Aberdeen Standard Global Emerging Markets Fund Prospectus

Aberdeen Standard Select Portfolio
Prospectus
January 2022
Aberdeen Standard China Opportunities Fund
Aberdeen Standard European Sustainable and Responsible Investment Equity Fund
Aberdeen Standard Global Sustainable and Responsible Investment Equity Fund
Aberdeen Standard Global Technology Fund
Aberdeen Standard Indonesia Equity Fund
Aberdeen Standard Malaysian Equity Fund
Aberdeen Standard Pacific Equity Fund
Aberdeen Standard Singapore Equity Fund
Aberdeen Standard Thailand Equity Fund
Aberdeen Standard India Opportunities Fund
Aberdeen Standard Global Emerging Markets Fund
Aberdeen Standard Asian Smaller Companies Fund
ABERDEEN STANDARD SELECT PORTFOLIO
Directory
Manager
abrdn Asia Limited
21 Church Street, #01-01, Capital Square Two, Singapore 049480
(Company Registration Number: 199105448E)
Directors of the Manager

Rene Buehlmann
Donald Roy Amstad
Ian Robert Macdonald
Lim Sock Hwei
Cheong Mei Yi Flavia
Terence Lim Ming Wan
Tay Kheng Guet
Duigan Vance Michael
Adam John McCabe
Trustee
Citicorp Trustee (Singapore) Limited
5 Changi Business Park Crescent, Level 5, Singapore 486027
(Company Registration Number: 199604601H)
Custodian
Citibank, N.A., Singapore Branch
5 Changi Business Park Crescent, Level 5, Singapore 486027
(Company Registration Number: S27FC0556D)
Auditors
KPMG LLP
16 Raffles Quay, #22-00, Hong Leong Building, Singapore 048581
Solicitors to the Manager

Allen & Gledhill LLP
One Marina Boulevard, #28-00, Singapore 018989
Solicitors to the Trustee

Drew & Napier LLC
10 Collyer Quay, #10-01, Ocean Financial Centre, Singapore 049315
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Important Information
We, the Manager of Aberdeen Standard Select Portfolio, abrdn Asia Limited, accept full responsibility for the
accuracy of information contained in this Prospectus and confirm, having made all reasonable enquiries, that to
the best of our knowledge and belief, there are no other facts the omission of which would make any statement
in this Prospectus misleading. Unless otherwise stated, all terms not defined in this Prospectus have the same
meanings as used in the deed of trust (as amended) relating to Aberdeen Standard Select Portfolio (the “Deed”).
You should consult the relevant provisions of the Deed and obtain independent professional advice in the event
of any doubt or ambiguity relating thereto.
No application has been made for the units in the sub-funds of Aberdeen Standard Select Portfolio offered in this
Prospectus, the Aberdeen Standard China Opportunities Fund, the Aberdeen Standard European Sustainable and
Responsible Investment Equity Fund, the Aberdeen Standard Global Sustainable and Responsible Investment
Equity Fund, the Aberdeen Standard Global Technology Fund, the Aberdeen Standard Indonesia Equity Fund,
the Aberdeen Standard Malaysian Equity Fund, the Aberdeen Standard Pacific Equity Fund, the Aberdeen
Standard Singapore Equity Fund, the Aberdeen Standard Thailand Equity Fund, the Aberdeen Standard India
Opportunities Fund, the Aberdeen Standard Global Emerging Markets Fund and the Aberdeen Standard Asian
Smaller Companies Fund (each hereinafter known as a “Sub-Fund” and together known as the “Sub-Funds”),
to be listed on any stock exchange. You may request for us to realise all or part of your holding of units in
accordance with and subject to the provisions of the Deed.
You should seek independent professional advice to ascertain (a) the possible tax consequences, (b) the legal
requirements or (c) any foreign exchange restrictions or exchange control requirements which you may encounter
under the laws of your citizenship, residence or domicile, which may be relevant to the subscription, holding or
disposal of units in the Sub-Funds.
As of the date of registration of this Prospectus, the units in the Sub-Funds have been authorised for sale to the
retail public in Singapore.
The Units are capital markets products other than prescribed capital markets products (as defined in the Securities
and Futures (Capital Markets Products) Regulations 2018) and Specified Investment Products (as defined in
MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).
Certain of the Underlying Funds (as defined hereinafter) intend to use or invest in financial derivative
instruments other than for the purposes of hedging and/or efficient portfolio management, as they intend
to use financial derivative instruments for investment purposes. Please see paragraph 9 and Appendix 1
of the Prospectus for more details.
The Units will not be registered under the United States Securities Act of 1933, as amended and, except in a
transaction which does not violate the United States Securities Act of 1993 or any other applicable United States
securities laws (including without limitation any applicable law of any of the states of United States of America (the
“U.S.”), may not be directly or indirectly offered or sold in the U.S. or any of its states, territories or possessions
or other areas subject to its jurisdiction or to or for the benefit of a “U.S. Person”. Accordingly, investors may be
required to certify that they are not U.S. Persons before making an investment in the Fund. The Manager has the
right to reject any application for Units if it has reasonable grounds to believe that the investor is a U.S. Person or
if the investor is seeking to purchase Units on behalf of a U.S. Person.
Please note that if a Holder (as defined hereinafter) subsequently becomes a U.S. Person, the Manager reserves
the right to compulsorily redeem the Units held by that Holder whose status as a U.S. Person would, in the
reasonable opinion of the Managers, cause any Sub-Fund, the Fund or the Managers to contravene or fail to fully
comply with any applicable state or federal legal requirements or restrictions.
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“U.S. Person” as referred to in this Prospectus have the meaning ascribed to it under Rule 902 of Regulation S
of the United States Securities Act of 1933 to include, inter alia, any natural person resident in the U.S. and with
regards to investors other than individuals (i) a corporation or partnership organised or incorporated under the
laws of the U.S. or any state thereof; (ii) a trust: (a) of which any trustee is a U.S. Person except if such trustee
is a professional fiduciary and a co-trustee who is not a U.S. Person has sole or shared investment discretion
with regard to trust assets and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. Person,
or (b) where a court is able to exercise primary jurisdiction over the trust and one or more U.S. fiduciaries have
the authority to control all substantial decisions of the trust; and (iii) an estate: (a) which is subject to U.S. tax on
its worldwide income from all sources, or (b) for which any U.S. Person is executor or administrator except if an
executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion with
regard to the assets of the estate and the estate is governed by foreign law.
The term “U.S. Person” also means any entity organised principally for passive investment (such as a commodity
pool, investment company or other similar entity) that was formed: (a) for the purpose of facilitating investment by
a U.S. Person in a commodity pool with respect to which the operator is exempt from certain requirements of Part
4 of the regulations promulgated by the United States Commodity Futures Trading Commission by virtue of its
participants being non-U.S. Persons, or (b) by U.S. Persons principally for the purpose of investing in securities
not registered under the United States Securities Act of 1933, unless it is formed and owned by “accredited
investors” (as defined in Rule 501(a) under the United States Securities Act of 1933) who are not natural persons,
estates or trusts.
TO ENSURE COMPLIANCE WITH U.S. INTERNAL REVENUE SERVICE CIRCULAR 230, YOU ARE HEREBY
NOTIFIED THAT: (A) ANY TAX DISCUSSION HEREIN IS NOT INTENDED OR WRITTEN TO BE USED, AND
CANNOT BE USED BY YOU FOR THE PURPOSE OF AVOIDING U.S. FEDERAL INCOME TAX PENALTIES
THAT MAY BE IMPOSED ON YOU; (B) ANY SUCH TAX DISCUSSION WAS WRITTEN TO SUPPORT THE
PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN; AND (C) YOU
SHOULD SEEK ADVICE BASED ON THE YOUR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT
TAX ADVISER.
The Foreign Account Tax Compliance Act (“FATCA”) of the Hiring Incentives to Restore Employment Act generally
is designed to require certain U.S. persons’ direct and indirect ownership of certain non-U.S. accounts and non-
U.S. entities to be reported to the U.S. Internal Revenue Service (the “IRS”). To enforce the provision of FATCA, a
30% withholding tax may apply to certain U.S. source income (including, among other types of income, dividends
and interest) and, gross proceeds from the sale or other disposal of property that can produce U.S.-source
dividends or interest (e.g. U.S. stock and securities). The 30% withholding tax generally applies to, among others,
any foreign financial institution (“FFI”) that fails to comply with the requirements of FATCA, for example by not
providing certain required information to the IRS. We expect to be treated as an FFI under FATCA and expect to
have reporting obligations regarding certain of our direct and indirect investors.
The Singapore government has entered into an intergovernmental agreement dated 9 December 2014 with the
U.S. government to facilitate FATCA compliance. We would accordingly require additional information from you in
order to comply with relevant obligations, and the non-provision of such information may result in us reporting you
to the Inland Revenue Authority of Singapore (who may share specified information with the U.S. Inland Revenue
Service) or other appropriate action by our board of directors at our discretion and in accordance with Deed (as
defined herein). You should consult your own tax advisers on the requirements under FATCA applicable to it.
Common Reporting Standard And Automatic Exchange Of Information
Following the development by the Organisation for Economic Cooperation and Development (“OECD”) of a
common reporting standard (“CRS”) to achieve a comprehensive and multilateral automatic exchange of
information (AEOI), the Income Tax (International Tax Compliance Agreements)(Common Reporting Standard)
Regulations 2016 (the “CRS Regulations”) have been promulgated to allow Singapore to implement the CRS
with effect from 1 January 2017.
The CRS Regulations require certain Singapore financial institutions (as defined in the CRS Regulations) to identify
financial asset holders and establish if they are resident for tax purposes in countries with which Singapore has
a tax information sharing agreement. Singapore financial institutions will then report financial account information
of the asset holder to the Singapore tax authorities, which will thereafter automatically transfer this information to
certain competent foreign tax authorities on a yearly basis.
iii
Your information may therefore be reported to the Singapore and other relevant tax authorities in accordance with
applicable rules and regulations.
Accordingly, the Fund, the Managers, the Trustee and/or the Sub-Registrar will require you to provide inter
alia information in relation to your identity and tax residence of your account (and your controlling persons, if
any), account details, reporting entity, account balance/value and income/sale or redemption proceeds, and the
relevant information will then be reported to the Singapore and other relevant tax authorities for purposes of
complying with the CRS Regulations.
You should consult your professional advisors on the possible tax and other consequences with respect
to the implementation of the CRS.
Disclosure Of Information
You are informed that any personal data (as defined in the Personal Data Protection Act 2012 of Singapore
(“PDPA”)) (“Personal Data”) or the information provided by you in the subscription documents or otherwise in
connection with an application to subscribe for Units, as well as details of your holdings, will be stored in digital
form and processed in compliance with the relevant law on data protection, including, where applicable, the
PDPA. You should be aware that such Personal Data may be disclosed to the following parties for the purposes
notified to you:-
(i) to:
a. any other company within the Group (as defined hereinafter) (and such abrdn Third Party Service
Provider as the Group may engage); and/or
b. Citibank (and such Citi Third Party Service Providers as Citibank may engage) (the Group, the
abrdn Third Party Service Providers, Citibank and such Citi Third Party Service Providers each
being a “Recipient”),
which may be based in countries where privacy laws do not exist or provide less protection than the laws
in Singapore; and/or
(ii) to authorities and regulatory bodies whether in Singapore or outside of Singapore, when required by
applicable law and regulation including anti-money laundering legislation and for the purpose of the
application of FATCA regulations and/or when required by applicable local legislation including regulations
implementing the CRS (the “CRS Regulations”).
By investing in the Fund, you appoint us, the Managers, and any other company within the Group as well as the
Recipients as attorney-in-fact to collect all necessary information (including Personal Data) pertaining or related
to your investments in the Fund for the purposes as set out in the “Personal Data Protection Act 2012” section
of the application form as well as the purposes as set out in the above paragraphs and the following paragraphs
(“Purposes”):
(a) providing, operating, processing and administering Units as may be required by the Deed;
(b) performing obligations and duties of a trustee under the Deed and/or discharging statutory, legal,
equitable and fiduciary duties as a trustee, including updating and maintaining the Register (as defined
hereinafter);
(c) undertaking activities related to the provision of services to the Managers as Trustee or Custodian of the
Fund or provision of the investment services to the Fund and maintaining service quality and training
staff;
(d) fulfilling foreign and domestic legal, regulatory and compliance requirements (including U.S. anti-
money laundering and tax obligations applicable to Citibank or the Group and disclosure to any stock
exchange) and complying with any applicable treaty or agreement with or between foreign and domestic
governments applicable to Citibank or the Group;
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(e) verifying the identity of investors or the identity or authority of investors’ representatives who contact or
may be contracted by Citibank or the Group to carry out or respond to investors’ requests, questions or
instructions;
(f) monitoring and recording calls and electronic communications for quality, training, investigation and fraud
prevention purposes;
(g) for crime detection, prevention, investigation and prosecution;
(h) enforcing or defending the rights of Citibank or the Group, contractual or otherwise;
(i) performing internal management, operating control (including financial control) and management
information systems, and carrying out internal or external audits; and
(j) complying with any obligations, requirements, policies, procedures, measures or arrangements for
sharing data and information within Citibank or the Group and any other use of data and information in
accordance with any of Citibank’s or the Group’s programmes for compliance with sanctions or prevention
or detection of money laundering, terrorist financing or other unlawful activities.
By subscribing or purchasing Units of the Fund, you hereby consent to the aforementioned collection, use, storage,
disclosure and/or processing of your Personal Data as set out in your application form and subscription documents
and/or otherwise provided by you or possessed by us and/or Citibank for the Purposes, and the disclosure
of such Personal Data to the organisations stated above (where applicable) for such Purposes (including the
transfer and the disclosure of your Personal Data to the Singapore and other relevant tax authorities and between
the parties above including entities in countries outside Singapore and which may not offer protection similar to
the data protection laws in Singapore) and agree that they will answer some mandatory questions and provide
certain requested information and documents for purposes of complying with FATCA and the CRS Regulations.
You may request access to or the rectification of any Personal Data which you have provided us in accordance
with your rights under the PDPA. You should also refer to the “Personal Data Protection Act 2012” section of the
application form for more information.
Where you provide Personal Data relating to third party individuals to a Recipient, directly or indirectly, you
warrant that the prior consent of such third party individual, which will allow the Recipient to collect, use, store,
disclose and process that Personal Data in the manner and for the purposes set out in this Prospectus, has been
obtained, and consents and acknowledges to all such collection, use, storage, disclosure and processing on
behalf of that third party individual. Upon reasonable request by a Recipient, you agree to provide to the Recipient
a copy of document(s) containing such consent or which evidences that the relevant individual has given such
consent.
All Personal Data may be retained after Units held by you have been realised as required by applicable laws and
regulations.
You undertake to ensure that all information provided to any Recipient is true, accurate and complete and you
should contact us, the Managers, or any of our appointed agents or distributors, if there is any change to the
Personal Data provided including inter alia in the application form and subscription documents.
You may refuse to consent to the collection, use, storage, disclosure and processing of your Personal Data.
Where such refusal is made, we are entitled to reject any application to subscribe for Units and there may be
other legal consequences which are applicable as notified to you at the relevant time.
You may also, after consenting to the collection, use, storage, disclosure and processing of your Personal Data,
withdraw your consent by giving notice in writing to us, whether directly or through any of our appointed agents
or distributors. Where there is such a withdrawal of consent, there may be other legal consequences which are
applicable as notified to you at the relevant time.
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“abrdn Third Party Service Providers” includes but not limited to sub-registrars, transfer agents, auditors,
agents, contractors and third party service providers who provide administrative, mailing, data processing,
business process, human resource, information technology or other services to the Group in connection with
the operation of their business, and/or other professional service providers used in the provision of products and
services to you and you further consent to them collecting, receiving, using, storing, disclosing and processing
your Personal Data in their respective roles and capacities, where applicable.
“Citibank” means Citibank, N.A. and its branches, subsidiaries, representative offices, related corporations and
affiliates, which shall include, but is not limited to, the Trustee and/or the Custodian.
“Citi Third Party Service Providers” includes but is not limited to, trustees, registrars, transfer agents, auditors,
agents, contractors and third party service providers who provide administrative, mailing, data processing,
business process, human resource, information technology or other services to Citibank in connection with the
operation of their business, and/or other professional service providers used in the provision of products and
services to you and you further consent to them collecting, receiving, using, storing, disclosing and processing
your Personal Data in their respective roles and capacities, where applicable.
You should also consider the risks of investing in securities which are summarised in paragraph 14 of this
Prospectus before investing in the Sub-Funds.
All enquiries in relation to the Sub-Funds should be directed to us or any of our appointed agents or distributors.
abrdn Asia Limited

21 Church Street
#01-01, Capital Square Two, Singapore 049480
Website: www.abrdn.com/sg/investor
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Contents Page
Directory i
Important Information ii
1 Basic Information 1
2 The Manager 2
3 The Trustee/Custodian 5
4 The Registrar 6
5 The Auditors 6
6 The Aberdeen Standard Select Portfolio 6
7 Structure of the Sub-Funds 7
8 Investment managers and the sub-investment managers 10
9 Investment Objectives / Strategies / Policies and Focus of the Sub-Funds 11
10 Authorised Investments of the Sub-Funds 21
11 Investment approach 21
12 Sub-Funds Included under the CPFIS 22
13 Fees and Charges 23
14 Risks 25
15 Subscription of Units 34
16 Monthly Investment Plan 36
17 Realisation of Units 37
18 Switching of Units Between Sub-Funds 38
19 Obtaining Prices of Units 39
20 Liquidity Risk Management 39
21 Performance 40
22 Soft-Dollar Commissions/Arrangements 46
23 Conflicts of Interest 46
24 Reports 47
25 Other Material Information 47
26 Queries and Feedback 53
APPENDIX 1 54
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The Sub-Funds of Aberdeen Standard Select Portfolio (the “Fund”) offered in this Prospectus are authorised
schemes under the Securities and Futures Act, Chapter 289 of Singapore (“SFA”). A copy of this Prospectus
has been lodged with and registered by the Monetary Authority of Singapore (the “Authority”). The Authority
assumes no responsibility for the contents of this Prospectus. The registration of this Prospectus by the Authority
does not imply that the SFA or any other legal or regulatory requirements have been complied with. The Authority
has not, in any way, considered the investment merits of the Fund. The meanings of terms not defined in this
Prospectus can be found in the deed of trust (as amended) constituting the Fund.
1 Basic Information
1.1 Aberdeen Standard Select Portfolio
1.1.1 The Fund is a Singapore-authorised umbrella unit trust which offers a group of separate and
distinct portfolios of securities or obligations, each of which being a Sub-Fund investing in
different securities or portfolios of securities. The range of Sub-Funds will allow you to select
and allocate your assets in different investment opportunities under the Fund.
Each Sub-Fund may be separated into separate and distinct Classes of units (each a “Class”).
Please refer to paragraph 7 below for a description of the Classes of units currently offered by
the relevant Sub-Funds.
1.1.2 The Fund is currently offering units in the following Sub-Funds:

(i) Aberdeen Standard China Opportunities Fund;
(ii) Aberdeen Standard European Sustainable and Responsible Investment Equity Fund;
(iii) Aberdeen Standard Global Sustainable and Responsible Investment Equity Fund;
(iv) Aberdeen Standard Global Technology Fund;
(v) Aberdeen Standard Indonesia Equity Fund;
(vi) Aberdeen Standard Malaysian Equity Fund;
(vii) Aberdeen Standard Pacific Equity Fund;
(viii) Aberdeen Standard Singapore Equity Fund;
(ix) Aberdeen Standard Thailand Equity Fund;
(x) Aberdeen Standard India Opportunities Fund;
(xi) Aberdeen Standard Global Emerging Markets Fund; and
(xii) Aberdeen Standard Asian Smaller Companies Fund.
1.2 Date of Registration and Expiry Date of Prospectus
This Prospectus is a first replacement prospectus lodged on 3 January 2022 with the Authority pursuant
to Section 298 of the SFA. It replaces the Prospectus that was registered with the Authority on 16 April
2021. This Prospectus shall be valid for 12 months after the date of registration (i.e., up to and including
15 April 2022) and shall expire on 16 April 2022.
1.3 Trust Deed, Supplemental Deeds and Amendment Deeds
1.3.1 The Fund is constituted as a unit trust by way of a deed of trust dated 2 July 1997 (the
“Principal Deed”), as amended from time to time and by the following supplemental deeds
and amendment deeds:
(i) a First Supplemental Deed dated 14 October 1997;

