Aberdeen Global - Hozam Plaza

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Aberdeen Global - Hozam Plaza

ContentsIncorporation.................................................................................................................................................................................................................................................... 01Chairman’s Statement.................................................................................................................................................................................................................................... 02Investment Manager’s Review...................................................................................................................................................................................................................... 03Net Asset Value History................................................................................................................................................................................................................................. 04Summary of Historic Information................................................................................................................................................................................................................ 09Performance History....................................................................................................................................................................................................................................... 10Aberdeen Global - Combined Statements................................................................................................................................................................................................. 13American Equity .............................................................................................................................................................................................................................................. 14American Smaller Companies....................................................................................................................................................................................................................... 18Asia Pacific Equity ........................................................................................................................................................................................................................................... 23Asian Local Currency Short Duration Bond ............................................................................................................................................................................................... 28Asian Property Share ...................................................................................................................................................................................................................................... 34Asian Smaller Companies .............................................................................................................................................................................................................................. 38Australasian Equity ......................................................................................................................................................................................................................................... 43Brazil Bond ........................................................................................................................................................................................................................................................ 47Brazil Equity ..................................................................................................................................................................................................................................................... 50Chinese Equity ................................................................................................................................................................................................................................................. 54Eastern European Equity ............................................................................................................................................................................................................................... 58Emerging Markets Corporate Bond ............................................................................................................................................................................................................. 62Emerging Markets Equity .............................................................................................................................................................................................................................. 69Emerging Markets Infrastructure Equity.................................................................................................................................................................................................... 75Emerging Markets Local Currency Bond .................................................................................................................................................................................................... 81Emerging Markets Smaller Companies ...................................................................................................................................................................................................... 88Ethical World Equity ....................................................................................................................................................................................................................................... 93European Equity .............................................................................................................................................................................................................................................. 98European Equity Income ..............................................................................................................................................................................................................................102European Equity (Ex UK) .............................................................................................................................................................................................................................106Frontier Markets Equity ...............................................................................................................................................................................................................................110Indian Equity ..................................................................................................................................................................................................................................................114Japanese Equity .............................................................................................................................................................................................................................................118Japanese Smaller Companies......................................................................................................................................................................................................................123Latin American Equity...................................................................................................................................................................................................................................127Multi-Manager World Equity ......................................................................................................................................................................................................................131Responsible World Equity ...........................................................................................................................................................................................................................134Russian Equity................................................................................................................................................................................................................................................139Select Emerging Markets Bond ..................................................................................................................................................................................................................143Select Euro High Yield Bond .......................................................................................................................................................................................................................152Select Global Credit Bond ...........................................................................................................................................................................................................................160Select High Yield Bond .................................................................................................................................................................................................................................170Select Sterling Financials Bond ..................................................................................................................................................................................................................177Technology Equity.........................................................................................................................................................................................................................................181UK Equity ........................................................................................................................................................................................................................................................185World Equity ..................................................................................................................................................................................................................................................190World Equity Income ...................................................................................................................................................................................................................................195World Resources Equity...............................................................................................................................................................................................................................200World Smaller Companies...........................................................................................................................................................................................................................204Notes to the Financial Statements............................................................................................................................................................................................................209Report of the Réviseur d’entreprises agréé..............................................................................................................................................................................................228Risk Management..........................................................................................................................................................................................................................................229Management and Administration..............................................................................................................................................................................................................233General Information.....................................................................................................................................................................................................................................236Further Information......................................................................................................................................................................................................................................238


IncorporationAberdeen Global (“the Company” or “the Fund”) was incorporated as a société anonyme, qualifying as a société d’investissement à capital variableon 25 February 1988 for an unlimited period and commenced operations on 26 April 1988. It is registered under number B27471 at the Register ofCommerce at the District Court of Luxembourg.As at 30 September 2012, the Company has issued shares in the following Funds:American EquityFrontier Markets EquityAmerican Smaller CompaniesIndian EquityAsia Pacific EquityJapanese EquityAsian Local Currency Short Duration BondJapanese Smaller CompaniesAsian Property ShareLatin American EquityAsian Smaller CompaniesMulti-Manager World EquityAustralasian EquityResponsible World EquityBrazil BondRussian EquityBrazil EquitySelect Emerging Markets BondChinese EquitySelect Euro High Yield BondEastern European EquitySelect Global Credit BondEmerging Markets Corporate BondSelect High Yield BondEmerging Markets EquitySelect Sterling Financials BondEmerging Markets Infrastructure EquityTechnology EquityEmerging Markets Local Currency BondUK EquityEmerging Markets Smaller CompaniesWorld EquityEthical World EquityWorld Equity IncomeEuropean EquityWorld Resources EquityEuropean Equity IncomeWorld Smaller CompaniesEuropean Equity (Ex UK)The full name of each Fund is constituted by the name of the Company, Aberdeen Global, followed by a hyphen and then the specific name of theFund. Throughout the Financial Statements, the Funds are referred to by their short names as indicated above.No subscriptions can be received on the basis of this document. Subscriptions are only valid if made on the basis of the current prospectus.Please see the Notes to the Financial Statements for changes during the year.www.aberdeen-asset.com01


Investment Manager’s ReviewInvestment reviewThe past year was marked by continued uncertainty in the globaleconomy. Of most concern was Europe’s interminable debt crisis. Apotential break-up of the Eurozone was hotly debated amid growingrisk of a Greek exit and soaring bond yields in southern Europe.Following rounds of crisis talks, proposals including boosting thebailout fund and recapitalising weak banks emerged. The EuropeanCentral Bank (ECB), meanwhile, cut interest rates to a historic low,provided more than €1 trillion in cheap loans to banks and towards theperiod-end, announced a bond-buying plan tied to austerity andstructural reforms. Its forceful measures calmed restive bond marketsbut Europe’s economic downturn gathered momentum. Afterstagnating in the first three months of 2012, growth turned negative inthe second quarter as government belt-tightening resulted inincreasingly severe recessions in the South.In a similar vein, the US economy was largely lacklustre, though thehousing market improved modestly. Unemployment trended down butremained uncomfortably high throughout the period. There were alsowidespread concerns over the ‘fiscal cliff’, a combination of tax hikesand spending cuts scheduled to take effect in January 2013 if Congressfails to reach a deficit reduction agreement. In the face of politicaldithering, the Federal Reserve, having already promised to keepinterest rates near zero until 2015, pressed ahead with an open-endedthird round of quantitative easing; it will continue to buy bonds untilthe labour market recovers. Elsewhere in the developed world, Japanand the UK also expanded their asset purchase programmes tobuttress growth.OutlookThe global outlook is still murky. The ECB has bought critical time forEuropean policymakers but structural problems remain. Morefundamentally, central bank action will not boost economic activity.Fiscal consolidation, while needed, is likely to stymie growth further.Increasingly, too, the Continent’s stronger economies are being draggeddown by the malaise in the periphery. Across the Atlantic, there aresome signs of improvement in the US economy but growth remainsbelow trend and the job market is far from healthy. The looming fiscalcliff, meanwhile, is affecting business confidence and impedinginvestment decisions.Sluggishness and uncertainty in advanced nations will have knock-oneffects for the rest of the world, through both trade and financialchannels. Already, China and other developing countries are seeingmore subdued growth as global trade continues to decline.Nonetheless, emerging markets are still holding up very well comparedto the rich world. Many have the capacity to support their economiesvia expansionary fiscal and monetary policies to mitigate the effects ofthe worsening external environment. On the corporate front, earningsexpectations have been downgraded and conditions could becomemore challenging. Overall, investors should be prepared for a bumpyroad ahead.Aberdeen InternationalFund Managers Limited 29 November 2012At the same time, emerging markets, recent drivers of the globaleconomy, decelerated further; growth forecasts were temperedaccordingly. Most notably, China expanded at its slowest pace in overthree years. Weakness in Europe and the US, which sapped demand forits exports, was partly to blame. But the slowdown was also partlyintentional, a reflection of prior policy tightening to reduce pricepressures as well as efforts to rebalance towards more sustainableconsumer-led growth. To be sure, most of the emerging worldcontinued to grow faster than their developed counterparts.Policymakers had scope to respond, too, helped by lower inflation.Interest rates were cut over the year as central banks shifted focustowards cushioning economies from global headwinds.Despite a deteriorating global backdrop, stock markets worldwideadvanced strongly over the year. Aside from a sharp drop in May,attributed to global growth fears and heightened speculation of aGrexit, stocks maintained a broad uptrend. In the main, developedmarkets, backed by central banks’ unprecedented intervention,outperformed their emerging counterparts. The year was also broadlypositive for core government bond markets, with the yield on 10-yearUS Treasury and German bunds both falling on the back of economicconcerns. Commodities were weighed down by the weakening globaleconomy, though oil prices were supported by supply pressures arisingfrom tensions in the Middle East.www.aberdeen-asset.com03


NAV perShare30.09.12NAV perShare30.09.11NAV perShare30.09.10PortfolioTurnover *30.09.12OngoingCharges % †As at30.09.12ShareFundClassBrazil Equity J A-2 8.0499 - - (0.18%) 2.27E(EUR)-2 10.8610 - - (0.18%) 2.27N(JPY)-1 52,304.8641 - - (0.18%) 1.10S-2 8.0460 - - (0.18%) 2.44Chinese Equity A-2 22.9117 20.11 23.60 (48.45%) 1.96D(GBP)-2 14.1859 12.91 14.97 (48.45%) 1.96I-2 24.1264 21.01 24.45 (48.45%) 1.17S-2 19.9351 17.53 20.60 (48.45%) 2.13Z-2 13.4093 11.56 13.33 (48.45%) 0.17Eastern European Equity A(EUR)-2 90.9684 74.04 93.10 (25.52%) 2.20I(EUR)-2 2,000.6290 1,615.60 2,015.63 (25.52%) 1.41S(EUR)-2 90.6320 73.89 93.07 (25.52%) 2.37Emerging Markets Corporate Bond D A-1 10.3796 9.0954 - 139.22% 1.81A-2 11.2382 9.3510 - 139.22% 1.81I-2 11.1321 9.2128 - 139.22% 1.27I(EUR)-2^ 11.5088 - - 139.22% 1.31Z-1 10.4375 9.1441 - 139.22% 0.27Emerging Markets Equity A-1 10.1449 8.31 - (58.12%) 1.99A-2 65.1365 53.12 60.08 (58.12%) 1.99A(CHF)-2^ 12.9154 10.69 12.16 (58.12%) 2.03B-2 - 48.12 54.97 (58.12%) -C-2 16.8589 13.89 15.86 (58.12%) 2.99D(GBP)-2 40.5108 34.25 38.29 (58.12%) 1.99E(EUR)-2 13.1228 10.26 11.40 (58.12%) 1.99I-2 68.2305 55.21 61.95 (58.12%) 1.20S-2 2,274.4470 1,858.07 2,105.07 (58.12%) 2.16Z-2 16.1274 12.92 14.35 (58.12%) 0.20Emerging Markets Infrastructure Equity C,F A-2 8.6965 6.92 - (32.29%) 2.07A(CHF)-2^ 8.6271 6.97 - (32.29%) 2.11A-(EUR)-2^ 8.6348 6.95 - (32.29%) 2.11I-2 943.9809 745.36 - (32.29%) 1.28I(EUR)-2^ 798.4030 638.85 - (32.29%) 1.32N(JPY)-1 51,991.0998 41,196.86 - (32.29%) 0.80S-2 8.6673 6.91 - (32.29%) 2.24S(CHF)-2^ - 6.96 - (32.29%) -S(EUR)-2^ 8.6189 6.95 - (32.29%) 2.28Emerging Markets Local Currency Bond A-1 10.0403 9.47 - 102.97% 1.77A-2 11.5040 10.31 10.80 102.97% 1.77I-1 10.1877 - - 102.97% 1.23I-2 11.6422 10.37 10.82 102.97% 1.23Z-2 10.3210 9.10 - 102.97% 0.23Emerging Markets Smaller Companies A-2 17.4550 13.51 15.86 (70.85%) 2.07D(GBP)-2 10.7794 8.65 10.03 (70.85%) 2.07I-2 18.2639 14.03 16.33 (70.85%) 1.28Z-2 19.0896 14.51 16.73 (70.85%) 0.28Ethical World Equity D A-2 10.2204 8.71 - 12.45% 1.71www.aberdeen-asset.com05


NET ASSET VALUE HISTORY (CONTINUED)NAV perShare30.09.12NAV perShare30.09.11NAV perShare30.09.10PortfolioTurnover *30.09.12OngoingCharges % †As at30.09.12ShareFundClassEuropean Equity A(EUR)-2 36.4332 29.36 31.51 0.56% 1.69B(EUR)-2 - 26.03 28.21 0.56% -I(EUR)-2 953.4728 764.21 815.72 0.56% 1.15S(EUR)-2 307.5161 248.85 268.23 0.56% 2.11Z(EUR)-2 11.0303 8.75 9.25 0.56% 0.15European Equity (Ex UK) A(EUR)-2 8.9041 7.29 7.95 11.40% 1.99D(GBP)-2 7.0845 6.27 6.88 11.40% 1.99European Equity Income Fund C A(EUR)-1 131.7955 112.14 118.71 (11.48%) 1.77A(EUR)-2 155.2295 129.18 133.24 (11.48%) 1.77A(CHF)-2^ 135.9387 113.66 117.81 (11.48%) 1.81A-2^ 155.2834 128.27 132.46 (11.48%) 1.81I(EUR)-2 1,600.8819 1,325.00 1,358.87 (11.48%) 1.23S(EUR)-1 - 112.19 118.67 (11.48%) -S(EUR)-2 153.8116 128.53 133.10 (11.48%) 2.19S(CHF)-2^ - 113.40 117.70 (11.48%) -S-2^ - 127.62 132.36 (11.48%) -Frontier Markets Equity E A-1 11.7091 - - 2.01% 2.69I-2 10.6512 8.57 - 2.01% 1.90Z-2 11.2193 - - 2.01% 0.40Indian Equity A-2 97.7731 89.20 104.10 (21.24%) 2.10D(GBP)-2 60.6400 57.33 66.13 (21.24%) 2.10I-2 102.9368 93.16 107.85 (21.24%) 1.31Z-1 9.1429 8.30 - (21.24%) 0.31Z-2 11.8160 10.58 12.13 (21.24%) 0.31Japanese Equity A(JPY)-2 221.1323 208.88 208.70 (71.57%) 1.74A(CHF)-2^ 145.5881 138.84 139.80 (71.57%) 1.78A(EUR)-2^ 6.2366 5.93 5.95 (71.57%) 1.78B(JPY)-2 - 173.20 174.81 (71.57%) -D(GBP)-2 1.7626 1.74 1.58 (71.57%) 1.74I(JPY)-2 47,438.3687 44,567.84 44,292.22 (71.57%) 1.20S(JPY)-2 12,676.5030 12,024.78 12,065.61 (71.57%) 2.16S(CHF)-2^ 144.0590 137.89 139.44 (71.57%) 2.20S(EUR)-2^ 6.2181 5.93 5.94 (71.57%) 2.20Japanese Smaller Companies A(JPY)-2 564.1426 540.27 515.19 (85.76%) 1.79A(EUR)-2^ 9.3876 9.04 8.58 (85.76%) 1.83D(GBP)-2 4.4922 4.50 3.91 (85.76%) 1.79I(JPY)-2 530.1816 505.02 478.96 (85.76%) 1.25S(JPY)-2 64,837.9834 62,358.45 59,712.95 (85.76%) 2.21S(EUR)-2^ - 8.99 8.57 (85.76%) -Latin American Equity A-2 4,371.5442 3,581.24 4,312.86 (61.95%) 2.07A(EUR)-2^ 9.1678 7.65 - (61.95%) 2.11E(EUR)-2 9.6199 7.56 - (61.95%) 2.07I-2 5,123.8323 4,164.47 4,975.58 (61.95%) 1.28S-2 4,353.3474 3,572.49 4,309.70 (61.95%) 2.24Z-2 1,006.0799 809.59 - (61.95%) 0.28Multi - Manager World Equity I A(EUR)-2 11.4494 - - (28.22%) 1.74I(EUR)-2 11.5167 - - (28.22%) 0.9606 Aberdeen Global


Performance HistoryFor the year ended 30 September 2012FundBaseCurrency30.09.12%30.09.11%30.09.10%30.09.09%American Equity - A Accumulation Shares USD 20.01 U (2.00) 4.89 (3.1)Benchmark: S&P 500 Index USD 30.20 1.14 10.16 (6.9)American Smaller Companies - I Accumulation Shares USD 29.39 (21.10) H - -Benchmark: Russell 2000 Index USD 31.91 (19.49) H - -Asia Pacific Equity - A Accumulation Shares USD 20.62 (11.72) 25.75 21.8Benchmark: MSCI AC Asia Pacific ex Japan Index USD 20.74 (12.83) 16.86 26.1Asian Local Currency Short Duration Bond - A Income Shares B USD 3.55 (0.78) 12.63 7.8Benchmark: iBoxx Asia ex Japan Sovereign 1-3years Index USD 5.95 0.44 I 14.36 10.2Asian Property Share - S Accumulation Shares USD 35.52 (14.24) 24.66 E -Benchmark: MSCI AC Asia Pacific Real Estate Index USD 35.96 (17.07) 20.21 E -Asian Smaller Companies - A Accumulation Shares USD 26.80 (11.68) 51.33 28.7Benchmark: MSCI AC Asia Pacific ex Japan Small Cap Index USD 15.46 (18.47) 27.73 36.7Australasian Equity - A Accumulation Shares AUD 15.46 (12.21) (0.58) 6.0Benchmark: Australia All Ordinaries Index AUD 13.36 (8.43) 1.73 7.4Brazil Bond - A Accumulation Shares A USD 4.42 - - -Benchmark: Brazil CETIP Rate Accumulated Index USD 4.03 - - -Brazil Equity - S Accumulation Shares A USD 10.45 - - -Benchmark: Brazil MSCI Brazil 10/40 TR Index USD 4.87 - - -Chinese Equity - A Accumulation Shares USD 14.29 (15.08) 29.51 22.2Benchmark: MSCI Zhong Hua Index USD 21.44 (21.77) 16.19 30.1Eastern European Equity - S Accumulation Shares EUR 23.29 (20.20) 1.51 F -Benchmark: MSCI EM Europe 10/40 Index EUR 23.07 (16.90) 2.20 F -Emerging Markets Corporate Bond - A Accumulation Shares USD 18.98 (3.37) JR - -Benchmark: JP Morgan Corporate EMBI Broad Diversified Index USD 15.73 (1.64) J - -Emerging Markets Equity - A Accumulation Shares USD 22.28 (10.64) 27.30 30.3Benchmark: MSCI Emerging Markets Index USD 17.33 (15.89) 20.54 19.4Emerging Markets Infrastructure Equity - S Accumulation Shares C USD 25.45 (13.59) K - -Benchmark: MSCI EM Infrastructure Index USD 16.94 (13.50) KQ - -Emerging Markets Local Currency Bond - A Accumulation Shares USD 11.61 (4.32) 7.88 G -Benchmark: JP Morgan GBI-EM Global Diversified Index USD 12.66 (2.60) 9.34 G -Emerging Markets Smaller Companies - A Accumulation Shares USD 28.65 (14.36) 49.29 30.7Benchmark: MSCI Global Emerging Markets Small Cap Index USD 15.87 (20.65) 32.64 41.610 Aberdeen Global


FundBaseCurrency30.09.12%30.09.11%30.09.10%30.09.09%Ethical World Equity - A Accumulation Shares USD 17.16 (12.30) J - -Benchmark: FTSE World Index USD 21.98 (12.68) J - -European Equity - A Accumulation Shares EUR 25.26 (7.59) 13.09 (1.3)Benchmark: FTSE Europe Index EUR 23.10 (10.24) 10.31 (1.2)European Equity Income - S Accumulation Shares C EUR 21.17 (4.37) 1.65 F -Benchmark: MSCI Europe Index EUR 23.20 (11.34) L 1.40 F -European Equity (Ex UK) - A Accumulation Shares EUR 23.02 (8.43) 8.61 (1.0)Benchmark: FTSE World Europe ex UK Index EUR 21.69 (13.10) 7.21 0.4Frontier Markets Equity - I Accumulation Shares USD 16.49 (9.50) M - -Benchmark: MSCI Frontier Markets Index USD 3.97 (9.61) M - -Indian Equity - A Accumulation Shares USD 9.65 (14.31) 37.73 29.0Benchmark: MSCI India Index USD 7.50 (25.11) 27.45 32.0Japanese Equity - A Accumulation Shares JPY 5.88 0.09 (1.49) (10.3)Benchmark: Topix Index JPY (0.78) (6.06) (7.17) (14.6)Japanese Smaller Companies - D Accumulation Shares JPY (0.42) 15.94 7.46 3.4Benchmark: Russell Nomura Small Cap Index JPY (5.08) 14.90 0.18 (0.9)Latin America - S Accumulation Shares USD 20.58 (15.06) 9.88 F -Benchmark: MSCI EM Latin America 10/40 Index USD 14.06 (20.52) 9.39 F -Multi-Manager World Equity - A Accumulation Shares D EUR 18.86 - - -Benchmark: MSCI AC World Net Return Index EUR 26.17 - - -Responsible World Equity - A Accumulation Shares USD 18.08 (4.11) 6.56 2.9Benchmark: MSCI World Index USD 22.32 (3.84) 7.31 (1.6)Russian Equity - S Accumulation Shares EUR 20.95 (19.10) (0.89) F -Benchmark: MSCI Russia 10/40 Index EUR 20.92 (12.41) (0.56) F -Select Emerging Markets Bond - A Accumulation Shares C USD 19.87 (0.22) 19.26 15.2Benchmark: JP Morgan EMBI Global Diversified Index USD 19.55 0.77 16.09 18.7Select Euro High Yield Bond - A Accumulation Shares C EUR 25.08 (13.78) 20.06 19.4Benchmark: JP Morgan Euro High Yield Index EUR 26.88 (2.06) 18.64 25.7Select Global Credit Bond - D Income Shares C GBP 16.08 (7.86) 3.55 23.9Benchmark: Barclays Capital Global Agg - Credit Hedged GBP Index GBP 10.19 0.36 N 6.56 26.8Select High Yield Bond - D Income Shares C GBP 15.41 (6.43) 10.76 29.8Benchmark: composite index made up of 70% Merrill Lynch Euro High YieldConstrained Index and 30% Merrill Lynch Sterling High Yield Index GBP 19.42 (8.00) 21.42 53.3www.aberdeen-asset.com11


Aberdeen Global - Combined StatementsCombined Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 44,062,743Cash at bank 1,329,173Interest and dividends receivable 152,403Subscriptions receivable 346,629Receivable for investments sold 17,493Unrealised gains on forward currency exchangecontracts (note 2.6) 13,873Other assets 3,663Total assets 45,925,977LiabilitiesPayable for investments purchased 210,691Taxes and expenses payable 71,725Redemptions payable 185,455Unrealised losses on forward currency exchangecontracts (note 2.6) 76Other liabilities 11,918Total liabilities 479,865Net assets at the end of the year 45,446,112Combined Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$’000Net assets at the beginning of the year 30,217,438Exchange rate effect on opening net assets (30,323)Net gains from investments 518,157Net realised gains 214,026Net unrealised gains 5,772,560Proceeds from shares issued 21,988,633Payments for shares redeemed (13,208,579)Net equalisation paid (note 10) 33,997Dividends paid (note 5) (59,797)Net assets at the end of the year 45,446,112Combined Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$’000IncomeInvestment income 1,084,867Bank interest 838Other income 5,092Total income 1,090,797ExpensesGross management fees 486,285Less: management fee cross holdings (273)Net management fees (note 4.6) 486,012Administration fees (note 4.1) 7,559Custodian fees (note 4.2) 38,116Distribution fees (note 4.3) 683Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 15,651Management Company fees (note 4.5) 3,815Operational expenses (note 4.7) 5,511Expense cap refunded by Investment Manager (note 4.8) (149)Mauritius income tax (note 11) 1,823Annual tax (note 4.9) 13,524Bank interest 95Total expenses 572,640Net gains from investments 518,157Realised gains on investments 302,111Realised currency exchange losses (60,711)Realised losses on forward currency exchange contracts (27,374)Net realised gains 214,026Increase in unrealised appreciation on investments 5,744,273Unrealised currency exchange gains 3,973Decrease in unrealised depreciation on forward currencyexchange contracts 24,314Net unrealised gains 5,772,560Net increase in assets as a result of operations 6,504,743The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com13


American EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the AmericanEquity - A Accumulation shares increased by 20.01% compared to anincrease of 30.20% in the benchmark, the S&P 500 Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.The performance returns have been adjusted so that the proceeds of a class action receivedduring the month of July 2012, relating to an investment held several years earlier, do not effectthe performance for the month of July 2012 and the performance for all periods including themonth of July 2012.Manager’s reviewUS equities posted healthy gains despite significant volatility during thereview period. Investor sentiment was supported mainly by monetaryeasing actions. In particular, the Federal Reserve extended “OperationTwist” and initiated a third round of quantitative easing, while theEuropean Central Bank embarked on its long-term refinancingoperations in the first quarter and an unlimited bond-buyingprogramme in September. However, concerns over Europe’s ongoingdebt crisis, the slowing of global economies, as well as the looming“fiscal cliff” and widening federal deficit, pared gains. Economic growthstagnated during the period. Although the unemployment rate declinedto 7.8%, anaemic job growth is unlikely to lift the economy.OutlookOverall improvement in the US economy remains modest against thebackdrop of external risks-namely, slower growth in emerging markets,specifically China, and the weak and uncertain climate across Europe.These headwinds could dampen corporate earnings growth in thefourth quarter of 2012. The Eurozone is likely to remain the focus ofglobal financial markets, but increasingly, eyes are turning to the US,following the presidential and congressional elections, as well as thepending “fiscal cliff”. Nevertheless, looking at companies from abottom-up perspective, we are confident that our holdings, which havebeen selected for their financial resilience and experiencedmanagement, will rise above these challenges.Portfolio reviewDuring the period, the Fund benefited most from our holdings in mediaand cable company Comcast and discount apparel retailer TJXCompanies. Not holding Apple cost the Fund, as the US technologycompany’s share price was boosted by robust full-year results, drivenby sales of its latest iPhone and iPad models. Comcast recordedgenerally positive results over the 12-month period, aided by higheraverage revenue per user while TJX saw better overall sales asconsumers were more value-conscious in a slowing economy.Conversely, the largest detractors were automobile insurance claimssoftware company Solera Holdings and office products retailer Staples.Shares of Solera fell because of investors’ concerns over the company’ssizeable exposure to Europe. However, it recently posted positiveresults, bolstered by healthy revenue growth. Staples continued toexperience weakness in its international business. The companyannounced a restructuring program which, in our view, would improveprofitability and its position relative to competitors, particularly in itsEuropean business.During the year, we introduced discount retail store operator TargetCorp, energy equipment company National Oilwell Varco, as well as oiland gas company Chevron. Against this, we sold integrated oil and gascompany Hess Corp, digital media company Yahoo!, specialty apparelretailer Urban Outfitters, diversified industrial company 3M Co,offshore supply vessel provider Tidewater, multi-lines insurer MetLifeand truck maker PACCAR.14 Aberdeen Global - American Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.23%Consumer Discretionary - 11.71%BorgWarner 22,750 1,572 1.37Comcast 87,948 3,144 2.74Staples Office 182,188 2,100 1.83Starwood Hotels & Resorts 32,200 1,866 1.62Target Corporation 32,800 2,082 1.81TJX Companies 60,022 2,689 2.3413,453 11.71Consumer Staples - 16.80%CVS Caremark 62,900 3,045 2.65Kellogg 68,500 3,537 3.08Kraft 93,450 3,865 3.37PepsiCo 41,600 2,943 2.56Philip Morris International 33,450 3,008 2.62Procter & Gamble 41,680 2,890 2.5219,288 16.80Energy - 9.42%Apache 12,600 1,088 0.95Cheveron Corporation 24,500 2,855 2.49EOG Resources 9,900 1,109 0.97Exxon Mobil 24,632 2,252 1.95National Oilwell Varco 17,600 1,409 1.23Schlumberger 29,000 2,097 1.8310,810 9.42Financials - 13.23%Aflac 51,400 2,460 2.14Intercontinental Exchange 17,300 2,308 2.01JPMorgan Chase 51,550 2,086 1.82Royal Bank of Canada ∞ 31,495 1,807 1.57Schwab (Charles) 134,241 1,716 1.49State Street Corporation 44,400 1,863 1.62Wells Fargo 85,450 2,953 2.5815,193 13.23Health Care - 12.83%Aetna 53,000 2,099 1.83Baxter International 44,500 2,681 2.33Gilead Sciences 27,027 1,793 1.56Johnson & Johnson 59,600 4,105 3.57Quest Diagnostics 39,490 2,505 2.18St Jude Medical 37,000 1,559 1.3614,742 12.8316 Aberdeen Global - American Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityIndustrials - 8.53%Bombardier Inc 'B' 313,500 1,174 1.02Canadian National Railway 25,400 2,240 1.95Deere & Co 29,930 2,468 2.15Emerson Electric 34,900 1,684 1.47United Technologies 28,415 2,223 1.949,789 8.53Information Technology - 15.62%Alliance Data Systems 15,700 2,228 1.94Cisco Systems 121,800 2,326 2.03Cognizant Technology Solutions 25,232 1,763 1.54EMC 101,350 2,764 2.41Oracle 105,474 3,319 2.89QUALCOMM 55,408 3,461 3.01Solera 47,132 2,069 1.8017,930 15.62Materials - 5.12%Monsanto 13,900 1,265 1.10Potash Corporation of Saskatchewan 54,200 2,352 2.05Praxair 21,800 2,265 1.975,882 5.12Services - 2.08%Visa 17,800 2,390 2.08Telecommunication Services - 1.89%Telus 24,950 1,572 1.37Telus (non voting) 9,612 601 0.522,173 1.89Equities 111,650 97.23Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 111,650 97.23Total investments 111,650 97.23Other net assets 3,185 2.77Total 114,835 100.00∞A portion of this security is on loan at the year end.www.aberdeen-asset.com17


American Smaller CompaniesFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the AmericanSmaller Companies - I Accumulation shares increased by 29.39%compared to an increase of 31.91% in the benchmark, the Russell2000 Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewUS equities posted healthy gains despite significant volatility during thereview period, with smaller companies modestly outperforming theirlarger counterparts. Investor sentiment was supported mainly bymonetary easing actions. In particular, the Federal Reserve extended“Operation Twist” and initiated a third round of quantitative easing,while the European Central Bank embarked on its long-termrefinancing operations in the first quarter and an unlimited bondbuyingprogramme in September. However, concerns over Europe’songoing debt crisis, the slowing of global economies, as well as thelooming “fiscal cliff” and widening federal deficit, pared gains.Economic growth stagnated during the period. Although theunemployment rate declined to 7.8%, anaemic job growth is unlikelyto lift the economy.OutlookOverall improvement in the US economy remains modest against thebackdrop of external risks-namely, slower growth in emerging markets,specifically China, and the weak and uncertain climate across Europe.These headwinds could dampen corporate earnings growth in thefourth quarter of 2012. The Eurozone is likely to remain the focus ofglobal financial markets, but increasingly, eyes are turning to the US,following the presidential and congressional elections, as well as thepending “fiscal cliff”. Nevertheless, looking at companies from abottom-up perspective, we are confident that our holdings, which havebeen selected for their financial resilience and experiencedmanagement, will rise above these challenges.Portfolio reviewIn stock selection, Sabra Health Care REIT rebounded sharply as theoutlook for its customers improved and, in our view, its valuationbecame more attractive. Meanwhile, paint and coatings maker Valsparbenefited from pricing strength, a positive business mix and increasedglobal demand for its products.Conversely, shares of Solera fell because of investors’ concerns over itssizeable exposure to Europe. However, the automobile-claims softwareprovider recently posted upbeat results, bolstered by healthy revenuegrowth. The decline in natural gas prices hampered energy technologycompany Tetra Technologies’ results during the review period.In portfolio activity, we introduced financial holding companyBoston Private Financial, J&J Snack Foods, apparel retailer JoS. A.Bank Clothiers, convenience store operator Casey’s General Stores,healthcare products company Covance Communication and industrialsystems manufacturer Curtiss Wright. Against this, we sold railcarmanufacturer FreightCar America, energy services provider CompleteProduction Services, telecommunications equipment maker Tellabs,commercial lender CapitalSource, diversified manufacturing companyHarsco, healthcare services provider LHC Group, retail bakery-caféchain operator Panera Bread, specialty drug maker ViroPharma andcommunications equipment maker Finisar.18 Aberdeen Global - American Smaller Companies


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 40,697Cash at bank 713Interest and dividends receivable 13Receivable for investments sold 89Total assets 41,512LiabilitiesTaxes and expenses payable 59Total liabilities 59Net assets at the end of the year 41,453Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 31,336Net losses from investments (199)Net realised losses (512)Net unrealised gains 10,826Proceeds from shares issued 18Payments for shares redeemed (16)Net assets at the end of the year 41,453Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 285Total income 285ExpensesManagement fees (note 4.6) 389Administration fees (note 4.1) 43Custodian fees (note 4.2) 4Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 15Management Company fees (note 4.5) 4Operational expenses (note 4.7) 25Annual tax (note 4.9) 4Total expenses 484Net losses from investments (199)Realised losses on investments (514)Currency exchange gains 2Net realised losses (512)Decrease in unrealised depreciation on investments 10,827Unrealised currency exchange losses (1)Net unrealised gains 10,826Net increase in assets as a result of operations 10,115Share TransactionsFor the year from 1 October 2011 to 30 September 2012I-2Shares outstanding at the beginning of the year 4,080,690Shares issued during the year 1,605Shares redeemed during the year (1,605)Shares outstanding at the end of the year 4,080,690Net asset value per share 10.1584The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com19


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 98.18%Aerospace & Defence - 0.66%Curtiss-Wright 8,400 275 0.66Consumer Discretionary - 15.03%Ascena Retail 43,140 926 2.23Drew Industries 25,151 760 1.83Ethan Allen Interiors 18,900 414 1.00G-III Apparel 23,984 861 2.08Jos A Bank Clothiers 9,700 470 1.13Monro Muffler Brake 15,870 558 1.35Penn National Gaming 21,107 910 2.20Warnaco 18,600 965 2.33Zumiez 13,200 366 0.886,230 15.03Consumer Staples - 6.29%Casey’s General Stores 12,400 709 1.71J & J Snack Foods 11,000 630 1.52Smithfield Foods 33,700 662 1.60Treehouse Foods 11,500 604 1.462,605 6.29Energy - 5.84%Approach Resources 17,400 524 1.26Berry Petroleum 24,100 979 2.36Tetra Technologies 50,000 303 0.73Tidewater 12,700 616 1.492,422 5.84Financials - 19.23%Amerisafe 33,209 902 2.18Aspen Insurance 26,100 795 1.92Bank of the Ozarks 23,300 803 1.94Boston Private Financial 80,300 771 1.86Canadian Western Bank 35,300 1,074 2.59Dupont Fabros Technology 17,700 447 1.08Healthcare Realty 33,000 761 1.84Jones Lang Lasalle 8,500 649 1.57Sabra Health Care REIT 37,000 740 1.79Univest 20,000 360 0.87Wintrust Financial 17,600 661 1.597,963 19.2320 Aberdeen Global - American Smaller Companies


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityHealth Care - 6.15%Covance Communication 6,600 308 0.74Hill-Rom Holdings 17,900 520 1.25IPC The Hospitalist 19,318 883 2.13Teleflex 12,200 840 2.032,551 6.15Industrials - 15.07%Actuant Corp 'A' 29,300 839 2.02BE Aerospace 14,500 610 1.47Beacon Roofing Supply 36,000 1,026 2.48Clean Harbors 14,400 704 1.70Dynamic Materials 31,985 480 1.16Gibraltar Industries 64,481 826 1.99RBC Bearings 17,897 861 2.08Wabtec 11,200 899 2.176,245 15.07Information Technology - 14.87%Advent Software 23,600 580 1.40Concur Technologies 6,700 494 1.19Heartland Payment Systems 29,500 935 2.26Littelfuse 13,500 764 1.84Micros Systems 16,900 830 2.00Rofin-Sinar Technologies 27,361 540 1.30Solera 17,928 787 1.90Syntel 10,000 624 1.51Teradyne 43,000 611 1.476,165 14.87Materials - 10.73%Compass Minerals International 14,200 1,060 2.56Kaiser Aluminium 15,800 922 2.22Materion Corporation 27,000 643 1.55Silgan 20,000 869 2.10Valspar 4,300 241 0.57Worthington Industries 33,200 719 1.734,454 10.73Telecommunication Services - 2.00%Shenandoah Telecommunications 47,000 828 2.00www.aberdeen-asset.com21


Asia Pacific EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Asia PacificEquity - A Accumulation shares increased by 20.62% compared to anincrease of 20.74% in the benchmark, the MSCI AC Asia Pacific exJapan Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewAsian stocks rose in the year under review, despite the turbulence thathad buffeted regional markets. Much of the gains were due to majorcentral banks’ attempts to reflate the global economy, which includedthe European Central Bank’s bond-buying plan and the third round ofquantitative easing from the US. Also reviving risk appetite were China’scash infusion to boost liquidity in its banking system, as well as interestrate cuts in Europe and China. Sentiment had been roiled byspeculation over Greece’s exit from the Eurozone, as well as anaemiceconomic data across the globe.Portfolio reviewAt the stock level, Swire Pacific and BHP Billiton contributed the mostto relative return. Swire Pacific was underpinned by its expansion intoproperty and consumer businesses on the mainland, while significantrecurring rental income from its Hong Kong investment propertiesbuffered it from short-term swings in China’s growth expectations. InAustralia, miner BHP contributed to performance as it posted solidresults despite significant volatility in commodity prices and projectdeferrals.In portfolio activity, we introduced Singapore-headquarteredconglomerate Keppel Corporation. The company’s offshore and marinedivision won record orders of S$10 billion in 2011, the majority ofwhich were for its proprietary designs. Backed by a solid balance sheet,decent dividend yield and, despite operating in a cyclical industry,Keppel has developed a leading position in building rigs for deep wateroil and gas exploration. The company also has property andinfrastructure divisions. We also added to the existing holding in ASMPacific Technology on price weakness, and to Standard Charteredfollowing the slump in its share price when the news of the USregulatory probe into its alleged money laundering for Iran first broke.Its share price has since recovered after it reached an out-of-courtsettlement with New York authorities.OutlookLooking ahead, Asian stockmarkets are likely to face further volatility.The boost from the latest bout of central bank intervention appearsshort-lived. Recent data point to further economic deterioration.Worsening violence in Syria, tensions in the Gulf, as well as labourunrest in China and Indonesia are adding to concerns. However, Asiaremains in far better shape than the West, with regional growthexpected at above 6% for 2012. We are also confident that ourholdings will be able to withstand the gathering headwinds, given theirfinancial resilience and guided by experienced management.Conversely, Infosys, which saw its share price dragged lower bylacklustre results, detracted. Also costing the Fund was the lack ofexposure to Australian lenders, such as Commonwealth Bank ofAustralia and ANZ Bank, which outperformed during the period asinvestors continued to seek higher-yielding stocks. However, we preferto hold Asian banks that have a broader regional exposure and bettergrowth opportunities.www.aberdeen-asset.com23


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 7,746,264Cash at bank 193,729Interest and dividends receivable 17,316Subscriptions receivable 53,036Receivable for investments sold 293Unrealised gains on forward currency exchangecontracts (note 2.6) 965Other assets 134Total assets 8,011,737LiabilitiesPayable for investments purchased 9,741Taxes and expenses payable 13,526Redemptions payable 24,407Other liabilities 263Total liabilities 47,937Net assets at the end of the year 7,963,800Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 5,793,064Net gains from investments 68,812Net realised gains 114,678Net unrealised gains 1,048,389Proceeds from shares issued 2,937,908Payments for shares redeemed (2,005,701)Net equalisation received (note 10) 6,912Dividends paid (note 5) (262)Net assets at the end of the year 7,963,800Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 188,307Bank interest 36Other income 667Total income 189,010ExpensesManagement fees (note 4.6) 107,190Administration fees (note 4.1) 827Custodian fees (note 4.2) 5,258Distribution fees (note 4.3) 222Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 2,716Management Company fees (note 4.5) 673Operational expenses (note 4.7) 570Annual tax (note 4.9) 2,742Total expenses 120,198Net gains from investments 68,812Realised gains on investments 125,421Currency exchange losses (7,832)Realised losses on forward currency exchange contracts (2,911)Net realised gains 114,678Increase in unrealised appreciation on investments 1,044,920Unrealised currency exchange gains 1,532Decrease in unrealised depreciation on forwardcurrency exchange contracts 1,937Net unrealised gains 1,048,389Net increase in assets as a result of operations 1,231,879Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 A(EUR)-2^ B-2 C-2 D(GBP)-2 E(EUR)-2Shares outstanding at the beginning of the year 78,189,267 2,912,185 243,333 693,546 4,466,121 2,432,982Shares issued during the year 23,471,085 2,474,349 - 151,884 1,375,968 12,109,339Shares redeemed during the year (22,207,443) (1,316,347) (21,763) (118,583) (1,328,849) (2,958,238)Shares outstanding at the end of the year 79,452,909 4,070,187 221,570 726,847 4,513,240 11,584,083Net asset value per share 69.0809 9.7325 56.6854 15.5332 42.8511 10.1914I-1 I-2 I(EUR)-2^ S-2 Z-2Shares outstanding at the beginning of the year - 15,831,544 - 1,136,336 285,025Shares issued during the year 1,734,127 17,099,378 662,043 103,978 -Shares redeemed during the year (45,200) (7,007,718) (292,725) (340,001) (51,759)Shares outstanding at the end of the year 1,688,927 25,923,204 369,318 900,313 233,266Net asset value per share 10.2180 72.8689 10.7835 23.7880 14.2668^ Hedge Share ClassThe accompanying notes form an integral part of these financial statements.24 Aberdeen Global - Asia Pacific Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 91.58%Australia - 11.59%BHP Billiton (London Listing) 7,590,000 235,934 2.96QBE Insurance Group 20,294,731 273,513 3.43Rio Tinto (London Listing) 6,326,750 294,744 3.70Woolworths ∞ 3,997,000 119,727 1.50923,918 11.59China - 5.42%China Mobile 18,817,721 208,850 2.62PetroChina 169,913,710 222,658 2.80431,508 5.42Hong Kong - 25.36%AIA Group 53,815,600 200,075 2.51ASM Pacific Technology ∞ 12,454,020 147,338 1.85Dah Sing Financial 3,438,985 11,909 0.16Dairy Farm International 10,365,863 115,579 1.45Hang Lung Group 16,614,186 105,215 1.32Hang Lung Properties 27,414,642 93,789 1.18HSBC Holdings (London Listing) ∞ 25,315,290 238,109 2.99Jardine Strategic Holdings 9,385,539 319,202 4.01Li & Fung ∞ 56,448,000 87,440 1.10Standard Chartered (London Listing) 10,840,745 245,079 3.08Sun Hung Kai Properties 8,489,571 124,443 1.56Swire Pacific 'A' 3,070,000 37,656 0.47Swire Pacific 'B' 82,598,092 191,654 2.41Swire Properties 14,142,732 43,779 0.55Wing Hang Bank 6,080,622 56,997 0.722,018,264 25.36India - 7.36%GlaxoSmithKline Pharmaceuticals 1,341,550 50,310 0.63Grasim Industries 1,105,560 69,481 0.87Housing Development Finance Corporation 15,214,765 222,344 2.79ICICI Bank 3,161,048 63,676 0.80Infosys 2,800,600 134,731 1.69New India Investment Trust ‡ 5,402,000 19,147 0.24Ultratech Cement 723,133 26,913 0.34586,602 7.36Indonesia - 1.11%Unilever Indonesia 32,577,036 88,421 1.11www.aberdeen-asset.com25


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityMalaysia - 2.88%British American Tobacco Malaysia 3,740,020 74,078 0.93CIMB Group 37,721,660 92,622 1.16Public Bank (Alien) 13,352,014 62,861 0.79229,561 2.88Phillipines - 2.44%Ayala Land 159,657,222 91,186 1.15Bank of the Philippine Islands 53,909,818 103,064 1.29194,250 2.44Singapore - 18.60%City Developments 24,981,779 239,190 3.00Keppel Corporation 12,745,000 118,548 1.49Oversea-Chinese Banking Corp 44,550,395 339,389 4.26Singapore Airlines 9,520,600 83,239 1.05Singapore Technologies Engineering 73,597,971 211,491 2.66Singapore Telecommunications 67,085,862 175,278 2.20United Overseas Bank 15,065,080 241,570 3.03Venture Corporation 11,013,030 72,137 0.911,480,842 18.60South Korea - 5.61%BS Financial 2,907,628 31,328 0.39DGB Financial 1,999,490 26,671 0.33E-Mart 233,433 50,722 0.64Samsung Electronics (Pref) 458,703 325,427 4.09Shinsegae 67,166 12,676 0.16446,824 5.61Sri Lanka - 0.77%Commercial Bank of Ceylon 10,559,487 9,411 0.12DFCC Bank 12,216,146 11,421 0.14Keells (John) 19,047,737 33,187 0.42National Development Bank 5,715,450 6,582 0.0960,601 0.77Taiwan - 5.50%Taiwan Mobile 41,420,377 151,546 1.90TSMC 93,626,297 286,658 3.60438,204 5.5026 Aberdeen Global - Asia Pacific Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityThailand - 4.94%PTT Exploration & Production (Alien) ∞ 32,365,245 170,606 2.14Siam Cement (Alien) ∞ 12,143,436 156,429 1.96Siam Cement (NVDR) ∞ 5,900,000 66,993 0.84394,028 4.94Equities 7,293,023 91.58Open Ended Investment Funds - 5.69%Luxembourg - 5.69%Aberdeen Global - Indian Equity Fund Z-2 ‡ 38,355,679 453,241 5.69Open Ended Investment Funds 453,241 5.69Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 7,746,264 97.27Financial derivative instruments - 0.01%Forward currency exchange contracts - 0.01%Unrealisedgains/(losses)US$'000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR USD 14/12/2012 36,868,568 46,559,103 912 0.01EUR USD 14/12/2012 3,533,992 4,462,866 88 -EUR USD 14/12/2012 1,559,223 2,044,749 (37) -EUR USD 14/12/2012 801,062 1,026,217 5 -EUR USD 14/12/2012 266,241 343,663 (1) -EUR USD 14/12/2012 111,421 146,116 (3) -EUR USD 14/12/2012 79,950 102,347 1 -USD EUR 01/10/2012 18,306 14,139 - -USD EUR 02/10/2012 12,829 9,981 - -USD EUR 03/10/2012 6,425 5,000 - -Unrealised gains on forward currency exchange contracts 965 0.01Unrealised gains on financial derivative instruments 965 0.01Total investments 7,747,229 97.28Other net assets 216,571 2.72Total 7,963,800 100.00‡Managed by subsidiaries of Aberdeen Asset Management PLC.∞A portion of this security is on loan at the year end.www.aberdeen-asset.com27


Asian Local Currency Short Duration BondFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Asian LocalCurrency Short Duration Bond A – Income shares increased by 3.55%compared to an increase of 5.95% in the benchmark, the iBoxx Asia exJapan Sovereign 1-3 years Index.Source: Markit, Lipper, Mellon, Basis: total return, NAV to NAV, net of annual charges, grossincome reinvested, USD.Manager’s reviewShort-dated bonds registered gains in most local currency bondmarkets during the year under review, against the backdrop of anintensifying Eurozone crisis and anaemic US recovery. Central banks inAsia shifted focus towards cushioning economies from stiff globalheadwinds, as inflation concerns appeared to dissipate in the face ofmoderating growth. The export and manufacturing sectors, inparticular, came under pressure from waning demand in the West. Amarked deterioration in China’s data was also disconcerting, given theregion’s increasing reliance on mainland demand for not just rawcommodities but also intermediate products. Towards the period end,major central banks delivered long-awaited stimulus measures amid arapidly worsening global backdrop, with the US launching its thirdround of quantitative easing.During the period, Korean short-dated bonds and the wonoutperformed their regional counterparts as sentiment was supportedby the central bank’s easing bias. Fitch and Standard & Poor’s upgradedthe country’s long-term debt ratings, citing a favourable fiscal outlookand robust structural fundamentals. Elsewhere, markets in Indonesia,China, Thailand and India posted solid gains but bonds in Hong Kongand Singapore weakened in line with the flat performance of shortdatedUS Treasuries.Portfolio reviewThe Fund underperformed the benchmark. Our currency positioningdetracted from relative return, driven by the underweight to the won,overweight to the rupiah and lack of exposure to the Taiwan dollar. Thelosses outweighed the positive contribution from the overweight to theyuan. In contrast, our interest rate allocation boosted performance,particularly our overweight to Indonesia, Malaysia and Thailand.In portfolio activity, we sold out of Hong Kong and Singapore bonds,as yields had approached historical lows, and added to CNH bonds(offshore renminbi bonds), which offered better returns. Elsewhere,we cut exposure to Indonesian and Philippine bonds, preferring SouthKorea, Thailand and Malaysia. We also trimmed our rupiah holdings,along with the Philippine peso, rupee and Singapore dollar, in favourof the Hong Kong dollar, baht and won.OutlookPolicymakers’ short-term liquidity fixes have not addressedlonger-term structural flaws in major developed economies.In Spain, widespread protests and the threat of a Catalonianbreakaway underscore the risks in implementing tough austeritymeasures amid economic distress. Consumer demand in the Westcould remain weak for some time to come, and hence, we are unlikelyto see any meaningful recovery in Asian exports and industrialproduction over the short term. While China’s data have improved,we expect soft growth till the end of the year. With quantitative easingin the West, liquidity is fast returning to Asia, driven by yield-seekinginvestors. The volatile capital inflows could compound policychallenges for central banks, which are grappling with slowing growth.Most Asian currencies rose against the US dollar, driven by liquidityflows into regional equity markets. Aside from the won, the ringgit andpeso also outperformed owing to supportive macroeconomicfundamentals. But the rupiah lagged on concerns over a deterioratingcurrent account deficit. Indonesia’s central bank appeared to prefercurrency weakness, rather than policy rate adjustments, to address thetrade deficit.28 Aberdeen Global - Asian Local Currency Short Duration Bond


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 1,048,282Cash at bank 13,796Interest receivable 10,402Subscriptions receivable 4,901Unrealised gains on forward currency exchangecontracts (note 2.6) 2,845Other assets 322Total assets 1,080,548LiabilitiesTaxes and expenses payable 1,307Redemptions payable 1,579Other liabilities 648Total liabilities 3,534Net assets at the end of the year 1,077,014Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 547,869Net gains from investments 19,448Net realised losses (44,459)Net unrealised gains 43,762Proceeds from shares issued 821,959Payments for shares redeemed (310,512)Net equalisation received (note 10) 1,120Dividends paid (note 5) (2,173)Net assets at the end of the year 1,077,014Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 28,779Total income 28,779ExpensesManagement fees (note 4.6) 6,960Administration fees (note 4.1) 419Custodian fees (note 4.2) 979Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 382Management Company fees (note 4.5) 94Operational expenses (note 4.7) 178Annual tax (note 4.9) 316Bank interest 3Total expenses 9,331Net gains from investments 19,448Realised losses on investments (11,021)Currency exchange losses (14,004)Realised losses on forward currency exchange contracts (19,434)Net realised losses (44,459)Decrease in unrealised depreciation on investments 37,823Unrealised currency exchange losses (88)Decrease in unrealised depreciation on forwardcurrency exchange contracts 6,027Net unrealised gains 43,762Net increase in assets as a result of operations 18,751Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 A-2 A(CHF)-2^ A(EUR)-2^ B-1 D(GBP)-1 D(GBP)-2Shares outstanding at the beginning of the year 7,660,263 8,802,132 319,582 6,470,827 8,010 806,995 5,944,890Shares issued during the year 6,220,474 18,150,187 1,561,867 3,230,281 - 2,094,106 9,969,572Shares redeemed during the year (5,431,589) (9,200,212) (71,680) (1,437,372) (8,010) (76,492) (1,829,380)Shares outstanding at the end of the year 8,449,148 17,752,107 1,809,769 8,263,736 - 2,824,609 14,085,082Net asset value per share 4.3381 6.8806 9.8437 10.0817 - 9.6959 10.2545E(EUR)-2 I-1 I(GBP)-1^ I-2 I(CHF)-2^ I(EUR)-2^ Z-2Shares outstanding at the beginning of the year 94,550 - 159,855 14,180,409 70,000 8,888,867 -Shares issued during the year 7,765,594 3,901,416 259,053 15,901,257 120,200 4,839,767 3,977,280Shares redeemed during the year (3,589,538) (206,541) (105,598) (7,391,443) (70,000) (3,455,958) (9,454)Shares outstanding at the end of the year 4,270,606 3,694,875 313,310 22,690,223 120,200 10,272,676 3,967,826Net asset value per share 11.3806 10.2307 9.6468 10.2870 9.9645 10.1507 10.2231^ Hedge Share ClassThe accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com29


Portfolio StatementAs at 30 September 2012Percentage ofSecurity Coupon (%) Maturity NominalMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketGovernment Bonds - 93.78%China - 6.21%China (Peoples Republic of) 0.6000 18/08/14 50,000,000 7,678 0.71China (Peoples Republic of) 1.4000 18/08/16 230,500,000 34,756 3.23China (Peoples Republic of) 1.8000 01/12/15 98,000,000 15,146 1.41China (Peoples Republic of) 1.9400 18/08/18 20,500,000 3,059 0.28China (Peoples Republic of) 2.5600 29/06/17 40,000,000 6,216 0.5866,855 6.21India - 2.78%India (Government of) 7.0200 17/08/16 350,000,000 6,398 0.59India (Government of) 7.5900 12/04/16 1,260,000,000 23,588 2.1929,986 2.78Indonesia - 4.06%Indonesia (Republic of) 12.5000 15/03/13 62,650,000,000 6,783 0.63Indonesia (Republic of) 9.5000 15/06/15 169,390,000,000 19,530 1.81Indonesia (Republic of) 11.0000 15/10/14 44,340,000,000 5,151 0.48Indonesia (Republic of) 11.0000 15/12/12 62,300,000,000 6,602 0.61Indonesia (Republic of) 9.0000 15/09/13 53,000,000,000 5,754 0.5343,820 4.06Malaysia - 22.41%Malaysia (Government of) 4.2620 15/09/16 39,220,000 13,313 1.24Malaysia (Government of) 3.3140 31/10/17 26,000,000 8,511 0.79Malaysia (Government of) 5.0940 30/04/14 139,500,000 47,105 4.37Malaysia (Government of) 3.5800 28/09/18 23,700,000 7,820 0.73Malaysia (Government of) 3.2100 31/05/13 79,470,000 26,040 2.42Malaysia (Government of) 3.7410 27/02/15 92,140,000 30,565 2.84Malaysia (Government of) 3.4610 31/07/13 131,450,000 43,175 4.01Malaysia (Government of) 3.1970 15/10/15 52,800,000 17,300 1.62Malaysia (Government of) 3.4340 15/08/14 143,500,000 47,289 4.39241,118 22.41Philippines - 6.93%Philippine (Republic of) 5.8750 31/01/18 75,000,000 1,921 0.18Philippine (Republic of) 8.7500 03/03/13 35,000,000 867 0.08Philippine (Republic of) 9.1250 04/09/16 280,000,000 7,907 0.73Philippine (Republic of) 6.2500 27/01/14 688,500,000 17,473 1.62Philippine (Republic of) 5.2500 07/01/13 52,000,000 1,262 0.12Philippine (Republic of) 5.8750 19/08/15 60,000,000 1,548 0.14Philippine (Republic of) 7.0000 27/01/16 1,646,700,000 43,708 4.0674,686 6.9330 Aberdeen Global - Asian Local Currency Short Duration Bond


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalThailand - 23.82%Bank of Thailand 2.3500 21/10/12 1,509,000,000 49,003 4.55Bank of Thailand 3.0500 30/01/15 765,000,000 24,781 2.30Bank of Thailand 3.0500 17/02/13 135,000,000 4,385 0.41Bank of Thailand 2.5300 18/11/13 30,000,000 968 0.09Bank of Thailand 3.4200 18/08/13 920,000,000 29,963 2.78Bank of Thailand 3.3000 30/04/14 1,055,000,000 34,326 3.19Bank of Thailand 3.3300 12/05/14 679,780,000 22,118 2.05Bank of Thailand 3.4000 08/09/14 587,000,000 19,156 1.79Bank of Thailand 3.0000 22/12/13 380,000,000 12,326 1.14Bank of Thailand 3.5000 24/02/15 300,000,000 9,818 0.91Thailand (Kingdom of) 3.6250 22/05/15 885,000,000 29,070 2.70Thailand (Kingdom of) 4.2500 13/03/13 251,300,000 8,209 0.76Thailand (Kingdom of) 5.2500 12/05/14 369,814,000 12,409 1.15256,532 23.82South Korea - 27.57%Korea (Republic of) 3.2500 10/06/15 41,000,000,000 37,361 3.47Korea (Republic of) 3.5000 10/06/14 106,600,000,000 97,036 9.02Korea (Republic of) 4.0000 10/03/16 26,000,000,000 24,285 2.25Korea (Republic of) 5.2500 10/03/13 2,800,000,000 2,546 0.24Korea Monetary Bond 3.4700 02/02/14 35,800,000,000 32,497 3.02Korea Monetary Bond 3.4800 02/12/13 14,000,000,000 12,696 1.18Korea Monetary Bond 3.5900 02/10/13 12,810,000,000 11,616 1.08Korea Monetary Bond 3.7600 02/06/13 35,600,000,000 32,235 2.99Korea Monetary Bond 3.9000 02/08/13 38,800,000,000 35,230 3.27Korea Treasury Bond 3.0000 10/12/13 12,500,000,000 11,275 1.05296,777 27.57Government Bonds 1,009,774 93.78Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 1,009,774 93.78Other transferable securities and money market instrumentsGovernment Bonds - 3.57%China - 3.57%China (Peoples Republic of) 2.8200 08/12/14 100,000,000 15,816 1.47China (Peoples Republic of) 3.2600 02/06/14 125,000,000 19,948 1.85China (Peoples Republic of) 3.5500 20/10/16 12,000,000 1,939 0.18China (Peoples Republic of) 3.6000 17/02/16 5,000,000 805 0.0738,508 3.57Government Bonds 38,508 3.57Other transferable securities and money market instruments 38,508 3.57Total transferable securities and money market instruments 1,048,282 97.35www.aberdeen-asset.com31


