As of June 30, 2011, the portfolio was invested as follows:

Portfolio Composition     Geographic Exposure %
Mexico     10.3
India     9.5
Taiwan     8.8
South Africa     7.9
China     7.2
Brazil     6.9
Malaysia     6.4
Thailand     5.9
Indonesia     5.4
Russia     4.8
Hong Kong     4.6
Morocco     3.7
South Korea     3.2
Israel     2.8
Kenya     2.7
Chile     2.1
Luxembourg     2.1
United States     1.6
Philippines     1.4
Turkey     1.2
Global     1.0
Asia     0.3
Latin America     0.2

The Fund's ten largest equity holdings as of June 30, 2011, representing 59.5% of net assets, were:
Stock   Percent of

Net Assets
America Movil SAB de C.V.   9.1
Taiwan Mobile Company, Ltd.   8.8
MTN Group Limited   7.8
China Mobile Limited   7.2
Bharti Airtel Limited   6.5 Berhad   5.4
Advanced Info Service PCL   4.4
PT Telekomunikasi Indonesia TBK   3.6
Maroc Telecom   3.5
Samsung Electronics Company, Ltd.   3.2

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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