(ii) a Second Supplemental Deed dated 23 February 1998;
(iii) a Third Supplemental Deed dated 13 May 1998;
(iv) a Fourth Supplemental Deed dated 6 July 1998;
(v) a Fifth Supplemental Deed dated 14 December 1998;
(vi) a Sixth Supplemental Deed dated 15 September 1999;
(vii) a Seventh Supplemental Deed dated 28 September 1999;
(viii) an Eighth Supplemental Deed dated 6 December 1999;
(ix) a Ninth Supplemental Deed dated 18 July 2000;
(x) a First Amendment Deed dated 1 June 2001;
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(xi) a Second Amendment Deed dated 31 August 2001;
(xii) a Third Amendment Deed dated 15 April 2002;
(xiii) a Fourth Amendment Deed dated 5 June 2002;
(xiv) a Fifth Amendment Deed dated 11 March 2003;
(xv) a Sixth Amendment Deed dated 9 June 2003;
(xvi) a Seventh Amendment Deed dated 30 June 2003;
(xvii) an Eighth Amendment Deed dated 18 August 2003;
(xviii) a Ninth Amendment Deed dated 3 February 2004;
(xix) a Tenth Amendment Deed dated 25 May 2004;
(xx) an Eleventh Amendment Deed dated 31 January 2005;
(xxi) a Twelfth Amendment Deed dated 3 June 2005;
(xxii) a Thirteenth Amendment Deed dated 3 July 2006;
(xxiii) a Fourteenth Amendment Deed dated 25 May 2007;
(xxiv) a Fifteenth Amendment Deed dated 25 August 2008;
(xxv) a Sixteenth Amendment Deed dated 22 May 2009;
(xxvi) a Supplemental Deed of Appointment and Retirement of Trustee dated 28 August 2009;
(xxvii) a Seventeenth Amendment Deed dated 26 April 2011;
(xxviii) an Eighteenth Amendment Deed dated 30 September 2011;
(xxix) a Nineteenth Amendment Deed dated 15 August 2014;
(xxx) a Twentieth Amendment Deed dated 19 April 2018;
(xxxi) a Twenty-First Amendment Deed dated 3 August 2018;
(xxxii) a Second Supplemental Deed of Appointment and Retirement of Trustee dated
6 September 2021; and
(xxxiii) a Twenty-Second Amendment Deed dated 8 October 2021.
1.3.2 The terms and conditions of the Principal Deed as amended by the supplemental deeds and
the amendment deeds (hereinafter referred to as the “Deed”) shall be binding on each Holder1
and persons claiming through such Holder as if such Holder had been a party to the Deed and
as if the Deed contained covenants on the part of such Holder to observe and be bound by the
provisions of the Deed and an authorisation by each Holder to do all such acts and things as
the Deed may require us and/or the Trustee to do.
1.3.3 Copies of the Principal Deed, the supplemental deeds and the amendment deeds shall be
made available for inspection free of charge, at all times during usual business hours at our
registered office at 21, Church Street, #01-01, Capital Square Two, Singapore 049480 and will
be supplied by us to any person at a charge of S$50 per copy of the document (or such other
amount as we and the Trustee may from time to time agree in writing), such charge being
payable to us.
1.4 Accounts and Reports
You may obtain the latest copies of the annual and semi-annual accounts, the auditor’s report on the
annual accounts and the annual and semi-annual reports relating to the Fund (collectively known as the
“Reports”) from us upon request, at 21, Church Street, #01-01, Capital Square Two, Singapore 049480.
2 The Manager
2.1 The Manager
We, abrdn Asia Limited, are the Managers. We are licensed and regulated by the Authority.
2.2 We, a wholly-owned subsidiary of the Aberdeen Asset Management PLC, were established in Singapore
in May 1992, as the regional headquarters to oversee all of its Asia-Pacific assets, including collective
investment schemes. We have managed collective investment schemes and discretionary accounts since
May 1992. Aberdeen Asset Management PLC is a wholly owned subsidiary of abrdn plc (abrdn plc and
its group of companies shall hereinafter be referred to collectively as the “Group”).
1
“Holder” means a holder for the time being registered in the Register as the holder of a Unit including persons
so registered as Joint Holders.
2
Our past performance is not necessarily indicative of our future performance.
In accordance with the provisions of the Deed, in the event we go into liquidation (except a voluntary
liquidation for the purpose of reconstruction or amalgamation upon terms previously approved in
writing by the Trustee provided that such approval shall not be unreasonably withheld) or if a receiver
is appointed over any of our assets or a judicial manager is appointed in respect of us or we cease to
carry on business, the Trustee may by notice in writing (i) remove us as managers of the Fund and / or
(ii) terminate the Fund. Please refer to the Deed for more details.
2.3 Our Directors
Rene Buehlmann (CEO, Asia Pacific)
Rene leads our business across Asia Pacific and joined abrdn in March 2021. He has deep experience of
leadership roles in global financial markets, including in corporate banking, wealth and asset management.
Before his appointment, Rene spent 29 years at UBS. Between 2014 and 2019 he was head of Asset
Management Asia Pacific and part of the regional UBS Group Executive Committee. He was responsible
for managing and developing the business across segments and distribution channels, as well as ensuring
engagement with clients, regulators, industry bodies and key stakeholders. In addition he was managing
and developing the global Wholesale business strategy.
He moved to Asia in 2005 to support UBS Wealth Management’s expansion in the region, heading a
number of leadership roles – including Global Head of Investment Funds and Head of Investment Products
& Services Hong Kong. In addition to his experience in Asia, he also spent four years in New York as Head
of Lending Products Americas before taking on the functional responsibility for UBS Wealth Management’s
lending products across all of its global locations out of Zurich.
Rene graduated from the TRIUM Global Executive MBA program issued by New York University, London
School of Economics and HEC Paris. He is a Swiss-certified banking expert with Federal Diploma.
Donald Roy Amstad (Director)
Donald is Global Head of Client Growth at abrdn in Singapore, which he joined in 2007.
He started his career in London at Nomura (1983-1987) before moving on to JP Morgan (1987-2001),
Bank of America (2001-2004) and JP Morgan Asset Management (2004-2007). He has over 37 years’
experience in fixed income markets and has lived in Asia for more than 20 years.
Donald holds a Bachelor of Arts (Hons) in Philosophy, Politics & Economics from Trinity College Oxford.
Ian Robert Macdonald (Director)
Ian is the Chief of Staff, Deputy Head of Asia Pacific and Head of Hong Kong at abrdn. Ian works closely
with Rene Buehlmann to support the continued development of our business in the region. Ian joined
abrdn in 2013.
In 1998, Ian qualified as a chartered accountant with Price Waterhouse in London before joining Lazard
as an M&A banker. In 2005 he moved to Hong Kong to head HSBC’s Asia Pacific private equity coverage
team. Since 2008, Ian has been based in Singapore and was formerly the Chief Executive Officer of the
emerging markets equities fund management firm, Arisaig Partners.
Ian graduated with a first class BA in Ancient History from the University of London and is a member
of the Institute of Chartered Accountants in England & Wales. He is an alumnus of Harvard Business
School (Advanced Management Program), IMD (Program for Executive Development), and INSEAD
(International Directors Programme).
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Lim Sock Hwei (Director)
Sock Hwei is Chief Financial Officer, Asia Pacific of abrdn, with overall responsibility for Finance. Sock
Hwei joined us in 2001 from Great Eastern Life, Singapore.
Sock Hwei graduated from RMIT University, Australia with a Bachelor of Accountancy degree. She is a
member of CPA Australia and Institute of Singapore Chartered Accountants.
Cheong Mei Yi Flavia (Director)
Flavia is the Head of the Asian Equities team, where, as well as sharing responsibility for company
research, she oversees regional portfolio construction.
Before joining us in 1996, she was an economist with the Investment Company of the People’s Republic
of China, and earlier with the Development Bank of Singapore.
Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland.
She is a CFA charterholder.
Terence Lim Ming Wan (Director)
Terence is the Chief Risk Officer - Asia Pacific based in abrdn’s Singapore office where he has the overall
responsibility for the Compliance and Risk functions across the Asia Pacific region.
Terence joined us in August 2016 after having spent the last decade with Macquarie Group where he
was Deputy Regional Head of Compliance, Asia and Head of Compliance, Singapore co-managing
a Compliance team of more than 60 persons for 11 jurisdictions in Asia across product lines that
included corporate finance advisory, fixed income, currencies, commodities, equities trading and fund
management. Prior to joining Macquarie, Terence was a lawyer at firms in Malaysia and Singapore.
Terence is a qualified lawyer in England and Wales, Malaysia and Singapore.
Terence obtained a law degree from the University of Leicester and has an MBA from the University of
Chicago Booth School of Business.
Tay Kheng Guet (Director)
Kheng Guet is the Head of Human Resources – Asia Pacific based in abrdn’s Singapore office. Her team
provides the full suite of HR services for all the countries in the region. Kheng Guet joined us in August
2013 from HSBC Private Bank (Suisse) SA – SEA where she was the Senior Director & Head, Human
Resources. Prior to that she was in various companies in the financial and non-financial sectors.
Kheng Guet graduated with Bachelor of Business Administration (2nd class Upper Honours) from
National University of Singapore.
Duigan Vance Michael (Director)
Vance is the Chief Operating Officer for the Asia Pacific region for abrdn, based in the Singapore office.
Vance joined us in 2017 and has over 30 years of experience in asset management and related back
office operations functions, with broad experience across the Asia Pacific region having lived and worked
in six countries in the region. He previously worked for Goldman Sachs Asset Management for 15 years
and his last held position with them was as Managing Director and Chief Administrative Officer for the
Asia Pacific region. Before that, he was the Director of Operations and Business at a Singapore-based
asset manager for 4 years and prior to that, as a Vice President with a global custodian bank based in
Australia.
Vance graduated with a Bachelor of Commerce in Accounting and Commercial Law from Auckland
University in New Zealand and is a CFA charterholder.
4
Adam John McCabe (Director)
Adam is the Head of Asian Fixed Income, Asia Pacific based in abrdn’s Singapore office. Adam joined
abrdn via the acquisition of certain asset management businesses from Credit Suisse in 2009. Adam
worked for Credit Suisse since 2001, where he was a director/investment manager responsible for the
development and implementation of its Asian currency and interest rate strategies. Before that, he was a
member of Credit Suisse’s Australian fixed income team, where he was responsible for interest rate and
currency strategies. Adam was also Head of Fixed Income for Woori Credit Suisse Asset Management,
Korea, where he was responsible for the fixed income and money market portfolio management,
investment strategy and processes.
Adam graduated with a BComm (First Class Honours and University Medal) from the University of
Sydney, Australia and a Diploma in Global Finance from the Chinese University of Hong Kong.
2.4 Our Key Executives
Cheong Mei Yi Flavia
Please refer to description under paragraph 2.3 – Our Directors.
2.5 Sub-Managers of Aberdeen Standard Global Technology Fund
Aberdeen Asset Managers Limited has been appointed as the sub-manager of Aberdeen Standard
Global Technology Fund. Aberdeen Asset Managers Limited is incorporated in Scotland and is regulated
by the Financial Conduct Authority in the United Kingdom as an investment manager entity. It manages
collective investment schemes and discretionary funds and has been doing so since 1988.
Aberdeen Asset Managers Limited shall be referred to as the “Sub-Managers”.
In the event a Sub-Manager goes into liquidation (except voluntary liquidation for the purposes of
reconstruction or amalgamation), the Manager may terminate the sub-management agreement entered
into with the relevant Sub-Manager and, in compliance with the Code (as defined hereinafter), appoint
such other entity as the new sub-manager to provide sub-management services to the Sub-Fund.
3 The Trustee/Custodian
3.1 The Trustee
The Trustee of the Fund is Citicorp Trustee (Singapore) Limited. The Trustee is an approved trustee
for unit trust schemes authorised under section 286 of the SFA and is regulated in Singapore by the
Authority.
Please refer to the Deed for details of the Trustee’s role and responsibilities. In accordance with the
provisions of the Deed, in the event that the Trustee goes into liquidation (except a voluntary liquidation
for the purpose of reconstruction or amalgamation) or if a receiver is appointed over any of its assets or
if a judicial manager is appointed in respect of the Trustee or the Trustee ceases to carry on business,
the Trustee may be removed and replaced by a new trustee whom shall be appointed by the Managers.
Please refer to the Deed for more details.
3.2 The Custodian
The Custodian for the Fund is Citibank, N.A., Singapore Branch, a banking association organised under
the laws of the United States of America (the “Custodian”). The Custodian is appointed to act as global
custodian of the Fund. The Custodian is a bank licensed under the Banking Act, Chapter 19 of Singapore
and is subject to the supervision of the Authority. As a licensed bank in Singapore, the Custodian is
exempt from obtaining a capital markets services licence in relation to the provision of custodial services
for securities. Citibank, N.A. is a wholly owned subsidiary of Citigroup Inc. (“Citigroup”).
5
In providing custodial services, the Custodian will tap into Citigroup’s global network of sub-custodians.
Generally, assets in Singapore are held by the Custodian or its nominees on behalf of the Sub-Funds,
and assets in other countries are held by the sub-custodian(s) operating in the respective countries. The
majority of the sub-custodians are subsidiaries, branches and affiliates of Citigroup subject to Citigroup’s
supervision and governance. Citigroup has in place processes dealing with the selection and ongoing
monitoring of sub-custodians. The criteria for selection of sub-custodian(s) may change from time to time
and may include factors such as financial strength, market reputation, systems capability, and operational
and technical expertise. All sub-custodians shall be licensed, authorised or registered under applicable
law to carry out the relevant custodial services.
The duties and responsibilities of the Custodian are set out in the global custody services agreement
between the Trustee and the Custodian. These duties include the establishment and maintenance
of custodial accounts in which the Deposited Property of the Sub-Funds will be deposited, and the
segregation of the assets of customers from the proprietary assets of the Custodian or any sub-custodian.
4 The Registrar
The registrar for the Fund is the Trustee (the “Registrar”). The Trustee has delegated its duties as the
Registrar to us, who have in turn appointed RBC Investor Services Trust Singapore Limited as the sub-
registrar of the Fund (the “Sub-Registrar”).
The register of Holders of the Fund (the “Register”) is kept and maintained at the office of the Sub-Registrar
at 8 Marina View #26-01 Asia Square Tower 1, Singapore 018960. Except when it is closed for inspection, the
Register is accessible to any Holder during normal business hours (subject to such reasonable restrictions
as the Sub-Registrar may impose).
The Register shall be conclusive evidence as to the persons respectively entitled to the units of any Sub-
Fund or class of Sub-Fund (collectively the “Units” and each a “Unit”) entered therein and no notice of any
trust, expressed, implied or constructive shall be entered on the Register in respect of any Unit. In the event
of discrepancies, the entries in the Register shall prevail unless the Holder proves, to our satisfaction and
the satisfaction of the Trustee, that the Register is incorrect.
5 The Auditors
The Auditors of the Fund are KPMG LLP.
6 The Aberdeen Standard Select Portfolio
Why invest in unit trusts?
People invest in unit trusts for different reasons, but commonly to accrue long-term gains, perhaps as
provisioning for anticipated expenses or to generate an income in retirement. It is usually important
however to have some grasp of the kind of return to be expected and an appropriate time horizon before
committing to an investment. The risk/reward trade-off will depend on the Sub-Fund and the type of
investments it holds.
Advantages of investing in the Aberdeen Standard Select Portfolio
Choice
The Aberdeen Standard Select Portfolio range includes diverse single country, regional and global Sub-
Funds, of which there are 12 in all. Each has a different risk-return profile, enabling you to choose a Sub-
Fund that is appropriate to your investment objectives and constraints. You should note that there are no
capital protections or guarantees offered in respect of the Sub-Funds.
6
Ease of switching
You can switch easily between Sub-Funds should investment requirements or market movements
necessitate portfolio rebalancing with a switching fee of only 1%. Switching, subject to certain terms and
conditions, can be made as often as required. Further information on the terms and conditions relating to
switching between the Sub-Funds may be obtained from us or the relevant distributors.
Transparent charging structure
The Aberdeen Standard Select Portfolio has a transparent charging structure. There is no double charging
of management fees where a Sub-Fund feeds into another fund whether domiciled offshore or onshore.
Low cost of access generally
The cost of accessing our Sub-Funds is generally low. You can start with a lump sum investment in any
Sub-Fund at only S$1,000 in any single Sub-Fund or, in the case of the monthly investment plan scheme,
for as little as S$100 monthly for Central Provident Fund (“CPF”)(in respect of Sub-Funds which are
included under the CPF Investment Scheme), Supplementary Retirement Scheme (“SRS”) and cash
subscriptions via GIRO.
Please see paragraph 16 for more information on monthly investment plans.
Client communication
Prices are updated daily on our website or selected distributors’ websites.
You should note that unit trusts are generally used for long-term investment hence market timing
is less crucial as compared to shorter term investments. You should be aware of the inherent
risks of investing (Please see paragraph 14 below) and seek professional advice before investing.
7 Structure of the Sub-Funds
The Sub-Funds offered in this Prospectus are sub-funds of a Singapore-authorised open-ended umbrella
unit trust with no fixed duration.
We are currently offering the following Classes in respect of the Sub-Funds:
SGD Hedged
Fund Name SGD Class USD Class USD Class I
Class
Aberdeen Standard China Opportunities
√ Nil Nil Nil
Fund
Aberdeen Standard European
Sustainable and Responsible Investment √ Nil Nil Nil
Equity Fund
Aberdeen Standard Global Sustainable
√ Nil Nil Nil
and Responsible Investment Equity Fund
Aberdeen Standard Global Technology
√ Nil Nil Nil
Fund
Aberdeen Standard Indonesia Equity
√ √ Nil Nil
Fund
Aberdeen Standard Malaysian Equity
√ Nil Nil Nil
Fund
Aberdeen Standard Pacific Equity Fund √ √ Nil Nil
Aberdeen Standard Singapore Equity
√ Nil Nil Nil
Fund
7
SGD Hedged
Fund Name SGD Class USD Class USD Class I
Class
Aberdeen Standard Thailand Equity
√ Nil Nil Nil
Fund
Aberdeen Standard India Opportunities
√ Nil Nil Nil
Fund
Aberdeen Standard Global Emerging
√ Nil Nil Nil
Markets Fund
Aberdeen Standard Asian Smaller
√ Nil Nil Nil
Companies
The aim of certain currency hedged classes as set out in the table above (the “Hedged Classes”) is to
minimise the foreign currency exchange risk between the relevant currency pair (“Hedged Currency”
and “Target Currency” as these terms are defined below) through the use of forward foreign exchange
contracts. The forward foreign exchange contract would lock in a fixed rate between the currency pair
and has thus “hedged” against the risk of a potential decline in value in the Target Currency relative to
the Hedged Currency. You should be mindful that the hedging mechanism will only operate between the
Hedged Currency and the Target Currency, and that the Sub-Fund in which they invest may be exposed
to currencies other than just the Target Currency.
Where undertaken, the effects of this hedging will be reflected in the Net Asset Value and, therefore, in
the performance of the Hedged Class. Similarly, any expenses arising from such hedging transactions
will be borne by the relevant Hedged Class to the extent permitted under the Deed.
Units of the SGD Class for the aforementioned Sub-Funds and the Units of all other Sub-Funds that are
not currently offering any separate classes of Units shall be referred to as “SGD Class Units”. Units of
the USD Class for the abovementioned Sub-Funds shall be referred to as “USD Class Units”, and Units
of the USD Class I for the abovementioned Sub-Funds shall be referred to as “USD Class I Units”. Units
of the SGD Hedged Class for the for the abovementioned Sub-Funds (if any) shall be referred to as “SGD
Hedged Class Units”.
You should note that the USD Class Units and the USD Class I Units may be subject to foreign exchange
risk and currency conversion costs (as disclosed in paragraph 14.1.1 (F)) and that you may pay for USD
Class Units and USD Class I Units only with cash and may not pay for USD Class Units and USD Class I
Units using monies from your CPF or SRS accounts (as disclosed in paragraph 15.1.3). You should note
also that USD Class Units and USD Class I Units are subject to different minimum initial subscription
amounts, minimum subsequent subscription amounts (both as disclosed in paragraph 15.2), minimum
holding amounts and minimum realisation amounts (both as disclosed in paragraph 17.2). Also the
monthly investment plan is not available in respect of the USD Class Units and the USD Class I Units
(as disclosed in paragraph 16.4) and you are subject to different switching requirements for USD Class
Units and USD Class I Units (as disclosed in paragraphs 18.2 and 18.3 respectively). The indicative
issue and realisation prices of USD Class Units and USD Class I Units will be in US dollars (as disclosed
in paragraph 19). In addition, a separate Net Asset Value per Unit, which may differ as a consequence of
the aforesaid variable factors, will be calculated for each Class.
We reserve the discretion to create and offer USD Class I Units in respect of any other Sub-Fund from
time to time and you should contact us for details on the Sub-Funds which offer USD Class I Units
at any relevant point. Any such USD Class I Units created from time to time shall share the same
characteristics as the existing USD Class I Units, save that the annual management fee may vary (as
disclosed in paragraph 13). USD Class I Units are only available to investors that we have approved and
such approved investors may include, without limitation, institutional investors, distribution partners and
organisations which provide fee based investment advisory services to underlying investors. You may
contact us for further details on such approved investors. Such new USD Class I Units shall be offered
at such initial offer period and initial offer price as may be determined by us at the time of establishment
of such Class.
8
“Net Asset Value per Unit” in relation to each Sub-Fund means the value of all assets of the Sub-Fund
less liabilities as further determined in accordance with the provisions of the Deed, in particular, Clause
13 (C) of the Deed.
Each Sub-Fund is invested either as a direct investment vehicle or a feeder fund into other sub-fund(s)
or fund(s) (referred hereinafter as the “Underlying Funds” or each an “Underlying Fund”) as we may
from time to time determine.
At present, the Sub-Funds and their respective Underlying Funds (where applicable) are as follows:
Country of domicile of
Sub-Fund Underlying Fund
Underlying Fund
• Aberdeen Standard
SICAV I – All China Equity
Aberdeen Standard China
1. Fund Grand Duchy of Luxembourg
Opportunities Fund
(a sub-fund of Aberdeen
Standard SICAV I)
SICAV I – European
Aberdeen Standard European Sustainable and
2. Sustainable and Responsible Responsible Investment Grand Duchy of Luxembourg
Investment Equity Fund Equity Fund
Standard SICAV I)
Aberdeen Standard Global N.A. (Direct investment
3. N.A.
Technology Fund vehicle)
SICAV I – Global
Aberdeen Standard Global Sustainable and
4. Sustainable and Responsible Responsible Investment Grand Duchy of Luxembourg
Investment Equity Fund Equity Fund
Standard SICAV I)
Aberdeen Standard Indonesia N.A. (Direct investment
5. N.A.
Equity Fund vehicle)
Aberdeen Standard Malaysian N.A. (Direct investment
6. N.A.
• Aberdeen Standard China
Opportunities Fund Singapore
Indonesia Equity Fund
Aberdeen Standard Pacific Malaysian Equity Fund
Equity Fund • Aberdeen Standard
(Please note that this Sub- Singapore Equity Fund
7.
Fund is also a direct investment • Aberdeen Standard
vehicle investing directly in Thailand Equity Fund
equities) (Sub-Funds of the Fund)
SICAV I – Indian Equity
Fund
(a sub-fund of Aberdeen Grand Duchy of Luxembourg
Standard SICAV I)
Aberdeen Standard Singapore N.A. (Direct investment
8. N.A.
9
Country of domicile of
Sub-Fund Underlying Fund
Underlying Fund
Aberdeen Standard Thailand N.A. (Direct investment
9. N.A.
SICAV I – Indian Equity
Aberdeen Standard India
10. Fund Grand Duchy of Luxembourg
Opportunities Fund
Standard SICAV I)
SICAV I – Emerging
Aberdeen Standard Global
11. Markets Equity Fund Grand Duchy of Luxembourg
Emerging Markets Fund
Standard SICAV I)
SICAV I – Asian Smaller
Aberdeen Standard Asian
12. Companies Fund Grand Duchy of Luxembourg
Smaller Companies Fund
Standard SICAV I)
Aberdeen Standard SICAV I was incorporated on 25 February 1988 as a société anonyme under the laws
of the Grand Duchy of Luxembourg and qualifies as an open-ended société d’investissement à capital
variable (“SICAV”). Aberdeen Standard SICAV I is authorised as an undertaking for collective investment
in transferable securities under the Luxembourg law dated 17 December 2010 on undertakings for
collective investments, as may be amended (“UCITS”). On 11 February 2019, its name was changed
from Aberdeen Global to Aberdeen Standard SICAV I.
8 Investment managers and the sub-investment managers
8.1 The investment managers and the sub-investment managers of the Underlying Funds (hereinafter
“Investment Managers” and “Sub-Investment Managers” respectively) into which the Sub-Funds
invest are as follows:
Underlying Funds Investment Managers Sub-Investment Managers

Aberdeen Standard SICAV I –
Indian Equity Fund Aberdeen Asset Managers
abrdn Asia Limited
(A sub-fund of Aberdeen Limited
Standard SICAV I)
Aberdeen Asset Managers
All China Equity Fund
Limited and abrdn Hong Kong abrdn Asia Limited
(A sub-fund of Aberdeen
Limited
Standard SICAV I)
European Sustainable and
Responsible Investment Equity Aberdeen Asset Managers
-
Fund Limited
Standard SICAV I)
Global Sustainable and
Responsible Investment Equity Aberdeen Asset Managers
-
Fund Limited
Standard SICAV I)
10
Underlying Funds Investment Managers Sub-Investment Managers
Emerging Markets Equity Fund Aberdeen Asset Managers
abrdn Asia Limited
Standard SICAV I)
Asian Smaller Companies Fund Aberdeen Asset Managers
abrdn Asia Limited
Standard SICAV I)
8.2 Aberdeen Standard Investments Luxembourg S.A. (the “Management Company”) is the management
company of the sub-funds of Aberdeen Standard SICAV I. The Management Company was incorporated
in the form of a société anonyme under the laws of the Grand Duchy of Luxembourg on 5 October 2006
for an unlimited duration and is a subsidiary of Aberdeen Asset Management PLC. Aberdeen Asset
Management PLC is a wholly owned subsidiary of abrdn plc. It is approved as a UCITS management
company regulated by the Luxembourg law dated 17 December 2010 on undertakings for collective
investment, as may be amended. It is regulated by the Commission de Surveillance du Secteur Financier
(“CSSF”) and has managed collective investment schemes since 2009.
The Management Company has delegated the investment management services of the sub-funds of
Aberdeen Standard SICAV I to the Investment Managers and Sub-Investment Managers as set out in
the table above.
abrdn Hong Kong Limited is a limited liability company incorporated in Hong Kong on 8 January 1985
which is regulated by the Securities and Futures Commission. It manages collective investment schemes
and/or discretionary accounts and has been doing so since 1985.
Aberdeen Asset Managers Limited is incorporated in Scotland and is regulated by the Financial Conduct
Authority in the United Kingdom as an investment manager entity. It manages collective investment
schemes and/or discretionary accounts and has been doing so since 1988.
9 Investment Objectives / Strategies / Policies and Focus of the Sub-Funds
9.1 Country Sub-Funds
9.1.1 Aberdeen Standard China Opportunities Fund
The Aberdeen Standard China Opportunities Fund aims to provide capital growth by investing
all or substantially all of its assets in the Aberdeen Standard SICAV I – All China Equity Fund,
a sub-fund of the Luxembourg-registered Aberdeen Standard SICAV I Fund range (“Aberdeen
Standard SICAV I”). Aberdeen Standard SICAV I – All China Equity Fund invests at least two-
thirds of its assets in equities and equity-related securities of companies with their registered
office in China; and/or, of companies which have the preponderance of their business activities
in China; and/or, of holding companies that have the preponderance of their assets in companies
with their registered office in China.
Aberdeen Standard SICAV I – All China Equity Fund may invest up to 100% of its net assets
in Mainland China equity and equity-related securities through the Shanghai-Hong Kong and
Shenzhen-Hong Kong Stock Connect programme or by any other available means, a 30% limit
applies to QFI2 regime.
The Aberdeen Standard SICAV I – All China Equity Fund is actively managed.
2
Qualified foreign investor(s) (including, if applicable, qualified foreign institutional investors (“QFII”) and
Renminbi qualified foreign institutional investors (“RQFII”)), as defined under laws and regulations governing
the establishment and operation of the qualified foreign institutional investors regime in the PRC.
11
The Aberdeen Standard SICAV I – All China Equity Fund aims to outperform the MSCI China
All Shares Index (USD) benchmark before charges. The benchmark is also used as a reference
point for portfolio construction and as a basis for setting risk constraints.
In order to achieve its objective, the Aberdeen Standard SICAV I – All China Equity Fund will
take positions whose weightings diverge from the benchmark or invest in securities which are
not included in the benchmark. The investments of the Aberdeen Standard SICAV I – All China
Equity Fund may deviate significantly from the components of and their respective weightings in
the benchmark. Due to the active nature of the management process, the Aberdeen Standard
SICAV I – All China Equity Fund’s performance profile may deviate significantly from that of the
benchmark over the longer term.
9.1.2 Aberdeen Standard Indonesia Equity Fund
The Aberdeen Standard Indonesia Equity Fund aims to generate capital growth over the medium
to long term by investing in Indonesia equities (company shares).
The Aberdeen Standard Indonesia Equity Fund aims to outperform the Jakarta Composite Index
before charges. The benchmark is also used as a reference point for portfolio construction and
as a basis for setting risk constraints.
The Aberdeen Standard Indonesia Equity Fund is actively managed.
The Aberdeen Standard Indonesia Equity Fund invests in equities and equity related securities of
companies or institutions domiciled in, operating principally from, or deriving significant revenue
from, Indonesia.
The Aberdeen Standard Indonesia Equity Fund may also invest in other Authorised Investments,
including but not limited to funds (including those managed by abrdn) and money-market
instruments which invest in securities of companies or institutions domiciled in, operating
principally from, or deriving significant revenue from, Indonesia, and cash.
The management team use their discretion (active management) to maintain a diverse asset mix
at country, sector and stock level.
Their primary focus is on stock selection using research techniques to select individual holdings.
The research process is focused on finding high quality companies at attractive valuations that
can be held for the long term.
In order to achieve its objective, the Aberdeen Standard Indonesia Equity Fund will take positions
whose weightings diverge from the benchmark or invest in securities which are not included in
the benchmark. The investments of the Aberdeen Standard Indonesia Equity Fund may deviate
significantly from the components of and their respective weightings in the benchmark. Due to
the active nature of the management process, the Aberdeen Standard Indonesia Equity Fund’s
performance profile may deviate significantly from that of the benchmark over the longer term.
The Aberdeen Standard Indonesia Equity Fund may use derivatives to reduce risk, reduce cost
and/or generate additional income or growth consistent with the risk profile of the fund (often
referred to as “efficient portfolio management”).
Derivative usage in the Aberdeen Standard Indonesia Equity Fund is expected to be very
limited. Where derivatives are used, this would mainly be in response to significant inflows
into the Aberdeen Standard Indonesia Equity Fund so that in these instances, cash can be
invested while maintaining the Aberdeen Standard Indonesia Equity Fund’s existing allocations
to company shares.
12
9.1.3 Aberdeen Standard Malaysian Equity Fund
The Aberdeen Standard Malaysian Equity Fund aims to generate capital growth over the medium
to long term by investing in Malaysia equities (company shares).
The Aberdeen Standard Malaysian Equity Fund aims to outperform the FTSE Bursa Malaysia
KLCI before charges. The benchmark is also used as a reference point for portfolio construction
and as a basis for setting risk constraints.
The Aberdeen Standard Malaysian Equity Fund is actively managed.
The Aberdeen Standard Malaysian Equity Fund invests in equities and equity related securities
of companies or institutions domiciled in, operating principally from, or deriving significant
revenue from, Malaysia.
The Aberdeen Standard Malaysian Equity Fund may also invest in other Authorised Investments,
principally from, or deriving significant revenue from, Malaysia, and cash.
In order to achieve its objective, the Aberdeen Standard Malaysian Equity Fund will take positions
the benchmark. The investments of the Aberdeen Standard Malaysian Equity Fund may deviate
the active nature of the management process, the Aberdeen Standard Malaysian Equity Fund’s
The Aberdeen Standard Malaysian Equity Fund may use derivatives to reduce risk, reduce cost
Derivative usage in the Aberdeen Standard Malaysian Equity Fund is expected to be very
into the Aberdeen Standard Malaysian Equity Fund so that in these instances, cash can be
invested while maintaining the Aberdeen Standard Malaysian Equity Fund’s existing allocations
to company shares.
9.1.4 Aberdeen Standard Singapore Equity Fund
The Aberdeen Standard Singapore Equity Fund aims to generate capital growth over the medium
to long term by investing in Singapore equities (company shares).
The Aberdeen Standard Singapore Equity Fund aims to outperform the Straits Times Index
before charges. The benchmark is also used as a reference point for portfolio construction and
as a basis for setting risk constraints.
The Aberdeen Standard Singapore Equity Fund is actively managed.
The Aberdeen Standard Singapore Equity Fund invests in equities and equity related securities
of companies or institutions domiciled in, operating from, or deriving significant revenue from,
Singapore.
13
The Aberdeen Standard Singapore Equity Fund may also invest in other Authorised Investments,
principally from, or deriving significant revenue from, Singapore, and cash.
In order to achieve its objective, the Aberdeen Standard Singapore Equity Fund will take positions
the benchmark. The investments of the Aberdeen Standard Singapore Equity Fund may deviate
the active nature of the management process, the Aberdeen Standard Singapore Equity Fund’s
The Aberdeen Standard Singapore Equity Fund may use derivatives to reduce risk, reduce cost
Derivative usage in the Aberdeen Standard Singapore Equity Fund is expected to be very
into the Aberdeen Standard Singapore Equity Fund so that in these instances, cash can be
invested while maintaining the Aberdeen Standard Singapore Equity Fund’s existing allocations
to company shares.
9.1.5 Aberdeen Standard Thailand Equity Fund
The Aberdeen Standard Thailand Equity Fund aims to generate capital growth over the medium
to long term by investing in Thailand equities (company shares).
The Aberdeen Standard Thailand Equity Fund aims to outperform the Thailand SET before
charges. The benchmark is also used as a reference point for portfolio construction and as a
basis for setting risk constraints.
The Aberdeen Standard Thailand Equity Fund is actively managed.
The Aberdeen Standard Thailand Equity Fund invests in equities and equity related securities of
companies or institutions domiciled in, operating primarily from, or deriving significant revenue
from, Thailand.
The Aberdeen Standard Thailand Equity Fund may also invest in other Authorised Investments,
principally from, or deriving significant revenue from, Thailand, and cash.
In order to achieve its objective, the Aberdeen Standard Thailand Equity Fund will take positions
the benchmark. The investments of the Aberdeen Standard Thailand Equity Fund may deviate
14
the active nature of the management process, the Aberdeen Standard Thailand Equity Fund’s
The Aberdeen Standard Thailand Equity Fund may use derivatives to reduce risk, reduce cost
Derivative usage in the Aberdeen Standard Thailand Equity Fund is expected to be very limited.
Where derivatives are used, this would mainly be in response to significant inflows into the
Aberdeen Standard Thailand Equity Fund so that in these instances, cash can be invested while
maintaining the Aberdeen Standard Thailand Equity Fund’s existing allocations to company
shares.
9.1.6 Aberdeen Standard India Opportunities Fund
The Aberdeen Standard India Opportunities Fund aims to achieve long term capital growth
by investing all or substantially all of its assets in the Aberdeen Standard SICAV I – Indian
Equity Fund, a sub-fund of the Luxembourg-registered Aberdeen Standard SICAV I. Aberdeen
Standard SICAV I – Indian Equity Fund invests at least two-thirds of its assets in equities and
equity-related securities of companies with their registered office in India; and/ or, of companies
which have the preponderance of their business activities in India; and/or, of holding companies
that have the preponderance of their assets in companies with their registered office in India.3
The Aberdeen Standard SICAV I – Indian Equity Fund is actively managed.
The Aberdeen Standard SICAV I – Indian Equity Fund aims to outperform the MSCI India Index
(USD) benchmark before charges. The benchmark is also used as a reference point for portfolio
construction and as a basis for setting risk constraints.
In order to achieve its objective, the Aberdeen Standard SICAV I – Indian Equity Fund will
take positions whose weightings diverge from the benchmark or invest in securities which are
not included in the benchmark. The investments of the Aberdeen Standard SICAV I – Indian
Equity Fund may deviate significantly from the components of and their respective weightings in
the benchmark. Due to the active nature of the management process, the Aberdeen Standard
SICAV I – Indian Equity Fund’s performance profile may deviate significantly from that of the
9.2 Regional Sub-Funds
9.2.1 Aberdeen Standard European Sustainable and Responsible Investment Equity Fund
The Aberdeen Standard European Sustainable and Responsible Investment Equity Fund aims
to provide long-term total return from European (including UK) equities and equity-related
securities through investing all or substantially all of its assets in the Aberdeen Standard SICAV
I – European Sustainable and Responsible Investment Equity Fund, a sub-fund of Luxembourg-
registered Aberdeen Standard SICAV I.
The Aberdeen Standard SICAV I – European Sustainable and Responsible Investment Equity
Fund invests at least 90% of its assets in equities and equity-related securities of companies
listed, incorporated or domiciled in Europe, or companies that derive a significant proportion
of their revenues or profits from European operations, or have a significant proportion of their
assets there.
Fund promotes environmental or social characteristics but does not have a sustainable
investment objective.
3
Aberdeen Standard SICAV I – Indian Equity Fund, into which the Aberdeen Standard India Opportunities Fund
feeds, invests in India via a Mauritian subsidiary. You should refer to paragraph 14.4 for further information on
the Mauritian subsidiary.
15
Investment in all equity and equity-related securities will follow abrdn’s “Sustainable and
Responsible Investment Equity Approach”.
This approach utilises our equity investment process, where every company that we invest in
is given an overall quality rating and a component of this is the ESG (as defined hereinafter)
quality rating which enables portfolio managers to identify sustainable leaders and improvers.
To complement this research, we use our abrdn ESG House Score to identify and exclude those
companies exposed to the highest ESG risks within high and medium risk sectors. Engagement
with company management teams is a part of our investment process and ongoing stewardship
programme. Our process evaluates the ownership structures, governance and management
quality of the companies.
In addition, we apply a set of company exclusions which are related to the United Nations Global
Compact, Tobacco Manufacturing, Norges Bank Investment Management (NBIM), Thermal Coal,
Gambling, Oil & Gas, Carbon Emission and Weapons. Details of how we apply our exclusions
list is captured within our Sustainable and Responsible Investment Equity Approach, which is
published at www.abrdn.com under “Responsible Investing”.
The portfolio construction and Sustainable and Responsible Investment Equity Approach
reduces the benchmark investable universe by a minimum of 20%.
To complement the Sustainable and Responsible Investment Equity Approach when building the
portfolio, we will target a lower carbon footprint compared to the benchmark as measured by the
abrdn Carbon Footprint tool.
Fund is actively managed.
Fund aims to outperform the FTSE World Europe Index (EUR) benchmark before charges. The
benchmark is also used as a reference point for portfolio construction, as a basis for setting risk
constraints and does not have any sustainable factors.
In order to achieve its objective, the Aberdeen Standard SICAV I – European Sustainable
and Responsible Investment Equity Fund will take positions whose weightings diverge from
the benchmark and may invest in securities which are not included in the benchmark. The
investments of the Aberdeen Standard SICAV I – European Sustainable and Responsible
Investment Equity Fund may deviate significantly from the components of and their respective
weightings in the benchmark. Due to the active and sustainable nature of the management
process, the Aberdeen Standard SICAV I – European Sustainable and Responsible Investment
Equity Fund’s performance profile may deviate significantly from that of the benchmark.
Fund may utilise financial derivative instruments for hedging and/or investment purposes, or
to manage foreign exchange risks, subject to the conditions and within the limits laid down by
applicable laws and regulations.
The use of derivatives for hedging and/or investment purposes is expected to be very limited,
mainly in those cases where there are significant inflows into the Aberdeen Standard SICAV I –
European Sustainable and Responsible Investment Equity Fund so that cash can be invested
while the Aberdeen Standard SICAV I – European Sustainable and Responsible Investment
Equity Fund’s investments in equity and equity related securities is maintained. These derivatives
may not adhere to the Sustainable and Responsible Investment Equity Approach and the other
stock selection criteria outlined above.
16
9.2.2 Aberdeen Standard Pacific Equity Fund
The Aberdeen Standard Pacific Equity Fund aims to generate capital growth over the medium to
long term by investing in Asia Pacific equities excluding Japan (company shares).
The Aberdeen Standard Pacific Equity Fund aims to outperform the MSCI AC Asia Pacific ex
Japan Index before charges. The benchmark is also used as a reference point for portfolio
construction and as a basis for setting risk constraints.
The Aberdeen Standard Pacific Equity Fund is actively managed.
The Aberdeen Standard Pacific Equity Fund invests in equities and equity related securities of
companies or institutions domiciled in, operating principally from, or deriving significant revenue
from, Asia Pacific region excluding Japan, and in the equity-based Asia Pacific Sub-Funds of
the Fund, namely the Aberdeen Standard China Opportunities Fund, the Aberdeen Standard
Malaysian Equity Fund, Aberdeen Standard Indonesia Equity Fund, the Aberdeen Standard
Singapore Equity Fund and the Aberdeen Standard Thailand Equity Fund, and invests up to
10% of its deposited property in the Aberdeen Standard SICAV I – Indian Equity Fund, a sub-
fund of the Luxembourg-registered Aberdeen Standard SICAV I.
The Aberdeen Standard Pacific Equity Fund may also invest in other Authorised Investments,
principally from, or deriving significant revenue from, the Asia-Pacific region excluding Japan,
and cash.
In order to achieve its objective, the Aberdeen Standard Pacific Equity Fund will take positions
the benchmark. The investments of the Aberdeen Standard Pacific Equity Fund may deviate
the active nature of the management process, the Aberdeen Standard Pacific Equity Fund’s
The Aberdeen Standard Pacific Equity Fund may use derivatives to reduce risk, reduce cost
Derivative usage in the Aberdeen Standard Pacific Equity Fund is expected to be very limited.
Where derivatives are used, this would mainly be in response to significant inflows into the
Aberdeen Standard Pacific Equity Fund so that in these instances, cash can be invested while
maintaining the Aberdeen Standard Pacific Equity Fund’s existing allocations to company shares.
9.2.3 Aberdeen Standard Asian Smaller Companies Fund
The Aberdeen Standard Asian Smaller Companies Fund aims to provide long-term total return
through investing all or substantially all of its assets in the Aberdeen Standard SICAV I – Asian
Smaller Companies Fund, a sub-fund of the Luxembourg-registered Aberdeen Standard SICAV I.
The Aberdeen Standard SICAV I – Asian Smaller Companies Fund invests at least two-thirds
of its assets in equities and equity-related securities of Smaller Companies with their registered
office in an Asia Pacific (excluding Japan) country; and/or, of Smaller Companies which have the
preponderance of their business activities in an Asia Pacific country (excluding Japan); and/or, of
17
holding companies that have the preponderance of their assets in Smaller Companies with their
registered office in an Asia Pacific country (excluding Japan).
The Aberdeen Standard SICAV I – Asian Smaller Companies Fund may invest up to 30% of
its net assets in Mainland China equity and equity-related securities, although only up to 20%
of its net assets may be invested directly through QFI regime, the Shanghai-Hong Kong and
Shenzhen-Hong Kong Stock Connect programme or by any other available means.
The Aberdeen Standard SICAV I – Asian Smaller Companies Fund is actively managed.
The Aberdeen Standard SICAV I – Asian Smaller Companies Fund aims to outperform the MSCI
AC Asia Pacific ex Japan Small Cap Index (USD) benchmark before charges.
The benchmark is also used as a reference point for portfolio construction and as a basis for
setting risk constraints.
In order to achieve its objective, the Aberdeen Standard SICAV I – Asian Smaller Companies
Fund will take positions whose weightings diverge from the benchmark or invest in securities
which are not included in the benchmark. The investments of the Aberdeen Standard SICAV
I – Asian Smaller Companies Fund may deviate significantly from the components of and their
respective weightings in the benchmark. Due to the active nature of the management process,
the Aberdeen Standard SICAV I – Asian Smaller Companies Fund’s performance profile may
deviate significantly from that of the benchmark over the longer term.
“Smaller Companies” are defined as companies with a market capitalisation as at the date of
investment, of under US$5 billion.
9.3 Global Sub-Funds
9.3.1 Aberdeen Standard Global Sustainable and Responsible Investment Equity Fund
The Aberdeen Standard Global Sustainable and Responsible Investment Equity Fund aims to
provide long-term total return from an internationally diversified portfolio of securities through
investing all or substantially all of its assets in the Aberdeen Standard SICAV I – Global
Sustainable and Responsible Investment Equity Fund, a sub-fund of Luxembourg-registered
Aberdeen Standard SICAV I, which will invest at least two-thirds of its assets in equities or equity-
related securities of companies listed on global stock exchanges including Emerging Markets.
The Aberdeen Standard SICAV I – Global Sustainable and Responsible Investment Equity Fund
may invest up to 10% of its net assets in Mainland China equity and equity-related securities
including through the Shanghai-Hong Kong and Shenzhen- Hong Kong Stock Connect
programme or by any other available means.
promotes environmental or social characteristics but does not have a sustainable investment
objective.
Investment in all equity and equity-related securities will follow abrdn’s “Sustainable and
Responsible Investment Equity Approach”.
This approach utilities our equity investment process, where every company that we invest
in is given an overall quality rating and a component of this is the ESG (as defined below)
quality rating which enables portfolio managers to identify sustainable leaders and improvers.
To complement this research, we use our abrdn ESG House Score to identify and exclude those
companies exposed to the highest ESG risks within high and medium risk sectors. Engagement
with company management teams is a part of our investment process and ongoing stewardship
programme. Our process evaluates the ownership structures, governance and management
quality of the companies.
18
In addition, we apply a set of company exclusions which are related to the United Nations Global
Compact, Tobacco Manufacturing, Norges Bank Investment Management (NBIM), Thermal Coal,
Gambling, Oil & Gas, Carbon Emission and Weapons. Details of how we apply our exclusions
list is captured within our Sustainable and Responsible Investment Equity Approach, which is
published at www.abrdn.com under “Responsible Investing”.
The portfolio construction and Sustainable and Responsible Investment Equity Approach
reduces the benchmark investable universe by a minimum of 20%.
To complement the Sustainable and Responsible Investment Equity Approach when building the
portfolio we will target a lower carbon footprint compared to the benchmark as measured by the
abrdn Carbon Footprint tool.
is actively managed.
aims to outperform the MSCI AC World Index before charges. The benchmark is also used as
a reference point for portfolio construction, as a basis for setting risk constraints and does not
have any sustainability factors.
In order to achieve its objective, the Aberdeen Standard SICAV I – Global Sustainable and
Responsible Investment Equity Fund will take positions whose weightings diverge from the
benchmark or invest in securities which are not included in the benchmark. The investments
of the Aberdeen Standard SICAV I – Global Sustainable and Responsible Investment Equity
Fund may deviate significantly from the components of and their respective weightings in the
benchmark. Due to the active and sustainable nature of the management process, the Aberdeen
Standard SICAV I – Global Sustainable and Responsible Investment Equity Fund’s performance
profile may deviate significantly from that of the benchmark over the longer term.
The Aberdeen Standard SICAV I – Global Sustainable and Responsible Investment Equity
Fund may utilise financial derivative instruments for hedging and/or investment purposes, or
to manage foreign exchange risks, subject to the conditions and within the limits laid down by
applicable laws and regulations.
The use of derivatives for hedging and/or investment purposes is expected to be very limited,
mainly in those cases where there are significant inflows into the Aberdeen Standard SICAV
I – Global Sustainable and Responsible Investment Equity Fund so that cash can be invested
while the Aberdeen Standard SICAV I – Global Sustainable and Responsible Investment Equity
Fund’s investments in equity and equity related securities is maintained. These derivatives may
not adhere to the Sustainable and Responsible Investment Equity Approach and the other stock
selection criteria outlined above.
“Emerging Market” shall mean any country that is included in the MSCI Emerging Markets
series of indices or FTSE Emerging Markets series of indices or JP Morgan Emerging Market
series of indices (or composites thereof or any successor series) or any country classified by the
World Bank as a low to upper middle income country.
9.3.2 Aberdeen Standard Global Technology Fund
The Aberdeen Standard Global Technology Fund aims to generate capital growth over the
medium to long term by investing in global technology equities (company shares).
The Aberdeen Standard Global Technology Fund aims to outperform the MSCI AC World
Information Technology before charges. The benchmark is also used as a reference point for
portfolio construction and as a basis for setting risk constraints.
The Aberdeen Standard Global Technology Fund is actively managed.
19
The Aberdeen Standard Global Technology Fund invests in equities and equity related securities
of companies or institutions involved in high technology industries anywhere in the world.
In order to achieve its objective, the Aberdeen Standard Global Technology Fund will take
positions whose weightings diverge from the benchmark or invest in securities which are not
included in the benchmark. The investments of the Aberdeen Standard Global Technology
Fund may deviate significantly from the components of and their respective weightings in the
benchmark. Due to the active nature of the management process, the Aberdeen Standard Global
Technology Fund’s performance profile may deviate significantly from that of the benchmark
over the longer term.
The Aberdeen Standard Global Technology Fund may use derivatives to reduce risk, reduce
cost and/or generate additional income or growth consistent with the risk profile of the fund
(often referred to as “efficient portfolio management”).
Derivative usage in the Aberdeen Standard Global Technology Fund is expected to be very
limited. Where derivatives are used, this would mainly be in response to significant inflows into
the Aberdeen Standard Global Technology Fund so that in these instances, cash can be invested
while maintaining the Aberdeen Standard Global Technology Fund’s existing allocations to
company shares.
9.3.3 Aberdeen Standard Global Emerging Markets Fund
The Aberdeen Standard Global Emerging Markets Fund aims to provide long-term capital gain
by investing in authorised investments which are direct or indirect investments in emerging stock
markets worldwide or companies with significant activities in emerging markets, or as a feeder
fund to invest in the Aberdeen Standard SICAV I – Emerging Markets Equity Fund, a sub-fund
of Luxembourg-registered Aberdeen Standard SICAV I.
The Aberdeen Standard SICAV I – Emerging Markets Equity Fund invests at least two-thirds of
its assets in equities and equity-related securities of companies with their registered office in an
Emerging Market country; and/or, of companies which have the preponderance of their business
activities in an Emerging Market country; and/or, of holding companies that have the preponderance
of their assets in companies with their registered office in an Emerging Market country.
The Aberdeen Standard SICAV I – Emerging Markets Equity Fund may invest up to 30% of its net
assets in Mainland China equity and equity-related securities, although only up to 20% of its net
assets may be invested directly through QFI regime, the Shanghai-Hong Kong and Shenzhen-
Hong Kong Stock Connect programme or by any other available means.
The Aberdeen Standard SICAV I – Emerging Markets Equity Fund is actively managed.
The Aberdeen Standard SICAV I – Emerging Markets Equity Fund aims to outperform the MSCI
Emerging Markets Index (USD) benchmark before charges. The benchmark is also used as a
reference point for portfolio construction and as a basis for setting risk constraints.
In order to achieve its objective, the Aberdeen Standard SICAV I – Emerging Markets Equity
Fund will take positions whose weightings diverge from the benchmark or invest in securities
which are not included in the benchmark. The investments of the Aberdeen Standard SICAV
I – Emerging Markets Equity Fund may deviate significantly from the components of and their
respective weightings in the benchmark. Due to the active nature of the management process,
the Aberdeen Standard SICAV I – Emerging Markets Equity Fund’s performance profile may
20
“Emerging Market” shall mean any country that is included in the MSCI Emerging Markets series
of indices or FTSE Emerging Markets series of indices or JP Morgan Emerging Market series of
indices (or composites thereof or any successor series) or any country classified by the World
Bank as a low to upper middle income country.
10 Authorised Investments of the Sub-Funds
Subject to the provisions of the Code on Collective Investment Schemes issued by the Authority, as may
be amended by the Authority from time to time (the “Code”), the authorised investments of the Sub-
Funds (“Authorised Investments”) are as follows:
(i) any Quoted Investment4;
(ii) any Investment5 in respect of which application for listing or for permission to deal has been
made to a Recognised Stock Exchange6 and the subscription for or purchase of which is either
conditional upon such listing or permission to deal being granted within a specified period not
exceeding 12 weeks (or such other period as may be agreed between us and the Trustee) or in
respect of which we are satisfied that the subscriptions or other transactions will be cancelled if
the application is refused;
(iii) any unquoted Investment;
(iv) any Investment denominated in any currency;
(v) the currency of any country or any contract for the spot purchase or sale of any such currency
or (for hedging purposes, tactical asset allocation (to the extent permitted under applicable laws)
and efficient portfolio management) any forward contract of such currency; or
(vi) any other Investment not covered by paragraphs (i) to (v) of this definition but selected by us
for investment of the deposited property of the relevant Sub-Fund and approved by the Trustee.
11 Investment approach
Our and the respective Underlying Funds’ investment managers/sub-investment managers believe that
company fundamentals drive stock prices in the long term. However, there are inefficiencies in the way
companies are valued in the short term as their stock prices are prey to sentiment and factors other than
fundamentals. Therefore, our view is that careful research is the key to delivering insights that allow us
to exploit these inefficiencies.
We believe that comprehensive assessment of environmental, social and governance (“ESG”) factors,
combined with constructive company engagement, leads to better client outcomes. ESG analysis is
fully integrated into investment decisions for all equity holdings. We evaluate ESG factors as part of the
investment analysis process. This evaluation of ESG factors forms an integral component of our quality
rating for all companies. Material ESG risks and opportunities are considered before investment for all
4
“Quoted Investment” means any Investment which is quoted or listed or in respect of which permission to
deal is effective on any Recognised Stock Exchange.
5
“Investment” means any share, stock, bond, note, debenture, debenture stock, unit or sub-unit in any
unit trust scheme, participation in a mutual fund, warrant or other stock purchase right, futures, option,
loan convertible into security, money market instrument, and (for hedging purposes and efficient portfolio
management) index and forward currency exchange contract or any other security or derivative which may be
selected by us for the purpose of investment of the Deposited Property of any Sub-Fund or which may for the
time being form part thereof.
6
“Recognised Stock Exchange” means any stock exchange or over-the-counter market, any futures
exchange and any organised securities market in any part of the world, which is open to the public and on
which securities are regularly traded, as may be approved by the Manager and the Trustee and includes in
relation to any particular Authorised Investment, any responsible firm, corporation or association in any part of
the world which deals in the Authorised Investment as to be expected generally to provide in the Manager’s
opinion a satisfactory market for such Authorised Investment.
21
equity funds that are actively managed. ESG assessment does not result in the exclusion of companies
based upon their sector or their involvement in any particular activity unless specific criteria are applied
to a Sub-Fund or Underlying Fund, which will be stated in that fund’s Investment Objective and Focus.
Our extensive research capability allows for the provision of an investment approach which we describe
as “Long Term Quality”.
Long Term Quality
For the Sub-Funds and Underlying Funds, which utilise the Long Term Quality equity investment
approach, we view that long term returns are achieved by investing in high-quality businesses at
attractive valuations and hold them for the long term. An estimate of a company’s worth is analysed in
two stages, assessing quality then value. Long Term Quality portfolios are subject to limited constraints
relative to any internal benchmark. In addition, such approach may be subject to values-led criteria, such
as ethical, Sustainable and Responsible Investing (“SRI”) or impact investing, such criteria being outlined
in the Investment strategy of the relevant Sub-Fund. Investment strategies that employ such values led
investing may be subject to company exclusions based upon a specific sector or their involvement in a
particular activity, and/or may involve the active selection of companies based on their positive impact.
12 Sub-Funds Included under the CPFIS
12.1 The Sub-Funds which are included under the CPF Investment Scheme (“CPFIS”) - Ordinary Account
for subscription by members of the public using their CPF monies (referred to hereinafter as the “CPFIS
Included Funds” and each a “CPFIS Included Fund”), the respective benchmarks of the CPFIS
Included Funds as well as CPF Board’s risk classifications for the respective CPFIS Included Funds are
as set out below:
CPFIS Included Fund Benchmark Risk-Classification

