As of October 31, 2010, the portfolio was invested as follows:

       
  Portfolio Composition  

Percent of

Net Assets
  Consumer, Cyclical   25.9
  Financials   21.9
  Consumer, Non-Cyclical   20.1
  Industrials   11.5
  Communications   9.2
  Basic Materials   4.8
  Utilities   3.2
  Energy   2.9
  Cash   0.5
   

The Fund's ten largest equity holdings as of October 31, 2010, representing 68.4% of net assets, were:
       
  Stock  

Percent of

Net Assets
  Bank OCBC Nisp Tbk PT   10.5
  Astra International Tbk PT   9.9
  Unilever Indonesia Tbk PT   8.1
  Holcim Indonesia Tbk PT   7.0
  Telekomunikasi Indonesia Tbk PT   6.5
  Bank Permata Tbk PT   6.3
  Ace Hardware Indonesia   5.7
  Multi Bintang Indonesia Tbk PT   4.9
  PT International Nickel Indonesia Tbk   4.8
  Jardine Cycle and Carriage Limited   4.7
   

Important Information

Aberdeen Asset Management Inc. has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, Aberdeen Asset Management Asia Limited (the Investment Adviser), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information. Aberdeen is a U.S. registered service mark of Aberdeen Asset Management PLC.