Financial derivative instruments - 0.25%Forward Currency Contracts - 0.25%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountCHF USD 14/12/12 17,422,054 18,264,025 299 0.03CHF USD 14/12/12 368,259 392,049 - -CHF USD 14/12/12 1,182,039 1,239,165 21 -CNY USD 30/01/13 13,410,600 2,100,000 7 -CNY USD 30/01/13 968,605,850 150,580,000 1,589 0.15CNY USD 30/01/13 36,885,100 5,800,000 10 -EUR USD 01/10/12 110,496 143,059 (1) -EUR USD 02/10/12 86,647 111,368 - -EUR USD 03/10/12 49,730 63,903 - -EUR USD 04/10/12 43,041 55,333 - -EUR USD 14/12/12 81,793,303 103,291,855 2,023 0.19EUR USD 14/12/12 1,754,803 2,306,601 (47) -EUR USD 14/12/12 101,344,671 127,982,104 2,507 0.23EUR USD 14/12/12 2,471,197 3,240,703 (59) (0.01)GBP USD 02/10/12 811 1,310 - -GBP USD 14/12/12 3,065,255 4,874,706 74 0.01HKD USD 05/12/12 659,132,500 85,000,000 16 -HKD USD 05/12/12 1,012,343,448 130,550,000 23 -IDR USD 01/03/13 34,290,000,000 3,600,000 (92) (0.01)IDR USD 01/03/13 51,624,000,000 5,400,000 (118) (0.01)IDR USD 01/03/13 109,251,750,000 11,470,000 (292) (0.03)INR USD 09/11/12 293,956,000 5,200,000 329 0.03KRW USD 20/03/13 1,765,450,000 1,550,000 26 -KRW USD 20/03/13 2,369,640,000 2,100,000 15 -KRW USD 20/03/13 17,813,250,000 15,750,000 148 0.01MYR USD 27/03/13 1,867,200 600,000 4 -PHP USD 23/11/12 34,994,400 840,000 (2) -PHP USD 23/11/12 438,946,000 10,600,000 (90) (0.01)SGD USD 05/12/12 15,583,750 12,500,000 203 0.02SGD USD 05/12/12 19,176,080 15,400,000 232 0.02SGD USD 05/12/12 26,701,076 21,800,000 (34) -SGD USD 05/12/12 27,508,500 22,500,000 (76) (0.01)SGD USD 05/12/12 54,267,025 44,230,000 6 -THB USD 13/12/12 43,883,000 1,400,000 18 -THB USD 13/12/12 43,610,000 1,400,000 9 -USD CHF 01/10/12 8,793 8,222 - -USD CHF 03/10/12 2,852 2,682 - -USD CNY 30/01/13 4,100,000 26,223,600 (20) -USD CNY 30/01/13 5,300,000 33,814,000 (26) -USD CNY 30/01/13 13,500,000 86,157,000 (71) (0.01)USD CNY 30/01/13 13,700,000 87,433,400 (72) (0.01)USD CNY 30/01/13 27,600,000 176,112,840 (140) (0.01)USD EUR 02/10/12 86,055 66,953 - -USD EUR 02/10/12 1,279,473 995,258 (1) -USD EUR 03/10/12 53,714 41,801 - -32 Aberdeen Global - Asian Local Currency Short Duration Bond


UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountUSD EUR 04/10/12 106,575 82,899 - -USD EUR 04/10/12 123,022 95,699 - -USD GBP 04/10/12 7,327 4,541 - -USD HKD 05/12/12 12,400,000 96,137,200 - -USD HKD 05/12/12 48,840,000 378,690,708 (4) -USD IDR 01/03/13 18,700,000 183,821,000,000 (108) (0.01)USD KRW 20/03/13 122,260,000 137,994,862,000 (898) (0.08)USD MYR 27/03/13 23,100,000 71,506,050 (28) -USD MYR 27/03/13 95,520,000 295,605,744 (90) (0.01)USD PHP 23/11/12 62,270,000 2,641,867,020 (987) (0.09)USD THB 13/12/12 98,710,000 3,099,395,290 (1,458) (0.14)Unrealised gains on forward currency exchange contracts 2,845 0.25Unrealised gains on financial derivative instruments 2,845 0.25Total investments 1,051,127 97.60Other net assets 25,887 2.40Total 1,077,014 100.00www.aberdeen-asset.com33


Asian Property ShareFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Asian PropertyShare - S Accumulation shares increased by 35.52% compared to anincrease of 35.96% in the benchmark, the MSCI AC Asia Pacific RealEstate Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewAsian property outpaced the broader market, which rose in the yearunder review despite being buffeted by turbulence. Much of the gainswere due to major central banks’ attempts to reflate the globaleconomy, which included the European Central Bank’s bond-buyingplan and the third round of quantitative easing from the US. Alsoreviving risk appetite were China’s cash infusion to boost liquidity in itsbanking system, as well as interest rate cuts in Europe and China.Sentiment had been roiled by speculation over Greece’s exit from theEurozone, as well as anaemic economic data across the globe.Portfolio reviewAt the stock level, Ayala Land did well, posting record profits in 2011and registering earnings growth of over 30%. The Philippine propertydeveloper maintained its positive trend in the first half of 2012, with asimilar level of year-on-year growth. This is a result of its strategy totarget more market segments and, to a lesser extent, successfulgeographical expansion outside the capital Manila. Also contributing toperformance was Yanlord Land, as its share price was buoyed by animprovement in sentiment in China’s residential property market. Last,Malaysia’s Oriental Holdings re-rated as investors started to appreciatethe underlying value of the different operating entities and its realestate business. Conversely, our holding in Hong Kong & ShanghaiHotels proved costly, as its shares were affected by concerns thatglobal economic slowdown would hurt travel-related businesses. InJapan, ResortTrust Inc faced slower sales of resort memberships duringthe period.In portfolio activity, we introduced East Japan Railway and LondonlistedMillennium & Copthorne Hotels, the hospitality arm ofSingapore’s City Developments, which derives the bulk of its earningsfrom the Asia Pacific. In the IPO market, we subscribed to the flotationof Tesco Lotus Retail Growth Freehold & Leasehold Property Fund,which holds 17 shopping malls that are anchored by Tesco Lotushypermarkets. We also participated in the public offer for Far EastHospitality Trust, which holds a decent portfolio of good-yieldingSingapore-based assets, along with longer-term potential for furtherasset enhancement and injection opportunities. We took part in theIPO for Ascendas Hospitality Trust, which has a diversified portfolio ofgood-yielding Asian assets. Against this, we sold Siam City Cementgiven its relative share price strength, and Sankei Building following FujiMedia Holdings’ takeover bid. Similarly, we sold Parco on accepting JFront Retailing’s partial bid in Japan. We also exited Fraser and Neave,which was the subject of an offer by Thai Beverage; and divested SPSetia, given the uncertainty surrounding its future plans, which becamea major concern.OutlookLooking ahead, Asian stockmarkets are likely to face further volatility.The boost from the latest bout of central bank intervention appearsshort-lived. Recent data point to further economic deterioration.Worsening violence in Syria, tensions in the Gulf, as well as labourunrest in China and Indonesia are adding to concerns. However, Asiaremains in far better shape than the West, with regional growthexpected at above 6% for 2012. We are also confident that ourholdings will be able to withstand the gathering headwinds, given theirfinancial resilience and guided by experienced management.34 Aberdeen Global - Asian Property Share


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.06%Australia - 8.39%BWP Trust 2,175,277 4,513 2.54Westfield Group 980,000 10,390 5.8514,903 8.39China - 2.90%Yanlord Land 5,255,000 5,141 2.90Hong Kong - 28.41%Hang Lung Group 1,327,570 8,407 4.74Hang Lung Properties 513,000 1,755 0.99Hong Kong & Shanghai Hotels 2,859,669 3,386 1.91Jardine Strategic Holdings 196,000 6,666 3.76MTR 1,282,861 4,852 2.73Sun Hung Kai Properties 556,417 8,156 4.59Swire Pacific 'A' 520,000 6,378 3.59Swire Properties 3,500,000 10,834 6.1050,434 28.41India - 4.23%Grasim Industries GDR 90,000 5,647 3.18Ultratech Cement GDR 49,998 1,861 1.057,508 4.23Indonesia - 1.75%Holcim Indonesia 10,500,000 3,113 1.75Japan - 12.27%East Japan Railway Co 37,000 2,461 1.39Mitsubishi Estate 478,000 9,170 5.17ResortTrust Inc 355,000 6,648 3.74Sekisui House 350,000 3,491 1.9721,770 12.27Malaysia - 3.62%Lafarge Malayan Cement 531,700 1,543 0.87Oriental Holdings 1,340,000 3,371 1.90YNH Property 2,500,466 1,502 0.856,416 3.62Phillipines - 5.95%Ayala Land 18,500,600 10,567 5.9536 Aberdeen Global - Asian Property Share


Asian Smaller CompaniesFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Asian SmallerCompanies - A Accumulation shares increased by 26.80% compared toan increase of 15.46% in the benchmark, the MSCI AC Asia Pacific exJapan Small Cap Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewAsian small cap stocks rose in the year under review, outpacing theirlarge cap counterparts despite the turbulence that had buffetedregional markets. Small cap stocks proved more resilient over theperiod, given their relatively greater exposure to domesticconsumption, which mitigated the impact from external headwinds. Inthe broader market, big caps were aided by major central banks’attempts to reflate the global economy, which included the EuropeanCentral Bank’s bond-buying plan and the third round of quantitativeeasing from the US. Also reviving risk appetite were Beijing’s cashinfusion to boost liquidity in its banking system, as well as interest ratecuts there and in Europe.Portfolio reviewAt the stock level, Malaysia’s Aeon Co and Oriental Holdings, alongwith Thailand’s Siam Makro were among the top contributors torelative performance. Retailer Aeon Co benefited from new storeopenings and robust consumer spending, whereas Oriental Holdingsre-rated as investors started to appreciate the underlying value of thedifferent operating entities and its real estate business. In Thailand,retailer Siam Makro benefited from the sharp rise in householdspending after the floods; it saw net income climb 38% to 2.6 billionbaht in 2011.Conversely, among holdings that detracted were China’s Green DragonGas, Hong Kong-listed Texwinca and India’s Gujarat Gas. Green DragonGas posted improved production and sales in its most recent results,however, its shares were affected by the slower-than-expectedcommercialisation of its reserves. Textile company Texwinca wasweighed down by higher operating costs, notably cotton prices. GujaratGas saw its shares fall sharply after the government orderedIndraprastha Gas (a non-holding) to lower gas tariffs in New Delhi,stoking concerns that similar action would have to be taken on otherutility companies, thereby hurting profit margins. Separately, GujaratState Petroleum’s acquisition of British Gas’s 65% stake in Gujarat Gas,at 295 rupees per share, will – pending regulatory approval – result in amandatory offer of 314 rupees a share for the remaining 26% held byminority shareholders.In portfolio activity, we introduced Yingde Gases, a well-establishedindustrial gas player in China, as well as Dah Sing Financial, as it is acheaper alternative to Dah Sing Bank. We also initiated a holding inrecently-listed Tesco Lotus Retail Growth Freehold & LeaseholdProperty Fund, which holds 17 shopping malls that are anchored byTesco Lotus hypermarkets, and Korean retailer Shinsegae after it spunoff its discount store operations. In addition, we introduced ManilaWater, a Philippine water distribution company, along with LondonlistedMillennium & Copthorne Hotels, the hospitality arm ofSingapore’s City Developments. We also initiated holdings in AKRCorporindo, Indonesia’s leading basic chemical and petroleumdistributor. It has a good distribution network, solid clientele andfirst-mover advantage. We subscribed to the IPO of Far East HospitalityTrust, which holds a decent portfolio of good-yielding Singapore-basedassets, along with longer-term potential for further asset enhancementand injection opportunities.Against this, we sold Malaysia-listed SP Setia through a tender offerfrom its major shareholder, given the decent premium over its shareprice, as well as Ginebra San Miguel because of its weak operatingperformance and stretched balance sheet. We also divested Thailand’sHome Products Centre on valuation grounds and China’s ENN Energyon concerns over the impact of its proposed acquisition of China GasHoldings on interest costs after incurring so much debt.OutlookLooking ahead, Asian stockmarkets are likely to face further volatility.The boost from the latest bout of central bank intervention appearsshort-lived. Recent data point to further economic deterioration.Worsening violence in Syria, tensions in the Gulf, as well as labourunrest in China and Indonesia are adding to concerns. Faced with thesechallenges and by virtue of their size, smaller Asian companies couldcome under greater pressure than their large cap counterparts.However, this also presents opportunities for us to add to the portfolioas valuations become more reasonable. It must also be noted that Asiaremains in far better shape than the West, with regional growthexpected at above 6% for 2012. Overall, we are confident that ourholdings will be able to withstand the gathering headwinds, given theirfinancial resilience and guided by experienced management.38 Aberdeen Global - Asian Smaller Companies


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 2,372,794Cash at bank 54,226Interest and dividends receivable 3,845Subscriptions receivable 35,387Other assets 90Total assets 2,466,342LiabilitiesPayable for investments purchased 10,940Taxes and expenses payable 3,585Redemptions payable 15,229Total liabilities 29,754Net assets at the end of the year 2,436,588Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 1,328,105Net gains from investments 35,601Net realised gains 42,968Net unrealised gains 342,492Proceeds from shares issued 1,348,178Payments for shares redeemed (664,699)Net equalisation received (note 10) 3,943Net assets at the end of the year 2,436,588Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 62,092Other income 9Total income 62,101ExpensesManagement fees (note 4.6) 22,616Administration fees (note 4.1) 313Custodian fees (note 4.2) 1,733Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 760Management Company fees (note 4.5) 187Operational expenses (note 4.7) 214Annual tax (note 4.9) 675Bank interest 2Total expenses 26,500Net gains from investments 35,601Realised gains on investments 43,066Currency exchange losses (98)Net realised gains 42,968Increase in unrealised appreciation on investments 342,322Unrealised currency exchange gains 170Net unrealised gains 342,492Net increase in assets as a result of operations 421,061Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 D(GBP)-2 I-2 Z-2Shares outstanding at the beginning of the year 23,769,830 1,773,124 5,081,575 24,235,694Shares issued during the year 23,545,658 1,561,855 10,103,169 2,974,330Shares redeemed during the year (13,502,927) (301,022) (3,864,085) (1,387,542)Shares outstanding at the end of the year 33,812,561 3,033,957 11,320,659 25,822,482Net asset value per share 40.2656 24.8957 42.2843 18.3735The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com39


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.38%Australia - 3.84%ARB Corp 2,010,938 20,535 0.84BWP Trust 12,273,733 25,463 1.05Cabcharge Australia 4,001,052 22,468 0.92Iress Market Technology ∞ 3,218,721 25,020 1.0393,486 3.84China - 1.48%Green Dragon Gas 2,867,885 11,299 0.46Greka Drilling 5,003,655 1,273 0.05Yanlord Land 24,063,000 23,540 0.9736,112 1.48Hong Kong - 17.36%Aeon Credit Service 20,194,000 17,933 0.74Aeon Stores 5,820,000 14,893 0.61Asia Satellite Telecommunications 9,270,000 26,902 1.10ASM International 1,899,912 63,943 2.62Café de Coral 5,500,000 15,447 0.63Convenience Retail Asia ∞ 45,402,000 26,000 1.07Dah Sing Banking 25,301,200 23,561 0.97Dah Sing Financial 8,271,571 28,645 1.18Giordano International 45,400,000 38,091 1.56Hong Kong Aircraft Engineering 1,248,800 16,598 0.68Hong Kong & Shanghai Hotels 26,161,627 30,976 1.27Hung Hing Printing 17,668,000 2,814 0.12Pacific Basin Shipping 75,400,000 34,475 1.41Public Financial Holdings 50,150,000 22,315 0.92Texwinca 40,890,000 26,343 1.08Yingde Gases Group 38,544,000 34,203 1.40423,139 17.36India - 8.22%Sanofi India 705,620 31,849 1.31Castrol 5,035,006 29,745 1.22CMC 1,243,417 25,990 1.07Godrej Consumer Products 2,404,757 30,614 1.26Gujarat Gas 3,040,643 19,766 0.81Kansai Nerolac Paints 1,258,649 22,133 0.91Mphasis 4,095,800 31,360 1.28Piramal Healthcare 993,466 8,728 0.36200,185 8.22Indonesia - 6.85%AKR Corporindo 38,000,000 16,776 0.69Bank OCBC NISP 105,961,154 14,283 0.5940 Aberdeen Global - Asian Smaller Companies


Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %WBL 10,450,550 31,862 1.31Wheelock Properties 29,114,000 44,264 1.82425,562 17.46South Korea - 5.42%BS Financial 4,632,400 49,912 2.05DGB Financial 4,056,100 54,103 2.22Shinsegae 149,021 28,123 1.15132,138 5.42Sri Lanka - 3.20%Aitken Spence 23,745,300 23,557 0.96Chevron Lubricants Lanka 10,629,700 15,740 0.65Commercial Bank of Ceylon 17,493,281 15,591 0.64Keells (John) 12,554,522 21,874 0.90National Development Bank 1,000,000 1,152 0.0577,914 3.20Thailand - 12.95%Aeon Thana Sinsap (Alien) 9,711,900 19,326 0.79BEC World (Alien) 10,800,000 26,842 1.10Big C Supercenter (Alien) 2,872,900 17,734 0.73Bumrungrad Hospital (Alien) 9,989,200 26,531 1.09Central Pattana (Alien) 7,000,000 13,588 0.56Hana Microelectronics (Alien) 43,380,100 29,315 1.20Minor International (Alien) Warrants 4,083,168 519 0.02Minor International (Alien) 48,653,418 24,422 1.00Regional Container Lines (Alien) 43,715,750 9,906 0.41Siam City Cement (Alien) 2,350,000 29,203 1.20Siam Makro (Alien) 2,800,000 36,160 1.47Tesco Lotus 45,700,000 22,048 0.90Thai Reinsurance 45,292,700 6,048 0.25Thai Reinsurance (Alien) 87,039,300 11,622 0.48Tisco Financial Group (Alien) 28,351,900 42,602 1.75315,866 12.95United Kingdom - 1.14%Millennium & Copthorne Hotel 3,540,000 27,765 1.14Equities 2,372,794 97.38Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 2,372,794 97.38Total investments 2,372,794 97.38Other net assets 63,794 2.62Total 2,436,588 100.00∞A portion of this security is on loan at the year end.42 Aberdeen Global - Asian Smaller Companies


Australasian EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the AustralasianEquity - A Accumulation shares increased by 15.46% compared to anincrease of 13.36% in the benchmark, the Australia All Ordinaries Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, AUD.Manager’s reviewAustralian equities rose during the year under review, driven by policyactions from major central banks, including the Reserve Bank ofAustralia’s (RBA) four rate cuts. The stock market was largely flat in thefirst half of the review period but sold off sharply in May. Evidence thatChina’s economy was losing momentum weighed heavily on themining-heavy materials sector while lower oil prices dragged downenergy stocks. The local currency, which had appreciated significantly inthe first quarter, also fell against major currencies such as the euro andthe US dollar, thereby providing some relief for exporters. Optimismreturned towards the end of the review period as monetary easingmeasures by the European Central Bank, the US Federal Reserve and theBank of Japan boosted domestic equities, with solid gains for materials.Portfolio reviewAt the stock level, miner BHP Billiton contributed to performance as itposted solid results despite significant volatility in commodity pricesand project deferrals. Vaccine and plasma protein maker CSL sawrobust growth in sales to China. It continued its share buyback duringthe year. Elsewhere, Westfield Group also delivered healthy interimresults, even in a challenging retail environment.During the year, we divested property construction group LeightonHoldings because of deterioration in its projects and a stretchedbalance sheet. We also sold Metcash, amid increasing uncertaintysurrounding its business model and intense competitor activity. Againstthis, we introduced Worley Parsons for its leading market position,excellent track record and solid cash generation with minimal capex.In addition, we replaced our Australian-listed holdings of BHP Billitonand Rio Tinto with their dual-listed global depository receipts (GDRs)on the London stock exchange, as the GDRs were trading at asignificant discount while maintaining the same dividend.OutlookGlobal equity markets are likely to remain volatile in the monthsahead, despite central bank action to address flagging economies. Ofparticular concern is the flow-on effect from China’s slowing growthand Europe’s recession. If the mainland’s economy decelerates sharply,Australia’s commodity exports could face further pressure, therebyhampering growth prospects. Against this backdrop, the RBA may easemonetary policy further to curb the appreciation of the local currency,so that economic expansion will be more even across industries.Nonetheless, the nation as it stands, is in far better shape relative tomost Western developed markets. We are also confident that ourholdings, which have been selected for their financial resilience andexperienced management, will be able to withstand the gatheringheadwinds.Conversely, not holding Telstra cost the Fund. It finalised its A$11billion agreement with the National Broadband Network, which isexpected to contribute positively to future cash flows and balancesheet strength. Other detractors included David Jones and the lack ofexposure to National Australia Bank (NAB). The weak retailenvironment, coupled with increased competition and excessinventory, proved a drag on David Jones. Meanwhile, NAB’s share priceoutperformed as investors sought defensive and high yielding stocks,notwithstanding its weak results due to funding constraints andworsening conditions in its UK operations.www.aberdeen-asset.com43


Statement of Net AssetsAs at 30 September 2012AU$’000AssetsInvestments in securities at market value (note 2.2) 71,352Cash at bank 2,453Interest and dividends receivable 675Subscriptions receivable 184Total assets 74,664LiabilitiesTaxes and expenses payable 134Redemptions payable 1,404Total liabilities 1,538Net assets at the end of the year 73,126Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012AU$’000Net assets at the beginning of the year 73,078Net gains from investments 2,349Net realised losses (1,591)Net unrealised gains 9,308Proceeds from shares issued 43,384Payments for shares redeemed (53,295)Net equalisation paid (note 10) (107)Net assets at the end of the year 73,126Statement of OperationsFor the year from 1 October 2011 to 30 September 2012AU$’000IncomeInvestment income 3,488Bank interest 94Other income 20Total income 3,602ExpensesManagement fees (note 4.6) 1,087Administration fees (note 4.1) 44Custodian fees (note 4.2) 18Distribution fees (note 4.3) 1Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 30Management Company fees (note 4.5) 7Operational expenses (note 4.7) 31Annual tax (note 4.9) 35Total expenses 1,253Net gains from investments 2,349Realised losses on investments (1,617)Currency exchange gains 26Net realised losses (1,591)Decrease in unrealised depreciation on investments 9,302Unrealised currency exchange gains 6Net unrealised gains 9,308Net increase in assets as a result of operations 10,066Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 B-2Shares outstanding at the beginning of the year 3,170,318 52,749Shares issued during the year 1,792,941 -Shares redeemed during the year (2,173,161) (52,749)Shares outstanding at the end of the year 2,790,098 -Net asset value per share 26.2092 -The accompanying notes form an integral part of these financial statements.44 Aberdeen Global - Australasian Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueAU$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.57%Consumer Discretionary - 3.96%David Jones ∞ 426,400 1,072 1.47Tatts Group 671,200 1,819 2.492,891 3.96Consumer Staples - 8.82%Coca Cola Amatil 150,800 2,050 2.80Woolworths 152,800 4,401 6.026,451 8.82Energy - 3.83%Woodside Petroleum 45,800 1,518 2.07Worley Parsons 45,800 1,290 1.762,808 3.83Financials - 35.75%AMP 701,100 3,043 4.16Australia & New Zealand Bank 160,200 3,963 5.42Australian Stock Exchange 107,700 3,186 4.36Commonwealth Bank of Australia 73,700 4,111 5.62QBE Insurance Group 330,200 4,279 5.85Westfield Group 356,900 3,639 4.98Westfield Retail Trust 261,300 759 1.04Westpac Bank 127,100 3,160 4.3226,140 35.75Health Care - 5.65%Cochlear 23,600 1,585 2.17CSL 55,800 2,544 3.484,129 5.65Information Technology - 3.49%Computershare 306,800 2,551 3.49Materials - 23.54%BHP Billiton (London listing) 226,900 6,783 9.27Incitec Pivot 537,400 1,599 2.19Newcrest Mining 96,000 2,792 3.82Orica 62,800 1,568 2.14Rio Tinto 99,900 4,476 6.1217,218 23.54Telecommunication Services - 3.75%Singapore Telecommunications - CDI ∞ 1,091,600 2,740 3.75www.aberdeen-asset.com45


Market ValueAU$’000Percentage oftotal netassets %SecurityQuantityUtilities - 8.78%AGL Energy 201,350 3,005 4.11SP AusNet 3,280,000 3,419 4.676,424 8.78Equities 71,352 97.57Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 71,352 97.57Total investments 71,352 97.57Other net assets 1,774 2.43Total 73,126 100.00∞A portion of this security is on loan at the year end.46 Aberdeen Global - Australasian Equity


Brazil BondFor the period from 15 June 2012 to 30 September 2012Commencement of FundThe Fund was launched in the year ended 30 September 2012. The first net asset value (NAV) calculation for the Fund was 18 June 2012.Corporate activityOn 15 June 2012, the Credit Suisse Bond Fund (Lux) Brazil amalgamated into the Aberdeen Global – Brazil Bond Fund worth US$115,494 million ininvestments and cash. Shareholders involved in the amalgamation received new shares in Aberdeen Global – Brazil Bond Fund as follows:Credit Suisse Bond Fund (Lux) Share Class Aberdeen Global Share Class Contribution in kind (’000) Merger RatioBrazil B – 2 Brazil Bond A – 2 US$23,134 1.000000000Brazil I – 2 Brazil Bond I – 2 US$2,746 1.000000000Brazil N – 1 Brazil Bond N – 1 JPY7,103,178 1.000000000PerformanceFor the period 18 June 2012 to 30 September 2012, the value of theBrazil Bond – A Accumulation shares increased by 4.42% compared toan increase of 4.03% in the benchmark, the Brazil CETIP rateAccumulated Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewThe Brazil Monetary Policy Committee (Copom) cut the Selic rate twicein the second quarter of 2012, by 75 basis points in April and 50 basispoints in May to a historical low of 8.50%. The quarterly inflationoutlook in June noted that despite easing measures, the inflationoutlook remained limited with only a modest increase to the year-endinflation forecast, while also downgrading the economy’s growthforecast for 2012 to 2.5% from 3.5%.Portfolio reviewThe Fund outperformed the benchmark over the period under review,due to selection effects. We reduced our Banco Votoratim holdings andfavoured the sovereign in the short-end of the curve.OutlookLooking ahead, emerging market debt should continue to benefit fromthe search for yield and continued strong inflows into the asset class,which have accelerated since the announcement of QE3 in September.Improving US and Chinese growth indicators should also bode well forrisk appetite, though the market reaction from the US election andmore importantly the prospects for addressing the fiscal cliff, couldtemper some of the recent gains in EMD.The policy rate was cut two further times in the third quarter, by 50basis points in both July and August to another historical low of 7.5%.This brought the cumulative cuts to 500 basis points since the easingcycle started in August 2011. On the basis of sluggish global anddomestic growth the Copom lowered its 2012 growth forecast to 1.6%from 2.5% in September. The Copom also projected inflation risingtowards the end of the year, although the medium term outlook wasstill favourable. Unemployment surprised on the downside in Augustfalling to 5.3%, which was also reflected in wage growth of 2.3%year-on-year.www.aberdeen-asset.com47


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 113,107Cash at bank 1,008Interest receivable 498Subscriptions receivable 6Total assets 114,619LiabilitiesTaxes and expenses payable 183Redemptions payable 441Other liabilities 1,871Total liabilities 2,495Net assets at the end of the period 112,124Statement of Changes in Net AssetsFor the period from 15 June 2012 to 30 September 2012US$'000Net gains from investments 617Net realised gains 246Net unrealised gains 4,309Proceeds from shares issued 118,207Payments for shares redeemed (8,707)Net equalisation paid (note 10) (22)Dividends paid (note 5) (2,526)Net assets at the end of the period 112,124Statement of OperationsFor the period from 15 June 2012 to 30 September 2012US$'000IncomeInvestment income 990Total income 990ExpensesManagement fees (note 4.6) 241Administration fees (note 4.1) 18Custodian fees (note 4.2) 73Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 22Management Company fees (note 4.5) 4Operational expenses (note 4.7) 5Annual tax (note 4.9) 10Total expenses 373Net gains from investments 617Realised gains on investments 172Currency exchange gains 74Net realised gains 246Increase in unrealised appreciation on investments 4,308Unrealised currency exchange gains 1Net unrealised gains 4,309Net increase in assets as a result of operations 5,172Share TransactionsFor the period from 15 June 2012 to 30 September 2012A-1 A-2 N(JPY)-1 I-2 E(EUR)-1Shares outstanding at the beginning of the period - - - - -Shares issued during the period 755 183,027 129,710 3,000 502Shares redeemed during the period - (18,036) (8,732) - -Shares outstanding at the end of the period 755 164,991 120,978 3,000 502Net asset value per share 10.3748 134.0145 56,024.5828 960.1916 10.2069The accompanying notes form an integral part of these financial statements.48 Aberdeen Global - Brazil Bond


Brazil EquityFor the period from 15 June 2012 to 30 September 2012Commencement of FundThe Fund was launched in the year ended 30 September 2012. The first net asset value (NAV) calculation for the Fund was 18 June 2012.Corporate activityOn 15 June 2012, the Credit Suisse Equity Fund (Lux) Brazil amalgamated into the Aberdeen Global – Brazil Equity Fund worth US$74,941 millionin investments and cash. Shareholders involved in the amalgamation received new shares in Aberdeen Global – Brazil Equity Fund as follows:Credit Suisse Equity Fund (Lux) Share Class Aberdeen Global Share Class Contribution in kind (’000) Merger RatioBrazil B – 2 Brazil Equity A – 2US$7,8671.000000000S – 2US$7,310 1.000000000Brazil N – 1 Brazil Equity N – 1 JPY4,737,381 1.000000000PerformanceFor the period 18 June 2012 to 30 September 2012, the value of theBrazil Equity – S Accumulation shares increased by 10.45% comparedto an increase of 4.87% in the benchmark, the MSCI Brazil 10/40TR Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewBrazilian equities rose over the period under review amid volatility.Risk appetite was buoyed by the European Central Bank’s pledge tosupport the euro and hopes of more central bank stimulus action.However, gains were pared by global economic weakness, whichweighed on exports and business confidence. In addition, the tightjob market led to rising labour costs and weakened competitiveness.In a bid to revive the economy, the central bank cut rates twice whilethe government unveiled a series of initiatives to reduce business costsand support investment. At period-end, the market was lifted by theannouncement of further quantitative easing in Europe and the US.Portfolio reviewAt the stock level, leading department store brand Lojas Rennerand the shopping centre manager Iguatemi added to performance.Lojas Renner reported solid results in line with expectations, backedby healthy sales. Iguatemi recorded positive results as it benefitedfrom an increase in high-end consumer spending. Not holding CemigEnergetica also benefited the Fund as the state owned integrated utilitysuffered from unfavourable terms on the renewal of its concessions.On the other hand, the main laggards were holding companyBradespar and tobacco company Souza Cruz. Bradespar was affectedby its exposure to softening iron ore prices via its holding in Vale whileSouza Cruz lagged as volume growth expectations was affected by anincrease in excise taxes. Our lack of exposure to Banco do Brasil alsocost the Fund as the lender rebounded from depressed valuation levels,however, government intervention risks remains.During the period, we pared Vale, Souza Cruz and Natura on relativeprice strength. Against this, we added to Bradespar and Ambev.OutlookThe Brazilian stock market will continue to be affected byexternal factors. While domestic demand remains relativelyhealthy, the country is suffering from an uncompetitive industrialsector. However, policymakers are taking positive steps to improveefficiency and stimulate investment, targeting bottlenecks which haveheld back growth. These include tax exemptions, electricity price cuts,as well as infrastructure reforms. At the corporate level, companies arebacked by healthy balance sheets despite slower earnings prospects,which we believe will enable them to weather the volatility ahead.50 Aberdeen Global - Brazil Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 99.12%Consumer Discretionary - 9.26%Arezzo Industria E Comercio 114,000 2,053 2.70Lojas Renner 124,100 4,145 5.46Saraiva Livreiros (Pref) 74,000 838 1.107,036 9.26Consumer Goods - 5.27%CIA Hering 53,400 1,207 1.59Natura Cosmeticos 103,000 2,799 3.684,006 5.27Consumer Services - 3.51%Localiza Rent a Car 152,000 2,666 3.51Consumer Staples - 10.82%BRF-Brasil Foods 113,000 1,950 2.57CIA De Bebidas Das Americas 111,000 3,492 4.59Souza Cruz 206,000 2,785 3.668,227 10.82Financials - 33.08%Banco Bradesco 544,000 7,127 9.38BM&F Bovespa 498,300 3,006 3.95Bradespar (Pref) 145,100 2,012 2.65Iguatemi EMP de Shopping 113,000 2,889 3.80Itau Unibanco 242,000 3,260 4.29Itausa Investimentos (Pref) 718,520 3,200 4.21Multiplan Empreendimentos 123,700 3,649 4.8025,143 33.08Health Care - 4.49%Amil Participacoes 116,000 1,386 1.82Cremer 93,000 624 0.82OdontoPrev 252,000 1,409 1.853,419 4.49Industrials - 7.13%Embraer-Empresa Bras De Aeronautica 154,900 1,033 1.36Valid Solucoes 69,000 1,281 1.69WEG 107,000 1,248 1.64Wilson Sons 127,000 1,853 2.445,415 7.1352 Aberdeen Global - Brazil Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityInformation Technology - 2.23%TOTVS 82,100 1,698 2.23Materials - 9.33%Vale 394,800 7,092 9.33Oil & Gas - 14.00%Petrol Brasileiro 638,100 7,311 9.62Ultrapar Participacoes 148,400 3,330 4.3810,641 14.00Equities 75,343 99.12Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 75,343 99.12Total investments 75,343 99.12Other net assets 672 0.88Total 76,015 100.00www.aberdeen-asset.com53


Chinese EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Chinese Equity- A Accumulation shares increased by 14.29% compared to an increaseof 21.44% in the benchmark, the MSCI Zhong Hua Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewChina and Hong Kong stock markets maintained a general uptrendand posted double-digit gains over the year under review. Investorsentiment was mainly lifted by hopes of looser monetary policy inlight of benign inflation data; the central bank lowered lenders’ reserverequirement ratio by 150 basis points and cut interest rates twice overthe period. Growth anxieties were persistent, however. Second-quarterGDP growth hit a three year-low of 7.6% as the property sectorweakened alongside exports. Apart from domestic concerns, riskappetite was also dampened by Europe’s debt crisis and the US’stenuous recovery. However, markets responded enthusiastically onthe back of aggressive central bank action towards the period-end.The European Central Bank unveiled a radical bond-buying programme,while the US Federal Reserve pressed ahead with an open-ended thirdround of quantitative easing. Notable political developments over theyear included the expulsion of former Chongqing party chief Bo Xilaifrom the Communist Party; he will face criminal charges. Separately,a longstanding territorial dispute with Japan escalated, leading toanti-Japan protests across China.On the other hand, conglomerate Swire Pacific and propertydeveloper Yanlord Land were key contributors to relative return.China’s move to ease monetary policy fuelled anticipation of looseningof property sector controls, bolstering Yanlord Land’s share price. SwirePacific was underpinned by its expansion into property and consumerbusinesses on the mainland, while significant recurring rental incomefrom its Hong Kong investment properties buffered it from short-termswings in China’s growth expectations. In addition, our lack of exposureto telecom operator China Unicom, which reported dull operatingnumbers, proved positive.In portfolio activity, we divested ENN Energy on concerns over itsjoint bid with Sinopec for China Gas. We also sold sportswear companyLi Ning, which posted disappointing results because of restructuringefforts and challenging industry conditions. Against this, we introducedsuitcase manufacturer Samsonite International, a globally recognisedbrand with clear growth prospects in emerging markets,particularly Asia.OutlookSluggish economic data have reinforced concerns about China’sgrowth outlook, raising pressure on Beijing to introduce newstimulus. But aggressive measures are unlikely given the authorities’determination to keep a lid on property prices. Fear of bad debts inthe banking system and industrial overcapacity will limit policymakers’options further.Portfolio reviewAt the stock level, the main laggards were textile company Texwincaas well as Hong Kong and Shanghai Hotels. Texwinca was weigheddown by higher operating costs, notably cotton prices, while HongKong and Shanghai Hotels underperformed amid worries that theglobal downturn would hurt travel-related businesses. Not holdingTencent also detracted from performance. The Internet companyposted good results but we remain doubtful over the sustainabilityof its business model.54 Aberdeen Global - Chinese Equity


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 1,906,022Cash at bank 33,944Interest and dividends receivable 8,201Subscriptions receivable 22,987Total assets 1,971,154LiabilitiesTaxes and expenses payable 2,784Redemptions payable 10,718Total liabilities 13,502Net assets at the end of the year 1,957,652Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 937,332Net gains from investments 22,006Net realised gains 3,072Net unrealised gains 131,151Proceeds from shares issued 1,339,161Payments for shares redeemed (479,014)Net equalisation received (note 10) 3,944Net assets at the end of the year 1,957,652Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 44,075Other income 171Total income 44,246ExpensesManagement fees (note 4.6) 19,527Administration fees (note 4.1) 267Custodian fees (note 4.2) 993Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 643Management Company fees (note 4.5) 153Operational expenses (note 4.7) 157Annual tax (note 4.9) 486Bank interest 14Total expenses 22,240Net gains from investments 22,006Realised gains on investments 3,083Currency exchange losses (11)Net realised gains 3,072Increase in unrealised appreciation on investments 131,192Unrealised currency exchange losses (41)Net unrealised gains 131,151Net increase in assets as a result of operations 156,229Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 D(GBP)-2 I-2 S-2 Z-2Shares outstanding at the beginning of the year 31,433,295 1,972,675 5,134,635 1,523,639 11,310,488Shares issued during the year 18,467,187 585,498 37,993,746 301,934 990,166Shares redeemed during the year (14,707,284) (422,966) (4,261,651) (698,741) (1,694,206)Shares outstanding at the end of the year 35,193,198 2,135,207 38,866,730 1,126,832 10,606,448Net asset value per share 22.9117 14.1859 24.1264 19.9351 13.4093The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com55


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 94.56%China - 16.75%China Mobile ∞ 8,606,000 95,514 4.88CNOOC 39,055,000 80,193 4.10Green Dragon Gas ∞ 2,266,500 8,930 0.46Greka Drilling 5,308,000 1,350 0.07Huaxin Cement 'B' 13,050,775 18,128 0.93PetroChina 67,321,800 88,220 4.51Yanlord Land ∞ 36,018,000 35,234 1.80327,569 16.75Hong Kong - 77.81%Aeon Stores 12,733,000 32,583 1.66AIA Group ∞ 25,013,200 92,994 4.75Asia Satellite Telecommunications 7,380,500 21,418 1.09ASM Pacific Technology ∞ 7,513,000 88,883 4.54Charm Communication 1,499,905 8,587 0.44China Merchants Bank 'H' 8,460,000 14,218 0.73China Resources Enterprise 20,020,000 66,813 3.40City E-Solutions 13,000,000 1,165 0.06Convenience Retail Asia 22,090,000 12,650 0.65Dah Sing Banking 15,989,214 14,890 0.76Dah Sing Financial 4,510,786 15,621 0.80Dairy Farm International 3,319,800 37,016 1.89Giordano International ∞ 64,033,000 53,724 2.74Hang Lung Group ∞ 6,833,000 43,272 2.21Hang Lung Properties ∞ 12,570,000 43,004 2.20Hong Kong Aircraft Engineering 2,668,400 35,466 1.81Hong Kong & Shanghai Hotels 42,746,795 50,613 2.59HSBC Holdings (London Listing) 10,129,957 95,280 4.86Hung Hing Printing 26,888,000 4,283 0.22Jardine Strategic Holdings 4,394,981 149,473 7.64Kingmaker Footwear 23,674,000 3,374 0.17Li & Fung ∞ 46,644,360 72,253 3.69MTR ∞ 21,380,655 80,868 4.13Pacific Basin Shipping 63,595,000 29,077 1.49Samsonite International 24,626,700 47,105 2.41Standard Chartered (London Listing) ∞ 3,586,751 82,669 4.22Sun Hung Kai Properties ∞ 4,132,214 60,572 3.09Swire Pacific 'A' ∞ 5,151,000 63,181 3.23Swire Pacific 'B' ∞ 21,794,500 50,570 2.58Swire Properties ∞ 11,729,130 36,307 1.85Texwinca 38,652,000 24,901 1.27Wing Hang Bank ∞ 5,694,461 53,377 2.73Yingde Gases Group ∞ 42,152,000 37,404 1.911,523,611 77.8156 Aberdeen Global - Chinese Equity


Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Equities 1,851,180 94.56Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 1,851,180 94.56Other transferable securities and money market instrumentsEquities - 2.80%China - 2.80%Baoshan Iron & Steel Company 'A' 31,499,764 22,980 1.17China Merchants Bank 'A' 19,699,809 31,862 1.6354,842 2.80Equities 54,842 2.80Other transferable securities and money market instruments 54,842 2.80Total transferable securities and money market instruments 1,906,022 97.36Total investments 1,906,022 97.36Other net assets 51,630 2.64Total 1,957,652 100.00∞A portion of this security is on loan at the year end.www.aberdeen-asset.com57


Eastern European EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the EasternEuropean Equity - S Accumulation shares increased by 23.29%compared to an increase of 23.07% in the benchmark, theMSCI EM Europe 10/40 Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewEastern European stocks posted robust gains during the review period,despite nagging worries over the Eurozone sovereign debt crisis andthe global slowdown. Sentiment was also supported by interest ratecuts across most of the region, as central banks responded to falteringgrowth. Initially, resilient German data, Greece’s second bailout and theEuropean Central Bank’s (ECB) liquidity injections drove markets to ahigh in mid-March. But contagion fears later escalated as Spainsuffered a sovereign credit rating cut and a potential Greek Eurozoneexit loomed. The sharp market decline was followed by an equallyrobust rebound after policymakers in major developed countries easedmonetary policy to boost growth.Portfolio reviewAt the stock level, the lack of exposure to Russian miner NorilskNickel contributed the most to performance as its share price wasweighed down by corporate governance concerns and a sharp dropin nickel prices. Our holding in Polish cash-and-carry retailer Eurocashbolstered relative return following the acquisition of key rival Tradis.Another solid performer was BIM, as effective cost control led tobetter-than-expected margin improvements for the Turkishdiscount retailer.In portfolio activity, we introduced O’Key, a leading Russianhypermarket retailer with experienced management and robustfundamentals, and top-sliced Russian telecom companyVimpelcom on valuation grounds.OutlookCEE economies remain the most exposed to Eurozoneheadwinds, given their deeper trade and financial links. While theECB’s commitment to buy sovereign bonds has reduced contagionrisks significantly, it is facing stiff German opposition while longer-termstructural flaws have yet to be adequately addressed. Elsewhere, thelooming fiscal cliff in the US may tip the economy back into recession.Among key CEE economies, Russia remains resilient with domesticdemand driven by expansionary fiscal policy and credit growth. Turkey’seconomy is experiencing a soft landing but policymakers are grapplingwith supporting growth amid high inflation, while there is not muchroom for fiscal stimulus in Poland.Investor sentiment is therefore likely to remain subdued, with theoutlook susceptible to further economic or policy disappointments.Earnings growth for 2012 is also expected to be marginal in thecircumstances. During such times, balance sheet strength andmanaging growth in a relatively conservative and disciplined mannerbecome even more important and these are the very attributes thatcharacterise many of our holdings.Conversely, Societe Generale’s Romanian subsidiary BRDdetracted the most as it reported weak results amid a difficultoperating environment. Two Russian holdings also hurt performance:food retailer X5 Retail lagged on the back of sluggish trading figuresand the resignations of several key executives, while vodka-makerSynergy’s interim earnings fell by half because of a spike infinancing costs.58 Aberdeen Global - Eastern European Equity


Statement of Net AssetsAs at 30 September 2012€’000AssetsInvestments in securities at market value (note 2.2) 101,074Cash at bank 1,095Interest and dividends receivable 149Subscriptions receivable 319Receivable for investments sold 1,604Other assets 3Total assets 104,244LiabilitiesTaxes and expenses payable 269Redemptions payable 305Total liabilities 574Net assets at the end of the year 103,670Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012€’000Net assets at the beginning of the year 103,879Net gains from investments 148Net realised losses (3,018)Net unrealised gains 24,101Proceeds from shares issued 20,999Payments for shares redeemed (42,433)Net equalisation paid (note 10) (6)Net assets at the end of the year 103,670Statement of OperationsFor the year from 1 October 2011 to 30 September 2012€’000IncomeInvestment income 2,509Bank interest 3Other income 120Total income 2,632ExpensesManagement fees (note 4.6) 1,954Administration fees (note 4.1) 52Custodian fees (note 4.2) 313Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 43Management Company fees (note 4.5) 11Operational expenses (note 4.7) 60Annual tax (note 4.9) 51Total expenses 2,484Net gains from investments 148Realised losses on investments (3,078)Currency exchange gains 60Net realised losses (3,018)Decrease in unrealised depreciation on investments 24,116Unrealised currency exchange gains 6Decrease in unrealised appreciation on forwardcurrency exchange contracts (21)Net unrealised gains 24,101Net increase in assets as a result of operations 21,231Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 I-2 S-2Shares outstanding at the beginning of the year 622,431 3,310 709,783Shares issued during the year 22,639 3,595 142,937Shares redeemed during the year (128,696) (5,974) (247,712)Shares outstanding at the end of the year 516,374 931 605,008Net asset value per share 90.9684 2,000.6290 90.6320The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com59


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket Value€’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.50%Czech Republic - 4.90%Ceske Energeticke Zavody ∞ 50,000 1,446 1.39Komercni Banka ∞ 23,500 3,635 3.515,081 4.90Hungary - 3.27%Gedeon Richter 25,000 3,385 3.27Kazakhstan - 2.65%Kazmunaigas Exploration Production GDR 192,228 2,748 2.65Poland - 9.80%Bank Pekao 159,020 6,063 5.85Eurocash 340,527 3,243 3.13Orbis 90,327 848 0.8210,154 9.80Romania - 2.75%BRD - Groupe Societe Generale 1,791,000 2,856 2.75Russia - 45.95%Eurasia Drilling GDR 69,000 1,771 1.71Lukoil ADR 198,600 9,513 9.18Magnit GDR 5,000 132 0.13Magnit ORD 44,621 4,628 4.46Mobile Telesystems 564,000 3,229 3.11Novatek GDR 22,722 2,091 2.02Novolipetsk Steel 2,111,100 3,280 3.16O’Key Group GDR 170,000 1,265 1.22Rosneft OJSC GDR ∞ 1,269,364 6,633 6.40Sberbank CLS 4,273,000 9,683 9.34Synergy 186,390 2,137 2.06Vimpelcom ADR 164,001 1,515 1.46X5 Retail GDR 107,464 1,760 1.7047,637 45.95Slovenia - 2.43%Krka DD 50,500 2,520 2.4360 Aberdeen Global - Eastern European Equity


Market Value€’000Percentage oftotal netassets %SecurityQuantityTurkey - 25.75%Akbank 1,570,000 4,812 4.64Anadolu Efes Biracilik Ve Malstana 324,000 3,738 3.61BIM Birlesik Magazalar ∞ 108,422 3,537 3.41Cimsa Cimento 500,000 1,710 1.65Enka Insaat Ve Sanayi 1,636,033 3,197 3.08Haci Omer Sabanci 1,050,000 3,572 3.45Turk Ekonomi Bankasi 3,967,601 2,980 2.87Turkiye Garanti Bankasi ∞ 968,000 3,147 3.0426,693 25.75Equities 101,074 97.50Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 101,074 97.50Total investments 101,074 97.50Other net assets 2,596 2.50Total 103,670 100.00∞A portion of this security is on loan at the year end.www.aberdeen-asset.com61


Emerging Markets Corporate BondFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the EmergingMarkets Corporate Bond – A Accumulation shares increased by 18.98%compared to an increase of 15.73% in the benchmark, the JP MorganCorporate EMBI Broad Diversified ex Asia Index to 3 January 2012,thereafter the JP Morgan Corporate EMBI Broad Diversified Index.Source: JP Morgan, Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewEmerging market corporate debt performed strongly through the 12months to September 2012. Over the year under review, the CEMBIBroad Diversified index increased 15.73%. The spread over the USTreasuries decreased 170 basis points to yield 4.79%.Over the year, all regions performed strongly boosted by global centralbank actions, notably in the US, Europe and China. In terms of countriesVenezuela was the top performer, followed by China, Nigeria andBarbados. ‘Risk on’ tone throughout the period meant that high yieldbonds outperformed investment grade assets. Cyclical sectors, likeindustrials, banks and metals and mining companies outperformeddefensive sectors such as telecoms and utilities.Market sentiment was buoyed in the fourth quarter of 2011 when sixcentral banks lowered US dollar liquidity provisions by 50 basis pointsand China announced it would reduce its reserve requirement ratio byan equal amount. Further Eurozone concerns surfaced at the end of2011 due to a lack of further policy measures from the European Union(EU) summit. US treasuries rallied as a result, although emergingmarket corporate bond returns remained positive for the quarter.Global risk appetite improved at the start of 2012 due to theEuropean Central Bank (ECB) injecting liquidity via two Long TermRefinancing Operations in December and February and the US FederalReserve (Fed) providing a dovish interest rate outlook in January. Inaddition, the People’s Bank of China (PBoC) announced its first 0.5%reserve requirement ratio cut in 2012, appeasing slowing globalgrowth indicators.In response to the continuation of poor economic data trends thePBoC cut the benchmark lending rate by 0.25% to 6.31% in earlyJune, whilst the Central Bank of Brazil cut the Selic rate twice by0.75% in April and 0.5% in May to 8.5%. The announcement of anextension of ‘Operation Twist’ by the Fed and a surprisingly positiveoutcome from the EU summit helped to further boost marketsentiment in the second quarter.Emerging market corporate debt finished the year strongly, postinggains in the third quarter of 2012 spurred by the commitment anddelivery of quantitative easing by major central banks. The ECBannounced a new “outright monetary transactions” programme,a commitment to further quantitative easing measures was madeby the Federal Reserve and Germany’s constitutional court ratified theEurozone bailout package. In addition, further cuts to the benchmarklending rate by the PBoC from 6.31% to 6.0%, while the Central Bankof Brazil cut the Selic rate twice by 0.5% to another historical lowof 7.5%.New issuance was strong throughout the period predominantlyby investment grade companies. Issuance in Asia over the first threequarters of 2012 exceeded issuance levels for the whole of 2011,the previous full year record.Portfolio reviewThe Fund outperformed its benchmark over the period under review.Africa was the best performing region due to strong gains in Nigeriawhile the Middle East struggled.Overweight positions in the UAE and Russia were positive contributorsto performance over the period as was an underweight in China andSouth Korea. An overweight position in Mexico detracted from theFund, as did small overweight’s in Argentina and Peru.During this period, we increased our exposure to high grade bonds,primarily through the new issue market, preferring Asia and the MiddleEast to Latin America and Africa. In terms of sectors, we decreased theportfolio’s consumer staples and financials exposure while increasingits energy and industrials holdings.OutlookLooking ahead, emerging market debt should continue to benefitfrom the search for yield and continued strong inflows into theasset class, which have accelerated since the announcement ofQE3 in September. Improving US and Chinese growth indicatorsshould also bode well for risk appetite, though the market reactionfrom the US election and more importantly the prospects foraddressing the fiscal cliff, could temper some of the recent gainsin EMD.62 Aberdeen Global - Emerging Markets Corporate Bond


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 131,466Cash at bank 6,106Interest receivable 2,022Subscriptions receivable 1,130Unrealised gains on forward currency exchangecontracts (note 2.6) 128Total assets 140,852LiabilitiesPayable for investments purchased 590Taxes and expenses payable 185Redemptions payable 1,555Other liabilities 210Total liabilities 2,540Net assets at the end of the year 138,312Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 48,399Net gains from investments 4,751Net realised losses (1,475)Net unrealised gains 10,606Proceeds from shares issued 95,762Payments for shares redeemed (17,057)Net equalisation received (note 10) 263Dividends paid (note 5) (2,937)Net assets at the end of the year 138,312Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 5,383Other income 148Total income 5,531ExpensesManagement fees (note 4.6) 566Administration fees (note 4.1) 63Custodian fees (note 4.2) 15Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 32Management Company fees (note 4.5) 9Operational expenses (note 4.7) 69Annual tax (note 4.9) 23Bank interest 3Total expenses 780Net gains from investments 4,751Realised losses on investments (1,353)Currency exchange losses (8)Realised losses on forward currency exchange contracts (114)Net realised losses (1,475)Decrease in unrealised depreciation on investments 10,478Increase in unrealised appreciation on forward currencyexchange contracts 128Net unrealised gains 10,606Net increase in assets as a result of operations 13,882Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 A-2 I-2 I(EUR)-2^ Z-1Shares outstanding at the beginning of the year 937,010 200,002 48,493 - 4,107,508Shares issued during the year 826,304 6,136,217 1,338,300 509,637 155,564Shares redeemed during the year (601,350) (635,094) (11,442) - (495,446)Shares outstanding at the end of the year 1,161,964 5,701,125 1,375,351 509,637 3,767,626Net asset value per share 10.3796 11.2382 11.1321 11.5088 10.4375^ Hedge Share ClassThe accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com63


Portfolio StatementAs at 30 September 2012Percentage ofSecurity Coupon (%) Maturity NominalMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate Bonds - 94.35%Argentina - 1.33%Aeropuertos Argent ∞ 10.7500 01/12/20 1,861,860 1,843 1.33Brazil - 9.71%Banco Do Brazil (Cayman) PERP 8.5000 30/06/20 400,000 477 0.34Banco Est Rio Grande 7.3750 02/02/22 1,420,000 1,580 1.14Globo Communicacoes PERP 6.2500 29/07/49 580,000 632 0.46Itau Unibanco Holdings 6.2000 21/12/21 995,000 1,087 0.79Odebrecht Finance 6.0000 05/04/23 600,000 668 0.48Odebrecht Finance ∞ 7.1250 26/06/42 600,000 668 0.48Odebrecht Finance PERP 7.5000 29/09/49 1,140,000 1,217 0.88OGX Petroleo 8.5000 01/06/18 1,570,000 1,421 1.03QGOG Atlantic/Alaskan 5.2500 30/07/18 1,068,720 1,122 0.81Schahin II Finance 5.8750 25/09/22 1,050,000 1,103 0.80Vale Overseas 4.3750 11/01/22 650,000 687 0.50Vale Overseas 6.8750 21/11/36 600,000 698 0.50Virgolino De Oliveira Finance 10.5000 28/01/18 620,000 617 0.45Votorantim Cimentos 7.2500 05/04/41 1,360,000 1,465 1.0513,442 9.71Chile - 1.16%AES General 5.2500 15/08/21 900,000 1,003 0.73Banco de Credito 3.0000 13/09/17 600,000 601 0.431,604 1.16China - 5.66%Agile Property Holdings 9.8750 20/03/17 1,300,000 1,361 0.98Central China Real Estate 12.2500 20/10/15 650,000 713 0.51China Overseas Finance 5.5000 10/11/20 500,000 552 0.40China Resources Gas 4.5000 05/04/22 700,000 761 0.55China Shanshui Cement ∞ 10.5000 27/04/17 1,070,000 1,147 0.83COSL Finance 3.2500 06/09/22 350,000 348 0.25Sinopec Group Overseas 3.9000 17/05/22 500,000 535 0.39Yancoal International Resource 5.7300 16/05/22 1,000,000 1,039 0.75Yanlord Land Group ∞ 10.6250 29/03/18 1,320,000 1,386 1.007,842 5.66Colombia - 3.39%Bancolombia 5.1250 11/09/22 900,000 913 0.66Grupo Aval 4.7500 26/09/22 1,800,000 1,778 1.28Pacific Rubiales Energy 7.2500 12/12/21 1,697,000 2,002 1.454,693 3.39Domincan Republic - 0.89%AES Andres Itabo Dominic 9.5000 12/11/20 1,140,000 1,227 0.8964 Aberdeen Global - Emerging Markets Corporate Bond


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalEgypt - 1.04%African Export-Import Bank EMTN 5.7500 27/07/16 1,330,000 1,440 1.04El Salvador - 1.35%Telemovil Finance 8.0000 01/10/17 1,760,000 1,871 1.35Georgia - 1.78%Georgian Oil & Gas 6.8750 16/05/17 1,180,000 1,204 0.87Georgian Railway ∞ 7.7500 11/07/22 1,100,000 1,248 0.912,452 1.78Guatemala - 1.66%Industrial Sub 8.2500 27/07/21 2,060,000 2,297 1.66Hong Kong - 3.71%Fita International ∞ 7.0000 10/02/20 1,000,000 1,136 0.82Henderson Land (MTN) 4.7500 14/02/17 1,000,000 1,073 0.78Hutchison Whampoa International ∞ 4.6250 13/01/22 1,050,000 1,146 0.83Swire Pacific Finance (EMTN) 5.5000 19/08/19 540,000 620 0.45Wing Hang Bank (EMTN) (VAR) (PERP) 6.0000 29/04/49 1,140,000 1,156 0.835,131 3.71India - 3.25%Bank of Baroda London 5.0000 24/08/16 200,000 209 0.15Export Import Bank India 4.0000 07/08/17 1,650,000 1,690 1.22ICICI Bank (FRN) 6.3750 30/04/22 600,000 592 0.43ICICI Bank Dubai 4.7500 25/11/16 520,000 539 0.39Indian Railway Finance ∞ 4.4060 30/03/16 400,000 413 0.30NTPC (EMTN) ∞ 5.8750 02/03/16 150,000 163 0.12State Bank of India 4.1250 01/08/17 860,000 881 0.644,487 3.25Indonesia - 4.21%Indosat Palapa 7.3750 29/07/20 950,000 1,088 0.79Listrindo Capital ∞ 6.9500 21/02/19 1,100,000 1,213 0.88Majapahit Holding 7.7500 17/10/16 350,000 414 0.30Pertamina 4.8750 03/05/22 1,500,000 1,620 1.17Pertamina 5.2500 23/05/21 200,000 223 0.16PT Adaro Indonesia ∞ 7.6250 22/10/19 1,140,000 1,264 0.915,822 4.21Kazakhstan - 1.84%Halyk Savings Bank 7.2500 03/05/17 680,000 710 0.51Halyk Savings Bank 7.2500 28/01/21 490,000 511 0.37Kazakhstan Temir Zholy Finance 6.9500 10/07/42 1,090,000 1,323 0.962,544 1.84www.aberdeen-asset.com65


