As of March 31, 2011, the portfolio was invested as follows:

Portfolio Composition   Percent of Net Assets
Financials   25.3
Consumer, Cyclical   24.2
Consumer, Non-Cyclical   18.7
Industrials   11.4
Communications   9.1
Basic Materials   4.3
Energy   3.3
Utilities   3.2
Cash   0.5

The Fund's ten largest equity holdings as of March 31, 2011, representing 67.0% of net assets, were:
Stock   Percent of

Net Assets
Bank OCBC Nisp Tbk PT   9.8
PT Bank Permata Tbk   9.4
PT Astra International Tbk   9.0
PT Holcim Indonesia Tbk   7.4
PT Unilever Indonesia Tbk   6.8
PT Telekomunikasi Indonesia Tbk   6.4
Jardine Cycle and Carriage Ltd.   4.9
PT Multi Bintang Indonesia Tbk   4.6
Ace Hardware Indonesia   4.4
PT International Nickel Indonesia Tbk   4.3

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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