingly little positive progress.


34 Aberdeen Standard Liquidity Fund (Lux) - Short Duration Sterling Fund

Short Duration Sterling Fund


Notes £’000

Assets



Interest and dividends receivable 5,753


Other assets 95


Liabilities


Redemptions payable (28,000)





Notes £’000




Net unrealised losses (232)

Proceeds from shares issued 790,876


Net equalisation paid 10 (3,634)

Dividends paid 5 (479)



Notes £’000

Income


Bank interest 419

Other income 11

Total income 44,911

Expenses





4.4 (150)




4.8 539

Annual tax 4.9 (448)





Decrease in unrealised appreciation oninvestments

(232)

Net unrealised losses (232)


42,875


J-2 K-1 K-2 Z-2

Shares outstanding at the beginning of the year 242,557 4,976,680 3,133,115 35,676,263

Shares issued during the year 21,642 4,558,400 1,022,748 4,579,381

Shares redeemed during the year 262,995 5,478,219 1,412,968 11,395,531

Shares outstanding at the end of the year 1,204 4,056,861 2,742,895 28,860,113

Net asset value per share 105.0994 9.9821 129.8082 134.9263


35Aberdeen Standard Liquidity Fund (Lux) - Short Duration Sterling Fund



Market Value£'000

Total NetAssets

%


Bonds 46.63%

ASIF II (EMTN) 6.3750 05/10/2020 10,024,000 10,178 0.24

Australia & New Zealand Banking Group (EMTN) FRN 22/03/2021 1,200,000 1,199 0.03





Auto ABS UK Loans (REGS) FRN 27/11/2025 5,085,714 5,085 0.12


Bank of Montreal (REGS) FRN 10/10/2020 27,500,000 27,492 0.64

Bank of Nova Scotia (EMTN) FRN 11/06/2021 500,000 501 0.01

Banque Federative du Credit Mutuel (EMTN) FRN 07/02/2021 20,000,000 20,015 0.47

Banque Federative du Credit Mutuel (EMTN) FRN 16/07/2021 70,000,000 70,004 1.63


Barclays Bank UK (EMTN) FRN 09/01/2023 33,553,000 33,605 0.78

Bavarian Sky UK (REGS) FRN 20/04/2028 4,833,000 4,839 0.11

BMW International Investment (EMTN) FRN 02/03/2022 27,000,000 26,931 0.63

BPCE SA (EMTN) FRN 29/11/2021 46,200,000 46,149 1.08

Charter Mortgage Funding (REGS) FRN 12/06/2054 3,109,452 3,071 0.07


Commonwealth Bank of Australia (REGS) FRN 12/07/2021 2,000,000 2,005 0.05



Cooperatieve Rabobank (GMTN) 4.6250 13/01/2021 4,048,000 4,134 0.10

Darrowby (REGS) FRN 20/08/2048 7,437,342 7,452 0.17

Driver UK Multi-Compartment (REGS) FRN 25/07/2025 3,027,209 3,020 0.07

Driver UK Multi-Compartment (REGS) FRN 25/02/2026 11,648,205 11,551 0.27

Duncan Funding (REGS) FRN 17/04/2063 740,669 741 0.02

DZ Bank Deutsche Zentral (EMTN) FRN 25/09/2021 25,000,000 24,992 0.58

E-Carat (REGS) FRN 18/01/2025 3,740,573 3,743 0.09

Gosforth Funding (REGS) FRN 25/08/2060 15,133,354 14,982 0.35

Holmes Master Issuer (REGS) FRN 15/07/2021 20,460,000 20,373 0.47




HSBC UK Bank (EMTN) FRN 09/09/2020 31,000,000 30,994 0.72

ING Bank (EMTN) FRN 14/11/2020 39,500,000 39,497 0.92

International Bank for Reconstruction & Development FRN 13/12/2022 31,808,000 31,829 0.74



Market Value£'000

Total NetAssets

%

JP Morgan Chase Bank (EMTN) FRN 10/05/2021 85,000,000 85,039 1.98

Lanark (REGS) FRN 23/11/2020 4,083,750 4,076 0.09

Lanark (REGS) FRN 22/12/2069 38,000,000 38,092 0.89

Lloyds Bank (EMTN) FRN 10/01/2021 37,500,000 37,495 0.87

Lloyds Bank (EMTN) FRN 13/09/2021 20,000,000 20,035 0.47

Lloyds Bank (REGS) FRN 16/05/2024 14,400,000 14,465 0.34

National Australia Bank (GMTN) FRN 17/07/2020 33,000,000 33,014 0.77

National Australia Bank (EMTN) FRN 24/04/2021 8,500,000 8,490 0.20

National Australia Bank (EMTN) FRN 24/04/2021 60,000,000 59,926 1.40

National Australia Bank (REGS) FRN 04/02/2025 23,000,000 22,938 0.53

Nationwide Building Society (EMTN) FRN 02/08/2022 26,500,000 26,558 0.62

Nationwide Building Society (REGS) FRN 12/04/2023 10,000,000 10,025 0.23

Nationwide Building Society (REGS) FRN 10/01/2025 20,625,000 20,736 0.48

Nestle Holdings (EMTN) 1.0000 11/06/2021 6,513,000 6,556 0.15

OP Corporate Bank (EMTN) FRN 30/05/2021 45,000,000 44,987 1.05

Orbita Funding (REGS) FRN 16/10/2024 2,646,838 2,642 0.06

Penarth Master Issuer (REGS) FRN 18/07/2024 21,000,000 20,673 0.48

Penarth Master Issuer (REGS) FRN 18/03/2025 45,000,000 44,354 1.03

Permanent Master Issuer (REGS) FRN 15/07/2058 64,080,000 63,586 1.48


Royal Bank of Canada (GMTN) FRN 30/01/2025 35,000,000 34,834 0.81

Santander UK (REGS) FRN 13/04/2021 17,200,000 17,213 0.40

Santander UK (REGS) FRN 13/04/2021 40,000,000 40,031 0.93



Silver Arrow Compartment (REGS) FRN 20/06/2024 80,569 81 0.00

Silver Arrow Compartment (REGS) FRN 20/06/2024 7,998,297 7,997 0.19

Silverstone (REGS) FRN 21/01/2070 16,300,000 16,146 0.38




Skandinaviska Enskilda Banken (EMTN) FRN 22/03/2021 9,350,000 9,343 0.22

Skandinaviska Enskilda Banken (EMTN) FRN 22/03/2021 12,245,000 12,236 0.29

SumitomoMitsui Banking (EMTN) FRN 07/09/2020 38,000,000 37,970 0.88

Swedbank (GMTN) FRN 14/06/2021 15,000,000 14,988 0.35

Swedbank (GMTN) 1.2500 29/12/2021 3,000,000 3,025 0.07






Market Value£'000

Total NetAssets

%

Toyota Motor Finance (EMTN) FRN 09/09/2021 23,600,000 23,511 0.55

UBS (EMTN) 1.2500 10/12/2020 66,056,000 66,233 1.54

Total Bonds 2,000,568 46.63


Bank of China - 11/09/2020 28,500,000 28,471 0.66



Barclays Bank 0.7900 04/09/2020 25,000,000 25,031 0.58

Barclays Bank - 14/09/2020 40,000,000 39,991 0.93

Barclays Bank 0.7200 20/11/2020 25,000,000 25,024 0.58

Barclays Bank 0.8800 31/12/2020 50,000,000 50,088 1.17

BNP Paribas - 02/07/2020 25,000,000 25,000 0.58

BNP Paribas 0.3226 10/09/2020 25,000,000 25,037 0.58

BNP Paribas 0.1500 15/09/2020 40,000,000 40,006 0.93

BNP Paribas - 08/10/2020 20,000,000 19,994 0.47

BNP Paribas 1.0100 02/11/2020 25,000,000 25,062 0.58



Credit Industriel et Commercial 0.9800 10/11/2020 10,000,000 10,029 0.23

Credit Suisse 1.0000 02/09/2020 20,000,000 20,029 0.47

Credit Suisse 1.0200 30/10/2020 29,500,000 29,573 0.69

Goldman Sachs International Bank 0.4500 27/10/2020 40,000,000 40,037 0.93

Handelsbanken 0.8000 13/08/2020 50,000,000 50,047 1.17

HSBC Bank 0.2900 30/03/2021 29,000,000 28,773 0.67





ING Bank 0.4454 09/10/2020 25,000,000 25,006 0.58

ING Bank - 11/05/2021 25,000,000 24,916 0.58

Korea Development Bank 0.8950 07/07/2020 50,000,000 50,008 1.17

Mizuho Bank - 16/07/2020 50,000,000 49,998 1.17





National Westminster Bank 0.2400 19/10/2020 40,000,000 40,011 0.93

National Westminster Bank - 04/01/2021 40,000,000 39,952 0.93





Market Value£'000

Total NetAssets

%








SumitomoMitsui Banking - 14/09/2020 40,000,000 39,991 0.93


SumitomoMitsui Trust Bank 0.3300 13/08/2020 50,000,000 50,015 1.17

Svenska Handelsbanken 0.6600 22/07/2020 50,000,000 50,020 1.17


UBS 0.9000 18/08/2020 40,000,000 40,042 0.93

UBS 0.9200 04/05/2021 25,000,000 25,109 0.59

UBS - 05/05/2021 11,000,000 10,963 0.26

Wells Fargo Bank 0.6900 20/07/2020 40,000,000 40,014 0.93



Collective Investment Schemes 10.04%

Aberdeen Standard Liquidity Fund Lux - Sterling Fund Z-3† 430,883 430,883 10.04




†Managed by Aberdeen Standard Investment Luxembourg S.A.



PerformanceFor the year ended 30 June 2020, the value of the Sterling Fund – AAccumulation shares increased by 0.53% compared to an increaseof 0.39% for the benchmark, 7 day GBP LIBID.




Lockdown restrictions continued into the final three months of thereview period, although markets became less volatile as investorsdigested the various significant financial support mechanisms put inplace by governments and central banks. The pause in normaleconomic activity led to a huge amount of liquidity for companiesacross the spectrum, and demand from banks and other financialinstitutions whose demand for wholesale money market funding fellto historically low levels. The near-term path of economic activity isextremely uncertain. While the BoE’s Monetary Policy Committee isleaving all options on the table and ruling nothing out, includingnegative interest rates, it seems willing to wait to see how inflation,growth and price stability reacts before making any further changes.With a prevailing policy backdrop of debt/GDP ratios of more than100% and a commitment to interest rates at or below zero, it isdifficult to make a case for any tangible steepening of moneymarket curves any time soon. Recent comments by BoE GovernorAndrew Bailey provided some guidance that a reversal ofquantitative earing would probably precede any upward moves inUK rates.

