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

         

Portfolio Composition
    Percent of

 
    Net Assets
Financials     21.7
Consumer, Non-Cyclical     18.4
Basic Materials     16.5
Industrials     13.7
Consumer, Cyclical     9.7
Energy     8.6
Communications     7.2
Technology     1.5
Other     0.9
Cash     0.7
Diversified     0.6
Utilities     0.5
 

The Fund's ten largest equity holdings as of May 31, 2011, representing 52.2 of net assets, were:
         
Stock     Percent of
      Net Assets
Vale SA     9.1
Petroleo Brasileiro S.A.     8.6
America Movil SAB de C.V.     6.0
Banco Bradesco S.A.     6.0
Lojas Renner S.A.     4.1
Grupo Financiero Banorte S.A.B. de C.V.     3.9
Fomento Economico Mexicano, S.A.B. de C.V.     3.7
Multiplan Empreendimentos Imobiliarios SA     3.7
Tenarsis S.A.     3.6
Ultrapar Participacoes S.A.     3.5
 

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 Investment Services 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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