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalMalaysia - 1.43%AMBB Capital (FRN) (PERP) 6.7700 29/01/49 500,000 507 0.37Petronas Capital 5.2500 12/08/19 700,000 830 0.60SBB Capital Corp (FRN) (PERP) 6.6200 29/11/49 630,000 639 0.461,976 1.43Mexico - 7.69%BBVA Bancomer Texas ∞ 6.7500 30/09/22 1,700,000 1,863 1.36Cemex Espana SA 9.5000 15/06/18 1,500,000 1,546 1.12Corporacion Geo 8.8750 27/03/22 1,250,000 1,268 0.92Desarrolladora Homex 9.5000 11/12/19 790,000 814 0.59Desarrolladora Homex ∞ 9.7500 25/03/20 1,800,000 1,845 1.33Geo Maquinaria 9.6250 02/05/21 932,188 862 0.62Servicios Corporation Javer 9.8750 06/04/21 1,283,000 1,263 0.91Urbi Desarrollos Urbanos 9.5000 21/01/20 590,000 525 0.38Urbi Desarrollos Urbanos 9.7500 03/02/22 730,000 644 0.4610,630 7.69Nigeria - 2.33%Access Finance ∞ 7.2500 25/07/17 1,430,000 1,501 1.08GTB Finance 7.5000 19/05/16 1,570,000 1,729 1.253,230 2.33Peru - 4.08%Banco de Credito Del Peru ∞ 4.7500 16/03/16 590,000 627 0.45Banco de Credito Del Peru 5.3750 16/09/20 720,000 777 0.56BBVA Banco Continental 5.0000 26/08/22 1,250,000 1,287 0.94Corporacion Azucarera Del Peru ∞ 6.3750 02/08/22 860,000 911 0.66Maestro Peru 6.7500 26/09/19 2,000,000 2,030 1.475,632 4.08Philippines - 1.63%Alliance Global 6.5000 18/08/17 1,000,000 1,092 0.79Philippine Long Distance Telephone (EMTN) ∞ 8.3500 06/03/17 960,000 1,164 0.842,256 1.63Russia - 9.44%Alfa Bank 7.7500 28/04/21 400,000 425 0.31Alfa Bank 7.8750 25/09/17 1,030,000 1,113 0.80Alrosa Finance 7.7500 03/11/20 1,210,000 1,370 0.99Gazprom NEFT 4.3750 19/09/22 850,000 849 0.61Metallionvest Finance 6.5000 21/07/16 1,030,000 1,052 0.76MTS International Funding 8.6250 22/06/20 1,130,000 1,373 0.99OJSC Novosteel Funding 4.9500 26/09/19 2,000,000 1,986 1.43Sberbank (SB Capital) 5.1800 28/06/19 970,000 1,020 0.74Sberbank 6.1250 07/02/22 1,100,000 1,217 0.88Vimpelcom (VIP Finance) 6.4930 02/02/16 600,000 633 0.4666 Aberdeen Global - Emerging Markets Corporate Bond


Percentage ofSecurity Coupon (%) Maturity NominalMarket ValueUS$’000total netassets %Vimpelcom ∞ 7.5043 01/03/22 1,210,000 1,270 0.92VTB Bank 6.8750 29/05/18 700,000 756 0.5513,064 9.44Singapore - 2.13%Overseas Chinese Banking 3.1500 11/03/23 1,300,000 1,307 0.94Overseas Chinese Banking (FRN) (EMTN) 3.7500 15/11/22 780,000 810 0.59Stats Chippac 7.5000 12/08/15 790,000 835 0.602,952 2.13South Korea - 5.09%Busan Bank (GMTN) 4.1250 09/02/17 1,200,000 1,299 0.94Hana Bank 4.0000 03/11/16 600,000 649 0.47Hana Bank 4.2500 14/06/17 550,000 603 0.44Korea First Bank 7.2670 03/03/34 600,000 627 0.45Korea Hydro & Nuclear Power 3.0000 19/09/22 1,200,000 1,200 0.87Korea Hydro & Nuclear Power 4.7500 13/07/21 1,050,000 1,199 0.87Shinhan Bank (FRN) 4.1250 04/10/16 600,000 651 0.47Shinhan Bank (FRN) 5.6630 02/03/35 100,000 103 0.07Shinhan Bank (MTN) (FRN) 6.8190 20/09/36 650,000 699 0.517,030 5.09Supranational - 0.51%Eurasian Development Bank 4.7670 20/09/22 700,000 712 0.51Thailand - 3.05%Bangkok Bank Public Company 3.8750 27/09/22 1,000,000 1,003 0.73Bangkok Bank Public Company (MTN) ∞ 9.0250 15/03/29 500,000 653 0.47PTT Global Chemicals ∞ 4.2500 19/09/22 1,100,000 1,122 0.81PTTEP Canada International Finance 5.6920 05/04/21 1,250,000 1,444 1.044,222 3.05Turkey - 3.88%Turkey Eximbank 5.8750 24/04/19 1,050,000 1,160 0.84Turkiye Garanti Bankasi 5.2500 13/09/22 1,300,000 1,309 0.95Turkiye Vakiflar 5.7500 24/04/17 1,350,000 1,427 1.03Yasar Holdings Willow No.2 9.6250 07/10/15 1,440,000 1,461 1.065,357 3.88Ukraine - 2.63%Metinvest 8.7500 14/02/18 1,300,000 1,235 0.89MHP 10.2500 29/04/15 1,270,000 1,290 0.93Naftogaz Ukraine 9.5000 30/09/14 1,100,000 1,119 0.813,644 2.63www.aberdeen-asset.com67


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalUnited Arab Emirates - 8.12%DP World 6.8500 02/07/37 1,240,000 1,337 0.97Dubai Electricity & Water 7.3750 21/10/20 1,420,000 1,660 1.20Emaar Sukuk (EMTN) ∞ 6.4000 18/07/19 950,000 1,006 0.73Emaar Sukuk (EMTN) ∞ 8.5000 03/08/16 800,000 899 0.65IPIC 5.5000 01/03/22 2,250,000 2,551 1.84Jafz Sukuk 7.0000 19/06/19 1,900,000 2,056 1.49MAF Global Securities ∞ 5.2500 05/07/19 1,650,000 1,709 1.2411,218 8.12Venezuela - 1.36%Petroleos De Venezuela 8.5000 02/11/17 2,100,000 1,887 1.36Corporate bonds 130,505 94.35Government Bonds - 0.32%Mongolia - 0.32%Development Bank of Mongolia 5.7500 21/03/17 420,000 442 0.32Government Bonds 442 0.32Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 130,947 94.67Other transferable securities and money market instruments - 0.38%Brazil Other Transferable - 0.38%OSX Leasing 9.2500 20/03/15 500,000 519 0.38Other transferable securities and money market instruments 519 0.38Total transferable securities and money market instruments 131,466 95.05Financial derivative instruments - 0.09%Forward Currency Contracts - 0.09%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR USD 14/12/12 111,185 142,333 1 -EUR USD 14/12/12 272,989 358,830 (7) (0.01)EUR USD 14/12/12 5,429,876 6,857,064 134 0.10Unrealised gains on forward currency exchange contracts 128 0.09Unrealised gains on financial derivative instruments 128 0.09Total investments 131,594 95.14Other net assets 6,718 4.86Total 138,312 100.00∞A portion of this security is on loan at the year end.68 Aberdeen Global - Emerging Markets Corporate Bond


Emerging Markets EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of theEmerging Markets Equity - A Accumulation shares increasedby 22.28% compared to an increase of 17.33% in the benchmark,the MSCI Emerging Markets Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewEmerging markets equities posted solid gains during the year underreview, despite persistent global growth fears and continued headwindsfrom Europe. Stock markets rebounded after a weak start amid reliefthat the Eurozone was saved from a breakup and signs of improvementin the US economy. Ample liquidity injections by leading central banksas well as the US Federal Reserve’s pledge to keep interest rates lowfor an extended period also bolstered investor sentiment. However,the rally proved short-lived as a sharper-than-expected slowdownacross the developing world and resurgent fears over the solvency ofperipheral European nations clouded recovery prospects. Marketsquickly regained their momentum until the period-end after majorcentral banks unveiled extraordinary support to bolster growth.During the year, we introduced global miner BHP Billiton, given itsattractive valuations, diversified commodity exposure and good trackrecord of being cost efficient. We also initiated a position in Philippineconglomerate Ayala, which trades at a discount to the value of itsunderlying entities. Conversely, we divested Sri Lankan bank DFCC andsold Indian mobile phone operator Bharti Airtel on concerns over theincreasingly competitive domestic operating environment.OutlookSince the recent round of central bank easing, worries overthe health of the global economy has returned to focus. Europe’sfundamentals have not changed, the US is still in danger of slippingback into recession as the fiscal cliff looms and China is growing ata more modest pace. Emerging stock markets are therefore likely toremain subdued, with the outlook susceptible to further economicor policy disappointments. Earnings growth in the short term isalso expected to be marginal in the circumstances. During suchtimes, balance sheet strength and managing growth in a relativelyconservative and disciplined manner become even more importantand these are the very attributes that characterise many ofour holdings.Portfolio reviewAt the stock level, several Mexican holdings were key contributorsto relative return. These included lender Grupo Fianciero Banorte,beverage company and convenience store operator FEMSA as well asairport operator Grupo Aeroportuario de Sur, all of which were buoyedby healthy earnings and a positive domestic outlook. The fund benefited,too, from holding Tenaris; the Argentine steel-pipe maker continued todo well, aided by improving margins and healthy revenues.Conversely, Vale lagged because of softer iron ore prices and thataffected its results. Given the cautious outlook, the Brazilian minerhas reduced capital spending this year and divested non-core assets,including its Colombian coal operations and stakes in offshore oiland gas blocks, to improve capital allocation. Turkish lender Akbankfaced pressure after Citibank’s sale of more than half its stake in thecompany and its quarterly profits fell below expectations. Indianmotorcycle maker Hero MotoCorp also underperformed. The companyposted robust quarterly results that were supported by its solid productmix and pricing power. However, its share price lagged the domesticmarket on concerns that future demand would fall in tandem with theweak economy, shrinking rural incomes and a rise in fuel prices afterthe government cut subsidies.www.aberdeen-asset.com69


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 13,338,782Cash at bank 400,517Interest and dividends receivable 29,360Subscriptions receivable 79,262Unrealised gains on forward currency exchangecontracts (note 2.6) 1,744Other assets 1,301Total assets 13,850,966LiabilitiesPayable for investments purchased 51,013Taxes and expenses payable 22,177Redemptions payable 35,634Other liabilities 266Total liabilities 109,090Net assets at the end of the year 13,741,876Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 8,880,476Net gains from investments 100,101Net realised gains 43,693Net unrealised gains 2,054,163Proceeds from shares issued 6,685,604Payments for shares redeemed (4,023,863)Net equalisation received (note 10) 1,968Dividends paid (note 5) (266)Net assets at the end of the year 13,741,876Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 287,756Bank interest 485Other income 165Total income 288,406ExpensesGross management fees 162,273Less: Management fee cross holdings (402)Net Management fees (note 4.6) 161,871Administration fees (note 4.1) 1,368Custodian fees (note 4.2) 13,229Distribution fees (note 4.3) 375Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 4,964Management Company fees (note 4.5) 1,196Operational expenses (note 4.7) 1,102Annual tax (note 4.9) 4,200Total expenses 188,305Net gains from investments 100,101Realised gains on investments 57,081Currency exchange losses (13,467)Realised gains on forward currency exchange contracts 79Net realised gains 43,693Decrease in unrealised depreciation on investments 2,049,323Unrealised currency exchange gains 362Decrease in unrealised depreciation on forwardcurrency exchange contracts 4,478Net unrealised gains 2,054,163Net increase in assets as a result of operations 2,197,957Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 A-2 A(CHF)-2^ B-2 C-2Shares outstanding at the beginning of the year 2,179,585 86,698,148 6,096,009 15,901 2,547,534Shares issued during the year 4,428,630 49,210,503 5,737,650 - 362,037Shares redeemed during the year (287,801) (33,892,022) (1,598,188) (15,901) (658,061)Shares outstanding at the end of the year 6,320,414 102,016,629 10,235,471 - 2,251,510Net asset value per share 10.1449 65.1365 12.9154 - 16.8589D(GBP)-2 E(EUR)-2 I-2 S-2 Z-2Shares outstanding at the beginning of the year 6,250,048 45,566,262 40,010,276 42,872 69,643,427Shares issued during the year 1,817,989 31,883,334 44,340,110 10,478 12,179,697Shares redeemed during the year (1,235,266) (14,783,991) (23,321,878) (19,830) (13,063,096)Shares outstanding at the end of the year 6,832,771 62,665,605 61,028,508 33,520 68,760,028Net asset value per share 40.5108 13.1228 68.2305 2,274.4470 16.1274^Hedge Share ClassThe accompanying notes form an integral part of these financial statements.70 Aberdeen Global - Emerging Markets Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 96.66%Argentina - 2.23%Tenaris ADR 7,523,500 306,658 2.23Brazil - 16.18%Banco Bradesco (Pref) ADR 25,439,040 408,933 2.98Lojas Renner 5,218,826 174,330 1.27Multiplan Empreendimentos 6,437,918 189,904 1.38Petroleo Brasileiro (Pref) ADR 19,945,938 440,307 3.20Souza Cruz 15,209,443 205,599 1.50Ultrapar Participacoes 16,678,966 374,225 2.72Vale (Pref) ADR 24,783,000 430,605 3.132,223,903 16.18Chile - 1.50%Banco Santander - Chile ADR 2,819,000 206,337 1.50China - 7.18%China Mobile 51,000,603 566,034 4.12PetroChina 320,422,595 419,888 3.06985,922 7.18Hong Kong - 9.63%AIA Group 73,842,600 274,532 2.00Hang Lung Group 43,766,000 277,163 2.02Hang Lung Properties 6,939,000 23,739 0.17Standard Chartered (London Listing) 14,918,393 337,263 2.45Swire Pacific 'A' 23,106,000 283,414 2.06Swire Pacific 'B' 22,384,000 51,938 0.38Swire Properties 24,513,660 75,881 0.551,323,930 9.63Hungary - 1.49%Danubius Hotel and Spa 45,785 529 -Gedeon Richter 1,098,516 191,360 1.39Gedeon Richter GDR 82,749 14,390 0.10206,279 1.49India - 12.12%GlaxoSmithKline Pharmaceuticals 2,270,669 85,153 0.62Grasim Industries 725,274 45,581 0.33Grasim Industries GDR 196,900 12,354 0.09Hero Motocorp 5,959,459 211,454 1.54Hindustan Unilever 17,289,599 178,968 1.30Housing Development Finance Corporation 25,702,785 375,613 2.73www.aberdeen-asset.com71


Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %ICICI Bank 8,050,000 162,160 1.18ICICI Bank ADR 24,600 988 0.01Infosys 7,450,073 358,407 2.61Infosys ADR 53,000 2,573 0.02Ultratech Cement 6,019,575 224,029 1.63Ultratech Cement GDR 215,372 8,018 0.061,665,298 12.12Indonesia - 3.05%Astra International 545,810,000 419,196 3.05Malaysia - 2.31%CIMB Group 71,419,900 175,365 1.28Public Bank (Alien) 29,964,200 141,071 1.03316,436 2.31Mexico - 7.73%Consorcio ARA 12,887,000 4,024 0.03FEMSA ADR 4,663,000 428,809 3.12Grupo Aeroportuario Sur ADS 1,551,134 137,182 1.00Grupo Financiero Banorte 71,559,922 405,045 2.95Organizacion Soriana 'B' 26,756,380 87,102 0.631,062,162 7.73Phillipines - 2.70%Ayala 2,109,000 21,588 0.16Ayala Land 329,165,800 187,999 1.37Bank of the Philippine Islands 83,819,525 160,245 1.17369,832 2.70Poland - 1.73%Bank Pekao 4,850,772 237,952 1.73Russia - 2.81%Lukoil ADR 6,269,700 386,370 2.81South Africa - 5.35%Massmart 9,015,722 181,879 1.32Sabmiller 4,971,076 218,085 1.59Truworths International ∞ 29,367,441 334,901 2.44734,865 5.3572 Aberdeen Global - Emerging Markets Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantitySouth Korea - 5.27%BS Financial 670,344 7,223 0.05DGB Financial 570,000 7,603 0.06E-Mart 545,704 118,575 0.86Samsung Electronics (Pref) 801,665 568,741 4.14Shinsegae 118,554 22,374 0.16724,516 5.27Sri Lanka - 0.04%Aitken Spence 4,033,000 4,001 0.03Keells (John) 1,060,240 1,847 0.015,848 0.04Taiwan - 4.72%Taiwan Mobile 39,195,211 143,404 1.04TSMC 165,203,559 505,808 3.68649,212 4.72Thailand - 5.10%PTT Exploration & Production (Alien) 42,123,200 222,043 1.62Siam Cement (Alien) 18,143,200 233,716 1.70Siam Cement (NVDR) 2,211,000 25,105 0.18Siam Commercial Bank (Alien) 39,600,300 219,358 1.60700,222 5.10Turkey - 5.04%Akbank ∞ 80,507,501 317,437 2.31BIM Birlesik Magazalar ∞ 4,548,868 190,950 1.39Turkiye Garanti Bankasi 44,191,000 184,826 1.34693,213 5.04United Kingdom - 0.48%BHP Billiton 2,108,000 65,939 0.48Equities 13,284,090 96.66Open Ended Investment Funds - 0.41%Luxembourg - 0.41%Aberdeen Global - Indian Equity Fund D-2 ‡ 330,685 32,383 0.24Aberdeen Global - Indian Equity Fund Z-2 ‡ 1,887,992 22,309 0.1754,692 0.41Open Ended Investment Funds 54,692 0.41www.aberdeen-asset.com73


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityTransferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 13,338,782 97.07Other transferable securities and money market instrumentsEquities - nilTurkey - nilMedya 86,400 - -Equities - -Total other transferable securities and money market instruments - -Total transferable securities and money market instruments 13,338,782 97.07Financial derivative instruments - 0.01%Forward currency exchange contracts - 0.01%UnrealisedGains/(Losses)US$'000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountCHF USD 14/12/12 117,770,900 123,462,523 2,025 0.01CHF USD 14/12/12 3,797,672 4,030,088 16 -CHF USD 14/12/12 5,382,079 5,807,790 (73) -CHF USD 14/12/12 4,304,716 4,621,373 (35) -USD CHF 01/10/12 30,023 28,075 - -USD CHF 02/10/12 381,287 358,524 - -USD CHF 03/10/12 324,203 304,848 - -USD CHF 04/10/12 400,530 376,738 - -ZAR USD 01/10/12 57,938,180 7,002,185 20 -ZAR USD 02/10/12 68,439,658 8,320,122 (26) -ZAR USD 03/10/12 128,881,769 15,756,488 (137) -ZAR USD 04/10/12 94,967,449 11,555,326 (46) -Unrealised gains on forward currency exchange contracts 1,744 0.01Unrealised gains on financial derivative instruments 1,744 0.01Total investments 13,340,526 97.08Other net assets 401,350 2.92Total 13,741,876 100.00‡Managed by subsidiaries of Aberdeen Asset Management PLC.∞A portion of this security is on loan at the year end.74 Aberdeen Global - Emerging Markets Equity


Emerging Markets Infrastructure EquityFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name from AberdeenGlobal - Infrastructure Fund to Aberdeen Global - Emerging MarketsInfrastructure Equity Fund.PerformanceFor the year ended 30 September 2012, the value of the EmergingMarkets Infrastructure Equity - S Accumulation shares increased by25.45% compared to an increase of 16.94% in the benchmark, theMSCI EM Infrastructure Index.Source: Factset, Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewInfrastructure stocks in emerging markets posted solid gains inthe review period, as global risk appetite returned. But stocks in thesector underperformed the broader emerging markets asset class.Policymakers in emerging economies resorted to more intense andmore targeted pump-priming to buttress growth. In Asia, China willroll out a slate of new infrastructure projects, while India’s policymakersapproved water, energy and transport projects totalling 681.5 billionrupees. Elsewhere, Brazil’s government launched a 133 billion reaisstimulus package to spur investment in transport infrastructure,which includes private sector concessions to build roads and rails;South Africa’s government approved 845 billion rand-worth ofinfrastructure spending in its latest budget; while Russian primeminister Vladimir Putin pledged to spend US$8 billion to developthe coal industry by 2030.Portfolio reviewTop stock contributors to the Fund’s outperformance includedMexican airport operator Grupo Aeroportuario Sur, supported by goodresults and a positive domestic outlook. Philippine property developerAyala Land’s share price was buoyed by good growth across all itsbusinesses and improved profitability. Brazilian shopping mall operatorMultiplan’s solid results were underpinned by healthy property salesand robust growth in rental revenues. It was also a beneficiary of lowerinterest rates.In portfolio activity, we initiated a position in AKR Corporindo,which is engaged in unsubsidised petrol distribution across theIndonesian archipelago and has a good growth trajectory. Wealso introduced Chilean telecommunications company EmpresaNacional De Telecom, which is seeing solid growth in its mobileand fixed-line business, at an attractive valuation, as well as Philippineutility Manila Water, which has a good regulatory framework anddecent growth prospects. As well, we bought Gujarat Gas, which hasattractive fundamentals and is a beneficiary of the positive outlookfor India’s natural gas consumption, and Yingde Gases, which has agood track record and should continue to gain from economic growthin China.Against this, we divested Australian miner Leighton Holdingsfollowing the rally in its share price, as it made further write-downsbecause of cost over-runs. We also sold South African constructioncompany Murray & Roberts because of quality concerns. Otherdisposals included China’s ENN Energy, as its fundamentals were nolonger appealing following its large acquisition; Thailand’s RatchaburiElectricity, owing to concerns over its contract renegotiations; andFrench utility Schneider Electric, which is facing a difficultmacroeconomic environment in Europe.OutlookEfforts by central banks in the US, Europe and Japan to stimulate theglobal economy may have lifted markets temporarily. Nevertheless,these stop-gap measures boost short-term sentiment and inflateasset prices, instead of providing viable long-term solutions.At present, infrastructure development is unable to catch upwith the pace of economic growth, owing to government policyinefficiencies and delays in disbursement of funds. In view of thesechallenges, we might see increased private investment in the sector.Rising urbanisation also provides the impetus for greater investmentsin reliable road and rail networks. As such, infrastructure companiesare primed to benefit from these investments in the long haul.Conversely, holdings such as Mexican house builder Urbiand India’s Bharti Airtel pared gains. Urbi continued to sufferfrom a lack of sufficient working capital and concerns over its debtlevels, while Bharti Airtel faced headwinds in its African operationsbecause of intense competition. The lack of exposure to Russia’sMobile Telesystems also cost the Fund, as it was supported bybetter-than-expected net income in the fourth quarter.www.aberdeen-asset.com75


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 454,956Cash at bank 10,777Interest and dividends receivable 863Subscriptions receivable 3,298Unrealised gains on forward currency exchangecontracts (note 2.6) 1,502Other assets 9Total assets 471,405LiabilitiesPayable for investments purchased 1,985Taxes and expenses payable 723Redemptions payable 2,594Other liabilities 965Total liabilities 6,267Net assets at the end of the year 465,138Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$’000Net assets at the beginning of the year 415,683Net gains from investments 4,582Net realised losses (11,869)Net unrealised gains 103,541Proceeds from shares issued 135,869Payments for shares redeemed (179,096)Net equalisation paid (note 10) (90)Dividends paid (note 5) (3,482)Net assets at the end of the year 465,138Stement of OperationsFor the year from 1 October 2011 to 30 September 2012US$’000IncomeInvestment income 10,651Other income 70Total income 10,721ExpensesManagement fees (note 4.6) 4,871Administration fees (note 4.1) 251Custodian fees (note 4.2) 542Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 170Management Company fees (note 4.5) 44Operational expenses (note 4.7) 156Annual tax (note 4.9) 103Bank interest 2Total expenses 6,139Net gains from investments 4,582Realised losses on investments (3,085)Currency exchange losses (3,230)Realised losses on forward currency exchange contracts (5,554)Net realised losses (11,869)Decrease in unrealised depreciation on investments 99,160Unrealised currency exchange gains 82Decrease in unrealised depreciation on forwardcurrency exchange contracts 4,299Net unrealised gains 103,541Net increase in assets as a result of operations 96,254Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 A(CHF)-2^ A(EUR)-2^ I-2 I(EUR)-2^Shares outstanding at the beginning of the year 2,087,087 1,071,097 1,489,424 61,754 5,878Shares issued during the year 4,633,801 588,501 1,408,514 18,453 21,977Shares redeemed during the year (4,029,714) (202,160) (389,075) (15,403) (17,604)Shares outstanding at the end of the year 2,691,174 1,457,438 2,508,863 64,804 10,251Net asset value per share 8.6965 8.6271 8.6348 943.9809 798.4030N(JPY)-1 S-2 S(CHF)-2^ S(EUR)-2^Shares outstanding at the beginning of the year 376,863 9,407,812 310,929 6,356,738Shares issued during the year 4,657 3,325,573 44,535 1,192,684Shares redeemed during the year (84,368) (4,683,877) (355,464) (2,099,137)Shares outstanding at the end of the year 297,152 8,049,508 - 5,450,285Net asset value per share 51,991.0998 8.6673 - 8.6189^Hedge Share ClassThe accompanying notes form an integral part of these financial statements.76 Aberdeen Global - Emerging Markets Infrastructure Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.81%Argentina - 2.75%Tenaris ADR 314,000 12,799 2.75Brazil - 13.40%Embraer-Empresa Bras De Aeronautica 555,000 3,703 0.80Localiza Rent a Car 333,000 5,842 1.25Multiplan Empreendimentos 577,025 17,021 3.66Ultrapar Participacoes 753,000 16,895 3.63WEG 565,000 6,589 1.42Wilson Sons 840,339 12,258 2.6462,308 13.40Chile - 4.17%Empresa Nacional De Telecom 385,000 7,923 1.70Enersis 35,164,000 11,472 2.4719,395 4.17China - 4.57%China Mobile 1,920,000 21,310 4.5721,310 4.57Czech Republic - 2.64%Ceske Energeticke Zavody ∞ 330,000 12,277 2.64Hong Kong - 10.97%Hang Lung Group 2,700,000 17,099 3.68Hong Kong Aircraft Engineering 332,800 4,423 0.95Pacific Basin Shipping ∞ 17,444,000 7,976 1.71Swire Pacific 'A' 1,130,000 13,860 2.98Swire Properties 872,900 2,702 0.58Yingde Gases Group 5,583,500 4,955 1.0751,015 10.97India - 12.57%Bharti Airtel 1,135,000 5,715 1.23Container Corporation of India 220,000 4,002 0.86GAIL GDR 189,000 8,142 1.75Grasim Industries GDR 340,000 21,332 4.59Gujarat Gas 730,000 4,745 1.02Tata Power GDR 360,000 7,286 1.57Ultratech Cement GDR 194,284 7,233 1.5558,455 12.57www.aberdeen-asset.com77


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityIndonesia - 5.70%AKR Corporindo 11,000,000 4,856 1.04Astra International 13,000,000 9,984 2.15Perusahaan Gas Negara 10,600,000 4,514 0.97Telekomunikasi Indonesia 7,278,000 7,168 1.5426,522 5.70Malaysia - 3.08%Digi.Com 5,700,000 9,828 2.11Lafarge Malayan Cement 1,550,000 4,498 0.9714,326 3.08Mexico - 6.76%America Movil ADR 567,000 14,422 3.10Grupo Aeroportuario Sur ADR 167,000 14,770 3.18Urbi Desarrollos Urbanos 3,672,000 2,253 0.4831,445 6.76Phillipines - 3.99%Ayala Land 24,000,000 13,707 2.95Manila Water 7,500,000 4,836 1.0418,543 3.99Russia - 1.38%Eurasia Drilling GDR 194,000 6,406 1.38Singapore - 4.98%Keppel Corp 1,580,000 14,696 3.16Singapore Airlines 970,000 8,481 1.8223,177 4.98South Africa - 5.85%African Oxygen 3,361,974 7,844 1.69MTN ∞ 998,000 19,375 4.1627,219 5.85Switzerland - 1.29%Holcim 93,900 5,983 1.29Taiwan - 2.08%Taiwan Mobile 2,650,000 9,696 2.08Thailand - 5.95%Advanced Information Services (Alien) 1,320,000 9,199 1.98Electricity Generating (Alien) 1,684,500 7,046 1.51Siam Cement (Alien) 887,000 11,426 2.4627,671 5.9578 Aberdeen Global - Emerging Markets Infrastructure Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityTurkey - 5.68%Enka Insaat Ve Sanayi 4,752,883 11,951 2.57Haci Omer Sabanci ∞ 3,303,000 14,458 3.1126,409 5.68Equities 454,956 97.81Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 454,956 97.81Financial derivative instruments - 0.32%Forward currency exchange contracts - 0.32%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountCHF USD 01/10/12 15,087 16,153 - -CHF USD 14/12/12 255,255 275,534 (4) -CHF USD 14/12/12 260,285 277,786 - -CHF USD 14/12/12 263,990 282,056 (1) -CHF USD 14/12/12 11,940,854 12,517,930 206 0.04CZK USD 03/10/12 29,247,480 1,507,750 (15) -EUR USD 02/10/12 77,615 99,774 - -EUR USD 04/10/12 160,614 207,144 - -EUR USD 14/12/12 195,582 250,314 2 -EUR USD 14/12/12 317,246 416,506 (8) -EUR USD 14/12/12 402,693 528,688 (10) -EUR USD 14/12/12 450,229 579,251 - -EUR USD 14/12/12 499,307 642,798 - -EUR USD 14/12/12 674,094 872,399 (4) -EUR USD 14/12/12 1,093,150 1,435,175 (28) (0.01)EUR USD 14/12/12 2,862,087 3,738,115 (53) (0.01)EUR USD 14/12/12 4,304,822 5,554,491 (12) -EUR USD 14/12/12 6,873,126 8,905,990 (56) (0.01)EUR USD 14/12/12 7,337,010 9,265,470 182 0.04EUR USD 14/12/12 10,217,213 12,902,705 253 0.05EUR USD 14/12/12 41,862,715 52,865,911 1,037 0.22HKD USD 04/10/12 123,676 15,952 - -HKD USD 03/10/12 247,048 31,865 - -USD EUR 03/10/12 26,239 20,420 - -USD CHF 04/10/12 49,474 46,411 - -USD EUR 01/10/12 169,584 130,893 1 -USD EUR 14/12/12 213,375 164,318 2 -USD CHF 14/12/12 273,767 261,951 (5) -USD EUR 01/10/12 323,274 249,517 2 -USD EUR 02/10/12 484,959 377,253 - -www.aberdeen-asset.com79


UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountUSD EUR 03/10/12 872,094 678,672 (1) -USD EUR 14/12/12 1,557,442 1,198,244 14 -Unrealised gains on forward currency exchange contracts 1,502 0.32Unrealised gains on financial derivative instruments 1,502 0.32Total investments 456,458 98.13Other net assets 8,680 1.87Total 465,138 100.00∞A portion of this security is on loan at the year end.80 Aberdeen Global - Emerging Markets Infrastructure Equity


Emerging Markets Local Currency BondFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the EmergingMarkets Local Currency Bond - A Accumulation shares increased by11.61% compared to an increase of 12.66% in the benchmark, theJP Morgan GBI-EM Global Diversified Index.Source: JP Morgan, Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewEmerging market debt experienced mixed fortunes over the reviewperiod. Peru was the best performer, supported by a stable currencyand policymaking framework, whereas Indonesia lagged the most onthe back of negative currency returns.Initially, markets were volatile as Europe’s sovereign debt crisisdeepened and data showed growth stalling across the developedworld. Sentiment improved when major central banks lowered USdollar liquidity provisions by 50 basis points and China reduced itsreserve requirement ratio (RRR) by the same amount. A lack of furtherpolicy measures from the European Union (EU) summit caused USTreasuries to rally towards the end of 2011. Thereafter, risk appetiteimproved when the European Central Bank (ECB) injected liquidityand the US Federal Reserve provided a dovish interest rate outlook.In addition, the People’s Bank of China (PBOC) announced its firstRRR cut in 2012, appeasing concerns of slowing growth.Subsequently, emerging market debt was buoyed by further cuts by thePBOC, the extension of Operation Twist by the Fed, a market-friendlyoutcome from the Greek election and a positive conclusion from theEU summit in June. Towards the end of the period, the ECB indicatedthat it was willing to renew its purchases of peripheral sovereign bonds.Fed chairman Bernanke signalled its openness to fresh stimulus whiledelivering a bearish outlook for the US economy. Their comments werefollowed by long-awaited announcements of stimulus measures,including a third round of quantitative easing in the US.Portfolio reviewThe key overweight to Turkey and Brazil contributed positivelyto performance, while our non-benchmark exposure to Uruguay’sinflation-linked bonds and the underweight to Poland were alsobeneficial. But our underweight to Hungary, Peru and Colombiadetracted from relative return, along with the overweight to Egypt.Over the review period, we sold our position in Argentina asconvertibility risk had increased beyond an acceptable risk-returnlevel. Against this, we initiated a position in Turkish inflation-linkedbonds because they had lagged the recovery of conventional bonds.In addition, we reduced the underweight to Hungary followingimproved clarity on the government’s loan negotiations with theEU and the International Monetary Fund. We switched out of Russiansovereigns into the quasi-sovereign Russian Railways for a higher yield.Furthermore, we added to Nigerian treasury bills. In Eastern Europe,we increased our exposure to Turkish rates while switching out ofinflation-linked bonds into conventional bonds. In Asia, we increasedour position in Indonesia. Additionally, we increased duration in Braziland Poland while reducing duration in Mexico, Russia and South Africa.On currencies, we initiated a position in the Indian rupee followingpositive policy moves to boost foreign direct investments and tolower fuel subsidies. We also increased our positions in the Russianrouble, owing to a positive outlook for oil prices, as well as the Mexicanpeso and Malaysian ringgit on the margin. Conversely, we reduced ourexposure to the Brazilian real to flat and trimmed our holdings of theColombian peso, Hungarian forint and Indonesian rupiah.OutlookLooking ahead, emerging market debt should continue to benefit fromthe search for yield and continued strong inflows into the asset class,which have accelerated since the announcement of QE3 in September.Improving US and Chinese growth indicators should also bode well forrisk appetite, though the market reaction from the US election andmore importantly the prospects for addressing the fiscal cliff, couldtemper some of the recent gains in EMD.www.aberdeen-asset.com81


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 247,322Cash at bank 16,345Interest receivable 4,331Subscriptions receivable 17,583Unrealised gains on forward currency exchangecontracts (note 2.6) 644Other assets 144Total assets 286,369LiabilitiesPayable for investments purchased 16,832Taxes and expenses payable 295Redemptions payable 17Other liabilities 102Total liabilities 17,246Net assets at the end of the year 269,123Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 165,278Net gains from investments 11,315Net realised losses (5,847)Net unrealised gains 17,862Proceeds from shares issued 100,122Payments for shares redeemed (18,917)Net equalisation received (note 10) 183Dividends paid (note 5) (873)Net assets at the end of the year 269,123Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 13,239Bank interest 2Total income 13,241ExpensesManagement fees (note 4.6) 1,503Administration fees (note 4.1) 94Custodian fees (note 4.2) 192Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 82Management Company fees (note 4.5) 19Operational expenses (note 4.7) 62Expense cap refunded by Investment Manager (note 4.8) (66)Annual tax (note 4.9) 40Total expenses 1,926Net gains from investments 11,315Realised losses on investments (4,627)Currency exchange losses (835)Realised losses on forward currency exchange contracts (385)Net realised losses (5,847)Decrease in unrealised depreciation on investments 16,700Unrealised currency exchange gains 1,162Net unrealised gains 17,862Net increase in assets as a result of operations 23,330Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 A-2 I-1 I-2 Z-2Shares outstanding at the beginning of the year 1,100,597 3,002,437 - 6,810,809 5,856,712Shares issued during the year 908,865 2,052,095 1,000,000 638,358 5,197,982Shares redeemed during the year (231,745) (1,413,579) - (139,088) -Shares outstanding at the end of the year 1,777,717 3,640,953 1,000,000 7,310,079 11,054,694Net asset value per share 10.0403 11.5040 10.1877 11.6422 10.3210The accompanying notes form an integral part of these financial statements.82 Aberdeen Global - Emerging Markets Local Currency Bond


Portfolio StatementAs at 30 September 2012Percentage ofSecurity Coupon (%) Maturity NominalMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate Bonds - 5.17%Brazil - 2.35%Banco Do Brasil 9.7500 18/07/17 4,000,000 2,254 0.84Banco Safra 10.2500 08/08/16 7,700,000 4,056 1.516,310 2.35Russia - 2.82%RZD Capital 8.3000 02/04/19 198,000,000 6,556 2.44RSHB Capital 8.6250 17/02/17 31,100,000 1,030 0.387,586 2.82Corporate Bonds 13,896 5.17Government Bonds - 84.89%Brazil - 7.59%Brazil (Federal Republic of) 6.0000 15/08/16 265,000 314 0.12Brazil (Federal Republic of) 6.0000 15/08/20 1,290,000 1,607 0.60Brazil (Federal Republic of) 8.5000 05/01/24 2,150,000 1,247 0.46Brazil (Federal Republic of) 10.0000 01/01/17 8,044,000 4,103 1.52Brazil (Federal Republic of) 12.5000 05/01/16 4,900,000 3,058 1.14Brazil (Federal Republic of) 12.5000 05/01/22 13,600,000 10,089 3.7520,418 7.59Hungary - 4.54%Hungary (Republic of) 6.7500 22/08/14 1,100,000,000 4,993 1.86Hungary (Republic of) 6.7500 24/11/17 588,000,000 2,656 0.99Hungary (Republic of) 8.0000 12/02/15 977,000,000 4,554 1.6912,203 4.54Indonesia - 8.95%Indonesia (Republic of) 8.2500 15/06/32 9,000,000,000 1,096 0.41Indonesia (Republic of) 8.2500 15/07/21 2,800,000,000 338 0.13Indonesia (Republic of) 9.0000 15/09/18 48,975,000,000 5,962 2.22Indonesia (Republic of) 9.5000 15/07/31 16,450,000,000 2,238 0.83Indonesia (Republic of) 10.0000 15/09/24 4,743,000,000 651 0.24Indonesia (Republic of) 10.2500 15/07/22 29,500,000,000 4,026 1.50Indonesia (Republic of) 10.5000 15/08/30 17,060,000,000 2,496 0.93Indonesia (Republic of) 11.0000 15/11/20 13,700,000,000 1,903 0.71Indonesia (Republic of) 11.5000 15/09/19 31,500,000,000 4,356 1.62Indonesia (Republic of) 15.0000 15/07/18 6,400,000,000 973 0.3624,039 8.95www.aberdeen-asset.com83


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalMalaysia - 7.43%Malaysia (Government of) 3.2100 31/05/13 7,085,000 2,322 0.86Malaysia (Government of) 3.5800 28/09/18 34,750,000 11,466 4.26Malaysia (Government of) 4.0120 15/09/17 4,000,000 1,347 0.50Malaysia (Government of) 4.2620 15/09/16 4,000,000 1,358 0.50Malaysia (Government of) 4.3780 29/11/19 10,190,000 3,517 1.3120,010 7.43Mexico - 10.22%Mexico (United Mexican States) 7.2500 15/12/16 25,400,000 2,157 0.80Mexico (United Mexican States) 7.5000 03/06/27 207,600,000 18,776 6.98Mexico (United Mexican States) 7.7500 14/12/17 23,620,000 2,073 0.77Mexico (United Mexican States) 8.0000 07/12/23 12,250,000 1,162 0.43Mexico (United Mexican States) 8.5000 13/12/18 36,200,000 3,328 1.2427,496 10.22Nigeria - 2.55%Nigeria (Republic of) - 21/02/13 1,138,000,000 6,857 2.55Peru - 1.45%Peru (Republic of) 7.8400 12/08/20 1,000,000 477 0.18Peru (Republic of) 7.8400 12/08/20 5,150,000 2,464 0.92Peru (Republic of) 8.2000 12/08/26 1,820,000 948 0.353,889 1.45Poland - 6.53%Poland (Republic of) 5.0000 25/04/16 3,500,000 1,123 0.42Poland (Republic of) 5.2500 25/04/13 13,395,000 4,205 1.56Poland (Republic of) 5.2500 25/10/17 14,500,000 4,736 1.76Poland (Republic of) 5.5000 25/10/19 12,750,000 4,231 1.57Poland (Republic of) 5.7500 25/10/21 9,800,000 3,289 1.2217,584 6.53Russia - 2.23%Russia Federation 7.8500 10/03/18 175,000,000 6,013 2.23South Africa - 12.34%South Africa (Republic of) 6.2500 31/03/36 31,800,000 3,107 1.15South Africa (Republic of) 8.0000 21/12/18 19,000,000 2,533 0.94South Africa (Republic of) 8.2500 15/09/17 125,290,000 16,800 6.24South Africa (Republic of) 10.5000 21/12/26 61,550,000 9,540 3.54South Africa (Republic of) 13.5000 15/09/15 8,500,000 1,258 0.4733,238 12.3484 Aberdeen Global - Emerging Markets Local Currency Bond


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalThailand - 6.89%Thailand (Kingdom of) 1.2000 14/07/21 58,200,000 1,983 0.74Thailand (Kingdom of) 2.8000 10/10/17 62,800,000 1,990 0.74Thailand (Kingdom of) 3.4500 08/03/19 27,000,000 877 0.33Thailand (Kingdom of) 3.6250 22/05/15 379,800,000 12,475 4.64Thailand (Kingdom of) 3.8750 13/06/19 35,500,000 1,180 0.4418,505 6.89Turkey - 12.21%Turkey (Republic of) - 17/07/13 6,400,000 3,373 1.25Turkey (Republic of) 7.0000 01/10/14 5,140,000 3,989 1.48Turkey (Republic of) 9.0000 27/01/16 12,850,000 7,464 2.77Turkey (Republic of) 10.0000 04/12/13 7,200,000 4,128 1.53Turkey (Republic of) 10.5000 15/01/20 22,070,000 13,938 5.1832,892 12.21Uruguay - 1.96%Uruguay (Republic of) 3.7000 26/06/37 8,450,000 656 0.24Uruguay (Republic of) 4.2500 05/04/27 11,750,000 989 0.37Uruguay (Republic of) 5.0000 14/09/18 42,170,000 3,641 1.355,286 1.96Government Bonds 228,430 84.89Transferable securities and money market instruments admitted to anofficial exchange listing / dealt in on another regulated market 242,326 90.06Other transferable securities and money market instrumentsGovernment Bonds - 1.86%Russia - 1.86%Russia Federation 7.8500 10/03/18 145,000,000 4,996 1.86Government Bonds 4,996 1.86Other transferable securities and money market instruments 4,996 1.86Total transferable securities and money market instruments 247,322 91.92www.aberdeen-asset.com85


Financial derivative instruments - 0.22%Forward Currency Contracts - 0.22%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountBRL USD 05/12/12 9,272,000 4,467,659 64 0.02HUF USD 24/10/12 82,476,000 341,619 29 0.01HUF USD 24/10/12 74,250,000 327,240 7 -INR USD 05/12/12 134,583,000 2,393,438 126 0.05INR USD 05/12/12 135,469,000 2,471,972 64 0.02INR USD 05/12/12 20,059,000 374,865 1 -KRW USD 05/12/12 5,283,316,000 4,622,202 116 0.04KRW USD 05/12/12 706,516,000 628,797 5 -MXN USD 24/10/12 132,640,000 9,960,874 330 0.12MXN USD 24/10/12 12,504,000 923,149 47 0.02MXN USD 24/10/12 10,111,000 765,144 19 0.01MXN USD 24/10/12 16,159,000 1,247,892 6 -MYR USD 05/12/12 21,136,000 6,722,646 159 0.06MYR USD 05/12/12 9,826,000 3,186,122 13 -MYR USD 05/12/12 5,815,000 1,881,573 12 -PLN USD 02/10/12 2,589,317 802,153 6 -PLN USD 24/10/12 20,691,000 6,019,049 421 0.15PLN USD 24/10/12 5,118,000 1,457,476 136 0.05PLN USD 24/10/12 1,911,000 565,062 30 0.01PLN USD 24/10/12 10,563,000 3,393,626 (106) (0.04)PLN USD 24/10/12 5,630,000 1,739,293 13 -RUB USD 05/12/12 100,230,000 3,031,440 146 0.05RUB USD 05/12/12 70,447,000 2,171,977 61 0.02RUB USD 05/12/12 61,857,000 1,996,031 (35) (0.01)RUB USD 05/12/12 50,415,000 1,595,159 3 -RUB USD 05/12/12 93,875,000 2,962,992 13 -RUB USD 05/12/12 20,158,000 640,608 (2) -THB USD 24/10/12 38,035,000 1,227,133 7 -TRY USD 02/10/12 2,420,048 1,350,228 (2) -TRY USD 24/10/12 1,027,000 553,522 17 0.01TRY USD 24/10/12 1,354,000 752,949 (1) -USD BRL 05/12/12 2,128,922 4,376,000 (10) -USD BRL 05/12/12 1,955,100 4,006,000 (3) -USD BRL 05/12/12 529,927 1,089,000 (2) -USD HUF 24/10/12 1,637,628 387,607,000 (106) (0.04)USD HUF 24/10/12 1,971,791 455,795,000 (78) (0.03)USD HUF 24/10/12 1,145,257 262,000,000 (33) (0.01)USD IDR 05/12/12 1,564,684 15,252,051,000 (15) (0.01)USD MXN 24/10/12 264,464 3,480,000 (6) -USD MXN 24/10/12 847,385 11,058,000 (11) -USD PEN 05/12/12 2,367,254 6,246,000 (28) (0.01)USD PEN 05/12/12 798,622 2,086,000 (1) -USD PLN 24/10/12 1,395,617 4,592,000 (34) (0.01)USD PLN 24/10/12 380,661 1,270,000 (15) (0.01)USD PLN 24/10/12 673,557 2,187,000 (7) -86 Aberdeen Global - Emerging Markets Local Currency Bond


UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountUSD RUB 05/12/12 696,141 22,374,000 (13) -USD RUB 05/12/12 364,830 11,585,000 (2) -USD THB 24/10/12 12,853,662 409,402,000 (425) (0.16)USD THB 24/10/12 4,000,536 126,781,000 (112) (0.04)USD THB 24/10/12 1,360,050 43,227,000 (42) (0.02)USD TRY 24/10/12 3,741,457 6,895,000 (87) (0.03)USD TRY 24/10/12 885,928 1,612,000 (9) -USD TRY 24/10/12 3,889,416 7,010,000 (2) -USD TRY 24/10/12 1,924,207 3,520,000 (30) (0.01)USD ZAR 24/10/12 1,073,582 8,884,000 - -USD ZAR 24/10/12 2,182,842 18,075,000 1 -USD ZAR 24/10/12 1,137,015 9,600,000 (23) (0.01)USD ZAR 24/10/12 1,182,052 9,800,000 (2) -ZAR USD 24/10/12 2,801,000 337,515 1 -ZAR USD 24/10/12 3,484,000 405,055 16 0.01ZAR USD 24/10/12 5,428,000 636,223 19 0.01ZAR USD 24/10/12 4,657,000 564,149 (2) -Unrealised gains on forward currency exchange contracts 644 0.22Unrealised gains on financial derivative instruments 644 0.22Total investments 247,966 92.14Other net assets 21,157 7.86Total 269,123 100.00www.aberdeen-asset.com87


Emerging Markets Smaller CompaniesFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the EmergingMarkets Smaller Companies - A Accumulation shares increased by28.65% compared to an increase of 15.87% in the benchmark, theMSCI Global Emerging Markets Small Cap Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewSmaller companies in emerging markets equities did well during theyear under review despite lagging their large cap peers. Stock marketsrebounded after a weak start amid relief that the Eurozone was savedfrom a breakup and signs of improvement in the US economy. Ampleliquidity injections by leading central banks as well as the US FederalReserve’s pledge to keep interest rates low for an extended period alsobolstered investor sentiment. However, the rally proved short-lived asa sharper-than-expected slowdown across the developing world andresurgent fears over the solvency of peripheral European nationsclouded recovery prospects. But markets quickly regained theirmomentum until the period-end after major central banksunveiled extraordinary support to bolster growth.Portfolio reviewAt the stock level, Malaysian department operator Aeon CoMalaysia and Thai cash-and-carry wholesaler Siam Makro wereamong the key contributors to relative performance. Aeon postedhealthy quarterly results on the back of contributions from new storesand the re-opening of one store, as well as higher rental income fromrevamped stores in existing malls. Siam Makro continued to deliverrobust earnings that were driven by organic growth and healthytourist arrivals. Another solid performer was Egyptian lender NSGB,which rallied after Qatari bank QNB expressed interest in buying thesubsidiary from parent Societe Generale.Conversely, Societe Generale’s Romanian subsidiary BRD detractedthe most as it reported weak results amid a difficult operatingenvironment. Russian vodka-maker Synergy’s interim earnings fell byhalf because of a spike in financing costs, while Hong Kong consumertextiles business Texwinca’s share price was weak in light of higheroperating costs, notably cotton, affecting profit margins.During the year, we introduced Indonesian petrochemical distributorAKR Corporindo on decent valuations and good long-term prospects.We also established positions in Korean department store operatorShinsegae and O’Key Group, a leading Russian hypermarket retailerwith good management and robust fundamentals, on valuationgrounds. Against this, we sold Malaysian property developer SP Setia.OutlookSince the recent round of central bank easing, worries over the healthof the global economy has returned to focus. Europe’s fundamentalshave not changed, the US is still in danger of slipping back intorecession as the fiscal cliff looms and China is growing at a moremodest pace. Emerging stock markets are therefore likely to remainsubdued, with the outlook susceptible to further economic or policydisappointments. Earnings growth in the short term is also expectedto be marginal in the circumstances. During such times, balancesheet strength and managing growth in a relatively conservativeand disciplined manner become even more important and theseare the very attributes that characterise many of our holdings.88 Aberdeen Global - Emerging Markets Smaller Companies


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 1,976,716Cash at bank 76,106Interest and dividends receivable 1,881Subscriptions receivable 40,225Other assets 24Total assets 2,094,952LiabilitiesPayable for investments purchased 15,279Taxes and expenses payable 3,783Redemptions payable 21,294Total liabilities 40,356Net assets at the end of the year 2,054,596Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 945,424Net gains from investments 16,722Net realised gains 7,011Net unrealised gains 313,395Proceeds from shares issued 1,314,666Payments for shares redeemed (547,514)Net equalisation received (note 10) 4,892Net assets at the end of the year 2,054,596Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 41,438Bank interest 3Other income 74Total income 41,515ExpensesManagement fees (note 4.6) 20,455Administration fees (note 4.1) 275Custodian fees (note 4.2) 2,305Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 609Management Company fees (note 4.5) 148Operational expenses (note 4.7) 462Annual tax (note 4.9) 539Total expenses 24,793Net gains from investments 16,722Realised gains on investments 7,940Currency exchange losses (861)Realised losses on forward currency exchange contracts (68)Net realised gains 7,011Decrease in unrealised depreciation on investments 312,959Unrealised currency exchange gains 442Decrease in unrealised appreciation on forwardcurrency exchange contracts (6)Net unrealised gains 313,395Net increase in assets as a result of operations 337,128Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 D(GBP)-2 I-2 Z-2Shares outstanding at the beginning of the year 41,013,477 6,554,855 18,462,449 3,035,160Shares issued during the year 44,150,659 2,104,178 33,018,083 1,573,509Shares redeemed during the year (24,596,231) (686,817) (9,062,040) (214,041)Shares outstanding at the end of the year 60,567,905 7,972,216 42,418,492 4,394,628Net asset value per share 17.4550 10.7794 18.2639 19.0896The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com89


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 96.21%Brazil - 14.33%Arezzo Industria E Comercio 1,719,306 30,957 1.51Cremer 2,018,542 13,551 0.66Iguatemi Empresa de Shopping 2,497,081 63,836 3.11Localiza Rent a Car 2,043,100 35,841 1.74OdontoPrev 6,147,000 34,359 1.67Saraiva Livreiros (Pref) 1,065,400 12,065 0.59TOTVS 1,400,578 28,964 1.41Valid Solucoes 1,794,900 33,332 1.62Wilson Sons 2,844,584 41,495 2.02294,400 14.33Chile - 2.62%Parque Arauco 16,505,984 33,965 1.65Sonda 6,674,208 19,971 0.9753,936 2.62China - 0.86%Yanlord Land ∞ 18,000,000 17,608 0.86Egypt - 3.74%National Societe General Bank 10,924,886 76,748 3.74Hong Kong - 9.83%ASM International ∞ 853,074 28,711 1.40Café de Coral ∞ 6,636,000 18,637 0.91Dah Sing Banking 26,131,560 24,334 1.18Dah Sing Financial 1,787,090 6,189 0.30Giordano International ∞ 35,038,000 29,397 1.43Hong Kong Aircraft Engineering 1,317,200 17,507 0.85Pacific Basin Shipping 62,431,000 28,545 1.39Public Financial Holdings 22,176,000 9,868 0.48Texwinca 27,717,000 17,857 0.87Yingde Gases Group ∞ 23,728,500 21,056 1.02202,101 9.83India - 5.82%Castrol 3,945,188 23,307 1.13Godrej Consumer Products 2,445,987 31,139 1.52Kansai Nerolac Paints 1,103,921 19,413 0.94Mphasis Ltd 3,796,760 29,070 1.41Piramal Healthcare 1,910,000 16,781 0.82119,710 5.8290 Aberdeen Global - Emerging Markets Smaller Companies


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityIndonesia - 5.76%AKR Corporindo 59,064,000 26,076 1.27Bank OCBC NISP 71,929,136 9,696 0.47Bank Permata 117,683,426 17,523 0.85Holcim Indonesia 105,234,000 31,202 1.52Petra Foods 17,162,000 33,898 1.65118,395 5.76Jordan - 1.45%Hikma Pharmaceuticals 2,538,000 29,775 1.45Kenya - 1.53%East African Breweries 11,459,400 31,369 1.53Lebanon - 1.43%Blom Bank GDS 3,770,133 29,332 1.43Malaysia - 8.03%Aeon Co. 14,622,100 52,671 2.56Fraser & Neave Holdings 3,592,300 21,437 1.04Guinness Anchor 4,592,000 22,971 1.12Lafarge Malayan Cement 6,700,000 19,443 0.95Oriental Holdings 9,300,000 23,398 1.14United Plantations 3,100,000 25,051 1.22164,971 8.03Mexico - 2.38%Grupo Aeroportuario Del Centro Norte ADR 2,733,029 48,990 2.38Nigeria - 1.60%Guinness Nigeria 19,793,000 32,954 1.60Phillipines - 1.56%Jollibee Foods 13,173,750 32,054 1.56Poland - 1.90%Eurocash 3,188,612 39,072 1.90Qatar - 1.26%Qatar Insurance 1,350,574 25,947 1.26Romania - 1.39%BRD - Groupe Societe Generale 13,925,624 28,569 1.39Russia - 1.83%O'Key Group 981,594 9,396 0.46Synergy 1,906,595 28,120 1.3737,516 1.83www.aberdeen-asset.com91


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantitySouth Africa - 9.15%African Oxygen ∞ 16,607,983 38,746 1.89City Lodge Hotels 2,762,999 30,698 1.50Clicks Group 6,390,000 44,638 2.17JSE 3,454,829 28,765 1.40Spar 2,902,000 44,953 2.19187,800 9.15South Korea - 3.25%BS Financial 2,119,920 22,841 1.11DGB Financial 2,025,500 27,018 1.32Shinsegae 89,759 16,939 0.8266,798 3.25Sri Lanka - 2.75%Aitken Spence 11,000,000 10,913 0.53Chevron Lubricants Lanka 4,563,700 6,758 0.33Commercial Bank of Ceylon 14,291,150 12,737 0.62Keells (John) 15,033,371 26,193 1.2756,601 2.75Thailand - 9.15%BEC World (Alien) 10,348,300 25,719 1.25Bumrungrad Hospital (Alien) 7,700,600 20,452 1.00Central Pattana (Alien) 13,000,000 25,236 1.23Hana Microelectronics (Alien) 52,363,000 35,385 1.72Regional Container Lines (Alien) 8,057,200 1,826 0.09Siam City Cement (Alien) 1,700,000 21,126 1.03Siam Makro (Alien) 3,393,300 43,822 2.14Thai Stanley Electric (Alien) 1,931,100 14,210 0.69187,776 9.15Turkey - 4.59%Aksigorta 26,958,832 29,127 1.42Cimsa Cimento 8,862,035 38,990 1.90Turk Ekonomi Bankasi 27,091,001 26,177 1.2794,294 4.59Equities 1,976,716 96.21Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 1,976,716 96.21Total investments 1,976,716 96.21Other net assets 77,880 3.79Total 2,054,596 100.00∞A portion of this security is on loan at the year end.92 Aberdeen Global - Emerging Markets Smaller Companies


Ethical World EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Ethical WorldEquity - A Accumulation shares increased by 17.16% compared to anincrease of 21.98% in the benchmark, the FTSE World Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewGlobal equities rallied in the year under review, largely drivenby the vast amount of liquidity injected into the global financialsystem. Developed markets generally outperformed their emergingcounterparts. Throughout the period, the Eurozone debt crisis andslowing economic activity dominated sentiment. Notably, the tenuousrecovery in the US and a significant deceleration in China’s growth casta pall over the global economic outlook. But risk appetite returnedfollowing efforts by major central banks to provide emergency loansto European banks, while Britain and Japan expanded quantitativeeasing. In particular, the European Central Bank (ECB)’s long-termrefinancing operation for lenders raised investors’ hopes, as did newsof the €130 billion Greek bailout. Optimism that funding pressureswould ease was also boosted by the ECB’s interest rate cuts to ahistoric low and bond-buying programme, known as OutrightMonetary Transactions. As well, the US Federal Reserve’s (Fed)third round of quantitative easing lifted sentiment towards theend of the period.Portfolio reviewThe Fund’s underperformance was largely a result of the underweightto the US, where the stock market outperformed following the Fed’spolicy easing. Stock selection there was weak as well. Not holdingApple cost the Fund, as the US technology company’s share price wasboosted by robust full-year results, driven by sales of its latest iPhoneand iPad models. It also declared its first dividend pay-out in 17 yearsand a US$10 billion stock buyback. Meanwhile, holding cereal makerKellogg Co and energy company Hess Corp detracted from relativeperformance. Kellogg ended the year largely flat after it pared itsearnings forecast, following its purchase of Procter & Gamble’sPringles business, while Hess Corp posted disappointing results;we have since disposed of the stock.Against this, the sharp rally in the crude oil price benefited ourholdings in the oil and gas sector such as Italian-listed pipe makerTenaris and Eni, as well as EOG Resources in the US. Tenaris alsogained from healthy third-quarter profits, while a sharp increasein output of petroleum liquids proved beneficial for EOG.In portfolio activity, we introduced several companies at attractivevaluations. These included Hong Kong-based insurance group AIA,a high quality company with good growth prospects in Asia, andUS cable company Comcast, which generates solid cash flowsthat could lead to attractive dividend payouts. Other new holdingsincluded Japanese medical equipment maker Sysmex, French utilityGDF Suez, which has an attractive international asset base, andSpanish food-casing manufacturer Viscofan, owing to the strengthof its business and healthy outlook. In the UK, we initiated positionsin industrial company Weir Group on the back of attractive long-termopportunities, energy services company John Wood, a well-managedbusiness with good long-term potential, and steam specialistSpirax-Sarco Engineering.Against this, we sold Japan’s Takeda Pharmaceutical and machinetoolmaker Amada because of their deteriorating outlook, as well asthe aforementioned US energy company Hess.OutlookWhile recent stimulus efforts by major central banks may have liftedmarkets, these stop-gap measures appear to succeed only in boostingshort-term sentiment and inflating asset prices, instead of providingviable long-term solutions. Evidently, central bank policies onlycontribute to half of the equation, with the other half dependent ongovernment spending via fiscal policies. At present, we remain waryof several events, including the looming “fiscal cliff” in the US and thepossibility of a Chinese hard landing, which will have a dire impact onexport-dependent economies. On the corporate front, the earningsoutlook appears challenging. As such, we maintain a cautious stance.www.aberdeen-asset.com93