Portfolio reviewThe net asset value (NAV) of the Sterling Liquidity Fund was£28.6 billion on 31 December 2019. It fell to £28.15 billion by the endof March, amid severe market volatility. In January, the probability ofa rate cut was almost certain but the BoE disappointed the marketby keeping rates unchanged. In March, financial markets crashed ascoronavirus fears resulted in emergency cuts by the BoE. Whileofficial rates decreased, market rates rocketed higher as liquidity inthe money markets dried up. The Fund’s neutral position proved to

be ideal as no metrics were under stress during these volatile times.Secondary and primary markets experienced a liquidity squeeze asmany buyers stepped back. As a result, we were able to takeadvantage of elevated secondary market rates, and purchase goodvalue sovereign, supranational and agency (SSA) names.

At the end of the second quarter of 2020, the Fund’s NAV stood at£31.8 billion (£3.65 billion increase) with a weighted averagematurity (WAM) of 38 days. Market volatility was replaced by aflattening of the yield curve and normalisation in swapmarkets. Thismeant issuance levels from our counterparties decreasedsignificantly. SSA exposures had to be reduced as they becameextremely expensive to purchase. Floating rate assets were alsoavoided as LIBOR continued to fall. The overall credit quality of theFund remains strong and due to a reduction in floating rate notes,the WAM and weighted average life have started to converge.

The Fund has performed well; at 30 June it was sitting comfortablywithin the top quartile of the IMMFA peer tables. Holdings ofshort-term commercial paper and weekly deposits continue tounderpin returns and ensure liquidity. The Fund is well positionedwithin short dated reverse repo and overnight deposits to ensurethat all minimum cash ratios are comfortably maintained. Capitalpreservation and solid liquidity remain key monitors.

OutlookSevere market volatility has been replaced by a severe flattening ofthe sterling yield curve. The potential for negative official benchmarkinterest rates has been the main topic of conversation, so at best aflat yield curve is expected going forward. Negative interest rateshave already been observed for some issuers in certain periods.Maintaining liquidity continues to be the main objective; however, ifopportunities arise we will look at extending the WAM if we see anyvalue in the yield curve. The portfolio will continue to be invested inhigh quality liquid assets while also monitoring NAV volatility closely.With the risk of bank balance sheet restrictions, the Fund will look tofront load the first week of each new quarter.


40 Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund

Sterling Fund


Notes £’000

Assets


2.2 22,266,452





1,800,000

Other assets 1,194


Liabilities


Redemptions payable (3)

Other liabilities (8,087)




Notes £’000







Net equalisation paid 10 (77)




Notes £’000

Income


Bank interest 118

Reverse repurchase agreement income 6,955

Other income 24

Total income 208,643

Expenses



Depositary fees 4.3 (1,281)


4.4 (901)




4.8 3,426

Annual tax 4.9 (9)






8,454



195,961


A-2 I-2 I-3 J-3 K-1

Shares outstanding at the beginning of the year 15,805 2,881 3,821,877 482,063,132 93,303,436

Shares issued during the year 7,010 134 14,758,226 2,600,837,958 787,018,452

Shares redeemed during the year 8,153 1,449 16,741,336 2,504,837,219 798,857,917

Shares outstanding at the end of the year 14,662 1,566 1,838,767 578,063,871 81,463,971

Net asset value per share 4,845.6560 1,162.9999 1,000.0000 1.0000 1.0000

41Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund

K-3 L-1 L-3 X-1A X-2

Shares outstanding at the beginning of the year 1,035,757,008 3,034,153,404 6,742,750,630 - 12,632

Shares issued during the year 6,417,534,869 39,357,672,227 40,958,663,013 7,801 27,033

Shares redeemed during the year 6,596,461,099 35,720,280,067 40,571,353,591 363 20,510

Shares outstanding at the end of the year 856,830,778 6,671,545,564 7,130,060,052 7,438 19,155

Net asset value per share 1.0000 1.0000 1.0000 1,000.0000 1,010.5445A Share class launched 27 November 2019.

Y-2B Z-1 Z-2 Z-3

Shares outstanding at the beginning of the year - 10,372,509 163,914,389 2,270,306

Shares issued during the year 184,285 58,165,488 28,071,088 12,155,275

Shares redeemed during the year 38,573 55,486,896 57,578,511 13,212,320

Shares outstanding at the end of the year 145,712 13,051,101 134,406,966 1,213,261

Net asset value per share 1,006.6269 1,000.0000 1.0188 1,000.0000B Share class launched 22 July 2019.






£'000

Total NetAssets

%


Bonds 3.80%


Bank of Montreal (REGS) FRN 10/10/2020 57,500,000 57,483 0.18


C.I.B.C. (GMTN) FRN 15/10/2020 85,000,000 84,957 0.27


Commonwealth Bank of Australia FRN 01/10/2020 100,000,000 100,004 0.32

Commonwealth Bank of Australia FRN 02/10/2020 100,000,000 99,931 0.31



DBS Bank (EMTN) FRN 18/12/2020 100,000,000 99,937 0.31

Rabobank International FRN 10/07/2020 100,000,000 100,000 0.31



Toronto-Dominion Bank FRN 02/10/2020 100,000,000 100,021 0.32


Westpac Banking (EMTN) FRN 12/03/2021 93,000,000 92,744 0.29

Total Bonds 1,207,312 3.80


ABN AMRO Bank - 01/09/2020 300,000,000 299,908 0.94

ABN AMRO Bank - 02/09/2020 300,000,000 299,907 0.94






Antalis - 07/07/2020 220,000,000 219,995 0.69

Bank of China - 28/08/2020 150,000,000 149,893 0.47

Bank of China - 10/09/2020 300,000,000 299,728 0.94

Bank of Montreal 0.3163 02/10/2020 100,000,000 99,983 0.31

Bank of Montreal 0.3013 04/12/2020 100,000,000 99,968 0.31









£'000

Total NetAssets

%





Barclays Bank 0.0400 06/07/2020 350,000,000 350,000 1.10

Barclays Bank UK 0.0400 07/07/2020 400,000,000 400,000 1.26

Barclays Bank UK 0.0400 09/07/2020 250,000,000 250,000 0.79

BNP Paribas - 01/07/2020 150,000,000 150,000 0.47

BNP Paribas - 02/07/2020 100,000,000 99,998 0.31

BNP Paribas - 06/07/2020 100,000,000 99,989 0.31

BNP Paribas 0.0700 17/07/2020 250,000,000 250,000 0.79

BNP Paribas 0.3254 08/09/2020 50,000,000 50,073 0.16

BNP Paribas 0.3226 10/09/2020 50,000,000 50,075 0.16

BNP Paribas - 14/09/2020 17,500,000 17,493 0.06

BNP Paribas 1.0100 02/11/2020 100,000,000 100,249 0.32

BNP Paribas 1.0100 04/11/2020 50,000,000 50,126 0.16

BNP Paribas 0.9800 04/01/2021 50,000,000 50,156 0.16

BNP Paribas 0.3803 29/01/2021 75,000,000 74,950 0.24











Citibank 0.4000 06/07/2020 250,000,000 250,000 0.79

Citibank 0.4000 07/08/2020 145,000,000 145,000 0.46

Citibank 0.4000 07/08/2020 100,000,000 100,000 0.31


Credit Agricole 0.0900 03/07/2020 300,000,000 300,000 0.94

Credit Agricole 0.1500 16/09/2020 50,000,000 50,005 0.16

Credit Suisse 1.0000 01/09/2020 50,000,000 50,072 0.16

Credit Suisse 1.0000 02/09/2020 50,000,000 50,073 0.16

Credit Suisse 1.0500 03/09/2020 50,000,000 50,078 0.16

Credit Suisse - 13/10/2020 50,000,000 49,964 0.16


Erste Abwicklungsanstalt - 09/07/2020 250,000,000 249,981 0.79





£'000

Total NetAssets

%












Goldman Sachs International Bank 0.8300 15/07/2020 3,000,000 3,000 0.01



ING Bank 0.8800 01/07/2020 100,000,000 100,000 0.31

ING Bank 0.8800 02/07/2020 100,000,000 100,000 0.31

ING Bank 0.4313 08/10/2020 100,000,000 100,042 0.31

ING Bank 0.4454 09/10/2020 100,000,000 100,025 0.31

ING Bank 0.3016 27/10/2020 100,000,000 100,009 0.31

ING Bank 0.9400 06/11/2020 100,000,000 100,211 0.32

ING Bank - 12/11/2020 157,000,000 156,800 0.49

ING Bank 0.9800 04/01/2021 50,000,000 50,150 0.16

ING Bank 0.9800 04/01/2021 50,000,000 50,150 0.16

ING Bank - 11/05/2021 75,000,000 74,746 0.24








Lloyds Bank 0.0500 15/07/2020 250,000,000 250,000 0.79

Lloyds Bank 0.0500 20/07/2020 250,000,000 250,000 0.79

Lloyds Bank 0.0500 24/07/2020 100,000,000 100,000 0.31

Lloyds Bank - 03/08/2020 100,000,000 99,922 0.31

Lloyds Bank - 04/08/2020 100,000,000 99,919 0.31

Lloyds Bank 0.8700 06/08/2020 100,000,000 100,000 0.31

Lloyds Bank 0.8800 28/08/2020 150,000,000 150,193 0.47

Lloyds Bank 0.9100 06/11/2020 90,000,000 90,232 0.28

Lloyds Bank 1.0200 06/11/2020 50,000,000 50,162 0.16

Lloyds Bank - 12/11/2020 118,000,000 117,935 0.37




£'000

Total NetAssets

%

Lloyds Bank - 07/12/2020 150,000,000 149,915 0.47

Lloyds Bank 0.3416 28/01/2021 50,000,000 49,967 0.16

Mizuho Bank 0.7000 07/07/2020 150,000,000 150,000 0.47

Mizuho Bank - 16/07/2020 250,000,000 249,933 0.79

National Australia Bank 0.2341 14/08/2020 50,000,000 50,000 0.16




Natixis 0.4850 20/11/2020 200,000,000 200,133 0.63

Natixis 0.4700 26/11/2020 200,000,000 200,221 0.63

Natixis 0.4300 01/12/2020 150,000,000 150,059 0.47

Nordea Bank 0.2526 19/08/2020 200,000,000 200,000 0.63

Nordea Bank 0.2318 26/08/2020 200,000,000 200,000 0.63









Rabobank International 0.2413 07/07/2020 100,000,000 100,000 0.31
















SumitomoMitsui Banking 0.1200 01/07/2020 150,000,000 150,000 0.47







£'000

Total NetAssets

%








Transport for London - 15/07/2020 36,000,000 35,990 0.11



UBS - 02/07/2020 200,000,000 199,995 0.63

UBS 0.9000 12/08/2020 35,000,000 35,000 0.11

UBS 0.9000 17/08/2020 45,000,000 45,046 0.14

UBS 0.9000 18/08/2020 80,000,000 80,083 0.25

UBS 0.9100 03/09/2020 100,000,000 100,137 0.31

UBS - 01/10/2020 100,000,000 99,959 0.31

UBS 0.7500 18/12/2020 100,000,000 100,211 0.32

UBS - 30/12/2020 50,000,000 49,921 0.16

UBS - 04/01/2021 50,000,000 49,918 0.16

UBS - 28/04/2021 75,000,000 74,754 0.24

UBS 0.9200 04/05/2021 35,000,000 35,152 0.11

UBS - 05/05/2021 84,000,000 83,714 0.26

UBS 0.8200 06/05/2021 50,000,000 50,176 0.16

UBS 0.7000 13/05/2021 80,000,000 80,201 0.25








PerformanceFor the year ended 30 June 2020, the value of US Dollar Fund – AAccumulation shares increased by 1.53% compared to an increaseof 1.22% for the benchmark, 7 day USD LIBID.

Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges,gross income reinvested, USD.Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross ofexpenses, USD.


Market reviewWhile the US Federal Reserve (Fed) cut interest rates three times inthe second half of 2019, with investors focusing on an improvedeconomic outlook and trade talks with China, the reporting periodas a whole was dominated by the growing coronavirus crisis.

During the first three months of 2020, the Federal Open MarketsCommittee cut interest rates to a new low range of zero to 0.25%and announced that it was ready to use its ‘full range of tools’ tohead off the inevitable downturn caused by theCOVID-19 pandemic. It was recognised that monetary policy powersand tools on their own would be insufficient to cope with theeconomic harm. Accordingly, Congress increased fiscal policyspending to $4.5 trillion to try and support businesses andhouseholds.

Between April and June, there was a sharp reversal in the risk-assetselloff which had plagued the market in the first quarter. The fiscalstimulus packages played a critical role as real personal incomesmoved upward in April, despite a collapse in employment. Thisreflected a boost from cash handouts, enhanced unemploymentinsurance and delays to tax filing deadlines. The Fed also helped tocalmmarkets as a host of liquidity programmes provided liquidityfor corporate issuers and secondary trading in the capital markets.Monetary policy remained accommodative with the Fedemphasising it remained vigilant and was prepared to act asrequired to support the economy. Despite an improvement inactivity it warned of a difficult and long recovery. As the quartercame to a close there was a rise in reported COVID-19 cases across anumber of US states, but the market remained sanguine. At theshort end of the market yields pushed progressively lower,anchored to expectations of a static 0.00% to 0.25% Fed funds ratefor the foreseeable future.

Portfolio review2020 began with some stability on rising hopes of a US-China tradedeal. However, as the quarter progressed initial reports of a new,highly contagious coronavirus strain originating in China. As reportsof cases of the virus grew internationally the World HealthOrganisation declared a global pandemic. Governments beganenacting measures to reduce its spread through social distancingand business shutdowns. Investors sought the haven of cash,volatility spiked higher and liquidity became scarce leading to

dysfunctional markets. The FED funds target was reduced to 0.00%to 0.25% and the Fed actioned a number of programmes andbackstop measures aimed at restoring normal market functionacross fixed income and global funding markets. The USgovernment signed an economic relief package aimed at limiting thestrains on households and small businesses over the comingmonths. The Fund held a strong liquidity position with limitedinterest rate and credit exposure going into March. Activity wasconcentrated in short-dated securities, predominantly government,SSA and bank names.

A flight to safety following the volatility of the first quarter of2020 resulted in US dollar cash balances increasing across nearly allsectors. The Fund benefited from this allocation effect, rising toabove $3bn in size as investors sought well diversified, liquidinvestments for their cash holdings. Cash inflows were placed intohigh quality liquid names across the curve, enhancing our defensivepositioning. As the spread of the coronavirus moved fromexponential growth to something that appeared more controllable,lockdownmeasures began to be rolled back. Some confidencereturned to the market and cash was invested in the front end ofthe curve, causing the curve to flatten and credit spreads, andliquidity quickly retraced most of the moves seen in March and April.The Fund’s weighted-average maturity was increased to a neutrallevel to cautiously capture some of the additional return availablewithout compromising the liquidity position of the Fund.

OutlookWhile the peak of the crisis might have passed, we believe the Fedcan still take actions to support the recovery. We expect a shift to anaverage inflation target, and possibly short term yield curve controlcould be used to enforce low interest rates. We continue to wait foranother stimulus package, which looks likely to pass before theAugust recess. Given all of these factors, we believe front-endinterest rates will remain low looking forward and the Fund will lookto take advantage of any roll-down opportunities available whilemaintaining ample front-end liquidity should volatility/disruptionreturn due to a second wave of the virus.


48 Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund

US Dollar Fund


Notes US$’000

Assets


2.2 2,017,466



Other assets 88


Liabilities






Notes US$’000










Notes US$’000

Income


Bank interest 905

Other income 5

Total income 40,901

Expenses





4.4 (236)




4.8 244

Annual tax 4.9 (57)






381



38,250


A-2 I-2 J-2 K-1 K-2

Shares outstanding at the beginning of the year 201,187 32,037 9,838 73,879 1,771,691

Shares issued during the year 102,145 213,101 11 426,017,001 2,367,811

Shares redeemed during the year 130,525 95,071 2,229 30,000,000 1,644,904

Shares outstanding at the end of the year 172,807 150,067 7,620 396,090,880 2,494,598

Net asset value per share 3,270.4709 1,309.4124 1,156.7416 1.0000 10.7140

49Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund

L-1 X-2 Z-1 Z-2

Shares outstanding at the beginning of the year 273,300,585 6 694,224 5,216

Shares issued during the year 11,330,447,629 36,252 9,497,325 12,902

Shares redeemed during the year 10,363,701,787 24,881 9,501,846 9,485

Shares outstanding at the end of the year 1,240,046,427 11,377 689,703 8,633

Net asset value per share 1.0000 1,026.4083 1,000.0000 1,220.4277






US$'000

Total NetAssets

%


Bonds 0.55%

ABN AMRO Bank (REGS) FRN 19/01/2021 1,500,000 1,505 0.05

BNG Bank (144A) FRN 14/07/2020 1,940,000 1,940 0.06

DNB Bank (144A) FRN 02/10/2020 450,000 450 0.01

DNB Bank 2.1250 02/10/2020 3,265,000 3,280 0.10

HSBC Bank 4.1250 12/08/2020 2,200,000 2,208 0.07

Svenska Handelsbanken FRN 08/09/2020 8,000,000 8,006 0.26



ABN AMRO Bank - 06/07/2020 9,000,000 9,000 0.29

ABN AMRO Bank - 03/08/2020 28,000,000 27,990 0.89

ABN AMRO Bank 0.4148 13/08/2020 20,000,000 20,000 0.64

Agence Centrale des Organismes de Securite Sociale 0.7000 08/07/2020 60,000,000 59,992 1.91

Agence Centrale des Organismes de Securite Sociale 0.3860 07/08/2020 30,000,000 29,988 0.95


Allianz 1.2300 09/07/2020 22,000,000 21,994 0.70

Allianz - 15/12/2020 25,000,000 24,950 0.79

Antalis 0.3200 06/07/2020 45,000,000 44,998 1.43

Antalis 0.2500 07/07/2020 30,000,000 29,999 0.95






Caisse des Depots et Consignations 0.6500 14/07/2020 30,000,000 29,993 0.95

Caisse des Depots et Consignations 0.4500 23/07/2020 27,000,000 26,993 0.86



Clifford Capital - 26/08/2020 21,000,000 20,990 0.67


Council of Europe Development 0.6900 13/07/2020 30,000,000 29,993 0.95

Dexia Credit Local 0.6500 20/07/2020 32,000,000 31,989 1.02

Dexia Credit Local 0.6500 07/08/2020 30,000,000 29,980 0.95

Dexia Credit Local - 26/08/2020 30,000,000 29,973 0.95

DNB Bank 0.3853 31/07/2020 20,000,000 20,000 0.64





US$'000

Total NetAssets

%

Euroclear Bank - 17/07/2020 10,000,000 9,992 0.32

Euroclear Bank - 06/08/2020 31,500,000 31,487 1.00

Euroclear Bank - 21/08/2020 8,000,000 7,996 0.25

Euroclear Bank - 21/09/2020 35,000,000 34,985 1.11



Goldman Sachs International Bank - 16/07/2020 20,000,000 19,996 0.64

HSBC Bank 1.8500 06/07/2020 15,000,000 14,996 0.48

HSBC France - 09/11/2020 20,000,000 19,965 0.63

HSBC UK Bank - 10/07/2020 35,000,000 34,984 1.11

HSBC UK Bank 0.2200 20/07/2020 11,000,000 10,999 0.35

HSBC UK Bank - 24/07/2020 12,000,000 11,999 0.38


ING Bank 1.2800 07/07/2020 37,000,000 36,992 1.18





La Banque Postale 0.4000 11/08/2020 29,000,000 28,987 0.92

La Banque Postale - 26/08/2020 20,000,000 19,983 0.64

Landeskreditbank Baden-Wuerttemberg Foerderbank 0.2600 16/10/2020 18,000,000 17,989 0.57

Lloyds Bank 1.1500 22/07/2020 18,000,000 18,000 0.57

Lloyds Bank 0.6166 18/08/2020 20,000,000 20,000 0.64


Mizuho Bank - 14/08/2020 25,000,000 24,988 0.79

Mizuho Bank 0.4200 18/08/2020 47,000,000 47,000 1.49

MUFG Bank - 14/07/2020 30,000,000 29,986 0.95



Natixis 1.2500 02/07/2020 27,000,000 26,999 0.86

OP Corporate Bank 1.6000 01/07/2020 24,500,000 24,500 0.78

OP Corporate Bank 1.0000 22/07/2020 17,000,000 16,990 0.54



Oversea Chinese Banking 1.2500 01/09/2020 15,000,000 15,000 0.48

Royal Bank of Canada 0.4038 20/07/2020 35,000,000 35,000 1.11


Societe Generale - 13/07/2020 12,000,000 11,994 0.38







US$'000

Total NetAssets

%





Wells Fargo Bank 1.5700 03/07/2020 14,500,000 14,500 0.46

Wells Fargo Bank 1.8800 07/07/2020 15,000,000 15,000 0.48

Wells Fargo Bank 0.3800 02/10/2020 22,500,000 22,504 0.72

Wells Fargo Bank 0.4100 27/10/2020 13,500,000 13,505 0.43

Wells Fargo Bank 0.5500 20/11/2020 23,500,000 23,522 0.75

Wells Fargo Bank 0.4500 06/01/2021 23,500,000 23,512 0.75

Zurich Holding Company of America 1.7300 27/07/2020 2,000,000 2,000 0.06

Zurich Holding Company of America 0.5200 06/08/2020 28,500,000 28,485 0.91

Zurich Holding Company of America - 11/09/2020 19,000,000 18,984 0.60









1 Presentation of the Financial Statements1.1 General

Aberdeen Standard Liquidity Fund (Lux) (the Company) was incorporated under the laws of the Grand Duchy of Luxembourg on19 March 2012 as a société anonyme and qualifies as an open-ended société d’investissement a capital variable (a SICAV) with UCITSstatus (an Undertaking for Collective Investment in Transferable Securities as defined in the European Union Directive 2009/65/EC of13 July 2009, as amended) with effect from 1 April 2012. Prior to 1 April 2012 the Company was established as a mutual investment fund(a fonds commun de placement) on 15 May 1991. The Company comprises various classes of shares, each relating to a separateportfolio (a Fund) consisting of securities, money market instruments, mutual funds, cash and other sundry assets and liabilities.

