As of February 28, 2011, the portfolio was invested as follows:

Portfolio Composition       Percent of Net Assets
Consumer, Cyclical       24.4
Financials       23.4
Consumer, Non-Cyclical       20.1
Industrials       10.9
Communications       9.5
Basic Materials       4.7
Energy       3.4
Utilities       3.0
Cash       0.6

The Fund's ten largest equity holdings as of February 28, 2011, representing 66.3% of net assets, were:
Stock       Percent of

Net Assets
PT Astra International Tbk       9.0
Bank OCBC Nisp Tbk PT       8.8
PT Bank Permata Tbk       8.5
PT Unilever Indonesia Tbk       7.8
PT Holcim Indonesia Tbk       6.9
PT Telekomunikasi Indonesia Tbk       6.8
Jardine Cycle and Carriage Ltd.       4.7
PT International Nickel Indonesia Tbk       4.7
PT Multi Bintang Indonesia Tbk       4.7
Ace Hardware Indonesia       4.4

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.

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