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 141,651Cash at bank 4,144Interest and dividends receivable 409Subscriptions receivable 21Receivable for investments sold 227Other assets 42Total assets 146,494LiabilitiesPayable for investments purchased 1,058Taxes and expenses payable 264Redemptions payable 7Total liabilities 1,329Net assets at the end of the year 145,165Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 123,745Net gains from investments 2,288Net realised losses (3,653)Net unrealised gains 24,106Proceeds from shares issued 41,214Payments for shares redeemed (42,151)Net equalisation paid (note 10) (384)Net assets at the end of the year 145,165Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 4,846Other income 92Total income 4,938ExpensesManagement fees (note 4.6) 2,342Administration fees (note 4.1) 69Custodian fees (note 4.2) 38Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 63Management Company fees (note 4.5) 16Operational expenses (note 4.7) 42Annual tax (note 4.9) 77Bank interest 3Total expenses 2,650Net gains from investments 2,288Realised losses on investments (3,573)Currency exchange losses (80)Net realised losses (3,653)Decrease in unrealised depreciation on investments 24,083Unrealised currency exchange gains 23Net unrealised gains 24,106Net increase in assets as a result of operations 22,741Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2Shares outstanding at the beginning of the year 14,210,392Shares issued during the year 4,265,265Shares redeemed during the year (4,272,188)Shares outstanding at the end of the year 14,203,469Net asset value per share 10.2204The accompanying notes form an integral part of these financial statements.94 Aberdeen Global - Ethical World Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.58%Australia - 2.05%QBE Insurance Group ∞ 220,300 2,969 2.05Brazil - 4.86%Banco Bradesco ADR 213,500 3,432 2.36Petroleo Brasileiro (Pref) ADR 164,600 3,633 2.507,065 4.86Canada - 2.99%Canadian National Railway ∞ 32,200 2,840 1.96Telus 23,800 1,500 1.034,340 2.99China - 1.52%China Mobile 199,000 2,209 1.52France - 3.75%Casino 31,000 2,751 1.89GDF Suez 59,200 1,325 0.91Schneider Electric 23,200 1,375 0.955,451 3.75Germany - 1.01%Linde 8,500 1,464 1.01Hong Kong - 2.59%AIA Group 418,400 1,555 1.07Swire Pacific 'A' 104,500 1,282 0.88Swire Pacific 'B' 400,000 928 0.643,765 2.59Italy - 5.36%ENI ∞ 161,800 3,545 2.44Tenaris ADR 104,000 4,239 2.927,784 5.36Japan - 7.43%Canon Inc 86,400 2,768 1.91Daito Trust Construction Co ∞ 22,200 2,243 1.54Fanuc Corp 13,000 2,099 1.45Shin-Etsu Chemical Co ∞ 38,900 2,191 1.51Sysmex Corp ∞ 30,700 1,480 1.0210,781 7.43www.aberdeen-asset.com95


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantitySingapore - 5.12%City Developments 156,000 1,494 1.03Oversea-Chinese Banking Corp 302,000 2,301 1.59Singapore Telecommunications 1,387,000 3,624 2.507,419 5.12Spain - 0.74%Viscofan 23,294 1,074 0.74South Korea - 2.63%Samsung Electronics GDR 10,800 3,815 2.63Sweden - 4.93%Atlas Copco AB 61,600 1,441 0.99Ericsson 309,000 2,822 1.94Nordea Bank 293,700 2,908 2.007,171 4.93Switzerland - 8.51%Novartis 24,000 1,470 1.01Roche Holdings 30,900 5,779 3.98Zurich Financial Services 20,500 5,108 3.5212,357 8.51Taiwan - 6.37%Taiwan Mobile 800,400 2,928 2.02TSMC ADR 399,300 6,319 4.359,247 6.37United Kingdom - 16.44%Centrica 671,400 3,554 2.45HSBC 310,600 2,875 1.98Spirax Sarco Engineering 45,500 1,536 1.06Standard Chartered 184,100 4,162 2.87Tesco 414,200 2,221 1.53Vodafone 2,296,900 6,519 4.49Weir Group 53,700 1,533 1.06Wood Group (John) 111,800 1,451 1.0023,851 16.44United States - 21.28%Cisco Systems 193,600 3,697 2.55Comcast 42,500 1,519 1.05EOG Resources 45,600 5,110 3.52Johnson & Johnson 85,300 5,875 4.05Kellogg 56,900 2,938 2.02Oracle 91,900 2,892 1.9996 Aberdeen Global - Ethical World Equity


Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %PepsiCo 52,900 3,743 2.58Quest Diagnostics 46,800 2,968 2.04Schlumberger 29,700 2,147 1.4830,889 21.28Equities 141,651 97.58Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 141,651 97.58Total investments 141,651 97.58Other net assets 3,514 2.42Total 145,165 100.00∞A portion of this security is on loan at the year end.www.aberdeen-asset.com97


European EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the EuropeanEquity - A Accumulation shares increased by 25.26% compared toan increase of 23.10% in the benchmark, the FTSE Europe Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewEuropean equities rallied during the review period amid relief that aEurozone breakup was avoided. Early on, investors were cheered by asecond bailout for Greece and the European Central Bank’s (ECB)massive liquidity injections to buffer the financial system, whichhelped stave off fears of a sovereign default. However, concerns overdeteriorating economic data, Spain’s troubled banks and the solvencyof peripheral nations soon resurfaced, clouding recovery prospects. Thiscompelled central banks to act more aggressively: Britain expanded itsquantitative easing programme further, while the ECB cut interestrates. Towards the period-end, the market rebounded with increasingimpetus after the ECB agreed to buy unlimited amounts of short-termdebt to keep borrowing costs in indebted nations from spiking. Bycomparison, European shares outperformed their counterparts in Japan,but lagged those in the US.Portfolio reviewAt the stock level, our position in UK engine maker Rolls-Royce wasthe biggest positive contributor to relative return, followed by Danishinsulin maker Novo-Nordisk and UK insurer Prudential. Rolls-Royce’sshare price was bolstered by robust annual results that wereunderpinned by revenue from services. Novo-Nordisk raised itsfull-year targets after quarterly earnings beat estimates, helped bysales of its drug Victoza. Prudential did well on the back of strongperformances in its US and Asian operations.Conversely, BBVA, Mapfre and Mothercare detracted. Both lenderBBVA and insurer Mapfre were pressured by the deteriorating economicenvironment in Spain and elevated risks to the financial sector.Mothercare, the UK baby goods maker, continued to face tough tradingconditions in the domestic market, exacerbated by its profit warning.Consequently, we sold BBVA and Mapfre as the risks in the domesticmarket outweighed the attractions of their emerging markets exposure.We also divested Mothercare, German ATM maker Wincor Nixdorf andFrench oil major Total given the increasingly difficult outlook fortheir businesses.With the proceeds, we introduced three new holdings. Sweden’sAtlas Copco, a capital goods company exposed to the globalmining, manufacturing and construction industries, benefits froman outsourced manufacturing model and resilient aftersales revenues.Assa Abloy is a market leading lock maker and innovator in electronicentrance systems with a worldwide presence. As for oil major RoyalDutch Shell, we see sound prospects for production growth from asolid operator at an attractive valuation.During the year, we also took advantage of share price weakness to addto Standard Chartered. The bank’s shares fell sharply after the New YorkDepartment of Financial Services accused it of concealing at leastUS$250 billion of transactions with Iran. Having spoken with seniormanagement, we remain confident of its position and long-termstrategy in emerging markets. The lender subsequently paid aUS$340 million fine.OutlookFundamental differences over how to fix the debt crisis persist. Evenif these were to be resolved, Europe still faces the prospect of aprolonged period of austerity and recession. Following a four-monthrally in share prices and recognising the difficulties faced by Europeaneconomies, equity valuations, while still reasonable, are less appealingthan they were. But relative to other regions, European markets remainattractive. We believe our investments have the wherewithal to survivethe current headwinds to emerge stronger, supported by their solidfundamentals. We often view volatility as an opportunity to top upstocks we like or take profit in those that have had a good run.98 Aberdeen Global - European Equity


Statement of Net AssetsAs at 30 September 2012€’000AssetsInvestments in securities at market value (note 2.2) 239,750Cash at bank 2,553Interest and dividends receivable 844Subscriptions receivable 114Other assets 212Total assets 243,473LiabilitiesPayable for investments purchased 265Taxes and expenses payable 419Redemptions payable 989Total liabilities 1,673Net assets at the end of the year 241,800Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012€’000Net assets at the beginning of the year 216,786Net gains from investments 3,302Net realised losses (6,133)Net unrealised gains 52,800Proceeds from shares issued 29,790Payments for shares redeemed (54,680)Net equalisation paid (note 10) (65)Net assets at the end of the year 241,800Statement of OperationsFor the year from 1 October 2011 to 30 September 2012€’000IncomeInvestment income 7,037Bank interest 8Other income 297Total income 7,342ExpensesManagement fees (note 4.6) 3,622Administration fees (note 4.1) 80Custodian fees (note 4.2) 43Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 97Management Company fees (note 4.5) 24Operational expenses (note 4.7) 64Annual tax (note 4.9) 110Total expenses 4,040Net gains from investments 3,302Realised losses on investments (6,172)Currency exchange gains 39Net realised losses (6,133)Decrease in unrealised depreciation on investments 52,792Unrealised currency exchange gains 8Net unrealised gains 52,800Net increase in assets as a result of operations 49,969Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 B-2 I-2 S-2 Z-2Shares outstanding at the beginning of the year 4,931,815 5,058 10,105 232,651 713,276Shares issued during the year 228,856 - 21,671 4,332 120,873Shares redeemed during the year (959,590) (5,058) (10,225) (37,698) (207,656)Shares outstanding at the end of the year 4,201,081 - 21,551 199,285 626,493Net asset value per share 36.4332 - 953.4728 307.5161 11.0303The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com99


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket Value€’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 94.77%Denmark - 3.40%Novo-Nordisk 67,000 8,230 3.40France - 10.07%Casino 110,000 7,587 3.14GDF Suez 172,000 2,993 1.24L'Oreal 64,000 6,161 2.55Schneider Electric 165,000 7,602 3.1424,343 10.07Germany - 4.71%Linde 85,000 11,384 4.71Italy - 2.11%ENI ∞ 299,000 5,092 2.11Netherlands - 2.56%Royal Dutch Shell 'A' 230,067 6,190 2.56Sweden - 8.94%ASSA Abloy 219,000 5,534 2.29Atlas Copco AB 236,000 3,847 1.59Ericsson 438,000 3,109 1.28Nordea Bank 1,186,000 9,128 3.7821,618 8.94Switzerland - 15.58%Holcim 75,000 3,714 1.54Nestle 256,000 12,561 5.19Roche Holdings 76,000 11,047 4.57Schindler (Participating) 78,000 7,454 3.08Zurich Financial Services 15,000 2,905 1.2037,681 15.58United Kingdom - 47.40%AMEC 495,000 7,120 2.94Associated British Foods 243,000 3,932 1.63BG Group 377,000 5,915 2.45BHP Billiton 260,000 6,282 2.60British American Tobacco 243,000 9,698 4.01Centrica 2,243,000 9,229 3.82Cobham 1,556,000 4,330 1.79Croda International 156,000 4,748 1.96GlaxoSmithKline 287,000 5,142 2.13Pearson 420,000 6,379 2.64100 Aberdeen Global - European Equity


Percentage ofSecurityQuantityMarket Value€’000total netassets %Prudential 796,000 8,008 3.31Rolls Royce Group 940,000 9,946 4.11Schroders 58,000 1,105 0.45Schroders (non voting) 290,708 4,320 1.79Standard Chartered 479,000 8,417 3.48Tesco 1,534,000 6,392 2.64Unilever 294,000 8,310 3.44Weir Group 240,541 5,338 2.21114,611 47.40Equities 229,149 94.77Open Ended Investment Funds - 4.38%United Kingdom - 4.38%Aberdeen European Smaller Companies Fund ‡ 896,000 10,601 4.38Open Ended Investment Funds 10,601 4.38Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 239,750 99.15Other transferable securites and money market instrumentsEquities - nilSpain - nilValenciana de Cementos Portland 305 - -Equities - -Other transferable securites and money market instruments - -Total transferable securites and money market instruments 239,750 99.15Total investments 239,750 99.15Other net assets 2,050 0.85Total 241,800 100.00‡Managed by subsidiaries of Aberdeen Asset Management PLC.∞A portion of this security is on loan at the year end.www.aberdeen-asset.com101


European Equity IncomeFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name from AberdeenGlobal - Dividend Europe Fund to Aberdeen Global - EuropeanEquity Income Fund.PerformanceFor the year ended 30 September 2012, the value of the EuropeanEquity Income - S Accumulation shares increased by 21.17% comparedto an increase of 23.20% in the benchmark, the MSCI Europe Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewEuropean equities rallied during the review period amid relief that aEurozone breakup was avoided. Early on, investors were cheered bya second bailout for Greece and the European Central Bank’s (ECB)massive liquidity injections to buffer the financial system, which helpedstave off fears of a sovereign default. However, concerns overdeteriorating economic data, Spain’s troubled banks and the solvencyof peripheral nations soon resurfaced, clouding recovery prospects. Thiscompelled central banks to act more aggressively: Britain expanded itsquantitative easing programme further, while the ECB cut interestrates. Towards the period-end, markets rebounded with increasingimpetus after the ECB agreed to buy unlimited amounts of short-termdebt to keep borrowing costs in indebted nations from spiking. Bycomparison, European shares outperformed their counterparts in Japan,but lagged those in the US.Portfolio reviewAt the stock level, our holding in Prudential was the biggestcontributor to relative return as the UK insurer’s shares rallied onthe back of strong performances in its US and Asian operations. RollsRoyce, the UK engine maker, also did well, bolstered by robust annualresults that were underpinned by revenue from services. The lack ofexposure to Telefonica also proved positive as weak domestic demandin Spain weighed on the telcom company.Consequently, we sold BBVA and Mapfre as the risks in the domesticmarket outweighed the attractions of their emerging markets exposure.We also divested UK baby goods manufacturer Mothercare andGerman ATM maker Wincor Nixdorf given the increasingly difficultoutlook for their businesses. As well, we exited Swiss cement makerHolcim because of its low yield.With the proceeds, we introduced four new holdings. Sweden’sAtlas Copco, a capital goods company exposed to the globalmining, manufacturing and construction industries, benefits froman outsourced manufacturing model and resilient aftersales revenues.Assa Abloy is a market leading lock maker and innovator in electronicentrance systems with a worldwide presence. Cobham, a high-qualityUK-based defence company, has a strong presence across a broadrange of product platforms. As for oil major Royal Dutch Shell, wesee sound prospects for production growth from a solid operatorat an attractive valuation.OutlookFundamental differences over how to fix the debt crisis persist.Even if these were to be resolved, Europe still faces the prospect of aprolonged period of austerity and recession. Following a four-monthrally in share prices and recognising the difficulties faced by Europeaneconomies, equity valuations, while still reasonable, are less appealingthan they were. However relative to other regions, European marketsremain attractive. We believe our investments have the wherewithal tosurvive the current headwinds to emerge stronger, supported by theirsolid fundamentals. We often view volatility as an opportunity to topup stocks we like or take profit in those that have had a good run.Conversely, Mapfre, GDF Suez and BBVA detracted. Both insurerMapfre and lender BBVA were pressured by the deterioratingeconomic environment in Spain and elevated risks to the financialsector. French utility GDF suffered from tariff uncertainty anddisappointing earnings, although it affirmed its annual targetsand continues to pay good dividends.102 Aberdeen Global - European Equity Income


Statement of Net AssetsAs at 30 September 2012€’000AssetsInvestments in securities at market value (note 2.2) 139,253Cash at bank 1,457Interest and dividends receivable 472Subscriptions receivable 95Other assets 93Total assets 141,370LiabilitiesPayable for investments purchased 58Taxes and expenses payable 291Redemptions payable 277Unrealised losses on forward currency exchangecontracts (note 2.6) 59Other liabilities 130Total liabilities 815Net assets at the end of the year 140,555Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012€’000Net assets at the beginning of the year 115,594Net gains from investments 3,092Net realised losses (181)Net unrealised gains 21,787Proceeds from shares issued 77,394Payments for shares redeemed (76,856)Net equalisation paid (note 10) (145)Dividends paid (note 5) (130)Net assets at the end of the year 140,555Statement of OperationsFor the year from 1 October 2011 to 30 September 2012€’000IncomeInvestment income 5,538Bank interest 7Other income 239Total income 5,784ExpensesManagement fees (note 4.6) 2,354Administration fees (note 4.1) 108Custodian fees (note 4.2) 25Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 59Management Company fees (note 4.5) 14Operational expenses (note 4.7) 64Annual tax (note 4.9) 68Total expenses 2,692Net gains from investments 3,092Realised losses on investments (329)Currency exchange gains 151Realised losses on forward currency exchange contracts (3)Net realised losses (181)Decrease in unrealised depreciation on investments 21,858Unrealised currency exchange gains 3Decrease in unrealised appreciation on forwardcurrency exchange contracts (74)Net unrealised gains 21,787Net increase in assets as a result of operations 24,698Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 A-2 A(CHF)-2^ A(USD)-2^ I-2Shares outstanding at the beginning of the year 46,903 367,070 57,576 12,770 1,349Shares issued during the year 19,924 11,301 22,672 3,795 26,432Shares redeemed during the year (23,344) (72,375) (8,559) (3,743) (18,228)Shares outstanding at the end of the year 43,483 305,996 71,689 12,822 9,553Net asset value per share 131.7955 155.2295 135.9387 155.2834 1,600.8819S-1 S-2 S(CHF)-2^ S(USD)-2^Shares outstanding at the beginning of the year 12,098 402,227 10,576 5,228Shares issued during the year 329 216,832 8,794 1,148Shares redeemed during the year (12,427) (213,220) (19,370) (6,376)Shares outstanding at the end of the year - 405,839 - -Net asset value per share - 153.8116 - -^Hedge Share ClassThe accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com103


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket Value€’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.40%Denmark - 1.57%Novo-Nordisk 18,000 2,211 1.57France - 16.23%Casino 80,000 5,518 3.92GDF Suez 181,000 3,150 2.24L'Oreal 14,000 1,348 0.96Schneider Electric 85,000 3,916 2.79Total 105,000 4,057 2.89Unibail-Rodamco 31,000 4,817 3.4322,806 16.23Germany - 2.19%Linde 23,000 3,080 2.19Italy - 4.28%ENI ∞ 353,000 6,012 4.28Netherlands - 4.60%Royal Dutch Shell 'A' 240,512 6,471 4.60Sweden - 5.85%ASSA Abloy 64,000 1,617 1.15Atlas Copco AB 91,000 1,483 1.06Nordea Bank 664,000 5,111 3.648,211 5.85Switzerland - 14.51%Nestle 136,000 6,673 4.75Roche Holdings 50,000 7,268 5.17Schindler (Participating) 23,000 2,198 1.56Zurich Financial Services 22,000 4,261 3.0320,400 14.51United Kingdom - 48.17%AMEC 107,000 1,539 1.09BHP Billiton 118,000 2,851 2.03British American Tobacco 185,000 7,383 5.25Centrica 1,761,000 7,245 5.15Cobham 733,000 2,040 1.45Croda International 49,000 1,491 1.06GlaxoSmithKline 398,000 7,131 5.07National Grid 690,000 5,915 4.21Pearson 196,000 2,977 2.12Prudential 419,000 4,215 3.00104 Aberdeen Global - European Equity Income


Percentage ofSecurityQuantityMarket Value€’000total netassets %Rolls Royce Group 259,000 2,740 1.95Schroders (non voting) 142,000 2,110 1.50Standard Chartered 198,000 3,479 2.48Tesco 1,016,000 4,234 3.01Unilever 154,000 4,353 3.10Vodafone 2,658,000 5,863 4.17Weir Group ∞ 97,000 2,153 1.5367,719 48.17Equities 136,910 97.40Open Ended Investment Funds - 1.67%United Kingdom - 1.67%Aberdeen European Smaller Companies Fund ‡ 198,000 2,343 1.67Open Ended Investment Funds 2,343 1.67Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 139,253 99.07Financial derivative instruments - (0.04)%Forward currency exchange contracts - (0.04)%UnrealisedGains/(Losses)€’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountCHF EUR 01/10/12 30,461 25,172 - -CHF EUR 02/10/12 7,711 6,384 - -CHF EUR 04/10/12 12,410 10,263 - -CHF EUR 14/12/12 10,015,046 8,316,487 (29) (0.02)EUR CHF 14/12/12 178,255 215,436 - -USD EUR 14/12/12 1,986,646 1,573,157 (30) (0.02)USD EUR 14/12/12 42,834 33,436 - -Unrealised losses on forward currency exchange contracts (59) (0.04)Unrealised losses on financial derivative instruments (59) (0.04)Total investments 139,194 99.03Other net assets 1,361 0.97Total 140,555 100.00‡Managed by subsidiaries of Aberdeen Asset Management PLC.∞A portion of this security is on loan at the year end.www.aberdeen-asset.com105


European Equity (Ex UK)For the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the EuropeanEquity (Ex UK) - A Accumulation shares increased by 23.02% comparedto an increase of 21.69% in the benchmark, the FTSE World Europe exUK Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewEuropean equities rallied during the review period amid relief that aEurozone breakup was avoided. Early on, investors were cheered bya second bailout for Greece and the European Central Bank’s (ECB)massive liquidity injections to buffer the financial system, which helpedstave off fears of a sovereign default. However, concerns overdeteriorating economic data, Spain’s troubled banks and the solvencyof peripheral nations soon resurfaced, clouding recovery prospects. Thiscompelled major central banks to act more aggressively: the ECB cutinterest rates, while the US expanded its quantitative easingprogramme further. Towards the period-end, markets rebounded withincreasing impetus after the ECB agreed to buy unlimited amounts ofshort-term debt to keep borrowing costs in indebted nations fromspiking. By comparison, European shares outperformed theircounterparts in Japan, but lagged those in the US.Portfolio reviewAt the stock level, our holdings in Danish insulin maker Novo-Nordisk and German lubricants producer Fuchs Petrolub were thetop contributors to relative return. Novo-Nordisk raised its full-yeartargets after quarterly earnings beat estimates, helped by sales of itsdrug Victoza. Fuchs experienced strong global demand for its specialtylubricants and benefited from improved gross margins on the back ofinput cost recovery. The lack of exposure to Telefonica also provedpositive as weak domestic demand in Spain weighed on thetelecoms company.Consequently, we sold Wincor Nixdorf given the challenging outlookfor its business as well as BBVA and Mapfre as the risks in the domesticmarket outweighed the attractions of their emerging markets exposure.We also exited French energy group Total, directing capital to ournew investment in Royal Dutch Shell as we see sound prospects forproduction growth from a solid operator at an attractive valuation.We introduced four new holdings. Spain’s Amadeus IT Holding isa leading travel software and services provider with good levels ofrecurring revenue and a reasonable valuation. Global tank storageoperator Vopak has a stable business model and is well positionedto benefit from the increasing globalisation of trade flows. Nordictobacco company Swedish Match has a defensive earnings profileand interesting growth opportunities, while Assa Abloy is a marketleading lock maker and innovator in electronic entrance systemswith a worldwide presence.OutlookFundamental differences over how to fix the debt crisis persist.Even if these were to be resolved, Europe still faces the prospect of aprolonged period of austerity and recession. Following a four-monthrally in share prices and recognising the difficulties faced by Europeaneconomies, equity valuations, while still reasonable, are less appealingthan they were. But relative to other regions, European markets remainattractive. We believe our investments have the wherewithal to survivethe current headwinds to emerge stronger, supported by their solidfundamentals. We often view volatility as an opportunity to top upstocks we like or take profit in those that have had a good run.Conversely, Mapfre, BBVA and Wincor Nixdorf detracted. Both insurerMapfre and lender BBVA were pressured by the deteriorating economicenvironment in Spain and elevated risks to the financial sector. GermanATM maker Wincor Nixdorf faced an increasingly difficult operatingenvironment, which depressed its interim earnings.106 Aberdeen Global - European Equity (Ex UK)


Statement of Net AssetsAs at 30 September 2012€’000AssetsInvestments in securities at market value (note 2.2) 22,124Cash at bank 333Interest and dividends receivable 38Receivable for investments sold 599Other assets 23Total assets 23,117LiabilitiesPayable for investments purchased 26Taxes and expenses payable 54Redemptions payable 502Total liabilities 582Net assets at the end of the year 22,535Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012€’000Net assets at the beginning of the year 26,857Net gains from investments 160Net realised losses (1,479)Net unrealised gains 5,931Proceeds from shares issued 3,839Payments for shares redeemed (12,755)Net equalisation paid (note 10) (18)Net assets at the end of the year 22,535Statement of OperationsFor the year from 1 October 2011 to 30 September 2012€’000IncomeInvestment income 550Bank interest 3Other income 48Total income 601ExpensesManagement fees (note 4.6) 345Administration fees (note 4.1) 34Custodian fees (note 4.2) 7Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 9Management Company fees (note 4.5) 2Operational expenses (note 4.7) 33Annual tax (note 4.9) 11Total expenses 441Net gains from investments 160Realised losses on investments (1,483)Currency exchange gains 4Net realised losses (1,479)Decrease in unrealised depreciation on investments 5,930Unrealised currency exchange gains 1Net unrealised gains 5,931Net increase in assets as a result of operations 4,612Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 D(GBP)-2Shares outstanding at the beginning of the year 1,204,352 2,482,640Shares issued during the year 146,878 305,304Shares redeemed during the year (1,290,256) (314,708)Shares outstanding at the end of the year 60,974 2,473,236Net asset value per share 8.9041 7.0845The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com107


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket Value€’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 93.53%Austria - 2.56%Vienna Insurance Group 17,500 576 2.56Denmark - 3.98%Novo-Nordisk 7,300 897 3.98France - 20.88%Air Liquide 7,200 696 3.09Casino 14,800 1,021 4.52Dassault Systemes 7,200 589 2.61Essilor International 7,500 547 2.43GDF Suez 16,000 278 1.23L'Oreal 8,000 770 3.42Schneider Electric 17,500 806 3.584,707 20.88Germany - 11.18%Fuchs Petrolub ∞ 13,800 680 3.02Linde 7,700 1,031 4.58MTU Aero Engines 13,000 807 3.582,518 11.18Italy - 2.80%ENI ∞ 37,000 630 2.80Netherlands - 11.64%Fugro 15,000 794 3.52Royal Dutch Shell 'A' 21,500 578 2.56Unilever 33,000 909 4.03Vopak 6,300 344 1.532,625 11.64Norway - 3.09%Kongsberg Gruppen 47,000 697 3.09Spain - 1.70%Amadeus IT Holdings 21,000 382 1.70Sweden - 13.08%ASSA Abloy 25,000 632 2.80Atlas Copco AB 44,000 717 3.18Ericsson 54,000 383 1.70Nordea Bank 115,000 885 3.93Swedish Match 10,500 331 1.472,948 13.08108 Aberdeen Global - European Equity (Ex UK)


Market Value€’000Percentage oftotal netassets %SecurityQuantitySwitzerland - 22.62%Givaudan 800 590 2.62Holcim 11,000 545 2.42Nestle 23,000 1,129 5.01Novartis 9,500 452 2.01Roche Holdings 7,000 1,018 4.51Schindler (Participating) 9,000 860 3.82Schindler (Registered) 700 67 0.30Zurich Financial Services 2,250 436 1.935,097 22.62Equities 21,077 93.53Open Ended Investment Funds - 4.65%European Composite - 4.65%Aberdeen European Smaller Companies Fund ‡ 88,500 1,047 4.65Open Ended Investment Funds 1,047 4.65Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 22,124 98.18Other transferable securities and money market instrumentsEquities - nilUnited States - nilVerigen 8,334 - -Equties - -Other transferable securities and money market instruments - -Total transferable securities and money market instruments 22,124 98.18Total investments 22,124 98.18Other net assets 411 1.82Total 22,535 100.00‡Managed by subsidiaries of Aberdeen Asset Management PLC.∞A portion of this security is on loan at the year end.www.aberdeen-asset.com109


Frontier Markets EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the FrontierMarkets Equity - I Accumulation shares increased by 16.49%compared to an increase of 3.97% in the benchmark, the MSCIFrontier Markets Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewFrontier market equities rose during the year under review, despitesignificant volatility owing to continued uncertainty over Europe’sdebt crisis. Investor sentiment was lifted by policy actions from majorcentral banks such as the European Central Bank’s (ECB) long-termrefinancing operations in the first quarter, and more recently, theconcerted easing of monetary policies by the Federal Reserve, theECB and the Bank of Japan. However, ongoing concerns over theglobal economic slowdown capped gains.Portfolio reviewIn stock selection, the shares of Egyptian lender National SocieteGenerale Bank rallied after Qatar National Bank expressed interestin buying it from parent Societe Generale. Also contributing toperformance was Asia Pacific Breweries (APB), which was the subjectof a complex two-month long takeover battle that eventually sawDutch brewer Heineken prevail; we divested APB consequently. InKenya, alcoholic beverage company East African Breweries postedrobust results and benefited from the generally positivemacro environment.Apart from the sale of APB, we introduced Nigerian lender GuarantyTrust Bank, a conservative and profitable bank; industrial gas providerLinde Pakistan on cheap valuations; and Ghanaian dairy company FanMilk, which has well-established brands in a growing market and tradesat an attractive valuation.OutlookConcerted central bank action has boosted frontier equities, but therally appears to be waning, as worries over global growth prospectsreturn to the fore. Europe’s debt problems are far from over; theunderlying fundamentals remain weak. Growth in the US is stillfragile. The looming ‘fiscal cliff’ may tip the US economy back intorecession if policymakers allow tax hikes and budget cuts to occurnext year. Meanwhile, frontier economies are struggling to generatethe kind of growth that has marked previous recoveries. Add to thatgrowing concern that the Federal Reserve’s latest round of quantitativeeasing may stoke inflation and trigger sharp gains in frontier marketscurrencies which would make exports less competitive.Investor sentiment is therefore likely to remain subdued, with theoutlook susceptible to further economic or policy disappointments.During such times, balance sheet strength and managing growth ina relatively conservative and disciplined manner become even moreimportant and these are the very attributes that characterise manyof our holdings.Conversely, Romanian lender BRD struggled on credit quality concerns.It reported a loss in the second quarter after increasing provisions formore non-performing loans. Elsewhere, the Commercial Bank ofCeylon’s share price underperformed following weak fourth-quarterresults. This was compounded by a significant devaluation of the SriLankan rupee. Meanwhile, our lack of exposure to Nigerian Breweriescost the Fund. The beer maker benefited from the country’s expandingmiddle class and posted solid second-quarter profits.110 Aberdeen Global - Frontier Markets Equity


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 68,897Cash at bank 1,715Interest and dividends receivable 271Other assets 76Total assets 70,959LiabilitiesPayable for investments purchased 37Taxes and expenses payable 123Other liabilities 42Total liabilities 202Net assets at the end of the year 70,757Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 9,496Net gains from investments 577Net realised gains 599Net unrealised gains 7,088Proceeds from shares issued 54,042Payments for shares redeemed (1,517)Net equalisation received (note 10) 514Dividends paid (note 5) (42)Net assets at the end of the year 70,757Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 942Other income 1Total income 943ExpensesManagement fees (note 4.6) 270Administration fees (note 4.1) 55Custodian fees (note 4.2) 69Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 9Management Company fees (note 4.5) 3Operational expenses (note 4.7) 29Expense cap refunded by Investment Manager (note 4.8) (74)Annual tax (note 4.9) 4Bank interest 1Total expenses 366Net gains from investments 577Realised gains on investments 854Currency exchange losses (255)Net realised gains 599Decrease in unrealised depreciation on investments 7,087Unrealised currency exchange gains 1Net unrealised gains 7,088Net increase in assets as a result of operations 8,264Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 I-2 Z-2Shares outstanding at the beginning of the year - 1,107,600 -Shares issued during the year 259,540 1,997,018 3,231,258Shares redeemed during the year (4,557) - (138,043)Shares outstanding at the end of the year 254,983 3,104,618 3,093,215Net asset value per share 11.7091 10.6512 11.2193The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com111


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 96.71%Argentina - 4.29%Tenaris ADR 74,500 3,037 4.29Egypt - 5.39%National Societe General Bank 543,288 3,817 5.39Estonia - 1.44%Silvano Fashion 260,000 1,019 1.44Jordan - 4.00%Hikma Pharmaceuticals 241,500 2,833 4.00Kazakhstan - 3.50%Kazmunaigas Exploration Production GDR 134,500 2,474 3.50Kenya - 11.68%Bamburi Cement 510,800 1,024 1.45BAT Kenya 277,573 1,399 1.98East African Breweries 1,243,800 3,405 4.81Safaricom 50,688,000 2,436 3.448,264 11.68Lebanon - 2.89%Blom Bank GDR 262,500 2,042 2.89Morocco - 0.83%Maroc Telecom 49,000 584 0.83Nigeria - 15.65%Guaranty Trust Bank 5,907,000 720 1.02Guinness Nigeria 2,102,500 3,501 4.95Nestle Foods Nigeria 750,500 2,746 3.88PZ Cussons 354,500 1,717 2.43Unilever Nigeria 8,897,000 2,383 3.3711,067 15.65Oman - 6.46%Bank Muscat 2,120,603 3,015 4.26Shell Oman Marketing 257,000 1,558 2.204,573 6.46Pakistan - 1.76%Linde Pakistan 272,663 421 0.59Unilever Pakistan 8,080 831 1.171,252 1.76112 Aberdeen Global - Frontier Markets Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityPanama - 2.53%Copa Holdings 22,000 1,788 2.53Qatar - 7.02%Commercial Bank of Qatar 138,000 2,818 3.98Qatar Insurance 111,928 2,150 3.044,968 7.02Romania - 1.93%BRD - Groupe Societe Generale 666,500 1,367 1.93Slovenia - 4.54%Krka DD 50,000 3,210 4.54South Africa - 5.53%MTN 201,500 3,912 5.53Sri Lanka - 16.43%Aitken Spence 2,636,000 2,615 3.69Chevron Lubricants Lanka 953,597 1,412 2.00Commercial Bank of Ceylon 1,578,813 1,407 1.99DFCC Bank 2,133,300 1,994 2.82Keells (John) 2,267,766 3,951 5.58National Development Bank 217,390 250 0.3511,629 16.43United Arab Emirates - 0.84%Dubai Financial Market 2,246,000 593 0.84Equities 68,429 96.71Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 68,429 96.71Other transferable securities and money market instrumentsEquities - 0.66%Ghana - 0.66%Fan Milk 310,200 468 0.66Equities 468 0.66Other transferable securities and money market instruments 468 0.66Total transferable securities and money market instruments 68,897 97.37Total investments 68,897 97.37Other net assets 1,860 2.63Total 70,757 100.00www.aberdeen-asset.com113


Indian EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Indian Equity- A Accumulation shares increased by 9.65% compared to an increaseof 7.50% in the benchmark, the MSCI India Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewIndia equities rose in the review period as sentiment was lifted bythe government’s reform measures, which offset fears over slowingeconomic growth. Share prices were initially weighed down byconcerns over the impact of high inflation and borrowing costs oncorporate earnings. Policy missteps, coupled with the government’sheavy subsidy burden, also heightened worries over a credit-ratingdowngrade. The rupee weakened to new lows in June on the back ofheavy fund outflows, which were exacerbated in July by a paralysingnationwide blackout after the strained power grid collapsed. However,sentiment turned when Delhi reappointed P Chidambaram as financeminister in August and unexpectedly announced a series of reformpolicies in September. Chidambaram’s good economic track recordand the decision to liberalise the airline and multi-brand retail sectors,among several other market-friendly measures, renewed risk appetiteand helped domestic markets rebound towards the period-end.Portfolio reviewDuring the year, our holding in Godrej Consumer Products was thetop contributor to relative return, followed by Grasim Industries andICICI Bank. Godrej, a leader in personal care and household products,posted better-than-expected full-year results where solid revenuegrowth was driven by its domestic soaps and insecticides businesses aswell as expansion overseas. Grasim’s share price rallied as profitabilityimproved at its cement business, which offset weakness at its viscosestaple fibre unit. Lender ICICI Bank continued to enjoy steady loangrowth and net interest margins, while preserving asset quality anda robust capital base.Conversely, our position in GlaxoSmithKline Pharmaceuticalsdetracted the most as its shares underperformed the broaderbenchmark. Valuations appeared elevated, supported by the strengthof its product pipeline. We continue to like the company for its marketleading position and healthy cash flow generation. Motorcycle makerHero MotoCorp cost the Fund amid expectations of slower demand,despite robust quarterly results that reflected its pricing power andsolid product mix. Gujarat Gas also proved negative as its sharesfell sharply after the government ordered Indraprastha Gas (anon-holding) to lower gas tariffs in New Delhi, stoking concernsthat similar action would be taken on other utility companies,thereby hurting profit margins.There were no major changes to the portfolio during the year.OutlookThe unexpected resolve to push through reform, long overdue, hasclearly encouraged investors. Domestic share prices remain relativelywell supported. However, implementation is key. The governmenthas a chequered history in this regard, wilting in the face of histrionicopposition. We are duly cautious as a result. Yet, the ruling Congressparty could well stand its ground given the worsening economicbackdrop. New finance minister Chidambaram, a market-friendlyreformer, could prove a catalyst in returning India to its previoushigh levels of growth.Our investment strategy remains unchanged. While the top-downstory is concerning, the bottom-up picture is still attractive in manysectors of the economy. India remains a good place to invest inwell-run, vibrant companies that are backed by solid finances,sustainable businesses and good long-term growth prospects.114 Aberdeen Global - Indian Equity


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 4,417,781Cash at bank 61,403Interest and dividends receivable 2,254Subscriptions receivable 14,864Receivable for investments sold 9,643Total assets 4,505,945LiabilitiesTaxes and expenses payable 7,238Redemptions payable 18,237Other liabilities 143Total liabilities 25,618Net assets at the end of the year 4,480,327Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 3,761,771Net gains from investments 23,056Net realised gains 32,186Net unrealised gains 394,349Proceeds from shares issued 786,256Payments for shares redeemed (517,148)Dividends paid (note 5) (143)Net assets at the end of the year 4,480,327Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 66,528Bank interest 2Total income 66,530ExpensesManagement fees (note 4.6) 29,231Administration fees (note 4.1) 526Custodian fees (note 4.2) 8,394Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 1,552Management Company fees (note 4.5) 386Operational expenses (note 4.7) 470Mauritius income tax (note 12) 1,823Annual tax (note 4.9) 1,052Bank interest 40Total expenses 43,474Net gains from investments 23,056Realised gains on investments 33,389Currency exchange losses (1,202)Realised losses on forward currency exchange contracts (1)Net realised gains 32,186Increase in unrealised appreciation on investments 393,956Unrealised currency exchange gains 393Net unrealised gains 394,349Net increase in assets as a result of operations 449,591Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 D-2(GBP) I-2 I-2(EUR)^ Z-1 Z-2Shares outstanding at the beginning of the year 12,840,975 5,310,500 1,302,141 – 1,229,920 190,015,227Shares issued during the year 3,849,628 436,927 509,621 68,131 69,660 34,975,205Shares redeemed during the year (2,892,456) (387,284) (849,201) (68,131) - (13,802,296)Shares outstanding at the end of the year 13,798,147 5,360,143 962,561 – 1,299,580 211,188,136Net asset value per share 97.7731 60.6400 102.9368 – 9.1429 11.8160^ Hedge Share ClassThe accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com115


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 98.60%Consumer Discretionary - 7.56%Bosch Ltd 940,000 158,166 3.53Hero Motocorp 5,088,000 180,533 4.03338,699 7.56Consumer Staples - 14.94%Godrej Consumer Products 14,000,000 178,228 3.99Hindustan Unilever 18,330,000 189,738 4.23ITC Ltd 36,500,000 188,071 4.20Nestle India 1,350,000 113,093 2.52669,130 14.94Financials - 23.40%HDFC Bank 13,480,000 160,376 3.58Housing Development Finance Corporation 29,900,000 436,950 9.74ICICI Bank 18,080,000 364,205 8.13ING Vysya Bank 7,266,032 56,687 1.27Jammu & Kashmir Bank 1,718,000 30,394 0.681,048,612 23.40Health Care - 6.54%GlaxoSmithKline Pharmaceuticals 3,300,037 123,755 2.76Piramal Enterprises 12,401,000 108,951 2.43Sanofi India 1,338,883 60,433 1.35293,139 6.54Industrials - 3.96%ABB India 4,908,699 74,135 1.65Container Corporation of India 5,673,800 103,219 2.31177,354 3.96Information Technology - 21.46%CMC 1,920,000 40,133 0.90Infosys 8,660,000 416,614 9.30Mphasis Ltd 18,500,000 141,648 3.16Tata Consultancy Services 14,800,000 363,020 8.10961,415 21.46Materials - 13.89%Ambuja Cements 44,716,000 171,484 3.83Asian Paints 1,710,000 127,751 2.85Castrol 8,994,760 53,138 1.19Grasim Industries 2,805,226 176,299 3.93Ultratech Cement 2,520,000 93,786 2.09622,458 13.89116 Aberdeen Global - Indian Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityTelecommunication Services - 1.32%Bharti Airtel 11,750,000 59,168 1.32Utilities - 5.53%GAIL 12,430,000 90,317 2.02GAIL GDR 103,650 4,465 0.10Gujarat Gas 12,256,000 79,672 1.77Tata Power 36,200,000 73,352 1.64247,806 5.53Equities 4,417,781 98.60Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 4,417,781 98.60Total investments 4,417,781 98.60Other net assets 62,546 1.40Total 4,480,327 100.00www.aberdeen-asset.com117


Japanese EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the JapaneseEquity – A Accumulation shares increased by 5.88% compared toa decrease of 0.78% in the benchmark, the Topix Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, JPY.Manager’s reviewJapanese equities surrendered gains in the first half and closedlower over the year under review. Early on, investors were cheeredby the weaker yen, which brightened prospects for exporters, as wellas improving US economic data and easing concerns about Europe’sdebt crisis. But markets fell from March and maintained a broaddowntrend thereafter, pressured by a rebound in the yen andnagging concerns over the global economy. Domestic growthprospects dimmed in turn; second-quarter GDP growth fell to anannualised rate of 0.7% as exports slid. Towards the period-end, theBank of Japan expanded its asset purchase programme by ¥10 trillionfollowing aggressive action by its counterparts in Europe and the USto buttress growth. In other developments, the lower house ofparliament passed a bill to double the consumption tax to 10% by2015, setting the stage for the first hike since 1997. Separately, alongstanding territorial dispute with China escalated, leading toanti-Japan protests across Chinese cities.Portfolio reviewAmong the period’s notable performers were shopping mall operatorParco, Astellas Pharma, and medical equipment maker Sysmex Corp.Parco was buoyed by department store operator J. Front Retailing’sbid to raise its stake in the company to 65% and turn it into asubsidiary. It subsequently completed its tender offer for Parco at¥1,100 per share. We tendered all our Parco shares, of which nearly85% was accepted. Astellas Pharma posted better-than-expectedprofits and received US Food and Administration approval for itsprostate cancer treatment, Xtandi, which is expected to contribute toits top line this fiscal year. In addition, the drug maker’s bladder controlmedication received positive feedback from US authorities. Sysmexalso maintained its good performance, supported by firm globaldemand for its haematology equipment.The laggards over the period were Canon, FCC and Amada. Canon, theglobal market leader for printers, copiers and digital cameras, loweredits full-year profit outlook in view of the weak operating environment.On the positive side, however, the company has been buying backshares, while its robust balance sheet and cash flow should provesupportive. Motorcycle parts manufacturer FCC and machine makerAmada were also buffeted by external headwinds. The former wasweighed down by credit tightening in Indonesia and the economicslowdown in Brazil, while the latter was hurt by depressed demandin China and the downturn in Europe.Apart from tendering all our Parco shares, we top sliced propertydeveloper Mitsubishi Estate, Bank of Yokohama and TakedaPharmaceutical over the year. Against this, we introduced maker ofbaby and child care products Pigeon Corp, which has a leading positionin Japan, the US and China. We also added to Sysmex, Japan Tobaccoand Chugai Pharmaceutical.OutlookJapan’s economy is once again slowing in the face of deceleratingglobal growth and as the boost from reconstruction activity fades.According to the IMF, the country’s growth is expected to reach 2.2%in 2012, before falling to 1.2% in 2013. Political instability, meanwhile,could resurface with an election expected in coming months.Heightened tensions with China, alongside a stubbornly high yen, haveadded to investor caution. But it is not all gloom. Corporate Japan hasheld up admirably despite the many hurdles in recent years. And thereare many good-quality companies that are not only strong in thedomestic market but are also growing their businesses overseas.118 Aberdeen Global - Japanese Equity


Statement of Net AssetsAs at 30 September 2012JP¥’000AssetsInvestments in securities at market value (note 2.2) 24,779,281Cash at bank 755,638Interest and dividends receivable 196,485Subscriptions receivable 27,821Unrealised gains on forward currency exchangecontracts (note 2.6) 96,809Total assets 25,856,034LiabilitiesTaxes and expenses payable 44,638Redemptions payable 241,311Total liabilities 285,949Net assets at the end of the year 25,570,085Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012JP¥’000Net assets at the beginning of the year 15,405,181Net gains from investments 97,429Net realised losses (1,219,223)Net unrealised gains 1,425,085Proceeds from shares issued 20,342,663Payments for shares redeemed (10,496,177)Net equalisation received (note 10) 15,127Net assets at the end of the year 25,570,085Share TransactionsFor the year from 1 October 2011 to 30 September 2012Stement of OperationsFor the year from 1 October 2011 to 30 September 2012JP¥’000IncomeInvestment income 421,080Other income 4,549Total income 425,629ExpensesManagement fees (note 4.6) 281,939Administration fees (note 4.1) 16,767Custodian fees (note 4.2) 4,351Distribution fees (note 4.3) 2Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 7,731Management Company fees (note 4.5) 1,921Operational expenses (note 4.7) 5,953Annual tax (note 4.9) 9,180Bank interest 356Total expenses 328,200Net gains from investments 97,429Realised losses on investments (392,284)Currency exchange losses (819,897)Realised losses on forward currency exchangecontracts (7,042)Net realised losses (1,219,223)Decrease in unrealised depreciation on investments 1,000,605Unrealised currency exchange gains 2,021Decrease in unrealised depreciationon forward currency exchange contracts 422,459Net unrealised gains 1,425,085Net increase in assets as a result of operations 303,291A-2 A(CHF)-2^ A(EUR)-2^ B-2 D(GBP)-2 I-2Shares outstanding at the beginning of the year 10,098,605 302,413 3,858,273 12,600 11,306,776 26,817Shares issued during the year 26,694,511 59,988 8,081,342 - 2,624,970 149,516Shares redeemed during the year (11,794,625) (65,793) (2,290,365) (12,600) (1,044,777) (78,104)Shares outstanding at the end of the year 24,998,491 296,608 9,649,250 - 12,886,969 98,229Net asset value per share 221.1323 145.5881 6.2366 - 1.7626 47,438.3687S-2 S(CHF)-2^ S(EUR)-2^Shares outstanding at the beginning of the year 160,220 75,259 1,623,156Shares issued during the year 34,036 582 839,866Shares redeemed during the year (125,016) (11,593) (396,218)Shares outstanding at the end of the year 69,240 64,248 2,066,804Net asset value per share 12,676.5030 144.0590 6.2181^ Hedge Share ClassThe accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com119


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueJP¥’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 96.91%Banks - 4.37%Bank of Kyoto 508,700 336,759 1.32Bank of Yokohama ∞ 2,099,000 779,779 3.051,116,538 4.37Chemicals - 12.49%Mandom Corp 383,100 783,248 3.06Shin-Etsu Chemical Co ∞ 342,400 1,500,568 5.87UniCharm Corp ∞ 203,500 910,663 3.563,194,479 12.49Construction - 4.47%Daito Trust Construction Co ∞ 100,400 789,144 3.09Sekisui House 453,000 351,528 1.381,140,672 4.47Electrical Appliances - 18.77%Canon Inc ∞ 609,400 1,518,930 5.94Fanuc Corp ∞ 107,100 1,345,712 5.26Keyence Corp ∞ 57,638 1,150,454 4.50Sysmex Corp 209,280 784,800 3.074,799,896 18.77Foods - 3.82%Japan Tobacco 418,000 977,493 3.82Information & Communication - 2.13%Yahoo Japan ∞ 18,337 544,792 2.13Land Transportation - 3.10%East Japan Railway Co ∞ 153,200 792,810 3.10Machinery - 5.22%Amada Co ∞ 1,031,000 352,602 1.38Nabtesco Corp ∞ 684,700 981,517 3.841,334,119 5.22Metal Products - 1.58%Rinnai Corp 69,600 405,072 1.58Other Products - 2.22%ASICS Corp 538,700 566,982 2.22120 Aberdeen Global - Japanese Equity


Market ValueJP¥’000Percentage oftotal netassets %SecurityQuantityPharmaceuticals - 14.34%Astellas Pharma Co ∞ 255,300 1,010,988 3.95Chugai Pharmaceutical Co ∞ 661,000 1,079,413 4.22Pigeon Corp 228,200 814,674 3.19Takeda Pharmaceutical Co ∞ 211,800 761,421 2.983,666,496 14.34Real Estate - 3.14%Mitsubishi Estate ∞ 538,000 802,965 3.14Retail Trade - 8.16%ABC Mart Inc 115,700 398,587 1.56McDonalds Holdings Co (Japan) ∞ 300,600 667,031 2.61Parco Co 96,229 80,399 0.31Seven & I Holdings Co 393,120 941,522 3.682,087,539 8.16Transportation Equipment - 13.10%Aisin Seiki Co ∞ 209,200 463,901 1.82FCC Co 639,000 802,584 3.14Honda Motor Co 457,600 1,097,782 4.29Toyota Motor Corp ∞ 324,600 985,161 3.853,349,428 13.10Equities 24,779,281 96.91Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 24,779,281 96.91Financial derivative instruments - 0.38%Forward currency exchange contracts - 0.38%UnrealisedGains/(Losses)JP¥’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountCHF JPY 03/10/12 4,931 (407,609) 1 -CHF JPY 03/10/12 6,008 (496,718) 1 -CHF JPY 02/10/12 11,866 (981,346) 1 -CHF JPY 04/10/12 13,086 (1,083,033) - -CHF JPY 02/10/12 20,419 (1,688,619) 2 -CHF JPY 01/10/12 57,373 (4,781,999) (32) -CHF JPY 14/12/12 205,621 (17,375,965) (343) -CHF JPY 14/12/12 861,794 (71,295,394) 93 -CHF JPY 14/12/12 1,034,219 (87,550,806) (1,880) (0.01)CHF JPY 14/12/12 9,318,622 (765,832,286) 6,091 0.02CHF JPY 14/12/12 42,431,060 (3,487,111,803) 27,736 0.11EUR JPY 03/10/12 24,784 (2,474,934) 6 -EUR JPY 14/12/12 251,382 (25,109,340) 54 -www.aberdeen-asset.com121


UnrealisedGains/(Losses)JP¥’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR JPY 02/10/12 565,305 (56,507,909) 75 -EUR JPY 14/12/12 1,168,672 (119,656,772) (2,675) (0.01)EUR JPY 01/10/12 1,188,794 (119,866,061) (877) -EUR JPY 14/12/12 1,557,374 (156,481,862) (591) -EUR JPY 14/12/12 3,163,093 (327,614,239) (10,993) (0.04)EUR JPY 14/12/12 11,643,048 (1,152,533,701) 12,917 0.05EUR JPY 14/12/12 59,273,701 (5,867,444,434) 65,761 0.26JPY CHF 14/12/12 17,141,851 (207,172) (20) -JPY CHF 14/12/12 96,669,355 (1,167,377) (32) -JPY EUR 01/10/12 14,585,056 (144,650) 107 -JPY EUR 14/12/12 130,734,933 (1,307,676) (161) -JPY EUR 14/12/12 213,237,400 (2,114,611) 1,568 -Unrealised gains on forward currency exchange contracts 96,809 0.38Unrealised gains on financial derivative instruments 96,809 0.38Total investments 24,876,090 97.29Other net assets 693,995 2.71Total 25,570,085 100.00∞A portion of this security is on loan at the year end.122 Aberdeen Global - Japanese Equity


Japanese Smaller CompaniesFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the JapaneseSmaller Companies - D Accumulation shares decreased by 0.42%compared to a decrease of 5.08% in the benchmark, the RussellNomura Small Cap Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, GBP.Manager’s reviewJapanese equities surrendered gains in the first half and closed lowerover the year under review. Early on, investors were cheered by theweaker yen, which brightened prospects for exporters, as well asimproving US economic data and easing concerns about Europe’s debtcrisis. Markets fell from March and maintained a broad downtrendthereafter, pressured by a rebound in the yen and nagging concernsover the global economy. Domestic growth prospects dimmed in turn;second-quarter GDP growth fell to an annualised rate of 0.7% asexports slid. Towards the period-end, the Bank of Japan expanded itsasset purchase programme by ¥10 trillion following aggressive actionby its counterparts in Europe and the US to buttress growth. In otherdevelopments, the lower house of parliament passed a bill to doublethe consumption tax to 10% by 2015, setting the stage for the firsthike since 1997. Separately, a longstanding territorial dispute withChina escalated, leading to anti-Japan protests across Chinese cities.Small cap stocks fell in line with their larger counterparts over the year.Portfolio reviewAt the stock level, snack manufacturer Calbee, property companySankei Building and shopping mall operator Parco contributed mostto relative return. Calbee, which posted better-than-expected profits,has been gaining market share domestically as well as laying thegroundwork for expansion in China and the US. Both Sankei Buildingand Parco received tender offers from media conglomerate Fuji Mediaand department store operator J. Front Retailing respectively. Wetendered all our shares in both companies in view of the attractiveprices, which represented fair value.Conversely, Dr. Ci:Labo, FCC and Amada were relatively weak over theyear. Cosmetics company Dr. Ci:Labo’s results disappointed on the backof softer demand and higher operating expenses. Nonetheless, thecompany announced a share buyback to improve shareholder return.Motorcycle parts manufacturer FCC and machine maker Amada werealso buffeted by external headwinds. The former was weighed down bycredit tightening in Indonesia and the economic slowdown in Brazil,while the latter was hurt by depressed demand in China and thedownturn in Europe.Apart from tendering our shares in Parco and Sankei Building, we topsliced Awa Bank following its relative outperformance. We also soldmushroom producer Hokuto as well as chemicals company Kureha,given its deteriorating business outlook and unfocused capitalreinvestment plans. Against this, we added to Canon Electronics andintroduced maker of camera lenses and optical components TamronCo. With its edge in developing lenses, particularly for digital singlelensreflex cameras, Tamron’s business has a high barrier to entry andis well positioned for growth in the medium to longer term.OutlookJapan’s economy is once again slowing in the face of deceleratingglobal growth and as the boost from reconstruction activity fades.According to the IMF, the country’s growth is expected to reach 2.2%in 2012, before falling to 1.2% in 2013. Political instability, meanwhile,could resurface with an election expected in coming months.Heightened tensions with China, alongside a stubbornly high yen,have added to investor caution. But it is not all gloom. Corporate Japanhas held up admirably despite the many hurdles in recent years. Andthere are many good-quality companies that are not only strong in thedomestic market but are also growing their businesses overseas.www.aberdeen-asset.com123


Statement of Net AssetsAs at 30 September 2012JP¥’000AssetsInvestments in securities at market value (note 2.2) 11,624,172Cash at bank 375,197Interest and dividends receivable 92,867Subscriptions receivable 108,173Unrealised gains on forward currency exchangecontracts (note 2.6) 6,256Total assets 12,206,665LiabilitiesTaxes and expenses payable 18,392Redemptions payable 195,420Total liabilities 213,812Net assets at the end of the year 11,992,853Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012JP¥’000Net assets at the beginning of the year 9,704,203Net gains from investments 57,863Net realised losses (327,122)Net unrealised gains 626,747Proceeds from shares issued 10,507,750Payments for shares redeemed (8,593,001)Net equalisation received (note 10) 16,413Net assets at the end of the year 11,992,853Statement of OperationsFor the year from 1 October 2011 to 30 September 2012JP¥’000IncomeInvestment income 200,064Other income 3,834Total income 203,898ExpensesManagement fees (note 4.6) 123,786Administration fees (note 4.1) 7,909Custodian fees (note 4.2) 1,913Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 3,715Management Company fees (note 4.5) 957Operational expenses (note 4.7) 4,773Annual tax (note 4.9) 2,906Bank interest 76Total expenses 146,035Net gains from investments 57,863Realised losses on investments (270,910)Currency exchange losses (56,215)Realised gains on forward currency exchange contracts 3Net realised losses (327,122)Decrease in unrealised depreciation on investments 594,946Unrealised currency exchange losses (1,064)Decrease in unrealised depreciationon forward currency exchange contracts 32,865Net unrealised gains 626,747Net increase in assets as a result of operations 357,488Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 A(EUR)-2^ D(GBP)-2 I-2 S-2 S(EUR)-2^Shares outstanding at the beginning of the year 2,417,330 375,125 4,626,613 7,610,360 21,649 380,244Shares issued during the year 765,214 375,857 1,536,596 16,713,867 6,417 20,071Shares redeemed during the year (1,646,763) (148,137) (1,759,928) (10,459,680) (16,896) (400,315)Shares outstanding at the end of the year 1,535,781 602,845 4,403,281 13,864,547 11,170 -Net asset value per share 564.1426 9.3876 4.4922 530.1816 64,837.9834 -^Hedge Share ClassThe accompanying notes form an integral part of these financial statements.124 Aberdeen Global - Japanese Smaller Companies


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueJP¥’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 96.93%Banks - 2.59%Awa Bank ∞ 167,000 84,085 0.70Musashino Bank ∞ 94,500 226,611 1.89310,696 2.59Chemicals - 8.76%Japan Pure Chemical Co 845 161,522 1.35Kansai Paint Company ∞ 530,000 457,920 3.82Mandom Corp 210,600 430,572 3.591,050,014 8.76Electrical Appliances - 4.78%Canon Electronics Inc 256,200 439,767 3.67Optex Co 151,100 132,968 1.11572,735 4.78Electric Power & Gas - 4.10%Shizuoka Gas Co 861,500 491,917 4.10Foods - 4.10%Calbee Inc ∞ 72,000 492,120 4.10Health Care - 15.47%Dr.Ci:Labo ∞ 1,498 394,648 3.29Mani Inc 142,200 401,075 3.34Pigeon Corp 184,800 659,736 5.50Sysmex Corp ∞ 106,800 400,500 3.341,855,959 15.47Information & Communication - 5.87%Intage Inc 111,600 187,600 1.56Macromill Inc ∞ 200,000 196,500 1.64Okinawa Cellular Telephone Co 188,200 320,316 2.67704,416 5.87Machinery - 9.01%Amada Co ∞ 575,000 196,650 1.64Nabtesco Corp ∞ 423,500 607,087 5.06Yushin Precision Equipment 200,900 277,443 2.311,081,180 9.01Other Products - 4.22%ASICS Corp ∞ 480,400 505,621 4.22Pharmaceuticals - 2.06%EPS Co 1,106 246,472 2.06www.aberdeen-asset.com125