The Company is authorised as a UCITS under part I of the law dated 17 December 2010 on undertakings for collective investment, asamended.

At 30 June 2020, the Company comprises eight separate active funds, which are, except for the Short Duration Sterling Fund, intendedto be managed as Short TermMoney Market Funds as defined by the EU Regulation 2017/1131 on money market funds.

The Company aims to provide investors with a broad range of diversified actively-managed funds which, through their specificinvestment objectives and individual portfolios, offer investors the opportunity of exposure to selected short-term investment and/ ormoney market strategies.

1.2 Presentation of financial statementsThe accompanying financial statements present the assets and liabilities of the individual Funds and of the Company taken as a whole.

The financial statements of each individual Fund are expressed in the currency designated in the prospectus for that particular Fundand the combined statements of the Company are expressed in US dollars (USD).

The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourginvestment companies.

As the financial statements include certain accounting entries relating to the year from 1 July 2019 to 30 June 2020, the Net Asset Valuesshown throughout the report may differ from those advertised on 30 June 2020 for dealing in these Funds.

The combined statements were calculated on the basis of aggregation of individual Fund statements with no elimination ofcross-investments, if any. As at 30 June 2020, the value of cross-investments was USD 532,399,034 representing 0.88% of the combinednet assets.

The financial statements of the Funds have been prepared on a going concern basis.

2 Accounting Policies2.1 Accounting convention

The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.

2.2 Assets and portfolio securities valuationThe valuation of investments is determined as follows:

- the value of securities and financial derivative instruments which are quoted, listed, traded or dealt on a market or any official stockexchange are based upon the last available quoted price;

- in the event that any of the securities held are not listed on any stock exchange or traded on any recognised market the value of suchsecurities will be determined prudently and in good faith based on the reasonably foreseeable sales price. The Board shall beentitled to adopt an alternative method of valuing any particular asset if they consider that the methods of valuation set out abovedo not provide a fair valuation;

- the financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market willbe valued in a reliable and verifiable manner on a daily basis and verified by a competent professional appointed by AberdeenStandard Liquidity Fund (Lux);

- Reverse repurchase agreements (“reverse repos”) are financial contracts where the lender buys securities for cash from a borrowerand agrees to resell those securities at a later date. The fund obtains possession of collateral on the settlement date with a marketvalue at least equal to the principal amount loaned under resale agreements. The fair value of the collateral relative to the amounts


Notes to the Financial Statements

due under the agreements is monitored throughout the lives of the agreements and, when necessary, requires transfer of cash orsecurities in order to manage exposure and liquidity. Interest earned on the securities purchased is recorded as income in theIncome Statement. Details of the transactions and non-cash collateral held at the year end are disclosed in the other informationsection "Securities Financing Transactions" of the annual report;

- units or shares in underlying open-ended investment funds or money market funds shall be valued at their last available net assetvalue (NAV). The NAV of the underlying open-ended fund is reflected gross of any redemption costs which may potentially arise uponredemption from the underlying fund. Any potential subscription or redemption costs are at the discretion of the board of theunderlying fund, in both the value applied and any partial or full waiver thereof.

- Valuation rules applicable to non-Money Market Funds (Short Duration Sterling Fund)

• liquid assets and Money Market Instruments held by the Short Duration Sterling Fund are valued using Mark-to-Market plus anyaccrued interest but at the discretion of the Board of Directors may be based on the Amortised Cost Method for liquid assets andMoney Market Instruments that have a residual maturity date until the legal redemption date of less than or equal to 397 days.

- Valuation rules applicable to Variable NAVMoney Market Funds (Euro Fund, Seabury Euro Liquidity 1 Fund, Seabury SterlingLiquidity 1 Fund, Seabury Sterling Liquidity 2 Fund)

• Securitisations, Asset Backed Commercial Paper and Money Market Instruments will be valued at Mark-to-Market.

- Valuation rules applicable to constant or Low Variable NAVMoney Market Funds (Canadian Dollar Fund, Sterling Fund, US DollarFund)

• Securitisations, Asset Backed Commercial Paper and Money Market Instruments will be valued using the Amortised Cost Method forassets that have a residual maturity of up to 75 days and where the price of that asset calculated with the Amortised Cost Methoddoes not deviate from the Mark-to-Market price by more than 10 basis points. In the event of such a deviation the value will becalculated at Mark-to-Market.

Security Acronyms:

DPNT Deposit Note GMTN Global Medium Term Note

EMTN Euro Medium Term Note MTNMedium Term Note

FRN Floating Rate Note REGS not registered under the US Securities Act

2.3 Investment incomeInterest is accrued on a day-to-day basis. In the case of debt securities issued at discount or premium to maturity value, the totalincome arising on such securities, taking into account the amortisation of such discount or premium, is spread over the life of thesecurity.

Dividends are recognised on the date on which the shares concerned are quoted ex-dividend.

Dividend and interest income are stated net of irrecoverable withholding taxes, if any.

Due to the negative interest rate environment in Europe, the net yield on the Euro Fund and Seabury Euro Liquidity 1 Fund may benegative.

2.4 Foreign exchangeThe cost of investments, income and expenses in currencies other than the Fund’s relevant reporting currency have been recorded atthe rate of exchange ruling at the time of the transaction. The value of the investments and other assets and liabilities in currenciesother than the relevant reporting currency has been converted at the rates of exchange ruling at 30 June 2020.

Realised and unrealised exchange differences on the revaluation of foreign currencies are taken to the Statement of Operations.

2.5 Realised gains and losses on investmentsA realised investment gain or loss is the difference between the historical average cost of the investment and the sale proceeds.

When valued at amortised cost realised gains and losses on investments are recorded under “Investment income” in the Statements ofOperations.

When valued at Mark-to-Market realised and unrealised gains and losses on investments are recorded separately.

3 Share Class Information3.1 General

Within each Fund, the Company is entitled to create different share classes. These are distinguished by their distribution policy or byany other criteria stipulated by the Directors. Classes suffixed with a ‘1’ or ‘3’ are Distribution shares and Classes suffixed with a ‘2’ areAccumulation shares. Please refer to the prospectus for further details. For a list of current live share classes please visitaberdeen-asset.com.


3.2 UK Reporting Fund RegimeUK Reporting Fund Regime Status is granted prospectively by the UK taxation authorities. It is the intention of the Board of Directors tocontinue to comply with the requirements of the Reporting Fund Regime for all shares classes.

Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It is the average amount of incomeincluded in the purchase price of a Group 2 share.

Annually and within six months of the year end, the Manager will publish the UK Reporting Regime Report to investors for all shareclasses granted reporting fund status on its website (aberdeenstandard.com).

The UK Reporting Regime Report to investors for each share class can also be requested in writing by contacting Aberdeen StandardInvestments Luxembourg S.A. at the Shareholder Service Centre as detailed on the back cover of this report.

3.3 SwitchesShares in one Fundmay be exchanged or switched into shares of a different class in the same Fund, subject to the qualifications forinvestment being met, on any dealing day for the relevant Fund. Shares in the same class may not be switched between accumulationand income shares or between accumulation and flexible income shares. Investors may switch either a specific number of shares orshares of a specified value.

Investors in any Fund of the Company may not exchange their shares for shares of the same or another class in any other Fund of theCompany.

Any exchange of shares is subject to meeting the relevant share class qualifications and to the limitations and charges described in theprospectus.

For full details on switching contact the Global Distributor, UK Distributor, Transfer Agent or [email protected]

3.4 Dilution adjustmentFrequent subscriptions and redemptions can potentially have a dilutive effect on the Fund’s NAV per share and be detrimental to thelong term investors as a result of the transaction costs that are incurred by the Fund in relation to the trades undertaken by theInvestment Manager.

The Board of Directors’ current policy through delegation to the Investment Managers’ Investor Protection Committee (“IPC”) is normallyto impose a dilution adjustment to the NAV of each Class of Shares. A dilution rate is applied whenever net subscriptions orredemptions exceed a certain threshold determined by the Board of Directors (having considered prevailing market conditions).

The dilution adjustment will be recorded in the relevant Fund’s NAV and becomes part of the Fund’s relevant dealing NAV.

The dilution adjustment is a percentage adjustment applied to each share class in a Fund on a dealing day determined on the basis ofestimates of any dealing charges (including commission and/or other costs) and/or any bid/offer spread that the Board of Directorsbelieves are appropriate to take into account in respect of that Fund. Such dealing charges will reflect costs and liabilities not included inthe calculation of the NAV of the relevant class.

The Net Asset Values as at 30 June 2020 disclosed in this report do not include any dilution adjustments and hence may differ fromthose published on 30 June 2020 for dealing into the Funds.

4 ExpensesExpenses which do not relate to a particular Fund are allocated between Funds in proportion to the NAV’s of the individual Funds.

4.1 Management feesThe Investment Manager is entitled to receive management fees calculated on the Net Asset Value of the Funds, accrued daily.

Where a Fund invests in an open ended collective investment scheme which is operated or managed by the Investment Manager or anassociate of the Investment Manager, no additional annual management charge will be incurred by the Fund on such an investment.

The following annual management fee rates are applicable according to the prospectus.

Classes of shares(%) A-2 I-2 I-3 J-2 J-3 K-1 K-2 K-3 L-1 L-3 X-1 X-2 Y-1 Y-2 Y-3

Canadian DollarFund

0.50 0.30 0.30 0.20 0.20 0.15 0.15 0.15 0.10 0.10 N/A 0.30 N/A N/A N/A

Euro Fund 0.50 0.30 0.30 0.20 0.20 0.15 0.15 0.15 0.10 0.10 N/A 0.30 N/A N/A N/A

Seabury EuroLiquidity 1 Fund

N/A N/A N/A N/A N/A N/A N/A N/A 0.10 0.10 N/A N/A 0.03 0.03 0.03

Seabury SterlingLiquidity 2 Fund

N/A N/A N/A N/A N/A N/A N/A N/A 0.10 0.10 N/A N/A 0.03 0.03 0.03

Short DurationSterling Fund

0.50 0.30 0.30 0.20 0.20 0.15 0.15 0.15 0.10 0.10 N/A 0.30 N/A N/A N/A



Sterling Fund 0.50 0.30 0.30 0.20 0.20 0.15 0.15 0.15 0.10 0.10 0.30 0.30 N/A N/A N/A

US Dollar Fund 0.50 0.30 0.30 0.20 0.20 0.15 0.15 0.15 0.10 0.10 N/A 0.30 N/A N/A N/A

The following annual management fee rates are applicable as at 30 June 2020. Where the fee rate is different to the prospectus rate thisis as a result of management fee waivers:


Canadian DollarFund

0.00A 0.01B N/A N/A N/A N/A N/A N/A 0.10 N/A N/A N/A N/A N/A N/A

Euro Fund 0.02 0.04C N/A 0.04C 0.05 N/A 0.02 N/A N/A N/A N/A 0.02 N/A N/A N/A


N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.03


N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.03 N/A N/A


N/A N/A N/A 0.20 N/A 0.15 0.15 N/A N/A N/A N/A N/A N/A N/A N/A

Sterling Fund 0.20 0.20 0.20 N/A 0.20 0.15 N/A 0.15 0.10 0.10 0.10 0.10 N/A 0.03 N/A

US Dollar Fund 0.25 0.20 N/A 0.15 N/A 0.15 0.10 N/A 0.10 N/A N/A 0.10 N/A N/A N/A

AManagement Fee including waivers 0.40% for the period 1 July 2019 to 2 April 2020 thereafter 0.00%.B Management Fee including waivers 0.20% for the period 1 July 2019 to 2 April 2020 thereafter 0.01%.C Management Fee including waivers 0.02% for the period 1 July 2019 to 2 April 2020 thereafter 0.04%.