Aberdeen Standard Indonesia Higher Risk - Narrowly Focused
Jakarta Composite Index
Equity Fund * (Country - Others)
Aberdeen Standard Malaysian Higher Risk - Narrowly Focused
FTSE Bursa Malaysia KLCI
Equity Fund * (Country - Others)
Aberdeen Standard Pacific Equity MSCI AC Asia Pacific ex Higher Risk - Narrowly Focused
Fund Japan Index (Regional - Asia)
Aberdeen Standard Singapore Higher Risk - Narrowly Focused
Straits Times Index
Equity Fund (Country - Singapore)
Aberdeen Standard India Higher Risk - Narrowly Focused
MSCI India Index
Opportunities Fund (Country - Others)
Aberdeen Standard Global MSCI Emerging Markets Higher Risk - Narrowly Focused
Emerging Markets Fund Index (Regional - Emerging Markets)
Aberdeen Standard Asian Smaller MSCI AC Asia Pacific ex Higher Risk - Narrowly Focused
Companies Fund Japan Small Cap Index (Regional - Asia)
Aberdeen Standard European
Higher Risk - Narrowly Focused
Sustainable and Responsible FTSE World-Europe Index
(Regional - Europe)
Investment Equity Fund
Aberdeen Standard China MSCI China All Shares Higher Risk - Narrowly Focused
Opportunities Fund Index (Country – Greater China)
* These Sub-Funds will be delisted from the CPFIS with effect from 24 January 2022.
12.2 The CPF interest rate for the CPF Ordinary Account (OA) is based on the 3-month average interest rate
of major local banks. Under the CPF Act, Chapter 36 of Singapore (the “CPF Act”), the CPF Board pays
a minimum interest of 2.5% per annum when this interest formula yields a lower rate.
22
In addition, the CPF Board pays an extra interest rate of 1% per annum on the first S$60,000 of a
CPF member’s combined balances, including up to S$20,000 in the CPF Ordinary Account. The first
S$20,000 in the CPF Ordinary Account and the first S$40,000 in the CPF Special Account may not be
invested under the CPFIS.
You should note that the CPF Board may vary applicable interest rates for each of the CPF accounts from
time to time. Subscriptions using CPF monies shall at all times be subject to the regulations and such
directives or requirements imposed by the CPF Board from time to time.
12.3 You should note that only the SGD Class Units of the Sub-Funds set out in paragraph 12.1 above are
included under the CPFIS.
13 Fees and Charges
The following tables set out all the fees and charges payable by you and payable out of each of the Sub-
Funds or Underlying Funds:
Charges and Fees Payable by You – For Subscriptions Using Cash and SRS monies
Preliminary charge** Currently up to 5% for all Sub-Funds.
Maximum 5% as set out in the Deed.
Realisation charge Currently nil. Maximum 6%. Provided always that the realisation charge
together with the preliminary charge will never exceed 6%.
Switching fee 1% (maximum allowable)
Charges and Fees Payable by You – For Subscriptions Using CPF monies
Preliminary charge** Nil pursuant to CPF requirements
Realisation charge Currently nil. Maximum 6%. Provided always that the realisation charge
together with the preliminary charge will never exceed 6%.
Switching fee 1% (maximum allowable)
**The Preliminary Charge (if any) will be payable by you to us or to appointed distributors or will be shared
between us and appointed distributors depending on the arrangement between us and the relevant
appointed distributors. Additional fees may be imposed and payable to appointed distributors that are
in addition to the maximum Preliminary Charge disclosed above, depending on the specific nature of
services provided by the appointed distributor.
Fees Payable by each Sub-Fund to Us or the Trustee

Annual management 1.5% (except for the current USD Class I Units which have an annual
fee management fee of 1%)#; no double charging of management fees within
feeder funds. Maximum is 2.5%.
#
Of which:
(a) 40% to 80% will be retained by us
(b) 20% to 60% will be paid by us to financial advisers (trailer fees).
Your financial adviser is required to disclose to you the amount of trailer fee
it receives from us.
Annual trustee fee Currently 0.02% per annum.
Maximum 0.15% per annum or such other amount as may be agreed by the
Trustee and us.
Subject always to a minimum of S$6,000 per annum per Sub-Fund.
Other fees and charges Please note that other fees and charges, including inter alia the Sub-
Registrar’s fees, may each amount to or exceed 0.10% per annum of the Net
Asset Value of the relevant Sub-Fund, depending on the proportion that each
fee or charge bears to the Net Asset Value of the relevant Sub-Fund.
23
Fee Payable by the Underlying Funds
Aberdeen Standard SICAV I – All China Equity Fund
(into which the Aberdeen Standard China Opportunities Fund feeds)
Aberdeen Standard SICAV I – European Sustainable and Responsible

(into which the Aberdeen Standard European Sustainable and Responsible
Investment Equity Fund feeds)
Aberdeen Standard SICAV I – Global Sustainable and Responsible

(into which the Aberdeen Standard Global Sustainable and Responsible
Investment Equity Fund feeds)
Aberdeen Standard SICAV I – Indian Equity Fund

(into which the Aberdeen Standard India Opportunities Fund and the
Aberdeen Standard Pacific Equity Fund feed)
Aberdeen Standard SICAV I – Emerging Markets Equity Fund

(into which the Aberdeen Standard Global Emerging Markets Fund feeds)
Aberdeen Standard SICAV I – Asian Smaller Companies Fund

(into which the Aberdeen Standard Asian Smaller Companies Fund feeds)
Ordinary operating expenses incurred by Aberdeen Standard SICAV I will

OPERATING, generally be paid out of the assets of the relevant Fund. To seek to protect
ADMINISTRATIVE the Shareholders from fluctuations in these expenses, the yearly total
AND SERVICING amount of these expenses to be borne by each Share Class (the “Operating,
EXPENSES Administrative and Servicing Expenses”), will be fixed at a maximum level of
0.60% of the Net Asset Value in respect of all Share Classes.
The Operating, Administrative and Servicing Expenses are fixed in the sense
that the Management Company, or another Group company as elected by
the Management Company, will bear the excess in actual ordinary operating
expenses to any such Operating, Administrative and Servicing Expenses
charged to the Share Classes. Conversely, the Management Company, or
another Group company as elected by the Management Company, will be
entitled to retain any amount of Operating, Administrative and Servicing
Expenses charged to the Share Classes exceeding the actual ordinary
operating expenses incurred by the respective Share Classes, including any
cost savings.
The level of effective Operating, Administrative and Servicing Expenses below