Market ValueJP¥’000Percentage oftotal netassets %SecurityQuantityPrecision Instruments - 6.35%Asahi Intecc ∞ 185,400 455,157 3.80Tamron Co 128,000 305,600 2.55760,757 6.35Retail Trade - 7.37%ABC Mart Inc ∞ 54,700 188,442 1.57Maxvalu Tokai Co 252,300 283,585 2.36Parco Co 39,734 33,198 0.28San-A Co 122,000 379,420 3.16884,645 7.37Services - 12.18%Aeon Delight Co 177,800 305,816 2.55Heian Ceremony Service Co 620,700 297,315 2.48ResortTrust Inc 305,020 444,414 3.71USS Co ∞ 36,810 303,682 2.53Yomiuri Land Co 416,000 108,576 0.911,459,803 12.18Transportation Equipment - 10.07%FCC Co 337,000 423,272 3.53Musashi Seimitsu Industry Co 296,700 426,951 3.56Naigai Trans Line 60,000 53,970 0.45Showa Aircraft Industry 737,000 303,644 2.531,207,837 10.07Equities 11,624,172 96.93Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 11,624,172 96.93Financial derivative instruments - 0.05%Forward currency exchange contracts - 0.05%UnrealisedGains/(Losses)JP¥’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR JPY 14/12/12 5,669,908 561,258,548 6,291 0.05EUR JPY 03/10/12 5,612 560,466 1 -EUR JPY 01/10/12 48,176 4,857,561 (36) -Unrealised gains on forward currency exchange contracts 6,256 0.05Unrealised gains on financial derivative instruments 6,256 0.05Total investments 11,630,428 96.98Other net assets 362,425 3.02Total 11,992,853 100.00∞A portion of this security is on loan at the year end.126 Aberdeen Global - Japanese Smaller Companies


Latin American EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Latin AmericanEquity - S Accumulation shares increased by 20.58% compared to anincrease of 14.06% in the benchmark, the MSCI EM Latin America10/40 Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewLatin American stock markets rose in the year under review amidvolatility. Commodity prices, in particular copper, advanced. Initially,the abundance of liquidity in the global financial system led markets torally, despite the looming debt crisis in the Eurozone. Subsequently, riskappetite waned as global growth deteriorated, with markets returningmuch of its gains. In response, Chile and Colombia lowered benchmarkinterest rates, while Brazil cut rates several times. On the economicfront, much of the region demonstrated resilience to the globalslowdown. The strength of domestic demand, robust commodityprices and fixed asset investments counterbalanced the decelerationin exports. In Brazil, policymakers tried to improve efficiency andstimulate investment, targeting bottlenecks which have held backgrowth. This, along with further quantitative easing in the US andEurope, lifted markets towards period-end.In portfolio activity, we introduced leading Colombian food retailerExito, well-run Brazilian retailer Hering and Chilean Coca-Cola bottlerEmbotelladora Andina at attractive valuations. Against this, we exitedBrazilian aerospace conglomerate Embraer on concerns over itsworsening operating environment, as well as its relativeoutperformance this year.OutlookWhile sentiment was lifted briefly by central banks’ monetarystimulus, structural problems remain unaddressed. Worries overgrowth prospects have since resurfaced. The persistence of poorunemployment and anaemic economic data in developed countriescontinue to weigh on emerging markets’ exports. In politics, HugoChavez was elected as Venezuela’s president, bringing nervousnessinto markets due to his past oil-fuelled socialist populism. Despitethat, South American economies have demonstrated resilience,backed by supportive commodity prices and robust domestic demand.Policy makers were also quick to implement measures to support theireconomies. Further, long-term fundamentals remain in place andvaluations are increasingly attractive, which should help cushionthe impact of decelerating global growth.Portfolio reviewAt the stock level, contributors to the Fund’s outperformanceincluded Mexican lender Banorte, Argentine pipemaker Tenaris andBrazilian property developer and shopping mall operator Multiplan.Tenaris was boosted by higher margins and stability in its business.Banorte was buoyed by good results arising from robust loan growthand improvement in asset quality, as well as the improving US outlook.Solid quarterly results arising from healthy property sales and robustgrowth in rental revenues underpinned Multiplan.On the other hand, not holding cement producer Cemex, Colombianstate oil producer Ecopetrol and Brazilian brewer Ambev, cost theFund. Cemex’s shares rose on the news of a sale in some of its LatinAmerican assets. Ecopetrol saw record profits in 2011 as productionrose to an all-time high; it also gained from its agreement withPanAtlantic Energy Group, which will give Ecopetrol a 30% stake inBrazilian exploration blocks. Ambev outperformed the market on theback of its resilient business and was further lifted by management’supbeat outlook for 2012.www.aberdeen-asset.com127


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 1,314,436Cash at bank 39,501Interest and dividends receivable 1,179Subscriptions receivable 6,366Receivable for investments sold 634Unrealised gains on forward currency exchangecontracts (note 2.6) 238Other assets 43Total assets 1,362,397LiabilitiesPayable for investments purchased 15,349Taxes and expenses payable 2,000Redemptions payable 1,946Total liabilities 19,295Net assets at the end of the year 1,343,102Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$’000Net assets at the beginning of the year 572,553Net gains from investments 9,903Net realised losses (2,458)Net unrealised gains 135,217Proceeds from shares issued 1,039,731Payments for shares redeemed (417,710)Net equalisation received (note 10) 5,866Net assets at the end of the year 1,343,102Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$’000IncomeInvestment income 23,040Other income 4Total income 23,044ExpensesManagement fees (note 4.6) 10,519Administration fees (note 4.1) 213Custodian fees (note 4.2) 1,612Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 383Management Company fees (note 4.5) 94Operational expenses (note 4.7) 132Annual tax (note 4.9) 178Bank interest 10Total expenses 13,141Net gains from investments 9,903Realised losses on investments (1,437)Currency exchange losses (836)Realised losses on forward currency exchangecontracts (185)Net realised losses (2,458)Decrease in unrealised depreciation on investments 134,966Unrealised currency exchange losses (4)Decrease in unrealised depreciationon forward currency exchange contracts 255Net unrealised gains 135,217Net increase in assets as a result of operations 142,662Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 A(EUR)-2^ E(EUR)-2 I-2 S-2 Z-2Shares outstanding at the beginning of the year 18,765 51,743 3,173,058 99,074 14,778 8,971Shares issued during the year 38,623 1,198,545 925,843 159,753 16,299 -Shares redeemed during the year (32,671) (79,813) (761,373) (42,802) (15,519) (3,671)Shares outstanding at the end of the year 24,717 1,170,475 3,337,528 216,025 15,558 5,300Net asset value per share 4,371.5442 9.1678 9.6199 5,123.8323 4,353.3474 1,006.0799^Hedge Share Class.The accompanying notes form an integral part of these financial statements.128 Aberdeen Global - Latin American Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.86%Argentina - 3.51%Tenaris ADR 1,155,000 47,078 3.51Brazil - 64.32%Amil Participacoes 1,385,534 16,558 1.23Arezzo Industria E Comercio 1,244,000 22,399 1.67Banco Bradesco (Pref) 7,108,262 113,992 8.49Banco Itau Holdings (Pref) 4,719,000 71,072 5.29BM&F Bovespa 3,697,000 22,304 1.66Bradespar (Pref) 1,457,128 20,207 1.50BRF-Brasil Foods 1,007,000 17,380 1.29CIA Hering 755,000 17,063 1.27Localiza Rent a Car 1,132,000 19,858 1.48Lojas Renner 1,475,000 49,271 3.67Multiplan Empreendimentos 1,680,492 49,571 3.69Natura Cosmeticos 1,333,568 36,235 2.70OdontoPrev 3,385,000 18,921 1.41Petrol Brasileiro (Pref) 10,551,870 116,373 8.67Saraiva Livreiros (Pref) 529,300 5,994 0.45Souza Cruz 1,779,000 24,048 1.79TOTVS 667,000 13,793 1.02Ultrapar Participacoes 2,324,568 52,156 3.88Vale (Pref) 'A' 1,558,000 27,078 2.02Vale (Pref) ADR 5,556,000 96,536 7.18Valid Solucoes 1,003,400 18,633 1.39WEG 1,246,200 14,533 1.08Wilson Sons 1,368,958 19,970 1.49863,945 64.32Chile - 6.44%Banco Santander - Chile ADR 569,248 41,666 3.10Embotelladora (Pref) 'A' 3,398,903 15,901 1.18Embotelladora (Pref) 'B' 870,028 5,014 0.37S.A.C.I. Falabella 2,391,000 24,051 1.7986,632 6.44Columbia - 2.31%Almacenes Exito 911,238 15,053 1.12Bancolombia 1,090,368 16,014 1.1931,067 2.31Mexico - 21.28%America Movil 38,307,000 48,907 3.64FEMSA ADR 578,002 53,153 3.96Grupo Aeroportuario Del Centro Norte ADR 1,478,076 26,495 1.97www.aberdeen-asset.com129


Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Grupo Aeroportuario Sur ADS 214,100 18,935 1.41Grupo Financiero Banorte 10,128,300 57,328 4.27Kimberly Clark De Mexico 11,279,664 26,924 2.01Organizacion Soriana 'B' 7,311,336 23,801 1.77Urbi Desarrollos Urbanos 4,811,678 2,953 0.22Wal-mart De Mexico 9,675,000 27,218 2.03285,714 21.28Equities 1,314,436 97.86Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 1,314,436 97.86Financial derivative instruments - 0.02%Forward currency exchange contracts - 0.02%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR USD 04/10/12 3,314 4,260 - -EUR USD 14/12/12 9,801,573 12,377,818 243 0.02EUR USD 14/12/12 370,724 474,924 2 -EUR USD 14/12/12 242,598 313,145 (1) -EUR USD 14/12/12 220,700 289,424 (5) -EUR USD 14/12/12 252,492 327,166 (2) -USD EUR 01/10/12 230,529 178,056 1 -USD EUR 02/10/12 44,570 34,677 - -Unrealised gains on forward currency exchange contracts 238 0.02Unrealised gains on financial derivative instruments 238 0.02Total investments 1,314,674 97.88Other net assets 28,428 2.12Total 1,343,102 100.00130 Aberdeen Global - Latin American Equity


Multi-Manager World EquityFor the period from 16 December 2011 to 30 September 2012Commencement of FundThe Fund was launched in the period ended 30 September 2012. The first net asset value (NAV) calculation for the Fund was 19 December 2011.Corporate activityOn 16 December 2011, the Aberdeen Multi Fund(Lux) Funds amalgamated into the Aberdeen Global – Multi Manager World Equity Fundresulting in a contribution in kind worth €67,853 million in investments and cash. Shareholders involved in the amalgamation received newshares in Aberdeen Global – Multi Manager World Equity Fund as follows:Aberdeen Multi Fund (Lux) Share Class Aberdeen Global Share Class Contribution in kind (€’000) Merger RatioBalanced Global A – 2 Multi – Manager World Equity A – 2 3,396 1.400725842Constellation Global A – 2 Multi – Manager World Equity A – 2 15,052 1.558795267Constellation Global I – 2 Multi – Manager World Equity I – 2 30,280 124.951783946Equity Europe A – 2 Multi – Manager World Equity A – 2 9,682 1.558169993Moderation A – 2 Multi – Manager World Equity A – 2 9,443 1.112716059PerformanceFor the period 16 December 2011 to 30 September 2012, the value ofthe Multi Manager World Equity – A Accumulation shares increased by18.86% compared to an increase of 26.17% in the benchmark, theMSCI AC World Net Return Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewOver the review period, global equity markets postedrobust double-digit gains despite slowing economic growthand heightened fears over peripheral Europe. Sector rotationand market volatility were significant themes through the year,given persistent concerns over the fiscal challenges in Europe andother developed economies. Nonetheless, policy action by majorcentral banks drove equities higher. Newly appointed EuropeanCentral Bank (ECB) president Mario Draghi took concrete measuresto reduce Eurozone contagion risks by cutting interest rates,implementing long-term refinancing operations and providing capitalfor Spanish banks. He also indicated that the ECB would do “whateverit takes” to preserve the single currency. Elsewhere, the US FederalReserve launched a third round of quantitative easing, while othercentral banks, including the People’s Bank of China, also eased policy.We initiated a new position in the Skandia Fisher Global EmergingMarkets Fund. Managed by a select committee of five senior investors,this portfolio draws from a significant research resource and is overseenby Ken Fisher. Introduced as a core emerging markets proposition, theposition is expected to compliment the value-sensitive First StateGlobal Emerging Leaders allocation.OutlookWhile we are mindful that the situation in Europe remainsunresolved and the US fiscal challenges will need to be managedby the newly elected US administration, we are also conscious ofthe upside risks in markets. With decisive policy action in the US andEurope, the rise in equity markets has been fuelled by the anchoringof long-term rates at very low levels. However, significant fiscalchallenges remain and the initial boost to confidence as a result ofpolicy action will become more muted over the coming months. Theopen nature of the steps taken is significant and there are grounds forbelieving that macroeconomic data will improve at the margin in thefinal months of the year. However, we are within a period of companyreporting that coincided with the US presidential elections. Hence, wehave retained a balance between the blend of underlying managers andoverall asset allocation within the portfolio.Portfolio reviewRobust returns were generated across equity markets, withleadership rotating from the US to Europe over the period. TheBlackrock Continental European Flexible Fund gained 26.1% whileJOHCM Continental European was 20.3% higher. ThreadneedleAmerican Extended Alpha advanced by 23.1% while Brown AdvisoryUS Equity Growth, M&G American and Montag & Caldwell US EquityLarge Cap Growth posted solid returns of 21.8%, 20.2% and 19.2%respectively. The biggest detractor was the investment in Japan, whereGLG Core Alpha declined by 1.0% and Morant Wright Nippon Yieldadvanced by 9.3%.www.aberdeen-asset.com131


Statement of Net AssetsAs at 30 September 2012€’000AssetsInvestments in securities at market value (note 2.2) 56,286Cash at bank 2,224Interest and dividends receivable 109Subscriptions receivable 10Other assets 107Total assets 58,736LiabilitiesPayable for investments purchased 53Taxes and expenses payable 82Redemptions payable 659Total liabilities 794Net assets at the end of the period 57,942Statement of Changes in Net AssetsFor the period from 16 December 2011 to 30 September 2012€’000Net losses from investments (188)Net realised gains 3,015Net unrealised gains 6,307Proceeds from shares issued 74,687Payments for shares redeemed (25,870)Net equalisation paid (note 10) (9)Net assets at the end of the period 57,942Statement of OperationsFor the period from 16 December 2011 to 30 September 2012€’000IncomeInvestment income 364Bank interest 2Other income 130Total income 496ExpensesManagement fees (note 4.6) 523Administration fees (note 4.1) 31Custodian fees (note 4.2) 8Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 31Management Company fees (note 4.5) 5Operational expenses (note 4.7) 66Annual tax (note 4.9) 20Total expenses 684Net losses from investments (188)Realised gains on investments 2,986Currency exchange gains 29Net realised gains 3,015Increase in unrealised appreciation on investments 6,307Net unrealised gains 6,307Net increase in assets as a result of operations 9,134Share TransactionsFor the period from 16 December 2011 to 30 September 2012A-2 I-2Shares outstanding at the beginning of the period - -Shares issued during the period 4,334,866 3,067,986Shares redeemed during the period (1,374,382) (980,063)Shares outstanding at the end of the period 2,960,484 2,087,923Net asset value per share 11.4494 11.5167The accompanying notes form an integral part of these financial statements.132 Aberdeen Global - Multi-Manager World Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket Value€’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketOpen Ended Investment Funds - 97.14%Asia-Pacific - 11.02%Coupland Cardiff Asia Alpha Fund 341,221 3,587 6.19Tiburon Taipan Fund 1,921 2,796 4.836,383 11.02Emerging Markets - 7.12%First State Global Emerging Markets Leaders Fund 1,347,505 1,790 3.09SIG Fisher Global Emerging Markets Fund 206,265 2,333 4.034,123 7.12Europe - 14.46%Blackrock Continental European Flexible Fund 153,257 1,999 3.45Hermes Sourcecap Europe Fund 713,050 1,566 2.70JO Hambro Continental European Fund 873,341 2,430 4.19Neptune European Opportunities Fund 548,613 2,385 4.128,380 14.46Japan - 8.39%Capita Financial Morant Wright Nippon Yield Fund 871,556 1,917 3.31GLG Japan Core Alpha Fund 38,764 2,943 5.08JO Hambro Japan Fund 11 - -4,860 8.39United Kingdom - 8.83%GLG UK Select Professional Fund 1,264,538 2,147 3.71JO Hambro UK Opportunities Fund 1,383,120 2,930 5.05Old Mutual UK Dynamic Equity Fund 19,017 42 0.075,119 8.83United States - 47.32%Brown Advisory US Equity Growth Fund 367,870 4,524 7.81Cullen North American High Dividend-Value Equity Fund 398,020 3,524 6.08Findlay Park American Smaller Companies Fund 124,134 5,187 8.95M&G American Fund 320,295 4,506 7.78Montag & Caldwell US Equity Large Cap Growth Fund 346,984 4,586 7.91Threadneedle American Extended Alpha Fund 2,476,513 5,094 8.7927,421 47.32Open Ended Investment Funds 56,286 97.14Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 56,286 97.14Total investments 56,286 97.14Other net assets 1,656 2.86Total 57,942 100.00www.aberdeen-asset.com133


Responsible World EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the ResponsibleWorld Equity – A Accumulation shares increased by 18.08% comparedto an increase of 22.32% in the benchmark, the MSCI World Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewGlobal equities rallied in the year under review, largely drivenby the vast amount of liquidity injected into the global financialsystem. Developed markets generally outperformed their emergingcounterparts. Throughout the period, the Eurozone debt crisis andslowing economic activity dominated sentiment. Notably, thetenuous recovery in the US and a significant deceleration in China’sgrowth cast a pall over the global economic outlook. Risk appetitereturned following efforts by major central banks to provide emergencyloans to European banks, while Britain and Japan expanded quantitativeeasing. In particular, the European Central Bank (ECB)’s long-termrefinancing operation for lenders raised investors’ hopes, as did newsof the €130 billion Greek bailout. Optimism that funding pressureswould ease was also boosted by the ECB’s interest rate cuts to ahistoric low and bond-buying programme, known as OutrightMonetary Transactions. In addition, the US Federal Reserve’s (Fed)third round of quantitative easing lifted sentiment towards the endof the period.Portfolio reviewThe Fund’s underperformance was largely a result of the underweightto the US, where the stock market outperformed following the Fed’spolicy easing.At the stock level, energy holdings such as Italian-listed pipemakerTenaris and Eni, as well as EOG Resources in the US, were amongthe top contributors to relative return, boosted by the rise in the oilprice. Semiconductor companies also did well. Taiwan SemiconductorManufacturing Company benefited from solid earnings driven byhealthy demand. Korea’s Samsung Electronics, which counts theUS and Europe as its major export markets, gained followingincreased stimulus in the West and improved panel and handsetdemand forecasts.Conversely, holdings in the health care and information technologysectors detracted from relative return. Japan’s Canon was the mainlaggard, as it was affected by a sluggish office equipment market andconcerns over demand for cameras, leading it to lower its full-yearprofit outlook. On the positive side, however, the company announcedanother round of share buybacks. Japanese machine toolmaker Amadaand Takeda Pharmaceutical suffered from a deteriorating outlook; theseholdings were subsequently sold.Other portfolio transactions included the sale of UK-listed minerRio Tinto after its price strength to reinvest in better opportunitieselsewhere. Against this, we introduced several companies at attractivevaluations. These included Canadian fertiliser producer Potash Corp ofSaskatchewan, which is a market leader that benefits from a solid assetbase and robust long-term demand drivers, and Hong Kong-basedinsurance group AIA, a high quality company with good growthprospects in Asia. We also initiated positions in Brazilian miner Vale andUS cable company Comcast, which generate solid cash flows thatcould lead to attractive dividend payouts.OutlookWhile recent stimulus efforts by major central banks may have liftedmarkets, these stop-gap measures appear to succeed only in boostingshort-term sentiment and inflating asset prices, instead of providingviable long-term solutions. Evidently, central bank policies onlycontribute to half of the equation, with the other half dependent ongovernment spending via fiscal policies. At present, we remain waryof several events, including the looming “fiscal cliff” in the US and thepossibility of a Chinese hard landing, which will have a dire impact onexport-dependent economies. On the corporate front, the earningsoutlook appears challenging. As such, we maintain a cautious stance.134 Aberdeen Global - Responsible World Equity


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 174,319Cash at bank 5,908Interest and dividends receivable 461Subscriptions receivable 47Other assets 36Total assets 180,771LiabilitiesPayable for investments purchased 114Taxes and expenses payable 148Redemptions payable 5,201Total liabilities 5,463Net assets at the end of the year 175,308Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$’000Net assets at the beginning of the year 186,037Net gains from investments 4,156Net realised gains 2,775Net unrealised gains 26,667Proceeds from shares issued 34,916Payments for shares redeemed (78,881)Net equalisation paid (note 10) (362)Net assets at the end of the year 175,308Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$’000IncomeInvestment income 5,116Other income 48Total income 5,164ExpensesManagement fees (note 4.6) 716Administration fees (note 4.1) 77Custodian fees (note 4.2) 36Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 74Management Company fees (note 4.5) 18Operational expenses (note 4.7) 57Annual tax (note 4.9) 28Bank interest 2Total expenses 1,008Net gains from investments 4,156Realised gains on investments 2,959Currency exchange losses (184)Net realised gains 2,775Decrease in unrealised depreciation on investments 26,668Unrealised currency exchange losses (1)Net unrealised gains 26,667Net increase in assets as a result of operations 33,598Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 I-2 Z2 E-2Shares outstanding at the beginning of the year 6,443,403 2,488,094 14,120,769 -Shares issued during the year 2,559,187 1,355,759 4,046 50,000Shares redeemed during the year (5,674,581) (347,732) (2,874,446) -Shares outstanding at the end of the year 3,328,009 3,496,121 11,250,369 50,000Net asset value per share 9.3266 9.4318 9.8296 11.0032The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com135


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 99.44%Australia - 2.52%QBE Insurance Group 328,000 4,420 2.52Brazil - 6.23%Banco Bradesco (Pref) ADR 269,100 4,326 2.47Petroleo Brasileiro (Pref) ADR 170,100 3,755 2.14Vale (Pref) ADR 163,900 2,848 1.6210,929 6.23Canada - 3.96%Canadian National Railway 3,400 300 0.17Canadian National Railway ∞ 35,600 3,142 1.79Potash Corporation of Saskatchewan 80,747 3,503 2.006,945 3.96China - 3.32%China Mobile 254,500 2,825 1.61PetroChina ∞ 2,284,600 2,994 1.715,819 3.32France - 2.58%Casino 21,500 1,908 1.09Schneider Electric 44,100 2,614 1.494,522 2.58Hong Kong - 2.20%AIA Group 533,200 1,982 1.13Swire Pacific 'A' 153,000 1,877 1.073,859 2.20Italy - 5.57%ENI ∞ 204,300 4,476 2.55Tenaris ADR 129,844 5,292 3.029,768 5.57Japan - 6.24%Canon Inc 77,700 2,489 1.42Daito Trust Construction Co ∞ 29,500 2,980 1.70Fanuc Corp 16,700 2,697 1.54Shin-Etsu Chemical Co ∞ 49,200 2,771 1.5810,937 6.24Netherlands - nilRoyal Dutch Shell 'A' 16 1 -136 Aberdeen Global - Responsible World Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantitySingapore - 2.22%City Developments 206,500 1,977 1.13Oversea-Chinese Banking Corp 249,802 1,903 1.093,880 2.22South Korea - 3.46%Samsung Electronics GDR 17,181 6,069 3.46Sweden - 5.29%Atlas Copco AB 84,100 1,967 1.12Ericsson 392,000 3,580 2.05Nordea Bank 374,600 3,709 2.129,256 5.29Switzerland - 14.08%Nestle 71,300 4,501 2.57Novartis 104,800 6,421 3.66Roche Holdings 39,100 7,312 4.17Zurich Financial Services 25,900 6,453 3.6824,687 14.08Taiwan - 5.06%TSMC ADR 560,100 8,864 5.06United Kingdom - 14.30%Centrica 692,100 3,663 2.09HSBC 409,400 3,790 2.16Royal Dutch Shell 'B' 147,200 5,225 2.98Standard Chartered 240,500 5,437 3.10Vodafone 2,453,000 6,962 3.9725,077 14.30United States - 22.41%Cisco Systems 184,900 3,531 2.02Comcast 57,900 2,070 1.18CVS Caremark 122,000 5,907 3.37EOG Resources 32,800 3,675 2.10Johnson & Johnson 97,300 6,701 3.82Kraft 85,800 3,548 2.02Oracle 140,600 4,424 2.52PepsiCo 67,900 4,804 2.74Quest Diagnostics 45,700 2,898 1.65Schlumberger 23,900 1,728 0.9939,286 22.41Equities 174,319 99.44www.aberdeen-asset.com137


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityTransferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 174,319 99.44Total investments 174,319 99.44Other net assets 989 0.56Total 175,308 100.00∞A portion of this security is on loan at the year end.138 Aberdeen Global - Responsible World Equity


Russian EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the Russian Equity- S Accumulation shares increased by 20.95% compared to an increaseof 20.92% in the benchmark, the MSCI Russia 10/40 Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewRussian equities rose sharply during the year under review,outperforming the broader emerging markets asset class. Initially,sentiment was underpinned by European efforts to contain thedebt crisis and rising oil prices. But risk appetite turned as softeconomic data across the globe stoked growth fears, while Spain’sbanking crisis deepened Eurozone worries. Russia’s growth alsomoderated owing to weakness in mining and manufacturing,although domestic demand remained resilient. The central bankcut rates in December but subsequently raised rates twice to curbaccelerating inflation. Political tensions also rose as Vladimir Putinwas re-elected as president amid accusations of rigged polls. Towardsthe period end, however, concerted policy easing from major centralbanks provided the impetus for a robust market rebound, albeit atemporary one. Domestic equities were also buoyed by Russia’sadmission to the World Trade Organisation, which is expected toboost foreign investment in the longer term.Portfolio reviewAt the stock level, the lack of exposure to base metals producer NorilskNickel and state-controlled lender VTB Bank bolstered relative return.Corporate governance issues continued to weigh on Norilsk Nickel,while unexpected portfolio losses forced VTB Bank to seek a bailoutfrom the central bank. Our holding in Eurasia Drilling also contributedpositively, as its share price rose sharply on hopes that the oilfieldservices provider would benefit from increased capital expenditureby the oil majors.During the year, we introduced O’Key Group, given the hypermarketoperator’s attractive valuations and well-focused growth, andUralkali, a leading global producer of potash, a key commodity forthe agricultural and chemical industries. We also initiated a positionin brewer Anadolu Efes Biracilik Ve Maltstrana. Although based inTurkey, 40% of its sales already come from Russia and theCommonwealth of Independent States and management has declaredthat this region is the company’s strategic priority for the future.Conversely, we divested Baltika Brewery after its share price rosesharply in anticipation of a privatisation offer from controllingshareholder Carlsberg. We also sold Pharmstandard because of weakperformance and concerns over governance and transparency. Inaddition, we pared Vimpelcom after the stock rallied on news that AlfaGroup paid a premium to increase its stake in the telecoms company.OutlookConcerted central bank action has boosted Russian equities,but the rally appears to be waning, as worries over global growthprospects return to the fore. Europe’s debt problems are far fromover as the underlying fundamentals remain weak. Growth in the USis still fragile. The looming ‘fiscal cliff’ may tip the US economy backinto recession if policymakers allow tax hikes and budget cuts to occurnext year. Add to that growing concern that the Federal Reserve’s latestround of quantitative easing may stoke inflation and trigger gains forthe rouble which would make Russian exports less competitive.Investor sentiment is therefore likely to remain subdued, with theoutlook susceptible to further economic or policy disappointments.During such times, balance sheet strength and managing growth ina relatively conservative and disciplined manner become even moreimportant and these are the very attributes that characterise manyof our holdings.On the other hand, food retailer X5 Retail detracted the most becauseof lacklustre operating performance and the resignations of several keyexecutives. Our holding in Bank Vozrozhdenie hurt relative return, asthe lender grappled with increasing competition from larger banks.Another laggard was Kazakh diversified resources group EurasianNatural Resources, which was shaken by a boardroom feud.www.aberdeen-asset.com139


Statement of Net AssetsAs at 30 September 2012€’000AssetsInvestments in securities at market value (note 2.2) 37,655Cash at bank 601Interest and dividends receivable 78Subscriptions receivable 12Receivable for investments sold 106Total assets 38,452LiabilitiesTaxes and expenses payable 107Redemptions payable 358Total liabilities 465Net assets at the end of the year 37,987Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012€’000Net assets at the beginning of the year 44,102Net losses from investments (73)Net realised losses (2,495)Net unrealised gains 10,337Proceeds from shares issued 10,414Payments for shares redeemed (24,298)Net assets at the end of the year 37,987Statement of OperationsFor the year from 1 October 2011 to 30 September 2012€’000IncomeInvestment income 928Bank interest 1Other income 2Total income 931ExpensesManagement fees (note 4.6) 736Administration fees (note 4.1) 38Custodian fees (note 4.2) 159Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 16Management Company fees (note 4.5) 4Operational expenses (note 4.7) 33Annual tax (note 4.9) 18Total expenses 1,004Net losses from investments (73)Realised losses on investments (2,494)Currency exchange losses (1)Net realised losses (2,495)Decrease in unrealised depreciation on investments 10,337Unrealised currency exchange gains 2Decrease in unrealised appreciationon forward currency exchange contracts (2)Net unrealised gains 10,337Net increase in assets as a result of operations 7,769Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 I-2 S-2Shares outstanding at the beginning of the year 2,030,173 12,851 2,872,959Shares issued during the year 294,986 7,666 282,719Shares redeemed during the year (726,046) (16,619) (828,927)Shares outstanding at the end of the year 1,599,113 3,898 2,326,751Net asset value per share 8.9715 729.5616 8.9381The accompanying notes form an integral part of these financial statements.140 Aberdeen Global - Russian Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket Value€’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 99.13%Consumer Discretionary - 2.21%Silvano Fashion 275,106 838 2.21Consumer Staples - 23.56%Anadolu Efes Biracilik Ve Malstana 53,000 611 1.61Magnit ORD 33,637 3,488 9.18O’key Group 245,000 1,823 4.80Synergy 129,887 1,489 3.92X5 Retail GDR 93,905 1,538 4.058,949 23.56Energy - 32.03%Eurasia Drilling GDR 77,800 1,997 5.26Gazprom ADR 102,476 798 2.10Kazmunaigas Exploration Production GDR 103,631 1,482 3.90Lukoil 76,823 3,685 9.70Novatek GDR 17,723 1,631 4.30Rosneft OJSC GDR ∞ 492,272 2,572 6.7712,165 32.03Financials - 14.00%Bank Vozrozhdenie 114,578 1,720 4.53Sberbank CLS 1,587,734 3,598 9.475,318 14.00Industrials - 4.86%Global Ports Investments GDR ∞ 119,000 1,327 3.49Novorossiysk Commercial Sea Port GDR 98,626 520 1.371,847 4.86Materials - 13.84%Eurasian Natural Resources 161,000 624 1.64Magnitogorsk Iron & Steel Works GDR ∞ 389,000 1,389 3.66Novolipetsk Steel 1,198,100 1,862 4.90Uralkali 43,000 1,383 3.645,258 13.84Telecommunication Services - 8.63%Mobile Telesystems 294,750 1,687 4.44Vimpelcom ADR 172,410 1,593 4.193,280 8.63Equities 37,655 99.13www.aberdeen-asset.com141


Market Value€’000Percentage oftotal netassets %SecurityQuantityTransferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 37,655 99.13Total investments 37,655 99.13Other net assets 332 0.87Total 37,987 100.00∞A portion of this security is on loan at the year end.142 Aberdeen Global - Russian Equity


Select Emerging Markets BondFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name from AberdeenGlobal - Emerging Markets Bond Fund to Aberdeen Global - SelectEmerging Markets Bond Fund.PerformanceFor the year ended 30 September 2012, the value of the SelectEmerging Markets Bond - A Accumulation shares increased by 19.87%compared to an increase of 19.55% in the benchmark, the JP MorganEMBI Global Diversified Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewEmerging market debt performed strongly over the period. The EMBIGlobal Diversified index posted strong gains returning 19.55%, withthe spread over the US Treasuries narrowing to +291 basis points toyield 4.58%.Latin American bonds were the top performers during the period. Interms of countries, the Ivory Coast, Belarus and Venezuela were the topperformers. Belize was the only country to post losses over the periodunder review.Market sentiment was buoyed in the fourth quarter of 2011 when sixcentral banks lowered US dollar liquidity provisions by 50 basis pointsand China announced it would reduce its reserve requirement ratio byan equal amount. Further Eurozone concerns surfaced at the end of2011 due to a lack of further policy measures from the EuropeanUnion (EU) summit. US Treasuries rallied as a result, althoughemerging market bond returns remained positive for the quarter.Global risk appetite improved at the start of 2012 due to theEuropean Central Bank (ECB) injecting liquidity via two Long TermRefinancing Operations in December and February and the US FederalReserve (Fed) providing a dovish interest rate outlook in January. Inaddition, the People’s Bank of China (PBoC) announced its first 0.5%reserve requirement ratio cut in 2012, appeasing slowing globalgrowth indicators.In response to the continuation of poor economic data trends thePBoC cut the benchmark lending rate by 0.25% to 6.31% in earlyJune, whilst the Central Bank of Brazil cut the Selic rate twice by 0.75%in April and 0.5% in May to 8.5%. The announcement of an extensionof ‘Operation Twist’ by the Fed and a surprisingly positive outcomefrom the EU summit helped to further boost market sentiment in thesecond quarter.Emerging market debt finished the year strongly, posting gains inthe third quarter of 2012 spurred by the commitment and deliveryof quantitative easing by major central banks. The ECB announced anew “outright monetary transactions” programme, a commitment tofurther quantitative easing measures was made by the Fed andGermany’s constitutional court ratified the Eurozone bailout package.In addition, further cuts to the benchmark lending rate bythe PBoC from 6.31% to 6.0%, while the Central Bank of Brazil cut theSelic rate twice by 0.5% to another historical low of 7.5%.Portfolio reviewThe Fund outperformed its benchmark over the period underreview. Within the hard currency-denominated holdings, overweightpositions in Ivory Coast and Venezuela were the main contributors toperformance while underweight positions to Lebanon also added tothe Fund. Overweight positions in Argentina, South Africa and Brazildetracted from performance.During the period, we closed out of the portfolio’s remaining Sri Lankaposition and reduced our Vietnam position given its outperformanceover the year; preferring Mongolia. We reduced the portfolio’sArgentina holding and switched out of the local-law dollar bonds intothe international law equivalents on tail-risk pesofication fears and thesame in Venezuela. In June, we introduced Guatemala to the portfolio,as it launched its first USD bond since 2004. Towards the end of thereporting period, we initiated a switch within Eastern Europe, reducingour Croatia and Lithuania holdings which had outperformed andpreferring Romania and Serbia. In currency space, we increased ourSouth African rand, Mexican peso and Russian ruble exposure.OutlookLooking ahead, emerging market debt should continue to benefit fromthe search for yield and continued strong inflows into the asset class,which have accelerated since the announcement of QE3 in September.Improving US and Chinese growth indicators should also bode well forrisk appetite, though any market reaction from the US election andmore importantly the prospects for addressing the fiscal cliff, couldtemper some of the recent gains in EMD.www.aberdeen-asset.com143


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 2,087,155Cash at bank 131,503Interest receivable 30,145Subscriptions receivable 37,604Receivable for investments sold 744Unrealised gains on forward currency exchange contracts(note 2.6) 1,811Other assets 20Total assets 2,288,982LiabilitiesPayable for investments purchased 67,727Taxes and expenses payable 3,249Redemptions payable 19,735Other liabilities 1,296Total liabilities 92,007Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$’000IncomeInvestment income 99,387Other income 266Total income 99,653ExpensesManagement fees (note 4.6) 21,064Administration fees (note 4.1) 347Custodian fees (note 4.2) 521Distribution fees (note 4.3) 2Domiciliary agent, registrar, paying and transfer agent fees(note 4.4) 661Management Company fees (note 4.5) 157Operational expenses (note 4.7) 192Annual tax (note 4.9) 691Bank interest 1Total expenses 23,636Net assets at the end of the year 2,196,975Net gains from investments 76,017Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$’000Net assets at the beginning of the year 1,037,786Net gains from investments 76,017Net realised gains 13,411Net unrealised gains 187,238Proceeds from shares issued 1,961,048Payments for shares redeemed (1,067,807)Net equalisation received (note 10) 1,915Dividends paid (note 5) (12,633)Net assets at the end of the year 2,196,975Realised gains on investments 16,479Currency exchange losses (2,282)Realised losses on forward currency exchange contracts (786)Net realised gains 13,411Decrease in unrealised depreciation on investments 192,758Unrealised currency exchange gains 224Decrease in unrealised appreciation on forward currencyexchange contracts (5,744)Net unrealised gains 187,238Net increase in assets as a result of operations 276,666Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 A-2 A(CHF)-2^ A(EUR)-2^ B-1 B-2Shares outstanding at the beginning of the year 7,679,924 19,408,344 202,586 496,088 85,493 12,667Shares issued during the year 18,889,594 27,115,516 298,395 906,909 - -Shares redeemed during the year (7,191,113) (16,091,604) (69,809) (573,240) (85,493) (12,667)Shares outstanding at the end of the year 19,378,405 30,432,256 431,172 829,757 - -Net asset value per share 19.7594 38.7992 127.9495 127.8146 - -I-1 I-2 Z-2Shares outstanding at the beginning of the year 612,399 11,798,971 555,561Shares issued during the year 3,561,259 25,940,788 215,048Shares redeemed during the year (2,698,485) (13,951,595) (3,100)Shares outstanding at the end of the year 1,475,173 23,788,164 767,509Net asset value per share 19.9848 15.8970 39.7804^Hedge Share ClassThe accompanying notes form an integral part of these financial statements.144 Aberdeen Global - Select Emerging Markets Bond


Portfolio StatementAs at 30 September 2012Percentage ofSecurity Coupon (%) Maturity NominalMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate Bonds - 32.83%Brazil - 3.53%Banco Est Rio Grande ∞ 7.3750 02/02/22 9,300,000 10,346 0.47Odebrecht Finance 6.0000 05/04/23 2,500,000 2,784 0.13Oderbrecht Finance ∞ 7.1250 26/06/42 4,500,000 5,010 0.23Odebrecht Finance (PERP) 7.5000 29/09/49 2,505,000 2,674 0.12OGX Petroleo E Gas ∞ 8.5000 01/06/18 12,350,000 11,177 0.51Petrobras International Finance Company ∞ 6.7500 27/01/41 8,400,000 10,468 0.48Petrobras International Finance Company 6.8750 20/01/40 6,300,000 7,950 0.36Qgog Atlantic/Alaskan 5.2500 30/07/18 10,330,960 10,848 0.49Schahin II Finance Co ∞ 5.8750 25/09/22 10,500,000 11,025 0.50Virgolino De Oliveira Finance ∞ 10.5000 28/01/18 4,600,000 4,578 0.21Virgolino De Oliveira Finance 11.7500 09/02/22 650,000 650 0.0377,510 3.53Chile - 0.24%AES General 5.2500 15/08/21 4,730,000 5,270 0.24China - 2.41%China DEV Bank 2.7000 11/11/13 21,000,000 3,330 0.15China Overseas Finance 5.5000 10/11/20 9,250,000 10,217 0.47China Resources Gas Group ∞ 4.5000 05/04/22 9,200,000 9,999 0.46COSL Finance ∞ 3.2500 06/09/22 4,650,000 4,626 0.21Export Import Bank China 2.6500 02/12/13 26,570,000 4,205 0.19Sinochem Offshore Capital 1.8000 18/01/14 100,000,000 15,470 0.70Yancoal International Resource 5.7300 16/05/22 4,900,000 5,089 0.2352,936 2.41Columbia - 0.68%Bancolombia 5.1250 11/09/22 6,900,000 7,004 0.32Grupo AVAL 4.7500 26/09/22 8,050,000 7,949 0.3614,953 0.68Dominican Republic - 0.26%AES Andres Itabo Dominic 9.5000 12/11/20 5,400,000 5,810 0.26Egypt - 0.49%African Export-Import (EMTN) 5.7500 27/07/16 10,000,000 10,827 0.49El Salvador - 0.27%Telemovil Finance 8.0000 01/10/17 5,550,000 5,900 0.27Georgia - 0.94%Georgian Oil & Gas 6.8750 16/05/17 10,200,000 10,410 0.47Georgian Railway ∞ 7.7500 11/07/22 9,100,000 10,329 0.4720,739 0.94www.aberdeen-asset.com145


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalIndia - 1.26%Export Import Bank India ∞ 4.0000 07/08/17 27,000,000 27,655 1.26Indonesia - 2.57%Indosat Palapa ∞ 7.3750 29/07/20 8,700,000 9,962 0.45Majapahit 7.2500 28/06/17 420,000 498 0.02Majapahit Holdings 7.7500 17/10/16 17,640,000 20,886 0.95Pertamina 4.8750 03/05/22 12,800,000 13,822 0.63PT Adaro Indonesia ∞ 7.6250 22/10/19 10,250,000 11,367 0.5256,535 2.57Kazakhstan - 0.70%Halyk Savings Bank 7.2500 28/01/21 5,185,000 5,407 0.25Kazakhstan Temir Zholy Finance 6.9500 10/07/42 8,100,000 9,834 0.4515,241 0.70Malaysia - 0.37%Petronas Capital 7.8750 22/05/22 5,700,000 8,071 0.37Mexico - 4.16%Corporation Geo 8.8750 27/03/22 2,800,000 2,841 0.13Corporation Geo 9.2500 30/06/20 1,500,000 1,560 0.07Desarrolladora Homex 9.5000 11/12/19 4,858,000 5,004 0.23Desarrolladora Homex ∞ 9.7500 25/03/20 5,400,000 5,535 0.25Pemex Project Funding Master Trust 6.6250 15/06/35 12,210,000 15,324 0.69Pemex Project Funding Master Trust 6.6250 15/06/38 9,740,000 12,272 0.56Petroleos Mexicanos ∞ 5.5000 21/01/21 10,650,000 12,540 0.57Petroleos Mexicanos 6.5000 02/06/41 22,340,000 27,859 1.27Servicios Corporation Javer 9.8750 06/04/21 2,500,000 2,462 0.11Urbi Desarrollos Urbanos 9.7500 03/02/22 6,900,000 6,089 0.2891,486 4.16Nigeria - 0.97%Access Finance 7.2500 25/07/17 9,700,000 10,185 0.46GTB Finance ∞ 7.5000 19/05/16 10,105,000 11,129 0.5121,314 0.97Russia - 6.85%Alfa Bank 7.7500 28/04/21 800,000 850 0.04Alfa Bank ∞ 7.8750 25/09/17 9,350,000 10,100 0.46Gazprom NEFT 4.3750 19/09/22 7,330,000 7,325 0.33Novolipetsk Steel 4.9500 26/09/19 7,900,000 7,844 0.36RSHB Capital 7.5000 25/03/13 646,000,000 20,841 0.95RSHB Capital 7.7500 29/05/18 15,250,000 18,067 0.82RHSB Capital 8.6250 17/02/17 360,000,000 11,922 0.54Sberbank 5.1800 28/06/19 14,550,000 15,295 0.70Sberbank 6.1250 07/02/22 16,100,000 17,813 0.81146 Aberdeen Global - Select Emerging Markets Bond


Percentage ofSecurity Coupon (%) Maturity NominalMarket ValueUS$’000total netassets %Vimpelcom Holdings ∞ 7.5043 01/03/22 2,600,000 2,729 0.12Vimpelcom (VIP Finance) 6.4930 02/02/16 3,300,000 3,483 0.16VIP Finance Ireland ∞ 7.7480 02/02/21 4,000,000 4,277 0.19Vnesheconombank 6.8000 22/11/25 7,060,000 8,309 0.38Vnesheconombank ∞ 6.9020 09/07/20 8,680,000 10,231 0.47VTB Capital 6.8750 29/05/18 10,500,000 11,335 0.52150,421 6.85South Africa - 1.85%Eskom Holdings ∞ 5.7500 26/01/21 35,790,000 40,666 1.85Thailand - 0.19%Global Chemical ∞ 4.2500 19/09/22 4,000,000 4,080 0.19Turkey - 1.05%Turkey Eximbank 5.8750 24/04/19 2,500,000 2,762 0.12Turkiye Vakiflar Bank 5.7500 24/04/17 9,350,000 9,880 0.45Yasar Holdings Willow No 2 9.6250 07/10/15 10,350,000 10,503 0.4823,145 1.05United Arab Emirates - 3.32%Dubai Electricity & Water 7.3750 21/10/20 18,270,000 21,359 0.97Emaar Sukuk ∞ 6.4000 18/07/19 5,000,000 5,294 0.24IPIC 5.5000 01/03/22 9,800,000 11,112 0.51Jafz Sukuk ∞ 7.0000 19/06/19 22,400,000 24,242 1.10MAF Global Securities Limited 5.2500 05/07/19 10,500,000 10,878 0.5072,885 3.32Venezuela - 0.72%Petroleos De Venezuela 8.5000 02/11/17 17,700,000 15,903 0.72Corporate Bonds 721,347 32.83Government Bonds - 58.10%Argentina - 2.87%Argentina (Republic of) ∞ 7.0000 12/09/13 6,500,000 6,459 0.29Argentina (Republic of) 7.8200 31/12/33 2,404,014 2,026 0.09Argentina (Republic of) 8.7500 02/06/17 46,340,000 45,413 2.07Argentina (Republic of) (FRN) 8.2800 31/12/33 11,601,218 9,165 0.4263,063 2.87Brazil - 3.36%Brazil (Federal Republic of) 7.8750 07/03/15 1,950,000 2,276 0.10Brazil (Federal Republic of) 8.5000 05/01/24 4,300,000 2,495 0.11Brazil (Federal Republic of) 10.0000 01/01/14 2,940,000 1,486 0.07Brazil (Federal Republic of) 10.0000 01/01/21 17,660,000 8,894 0.40www.aberdeen-asset.com147


Percentage ofSecurity Coupon (%) Maturity NominalMarket ValueUS$’000total netassets %Brazil (Federal Republic of) 12.5000 05/01/22 37,400,000 27,744 1.26Brazil (Federal Republic of) Index Linked 6.0000 15/05/13 16,220,000 17,958 0.82Brazil (Federal Republic of) Index Linked 6.0000 15/08/16 1,455,000 1,725 0.08Brazil (Federal Republic of) Index Linked 6.0000 15/08/20 9,145,000 11,390 0.5273,968 3.36Croatia - 1.94%Croatia (Republic of) ∞ 6.2500 27/04/17 17,350,000 18,803 0.85Croatia (Republic of) 6.6250 14/07/20 11,574,000 12,977 0.59Croatia (Republic of) ∞ 6.7500 05/11/19 9,692,000 10,952 0.5042,732 1.94Dominican Republic - 1.86%Dominican (Republic of) 7.5000 06/05/21 35,680,000 40,408 1.84Dominican (Republic of) 8.6250 20/04/27 480,000 547 0.0240,955 1.86Egypt - 0.88%Egypt (Arab Republic of) 6.8750 30/04/40 19,415,000 19,269 0.88El Salvador - 1.23%El Salvador (Republic of) 7.6250 01/02/41 4,860,000 5,419 0.24El Salvador (Republic of) 8.2500 10/04/32 18,160,000 21,701 0.9927,120 1.23Guatemala - 0.81%Guatemala (Republic of) 5.7500 06/06/22 15,900,000 17,838 0.81Indonesia - 0.91%Indonesia (Republic of) ∞ 6.8750 09/03/17 16,000,000 19,260 0.87Indonesia (Republic of) ∞ 6.8750 17/01/18 660,000 810 0.0420,070 0.91Lithuania - 3.53%Lithuania (Republic of) ∞ 6.6250 01/02/22 22,050,000 27,402 1.25Lithuania (Republic of) 6.7500 15/01/15 23,360,000 25,769 1.17Lithuania (Republic of) ∞ 7.3750 11/02/20 19,190,000 24,435 1.1177,606 3.53Mexico - 9.89%Mexico (United Mexican States) 0.0000 04/10/12 602,600,000 46,845 2.13Mexico (United Mexican States) 6.0500 11/01/40 73,600,000 98,532 4.48Mexico (United Mexican States) 7.2500 15/12/16 335,080,000 28,456 1.30Mexico (United Mexican States) 7.5000 03/06/27 347,500,000 31,430 1.43Mexico (United Mexican States) 7.7500 14/12/17 137,000,000 12,024 0.55217,287 9.89148 Aberdeen Global - Select Emerging Markets Bond


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalMongolia - 0.66%Development Bank of Mongolia 5.7500 21/03/17 13,800,000 14,507 0.66Namibia - 0.58%Namibia ∞ 5.5000 03/11/21 11,300,000 12,676 0.58Pakistan - 0.79%Pakistan (Republic of) 6.8750 01/06/17 20,370,000 17,315 0.79Peru - 2.39%Peru (Republic of) 5.6250 18/11/50 17,100,000 22,230 1.01Peru (Republic of) 7.8400 12/08/20 39,000,000 18,609 0.85Peru (Republic of) 8.2000 12/08/26 22,360,000 11,651 0.5352,490 2.39Philippines - 0.97%Philippines (Republic of) 6.3750 23/10/34 15,360,000 21,158 0.96Philippines (Republic of) 8.3750 17/06/19 190,000 262 0.0121,420 0.97Qatar - 1.97%Qatar (State of) 6.4000 20/01/40 31,640,000 43,209 1.97Romania - 1.82%Romania (Republic of) 6.7500 07/02/22 35,510,000 40,038 1.82Russia - 0.82%Russia Foreign Bond (Government of) 7.5000 31/03/30 14,387,875 18,111 0.82Senegal - 0.36%Senegal (Republic of) ∞ 8.7500 13/05/21 6,440,000 7,820 0.36Serbia - 2.54%Serbia ∞ 7.2500 28/09/21 52,550,000 55,819 2.54South Africa - 4.35%South Africa (Republic of) ∞ 5.5000 09/03/20 12,060,000 14,321 0.65South Africa (Republic of) 8.2500 15/09/17 606,450,000 81,320 3.7095,641 4.35Turkey - 3.71%Turkey (Republic of) ∞ 6.0000 14/01/41 8,100,000 9,366 0.43Turkey (Republic of) ∞ 6.2500 26/09/22 43,560,000 52,499 2.39Turkey (Republic of) 7.0000 26/09/16 5,600,000 6,524 0.30Turkey (Republic of) ∞ 7.5000 14/07/17 10,700,000 12,934 0.5981,323 3.71www.aberdeen-asset.com149


Market ValueUS$’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalUkraine - 0.33%Ukraine (Republic of) 6.5800 21/11/16 7,500,000 7,209 0.33United Arab Emirates - 1.52%Dubai (Government of) (EMTN) 7.7500 05/10/20 28,066,000 33,414 1.52Uruguay - 1.96%Uruguay (Republic of) 3.7000 26/06/37 13,600,000 1,056 0.05Uruguay (Republic of) Index Linked 4.2500 05/04/27 239,250,000 20,143 0.92Uruguay (Republic of) Index Linked 5.0000 14/09/18 250,990,000 21,669 0.9942,868 1.96Venezuela - 5.46%Venezuela (Republic of) ∞ 5.7500 26/02/16 9,580,000 8,754 0.40Venezuela (Republic of) ∞ 7.6500 21/04/25 12,300,000 9,717 0.44Venezuela (Republic of) ∞ 9.0000 07/05/23 4,700,000 4,160 0.19Venezuela (Republic of) ∞ 11.9500 05/08/31 18,350,000 18,763 0.85Venezuela (Republic of) 12.7500 23/08/22 73,600,000 78,568 3.58119,962 5.46Vietnam - 0.59%Vietnam (Socialist Republic of) 6.8750 15/01/16 11,700,000 12,855 0.59Government Bonds 1,276,585 58.10Transferable securities and money market instruments admitted to an officialexchange listing / dealt in on another regulated market 1,997,932 90.93Other transferable securities and money market instrumentsGovernment Bonds - 4.07%Egypt - 0.11%Egypt (Arab Republic of) ∞ 6.8750 30/04/40 2,378,000 2,379 0.11Ivory Coast - 2.02%Ivory Coast (Government of) 2.5000 31/12/32 51,527,000 44,313 2.02Malaysia - 1.94%Malaysia (Government of) 3.2100 31/05/13 129,800,000 42,531 1.94Government Bonds 89,223 4.07Other transferable securities and money market instruments 89,223 4.07Total transferable securities and money market instruments 2,087,155 95.00150 Aberdeen Global - Select Emerging Markets Bond


Financial derivative instruments - 0.08%Forward currency exchange contracts - 0.08%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountCHF USD 02/10/12 18,717 19,905 - -CHF USD 14/12/12 1,110,453 1,178,412 5 -CHF USD 14/12/12 1,946,064 2,085,992 (12) -CHF USD 14/12/12 51,684,813 54,182,632 888 0.04EUR USD 14/12/12 1,940,954 2,484,693 14 -EUR USD 14/12/12 1,967,405 2,587,295 (54) -EUR USD 14/12/12 2,874,177 3,724,273 (24) -EUR USD 14/12/12 15,468,628 20,332,739 (416) (0.02)EUR USD 14/12/12 83,300,027 105,194,606 2,060 0.09USD BRL 05/12/12 20,900,385 43,431,000 (326) (0.03)USD CHF 01/10/12 129,327 120,934 1 -USD CHF 03/10/12 89,611 84,262 - -USD CHF 04/10/12 35,895 33,762 - -USD EUR 01/10/12 160,759 124,167 1 -USD EUR 02/10/12 101,328 78,836 - -USD EUR 03/10/12 142,336 110,767 - -USD EUR 24/10/12 911,327 740,000 (41) -USD MXN 24/10/12 3,029,867 38,752,000 24 -USD MXN 24/10/12 3,572,676 47,677,000 (126) -USD MXN 24/10/12 6,321,748 82,496,000 (78) -USD PEN 05/12/12 7,687,322 20,283,000 (92) -USD ZAR 24/10/12 2,177,353 18,114,000 (11) -USD ZAR 24/10/12 9,770,021 81,000,000 (16) -USD ZAR 24/10/12 19,864,191 163,452,000 117 -USD ZAR 24/10/12 30,220,389 250,935,000 (96) -ZAR USD 24/10/12 21,716,000 2,630,678 (7) -Unrealised gains on forward currency exchange contracts 1,811 0.08Unrealised gains on financial derivative instruments 1,811 0.08Total investments 2,088,966 95.08Other net assets 108,009 4.92Total 2,196,975 100.00∞A portion of this security is on loan at the year end.www.aberdeen-asset.com151


Select Euro High Yield BondFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name from AberdeenGlobal - Euro High Yield Bond Fund to Aberdeen Global - SelectEuro High Yield Bond Fund.PerformanceFor the year ended 30 September 2012, the value of the SelectEuro High Yield Bond – A Accumulation shares increased by 25.08%compared to an increase of 26.88% in the benchmark, the JP MorganEuro High Yield Index.Source: JP Morgan, Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewThe high yield market has rallied dramatically over the periodunder review. At the start of the period, the high yield market wasdiscounting the breakup of the Eurozone, the likelihood of which hasbeen considerably reduced since the European Central Bank (ECB), thelender of last resort for sovereign countries, implemented its long termrefinancing programme(LTRO). This programme has enabled banks toaccess cheap funding for the next three years.A combination of balance sheet deleveraging by the banking sectorand austerity measures announced by various governments has seena decline in the macroeconomic outlook for Europe, however, robustgrowth elsewhere in the world has been positive.The excess liquidity and shortage of capital for banks has seenthe traditional form of lending to companies replaced with bondborrowings in the investment grade and high yield sectors. Companyresults have generally been in line with our expectations and cashlevels remain high, reflecting the lesson learnt from 2008 whencompanies relied heavily on bank funding.Portfolio reviewWe remain selective in our take up of new issues but have purchased12 new names during the period under review. At the end of the fourthquarter we started to reduce some of our financial bank exposure andreduce our weighting in CCC bonds. As the macro outlook for 2013deteriorates and global growth becomes more subdued, coupled withthe recent spread compression, we have started to reduce some risk inthe Fund. This follows the positive performance from some lower ratedbonds in the last quarter as investors were convinced with ECBPresident Draghi’s comments.Some of the bonds we hold in the Fund were tendered early ascompanies took the opportunity to refinance given the strength ofthe new issuance market. We sold down some of our bonds whichreached our yield target as they offered little capital upside.OutlookThe high-yield market has gone from being oversold a year ago to asituation where the yield on the Euro High Yield index has droppedbelow 7%. On a spread basis, the market remains wider thanits historical average, however government bond yields are athistorical lows and at unsustainable levels over the longer term.We are witnessing investors realising that the income levels availablein high yield products are attractive relative to government bonds andinvestment grade bonds. The asset class over the last ten years hasmatured considerably and produced a good income stream over thistime period. Investors are starting to appreciate this more and more ina period of low inflation, low interest rates and a weak growth outlookfor Europe.Over the period under review, European default levels have stoodat 2.6%. This figure is well below historical levels and is forecastedby Moody’s to remain low for the foreseeable future. There is anexpectation that more companies will be downgraded frominvestment grade to high yield as rating agencies are expectedto downgrade more sovereigns.The technical picture of the high-yield market has been enhancedby large fund inflows - when monitored for retail funds this figurestands at €2.3billion to the end of September 2012.New issuance has reached €27.3 billion. A large percentage of the dealtaking place in the BB rated section of the market and a lack of CCCpaper highlights the risk averse nature of investors given the uncertainmacroeconomic outlook for 2013.152 Aberdeen Global - Select Euro High Yield Bond