Class Z shares are not subject to a management fee charge.

4.2 Administration feesThe Administrative agent is entitled to a fee not exceeding 0.05% per annum (plus VAT, if any) of the net assets of the Company asdetermined on the last dealing day of the month.

The Administrator is also entitled to be reimbursed for any reasonable out-of-pocket expenses.

4.3 Depositary feesThe Depositary bank is entitled to a fee not exceeding 2% per annum (plus VAT, if any) of the net assets of the Company as determinedon the last dealing day of the month.

The Depositary bank is also entitled to be reimbursed for any reasonable out-of-pocket expenses and for the transaction charges ofany correspondent banks.

4.4 Domiciliary agent, registrar, paying and transfer agent feesThe Company paid Domiciliary, Registrar, Paying, and Transfer Agency fees which did not exceed 0.1% per annum (plus VAT, if any) ofthe net assets of the Company as determined on the last dealing day of the month.

The Company paid Paying Agent fees which did not exceed 0.01% per annum of the net assets of the Company as determined on thelast dealing day of the month.

The following amounts were incurred during the year:

Currency

Canadian DollarFundCAD

Euro FundEUR


EUR


GBP

Domiciliary 391 11,460 10,253 2,599

Paying Agent 9,442 14,930 7,613 1,639

Registrar & Transfer Agent 10,060 - - 25,717

Total 19,893 26,390 17,866 29,955


Currency


GBP


GBPSterling Fund

GBPUS Dollar Fund

USD

Domiciliary 5,035 20,953 106,663 11,163

Paying Agent 3,582 21,947 98,824 16,893

Registrar & Transfer Agent 37,911 107,385 695,137 207,922

Total 46,528 150,285 900,624 235,978

The Transfer Agent, Aberdeen Standard Investments Luxembourg S.A., has elected to waive the Transfer Agency Fees on the Euro Fundand Seabury Euro Liquidity 1 Fund until further notice.

4.5 Management Company feesThe Management Company fees did not exceed 0.01% per annum of the net assets of the Company at each month end.

The Management Company, Aberdeen Standard Investments Luxembourg S.A., has elected to waive the Management Company fees onthe Euro Fund and Seabury Euro Liquidity 1 Fund until further notice.

4.6 Operational expensesOperational expenses represent other amounts paid by the Company relating to the operation of the Funds. They include legal fees,audit fees, Directors’ fees, cost of printing and distributing the prospectuses and annual and half yearly reports, fees in connection withobtaining or maintaining any registration or authorisation of the Company with any governmental agency or stock exchange as well asthe cost of publication of share prices.

4.7 Distributor's feesDistributor's fees will not exceed 0.45% per annum (plus VAT, if any) of the net assets of the Company as determined on the last DealingDay of the month. The Management Company, Aberdeen Standard Investments Luxembourg S.A., has elected to waive the Distributor'sfees on all funds.

4.8 Expense capsExpense caps are determined on the basis of ongoing charges of the respective share classes as at 30 June 2020.

The expense caps are applicable until such time as the Board changes the caps, any changes resulting in an increase in expenses will becommunicated to the shareholders as required by applicable legislation.

Amounts receivable resulting from the application of expense caps for the year will be paid monthly.

Classes of shares (%)

Sub-Fund Share Class Expense Cap (%)

Canadian Dollar Fund A-2A 0.1000

Canadian Dollar Fund I-2B 0.1000

Canadian Dollar Fund L-1 0.1000

Euro Fund I-2 0.0500

Euro Fund J-2 0.0500

Euro Fund J-3 0.0500

Euro Fund Z-3 0.0100

Seabury Euro Liquidity 1 Fund Y-3 0.0300

Seabury Euro Liquidity 1 Fund Z-3 0.0100

Seabury Sterling Liquidity 1 Fund Z-1 0.0300

Seabury Sterling Liquidity 2 Fund Y-1 0.0400

Seabury Sterling Liquidity 2 Fund Z-1 0.0100

Short Duration Sterling Fund J-2 0.2200

Short Duration Sterling Fund K-1 0.1500

Short Duration Sterling Fund K-2 0.1500

Short Duration Sterling Fund Z-2 0.0200

Sterling Fund I-3 0.2000

Sterling Fund J-3 0.2000


Classes of shares (%)

Sub-Fund Share Class Expense Cap (%)

Sterling Fund K-1 0.1500

Sterling Fund K-3 0.1500

Sterling Fund L-1 0.1000

Sterling Fund L-3 0.1000

Sterling Fund Z-1 0.0100

US Dollar Fund K-1 0.1500

US Dollar Fund L-1 0.1000AExpenses Cap rate of 0.50% for the period 1 July 2019 to 2 April 2020, thereafter 0.10% resulting in a rate of 0.39% for the year to 30 June 2020.B Expense cap rate of 0.20% for the period 1 July 2019 to 2 April 2020, thereafter 0.10% resulting in a rate of 0.25% for the year to 30 June 2020.

4.9 Annual taxationAll funds that are managed as Short TermMoney Market Funds are liable in Luxembourg to a Taxe d'Abonnement of a rate of 0.01%per annum for each Class of Share. The Short Duration Sterling Fund is liable in Luxembourg to a Taxe d'Abonnement of a rate of 0.05%per annum for each retail Class of Share and a reduced rate of 0.01% per annum for specific Classes of Shares which are restricted toinstitutional investors, Class J, Class K and Class Z Shares are currently entitled to this reduced rate. The charge is accrued daily andpayable quarterly on the basis of the net assets of the Fund at the end of the relevant quarter.

During the year ended 30 June 2020 Class I, Class J, Class K, Class L and Class Z Shares for all Funds, except the Short Duration SterlingFund, benefited from an exemption to pay Taxe d'Abonnement.

The exemption is under Article 175 of the Law of 17 December 2010 and it is subject to compliance with following requirements:

i) securities are only held by Institutional Investors, and

ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and

iii) whose weighted residual portfolio maturity does not exceed 90 days, and

iv) that have obtained the highest possible rating from a recognised rating agency.

5 DividendsClass K-1, Class L-1, Class Y-1, Class Z-1, Class I-3, Class J-3, Class K-3, Class L-3, Class Y-3 and Class Z-3 shares declared dividends on adaily basis and distributed on or about the second Business Day of the following month. These shares of each Fund begin earningdividends on the Dealing Day on which they were issued. If an investor redeems its entire holding of these shares within a Fund duringa month, accrued but unpaid dividends are payable with the redemption proceeds. For partial redemptions of a holding, accrued butunpaid dividends are payable on the next pay date. Shares do not earn dividends on the Dealing Day on which their redemption isaccepted.

Class A-2, Class I-2, Class J-2, Class K-2, Class X-2, Class Y-2 and Class Z-2 shares accumulated investment income within the Share Priceof this Class of Share on a daily basis.

6 Directors’ InterestsNone of the Directors had a material interest in any contracts of significance subsisting with the Company either during the year to oras at 30 June 2020.

None of the Directors have service contracts with the Company.

7 Changes in Investment PortfolioThe schedule of changes in the investment portfolio is available on request from the Registered Office in Luxembourg and from thelocal agents listed under Management and Administration and in the prospectus.

8 Transactions with Connected Persons8.1 Cross trades

During the year the Investment Manager undertook certain sale and purchase transactions between:

i) the Funds' portfolios: and

ii) a) the Investment Manager; or


b) the Investment Adviser; or

c) a Standard Life Aberdeen PLC group company; or

d) other funds or portfolios managed by the Investment Manager or any Standard Life Aberdeen plc group company.

Such transaction were carried out on an arm's length basis and were consistent with the best interests of the Company.

8.2 Other transactionsTransactions with connected persons outlined in notes 4.1, 4.4, 4.5 and 4.6 have been entered into in the ordinary course of businessand on normal commercial terms.

As at 30 June 2020 other Funds/Trusts and mandates managed by Standard Life Aberdeen plc held investments in the Company valuedat USD 36,172,910,510.

9 Soft Commission/Commission SharingThere are no soft commission arrangements for the Company.

10 EqualisationEqualisation is operated in connection with the issue and redemption of shares. It represents the income element included in the pricefor the issue and redemption of shares.

11 Transaction CostsFor the year ended 30 June 2020 the Company incurred no transaction costs, which have been defined as commissions and taxesrelating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets.

12 Corporate GovernanceThe Board has adopted the Principles of the ALFI Code of Conduct dated June 2013 (the Code), which sets out a framework of high levelprinciples and best practice recommendations for the governance of Luxembourg investment funds.

The Board considers that it has been in compliance with the Principles of the Code in all material respects for the year ended 30 June2020 .

The Board meets regularly to consider the activities of the Company and receives reports on various activities, including compliancecontrols and risk management.

The Board of Directors has established an Audit Committee which is charged with reviewing the financial statements and the externalaudit process (including the appointment and remuneration of the external Auditor, subject to Shareholders approval), and reviewingand monitoring internal audit matters.

The Board of Directors has also established a Risk Committee which has oversight of the Risk Management Framework of the Companyand specifically the effectiveness of risk management, governance and compliance activity.

The collective remuneration of the Board of Directors charged to the Company amounts to USD 52,555 for the year ended 30 June2020.

13 Important Events and Prospectus UpdatesA. Aberdeen Standard Liquidity Fund (Lux) – Sterling Fund:

A notice was issued on 21 October 2019 to all the shareholders of Aberdeen Standard Liquidity Fund (Lux) – Sterling Fund in order toinform them of the board of directors decision to have the ability to, if deemed necessary and in the best interests of Shareholders, tocarry out the Conversion from a Constant Low Volatility Net Asset Value Money Market Fund to a Variable Net Asset Value MoneyMarket Fund, due to the uncertainty of market conditions surrounding Brexit and the many potential outcomes.

TThe Sterling Fund currently qualifies as a Short Term (AAA rated) Money Market Fund under the Money Market Fund Regulation andmore specifically as a Low Volatility Net Asset Value Money Market Fund. It has been identified that, in certain limited circumstances ofthe type set out below, it may be more appropriate for the Sterling Fund to operate going forward as a Short Term (AAA Rated) VariableNet Asset Value Money Market Fund. The board of directors of the Company (the “Board”) would therefore like to have the ability to, ifdeemed necessary and in the best interests of Shareholders, enable the prompt restructuring of the Sterling Fund into a Short Term(AAA Rated) Variable Net Asset Value Money Market Fund as defined and already set out in the Prospectus (the “Conversion”).