these maximum levels may vary at the discretion of the board of directors of
Aberdeen Standard SICAV I, as agreed with the Management Company, and
different rates may apply across the Funds and Share Classes. The board
of directors of Aberdeen Standard SICAV I may amend the maximum fixed
level of the Operating, Administrative and Servicing Expenses applicable to
each Share Class at any time at their discretion upon prior notice to relevant
Shareholders.
Further information available upon request.
The Investment Managers and Sub-Investment Managers of the following Underlying Funds: Aberdeen
Standard SICAV I – All China Equity Fund, Aberdeen Standard SICAV I – European Sustainable and
Responsible Investment Equity Fund, Aberdeen Standard SICAV I – Indian Equity Fund, Aberdeen
Standard SICAV I – Asian Smaller Companies Fund, Aberdeen Standard SICAV I – Global Sustainable
and Responsible Investment Equity Fund and Aberdeen Standard SICAV I – Emerging Markets Equity
24
Fund, grant a rebate to each of the respective Sub-Funds in the form of additional units or shares
(as applicable) in the Underlying Fund equivalent to such Investment Managers’ and Sub-Investment
Managers’ fees such that there is no double charging of management and sub-investment management
fees. For the avoidance of doubt, any such rebates will only be granted to the extent there are Investment
Managers’ and Sub-Investment Managers’ fees charged or payable.
Where the Sub-Funds purchase, redeem or switch units or shares of an Underlying Fund managed by
the Group, it shall be at the net asset value. Therefore, there are no purchase, redemption or switching
charges in respect of these units or shares (as applicable).
To the extent permitted under the Deed, with respect to a Hedged Class, investors should note that costs
of hedging transactions, will be borne by the relevant Hedged Class.
As required by the Code, we will bear all marketing, promotional and advertising expenses incurred in
relation to the Fund or the Sub-Funds. Such expenses shall exclude those for the preparation, printing,
lodgement and distribution of prospectuses or product highlights sheets as well as such other expenses
permitted to be charged to the deposited property of the Sub-Funds under the Deed, such as the costs
of printing the reports referred to in paragraph 24 of this Prospectus.
14 Risks
14.1 General Risks Associated with an Investment in the Sub-Funds
14.1.1 The value of the Sub-Funds may rise or fall. Investments in the Sub-Funds are subject to
various risks such as market risks, fluctuations in interest rates and foreign exchange rates,
political instability, exchange controls, changes in taxation and foreign investment policies
and other restrictions and controls which may be imposed by the relevant authorities in other
countries. The risk factors set out herein may cause you to lose some or all of your investment.
These risks are elaborated upon below.
A. Market Risk
The usual risks of investing in listed and unlisted securities apply. Prices of securities may rise
or fall in response to changes in economic conditions, political conditions, interest rates, and
market sentiment. These may cause the price of Units in the Sub-Funds to go up or down as the
price of Units is based on the current market value of the investments of the Sub-Funds.
B. Political Risk
Sub-Funds that invest in countries with less stable political and economic environments and
in securities’ markets with lower levels of regulation and different accounting, commercial and
market practices than those of acceptable international standards are likely to increase the
overall risk of the Sub-Funds.
C. Liquidity Risk
The securities markets of some countries lack the liquidity, efficiency, regulatory and supervisory
controls of more developed markets. The lack of liquidity may adversely affect the value or ease
of disposal of assets, thereby increasing the risk of investing in such markets.
D. Settlement Risk/Transactions Risk
The property of the Sub-Funds is held by the Trustee on behalf of the Holders, separate from
the Trustee’s assets. It is therefore protected in the event of the insolvency of the Trustee. There
is, however, still a risk that there may be a temporary delay in subscriptions and redemptions of
the Units.
25
E. Regulatory Risk
The investment objectives and parameters of the Sub-Funds are restricted by applicable
legislation and regulatory guidelines. There may be a risk that legislative or regulatory changes
may make it less likely for a Sub-Fund to achieve its objectives.
F. Currency Risk/Exchange Rate Risk
The assets and income of the Sub-Funds will be substantially denominated in currencies other
than the Singapore dollar. Currency fluctuations between foreign currencies and the Singapore
dollar may affect the income and valuation of the assets of the relevant Sub-Funds in ways
unrelated to business performance. You should note that we generally do not hedge the
currency positions of the Sub-Funds unless circumstances require it and/or as mentioned in this
Prospectus. Investments in the USD Class Units and USD Class I Units of the relevant Sub-
Funds may also be subject to foreign exchange risk as well as an additional currency hedging
cost component.
Hedged Classes
A Sub-Fund may offer for subscription in Units in a Hedged Class e.g. SGD Hedged Class Units.
In the case of Hedged Classes, we may use a passive currency hedging service. Particulars of
the service are set below. We may adopt such other hedging policy as we may from time to time
determine to hedge the currency exposure of a Hedged Class.
The effects of hedging will be reflected in the NAV of the relevant Hedged Class. A Hedged Class
allows us to use currency hedging transactions to reduce the effect of exchange rate fluctuations
between the Hedged Class currency (the “Hedged Currency”) and a second currency (the
“Target Currency”) (Please see Section 7, Structure of the Sub-Funds, for details of applicable
Hedged Currencies and Target Currencies). The aim is that the Hedged Class should more
closely reflect the returns of the portfolio in terms of the Target Currency. Hedged Class returns
will be impacted positively or negatively by interest rate differential between the Hedged Currency
and the Target Currency. Other factors will also impact the return of the Hedged Class, which
will mean that the Hedged Class will not perfectly achieve this aim. These factors include but
are not limited to:
i. Any unrealised profit/loss on the currency forward remains uninvested until the hedge is
rolled over and any profit or loss is crystallised;
ii. Transaction costs;
iii. Short term interest rate changes;
iv. The timing of the market value hedge adjustments; and
v. Intra-day volatility of the exchange rate between the Hedged Currency and the Target
Currency.
To the extent permitted under the Deed, costs and expenses associated with the hedging
transactions in respect of a Hedged Class and any profit or loss resulting from the hedging
transactions will accrue to Holders in that Hedged Class only under normal circumstances.
There is no segregation of liability between Classes in a Sub-Fund. As such, there is a remote
risk that under abnormal circumstances, all Classes of the same Sub-Fund may be exposed to
liabilities arising from currency hedging transactions undertaken for a Hedged Class in that Sub-
Fund. This would result in a negative impact to NAV of all Classes of that Sub-Fund.
Subject to the provisions of the Code, we will aim to hedge not more than 100% of the proportion
of the net asset value attributable to the relevant Hedged Class. When assessing the hedging
transactions in respect of a Hedged Class, both the capital and income values of the Hedged
Class will be taken into account.
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It should be noted that hedging transactions may be entered into whether or not the Hedged
Currency is declining or increasing in value relative to the Target Currency; consequently, where
such hedging is undertaken, it may protect investors in the relevant Hedged Class against an
increase in the value of the Hedged Currency but it may also preclude investors from benefitting
from a decrease in the value of such a Hedged Currency. Investors in a Hedged Class will
still be exposed to the market risks that relate to underlying investments. Investors should be
mindful that a Sub-Fund may be exposed to cash and underlying investments that may not be
denominated in the Target Currency.
There can be no guarantee that the hedging strategy applied in a Hedged Class will entirely
eliminate the adverse effects of changes in exchange rates between the Target Currency and
the Hedged Currency. As set out above, the passive hedging process adopted for Hedged
Classes is entirely passive. The process is based on pre-defined and non-discretionary hedging
parameters. The currency hedging mechanism will operate regardless of any view or forecast
that we may have, in respect of how currency exchange rates will change.
G. Taxation
You should note that the proceeds from the sale of securities in some markets or the receipt of
any dividends or other income may be or may become subject to tax, levies, duties or other fees
or charges imposed by the authorities in that market, including taxation levied by withholding at
source. Tax law and practice in certain countries into which a Sub-Fund invests or may invest
in the future (in particular Russia and other emerging markets) is not clearly established. It is
possible therefore that the current interpretation of the law or understanding of practice might
change, or that the law might be changed with retrospective effect. It is therefore possible that the
Sub-Funds could become subject to additional taxation in such countries that is not anticipated
either at the date of this Prospectus or when investments are made, valued or disposed of.
H. Repurchase or Securities Lending Agreements
While the value of the collateral of repurchase or securities lending agreements will exceed the
value of the securities transferred, if there is a sudden market movement, there is a risk that the
value of such collateral may fall below the value of the securities transferred.
In relation to repurchase transactions, you should note that (A) if the counterparty with which
cash of a Sub-Fund has been placed has failed, there is the risk that collateral received may yield
less than the cash placed out, whether because of inaccurate pricing of the collateral, adverse
market movements, a deterioration in the credit rating of issuers of the collateral, or the illiquidity
of the market in which the collateral is traded; that (B) (i) locking cash in transactions of excessive
size or duration, (ii) delays in recovering cash placed out, or (iii) difficulty in realising collateral
may restrict the ability of the Sub-Fund to meet redemption requests, security purchases or,
more generally, reinvestment; and that (C) repurchase transactions will, as the case may be,
further expose a Sub-Fund to risks similar to those associated with optional or forward derivative
financial instruments, which risks are further described in other sections of this Prospectus.
Securities lending involves counterparty risk, including the risk that the loaned securities may
not be returned or returned in a timely manner and/or at a loss of rights in the collateral if the
borrower or the lending agent defaults or fails financially. This risk is increased when a Sub-
Fund’s loans are concentrated with a single or limited number of borrowers. You must notably
be aware that (A) if the borrower of securities lent by a Sub-Fund fail to return these, there is a
risk that the collateral received may realise less than the value of the securities lent out, whether
due to inaccurate pricing, adverse market movements, a deterioration in the credit rating of
issuers of the collateral, or the illiquidity of the market in which the collateral is traded; that
(B) in case of reinvestment of cash collateral such reinvestment may (i) create leverage with
corresponding risks and risk of losses and volatility, (ii) introduce market exposures inconsistent
with the objectives of the Sub-Fund, or (iii) yield a sum less than the amount of collateral to be
returned; and that (C) delays in the return of securities on loans may restrict the ability of a Sub-
Fund to meet delivery obligations under security sales.
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I. Derivative Usage
The Sub-Funds may use financial derivative instruments for the purposes of hedging and/or
efficient portfolio management to the extent permitted in the Deed. In no event are financial
derivative instruments used to lever a Sub-Fund.
Total Derivatives Exposure
We will ensure for each Sub-Fund that its exposure relating to financial derivative instruments
does not exceed the total net value of its portfolio. We will ensure that the global exposure of
each Sub-Fund to financial derivative instruments or embedded financial derivative instruments
will not exceed 100% of the net asset value of such Sub-Fund at all times. Such exposure will
be calculated using the commitment approach as described in, and in accordance with the
provisions of, the Code.
Execution of Trades
An automated trading system provides for the capture of orders from the fund manager for
transmission to an independent dealing function which facilitates management of the dealing
process and, once executed, onward transmission to the back office trade processing function.
It is used for the execution of fixed and equity securities, exchange-traded derivatives and OTC
derivatives (as defined in paragraph 14.1.1 (J) below).
You should note that there are risks associated with the use of such financial derivative
instruments. Some of the risks associated with financial derivative instruments include
market risk (described in paragraph 14.1.1 (A)), liquidity risk (described in paragraph
14.1.1 (C)) and counterparty risk (described in paragraph 14.1.1 (J)). Therefore, it is
essential that investments in financial derivative instruments are monitored closely. You
should also refer to paragraph 2 of Appendix 1 to this Prospectus, which specifically
details the risks relating to the use of derivatives by an ASI Sub-Fund, and which would
apply similarly to the use of derivatives by a Sub-Fund.
Description of risk management and investment control procedures we adopt
An electronic guideline monitoring system, which is integrated within the trading platform, gives
pre-deal alerts to fund managers and post-deal exception reports to the Investment Control
Department in respect of actual and potential breaches of investment restrictions. This includes
total derivatives exposure and counterparty exposure. Such system is maintained independently
of the fund managers by the Investment Control Department. Monitoring for derivatives and
physical assets takes place on a pre-trade basis.
We will ensure that the risk management and investment control procedures adopted are
adequate and have been implemented and that we have the necessary expertise to control and
manage the risks relating to the use of financial derivatives.
In the event a Sub-Fund nets its OTC derivative positions, such netting arrangements shall
satisfy the relevant conditions described in the Code, including obtaining the legal opinions as
stipulated in the Code.
J. Counterparty Risk
In some markets there may be no secure method of delivery against payment which would avoid
credit risk exposure to a counterparty. Each Sub-Fund may enter into transactions and other
contracts that entail a credit exposure to certain counterparties. To the extent that a counterparty
defaults on its obligation and the Sub-Fund is delayed or prevented from exercising its rights with
respect to the investments in its portfolio, it may experience a decline in the value of its position,
a loss of income and possible additional costs associated with asserting its rights.
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Where financial instruments are dealt in over-the-counter markets (“OTC”), it may be necessary
to make payment on a purchase or delivery on a sale before receipt of the securities or, as the
case may be, sale proceeds.
Subject to the provisions of the Code:
(a) the risk exposure of a Sub-Fund to a counterparty in an OTC derivative transaction may
not exceed 10% of its net assets when the counterparty is a credit institution, which has
its registered office in a country which is a EU Member State or if the registered office of
the credit institution is situated in a non-EU Member State provided that it is subject to
prudential rules equivalent to those in EU Member States;
(b) the Sub-Funds are restricted to dealing with OTC derivative counterparties, which are
rated between AAA and A- (S&P/Fitch) or Aaa and A3 (Moody’s) for non-collateralised
business counterparties, or between AAA and BBB+ (S&P/Fitch) or Aaa and Baa1
(Moody’s) for collaterised business counterparties, or such ratings as may be allowed by
the Code, as amended from time to time.
Where multiple external ratings are available, the following is taken into account:
(I) if there are any differences between ratings, the lowest published rating is used.
Where the counterparty is not rated by multiple external rating agencies, the
following is taken into account:
(II) if there is only one or less external rating available (Fitch, S&P, Moody’s), then
the full financial statements of the counterparty is to be provided by the Front
Office and reviewed by the Counterparty Credit Risk team in order to formulate
a credit opinion and an internal rating.
The counterparty will then be brought to the relevant Oversight Committee for
final credit sanctioning.
Where financial instruments are dealt on cash “delivery versus payment” type transactions (DVP),
there is a replacement risk if the counterparty is unable to deliver the securities or the cash to
a sub-fund. The Sub-Funds are restricted to dealing with DVP Cash brokerage counterparties,
which are rated between AAA and BBB- (S&P/Fitch) or Aaa and Baa3 (Moody’s).
If there are no external ratings available at all (Fitch, S&P, Moody’s), then the full financial
statements of the counterparty is to be provided by the front office and reviewed by the
counterparty credit risk team in order to formulate a credit opinion and an internal rating.
All counterparties are reviewed and rated at least once a year by the Counterparty Credit Risk
team.
K. Capacity Restrictions
There is a possibility that an Underlying Fund may be closed to new subscriptions or switches into
such Underlying Fund without prior notice to its holders in certain circumstances, for instance,
where the Underlying Fund has reached a size such that the capacity of the market and/or the
capacity of the relevant Investment Manager has been reached, and where to permit further
inflows would be detrimental to the performance of the Underlying Fund. In such case, we may
also need to restrict or close new subscriptions or switches into a Sub-Fund which invests into
the affected Underlying Fund.
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L. Risk of using rating agencies and other third parties
Credit ratings of instruments invested into by a Sub-Fund represent our and/or rating agencies’
opinion regarding the credit quality of the instrument or the institution and are not a guarantee
of quality. Rating methodologies generally rely on historical data, which may not be predictive
of future trends and adjustments to credit ratings in response to subsequent changes in
circumstances may take time. When a debt security is rated, the downgrading of such debt
security could decrease the value and liquidity of the security.
The Group does not solely rely on ratings issued by credit rating agencies. We carry out detailed
credit assessments on every company we cover and use the input from credit rating agencies
where appropriate. We have established a set of internal credit assessment standards and have
put in place a credit assessment process to ensure that the relevant Sub-Fund’s investments
are in line with these standards. Information on our credit assessment process will be made
available to investors upon request.
M. ESG Investment Risk
Applying ESG and sustainability criteria in the investment process may result in the exclusion
of securities in which an Underlying Fund might otherwise invest. Such securities could be part
of the benchmark against which the relevant Underlying Fund is managed, or be within the
universe of potential investments. This may have a positive or negative impact on performance
and may mean that the relevant Underlying Fund’s performance profile differs to that of funds
which are managed against the same benchmark or invest in a similar universe of potential
investments but without applying ESG or sustainability criteria.
Furthermore, the lack of common or harmonised definitions and labels regarding ESG and
sustainability criteria may result in different approaches by managers when integrating ESG and
sustainability criteria into investment decisions. This means that it may be difficult to compare
funds with ostensibly similar objectives and that these funds will employ different security
selection and exclusion criteria. Consequently, the performance profile of otherwise similar funds
may deviate more substantially than might otherwise be expected. Additionally, in the absence
of common or harmonised definitions and labels, a degree of subjectivity is required and this will
mean that a fund may invest in a security that another manager or an investor would not.
The risk disclosures included in this section are intended to summarise some of the general risks
associated with an investment in the Sub-Funds, but they are not exhaustive and do not constitute
or purport to offer advice on the suitability of investments in the Sub-Funds. You should consult your
financial advisors.
14.1.2 Investments in the Sub-Funds are designed to produce returns over the long-term and are
not suitable for short-term speculation. You should not expect to obtain short-term gains from
such investment.
14.1.3 You should be aware that the price of Units in a Sub-Fund and the income of a Sub-Fund may
fall or rise. You may not get back your original investment.
14.2 Specific Risks Associated with an Investment in the Sub-Funds
In addition to the general risk factors set out above, you should be aware of certain fund specific risks
as set out below:
14.2.1 Exposure to a single country market increases potential volatility because the concentration in
a single country market makes it less diversified compared to an exposure to specific regional
or global markets:
• Aberdeen Standard China Opportunities Fund
• Aberdeen Standard India Opportunities Fund
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• Aberdeen Standard Indonesia Equity Fund
• Aberdeen Standard Malaysian Equity Fund
• Aberdeen Standard Singapore Equity Fund
• Aberdeen Standard Thailand Equity Fund
14.2.2 Exposure to specific regional markets increases potential volatility because the concentration
in specific regional markets makes the Fund less diversified compared to exposure to global
markets:
• Aberdeen Standard Asian Smaller Companies Fund
• Aberdeen Standard European Sustainable and Responsible Investment Equity Fund
• Aberdeen Standard Pacific Equity Fund
14.2.3 Exposure to emerging markets increases potential volatility in your portfolio as emerging markets
tend to be more volatile than mature markets and the value of underlying investments could
move sharply up or down. In some circumstances, the underlying investments may become
illiquid which may constrain our or the relevant Underlying Funds’ investment managers’/sub-
investment managers’ ability to realise some or all of the assets. The registration and settlement
arrangements in emerging markets may be less developed than in more mature markets so the
operational risks of investing in emerging markets are also higher. In addition, the legal, judicial
and regulatory infrastructures in emerging markets are still developing and political risks and
adverse economic circumstances are also more likely to arise:
• Aberdeen Standard Global Emerging Markets Fund
• Aberdeen Standard Global Sustainable and Responsible Investment Equity Fund
• Aberdeen Standard Global Technology Fund
• Aberdeen Standard India Opportunities Fund
• Aberdeen Standard Indonesia Equity Fund
• Aberdeen Standard Malaysian Equity Fund
• Aberdeen Standard Thailand Equity Fund
• Aberdeen Standard European Sustainable and Responsible Investment Equity Fund
14.2.4 Investment in smaller companies may increase potential volatility in your portfolio because the
share price of such stocks could be more volatile than the price of larger stocks. The stocks of
smaller companies may at times also lack liquidity as a result of which transactions costs may
be increased. Access to information on smaller companies may also be limited in comparison
with larger companies:
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14.2.5 Investment in a specialist market sector which makes it more concentrated and as such
potentially more volatile than if invested across different sectors or a more diversified fund:
14.2.6 Investment in the Sub-Funds listed below and some of the Underlying Funds which invest in
investments in China is subject to certain additional risks. Investments directly or indirectly in
Chinese domestic securities are done via various channels including the QFI status held by
abrdn Asia Limited or any other appointed Investment Manager or Sub-Investment Manager.
Other than risks involved in investments on an international basis and in emerging markets,
as well as other risks of investments generally as described within this section which are
applicable to investments in China, investors should also note the additional specific risks
below.
Under Mainland China laws, there is a limit to how many shares a single foreign investor (including
an Underlying Fund) is permitted to hold in a single company which is listed on a Mainland China
stock exchange (a “Mainland China Listco”) or admitted on the National Equities Exchange
and Quotations (NEEQ) (a “NEEQ-admitted company”), and also a limit to the maximum
combined holdings of all foreign investors in a single Mainland China Listco or a single NEEQ-
admitted company. Such foreign ownership limits may be applied on an aggregate basis (i.e.
across both domestically and overseas issued shares of the same listed company, whether
the relevant holdings are through Stock Connect (as defined below), the QFI regime or other
investment channels). The single foreign investor limit is currently set at 10% of the shares of a
Mainland China Listco or a single NEEQ-admitted company, and the aggregate foreign investor
limit is currently set at 30% of the shares of a Mainland China Listco or a single NEEQ-admitted
company. Such limits are subject to change from time to time. Foreign investors who make
strategic investments in a Mainland China Listco pursuant to relevant laws and regulations, are
not bound by the foregoing percentage limits in terms of their holdings of shares under strategic
investment. Strategic investment by foreign investors shall mean obtaining China A-Shares
through transfer under an agreement or a directed issue of new shares by the Mainland China
Listco. Any China A-Shares obtained by strategic investment shall not be transferred within three
years. Stricter limits on shareholding by QFIs and other foreign investors separately imposed
by applicable laws, administrative regulations, or industrial policies in PRC, if any, shall prevail:
Please refer to Appendix 1 for more details of the risks relating to investments via QFI.
14.2.7 The Sub-Funds listed below and certain Underlying Funds may invest and have direct access
to certain eligible China A-Shares via various mutual market access schemes which allow
investors from mainland China and overseas to trade in each other’s respective markets.
Such platforms may include the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong
Kong Stock Connect (together referred to as “Stock Connect”) programme, the London-
Shanghai Connect and/or other platforms as may be decided by the Manager of the Sub-Fund
or relevant investment managers to the Underlying Fund (as the case may be) from time to
time. These platforms may subject the relevant Sub-Fund or Underlying Fund to additional
risks. In particular, you should note that these platforms are novel in nature and the relevant
regulations are untested and may be subject to change. There is no certainty as to how they
will be applied:
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14.2.8 Investment in the Sub-Funds listed below and some of the Underlying Funds which invest
in investments in China and in emerging markets is subject to certain additional risks. The
Manager or any other appointed Investment Manager or Sub-Investment Manager may invest
directly or indirectly in companies with Variable Interest Entity (“VIE”) structures in order to
gain exposure to industries with foreign ownership restrictions. A VIE is a corporate structure
which issues shares to investors. Those shares then behave in a similar way to ordinary shares
issued by the company in that they represent a share of that company’s profits. However, they
do not represent legal ownership of the company’s assets, unlike ordinary shares, because
the VIE is legally separate or independent from the company. Because VIEs are created
to allow foreign investors to access companies with foreign ownership restrictions (typically
Chinese or other emerging market companies) there is a risk that the authorities in the country
where the company is incorporated could take action which would have an adverse impact on
the value of one or more VIEs, up to and including declaring that such structures are illegal
and thus worthless.
• Aberdeen Standard Pacific Equity Fund.
Please refer to Appendix 1 for more details of the risks relating to investments via Stock Connect
which may be similarly applicable to the respective mutual market access schemes adopted by
the relevant Sub-Fund or Underlying Fund (as the case may be).
14.3 Please note that some of the Underlying Funds may make use of financial derivative instruments (please
refer to Appendix 1 for more information).
14.4 On 23 June 2016, the United Kingdom (the “UK”) held a referendum on its membership of the European
Union (the “EU”) and the UK formally left the EU on 31 January 2020. A bilateral trade agreement
(the “EU-UK Trade and Cooperation Agreement” or “TCA”) is now in force. Despite the TCA, the
relationship between the UK and the EU has fundamentally changed and there is still uncertainty about
the impact of the new arrangements. Given the size and importance of the UK’s economy, uncertainty
or unpredictability about its legal, political and economic relationship with the EU, will be a source of
instability, may create significant currency fluctuations, and otherwise adversely affect international
markets, trading or other arrangements (whether economic, tax, fiscal, legal, regulatory or otherwise)
for the foreseeable future. Any business that depends on the free movement of goods or the provision
of cross-border services between the UK and the European Economic Area (as currently constituted by
the EU, Norway, Iceland and Liechtenstein) could be adversely affected. The inability to provide cross-
border services, restrictions on movements of employees, non-tariff barriers on goods, potential tariffs
being imposed either due to “rules of origin” or non-compliance with the aspects of the TCA, increased
transit times, and other factors, have the potential to materially impair the profitability of a business.
Consequences for some businesses could involve re-establishing the business in an EU member state,
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moving personnel and, if applicable, seeking authorization from local regulator(s) – all of which are costly
and disruptive. All these factors could adversely affect the appointment of Aberdeen Asset Managers
Limited (an entity regulated in the United Kingdom) and its ability to fulfil its obligations as Sub-Manager
for the Aberdeen Standard Global Technology Fund.
14.5 For efficient portfolio management purposes, a wholly-owned Mauritian subsidiary (the “Subsidiary”) is
utilised by Aberdeen Standard SICAV I to hold all the investments of the Aberdeen Standard SICAV I –
Indian Equity Fund, into which the Aberdeen Standard India Opportunities Fund and the Aberdeen Standard
Pacific Equity Fund feed.
The Sub-Investment Manager of the Aberdeen Standard SICAV I – Indian Equity Fund and the management
and control of the Subsidiary are located in Singapore, a jurisdiction which has a developed infrastructure
to support such vehicles encompassing the full range of administration and custody services in a time
zone which is closer to that of India. The place of management and control of the Subsidiary along with the
location of the Sub-Investment Manager are aligned in Singapore. This is likely to benefit the Subsidiary
from a risk and control perspective, and will allow the Subsidiary to benefit from large pool of resources
that are already available in Singapore. If it is no longer commercially beneficial to invest through the
Subsidiary, Aberdeen Standard SICAV I – Indian Equity Fund may elect to invest directly in India or through
another suitable vehicle in any jurisdiction.
The change in the tax residence of the Subsidiary from Mauritius to Singapore was effected on 29 May 2015.
With regard to the India-Singapore tax treaty, there can be no assurance that any future changes to the
treaty or future interpretations of the tax treaty will not adversely affect the tax position of the Subsidiary’s
investments in India.
Should the India-Singapore tax treaty not be applied, capital gains earned by the Subsidiary would be
subject to tax as per the domestic tax laws of India applicable to Foreign Portfolio Investors. Accordingly,
where the treaty is not applied the income of the Subsidiary would be subject to tax in India at a rate
ranging from 10% to 30% (subject to grandfathering provisions for long term capital gains), depending
on the nature of income and the period for which the securities have been held.
15 Subscription of Units
15.1 Subscription procedure
15.1.1 Applications for Units of the Sub-Funds may be made through any of our appointed agents or
distributors or their automated teller machines, if applicable.
15.1.2 You may pay for SGD Class Units with cash, and in the case of a CPFIS Included Fund, either
with cash or CPF monies. You may pay for SGD Hedged Class Units with cash, and in the
case of a CPFIS Included Fund, either with cash or CPF monies if such SGD Hedged Class
Unit is included in the CPFIS scheme. If you are paying with CPF monies, you must complete
a standing instruction form and submit it to your CPF agent bank, failing which we have the
right to reject the application.
You may also use your SRS monies to purchase SGD Class Units and SGD Hedged Class Units
in Sub-Funds. If you would like to do so, you shall indicate as such in the application form. The
application form will contain your instructions to the SRS operator bank to withdraw from your
SRS account in respect of Units applied for.
If you wish to use your CPF or SRS monies to make an investment, you may have to pay a
transaction charge to the CPF agent bank (if applicable) or SRS operator bank (if applicable).
As these transaction charges vary among different agent banks and operator banks, you
should approach the agent banks and operator banks directly to enquire about the up-to-date
transaction charges.
15.1.3 You may pay for USD Class Units and USD Class I Units only with cash and may not pay for
USD Class Units and USD Class I Units using monies from your CPF or SRS accounts.
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15.2 Minimum Initial Subscription Amount and Minimum Subsequent Subscription Amount
SGD Class USD Class USD Class I SGD Hedged

Units Units Units Class Units
Minimum initial subscription S$1,000 USS$1,500 US$5 million S$1,000
Minimum subsequent
S$100 US$1,500 US$500,000 S$100
subscription
Minimum subscription under
S$100 N.A N.A S$100
Monthly Investment Plan
For the avoidance of doubt, we may at our discretion waive any minimum subscription or holding amounts
applicable to the Sub-Funds or Class of a Sub-Fund in general or in any particular case or cases.
15.3 Dealing Deadline and Pricing Basis

The dealing deadline is 4.30 p.m. Singapore time (the “Dealing Deadline”7) on a Dealing Day. Units in
respect of applications received and accepted by us before the Dealing Deadline will be issued at that
Dealing Day’s issue price calculated in accordance with Clause 14(B) of the Deed. Applications received
after the Dealing Deadline or on a day which is not a Dealing Day shall be treated as having been
received on the next Dealing Day.
“Dealing Day” in connection with the issuance and realisation of Units, means any Business Day or such
Business Day or Business Days at such intervals as the Manager may from time to time determine Provided
That reasonable notice of any such determination shall be given by the Manager to all Holders at such
time and in such manner as the Trustee may approve. Notwithstanding the foregoing, the Manager may
determine in its discretion that any of the following days shall not be a Dealing Day:-
(i) any Business Day on which any Recognised Stock Exchange or OTC Market on which substantial
portion of the relevant Sub-Fund’s Authorised Investments or other property are quoted, listed or
dealt in, on an aggregated basis, is not opened for normal trading; or
(ii) in respect of Sub-Funds which are Feeder Funds, any Business Day on which the relevant
Underlying Fund is not normally traded.
“Business Day” means any day (other than a Saturday or Sunday) on which commercial banks are open
for business in Singapore, Provided That for the purposes of the 7 Business Day timeline referred to in
paragraph 17.4, the Managers may determine in its discretion (in consultation with the Trustee) that any of
the following days shall not be a Business Day:-
(i) any day on which any Recognised Stock Exchange or OTC Market on which at least 40 per cent.
of the relevant Sub-Fund’s Authorised Investments or other property are quoted, listed or dealt
in, on an aggregated basis, is not opened for normal trading; or
(ii) in respect of Sub-Funds which are Feeder Funds, any day on which the relevant Underlying
Fund is not normally traded.
A schedule of non-Dealing Days for a calendar year will be determined by the Manager and published
on its website www.abrdn.com/sg/investor prior to the start of such calendar year and may be updated
from time to time during the course of the year.
The issue price of the Sub-Funds will vary from day to day in line with the net asset value of the relevant
Sub-Fund calculated in accordance with Clause 13 of the Deed. As Units are issued on a forward pricing
basis, the issue price of Units shall not be ascertainable at the time of application. For nominee accounts
reflected in the Register, all subscriptions shall be taken to have been received on a gross basis (that is,
subscriptions and redemptions are not to be netted off against one another in any given Dealing Day).
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“Dealing Deadline” (as defined in the Deed) in relation to any particular place and any particular Dealing Day,
means such time of day (being a time of day on or, subject hereinafter mentioned, prior to that Dealing Day)
in that place as we may after consulting the Trustee from time to time determine. We shall notify you of any
change to the Dealing Deadline if required by the Trustee.
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15.4 Numerical example of how Units of the Sub-Funds are allotted:
The following example illustrates the number of Units an applicant will acquire based on an investment
of $1,000 (assuming a preliminary charge of 5% and a notional Net Asset Value per Unit of $1). We shall
issue such number of Units corresponding in value closest to the invested sum, adjusted by rounding off
to the nearest two decimal places (with 0.005 and above rounded upwards). Any balance arising from
the adjustment shall be retained by the relevant Sub-Fund or Class of Sub-Fund.
Example:
$1,000 - $50 = $950 ÷ $1 = 950.00 Units

Your Preliminary Net Price Number
Investment Charge Investment (= Net Asset of Units
(5%) Sum Value per Unit) Allotted
The above example is for illustrative purposes only and is not a forecast or prediction of the
future or likely performance of the Sub-Funds. Please note that the USD Classes as well as the
USD Class I Units of the relevant Sub-Funds have a higher minimum initial subscription amount.
15.5 Confirmation of purchase
A purchase confirmation will be sent to you within 4 Business Days from the date of our receipt and
acceptance of your application.
15.6 Cancellation of subscriptions
If you are a first-time individual investor in the Sub-Funds, you shall, subject to Clause 16A of the Deed
and to the terms and conditions for cancellation of Units attached to the application form, have the right
to cancel your subscription of Units in the Sub-Funds within 7 calendar days from the date of subscription
of Units (or such longer period as may be agreed between us and the Trustee or such other period
as may be prescribed by the Authority) by providing notice in writing to us or our authorised agents or
distributors without incurring any sales charge or realisation charge. However, you will have to take the
risk for any price changes in the net asset value of the relevant Sub-Fund since the initial date of your
investment into the Sub-Fund. We shall be entitled to recover any administrative expenses incurred out
of the cancellation proceeds to be paid, provided such expenses are reasonably related to the original
purchase and subsequent cancellation of units.
You will receive the cancellation proceeds within the timelines stated in paragraph 17.4 as applicable.
Full details of the cancellation of Units may be found in the terms and conditions of the cancellation form.
16 Monthly Investment Plan
16.1 If you wish to participate in the monthly investment plan scheme, please contact any of our appointed
agents or distributors. The minimum monthly investment for the monthly investment plan scheme is
S$100 for CPF, SRS and cash subscriptions. If you wish to use your CPF or SRS monies to participate in
the monthly investment plan scheme, you may have to pay a transaction charge to the CPF agent bank
(if applicable) or SRS operator bank (if applicable). As these transaction charges vary among different
agent banks and operator banks, you should approach the agent banks and operator banks directly to
enquire about the up-to-date transaction charges.
16.2 Your participation in the monthly investment plan scheme shall commence only upon activation of your
direct debit or GIRO instructions. Monies will be deducted from your account on the 4th Business Day of
each month for cash subscriptions (or such other date as the relevant distributor may stipulate) and after
the 6th Business Day for CPF or SRS subscriptions (or such other date as the relevant distributor may
stipulate), and Units subscribed will be allotted to you on the 6th Dealing Day of each month (or such other
date as the relevant distributor may stipulate).
36
16.3 After you have invested at least S$1,000 in a Sub-Fund, you may cease participation in the monthly
investment plan scheme without any penalty by 30 days’ notice (or such other notice period as we may
from time to time be determine) in writing to the relevant distributor. If you wish to cease participation in
the monthly investment plan scheme before you have invested at least S$1,000 in a Sub-Fund or cease
participation due to non-funding, we shall be entitled to require you to redeem all your Units in that Sub-
Fund. Subject to our discretion, we shall be entitled to cease your participation due to non-funding for a
period of two consecutive months.
16.4 The monthly investment plan scheme is not available in respect of the USD Class Units and the USD
Class I Units.
17 Realisation of Units
17.1 Realisation procedure
17.1.1 You may realise your Units on any Dealing Day. Units in respect of realisation forms received
and accepted by us by the Dealing Deadline on a Dealing Day shall be realised at that Dealing
Day’s realisation price calculated in accordance with Clause 17(F) of the Deed. Realisation
forms received after the Dealing Deadline or on a day which is not a Dealing Day shall be
treated as having been received on the next Dealing Day.
17.1.2 For nominee accounts reflected in the Register, all redemptions shall be taken to have been
received on a gross basis (that is, subscriptions and redemptions are not to be netted off against
one another in any given Dealing Day).
17.2 Minimum holding and minimum realisation amount
You may realise your Units in any Sub-Fund in full or partially. Partial realisation of Units in any Sub-Fund
must be of at least the number of Units which would have been realised for S$100 for SGD Class Units,
US$1,500 for USD Class Units, US$500,000 for USD Class I Units and $100 for SGD Hedged Class
Units at the prevailing realisation price, subject to a minimum holding of the number of Units which were
(or would have been) purchased for S$1,000 for SGD Class Units of a Sub-Fund, US$1,000 for USD
Class Units, US$5 million for USD Class I Units and SGD$1,000 for SGD Hedged Class Units by you
at the prevailing issue price at the time of your initial purchase (or such other number of Units as may
from time to time be determined by us upon giving prior notice to the Trustee and as permitted by the
Authority) (the “Minimum Holding”). Should the number of Units held by you fall below the Minimum
Holding, we shall be entitled to require you to redeem all your Units in the relevant Sub-Fund.
Units realised may at our option be subject to a realisation charge of up to 6% of the value of each Unit
provided that the realisation charge together with the preliminary charge shall not in aggregate exceed
6% of the value of each Unit. Under the terms of the Deed, we may impose a maximum realisation
charge of not more than 6%, although it is our current policy not to impose any realisation charge.
For the avoidance of doubt, we may at our discretion waive any minimum realisation or holding amounts
applicable to the Sub-Funds or Class of a Sub-Fund in general or in any particular case or cases.
17.3 Numerical example of realisation of Units of the Sub-Funds:
Numerical example of how the realisation proceeds paid to you is calculated, based on the realisation of
1,000 Units at a notional realisation price of $1.05:
1,000 x $1.05 = $1,050 - $0 = $1,050

Units Notional Gross Realisation Net
Realised Realisation Realisation Charge Realisation
Price Proceeds Proceeds
The above example is for illustrative purposes only and is not a forecast or prediction of the
future or likely performance of the Sub-Funds.
37
17.4 Payment of realisation proceeds
Upon our receipt and acceptance of the original copy of the realisation form, realisation proceeds shall
be paid out to you within 7 Business Days (or such other period as may be allowed by the Authority),
unless the realisation of Units has been suspended in accordance with paragraph 20 of this Prospectus.
17.5 Limitation on Units that may be realised by Holders
Pursuant to Clause 17G of the Deed, we may, with the approval of the Trustee, limit the total number of
Units in relation to any Sub-Fund which Holders may realise and which we are entitled to have cancelled
on any Dealing Day to 10% of the total number of Units relating to such Sub-Fund then in issue, such
limitation to be applied pro rata to all Holders in relation to such Sub-Fund who have validly requested
realisations on such Dealing Day and us. Any Units which are not realised or cancelled (as the case may
be) shall be realised or cancelled on the next succeeding Dealing Day subject to and in accordance with
the provisions of the Deed.
17.6 Compulsory Realisation
The Managers (in consultation with the Trustee) have the right to realise compulsorily, without prior
notice, any holding of Units which is held by any Holder:
(i) who is or may be in breach of, or if the Managers deem necessary for the compliance by the
Managers, any Sub-Fund or the Fund with, any applicable law or regulation in any jurisdiction;
(ii) who, in the opinion of the Managers, may cause any Sub-Fund or the Fund to lose its authorised
or registered status with any regulatory authority in any applicable jurisdiction or the offer of the
Units of any Sub-Fund or the Fund to become subject to prospectus registration requirements
under any law or regulation in any applicable jurisdiction;
(iii) who fails any anti-money laundering, anti-terrorist financing or know-your-client checks, or
who is unable or unwilling to provide information and/or documentary evidence requested by
the Managers and/or the Trustee for the purposes of any anti-money laundering, anti-terrorist
financing or know-your-client checks; or
(iv) who is a U.S. Person at any time of holding of Units in relation to any Sub-Fund or Class of a
Sub-Fund, whose status as a U.S. Person would, in the reasonable opinion of the Managers,
cause any Sub-Fund, the Fund or the Managers to contravene or fail to fully comply with any
applicable state or federal legal requirements or restrictions,
on any day decided by the Managers in their absolute discretion and upon such occurrence, the Managers
shall inform the Holder of such compulsory realisation in the same manner as they would inform Holders
of realisations effected upon the request of a Holder under paragraph 17 of this Prospectus, but shall not
be required to provide any reason for such realisation and the Managers and/or the Trustee and each of
their directors, officers, shareholders, employees, delegates, agents or Associates will not be liable for
any error of judgment, any loss (whether direct or consequential and including, without limitation, loss
of profit or interest), damage, cost, expense or liability incurred or suffered by the Holder or any other
party arising out of or caused in whole or in part by such realisation of such Units. In connection with
such compulsory realisation, the Managers and/or the Trustee may terminate the relevant subscription
agreement with the affected Holder.
Please refer to Clause 17(I) of the Deed for more details.
18 Switching of Units Between Sub-Funds
18.1 You may switch your SGD Class Units and SGD Hedged Class Units in any Sub-Fund to SGD Class
Units and SGD Hedged Class Units of another Sub-Fund on any Dealing Day provided that SGD Class
Units and SGD Hedged Class Units of a CPFIS Included Fund may only be switched to SGD Class
Units and SGD Hedged Class Units of another CPFIS Included Fund subject to the Minimum Holding.
Switching shall be in lots of at least the number of SGD Class Units or SGD Hedged Class Units which
would have been realised for S$100 at the prevailing realisation price (or such other number of SGD
Class Units or SGD Hedged Class Units as we may determine from time to time).
38
Should the number of Units you hold fall below the Minimum Holding, we shall be entitled to require you
to redeem or switch all your Units in the relevant Sub-Fund.
18.2 You may switch your USD Class Units in any Sub-Fund to USD Class Units of another Sub-Fund on any
Dealing Day subject to the Minimum Holding. Switching shall be in lots of at least the number of USD
Class Units which would have been realised for US$1,500 at the prevailing realisation price (or such other
number of USD Class Units as we may determine from time to time).
18.3 You may switch your USD Class I Units in any Sub-Fund to USD Class I Units of another Sub-Fund (to
the extent available) on any Dealing Day subject to the Minimum Holding and our prior approval and
provided (where appropriate) you have the required agreement in place with us and the relevant eligibility
requirements of the relevant Class are met.
18.4 Units switched may, at our discretion, be subject to a switching fee of 1% of the value of each Unit.
19 Obtaining Prices of Units
The indicative issue and realisation prices of each Class of Units in each Sub-Fund are updated daily on
our website, www.abrdn.com/sg/investor, or selected distributors’ websites.
20 Liquidity Risk Management
We have in place liquidity risk management tools, such as the ability to suspend dealings in certain
situations and redemption gates, to help manage the liquidity of the Sub-Funds in various ways, as
described below. Such tools may, in the relevant circumstances, impact your redemption rights.
20.1 Suspension of Dealing
Subject to the provisions of the Code, we may, upon consultation with the Trustee, suspend the issue
and/or realisation of Units pursuant to the provisions of the Deed during:
20.1.1 any period when the Recognised Stock Exchange on which any Authorised Investments forming
part of the deposited property (whether of any particular Sub-Fund or of the Fund) for the time
being are listed or dealt in is closed (otherwise than for ordinary holidays), or during which
dealings are restricted or suspended;
20.1.2 any period when the existence of any state of affairs which, in our opinion and the opinion of
the Trustee, might seriously prejudice the interests of the Holders (whether of any particular
Sub-Fund or of the Fund), as a whole or of the deposited property (whether of any particular
Sub-Fund or of the Fund);
20.1.3 any period when there is a breakdown in the means of communication normally employed
in determining the price of any of such Authorised Investments, or the current price on that
Recognised Stock Exchange or when for any reason the prices of any of such Authorised
Investments cannot be promptly and accurately ascertained;
20.1.4 any period when remittance of money which will or may be involved in the realisation of such
Authorised Investments or in the payment for such Authorised Investments, cannot, in our
opinion and the opinion of the Trustee, be carried out at normal rates of exchange;
20.1.5 any 48-hour period (or such other longer period as we and the Trustee may agree) prior to the
date of any meeting of Holders (or adjourned meeting thereof);
39
20.1.6 any period when the dealing of Units is suspended pursuant to any order or direction issued
by the Authority;
20.1.7 any period when our business operations or the business operations of the Trustee in relation
to the operations of the Fund or any Sub-Fund are substantially interrupted or closed as a
result of or arising from pestilence, acts of war, terrorism, insurrection, revolution, civil unrest,
riots, strikes, acts of God or outbreaks of infectious diseases;
20.1.8 any period when the fair value of a material portion of the Authorised Investments cannot be
determined; or
20.1.9 such circumstances as may be required or provided under the provisions of the Code.
Such suspension shall take effect forthwith upon the declaration in writing thereof by us to the Trustee
and the Authority and, subject to the provisions of the Code, shall cease as soon as practicable when the
condition giving rise to the suspension shall have ceased to exist (such cessation having been confirmed
by us) and in any event, within 21 days of the commencement of the suspension. We may extend the
period of suspension if we satisfy the Trustee that it is in your best interest for the dealing in Units to
remain suspended and such extension will be subject to weekly review by the Trustee. The Trustee shall
notify the Authority when we resume the dealing in Units.
20.2 Limitation on Units that may be realised by Holders: Please refer to paragraph 17.5 for details.
21 Performance
21.1 Past performances of the Sub-Funds and their benchmarks
The returns on the SGD Class of the Sub-Funds, together with their respective benchmarks as of 31
January 2021 are tabled below.
Total return Average Average Average Average