Statement of Net AssetsAs at 30 September 2012€’000AssetsInvestments in securities at market value (note 2.2) 270,380Cash at bank 27,381Interest receivable 13,063Subscriptions receivable 4,262Unrealised gains on forward currency exchangecontracts (note 2.6) 270Total assets 315,356LiabilitiesPayable for investments purchased 8,945Taxes and expenses payable 506Redemptions payable 1,788Other liabilities 1,374Total liabilities 12,613Net assets at the end of the year 302,743Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012€’000Net assets at the beginning of the year 216,530Net gains from investments 22,523Net realised losses (12,808)Net unrealised gains 45,037Proceeds from shares issued 184,689Payments for shares redeemed (135,173)Net equalisation received (note 10) 234Dividends paid (note 5) (18,289)Net assets at the end of the year 302,743Statement of OperationsFor the year from 1 October 2011 to 30 September 2012€’000IncomeInvestment income 26,006Bank interest 37Other income 236Total income 26,279ExpensesManagement fees (note 4.6) 3,103Administration fees (note 4.1) 223Custodian fees (note 4.2) 44Distribution fees (note 4.3) 31Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 104Management Company fees (note 4.5) 26Operational expenses (note 4.7) 97Annual tax (note 4.9) 128Total expenses 3,756Net gains from investments 22,523Realised losses on investments (20,137)Currency exchange gains 1,245Realised gains on forward currency exchange contracts 6,084Net realised losses (12,808)Decrease in unrealised depreciation on investments 45,807Unrealised currency exchange gains 7Decrease in unrealised appreciation on forwardcurrency exchange contracts (777)Net unrealised gains 45,037Net increase in assets as a result of operations 54,752Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 A(GBP)-1^ A-2 A(GBP)-2^ A(USD)-2^ B-1Shares outstanding at the beginning of the year 15,595,557 2,962,034 4,741,760 54,487 551,747 552,913Shares issued during the year 14,416,142 1,502,086 2,694,722 101,357 871,909 -Shares redeemed during the year (7,344,604) (161,322) (4,622,391) (21,264) (682,752) (21,327)Shares outstanding at the end of the year 22,667,095 4,302,798 2,814,091 134,580 740,904 531,586Net asset value per share 5.8045 17.9237 16.1980 25.9569 11.6728 5.7848B-2 D(GBP)-1 D(GBP)-2^ I-2 Z-2Shares outstanding at the beginning of the year 25,665 18,056 59,266 715,080 56,621Shares issued during the year - 75,858 283,016 1,660,715 -Shares redeemed during the year (25,665) (2,531) (4,032) (1,541,050) (56,621)Shares outstanding at the end of the year - 91,383 338,250 834,745 -Net asset value per share - 4.7225 10.3231 11.5995 -^ Hedge Share ClassThe accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com153


Portfolio StatementAs at 30 September 2012Percentage ofSecurity Coupon (%) Maturity NominalMarket Value€’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset Backed Bonds / Mortgage Backed Bonds - 1.49%Netherlands - 1.49%Bite Finance (FRN) 3.7520 15/03/14 5,000,000 4,525 1.49Asset Backed Bonds / Mortgage Backed Bonds 4,525 1.49Corporate Bonds - 80.29%Austria - 1.93%Wienerberger (FRN) (PERP) ∞ 6.5000 09/02/49 8,000,000 5,844 1.93Belgium - 1.73%Ontex IV ∞ 7.5000 15/04/18 2,300,000 2,337 0.77Ontex IV 9.0000 15/04/19 3,000,000 2,906 0.965,243 1.73Croatia - 0.88%Agrokor 9.8750 01/05/19 2,500,000 2,669 0.88Czech Republic - 2.89%Central European Media Enterprises (FRN) 2.6020 15/05/14 3,400,000 3,408 1.13New World Resources ∞ 7.8750 01/05/18 5,400,000 5,326 1.768,734 2.89France - 4.84%AXA (FRN) (EMTN) 5.7770 29/07/49 3,600,000 3,065 1.01AXA (FRN) 6.2110 29/10/49 3,600,000 3,027 1.00EC Finance ∞ 9.7500 01/08/17 700,000 739 0.24Eurofins Scientific (FRN) 8.0810 29/05/49 2,750,000 2,791 0.92Europcar Groupe 11.5000 15/05/17 2,000,000 1,960 0.65Europcar Groupe ∞ 9.3750 15/04/18 3,900,000 3,089 1.0214,671 4.84Germany - 4.17%Heckler & Koch ∞ 9.5000 15/05/18 6,000,000 5,100 1.68IKB Deutsche Industriebank (FRN) 1.1950 28/05/13 1,700,000 1,573 0.52Techem 6.1250 01/10/19 1,050,000 1,085 0.36Techem Energy Services 7.8750 01/10/20 1,400,000 1,470 0.49Unitymedia 9.5000 15/03/21 2,000,000 2,258 0.75Unitymedia 9.6250 01/12/19 1,000,000 1,115 0.3712,601 4.17Ireland - 9.68%Allied Irish Banks (EMTN) 4.5000 01/10/12 3,500,000 3,499 1.16Allied Irish Banks (EMTN) 5.6250 12/11/14 4,550,000 4,391 1.45ARD Finance (PIK) 11.1250 01/06/18 2,528,001 2,520 0.83154 Aberdeen Global - Select Euro High Yield Bond


Percentage ofSecurity Coupon (%) Maturity NominalMarket Value€’000total netassets %Ardagh Glass Finance ∞ 8.7500 01/02/20 3,700,000 3,719 1.23Ardagh Packaging Finance ∞ 9.2500 15/10/20 2,250,000 2,322 0.77Bank of Ireland (EMTN) 4.6250 08/04/13 9,000,000 8,938 2.95EBS (EMTN) 4.0000 25/02/15 3,000,000 2,986 0.99Smurfit Kappa Acquisition 5.1250 15/09/18 900,000 909 0.3029,284 9.68Italy - 4.04%Bormioli Rocco Holdings 10.0000 01/08/18 5,700,000 5,750 1.90Lottomatica (FRN) 8.2500 31/03/66 6,500,000 6,482 2.1412,232 4.04Luxembourg - 2.92%Convatec Health Care 10.8750 15/12/18 1,326,000 1,456 0.48Matterhorn Mid Co & CY 7.7500 15/02/20 3,600,000 3,592 1.19Spie Bondco 11.0000 15/08/19 3,570,000 3,784 1.258,832 2.92Malta - 0.04%Global Capital 5.6000 02/06/16 150,000 125 0.04Netherlands - 1.49%Stork Technical Services 11.0000 15/08/17 2,500,000 2,534 0.84UPC Holdings 9.7500 15/04/18 1,850,000 1,977 0.654,511 1.49Poland - 2.24%Polish Television ∞ 11.2500 15/05/17 6,500,000 6,793 2.24South Africa - 6.91%Edcon Proprietary (FRN) 5.7520 15/06/15 5,250,000 4,535 1.50Edcon Proprietary 9.5000 01/03/18 3,000,000 2,831 0.94Edcon Proprietary (FRN) 3.5020 15/06/14 7,700,000 7,185 2.37Food Corporation ∞ 8.7500 01/03/18 6,000,000 6,360 2.1020,911 6.91Spain - 10.04%Campofrio Food 8.2500 31/10/16 1,900,000 1,914 0.63Cirsa Funding Luxemburg 8.7500 15/05/18 11,000,000 10,394 3.43Codere Finance Luxembourg 8.2500 15/06/15 4,400,000 3,889 1.28Codere Finance Luxembourg ∞ 8.2500 15/06/15 1,000,000 875 0.29Inaer Aviation Finance ∞ 9.5000 01/08/17 7,500,000 6,965 2.30Mapfre (FRN) 5.9210 24/07/37 9,250,000 6,383 2.1130,421 10.04www.aberdeen-asset.com155


Market Value€’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalSweden - 1.51%Verisure Holdings ∞ 8.7500 01/09/18 4,420,000 4,575 1.51United Kingdom - 23.74%Aviva (FRN) 4.7291 29/11/49 3,600,000 3,154 1.04Aviva (FRN) 5.7000 29/09/49 3,600,000 3,196 1.06Boparan Finance ∞ 9.7500 30/04/18 5,500,000 5,864 1.94British Airways Finance 6.7500 31/12/49 67,000 972 0.32Ceva Group 12.0000 01/09/14 5,000,000 4,863 1.61Ineos 7.8750 15/02/16 8,100,000 7,553 2.49International Personal Finance (EMTN) 11.5000 06/08/15 8,000,000 8,880 2.93Kerling 10.6250 01/02/17 1,900,000 1,812 0.60LBG Capital No1 7.6250 14/10/20 5,000,000 4,719 1.56LBG Capital No2 15.0000 21/12/19 3,000,000 3,901 1.29LBG Capital No2 8.8750 07/02/20 8,000,000 8,010 2.65Lecta∞ 8.8750 15/05/19 3,200,000 3,207 1.06Lloyds Banking Group (PERP) 7.8750 29/11/49 500,000 433 0.14R & R Ice Cream 8.3750 15/11/17 5,300,000 5,653 1.87Rexam (FRN) 6.7500 29/06/67 250,000 252 0.08Royal Bank of Scotland (EMTN) 6.9340 09/04/18 1,750,000 1,786 0.59Thomas Cook ∞ 6.7500 22/06/15 4,500,000 2,528 0.84Viridian Group Fundco II 11.1250 01/04/17 5,000,000 5,044 1.6771,828 23.74United States - 1.24%Travelport (FRN) ∞ 4.9030 01/09/14 5,750,000 3,766 1.24Corporate Bonds 243,040 80.29Government Bonds - 0.15%Argentina - 0.15%Argentina (Republic of) 7.8200 31/12/33 689,923 452 0.15Government Bonds 452 0.15Equities - 1.16%Ireland - 1.16%Bank of Ireland - - 36,332,179 3,524 1.16Equities 3,524 1.16Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 251,541 83.09156 Aberdeen Global - Select Euro High Yield Bond


Market Value€’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalOther transferable securities and money market instrumentsCorporate Bonds - 6.22%Czech Republic - 0.96%Sazka 9.0000 12/07/21 6,489,156 2,920 0.96Greece - nilHellas Telecom III 8.5000 15/10/13 1,873,790 - -Ireland - 0.04%ERC Ireland (FRN) 7.3490 15/02/17 12,888,066 133 0.04Luxembourg - 0.25%Diversified European Credit (EMTN) 7.2500 24/07/13 1,500,000 733 0.25Spain - 1.17%Codere (Boats) (FRN) (PIK) 8.1520 15/12/15 11,250,000 3,544 1.17Sweden - 1.99%Corral Petroleum Holding 15.0000 31/12/17 7,633,156 6,030 1.99United Kingdom - 1.81%Cammell Laird 12.0000 15/10/10 240,000 - -EB Holdings (Boats) (PIK) (MTN) 11.0000 31/03/17 9,450,000 5,481 1.815,481 1.81Corporate bonds 18,841 6.22Other transferable securities and money market instruments 18,841 6.22Total transferable securities and money market instruments 270,380 89.31Financial derivative instruments - 0.09%Forward currency exchange contracts - 0.09%UnrealisedGains/(Losses)€’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR GBP 01/10/12 257,799 205,659 - -EUR GBP 02/10/12 137,983 109,889 - -EUR GBP 03/10/12 69,233 55,000 - -EUR GBP 03/10/12 260,555 206,990 1 -EUR GBP 04/10/12 29,197 23,276 - -EUR GBP 05/10/12 106,093 85,000 (1) -EUR GBP 05/10/12 187,898 151,000 (2) -EUR GBP 12/10/12 26,000 20,730 - -EUR GBP 19/10/12 592,000 472,049 - -EUR USD 01/10/12 186,124 241,356 (1) -EUR USD 03/10/12 4,609 5,940 - -www.aberdeen-asset.com157


UnrealisedGains/(Losses)€’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR USD 05/10/12 5,357 7,000 - -EUR USD 05/10/12 11,670 15,000 - -EUR USD 05/10/12 59,891 77,000 - -EUR USD 05/10/12 229,475 298,000 (2) -EUR USD 12/10/12 130,176 170,000 (2) -GBP EUR 05/10/12 19,377 24,000 - -GBP EUR 05/10/12 30,000 37,568 - -GBP EUR 05/10/12 110,000 138,116 - -GBP EUR 05/10/12 125,000 156,839 - -GBP EUR 05/10/12 261,000 329,213 (2) -GBP EUR 05/10/12 262,000 330,591 (2) -GBP EUR 05/10/12 262,000 330,659 (2) -GBP EUR 05/10/12 906,195 1,132,000 5 -GBP EUR 05/10/12 6,411,000 8,089,376 (43) (0.01)GBP EUR 05/10/12 6,411,000 8,090,590 (44) (0.01)GBP EUR 05/10/12 6,411,000 8,091,060 (45) (0.01)GBP EUR 12/10/12 34,500 43,061 - -GBP EUR 12/10/12 68,000 84,188 1 -GBP EUR 12/10/12 75,000 93,307 1 -GBP EUR 12/10/12 206,000 258,191 - -GBP EUR 12/10/12 234,000 292,069 2 -GBP EUR 12/10/12 266,000 331,990 2 -GBP EUR 12/10/12 267,000 333,189 2 -GBP EUR 12/10/12 267,000 333,215 2 -GBP EUR 12/10/12 370,066 462,000 2 -GBP EUR 12/10/12 465,135 579,000 5 -GBP EUR 12/10/12 6,359,000 7,935,399 45 0.01GBP EUR 12/10/12 6,359,000 7,936,013 44 0.01GBP EUR 12/10/12 6,358,000 7,937,836 41 0.01GBP EUR 19/10/12 55,000 69,218 - -GBP EUR 19/10/12 106,000 132,505 1 -GBP EUR 19/10/12 281,000 348,812 4 -GBP EUR 19/10/12 281,000 348,837 4 -GBP EUR 19/10/12 281,000 348,895 4 -GBP EUR 19/10/12 1,097,022 1,376,000 1 -GBP EUR 19/10/12 6,624,000 8,220,402 92 0.03GBP EUR 19/10/12 6,624,000 8,222,535 90 0.03GBP EUR 19/10/12 6,623,000 8,223,243 88 0.03GBP EUR 26/10/12 207,000 260,489 (1) -GBP EUR 26/10/12 291,000 365,385 - -GBP EUR 26/10/12 291,000 365,503 - -GBP EUR 26/10/12 292,000 366,608 - -GBP EUR 26/10/12 6,584,000 8,266,984 (6) -GBP EUR 26/10/12 6,583,000 8,267,192 (7) -GBP EUR 26/10/12 6,583,000 8,267,919 (8) -USD EUR 02/10/12 76,648 59,619 - -USD EUR 04/10/12 14,855 11,558 - -158 Aberdeen Global - Select Euro High Yield Bond


UnrealisedGains/(Losses)€’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountUSD EUR 05/10/12 56,269 44,000 - -USD EUR 05/10/12 62,000 48,032 - -USD EUR 05/10/12 147,187 114,000 - -USD EUR 05/10/12 241,000 185,842 1 -USD EUR 05/10/12 695,000 550,945 (11) -USD EUR 05/10/12 695,000 551,282 (11) -USD EUR 05/10/12 695,000 551,309 (11) -USD EUR 12/10/12 19,000 14,454 - -USD EUR 12/10/12 41,756 32,000 - -USD EUR 12/10/12 55,529 43,000 - -USD EUR 12/10/12 66,000 51,106 - -USD EUR 12/10/12 87,000 66,270 1 -USD EUR 12/10/12 682,000 528,393 2 -USD EUR 12/10/12 682,000 528,595 1 -USD EUR 12/10/12 682,500 528,904 2 -USD EUR 19/10/12 24,000 18,526 - -USD EUR 19/10/12 715,000 546,843 9 -USD EUR 19/10/12 716,000 547,846 9 -USD EUR 19/10/12 716,000 547,912 9 -USD EUR 26/10/12 6,000 4,654 - -USD EUR 26/10/12 696,000 541,126 - -USD EUR 26/10/12 696,000 541,259 - -USD EUR 26/10/12 696,500 541,505 - -Unrealised gains on forward currency exchange contracts 270 0.09Unrealised gains on financial derivative instruments 270 0.09Total investments 270,650 89.40Other net assets 32,093 10.60Total 302,743 100.00∞A portion of this security is on loan at the year end.www.aberdeen-asset.com159


Select Global Credit BondFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name from AberdeenGlobal-World Bond Fund to Aberdeen Global-Select Global CreditBond Fund.PerformanceFor the year ended 30 September 2012, the value of the Select GlobalCredit Bond – D Income shares increased by 16.08% compared to anincrease of 10.19% in the benchmark, the Barclays Capital Global Agg- Credit Hedged GBP Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, GBP.Manager’s reviewFixed income markets were volatile over the period, with concernover global growth and the Eurozone being the key market drivers.Peripheral Eurozone countries continued to come under pressure frombond investors concerned over levels of government indebtedness andthe capital adequacy of certain sectors of the banking industry.Both the Greek government and Spanish banking system receivedbailout packages from the IMF and EU. Central banks were in easingmode over the period in the US, UK, and Japan while non-standardmeasures by the European Central Bank (ECB) helped calm bondmarkets.Although credit markets were frequently buffeted by peripheralmarket concerns, valuations improved significantly followingthe announcement of the outright monetary transactions (OMT)programme from the ECB. With government interest rates atall-time lows, investors sought higher yielding asset classes andspreads therefore contracted materially over the period.Portfolio reviewThe Fund outperformed its benchmark over the period under review.We positioned the Fund with an overweight bias to credit risk,reflecting our view that credit held significant long term value acrossmost sectors. Within our credit allocation we held an overweightexposure to subordinated bank and insurance bonds. We had noexposure to Portugal Greece or Ireland. Within Italy and Spain we heldonly the better quality names in subordinated paper, i.e. Santander,BBVA, Unicredit and Intesa. The Fund benefited from participation in abuoyant new issues market, which presented attractive opportunitiesfor outright buying and also for switching into more liquid issues. Wepositioned the Fund with a short of the benchmark duration target,which was a negative factor for performance. Given the low levelsof real yields in government bond markets we saw little value ingovernment bond yields, however as we recognised that bond yieldswere artificially suppressed by risk aversion we gradually reduced thesize of our position.OutlookWhilst the announcement of the OMT is undoubtedly positive forsentiment, the underlying issues of the region remain unresolved.Civil unrest seen in Greece and Spain show the extent of the socialpain from the austerity measures in place, a potential source of furthervolatility for the market. The next hurdle for markets is whether Spainwill ask for help in order to activate the bond buying programme andthe reaction of the rating agencies.In conclusion, we have a cautious outlook on the global creditmarket given the continued uncertainty in Europe and in light ofthe unsustainable pace and scale of the rally in risk assets overrecent months.160 Aberdeen Global - Select Global Credit Bond


Statement of Net AssetsAs at 30 September 2012£’000AssetsInvestments in securities at market value (note 2.2) 46,614Cash at bank 1,698Interest receivable 805Subscriptions receivable 53Receivable for investments sold 1,382Unrealised gains on forward currency exchangecontracts (note 2.6) 446Total assets 50,998LiabilitiesPayable for investments purchased 1,894Taxes and expenses payable 71Redemptions payable 35Other liabilities 652Total liabilities 2,652Net assets at the end of the year 48,346Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012£’000Net assets at the beginning of the year 40,815Net gains from investments 1,731Net realised losses (299)Net unrealised gains 4,393Proceeds from shares issued 18,938Payments for shares redeemed (15,715)Net equalisation paid (note 10) (16)Dividends paid (note 5) (1,501)Net assets at the end of the year 48,346Statement of OperationsFor the year from 1 October 2011 to 30 September 2012£’000IncomeInvestment income 2,177Bank interest 2Other income 28Total income 2,207ExpensesManagement fees (note 4.6) 339Administration fees (note 4.1) 62Custodian fees (note 4.2) 6Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 16Management Company fees (note 4.5) 4Operational expenses (note 4.7) 30Annual tax (note 4.9) 19Total expenses 476Net gains from investments 1,731Realised losses on investments (869)Currency exchange losses (245)Realised gains on forward currency exchange contracts 815Net realised losses (299)Decrease in unrealised depreciation on investments 3,540Unrealised currency exchange losses (4)Decrease in unrealised depreciationon forward currency exchange contracts 857Net unrealised gains 4,393Net increase in assets as a result of operations 5,825Share TransactionsFor the year from 1 October 2011 to 30 September 2012A(USD)-2^ D-1 D-2 D(USD)-1^ Z(EUR)-2^Shares outstanding at the beginning of the year 705,096 22,359,635 - 553,654 -Shares issued during the year 307,157 4,830,989 114,906 19,728 1,000,000Shares redeemed during the year (191,361) (9,308,173) (2,000) - -Shares outstanding at the end of the year 820,892 17,882,451 112,906 573,382 1,000,000Net asset value per share 10.8757 1.6533 10.6246 10.1976 10.5828^Hedge Share ClassThe accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com161


Portfolio StatementAs at 30 September 2012Percentage ofSecurity Coupon (%) Maturity NominalMarket Value£’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketCorporate Bond - 78.78%Australian Dollar Denominated Bonds - 1.07%Netherlands - 1.07%Royal Bank of Scotland NV (FRN) 6.5000 17/05/18 990,000 518 1.07Total Australian Dollar Denominated 518 1.07Canadian Dollar Denominated Bonds - 2.87%Germany - 1.06%NRW Bank (EMTN) 4.5000 09/03/16 760,000 512 1.06United Kingdom - 0.92%Royal Bank of Scotland (EMTN) 5.8750 12/05/16 648,000 444 0.92United States - 0.89%JP Morgan Chase & Co 2.9200 19/09/17 680,000 430 0.89Total Canadian Dollar Denominated 1,386 2.87Euro Denominated - 23.39%Austria - 0.36%Wienerberger (FRN) (PERP) 6.5000 09/02/49 300,000 175 0.36Australia - 1.03%BHP Billiton Finance (EMTN) 2.1250 29/11/18 400,000 324 0.67Telstra Corporation 3.5000 21/09/22 200,000 172 0.36496 1.03Belgium - 1.56%Anheuser-Busch (EMTN) 2.8750 25/09/24 605,000 488 1.01Fortis Bank (FRN) (PERP) 4.6250 29/10/49 400,000 267 0.55755 1.56Denmark - 0.95%TDC (EMTN) 3.7500 02/03/22 530,000 458 0.95France - 6.48%BPCE (EMTN) ∞ 1.7500 14/03/16 800,000 641 1.33BPCE SFH - Societe (EMTN) 1.5000 28/02/18 700,000 559 1.16Casino Guichard 3.1570 06/08/19 400,000 325 0.67Casino 4.4720 04/04/16 400,000 348 0.72Credit Logement (FRN) (PERP) 0.8520 29/11/49 261,000 127 0.26EDF 2.7500 10/03/23 700,000 554 1.14GROUPAMA (FRN) 4.3750 29/07/49 400,000 158 0.33Veolia Environment (EMTN) 5.1250 24/05/22 450,000 421 0.873,133 6.48162 Aberdeen Global - Select Global Credit Bond


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalGermany - 1.23%Allianz Finance II (EMTN) 3.5000 14/02/22 300,000 260 0.54Man (EMTN) 1.0000 21/09/15 415,000 332 0.69592 1.23Ireland - 0.98%Ardagh Glass Finance 8.7500 01/02/20 590,000 472 0.98Israel - 0.69%Teva Pharmaceutical Finance (EMTN) 2.8750 15/04/19 400,000 336 0.69Italy - 1.58%Intesa Sanpaolo (EMTN) ∞ 5.0000 28/02/17 300,000 248 0.51SNAM(EMTN) 3.8750 19/03/18 200,000 159 0.33Telecom Italia (EMTN) 4.5000 20/09/17 300,000 243 0.50Unicredit (EMTN) 4.2500 31/07/18 140,000 117 0.24767 1.58Luxembourg - 0.93%SPIE Bondco 11.0000 15/08/19 530,000 448 0.93Netherlands - 1.82%Leaseplan Corporation (EMTN) 2.5000 19/09/16 800,000 644 1.32Paccar Financial Europe (EMTN) 1.3750 08/06/15 300,000 242 0.50886 1.82Spain - 2.57%Amadeus Capital Markets 4.8750 15/07/16 280,000 240 0.50Bankia Sau 3.5000 14/03/13 300,000 236 0.49Caja Ahorros Guipuzcoa 4.3750 05/11/14 450,000 358 0.74Gas Natural (EMTN) 6.0000 27/01/20 200,000 160 0.33Mapfre (FRN) 5.9210 24/07/37 450,000 247 0.511,241 2.57United Kingdom - 2.27%Aviva (PERP) (VAR) 6.1250 29/09/49 180,000 145 0.30Hammerson 2.7500 26/09/19 300,000 239 0.49Imperial Tobacco Finance (EMTN) 5.0000 02/12/19 300,000 278 0.58Viridian Group Fundco II 11.1250 01/04/17 540,000 434 0.901,096 2.27United States - 0.94%Westpac Banking Corporation ∞ 1.1250 25/09/15 730,000 453 0.94Total Euro denominated 11,308 23.39www.aberdeen-asset.com163


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalSterling Denominated Bonds - 6.64%Australia - 0.89%Commonwealth Bank of Australia (EMTN) 3.0000 04/09/26 430,000 432 0.89France - 0.54%AXA (FRN) (PERP) (EMTN) 6.6666 29/07/49 300,000 259 0.54Germany - 0.77%BMW Finance (EMTN) 3.3750 14/12/18 349,000 372 0.77Netherlands - 0.51%Generali Finance (FRN) (PERP) 6.2140 29/06/49 350,000 245 0.51United Kingdom - 3.93%Abbey National Treasury Services (EMTN) 5.2500 16/02/29 300,000 363 0.75Barclays Bank (FRN) (EMTN) 6.7500 16/01/23 310,000 319 0.66Cumbernauld Fund 3 4.5500 15/08/14 196,667 198 0.41Legal & General (FRN) (PERP) 6.3850 29/05/49 300,000 272 0.56Lloyds TSB Bank VAR (EMTN) 10.7500 16/12/21 207,000 231 0.48Tesco (EMTN) 6.1250 24/02/22 430,000 521 1.071,904 3.93Total Sterling denominated Bonds 3,212 6.64United States Dollar Denominated - 44.51%Austria - 0.66%Newcrest Finance 4.2000 01/10/22 511,000 319 0.66Australia - 2.90%National Australia Bank (MTN) 2.7500 09/03/17 950,000 618 1.28National Australia Bank 1.6000 07/08/15 1,250,000 782 1.621,400 2.90Bermuda - 0.71%Aircastle 7.6250 15/04/20 500,000 344 0.71Brazil - 2.95%Oderbrecht Finance 7.1250 26/06/42 200,000 138 0.29Odebrecht Finance PERP 7.5000 29/09/49 590,000 390 0.81OGX Petroleo 8.5000 01/06/18 700,000 392 0.81Qgog Atlantic/Alaskan 5.2500 30/07/18 534,360 347 0.72Schahin II Finance 5.8750 25/09/22 240,000 156 0.321,423 2.95Cayman Islands - 0.67%China Shanshui Cement 10.5000 27/04/17 490,000 325 0.67164 Aberdeen Global - Select Global Credit Bond


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalFrance - 0.65%Agence Francaise Development 1.6250 04/10/17 500,000 315 0.65India - 0.69%NTPC (EMTN) 5.6250 14/07/21 500,000 333 0.69Malaysia - 0.93%Petronas Capital 5.2500 12/08/19 610,000 448 0.93Mexico - 1.71%BBVA Bancomer Texas 6.7500 30/09/22 820,000 556 1.14Urbi Desarrollos Urbanos 9.5000 21/01/20 500,000 276 0.57832 1.71Netherlands - 0.91%BK Nederlandse Gemeenten 1.3750 23/03/15 700,000 441 0.91Norway - 0.84%DNB Bank 3.2000 03/04/17 625,000 405 0.84Sweden - 0.78%Nordea Bank 2.2500 20/03/15 600,000 378 0.78Ukraine - 0.95%Metinvest 8.7500 14/02/18 400,000 235 0.49MHP 10.2500 29/04/15 350,000 220 0.46455 0.95United Arab Emirates - 1.33%Dubai Electricity & Water Authority 7.3750 21/10/20 500,000 362 0.75IPIC 5.5000 01/03/22 400,000 281 0.58643 1.33United Kingdom - 2.25%Rio Tinto 4.1250 21/08/42 560,000 343 0.71Royal Bank of Scotland Group 2.5500 18/09/15 477,000 299 0.62SSE (PERP) 5.6250 01/10/49 720,000 446 0.921,088 2.25United States - 25.06%Alpha Natural Resources 6.2500 01/06/21 230,000 119 0.25Ameren Illinois 2.7000 01/09/22 515,000 326 0.67Anadarko Petroleum 6.3750 15/09/17 292,000 218 0.45Arch Coal 7.2500 15/06/21 230,000 120 0.25Bay Area Toll Authority 6.7930 01/04/30 190,000 150 0.31Brocade Communication 6.6250 15/01/18 397,000 256 0.53Citigroup 4.4500 10/01/17 490,000 334 0.69www.aberdeen-asset.com165


Percentage ofSecurity Coupon (%) Maturity NominalMarket Value£’000total netassets %CVS Caremark Corporation 5.7500 15/05/41 460,000 360 0.74Directv Holdings 5.1500 15/03/42 700,000 443 0.92Duke Energy Corporation 1.6250 15/08/17 310,000 193 0.40Energy Transfer Partners 5.2000 01/02/22 270,000 186 0.38Enterprise Products 4.4500 15/02/43 765,000 471 0.97FMC Technologies 3.4500 01/10/22 390,000 246 0.51Ford Motor Credit Company 2.5000 15/01/16 700,000 439 0.91General Electric Capital Corporation 6.2500 15/12/49 300,000 197 0.41Goldman Sachs 5.1250 15/01/15 480,000 320 0.66HSBC Finance Corporation 6.6760 15/01/21 760,000 547 1.13Ingram Micro 5.0000 10/08/22 746,000 479 0.99International Paper 7.9500 15/06/18 580,000 463 0.96Jabil Circuit 5.6250 15/12/20 150,000 100 0.21Jabil Circuit 7.7500 15/07/16 270,000 194 0.40JP Morgan Chase & Co 5.4000 06/01/42 610,000 441 0.91Liberty Mutual Group 6.5000 01/05/42 930,000 626 1.28Moodys Corporation 4.5000 01/09/22 780,000 513 1.06NBC Universal Media 2.8750 15/01/23 310,000 192 0.40NBC Universal Media 4.3750 01/04/21 464,000 326 0.67New Jersey State 4.2520 01/01/16 100,000 65 0.13Oneok Partners 2.0000 01/10/17 294,000 186 0.38Penske Truck Leasing 3.7500 11/05/17 124,000 79 0.16Progress Energy 3.1500 01/04/22 390,000 246 0.51Pueblo Santa 5.8750 01/04/24 110,000 66 0.14San Diego California Regional Transport 5.9110 01/04/48 90,000 75 0.16Santander Holdings 3.0000 24/09/15 170,000 107 0.22SBA Tower Trust 2.9330 15/12/42 650,000 416 0.86Sempra Energy 2.8750 01/10/22 714,000 448 0.93Svenska Handlesbanken 2.8750 04/04/17 670,000 437 0.89Time Warner Cable 5.8750 15/11/40 705,000 515 1.07Tyco Flow Control Finance 1.8750 15/09/17 322,000 200 0.41University of California Revenues 4.8580 15/05/12 ◊ 490,000 314 0.65VW Credit (EMTN) 1.8750 13/10/16 680,000 426 0.88Williams Partners 7.2500 01/02/17 390,000 294 0.6112,133 25.06Venezuela - 0.52%Petroleos De Venezuela 8.5000 02/11/17 450,000 250 0.52Total US Dollar Denominated 21,532 44.51Corporate Bonds 37,956 78.48Government Bonds - 7.59%Euro Denominated - 2.50%France - 0.73%Agence Francaise Development (FRN) (PERP) 4.6150 29/07/49 500,000 351 0.73166 Aberdeen Global - Select Global Credit Bond


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalGermany - 1.77%Germany (Republic of) 1.7500 04/07/22 400,000 329 0.68Germany (Republic of) 1.7500 09/10/15 250,000 209 0.43Germany (Republic of) 3.5000 12/04/13 100,000 81 0.17Germany (Republic of) 4.0000 04/01/18 250,000 235 0.49854 1.77Total Euro Denominated 1,205 2.50Sterling Denominated - 2.53%United Kingdom - 2.53%UK Treasury 4.0000 07/09/16 241,000 275 0.57UK Treasury 4.2500 07/12/49 180,000 223 0.46UK Treasury 4.7500 07/03/20 275,000 345 0.71UK Treasury 5.0000 07/09/14 350,000 383 0.791,226 2.53Total Sterling Denominated 1,226 2.53United States Dollar Denominated - 2.56%United States - 2.56%US Treasury 0.2500 15/09/15 400,000 247 0.51US Treasury 0.6250 31/08/17 700,000 434 0.90US Treasury 1.6250 15/08/22 320,000 198 0.41US Treasury 3.1250 15/02/42 546,300 360 0.741,239 2.56Total US Dollar Denominated 1,239 2.56Government Bonds 3,670 7.59Asset Backed Bonds / Mortgage Backed Bonds - 3.14%United States - 3.14%Citigroup Mortgage Loan Trust (FRN) 2.5300 25/03/36 239,270 134 0.28Countrywide Home Loans (VAR) 2.9249 20/11/34 417,155 230 0.48Indyman Inda Mortgage Loan Trust (FRN) 3.2767 25/07/37 340,386 171 0.35Indymac Index Mortgage Loan Trust (FRN) 3.1576 25/03/37 42,411 22 0.05Indymac Index Mortgage Loan Trust (FRN) 5.0352 25/01/37 148,117 82 0.17JP Morgan Chase & Co 5.7167 12/02/49 88,864 60 0.12JP Morgan Chase & Co (VAR) 5.8330 15/02/51 61,456 42 0.09JP Morgan Chase & Co (VAR) 5.8131 15/06/49 70,868 48 0.10Merrill Lynch 2.7813 25/12/35 30,000 15 0.03Sequoia Mortgage 4.9604 20/09/46 130,629 69 0.14STARM (FRN) 3.3319 25/10/37 303,980 160 0.33WAMU 5.1756 25/07/37 336,342 192 0.40WAMU 5.7113 25/10/36 575,728 292 0.601,517 3.14Asset Backed Bonds / Mortgage Backed Bonds 1,517 3.14www.aberdeen-asset.com167


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalMunicipal Bonds - 3.58%United States - 3.58%American Municipal Power - Ohio 7.8340 15/02/41 700,000 612 1.27Chicago Illinois Transit Authority 6.8990 01/12/40 455,000 342 0.71Municipal Electric Authority of Georgia 6.6370 01/04/57 340,000 245 0.51Port Authority New York & New Jersey 6.0400 01/12/29 670,000 530 1.091,729 3.58Municipal Bonds 1,729 3.58Total Transferable securities and money market instruments admittedto an official exchange listing / dealt in on another regulated market 44,872 92.79Other transferable securities and money market instrumentsCorporate Bonds - 2.96%United Kingdom - 0.65%EB Holdings (Boats) (PIK) (MTN) 11.0000 31/03/17 674,000 312 0.65United States - 2.96%Americold Realty Trust (FRN) 2.5000 14/01/29 100,000 64 0.13Bear Stearns Adjust Rate Mortgage (VAR) (FRN) 5.4728 25/06/47 424,164 220 0.46Blackstone Holdings 4.7500 15/02/23 350,000 226 0.47Citigroup Mortgage Loan Trust (FRN) 0.5607 25/07/36 53,221 31 0.06Crown Castle Towers 5.4950 15/01/37 150,000 106 0.22International Lease Finance Corporation 6.5000 01/09/14 590,000 395 0.82STARM (FRN) 5.4788 25/04/37 471,015 228 0.47WAMU (FRN) 2.1244 25/01/37 341,337 160 0.331,430 2.96Corporate bonds 1,742 3.61Total other transferable securities and money market instruments 1,742 3.61Total transferable securities and money market instruments 46,614 96.40168 Aberdeen Global - Select Global Credit Bond


Financial derivative instruments - 0.94%Forward currency exchange contracts - 0.94%UnrealisedGains/(Losses)£’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountEUR CAD 05/11/12 566,085 717,000 - -EUR GBP 14/12/12 10,451,456 8,293,649 43 0.09GBP AUD 05/10/12 48,148 75,000 - -GBP AUD 05/10/12 566,146 870,000 6 0.01GBP EUR 05/10/12 67,968 85,000 - -GBP EUR 05/10/12 72,664 90,000 1 -GBP EUR 05/10/12 96,105 120,000 - -GBP EUR 05/10/12 245,106 309,000 (1) -GBP EUR 05/10/12 615,607 766,000 5 0.01GBP EUR 05/10/12 3,989,347 5,033,000 (21) (0.04)GBP EUR 05/10/12 3,989,641 5,034,000 (21) (0.04)GBP EUR 05/10/12 3,989,898 5,034,000 (21) (0.04)GBP EUR 13/11/12 141,759 180,000 (2) -GBP JPY 05/10/12 251,999 31,364,000 2 -GBP USD 05/10/12 72,270 117,000 - -GBP USD 05/10/12 97,607 155,000 2 -GBP USD 05/10/12 98,453 160,000 (1) -GBP USD 05/10/12 120,135 195,000 (1) -GBP USD 05/10/12 330,498 524,000 6 0.01GBP USD 05/10/12 4,820,164 7,635,000 93 0.19GBP USD 05/10/12 4,822,511 7,635,000 94 0.19GBP USD 05/10/12 4,823,569 7,635,000 95 0.20GBP USD 05/10/12 4,824,195 7,637,000 95 0.20GBP USD 05/10/12 4,824,626 7,635,000 96 0.20GBP USD 05/10/12 4,824,645 7,635,000 96 0.20JPY GBP 05/10/12 31,355,000 246,770 3 0.01USD CAD 05/10/12 1,539,328 1,492,000 15 0.03USD GBP 14/12/12 5,862,820 3,686,589 (55) (0.11)USD GBP 14/12/12 8,795,198 5,530,493 (83) (0.17)Unrealised gains on forward currency exchange contracts 446 0.94Unrealised gains on financial derivative instruments 446 0.94Total investments 47,060 97.34Other net assets 1,286 3.01Total 48,346 100.00∞A portion of this security is on loan at the year end.◊Maturity date 15/05/2112.www.aberdeen-asset.com169


Select High Yield BondFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name from AberdeenGlobal - High Yield Bond Fund to Aberdeen Global - Select HighYield Bond Fund.PerformanceFor the year ended 30 September 2012, the value of the Select HighYield Bond – D Income shares increased by 15.41% compared to anincrease of 19.42% in the benchmark, a composite index made up of30% Merrill Lynch Sterling High Yield Index and 70% of the MerrillLynch Euro High Yield Constrained Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, GBP.Manager’s reviewThe high yield market has rallied dramatically over the periodunder review. At the start of the period, the high yield market wasdiscounting the breakup of the Eurozone, the likelihood of which hasbeen considerably reduced since the European Central Bank (ECB), thelender of last resort for sovereign countries, implemented its long termrefinancing programme(LTRO). This programme has enabled banks toaccess cheap funding for the next three years.A combination of balance sheet deleveraging by the banking sectorand austerity measures announced by various governments has seena decline in the macroeconomic outlook for Europe, however, robustgrowth elsewhere in the world has been positive.The excess liquidity and shortage of capital for banks has seenthe traditional form of lending to companies replaced with bondborrowings in the investment grade and high yield sectors. Companyresults have generally been in line with our expectations and cashlevels remain high, reflecting the lesson learnt from 2008 whencompanies relied heavily on bank funding.Portfolio reviewWe remain selective in our take up of new issues but have purchased12 new names during the period under review. At the end of the fourthquarter we started to reduce some of our financial bank exposure andreduce our weighting in CCC bonds. As the macro outlook for 2013deteriorates and global growth becomes more subdued, coupled withthe recent spread compression, we have started to reduce some risk inthe Fund. This follows the positive performance from some lower ratedbonds in the last quarter as investors were convinced with ECBPresident Draghi’s comments.Some of the bonds we hold in the Fund were tendered early ascompanies took the opportunity to refinance given the strength of thenew issuance market. We sold downs some of our bonds which reachedour yield target as they offered little capital upside.OutlookThe high-yield market has gone from being oversold a year agoto a situation where the yield on the Euro High Yield index hasdropped below 7%. On a spread basis, the market remains widerthan its historical average, however government bond yields are athistorical lows and at unsustainable levels over the longer term. Weare witnessing investors realising that the income levels available inhigh yield products are attractive relative to government bonds andinvestment grade bonds. The asset class over the last ten years hasmatured considerably and produced a good income stream over thistime period. Investors are starting to appreciate this more and more ina period of low inflation, low interest rates and a weak growth outlookfor Europe.Over the period under review, European default levels have stoodat 2.6%. This figure is well below historical levels and is forecastedby Moody’s to remain low for the foreseeable future. There is anexpectation that more companies will be downgraded frominvestment grade to high yield as rating agencies are expectedto downgrade more sovereigns.The technical picture of the high-yield market has been enhancedby large fund inflows - when monitored for retail funds this figurestands at €2.3billion to the end of September 2012.New issuance has reached €27.3 billion. A large percentage of thedeal taking place in the BB rated section of the market and a lack ofCCC paper highlights the risk averse nature of investors given theuncertain macroeconomic outlook for 2013.170 Aberdeen Global - Select High Yield Bond


Statement of Net AssetsAs at 30 September 2012£’000AssetsInvestments in securities at market value (note 2.2) 32,536Cash at bank 1,776Interest receivable 1,523Subscriptions receivable 248Receivable for investments sold 83Total assets 36,166LiabilitiesTaxes and expenses payable 62Redemptions payable 44Other liabilities 759Total liabilities 865Net assets at the end of the year 35,301Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012£’000Net assets at the beginning of the year 30,748Net gains from investments 2,735Net realised losses (1,622)Net unrealised gains 3,629Proceeds from shares issued 12,371Payments for shares redeemed (9,558)Net equalisation received (note 10) 97Dividends paid (note 5) (3,099)Net assets at the end of the year 35,301Statement of OperationsFor the year from 1 October 2011 to 30 September 2012£’000IncomeInvestment income 3,242Bank interest 3Other income 20Total income 3,265ExpensesManagement fees (note 4.6) 441Administration fees (note 4.1) 27Custodian fees (note 4.2) 8Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 13Management Company fees (note 4.5) 3Operational expenses (note 4.7) 21Annual tax (note 4.9) 17Total expenses 530Net gains from investments 2,735Realised losses on investments (1,615)Currency exchange losses (7)Net realised losses (1,622)Decrease in unrealised depreciation on investments 3,629Net unrealised gains 3,629Net increase in assets as a result of operations 4,742Share TransactionsFor the year from 1 October 2011 to 30 September 2012D-1Shares outstanding at the beginning of the year 33,299,500Shares issued during the year 12,866,578Shares redeemed during the year (10,106,394)Shares outstanding at the end of the year 36,059,684Net asset value per share 0.9790The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com171


Portfolio StatementAs at 30 September 2012Percentage ofSecurity Coupon (%) Maturity NominalMarket Value£’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset Backed Bonds - 0.67%Cayman Islands - 0.36%THPA Finance 8.2410 15/03/28 150,000 128 0.36Netherlands - 0.31%Bite Finance (FRN) 3.7520 15/03/14 150,000 108 0.31Asset Backed Bonds 236 0.67Corporate Bonds - 84.25%Argentina - 1.08%Inversora De Electrica 6.5000 26/09/17 1,104,411 383 1.08Austria - 1.77%Wienerberger (FRN) (PERP) 6.5000 31/12/49 1,075,000 626 1.77Belgium - 1.55%Ontex IV 7.5000 15/04/18 200,000 162 0.46Ontex IV 9.0000 15/04/19 500,000 386 1.09548 1.55Croatia - 0.60%Agrokor 9.8750 01/05/19 250,000 213 0.60Czech Republic - 1.78%Central Euro Media Enterprise (FRN) 2.6020 15/05/14 200,000 160 0.45New World Resources ∞ 7.8750 01/05/18 600,000 471 1.33631 1.78France - 3.31%AXA (FRN) (EMTN) 5.7770 29/07/49 300,000 203 0.58AXA (FRN) 6.2110 29/10/49 300,000 201 0.57EC Finance ∞ 9.7500 01/08/17 200,000 168 0.48Europcar Groupe 11.5000 15/05/17 250,000 195 0.55Europcar Groupe ∞ 9.3750 15/04/18 500,000 315 0.90Societe Generale (FRN) 9.3750 04/09/49 100,000 82 0.231,164 3.31Germany - 3.66%Heckler & Koch 9.5000 15/05/18 750,000 508 1.44Techem 6.1250 01/10/19 150,000 123 0.35Techem Energy Services 7.8750 01/10/20 200,000 167 0.47Unitymedia 9.5000 15/03/21 250,000 225 0.64Unitymedia 9.6250 01/12/19 300,000 267 0.761,290 3.66172 Aberdeen Global - Select High Yield Bond


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalIreland - 5.37%Allied Irish Banks 4.5000 01/10/12 200,000 159 0.45ARD Finance (PIK) 11.1250 01/06/18 274,053 218 0.62Ardagh Glass Finance 8.7500 01/02/20 250,000 200 0.57Ardagh Packaging Finance ∞ 9.2500 15/10/20 400,000 329 0.93Bank Of Ireland 4.6250 08/04/13 1,150,000 910 2.58EBS 4.0000 25/02/15 100,000 79 0.221,895 5.37Italy - 3.32%Bormioli Rocco Holdings 10.0000 01/08/18 670,000 538 1.52Lottomatica Spa (FRN) 8.2500 31/03/66 800,000 636 1.801,174 3.32Luxembourg - 1.06%Convatec Health Care 10.8750 15/12/18 100,000 87 0.25Spie Bondco 11.0000 15/08/19 340,000 287 0.81374 1.06Netherlands - 4.03%Rea Finance 9.5000 31/12/17 800,000 836 2.37Stork Technical Services 11.0000 15/08/17 360,000 291 0.82UPC Holdings 9.7500 15/04/18 350,000 298 0.841,425 4.03Poland - 1.65%Polish Television Holdings 11.2500 15/05/17 700,000 583 1.65South Africa - 6.54%Edcon Holdings (FRN) 5.7520 15/06/15 700,000 482 1.37Edcon Proprietary 9.5000 01/03/18 750,000 564 1.60Edcon Proprietary (FRN) 3.5020 15/06/14 900,000 669 1.90Food Corporation 8.7500 01/03/18 700,000 591 1.672,306 6.54Spain - 6.95%Campofrio Food 8.2500 31/10/16 275,000 221 0.63Cirsa Funding Luxemburg 8.7500 15/05/18 950,000 715 2.03Codere Finance Luxembourg 8.2500 15/06/15 400,000 279 0.79Inaer Aviation Finance 9.5000 01/08/17 1,000,000 740 2.10Mapfre (FRN) 5.9210 24/07/37 900,000 495 1.402,450 6.95Sweden - 0.93%Verisure Holdings ∞ 8.7500 01/09/18 400,000 330 0.93www.aberdeen-asset.com173


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalUnited Kingdom - 39.84%Bakkavor Finance 2 ∞ 8.2500 15/02/18 500,000 452 1.28Bank of Scotland Cap Funding (PERP) 6.0590 31/05/49 100,000 76 0.22Boparan Finance 9.7500 30/04/18 100,000 85 0.24Boparan Finance 9.8750 30/04/18 600,000 639 1.81British Airways 8.7500 23/08/16 350,000 376 1.07Care UK Health 9.7500 01/08/17 600,000 637 1.80Castle Holdings 10.0000 08/05/18 603,971 616 1.74Ceva Group 12.0000 01/09/14 513,000 397 1.12CPUK Finance 7.2390 28/02/24 100,000 115 0.33Crown Newco ∞ 8.8750 15/02/19 400,000 401 1.14House of Fraser Funding 8.8750 15/08/18 600,000 571 1.62Ineos 7.8750 15/02/16 850,000 631 1.79International Personal Finance (EMTN) 11.5000 06/08/15 1,050,000 929 2.63Kensington Group VAR 7.2850 21/12/15 350,000 278 0.79Kerling 10.6250 01/02/17 300,000 228 0.65LBG Capital 11.0400 19/03/20 800,000 877 2.48LBG Capital No2 10.5000 29/09/23 250,000 270 0.76LBG Cap 15.0000 21/12/19 600,000 622 1.76Lecta ∞ 8.8750 15/05/19 200,000 160 0.45Lloyds TSB Bank VAR B (PERP) 13.0000 29/01/49 850,000 1,112 3.15Lowell Group Financing ∞ 10.7500 01/04/19 700,000 732 2.07Moto Finance 10.2500 15/03/17 550,000 506 1.43Phones4U Finance 9.5000 01/04/18 500,000 508 1.44Pipe Holdings 9.5000 01/11/15 500,000 510 1.44R & R Ice Cream 8.3750 15/11/17 850,000 722 2.05Rexam (FRN) 6.7500 29/06/67 100,000 80 0.23Royal Bank of Scotland (EMTN) 6.9340 09/04/18 250,000 203 0.58Santander UK (PERP) 5.8270 29/03/49 500,000 353 1.00Thomas Cook Group ∞ 7.7500 22/06/17 650,000 338 0.96Towergate Finance ∞ 8.5000 15/02/18 200,000 197 0.56Viridian Group Fundco II 11.1250 01/04/17 550,000 442 1.2514,063 39.84United States - 0.81%Travelport (FRN) 4.9030 01/09/14 550,000 287 0.81Corporate Bonds 29,742 84.25Equities - 0.76%Ireland - 0.76%Bank of Ireland - - 3,460,207 267 0.76174 Aberdeen Global - Select High Yield Bond


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalUnited Kingdom - nilBattersea Power Station Warrants - 29/05/15 788,733 - -Battersea Power Station - - 1,050,866 - -- -Equities 267 0.76Total Transferable securities and money market instruments admittedto an official exchange listing / dealt in on another regulated market 30,245 85.68Other transferable securities and money market instrumentsCorporate Bonds - 3.45%Czech Republic - 0.68%Sazka (STEP) 9.0000 12/07/21 672,656 241 0.68Ireland - 0.04%ERC Ireland (FRN) 7.3490 15/02/17 1,537,806 13 0.04Italy - nilParmalat Capital Finance (PUT) (PERP) 9.3750 02/12/49 1,364,664 - -Spain - nilCodere (Boats) (FRN) (PIK) 8.1520 15/12/15 1,300,000 326 0.92Sweden - 1.76%Corral Petroleum (FRN) 15.0000 31/12/17 987,911 622 1.76United Kingdom - 0.97%Cammell Laird 12.0000 15/10/10 840,000 - -EB Holdings (Boats) (PIK) (EMTN) 11.0000 31/03/17 1,750,000 809 2.29Energis / Chelys 9.1250 15/03/10 6,250,000 - -Energis / Chelys 9.5000 15/06/09 1,975,000 - -Greycoat 9.5000 30/09/03 1,640,000 - -Scotia Holdings CNV 8.5000 26/03/02 995,000 - -809 2.29Corporate bonds 2,011 5.69Equities - 0.79%Argentina - 0.03%Inversora De Electrica - 109,463 10 0.03www.aberdeen-asset.com175


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalUnited Kingdom - 0.76%Countrywide A - 90,730 268 0.76Countrywide B - 90,730 1 -Real Estate Opportunities - 350,908 1 -Viatel - 6 - -270 0.76Equities 280 0.79Other transferable securities and money market instruments 2,291 6.48Total transferable securities and money market instruments 32,536 92.17Total investments 32,536 92.17Other net assets 2,765 7.83Total 35,301 100.00∞A portion of this security is on loan at the year end.176 Aberdeen Global - Select High Yield Bond


Select Sterling Financials BondFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name from AberdeenGlobal - Sterling Financials Bond Fund to Aberdeen Global - SelectSterling Financials Bond Fund.PerformanceFor the year ended 30 September 2012, the value of the Select SterlingFinancials Bond - A Accumulation shares increased by 4.28% comparedto an increase of 12.54% in the benchmark, the iBoxx SterlingCorporate Financials 1 - 5 years Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, GBP.Manager’s reviewGlobal bond markets were volatile throughout the period underreview. Liquidity measures taken by the European Central Bank(ECB), in the form of two long term refinancing operations (LTRO),and agreements between periphery leaders have failed to bring longterm stability to financial markets.A Greek exit from the Eurozone was narrowly avoided while Spainrequested a formal bailout of €100 billion for its ailing banking system.September saw central bank easing in the US, UK and Japan coupledwith the ECB announcing a new non-standard measure called the‘Open Market Transactions’ (OMT) programme.Mindful of the global economic slowdown, the UK Monetary PolicyCommittee (MPC) became increasingly dovish, forecasting weakerexternal demand and lower inflation forecasts over the medium term.This has led to the MPC members consistently voting unanimously forunchanged interest rates. In October, Quantitative Easing (QE) wasextended by £75 billion and a further £50 billion in February and Julyto end the period at £375 billion.Economic data in the UK deteriorated through the year. The economyofficially returned to recession in April and forecasts for future growthwere sharply revised down and forward looking survey data wereweaker. Moody’s put the UK on negative watch over the perioddespite maintaining its AAA status.Inflation data initially rose higher -the CPI peaked at 5.0% in October.Subsequently it has fallen much closer to target, ending the periodunder review at 2.5%. The August Bank of England Inflation reporthighlighted the fact that the MPC have once again revised downtheir growth forecasts, whilst leaving their medium term inflationprojections broadly unchanged.Investor appetite for ‘safe haven’ assets saw 10-year UK gilt yields fall82 basis points and 30-year UK gilt yields fall 56 basis points endingthe period under review at 1.73% and 3.07% respectively. The averageyield spread over gilts tightened 47 basis points to end the reportingperiod at +1.93%.In credit markets, valuations rebounded in the fourth quarter, buoyedby central bank easing measures including improved access to US dollarfunding and the ECB’s LTRO. Moody’s continued to push bank creditratings lower, citing the uncertain macroeconomic outlook in Europefor its latest move with the majority of the sector being put onnegative watch.Portfolio reviewThe portfolio remained short duration against its benchmark duringthe period which has contributed negatively to performance. However,towards the end of July the short duration position was halved with thebelief that more monetary easing was forthcoming and rates wouldremain lower for longer. In recent weeks the sentiment appears tohave changed with investors taking a more ‘risk-on’ attitude and,therefore, yields have started to rise with our short duration positionbecoming more profitable.We took the opportunity to buy two new issues over the year,switching into slightly longer dated bonds that offered a significantyield pick-up due to the new issue premiums present in a marketwith a dwindling supply pipeline. We also made the decision to de-riskthe portfolio early in the period by re-investing the proceeds of singleA-rated bonds into AAA-rated gilts.The Fund has underperformed its benchmark over the period due tothe inability to hold bonds rated below A-. These bonds, mainlysubordinated in the capital structure, have outperformed as risksentiment has changed. Accordingly, the Fund is considerably lessvolatile than the benchmark with an average rating of AA- comparedto the index average rating of A-.OutlookA combination of favourable base effects, weaker growth, increasingslack in the product and labour markets and the tightening in financialconditions arising from the Eurozone should help to push CPI nearer totarget over the course of the year, before rising again in 2013. Despitethis, we continue to consider gilts vulnerable at historically low yieldlevels to an unwinding of risk aversion.In the short term the likelihood of further QE via asset purchases hasincreased. However, recent announcements regarding credit easingmeasures may postpone the implementation of further QE via giltpurchases. Ultimately the outlook for the gilt market will continueto be determined by events in Europe.Whilst the announcement of the OMT is undoubtedly positive forsentiment in European credit markets, the underlying issues of theregion remain unresolved. Civil unrest seen in Greece and Spain showthe extent of the pain on populations from the austerity measures inplace and these are sharp wake up calls for markets. The next hurdlefor markets is whether Spain will ask for help in order to activate thebond buying programme. This is likely to be positively received but itis not difficult to see a macro or European political story reversingsentiment quickly.www.aberdeen-asset.com177


Statement of Net AssetsAs at 30 September 2012£’000AssetsInvestments in securities at market value (note 2.2) 23,630Cash at bank 393Interest receivable 497Subscriptions receivable 5Total assets 24,525LiabilitiesTaxes and expenses payable 31Redemptions payable 16Total liabilities 47Net assets at the end of the year 24,478Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012£’000Net assets at the beginning of the year 28,274Net gains from investments 618Net realised gains 58Net unrealised gains 371Proceeds from shares issued 2,557Payments for shares redeemed (7,379)Net equalisation paid (note 10) (21)Net assets at the end of the year 24,478Statement of OperationsFor the year from 1 October 2011 to 30 September 2012£’000IncomeInvestment income 879Bank interest 1Total income 880ExpensesManagement fees (note 4.6) 191Administration fees (note 4.1) 26Custodian fees (note 4.2) 4Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 11Management Company fees (note 4.5) 3Operational expenses (note 4.7) 15Annual tax (note 4.9) 12Total expenses 262Net gains from investments 618Realised gains on investments 58Net realised gains 58Increase in unrealised appreciation on investments 371Net unrealised gains 371Net increase in assets as a result of operations 1,047Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2Shares outstanding at the beginning of the year 14,592,962Shares issued during the year 1,294,633Shares redeemed during the year (3,770,833)Shares outstanding at the end of the year 12,116,762Net asset value per share 2.0202The accompanying notes form an integral part of these financial statements.178 Aberdeen Global - Select Sterling Financials Bond


Portfolio StatementAs at 30 September 2012Percentage ofSecurity Coupon (%) Maturity NominalMarket Value£’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketAsset Backed Bonds / Mortgage Backed Bonds - 9.30%United Kingdom - 9.30%Chester Asset Receivables Deal 4.6500 15/09/15 750,000 767 3.13Cumbernauld Fund 3 4.5500 15/08/14 386,667 390 1.59Silverstone Master Issuer (FRN) 5.0630 21/01/55 1,000,000 1,121 4.582,278 9.30Asset Backed Bonds / Mortgage Backed Bonds 2,278 9.30Corporate Bonds - 80.08%Australia - 5.36%National Australia Bank (EMTN) 5.3750 08/12/14 1,208,000 1,313 5.36Denmark - 4.26%Danske Bank (EMTN) 4.0000 09/12/15 1,000,000 1,042 4.26France - 4.23%Caisse D'Amortissement Dette (EMTN) 2.2500 07/12/15 1,000,000 1,034 4.23Germany - 4.09%KFW (EMTN) 3.7500 07/09/16 900,000 1,002 4.09Netherlands - 14.37%Bank Nederlandse Gemeenten (MTN) 2.6250 10/12/13 900,000 919 3.76Nederslandse Waterschapsbank (EMTN) 2.3750 10/12/13 1,500,000 1,526 6.23Rabobank Nederland (EMTN) 4.0000 10/09/15 1,000,000 1,073 4.383,518 14.37Supranational - 9.10%Eurofima (EMTN) 6.1250 14/10/14 800,000 880 3.60European Investment Bank (EMTN) 2.2500 22/01/15 1,300,000 1,345 5.502,225 9.10Sweden - 4.45%Skandinaviska Enskilda (EMTN) 6.6250 09/07/14 1,000,000 1,090 4.45United Kingdom - 21.42%Abbey National Treasury Services (EMTN) 5.5000 18/06/14 800,000 838 3.42HSBC Holdings 9.8750 08/04/18 1,000,000 1,039 4.25Lloyds TSB Bank (EMTN) 6.3750 15/04/14 1,000,000 1,075 4.39Prudential (EMTN) 3.3750 28/01/13 1,000,000 1,006 4.11Royal Bank of Scotland (EMTN) 6.3750 29/04/14 1,200,000 1,286 5.255,244 21.42www.aberdeen-asset.com179