The following events impacting how amoney market fund can operate are examples of circumstances of where a Conversion maydeemed necessary:


- with respect to fixed and floating Sterling denominated Money Market Instruments and deposits with credit institutions, interestrates become low or negative; or

- it is anticipated that the Constant NAV of the Sterling Fund may potentially deviate by 20 basis points or more from the Variable NAV

There will be no change to the Sterling Fund or its operations at this point in time and the Conversion will only be effected in verylimited circumstances where the Board deems it necessary and in the best interests of Shareholders.

In case of a Conversion, the Cut-Off Time for subscriptions, redemptions and switching of shares, the Valuation Point and deadline forpayment of the subscription price/redemption proceeds for the Sterling Sub-Fund will be adapted as follows:

The Cut-Off Time will be moved from before 14:30 to before 13:30 hours Luxembourg time (please note that this corresponds to itmoving from 13:30 to 12:30 hours UK time). The Valuation Point of this Fund will be moved to 13:30 hours Luxembourg time (whichcorresponds to 12:30 UK time).

In case of a Conversion, the provisions in relation Short Term Variable Net Asset Value Money Market Fund as described in the currentProspectus will apply. For the avoidance of any doubt, the Conversion (if operated) will not impact the investment objective and policyof the Sterling Fund.

If the Board decides to implement the Conversion shareholders of the Sterling Fund will be notified by an announcement published onthe internet site www.aberdeenstandard.com at least twenty-four (24) hours in advance of the Conversion and the Prospectus will beupdated accordingly.

B. Restructuring of the depositary and central administration agent in the Liquidity Fund umbrella:

As part of an internal restructuring with the aim to streamline State Street’s banking entity structure across Europe, State Street BankLuxembourg S.C.A., the depositary and central administration agent of the Fund, merged into State Street Bank International GmbH.The date on which the merger took legal effect is the date on which the local court of Munich registered the merger in the commercialregister (the “Merger Date”), which is the 4 November 2019.

As of the Merger Date, State Street Bank International GmbH will continue to carry out the depositary and central administration agentfunctions through State Street Bank International GmbH, Luxembourg Branch. In other words, State Street Bank International GmbH,Luxembourg Branch acts as depositary and central administration agent of the Fund with effect as of the Merger Date.

As legal successor of State Street Bank Luxembourg S.C.A., State Street Bank International GmbH, Luxembourg Branch will assume thesame duties and responsibilities, and have the same rights under the existing agreements with the Fund.

State Street Bank International GmbH, Luxembourg Branch, is supervised by the European Central Bank (ECB), the German FederalFinancial Services Supervisory Authority (BaFin) and the German Central Bank and has been authorised to act as depositary and centraladministration agent by the Commission de Surveillance du Secteur Financier (“CSSF”) in Luxembourg.

Both State Street Bank Luxembourg S.C.A. and State Street Bank International GmbH are members of the State Street group ofcompanies. All the functions and operations which are in place for the Fund and performed by State Street Bank Luxembourg S.C.A.have remained unaffected by the restructuring. There has been no change of address or contact details of the depositary and centraladministration agent.

The fees payable by the Fund to State Street Bank International GmbH, Luxembourg Branch are the same as the fees that werepreviously payable by the Fund to State Street Bank Luxembourg S.C.A.

C. Update to the investment policies of all Funds concerning use of benchmarks

The investment objective and policy section of all Funds within the Company have been updated to include additional informationstating that the Funds are actively managed and what the benchmark is for each Fund.

The updated disclosures address the new requirements laid down by the European Securities Markets Authority in their Q&A on theapplication of the UCITS Directive dated 29 March 2019.

For the avoidance of doubt, these additional disclosures intend to provide more insight to investors but in no way change the way inwhich the Funds are managed in practice nor modify the investment objective and policy nor the risk profile of the Funds, except asotherwise stated.

D. COVID-19

Investors will be aware of the COVID-19 outbreak and that the outlook for many capital markets is uncertain.

The Board and Management Company has delegated various tasks to Aberdeen Standard Investments Investor Protection Committee(IPC). The IPC is responsible for ensuring the fair treatment of investors. The IPC undertakes daily reviews of the following:

· Market liquidity across each asset class and Fund;

· Asset class bid-offer spread monitoring;

· Review of fund level dilution rate appropriateness;

· Review of daily subscriptions / redemptions to anticipate any potential concerns to meet redemption proceeds;


· Any requirement to gate or defer redemptions;

· Any requirement to suspend a Fund (s);

· Any fair value price adjustments at a Fund level.

E. De-listing

Board of Directors of the Company delisted all previously listed Classes of Shares of the Company from the primary market of theLuxembourg Stock Exchange with effect from 26 June 2020.

It is the belief of the Board of Directors of the Company that the listings no longer offer any suitable benefit in order to justifymaintaining them. The Board of Directors therefore decided that it is in the best interests of the Shareholders to fully de-list the Classesof Shares of the Company which shall result in cost savings and operational efficiencies.

F. Changes to Prospectus

A new Prospectus received its VISA stamp on the 25th May 2020. The following changes were made to the Prospectus;

The Prospectus was updated to include Dirk Schulze as a Director of Aberdeen Standard Investments Luxembourg S.A. The initialcharge applicable to all Funds within the umbrella was removed. The Prospectus was also updated to include a new fund, the AberdeenStandard Liquidity Fund (Lux) – Seabury Sterling Liquidity 3 Fund.

The Prospectus was also updated to reflect the wishes of the board of directors of the Company (the “Board”) have the ability to, ifdeemed necessary and in the best interests of Shareholders, enable the prompt restructuring of the Sub- Funds into a Short Term (AAARated) Variable Net Asset Value Money Market Fund as defined and already set out in the Prospectus (the “Conversion”). This applies forthe following funds Sterling Fund, Canadian Dollar Fund, US Dollar Fund and the Public Debt Sterling Fund (not launched) to enableconversion of the funds to VNAV funds in the event of market stress.

14 Subsequent Events

Aberdeen Standard Liquidity Fund (Lux) – Seabury Sterling Liquidity 3 Fund launched on 13 July 2020 via in-specie transfer fromAberdeen Standard Liquidity Fund (Lux) – Sterling Fund.

Subsequent to the year end Roger Barker, Bob Hutcheson and Ian Macdonald resigned from the board of directors on 5 August 2020.Nadya Wells and Ian Boyland were appointed directors on 8 July 2020 and 5 August 2020 respectively.

There were no other subsequent events affecting the Company since the year end.


To the Shareholders ofAberdeen Standard Liquidity Fund (Lux)Société d’Investissement à Capital Variable35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Report on the audit of the financial statements

Opinion

We have audited the accompanying financial statements of Aberdeen Standard Liquidity Fund (Lux) and each of its sub-funds (“the Fund”),which comprise the Statement of Net Assets and the Portfolio Statement as at 30 June 2020 and the Statement of Operations and theStatement of Changes in Net Assets for the year then ended, and notes to the financial statements, including a summary of significantaccounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Aberdeen Standard Liquidity Fund(Lux) and each of its sub-funds as at 30 June 2020, and of the results of their operations and changes in their net assets for the year thenended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financialstatements.

Basis for opinionWe conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (“Law of 23 July 2016”) and with InternationalStandards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Ourresponsibilities under the Law of 23 July 2016 and ISAs are further described in the « Responsibilities of “Réviseur d’Entreprises agréé” for theAudit of the Financial Statements » section of our report. We are also independent of the Fund in accordance with the International EthicsStandards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSFtogether with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethicalresponsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion.

Other informationThe Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in theannual report but does not include the financial statements and our report of “Réviseur d’Entreprises agréé” thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whetherthe other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears tobe materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report this fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statementsThe Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance withLuxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for suchinternal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are freefrommaterial misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds’ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless the Board of Directors of the Fund either intends to liquidate the Fund or any of its sub-funds or to cease operations, orhas no realistic alternative but to do so.

Responsibilities of the “Réviseur d’Entreprises agréé” for the audit of the financial statementsThe objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free frommaterialmisstatement, whether due to fraud or error, and to issue a report of “Réviseur d’Entreprises agréé” that includes our opinion. Reasonableassurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and withISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud orerror and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.


Report of the Réviseur d’Entreprises agréé

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

— Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and performaudit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involvecollusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures madeby the Board of Directors of the Fund.

— Conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on theaudit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on theFund’s or any of its subfunds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required todraw attention in our report of “Réviseur d’Entreprises agréé” to the related disclosures in the financial statements or, if such disclosuresare inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of“Réviseur d’Entreprises agréé”. However, future events or conditions may cause the Fund or any of its sub-funds to cease to continue as agoing concern.

— Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financialstatements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internal control that we identify during our audit.

KPMG Luxembourg Société coopérativeCabinet de révision agréé

39, avenue John F. KennedyL-1855, Luxembourg

Grand Duchy of Luxembourg

Luxembourg, 12 October 2020 Pascale Leroy


The Management Company uses a risk management process that allows monitoring of the risk of the portfolio positions and their share ofthe overall risk profile of the portfolios on the managed funds at any time. In accordance with the Law of 17 December 2010 on undertakingsfor collective investment as amended, and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier(CSSF) the Management Company reports to the CSSF on a regular basis on the risk management process. The Management Companyensures, on the basis of appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net assetvalue of the portfolio.

The Management Company uses the following method:

Commitment ApproachThe Commitment Approach is based on the positions of derivative financial instruments, converted into their corresponding underlyingequivalents using the delta approach. Netting and Hedging might be considered for derivative financial instruments and their underlyingassets. The sum of these underlying equivalents must not exceed the net asset value of each of the Funds. The global risk on derivatives hasbeen determined according to the commitment approach during the reporting year from 1 July 2019 until 30 June 2020.


Risk Management (unaudited)

The Company engages in Securities Financing Transactions (SFTs) (as defined in Article 3 of Regulation (EU) 2015/2365, SFTs includerepurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buyback transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Company’s involvement in andexposures related to reverse repurchases agreements for the accounting year ended 30 June 2020 are detailed below:

Concentration dataTop 10 collateral issuers


Collateral Issuer

MarketValue£’000

UK Treasury 60,000

Sterling Fund

Collateral Issuer

MarketValue£’000

UK Treasury 1,800,000

Top 10 counterparties


Reverse repurchase transactions counterparties

MarketValue£'000

Standard Chartered 40,000

Royal Bank of Canada 20,000

Sterling Fund

Reverse repurchase transactions counterparties

MarketValue£'000

Royal Bank of Canada 1,300,000

Standard Chartered 400,000

National Bank Australia 100,000


Securities Financing Transactions (unaudited)

Aggregate transaction data


Country ofregistration

Settlement Collateraltype

Quality Currency SFT marketvalue£'000

SFT maturitytenor

Collateralmaturity

tenor

Reverse repurchase transactions

Standard Chartered United Kingdom Bilateral UK Inflation-Linked Gilt

AAA GBP 40,000 one week toone month

over oneyear

Royal Bank of Canada Canada Bilateral UK Inflation-Linked Gilt


over oneyear

Sterling Fund

Country ofregistration

Settlement Collateraltype

Quality Currency SFT marketvalue£'000

SFT maturitytenor

Collateralmaturity

tenor

Reverse repurchasetransactions

Royal Bank of Canada Canada Bilateral UK Inflation-Linked Gilt


over oneyear

Royal Bank of Canada Canada Bilateral UK Gilt AAA GBP 500,000 one week toone month

over oneyear

Standard Chartered United Kingdom Bilateral UK Inflation-Linked Gilt


over oneyear

National Australia Bank Australia Bilateral UK Gilt AAA GBP 100,000 one week toone month

over oneyear

Standard Chartered United Kingdom Bilateral UK Gilt AAA GBP 97,102 one week toone month

over oneyear

Data on reuse of collateralNon-cash collateral is held within a segregated account by the Fund's Custodian and will not be sold, re-invested or pledged.