over annual annual annual annual
the past compounded compounded compounded compounded
1 year (%) returns over returns over returns over returns since
the past the past the past inception (%)
3 years (%) 5 years (%) 10 years (%)
Aberdeen Standard 37.2 12.2 16.2 6.6 9.4
China Opportunities
Fund
vs
Benchmark8 38.0 7.8 16.9 9.0 N/A
8
The benchmark of the Aberdeen Standard China Opportunities Fund was changed from the CLSA China
World Index to the MSCI China Index with effect from 1 June 2005 because the CLSA China World Index
was discontinued. With effect from 1 October 2007, the benchmark of the Aberdeen Standard China
Opportunities Fund was changed from the MSCI China Index to the MSCI Zhong Hua Index, as we were of
the view that the MSCI Zhong Hua Index would be more appropriate and would better reflect the Aberdeen
Standard China Opportunities Fund’s investment strategy. With effect from 7 July 2020, the benchmark of the
Aberdeen Standard China Opportunities Fund was changed from MSCI Zhong Hua Index to MSCI China All
Shares Index as we were of the view that the MSCI China All Shares Index would better reflect the updated
investment objective and policy as well as the investment universe available to the Aberdeen Standard China
Opportunities Fund. Benchmark data is only available from 31 July 2001.
40
European Sustainable
and Responsible
vs
Benchmark9 4.7 2.4 7.2 5.7 3.7
Global Sustainable and
Responsible Investment
Equity Fund
vs
MSCI AC World Index10 12.8 9.4 12.4 10.5 4.4
Global Technology Fund
vs
Benchmark11 38.6 24.3 27.0 18.4 N/A
Aberdeen Standard -10.9 -5.4 1.5 -0.5 7.1
vs
Jakarta Composite Index -4.0 -2.6 5.4 3.6 8.6
Aberdeen Standard 7.5 -0.3 1.7 3.0 6.6
Malaysian Equity Fund
vs
FTSE Bursa Malaysia
KLCI12 4.2 -3.4 1.1 1.1 6.5
9
The benchmark of the Aberdeen Standard European Sustainable and Responsible Investment Equity Fund was
changed from the FTSE Europe ex UK Index to FTSE World-Europe Index with effect from 1 July 2005. The
change in benchmark was to reflect the change of investment objective and Underlying Fund of the Aberdeen
Standard European Sustainable and Responsible Investment Equity Fund from the Aberdeen International
European Opportunities Fund to Aberdeen Standard SICAV I – European Sustainable and Responsible Investment
Equity Fund.
10
With effect from 1 October 2021, the benchmark of the Aberdeen Standard Global Sustainable and Responsible
Investment Equity Fund was changed from the MSCI World Index to the MSCI AC World Index, so as to reflect the
benchmark of its Underlying Fund.
11
The benchmark of the Aberdeen Standard Global Technology Fund was changed from PSE 100 index to ML
Technology 100 index with effect from 1 July 2001, as we were of the opinion that ML Technology 100 Index would
be a better means of comparison for technology funds given the then wide dispersion in technology sub-sectors
and the overall market volatility. The ML Technology 100 Index is rebased annually to create a diversified global
index of large technology companies at equal weights. Although it is overwhelmingly driven by U.S. stocks, it
does not include overseas exposure and all companies at least start each year at an investable level. In addition,
analysis of historic performance against a live technology portfolio reveals that it is by some margin the least
volatile in the long term. The Benchmark was renamed from ML Technology 100 Index to Bank of America Merrill
Lynch Technology 100 Index with effect from 26 September 2009. The benchmark of the Aberdeen Standard
Global Technology Fund was changed from Bank of America Merrill Lynch Technology 100 index to MSCI ACWI
Information Technology index with effect from 1 October 2017 due to the discontinuation of Bank of America Merrill
Lynch Technology 100 index. Benchmark data is only available from 31 December 1999.
12
Benchmark was renamed from KLSE Composite Index to FTSE Bursa Malaysia KLCI with effect from 6 July
2009.
41
Pacific Equity Fund
vs
MSCI AC Asia Pacific ex
Japan Index 28.3 7.6 14.3 7.4 7.9
Aberdeen Standard -6.5 -4.6 5.1 2.0 7.7
Singapore Equity Fund
vs
Straits Times13 Index -4.1 -2.6 5.9 2.6 N/A
Aberdeen Standard -13.2 -8.2 0.9 5.7 10.6
Thailand Equity Fund
vs
Thailand SET14 1.3 -2.2 8.0 8.6 N/A
Aberdeen Standard India 1.1 0.6 6.9 6.4 8.9
Opportunities Fund
vs
MSCI India Index 10.9 3.4 9.1 5.0 8.4
Global Emerging
Markets Fund
vs
MSCI Emerging Markets
Index 24.8 5.3 13.8 5.0 6.2
Asian Smaller
Companies Fund
vs
Benchmark15 27.7 3.7 9.6 4.3 5.0
Source: Lipper, Bloomberg, percentage growth, single-pricing basis, Singapore dollars, in the assumption
that dividends (if any) are reinvested (net of any reinvestment charges), taking into account the preliminary
charge of 5%.
13
Benchmark data is only available from 31 August 1999 following the takeover of index calculation by FTSE
on 10 January 2008.
14
Benchmark data is only available from 2 January 2002.
15
With effect from 1 October 2007, the benchmark of the Aberdeen Standard Asian Smaller Companies Fund
was changed from the MSCI AC Asia Pacific ex Japan Index to the MSCI AC Asia Pacific ex Japan Small
Cap Index, as we were of the view that the MSCI AC Asia Pacific ex Japan Small Cap Index would better
reflect the investment objective of the Aberdeen Standard Asian Smaller Companies Fund and would provide
a more representative investment universe, and is therefore more suitable to measure performance of the
Aberdeen Standard Asian Smaller Companies Fund.
42
The returns on the USD Class16 of the Sub-Funds currently offering USD Class Units and their benchmarks
as of 31 January 2021 are tabled below.

Aberdeen Standard -8.4 -5.8 2.9 -0.9 9.1
vs
Jakarta Composite Index -1.3 -3.0 6.9 3.2 13.4
Pacific Equity Fund
vs
MSCI AC Asia Pacific ex
Japan Index 32.0 7.1 15.9 7.0 10.5
Source: Lipper, Bloomberg, percentage growth, single-pricing basis, US dollars, on the assumption that
dividends (if any) are reinvested (net of any reinvestment charges), taking into account the preliminary
charge of 5%.
You should note that past performance of a Sub-Fund is not necessarily indicative of the future
performance of that Sub-Fund.
21.2 The inception dates of the Sub-Funds are as follows:
Sub-Fund Inception date

Aberdeen Standard China Opportunities Fund 13 July 2001
Aberdeen Standard European Sustainable and
14 August 1998
Responsible Investment Equity Fund
Aberdeen Standard Global Sustainable and
25 August 2000
Aberdeen Standard Global Technology Fund 29 October 1999
Aberdeen Standard Indonesia Equity Fund 5 December 1997
Aberdeen Standard Malaysian Equity Fund 5 December 1997
Aberdeen Standard Pacific Equity Fund 5 December 1997
Aberdeen Standard Singapore Equity Fund 5 December 1997
Aberdeen Standard Thailand Equity Fund 5 December 1997
Aberdeen Standard India Opportunities Fund 8 March 2004
Aberdeen Standard Global Emerging Markets Fund 2 September 2005
Aberdeen Standard Asian Smaller Companies Fund 22 September 2006
21.3 Expense Ratios of the Sub-Funds
21.3.1 The expense ratios of the Sub-Funds for the year, calculated in accordance with Investment
Management Association of Singapore’s guidelines on disclosure of expense ratios and based
on the Fund’s audited accounts from 1 October 2019 to 30 September 2020 are as follows:
16
The USD Class of the Sub-Funds listed under paragraph 7 of this Prospectus was incepted on 1 June 2004.
43
Sub-Fund Expense ratio (%)
Aberdeen Standard China Opportunities Fund – SGD Class 1.75%
Aberdeen Standard European Sustainable and Responsible
1.75%
Investment Equity Fund – SGD Class
Aberdeen Standard Global Sustainable and Responsible Investment
1.75%
Equity Fund – SGD Class
Aberdeen Standard Global Technology Fund – SGD Class 1.75%
Aberdeen Standard Indonesia Equity Fund – SGD Class 1.75%
Aberdeen Standard Indonesia Equity Fund – USD Class 1.74%
Aberdeen Standard Pacific Equity Fund – SGD Class 1.64%
Aberdeen Standard Pacific Equity Fund – USD Class 1.65%
Aberdeen Standard Thailand Equity Fund – SGD Class 1.75%
Aberdeen Standard India Opportunities Fund – SGD Class 1.75%
Aberdeen Standard Global Emerging Markets Fund – SGD Class 1.75%
Aberdeen Standard Asian Smaller Companies Fund – SGD Class 1.75%
Aberdeen Standard Malaysian Equity Fund – SGD Class 1.75%
Aberdeen Standard Singapore Equity Fund – SGD Class 1.63%
21.3.2 The following expenses are excluded from the calculation of the expense ratios:
(i) brokerage and other transaction costs associated with the purchase and sales of
investments (such as registrar charges and remittance fees);
(ii) dividends and other distributions paid to Holders;
(iii) interest expense;
(iv) foreign exchange gains and losses of the relevant Sub-Fund whether realised or
unrealised;
(v) front-end loads, back-end loads and other costs arising on the purchase or sale of a
foreign unit trust or mutual fund; and
(vi) tax deducted at source or arising from income received, including withholding tax.
21.4 Turnover ratios of the Sub-Funds
The turnover ratios of the Sub-Funds for the period from 1 October 2019 to 30 September 2020, calculated
based on the lesser of purchases or sales expressed as a percentage over the average daily net asset
value of the assets of the Sub-Funds, are as follows:
Sub-Fund Turnover ratio (%)

Aberdeen Standard China Opportunities Fund 37.92%
Aberdeen Standard European Sustainable and Responsible
51.00%
Aberdeen Standard Global Sustainable and Responsible
16.42%
Aberdeen Standard Global Technology Fund 23.91%
Aberdeen Standard Indonesia Equity Fund 33.82%
Aberdeen Standard Malaysian Equity Fund 111.02%
44
Sub-Fund Turnover ratio (%)
Aberdeen Standard Pacific Equity Fund 33.42%
Aberdeen Standard Singapore Equity Fund 24.05%
Aberdeen Standard Thailand Equity Fund 23.43%
Aberdeen Standard India Opportunities Fund 15.32%
Aberdeen Standard Global Emerging Markets Fund 17.17%
Aberdeen Standard Asian Smaller Companies Fund 11.67%
21.5 The inception dates of the Underlying Funds are as follows:
Underlying Fund Inception date

Aberdeen Standard SICAV I – All China Equity Fund 24 March 2006*
Aberdeen Standard SICAV I – European Sustainable and
29 January 1993
Aberdeen Standard SICAV I – Global Sustainable and
1 February 1993
Aberdeen Standard SICAV I – Indian Equity Fund 24 March 2006*
Aberdeen Standard SICAV I – Emerging Markets Equity Fund 30 June 2003
Aberdeen Standard SICAV I – Asian Smaller Companies Fund 24 March 2006*
* Pursuant to the amalgamation of the sub-funds of Aberdeen International Fund PLC into the sub-funds
of Aberdeen Standard SICAV I, with effect from 24 March 2006, changes were made to the following
Underlying Funds: (i) Aberdeen International – China Opportunities Fund which was incepted in 27 April
1992, was changed to Aberdeen Standard SICAV I – All China Equity Fund; (ii) Aberdeen International –
India Opportunities Fund which was incepted in 2 December 1996, was changed to Aberdeen Standard
SICAV I – Indian Equity Fund; and (iii) Aberdeen International – Asian Smaller Companies Fund which
was incepted in 26 April 2004, was changed to Aberdeen Standard SICAV I – Asian Smaller Companies
Fund.
Note: For the inception dates of the Underlying Funds into which the Aberdeen Standard Pacific Equity
Fund feeds - namely the Aberdeen Standard China Opportunities Fund, the Aberdeen Standard Indonesia
Equity Fund, the Aberdeen Standard Malaysian Equity Fund, the Aberdeen Standard Singapore Equity
Fund and the Aberdeen Standard Thailand Equity Fund - please refer to paragraph 21.2 of this Prospectus
and for the Aberdeen Standard SICAV I - Indian Equity Fund, please refer to this paragraph 21.5.
21.6 Turnover ratios of the Underlying Funds
The turnover ratios of the Underlying Funds for the period from 1 October 2019 to 30 September 2020,
calculated based on the lesser of purchases or sales expressed as a percentage over the average daily
net asset value of the assets of the Underlying Funds*, are as follows:
Underlying Fund Turnover ratio (%)

Aberdeen Standard SICAV I – European Sustainable and
66.32%
Aberdeen Standard SICAV I – Global Sustainable and
97.61%
Aberdeen Standard SICAV I – Emerging Markets Equity Fund 32.91%
Aberdeen Standard SICAV I – All China Equity Fund 60.23%
Aberdeen Standard SICAV I – Indian Equity Fund 16.19%
Aberdeen Standard SICAV I – Asian Smaller Companies Fund 32.28%
45
*The methodology used to calculate the turnover ratios of the Underlying Funds in this Prospectus may
differ from the methodology used in relation to the turnover ratios of the Underlying Funds disclosed in
the offering documents and/or annual report of the Underlying Funds.
Note: For turnover ratios of the Underlying Funds into which the Aberdeen Standard Pacific Equity Fund
feeds - namely the Aberdeen Standard China Opportunities Fund, the Aberdeen Standard Indonesia
Equity Fund, the Aberdeen Standard Malaysian Equity Fund, the Aberdeen Standard Singapore Equity
Fund and the Aberdeen Standard Thailand Equity Fund - please refer to paragraph 21.4 of this Prospectus.
22 Soft-Dollar Commissions/Arrangements
The Group does not receive soft-dollar commissions or arrangements for the Fund or the Underlying
Funds.
23 Conflicts of Interest
23.1 We/the Sub-Managers/the Sub-Investment Managers and other companies in the Group may effect
transactions in which we/they have, directly or indirectly, an interest which may involve a potential
conflict with their duty to the Sub-Funds. We/the Sub-Managers/the Sub-Investment Managers and other
companies in the Group shall not be liable to account to the Sub-Funds for any profit, commission or
remuneration made or received from or by reason of such transactions or any connected transactions nor
will our fees, unless otherwise provided, be abated. We will ensure that such transactions are effected on
terms which are not less favourable to the Sub-Funds than if the potential conflict had not existed. Such
potential conflicting interests or duties may arise because we/the Sub-Managers and the Sub-Investment
Managers or other members in the Group may have invested directly or indirectly in the Sub-Funds.
More specifically, we, under the rules of conduct applicable to it, must try to avoid conflicts of interests
and, where they cannot be avoided, ensure that our clients (including the Sub-Funds) are fairly treated.
23.2 We and the Sub-Investment Managers may, as appropriate, make sales and purchases of assets of the
Sub-Fund to or from other companies in the Group or other clients in the same manner as if the other
party were at arm’s length with the client or us and the Sub-Investment Managers.
23.3 We and the Sub-Managers (where applicable) may from time to time have to deal with competing or
conflicting interests of the Fund or a Sub-Fund with other funds managed by us or the Sub-Managers
(where applicable). For example, we or the Sub-Managers (where applicable) may make a purchase or
sale decision on behalf of some or all of the other funds managed by us/them without making the same
decision on behalf of the Fund or a Sub-Fund, as a decision whether or not to make the same investment
or sale for the Fund or a Sub-Fund depends on factors such as the cash availability and portfolio balance
of the Fund or the relevant Sub-Fund. However, we and the Sub-Managers (where applicable) will use
reasonable endeavours at all times to act fairly and in the interests of the Fund and the relevant Sub-
Fund(s). In particular, after taking into account the availability of cash and relevant investment guidelines
of the other funds managed by us or the Sub-Managers (where applicable) and the Fund or a Sub-Fund,
we or the Sub-Managers (where applicable) will endeavour to ensure that securities bought and sold will
be allocated proportionately as far as possible among the Fund or the Sub-Fund and the other funds
managed by us or the Sub-Managers (where applicable).
23.4 The factors which we and the Sub-Managers (where applicable) will take into account when determining
if there is any conflict of interest as described in the paragraph above include the aggregation of the
purchase of the assets of the Sub-Funds. To the extent that another fund managed by us and the
Sub-Managers (where applicable) intends to purchase substantially similar assets, we and the Sub-
Managers (where applicable) will ensure that the assets are allocated fairly and proportionately and that
the interests of all investors are treated equally between the Sub-Funds and the other funds.
23.5 We and the Trustee may purchase, hold or redeem units in the Fund or a Sub-Fund for our own account.
If there is any conflict of interest arising as a result of such dealing, we, the Sub-Managers (where
applicable) and the Trustee will resolve the conflict in a just and equitable manner as we/they deem fit.
23.6 We, the Sub-Managers (where applicable) and the Trustee shall conduct all transactions with or for the
Sub-Funds on an arm’s length basis.
46
23.7 The Trustee and its affiliates or any of their directors, officers, employees or agents are or may be involved
in other financial, investment and professional activities that may sometimes give rise to possible conflict
of interest with the management of the Fund or any of its Sub-Funds. The Trustee will ensure that the
performance of its duties will not be impaired by any such involvement. If a conflict of interest arises, the
Trustee will endeavour (where possible) to resolve it fairly and in the interest of the Holders. Associates
of the Trustee may be engaged to provide financial, banking and/or brokerage services to the Fund or
any of its Sub-Funds or buy, hold and deal in any investments, enter into contracts or other arrangements
with the Trustee and make profits from these activities. Such services where provided and such activities
where entered into by associates of the Trustee, will be on an arm’s length basis and they shall not be
liable to account to any person for any profits or benefits made or derived by them in connection with any
such services.
23.8 Our associates and the associates of the Sub-Managers (where applicable) may be engaged to provide
services such as financial, banking or brokerage services, to the Fund or any of its Sub-Funds. Such
services where provided, will be on an arm’s length basis.
23.9 The Custodian, a party related to the Trustee, is presently also providing fund administration and valuation
services to the Sub-Funds. These services are provided on an arm’s length basis and the fees for these
services are permitted to be paid out of the Deposited Property of the relevant Sub-Fund under the
provisions of the Deed.
24 Reports
Financial year-end and distribution of reports and accounts
The financial year-end for the Fund is 30 September. We will prepare and make available the annual
report, annual accounts and the auditor’s report on the annual accounts to the Holders within 3 months
of the financial year-end (or such other period as may be permitted by the Authority). We will prepare and
make available the semi-annual report and semi-annual accounts to the Holders within 2 months of the
financial half-year end (or such other period as may be permitted by the Authority).
25 Other Material Information
25.1 Information on investments
At the end of each quarter, you will receive a statement showing the value of your investment, including
any transactions during the quarter. However, if there is any transaction within a particular month, you
will receive a statement for that month.
25.2 Distribution of income and/or capital
We have the sole discretion to determine whether any distribution of income and/or capital of the Sub-
Funds should be made. You should note that in respect of Sub-Funds that may make distributions out of
capital, any distributions out of capital will reduce your original investment.
You should note that any distributions made in respect of a Sub-Fund will reduce the net asset value of
such Sub-Fund.
25.3 Investment restrictions
25.3.1 The investment guidelines issued by the MAS under Appendix 1 of the Code, which guidelines
may be amended from time to time, shall apply to the Sub-Funds.
25.3.2 For CPFIS Included Funds, we will in addition to the investment guidelines in Appendix 1 of the
Code, ensure compliance with the investment guidelines in the CPF Investment Guidelines,
which guidelines may be amended from time to time, over and above the investment guidelines
in Appendix 1 of the Code.
47
25.3.3 As at the date of registration of this Prospectus, the Sub-Funds do not carry out securities
lending or repurchase transactions but may in future do so. If the Sub-Funds carry out securities
lending or repurchase transactions in future, such activities will be carried out in accordance
with the limits and the conditions relating to securities lending and repurchase agreements
set out in the Deed, the CPF Investment Guidelines (where applicable) and the applicable
provisions of the Code. Accordingly, the Sub-Fund may at such time in the future become
subject to the provisions on securities lending and repurchase transactions as set out in the
Code and CPF Investment Guidelines (where applicable).The Sub-Funds may participate in
securities lending or repurchase transactions for the purpose of generating additional capital
or income or for reducing costs or risks. There is a possibility that in participating in such
securities lending or repurchase transactions, there may be conflicts of interest (for instance it
is possible that we may decide to lend the securities of the scheme to its related corporations)
and in such event, we will use reasonable endeavours at all times to act fairly and in the
interests of the Fund and the relevant Sub-Fund. We may also have in place revenue sharing
arrangements whereby some income from the securities lending may accrue to us. Please
refer to paragraph 14.1.1 (H) on the risks of repurchase or securities lending agreements.
25.4 Change of investment policies
We may from time to time change the investment policy of a Sub-Fund in accordance with Clauses
19(B1), 19(B2) and 19(B3) of the Deed upon prior notification to the Holders of that Sub-Fund. Such
notification shall be by way of notice of not less than 30 days or such other notice period as may be
agreed between us and the Trustee.
25.5 Custody of Authorised Investments
25.5.1 The Trustee shall be responsible for the safe custody of the deposited property. Any Authorised
Investments forming part of the deposited property shall, whether in bearer or registered form,
be paid or transferred to or to the order of the Trustee forthwith on our receipt, and be dealt
with as the Trustee may think proper for the purpose of providing for the safe custody thereof.
The Trustee may from time to time upon notification in writing to us appoint such person or
persons as it thinks fit (including itself or its associates) as agents, nominees, custodians or
sub-custodians in respect of any of the Authorised Investments, and the fees and expenses
of such agents, nominees, custodians and sub-custodians shall be paid out of the deposited
property. The Trustee may at any time procure that:
(i) the Trustee; or
(ii) any officer or responsible official of the Trustee jointly with the Trustee; or
(iii) any nominee appointed by the Trustee; or
(iv) any such nominee and the Trustee; or
(v) any custodian, joint custodian or sub-custodian appointed pursuant to the provisions of
this paragraph; or
(vi) any company operating a recognised clearing system in respect of the Authorised
Investments of any Sub-Fund; or
(vii) any broker, financial institution or other person (or, in each case, its nominee) with whom
the same is deposited in order to satisfy any requirement to deposit margin or security,
to take delivery of and retain and/or be registered as proprietor of any Investment or other
property held upon trusts of the Deed. Any Authorised Investment in registered form shall, as
soon as reasonably practicable after receipt of the necessary documents by the Trustee, be
registered in the name of the Trustee and/or its nominee for the account of the relevant Sub-
Fund and shall remain so registered until disposed of pursuant to the provisions of the Deed.
Subject as aforesaid, the Trustee shall retain the documents of title to all Authorised Investments
held upon the trusts of the Deed in its possession in safe custody.
48
25.5.2 Notwithstanding anything contained in the Deed, the following provisions shall apply to any
Sub-Fund created on or after 15 September 1999:
(i) the Trustee shall not incur any liability in respect of, or be responsible for losses incurred
through the insolvency of or any act or omission of any depository or clearing system
with which Authorised Investments may be deposited or any broker, financial institution
or other person with whom Authorised Investments are deposited in order to satisfy any
margin requirement;
(ii) the Trustee shall not incur any liability in respect of, or be responsible for losses incurred
through the insolvency of or any act or omission of any nominee, custodian, joint
custodian or sub-custodian appointed by the Trustee except where the Trustee has failed
to exercise reasonable skill and care in the selection, appointment and monitoring of
such appointee (having regard to the market in which the relevant appointee is located)
of the Trustee is in wilful default; and
(iii) the Trustee shall not incur any liability in respect of, or be responsible for, losses incurred
through the insolvency of or any act or omission of any sub-custodian not appointed by
it.
25.6 Holders’ right to vote
25.6.1 A meeting of the Holders of all the Sub-Funds of the Fund duly convened and held in accordance
with the provisions of the Schedule on Meetings of Holders of the Deed shall be competent by
Extraordinary Resolution:
(i) to sanction any modification, alteration or addition to the provisions of the Deed which
shall be agreed by the Trustee and us as provided in Clause 41 of the Deed;
(ii) to sanction a supplemental deed increasing the maximum permitted percentage of the
management fee in relation to all the Sub-Funds;
(iii) to terminate the Fund as provided in Clause 38(F) of the Deed;
(iv) to direct the Trustee to take any action (including the termination of the Fund) pursuant
to Section 295 of the SFA;
(v) to remove the Auditors as provided in Clause 34(D) of the Deed;
(vi) to remove the Trustee as provided in Clause 35(C)(iii) of the Deed;
(vii) to remove us as provided in Clause 36(A)(iv) of the Deed;
(viii) to authorise and direct us and the Trustee to enter into a scheme of reconstruction or
amalgamation in relation to the Aberdeen Standard Singapore Equity Fund as provided
in Clause 38(H) of the Deed; and
(ix) to sanction such other matters as may be proposed by us or the Trustee,
but shall not have any further or other powers.
25.6.2 A meeting of the Holders of a Sub-Fund or Class of a Sub-Fund duly convened and held in
accordance with the provisions of the Schedule on Meetings of Holders of the Deed shall be
competent by Extraordinary Resolution:
(i) to sanction any modification, alteration or addition to the provisions of the Deed which
shall be agreed by the Trustee and us as provided in Clause 41 of the Deed to the extent
that such modification, alteration or addition affects the Holders of the relevant Sub-Fund
or the relevant Class of a Sub-Fund;
49
(ii) to sanction a supplemental deed increasing the maximum permitted percentage of the
management fee in relation to the relevant Sub-Fund or the relevant Class of a Sub-
Fund;
(iii) to terminate the relevant Sub-Fund or the relevant Class of a Sub-Fund as provided in
Clause 38(F) of the Deed;
(iv) to direct the Trustee to take any action (including the termination of the relevant Sub-
Fund or the relevant Class of a Sub-Fund) pursuant to Section 295 of the SFA; and
(v) to sanction such other matters as may be proposed by us or the Trustee,
but shall not have any further or other powers.
25.7 Taxation
You should seek professional advice from your tax consultants to determine the possible tax consequences
of investing in the Sub-Funds.
25.8 Value of Authorised Investments
Except where otherwise expressly stated, and subject always to the requirements of the Code, the value
of the assets comprised in each Sub-Fund with reference to any Authorised Investment which are:
(i) Quoted Investments shall be calculated, as the case may be, by reference to the price appearing
to us or other agent on our behalf to be the official closing price, the last known transacted price
or the last transacted price on a Recognised Stock Exchange at the time of calculation for the
Quoted Investment in question; and
(ii) Unquoted Investments shall be calculated by reference to the mean of bid and offered prices
quoted by reputable institutions in the over-the-counter market at the time of calculation or any
certified valuation by an approved stockbroker or an approved valuer.
Provided that, if the quotations referred to in (i) and (ii) above are not available, or if the value of the
Authorised Investment determined in the manner described in (i) or (ii) above, in our opinion, is not
representative, then the value shall be such value as we may with due care and in good faith consider
in the circumstances to be fair value and is approved by the Trustee and we shall notify you of such
change if required by the Trustee. For the purposes of this proviso, we shall determine the “fair value” in
consultation with an approved stockbroker or an approved valuer and with the approval of the Trustee,
in accordance with the Code.
In exercising in good faith the discretion given by the proviso above, we shall not, subject to the provisions
of the Code, assume any liability towards the Fund, and the Trustee shall not be under any liability, in
accepting our opinion, notwithstanding that the facts may subsequently be shown to have been different
from those we have assumed.
25.9 Termination of the Fund and/or the relevant Sub-Fund
25.9.1 The Fund constituted by the Deed is of indeterminate duration and may be terminated as
provided in Clause 38 of the Deed.
25.9.2 Either we or the Trustee may in our/its absolute discretion terminate the Fund by not less
than 3 months’ notice in writing to the other, given so as to expire at the end of the accounting
period current at the end of the 10th year after the date of the Deed or any year after that.
Either we or the Trustee shall be entitled by notice in writing to make the continuation of the
Fund beyond any such date conditional on the revision to our/its satisfaction at least 3 months
before the relevant date of our/its or their remuneration hereunder. If the Fund is terminated
or discontinued we shall give notice thereof to all Holders not less than 3 months in advance.
Subject as aforesaid the Fund shall continue until terminated in the manner hereinafter
provided.
50
25.9.3 The Trustee may terminate the Fund by notice in writing as hereinafter provided in any of the
following events, namely:
(i) if we shall go into liquidation (except a voluntary liquidation for the purpose of reconstruction
or amalgamation upon terms previously approved in writing by the Trustee) or if a receiver
is appointed over any of their assets or if a judicial manager is appointed in respect of us
or if any encumbrancer shall take possession of any of their assets or if we shall cease
business;
(ii) if any law shall be passed, any authorisation withdrawn or revoked or any direction issued
by the Authority which renders it illegal, or, in the opinion of the Trustee, impracticable or
inadvisable to continue the Fund;
(iii) if, within the period of 3 months from the date of the Trustee expressing in writing to us the
desire to retire, we shall have failed to appoint a new trustee within the terms of Clause
35 of the Deed;
(iv) if the Authority so directs pursuant to the SFA; or
(v) if within the period of 3 months from the date of the Trustee removing us as managers
of the Fund, the Trustee shall have failed to appoint new managers within the terms of
Clause 36 of the Deed.
The decision of the Trustee in any of the events specified above shall be final and binding upon
all the parties concerned but the Trustee shall be under no liability on account of any failure to
terminate the Fund pursuant to Clause 38 of the Deed or otherwise. We shall accept the decision
of the Trustee and relieve the Trustee of any liability to it therefor and hold the Trustee harmless
from any claims whatsoever on their part for damages or for any other relief.
25.9.4 We may terminate any Sub-Fund or, where applicable, any Class of a Sub-Fund and the Units
relating thereto in our absolute discretion by notice in writing as hereinafter provided (i) if the
average aggregate net asset value of the deposited property of that Sub-Fund or Class of a
Sub-Fund (as the case may be) shall be less than S$1,000,000 for SGD Class Units or SGD
Hedged Class Units and US$5,000,000 for USD Class Units after the end of the second year
after the date of the Deed or any time after that, or in the case of any other class of Units
which may be from time to time be established, under such conditions as we may determine
in consultation with the Trustee at the time of establishment of such class or such other time
as may be agreed between us and the Trustee or (ii) if any law shall be passed which renders
it illegal or in our opinion impracticable or inadvisable to continue that Sub-Fund or Class of
Sub-Fund or (iii) if the Authority so directs pursuant to the SFA. We may terminate the Fund in
our absolute discretion by notice in writing hereinafter provided (i) if the aggregate net asset
value of the deposited property of all the Sub-Funds shall be less than S$5,000,000 after the
end of the second year after the date of the Deed or any time after that or (ii) if any law shall
be passed which renders it illegal or in our opinion impracticable or inadvisable to continue the
Fund or (iii) if the Authority so directs pursuant to the SFA.
25.9.5 The party terminating the Fund or the relevant Sub-Fund or Class of Sub-Fund (as the case
may be) shall give notice thereof to the Holders fixing the date at which such termination is to
take effect which date shall not be less than 6months after the service of such notice. We shall
give not less than 7 days (or such other notice period as may be permitted by the relevant
authority) prior notice of such termination to the Authority.
25.9.6 The Fund may at any time after ten years from the date of the Deed be terminated by
Extraordinary Resolution of a meeting of the Holders of all the Sub-Funds duly convened and
held in accordance with the provisions contained in the Schedule of the Deed on meetings
of Holders and such termination shall take effect from the date on which the Extraordinary
Resolution is passed or such later date (if any) as the Extraordinary Resolution may provide.
51
25.9.7 A Sub-Fund or a Class of a Sub-Fund (as the case may be) may at any time after the date of
its establishment be terminated by an Extraordinary Resolution of a meeting of the Holders of
that Sub-Fund or Class duly convened and held in accordance with the provisions contained
in the Schedule of the Deed and such termination shall take effect from the date on which
the Extraordinary Resolution is passed or on such later date (if any) as the Extraordinary
Resolution may provide.
25.10 Indemnities and protections accorded to us and/or the Trustee
25.10.1 We and the Trustee shall incur no liability in respect of any action taken or thing suffered
by us/them in reliance upon any notice, resolution, direction, consent, certificate, affidavit,
statement, certificate of stock, plan of reorganisation or other paper or document believed to
be genuine and to have been passed, sealed or signed by the proper parties.
25.10.2 We and the Trustee shall incur no liability to the Holders or to any other person for doing or (as
the case may be) failing to do any act or thing which by reason of any provision of any present
or future law or regulation made pursuant thereto, or of any decree, order or judgment of any
court, or by reason of any request, announcement or similar action (whether of binding legal
effect or not) which may be taken or made by any person or body acting with or purporting to
exercise the authority of any government (whether legally or otherwise) either we/they or any of
us/them shall be directed or requested to do or perform or to forbear from doing or performing.
If, for any reason, it becomes impossible or impracticable to carry out any of the provisions of
the Deed, neither the Trustee nor us shall be under any liability therefor or thereby.
25.10.3 Neither the Trustee nor us shall be responsible for any authenticity of any signature or of any
seal affixed to any transfer or form of application, endorsement or other document affecting the
title to or transmission of Units or be in any way liable for any forged or unauthorised signature
on or any seal affixed to such endorsement, transfer or other document or for acting upon
or giving effect to any such forged or unauthorised signature or seal. We and the Trustee,
respectively, shall nevertheless be entitled but not bound to require that the signature of any
such person to any document required to be signed by him, under or in connection with the
Deed, shall be verified to our or its reasonable satisfaction.
25.10.4 Any indemnity expressly given to the Trustee or us in the Deed is in addition to and without
prejudice to any indemnity allowed by law; Provided nevertheless that any provision of the
Deed shall be void insofar as it would have the effect of exempting the Trustee or us from, or
indemnifying us/them against, any liability for breach of trust or any liability which, by virtue of
any rule of law would otherwise attach to us/them in respect of any negligence, default, breach
of duty or trust of which we/they may be guilty in relation to our/their duties, where we/they fail
to show the degrees of diligence and care required of us/them having regard to the provisions
of the Deed.
25.10.5 Nothing contained in the Deed shall be construed so as to prevent us and the Trustee in
conjunction or us or the Trustee separately, from acting as manager or trustee of funds
separate and distinct from the Fund.
25.10.6 Neither the Trustee nor us shall be responsible for acting upon any resolution purporting to
have been passed at any meeting of the Holders in respect whereof minutes shall have been
made and signed by the chairman, even though it may be subsequently found that there was
some defect in the constitution of the meeting or the passing of the resolution, or that for any
reason the resolution was not binding upon all the Holders.
25.10.7 The Trustee shall not be under any liability on account of anything done or suffered to be done
by the Trustee in good faith, in accordance with, or in pursuance of our request or advice.
Whenever pursuant to any provision of the Deed any certificate, notice, instruction or other
communication is to be given by us, or any other person, to the Trustee, the Trustee may
accept as sufficient evidence thereof a document signed or purporting to be signed on behalf
of us, or any other person, by any one person whose signature the Trustee is for the time
52
being authorised by us under our common seal or the common seal of such other person to
accept and may act on verbal, electronic and telefacsimile instructions given by our authorised
officers specified in writing by us to the Trustee.
25.10.8 The Trustee may act upon any advice of or information obtained from us or any bankers,
accountants, brokers, lawyers, agents or other persons acting as agents or advisers of the
Trustee or us, and the Trustee shall not be liable for anything done or omitted or suffered in
reliance upon such advice or information provided that the Trustee has acted in good faith
and with due care in the appointment thereof. The Trustee shall not be responsible for any
misconduct, mistake, oversight, error of judgment, forgetfulness or want of prudence on the
part of any such banker, accountant, broker, lawyer, agent or other person as aforesaid or
of us provided that the Trustee has acted in good faith and with due care in the appointment
thereof. Any such advice or information may be obtained or sent by electronic mail, facsimile
or letter and the Trustee shall not be liable for acting on any advice or information purported to
be conveyed by any such electronic mail, facsimile or letter although the same contains some
error or shall not be authentic.
25.10.9 Nothing contained in the Deed shall prevent the Trustee or an associate thereof from contracting
or entering into any financial, banking or any other type of transaction with us or any Holder
or any company or body any of whose shares or other securities form part of the deposited
property, or from being interested in any such contract or transaction. The Trustee or any
associate thereof shall not be liable to account either to us or to the Holders or any of them
for any profits or benefits made or derived from or in connection with any such transaction,
provided that any such transaction shall be on an arm’s length basis.
25.10.10 In the absence of fraud or negligence by us, we shall not incur any liability by reason of any
error of law or any matter or thing done or suffered or omitted to be done by it in good faith
under the Deed.
25.10.11 We shall not be under any liability except for fraud or wilful default or such liability as may be
assumed by us under the Deed, nor shall we (save as otherwise appears in the Deed) be liable
for any act or omission of the Trustee.
25.10.12 Nothing herein shall prevent us or any associate thereof from contracting or entering into any
financial, banking or any other type of transaction with the Trustee (when acting other than
in its capacity as Trustee of the Fund), or any Holder or any company or body, any of whose
shares or other securities form part of the deposited property or from being interested in any
such contract or transaction. We or any associate thereof shall not be liable to account to the
Trustee or to the Holders or any of them for any profits or benefits made or derived from or in
connection with any such transaction, provided that any such transaction shall be on an arm’s
length basis.
25.11 Other information relating to Aberdeen Standard SICAV I
Please refer to Appendix 1 hereto, which sets out information relating to the sub-funds of Aberdeen
Standard SICAV I. Aberdeen Standard SICAV I is structured as a UCITS scheme.
26 Queries and Feedback
All enquiries and feedback about the Fund or the Sub-Funds should be directed to us at our hotline at
+65 6395 2700.
53
APPENDIX 1
OTHER INFORMATION
(A) Sub-Funds of Aberdeen Standard SICAV I which are Underlying Funds (the “ASI Sub-Funds”)
1. Use of financial derivatives (“FDIs”)
All ASI Sub-Funds may use FDIs, including equivalent cash-settled instruments, dealt in on a Regulated
Market and/or financial derivative instruments dealt in over-the-counter market (“OTC derivatives”),
provided that:
(a) the underlying consists of instruments that are not prohibited under rules and regulations
applicable to Aberdeen Standard SICAV I, inter alia financial indices, interest rates, foreign
exchange rates or currencies, in which the relevant ASI Sub-Fund may invest according to its
investment objective;
(b) the counterparties to OTC derivative transactions are institutions subject to prudential
supervision, and belonging to the categories approved by the Luxembourg supervisory authority;
and
(c) the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be
sold, liquidated or closed by an offsetting transaction at any time at their fair value at Aberdeen
Standard SICAV I’s initiative.
“Regulated Market” shall mean a regulated market as defined in the directive 2004/39/EC of 21 April
2004 on markets in financial instruments (Directive 2004/39/EC), namely a market which appears on the
list of the regulated markets drawn up by each Member State, which functions regularly, is characterized
by the fact that regulations issued or approved by the competent authorities define the conditions for the
operation of the market, the conditions for access to the market and the conditions that must be satisfied
by a financial instrument before it can effectively be dealt in on the market, requiring compliance with
all the reporting and transparency requirements laid down by the Directive 2004/39/EC and any other
market which is regulated, operates regularly and is recognised and open to the public in an Eligible
State.
Financial derivative instruments include, but are not limited to, futures, options, swaps (including, but not
limited to, credit and credit-default, interest rate and inflation swaps), forward foreign currency contracts
and credit linked notes. The ASI Sub-Funds intend to use FDIs for hedging and/or to manage foreign
exchange risk. The following ASI Sub-Funds may additionally use FDIs for investment purposes:
• Aberdeen Standard SICAV I – All China Equity Fund;
• Aberdeen Standard SICAV I – European Sustainable and Responsible Investment Equity Fund;
and
• Aberdeen Standard SICAV I – Global Sustainable and Responsible Investment Equity Fund.
2. Risks associated with the use of FDIs
The use of FDIs involves risks different from, or possibly greater than, the risks associated with investing
directly in securities and other more traditional investments. The value of an ASI Sub-Fund that makes
use of FDIs for investment purposes may be subject to increased volatility. The following provides
a general discussion of important risk factors relating to all FDIs that may be used by an ASI Sub-Fund.
54
(a) Management Risk
FDIs are highly specialised instruments that require investment techniques and risk analyses different
from those associated with stocks and bonds. The use of an FDI requires an understanding not only of
the underlying instrument but also of the derivative itself, without the benefit of observing the performance
of the derivative under all possible market conditions.
(b) Credit Risk
The use of OTC derivatives involves the risk that a loss may be sustained as a result of the failure of
another party to the contract (usually referred to as a “counterparty”) to make required payments or
otherwise comply with the contract’s terms. Additionally, in respect of certain instruments such as credit
default swaps, losses could result if Aberdeen Standard SICAV I on behalf of an ASI Sub-Fund does not
correctly evaluate the creditworthiness of the company on which the credit default swap is based.
(c) Liquidity Risk
Liquidity risk exists when a particular FDIs is difficult to purchase or sell. If a FDI transaction is particularly
large or if the relevant market is illiquid (as is the case with many privately negotiated FDIs), it may not be
possible to initiate a transaction or liquidate a position at an advantageous time or price.
(d) Exposure Risk
Certain transactions may give rise to a form of exposure. Such transactions may include, among others,
reverse repurchase agreements, and the use of when-issued, delayed delivery or forward commitment
transactions.
(e) Lack of Availability
Because the markets for certain FDIs are relatively new and still developing, suitable FDIs transactions
may not be available in all circumstances for risk management or other purposes. Upon the expiration
of a particular contract, the portfolio manager may wish to retain an ASI Sub-Fund’s position in the
FDIs by entering into a similar contract, but may be unable to do so if the counterparty to the original
contract is unwilling to enter into the new contract and no other suitable counterparty can be found.
There is no assurance that Aberdeen Standard SICAV I on behalf of an ASI Sub-Fund will engage in
FDIs transactions at any time or from time to time. The ability to use FDIs may also be limited by certain
regulatory and tax considerations.
(f) Market and Other Risks
Like most other investments, FDIs are subject to the risk that the market value of the instrument will
change in a way detrimental to an ASI Sub-Fund. If a portfolio manager incorrectly forecasts the values
of securities, currencies or interest rates or other economic factors in using FDIs, Aberdeen Standard
SICAV I on behalf of an ASI Sub-Fund might have been in a better position if it had not entered into
the transaction at all. While some strategies involving FDIs can reduce the risk of loss, they can also
reduce the opportunity for gain or even result in losses by offsetting favourable price movements in other
investments. Aberdeen Standard SICAV I on behalf of an ASI Sub-Fund may also have to buy or sell a
security at a disadvantageous time or price because Aberdeen Standard SICAV I on behalf of an ASI
Sub-Fund is legally required to maintain offsetting positions or asset coverage in connection with certain
FDIs transactions.
Other risks in using FDIs include the risk of mispricing or improper valuation of FDIs and the inability of
FDIs to correlate perfectly with underlying assets, rates and indices. Many FDIs, in particular privately
negotiated FDIs, are complex and often valued subjectively. Improper valuations can result in increased
cash payment requirements to counterparties or a loss of value to an ASI Sub-Fund. Also, the value of
FDIs may not correlate perfectly, or at all, with the value of the assets, reference rates or indices they are
55
designed to closely track. In addition, the use of FDIs may cause Aberdeen Standard SICAV I on behalf
of an ASI Sub-Fund to realise higher amounts of short-term capital gains (generally taxed at ordinary
income tax rates) than if Aberdeen Standard SICAV I on behalf of an ASI Sub-Fund had not used such
instruments.
3. Risk Management Process and Exposure Limits
Aberdeen Standard SICAV I will employ a risk-management process which enables it or the Management
Company to monitor and measure at any time the risk of the positions and their contribution to the overall
risk profile of each ASI Sub-Fund.
Aberdeen Standard SICAV I shall ensure for each ASI Sub-Fund that the global exposure relating to FDIs
does not exceed the net assets of the relevant ASI Sub-Fund. The exposure is calculated taking into
account the current value of the underlying assets, the counterparty risk, foreseeable market movements
and the time available to liquidate the positions. Under the commitment approach, an ASI Sub-Fund’s total
exposure to financial derivative instruments is limited to 100% of that ASI Sub-Fund’s NAV. Accordingly,
an ASI Sub-Fund may not be leveraged in excess of 100% of its NAV taking into account its use of FDIs.
The risk exposure of an ASI Sub-Fund to a counterparty in an OTC derivative transaction may not
exceed 10% of its net assets when the counterparty is a credit institution which has its registered office
in a country which is a EU Member State or if the registered office of the credit institution is situated
in a non-EU Member State provided that it is subject to prudential rules considered by the CSSF as
equivalent to those laid down in Community law or 5% of its net assets in other cases.
(B) Supplementary Information
You may obtain supplementary information relating to the risk management methods employed by
Aberdeen Standard SICAV I including the quantitative limits that are applied and any recent developments
in the risk and yield characteristics of the main categories of investments from us.
4. Risks associated with the use of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong
Stock Connect
The Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect (together referred
to as “Stock Connect”) is a securities trading and clearing links programme developed by Hong Kong
Exchanges and Clearing Limited (“HKEx”), Shanghai Stock Exchange (“SSE”) and China Securities
Depository and Clearing Corporation Limited (“ChinaClear”). Shenzhen-Hong Kong Stock Connect
is a securities trading and clearing links programme developed by HKEx, Shenzhen Stock Exchange
(“SZSE”) and ChinaClear. The aim of Stock Connect is to achieve mutual stock market access between
Mainland China and Hong Kong.
Stock Connect comprises two Northbound Trading Links, one between SSE and SEHK, and the other
between SZSE and SEHK. Stock Connect will allow foreign investors to place orders to trade eligible
China A-Shares listed on the SSE (“SSE Securities”) or on the SZSE (“SZSE Securities”) (the SSE
Securities and SZSE Securities collectively referred to as the “Stock Connect Securities) through their
Hong Kong based brokers.
The SSE Securities include all the constituent stocks from time to time of the SSE 180 Index and SSE
380 Index, and all the SSE-listed China A-Shares that are not included as constituent stocks of the
relevant indices but which have corresponding H-Shares listed on The Stock Exchange of Hong Kong
Limited (“SEHK”), except (i) those SSE-listed shares which are not traded in Renminbi (“RMB”) and (ii)
those SSE-listed shares which are included in the “risk alert board”: The list of eligible securities may be
changed subject to the review of, and approval by, the relevant regulators of the People’s Republic of
China (“PRC”) from time to time.
The SZSE Securities include all the constituent stocks from time to time of the SZSE Component Index
and the SZSE Small/Mid Cap Innovation Index which has a market capitalization of at least RMB 6
billion, and all the SZSE-listed China A-Shares that are not included as constituent stocks of the relevant
56
indices but which have corresponding H-Shares listed on SEHK, except those SZSE-listed shares (i)
which are not quoted and traded in Renminbi (RMB), (ii) which are included in the “risk alert board”; (iii)
which have been suspended from listing by the SZSE; and (iv) which are in the pre-delisting period.
The list of eligible securities may be changed subject to the review and approval by the relevant PRC
regulators from time to time.
Further information about Stock Connect is available online at the website:

http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/chinaconnect.htm
Additional risks associated with Stock Connect:
• Home Market Rules
A fundamental principle of trading securities through Stock Connect is that the laws, rules and regulations
of the home market of the applicable securities shall apply to investors in such securities. Therefore, in
respect of Stock Connect Securities, Mainland China is the home market and the relevant ASI Sub-
Fund should observe Mainland China laws, rules and regulations in respect of Stock Connect Securities
trading (excluding those related to custodial arrangements entered into between the ASI Sub-Funds
and the SEHK subsidiary in Shanghai and/or Shenzhen to trade Stock Connect Securities. If such laws,
rules or regulations are breached, the SSE and the SZSE, respectively, have the power to carry out an
investigation, and may require HKEx exchange participants to provide information about the relevant ASI
Sub-Fund and to assist in investigations.
Nevertheless, certain Hong Kong legal and regulatory requirements will also continue to apply to the
trading of Stock Connect Securities.
• Quota limitations
The programmes are subject to a daily quota limitation which may restrict an ASI Sub-Fund’s ability to
invest in Stock Connect Securities through the programmes on a timely basis. In particular, once the
Northbound daily quota is reduced to zero or the Northbound daily quota is exceeded during the opening
call session, new buy orders will be rejected (although investors will be allowed to sell their cross-
boundary securities regardless of the quota balance).
• Restriction on trading days
Stock Connect only operates on days when both the Mainland China and Hong Kong markets are open
for trading and when banks in both markets are open on the corresponding settlement day. Due to
the difference in trading days between the Mainland China and the Hong Kong markets, there may be
occasions when it is a normal trading day for the Mainland China market but not in Hong Kong and,
accordingly, the relevant ASI Sub-Funds cannot carry out any Stock Connect Securities trading. The
relevant ASI Sub-Funds may therefore be subject to a risk of price fluctuations in China A-Shares during
periods when Stock Connect is not operational.
• Suspension risk
Each of the SEHK, SSE and SZSE reserves the right to suspend trading if necessary for ensuring an
orderly and fair market and that risks are managed prudently. In the case of a suspension, the relevant
ASI Sub-Funds’ ability to access the Mainland China market will be adversely affected.
• Beneficial ownership / Nominee arrangements
The Stock Connect Securities purchased by an ASI Sub-Fund will be held by the relevant sub-custodian
in accounts in the Hong Kong Central Clearing and Settlement System (“CCASS”) maintained by
the Hong Kong Securities Clearing Company Limited (“HKSCC”), as central securities depositary in
Hong Kong. The HKSCC will be the “nominee holder” of the relevant ASI Sub-Funds’ Stock Connect
Securities traded through Stock Connect. The Stock Connect regulations as promulgated by the China
Securities Regulatory Commission (“CSRC”) expressly provide that HKSCC acts as nominee holder and
57
that the Hong Kong and overseas investors (such as the relevant ASI Sub-Funds) enjoy the rights and
interests with respect to the Stock Connect Securities acquired through Stock Connect in accordance
with applicable laws. While the distinct concepts of nominee holder and beneficial owner are referred to
under such regulations, as well as other laws and regulations in Mainland China, the application of such
rules is untested, and there is no assurance that PRC courts will recognise such concepts, for instance,
in the liquidation proceedings of PRC companies.
Therefore, although the ASI Sub-Funds’ ownership may be ultimately recognised, it may suffer difficulties
or delays in enforcing its rights over its Stock Connect Securities. To the extent that HKSCC is deemed
to be performing safekeeping functions with respect to assets held through it, it should be noted that the
depositary and the ASI Sub-Funds will have no legal relationship with HKSCC and no direct legal recourse
against HKSCC in the event that the ASI Sub-Funds suffer losses resulting from the performance or
insolvency of HKSCC.
• Investor compensation
Investments of an ASI Sub-Fund through Northbound trading under Stock Connect will not benefit
from any local investor compensation schemes nor will they be covered by Hong Kong’s Investor
Compensation Fund.
On the other hand, since the relevant ASI Sub-Funds investing via Stock Connect are carrying out
Northbound trading through securities brokers in Hong Kong but not PRC brokers, they are not protected
by the China Securities Investor Protection Fund in the PRC.
• Risk of China Clear default/Clearing and Settlement Risks
HKSCC and ChinaClear establish the clearing links and each is a participant of each other to facilitate
clearing and settlement of cross-boundary trades. As the national central counterparty of the PRC’s
securities market, ChinaClear operates a comprehensive network of clearing, settlement and stock
holding infrastructure. ChinaClear has established a risk management framework and measures that
are approved and supervised by the CSRC. The chances of a ChinaClear default are considered to be
remote.
In the event of a default by ChinaClear, HKSCC’s liabilities under its market contracts with clearing
participants will be limited to assisting clearing participants with claims. HKSCC has stated that it will act
in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available
legal channels or the liquidation of ChinaClear. As ChinaClear does not contribute to the HKSCC
guarantee fund, HKSCC will not use the HKSCC guarantee fund to cover any residual loss as a result
of closing out any of ChinaClear’s positions. HKSCC will in turn distribute the Stock Connect Securities
and/or monies recovered to clearing participants on a pro-rata basis. The relevant broker through whom
an ASI Sub-Fund trades shall in turn distribute Stock Connect Securities and/or monies to the extent
recovered directly or indirectly from HKSCC. As such, the ASI Sub-Fund may not fully recover their
losses or their Stock Connect Securities and/or the process of recovery could be delayed.
• Segregation
The securities account opened with ChinaClear in the name of HKSCC is an omnibus account, in which
the Stock Connect Securities for more than one beneficial owner are commingled. The Stock Connect
Securities will be segregated only in the accounts opened with HKSCC by clearing participants, and in
the accounts opened with the relevant sub-custodians by their clients (including the relevant ASI Sub-
Funds).
• Information technology risk
The programmes require the development of new information technology systems on the part of the stock
exchanges and exchange participants and may be subject to operational risk. If the relevant systems fail
to function properly, trading through the programmes could be disrupted and the relevant ASI Sub-Funds’
ability to access the China A-Share market may be adversely affected.
58
• The recalling of eligible stocks
PRC regulations impose restrictions on selling and buying certain Stock Connect Securities from time
to time. In addition, a Stock Connect Security may be recalled from the scope of eligible securities for
trading via the programme, which may affect the portfolio of the relevant ASI Sub-Funds where they hold
such securities. If such recalled Stock Connect Securities are still listed on the SSE and/or SZSE, they
are allowed to be sold, but not to be bought, via the programmes.
• SSE Price Limits
SSE Securities are subject to a general price limit of a ±10% based on the previous trading day’s closing
price. In addition, Stock Connect Securities which are on the risk alert board are subject to a ±5% price
limit based on the previous trading day’s closing price. The price limit may be changed from time to time.
All orders in respect of Stock Connect Securities must be within the price limit.
• Taxation risk
Chinese Withholding Income Tax
Under the current China Corporate Income Tax (“CIT”) regime, Chinese tax resident enterprises should
be subject to CIT on its worldwide income. Non-resident enterprises with establishments or places of
business (“PE”) in China should be subject to CIT on taxable income derived by such PE in China.
To the extent that the Funds are not Chinese tax resident enterprises or non-tax resident enterprises
with PE in China for CIT purposes, the ASI Sub-Funds should only be subject to Chinese Withholding
Income Tax (“WHT”) on taxable income sourced from China (e.g. dividends, interest, capital gains, etc.),
unless otherwise reduced or exempted pursuant to the applicable tax agreements or arrangements
between China and the jurisdictions where the ASI Sub-Funds are tax residents, or applicable China tax
regulations.
The Management Company reserves the right to provide for Chinese WHT on investment income derived
by the ASI Sub-Funds investing in Mainland Chinese assets. According to the general principles of the
CIT regulations and Guoshuihan [2009] No. 47, QFIIs are considered as taxpayers of China-sourced
dividends and interest and are subject to WHT at 10% with respect to such China-sourced income,
which the WHT rate may be reduced by the relevant double taxation arrangement or agreement. RQFIIs
should be subject to the same WHT treatment with respect to dividend received from Chinese shares.
The Ministry of Finance (“MOF”), the State Taxation Administration (“STA”) and the China Securities
Regulatory Commission of the People’s Republic of China (“CSRC”) issued the “Notice on temporary
exemption of WHT on capital gains derived from the transfer of Chinese equity investment assets
such as Chinese domestic stocks by QFII and RQFII” Caishui 2014 No.79 on 14 November 2014 (“the
Notice 79”). The Notice 79 states that Chinese WHT should be imposed on gains obtained by QFII
and RQFII from Chinese equity investment assets (including Chinese domestic stocks) realised prior to
17 November 2014. The Notice 79 also states that QFIIs / RQFIIs without PE in China are temporarily
exempt from Chinese WHT on gains derived from equity investment assets effective from 17 November
2014 onwards. The provision made by Aberdeen Standard SICAV I is based on current market practice
and Aberdeen Standard SICAV I’s understanding of the tax rules and any changes to market practice or
interpretation of China tax rules may impact this provision and may result in this provision being higher or
lower than required. It should also be noted that the Notice 79 specified that the exemption on Chinese
WHT on gains derived from the trading of equity investment assets is temporary. There is a possibility
of the China tax rules, regulations and practice being changed and taxes being applied retrospectively.
Consequently, investors may be advantaged or disadvantaged depending upon the final outcome in
terms of how the capital gains are taxed in China, the level of provision and when they subscribed
for and/or redeemed their Shares in/from the relevant ASI Sub-Fund. Aberdeen Standard SICAV I will
closely monitor any further guidance issued by the relevant Chinese tax authorities and adjust the WHT
approach of the ASI Sub-Funds accordingly.
59
The MOF, the STA and CSRC jointly issued notices in relation to the taxation rules on Shanghai –
Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect under Caishui 2014 No.81
(“Notice No.81”) on 31 October 2014 and Caishui 2016 No. 127 (“Notice No. 127”) on 5 December
2016, respectively. Under Notice No.81 and Notice No. 127, CIT and individual income tax should be
temporarily exempted on gains derived by Hong Kong and overseas investors (including the ASI Sub-
Funds) on the trading of China A-Shares through Stock Connect. However, Hong Kong and overseas
investors are required to pay tax on dividends and/or bonus shares at the rate of 10% which will be
withheld and paid to the relevant authority by the listed companies. Where an investor is a tax resident
of another country that has signed a tax treaty with China and in which the stipulated income tax rate on
stock dividends is less than 10%, the investor may apply to the competent tax authority of the relevant
listed company to enjoy the preferential treatment under the tax treaty, insofar as such a preferential
treatment is granted to an ASI Sub-Fund.
Under the domestic CIT regime, Chinese government bond and local government bond interest is exempt
from WHT. Interest from non-government bonds is subject to 10% WHT prior to the issuance of Caishui
2018 No.108 (“Notice 108”). According to Notice 108, bond interest derived by foreign institutional
investors from investment in bonds in China bond market is exempted from WHT and VAT for the period
from 7 November 2018 to 6 November 2021.
Specific rules governing WHT treatment on capital gains derived by non-Chinese resident enterprises
from the investment in debt securities issued by Chinese tax residents have yet to be announced. In
the absence of such specific rules, the Chinese WHT treatment should be governed by the general tax
provisions of the China CIT Law and its implementation rules and would be subject to the interpretation
of the Chinese tax authorities. Based on the current interpretation and practice of the STA and the local
tax authorities, on the basis that debt securities are treated as movable assets, there should be basis
to support that gains derived from investment in debt securities should not be treated as PRC sourced
income, and thus should not be subject to Chinese WHT.
Chinese Value-Added Tax (“VAT”)
Gains derived by QFIIs and RQFIIs from the trading of Chinese securities are exempt from VAT since 1
May 2016. Based on Notice No. 36 and Notice No. 127, gains derived by Hong Kong market investors
(including the ASI Sub-Funds) from trading of A-Shares through the Shanghai-Hong Kong Stock Connect
and Shenzhen-Hong Kong Stock Connect are exempt from VAT.
Pursuant to Notice No. 36 which has come into effective on 1 May 2016, interest income from Chinese
bond should be subject to 6% VAT, plus local surcharges of up to 12% based on the VAT paid. Interest
income received from Chinese government bonds and local government bonds are exempted from VAT.
On 22 November 2018, Notice No. 108 was issued to stipulate that foreign institutional investors are
temporarily exempt from VAT with respect to bond interest income derived in the domestic bond market
for the period from 7 November 2018 to 6 November 2021.
Tax provision
Following the issue of the Notice No. 79, Aberdeen Standard SICAV I does not currently intend to make
any provision in respect of unrealized gains or gains realized from Chinese equity after 17 November
2014. Additionally, Aberdeen Standard SICAV I does not currently make any provision in respect of
unrealized gains or gains realized from Chinese bonds.
In the event that actual tax is collected by the STA to make payments reflecting tax liabilities for which
no provision has been made, investors should note that the Net Asset Value of the ASI Sub-Funds may
be adversely affected, as the ASI Sub-Funds will ultimately have to bear the full amount of tax liabilities.
In this case, the additional tax liabilities of the ASI Sub-Funds will only impact Shares in issue of the ASI
Sub-Funds at the relevant time, and the then existing Shareholders and subsequent Shareholders of
such ASI Sub-Funds will be disadvantaged as such Shareholders will bear, through the ASI Sub-Funds,
a disproportionately higher amount of tax liabilities as compared to that borne at the time of investment
in the ASI Sub-Funds. On the other hand, if the actual applicable tax rate levied by STA is lower than
that provided for by Aberdeen Standard SICAV I so that there is an excess in the tax provision amount,
60
Shareholders who have redeemed their Shares before STA’s ruling, decision or guidance in this respect
will be disadvantaged as they would have borne the loss from the overprovision. In this case, the then
existing and new Shareholders may benefit if the difference between the tax provision and the actual
taxation liability under that lower tax rate can be returned to the account of the ASI Sub-Funds as assets
thereof. Notwithstanding the above change in tax provisioning approach, persons who have already
redeemed their Shares in the ASI Sub-Funds before the return of any overprovision to the account of the
ASI Sub-Funds will not be entitled to or have any right to claim any part of such overprovision.
Shareholders may be advantaged or disadvantaged depending upon the final tax liabilities, the level of
provision and when they subscribed and/or redeemed their Shares in the ASI Sub-Funds. Shareholders
in the ASI Sub-Funds should seek their own tax advice on their tax position with regard to their investment
in the ASI Sub-Funds.
• Participation in corporate actions and shareholder meetings
Hong Kong and overseas investors (including the relevant ASI Sub-Fund) are holding Stock Connect
Securities traded via the Stock Connect through their brokers or custodians, and they need to comply
with the arrangement and deadline specified by their respective brokers or custodians (i.e. CCASS
participants). The time for them to take actions for some types of corporate actions of Stock Connect
Securities may be as short as one business day only. Therefore, the relevant ASI Sub-Fund may not be
able to participate in some corporate actions in a timely manner.
According to existing mainland practice, multiple proxies are not available. Therefore, the relevant ASI
Sub-Fund may not be able to appoint proxies to attend or participate in shareholders’ meetings in respect
of the Stock Connect Securities.
• Currency Risk
If the relevant ASI Sub-Fund is not denominated in RMB (i.e. the currency in which Stock Connect
Securities are traded and settled), the performance of the ASI Sub-Fund may be affected by movements
in the exchange rate between RMB and the currency of denomination of the ASI Sub-Fund. The
relevant ASI Sub-Fund may, but is not obliged to, seek to hedge foreign currency risks. However, even if
undertaken, such hedging may be ineffective. On the other hand, failure to hedge foreign currency risks
may result in the ASI Sub-Fund suffering from exchange rate fluctuations.
• Risks associated with the Small and Medium Enterprise board and/or ChiNext market
An ASI Sub-Fund may invest in the Small and Medium Enterprise (“SME”) board and/or the ChiNext
market of the SZSE via the Shenzhen-Hong Kong Stock Connect. Investments in the SME board and/
or ChiNext market may result in significant losses for an ASI Sub-Fund and its investors. The following
additional risks apply:
Higher fluctuation on stock prices
Listed companies on the SME board and/or ChiNext market are usually of emerging nature with smaller
operating scale. Hence, they are subject to higher fluctuation in stock prices and liquidity and have higher
risks and turnover ratios than companies listed on the main board of the SZSE.
Over-valuation risk
Stocks listed on the SME board and/or ChiNext may be overvalued and such exceptionally high valuation
may not be sustainable. Stock prices may be more susceptible to manipulation due to fewer circulating
shares.
Differences in regulations
The rules and regulations regarding companies listed on ChiNext market are less stringent in terms of
profitability and share capital than those in the main board and SME board.
61
Delisting risk
It may be more common and faster for companies listed on the SME board and/or ChiNext to delist. This
may have an adverse impact on an ASI Sub-Fund if the companies that it invests in are delisted.
5. Risks associated with investing via QFI
QFI regulatory risks
Foreign investors can invest in Chinese domestic securities market through institutions that have obtained
QFI status as approved under and subject to applicable Chinese regulatory requirements.
Actions of the relevant manager or issuer which violate QFI regulations could result in the revocation
of, or other regulatory action against, the relevant QFI licence as a whole, and may impact the ASI Sub-
Fund’s exposure to Chinese securities. In addition, an ASI Sub-Fund may also be impacted by the rules
and restrictions (including rules on investment restrictions, minimum investment holding periods, and
repatriation of principal and profits), which may consequently have an adverse impact on the liquidity
and/or investment performance of the ASI Sub-Fund. The QFI regulations which regulate investments in
China may be subject to further revisions in the future. Their application may depend on the interpretation
given by the relevant Mainland Chinese authorities. Any changes to the relevant rules may have an
adverse impact on investors’ investment in the ASI Sub-Fund. There is no assurance whether future
revisions to the QFI regulations or their application may or may not adversely affect an ASI Sub-Fund’s
investments in China.
The ASI Sub-Fund’s ability to make the relevant investments or to fully implement or pursue its investment
objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on
investments and rules on repatriation of principal and profits) in China, which are subject to change and
such change may have potential retrospective effect.
Should the relevant Investment Manager or Sub-Investment Manager lose its QFI status, an ASI Sub-
Fund may not be able to invest in QFI eligible securities which would likely have a material adverse effect
on such ASI Sub-Fund. Likewise, limits on investment in China A-Shares are applied in relation to the
QFI status held by the relevant Investment Manager or Sub-Investment Manager as a whole. Hence the
ability of an ASI Sub-Fund to make investments and/or repatriate monies through the Sub-Investment
Manager’s QFI status may be affected adversely by the investments, performance and/or repatriation
of monies invested by other investors who also utilise the QFI status held by the relevant Investment
Manager or Sub-Investment Manager in the future.
QFI Custody risks and PRC Broker risks
The depositary and the relevant Investment Manager or Sub-Investment Manager (in its capacity as a
QFI) have appointed Citibank (China) Co., Ltd, the PRC Custodian as the custodian in respect of the QFI
eligible securities, pursuant to relevant laws and regulations.
Securities including RMB denominated fixed income instruments, China A-Shares or other permissible
investments will be maintained by the PRC Custodian pursuant to PRC regulations through securities
accounts with The China Securities Depositary and Clearing Corporation Limited , China Central
Depository & Clearing Co. Ltd, Shanghai Clearing House Co., Ltd. or such other relevant depositories in
such name as may be permitted or required in accordance with PRC law.
According to the QFI regulations and market practice, the securities and cash accounts for a fund in the
PRC are to be maintained in the name of “the full name of the QFI – the name of the ASI Sub-Fund”.
Moreover, although pursuant to the QFI regulations, ownership of the securities in such accounts will
belong to the ASI Sub-Fund and shall be segregated from the assets of the QFI and the PRC Custodian,
62
this has not been tested in court, and such QFI eligible securities of an ASI Sub-Fund may be vulnerable
to a claim by a liquidator of the relevant Investment Manager or Sub-Investment Manager and may not
be as well protected as if they were registered solely in the name of an ASI Sub-Fund concerned. In
particular, there is a risk that creditors of the relevant Investment Manager or Sub-Investment Manager
may incorrectly assume that an ASI Sub-Fund’s assets belong to the relevant Investment Manager or the
Sub-Investment Manager and such creditors may seek to gain control of an ASI Sub-Fund’s assets to
meet the relevant Investment Manager’s or Sub-Investment Manager’s liabilities owed to such creditors.
Investors should note that cash deposited in the cash account of an ASI Sub-Fund concerned with
the PRC Custodian will not be segregated but will be a debt owing from the PRC Custodian to an ASI
Sub-Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of the PRC
Custodian. In the event of bankruptcy or liquidation of the PRC Custodian, an ASI Sub-Fund concerned
will not have any proprietary rights to the cash deposited in such cash account, and an ASI Sub-Fund
will become an unsecured creditor, ranking pari passu with all other unsecured creditors, of the PRC
Custodian. The ASI Sub-Fund concerned may face difficulty and/or encounter delays in recovering such
debt, or may not be able to recover it in full or at all, in which case the ASI Sub-Fund will suffer losses.
The relevant Investment Manager or Sub-Investment Manager also selects the PRC broker to execute
transactions for an ASI Sub-Fund in the PRC markets. Should, for any reason, an ASI Sub-Fund’s
ability to use the relevant PRC broker be affected, this could disrupt the operations of an ASI Sub-
Fund. An ASI Sub-Fund may also incur losses due to the acts or omissions of either the relevant PRC
broker(s) or the PRC Custodian in the execution or settlement of any transaction or in the transfer of any
funds or securities. Subject to the applicable laws and regulations in the PRC, the depositary will make
arrangements to ensure that the PRC Custodian has appropriate procedures to properly safe-keep an
ASI Sub-Fund’s assets.
In the event of any default of either the relevant PRC broker or the PRC Custodian (directly or through its
delegate) in the execution or settlement of any transaction or in the transfer of any funds or securities in
the PRC, an ASI Sub-Fund may encounter delays in recovering their assets which may in turn adversely
impact the net asset value of such ASI Sub-Fund.
63
Signed Signed
_________________________________________ _________________________________________
Donald Roy Amstad Tay Kheng Guet
Director Director
Signed Signed
_________________________________________ _________________________________________
Ian Robert Macdonald Duigan Vance Michael
Director Director
Signed Signed
_________________________________________ _________________________________________
Lim Sock Hwei Adam John McCabe
Director Director
Signed Signed
_________________________________________ _________________________________________
Cheong Mei Yi Flavia Rene Buehlmann
Director Director
Signed
_________________________________________
Terence Lim Ming Wan
Director
66
abrdn Asia Limited
(Registration Number 199105448E)
21 Church Street, #01-01 Capital Square Two