Market Value£’000Percentage oftotal netassets %Security Coupon (%) Maturity NominalUnited States - 12.80%GE Capital UK Funding (EMTN) 2.2500 08/09/15 1,000,000 1,022 4.18Metlife Global Funding (EMTN) 5.2500 09/01/14 1,000,000 1,051 4.29Pacific Life Funding (EMTN) 5.1250 20/01/15 1,000,000 1,061 4.333,134 12.80Corporate Bonds 19,602 80.08Government Bonds - 7.15%United Kingdom - 7.15%UK Treasury 4.0000 07/09/16 650,000 741 3.03UK Treasury 1.7500 22/01/17 960,000 1,009 4.121,750 7.15Government Bonds 1,750 7.15Transferable securities and money market instruments admitted to an officialexchange listing / dealt in on another regulated market 23,630 96.53Total transferable securities and money market instruments 23,630 96.53Total investments 23,630 96.53Other net assets 848 3.47Total 24,478 100.00180 Aberdeen Global - Select Sterling Financials Bond


Technology EquityFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name fromAberdeen Global - Technology Fund to Aberdeen Global -Technology Equity Fund.PerformanceFor the year ended 30 September 2012, the value of the TechnologyEquity – A Accumulation shares increased by 15.61% compared to anincrease of 14.89% in the benchmark, the Merrill Lynch Technology100 Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewTechnology shares posted positive returns in the year under reviewdespite recurring global growth fears and continued headwinds fromEurope. Generally steady earnings from industry bellwethers buoyedmarkets. Expectations of – and subsequent – policy action from majorcentral banks also underpinned investor sentiment. The EuropeanCentral Bank agreed to buy unlimited amounts of short-term debtto keep borrowing costs in indebted nations from spiking, while theUS Federal Reserve launched a third round of quantitative easing tostimulate growth until the economy turns a corner.Portfolio reviewAt the stock level, Samsung Electronics, TSMC and Comcastcontributed most to relative return, helped by steady results.Samsung did well in the first half, with net profits growing by morethan 60% year-on-year. It is also worth noting that Apple’s lawsuitover patent infringement is unlikely to have a significant impact onits operating performance. Healthy demand underpinned TSMC andComcast’s cable business benefited from increased revenues. Whilethe US cable company continues to lose video-only subscribers, theaddition of high speed internet and voice customers more than offsetthis decline.Conversely, Canon, Wincor Nixdorf and Check Point Software laggedover the year. Canon was affected by a sluggish office equipmentmarket and concerns over demand for cameras, leading it to lowerits full-year profit outlook. On the positive side, however, the companyannounced another round of share buybacks. Checkpoint Software fellafter it guided for lower revenue growth. German ATM maker WincorNixdorf faced an increasingly difficult operating environment, whichdepressed its interim earnings.Consequently, we sold Wincor Nixdorf given the challenging outlookfor its business. We also divested Indian software services providerInfosys and Singapore IT company Venture Corp. Against this, weintroduced UK mobile communications software firm Anite in view ofits attractive long-term prospects, and Oxford Instruments, a leadingmaker of high-tech tools and systems with diverse end markets.OutlookConcerted central bank action may have lifted stock markets, butthese stop-gap measures appear to succeed only in boosting shorttermsentiment and inflating asset prices, instead of providing viablelong-term solutions. Evidently, central bank policies only contributeto half of the equation, with the other half dependent on governmentspending via fiscal policies. At present, we remain wary of severalevents, including the looming “fiscal cliff” in the US and the possibilityof a Chinese hard landing, which will have a negative impact onexport-dependent economies. On the corporate front, theearnings outlook appears challenging.Despite the dim global economic outlook, industry prospects remainencouraging. Worldwide spending on IT is on track to grow by 3% toalmost $3.6 trillion in 2012, led by emerging markets such as India andChina. Expenditure will be driven by growth in segments such as cloudcomputing, telecom and consulting services, according to technologyresearch firm Gartner.www.aberdeen-asset.com181


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 247,156Cash at bank 6,775Interest and dividends receivable 203Subscriptions receivable 2,052Total assets 256,186LiabilitiesTaxes and expenses payable 481Redemptions payable 622Total liabilities 1,103Net assets at the end of the year 255,083Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$’000Net assets at the beginning of the year 191,540Net gains from investments 298Net realised gains 5,536Net unrealised gains 25,710Proceeds from shares issued 191,205Payments for shares redeemed (159,237)Net equalisation received (note 10) 31Net assets at the end of the year 255,083Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$’000IncomeInvestment income 4,550Other income 13Total income 4,563ExpensesManagement fees (note 4.6) 3,816Administration fees (note 4.1) 85Custodian fees (note 4.2) 59Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 91Management Company fees (note 4.5) 22Operational expenses (note 4.7) 80Annual tax (note 4.9) 109Bank interest 3Total expenses 4,265Net gains from investments 298Realised gains on investments 5,621Currency exchange losses (85)Net realised gains 5,536Increase in unrealised appreciation on investments 25,709Unrealised currency exchange gains 1Net unrealised gains 25,710Net increase in assets as a result of operations 31,544Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 B-2 D(GBP)-2 I-2 S-2Shares outstanding at the beginning of the year 45,373,069 49,286 3,351,758 920,747 404,404Shares issued during the year 46,198,571 - 502,679 1,856,087 29,342Shares redeemed during the year (35,636,904) (49,286) (475,071) (2,067,534) (78,078)Shares outstanding at the end of the year 55,934,736 - 3,379,366 709,300 355,668Net asset value per share 3.6257 - 2.2464 12.9860 86.6235The accompanying notes form an integral part of these financial statements.182 Aberdeen Global - Technology Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 96.89%Canada - 4.44%Telus 179,900 11,336 4.44Hong Kong - 4.66%ASM Pacific Technology ∞ 1,004,000 11,878 4.66Israel - 4.55%Check Point Software 241,100 11,610 4.55Japan - 7.65%Canon Inc 286,500 9,179 3.60Fanuc Corp 64,000 10,336 4.0519,515 7.65Singapore - 1.93%Singapore Telecommunications 1,886,000 4,928 1.93South Korea - 6.22%Samsung Electronics GDR 44,901 15,861 6.22Sweden - 3.02%Ericsson 843,300 7,701 3.02Taiwan - 12.47%Taiwan Mobile 3,332,300 12,192 4.78TSMC ADR 1,240,000 19,623 7.6931,815 12.47United Kingdom - 9.04%Anite 1,267,300 2,585 1.01Oxford Instruments 121,600 2,700 1.06Vodafone 6,264,000 17,777 6.9723,062 9.04www.aberdeen-asset.com183


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityUnited States - 42.91%Adobe Systems 236,900 7,684 3.01Cisco Systems 648,900 12,391 4.86Cognizant Technology Solutions 153,400 10,720 4.20Comcast 221,000 7,900 3.10EMC 469,700 12,811 5.02IBM 38,000 7,879 3.09Intel 203,400 4,608 1.81Microsoft 366,500 10,905 4.28Oracle 507,200 15,959 6.26QUALCOMM 183,400 11,454 4.49Texas Instruments 259,100 7,139 2.79109,450 42.91Equities 247,156 96.89Transferable securities and money market instruments admitted to an officialexchange listing / dealt in on another regulated market 247,156 96.89Other transferable securities and money market instrumentsEquities - nilItaly - nilCosmo Bioscience 14,500 - -Equities - -Other transferable securities and money market instruments - -Total transferable securities and money market instruments 247,156 96.89Total investments 247,156 96.89Other net assets 7,927 3.11Total 255,083 100.00∞A portion of this security is on loan at the year end.184 Aberdeen Global - Technology Equity


UK EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the UK Equity -A Accumulation shares increased by 19.54% compared to an increaseof 17.25% in the benchmark, the FTSE All-Share Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, GBP.Manager’s reviewUK equities rose in the year under review. Sentiment wasbuoyed by Greece’s second bailout, the European Central Bank’smassive liquidity injection and hopes of further central bank action.However, deteriorating economic data, persistent speculation of aGreek Eurozone exit and concerns over Europe’s debt problems paredgains. The domestic economy continued to contract as industrialoutput and retail sales remained weak. The central bank expandedits asset purchases by a further £50 billion to help boost growth, whilekeeping interest rates at historic lows. Towards period-end, the marketwas lifted by the Bank of England’s stimulus measures, the EuropeanCentral Bank’s bond-buying plan, as well as a third round ofquantitative easing in the US.Portfolio reviewAt the stock level, Prudential contributed the most to relative returnas the UK insurer posted good results driven by firm growth in Asia.The Fund also benefited from holding Rolls Royce as the engine makeroutperformed with positive sales in the expanding airline industry androbust demand for new orders. Specialty chemicals producer CrodaInternational also added to performance as growth remained resilientdue to its focus on higher margin differentiated products and furtherexpansion into emerging markets.In portfolio activity, we introduced Spirax-Sarco Engineering, aleading global provider of steam control products, because of its solidcompetitive position and compelling growth opportunities, backed bya good track record and net cash balance sheet.Against this, we sold Mothercare and insurer Aviva to invest in morecompelling opportunities elsewhere, as well as media company DailyMail & General Trust on concerns over its outlook. In addition, weadded to Standard Chartered on price weakness following allegationsof money laundering for Iran. A subsequent US$340 million settlementwas reached with New York authorities; the lender will continue towork with them to review its historical compliance.OutlookFundamental differences over how to fix the debt crisis persist. Evenif these were to be resolved, the Continent still faces the prospect ofa prolonged period of recession caused by the cumulative weight toausterity measures across the region. The UK has not been spared.Coupled with weakened domestic demand and lower earningsexpectations, valuations now appear less appealing after a four-monthrally. But relative to the struggling Eurozone nations, the UK marketremains attractive. We have confidence in our holdings and believethey have the wherewithal to survive the current headwinds to emergestronger, supported by their solid fundamentals.In contrast, our positions in baby goods retailer Mothercare andinternational supermarket Tesco hurt the Fund. Mothercare was unableto overcome persistent concerns over the deteriorating prospects in itsUK business, which prompted a profit warning by the company. Tesco’sshare price was weak following a disappointing report that revealedfalling like-for-like sales over the Christmas period; its market sharewas also squeezed by low-cost grocers and upmarket retailers. Ourlack of exposure to Diageo also detracted from performance, as thebeer and spirits producer released good results driven by emergingmarkets and demand for its premium whiskies.www.aberdeen-asset.com185


Statement of Net AssetsAs at 30 September 2012£’000AssetsInvestments in securities at market value (note 2.2) 33,053Cash at bank 871Interest and dividends receivable 125Subscriptions receivable 70Other assets 3Total assets 34,122LiabilitiesPayable for investments purchased 26Taxes and expenses payable 65Redemptions payable 26Other liabilities 161Total liabilities 278Net assets at the end of the year 33,844Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012£’000Net assets at the beginning of the year 34,453Net gains from investments 542Net realised gains 552Net unrealised gains 4,790Proceeds from shares issued 4,847Payments for shares redeemed (11,081)Net equalisation paid (note 10) (5)Dividends paid (note 5) (254)Net assets at the end of the year 33,844Statement of OperationsFor the year from 1 October 2011 to 30 September 2012£’000IncomeInvestment income 1,125Bank interest 1Other income 2Total income 1,128ExpensesManagement fees (note 4.6) 500Administration fees (note 4.1) 27Custodian fees (note 4.2) 1Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 14Management Company fees (note 4.5) 3Operational expenses (note 4.7) 25Annual tax (note 4.9) 16Total expenses 586Net gains from investments 542Realised gains on investments 552Net realised gains 552Increase in unrealised appreciation on investments 4,790Net unrealised gains 4,790Net increase in assets as a result of operations 5,884Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 B-2 D-1Shares outstanding at the beginning of the year 1,294,835 19,564 1,167,723Shares issued during the year 214,960 - 90,627Shares redeemed during the year (466,108) (19,564) (225,817)Shares outstanding at the end of the year 1,043,687 - 1,032,533Net asset value per share 17.2863 - 15.3042The accompanying notes form an integral part of these financial statements.186 Aberdeen Global - UK Equity


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket Value£’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 93.34%OIL & GAS - 14.47%Oil & Gas Producers - 8.92%BG Group 77,000 962 2.84BP 202,000 882 2.61Royal Dutch Shell 'A' 54,914 1,176 3.473,020 8.92Oil Equipment & Services - 5.55%AMEC 89,000 1,020 3.01Wood Group (John) 107,000 860 2.541,880 5.55BASIC MATERIALS - 8.30%Chemicals - 3.15%Croda International 44,000 1,067 3.15Mining - 5.15%BHP Billiton 59,000 1,136 3.36Rio Tinto 21,000 606 1.791,742 5.15INDUSTRIALS - 12.95%Aerospace & Defense - 6.66%Cobham 404,000 896 2.65Rolls Royce Group 161,000 1,357 4.012,253 6.66Industrial Engineering - 3.52%Spirax-Sarco Engineering 22,000 460 1.36Weir Group 41,413 732 2.161,192 3.52Support Services - 2.77%Experian 91,000 936 2.77CONSUMER GOODS - 14.38%Automobiles & Parts - 1.60%GKN 252,598 542 1.60Food Producers - 6.69%Associated British Foods 62,000 799 2.36Unilever 65,000 1,464 4.332,263 6.69www.aberdeen-asset.com187


Market Value£’000Percentage oftotal netassets %SecurityQuantityHousehold Goods & Home Construction - 1.68%Persimmon 75,000 569 1.68Tobacco - 4.41%British American Tobacco 47,000 1,494 4.41HEALTH CARE - 4.88%Pharmaceuticals & Biotechnology - 4.88%AstraZeneca 23,000 679 2.01GlaxoSmithKline 68,000 971 2.871,650 4.88CONSUMER SERVICES - 13.33%Food & Drug Retailers - 8.35%Compass Group 135,000 923 2.73WM Morrison 259,000 739 2.19Tesco 350,000 1,162 3.432,824 8.35Media - 3.50%Pearson 98,000 1,186 3.50Travel & Leisure - 1.48%Whitbread 22,000 499 1.48TELECOMMUNICATIONS - 1.85%Mobile Telecommunications - 1.85%Vodafone 356,000 626 1.85UTILITIES - 4.89%Gas, Water & Multiutilities - 4.89%Centrica 380,000 1,246 3.68National Grid 60,000 410 1.211,656 4.89FINANCIALS - 15.35%Banks - 7.45%HSBC 208,000 1,192 3.52Standard Chartered 95,000 1,330 3.932,522 7.45Financial Services - 3.31%Schroders (non voting) 94,507 1,119 3.31Life Insurance/Assurance - 4.59%Prudential 194,000 1,555 4.59188 Aberdeen Global - UK Equity


Market Value£’000Percentage oftotal netassets %SecurityQuantityTECHNOLOGY - 2.94%Software & Computer Services - 2.94%Sage Group 318,000 996 2.94Equities 31,591 93.34Open Ended Investment Funds - 4.32%Aberdeen UK Smaller Companies Fund ‡ 670,000 1,462 4.32Open Ended Investment Funds 1,462 4.32Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 33,053 97.66Total investments 33,053 97.66Other net assets 791 2.34Total 33,844 100.00‡Managed by subsidiaries of Aberdeen Asset Management PLC.www.aberdeen-asset.com189


World EquityFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of the World Equity- A Accumulation shares increased by 20.17% compared to an increaseof 22.32% in the benchmark, the MSCI World Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewGlobal equities rallied in the year under review, largely drivenby the vast amount of liquidity injected into the global financialsystem. Developed markets generally outperformed their emergingcounterparts. Throughout the period, the Eurozone debt crisis andslowing economic activity dominated sentiment. Notably, the tenuousrecovery in the US and a significant deceleration in China’s growth casta pall over the global economic outlook. But risk appetite returnedfollowing efforts by major central banks to provide emergency loans toEuropean banks, while Britain and Japan expanded quantitative easing.In particular, the European Central Bank (ECB)’s long-term refinancingoperation for lenders raised investors’ hopes, as did news of the €130billion Greek bailout. Optimism that funding pressures would ease wasalso boosted by the ECB’s interest rate cuts to a historic low andbond-buying programme, known as Outright Monetary Transactions.In addition, the US Federal Reserve’s (Fed) third round of quantitativeeasing lifted sentiment towards the end of the period.Portfolio reviewThe Fund’s underperformance was largely a result of the underweightto the US, where the stock market outperformed following the Fed’spolicy easing.At the stock level, holdings in the consumer staples sector, includingPhilip Morris International and Mexican covenience store operatorand beverage company FEMSA were among the main contributors torelative performance, as the food, beverage and tobacco subsector didwell. Energy holdings such as Italian-listed pipemaker Tenaris and ENI,as well as EOG Resources in the US, were also among the topcontributors to relative return, boosted by the rise in the oil price.Conversely, holdings in the financials and health care sectorsdetracted from relative return. Australia’s QBE Insurance was weigheddown by low yields from its investment portfolio, coupled with a seriesof natural disasters, including the floods in Thailand and the worst USdrought since the 1950s. Nevertheless, we remain comfortable withholding QBE because of its well-diversified global business, which isguided by capable management. Brazilian lender Banco Bradesco wasaffected by anxieties over growing government intervention. Its shareprice also came under pressure after it lowered its full-year loan growthguidance given the sluggish domestic economy while its credit ratingwas cut by Moody’s. In the health care sector, Swiss drugmakerNovartis was affected by investigations by the European Union’santitrust regulation and massive job cuts in Switzerland and the US.Japan’s Takeda Pharmaceutical suffered from a deteriorating outlook;the holding was subsequently sold.Other portfolio transactions included the sale of UK-listed minerRio Tinto after its price strength to reinvest in better opportunitieselsewhere. Against this, we introduced several companies at attractivevaluations, such as Canadian fertiliser producer Potash Corp, which isa market leader that benefits from a strong asset base and robustlong-term demand drivers, and Hong Kong-based insurance groupAIA, a high quality company with good growth prospects in Asia. Wealso initiated positions in Brazilian miner Vale and US cable companyComcast. While diverse in their operations, both companies benefitfrom the ability to generate solid cash flows, which could lead toattractive dividend payouts.OutlookWhile recent stimulus efforts by major central banks may have liftedmarkets, these stop-gap measures appear to succeed only in boostingshort-term sentiment and inflating asset prices, instead of providingviable long-term solutions. Evidently, central bank policies onlycontribute to half of the equation, with the other half dependent ongovernment spending via fiscal policies. At present, we remain waryof several events, including the looming “fiscal cliff” in the US and thepossibility of a Chinese hard landing, which will have a dire impact onexport-dependent economies. On the corporate front, the earningsoutlook appears challenging. As such, we maintain a cautious stance.190 Aberdeen Global - World Equity


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 3,587,347Cash at bank 181,216Interest and dividends receivable 8,718Subscriptions receivable 10,337Other assets 729Total assets 3,788,347LiabilitiesPayable for investments purchased 2,957Taxes and expenses payable 4,577Redemptions payable 4,268Other liabilities 1,121Total liabilities 12,923Net assets at the end of the year 3,775,424Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 2,720,647Net gains from investments 62,921Net realised gains 34,123Net unrealised gains 486,514Proceeds from shares issued 1,567,671Payments for shares redeemed (1,098,286)Net equalisation received (note 10) 2,955Dividends paid (note 5) (1,121)Net assets at the end of the year 3,775,424Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 101,263Bank interest 121Other income 1,518Total income 102,902ExpensesManagement fees (note 4.6) 35,352Administration fees (note 4.1) 439Custodian fees (note 4.2) 900Distribution fees (note 4.3) 43Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 1,404Management Company fees (note 4.5) 339Operational expenses (note 4.7) 380Annual tax (note 4.9) 1,124Total expenses 39,981Net gains from investments 62,921Realised gains on investments 35,345Currency exchange losses (1,222)Net realised gains 34,123Decrease in unrealised depreciation on investments 485,755Unrealised currency exchange gains 759Net unrealised gains 486,514Net increase in assets as a result of operations 583,558Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 B-2 C-2 D(GBP)-1 D(GBP)-2 E(EUR)-2Shares outstanding at the beginning of the year 84,624,216 2,759 418,348 4,500,000 20,797,116 6,087,678Shares issued during the year 46,220,565 - 27,780 133,377 7,750,858 7,646,399Shares redeemed during the year (22,496,162) (2,759) (83,625) (109,165) (16,032,453) (1,070,015)Shares outstanding at the end of the year 108,348,619 - 362,503 4,524,212 12,515,521 12,664,062Net asset value per share 15.5097 - 12.6260 11.3369 9.6043 12.3450I-2 S-2 Z-2Shares outstanding at the beginning of the year 58,136,744 38,943 50,898,474Shares issued during the year 49,286,624 2,644 11,689,240Shares redeemed during the year (32,928,694) (41,587) (12,851,679)Shares outstanding at the end of the year 74,494,674 - 49,736,035Net asset value per share 10.4081 - 16.8285The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com191


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 95.02%Australia - 1.83%QBE Insurance Group 5,118,800 68,986 1.83Brazil - 6.20%Banco Bradesco (Pref) ADR 5,970,400 95,974 2.53Petroleo Brasileiro (Pref) ADR 3,635,100 80,245 2.13Vale (Pref) ADR 3,349,200 58,192 1.54234,411 6.20Canada - 3.84%Canadian National Railway ∞ 833,300 73,539 1.95Potash Corporation of Saskatchewan 1,646,593 71,431 1.89144,970 3.84China - 2.88%China Mobile 4,756,847 52,794 1.40PetroChina 42,529,400 55,731 1.48108,525 2.88France - 1.27%Schneider Electric 810,000 48,009 1.27Hong Kong - 2.18%AIA Group 9,519,000 35,390 0.94Swire Pacific 'A' 3,822,500 46,886 1.2482,276 2.18Italy - 5.42%ENI ∞ 4,123,000 90,334 2.39Tenaris ADR 2,807,770 114,445 3.03204,779 5.42Japan - 5.66%Canon Inc 1,749,001 56,033 1.48Daito Trust Construction Co 547,303 55,293 1.46Fanuc Corp 309,100 49,921 1.32Shin-Etsu Chemical Co 936,100 52,731 1.40213,978 5.66Mexico - 2.13%FEMSA ADR 875,679 80,527 2.13Singapore - 0.99%City Developments 3,895,500 37,298 0.99192 Aberdeen Global - World Equity


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantitySouth Korea - 2.58%Samsung Electronics GDR 86,113 30,419 0.81Samsung Electronics (Pref) 94,114 66,769 1.7797,188 2.58Sweden - 4.50%Atlas Copco AB 1,612,500 37,714 1.00Ericsson 5,772,700 52,716 1.40Nordea Bank 8,011,200 79,329 2.10169,759 4.50Switzerland - 12.44%Nestle 1,431,500 90,366 2.39Novartis 1,852,600 113,499 3.01Roche Holdings 802,800 150,134 3.98Zurich Financial Services 464,100 115,633 3.06469,632 12.44Taiwan - 4.37%TSMC 53,830,638 164,815 4.37United Kingdom - 16.38%British American Tobacco 2,317,900 119,007 3.15Centrica 13,843,300 73,277 1.94HSBC 7,810,200 72,304 1.92Royal Dutch Shell 'B' ∞ 2,916,400 103,513 2.74Standard Chartered 4,829,800 109,188 2.89Vodafone 49,774,500 141,261 3.74618,550 16.38United States - 22.35%Comcast 1,091,700 39,023 1.03CVS Caremark 1,899,300 91,955 2.44EOG Resources 755,600 84,669 2.24Johnson & Johnson 1,798,400 123,865 3.28Kraft 1,308,800 54,125 1.43Oracle 2,346,300 73,826 1.96PepsiCo 1,281,100 90,638 2.40Philip Morris International 1,340,700 120,576 3.19Quest Diagnostics 861,400 54,630 1.45Schlumberger 525,400 37,984 1.01United Technologies 924,700 72,353 1.92843,644 22.35www.aberdeen-asset.com193


Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Equities 3,587,347 95.02Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 3,587,347 95.02Total investments 3,587,347 95.02Other net assets 188,077 4.98Total 3,775,424 100.00∞A portion of this security is on loan at the year end.194 Aberdeen Global - World Equity


World Equity IncomeFor the year ended 30 September 2012PerformanceFor the year ended 30 September 2012, the value of theWorld Equity Income - E Income shares increased by 22.82%compared to an increase of 27.57% in the benchmark, theMSCI World Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, EUR.Manager’s reviewGlobal equities rallied in the year under review, largely drivenby the vast amount of liquidity injected into the global financialsystem. Developed markets generally outperformed their emergingcounterparts. Throughout the period, the Eurozone debt crisis andslowing economic activity dominated sentiment. Notably, the tenuousrecovery in the US and a significant deceleration in China’s growth casta pall over the global economic outlook. But risk appetite returnedfollowing efforts by major central banks to provide emergency loans toEuropean banks, while Britain and Japan expanded quantitative easing.In particular, the European Central Bank (ECB)’s long-term refinancingoperation for lenders raised investors’ hopes, as did news of the €130billion Greek bailout. Optimism that funding pressures would easewas also boosted by the ECB’s interest rate cuts to a historic low andbond-buying programme, known as Outright Monetary Transactions.As well, the US Federal Reserve’s (Fed) third round of quantitativeeasing lifted sentiment towards the end of the period.Portfolio reviewThe Fund’s underperformance was largely a result of the underweightto the US, where the stock market outperformed following the Fed’spolicy easing.Conversely, holdings in the financials and health care sectorsdetracted from relative return. Australia’s QBE Insurance was weigheddown by low yields from its investment portfolio, coupled with a seriesof natural disasters, including the floods in Thailand and the worst USdrought since the 1950s. Nevertheless, we remain comfortable withholding QBE because of its well-diversified global business, which isguided by capable management. Spanish insurer Mapfre and Japan’sTakeda Pharmaceutical were hurt by weak economic growth anda deteriorating outlook respectively; these holdings weresubsequently sold.Other portfolio transactions included the introduction of Canadianfertiliser producer Potash Corp, which is a market leader that benefitsfrom a strong asset base and robust long term demand drivers. Othernew additions were Japan’s Daito Trust Construction, UnileverIndonesia and PepsiCo, on the back of their decent dividend growthand yields.OutlookWhile recent stimulus efforts by major central banks may have liftedmarkets, these stop-gap measures appear to succeed only in boostingshort-term sentiment and inflating asset prices, instead of providingviable long-term solutions. Evidently, central bank policies onlycontribute to half of the equation, with the other half dependent ongovernment spending via fiscal policies. At present, we remain waryof several events, including the looming “fiscal cliff” in the US and thepossibility of a Chinese hard landing, which will have a dire impact onexport-dependent economies. On the corporate front, the earningsoutlook appears challenging. As such, we maintain a cautious stance.At the stock level, holdings in the consumer staples sector, includingPhilip Morris International and Pepsico in the US, British AmericanTobacco, Unilever Indonesia, Brazilian tobacco company Souza Cruz,as well as Mexican companies FEMSA and Kimberly-Clark Mexico, wereamong the main contributors to relative performance, with their strongbalance sheets and stable cash flows proving to be attractive qualities.Energy holdings such as Italian-listed pipemaker Tenaris were alsoamong the top contributors to relative return, boosted by the risein the oil price.www.aberdeen-asset.com195


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 75,559Cash at bank 1,400Interest and dividends receivable 345Subscriptions receivable 26Other assets 19Total assets 77,349LiabilitiesPayable for investments purchased 95Taxes and expenses payable 144Other liabilities 421Total liabilities 660Net assets at the end of the year 76,689Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 55,001Net gains from investments 1,668Net realised losses (897)Net unrealised gains 9,406Proceeds from shares issued 13,786Payments for shares redeemed (600)Net equalisation received (note 10) 31Dividends paid (note 5) (1,706)Net assets at the end of the year 76,689Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 2,798Other income 60Total income 2,858ExpensesManagement fees (note 4.6) 1,005Administration fees (note 4.1) 47Custodian fees (note 4.2) 24Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 27Management Company fees (note 4.5) 7Operational expenses (note 4.7) 45Annual tax (note 4.9) 34Bank interest 1Total expenses 1,190Net gains from investments 1,668Realised losses on investments (907)Currency exchange gains 10Net realised losses (897)Decrease in unrealised depreciation on investments 9,399Unrealised currency exchange gains 7Net unrealised gains 9,406Net increase in assets as a result of operations 10,177Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-1 E(EUR) - 1Shares outstanding at the beginning of the year - 4,553,753Shares issued during the year 694,840 497,392Shares redeemed during the year (25,530) (26,399)Shares outstanding at the end of the year 669,310 5,024,746Net asset value per share 10.3620 10.7903The accompanying notes form an integral part of these financial statements.196 Aberdeen Global - World Equity Income


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 98.53%Australia - 2.27%QBE Insurance Group 129,200 1,741 2.27Belgium - 1.39%Belgacom 34,800 1,063 1.39Brazil - 11.85%Banco Bradesco ADR 84,800 1,363 1.78Petroleo Brasileiro ADS 57,700 1,323 1.73Souza Cruz 155,100 2,097 2.73Telefonica Brasil ADR 86,400 1,880 2.45Vale (Pref) ADR 139,500 2,424 3.169,087 11.85Canada - 3.31%Potash Corporation of Saskatchewan 13,859 601 0.78Telus 30,800 1,941 2.532,542 3.31China - 3.92%China Mobile 129,500 1,437 1.87PetroChina 1,200,000 1,573 2.053,010 3.92France - 5.53%Casino 16,300 1,446 1.89GDF Suez 75,200 1,684 2.20Total 22,200 1,103 1.444,233 5.53Indonesia - 1.83%Unilever Indonesia 516,500 1,402 1.83Italy - 3.60%ENI ∞ 49,700 1,089 1.42Tenaris ADR 41,000 1,671 2.182,760 3.60Japan - 4.97%Astellas Pharma Co ∞ 34,600 1,761 2.30Canon Inc 29,200 935 1.22Daito Trust Construction Co ∞ 11,000 1,111 1.453,807 4.97www.aberdeen-asset.com197


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityMalaysia - 2.00%British American Tobacco Malaysia 77,300 1,531 2.00Mexico - 4.21%FEMSA ADR 17,100 1,573 2.05Kimberly Clark De Mexico 694,500 1,658 2.163,231 4.21Singapore - 3.67%Singapore Telecommunications 1,077,000 2,814 3.67Sweden - 3.30%Nordea Bank 255,700 2,532 3.30Switzerland - 10.41%Nestle 22,200 1,401 1.83Novartis 26,000 1,593 2.08Roche Holdings 14,700 2,749 3.58Zurich Financial Services 9,000 2,242 2.927,985 10.41Taiwan - 6.91%Taiwan Mobile 705,600 2,582 3.37TSMC ADR 171,800 2,719 3.545,301 6.91Thailand - 0.79%PTT Exploration & Production (Alien) 114,500 604 0.79United Kingdom - 17.73%British American Tobacco 49,700 2,552 3.33Centrica 189,000 1,000 1.30HSBC 206,000 1,907 2.49Royal Dutch Shell 'B' 71,800 2,548 3.32Standard Chartered 117,300 2,652 3.46Vodafone 1,034,500 2,936 3.8313,595 17.73United States - 10.84%Johnson & Johnson 38,900 2,679 3.49Kraft 28,400 1,174 1.53PepsiCo 21,200 1,500 1.95Philip Morris International 33,000 2,968 3.878,321 10.84198 Aberdeen Global - World Equity Income


Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Equities 75,559 98.53Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 75,559 98.53Total investments 75,559 98.53Other net assets 1,130 1.47Total 76,689 100.00∞A portion of this security is on loan at the year end.www.aberdeen-asset.com199


World Resources EquityFor the year ended 30 September 2012Name changeOn 1 December 2011, the Fund changed its name fromAberdeen Global - World Resources Fund to Aberdeen Global- World Resources Equity Fund.PerformanceFor the year ended 30 September 2012, the value of the WorldResources Equity - S Accumulation shares increased by 17.36%compared to an increase of 13.89% in the benchmark, the S&PGlobal Natural Resources Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewGlobal resources equities rose in volatile trading over the yearunder review, bolstered by supportive central bank policy. However,risk appetite was buffeted by the slowdown in China and the US, aswell as the worsening debt crisis in Europe. Oil prices advanced, drivenby sanctions in Iran and unrest in the Middle East, but gains were paredby weak demand expectations. Gold also rose over the period. Themetal was initially sought after as a refuge against market turbulence,but later moved in tandem with equity markets. Prices later reboundedon a series of central banks’ stimulus measures as investors pursued ahedge against inflation.Conversely, Brazilian miner Vale was dragged down by softer ironore prices and disappointing results. In addition, not holding US oilcompany Exxon Mobil and the producer of crop protection productsand seeds, Syngenta, cost the Fund. Exxon was also buoyed by the risein oil prices, while Syngenta posted good results, driven by robustdemand from emerging markets.During the year, we divested Tidewater, a provider of offshore supplyvessels and marine support services, US energy company Hess, as wellas UK gas utility group Centrica, in favour of a new position in Canadianfertiliser maker Potash Corp of Saskatchewan given its quality assetsand long-term demand growth.OutlookThe near-term outlook for world resources equities is clouded byuncertainties facing the global economy. In particular, the suppressionof China’s once voracious appetite for commodities will continue toweigh on prices. Nevertheless, the long-term prospects for the assetclass remain bright. Demand is underpinned by population growth, anemerging middle class and urbanisation in developing countries. On thesupply front, production has long outstripped discoveries, while risingcosts, poorer mineral grades and increased political interventions arefundamental constraints that will persist into the future.Portfolio reviewAt the stock level, our positions in Italian-listed steel pipe makerTenaris and EOG Resources proved beneficial as both companiesbenefited from the rally in crude oil prices. In addition, EOG increasedits output of petroleum liquids while Tenaris delivered another set ofsolid results with healthy revenues and continued recovery in margins.At the same time, our lack of exposure to Wilmar International, whichwas affected by the decline in palm oil imports by China, contributedpositively to performance.200 Aberdeen Global - World Resources Equity


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 328,271Cash at bank 9,681Interest and dividends receivable 802Subscriptions receivable 2,982Unrealised gains on forward currency exchangecontracts (note 2.6) 1,531Other assets 47Total assets 343,314LiabilitiesPayable for investments purchased 224Taxes and expenses payable 632Redemptions payable 5,060Total liabilities 5,916Net assets at the end of the year 337,398Statement of OperationsFor the year from 1 October 2011 to 30 September 2012US$'000IncomeInvestment income 8,577Other income 277Total income 8,854ExpensesManagement fees (note 4.6) 5,668Administration fees (note 4.1) 234Custodian fees (note 4.2) 84Domiciliary agent, registrar, paying and transfer agentfees (note 4.4) 139Management Company fees (note 4.5) 36Operational expenses (note 4.7) 110Annual tax (note 4.9) 146Bank interest 1Total expenses 6,418Net gains from investments 2,436Statement of Changes in Net AssetsFor the year from 1 October 2011 to 30 September 2012US$'000Net assets at the beginning of the year 353,821Net gains from investments 2,436Net realised losses (3,185)Net unrealised gains 53,966Proceeds from shares issued 49,064Payments for shares redeemed (118,615)Net equalisation paid (note 10) (89)Net assets at the end of the year 337,398Realised gains on investments 7,863Currency exchange losses (3,998)Realised losses on forward currency exchangecontracts (7,050)Net realised losses (3,185)Decrease in unrealised depreciation on investments 48,469Unrealised currency exchange losses (2)Decrease in unrealised depreciationon forward currency exchange contracts 5,499Net unrealised gains 53,966Net increase in assets as a result of operations 53,217Share TransactionsFor the year from 1 October 2011 to 30 September 2012A-2 A(CHF)-2^ A(EUR)-2^ E(EUR)-2 I-2 S-2Shares outstanding at the beginning of the year 6,435,049 3,736,369 607,394 3,595 31,176 8,902,193Shares issued during the year 2,248,513 448,913 18,291 55,755 2,809 310,575Shares redeemed during the year (1,501,840) (631,918) (262,018) (53,760) (11,453) (2,251,883)Shares outstanding at the end of the year 7,181,722 3,553,364 363,667 5,590 22,532 6,960,885Net asset value per share 13.3786 10.0308 13.6738 10.4047 2,605.9582 13.2557S(CHF)-2^ S(EUR)-2^Shares outstanding at the beginning of the year 511,806 3,892,285Shares issued during the year 9,915 140,607Shares redeemed during the year (521,721) (1,405,540)Shares outstanding at the end of the year - 2,627,352Net asset value per share - 13.5874^Hedge Share Class.The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com201


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 97.31%Brazil - 12.11%Petroleo Brasileiro (Pref) ADR 472,600 10,433 3.10Vale 1,277,000 22,846 6.77Wilson Sons 518,100 7,558 2.2440,837 12.11Canada - 15.28%Barrick Gold Corp 335,500 14,009 4.15Canadian National Railway 108,600 9,584 2.84Goldcorp 310,300 14,221 4.21Potash Corporation of Saskatchewan 317,584 13,781 4.0851,595 15.28Chile - 2.00%Quimica Y Minera De Chile ADR 109,700 6,760 2.00China - 4.03%PetroChina 10,384,000 13,607 4.03France - 5.61%Air Liquide 98,400 12,239 3.63Total 133,600 6,641 1.9818,880 5.61Germany - 3.68%Linde 72,000 12,405 3.68Italy - 10.88%ENI ∞ 747,700 16,382 4.86Tenaris ADR 498,500 20,319 6.0236,701 10.88Japan - 4.56%Shin-Etsu Chemical Co 273,100 15,384 4.56Netherlands - 2.65%Fugro 131,300 8,940 2.65Thailand - 3.16%PTT Exploration & Production (Alien) 2,022,600 10,662 3.16202 Aberdeen Global - World Resources Equity


SecurityQuantityMarket ValueUS$’000Percentage oftotal netassets %United Kingdom - 16.50%BG Group 319,500 6,449 1.91BHP Billiton 527,500 16,397 4.86Rio Tinto 295,300 13,757 4.08Royal Dutch Shell 'B' 537,100 19,063 5.6555,666 16.50United States - 16.85%EOG Resources 180,000 20,170 5.98Monsanto 94,300 8,584 2.54Praxair 133,700 13,888 4.12Schlumberger 196,300 14,192 4.2156,834 16.85Equities 328,271 97.31Transferable securities and money market instruments admitted toan official exchange listing / dealt in on another regulated market 328,271 97.31Financial derivative instruments - 0.44%Forward currency exchange contracts - 0.44%UnrealisedGains/(Losses)US$’000Percentage oftotal netassets %Buy Sell Settlement Buy Amount Sell AmountCHF USD 01/10/12 27,456 29,362 - -CHF USD 02/10/12 17,991 19,133 - -CHF USD 14/12/12 898,481 952,043 5 -CHF USD 14/12/12 1,254,865 1,354,123 (17) (0.01)CHF USD 14/12/12 34,850,201 36,534,438 599 0.18EUR USD 01/10/12 52,273 67,677 - -EUR USD 02/10/12 13,845 17,795 - -EUR USD 02/10/12 16,512 21,222 - -EUR USD 03/10/12 5,846 7,513 - -EUR USD 03/10/12 18,531 23,812 - -EUR USD 03/10/12 32,802 34,885 - -EUR USD 14/12/12 101,837 131,451 - -EUR USD 14/12/12 140,968 180,590 1 -EUR USD 14/12/12 158,337 207,642 (4) -EUR USD 14/12/12 1,001,746 1,283,307 7 -EUR USD 14/12/12 1,693,619 2,220,995 (40) (0.01)EUR USD 14/12/12 4,753,589 6,003,022 117 0.03EUR USD 14/12/12 34,612,823 43,710,457 855 0.25USD CHF 14/12/12 869,277 811,913 4 -USD EUR 04/10/12 4,401 3,423 - -USD EUR 14/12/12 199,333 154,959 - -USD EUR 14/12/12 1,062,796 822,534 4 -Unrealised gains on forward currency exchange contracts 1,531 0.44Unrealised gains on financial derivative instruments 1,531 0.44Total investments 329,802 97.75Other net assets 7,596 2.25Total 337,398 100.00∞A portion of this security is on loan at the year end.www.aberdeen-asset.com203


World Smaller CompaniesFor the period 22 August 2012 to 30 September 2012Commencement of FundThe Fund was launched in the year ended 30 September 2012. The firstnet asset value (NAV) calculation for the Fund was 22 August 2012.PerformanceFor the period 22 August 2012 to 30 September 2012, the value of theWorld Smaller Companies – A Accumulation shares increased by 7.38%compared to an increase of 3.15% in the benchmark, the MSCI WorldSmall Cap Index.Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross incomereinvested, USD.Manager’s reviewGlobal small cap equities rose during the review period andoutperformed their large cap counterparts. Efforts by central banks inthe US, Europe and Japan to stimulate the global economy boostedmarkets significantly, but gains were pared following weak data releasesacross many regions. Asian manufacturing activity and exporters,including Japan and China, suffered from weakness in external demandparticularly from the West. Second-quarter GDP growth in the US wasdowngraded to 1.3% owing to downward revisions in consumerspending and farm inventories. While the August unemployment rateimproved, the increase in payrolls did not meet expectations. Eurozonemanufacturing shrank, while retail sales also declined owing to risingunemployment, which hit a record, and deteriorating sentiment. In viewof the bleak economic environment, the European Central Bank keptinterest rates unchanged, although inflation rose for the first time in 11months in August, owing to rising fuel and transport costs. To reflectthe worsening creditworthiness of its biggest members, Moody’s cutthe European Union’s outlook to negative.Portfolio reviewThe Fund’s outperformance was largely driven by holdings in thefinancials sector, where National Societe Generale Bank was the topcontributor to relative performance. The Egyptian lender’s sharesrallied after Qatari bank QNB expressed interest in buying it fromparent Societe Generale. Holding Bank of the Philippine Islands alsoboosted the Fund, which gained after its venture BPI Globe Bankoupgraded its loan growth forecasts. Other main contributors includedthe UK’s Dechra Pharmaceuticals, which posted better full-year resultsled by new product launches and acquisitions. As well, Japanese snackmaker Calbee was boosted by improved June-quarter profits, thanksto higher sales and cost cuts.Against this, holdings in the telecommunications and materials sectorspared gains. Hong Kong-listed Asia Satellite Telecommunications andBritish-based polymer producer Victrex corrected following a periodof solid performance. Other detractors included Japanese cosmeticmanufacturer Dr Ci:Labo, which suffered from weaker-than-expectedfull-year results, while Swiss chocolate maker Barry Callebaut wasweighed down by higher cocoa prices.In portfolio activity, we introduced Spanish food casing maker Viscofan,owing to the strength of its business and healthy growth outlook.OutlookWhile recent stimulus efforts by major central banks may have liftedmarkets, these stop-gap measures appear to succeed only in boostingshort-term sentiment and inflating asset prices, instead of providingviable long-term solutions. Evidently, central bank policies onlycontribute to half of the equation, with the other half dependent ongovernment spending via fiscal policies. At present, we remain waryof several events, including the looming “fiscal cliff” in the US and thepossibility of a Chinese hard landing, which will have a dire impact onexport-dependent economies. On the corporate front, the earningsoutlook appears challenging. As such, we maintain a cautious stance.204 Aberdeen Global - World Smaller Companies


Statement of Net AssetsAs at 30 September 2012US$’000AssetsInvestments in securities at market value (note 2.2) 8,203Cash at bank 406Interest and dividends receivable 4Other assets 9Total assets 8,622LiabilitiesPayable for investments purchased 60Taxes and expenses payable 25Total liabilities 85Net assets at the end of the period 8,537Statement of Changes in Net AssetsFor the period from 22 August 2012 to 30 September 2012US$'000Net assets at the beginning of the period -Net losses from investments (1)Net realised gains 9Net unrealised gains 346Proceeds from shares issued 8,183Net assets at the end of the period 8,537Statement of OperationsFor the period from 22 August 2012 to 30 September 2012US$'000IncomeInvestment income 14Total income 14ExpensesManagement fees (note 4.6) 12Administration fees (note 4.1) 7Custodian fees (note 4.2) 1Operational expenses (note 4.7) 2Expense cap refunded by Investment Manager (note 4.8) (9)Annual tax (note 4.9) 2Total expenses 15Net losses from investments (1)Realised gains on investments 11Currency exchange losses (2)Net realised gains 9Increase in unrealised appreciation on investments 346Net unrealised gains 346Net increase in assets as a result of operations 354Share TransactionsFor the period from 22 August 2012 to 30 September 2012A-2 I-2 E-2(EUR)Shares outstanding at the beginning of the period - - -Shares issued during the period 732,894 47,343 12,691Shares redeemed during the period - - -Shares outstanding at the end of the period 732,894 47,343 12,691Net asset value per share 10.7242 10.7265 10.3799The accompanying notes form an integral part of these financial statements.www.aberdeen-asset.com205


Portfolio StatementAs at 30 September 2012Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated marketEquities - 96.09%Brazil - 8.55%CIA Hering 3,600 81 0.95Iguatemi EMP de Shopping 6,900 176 2.06OdontoPrev 36,600 205 2.40Wilson Sons 18,400 268 3.14730 8.55Canada - 1.46%Canadian Western Bank 4,100 125 1.46Chile - 2.88%Embotelladora (Pref) 'B' 42,600 246 2.88Egypt - 2.07%National Societe Generale Bank 25,200 177 2.07France - 1.42%Virbac 700 121 1.42Germany - 7.08%Fuchs Petrolub 5,700 340 3.98Symrise 7,800 265 3.10605 7.08Hong Kong - 7.62%Asia Satellite Telecommunications 100,500 292 3.42ASM Pacific Technology 17,500 207 2.42Café de Coral 54,000 152 1.78651 7.62Japan - 11.21%Asahi Intecc 6,500 205 2.40Calbee Inc 3,100 272 3.19Dr.Ci:Labo 50 169 1.98Nabtesco Corp 6,100 112 1.32Sysmex Corp 4,100 198 2.32956 11.21Mexico - 3.01%Grupo Aeroportuario Sur 'B' 29,000 257 3.01Netherlands - 2.47%Fugro 3,100 211 2.47206 Aberdeen Global - World Smaller Companies


Market ValueUS$’000Percentage oftotal netassets %SecurityQuantityPhillipines - 2.51%Bank of the Philippine Islands 111,800 214 2.51Singapore - 4.01%Raffles Medical Group 112,000 222 2.60Wheelock Properties 79,000 120 1.41342 4.01Spain - 0.71%Viscofan 1,331 61 0.71South Africa - 4.37%Clicks Group 17,800 124 1.45JSE 14,400 120 1.41Truworths International 11,300 129 1.51373 4.37Switzerland - 2.94%Barry Callebaut 270 251 2.94Thailand - 5.42%Electricity Generating (Alien) 51,700 216 2.53Siam Makro (Alien) 19,100 247 2.89463 5.42United Kingdom - 17.26%Close Bros Group 12,500 168 1.97Dechra Pharmaceuticals 19,700 185 2.17Millennium & Copthorne Hotels 19,800 155 1.82Oxford Instruments 5,900 131 1.54PZ Cussons 23,800 115 1.35Rotork 3,300 121 1.42Spirax Sarco Engineering 3,700 125 1.46Victrex 7,300 156 1.83Weir Group 5,700 163 1.91Wood Group (John) 11,800 153 1.791,472 17.26United States - 11.10%Compass Minerals International 2,300 172 2.01ITC 1,600 121 1.42RBC Bearings 3,400 164 1.92Rofin-Sinar Technologies 3,500 69 0.81Silgan 5,900 256 3.00Warnaco 3,200 166 1.94948 11.10www.aberdeen-asset.com207


Percentage ofSecurityQuantityMarket ValueUS$’000total netassets %Equities 8,203 96.09Transferable securities and money market instruments admitted to an officialexchange listing / dealt in on another regulated market 8,203 96.09Total investments 8,203 96.09Other net assets 334 3.91Total 8,537 100.00208 Aberdeen Global - World Smaller Companies


Notes to the Financial Statements1 PRESENTATION OF THE FINANCIAL STATEMENTS1.1 GeneralAberdeen Global (“The Company”) is incorporated as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies asan open-ended société d’investissement à capital variable (a “SICAV”) with UCITS status (an Undertaking for Collective Investment inTransferable Securities as defined in the European Union Directive 85/611/EEC of 20 December 1985, as amended). The Company comprisesvarious classes of shares, each relating to a separate portfolio (a “Fund”) consisting of securities, derivatives, cash and other sundry assets andliabilities.The Company was incorporated under the laws of the Grand Duchy of Luxembourg on 25 February 1988.The Company is authorised as an UCITS under part I of the law dated of 17 December 2010 on undertakings for collective investment.At 30 September 2012, the Company comprises thirty nine separate active funds, providing shareholders with opportunities for investment ina wide variety of markets, securities and currencies.1.2 Aberdeen Global Indian Equity Fund (Mauritius) Limited (“The Mauritian Subsidiary”)Aberdeen Global - Indian Equity Fund makes almost all of its investments in India through a wholly owned subsidiary, Aberdeen Global IndianEquity Fund (Mauritius) Limited, a company incorporated in Mauritius. Transactions involving both the Company and its subsidiary areaccounted for in accordance with their economic substance and accordingly these financial statements reflect the activities of the AberdeenGlobal - Indian Equity Fund and of its subsidiary as if all the activities had been undertaken by the Aberdeen Global - Indian Equity Fund.1.3 Presentation of financial statementsThe accompanying financial statements present the assets and liabilities of the individual Funds and of the Company taken as a whole. Thefinancial statements of each individual Fund are expressed in the currency designated in the Prospectus for that particular Fund and thecombined financial statements of the Company are expressed in United States Dollars (“US$”). The financial statements have been preparedin accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.As the financial statements are produced at a valuation point that is different to the daily dealing NAV on 28 September 2012 (except forEmerging Markets Infrastructure Equity, Brazil Bond and Brazil Equity, which are valued at 23:59 (Luxembourg time) and in the case of FrontierMarkets which is valued on the first and third Wednesday of each month a special NAV was calculated as at 28 September 2012 for financialstatements purposes for Frontier Markets) and include dividend declarations, effective for the distribution period ended 30 September 2012and certain accounting adjustments relating to the year ended 30 September 2012, the Net Asset Values (NAV’s) shown throughout thereport may differ from those advertised on 28 September 2012 for dealing in these Funds.2 ACCOUNTING POLICIES2.1 Accounting conventionThe financial statements have been prepared under the historical cost convention modified by the revaluation of investments.2.2 Assets and portfolio securities valuationThe market value of investments has been calculated using the last available prices at close of business on 28 September 2012 quoted onstock exchanges or over-the-counter market or any other organised market on which these investments are traded or admitted for trading.If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value atwhich it is expected they may be resold as determined in good faith by or under the direction of the Directors.Mortgage and other asset backed securities are independently priced using appropriate models (FT-IDC evaluated prices) and certaincorporate bonds are priced using indicative broker quotes.Security Acronyms:SINKEMTNFRNVARINDXPERPCLNPIKSinking BondEuro Medium Term NoteFloating Rate NoteVariable Rate NoteIndex LinkedPerpetualCredit Linked NotePayment In Kindwww.aberdeen-asset.com209


NOTES TO THE FINANCIAL STATEMENTS CONTINUED2.3 Income and expensesInterest is accrued on a day-to-day basis. In the case of debt securities issued at a discount or premium to maturity value, the total incomearising on such securities, taking into account the amortisation of such discount or premium on an effective interest rate basis, is spread overthe life of the security.Interest income on bonds may be received either in cash or as a Payment in Kind (“PIK”). Where a PIK bond settles physically the interestincome is recognised as the lower of the market value and the nominal value of the settlement. In the event where there is no physicalsettlement, the factor change on that holding is recognised as interest income in the Statement of Operations at the point when the factorchange occurs.Dividends are accounted for on an ex-dividend basis. Interest and dividend income are stated net of irrecoverable withholding taxes, if any.Securities lending commission is accounted for on an accruals basis.Expenses which do not relate to a particular Fund are allocated between Funds in proportion to the NAV’s of the individual Funds.2.4 Foreign exchangeThe cost of investments, income and expenses in currencies other than the Funds’ relevant reporting currency have been recorded at the rateof exchange ruling at the time of the transaction. The market value of the investments and other assets and liabilities in currencies other thanthe relevant reporting currency has been converted at the rates of exchange ruling at 28 September 2012.Realised and unrealised exchange differences on the revaluation of foreign currencies are taken to the Statement of Operations.2.5 Realised gains and losses on investmentsA realised investment gain or loss is the difference between the historical average cost of the investment and the sale proceeds.2.6 Forward currency exchange contractsUnsettled forward currency contracts are valued using forward rates of exchange applicable at the balance sheet date for the remaining perioduntil maturity. All unrealised gains and losses are recognised in the Statement of Operations.3 SHARE CLASS INFORMATION3.1 GeneralWithin each Fund, the Company is entitled to create different share classes. These are distinguished by their distribution policy or by any othercriteria stipulated by the Directors. Classes A-1, B-1, C-1, D-1, E-1, I-1, N-I, S-1 and Z-1 are Distribution shares and Classes A-2, B-2, C-2, D-2,E-2, I-2, N-2, S-2 and Z-2 are Accumulation shares.The Company issues either Class A-1, A-2, C-1, C-2, D-1, D-2, E-1, E-2, I-1, I-2, N1, S-1, S-2, Z-1 and/or Z-2 shares to investors as detailed inthe Annual Report and Accounts. They are offered for sale at a price based on NAV adjusted to reflect any applicable dealing charges plus aninitial charge. Class A, Class C, Class D, Class I, Class N, Class S and Class Z shares may also be made available in Euro, Japanese Yen, Sterling,Swiss Francs or US Dollar hedged versions, or such other currencies as the Directors of the Company may determine from time to time.The Investment Manager will generally undertake currency hedging to reduce the hedged versions of Class A-1, A-2, C-1, C-2, D-1, D-2, I-1,I-2, N-1, N-2, S-1, S-2, Z-1 and Z-2 Shares’ exposure to the fluctuations of the base currency of the relevant Fund against the currency ofhedging but in any event such hedging will not exceed 105% of the Net Asset Value of the relevant Share Class. The Investment Manager willseek to achieve this hedging by using financial swaps, futures, forward currency exchange contracts, options and other similar derivativetransactions deemed appropriate in its discretion but which are within the limits laid down by the CSSF. If, due to market movements, a Classis more than 105% hedged a reduction to such exposure will be sought within an appropriate time scale, subject to market conditions and thebest interests of the shareholders of that Class.The Funds are valued at 13:00 hours Luxembourg time on each Dealing Day, with the exception of Aberdeen Global – Emerging MarketsInfrastructure Equity Fund, Aberdeen Global – Brazil Bond Fund and Aberdeen Global – Brazil Equity Fund which are valued at 23:59 hoursLuxembourg time on each Dealing Day. Dealing Days in respect of the Aberdeen Global - Frontier Markets Equity Fund shall be on the BusinessDay which falls on the first and third Wednesday of each calendar month other than days during a period of suspension of dealing in Shares inthat Fund. If the first or third Wednesday of each calendar month are not a Business Day in Luxembourg, the Dealing Day will be the BusinessDay immediately following the first or third Wednesday of each calendar month.3.2 A, D and E share classesClass A, D and E shares are available to all investors. Class D shares are expressed in British Pounds (“GBP”) and were first offered from 24March 2006. Class E shares are Euro Denominated.210 Aberdeen Global


3.3 B share classClass B shares are subject to a Contingent Deferred Sales Charge as well as an additional annual Distributor Fee of 1%. Class B Shares werefirst offered from 19 April 1993 and were closed to new subscriptions from 1 March 2006.3.4 C share classClass C shares are only available to investors whose investment is covered by a suitable agreement with the Investment Manager or one of itsAssociates and are subject to a Contingent Deferred Sales Charge as well as an additional annual Distributor Fee of 1%.3.5 I share classClass I shares are intended for Institutional Investors (as defined in the Prospectus) with an initial minimum investment limit of US$ 1 millionand a subsequent minimum limit of US$ 10,000.3.6 N share classClass N shares are intended for Institutional Investors (as defined in the Prospectus) with an initial minimum investment limit of US$ 1 millionand a subsequent minimum limit of US$ 10,000, and may only be acquired by fund of funds type undertakings for collective investment in theform of unit trusts or corporate type funds, which are distributed primarily in Japan.3.7 S share classClass S shares are only available to investors whose investment is covered by a suitable agreement with the Investment Manager or one of itsAssociates.3.8 Z share classClass Z shares are intended for Institutional Investors (as defined in the Prospectus) with an initial minimum investment limit of US$ 1 millionand a subsequent minimum limit of US$ 10,000. They are not subject to a management fee or an initial charge.3.9 UK DISTRIBUTOR AND UK REPORTING FUND REGIMEUK Reporting Fund Regime Status is granted prospectively by the UK taxation authorities. It is the intention of the Board of Directors tocontinue to comply with the requirements of the Reporting Fund Regime for all reporting share classes.Distributions on the D, I and Z share classes are subject to equalisation. Equalisation applies only to shares purchased during the distributionperiod (Group 2 shares). It is the average amount of income included in the purchase price of Group 2 shares.Annually and within six months of the year end, the Manager will publish the UK Reporting Regime Report to investors for all share classesgranted reporting fund status on its website (www.aberdeenasset.co.uk/globalUKAnnualReportableIncome).The UK Reporting Regime Report to investors for each share class can also be requested in writing by contacting Aberdeen Global Services S.A.at the Shareholder Service Centre as detailed on the back cover of the Annual Report by 31 March each year.3.10 SwitchesThe following information applies to all Funds, except if an exchange (or switch) request involves exchanging within, into or out of EmergingMarkets Infrastructure Equity, Frontier Markets Equity, Brazil Bond or Brazil Equity.Shares in one Fund may be exchanged or switched into Shares of the same or a different Class in another Fund or of a different Class in thesame Fund, subject to the qualifications for investment being met, on any Dealing Day for the relevant Funds. Shares in the same Class may beswitched between Accumulation and Distribution shares within the same Class. Investors may switch either a specific number of Shares orShares of a specified value. Any requests for a switch that are received by the Global Distributor, UK Distributor or the Transfer Agent before13:00 hours Luxembourg time on a Dealing Day will be redeemed at the Share Price for the relevant Fund calculated on that Dealing Day,subject to any applicable charges (and subject to those shares being available to switch as is explained below). Any requests for a switchreceived after 13:00 hours Luxembourg time will be redeemed on the next Dealing Day.Class A, Class D and Class E Shareholders may switch between those Classes in the same Fund or another Fund. Class A, Class D and Class EShareholders may only switch into Class C, Class I, Class S or Class Z Shares of the same Fund or another Fund with the prior consent of theGlobal Distributor and provided (where appropriate) they qualify as Institutional Investors and they comply with the minimum investmentrequirements.Class I, Class S and Class Z Shareholders may switch in Class A, Class D or Class E Shares but Class C Shareholders may only switch into Class CShares in another Fund. Shareholders may not switch Class A, Class C, Class D, Class E, Class I, Class S or Class Z Shares into Class B Shares ofthe same Fund or another Fund, or vice versa. However, existing Class B Shareholders may switch into Class B Shares in a Fund whichhistorically issued Class B Shares. The conditions for exchange or switching of the hedged versions of Class A, Class C, Class I, Class S and ClassZ Shares are the same as the underlying Share Class.www.aberdeen-asset.com211