Safekeeping of collateral

GrantedAt the year end no collateral was posted in respect of reverse repurchase transactions.

Received

As at the year-end date collateral was received for reverse repurchase transactions into a segregated account at the Fund's Custodian in theform of UK Gilts valued at £1,860m.

Data on return and cost for each type of SFT

All returns and costs from repurchase agreements accrue to the Funds and are not subject to any returns sharing arrangements with theManager or any other third parties.

As at the year-end the repurchase agreements have returned a gain of US$8,7m.


Remuneration PolicyThe Standard Life Aberdeen plc Remuneration Policy applies with effect from 1 January 2018. The purpose of the Standard Life Aberdeen plcRemuneration Policy (the “Policy”) is to document clearly the remuneration policies, practices and procedures of Standard Life Aberdeen. Ithas been approved by the Standard Life Aberdeen plc Remuneration Committee and is subject to the Remuneration Committee’s annualreview. The Policy applies to employees of the Standard Life Aberdeen group of companies (“SLA”).

The Management Company, Aberdeen Standard Investments Luxembourg S.A. is authorised and regulated in Luxembourg by theCommission de Surveillance du Secteur Financier (“CSSF”) and is a wholly owned subsidiary of Standard Life Aberdeen plc.

The Remuneration Committee of Standard Life Aberdeen plc adopted a UCITS V Remuneration Policy to ensure that the requirements of theUndertakings for Collective Investment Transferrable Securities V Directive (UCITS V) are fully adhered to by the group. This policy applies toAberdeen Standard Investments Luxembourg S.A. and the UCITS Funds it manages. This policy is available on request.

Remuneration PrinciplesSLA applies Group wide principles for remuneration policies, procedures and practices ensuring that remuneration design and the basis forawards will be clear, transparent and fair, in line with business strategy, objectives, culture, values and long term interests of SLA.Remuneration policies, procedures and practices should be consistent with and promote good conduct which includes sound and effectiverisk management and not encourage risk taking that exceeds the level of tolerated risk of SLA. Total variable remuneration will be fundedthrough pre-agreed distribution metrics. Where SLA’s financial performance is subdued or negative, total variable remuneration shouldgenerally be contracted, taking into account both current remuneration and reductions in pay-outs of amounts previously granted andhaving regard for SLA’s long term economic viability.

In addition to applying the SLA wide principles above, Aberdeen Standard Investments (“ASI”) applies a number of additional principlesincluding the following, when determining remuneration for employees:

a) Remuneration should be competitive and reflect both financial, non-financial and personal performance;

b) Our remuneration design will align the interests of employees, shareholders and importantly our clients/customers;

c) Our remuneration structure will reward delivery of results over appropriate time horizons and will include deferred variablecompensation at an appropriate level for the employee’s role; and

d) We will provide an appropriate level of fixed remuneration to balance risk and reward.

Governance and Regulatory ComplianceThe Remuneration Committee is made up of independent non-executive directors and makes recommendations to the Board of StandardLife Aberdeen plc (the ”Board”) to assist it with its remuneration related duties. The Chief People Officer of Standard Life Aberdeen isresponsible for ensuring the implementation of the Policy in consultation with the Remuneration Committee as well as other members of theExecutive Committee (“Executive Body”) (as defined by the Board), if appropriate.

Financial and non-financial criteriaVariable remuneration is based on a rounded assessment of Group, Divisional and individual performance. When assessing individualperformance, financial as well as non-financial criteria are taken into account. Individual performance is based on the individual’s appraisal,which includes an employee’s compliance with controls and applicable company standards including the Group’s Code of Ethics, includingTreating Customers Fairly and Conduct Risk.

Conflicts of interestThe Conflicts of Interest Policy is designed to avoid conflicts of interest between SLA and its clients. This Policy prohibits any employee frombeing involved in decisions on their own remuneration. Furthermore, all employees are required to adhere to SLA’s Global Code of Conduct,which encompasses conflicts of interest.

The Policy should, at all times, adhere to local legislation, regulations or other provisions. In circumstances or in jurisdictions where there isany conflict between the Policy and local legislation, regulations or other provisions, then the latter will prevail.

Remuneration FrameworkEmployee remuneration is composed principally of fixed and variable elements of reward as follows:

a) Fixed reward (fixed remuneration: salary (and cash allowances, if appropriate) and Benefits (including pension)).

b) Variable reward (bonus, a proportion of which may be subject to retention or deferral depending on role and regulatory requirementsand senior employees may also be awarded a long-term incentive award).

Appropriate ratios of fixed: variable remuneration will be set to as to ensure that:

a) Fixed and variable components of total remuneration are appropriately balanced; and


Remuneration (unaudited)

b) The fixed component is a sufficiently high proportion of total remuneration to allow Standard Life Aberdeen to operate a fully flexiblepolicy on variable remuneration components, including paying no variable remuneration component.

Fixed Remuneration Base salary provides a core reward for undertaking the role, where appropriate, anddepending on the role, geographical or business market variances or other indicators,additional fixed cash allowances may make up a portion of fixed remuneration.

Benefits Benefits are made up of: core benefits, which are provided to all employees; and extravoluntary benefits that may be chosen by certain employees and which may requirecontribution through salary sacrifice or other arrangements. Extra voluntary benefits aredesigned to support the health and wellbeing of employees through enabling individualselection based on lifestyle choices. Standard Life Aberdeen will ensure that the core andvoluntary employee benefits policies are in line with relevant market practice, its views onmanaging its business risk objectives, culture and values and long-term interests and localrequirements.

Pension Standard Life Aberdeen’s pension policies (which consist of defined contribution plans andlegacy defined benefit plans) are in line with legislative requirements, governance structuresand market practice, and reflect Standard Life Aberdeen’s long-term views on risk andfinancial volatility, its business objectives, culture and values and long-term interests andlocal requirements. In certain circumstances, SLA may offer a cash allowance in lieu of anypension arrangement.

Annual Performance Bonus Awards Employees who have been employed during a performance year (1 January to 31 December)may be eligible to be considered for an annual bonus in respect of that year. Eligibility criteriafor an annual bonus are set out in the rules of the relevant bonus plan and/or contract ofemployment, as appropriate. The bonus plan in place is designed to reward performance inline with the business strategy, objectives, culture and values, long term interests and riskappetite of SLA. All Executive Directors are awarded bonuses under a SLA bonus plan asdetailed in the Directors’ Remuneration Report.

Other variable Pay Plans Selected employees may participate in other variable pay plans, for example, performancefee share arrangements, where it is appropriate for their role or business unit. These plansoperate under the overarching remuneration principles that apply across the group and,where appropriate, are also subject to specific principles governing incentives and arecompliant with the requirements of any applicable regulatory standards.

Clawback/MalusA clawback/malus principle applies to the variable pay plan. This enables the Remuneration Committee to seek to recoup the deferredamount of any unvested variable pay, in the exceptional event of misstatement or misleading representation of performance; a significantfailure of risk management and control; or serious misconduct by an individual.

Guaranteed Variable RemunerationGuaranteed variable remuneration is exceptional, occurs only in the context of hiring new staff and is limited to the first year of service.

UCITS V Identified StaffStaff considered UCITS V Identified Staff are those categories of staff whose professional activities have a material impact on the decisionmaking profiles of the Management Company or the UCITS Funds that the Management Company manages.

UCITS V identified staff will include; Senior Management; Decision makers, Staff engaged in control functions; and any employees receivingtotal remuneration that takes them into the same remuneration bracket as senior management and decision makers, and whoseprofessional activities have a material impact on the risk profiles of the Company or the Funds that the Company manages.

Control FunctionsSLA adheres to the principles and guidelines of regulations that apply to SLA in defining control functions. control functions include, but arenot necessarily limited to, Risk, Compliance, Internal Audit and Actuarial functions or roles.

SLA will ensure that, as appropriate, senior employees engaged in a control function:


a) Are independent from the Business Units they oversee;

b) Have appropriate authority, and

c) Their remuneration is directly overseen by the Remuneration Committee.

This is achieved by the main control functions being outside the business, and a material proportion of their annual incentives being subjectto a scorecard based on the performance of the control function. Performance against the scorecard is reviewed by the relevant independentgoverning committee (either Risk & Capital Committee, or Audit Committee). SLA’s People Function reviews the remuneration of employees incontrol functions and benchmarks with the external market to ensure that it is market competitive and adequately reflects employees’ skillsand experience.

Personal HedgingUCITS V Identified Staff are not permitted to undermine the risk alignment effects of the UCITS V Remuneration Code. Personal hedgingstrategies; or remuneration-related insurance; or liability-related insurance is not permissible on remuneration.

Employee remuneration disclosureThe table below provides an overview of the following:

• Aggregate total remuneration paid by Aberdeen Standard Investments Luxembourg S.A. to its entire staff; and

• Aggregate total remuneration paid by Aberdeen Standard Investments Luxembourg S.A. to its ‘Identified Staff’.

The ‘Identified Staff’ of Aberdeen Standard Investments Luxembourg S.A. are those employees who could have a material impact on the riskprofile of Aberdeen Standard Investments Luxembourg S.A. or the UCITS Funds it manages, including the following UCITS Funds:

Canadian Dollar Fund

Euro Fund

Seabury Euro Liquidity 1 Fund



Short Duration Sterling Fund

Sterling Fund

US Dollar Fund

This broadly includes senior management, decision makers and control functions. For the purposes of this disclosure, ‘Identified Staff’includes employees of entities to which activities have been delegated.

Amounts shown reflect payments made during the financial reporting period in question.

The reporting period runs from 1 January 2019 to 31 December 2019 inclusive.