Singapore 049480 visit abrdn.com/investment
For more information
Tel: 1800 395 2709
Fax: +65 6632 2993
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www.abrdn.com
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Aberdeen Standard Select Portfolio
Product Highlight Sheets

January 2022
Aberdeen Standard Asian Smaller Companies Fund
Aberdeen Standard China Opportunities Fund
Aberdeen Standard European Sustainable and Responsible Investment Equity Fund
Aberdeen Standard Global Emerging Markets Fund
Aberdeen Standard Global Sustainable And Responsible Investment Equity Fund
Aberdeen Standard Global Technology Fund
Aberdeen Standard India Opportunities Fund
Aberdeen Standard Indonesia Equity Fund
Aberdeen Standard Malaysian Equity Fund
Aberdeen Standard Pacific Equity Fund
Aberdeen Standard Singapore Equity Fund
Aberdeen Standard Thailand Equity Fund
Prepared on: 03/01/22
This Product Highlights Sheet is an important document.
• It highlights the key terms and risks of this investment product and complements the
Prospectus1.
• It is important to read the Prospectus before deciding whether to purchase units in the
product. If you do not have a copy, please contact us to ask for one.
• You should not invest in the product if you do not understand it or are not comfortable
with the accompanying risks.
• If you wish to purchase the product, you will need to make an application in the manner
set out in the Prospectus.
Aberdeen Standard Select Portfolio – Aberdeen Standard Asian Smaller Companies Fund
(the “Fund”)
Product Type Unit Trust Launch Date 22 September 2006
Manager abrdn Asia Limited Custodian Citibank, N.A.,
PRODUCT HIGHLIGHTS SHEET

Singapore Branch
Trustee Citicorp Trustee Dealing Frequency Every Dealing Day
(Singapore) Limited
Capital Guaranteed No Expense Ratio as at SGD Class: 1.75%
30 September 2020
PRODUCT SUITABILITY
WHO IS THE PRODUCT SUITABLE FOR?
• The Fund is only suitable for investors who: Refer to “Investment

– seek long-term total return Objectives and Focus
– understand the risks involved in investing in small caps equities in of the Sub-Funds”
Asia Pacific excluding Japan in Section 9 of the
– understand that it offers no capital protection or guarantees Prospectus for further
information on product
For additional assessments on product suitability, please obtain professional suitability.
advice.
KEY PRODUCT FEATURES
WHAT ARE YOU INVESTING IN?
Refer to “Structure of
Fund Underlying Fund Securities the Sub-Funds” and
“Investment Objectives
Aberdeen Aberdeen Standard Portfolio of Asia and Focus of the Sub-
Standard SICAV I – Asian Pacific ex Japan Funds” in Sections 7 and
Asian Smaller Smaller Companies equities with small 9 of the Prospectus for
Companies Fund Fund market capitalisation further information on
companies features of the product.
• You are investing in a Singapore-authorised unit trust, which aims to provide
long-term total return through investing in the Underlying Fund, which
in turn invests in a portfolio of Asia Pacific ex Japan equities of Smaller
Companies.
1
The Prospectus is available for collection at abrdn Asia Limited (21 Church Street, #01-01 Capital
Square Two, Singapore 049480) during business hours or from our website, www.abrdn.com/sg/investor.
INVESTMENT STRATEGY
• The Fund will invest all or substantially all of its assets in the Aberdeen Refer to “Investment
Standard SICAV I – Asian Smaller Companies Fund. This Underlying Objectives and Focus
Fund invests at least two-thirds of its assets in equities and equity-related of the Sub-Funds” and
securities of Smaller Companies with their registered office in an Asia “Investment strategy/
Pacific (excluding Japan) country; and/or, of Smaller Companies which policy” in Sections
have the preponderance of their business activities in an Asia Pacific 9 and 11 of the
country (excluding Japan); and/or, of holding companies that have the Prospectus for further
preponderance of their assets in Smaller Companies with their registered information on the
office in an Asia Pacific country (excluding Japan). investment strategy of
• The Underlying Fund may invest up to 30% of its net assets in Mainland the Fund.
China equity and equity-related securities, although only up to 20% of its
net assets may be invested directly through QFI regime, the Shanghai-
Hong Kong and Shenzhen-Hong Kong Stock Connect programme or by
any other available means.
• The Underlying Fund is actively managed.
• The Underlying Fund aims to outperform the MSCI AC Asia Pacific ex

Japan Small Cap Index (USD) benchmark before charges.
• The benchmark is also used as a reference point for portfolio construction
and as a basis for setting risk constraints.
• In order to achieve its objective, the Underlying Fund will take positions
whose weightings diverge from the benchmark or invest in securities which
are not included in the benchmark. The investments of the Underlying
Fund may deviate significantly from the components of and their respective
weightings in the benchmark. Due to the active nature of the management
process, the Underlying Fund’s performance profile may deviate significantly
from that of the benchmark over the longer term.
PARTIES INVOLVED
WHO ARE YOU INVESTING WITH?
• Aberdeen Standard Select Portfolio is the umbrella unit trust of the Fund. Refer to “Basic
• The Manager of the Fund is abrdn Asia Limited. Information”, “The
• The Trustee of the Fund is Citicorp Trustee (Singapore) Limited. Manager” and “The
• The Custodian of the Fund is Citibank, N.A., Singapore Branch. Trustee/Custodian” in
Sections 1, 2 and 3 of
the Prospectus for further
information on the role
and responsibilities of the
entities and what happens
if they become insolvent.
KEY RISKS
WHAT ARE THE KEY RISKS OF THIS INVESTMENT?
The value of the Fund may rise or fall. You may lose some or all of your Refer to “Risks” in
investment depending on the performance of the underlying securities. Factors Section 15, “Liquidity Risk
that may affect the performance of these securities include, without limitation, Management” in Section
market risks, fluctuations in interest rates and foreign exchange rates, political 21 and “Appendix 1” of
instability, exchange controls, changes in taxation and foreign investment the Prospectus for further
policies. Some of the key risks associated with the Fund are described below. information on risks of the
product.
Market Risks
You are exposed to market risk.
Prices of the securities owned by the Underlying Fund may rise or fall in response
to changes in economic conditions, political conditions, interest rates, and market
sentiment. These may cause the price of units of the Fund to go up or down.
Liquidity Risks
You are exposed to liquidity risk.
The securities that the Underlying Fund owns may at times lack liquidity thereby
affecting their value or ease of disposal. The Manager may, subject to the trust
deed, limit the total number of units which unit holders may dispose if the total
number of units to be disposed on any Dealing Day exceeds 10%.
Product-Specific Risks
You are exposed to currency risk.
The assets and income of the Underlying Fund will be substantially denominated
in currencies other than the Singapore dollar. Currency fluctuations between
foreign currencies and the Singapore dollar may affect the income and valuation
of the assets of the Underlying Fund in ways unrelated to business performance.
You are exposed to regulatory risk.
The investment objectives and parameters of the Underlying Fund are restricted
by legislative and regulatory guidelines. There may be a risk that legislative or

regulatory changes may make it less likely for the Fund to achieve its objectives.
You are exposed to smaller companies, regional & emerging market risk.
Share prices of smaller companies are more often more volatile than larger
ones. Smaller company stocks may at times lack liquidity and there may
be limited access to information in comparison with larger companies. The
Underlying Fund may experience increased volatility as Asia and emerging
markets lack the diversity of global markets. Exposure to emerging markets
also increases potential volatility in your portfolio as the region’s legal, judicial
and regulatory infrastructure is still developing and this may create uncertainty
for investors.
You are exposed to additional risks related to the Underlying Fund’s
investment in Chinese securities through the use of a Qualified Foreign
Institutional Investor (“QFII”) licence.
If the creditors of the QFII successfully assert that the securities and other
assets in the nominee accounts are owned by the QFII and not the relevant
Underlying Fund, the creditors of the QFII may seek payment from the assets
of the relevant Underlying Fund, which could in turn affect the net asset value
of the Fund.
You are exposed to additional risks related to the Underlying Fund’s Refer to “Risks associated
investment in Chinese securities through the Shanghai-Hong Kong with the use of Shanghai-
Stock Connect program. Hong Kong Stock Connect”
The Underlying Fund may invest in certain eligible China A-shares through in Appendix 1 of the
the Shanghai-Hong Kong Stock Connect program, which is subject to other Prospectus for further
risks, including regulatory change, clearing and settlement risks, recalling of information on investments
eligible stocks, quota limitations and also operational constraints, amongst in Chinese securities.
other matters, which may result in increased risk.
You are exposed to Variable Interest Entity (“VIE”) risk.
The Underlying Fund may invest in companies with VIE structures in order to
gain exposure to industries with foreign ownership restrictions. There is a risk
that the authorities in the country where the company is incorporated could take
action which would have an adverse impact on the value of one or more VIEs.
FEES AND CHARGES
WHAT ARE THE FEES AND CHARGES OF THIS INVESTMENT?
Payable directly by you
• You must pay the following fees and charges to the Fund agent based on Refer to “Fees and
the full value of your investment: Charges” in Section 14 of
Sales Charge • Currently 5% (Maximum) for cash
information on fees and
and SRS investment
charges.
• CPF investment – 0%
Redemption Charge • Currently 0% (Maximum 6%)
Switching Fee • 1% (Maximum)
• If you are using SRS or CPF monies to invest, transaction charges may apply.
Payable by the Fund from invested proceeds

• The Fund will pay the following fees and charges to the Manager, Trustee

and other parties:
Management Fee • 1.5% per annum (Maximum 2.5%)
(payable by the Fund) • 40% to 80% will be retained by
the Manager
• 20% to 60%2 will be paid to
financial advisers (trailer fees).
Trustee Fee • 0.02% per annum (Maximum 0.15%
subject to a minimum of S$6,000
per annum)
• The Underlying Fund also pays certain fees (maximum 0.60% of the Net Asset
Value in respect of all Share Classes), such as annual trustee/custodian/
depositary fees.
• Any fees owed to the Investment Manager and Sub-Investment Manager on the
Underlying Fund are rebated in the form of additional shares in the Underlying
Fund equivalent to such Investment Managers’ and Sub-Investment Managers’
fees such that there is no double charging of investment management and
sub-investment management fees.
• Other fees and charges, including inter alia the Sub-Registrar’s fees, may
each amount to or exceed 0.10% per annum of the Net Asset Value of the
Fund, depending on the proportion that each fee or charge bears to the Net
Asset Value of the Fund.
• You should check with the agent or distributor through whom you subscribe
for units of the Fund whether they impose other fees and charges not included
in the Prospectus.
VALUATIONS AND EXITING FROM THIS INVESTMENT
HOW OFTEN ARE VALUATIONS AVAILABLE?
Prices are updated daily on our website, www.abrdn.com/sg/investor, Refer to “Obtaining
or on selected distributors’ websites. Prices of Units”,
HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE “Cancellation of
COSTS IN DOING SO? subscriptions” and
“Realisation of Units” in
• You may sell (“realise”) your units wholly or in part by submitting a realisation Sections 16, 18 and 20 of
form to the relevant financial adviser/distributor or to the Manager. Partial the Prospectus for further
realisations are subject to minimum holding requirements. information on valuation
and exiting from the
product.
2
The range may change from time to time without prior notice. Your financial adviser is required to
disclose to you the amount of trailer fee it receives from the Manager.
• If you are a first-time individual investor in the Fund you may also cancel
your investment within 7 calendar days by submitting a completed form to
the Manager or its authorised agents/distributors. If the Fund has not fallen
in value, you will receive your investment back in full; otherwise you will
receive that sum less the difference in the value of the units. You will also
need to bear any administrative expenses that are reasonably related to the
original purchase and subsequent cancellation.
• Upon acceptance, the Manager will pay you the proceeds within 7 business
days. For CPF and SRS monies, transaction charges may be levied by the
CPF agent bank or SRS operator bank.
• The value of your investment depends on the net asset value of the Fund
which is calculated each Dealing Day.
– Orders accepted by 4:30pm, Singapore time on a Dealing Day will be
based on the net asset value of the Fund at the close of that Dealing
Day.
– If you miss the cut-off time, your order will be based on the net asset
value at the close of the next Dealing Day.

• The sale proceeds that you will receive will be the exit price multiplied by
the number of units sold, less any charges. An example is as follows:
1,000 Units SGD 1.05 SGD1,050.00

Redemption Amount X NAV per Share = Gross Redemption
Proceeds
SGD1,050.00 Nil SGD1,050.00
Gross Redemption - Redemption = Net Redemption
Proceeds Charge (0%) Proceeds
CONTACT INFORMATION
HOW DO YOU CONTACT US?
abrdn Asia Limited
(Reg. Number 199105448E)
Tel : 1800 395 2700

Fax : +65 6632 2993
APPENDIX: GLOSSARY OF TERMS
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard Asian Smaller Companies Fund.
“Underlying Fund” means the Aberdeen Standard SICAV I – Asian Smaller Companies Fund, a sub-fund
of the Luxembourg-registered Aberdeen Standard SICAV I.
“Dealing Day” in connection with the issuance and realisation of units, means any Business Day or such
That reasonable notice of any such determination shall be given by the Manager to all Holders at such time
and in such manner as the Trustee may approve. Notwithstanding the foregoing, the Manager may determine
in its discretion that any of the following days shall not be a Dealing Day:-
portion of the relevant Sub-Fund’s Authorised Investments or other property are quoted, listed or dealt
(ii) in respect of Sub-Funds which are Feeder Funds, any Business Day on which the relevant underlying
“QFI” means qualified foreign investor(s) (including, if applicable, qualified foreign institutional investors
and Renminbi qualified foreign institutional investors), as defined under laws and regulations governing the
establishment and operation of the qualified foreign institutional investors regime in the PRC.
“Smaller Companies” are defined as companies with a market capitalisation as at the date of investment,
of under US$5 billion.
Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard China Opportunities Fund

(the “Fund”)
Product Type Unit Trust Launch Date 13 July 2001

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY

– seek capital growth over the long-term period Objectives and Focus
– understand the risks involved in investing in Chinese equities of the Sub-Funds”
– understand that it offers no capital protection or guarantees in Section 9 of the
Prospectus for further
For additional assessments on product suitability, please obtain professional information on product
advice. suitability.
Fund Refer to “Structure of

Underlying Fund Securities
the Sub-Funds” and
Aberdeen “Investment Objectives
Aberdeen Portfolio of
Standard China and Focus of the Sub-
Standard SICAV I Chinese
Opportunities Funds” in Sections 7 and
– All China Equity equities
Fund 9 of the Prospectus for
Fund
further information on
• You are investing in a Singapore-authorised unit trust, which aims to provide features of the product.
capital growth by investing in the Underlying Fund, which in turn invests in a
portfolio of Chinese equities.
1
INVESTMENT STRATEGY
Standard SICAV I – All China Equity Fund. This Underlying Fund invests Objectives and Focus
at least two-thirds of its assets in equities and equity-related securities of of the Sub-Funds” and
companies with their registered office in China; and/or, of companies which “Investment strategy/
have the preponderance of their business activities in China; and/or, of holding policy” in Sections 9 and
companies that have the preponderance of their assets in companies with their 11 of the Prospectus for
registered office in China. The Underlying Fund may invest up to 100% of its further information on the
net assets in Mainland China equity and equity-related securities through the investment strategy of
Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programme the Fund.
or by any other available means, a 30% limit applies to QFI regime.
• The Underlying Fund aims to outperform the MSCI China All Shares Index
(USD) benchmark before charges. The benchmark is also used as a reference
• In order to achieve its objective, the Underlying Fund will take positions whose
weightings diverge from the benchmark or invest in securities which are not

included in the benchmark. The investments of the Underlying Fund may
deviate significantly from the components of and their respective weightings
in the benchmark. Due to the active nature of the management process, the
Underlying Fund’s performance profile may deviate significantly from that of
the benchmark over the longer term.
PARTIES INVOLVED
KEY RISKS
product.
Market Risks
Prices of the securities owned by the Underlying Fund may rise or fall in
response to changes in economic conditions, political conditions, interest rates,
and market sentiment. These may cause the price of units of the Fund to go up
or down.
Liquidity Risks
affecting their value or ease of disposal. The Manager may, subject to the trust
number of units to be disposed on any Dealing Day exceeds 10%.
The investment objectives and parameters of the Underlying Fund are
restricted by legislative and regulatory guidelines. There may be a risk that
legislative or regulatory changes may make it less likely for the Fund to

achieve its objectives.
You are exposed to emerging markets risk.
Exposure to emerging markets increases potential volatility in your portfolio
as the legal, judicial and regulatory infrastructure in emerging markets is still
developing and this may create uncertainty for investors.
You are exposed to single country risk.
The Underlying Fund invests in a single country market, making it more
concentrated and potentially more volatile than if it invested across regional
or global markets.
of the Fund.
You are exposed to additional risks related to the Underlying Fund’s Refer to “Risks associated
investment in Chinese securities through the Shanghai-Hong Kong with the use of Shanghai-
Stock Connect program. Hong Kong Stock
The Underlying Fund may invest in certain eligible China A-shares through the Connect” in Appendix
Shanghai-Hong Kong Stock Connect program, which is subject to other risks, 1 of the Prospectus for
including regulatory change, clearing and settlement risks, recalling of eligible further information on
stocks, quota limitations and also operational constraints, amongst other investments in Chinese
matters, which may result in increased risk. securities.
that the authorities in the country where the company is incorporated could
take action which would have an adverse impact on the value of one or more
VIEs.
FEES AND CHARGES
Sales Charge • Currently 5% (Maximum) for cash the Prospectus for further
and SRS investment information on fees and
• CPF investment – 0% charges.


and other parties:

the Manager
per annum)
• The Underlying Fund also pays certain fees (maximum 0.60% of the Net
Asset Value in respect of all Share Classes) such as annual trustee/custodian/
depositary fees.
• Any fees owed to the Investment Managers and Sub-Investment Manager
on the Underlying Fund are rebated in the form of additional shares in the
Underlying Fund equivalent to such Investment Managers’ and Sub-Investment
Managers’ fees such that there is no double charging of management and
in the Prospectus.
and exiting from the
product.
2
Day.

• The sale proceeds that you will receive will be the exit price multiplied by the
number of units sold, less any charges. An example is as follows:
1,000 Units SGD 1.05 SGD1,050.00

Proceeds
SGD1,050.00 Nil SGD1,050.00
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700

Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard China Opportunities Fund.
“Underlying Fund” means the Aberdeen Standard SICAV I – All China Equity Fund, a sub-fund of the
Luxembourg-registered Aberdeen Standard SICAV I.
Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard European Sustainable and

Responsible Investment Equity Fund (the “Fund”)
Product Type Unit Trust Launch Date 14 August 1998

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY

– seek capital gain over the long term period Objectives and Focus of
– understand the risks involved in investing in European (including UK) the Sub-Funds” in Section
equities 9 of the Prospectus for
– understand that it offers no capital protection or guarantees further information on
product suitability.
For additional assessments on product suitability, please obtain professional
advice.
Aberdeen Standard Aberdeen Standard Portfolio of and Focus of the Sub-
European SICAV I European Funds” in Sections 7 and
Sustainable and – European (including UK) 9 of the Prospectus for
Responsible Sustainable and equities further information on
Investment Equity Responsible features of the product.
Fund Investment Equity
Fund
long-term total return through investing in the Underlying Fund, which in
turn invests in a portfolio of European (including UK) equities and equity-
related securities.
1
INVESTMENT STRATEGY
Standard SICAV I – European Sustainable and Responsible Investment Objectives and Focus
Equity Fund. This Underlying Fund invests at least at least 90% of its assets of the Sub-Funds” and
in equities and equity-related securities of companies listed, incorporated “Investment strategy/
or domiciled in Europe, or companies that derive a significant proportion policy” in Sections
of their revenues or profits from European operations, or have a significant 9 and 11 of the
proportion of their assets there. Prospectus for further
• The Underlying Fund is actively managed. information on the
• The Underlying Fund promotes environmental or social characteristics investment strategy of
but does not have a sustainable investment objective. Investment in all the Fund.
equity and equity-related securities will follow abrdn’s “Sustainable and
Responsible Investment Equity Approach”. This approach utilises our
equity investment process, where every company that we invest in is given
an overall quality rating and a component of this is the environmental, social
and governance quality rating which enables portfolio managers to identify
sustainable leaders and improvers.

• In addition, we apply a set of company exclusions which are related to the
United Nations Global Compact, Tobacco Manufacturing, Norges Bank
Investment Management (NBIM), Thermal Coal, Gambling, Oil & Gas,
Carbon Emission and Weapons.
• The portfolio construction and Sustainable and Responsible Investment Equity
Approach reduces the benchmark investable universe by a minimum of 20%.
• To complement the Sustainable and Responsible Investment Equity Approach
when building the portfolio, we will target a lower carbon footprint compared
to the benchmark as measured by the abrdn Carbon Footprint tool.
• The Underlying Fund aims to outperform the FTSE World Europe Index (EUR)
benchmark before charges. The benchmark is also used as a reference point
for portfolio construction, as a basis for setting risk constraints and does not
have any sustainable factors. In order to achieve its objective, the Underlying
Fund will take positions whose weightings diverge from the benchmark and may
invest in securities which are not included in the benchmark. The investments
of the Underlying Fund may deviate significantly from the components of and
their respective weightings in the benchmark. Due to the active and sustainable
nature of the management process, the Underlying Fund’s performance profile
may deviate significantly from that of the benchmark.
• The Underlying Fund may utilise financial derivative instruments for hedging
and/or investment purposes, or to manage foreign exchange risks, subject
to the conditions and within the limits laid down by applicable laws and
regulations. The use of derivatives for hedging and/or investment purposes
is expected to be very limited, and may not adhere to the Sustainable and
Responsible Investment Equity Approach and the other stock selection
criteria outlined above.
PARTIES INVOLVED
KEY RISKS
policies. Some of the key risks associated with the Fund are described below. information on the risks of
the product.
Market Risks
and market sentiment. These may cause the price of units of the Fund to go
up or down.

Liquidity Risks
affecting their value or ease of disposal. The manager may, subject to the trust
number of units to be disposed on any dealing day exceeds 10%.
foreign currencies and the Singapore dollar may affect the income and
valuation of the assets of the Underlying Fund in ways unrelated to business
performance.
legislative or regulatory changes may make it less likely for the Fund to achieve
its objectives.
You are exposed to regional market risk.
The Underlying Fund may experience increased volatility as Europe lacks the
diversity of global markets.
FEES AND CHARGES


• If you are using SRS or CPF monies to invest, transaction charges may
apply.

and other parties:
the Manager
per annum)
• The Underlying Funds also pay certain fees (maximum 0.60% of the Net
Asset Value in respect of all Share Classes) such as annual trustee/custodian/

depositary fees.
• Any fees owed to the Investment Manager on the Underlying Fund are
rebated in the form of additional shares in the Underlying Fund equivalent
to such Investment Managers’ fees such that there is no double charging
of management fees.
in the Prospectus.
in the Prospectus.
“Realisation of Units”
• You may sell (“realise”) your units wholly or in part by submitting a realisation in Sections 16, 18 and
form to the relevant financial adviser/distributor or to the Manager. Partial 20 of the Prospectus
realisations are subject to minimum holding requirements. for further information
• If you are a first-time individual investor in the Fund you may also cancel on valuation and exiting
your investment within 7 calendar days by submitting a completed form to from the product.
2
Day.
1,000 Units SGD 1.05 SGD1,050.00

Proceeds
SGD1,050.00 Nil SGD1,050.00
CONTACT INFORMATION

abrdn Asia Limited
Tel : 1800 395 2700
Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard European Sustainable and
Responsible Investment Equity Fund.
“Underlying Fund” means the Aberdeen Standard SICAV I – European Sustainable and Responsible
Investment Equity Fund, a sub-fund of the Luxembourg-registered Aberdeen Standard SICAV I.
Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard Global Emerging Markets Fund
(the “Fund”)
Product Type Unit Trust Launch Date 2 September 2005

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY
• The Fund is only suitable for investors who:

– seek capital gain over the long term period
– understand the risks involved in investing in global emerging markets Refer to “Investment
equities Objectives and Focus
– understand that it offers no capital protection or guarantees of the Sub-Funds”
in Section 9 of the
For additional assessments on product suitability, please obtain professional Prospectus for further
advice. information on product
KEY PRODUCT FEATURES suitability.
Aberdeen Aberdeen Standard Portfolio of and Focus of the Sub-
Standard Global SICAV I – Emerging Global Emerging Funds” in Sections 7 and
Emerging Markets Equity Markets equities 9 of the Prospectus for
Markets Fund Fund further information on
• You are investing in a Singapore-authorised unit trust, which aims to features of the product.
provide long-term capital gain by investing in the Underlying Fund, which in
turn invests in a portfolio of Global Emerging Markets equities.
1
INVESTMENT STRATEGY
• The Fund will invest in the Aberdeen Standard SICAV I – Emerging Markets Refer to “Investment
Equity Fund. This Underlying Fund invests at least two-thirds of its assets Objectives and Focus
in equities and equity-related securities of companies with their registered of the Sub-Funds” and
office in an Emerging Market country; and/or, of companies which have the “Investment strategy/
preponderance of their business activities in an Emerging Market country; policy” in Sections 9 and
and/or, of holding companies that have the preponderance of their assets 11 of the Prospectus for
in companies with their registered office in an Emerging Market country. further information on the
• The Underlying Fund may invest up to 30% of its net assets in Mainland investment strategy of
China equity and equity-related securities, although only up to 20% of its the Fund.
net assets may be invested directly through QFI regime, the Shanghai-
• The Underlying Fund aims to outperform the MSCI Emerging Markets
Index (USD) benchmark before charges. The benchmark is also used as
a reference point for portfolio construction and as a basis for setting risk

constraints.
PARTIES INVOLVED
KEY RISKS
product.
Market Risks
up or down.
Liquidity Risks
performance.

its objectives.
of the Fund.
You are exposed to additional risks related to the Underlying Fund’s Refer to “Risks
investment in Chinese securities through the Shanghai-Hong Kong associated with the
Stock Connect program. use of Shanghai-
The Underlying Fund may invest in certain eligible China A-shares through Hong Kong Stock
the Shanghai-Hong Kong Stock Connect program, which is subject to other Connect” in Appendix
risks, including regulatory change, clearing and settlement risks, recalling of 1 of the Prospectus for
eligible stocks, quota limitations and also operational constraints, amongst further information on
other matters, which may result in increased risk. investments in Chinese
securities.
FEES AND CHARGES
apply.


and other parties:
the Manager
Trustee Fee • 0.02% (Maximum 0.15% subject to
a minimum of S$6,000 per annum)
• The Underlying Funds also pay certain fees (maximum 0.60% of the
Net Asset Value in respect of all Share Classes), such as annual trustee/
custodian/depositary fees.
• Any fees owed to the Investment Manager and Sub-Investment Manager
for units of the Fund whether they impose other fees and charges not
included in the Prospectus.
Refer to “Obtaining Prices
Prices are updated daily on our website, www.abrdn.com/sg/investor,
of Units”, “Cancellation
or on selected distributors’ websites.
of subscriptions” and
HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE “Realisation of Units” in
COSTS IN DOING SO? Sections 16, 18 and 20 of
• You may sell (“realise”) your units wholly or in part by submitting a realisation the Prospectus for further
form to the relevant financial adviser/distributor or to the Manager. Partial information on valuation
realisations are subject to minimum holding requirements. and exiting from the
product.
2
based on the net asset value of the Fund at the close of that Dealing Day.