NOTES TO THE FINANCIAL STATEMENTS CONTINUEDA charge payable to the Global Distributor of up to 1% of the Net Asset Value of the Shares being switched may be made.In the case of Emerging Markets Infrastructure Equity, Brazil Bond and Brazil Equity, investors (with the exception of holders of Class C Shares),may exchange their Shares for another Class of Share in Emerging Markets Infrastructure Equity, Brazil Bond and Brazil Equity with the priorconsent of the Global Distributor and provided (where appropriate) they have a suitable agreement in place with the Investment Manager orone of its Associates and/or they qualify as an Institutional Investor and comply with the minimum investment requirements (and additionallyin respect of Class N these Shares may only be acquired by fund of funds type undertakings for collective investment in the form of unit trustsor corporate type funds, which are distributed primarily in Japan). Holders of Class C Shares of Emerging Markets Infrastructure Equity, BrazilBond and Brazil Equity may not exchange their Shares for Shares of another Class within Emerging Markets Infrastructure Equity, Brazil Bondand Brazil Equity. Shares in the same Class may be exchanged between Accumulation and Distribution Shares within the same Class of Shareof Emerging Markets Infrastructure Equity, Brazil Bond and Brazil Equity. Investors in Emerging Markets Infrastructure Equity, Brazil Bond andBrazil Equity may not exchange their Shares for Shares of the same or another Class in any other Fund. Similarly, Shareholders of any otherFund may not exchange their Shares for any Class of Share in Emerging Markets Infrastructure Equity, Brazil Bond and Brazil Equity.In the case of Frontier Markets Equity, investors may exchange their Shares for another Class of Share in Frontier Markets Equity with the priorconsent of the Global Distributor and provided they enter into a Frontier Markets Equity Share Purchase Agreement with the InvestmentManager or one of its Associates.Shares in the same Class may be switched between Accumulation and Distribution Shares within the same Class of Share of Frontier MarketsEquity. Investors in Frontier Markets Equity may not exchange their Shares for Shares of the same or another Class in any other Fund. Similarly,Shareholders of any other Fund may not exchange their Shares for any Class of Share in Frontier Markets Equity.3.11 Dilution adjustmentFrequent subscriptions and redemptions can potentially have a dilutive effect on the Fund’s NAV per share and be detrimental to the longterm investors as a result of the transaction costs that are incurred by the Fund in relation to the trades undertaken by the InvestmentManager.As detailed in the Prospectus the Board of Directors’ current policy through delegation to the Investment Managers’ Investor ProtectionCommittee (“IPC”) is normally to impose a dilution adjustment to the NAV of each Class of Shares, as follows:• a dilution rate is applied whenever net subscriptions or redemptions exceeds 5% of the total net asset value on a dealing day, or any otherthreshold determined by the Board of Directors (having considered prevailing market conditions).• for Brazil Bond all capital transactions are dilutable.The dilution adjustment will be recorded in the relevant Fund’s NAV and becomes part of the relevant Fund’s NAV.The dilution adjustment is a percentage adjustment applied to each share class in a Fund on a dealing day determined on the basis ofestimates of any dealing charges (including commission and/or other costs) and/or any bid/offer spread that the Board of Directors believesare appropriate to take into account in respect of that Fund. Such dealing charges will reflect costs and liabilities not included in thecalculation of the NAV of the relevant class.A periodical review is undertaken in order to verify the appropriateness of the dilution factor being applied. The NAV per share disclosed in thefinancial statements excludes any year end dilution adjustments but is adjusted for the items disclosed in note ‘1.3 Presentation of financialstatements’.4 EXPENSES4.1 Administration feesAdministration fees will not exceed 0.05% per annum (plus VAT, if any) of the NAV of the Company as determined on the last dealing day ofeach month with a minimum amount payable of £32,500 per annum.4.2 Custodian feesThe Custodian Bank receives a safekeeping fee based on the market value of the stock involved and where it is registered, which will notexceed 2% per annum (plus VAT, if any) of the net assets of the Company as determined on the last dealing day of the month.The custodian also receives transaction fees based on the number of transactions made by each Fund and reasonable out of pocket expenses.4.3 Distribution feesClass B and Class C shares are subject to an annual distributor fee of 1% in lieu of an initial sales charge. These fees are accrued daily and paidmonthly in arrears.212 Aberdeen Global


4.4 Domiciliary agent, registrar, paying and transfer agent feesThe Company will pay Domiciliary Agent fees not exceeding 0.01% per annum (plus VAT, if any) of the net assets of the Company asdetermined on the last Dealing Day of the month.The Company will pay Registrar and Transfer Agency fees not exceeding 0.1% per annum (plus VAT, if any) of the net assets of the Company asdetermined on the last Dealing Day of the month.The Company will pay Paying Agent fees not exceeding 0.01% per annum of the net assets of the Company as determined on the last DealingDay of the month.The Listing Agent (BNP Paribas Securities Services SA, Luxembourg Branch until 20 October 2011 and with effect from 20 October 2011Aberdeen Global Services S.A.) is entitled to receive a fee calculated in accordance with normal banking practice in Luxembourg and payableout of the assets of the Funds. The Listing Agent’s fee will not exceed 0.01% per annum (plus VAT, if any) of the net assets of the Company asdetermined on the last Dealing Day of the month.4.5 Management Company feesThe Company will pay the Management Company a fee which will not exceed 0.01% per annum of the net assets of each Fund.4.6 Management feesAberdeen International Fund Managers Limited (the “Investment Manager”) is entitled to receive investment management fees calculated onthe Net Asset Value of the Funds, accrued daily.Where a Fund invests in a collective investment scheme managed by subsidiaries of Aberdeen Asset Management PLC, the Manager rebatesthe lower of the two levels of management fee by adjusting the management fee paid. This may give rise to an effective net management feecharged which is lower than stated.The following management fee rates were applicable as at 30 September 2012:Classes of shares (%)Fund A, B, C, D, E I, N SAmerican Equity 1.50 1.00 1.92American Smaller Companies 1.50 1.00 1.92Asia Pacific Equity 1.75 1.00 1.92Asian Local Currency Short Duration Bond 1.00 0.50 1.92Asian Property Share 1.50 1.00 1.92Asian Smaller Companies 1.75 1.00 1.92Australasian Equity 1.50 1.00 1.92Brazil Bond B 1.50 1.00 1.92Brazil Equity C 1.75 1.00 1.92Chinese Equity 1.75 1.00 1.92Eastern European Equity 1.75 1.00 1.92Emerging Markets Corporate Bond 1.50 1.00 1.92Emerging Markets Equity 1.75 1.00 1.92Emerging Markets Infrastructure Equity A 1.75 1.00 1.92Emerging Markets Local Currency Bond 1.50 1.00 1.92Emerging Markets Smaller Companies 1.75 1.00 1.92Ethical World Equity 1.50 1.00 1.92European Equity 1.50 1.00 1.92European Equity Income 1.50 1.00 1.92European Equity (Ex UK) 1.50 1.00 1.92Frontier Markets Equity 2.25 1.50 2.50Indian Equity 1.75 1.00 1.92Japanese Equity 1.50 1.00 1.92Japanese Smaller Companies 1.50 1.00 1.92Latin American Equity 1.75 1.00 1.92www.aberdeen-asset.com213


NOTES TO THE FINANCIAL STATEMENTS CONTINUEDClasses of shares (%)Fund A, B, C, D, E I, N SMulti-Manager World Equity 1.35 0.65 1.92Responsible World Equity 1.50 1.00 1.92Russian Equity 1.75 1.00 1.92Select Emerging Markets Bond 1.50 1.00 1.92Select Euro High Yield Bond 1.25 0.75 1.92Select Global Credit Bond 0.90 0.40 1.92Select High Yield Bond 1.35 0.85 1.92Select Sterling Financials Bond 0.75 0.50 1.92Technology Equity 1.75 1.00 1.92UK Equity 1.50 1.00 1.92World Equity 1.50 1.00 1.92World Equity Income 1.50 1.00 1.92World Resources Equity 1.50 1.00 1.92World Smaller Companies 1.50 1.00 1.92AThe management charge for Class N Shares of Emerging Markets Infrastructure Equity is 0.52% instead of 1.00%.BThe management charge for Class N Shares of Brazil Bond is 0.50% instead of 1.00%.CThe management charge for Class N Shares of Brazil Equity is 0.65% instead of 1.00%.All other Class N Shares have the same management charge as Class I Shares of the relevant Fund.Class Z shares are not subject to any investment management fee charge.The management fees charged by the underlying holdings in which Multi- Manager World Equity invests as at 30 September 2012 is detailedbelow:ISIN Fund Name Fee %IE00B1GCTH62 Coupland Cardiff Asia Alpha Fund 1.50IE00B13MQT07 Tiburon Taipan Fund 1.50GB00B2PDTV12 First State Global Emerging Markets Fund 0.85IE00B51GXG87 SIG Fisher Global Emerging Markets Fund 1.20LU0406496546 Blackrock Continental European Flexible Fund 0.75IE00B744CK03 Hermes Sourcecap Europe Fund 1.50IE0031005436 JO Hambro Continental European Fund 1.25GB0032310012 Neptune European Opportunities Fund 1.25GB00B2R83B20 Capita Financial Morant Wright Nippon Yield Fund 1.00IE00B578XK25 GLG Japan Core Alpha Fund 0.75IE0034388573 JO Hambro Capital Management Japan Fund 1.25GB00B62H2370 GLG UK Select Professional Fund 0.75GB00B0LLB757 JO Hambro UK Opportunities Fund 1.25IE00B604Z204 Old Mutual UK Dynamic Equity Fund 1.50IE00B0PVD865 Brown Advisory US Equity Growth Fund 0.75IE00B4YB8D55 Cullen North American High Dividend-Value Equity Fund 0.75IE0002458671 Findlay Park American Smaller Companies Fund 1.00GB0030926843 M&G American Fund 1.50IE00B3FH9X25 Montag & Caldwell US Equity Large Cap Growth Fund 0.75GB00B28CNC41 Threadneedle American Extended Alpha Fund 0.75The manager has negotiated the rebate of a proportion of these underlying management fees back to the fund which is accrued within thefinancial statements of the fund in most cases.214 Aberdeen Global


4.7 Operational expensesOperational expenses represent other amounts paid by the Company relating to the operation of the Funds. They include legal fees, audit fees,Directors’ fees, cost of printing and distributing the prospectuses and annual and half yearly financial statements, fees in connection withobtaining or maintaining any registration or authorisation of the Company with any governmental agency or stock exchange as well as thecost of publication of share prices.4.8 Expense capsThe Funds as listed below have expense caps based on the average of total net assets which will remain in place until Shareholders are advisedotherwise.Expense caps were amended to reflect any methodology difference between TER and ongoing charges.Japanese Equity has a cap of 2.26% on the A and D shares and 3.25% on the B shares.Asian Local Currency Short Duration Bond has a cap of 1.51% on the A shares.European Equity has a cap of 2.01% on the A shares, 1.47% on the I shares, 2.43% on the S shares and 0.47% on the Z shares.European Equity (ex UK) has a cap of 2.06% on the A and D shares.Emerging Markets Local Currency Bond has a cap of 1.77% on the A shares, 1.23% on the I shares and 0.23% on the Z shares.Frontier Markets Equity has a cap of 2.87% on the A shares, 2.08% on the I shares and 0.40% on the Z shares.World Smaller Companies has a cap of 1.80% on the A and E shares and 1.26% on the I shares.4.9 Annual taxationThe Company is liable in Luxembourg to a Taxe d’Abonnement of 0.05% per annum for the Class A, B, C, D, E and S shares and 0.01% perannum for Class I, N and Z shares. Cross holdings within any Luxembourg registered Fund are exempt when calculating Taxe d’Abonnement.This is accrued daily and payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant quarter.5 DIVIDENDS (DISTRIBUTION CLASS AND UK DISTRIBUTOR CLASS ONLY)For the Class D-1 and Class D-2 shares the distributions have been split into Group 1 and Group 2 distributions. Group 1 shares are sharesowned prior to the start of the distribution period and Group 2 shares are shares purchased during the distribution period.Distributions on the Class D shares are also subject to equalisation.Annually and within six months of the year end, the Manager will publish the UK Reporting Regime Report to investors for all share classesgranted Reporting Fund status on its website (www.aberdeenasset.co.uk/globalUKAnnualReportableIncome).The UK Reporting Regime Report to investors for each share class can also be requested in writing by contacting Aberdeen Global Services S.A.at the Shareholder Service Centre as detailed on the back cover of this report.Asian Local Currency Short Duration Bond (expressed in USD or as otherwise stated)The Directors declared quarterly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant quarter.Date Class A-1 Class I-1 Class I-1(GBP)Dec-11 0.021566 0.064808 0.060720Mar-12 0.018339 0.057139 0.052678Jun-12 0.020761 0.062698 0.059964Sep-12 0.020644 0.062325 0.057366www.aberdeen-asset.com215


NOTES TO THE FINANCIAL STATEMENTS CONTINUEDDateClass D-1 GBPEqualisationGBPDistributionGBPDec-11 Group 1 0.050624 - 0.050624Group 2 0.026508 0.024116 0.050624Mar-12 Group 1 0.040938 - 0.040938Group 2 0.010427 0.030511 0.040938Jun-12 Group 1 0.048128 - 0.048128Group 2 0.028823 0.019305 0.048128Sep-12 Group 1 0.046013 - 0.046013DateGroup 2 0.016468 0.029545 0.046013Class D-2 GBPEqualisationGBPDistributionGBPDec-11 Group 1 0.052541 - 0.052541Group 2 0.037707 0.014834 0.052541Mar-12 Group 1 0.042704 - 0.042704Group 2 0.002675 0.040029 0.042704Jun-12 Group 1 0.050415 - 0.050415Group 2 0.031212 0.019203 0.050415Sep-12 Group 1 0.048434 - 0.048434Group 2 0.024775 0.023659 0.048434Asia Pacific Equity (expressed in USD unless otherwise stated)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.DateClass D-2 GBPEqualisationGBPDistributionGBPSep-12 Group 1 0.333700 - 0.333700Group 2 0.223137 0.110563 0.333700Date Class I-1 Equalisation DistributionSep-12 Group 1 0.155415 - 0.155415Group 2 0.119945 0.035470 0.155415Asian Smaller Companies (expressed in GBP)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class D-2 Equalisation DistributionSep-12 Group 1 0.294349 - 0.294349Group 2 0.181587 0.112762 0.294349216 Aberdeen Global


Brazil Bond (expressed in USD unless otherwise stated)The Directors declared quarterly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant quarter.Date Class A-1Class E-1EURClass N-1JPYJun-12 0.035029 0.003001 407.186550Sep-12 - 0.027366 1201.843484Brazil Equity (expressed in USD unless otherwise stated)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.DateClass N-1JPYSep-12 86.715476Chinese Equity (expressed in GBP)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class D-2 Equalisation DistributionSep-12 Group 1 0.116664 - 0.116664Group 2 0.035439 0.081225 0.116664European Equity Income (expressed in EUR)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class A-1Sep-12 2.979225Select Emerging Markets Bond (expressed in USD)The Directors declared monthly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant month.Date Class A-1 Class B-1 Class I-1Oct-11 0.079469 0.066338 0.088699Nov-11 0.074540 - 0.083199Dec-11 0.119800 - 0.129081Jan-12 0.085401 - 0.095029Feb-12 0.069864 - 0.077877Mar-12 0.064298 - 0.074138Apr-12 0.075166 - 0.084100May-12 0.069054 - 0.078942Jun-12 0.066080 - 0.074900Jul-12 0.077655 - 0.087605Aug-12 0.066030 - 0.075781Sep-12 0.061500 - 0.070493www.aberdeen-asset.com217


NOTES TO THE FINANCIAL STATEMENTS CONTINUEDEmerging Markets Corporate Bond (expressed in USD)The Directors declared monthly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant month.Date Class A-1 Class Z-1Oct-11 0.047381 0.059930Nov-11 0.050938 0.063522Dec-11 0.045652 0.057971Jan-12 0.051726 0.064859Feb-12 0.040059 0.053155Mar-12 0.040051 0.052553Apr-12 0.046298 0.059731May-12 0.039373 0.052627Jun-12 0.038715 0.051050Jul-12 0.042066 0.055529Aug-12 0.036036 0.049661Sep-12 0.033050 0.045566Emerging Markets Local Currency Bond (expressed in USD)The Directors declared monthly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant month.Date Class A-1 Class I-1Oct-11 0.045565 -Nov-11 0.036951 -Dec-11 0.037566 -Jan-12 0.047755 -Feb-12 0.090252 -Mar-12 0.033431 -Apr-12 0.041615 -May-12 0.030907 -Jun-12 0.036586 -Jul-12 0.036374 0.041447Aug-12 0.032539 0.037572Sep-12 0.035167 0.039866Emerging Markets Equity (expressed in USD unless otherwise stated)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class A-1Sep-12 0.042132DateClass D-2 GBPEqualisationGBPDistributionGBPSep-12 Group 1 0.159703 - 0.159703Group 2 0.118768 0.040935 0.159703218 Aberdeen Global


Emerging Markets Smaller Companies (expressed in GBP)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class D-2 Equalisation DistributionSep-12 Group 1 0.078548 - 0.078548Group 2 0.016846 0.061702 0.078548European Equity (Ex UK) (expressed in GBP)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class D-2 Equalisation DistributionSep-12 Group 1 0.045319 - 0.045319Group 2 - 0.045319 0.045319Select Euro High Yield Bond (expressed in EUR or as otherwise stated)The Directors declared monthly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant month.Date Class A-1 Class A-1 (GBP) Class B-1Oct-11 0.058129 0.181809 0.054046Nov-11 0.049518 0.151500 0.044845Dec-11 0.049651 0.151597 0.045193Jan-12 0.050924 0.157301 0.046031Feb-12 0.040341 0.125514 0.035700Mar-12 0.045005 0.137965 0.039927Apr-12 0.057415 0.174127 0.052378May-12 0.038541 0.118251 0.033622Jun-12 0.044510 0.137499 0.039990Jul-12 0.053655 0.163516 0.048588Aug-12 0.036562 0.113679 0.031667Sep-12 0.034455 0.106467 0.029955DateClass D-1 GBPEqualisationGBPDistributionGBPOct-11 Group 1 0.052140 - 0.052140Group 2 0.002992 0.049148 0.052140Nov-11 Group 1 0.043036 - 0.043036Group 2 0.009083 0.033953 0.043036Dec-11 Group 1 0.042510 - 0.042510Group 2 0.008148 0.034362 0.042510Jan-12 Group 1 0.043374 - 0.043374Group 2 0.016319 0.027055 0.043374Feb-12 Group 1 0.034719 - 0.034719Group 2 0.008153 0.026566 0.034719Mar-12 Group 1 0.038249 - 0.038249www.aberdeen-asset.com219


NOTES TO THE FINANCIAL STATEMENTS CONTINUEDDateClass D-1 GBPEqualisationGBPDistributionGBPGroup 2 0.025669 0.012580 0.038249Apr-12 Group 1 0.047722 - 0.047722Group 2 0.015807 0.031915 0.047722May-12 Group 1 0.031510 - 0.031510Group 2 0.029008 0.002502 0.031510Jun-12 Group 1 0.036623 - 0.036623Group 2 0.017245 0.019378 0.036623Jul-12 Group 1 0.042910 - 0.042910Group 2 0.015168 0.027742 0.042910Aug-12 Group 1 0.029631 - 0.029631Group 2 0.012742 0.016889 0.029631Sep-12 Group 1 0.028016 - 0.028016DateGroup 2 0.002412 0.025604 0.028016Class D-2 GBPEqualisationGBPDistributionGBPOct-11 Group 1 0.094222 - 0.094222Group 2 0.094222 - 0.094222Nov-11 Group 1 0.079695 - 0.079695Group 2 0.079695 - 0.079695Dec-11 Group 1 0.080467 - 0.080467Group 2 0.025580 0.054887 0.080467Jan-12 Group 1 0.083666 - 0.083666Group 2 0.040712 0.042954 0.083666Feb-12 Group 1 0.067924 - 0.067924Group 2 0.039724 0.028200 0.067924Mar-12 Group 1 0.075855 - 0.075855Group 2 0.046784 0.029071 0.075855Apr-12 Group 1 0.095425 - 0.095425Group 2 0.042591 0.052834 0.095425May-12 Group 1 0.065635 - 0.065635Group 2 0.041433 0.024202 0.065635Jun-12 Group 1 0.076805 - 0.076805Group 2 0.047306 0.029499 0.076805Jul-12 Group 1 0.092087 - 0.092087Group 2 0.040110 0.051977 0.092087Aug-12 Group 1 0.064654 - 0.064654Group 2 0.041428 0.023226 0.064654Sep-12 Group 1 0.060888 - 0.060888Group 2 0.060888 - 0.060888220 Aberdeen Global


Frontier Markets Equity (expressed in USD)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class A-1Sep-12 0.164366Select High Yield Bond (expressed in GBP)The Directors declared quarterly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant quarter.Date Class D-1 Equalisation DistributionDec-11 Group 1 0.023912 - 0.023912Group 2 0.008807 0.015105 0.023912Mar-12 Group 1 0.022701 - 0.022701Group 2 0.005928 0.016773 0.022701Jun-12 Group 1 0.021261 - 0.021261Group 2 0.006730 0.014531 0.021261Sep-12 Group 1 0.021048 - 0.021048Group 2 0.007998 0.013050 0.021048Indian Equity (expressed In USD)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class Z-1Sep-12 0.109821Emerging Markets Infrastructure Equity (expressed in JPY)The Directors declared quarterly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant quarter.Date Class N-1Dec-11 45.909231Mar-12 104.610167Jun-12 479.758857Sep-12 252.769718Japanese Equity (expressed in GBP)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class D-2 Equalisation DistributionSep-12 Group 1 0.006182 - 0.006182Group 2 - 0.006182 0.006182www.aberdeen-asset.com221


NOTES TO THE FINANCIAL STATEMENTS CONTINUEDJapanese Smaller Companies (expressed in GBP)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class D-2 Equalisation DistributionSep-12 Group 1 0.017292 - 0.017292Group 2 0.017207 0.000085 0.017292Technology Equity (expressed in GBP)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class D-2 Equalisation DistributionSep-12 Group 1 0.002953 - 0.002953Group 2 0.001852 0.001101 0.002953UK Equity (expressed in GBP)The Directors declared six-monthly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of March and September 2012.Date Class D-1 Equalisation DistributionMar-12 Group 1 0.091116 - 0.091116Group 2 0.064793 0.026323 0.091116Sep-12 Group 1 0.156362 - 0.156362Group 2 0.055248 0.101114 0.156362Select Global Credit Bond (expressed in GBP or as otherwise stated)The Directors declared six-monthly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of March and September 2012.Date Class D-1 Equalisation DistributionMar-12 Group 1 0.043979 - 0.043979Group 2 0.021921 0.022058 0.043979Sep-12 Group 1 0.032416 - 0.032416DateGroup 2 0.015551 0.016865 0.032416Class D-1 USDEqualisationUSDDistributionUSDMar-12 Group 1 0.282152 - 0.282152Group 2 0.208985 0.073167 0.282152Sep-12 Group 1 0.205173 - 0.205173Group 2 0.140411 0.064762 0.205173222 Aberdeen Global


Date Class D-2 Equalisation DistributionMar-12 Group 1 0.269857 - 0.269857Group 2 0.202411 0.067446 0.269857Sep-12 Group 1 0.204307 - 0.204307Group 2 0.046421 0.157886 0.204307World Equity (expressed in GBP)The Directors declared an annual dividend for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of September 2012.Date Class D-1 Equalisation DistributionSep-12 Group 1 0.153022 - 0.153022Group 2 0.125026 0.027996 0.153022Date Class D-2 Equalisation DistributionSep-12 Group 1 0.127915 - 0.127915Group 2 0.029568 0.098347 0.127915World Equity Income (expressed in USD or as otherwise stated)The Directors declared quarterly dividends for the Fund as listed below, for the period 1 October 2011 to 30 September 2012 to allshareholders on record on the last day of the relevant quarter.Date Class A-1 Class E-1(EUR)Dec-11 - 0.057180Mar-12 0.062432 0.047713Jun-12 0.086929 0.092360Sep-12 0.056716 0.0588966 DIRECTORS’ INTERESTSNone of the Directors were materially interested in any contracts of significance subsisting with the Company either during the year or at30 September 2012.None of the Directors have service contracts with the Company.7 CHANGES IN INVESTMENT PORTFOLIOThe schedule of changes in the investment portfolio is available on request from the Registered Office in Luxembourg and from the localagents listed under Management and Administration and in the Prospectus.8 TRANSACTIONS WITH CONNECTED PERSONSTransactions with connected persons outlined in the previous notes (4.3, 4.4, 4.5 and 4.6) have been entered into in the ordinary course ofbusiness and on normal commercial terms.As at 30 September 2012, the value of Aberdeen Global funds held by the other Aberdeen funds and mandates was US$7,158,199,409.9 SOFT COMMISSION/COMMISSION SHARINGThe Investment Manager has entered into soft commission/commission sharing arrangements with brokers in respect of which certain goodsand services used to support investment decision making were received. The Investment Manager does not make direct payment for theseservices but transacts an agreed amount of business with the brokers on behalf of the Company and commission is paid on these transactions.The goods and services utilised for the Fund include research and advisory services; economic and political analysis, portfolio analysis includingvaluation and performance measurement, market analysis data and quotation services; computer hardware and software incidental to theabove goods and services and investment related publications.www.aberdeen-asset.com223


NOTES TO THE FINANCIAL STATEMENTS CONTINUED10 EQUALISATION ON THE ISSUE AND REDEMPTION OF SHARESEqualisation is operated in connection with the issue and redemption of shares. It represents the income element included in the price for theissue and redemption of shares.11 ABERDEEN GLOBAL INDIAN EQUITY FUND (MAURITIUS) LIMITED INCOME TAXAberdeen Global Indian Equity Fund (Mauritius) Limited, as a Mauritian company, is subject to Mauritian Income Tax which is reflected in thestatements of operations of Indian Equity Fund on page 115 of this report.On the basis that they have received a Mauritius tax residence certificate, the Subsidiaries will benefit from the tax advantages available tothem under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries will file, through theirCustodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. The capital gains resulting fromthe purchase and sale by the Subsidiaries of stocks on the Indian stock exchanges has been exempt from tax on the understanding that theSubsidiaries are able to benefit from the provisions of the India-Mauritius double taxation treaty.Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exempt from income tax. The saleand purchase of stocks and securities is exempt from Indian Sales tax.The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiaries neither have a permanentestablishment nor its effective management and control in India. No guarantee or warranty can be given or should be assumed that the taxbenefits of the said treaty will continue to be available to the Indian Equity Fund in future periods due to, among others, changes in theregulatory environment in Mauritius, India or the European Union.Dividends paid by the Indian companies are taxable in Mauritius. Any withholding tax or underlying tax paid on such dividend shall beavailable as foreign tax credit subject to certain conditions as per the domestic tax laws of Mauritius.As per the Indian Budget, 2012, the General Anti Avoidance Rule (GAAR) was introduced in the Income Tax Act. However, the same has beenput on hold up to financial year beginning 1 April, 2013. Since the effective date of implementation has been postponed (and it is proposed todefer GAAR by further three years), the conditions prescribed under GAAR for availing the provisions of India – Mauritius tax treaty shall notapply. In other words, the provisions of India – Mauritius tax treaty shall be available sacrosanct as it was available before introduction of theGAAR.12 OVERDRAFT FACILITYThe Company has a US$50 million intra-day uncommitted unsecured credit line with Bank of America to finance short-term timingdifferences arising from subscriptions and redemptions. Any liability arising on this account will be recoverable from subscribers to theCompany and is therefore not reflected in the financial statements of the Company.13 SECURITIES LENDINGThe Company has entered into a securities lending program for a number of equity and fixed income Funds. In return for making securitiesavailable for loan throughout the period, the Funds participating in the programs received fees which are reflected in the Financial Statementsof each participating Fund under the “other income” caption. The Company has appointed eSec Lending as agent for the equity and fixedincome lending program. As remuneration for this agency role, eSec Lending receives 20% of the fees from the Securities Lending program.The Company receives 60% and the Investment Manager receives the remaining 20% of the fees from the Securities Lending program. Allsecurity loans are fully collateralised with government bonds.The amount of securities on loan and collateral value at 30 September 2012 are:Fund Amount on Loan US$ Counterparty Collateral Value US$American Equity 1,422,363 BNP Paribas Arbitrage 1,493,498Asia Pacific Equity 181,643,362 ABN AMRO Bank NV,192,138,101Bank of Nova Scotia Asia Limited,Barclays Capital Securities Limited,Credit Suisse Securities (Europe) Limited,Morgan Stanley & Co. International Plc,UBS LimitedAsian Smaller Companies 2,204,995 Bank of Nova Scotia Asia Limited,2,316,060UBS LimitedAustralasian Equity 3,219,836 Morgan Stanley & Co. International Plc 3,386,636224 Aberdeen Global


Fund Amount on Loan US$ Counterparty Collateral Value US$Chinese Equity 134,624,459 ABN AMRO Bank NV 141,804,731European Equity Income 8,499,829 Citigroup Global Markets Limited 8,925,530Eastern European Equity 15,865,161 Barclays Capital Securities Limited 16,744,691Select Emerging Markets Bond 170,563,311 Credit Suisse Securities (Europe) Ltd 179,149,370Emerging Markets Corporate Bond 17,196,216 Credit Suisse Securities (Europe) Ltd 18,063,788Emerging Markets Equity 182,690,545 ABN AMRO Bank NV,Bank of Nova Scotia Asia Limited,JP Morgan Securities PlcEmerging Markets Smaller Companies 33,190,598 ABN AMRO Bank NV,Bank of Nova Scotia Asia Limited,Barclays Capital Securities Limited,Citigroup Global Markets Limited,Credit Suisse Securities (Europe) Ltd,HSBC Bank Plc,JP Morgan Securities Plc,Morgan Stanley & Co. International Plc,UBS Limited192,021,32535,036,387Ethical World Equity 12,123,049 BNP Paribas Arbitrage 12,730,811Select Euro High Yield Bond 51,479,258 Credit Suisse Securities (Europe) Ltd 54,078,014European Equity 6,691,338 Citigroup Global Markets Limited 7,026,477European Equity (Ex UK) 1,127,086 BNP Paribas Arbitrage 1,183,553Select Global Credit Bond 2,337,850 Credit Suisse Securities (Europe) Ltd 2,455,500Select High Yield Bond 4,948,819 Credit Suisse Securities (Europe) Ltd 4,882,426Emerging Markets Infrastructure 24,874,601 Bank of Nova Scotia Asia Limited,Citigroup Global Markets Limited,JP Morgan Securities Plc,Morgan Stanley & Co. International Plc26,286,126Japanese Equity 122,824,043 Societe Generale 128,989,092Japanese Smaller Companies 27,434,081 Societe Generale 28,814,558Responsible World Equity 14,742,497 BNP Paribas Arbitrage 15,484,561Russian Equity 3,640,018 Barclays Capital Securities Limited 3,855,397Technology Equity 11,596,174 BNP Paribas Arbitrage 12,181,400World Equity 145,771,603 BNP Paribas Arbitrage 153,070,351World Equity Income 3,979,201 BNP Paribas Arbitrage 4,178,468World Resources 16,732,855 Citigroup Global Markets Limited 17,570,927www.aberdeen-asset.com225


NOTES TO THE FINANCIAL STATEMENTS CONTINUED14 PROVISIONS FOR CHINESE TAXESThere is currently uncertainty as to whether the PRC (People’s Republic of China) tax authorities will impose a capital gains tax on realisedgains from dealing in fixed income securities as well as in domestic shares. In light of this uncertainty and in line with current market practice,the Fund provides for a 10% contingency on both realised and unrealised gains from disposing or holding such securities. Any unclaimedprovisions or over provision made on realised or unrealised gains may later be released to form part of the relevant Fund’s assets.Any changes to the market practice or interpretation or clarification of PRC tax rules may impact this provision and may result in this provisionbeing higher or lower than required, or deemed not to be required. The Board of Directors therefore reserves the right to amend its practice inthis regard and/or this policy without prior notice at any time.Fund Name Currency Realised Gain on CNY holdings Unrealised Gain on CNY holdingsChinese Equity USD - -Asian Local Currency Short Duration Bond USD 3,546 60315 TRANSACTION CHARGESFor the year ended 30 September 2012 the Fund incurred transaction costs, which have been defined as commissions and taxes relating topurchase or sale of transferable securities, money market instruments, derivatives or other eligible assets, as follows:Fund Name ‘000American EquityUS$253American Smaller CompaniesUS$32Asia Pacific EquityUS$3,027Asian Local Currency Short Duration BondUS$297Asian Property ShareUS$307Asian Smaller CompaniesUS$1,890Australasian EquityAU$162Brazil Bond -Brazil EquityUS$24Chinese EquityUS$2,151Eastern European Equity €68Emerging Markets Corporate Bond -Emerging Markets EquityUS$2,871Emerging Markets Infrastructure EquityUS$496Emerging Markets Local Currency Bond -Emerging Markets Smaller CompaniesUS$884Ethical World EquityUS$163European Equity €151European Equity Income €231European Equity (Ex UK) €13Frontier Markets EquityUS$376Indian EquityUS$1,662Japanese EquityJPY1,509Japanese Smaller CompaniesJPY1,614226 Aberdeen Global


Fund Name ‘000Latin American EquityUS$512Multi-Manager World Equity €12Responsible World EquityRussian Equity €43Select Emerging Markets Bond -Select Euro High Yield Bond -Select Global Credit Bond -Select High Yield Bond -Select Sterling Financials Bond -Technology EquityUS$90US$217UK Equity £26World EquityWorld Equity IncomeWorld Resources EquityWorld Smaller Companies16 CORPORATE GOVERNANCEThe Board has, for the financial year ended 30 September 2012, adopted the ALFI Code of Conduct dated September 2009 (“the Code”),which sets out the principles of good governance of Luxembourg investment funds. The Board considers that the Company has been incompliance with the Code in all material respects for the financial period ended 30 September 2012.US$1,567US$42US$175The Board meets regularly to consider the activities of the Company and receives reports on various activities, including compliance controlsand risk management. The Board of Directors has established an Audit Committee which is charged with reviewing the annual accounts andthe external audit process (including the appointment and remuneration of the external Auditor, subject to Shareholder approval) andreviewing and monitoring the internal financial control systems and risk management systems on which the Fund is reliant.US$15www.aberdeen-asset.com227


Risk ManagementThe market risk measurement and monitoring of the Funds is carried out using either the Commitment approach or the Value at Risk (VaR)approach.Funds which do not make significant use of financial derivative instruments and/or limit their use of financial derivative instruments to efficientportfolio management or hedging strategies are monitored using the Commitment approach.Funds which utilise financial derivative instruments for efficient portfolio management purposes and/or for investment purposes in pursuing theirinvestment objective (in addition to those used for hedging purposes) are monitored using either the relative or absolute VaR approach.Risk TypeThe Management Company uses the Commitment approach and the VaR approach for the Aberdeen Global Funds as detailed below.Commitment approachThe Commitment approach is based on the positions of financial derivative instruments, converted into their corresponding underlying equivalentsusing the delta approach.Netting and Hedging might be considered for financial derivative and their underlying assets. The sum of these underlying equivalents must notexceed the net asset value of the Fund.The global risk on derivatives has been determined according to the commitment approach during the reporting year.Value at Risk (VaR) approachThe Investment Risk Department monitors and reports market risk and VaR metrics using Aberdeen’s risk modelling system, Sungard AdvancedPortfolio Technologies (APT). This model estimates and computes variability and probability of the portfolio returns based on historical data (180observations equally weighted) - the data is fed from Aberdeen’s front office systems. A number of risk measures are produced to quantify theprobability of loss at the sub-fund level for any given day, either as an absolute measure (absolute VaR), or as a relative indication to a pre-definedbenchmark (relative VaR).In accordance with CSSF Circular 11/512, the regulatory VaR limit associated with a Fund’s total portfolio positions must not exceed two times (i.e.200%) the VaR of its assigned Risk Benchmark or 20% for Funds monitored under the absolute VaR approach. The Table below defines the VaRapproach and its related Risk Benchmark for each Fund.Aberdeen Global Approach Risk BenchmarkAmerican Equity Commitment N/AAmerican Smaller Companies Commitment N/AAsia Pacific Equity Commitment N/AAsian Local Currency Short Duration Bond Relative VaR IBoxx Asia ex-Japan 1-3 yearsAsian Property Share Commitment N/AAsian Smaller Companies Commitment N/AAustralasian Equity Commitment N/ABrazil Bond Absolute VaR N/ABrazil Equity Commitment N/AChinese Equity Commitment N/AEastern European Equity Commitment N/AEmerging Markets Corporate Bond Relative VaR JPM CEMBI Broad DiversifiedEmerging Markets Equity Commitment N/AEmerging Markets Infrastructure Equity Commitment N/AEmerging Markets Local Currency Bond Relative VaR JPM GBI – EM Global Diversified IndexEmerging Markets Smaller Companies Commitment N/AEthical World Equity Commitment N/AEuropean Equity Commitment N/AEuropean Equity Income Commitment N/Awww.aberdeen-asset.com229


RISK MANAGEMENT CONTINUEDAberdeen Global Approach Risk BenchmarkEuropean Equity (Ex UK) Commitment N/AFrontier Markets Equity Commitment N/AIndian Equity Commitment N/AJapanese Equity Commitment N/AJapanese Smaller Companies Commitment N/ALatin American Equity Commitment N/AMulti-Manager World Equity Commitment N/AResponsible World Equity Commitment N/ARussian Equity Commitment N/ASelect Emerging Markets Bond Commitment N/ASelect Euro High Yield Bond Commitment N/ASelect Global Credit Bond Relative VaR Barcap Global Aggregate Credit (GBP Hedged)Select High Yield Bond Commitment N/ASelect Sterling Financials Bond Commitment N/ATechnology Equity Commitment N/AUK Equity Commitment N/AWorld Equity Commitment N/AWorld Equity Income Commitment N/AWorld Resources Equity Commitment N/AWorld Smaller Companies Commitment N/AThe VaR internal limit was set as at 21 May 2012. VaR internal limits are reviewed on at least a six monthly basis and are set at a stricter level thanthe Regulatory VaR Limit. Both regulatory and internal Limits are reviewed and monitored on a daily basis.230 Aberdeen Global


VaR Table and Model AssumptionsPeriod from 1 October 2011 to 18 May 2012Aberdeen GlobalVaR InternalLimit– Relative%AverageUtilized VaRof InternalLimit– Relative%Lowest VaR– Relative%Highest VaR– Relative%RegulatoryVaR Limit– Relative%AverageUtilized VaRLimit – Relative%Asian Local Currency Short Duration Bond 188% 64% 106% 140% 200% 60%Emerging Markets Corporate Bond 157% 70% 100% 119% 200% 55%Emerging Markets Local Currency Bond 133% 79% 100% 112% 200% 53%Select Global Credit Bond 150% 80% 77% 136% 200% 60%Aberdeen GlobalVaR InternalLimit– Absolute%AverageUtilized VaRof InternalLimit– Absolute%Lowest VaR– Absolute%Highest VaR– Absolute%RegulatoryVaR Limit– Absolute%AverageUtilized VaRLimit – Absolute%Brazil Bond N/A N/A N/A N/A N/A N/APeriod from 21 May 2012 to 30 September 2012Aberdeen GlobalVaR InternalLimit– Relative%AverageUtilized VaRof InternalLimit– Relative%Lowest VaR– Relative%Highest VaR– Relative%RegulatoryVaR Limit– Relative%AverageUtilized VaRof RegulatoryLimit – Relative%Asian Local Currency Short Duration Bond 136% 72% 92% 108% 200% 49%Emerging Markets Corporate Bond 121% 85% 98% 109% 200% 51%Emerging Markets Local Currency Bond 120% 86% 99% 106% 200% 51%Select Global Credit Bond 152% 76% 109% 120% 200% 58%Aberdeen GlobalVaR InternalLimit– Absolute%AverageUtilized VaRof InternalLimit– Absolute%Lowest VaR– Absolute%Highest VaR– Absolute%RegulatoryVaR Limit– Absolute%AverageUtilized VaRof RegulatoryLimit – Absolute%Brazil Bond 13.04% 66% 8.44% 8.85% 20% 43%www.aberdeen-asset.com231


RISK MANAGEMENT CONTINUEDModel assumptions for VaR table:System:VaR methodology:Confidence level: 99%Holding period:Decay factor for exponential smoothing of the historical market data:Historical observation period:Advanced Portfolio Technologies (APT) – Statistical Factor ModelParametricOne month (20 Days)nil180 weeksObjectives and limitations of the VaR MethodologyThe Advanced Portfolio Technologies (APT) model uses statistical factor techniques to capture a maximal spanning set under its componentmodel. Risk is subsequently decomposed according to explanatory variable regression techniques. The APT bond model provides an integratedframework to measure and decompose the risk of portfolios of all fixed income securities. These can include government and corporate bonds,convertibles, and various categorisations of swaps, futures and option contracts. Portfolios are modelled at the asset level to ensure every positionis represented within the component approach. Optionality can be represented either through delta-adjustment or Monte Carlo techniques. TheVaR model is designed to measure market risk in a normal market environment.This method accurately prices all types of complex non-linear positions as well as simple linear instruments. It also provides a full distribution ofpotential portfolio gains and losses, which need not be symmetrical. If the underlying risk factors exhibit non-normal behaviour such as fat-tails ormean-reversion, then the resulting VaR will include these effects. However, tail risk can only be examined if the historical data set includes tailevents. The distribution is calculated by using daily historical time-series data with implementation of an exponential adjustment.The use of VaR has limitations because it is based on historical correlations and volatilities in market prices and assumes that future pricemovements will follow a statistical distribution. Due to the fact that VaR relies significantly on historical data to provide information and may notclearly predict the future changes and modifications of the risk factors, the probability of large market moves may be underestimated if changes inrisk factors fail to align with the given distribution assumption. VaR may also be under-or over-estimated due to the assumptions placed on riskfactors and the relationship between such factors for specific instruments.Even though positions may change throughout the day, the VaR only represents the risk of the portfolios at the close of each month, and it doesnot account for any losses that may occur beyond the 99% confidence level. In practice, the actual trading results will differ from the VaRcalculation and, in particular, the calculation does not provide a meaningful indication of profits and losses in stressed market conditions. Todetermine the reliability of the VaR models, actual outcomes are monitored regularly to test the validity of the assumptions and the parametersused in the VaR calculation. Market risk positions are also subject to regular stress tests to ensure that the fund would withstand an extrememarket event.LeverageThe expected levels of leverage indicated below reflect the use of all derivative instruments within the portfolio of a given Fund. An expected levelof leverage does not necessarily represent an increase of risk in the Fund as some of the financial derivative instruments used may even reduce therisk. Shareholders should note that the Sum of Notionals approach of the expected level of leverage does not make a distinction as to the intendeduse of a derivative e.g. being either hedging or investment purposes.The “Sum of Notionals” calculation typically results in a higher leverage figure than for the commitment approach calculation predominantly dueto the exclusion of any netting and/or hedging arrangements.The average leverage figures below have been compiled based on 2 data points per month (1st and 15th of each month) for the period 1 October2011 to 30 September 2012.Aberdeen Global Approach Leverage % Approach Leverage %Asian Local Currency Short Duration Bond Sum of Notionals 153.99% Commitment Approach 65.32%Brazil Bond Sum of Notionals 0% Commitment Approach 0%Emerging Markets Corporate Bond Sum of Notionals 0% Commitment Approach 0%Emerging Markets Local Currency Bond Sum of Notionals 54.14% Commitment Approach 24.53%Select Global Credit Bond Sum of Notionals 149.23% Commitment Approach 25.75%232 Aberdeen Global


Management and AdministrationFund ManagersAberdeen Asset Managers Limited (AAM Limited)Bow Bells House, 1 Bread Street, London, EC4M 9HH, UK.Authorised and regulated by the Financial Services Authority.Aberdeen Asset Management Asia Limited, (AAM Asia)21 Church Street, #01-01 Capital Square Two, Singapore 049480Regulated by the Monetary Authority of Singapore.FundAberdeen Global - American Equity FundAberdeen Global - American Smaller Companies FundAberdeen Global - Asia Pacific Equity FundAberdeen Global - Asian Local Currency Short Duration Bond FundAberdeen Global - Asian Property Share FundAberdeen Global - Asian Smaller Companies FundAberdeen Global - Australasian Equity FundAberdeen Global - Brazil BondAberdeen Global - Brazil EquityAberdeen Global - Chinese Equity FundAberdeen Global - Eastern European Equity FundAberdeen Global - Emerging Markets Corporate Bond FundAberdeen Global - Emerging Markets Equity FundAberdeen Global - Emerging Markets Infrastructure Equity FundAberdeen Global - Emerging Markets Local Currency Bond FundAberdeen Global - Emerging Markets Smaller Companies FundAberdeen Global - Ethical World Equity FundAberdeen Global - European Equity Income FundAberdeen Global - European Equity FundAberdeen Global - European Equity (Ex UK) FundAberdeen Global - Frontier Markets Equity FundAberdeen Global - Indian Equity FundAberdeen Global - Japanese Equity FundAberdeen Global - Japanese Smaller Companies FundAberdeen Global - Latin American Equity FundAberdeen Global - Multi-Manager World Equity FundAberdeen Global - Responsible World Equity FundAberdeen Global - Russian Equity FundAberdeen Global - Select Emerging Markets Bond FundAberdeen Global - Select Euro High Yield Bond FundAberdeen Global - Sterling Global Credit Bond FundAberdeen Global - Select High Yield Bond FundAberdeen Global - Select Sterling Financials Bond FundAberdeen Global - Technology Equity FundAberdeen Global - UK Equity FundAberdeen Global - World Equity FundAberdeen Global - World Equity Income FundAberdeen Global - World Resources Equity FundAberdeen Global - World Smaller CompaniesAberdeen Asset Management Inc., (AAM Inc)1735 Market Street, 32nd Floor, Philadelphia, PA1903Regulated by the Securities and Exchange Commission.Managed by:AAM IncAAM IncAAM AsiaAAM AsiaAAM AsiaAAM AsiaAAM AsiaAAM LimitedAAM LimitedAAM AsiaAAM LimitedAAM Limited and AAM AsiaAAM Limited and AAM AsiaAAM Limited and AAM AsiaAAM LimitedAAM Limited and AAM AsiaAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM Limited and AAM AsiaAAM AsiaAAM AsiaAAM AsiaAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM LimitedAAM Limited and AAM AsiaCross TradeThe Manager / Investment Advisor may, as appropriate, make sales and purchases of assets of the Portfolio to or from its Associates or other clientsin the same manner as if the other party were at arm’s length with the Client or Manager / Investment Advisor.www.aberdeen-asset.com233


MANAGEMENT AND ADMINISTRATION CONTINUEDChairmanDirectors234 Aberdeen GlobalChristopher G LittleAberdeen Global2b Rue Albert BorschetteL-1246LuxembourgGrand Duchy of LuxembourgHugh YoungAberdeen Asset Management Asia Limited21 Church Street, #01–01 Capital Square TwoSingapore 049480Martin J GilbertAberdeen Asset Managers Limited10 Queen’s TerraceAberdeen AB10 1YGUnited KingdomDavid van der StoepAberdeen Global2b Rue Albert BorschetteL-1246LuxembourgGrand Duchy of LuxembourgGary MarshallAberdeen Asset Management Inc1735 Market Street - 32nd FloorPhiladelphiaPA 19103, USABob HutchesonAberdeen Global2b Rue Albert BorschetteL-1246LuxembourgGrand Duchy of LuxembourgVictoria BrownAberdeen Global Services S.A.2b Rue Albert BorschetteL-1246LuxembourgGrand Duchy of LuxembourgCharlie MacraeAberdeen Global Services S.A.2b Rue Albert BorschetteL-1246LuxembourgGrand Duchy of LuxembourgRegistered OfficeAberdeen Global, 2b Rue Albert Borschette ,L-1246 Luxembourg, Grand Duchy ofLuxembourgManagement Company also acting asDomiciliary, Registrar, Transfer Agent andListing Agent (effective from 20 October2011).Aberdeen Global Services S.A, 2b Rue AlbertBorschette, L-1246 Luxembourg, GrandDuchy of LuxembourgAdministrator, Custodian Bank and ListingAgent (until 20 October 2011).BNP Paribas Securities Services LuxembourgBranch, 33 rue de Gasperich, Hesperange,L-2085 Luxembourg, Grand Duchy ofLuxembourgPaying AgentState Street Bank Luxembourg S.A., 49Avenue JF Kennedy, L-1855 Luxembourg,Grand Duchy of LuxembourgInvestment Manager & Global DistributorAberdeen International Fund ManagersLimited, Rooms 2604-06, 26th Floor,Alexandra House, 18 Chater Road, Central,Hong KongUK DistributorAberdeen Asset Managers Limited,10 Queen’s Terrace, Aberdeen, AB10 1YG,United KingdomAuditorKPMG Luxembourg S.à r.l., 9 Allée Scheffer,L–2520 Luxembourg, Grand Duchy ofLuxembourgLegal Advisors to the CompanyElvinger Hoss & Prussen, 2 Place WinstonChurchill, L–1340, Luxembourg, Grand Duchyof LuxembourgGerman Paying AgentMarcard, Stein & Co AG, Ballindamm 36,20095 Hamburg, GermanyAustrian Paying and Information AgentRaiffeisen Bank International, Am Stadtpark 9,1030 Vienna, AustriaSwedish Paying AgentSKANDINAVISKA ENSKILDA BANKEN AB(publ) Custody Services, SEB MerchantBanking, Rissneleden 110, SE-106 40Stockholm, Sweden


Irish Facilities AgentAberdeen Fund Management Ireland Limited,Guild House, Guild Street, IFSC, Dublin 1,IrelandSwiss Paying Agent and RepresentativeBNP Paribas Securities Services, Paris,succursale de Zurich Selnaustrasse 16,CH-8002 Zurich, Switzerland.Financial and Centralising CorrespondentAgent in FranceBNP Paribas Securities Services, 3 rue d’Antin ,75002 Paris, FranceSpanish DistributorAllfunds Bank SA, Calle Estafeta 6, ComplejoPlaza de la Fuente, Edificio 3 (La Moraleja),C.P. 28109, Alcobendas, Madrid, SpainItalian Paying AgentsBNP Paribas Securities Services, Via Anspertono. 5, Milano, ItalyState Street Bank S.p.A, Via Col Moschin 16,Milan, ItalyAllfunds Bank S.A., Italian branch Via SantaMargherita 7 20121 MilanSociété Générale Securities Services S.p.AVia Benigno Crespi 19A - MAC 2 20159Milano, ItalyLiechtenstein Paying AgentLGT Bank in Liechtenstein AG, Herrengass 12,FL-9490 Vaduz, Liechtenstein.Financial agent in BelgiumBNP Paribas Securities Services acting from itsBrussels branch at Avenue Louise 489, 1050Brusselswww.aberdeen-asset.com235


General InformationFurther Information on Aberdeen Global can be obtained from:Aberdeen Asset Managers LimitedAberdeen International Fund Managers Limited(UK Distributor)(Global Distributor and Investment Manager)10 Queens Terrace Rooms 26-04-06, 26th Floor, Alexandra HouseAberdeen18 Chater RoadAB10 1YGCentral, Hong KongUnited Kingdom Telephone: +852 2103 4700www.aberdeen-asset.com Fax: +852 2103 4788Additional information for investors in GermanyMarcard Stein & Co AG, Ballindamm 36, D-20095 Hamburg, has undertaken the function of Paying and Information Agent for the Company in theFederal Republic of Germany (the “German Paying and Information Agent”).Applications for the subscriptions, redemptions, and conversion of shares may be sent to the German Paying and Information Agent.All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the German Paying andInformation Agent.The full prospectus, Key Investor Information Documents (“KIIDs”),the Articles of Incorporation of the Company and the annual and semi-annualreports may be obtained, free of charge, at the office of the German Paying and Information Agent during normal opening hours. The statement ofchanges in the composition of the investment portfolio is also free of charge upon request at the office of the German Paying and InformationAgent available.Issue, redemption and conversion prices of the shares, and any other information to the shareholders, are also available from the German Payingand Information Agent.The issue and redemption prices will be published in “Börsen-Zeitung”. Any other information to the shareholders will be published in Germany inthe electronic version Federal Gazette (www.eBundesanzeiger).Supplementary information for investors in SwitzerlandConditions for shares marketed in Switzerland or from a base in Switzerland.For shares marketed in Switzerland or from a base in Switzerland, the following is applicable in addition to the Prospectus and the Key InvestorInformation Documents (“KIIDs”) conditions:Swiss Representative and Paying Agent:BNP Paribas Securities Services,Paris, Succursale de ZurichSelnaustrasse 16CH-8002 ZurichSwitzerlandPlace of distribution for relevant documentsThe constitution documents, Prospectus, KIID’s, articles of association, the annual and half-yearly reports and a schedule of purchases and salesfor the Fund can be obtained free of charge from the representative’s Zurich branch.Publicationsa. Required publications concerning foreign collective investments are published by the Swiss representative in the Swiss Official Gazette and onthe electronic platform of fundinfo AG Zurich (www.fundinfo.com).b. The Share issue price together with the redemption price and the Net Asset Value with indication of “commissions not included” are publishedwhen subscriptions and redemptions occur. Prices are published every working day on the electronic platform of fundinfo AG Zurich(www.fundinfo.com).c. All Shareholder notices will be published on the electronic platform of fundinfo AG Zurich (www.fundinfo.com).236 Aberdeen Global


European Savings DirectiveFrom 1 July 2005 distributions and proceeds on redemption from UCITS may be reportable or subject to withholding tax in accordance withCouncil Directive 2003/48/EC, the EU Savings Directive (“the Directive”). Aberdeen Global is a UCITS for the purposes of the Directive. Onlysavings income payments are reportable or subject to withholding tax. Distributions are savings income payments if a fund holds more than 15%of its assets in “eligible money debts” and proceeds on redemption are savings income payments if a fund holds more than 25% of its assets ineligible money debts.For the purposes of the Directive below we show the percentages of each of the Funds’ assets which were invested in ‘eligible money debts’ asdefined in Luxembourg.FundAmerican Equity 3.17%American Smaller Companies 3.09%Asia Pacific Equity 1.61%Asian Local Currency Short Duration Bond 100.00%Asian Property Share 2.22%Asian Smaller Companies 1.04%Australasian Equity 3.00%Brazil Bond 100.00%Brazil Equity 0.00%Chinese Equity 1.57%Eastern European Equity 1.79%Emerging Markets Corporate Bond 100.00%Emerging Markets Equity 2.71%Emerging Markets Infrastructure Equity 2.04%Emerging Markets Local Currency Bond 100.00%Emerging Markets Smaller Companies 3.02%Ethical World Equity 2.01%European Equity 0.97%European Equity Income 1.15%European Equity (Ex UK) 2.99%Frontier Markets Equity 1.55%Indian Equity 1.36%Japanese Equity 2.89%Japanese Smaller Companies 2.00%Latin American Equity 1.24%Multi-Manager World Equity 4.97%Responsible World Equity 1.61%Russian Equity 1.93%Select Emerging Markets Bond 100.00%Select Euro High Yield Bond 100.00%Select Global Credit Bond 100.00%Select High Yield Bond 100.00%Select Sterling Financials Bond 100.00%Technology Equity 2.62%UK Equity 2.67%World Equity 3.00%World Equity Income 1.09%World Resources Equity 3.69%World Smaller Companies 1.97%It should be noted that this is for information purposes only. Responsibility for compliance with the Directive remains that of the ‘paying agent’ asdefined by the Directive. The calculation is based on the Luxembourg interpretation of the rules.www.aberdeen-asset.com237


Further InformationAberdeen GlobalAberdeen Global is an open-ended investment company incorporated with limited liability under the laws of the Grand Duchy of Luxembourg andorganised as a société d’investissement à capital variable (a “SICAV”) with UCITS status (an Undertaking for Collective Investment in TransferableSecurities as defined in the European Union Directive 85/611/EEC of 20 December 1985 as amended).Aberdeen Global aims to provide investors with a broad international range of diversified actively-managed Funds. There are 39 active subfunds intotal, each with its own specific investment objectives and individual portfolios, offering investors the opportunity of exposure to selected areas orto conveniently build a diversified global stock and bond portfolio to meet specific investment goals. The overall strategy of Aberdeen Global andthe separate Funds is to seek diversification through investment primarily in transferable securities.Aberdeen Asset Management PLCAberdeen Asset Management PLC is an international investment management group, managing assets for both institutions and private investorsfrom offices around the world. Our goal is to deliver superior fund performance across diverse asset classes in which we believe we have asustainable competitive edge. Listed on the London Stock Exchange, we manage fixed income and equities (quoted and private) in segregated,closed and open-ended pooled structures.Over two decades we have expanded through a combination of organic growth and acquisition, first in the UK, then by seeking selectively tomanage and (or) market funds in countries in which we already invest. We operate flat management structures to facilitate local decision-making,underpinned by clear lines of control and central reporting.Our investment style is driven by fundamental analysis, with an emphasis on active management and team decision-making supported by strongprocess disciplines.238 Aberdeen Global


Shareholder Service CentreAberdeen Global Services S.A,C/O State Street Bank Luxembourg S.A49, Avenue J. F. KennedyL-1855 LuxembourgGrand Duchy of LuxembourgFor more information on Aberdeen Global, please contact:Tel +44 1224 425255 (UK Shareholders)Tel +352 46 40 10 820 (Outside UK)Fax +352 245 29 056Aberdeen Asset Managers Limited(UK Distributor)10 Queens Terrace, AberdeenAB10 1YGAuthorised and regulated by The FinancialServices AuthorityMember of the Aberdeen Asset ManagementGroup of CompaniesAberdeen Asset ManagementAsia Limited21 Church Street, #01-01 Capital SquareTwo, Singapore 049480Regulated by The Monetary Authority ofSingaporeMember of the Aberdeen Asset ManagementGroup of CompaniesAberdeen International Fund ManagersLimited (Global Distributor andInvestment Manager)Rooms 26-04-06, 26th Floor, AlexandraHouse, 18 Chater Road, Central, Hong KongTel +852 2103 4700Fax +852 2103 4788Regulated by The Securities and FuturesCommission of Hong KongMember of the Aberdeen Asset ManagementGroup of Companies121000133

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