Canadian Dollar FundReporting period: 01/01/2019 – 31/12/2019 Headcount

TotalRemuneration

C$'000

UCITSproportion

C$'0004

Aberdeen Standard Investments Luxembourg S.A. staff 1 432 79,316 105

of which

Fixed remuneration 54,970 73

Variable remuneration 24,346 32

Carried Interest NIL

Aberdeen Standard Investments Luxembourg S.A. ‘Identified Staff’ 2 216 27,158 36

of which

Senior Management 3 16 4,006 5

Other ‘Identified Staff’ 200 23,152 31

_


Euro FundReporting period: 01/01/2019 – 31/12/2019 Headcount

TotalRemuneration

€'000

UCITSproportion

€'0004

Aberdeen Standard Investments Luxembourg S.A. staff 1 432 54,334 4,073

of which

Fixed remuneration 37,656 2,823

Variable remuneration 16,678 1,250


Aberdeen Standard Investments Luxembourg S.A. ‘Identified Staff’ 2 216 18,604 1,395

of which


Other ‘Identified Staff’ 200 15,859 1,189

_

Seabury Euro Liquidity 1 FundReporting period: 01/01/2019 – 31/12/2019 Headcount

TotalRemuneration

€'000

UCITSproportion

€'0004


of which





of which



_

Seabury Sterling Liquidity 1 FundReporting period: 01/01/2019 – 31/12/2019 Headcount

TotalRemuneration

£'000

UCITSproportion

£'0004


of which

Fixed remuneration 32,037 809




of which



_


Seabury Sterling Liquidity 2 FundReporting period: 01/01/2019 – 31/12/2019 Headcount

TotalRemuneration

£'000

UCITSproportion

£'0004


of which





of which



_

Short Duration Sterling FundReporting period: 01/01/2019 – 31/12/2019 Headcount

TotalRemuneration

£'000

UCITSproportion

£'0004


of which





of which



_

Sterling FundReporting period: 01/01/2019 – 31/12/2019 Headcount

TotalRemuneration

£'000

UCITSproportion

£'0004


of which





of which

Senior Management 3 16 2,335 1,850


_


US Dollar FundReporting period: 01/01/2019 – 31/12/2019 Headcount

TotalRemuneration

US$'000

UCITSproportion

US$'0004


of which





of which



1 As there are a number of individuals indirectly and directly employed by Aberdeen Standard Investments Luxembourg S.A. this figurerepresents an apportioned amount of SLA’s total remuneration fixed and variable pay, apportioned to the relevant UCITS Fund on an AUMbasis, plus any carried interest paid by the UCITS Fund. The Headcount figure provided reflects the number of beneficiaries calculated on aFull Time Equivalent basis.

2 The Identified Staff disclosure represents total compensation of those staff of the Management Company who are fully or partly involvedin the activities of the Management Company, apportioned to the estimated time relevant to the Management Company, based on theirtime in role during the reporting period and the Management Company’s proportion of SLA’s total AUM. Across the ‘Identified Staff’, theaverage percentage of AUM allocation per individual based on work undertaken for Aberdeen Standard Investments Luxembourg S.A. as aManagement Company was 12.22%.

3 Senior management are defined in this table as Management Company Directors and members of the Standard Life Aberdeen plc Board,together with its Executive Committee, Investment Management Committee and Group Product Committee.

4 This figure represents an apportioned amount of the total remuneration of the ‘Identified staff’ attributable to the UCITS Fund allocated onan AUM basis.


Directors

Lynn Birdsong (Resigned 30 April 2020)Aberdeen Standard Liquidity Fund (Lux)35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Martin J GilbertStandard Life Aberdeen plc6 St Andrews SquareEdinburgh, EH2 2AHUnited Kingdom

Soraya HashimzaiAberdeen Standard Investments Luxembourg S.A.35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Bob HutchesonAberdeen Standard Liquidity Fund (Lux)35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Christopher LittleAberdeen Standard Liquidity Fund (Lux)35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Ian MacdonaldAberdeen Standard Investments Asia Limited21 Church Street, #01–01 Capital Square TwoSingapore 049480

Gary MarshallAberdeen Standard Investments6 St Andrews SquareEdinburgh, EH2 2AHUnited Kingdom

Hugh YoungAberdeen Asset Management Asia Limited21 Church Street, #01–01 Capital Square TwoSingapore 049480

Roger BarkerAberdeen Standard Liquidity Fund (Lux)35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Andrey BerzinsAberdeen Standard Liquidity Fund (Lux)35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

NadyaWellsAberdeen Standard Liquidity Fund (Lux)35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Ian BoylandAberdeen Standard Liquidity Fund (Lux)35a, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg


Management and Administration

Investment ManagersAberdeen Asset Managers Limited10 Queen's TerraceAberdeenAB10 1YGUnited KingdomAuthorised and regulated by the Financial Conduct Authority in theUnited Kingdom.

Aberdeen Asset Management Inc.2nd Floor1900 Market StreetPhiladelphiaPA 19103United StatesAuthorised and regulated by the Securities and ExchangeCommission of the United States of America.

Registered OfficeAberdeen Standard Liquidity Fund (Lux)35a, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy ofLuxembourg.

Management Company also acting as Domiciliary, Registrar,Transfer Agent, Listing Agent and Global DistributorAberdeen Standard Investments Luxembourg S.A., 35a, avenue JohnF. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg.

UK DistributorAberdeen Asset Managers Limited10 Queen's Terrace, Aberdeen, AB10 1YGAuthorised and regulated by The Financial Conduct Authority in theUnited KingdomMember of the Standard Life Aberdeen Group of Companies.

Administrator, Depositary and Paying AgentState Street Bank International GmbH, Luxembourg Branch,49 avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy ofLuxembourg.

Sub-Distributor and Data Processing AgentAberdeen Asset Managers Limited, 10 Queen's Terrace, Aberdeen,AB10 1YG, United Kingdom.

Sub-Data Processing AgentsDST Financial Services Europe Limited and DST Financial ServicesInternational Limited, St. Nicholas Lane, Basildon, SS15 5FS, UnitedKingdom.

Sub-Transfer AgentInternational Financial Data Services (Canada) Limited,30 Adelaide Street East, Suite 1, Toronto, Ontario, M5C 3G9, Canada.

AuditorKPMG Luxembourg, Société coopérative, 39 avenue John F. Kennedy,L-1855 Luxembourg, Grand Duchy of Luxembourg.

Legal Advisors to the CompanyElvinger Hoss Pruseen, société anonyme, 2, Place Winston Churchill,L-1340 Luxembourg, Grand Duchy of Luxembourg.

Paying and Information Agent in AustriaRaiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna,Austria.

Financial and Centralising Correspondent Agent in FranceBNP Paribas Securities Services, 3 rue d’Antin, 75002 Paris, France.

Paying and Information Agent in GermanyMarcard, Stein & Co AG, Ballindamm 36, D-20095 Hamburg,Germany.

Paying Agent in ItalyBNP Paribas Security Services, Piazza Lina Bo Bardi, 3, 20124 Milano,Italy;

State Street Bank GmbH, Italy Branch, Via Nizza 262/57,10126 Torino, Via Ferranti Aporti 10 20125 Milano, Italy;

Banca Sella Holding S.P.A, Piazza Gaudenzio Sella, 1, 13900 Biella,Italy.

Paying and Information Agent in SwedenSkandinavisk EnksildaBanke AB, Rissneleden 110,SE-106 40 Stockholm, Sweden.

Paying Agent and Representative in SwitzerlandBNP Paribas Securities Services, Paris, Succursale de ZurichSelnaustrasse 16, 8002 Zurich, Switzerland.

Paying Agent in the Principality of LiechtensteinLGT Bank, Liechtenstein AG, Herrengasse 12, FL-9490 Vaduz,Liechtenstein.

Facilities agent in IrelandMaples Secretaries Limited, 40 Upper Mount Street, Dublin 2,Ireland.


Additional information for investors in GermanyMarcard Stein & Co AG, Ballindamm 36, D-20095 Hamburg, has undertaken the function of Paying and Information Agent for the Company inthe Federal Republic of Germany (the German Paying and Information Agent).

Applications for the subscriptions, redemptions, and conversion of shares may be sent to the German Paying and Information Agent.

All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the GermanPaying and Information Agent.

The full prospectus, Key Investor Information Documents (KIIDs) the Articles of Incorporation of the Company and the annual andsemi-annual reports may be obtained, free of charge, at the office of the German Paying and Information Agent during normal openinghours. The statement of changes in the composition of the investment portfolio is also available free of charge upon request at the office ofthe German Paying and Information Agent.

Issue, redemption and conversion prices of the shares, and any other information to the shareholders, are also available from the GermanPaying and Information Agent.

Subscription, redemption and conversion prices of the shares will also be available at aberdeen-asset.com and at the offices of the TransferAgent. Any notices to the shareholders will be published on aberdeen-asset.de.

With effect from 1 January 2018 the German Investment Tax Act 2018 (GITA) significantly overhauled the existing taxation regime for certainGerman taxpayers. Therefore the Company will be treated as opaque for German tax purposes as opposed to being transparent, as was thecase under the former regime. From this date certain investors / shareholders in the Company will generally be subject to tax on actuallydistributions as opposed to deemed distributions. There will no longer be a requirement to publish a daily German tax rate for each shareclass. The GITA regulations requires the upload of a daily equity ratio to WMDaten.

Supplementary information for investors in SwitzerlandConditions for shares marketed in Switzerland or from a base in Switzerland.

For shares marketed in Switzerland or from a base in Switzerland, the following is applicable in addition to the propectus and Key InvestorInformation Documents (KIIDs) conditions:

Representative in Switzerland and Paying Agent:

BNP Paribas Securities Services, ParisSuccursale de Zurich Selnaustrasse 168002 ZurichSwitzerland

Place of distribution for relevant documentsThe constitution documents, prospectus, KIID’s articles of association, the annual and half-yearly reports and a schedule of purchases andsales for the Fund can be obtained free of charge from the representative’s Zurich branch.

Publicationsa) Required publications concerning foreign collective investments are published by the Swiss representative on the electronic platform of

fundinfo AG Zurich (www.fundinfo.com).

b) The Share issue price together with the redemption price and the Net Asset Value with indication of “commissions not included” arepublished when subscriptions and redemptions occur. Prices are published every working day on the electronic platform of fundinfo AGZurich (www.fundinfo.com).

c) All Shareholder notices will be published on the electronic platform of fundinfo AG Zurich (www.fundinfo.com).


General Information

Aberdeen Standard Liquidity Fund (Lux)Aberdeen Standard Liquidity Fund (Lux) is an open-ended investment company incorporated with limited liability under the laws of theGrand Duchy of Luxembourg and organised as a société d’investissement à capital variable (a SICAV) with UCITS status (an Undertaking forCollective Investment in Transferable Securities as defined in the European Union Directive 2009/65/EC of 13 July 2009).

Aberdeen Standard Liquidity Fund (Lux) aims to preserve capital and stable value whilst maintaining high liquidity and achieving returnswithin individual Funds.


Further Information

Shareholder Service CentreAberdeen Standard Investments Luxembourg S.A.c/o State Street Bank International GmbH, Luxembourg Branch49, avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

For more information on Aberdeen Liquidity Fund (Lux), Please contact:Tel +44 (0)1224 425255 (UK Shareholders)Tel +352 46 4010 7425 (Outside UK)Fax +352 245 29 058

Important InformationAberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard LifeInvestments. Unless otherwise indicated, this document refers only to the investment products, teams, processes and opinions ofAberdeen Asset Management / Standard Life Investments as at the date of publication.


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