1,000 Units SGD 1.05 SGD1,050.00

Proceeds
SGD1,050.00 Nil SGD1,050.00
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700

Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard Global Emerging Markets Fund.
“Underlying Fund” means the Aberdeen Standard SICAV I – Emerging Markets Equity Fund, a sub-fund
of the Luxembourg-registered Aberdeen Standard SICAV I.
“Emerging Market” means any country that is included in the MSCI Emerging Markets series of indices or
FTSE Emerging Markets series of indices or JP Morgan Emerging Market series of indices (or composites
thereof or any successor series) or any country classified by the World Bank as a low to upper middle
income country.
Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard Global Sustainable and

Responsible Investment Equity Fund (the “Fund”)
Product Type Unit Trust Launch Date 25 August 2000

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY

– seek long-term total return Objectives and Focus
– understand the risks involved in investing in global equity markets of the Sub-Funds”
Aberdeen Standard Aberdeen Standard Portfolio of Global and Focus of the Sub-
Global Sustainable SICAV I – Global equities Funds” in Sections 7 and
and Responsible Sustainable and 9 of the Prospectus for
Investment Equity Responsible further information on
Fund Investment Equity features of the product.
Fund
long-term total return through investing in the Underlying Fund, which in
turn invests in a portfolio of Global equities.
1
INVESTMENT STRATEGY
Standard SICAV I - Global Sustainable and Responsible Investment Objectives and Focus
Equity Fund. This Underlying Fund invests at least two-thirds of its assets of the Sub-Funds” and
in equities or equity-related securities of companies listed on global stock “Investment strategy/
exchanges including emerging markets. policy” in Sections on 9
• The Underlying Fund is actively managed. and 11 of the Prospectus
• The Underlying Fund aims to outperform the MSCI AC World Index before for further information on
charges. The benchmark is also used as a reference point for portfolio the investment strategy
construction, as a basis for setting risk constraints and does not have any of the Fund.
sustainability factors.
• The Underlying Fund may invest up to 10% of its net assets in Mainland
China equity and equity-related securities including through the Shanghai-
• The Underlying Fund promotes environmental or social characteristics
but does not have a sustainable investment objective. Investment in all

equity and equity-related securities will follow abrdn’s “Sustainable and
Responsible Investment Equity Approach”. This approach utilises our
equity investment process, where every company that we invest in is given
an overall quality rating and a component of this is the environmental, social
and governance quality rating which enables portfolio managers to identify
sustainable leaders and improvers.
• In addition, we apply a set of company exclusions which are related to the
United Nations Global Compact, Tobacco Manufacturing, Norges Bank
Investment Management (NBIM), Thermal Coal, Gambling, Oil & Gas,
Carbon Emission and Weapons.
• The portfolio construction and Sustainable and Responsible Investment
Equity Approach reduces the benchmark investable universe by a minimum
of 20%.
• To complement the Sustainable and Responsible Investment Equity
Approach when building the portfolio, we will target a lower carbon footprint
compared to the benchmark as measured by the abrdn Carbon Footprint
tool.
weightings in the benchmark. Due to the active and sustainable nature of
the management process, the Underlying Fund’s performance profile may
• The Underlying Fund may utilise financial derivative instruments for hedging
and/or investment purposes, or to manage foreign exchange risks, subject
to the conditions and within the limits laid down by applicable laws and
regulations. The use of derivatives for hedging and/or investment purposes
is expected to be very limited, and may not adhere to the Sustainable and
Responsible Investment Equity Approach and the other stock selection
criteria outlined above.
PARTIES INVOLVED
KEY RISKS

product.
Market Risks
Prices of the securities owned by the Underlying Fund may rise or fall in response
to changes in economic conditions, political conditions, interest rates, and market
Liquidity Risks
The investment objectives and parameters of the Underlying Fund are restricted
by legislative and regulatory guidelines. There may be a risk that legislative or
FEES AND CHARGES
charges.
• If you are using SRS monies to invest, transaction charges may apply.

and other parties:

the Manager
• The Underlying Funds also pay certain fees (maximum 0.60% of the Net Asset
Value in respect of all Share Classes), such as annual trustee/custodian/
depositary fees.
• Any fees owed to the Investment Manager on the Underlying Fund are
rebated in the form of additional shares in the Underlying Fund equivalent
to such Investment Managers’ fees such that there is no double charging
of management fees.
in the Prospectus.
Prices are updated daily on our website, www.abrdn.com/sg/investor, Refer to “Obtaining Prices
or on selected distributors’ websites. of Units”, “Cancellation
HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE of subscriptions” and
COSTS IN DOING SO? “Realisation of Units” in
product.
2
days. For SRS monies, transaction charges may be levied by the SRS
operator bank.

1,000 Units SGD 1.05 SGD1,050.00

Proceeds
SGD1,050.00 Nil SGD1,050.00
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700

Fax : +65 6632 2993
“Fund” means the Aberdeen Select Portfolio – Aberdeen Standard Global Sustainable and Responsible
Investment Equity Fund.
“Underlying Fund” means the Aberdeen Standard SICAV I – Global Sustainable and Responsible
Investment Equity Fund, a sub-fund of the Luxembourg-registered Aberdeen Standard SICAV I.
Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard Global Technology Fund

(the “Fund”)
Product Type Unit Trust Launch Date 29 October 1999

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY

– seek long-term capital growth from an international portfolio of shares Objectives and Focus of
in companies involved in high technology industries the Sub-Funds” in Section
– understand greater volatility and risks associated with a narrowly 9 of the Prospectus for
focused, single sector equity fund further information on
– understand that it offers no capital protection or guarantees product suitability.
For additional assessments on product suitability, please obtain professional

advice.
Fund Securities
Aberdeen Standard Portfolio of Global
and Focus of the Sub-
Global Technology High Technology
Funds” in Sections 7 and
Fund Industries equities
9 of the Prospectus for
• You are investing in a Singapore-authorised unit trust, which aims to further information on
generate capital growth over the medium to long term by investing in global features of the product.
technology equities (company shares).
1
INVESTMENT STRATEGY
• The Fund aims to outperform the MSCI AC World Information Refer to “Investment
Technology before charges. The benchmark is also used as a Objectives and Focus
reference point for portfolio construction and as a basis for setting risk of the Sub-Funds” and
constraints. “Investment strategy/
• The Fund is actively managed. policy” in Sections 9 and
• The Fund invests in technology equities and equity related securities 11 of the Prospectus for
of companies or institutions involved in high technology industries further information on the
anywhere in the world. investment strategy of
• The management team use their discretion (active management) to the Fund.
maintain a diverse asset mix at country, sector and stock level. Their
primary focus is on stock selection using research techniques to select
individual holdings. The research process is focused on finding high
quality companies at attractive valuations that can be held for the long
term.
• In order to achieve its objective, the Fund will take positions whose
weightings diverge from the benchmark or invest in securities which are

not included in the benchmark. The investments of the Fund may deviate
significantly from the components of and their respective weightings in
the benchmark. Due to the active nature of the management process,
the Fund’s performance profile may deviate significantly from that of
the benchmark over the longer term.
• The Fund may use derivatives to reduce risk, reduce cost and/or
generate additional income or growth consistent with the risk profile of
the fund (often referred to as “efficient portfolio management”).
• Derivative usage in the Fund is expected to be very limited. Where
derivatives are used, this would mainly be in response to significant
inflows into the Fund so that in these instances, cash can be invested
while maintaining the Fund’s existing allocations to company shares.
PARTIES INVOLVED
• The sub-manager of the Fund is Aberdeen Asset Managers Limited. Sections 1, 2 and 3 of
KEY RISKS
market risks, fluctuations in interest rates and foreign exchange rates, political 21 of the Prospectus for
instability, exchange controls, changes in taxation and foreign investment further information on
policies. Some of the key risks associated with the Fund are described below. risks of the product.
Market Risks
Prices of the securities owned by the Fund may rise or fall in response to
changes in economic conditions, political conditions, interest rates, and market
Liquidity Risks
The securities that the Fund owns may at times lack liquidity thereby affecting
their value or ease of disposal. The manager may, subject to the trust deed,
limit the total number of units which unit holders may dispose if the total number
of units to be disposed on any dealing day exceeds 10%.
The assets and income of the Fund will be substantially denominated in
currencies other than the Singapore dollar. Currency fluctuations between

of the assets of the Fund in ways unrelated to business performance.
The investment objectives and parameters of the Fund are restricted by
legislative and regulatory guidelines. There may be a risk that legislative or
You are exposed to specialist market sector risk.
The Fund invests solely in one sector, making it more concentrated and
potentially more volatile than if it invested across different sectors.
You may be exposed to derivatives risk.
The Fund may use financial derivative instruments for the purposes of hedging
and/or efficient portfolio management.
You are exposed to additional risks related to the Fund’s investment in Refer to “Risks associated
Chinese securities through the use of a Qualified Foreign Institutional with the use of Shanghai-
Investor (“QFII”) licence. Hong Kong Stock
If the creditors of the QFII successfully assert that the securities and other Connect” in Appendix
assets in the nominee accounts are owned by the QFII and not the Fund, the 1 of the Prospectus for
creditors of the QFII may seek payment from the assets of the Fund, which further information on
could in turn affect the net asset value of the Fund. investments in Chinese
You are exposed to additional risks related to the Fund’s investment in securities which may be
Chinese securities through the Shanghai-Hong Kong Stock Connect similarly applicable to the
program and the Shenzhen-Hong Kong Stock Connect program respective mutual market
(collectively and individually referred to as the “Stock Connect”), the access schemes adopted
London-Shanghai Connect and/or other platforms by the Fund.
The Fund may invest in certain eligible China A-shares through the Stock
Connect program, the London-Shanghai Connect and/or other platforms as
may be decided by the Manager from time to time, which is subject to other
risks, including regulatory change, clearing and settlement risks, recalling of
eligible stocks, quota limitations and also operational constraints, amongst
FEES AND CHARGES

charges.

and other parties:

the Manager
Asset Value of the Fund
or on selected distributors’ websites. Prices of Units”.
“Cancellation of
HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE
subscriptions” and
COSTS IN DOING SO?
• You may sell (“realise”) your units wholly or in part by submitting a realisation Sections 16, 18 and 20
form to the relevant financial adviser/distributor or to the Manager. Partial of the Prospectus for
realisations are subject to minimum holding requirements. further information on
• If you are a first-time individual investor in the Fund you may also cancel valuation and exiting
your investment within 7 calendar days by submitting a completed form to from the product.
operator.
2
Day.
1,000 Units SGD 1.05 SGD1,050.00
Proceeds
SGD1,050.00 Nil SGD1,050.00
CONTACT INFORMATION

abrdn Asia Limited
Tel : 1800 395 2700

Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard Global Technology Fund.
Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard India Opportunities Fund

(the “Fund”)
Product Type Unit Trust Launch Date 8 March 2004

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY

– seek capital gain over the long term period Objectives and Focus
– understand the risks involved in investing in Indian equities of the Sub-Funds”
Refer to “Structure of the

Fund Underlying Fund Securities Sub-Funds” and “Investment
Objectives and Focus of
Aberdeen Standard Aberdeen Standard Portfolio of the Sub-Funds” in Sections
India Opportunities SICAV I – Indian Indian equities 7 and 9 of the Prospectus
Fund Equity Fund for further information on
• You are investing in a Singapore-authorised unit trust, which aims to provide features of the product.
long term capital growth by investing in the Underlying Fund, which in turn
invests in a portfolio of Indian equities.
1
INVESTMENT STRATEGY
Standard SICAV I – Indian Equity Fund. This Underlying Fund invests Objectives and Focus
at least two-thirds of its assets in equities and equity-related securities of the Sub-Funds” and
of companies with their registered office in India; and/or, of companies “Investment strategy/
which have the preponderance of their business activities in India; and/ policy” in Sections 9 and
or, of holding companies that have the preponderance of their assets in 11 of the Prospectus for
companies with their registered office in India. further information on the
• The Underlying Fund is actively managed. investment strategy of
• The Underlying Fund aims to outperform the MSCI India Index (USD) the Fund.
benchmark before charges. The benchmark is also used as a reference

PARTIES INVOLVED
KEY RISKS
product.
Market Risks
up or down.
Liquidity Risks
performance.

its objectives.



The Underlying Fund invests in a single country market, making it more
concentrated and potentially more volatile than if it invested across regional or
global markets.
FEES AND CHARGES


apply.

and other parties:
the Manager
2
Asset Value in respect of all Share Classes), such as annual trustee/
• Any fees owed to the Investment Manager and Sub-Investment Manager

COSTS IN DOING SO?
• If you are a first-time individual investor in the Fund you may also cancel product.
1,000 Units SGD 1.05 SGD1,050.00

Proceeds
SGD1,050.00 Nil SGD1,050.00
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700

Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard India Opportunities Fund.
“Underlying Fund” means the Aberdeen Standard SICAV I – Indian Equity Fund, a sub-fund of the
Luxembourg-registered Aberdeen Standard SICAV I.

Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard Indonesia Equity Fund (the “Fund”)
Product Type Unit Trust Launch Date 5 December 1997

Singapore Branch
(Singapore) Limited
30 September 2020 USD Class: 1.74%
PRODUCT SUITABILITY

– seek capital growth over the medium to long term period Objectives and Focus
– understand the risks involved in investing in Indonesian equities of the Sub-Funds”
Fund Securities the Sub-Funds” and
Aberdeen Standard Portfolio of Indonesian and Focus of the
Indonesia Equity Fund equities Sub-Funds” in Sections 7
• You are investing in a Singapore-authorised unit trust, which aims to and 9 of the Prospectus
generate capital growth over the medium to long term by investing in for further information on
Indonesia equities (company shares). features of the product.
1
INVESTMENT STRATEGY
• The Fund aims to outperform the Jakarta Composite Index before charges. Refer to “Investment
The benchmark is also used as a reference point for portfolio construction Objectives and Focus
and as a basis for setting risk constraints. of the Sub-Funds” and
• The Fund is actively managed. “Investment strategy/
• The Fund invests in equities and equity related securities of companies policy” in Sections 9 and
listed, incorporated or domiciled in Indonesia, or companies or institutions 11 of the Prospectus for
domiciled in, operating principally from, or deriving significant revenue further information on the
from, Indonesia. investment strategy of the
• The Fund may also invest in other Authorised Investments, including Fund.
but not limited to funds (including those managed by abrdn) and
money-market instruments which invest in securities of companies or
institutions domiciled in, operating principally from, or deriving significant
revenue from, Indonesia, and cash.
• The management team use their discretion (active management) to maintain
a diverse asset mix at country, sector and stock level. Their primary focus is
on stock selection using research techniques to select individual holdings.

The research process is focused on finding high quality companies at
attractive valuations that can be held for the long term.
• In order to achieve its objective, the Fund will take positions whose weightings
diverge from the benchmark or invest in securities which are not included in
the benchmark. The investments of the Fund may deviate significantly from
the components of and their respective weightings in the benchmark. Due to
the active nature of the management process, the Fund’s performance profile
may deviate significantly from that of the benchmark over the longer term.
• The Fund may use derivatives to reduce risk, reduce cost and/or generate
additional income or growth consistent with the risk profile of the fund (often
• Derivative usage in the Fund is expected to be very limited. Where derivatives
are used, this would mainly be in response to significant inflows into the
Fund so that in these instances, cash can be invested while maintaining the
Fund’s existing allocations to company shares.
PARTIES INVOLVED
and responsibilities of
the entities and what
happens if they become
insolvent.
KEY RISKS
Market Risks
Liquidity Risks




The Fund invests in a single country market, making it more concentrated and
potentially more volatile than if it invested across regional or global markets.

The Fund may use financial derivatives instruments for the purposes of hedging
FEES AND CHARGES

• CPF investment – 0%* charges.

*The Fund will be delisted from the CPF Investment Scheme with
effect from 24 January 2022.
apply.
and other parties:
the Manager

“Cancellation of
COSTS IN DOING SO?
• If you are a first-time individual investor in the Fund you may also cancel and exiting from the
your investment within 7 calendar days by submitting a completed form to product.
Day.
1,000 Units SGD 1.05 SGD1,050.00
Proceeds
SGD1,050.00 Nil SGD1,050.00
2
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700

Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard Indonesia Equity Fund.

Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard Malaysian Equity Fund (the “Fund”)

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY

– understand the risks involved in investing in Malaysian equities of the Sub-Funds”
Aberdeen Standard Portfolio of and Focus of the Sub-
Malaysian Equity Malaysian equities Funds” in Sections 7 and
Fund 9 of the Prospectus for
generate capital growth over the medium to long term by investing in features of the product.
Malaysia equities (company shares).
1
INVESTMENT STRATEGY
• The Fund aims to outperform the FTSE Bursa Malaysia KLCI before Refer to “Investment
charges. The benchmark is also used as a reference point for portfolio Objectives and Focus
construction and as a basis for setting risk constraints. of the Sub-Funds” and
listed, incorporated or domiciled in Malaysia, or companies or institutions 11 of the Prospectus for
domiciled in, operating principally from, or deriving significant revenue further information on the
from, Malaysia. investment strategy of
• The Fund may also invest in other Authorised Investments, including but the Fund.
not limited to funds (including those managed by abrdn) and money-market
instruments which invest in securities of companies or institutions domiciled
in, operating principally from, or deriving significant revenue from, Malaysia,
and cash.

the Fund’s performance profile may deviate significantly from that of the
PARTIES INVOLVED
KEY RISKS

instability, exchange controls, changes in taxation and foreign investment further information on risk
policies. Some of the key risks associated with the Fund are described below. of the product.
Market Risks
Liquidity Risks





FEES AND CHARGES

the full value of your investment: Charges” in Section 14
Sales Charge • Currently 5% (Maximum) for cash of the Prospectus for
and SRS investment further information on
• CPF investment – 0%* fees and charges.

*The Fund will be delisted from the CPF Investment Scheme with
effect from 24 January 2022.
apply.
and other parties:
the Manager

COSTS IN DOING SO?
Sections 16, 18 and 20
Day.
1,000 Units SGD 1.05 SGD1,050.00
Proceeds
SGD1,050.00 Nil SGD1,050.00
2
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700
Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard Malaysian Equity Fund.

Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard Pacific Equity Fund (the “Fund”)

Singapore Branch
(Singapore) Limited
30 September 2020 USD Class: 1.65%
PRODUCT SUITABILITY
– seek capital growth over the medium to long term period Objectives and Focus of
– understand the risks involved in investing in Asia-Pacific excluding the Sub-Funds” in Section
Japan equities 9 of the Prospectus for
– understand that it offers no capital protection or guarantees further information on
For additional assessments on product suitability, please obtain professional product suitability.
advice.
Securities the Sub-Funds” and
Portfolio of Asia-Pacific excluding Japan equities
Fund Funds” in Sections 7 and
Aberdeen
Underlying Fund further information on
Standard
features of the product.
Pacific Equity - Aberdeen Standard SICAV I – Indian Equity Fund
Fund - Aberdeen Standard China Opportunities Fund
- Aberdeen Standard Indonesia Equity Fund
- Aberdeen Standard Malaysian Equity Fund
- Aberdeen Standard Singapore Equity Fund
- Aberdeen Standard Thailand Equity Fund
1
• You are investing in a Singapore-authorised unit trust, which aims to
generate capital growth over the medium to long term by investing in Asia
Pacific equities excluding Japan (company shares).
INVESTMENT STRATEGY
• The Fund aims to outperform the MSCI AC Asia Pacific ex Japan Index Refer to “Investment
before charges. The benchmark is also used as a reference point for Objectives and Focus
portfolio construction and as a basis for setting risk constraints. of the Sub-Funds” and
• The Fund invests in equities and equity related securities of companies or policy” in Sections
institutions domiciled in, operating principally from, or deriving significant 9 and 11 of the
revenue from, Asia Pacific region excluding Japan and in the equity-based Prospectus for further
Asia Pacific sub-funds, namely the Aberdeen Standard China Opportunities information on the
Fund, the Aberdeen Standard Malaysian Equity Fund, the Aberdeen Standard investment strategy of
Indonesia Equity Fund, the Aberdeen Standard Singapore Equity Fund and the Fund.
the Aberdeen Standard Thailand Equity Fund, and invests up to 10% of its
deposited property in the Aberdeen Standard SICAV I – Indian Equity Fund,

a sub-fund of the Luxembourg-registered Aberdeen Standard SICAV I.
• The Fund may also invest in other Authorised Investments, including but
not limited to funds (including those managed by abrdn) and money-market
in, operating principally from, or deriving significant revenue from, the Asia-
Pacific region excluding Japan, and cash.
additional income or growth consistent with the risk profile of the Fund
(often referred to as “efficient portfolio management”).
PARTIES INVOLVED
KEY RISKS
product.
Market Risks
Prices of the securities owned by the Fund and/or the Underlying Funds may
rise or fall in response to changes in economic conditions, political conditions,
interest rates, and market sentiment. These may cause the price of units of the
Fund to go up or down.

Liquidity Risks
The securities that the Fund and/or the Underlying Funds own may at times lack
liquidity thereby affecting their value or ease of disposal. The manager may, subject
to the trust deed, limit the total number of units which unit holders may dispose if
the total number of units to be disposed on any dealing day exceeds 10%.
The assets and income of the Fund and/or the Underlying Funds will be
substantially denominated in currencies other than the Singapore dollar.
Currency fluctuations between foreign currencies and the Singapore dollar may
affect the income and valuation of the assets of the Fund in ways unrelated to
business performance.
The investment objectives and parameters of the Fund and/or the Underlying
Funds are restricted by legislative and regulatory guidelines. There may be a
risk that legislative or regulatory changes may make it less likely for the Fund
to achieve its objectives.
You are exposed to regional and emerging markets risk.
The Fund and/or the Underlying Funds may experience increased volatility as
emerging markets lack the diversity of global markets. Exposure to emerging
markets also increases potential volatility in your portfolio as the region’s legal,
judicial and regulatory infrastructure is still developing and this may create
uncertainty for investors.
You are exposed to additional risks related to the Fund and/or the Refer to “Risks associated
Underlying Funds’ investment in Chinese securities through the use of a with the use of Shanghai-
Qualified Foreign Institutional Investor (“QFII”) licence. Hong Kong Stock
If the creditors of the QFII successfully assert that the securities and other Connect” in Appendix
assets in the nominee accounts are owned by the QFII and not the Fund or 1 of the Prospectus for
the Underlying Funds (as the case may be), the creditors of the QFII may further information on
seek payment from the assets of the Underlying Funds or the Fund, which investments in Chinese
could in turn affect the net asset value of the Fund. securities which may be
You are exposed to additional risks related to the Fund and/or the similarly applicable to the
Aberdeen Standard China Opportunities Fund’s investment in Chinese respective mutual market
securities through the Shanghai-Hong Kong Stock Connect program access schemes adopted
and the Shenzhen-Hong Kong Stock Connect program (collectively and by the Fund.
individually referred to as the “Stock Connect”), the London-Shanghai
Connect and/or other platforms.
The Fund may invest in certain eligible China A-shares through the Stock
Connect program, the London-Shanghai Connect and/or other platforms as
may be decided by the Manager from time to time, which is subject to other
risks, including regulatory change, clearing and settlement risks, recalling of
eligible stocks, quota limitations and also operational constraints, amongst
The Underlying Funds (excluding Aberdeen Standard SICAV I – Indian Equity
Fund) may use financial derivatives instruments for the purposes of hedging
FEES AND CHARGES

and other parties:
the Manager
per annum)
Asset Value in respect of all Share Classes), such as annual trustee/
• No double charging of management fees within feeder funds.
HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE of subscriptions” and
COSTS IN DOING SO? “Realisation of Units” in
• You may sell (“realise”) your units wholly or in part by submitting a realisation
form to the relevant financial adviser/distributor or to the Manager. Partial
information on valuation and
realisations are subject to minimum holding requirements.
exiting from the product.
2
your investment within 7 calendar days by submitting a completed form
to the Manager or its authorised agents/distributors. If the Fund has not
fallen in value, you will receive your investment back in full; otherwise
you will receive that sum less the difference in the value of the units. You
will also need to bear any administrative expenses that are reasonably
related to the original purchase and subsequent cancellation.

1,000 Units SGD 1.05 SGD1,050.00
Proceeds
SGD1,050.00 Nil SGD1,050.00
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700

Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard Pacific Equity Fund.
“Underlying Fund” refer to the Aberdeen Standard China Opportunities Fund, the Aberdeen Standard
Indonesia Equity Fund, the Aberdeen Standard Malaysian Equity Fund, the Aberdeen Standard Singapore
Equity Fund, the Aberdeen Standard Thailand Equity Fund and the Aberdeen Standard SICAV I – Indian
Equity Fund, a sub-fund of the Luxembourg-registered Aberdeen Standard SICAV I.
Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard Singapore Equity Fund (the “Fund”)

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY

– understand the risks involved in investing in Singapore equities of the Sub-Funds”
Aberdeen Standard Portfolio of and Focus of the Sub-
Singapore Equity Fund Singapore equities Funds” in Sections 7 and
generate capital growth over the medium to long term by investing in features of the product.
Singapore equities (company shares).
1
INVESTMENT STRATEGY
• The Fund aims to outperform the Straits Times Index before charges. The Refer to “Investment
benchmark is also used as a reference point for portfolio construction and Objectives and Focus
as a basis for setting risk constraints. of the Sub-Funds” and
or institutions domiciled in, operating from, or deriving significant revenue 11 of the Prospectus for
from, Singapore. further information on
• The Fund may also invest in other Authorised Investments, including the investment strategy
but not limited to funds (including those managed by abrdn) and of the Fund.
money-market instruments which invest in securities of companies or
institutions domiciled in, operating principally from, or deriving significant
revenue from, Singapore, and cash.

PARTIES INVOLVED
KEY RISKS
Market Risks
Liquidity Risks



FEES AND CHARGES

apply.
•
and other parties:
the Manager
2
COSTS IN DOING SO?

1,000 Units SGD 1.05 SGD1,050.00

Proceeds
SGD1,050.00 Nil SGD1,050.00
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700

Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard Singapore Equity Fund.

Prospectus1.
Aberdeen Standard Select Portfolio – Aberdeen Standard Thailand Equity Fund (the “Fund”)

Singapore Branch
(Singapore) Limited
30 September 2020
PRODUCT SUITABILITY

– understand the risks involved in investing in Thai equities of the Sub-Funds”
Fund Securities
Aberdeen Standard Portfolio of Thai
Thailand Equity Fund equities
Funds” in Sections 7 and
• You are investing in a Singapore-authorised unit trust, which aims to 9 of the Prospectus for
generate capital growth over the medium to long term by investing in further information on
Thailand equities (company shares). features of the product.
1
INVESTMENT STRATEGY
• The Fund aims to outperform the Thailand SET before charges. The Refer to “Investment
benchmark is also used as a reference point for portfolio construction and Objectives and Focus
as a basis for setting risk constraints. of the Sub-Funds” and
or institutions domiciled in, operating primarily from, or deriving significant 11 of the Prospectus for
revenue from, Thailand. further information on the
• The Fund may also invest in other Authorised Investments, including but investment strategy of the
not limited to funds (including those managed by abrdn) and money-market Fund.
in, operating principally from, or deriving significant revenue from, Thailand,
and cash.

PARTIES INVOLVED
and responsibilities of
the entities and what
happens if they become
insolvent.
KEY RISKS
Market Risks
Liquidity Risks





FEES AND CHARGES

charges.
and other parties:
the Manager

“Cancellation of
COSTS IN DOING SO?
• If you are a first-time individual investor in the Fund you may also cancel and exiting from the
your investment within 7 calendar days by submitting a completed form to product.
operator bank.
1,000 Units SGD 1.05 SGD1,050.00

Proceeds
SGD1,050.00 Nil SGD1,050.00
2
CONTACT INFORMATION
abrdn Asia Limited
Tel : 1800 395 2700
Fax : +65 6632 2993
“Fund” means the Aberdeen Standard Select Portfolio – Aberdeen Standard Thailand Equity Fund.

abrdn Asia Limited
(Registration Number 199105448E)
21 Church Street, #01-01 Capital Square Two

Singapore
For 049480visit abrdn.com/investment
more information
Tel: 1800 395 2709
Fax: +65 6632 2993
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Aberdeen Standard Global Emerging Markets Fund Prospectus

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Aberdeen Standard Select Portfolio

Directors of the Manager

Solicitors to the Manager

Solicitors to the Trustee

Common Reporting Standard And Automatic Exchange Of Information

(g) for crime detection, prevention, investigation and prosecution;

abrdn Asia Limited

1.1 Aberdeen Standard Select Portfolio

1.1.2 The Fund is currently offering units in the following Sub-Funds:

1.2 Date of Registration and Expiry Date of Prospectus

1.3 Trust Deed, Supplemental Deeds and Amendment Deeds

(i) a First Supplemental Deed dated 14 October 1997;

1.4 Accounts and Reports

2.1 The Manager

2.3 Our Directors

Rene Buehlmann (CEO, Asia Pacific)

Donald Roy Amstad (Director)

Ian Robert Macdonald (Director)

Cheong Mei Yi Flavia (Director)

Terence Lim Ming Wan (Director)

Tay Kheng Guet (Director)

Duigan Vance Michael (Director)

2.4 Our Key Executives

Cheong Mei Yi Flavia

Please refer to description under paragraph 2.3 – Our Directors.

2.5 Sub-Managers of Aberdeen Standard Global Technology Fund

Aberdeen Asset Managers Limited shall be referred to as the “Sub-Managers”.

3.1 The Trustee

3.2 The Custodian

The Auditors of the Fund are KPMG LLP.

6 The Aberdeen Standard Select Portfolio

Why invest in unit trusts?

Advantages of investing in the Aberdeen Standard Select Portfolio

Transparent charging structure

Low cost of access generally

Please see paragraph 16 for more information on monthly investment plans.

Prices are updated daily on our website or selected distributors’ websites.

7 Structure of the Sub-Funds

We are currently offering the following Classes in respect of the Sub-Funds:

8 Investment managers and the sub-investment managers

Underlying Funds Investment Managers Sub-Investment Managers

9 Investment Objectives / Strategies / Policies and Focus of the Sub-Funds

9.1 Country Sub-Funds

9.1.1 Aberdeen Standard China Opportunities Fund

9.1.2 Aberdeen Standard Indonesia Equity Fund

The Aberdeen Standard Indonesia Equity Fund is actively managed.

The Aberdeen Standard Malaysian Equity Fund is actively managed.

9.1.4 Aberdeen Standard Singapore Equity Fund

The Aberdeen Standard Singapore Equity Fund is actively managed.

9.1.5 Aberdeen Standard Thailand Equity Fund

The Aberdeen Standard Thailand Equity Fund is actively managed.

9.1.6 Aberdeen Standard India Opportunities Fund

The Aberdeen Standard SICAV I – Indian Equity Fund is actively managed.

9.2 Regional Sub-Funds

The Aberdeen Standard Pacific Equity Fund is actively managed.

9.2.3 Aberdeen Standard Asian Smaller Companies Fund

9.3 Global Sub-Funds

9.3.2 Aberdeen Standard Global Technology Fund

The Aberdeen Standard Global Technology Fund is actively managed.

9.3.3 Aberdeen Standard Global Emerging Markets Fund